A2a S.p.a. · MIL:A2A
A2a — A2A Spa Ord — Q1 2025 Earnings Presentation
24 slides from A2a's earnings presentation, May 13, 2025
Slide 1: Q1 2025 results
Q1 2025 results Rome, 13th May 2025
Slide 2: Q1 2025: enlarged regulated perimeter and optimized organization
Q1 2025: enlarged regulated perimeter and optimized organization Energy Transition Circular Economy Energy Smart Infrastructures Circular Economy ✓ Lowering risk profile ✓ Consolidation of electricity ✓ Integration of Waste, Water and networks in Lombardy District Heating Generation Conversion of 2
Slide 3: Q1 2025 Results: resilient performance and lower NFP
Q1 2025 Results: resilient performance and lower NFP Key Financial Indicators (€M) Revenues EBITDA Ordinary EBITDA +1% +1% net of exceptional hydro production effect in Q1 2024 3 Group Net Income Net Financial Position * Ordinary Group Net Income NFP/EBITDA -5% -7% net of exceptional hydro productio
Slide 4: Q1 2025 results: CapEx
Q1 2025 results: CapEx €M Breakdown by Activity Breakdown by BU 4 Breakdown by Circular Breakdown by SDGs Breakdown by EU Taxonomy Economy & Energy Transition 21% 47% 25% SDGs Aligned Energy Transition Other Capex Eligible Circular Economy 79% 75% 72%
Slide 5: Q1 2025 Group EBITDA: expected normalization of 2024 exceptional effects
Q1 2025 Group EBITDA: expected normalization of 2024 exceptional effects -25% -1 % +5% +39% -16%* + ▪ Thermoelectric production ▪ Capacity market ▪ Regulated revenues ▪ Electricity network (Duereti) consolidation 5 363 - 249 395 ▪ Hydro production ▪ Lower hedging prices *Contribution from exceptiona
Slide 6: Generation & Trading: diversification of sources and Capacity Market
Generation & Trading: diversification of sources and Capacity Market allowing performance consistency EBITDA €M Hydro, Wind & Solar production (GWh) 6 Thermal Production (GWh) • RES: normalization of hydro production and lower hedging prices • Flexibility: higher CCGT production and Capacity Market,
Slide 7: Market: stable EBITDA despite loss of Safeguard market
Market: stable EBITDA despite loss of Safeguard market Customer Base Mass Market (#/000) EBITDA €M Total Electricity Sales (TWh) Safeguard -12 €M 7 362 Total Gas Sales (Bcm) • Higher mass market segment contribution thanks to electricity customer base increase and lower retention costs • Lower contr
Slide 8: Circular Economy: effective performance of WTEs and DH networks
Circular Economy: effective performance of WTEs and DH networks ELECTRICITY ENERGY SALES (GWh) EBITDA €M Cogeneration WTE and other plants WASTE DISPOSAL FOR ENERGY RECOVERY (kton) 8 HEAT VOLUMES (GWht) Waste and District Heating : higher prices and increase in heat volumes Collection: new collectio
Slide 9: Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase
Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase EBITDA €M RAB EE (€M) WACC 6.0% 5.6% Power Network Capacity 8,376 MVA +56% yoy 9 RAB GAS (€M) WACC 6.5% 5.9% Regulated Networks: Duereti consolidation and higher allowed revenues thanks to capex deployment Increas
Slide 10: Q1 2025 results: from EBITDA to Net Income
Q1 2025 results: from EBITDA to Net Income €M Increase in D&A driven by higher capex EU Green Bond issuance and bridge loan for electricity grid acquisition Tax rate @ 29% 10 Q1 2024(*) 2022 (*) 703 1,498 -216 -722 -2-22 -92 1 2 -32 -90 434 594 -127 -174 7 -13 -47 294 380 0 21 294 401
Slide 11: Q1 2025 results: net free cash flow
Q1 2025 results: net free cash flow 31.12.2024 €M NFP NFP/EBITDA 5,835 €M 2.5x 31.03.2025 • (-) Higher retail receivables due to seasonality effect • (+) Lower Safeguard cluster receivables NFP NFP/EBITDA 5,616 €M 2.4x 11 (1) Cash Conversion >60% led higher cash generation compared to 1Q24 Capex ful
Slide 12: 2025 Guidance confirmed
2025 Guidance confirmed EBITDA 2.17 - 2.20 €B 12 Ordinary Net Income* 0.68 – 0.70 €B *Excluding non-recurring items
Slide 13: Shaped to move forward in a dynamic context
Shaped to move forward in a dynamic context Diversified generation asset portfolio, responsive to market opportunities Strong brand awareness to secure customer base Treatment plants providing solutions to achieve 2035 EU targets 13 Electricity grid development to enhance capacity and resilience Fin
Slide 14: Q&A
Q&A 14
Slide 15: Annexes
Annexes 4%. Nas! a2a
Slide 16: EBITDA breakdown by Business Unit
EBITDA breakdown by Business Unit €M Q1 2025 Q1 2024* Change Reported Ordinary Reported Ordinary Reported Ordinary A2A 675 672 703 699 -28 -4% -27 -4% Generation & Trading 224 223 298 298 -74 -25% -75 -25% RES 140 140 184 184 -44 -24% -44 -24% Flexibility 84 83 114 114 -30 -26% -31 -27% Market 133 1
Slide 17: Q1 2025 VS Q1 2024: profit & loss
Q1 2025 VS Q1 2024: profit & loss €M Delta Delta % Q1 2024 Q1 2025 vs 2024 vs 2024 Revenues 3,425 3,968 543 16% Operating costs -2,507 -3,063 -556 22% Staff costs -215 -230 -15 7% EBITDA 703 675 -28 -4% D&A -216 -234 -18 8% Provisions -22 -26 -4 18% 17 ORDINARY EBIT 465 415 -50 -11% Net Financial Ex
Slide 18: Q1 2025 VS Q1 2024: balance sheet
Q1 2025 VS Q1 2024: balance sheet €M FY 2024 Q1 2025 ∆ vs FY 2024 Tangible Assets 7,517 7,534 17 Intangible Assets 4,299 4,352 53 Shareholdings and Other Non Current Financial Assets 100 136 36 Other Non Current Assets/Liabilities -67 -22 45 Deferred Tax Assets and Liabilities 549 551 2 Provisions f
Slide 19: Energy scenario
Energy scenario UoM Q1 2024 Q1 2025 Δ% vs 2024 Brent $/bbl 82 75 -8% CO2 – EU ETS cost €/Tonn 62 75 22% €/$ €/$ 1 1 -3% Brent € €/bbl 75 71 -5% PSV(1) €/MWh 29 48 66% PUN Baseload(2) €/MWh 92 138 50% PUN Peak(2) €/MWh 102 148 45% PUN Off-Peak(2) €/MWh 86 133 53% 19 CCGT gas cost(3) €/MWh 77 113 48%
Slide 20: Volumes
Volumes UoM Q1 2024 Q1 2025 Δ vs 2024 Δ% vs 2024 A2A Group Thermal production GWh 1,284 2,136 853 66% - CCGT production GWh 1,262 2,123 861 68% - Oil production GWh 22 13 -9 -39% A2A Group Renewable production GWh 1,334 1,095 -239 -18% - Hydro production GWh 1,124 899 -225 -20% - Photovoltaic produc
Slide 21: Financials as of 31st March 2025
Financials as of 31st March 2025 Sound financial structure 16% Duration and Average Cost of debt 27% Cost of Duration Q124 Q125 debt (1) 84% 73% 5.6 2.7% Years @Q1 2025 Fix Float 21 Steady Liquidity Position after acquisition (€M) Strong commitment to current credit rating Q124 Q125 1,407 1,815 1,76
Slide 22: Indebtedness redemption profile Q1 2025
Indebtedness redemption profile Q1 2025 (€M) IFRS 16 Bonds 35 Short Term Loan Long Term Loan 605 22 11 9 5 19 7 4 14 3 921 21 497 496 497 647 397 495 493 42 299 39 177 86 140 112 109 95 148 57 27 27 23 4 2 2025 2026 2027 2028 2029* 2030 2031 2032 2033 2034 2035 2036 2037 (*) Not included 750€M Green
Slide 23: Sustainable Finance Highlights
Sustainable Finance Highlights Conventional vs ESG Debt as of 31st March 2025 | % ESG Debt evolution and Targets 120% 26% 100% +7% vs. Q1 2024 82% 80% 60% 100% 40% 82% 90% 70% 78% 80% 58% 20% 44% 18% 18% 56% 0% FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 2027 2030 2035 Conventional Debt ESG Debt Green B
Slide 24: Contacts
Contacts A2A Investor Relations Team E-mail: ir@a2a.it 24 Phone: +39 02 7720 3974 https://www.gruppoa2a.it/en/investors