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 89–95% of revenues and EBITDA.

• Pro forma EBITDA reached €1.084 billion (+8–10% year-over-year), driven by organic growth, water quality incentives, and regulated segments.

• Net profit rose 46% to €415 million, including a €109 million capital gain from the high-voltage grid sale; recurring net profit up 8%.

• CapEx increased 6% to €1.01 billion, with 89% focused on regulated businesses; net of grants, CapEx was €843 million.

• The sale of Acea Energia to Eni Plenitude was approved and classified as a discontinued operation; proceeds to be reinvested in infrastructure.

Financial highlights

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

• Net profit: €415 million (+46%); recurrent net profit: €301 million (+8%).

• CapEx (including grants): €1.01 billion (+6%); net of grants: €843 million.

• Pro forma net financial position: €4.693 billion; Net Debt/EBITDA: 3.39x.

• Average cost of debt: 2.04%, with 80% fixed-rate debt and average maturity of 4.5 years.

Outlook and guidance

• 2025 EBITDA guidance raised to 8–10% growth over 2024 restated figure; CapEx guidance 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 on sustainable infrastructure, cost management, and business plan update expected in Q1 2026.