A2A, the Lombard multi-utility active in the energy, heating and waste management sector, presented 1st quarter numbers surprisingannouncing the achievement of important targets in terms of sustainability and an upward revision of the estimates for the current financial year.
Strong profit growth in the quarter
A2A reported in the first quarter a Net income pertaining to 294 million euros, an increase of 70% compared to the first quarter of 2024 (173 million euros at 31 March 2023).
THE revenues they amount to 3,425 million euros, a decrease of 33% compared to the same period of the previous year (5,133 million euros). More than 90% of the change is attributable to the drop in energy prices and to a very limited extent to the lower volumes sold and traded on the wholesale markets, partly offset by the greater quantities sold in the retail sector.
The Gross Operating Margin (EBITDA) is equal to 703 million euros, an increase of 40%, +202 million compared to the first three months of 2023 (501 million euros). Net of non-recurring items, the Ordinary Gross Operating Margin increased by 42%.
The Net Operating Profit (EBIT) stands at 465 million euros, up 61%, +176 million euros compared to 2023 (289 million euros).
Growing investments
Investments made in the first three months of 2024 were equal to 220 million euros (219 million in the first quarter of 2023) and have covered for almost 60% development interventions mainly aimed atmodernization of networks of electricity distribution necessary to support the progressive electrification of consumption and the growth of renewable sources, and the development of photovoltaic systems.
Guidance revised upwards
“The results of this first quarter of 2024 confirm the continuous improvement of the Group's economic-financial indicators”, commented CEO Renato Mazzoncini, anticipating a upward revision of guidance 2024, which sees a EBITDA between 2.08 and 2.12 billion euros and a Net income ordinary between 650 and 670 million euros.
Renewables achieve overtaking
“For the first time in the history of A2A the production of renewable energywhich for us means hydroelectric, wind and photovoltaic – explained Mazzoncini – he passed it production from fossil sources which for us are gas power plants. While our coal power plant and the fuel oil plant in Sicily are definitively closed”
The generation of energy from renewable sources amounted to 1.3TWhalmost doubled compared to the same period of the previous year for i greater hydroelectric volumes (+104%) following the increase in rainfall recorded in the quarter and the contribution of the Matarocco wind farm in operation since September last year.
“This high level of production – he underlined – combined with the fact that we have grown a lot in renewable production with a new wind farm in Sicily, has meant that for the first time in the history of A2A in a quarter, production from renewables has surpassed that of fossil energy from gas-fired power plantsreducing our Co2 emissions by 43%.
