A2a S.p.a. · MIL:A2A
A2a — FY2025 Earnings Presentation
26 slides from A2a's earnings presentation, Mar 17, 2026
Slide 1: FY 2025 Results
FY 2025 Results Milan, 17 March 2026
Slide 2: FY 2025 highlights: execution, financial discipline and shareholder returns
FY 2025 highlights: execution, financial discipline and shareholder returns Consistent capex Enabling Strong financial Attractive value for deployment Electrification delivery our shareholders Electricity RAB ~1.7 €B Asset rotation Strong cash Adjusted EPS 22 €c +52% gross of completed, increasing c
Slide 3: FY 2025: delivering sound economic and financial results
FY 2025: delivering sound economic and financial results Key Financial Indicators (€M) Revenues Reported EBITDA Including capital gains: Adjusted EBITDA • 40 €M gas assets sale +4% • 9 €M other net of exceptional hydro production effects in FY 2024 3 Group Net Profit Adjusted Group Net Profit Net Fi
Slide 4: FY 2025: consistent capex deployment
FY 2025: consistent capex deployment Development Capex €M Breakdown by BU Breakdown by Activity Power Generation A balanced mix of RES and flexible generation, supporting decarbonization while ensuring system flexibility and meeting new baseload demand 4 Corteolona WTE under construction ~240 kt was
Slide 5: FY 2025: business diversification driving robust EBITDA
FY 2025: business diversification driving robust EBITDA €M + -26% 0% +2% +37% • Growing performance of electricity -11%** networks +4% net of exceptional • Higher capacity market premium hydro production effects in FY 2024 • Resilient supply mass market margins • Increase in urban waste treatment 5
Slide 6: Generation & Trading: diversified technology mix mitigates hydro volumes normalization
Generation & Trading: diversified technology mix mitigates hydro volumes normalization EBITDA €M • RES: normalization of hydro production (-1.4 TWh, -26%) • Flexibility: higher CCGT production and Capacity Market offset by fewer opportunities coming from hedging and trading 6 Hydro, Wind & Solar pro
Slide 7: Market: growth in electricity fully offsets the exit from the Safeguard segment
Market: growth in electricity fully offsets the exit from the Safeguard segment EBITDA €M • Growing electricity market (margins, customers and volumes) • Lower retention costs • Exit from Safeguard segment 7 Customer Base Mass Market (#/000) Total Electricity volumes sold (TWh) Total Gas volumes sol
Slide 8: Circular Economy: sound performance of treatment, water cycle & district heating
Circular Economy: sound performance of treatment, water cycle & district heating EBITDA €M • Treatment: higher treatment prices offset lower Acerra Wte margin • Integrated Water Cycle: higher allowed return • District heating: higher prices, volumes and margins from white certificates • Collection:
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 Electricity Networks: strong performance thanks to Duereti consolidation and organic RAB growth Of which Duereti Gas Networks: asset rotation completed +93 M€ 9 Electricity RAB (€M) Gas RAB (€M) Power Ne
Slide 10: FY 2025: from EBITDA to Profit for the Year
FY 2025: from EBITDA to Profit for the Year €M 31.12.2025 ROI ROE 10% 12% Double-digit ROI and ROE New debt issued Tax rate @ 29.8% 10 + FY 2024 2,328 -898 -113 2 -123 0 1,196 -352 -28 816
Slide 11: FY 2025: net free cash flow
FY 2025: net free cash flow 31.12.2024 €M NFP NFP/EBITDA 5,835 €M 2.5x • (+) Lower receivables and CSEA settlement related to Safeguard portfolio 31.12.2025 • (+) Lower retail receivables due to lower commodity prices NFP NFP/EBITDA 5,474 €M 2.4x 11 (1) Cash Conversion ~ 65% enabled the full financi
Slide 12: Sustainable dividend growth
Sustainable dividend growth Dividend policy – DPS | €c 2024 DPS 2025 DPS 16 15 14 DPS growth 13 +4% ≥ 4% envisaged in the 12 yoy Plan period 12 yoy 11 10.0 10.4 * ✓ confirmed 10 9 8 7 6 5 4 2024 2025 2028 2030 2035 (*) Subject to AGM approval on next April 28th
Slide 13: 2026 Guidance confirmed
2026 Guidance confirmed 2.21 – 2.25 0.63 – 0.66 13 Adjusted (1) Adjusted (1) EBITDA | €B Group Net Profit | €B (1) Excluding special items
Slide 14: A well-diversified business model to deliver growth in dynamic contexts
A well-diversified business model to deliver growth in dynamic contexts Diversified and sizable generation portfolio Leveraging technology mix and energy management to capture opportunities Integration for risk-profile optimization Benefiting from generation-customers natural hedging Visible returns
Slide 15: Q&A
Q&A LIFE COMPANY
Slide 16: Annexes
Annexes 16
Slide 17: EBITDA breakdown by Business Unit
EBITDA breakdown by Business Unit €M FY 2025 FY 2024* Change Reported Adjusted Reported Adjusted Reported Adjusted A2A 2,292 2,243 2,328 2,328 -36 -2% -85 -4% Generation & Trading 728 728 986 986 -258 -26% -258 -26% RES 498 498 712 712 -214 -30% -214 -30% Flexibility 230 230 274 274 -44 -16% -44 -16
Slide 18: FY 2025 VS FY 2024: Profit & Loss
FY 2025 VS FY 2024: Profit & Loss €M Delta Delta % FY 2024 FY 2025 vs 2024 vs 2024 Adjusted Revenue 12,857 14,014 1,157 9% Operating Expenses -9,637 -10,853 -1,216 13% Personnel Expenses -892 -918 -26 3% Adjusted EBITDA 2,328 2,243 -85 -4% Depreciation and Amortization -898 -964 -66 7% Provisions -1
Slide 19: FY 2025 VS FY 2024: P&L adjusted and reported figures
FY 2025 VS FY 2024: P&L adjusted and reported figures €M FY 2024 Special FY 2024 FY 2025 Special FY 2025 Adjusted Items Reported Adjusted Items Reported Capital gains: Revenue 12,857 12,857 14,014 49 1 14,063 1 • 40 €M gas assets Operating Expenses -9,637 -9,637 -10,853 -10,853 sale • 9 €M other Per
Slide 20: FY 2025 VS FY 2024: balance sheet
FY 2025 VS FY 2024: balance sheet €M FY 2024 ∆ vs ∆% vs FY 2025 Restated FY 2024 FY 2024 Property, plant and equipment 7,583 8,135 552 7% Intangible assets and goodwill 4,449 4,612 163 4% Equity investments and other non-current financial assets 100 135 35 35% Net Other Current Assets/Liabilities -6
Slide 21: Energy scenario
Energy scenario UoM FY 2024 FY 2025 Δ% vs 2024 Brent $/bbl 80 68 -15% CO2 – EU ETS cost €/Tonn 66 75 13% €/$ €/$ 1.08 1.13 4% Brent € €/bbl 74 61 -18% PSV(1) €/MWh 36 39 6% PUN Baseload(2) €/MWh 108 116 7% PUN Peak(2) €/MWh 116 121 5% 21 PUN Off-Peak(2) €/MWh 104 113 9% CCGT gas cost(3) €/MWh 88 93
Slide 22: Volumes
Volumes UoM FY 2024 FY 2025 Δ vs 2024 Δ% vs 2024 A2A Thermal production GWh 6,189 6,846 657 11% - CCGT production GWh 5,718 6,379 661 12% - Oil production GWh 471 467 -4 -1% A2A Renewable production GWh 6,032 4,672 -1,360 -23% - Hydro production GWh 5,193 3,818 -1,375 -26% - Photovoltaic production
Slide 23: Financials as of 31st December 2025
Financials as of 31st December 2025 Sound financial structure 21% 20% Duration and Average Cost of debt Cost of Duration FY24 FY25 debt (1) 5.2 2.7% 79% 80% Years @FY 2025 Fix Float 23 Steady Liquidity Position after acquisition (€M) Strong commitment to current credit rating FY24 FY25 1,549 1,879 1
Slide 24: FY 2025: indebtedness redemption profile (€M)
FY 2025: indebtedness redemption profile (€M) IFRS 16 Bonds Short Term Loan Long Term Loan 1,044 1,046 40 886 14 13 24 678 699 633 12 668 17 548 22 512 546 440 990 11 9 17 799 24 497 496 498 299 398 495 498 88 140 336 42 164 191 9 117 113 97 74 76 98 42 42 39 3 2026 2027 2028 2029* 2030 2031 2032 20
Slide 25: Sustainable Finance Highlights
Sustainable Finance Highlights Highlights 2019-2025 ESG Debt and targets at 31 December 2025 Update of the Sustainable Finance Framework and publication of Programmatic Factsheet Percentage of ESG 2nd European Green Bond Debt of total (%) Inaugural Green Bond 120% Dec 25 +5% Nov 25 Inaugural Blue Bo
Slide 26: Contacts
Contacts A2A Investor Relations E-mail: ir@a2a.it Phone: +39 02 7720 3974 https://www.gruppoa2a.it/en/investors DISCLAIMER THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY’S MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL AND OPERATIONAL P