A2a S.p.a. · MIL:A2A
A2a — A2A Spa Ord — 9M 2025 Earnings Presentation
22 slides from A2a's earnings presentation, Nov 12, 2025
Slide 1: 9M 2025 Results
9M 2025 Results Milan, 12th November 2025
Slide 2: 9M 2025 results: sound economic and financial performance confirmed
9M 2025 results: sound economic and financial performance confirmed Key Financial Indicators (€M) Revenues EBITDA Ordinary EBITDA +3% +3% net of exceptional net of exceptional hydro production hydro production effects in 9M 2024 effects in 9M 2024 2 Group Net Income Ordinary Group Net Income Net Fin
Slide 3: 9M 2025 results: continuous Capex growth to support ecological transition
9M 2025 results: continuous Capex growth to support ecological transition €M Supply 3 Breakdown by Circular Economy & Breakdown by SDGs Breakdown by EU Taxonomy Energy Transition 19% 31% SDGs Eligible Energy Transition 51% Other Capex Aligned Circular Economy 81% 70% 69% Note: (*) 2024 pro forma con
Slide 4: 9M 2025: resilient EBITDA despite normalization in hydro volumes
9M 2025: resilient EBITDA despite normalization in hydro volumes €M + -20% -9% +5 % +29% • Growing performance of -5%** electricity networks • Higher Capacity Market premium • Increase in urban waste 4 treatment prices -29 -38 16-2 - • Hydroelectric production normalization • Exit from Safeguard seg
Slide 5: Generation & Trading: diversification of sources preserves performance
Generation & Trading: diversification of sources preserves performance EBITDA €M • FER: normalization of hydro production (-1 TWh, -26% ~ -130 €M) • Flexibility: higher CCGT production and Capacity Market offset by less opportunities coming from hedging 5 Hydro, Wind & Solar production (GWh) Thermal
Slide 6: Supply: performance sustained by a solid Electricity segment
Supply: performance sustained by a solid Electricity segment EBITDA €M • Growing mass market segment contribution thanks to electricity free market customer base increase and lower retention costs • Exit from Safeguard segment and lower contribution of B2B gas segment • Higher operative costs coming
Slide 7: Circular Economy: higher WTE revenues and District Heating volumes
Circular Economy: higher WTE revenues and District Heating volumes EBITDA €M • Treatment: higher treatment prices and energy volumes • Collection: marginality slightly affected by new services in Milan after tender awarded • District heating: increase in heat sold and higher revenues from white cert
Slide 8: Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase
Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase EBITDA €M Of which Regulated Networks: growing performance in Of which Duereti +23 €M electricity networks partially offset by disposal of allowed +68 M€ gas opex of gas distribution assets related to 2020-2024 (A
Slide 9: 9M 2025 results: from EBITDA to Net Income
9M 2025 results: from EBITDA to Net Income €M New electricity network perimeter and capex of the period 9M 2025: • +14€M preliminary capital gain from the disposal of gas distribution assets • +7€M price adjustment on the Volumes effect acquisition of the stake in Tecnoa (Crotone WtE) Tax rate @ 29%
Slide 10: 9M 2025 results: net free cash flow
9M 2025 results: net free cash flow M€ + Lower retail receivables due to seasonality effect and lower prices 31.12.2024 + Lower Safeguard portfolio receivables NFP NFP/EBITDA 5,835 €M 2.5x 30.09.2025 NFP NFP/EBITDA 5,317 €M 2.4x 10 Operating Cash Flow enabled the full financing of maintenance and de
Slide 11: 2025 Guidance confirmed in the upper end
2025 Guidance confirmed in the upper end EBITDA 2.17 – 2.20 €B 11 Ordinary Net Income* 0.68 – 0.70 €B *Excluding non-recurring items
Slide 12: Q&A
Q&A LIFE COMPANY
Slide 13: Annexes
Annexes 13
Slide 14: EBITDA breakdown by Business Unit
EBITDA breakdown by Business Unit €M 9M 2025 9M 2024* Change Reported Ordinary Reported Ordinary Reported Ordinary A2A 1,729 1,704 1,804 1,788 -75 -4% -84 -5% Generation & Trading 626 623 796 783 -170 -21% -160 -20% RES 437 437 591 591 -154 -26% -154 -26% Flexibility 189 186 205 192 -16 -8% -6 -3% S
Slide 15: 9M 2025 VS 9M 2024: profit & loss
9M 2025 VS 9M 2024: profit & loss €M Delta Delta % 9M 2024 9M 2025 vs 2024 vs 2024 Revenues 9,097 10,170 1,073 12% Operating costs -6,641 -7,754 -1,113 17% Staff costs -652 -687 -35 5% EBITDA 1,804 1,729 -75 -4% D&A -659 -704 -45 7% Provisions -75 -69 6 -8% 15 ORDINARY EBIT 1,070 956 -114 -11% Net F
Slide 16: 9M 2025 VS FY 2024: balance sheet
9M 2025 VS FY 2024: balance sheet €M ∆ vs ∆% vs FY 2024 9M 2025 FY 2024 FY 2024 Tangible Assets 7,517 7,744 227 3% Intangible Assets 4,299 4,406 107 2% Shareholdings and Other Non Current Financial Assets 100 106 6 6% Other Non Current Assets/Liabilities -67 1 68 n.s. Deferred Tax Assets and Liabili
Slide 17: Energy scenario
Energy scenario UoM 9M 2024 9M 2025 Δ% vs 2024 Brent $/bbl 82 70 -15% CO2 – EU ETS cost €/Tonn 66 73 9% €/$ €/$ 1 1 3% Brent € €/bbl 75 63 -17% PSV(1) €/MWh 34 41 21% PUN Baseload(2) €/MWh 102 117 14% PUN Peak(2) €/MWh 107 120 12% 17 PUN Off-Peak(2) €/MWh 99 115 16% CCGT gas cost(3) €/MWh 81 96 18%
Slide 18: Volumes
Volumes UoM 9M 2024 9M 2025 Δ vs 2024 Δ% vs 2024 Thermal production GWh 4,053 5,257 1,204 30% - CCGT production GWh 3,761 4,877 1,116 30% - Oil production GWh 292 380 88 30% Renewable production GWh 4,879 3,794 -1,085 -22% - Hydro production GWh 4,219 3,137 -1,082 -26% - Photovoltaic production GWh
Slide 19: Financials as of 30th September 2025
Financials as of 30th September 2025 Sound financial structure Steady Liquidity Position after acquisition (€M) Fix Float Cash & Cash Equivalent Undrawn Committed Lines 16% 9M24 9M25 20% 2,405 2,052 1,935 1,397 9M24 9M25 4,457 3,332 84% 80% 19 Coverage Ratio (2) > 1.2x Coverage Ratio (2) > 1.2x Dura
Slide 20: Indebtedness redemption profile 9M 2025 (€M)
Indebtedness redemption profile 9M 2025 (€M) IFRS 16 Bonds Short Term Loan 988 Long Term Loan 29 730 668 692 627 10 544 4 20 637 513 7 539 542 437 20 5 3 3 13 26 497 496 647 498 110 397 496 493 498 299 84 322 98 40 12 164 192 80 98 58 112 109 103 73 43 43 41 4 2025 2026 2027 2028 2029* 2030 2031 203
Slide 21: Sustainable Finance Highlights
Sustainable Finance Highlights Highlights 2019-2025 ESG Debt and targets at 30 September 2025 New Blue Finance Addendum to the SFF The Addendum covers Blue Financing Percentage of ESG Debt of total (%) Inaugural Blue Bond Instruments Inaugural Green Bond First Blue Bond issued in First Green Bond wi
Slide 22: Contacts
Contacts A2A Investor Relations Team E-mail: ir@a2a.it Phone: +39 02 7720 3974 https://www.gruppoa2a.it/en/investors