A2A closed the 2025 financial year with better results than expected, recording growth in revenues and a decline in profit. Investments are growing, in line with the strategic plan presented some time ago. “Despite the international tensions we are witnessing with concern – underlined CEO Renato Mazzoncini – we will continue to invest in the capacity and flexibility of the energy system, innovation and digitalisation with the aim of continuing to contribute to the energy transition and the development of the country’s circular economy, creating value in the long term for all our stakeholders”.
The numbers for the 2025 financial year
The 2025 financial year closed with adjusted revenues of 14 billion euros, up 9% compared to 2024, following the consolidation of the Duereti company and the increase in volumes sold, in particular electricity.
The Adjusted Gross Operating Margin stood at 2,243 million euros, down 4% compared to 2024, mainly following the normalization of hydroelectric production. The effects of this normalization – explains A2A – were largely offset by positive factors, including the consolidation of Duereti, the greater contribution from the capacity market, retail margins and greater revenues for the disposal of waste from waste-to-energy plants. Net of the normalization effect, EBITDA grew by 4%.
Adjusted net profit stood at 686 million euros, down 16% compared to the same period of 2024 (816 million euros). Net of the normalization of hydroelectric production, net profit fell by 1%.
Net Financial Position equal to 5,474 million euros (5,835 million euros at 31 December 2024), thanks to an operating cash flow that guaranteed coverage of investments and dividends, as well as proceeds from asset disposals.
Investments growing to 1.7 billion
In 2025, investments grew by 11% compared to the previous year, amounting to 1,681 million euros. Over 60% relates to development interventions, mainly aimed at strengthening and making the distribution networks, especially electricity, more efficient, increasing the flexibility of generation plants, the further construction of wind assets, as well as the growth of businesses linked to the Circular Economy (development of waste-to-energy plants, plants aimed at material recovery and the production of bioenergy and biomethane) and the digitalisation of the Group. Approximately 70% of investments are eligible for the purposes of the European Taxonomy.
Dividend growing to 0.104 euros
The Board of Directors resolved to propose to the Ordinary Shareholders’ Meeting the approval of a dividend of 0.104 euros per share, corresponding to a total dividend amount of approximately 325 million euros, an increase of 4% compared to last year, equal to 0.10 euros per share. The dividend will be paid starting from 20 May 2026 (ex-dividend date 18 May 2026 – record date 19 May 2026).
The 2026 guidance
The forecast for the 2026 financial year envisages an Adjusted EBITDA of between 2.21 and 2.25 billion euros and an Adjusted Group Net Profit of between 0.63 and 0.66 billion euros.
