A2A S p A : 1Q 2026 Press release

About this update from A2a S.p.a.

A2A, RESULTS AS AT 31 MARCH 2026 Ongoing growth of capex for the ecological transition: 315 million euro Adjusted EBITDA of 647 million euro Adjusted Net Profit of 221 million euro NFP/Adjusted EBITDA ratio of 2.5x Capex 315 million euro , up 4% compared to the first quarter of the previous year, of which approximately 70% related to development projects for the strengthening and efficiency of electricity distribution networks, for the further construction of photovoltaic assets, as well as for the growth of businesses in the Circular Economy area. 66% of capex is eligible for purposes of the European Taxonomy . Adjusted Revenues of 4,552 million euro : +15% compared to the first three months of 2025 (3,968 million euro) thanks to the increase in volumes of electricity sold on retail markets and intermediated on wholesale markets, partly offset by the decline in commodity prices. Adjusted EBITDA of 647 million euro , -4% compared to the first quarter of the previous year (675 million euro), mainly due to the decrease in commodity prices, the increase in concession fees and the lower contribution of some treatment plants due to scheduled maintenance and revised service terms on the Acerra contract. This trend was partly offset by the growth of electricity distribution activities, and by higher renewable production. Adjusted Net Profit of 221 million euro , down 11% compared to the same period of 2025 (249 million euro), following the contraction in Adjusted EBITDA and the increase in depreciation and amortization due to higher deployment of capex. Net Financial Position at 5,628 million euro (5,474 million euro at 31 December 2025), due to seasonal factors. NFP/Adjusted EBITDA ratio of 2.5x (2.4x at 31 December 2025). 2.7 GW of RES installed capacity, up 4% compared to the same period in 2025, thanks to the entry into service of new wind and photovoltaic plants. 8.1 TWh of electricity sold on retail markets , up 24% compared to the first quarter of 2025, driven by B2B segment, of which 2.7 TWh green electricity sold , up 17% compared to the first quarter of 2025. A 200 million euro loan has been signed with the European Investment Bank (EIB), intended for the modernization of the electricity distribution networks in Lombardy, with the renewal of approximately 450 km of medium voltage and 140 km low voltage grids, in line with decarbonisation targets. The share of sustainable debt on total gross debt as of March 31, 2026 was 82% (82% in 2025). Milan, 14 May 2026 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Roberto Tasca, examined and approved the Quarterly Report as at 31 March 2026. "In the first quarter, we confirmed our commitment to the ecological transition, with a capex of 315 million euro, up 4% compared to the same period in 2025. Installed renewable capacity reached 2.7 GW, thanks to the entry into service of new wind and photovoltaic plants, and green production increased by 14%, consolidating A2A's role in promoting the growth of the country's energy autonomy." - comments Renato Mazzoncini, CEO of A2A - "We believe that renewable sources constitute a crucial lever to strengthen national energy independence and stabilize prices for families and businesses, and we hope for an evolution of the regulatory framework that accelerates their development. In a still volatile scenario, the solidity of our economic and financial indicators attests to the effectiveness of the company's industrial model and allows us to look ahead with confidence, continuing with discipline in the implementation of the Strategic Plan and in the generation of sustainable value for all stakeholders." Adjusted EBITDA, amounting to 647 million euro, decreased by 4% in the first quarter of 2026 compared to the same period of 2025, mainly attributable to the reduction in margins in the Generation and Trading Business Unit due to higher concession fees and lower energy commodity prices, as well as to lower operating margins of some Group's treatment plants. These trends were partially offset by higher production in the renewables portfolio, growth in the electricity distribution business, as well as stable results in the energy retail segment. Adjusted Net Profit, amounting to 221 million euro, decreased by 11% compared to the same period of the previous year. This decrease is attributable by two main factors: the contraction in Adjusted EBITDA and the increase in depreciation and amortization following higher capex deployed. Net Financial Position, amounting to 5,628 million euro, increasing compared to 31 December 2025, with a leverage ratio of 2.5x which guarantees its full sustainability. Guidance The outlook for the 2026 financial year confirms an Adjusted EBITDA of between 2.21 and 2.25 billion euro and an Adjusted Group Net Profit of between 0.63-0.66 billion euro. Main operating indicators by BU 03.31.2026 03.31.2025 Δ Δ % Generation and trading Net electricity production (GWh) 3,734 3,231 503 16% Thermoelectric 2,491 2,136 355 17% Renewable sources 1,243 1,095 148 14% Hydroelectric 992 899 93 10% Photovoltaic 86 65 21 32% Wind 165 131 34 26% Market Total POD electricity (#/1000) 2,070 2,114 (44) -2% Free market 1,586 1,564 22 1% Gradual protection Service 404 465 (61) -13% Protected market 80 85 (5) -6% Total PDR gas (#/1000) 1,477 1,540 (63) -4% Free market 1,297 1,370 (73) -5% Protected market 155 170 (15) -9% FUI/FDD 25 25 n.s. Circular economy Waste Waste collected (Kton) 451 450 1 0% Waste disposed (Kton) 1,151 1,222 (71) -6% WTE and other plants electricity sold (GWh) Heat Heat and cold volumes sales (GWht) 471 1,477 548 1,454 (77) 23 -14% 2% Smart infrastructures Electricity RAB (M€) 1,838 1,686 152 9% Gas RAB (M€) 1,368 1,735 (367) -21%* * As a result of the sale of the gas business to Ascopiave Key economic and financial indicators million euro Q1 2026 Q1 2025 Δ Δ % Revenue 4,552 3,968 584 15% EBITDA 647 675 (28) -4% Net operating result 372 411 (39) -9% Net Profit 216 254 (38) -15% Adjusted Net Profit 221 249 (28) -11% Capex 315 302 13 4% Q1 2026 Performance Commentary Adjusted Revenue In the first quarter of 2026, the Group's Adjusted Revenue amounted to 4,552 million euro, up 15% compared to the previous year (3,968 million euro). The change is mainly attributable to the increase in the volumes of electricity and gas intermediated in the wholesale markets, the growth in volumes in the retail electricity markets, partly offset by the decrease in energy prices and the contraction in the volumes sold on the retail gas markets. Operating costs and personnel costs Operating costs amounted to 3,665 million euro, up 20% compared to the first quarter of 2025, due to higher costs related to the increase in commodity volumes, partly offset by the decline in energy prices. Personnel costs, amounting to 240 million euro, increased by 4% compared to the same period of the previous year, about 10 million euro . The increase is attributable, on one hand, to the increase in the number of FTEs (Full-Time Equivalents) linked to the hires made during 2025 for the launch of new tenders in the Collection segment and for the upgrading of plants (+162 FTEs, +1.1%, net of the sale of the gas branch to Ascopiave); on the other hand, the effects of salary increases related to contract renewals and merit increases, as well as the higher costs incurred for the share ownership plan aimed at all Group employees. Adjusted EBITDA million euro Q1 2026 Q1 2025 D D% Adjusted EBITDA 647 675 (28) -4% Generation and Trading 202 224 (22) -10% Market 136 133 3 2% Circular Economy 190 202 (12) -6% Smart Infrastructures 129 122 7 6% Corporate -10 -6 (4) n.s. Adjusted EBITDA amounted to 647 million euro, a decrease of 4%, -28 million euro compared to 31 March 2025 (675 million euro), mainly due to the lower contribution of the Circular Economy and Generation and Trading Business Units, partly offset by the better performance of the Smart Infrastructures Business Unit. The EBITDA of the Generation & Trading Business Unit amounted to 202 million euro, a decrease of 22 million euro compared to the first quarter of 2025. The change is mainly attributable to: the growth in renewable production, driven by the increase in hydroelectric production due to greater hydraulicity in Calabria, the contribution of new photovoltaic and wind plants that entered into operation in 2025 and the first quarter of 2026 and the repowering of existing assets; the positive contribution of trading portfolio. These effects were more than offset by: the decrease in energy commodities price, despite the rise in March due to growing geopolitical tensions. In fact, in the period, the PUN decreased by 6% (from 138.0 €/MWh in the first quarter of 2025 to 130.2 €/MWh in the corresponding period of 2026) while the average cost of gas at the PSV showed a contraction of 14% (from 48.4 €/MWh to 41.7 €/MWh); the higher hydroelectric fees, following the Resolution of 30.12.25 of the Lombardy Region which, in allowing the temporary continuation of expired concessions, redetermined the average nominal power of the plants under concession. This increase is partly relative to previous years. The EBITDA of the Market Business Unit amounted to 136 million euro, an increase of 3 million euro compared to the first quarter of the previous year. Despite the competitive environment, EBITDA grew mainly due to the positive contribution of the electricity market, which year-on-year benefited from lower retention charges and higher volumes sold (8.1 TWh, +1.6 TWh compared to Q1 2025), mainly related to the large customer segment, partly offset by lower margins. The Adjusted EBITDA of the Circular Economy Business Unit amounted to 190 million euro, a decrease of 12 million euro compared to the first quarter of 2025. The change is mainly attributable to waste treatment sector for -24 million euro, driven by: lower margins in the quarter due to the new service contract with the Campania Region for the management of Acerra WTE, the lower contribution of the Parona and Trezzo WTEs and of some treatment plants, mainly for scheduled maintenance and revamping; collection sector for -1 million euro; heat sector for +10 million euro, thanks to higher revenues from the sale of white certificates; water cycle segment for +3 million euro, mainly due to higher allowed revenues . The EBITDA of the Smart Infrastructures Business Unit for the period amounted to 129 million euro, up 7 million euro compared to the first quarter of 2025. The growth is mainly attributable to the increase in allowed revenues in electricity distribution , thanks to the application of the new ROSS tariff method and the RAB organic growth., These effects are partly offset by the sale of the gas business in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi, which occurred in July 2025. Adjusted EBIT Adjusted EBIT amounted to 372 million euro, a 9% decrease compared to the same period of 2025 (411 million euro). The change is mainly attributable to the reduction in Adjusted EBITDA and the increase in depreciation and amortization of 12 million euro mainly due to higher capex made. Net Financial Expenses Net Financial Expenses amounted to 41 million euro, down from 42 million euro in the previous year. Adjusted Taxes Adjusted Taxes amounted to 98 million euro, a decrease of 10 million euro compared to the first quarter of 2025 due to a lower tax base, with a tax rate of 29.5%. Adjusted Net Profit Adjusted Net Profit attributable to the Group amounted to 221 million euro, decreasing by 11% compared to the first quarter of 2025 (249 million euro). Below is a reconciliation between the adjusted economic results and the reported economic results shown with the inclusion of special items. Q1 2026 Adjusted Special Items Q1 2026 Reported Q1 2025 Adjusted (*) Special Items (*) Q1 2025 Reported (*) Revenue 4,552 4,552 3,968 7 3,975 Operating expenses (3,665) (3,665) (3,063) (3,063) Personnel expenses (240) (240) (230) (230) EBITDA 647 647 675 7 682 Depreciation and amortization (250) (250) (238) (238) Provisions (25) (25) (26) (26) Impairment losses on trade receivables (20) (20) (19) (19) Other provisions for risks (5) (5) (7) (7) EBIT 372 372 411 7 418 Net finance expenses (41) (41) (42) (42) Finance income and expenses (40) (40) (40) (40) Other finance income and expenses (1) (1) (2) (2) Share of profit of equity-accounted investees 0 0 1 1 EBT 331 331 370 7 377 Income taxes (98) (5) (103) (108) (2) (110) Net profit 233 (5) 228 262 5 267 Net profit attributable to non-controlling interests 12 12 13 13 Group Net Profit 221 (5) 216 249 5 254 (*) The values as of March 31, 2025, have been restated to make them consistent with the values as of March 31, 2026, in order to include under the item "depreciation and amortization" the effects of the Purchase Price Allocation carried out on December 31, 2025, for the acquisition of Duereti S.r.l. The values as of March 31, 2025, also reflect the reclassification to the item "revenues" and to the item "income taxes" of the effects of the price adjustment for the acquisition of the stake in Tecnoa (Wte Crotone) that took place in 2021, in accordance with what is shown in the income statement of the financial statements as of December 31, 2025. Special Items as at 31 March 2026 are negative and equal to 5 million euro, recorded under "taxes" and refer to the temporary increase of +2% in the IRAP rate, introduced by the "Energy Decree no. 21/2026" on companies operating in certain segments of the energy sector. As at 31 March 2025, Special Items were positive and amounted to a total of 5 million euro and referred to the price adjustment for the acquisition of TecnoA (Crotone WTE) which occurred at the end of 2021. *** After the end of the reporting period, the A2A Group became aware of the publication on the ANAC website of an arbitration award which, adopted by a majority with a dissenting opinion, ruled at first instance on the dispute initiated by the Campania region. This award upheld the Region's claims regarding the reimbursement of part of the consideration relating to the 2021-2023 period, due and already paid to A2A Ambiente for the execution of the management contract of Acerra WTE, stipulated in 2018 and terminated in February 2025. Prior to the notification of the award and before its enforceability, the Region, by communication dated 7 May 2026, requested the Company to indicate whether it intended to comply voluntarily. The Company will appeal the arbitration award within the time limits provided for by law, in order to protect its rights. *** Capex In the first quarter of 2026, capex amounted to 315 million euro, up 4% year-on-year. Approximately 70% was allocated to development initiatives, primarily aimed at strengthening and enhancing the efficiency of distribution networks, especially electricity grids, installing further photovoltaic capacity, and supporting the growth of Circular Economy activities (development of WTEs, plants for material recovery and for bioenergy and biomethane production, collection vehicles for new awarded tenders), Further development initiatives refer to the digitalisation of the Group and the construction of the new company headquarters. Below is the breakdown by Business Unit million euro 03.31.2026 03.31.2025 D D% Capex 315 302 13 4% Generation and Trading 35 50 (15) -30% Market 30 29 1 3% Circular Economy 98 75 23 31% Smart Infrastructures 109 123 (14) -11% Corporate 43 25 18 72% Capex of the Generation and Trading Business Unit amounted to 35 million euro (50 million euro in the first quarter of 2025). Development initiatives equalled 24 million euro, mainly relating to photovoltaic and wind power plants to accelerate the growth of renewable generation. Approximately 11 million euro concerned extraordinary maintenance activities, of which mainly 7 million euro for thermoelectric plants and 3 million euro for hydroelectric and photovoltaic plants. Capex of the Market Business Unit amounted to 30 million euro (29 million euro in the first quarter of 2025) and concerned: the Energy Retail segment, with 29 million euro for capitalised charges for the acquisition of new customers and for evolutionary maintenance and development of the Hardware and Software platforms, to support the billing and customer management activities of the Group's sales companies; the Energy Solutions segment, with 1 million euro for energy efficiency projects. Capex of the Circular Economy Business Unit amounted to 98 million euro (75 million euro in the first quarter of 2025) and concerned: the waste treatment segment for 45 million euro, of which 18 million euro for WTEs maintenance and development, 11 million euro for the development of the new Corteolona WTE, and 27 million euro for other treatment plants, such as biomass and bioenergy, material recovery and OFMSW; the district heating and heat management segment for 27 million euro, for maintenance and development of the heat distribution network and new connections; the integrated water cycle segment for 14 million euro, related to maintenance and development of the water transport and distribution network, as well as for interventions and renovations of sewerage networks and water treatment plants; the collection segment for 12 million euro, relating to the purchase of the vehicles for the launch of the new concessions. Capex of the Smart Infrastructures Business Unit amounted to 109 million euro (123 million euro in the first quarter of 2025) and mainly concerned: the electricity distribution segment, with 77 million euro dedicated to the connection of new users, interventions on primary plants and secondary substations, on the medium and low voltage network aa well as well software upgrades; the gas distribution segment, with 26 million euro for the connection of new users, the replacement of medium and low pressure pipes and maintenance of gas meters; the e-mobility sector with 4 million euro allocated to the installation of new charging stations. Net Financial Position million euro 3M 2026 3M 2025 D Adjusted EBITDA 647 675 (28) Change in Net Working Capital (460) (101) (359) Taxes and Net Financial Expenses (38) (20) (18) Operating Cash Flow 149 554 (405) Capex (315) (302) (13) Net Cash Flow (166) 252 (418) Changes in scope 22 (33) 55 Buyback (10) 0 (10) Change in Net Financial Position (154) 219 (373) Initial NFP 5,474 5,835 Final NFP NFP/Adjusted EBITDA 5,628 2.5x 5,616 2.4x The Net Financial Position at 31 March 2026 amounted to 5,628 million euro (5,474 million euro at 31 December 2025). Excluding changes in the scope of consolidation of -22 million euro, and the share buyback of 10 million euro, the NFP amounted to 5,640 million euro. The fixed-rate share of gross debt is 79%. The duration is 5.0 years. The cost of debt remains unchanged compared to 2025 and equal to 2.7%. During the period, the Group generated operating cash flows of 149 million euro. With reference to items other than Adjusted Ebitda: the change in Net Working Capital (including the change in other assets/liabilities and the use of funds) led to a cash absorption of 460 million euro, mainly attributable to the business seasonality and the increase in energy prices starting from March 2026, following the evolution of the conflict in Iran; the payment of net financial expenses absorbed cash of 38 million euro, up compared to the first quarter of the previous year due to the payment of the first coupon of the inaugural European Green Bond issued in January 2025. Capex deployed in the quarter amounted to 315 million euro, as described above. The changes in the consolidation scope in 2026 were positive and amounted to 22 million euro and are attributable for 25 million euro to the price adjustment received by Ascopiave for the sale in 2025 of some ATEMs relating to gas distribution. Finally, paymentsof 10 million euro were made as a result of the repurchase of treasury shares aimed at implementing the shareholding plan approved by the Shareholders' Meeting of A2A S.p.A. on 29 April 2025. *** A2A Group - Balance Sheet and Financial Results It should be noted that the scope of consolidation as at 31 March 2026 changed compared to 31 December 2025 for the following transactions with consequent line-by-line consolidation: establishment of the companies A2A Solar 5 S.r.l, A2A Solar 6 S.r.l, A2A Solar 7 S.r.l, A2A Solar 8 S.r.l, R2R05 S.r.l., R2R06 S.r.l., R2R07 S.r.l., R2R08 S.r.l., 100% owned by the company A2A Renewables; establishment of the company A2A Energy Efficiency 1 S.r.l 100% owned by the company A2A Calore & Servizi; acquisition of 100% of the company Renewable Adventure Cornate D'Adda s.r.l. by the company Aeb S.p.A.. million euro 03 31 2026 12 31 2025 Δ CAPITAL EMPLOYED Net non current assets 12,343 12,235 108 - Property, plant and equipment 8,181 8,135 46 - Intangible assets and goodwill 4,621 4,612 9 - Equity investments and other non-current financial assets (**) 136 135 1 - Other non-current assets/liabilities (**) (6) (22) 16 - Deferred tax assets/liabilities 425 410 15 - Provisions for risks, charges and liabilities for landfills (821) (839) 18 - Employee benefits (193) (196) 3 of which through equity (62) (74) Net Working Capital and Other Current Assets/Liabilities (31) (271) 240 Net Working Capital: 567 74 493 - Inventories 188 311 (123) - Trade receivables 5,118 4,454 664 - Trade payables (4,739) (4,691) (48) Other current assets/liabilities: (598) (345) (253) - Other current assets/liabilities (**): (583) (431) (152) - Current tax assets/liabilities (15) 86 (101) of which through equity (45) (3) Total capital employed 12,312 11,964 348 Sources of founds Equity 6,684 6,490 194 Net non-current financial position 6,473 6,178 295 Net current financial position (845) (704) (141) Total Net Financial Position 5,628 5,474 154 of which through equity 6 8 Total sources of funds 12,312 11,964 348 (**) Excluding balances included in the Net Financial Position. Net non-current assets The increase in net non-current assets of 108 million euro is mainly attributable to the following changes: an increase of 46 million euro in property, plant and equipment, of which 215 million euro of capex, mainly for the development and maintenance on electricity grids, renewable production plants, district heating and waste treatment. The increase was partially offset by depreciation for the period of 158 million euro; an increase of 9 million euro in intangible assets and goodwill due to capex of 100 million euro, intended for the development of information systems, gas and water networks and the maintenance of the customer portfolio. This change was offset by depreciation and amortization of 91 million euro; decrease of 16 million euro in the negative balance of other non-current assets and liabilities, mainly attributable to the increase in energy efficiency receivables of 13 million euro; net increase in Deferred tax assets of 15 million euro, of which 12 million euro due to the tax effect on the valuations of hedging instruments; decrease of 18 million euro in provisions for risks, charges and liabilities for landfills, due to the use of 26 million euro for the period due to the settlement of disputes and the incurrence of costs for decommissioning and landfills. These decreases were partially offset by net provisions for the period of 5 million euro, mainly attributable to hydroelectric derivation fees, and other changes of 3 million euro; decrease of 3 million euro in employee benefits in relation to disbursements for the period and payments to welfare funds, net of provisions for the period. Net Working Capital and Other Current Assets/Liabilities " Net Working Capital ", defined as the sum of trade receivables, inventories and trade payables, amounted to 567 million euro, up 493 million euro compared to 31 December 2025. The main items are commented on below: Inventories million euro Value at 12 31 2025 First-time consolidation effect acquisitions 2026 Δs Value at 03 31 2026 - Materials 130 0 6 136 - Fuels 169 0 (126) 43 - Other 12 0 (3) 9 Total inventories 311 0 (123) 188 As at 31 March 2026, "Inventories" amounted to 188 million euro (311 million euro as at 31 December 2025), with a decrease of 123 million euro. The reduction is mainly attributable to lower fuel inventories of 126 million euro, due to the seasonality of the Group's business, as well as a net decrease in materials and other inventories of 3 million euro. Trade Receivables million euro Value at 12 31 2025 First-time consolidation effect Δs acquisitions 2026 Value at 03 31 2026 Gross trade receivables 4,726 0 676 5,402 (Bad debts provision) (272) 0 (12) (284) Total trade receivables 4,454 0 664 5,118 At 31 March 2026, "Trade receivables" amounted to 5,118 million euro (4,454 million euro at 31 December 2025), an increase of 664 million euro. The change in trade receivables is attributable to the higher sales activities of the Trading portfolio of the Generation BU and to the higher receivables of the Market BU due to price and volume effects. The net increase of 12 million euro in the "Bad debts provision" is due to provisions of 22 million euro and use for the period of 10 million euro. The aging of trade receivables is as follows: million euro 12 31 2025 03 31 2026 Trade receivables of which: 4,454 5,118 Currents 1,043 1,426 Past due of which 640 821 Past due up to 30 days 85 248 Past due from 31 to 180 days 91 116 Past due from 181 to 365 days 97 66 Past due over 365 days 367 391 Invoices to be issued 3,043 3,155 Bad debts provision (272) (284) Trade payables million euro Value at 12 31 2025 First-time consolidation effect acquisitions 2026 Δs Value at 03 31 2026 Total trade payables 4,691 0 48 4,739 As at 31 March 2026, "Trade payables" amounted to 4,739 million euro (4,691 million euro as at 31 December 2025), with an increase of 48 million euro. "Other current assets/liabilities" show a net decrease of 253 million euro compared to 31 December 2025. This change is mainly attributable to: net increase in the payable to the Treasury for VAT of 128 million euro; net increase in payables to the Cassa per i Servizi Energetici e Ambientali of 47 million euro; increase in security deposits of 50 million euro referring to the payment of the deposit in favour of GME for energy market activities (electricity and gas); decrease of 25 million euro in receivables relating to the cash-in of price adjustments relating to the sale of assets to Ascopiave; decrease in current tax assets of 101 million euro due to the effect of taxation for the period. The breakdown of net working capital, including other current assets/liabilities by Business Unit, is as follows: million euro 03 31 2026 12 31 2025 Δ Generation and Trading (319) (614) 295 Market 331 546 (215) Circular Economy 1 65 (64) Smart Infrastructures (635) (329) (306) Corporate 591 61 530 TOTAL (31) (271) 240 Consolidated "Invested capital" as at 31 March 2026 amounted to 12,312 million euro and was covered by Equity of 6,684 million euro and Net Financial Position of 5,628 million euro. "Equity" amounted to 6,684 million euro, with a positive movement of 194 million euro, of which 228 million euro for the result for the period, partially adjusted by the negative change in Cash flow hedge derivatives for 28 million euro. Group shareholders' equity amounted to 6,109 million euro and minority interests amounted to 575 million euro. *** Alternative Performance Indicators (AIPs) In this press release, some alternative performance indicators (AIPs) not provided for by the international accounting standards adopted by the European Union (IFRS-EU) are used, in order to allow a better assessment of the performance of the A2A Group's economic and financial operations. In accordance with the recommendations of the new ESMA Guidelines published in July 2020 and applicable from 5 May 2021, the meaning, content and basis for calculation of these indicators are set out below: Adjusted Revenues: alternative operating performance indicator, calculated by excluding Special Items from Revenues; EBITDA: alternative operating performance indicator, calculated as the sum of "EBIT" plus "Depreciation, amortisation, provisions and impairment losses"; Adjusted EBITDA: alternative operating performance indicator, calculated as the EBITDA described above net of Special Items Special Items: non-recurring events that occurred during the period that had an effect on the consolidated income statement (including, for example, capital gains and losses, write-downs and reversals of impairment from impairment processes, extraordinary tax effects); Adjusted EBIT: alternative operating performance indicator, calculated by excluding Special Items from EBIT; Adjusted Net Profit: alternative performance indicator, calculated excluding the impact of special items; Net Financial Position is an indicator of financial structure. This indicator is determined as the result of current and non-current financial payables, the non-current portion of trade payables and other non-remunerated payables that have a significant implicit financing component (payables maturing more than 12 months), net of cash and cash equivalents and current and non-current financial assets (financial receivables and securities other than shareholdings). Capex: alternative performance indicator used by the A2A Group as a financial objective in the context of both internal Group (Business Plan) and external (presentations to financial analysts and investors) presentations and is a useful measurement of the resources used in maintaining and developing the A2A Group's capex. M&A : alternative performance indicator used by the A2A Group to represent the overall impact on the balance sheet of external growth transactions. *** The Manager in charge of preparing the corporate financial reports of A2A S.p.A., Luca Moroni, declares - pursuant to art. 154-bis, paragraph 2 of the Consolidated Law on Finance (Legislative Decree 58/1998) - that the accounting information contained in this press release corresponds to the document results, books and accounting records. *** The A2A Group's financial statements as at 31 March 2026 are attached. *** This document contains certain forward-looking statements that reflect management's current assessments of certain future events and the financial and operating results of the company and the group. These forward-looking statements are based on current estimates and projections of future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results and performance may differ materially from those indicated herein, due to a large number of different factors, many of which are beyond A2A S.p.A.'s control and forecast, including changes in the applicable legal and regulatory framework, future market developments, price fluctuations and availability of oil and energy, and other risk factors. You are advised not to place unwarranted reliance on the forward-looking statements in this document, which speak only as of the date of this document. A2A S.p.A. does not undertake to publish updates or amendments to the aforementioned forward-looking statements to reflect facts or events subsequent to the date of this document. This document does not constitute a recommendation regarding the purchase of securities issued by A2A S.p.A. nor does it contain an offer to sell or an invitation to offer the purchase of securities issued by A2A S.p.A. or by the companies of the group. Contacts Giuseppe Mariano Head of Media relations, Social networking, and Web Silvia Merlo, Silvia Onni Press Office [email protected] Tel. +390277204583 Marco Porro Head of Investor Relations [email protected] Tel. +390277203974 Press release available at: https://www.gruppoa2a.it Main operating indicators by BU 03.31.2026 03.31.2025 Δ Δ % Generation and trading Net electricity production (GWh) 3,734 3,231 503 16% Thermoelectric 2,491 2,136 355 17% of which CCGT 2,474 2,123 351 17% Renewable sources 1,243 1,095 148 14% Hydroelectric 992 899 93 10% Photovoltaics 86 65 21 32% Wind 165 131 34 26% Market Total electricity sales (TWh) 8,1 6,5 1,6 24% Total POD electricity (#/1000) 2,070 2,114 (44) -2% Free market 1,586,0 1,564 22 1% Gradual protections 404,0 465 (61) -13% Protected market 80,0 85 (5) -6% Total gas sales (Bmc) 1,0 1,1 (0) -5% Total PDR gas (#/1000) 1,477 1,540 (63) -4% Free market 1,297,0 1,370 (73) -5% Protected market 155,0 170 (15) -9% FU/FDD 25,0 25 n.s. Circular economy Waste Waste collected (Kton) 451 450 1 0% Waste disposed (Kton) 1,151 1,222 (71) -6% Energy recovery 541 615 (74) -12% Material recovery 294 268 26 10% Other waste disposed 316 339 (23) -7% WTE and other plants electricity sold (GWh) 471 548 (77) -14% Heat Heat and cold volumes sales (GWht) 1,477 1,454 23 2% Cogeneration electricity sales (GWh) 323 257 66 26% Water cycle Water distributed (Mmc) 16 16 0 0% RAB water (M€) 628 565 63 11% Smart infrastructures Distributed electricity (GWh) 4,954 4,779 175 4% RAB electricity (M€) 1,838 1,686 152 9% Distributed gas (Mmc) 824 1,170 (346) -30% RAB gas (M€) 1,368 1,735 (367) -21% Consolidated statement of financial position CONSOLIDATED STATEMENT OF FINANCIAL POSITION (millions of euro) 03.31.2026 12.31.2025 ASSETS NON-CURRENT ASSETS Property, plant and equipment 8,181 8,135 Intangible assets 3,112 3,103 Goodwill 1,509 1,509 Equity-accounted investments 52 52 Other non-current financial assets 169 167 Deferred tax assets 453 439 Non-current derivatives 4 2 Other non-current assets 135 120 TOTAL NON-CURRENT ASSETS 13,615 13,527 CURRENT ASSETS Inventories 188 311 Trade receivables 5,118 4,454 Current derivatives 2,077 641 Other current assets 502 424 Current financial assets 11 24 Current tax assets 44 123 Cash and cash equivalents 1,823 1,879 TOTAL CURRENT ASSETS 9,763 7,856 TOTAL ASSETS 23,378 21,383 EQUITY AND LIABILITIES EQUITY Share capital 1,629 1,629 (Treasury shares) (6) (10) Reserves 4,270 3,548 Group Net Profit 216 750 Equity attributable to the owners of the parent 6,109 5,917 Non-controlling interests 575 573 TOTAL EQUITY 6,684 6,490 LIABILITIES NON-CURRENT LIABILITIES Non-current financial liabilities 6,512 6,216 Deferred tax liabilities 28 29 Employee benefits 193 196 Provisions for risks, charges and liabilities for landfills 755 748 Non-current derivatives 37 36 Other non-current liabilities 154 154 TOTAL NON CURRENT LIABILITIES 7,679 7,379 CURRENT LIABILITIES Provisions for risks, charges and liabilities for landfills, current portion 66 91 Trade payables 4,739 4,691 Current derivatives 2,044 691 Other current liabilities 1,273 960 Current financial liabilities 834 1,044 Current tax liabilities 59 37 TOTAL CURRENT LIABILITIES 9,015 7,514 TOTAL LIABILITIES 16,694 14,893 TOTAL EQUITY AND LIABILITIES 23,378 21,383 Consolidated Income Statement CONSOLIDATED INCOME STATEMENT 01.01.2026 01.01.2025 (millions of euro) 03.31.2026 03.31.2025 Restated(*) Revenue Revenue from sales and services 4,498 3,906 Other income 54 69 Total revenue 4,552 3,975 Operating expenses Expenses for raw materials and services 3,579 2,979 Other operating expenses 86 84 Total operating expenses 3,665 3,063 Personnel expenses 240 230 Gross operating profit (loss) - EBITDA 647 682 Depreciation, amortization and impairment losses 250 238 Impairment losses on trade receivables 20 19 Other provisions for risks 5 7 Operating profit (loss) - EBIT 372 418 Finance income and expenses Finance income 12 14 Finance expenses 53 56 Share of profit (loss) of equity-accounted investees 1 Net finance income (expenses) (41) (41) Profit (loss) before taxes 331 377 Income taxes 103 110 Profit (loss) after taxes from continuing operations 228 267 Profit (loss) for the period 228 267 Group Net Profit 216 254 (Profit) loss for the period attributable to non-controlling interests 12 13 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (millions of euro) 03.31.2026 03.31.2025 Profit (loss) for the period (A) 228 267 Post-tax net actuarial gains (losses) (B) - - Effective portion of net gains (losses) on cash flow hedges (40) (2) Related tax 12 Post-tax net gains (losses) on cash flow hedges (C) (**) (28) (2) Fair value gains (losses) on financial assets (1) Post-tax fair value gains (losses) on financial assets (D) - (1) Comprehensive income (expense) (A)+(B)+(C)+(D) 200 264 Comprehensive income attributable to: Group 188 251 Non-controlling interests 12 13 (*) Figures as at March 31, 2025 have been restated for comparability purposes. They reflect the impact of the Purchase Price Allocation relating to the acquisition of Duereti S.r.l. (finalised on December 31, 2025) within "Depreciation and amortisation", as well as the reclassification of the purchase price adjustment for Tecnoa (Wte Crotone) (acquired in 2021) to "Revenue" and "Income taxes", consistently with the income statement presentation adopted in the financial statements as at December 31, 2025. (**) the effects of these items will be transferred to the Income Statement in the following years Consolidated Cash Flow Statement CONSOLIDATED STATEMENT OF CASH FLOWS (millions of euro) 03.31.2026 03.31.2025 Restated(*) Cash flows from operating activities Profit (loss) for the period 228 267 Adjustments for: Income tax expense 103 110 Net finance (income) expense 41 43 (Gains) losses on sales (1) Depreciation, amortization and impairment losses 252 238 Provisions 25 26 Share of (profit) loss of equity-accounted investees (1) Interest and other finance income received 25 33 Interest and other finance expense paid (63) (53) Change in trade receivables (684) (856) Change in trade payables 48 182 Change in inventories 123 156 Other changes 39 435 Net cash flows from (used in) operating activities 136 580 Cash flows from investing activities Investments in property, plant and equipment (215) (174) Investments in intangible assets (100) (128) Purchases of other equity investments and securities (*) (2) (5) Acquisition of subsidiaries (or business units), net of cash acquired (1) (30) Sales of business units 25 Net (increase) decrease in other investing activities 1 Other changes 17 Net cash flows from (used in) investing activities (276) (336) FREE CASH FLOW (140) 244 Cash flows from financing activities Change in financial liabilities Proceeds from borrowings/issue of bonds 825 537 Repayment of borrowings/redemption of bonds (722) (744) Payment of lease liabilities (9) (10) Total change in financial liabilities (*) 94 (217) Equity instruments Repurchase of treasury shares (10) Equity instruments (10) - Net cash flows from (used in) financing activities 84 (217) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (56) 27 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 1,879 1,549 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,823 1,576 (*) Figures as at March 31, 2025 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation (**) Net of balances recognized through equity and other statement of financial position items Statement of changes in consolidated equity accounts Consolidated statement of changes in equity (millions of euro) Share capital Treasury shares Hedging reserve Reserve for equity instruments -perpetual hybrid bond Other reserves and retained earnings (losses carried forward) Group Net Profit Total equity attributable to the owners of the parent Non-controlling interests Total equity Equity at December 31, 2024 Restated (**) 1,629 - (11) 742 2,310 864 5,534 558 6,092 Allocation of 2024 profit Distribution of dividends Net actuarial gains (losses) (IAS 19) (*) Net gains (losses) on cash flow hedges (*) Fair value gains (losses) on financial assets and liabilities (*) Other changes Group and non-controlling interests net profit (2) 864 (1) (1) (864) 254 (2) (1) (1) 254 (9) 13 (9) (2) (1) (1) 267 Equity at March 31, 2025 Restated (**) 1,629 - (13) 742 3,172 254 5,784 562 6,346 Allocation of 2024 profit Distribution of dividends (313) (313) (10) (323) Net actuarial gains (losses) (IAS 19) (*) 9 9 9 Net gains (losses) on cash flow hedges (*) 7 7 7 Fair value gains (losses) on financial assets and liabilities (*) 1 1 1 Change in consolidation scope 2 2 Repurchase of treasury shares (15) (15) (15) Interest paid on perpetual hybrid bonds (38) (38) (38) Other changes 5 (19) (14) (14) Group and non-controlling interests net profit 496 496 19 515 Equity at December 31, 2025 1,629 (10) (6) 742 2,812 750 5,917 573 6,490 Allocation of 2025 profit Distribution of dividends Net actuarial gains (losses) (IAS 19) (*) Net gains (losses) on cash flow hedges (*) Fair value gains (losses) on financial assets and liabilities (*) Change in consolidation scope Repurchase of treasury shares Interest paid on perpetual hybrid bonds Other changes Group and non-controlling interests net profit (10) 14 (28) 750 (750) 216 - -(28) (10) 14 216 (9) (1) 12 -(9) (28) (10) 13 228 Equity at March 31, 2026 1,629 (6) (34) 742 3,562 216 6,109 575 6,684 (*) Included in other comprehensive income (expense). (**) Figures as at December 31, 2024 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation

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