Slide 1: H1 2025 results
H1 2025 results Milan, 31st July 2025
Slide 2: H1 2025 execution: laying the base for future growth
H1 2025 execution: laying the base for future growth Main achievements Reaffirming the bond with our Stakeholders Industrial push on electricity Enhanced electricity 1.6M electricity Major asset rotation networks resilience customers reached on towards electricity grids 313 €M dividend paid new prim
Slide 3: H1 2025 Results: resilient performance, improving financial solidity
H1 2025 Results: resilient performance, improving financial solidity Key Financial Indicators (€M) Revenues EBITDA Ordinary EBITDA +2% net of exceptional hydro production effect in H1 2024 3 Group Net Income Net Financial Position Ordinary Group Net Income NFP/EBITDA * +1% +2% net of exceptional hyd
Slide 4: H1 2025 results: consistent CapEx growth to support ecological transition
H1 2025 results: consistent CapEx growth to support ecological transition €M Breakdown by Activity Breakdown by BU 4 Breakdown by Circular Breakdown by SDGs Breakdown by EU Taxonomy Economy & Energy Transition 15% 28% SDGs 51% Aligned Energy Transition Other Capex Eligible Circular Economy 85% 72% 7
Slide 5: EBITDA: business integration provides consistent results delivery
H1 2025 EBITDA: business integration provides consistent results delivery -24% -10% +6% +33% -11%** + ▪ Thermoelectric production ▪ Revenues from urban WTE ▪ Electricity distribution network consolidation (Duereti) 5 363 249 395 - ▪ Hydroelectric production ▪ Safeguard Market **Contribution from exc
Slide 6: Generation & Trading: diversification of sources supports performance
Generation & Trading: diversification of sources supports performance despite hydro normalization EBITDA €M Hydro, Wind &Solar production (GWh) 6 Thermal Production (GWh) ▪ RES: normalization of hydro production ▪ Flexibility: higher CCGT production and capacity market, less opportunities for hedgin
Slide 7: Market: Solid Mass Market upholds results
Market: Solid Mass Market upholds results EBITDA €M Customer Base Mass Market (#/000) Of which electricity free market +11% Total Electricity Sales (TWh) 7 Total Gas Sales (Bcm) • Higher mass market segment contribution thanks to electricity customer base increase and lower retention costs • Growth
Slide 8: Circular Economy: WTEs revenues increase and higher volumes in District Heating
Circular Economy: WTEs revenues increase and higher volumes in District Heating ELECTRICITY ENERGY SALES (GWh) EBITDA €M WTE and other plants Cogeneration ENERGY RECOVERY (kton) 8 HEAT VOLUMES (GWht) Treatment: higher WTEs treatment prices Collection: new collection services in Milan after tender wo
Slide 9: Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase
Smart Infrastructures: growth driven by Duereti consolidation and organic RAB increase EE RAB (€M) EBITDA €M (*) 6.0% 5.6% WACC Of which 9 +23 €M of allowed gas Power Network Capacity Of which opex related to 2020- 8,682 MVA +67% yoy Duereti 2024 (ARERA +44 €M res. 98 and 87/2025) GAS RAB (€M) (**)
Slide 10: H1 2025 results: from EBITDA to Net Income
H1 2025 results: from EBITDA to Net Income €M H1 2025: +7M€ of price adjustment referring to the acquisition of the stake in Tecnoa (WtE Crotone Tax rate H1 2025 (29%) +1M€ of badwill from Biomax acquisition + 10 H1 2024 1,279 -441 -73 2 -61 -3 703 -207 -18 478 11 489
Slide 11: H1 2025 results: net free cash flow
H1 2025 results: net free cash flow 31.12.2024 €M NFP NFP/EBITDA 5,835 €M 2.5x • (+) Lower retail receivables due to seasonality effect and lower prices 30.06.2025 • (+) Lower safeguard portfolio receivables NFP NFP/EBITDA 5,325 €M 2.3x 11 (1) Cash Conversion > 65% enabled the full financing of deve
Slide 12: 2025 Guidance confirmed in the upper end
2025 Guidance confirmed in the upper end 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 On track with Double-digit targets Capex increase 2025E EBITDA and Enabling the Ordinary Net Income industrial growth envisaged in the Plan in the upper end of the guidance 13 Solid year-end Strong cash flow NFP expected generation >65% cash ~2.5x 2025E co
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 H1 2025 H1 2024* Change Reported Ordinary Reported Ordinary Reported Ordinary A2A 1,223 1,194 1,279 1,269 -56 -4% -75 -6% Generation & Trading 420 418 556 552 -136 -24% -134 -24% RES 273 274 395 395 -122 -31% -121 -31% Flexibility 147 144 161 157 -14 -9% -13 -8%
Slide 17: H1 2025 VS H1 2024: profit & loss
H1 2025 VS H1 2024: profit & loss €M Delta Delta % H1 2024 H1 2025 vs 2024 vs 2024 Revenues 6,091 6,891 800 13% Operating costs -4,370 -5,203 -833 19% Staff costs -442 -465 -23 5% EBITDA 1,279 1,223 -56 -4% D&A -441 -469 -28 6% Provisions -73 -36 37 -51% 17 ORDINARY EBIT 765 718 -47 -6% Net Financia
Slide 18: H1 2025 VS FY 2024: balance sheet
H1 2025 VS FY 2024: balance sheet €M ∆ vs FY 2024 H1 2025 FY 2024 Tangible Assets 7,517 7,639 122 Intangible Assets 4,299 4,389 90 Shareholdings and Other Non Current Financial Assets 100 108 8 Other Non Current Assets/Liabilities -67 -5 62 Deferred Tax Assets and Liabilities 549 545 -4 Provisions f
Slide 19: Energy scenario
Energy scenario UoM H1 2024 H1 2025 Δ% vs 2024 Brent $/bbl 83 71 -15% CO2 – EU ETS cost €/Tonn 66 73 11% €/$ €/$ 1 1 1% Brent € €/bbl 77 65 -16% PSV(1) €/MWh 31 43 39% PUN Baseload(2) €/MWh 93 120 28% PUN Peak(2) €/MWh 99 124 25% 19 PUN Off-Peak(2) €/MWh 90 118 30% CCGT gas cost(3) €/MWh 78 101 30%
Slide 20: Volumes
Volumes UoM H1 2024 H1 2025 Δ vs 2024 Δ% vs 2024 Thermal production GWh 2,011 3,258 1,248 62% - CCGT production GWh 1,971 3,205 1,233 63% - Oil production GWh 40 53 12 31% Renewable production GWh 3,174 2,399 -775 -24% - Hydro production GWh 2,723 1,973 -750 -28% - Photovoltaic production GWh 197 20
Slide 21: Financials as of 30th June 2025
Financials as of 30th June 2025 Sound financial structure 13% Duration and Average Cost of debt 21% Cost of Duration H124 H125 debt(1) 5.4 2.7% 87% 79% Years @H1 2025 Fix Float 21 Steady Liquidity Position (€M) Strong commitment to current credit rating H124 H125 1,893 1,813 1,760 Agency Rating Outl
Slide 22: Indebtedness redemption profile H1 2025
Indebtedness redemption profile H1 2025 (€M) IFRS 16 Bonds Short Term Loan Long Term Loan 32 22 40 10 40 5 618 21 7 5 3 3 14 26 496 647 497 664 497 299 397 495 493 499 322 175 82 1 114 109 95 148 57 27 27 24 4 2 2025 2026 2027 2028 2029* 2030 2031 2032 2033 2034 2035 2036 2037 (*) Not included 750€M
Slide 23: Sustainable Finance Highlights
Sustainable Finance Highlights Highlights 2019-2025 ESG Debt and targets at 30 June 2025 Inaugural Green Bond Inaugural European Green Bond Update of the Sustainable Finance First Green Bond with Eligible Green Projects based First EuGB ever issued in the World Framework on Green Financing Framework
Slide 24: Contacts
Contacts A2A Investor Relations Team E-mail: ir@a2a.it Phone: +39 02 7720 3974 https://www.gruppoa2a.it/en/investors