A2a S.p.a. · MIL:A2A
A2a — H1 2026 Earnings Presentation
27 slides from A2a's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results
H1 2026 Results Delivering today. Building tomorrow’s growth. Milan, 30 July 2026
Slide 2: H1 2026 Highlights
Delivering today. Building tomorrow’s growth. H1 2026 Highlights Scaling the RES Platform +35 MW wind capacity Over 300 MW installed PPA Platform Signing with Sosteneo and Politecnico di Milano First A2A Open PPA Supporting SMEs through long-term contracts 2 En er y om gy tr a Strengthening Our Role
Slide 3: Data Center Platform: delivering on the strategic roadmap
Data Center Platform: delivering on the strategic roadmap Growing focus on data sovereignty and digital infrastructure resilience Supportive regulatory framework in Lombardy, promoting brownfield redevelopment and heat recovery solutions A2A owned land, ready-to-build powered sites Energy-efficient
Slide 4: Equinix strategic partnership: turning data center heat into a resource
Equinix strategic partnership: turning data center heat into a resource Heat as a by-product of data center workloads Transforming heat produced by servers Heat export system at Equinix’s campus in Settimo Milanese into an energy resource for local communities 4 Energy Center 72 MW large-scale heat
Slide 5: H1 2026: disciplined execution and financial strength
H1 2026: disciplined execution and financial strength Key Financial Indicators (€M) Revenues Reported EBITDA Adjusted EBITDA Net of 8€M Mainly related to Tecnoa acquisition price adjustment (€7M) 5 Group Net Profit * Adjusted Group Net Profit Net Financial Position NFP/EBITDA** Net of 8€M Mainly rel
Slide 6: H1 2026: advancing strategic investments
H1 2026: advancing strategic investments €M Capex breakdown by BU Capex breakdown by Activity Development capex +17% 6 Additional Other breakdowns 12% Circular 33% Economy EU Taxonomy 59% Eligible Energy 67% SDGs 88% EU Taxonomy 67% Transition aligned
Slide 7: H1 2026: leveraging a diversified business mix
H1 2026: leveraging a diversified business mix €M + -6% +1% -9% +3% • Wind and solar production • Positive performance in energy management • Electricity distribution 7 -29 - -38 16-2-647 • Hydroelectric production and concession fees • Lower contribution from waste • Gas distribution
Slide 8: Generation & Trading: supportive wind, solar and energy management
Generation & Trading: supportive wind, solar and energy management EBITDA €M • RES: production increase in wind and solar more than offset by lower hydroelectric production and higher concession fees • Flexibility: good performance in energy management 8 RES production (GWh) Lower North-Italy produc
Slide 9: Market: electricity volumes driving performance
Market: electricity volumes driving performance EBITDA €M Higher electricity market contribution thanks to increasing free market volumes, partially offset by lower unitary margins 9 Mass Market Customer Base (#/000) Total Electricity volumes sold (TWh) Total Gas volumes sold (Bcm)
Slide 10: Circular Economy: results affected by lower plant availability
Circular Economy: results affected by lower plant availability EBITDA €M • Collecton: higher fuel cost • Treatment: • temporarily lower availability of Parona WTE and other treatment plants due to maintenance • lower margin from the new Acerra service contract (since February 2025) • slight increase
Slide 11: Smart Infrastructures: higher allowed revenues more than offset gas-related effects
Smart Infrastructures: higher allowed revenues more than offset gas-related effects EBITDA €M Electricity Networks: higher allowed revenues thanks to ROSS tariff methodology, organic RAB growth and regulatory lag alignment • asset disposal • allowed gas opex Gas Networks: perimeter effect from asset
Slide 12: H1 2026: from Adjusted EBITDA to Adjusted Group Net Profit
H1 2026: from Adjusted EBITDA to Adjusted Group Net Profit €M 30.06.2026 ROI * ROE * 9.1% 10.8% Increase mainly due to CapEx deployment in the period July 2025 – June 2026 In line with targets Stable average cost of debt at 2.7% Tax Rate 29.5% Extra Taxation related to Energy Decree 12 H1 2025 Resta
Slide 13: H1 2026: net free cash flow
H1 2026: net free cash flow 31.12.2025 €M NFP NFP/EBITDA 5,474 M€ 2.4x 30.06.2026 NFP/EBITDA • (-) Two one-off events: reduction in payment terms to CSEA following the 2026 Energy NFP Rolling Decree (DL Bollette), and the payment of past-due hydroelectric concession fees • (-) Lower trade payables d
Slide 14: 2026 Guidance confirmed
2026 Guidance confirmed 2.21 – 2.25 0.63 – 0.66 14 Adjusted (1) Adjusted (1) EBITDA | €B Group Net Profit | €B (1) Excluding special items
Slide 15: An architecture built to deliver today while sustaining tomorrow's growth
An architecture built to deliver today while sustaining tomorrow’s growth Disciplined execution on target Industrial excellence on track 15 Ene rg tr y an y s it om io n c on re ula Circ Future-fit growth on trend
Slide 16: Q&A
Q&A LIFE COMPANY
Slide 17: Annexes
Annexes 17
Slide 18: EBITDA breakdown by Business Unit
EBITDA breakdown by Business Unit €M H1 2026 H1 2025 Change Reported Adjusted Reported Adjusted Reported Adjusted A2A 1,181 1,181 1,231 1,223 -50 -4% -42 -3% Generation & Trading 394 394 420 420 -26 -6% -26 -6% RES 206 206 274 274 -68 -25% -68 -25% Flexibility 188 188 146 146 42 29% 42 29% Market 23
Slide 19: H1 2026 VS H1 2025: Profit & Loss
H1 2026 VS H1 2025: Profit & Loss €M ∆ H1 ∆% H1 H1 2025 H1 2026 2025 2025 Adjusted Revenues 6,891 8,425 1,534 22% Operating Expenses -5,203 -6,761 -1,558 30% Personnel Expenses -465 -483 -18 4% Adjusted EBITDA 1,223 1,181 -42 -3% Depreciation and Amortization -478 -499 -21 4% Provisions -36 -41 -5 1
Slide 20: H1 2026 VS H1 2025: Adjusted and Reported P&L
H1 2026 VS H1 2025: Adjusted and Reported P&L €M H1 2025 Special H1 2025 H1 2026 Special H1 2026 Adjusted Items Reported Adjusted Items Reported Adjusted Revenues 6,891 8 A 6,899 8,425 8,425 A Price adjustment on Operating Expenses -5,203 -5,203 -6,761 -6,761 the acquisition of Tecnoa (WTE Personnel
Slide 21: H1 2026 VS FY 2025: balance sheet
H1 2026 VS FY 2025: balance sheet €M ∆ vs ∆% vs FY 2025 H1 2026 2025 2025 Property, plant and equipment 8,135 8,300 165 2% Intangible assets and goodwill 4,612 4,585 -27 -1% Equity investments and other non-current financial 135 152 17 13% assets Net Other Current Assets/Liabilities -22 -14 8 -36% N
Slide 22: Energy scenario
Energy scenario Δ% vs UoM H1 2025 H1 2026 H1 2025 Brent $/bbl 70.8 87.3 23% CO2 – EU ETS cost €/Tonn 72.5 77.1 6% €/$ €/$ 1.09 1.17 7% Brent € €/bbl 65.0 74.8 15% PSV(1) €/MWh 43.3 44.2 2% PUN Baseload (2) €/MWh 119.9 127.0 6% PUN Peak(2) €/MWh 124.0 128.4 4% 22 PUN Off-Peak(2) €/MWh 117.5 126.1 7%
Slide 23: Volumes
Volumes H1 H1 Δ vs Δ% vs UoM 2025 2026 2025 H1 2025 A2A Thermal production GWh 3,258 3,365 107 3% - CCGT production GWh 3,205 3,292 87 3% - Oil production GWh 53 73 20 39% A2A Renewable production GWh 2,399 2,401 2 0% - Hydro production GWh 1,973 1,871 -102 -5% - Photovoltaic production GWh 207 264
Slide 24: Financials as of 30 June 2026
Financials as of 30 June 2026 Financial structure 21% Duration and Average Cost of Debt 32% Cost of Duration 6M25 6M26 Debt (1) 68% 5.1 2.7% 79% Years @6M 2026 Fix Float 24 Liquidity Position (€M) Strong commitment to current credit rating 6M25 6M26 1,813 1,586 1,760 Agency Rating Outlook 3,998 2,94
Slide 25: Indebtedness redemption profile 6M 2026 (€M)
Indebtedness redemption profile 6M 2026 (€M) Loans Bonds IFRS 16 1,057 1,031 900 7 24 762 14 25 688 710 29 498 10 7 562 567 519 323 991 6 6 19 797 498 496 273 225 38 398 496 505 509 120 40 410 51 5 195 180 207 75 174 102 89 59 60 56 40 2026 2027 2028 2029* 2030 2031 2032 2033 2034 2035 2036 Oltre 20
Slide 26: Sustainable Finance Highlights
Sustainable Finance Highlights Highlights 2019-2026 ESG Debt and Targets Update of the Sustainable Finance Framework and publication of Programmatic Factsheet Percentage of ESG Debt of total (%) Inaugural Green Bond 2nd European Green Bond 100% Dec 25 Inaugural Blue Bond Nov 25 Effective Target Firs
Slide 27: 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