A2A Spa Ord (AEMMF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Thank you, everyone, for attending our Capital Market Day. We have a couple of busy hours in front of us. First, our CFO, Luca Moroni, will comment on nine months' results. Then, our CEO, Renato Mazzoncini, will drive you through the update of our capital and the strategic plan at 2035. So, without spending any more time, we are ready to start, and I leave the floor to Luca. Thank you very much, Marco. I will go through the presentation of our nine-month results. Starting from the highlights, as usual. Perfect. We show a good resilience in economic and financial results despite the exceptional hydroelectric production of the previous year. The contribution of margin deriving from the growing performance of electricity network, the higher premium on the capacity market and the increase in the urban waste treatment prices absorbed the negative effect arising from lower hydroelectric production returning to historical average levels and the exit from safeguard market. Sound economic and financial performance confirmed. Reported EBITDA recorded a limited decrease, reaching 1,729 million euro. Net of impact deriving from hydroelectric production, which is one of the few exceptional effects recorded in 2024, EBITDA grew by 3%. Ordering net income, excluding a special item recorded on both 24 and 25, showed a decrease of 16%, compared nine months 24, standing at €559 million. Adjusting 24 results for the effect of last year's hydroelectric production, ordering net income decreased by 3%. We confirm the solidity of our financial ratios. Our net financial position landed at 5.3 billion, with a net financial position to EBITDA ratio equal to 2.4 times, with a decrease compared last year to 2.5. Resilient EBITDA despite normalization in hydrovolumes. Despite anoma...