Slide 1: FY 2024 results
FY 2024 results Milan, 20th March 2025
Slide 2: FY 2024: paving the way for further sustainable growth
FY 2024: paving the way for further sustainable growth Supporting industrial Deployment of Solid economic results transformation… organic growth EBITDA: > 2.3 €B Organic Capex to set Customer base expansion Ord. Net Income: > 0.8 €B future growth: 1.5 €B RAB increase M&A mainly focused on ROI: 11% e
Slide 3: Aligning A2A structure with strategic pillars
Aligning A2A structure with strategic pillars Energy Transition Circular Economy Energy Smart Infrastructures Circular Economy Generation & Trading Market Networks Other services Waste ✓ Heat ✓ Water Flexible generation Electricity & Collection Cogeneration & Integrated CCGT gas sales Electricity Pu
Slide 4: Integration of Waste, Water and District Heating from Q1 2025
Integration of Waste, Water and District Heating from Q1 2025 Circular Economy BU: focus on process optimization … to seize new opportunities Waste DH Improving efficiency through the Biodigestion of Biomethane integrated management of heat sources (to be) agricultural Cogeneration (WTE) and DH netw
Slide 5: FY 2024 achievements: delivering on our strategic goals
FY 2024 achievements: delivering on our strategic goals Strategic focus on electricity networks Promoting electricity supply evolution Green Hybrid Bond • Capex in grids +10% yoy • Free Mass Market customers +18% yoy Issuance of inaugural • Acquisition of Enel's electricity network hybrid bond • Noi
Slide 6: FY 2024 Results: excellent performance
FY 2024 Results: excellent performance Key Financial Indicators (€M) Revenues EBITDA Ordinary EBITDA 6 Group Net Income Ordinary Group Net Income Net Financial Position NFP/EBITDA Net of 48€M related to the effects of Net of 24€M • the settlement of * related to the effect the dispute with of the re
Slide 7: FY 2024 results: CapEx
FY 2024 results: CapEx €M Breakdown by Activity Breakdown by BU 7 Breakdown by Circular Breakdown by SDGs Breakdown by EU Taxonomy Economy & Energy Transition 24% 28% 30% SDGs Eligible Energy Transition 76% Other Capex Non-eligible Circular Economy 70% 72%
Slide 8: FY 2024 Group EBITDA: growth driven by Energy
FY 2024 Group EBITDA: growth driven by Energy €M +23% +45% +6% +8% 7-682-275 363 8 249 395 Hydro contribution + Market margins - Thermoelectric production MSD Regulated revenues
Slide 9: Generation & Trading: RES production increase drives profitability
Generation & Trading: RES production increase drives profitability EBITDA €M Hydro, Wind &Solar production (GWh) Hydro production (TWh) - Focus on last five years AVG: 4.1 9 Thermal Production (GWh) Extraordinary effects (scenario & hydro output) • RES: above average hydro production and positive he
Slide 10: Market: customer base evolution supports margins
Market: customer base evolution supports margins Customer Base Mass Market (#/000) EBITDA €M Customer Base Mix (#/000) 3,644 3,490 3,070 362 2,884 2,935 10 Total Electricity Sales (TWh) Total Gas Sales (Bcm) • Customer base increase driven by electricity segment • Solid unitary retail margin • Posit
Slide 11: Waste: sound performance of treatment plants
Waste: sound performance of treatment plants EBITDA €M Electricity Energy Sales (GWh) Waste disposal (kton) Energy recovery 11 Material recovery Collection: higher revenues from new municipalities offset by some set-up costs Treatment: positive performance of new plants and higher treatment prices
Slide 12: Smart Infrastructures: higher regulated revenues
Smart Infrastructures: higher regulated revenues WACC RAB EE (€M) * RAB GAS (€M) * EBITDA €M 5.2% 6.0% 6.5% 5.6% RAB WATER CYCLE (€M) 12 5.8% 7.1% Heat Volumes (GWht) Regulated Networks: RAB growth driven by capex plan and higher allowed return District heating: higher heat volumes offset by termina
Slide 13: FY 2024 results: from EBITDA to net income
FY 2024 results: from EBITDA to net income €M 13 FY 2023 1,971 -803 -151 -1 -139 877 -221 3 -24 635 24 659
Slide 14: FY 2024 results: net free cash flow
FY 2024 results: net free cash flow 31.12.2023 €M NFP NFP/EBITDA 4,683 €M 2.4x • (-) Less OTC transactions for commodity sourcing 31.12.2024 • (-) Higher retail receivables due to increased electricity and gas prices in Q4 NFP NFP/EBITDA 5,835 €M 2.5x • (-) Including the valuation of the put options
Slide 15: FY 2024 ESG Highlights
FY 2024 ESG Highlights A new approach towards ESG data and disclosure Main KPIs • First fully integrated sustainability disclosure within the Scope 1&2 RES Power Network Emission Factor Production* Capacity management report. 258 6.9 5,155 • Connection between sustainability and financial reporting
Slide 16: 2025 Guidance confirmed
2025 Guidance confirmed EBITDA 2.17 - 2.20 €B 16 Ordinary Net Income* 0.68 - 0.70 €B *Excluding non-recurring items
Slide 17: Dividend growth confirmed
Dividend growth confirmed Dividend policy – DPS | €c 2023 DPS 2024 DPS 16 15 DPS growth 14 13 +4.4% ≥ 4% envisaged in the Plan period 12 YoY YoY 17 11 10.0 ✓ confirmed 10 9.58 9 8 7 6 5 4 2023 2024 2027 2030 2035
Slide 18: Securing short and medium-term targets
Securing short and medium-term targets Supportive hedging levels and prices Capacity market already awarded until 2027 RES platform development on track Expansion in Free Market with churn lower than market levels 18 Integration of newly acquired regulated networks Exploring new opportunities in Cir
Slide 19: Q&A
Q&A 19
Slide 20: Annexes
Annexes 4%. Nas! a2a
Slide 21: Business Units EBITDA breakdown
Business Units EBITDA breakdown €M FY 2024 FY 2023 Change Reported Ordinary Reported Ordinary Reported Ordinary A2A 2,328 2,317 1,971 1,930 357 18% 387 20% Generation & Trading 986 973 829 792 157 19% 181 23% RES 711 710 472 473 240 n.s. 238 n.s. Flexibility 274 262 357 319 -82 -23% -57 -18% Market
Slide 22: FY 2024 VS FY 2023: profit & loss
FY 2024 VS FY 2023: profit & loss €M FY 2023 FY 2024 Delta Delta % vs 2023 vs 2023 Revenues 14,758 12,857 -1,901 -13% Operating costs -11,972 -9,637 2,335 -20% Staff costs -815 -892 -77 9% EBITDA 1,971 2,328 357 18% D&A -801 -884 -83 10% Write-off -2 -14 -12 n.s. Provisions -151 -113 38 -25% 22 ORDI
Slide 23: FY 2024 VS FY 2023: balance sheet
FY 2024 VS FY 2023: balance sheet €M FY 2023 FY 2024 ∆ vs FY 2023 Tangible Assets 6,643 7,517 874 Intangible Assets 3,630 4,299 669 Shareholdings and Other Non Current Financial Assets 83 100 17 Other Non Current Assets/Liabilities -188 -67 121 Deferred Tax Assets and Liabilities 464 549 85 Provisio
Slide 24: Energy scenario
Energy scenario UoM FY 2023 FY 2024 Δ% vs 2023 Brent $/bbl 82 80 -3% CO2 – EU ETS cost €/Tonn 85 66 -22% €/$ €/$ 1 1 0% Brent € €/bbl 76 74 -3% PSV(1) €/MWh 42 36 -14% Coal € (API2) €/Tonn 119 104 -13% PUN Baseload(2) €/MWh 127 108 -15% PUN Peak(2) €/MWh 137 116 -16% 24 PUN Off-Peak(2) €/MWh 122 104
Slide 25: Volumes
Volumes UoM FY 2023 FY 2024 Δ vs 2023 Δ% vs 2023 A2A Group Thermal production GWh 9,134 6,189 -2,945 -32% - CCGT production GWh 7,601 5,719 -1,883 -25% - Coal production GWh 312 0 -312 -100% - Oil production GWh 1,221 471 -750 -61% A2A Group Renewable production GWh 4,549 6,032 1,483 33% - Hydro pro
Slide 26: Financials as of 31st December 2024
Financials as of of 31st December 2024 Sound financial structure 13% Duration and Average Cost of debt 21% Cost of Duration FY23 FY24 debt(1) 79% 5.2 2.7% 87% Years @FY 2024 Fix Float 26 Steady Liquidity Position after acquisition (€M) Strong commitment to current credit rating FY23 FY24 1,930 1,815
Slide 27: Indebtedness redemption profile FY 2024 (€M)
Indebtedness redemption profile FY 2024 (€M) IFRS 16 Bonds 32 Short Term Loan Long Term Loan 598 42 27 354 11 20 9 5 15 8 4 903 23 497 496 497 646 430 397 495 493 298 175 86 130 148 4 106 103 103 57 27 4 27 23 2 2025 2026 2027 2028 2029* 2030 2031 2032 2033 2034 2035 2036 2037 (*) Not included 750€M
Slide 28: Sustainable Finance Highlights
Sustainable Finance Highlights Conventional vs ESG Debt as of 31st December 2024 | % ESG Debt evolution and Targets 120% 29% 100% +8% vs. FY 2023 78% 80% 60% 100% 40% 90% 70% 78% 80% 58% 22% 52% 20% 44% 28% 19% 0% FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2027 2030 2035 Conventional Debt ESG Debt Gree
Slide 29: Contacts
Contacts A2A Investor Relations Team E-mail: ir@a2a.it 29 Phone: +39 02 7720 3974 https://www.gruppoa2a.it/en/investors