A2A closed the first quarter with a slightly declining profit, as a result of a difficult geopolitical context which caused a certain volatility in commodity prices, while revenues grew, confirming the good trend in demand. The group also continued its planned investments, amounting to 315 million euros in the quarter, up 4% on the corresponding period of 2025, of which approximately 70% was allocated to development projects for the strengthening and efficiency of electricity distribution networks, the creation of photovoltaic assets and the growth of Circular Economy businesses. 66% of investments are eligible for the purposes of the European Taxonomy.
Management performance
THE Adjusted revenues they stood at 4,552 million euros, up 15% compared to the 3,968 million in the first quarter of 2025, thanks to the greater volumes of electricity sold on the retail and wholesale intermediated markets, partially offset by the decline in commodity prices.
The Adjusted Gross Operating Margin it amounted to 647 million euros (-4% compared to 675 million in the first quarter of 2025), penalized by the reduction in energy prices, the increase in concession fees and the lower contribution of some treatment plants for scheduled maintenance and for the renewal of the service contract relating to the Acerra plant. The trend was partly offset by the growth of electricity distribution and greater production from renewable sources.
Adjusted net operating profit fell to 372 million (-9%), while net financial charges amounted to 41 million euros, a slight decrease. Adjusted taxes amounted to 98 million, with a tax rate of 29.5%.
THE’Adjusted net profit pertaining to the Group was reduced by 11% to 221 million euros (249 million in the first quarter of 2025), due to the contraction in Adjusted EBITDA and the greater amortization linked to investments made.
There Net Financial Position at 31 March 2026 it amounted to 5,628 million euros, an increase compared to the 5,474 million at the end of 2025 due to the seasonality of the business. The Adjusted NFP/EBITDA ratio stands at 2.5x (2.4x at 31 December 2025). The fixed rate portion of gross debt is equal to 79%, with a duration of 5.0 years and a stable cost of debt at 2.7%. The share of sustainable debt in total gross debt is 82%.
Operational performance and renewables
On the operational front, the installed capacity from renewable sources reached 2.7 GW (+4%), with the entry into operation of new wind and photovoltaic plants. Electricity sold on retail markets grew by 24% to 8.1 TWh, driven by the B2B segment, of which 2.7 TWh of green electricity (+17%). Net electricity production rose to 3,734 GWh (+16%), with a 14% increase in renewable sources.
EIB financing
During the period, a 200 million euro loan was signed with the European Investment Bank (EIB) intended for the modernization of the electricity distribution networks in Lombardy, with the renewal of approximately 450 km of medium voltage network and 140 km of low voltage.
CEO Mazzoncini renews his commitment to the transition
“In the first quarter we confirmed our commitment to the ecological transition, with investments of 315 million euros, an increase of 4% compared to the same period in 2025. On the renewables front, installed capacity reached 2.7 GW, thanks to the entry into operation of new wind and photovoltaic plants and green production increased by 14%, consolidating A2A’s role in promoting the growth of the country’s energy autonomy.” – he commented Renato MazzonciniCEO of A2A – “We believe that renewable sources represent a fundamental lever for national energy independence and for the stabilization of prices for families and businesses, and we hope for an evolution of the regulatory framework that will accelerate their development. In a still volatile scenario, the solidity of our economic-financial indicators attests to the effectiveness of the industrial model adopted and allows us to look ahead with confidence, continuing with discipline in the implementation of the Strategic Plan and in the generation of sustainable value for all stakeholders.”
Guidance 2026
The forecasts for the 2026 financial year confirm 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.
