ACEA (ACE) Q1 2026 earnings summary

Executive summary

• Organic pro forma EBITDA grew 4% year-over-year, driven by regulated businesses representing 95% of the group, with Q1 2026 EBITDA at €344m and net income up 14%.

• Pro-forma revenues remained stable at €0.7bn, with regulated business revenues aligned to the prior year.

• CapEx net of grants increased by 18%, supporting infrastructure and sustainable long-term development, with 89% focused on regulated businesses.

• Sale of Acea Energia completed in April 2026, with related business lines classified as discontinued operations.

• Net financial debt rose to €5,076m as of March 31, 2026, reflecting investment and working capital trends.

Financial highlights

• Organic pro forma EBITDA reached €344m, up 4% year-over-year; pro-forma EBITDA was €342m (+1%).

• Organic net income increased by 14% year-over-year; net profit attributable to the Group was €110.7m, up 13%.

• CapEx net of grants was €286m, up 18% versus Q1 2025; total CapEx including grants was €302m (+15%).

• Operating free cash flow was negative €91m, mainly due to high CapEx and seasonal working capital dynamics.

• Net financial position stood at €4.65bn as of March 31, 2026, with a debt/EBITDA ratio stable at 3.3x.

Outlook and guidance

• 2026 guidance confirmed: EBITDA expected to grow 3–5% over 2025 restated figure, with capex of ~€1.5bn (€1.2bn net of grants), and Net Debt/EBITDA targeted at 3.5–3.6x.

• Continued growth expected in water and grids, normalization in environment segment as planned shutdowns conclude.

• Working capital expected to be neutral for the full year.

• Dividend policy targets a 4% increase over 2025 ordinary dividends, with potential review after 2026 results.