ACEA (ACE) Q3 2025 earnings summary

Executive summary

• Pro forma EBITDA for the first nine months of 2025 reached €1.084 billion, up 8% year-over-year, with 95% of EBITDA from regulated businesses; recurring pro forma EBITDA up 10%.

• Net profit rose 46% to €415 million, including a €109 million capital gain from the high-voltage network sale; recurring net profit up 8% to €301 million.

• Pro forma revenues grew 7% year-over-year to €2.208 billion, with regulated businesses contributing 89% of total revenues.

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

• Asset rotation strategy focused on core regulated businesses, with disposals of the high-voltage network and ACEA Energia.

Financial highlights

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

• Net profit for the first nine months of 2025 was €415 million (+46%), including a €109 million capital gain from the high-voltage network disposal.

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

• Operating cash flow positive at €19 million, supported by asset disposals.

• Pro forma net financial position (NFP) at €4.693 billion; Net Debt/EBITDA ratio at 3.39x.

Outlook and guidance

• 2025 pro forma EBITDA guidance raised to 8%-10% growth over 2024 restated figure.

• 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.

• Business plan update expected in Q1 2026.

• Focus remains on sustainable infrastructure development in regulated markets.