ACEA (ACE) Q3 2025 earnings summary

Executive summary

• Pro-forma and consolidated revenues grew 7% year-over-year to €2.2 billion, with regulated businesses contributing up to 95% of EBITDA.

• EBITDA reached €1.084 billion (+8.4%), with net profit up 46% to €415 million, including a €109 million capital gain from the high-voltage grid sale.

• Growth was driven by water, networks, and production segments, as well as asset rotation and non-recurring gains.

• CapEx totaled €1.01 billion (+6%), mainly in regulated activities, with 89%-95% of investments focused on water and network infrastructure.

• The sale of Acea Energia to Eni Plenitude was approved and classified as a discontinued operation, with closing expected by mid-2026.

Financial highlights

• Pro-forma EBITDA reached €1.084 billion (+8% year-over-year); recurrent pro-forma EBITDA up 10%.

• Net profit for the period was €415 million (+46%), with recurrent net profit up 8% year-over-year.

• CapEx (including grants) grew 6% to €1.01 billion; net of grants, CapEx was €843 million.

• Operating cash flow/free cash flow positive at €19 million.

• Net financial position (NFP) at €5.084 billion, with pro-forma NFP at €4.693 billion; Net Debt/EBITDA at 3.39x.

Outlook and guidance

• 2025 EBITDA guidance raised to 8%-10% growth from restated 2024 result.

• CapEx guidance for 2025 set at €1.6 billion (€1.2 billion net of grants).

• Debt/EBITDA ratio expected between 3.4 and 3.5 times, including proceeds from Acea Energia disposal.

• Focus remains on sustainable infrastructure, cost management, and innovation.

• Updated business plan to be provided in Q1 2026.