A2A, the Lombardy multi-utility listed on the stock exchange, presents the new 2024-2035 strategic plan, which maintains the Group’s industrial growth objectives defined in the November 2024 plan. The strategy remains focused on the two pillars of the Energy Transition and the Circular Economy and strengthens the core businesses, planning investments of 23 billion euros, of which over 35% have already been completed or are underway.
Investments and Targets
The planned investments amount to 23 billion euros and will be divided as follows: 7 billion for the Circular Economy and 16 billion for the Energy Transition.
As for the targets, the Group’s ambition for 2035 grows on both pillars: for the Energy Transition, 4 billion euros of RAB in electricity networks, 3.7 GW of wind and photovoltaic capacity and 5 million customers are expected; for the Circular Economy 6.6 million tonnes of treated waste and new data centers to be built using energy assets as a development platform.
Furthermore, the Group extends the territorial horizon of the Strategic Plan beyond national borders, aiming for greater geographical diversification in new countries, selected on the basis of market potential and performance criteria and speed of development.
Income objectives to 2035
The Plan foresees growth in EBITDA from 2.2 billion euros in 2025 to 2.4 billion euros in 2028, 2.8 billion euros in 2030 and 3.6 billion euros in 2035. The CAGR is 5% in the period 2025-35 and 6% in the period 2028-2035.
Ordinary Net Profit is expected to be 0.7 billion euros in 2028 and above 0.8 billion euros in 2030, while it is expected to amount to over 1.1 billion euros in 2035. The CAGR is equal to 6% in the period 2025-2035; to 8% in the period 2028-2035. The dividend policy has been confirmed, with sustainable growth in the DPS (dividend per share) of at least 4% per year.
The Net Financial Position is expected to increase by 3 billion euros in the period 2026-2035, of which approximately 2 billion euros by 2030 deriving from investments in data centers, incremental compared to the previous Plan.
It is expected that the A2A Group will achieve for 2026: an EBITDA of between 2.21 and 2.25 billion euros; a Group Ordinary Net Profit of between 0.63 and 0.66 billion euros.
Data center great opportunity
“In 2025 the data center phenomenon exploded and the strategies made in the last five years of repositioning on electrification allow us to say that we are in the right place at the right time. We are ready to fuel the new development of data centers”
explained Renato Mazzoncini, CEO of A2A, on the occasion of the presentation of the update of the Strategic Plan to 2025.
“In Italy we have requests for 55 Giga of data centers; in Lombardy 60% of the demand”
said Mazzoncini, adding that a “great demand” also comes from Puglia and Sicily.
“Of these 55 Gigabytes, we think a range between 2.3 and 4.6 will go to ground and the thermal energy that can be recovered from the data centers allows us to double the energy for district heating and is therefore a great opportunity”
the CEO underlined.
A2A plans to invest 1.6 billion out of a total of 23 billion in data centers: the business should generate 400 million in Ebitda.
Title down after the Plan
The A2A stock on the stock market collapsed after the presentation of the 2035 Plan and maintains a loss of more than 7% at 2.51 euros. Commenting on the market reaction, the CEO recalled that the stock continues to be undervalued.
“We have interesting upside and I think investors will appreciate it”
concluded Mazzoncini, adding
“if we take the multiples of our peers, the stock would be well above 3 euros. I am convinced that this will be recognized, many investors work with algorithms: we have risen by 30% in the last two months”, which justifies “profit taking” with “a net balance of 20%”.
