MILAN (ITALPRESS) – A2A closed the first 9 months with Group revenues of 10,170 million, up by 12% compared to the nine months of the previous year (9,097 million). The change is mainly due to the increase in unit prices of the retail sector, district heating and waste disposal, to the greater volumes sold to final and wholesale customers in the electrical segment, as well as to the contribution of the consolidation of the Duereti company. In line with the performance of revenues and dynamics related to the commodity market, operating costs amounted to 7,754 million, recording an increase compared to the same period of the previous year (+17%). The Gross Operating Margin amounted to 1.729 million, down by 4%, compared to the first nine months of 2024 (1.804 million) following a hydroelectric production more in line with historical averages.
Net of hydraulic normalization, EBITDA is up by 3%. The Ordinary Gross Operating Margin amounted to 1,704 million in a 5% reduction compared to the first nine months of 2024 (1,788 million). Net Operating Result amounted to 956 million, down 11%, compared to the same period of 2024 (1.070 million). The Ordinary Net Profit of the Group amounted to 559 million, a reduction of 16% compared to the first nine months of 2024 (665 million). The Net Profit of the Group was 581 million down by 19% compared to the same period of the previous year (713 million). Net of hydraulic normalization, Net Profit is down 7%. Organic investments made in the first nine months amounted to 1,037 million (+15% compared to the same in the previous year).
They have involved around 60% development interventions, mainly aimed at enhancing and improving distribution networks, increasing the flexibility of generation plants, further development of wind farm assets, as well as the growth of Circular Economy and Group digitisation. The Net Financial Position at 30 September 2025 was 5,317 million (5,835 million at 31 December 2024), basically in line with 30 June 2025. For the financial year 2025 A2A confirms the forecast of an EBITDA in the upper part of the range between 2,17-2,20 billion and a Net Profit of Group, net of non-recurring posts, between 0,68- 0,70 billion.
The Board of A2A also examined and approved the update of the Strategic Plan 2024-2035 which maintains the Group’s industrial growth objectives set out in the November 2024 Plan. The strategy, which remains focused on the two pillars of the energy transition and the circular economy, raises industrial objectives by strengthening business cores and evolving thanks to new developments. The Plan provides investment for 23 billion. More than 35% of the investment programme is already completed or under construction. The Plan at 2035 continues on the path started, with important infrastructure investments, in line with the trend of increase of electricity demand and reduction of final consumption, increasingly decarbonized. The update is based on a unique strategic position in the key areas of digital transformation and the business involved, with a model based on the strategic pillars of the energy transition and the circular economy.
The Plan update includes investments of 23 billion divided into 7 billion for the circular economy and 16 billion for the energy transition, which will allow to reach in 2035 an Ebitda of 3.6 billion and a net profit greater than 1.1 billion. The Group’s ambition at 2035 grows on both pillars: for the Energy Transition are previewed 4 billion RAB in the electrical networks, 3.7 GW of wind and photovoltaic capacity and 5 million customers; for the circular economy 6.6 million tons of treated waste and new data centers to be realized exploiting energy assets as a development platform. On the basis of the development of industrial projects and taking into account the trend of the price scenario and market conditions, it is expected that the A2A Group will cover 2026: an Ebitda between 2.21 and 2.25 billion; an ordinary net profit of Group between 0,63 and 0,66 billion, which includes the estimate of greater amortisations deriving from the process of Purchase Price Allocation relating to the acquisition of 90% of Duereti.
Ordinary net profit is expected to 0.7 billion in 2028 and over 0.8 billion in 2030, while expected to be expected to over 1.1 billion in 2035. The CAGR is 6% in the period 2025-2030; 8% in the period 2028-2035. In terms of profitability, the Strategic Plan update on the period 2025-35 shows an average ROI greater than 9%, an average ROE of 12%. Finally, dividend policy confirmed, with a sustainable growth of DPS (dividing by action) of at least 4% per year. The Esg commitment confirms itself as a central element of the Strategic Plan, with the implementation of specific initiatives and the achievement of measurable objectives. The Group reiterated its willingness to reduce direct and indirect emissions, setting itself as a target for 2030 an emissive Scope 1 and 228 gCO2/kWh versus Net Zero at 2050.
“With the update of our Strategic Plan, we firmly renew A2A’s commitment to solid and sustainable industrial growth, oriented to creating value for all stakeholders. We have increased overall investments, bringing them to 23 billion euros by 2035, to accelerate the Group’s development path and to open new innovative business managers. The historical presence of A2A in Lombardy – an area that today represents a strategic hub for data centers – combined with the important acquisition of electricity networks in the provinces of Milan and Brescia, offers us a privileged position to contribute in a concrete way to the diffusion of these digital infrastructures, while at the same time seizing industrial and economic opportunities. Our goal is clear: we want to evolve from the role of integrated development platform energy partners, enhancing our assets, our know-how and innovation capacity.” So Renato Mazzoncini, managing director of A2A.
“To support the increase in energy demand and the process of electrification of consumption – adds – we will continue to invest in ‘future-fit’ infrastructures, enhancing networks, generation and activities related to the circular economy. We intend to consolidate the leadership of A2A in Italy and, at the same time, project our business model internationally, enhancing the distinctive skills gained in the fields of environment and renewable energies. The engine of this Plan remains our people: are they who, with professionalism and dedication, transform every day the goals into results. Sustainability remains central in our strategy. We confirm the target of Net Zero at 2050 and the reduction of the emissive factor by 2030, consistent with the vision of a responsible energy future, respecting the new generations and resources of the Planet,” Mazzoncini concludes.
– photo IPA Agency –
(ITALPRESS).
