a2a
LIFE COMPANY
Separate financial statements
Willow
It draws lifeblood from flowing water, which returns clean to the cycle bringing new life, every day.
2025
Separate financial statements
Courtesy version provided in PDF format, which differs from the format required
by Commission Delegated Regulation (EU) 2019/815 of 17 December 2018
these Financial Statements are available
at the website gruppoa2a.it
Contents
Overview of performance, financial conditions and net debt2
Explanatory notes2.1 General information on A2A S.p.A. 32
1.a
4 2.2 Changes in International
Financial Reporting Standards 35
Basis of preparation 38
Notes to the statement of financial position 59
Net financial debt 86
Separate financial statementsStatement of financial position 14
Income statement 16
Statement of comprehensive Income 17
Statement of cash flows 18
Statement of changes in equity 20
1.b
Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006Notes to the income statement 88
Note on related party transaction 104
Significant non-recurring events
and transactions, pursuant to Consob Communication No. DEM/6064293
of July 28, 2006 109
Guarantees and commitments with third parties 112
Other information 113
Statement of financial position pursuant to Consob resolution
no. 15519 of July, 27 2006 24
Income Statement pursuant to Consob resolution no. 15519 of July, 27 2006 26
Statement of cash flows pursuant to Consob resolution
no. 15519 of July, 27 2006 27
A2A
2 Separate financial statements 2025
3
Attachments1/a - Statement of changes in
4
Independent Auditors' Reportinvestments in subsidiaries 144
1/b Statement of changes in
investments in affiliates 145
1/c Statement of changes in
investments in other companies 146
2/a - List of investments in subsidiaries 147
2/b - List of investments in affiliates 148
Key data of the financial statements
5
Report of the Board of Auditors159
of the main subsidiaries and affiliates
prepared according to IFRS (pursuant to art. 2429.4 of the Italian
Civil Code) 150
Key data of the financial statements of the main subsidiaries and affiliates
prepared according to ITALIAN GAAP (pursuant to art. 2429.4 of the Italian
Civil Code) 154
Certification of the financial statements pursuant to article 154-bis, paragraph
5 of Legislative Decree no. 58/98 156
169
This is a translation of the Italian original "Bilancio separato 2025" and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail.
The Italian original is available at the website gruppoa2a.it
A2A
Separate financial statements 2025 3
Overview of performance,
financial conditions and net debt A2A S.p.A.The purpose of the analysis below is to present, for A2A S.p.A., the Company's situation, performance and results of operations, supplementing as provided in the Report on Operations submitted with the A2A Group financial statements.
The Parent Company is responsible for strategic vision, planning, control, financial management and coordination of the A2A Group activities. It also provides services to support the business and operating activities of Group companies (administrative, legal, supply, and personnel management services, information technology and communications) in order to optimize the resources available and use existing expertise in the most efficient manner. These services are governed by intercompany service agreements.
Finally, A2A S.p.A. provides its subsidiaries with office space and operating areas, as well as related services.
A2A S.p.A. owns a number of hydroelectric plants located in Valtellina and Valchiavenna in Lombardy, as well as in Calabria and Friuli. In addition, A2A S.p.A. is responsible for managing the Group's generation plant portfolio, including the purchase and sale of electricity, gaseous and non-gaseous fuels, gaseous and non-gaseous fuels, and environmental certificates on domestic and international wholesale markets. To this end, the Company operates through bilateral contracts (OTC) on the major brokerage platforms but is also present on the major spot and forward exchanges organized in Italy and abroad.
Results
millions of euro
Income Statement | 12.31.2025 | 12.31.2024 | Change | Percentage change |
Revenue from the sales and services | 9,226.8 | 8,700.0 | 526.8 | 6.1% |
Other income | 43.3 | 52.8 | (9.5) | (18.0%) |
Total Revenue | 9,270.1 | 8,752.8 | 517.3 | 5.9% |
Operating Expenses | ||||
Expenses for raw materials and services | (8,130.7) | (7,304.3) | (826.4) | 11.3% |
Other operating expenses | (542.8) | (576.5) | 33.7 | (5.8%) |
Total Operating Expenses | (8,673.5) | (7,880.8) | (792.7) | 10.1% |
Personnel expenses | (211.6) | (206.3) | (5.3) | 2.6% |
Gross Operating profit (loss) - EBITDA | 385.0 | 665.7 | (280.7) | (42.2%) |
Depreciation, amortization and impairment losses | (177.5) | (164.3) | (13.2) | 8.0% |
Accruals | (28.0) | (28.8) | 0.8 | (2.8%) |
Operating profit (loss) - EBIT | 179.5 | 472.6 | (293.1) | (62.0) |
Finance income | 705.0 | 651.7 | 53.3 | 8.2% |
Finance expenses | (187.6) | (172.2) | (15.4) | 8.9% |
Net finance income (expenses) | 517.4 | 479.5 | 37.9 | 7.9% |
Profit (loss) before taxes | 696.9 | 952.1 | (255.2) | (26.8%) |
Income taxes | (52.7) | (163.7) | 111.0 | (67.8%) |
Profit (loss) after taxes from continuing operations | 644.2 | 788.4 | (144.2) | (18.3%) |
Profit (loss) from discontinued/held for sale operations | - | - | - | |
Profit (loss) for the year | 644.2 | 788.4 | (144.2) | (18.3%) |
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
In the year in question A2A S.p.A. shows revenues for a total of 9,270.1 million euro (8,752.8 million euro in the previous year). Sales revenues (8,942.5 million euro) mainly refer to electricity sales to wholesalers, institutional operators, even on IPEX markets (Italian Power Exchange) and subsidiaries, sales of gas and fuels to third parties and subsidiaries and the sale of materials and environmental certificates. Revenues from services (284.3 thousand euro) mainly relate to provisions to subsidiaries of administrative, fiscal, legal, managerial and technical services, and revenues from the Municipality of Milan for the video surveillance service.
The increase in sales revenues is mainly due to the increase in prices on the wholesale markets of both electricity and gas, as well as higher revenues from sales of CO2 mainly due to the higher functioning of the thermoelectric plants managed by A2A S.p.A. through tolling contracts.
Other income (43.3 million euro) have decreased compared to the previous year mainly due to both the lower revenues related to the feed-in tariff incentive mechanism and the lower consideration granted by EP Produzione as the assignee for dispatching of the Scandale plant for the year 2025.
Operating expenses amounted to 8,673.5 million euro (7,880.8 million euro at December 31, 2024) and refer to costs for raw materials (7,658.1 million euro) related primarily to purchases of energy and fuels, both for electricity production and for resale to customers and wholesalers, as well as purchases of materials and environmental certificates; service costs (472.6 million euro), which refer to the logistics costs for the transport on the national network of natural gas, costs for maintenance and repairs related to both the plants and the information systems of the company, as well as costs for services from third parties and from subsidiaries and associates; to other operating costs (542.8
million euro), which refer to the contracting of the thermoelectric production plants tolling agreement of subsidiaries, the costs relating to the use of a portion of the electricity capacity of Ergosud S.p.A., as well as water derivation fees, damages and penalties.
The increase in operating costs derives mainly from the increase in raw material costs, attributable both to the increase in unit procurement prices, due to the increase recorded in the reference scenario, and to the higher volumes purchased, to the higher purchases of environmental certificates, the increase in which is affected both by the higher purchases of CO2 due to the higher volumes emitted related to the higher thermoelectric production and the higher unit procurement cost, by
the increase in costs for the transport and storage of natural gas, partly offset by the decrease in maintenance costs and costs for the provision of IT services, communication and sponsorship.
Personnel expenses amounted to 211.6 million euro (206.3 million euro at December 31, 2024). The increase for the year includes both the effect of contractual renewals and the effect of the increase in staff.
Due to the dynamics mentioned above the Gross operating profit - EBITDA amounted to 385.0 million euro (665.7 million euro at December 31, 2024).
"Amortization and depreciation, provisions and impairment losses" of the year amounted to 205.5 million euro (193.1 million euro at December 31, 2024) and include amortization, depreciation and impairment losses on non-current assets for 177.5 million euro (164.3 million euro at December 31, 2024) and provisions for 28.0 million euro (28.8 million euro at December 31, 2024), mainly related to provisions for risks.
A2A
Separate financial statements 2025
"Operating profit - Ebit" was positive for 179.5 million euro (472.6 million euro at December 31, 2024).
Net finance income and expenses reported a positive balance of 517.4 million euro (positive for 479.5 million euro at December 31, 2024). This item includes dividends from investees companies of 535.0 million euro (395.7 million euro at December 31, 2024), as well as net financial expense of 17.6 million euro (net financial income 83.8 million euro at December 31, 2024).
The "Profit before taxes" was positive for 696.9 million euro (positive for 952.1 million euro at December 31, 2024).
"Income taxes" amounted to 52.7 million euro (163.7 million euro at December 31, 2024) and refer to current taxes calculated on taxable income IRES and IRAP, partially offset by deferred tax assets and liabilities.
The "Profit of the year" was positive for 644.2 million euro (788.4 million euro at December 31, 2024).
***
Net year capex amounted to 606.8 million euro and included net investments in shareholdings, treasury shares, as well as interventions on hydroelectric plants, computer equipment and network devices, buildings, fixed assets in progress, and capex in the Group's information systems and software. During the year, treasury shares were also purchased for 14,9 million euro.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
Statement of financial position
millions of euro
12.31.2025 | 12.31.2024 | Change | Percentage change | |
Capital employed | ||||
Net non-current assets | 6,886.9 | 6,440.1 | 446.8 | 6.9% |
- Property. plant and equipment | 870.0 | 873.0 | (3.0) | (0.3%) |
- Intangible assets and goodwill | 209.0 | 189.1 | 19.9 | 10.5% |
- Shareholdings and other non-current financial assets (*) | 5,966.3 | 5,547.6 | 418.7 | 7.5% |
- Other non-current assets/liabilities (*) | 28.6 | 24.2 | 4.4 | 18.2% |
- Deferred tax assets/liabilities | 111.0 | 99.4 | 11.6 | 11.7% |
- Provisions for risks and charges | (200.1) | (183.6) | (16.5) | 9.0% |
- Employee benefits | (97.9) | (109.6) | 11.7 | (10.7%) |
of which through equity | (22.2) | (19.1) | (3.1) | 16.2% |
Net Working Capital and Other Current Assets/ Liabilities | (453.8) | (138.5) | (315.3) | n.s. |
Net Working Capital: | (557.8) | (274.4) | (283.4) | n.s. |
Inventories | 159.5 | 184.4 | (24.9) | (13.5%) |
Trade receivables | 2,766.5 | 1,956.7 | 809.8 | 41.4% |
Trade payables | (3,483.8) | (2,415.5) | (1,068.3) | 44.2% |
Other current assets/liabilities: | 104.0 | 135.9 | (31.9) | (23.5%) |
- Other current assets/liabilities (*) | (10.7) | 208.2 | (218.9) | n.s. |
- Current tax assets/liabilities | 114.7 | (72.3) | 187.0 | n.s. |
of which through equity | 1.6 | (11.3) | 12.9 | n.s. |
Assets/liabilities held for sale (*) | - | - | - | |
of which through equity | ||||
Total capital employed | 6,433.1 | 6,301.6 | 131.5 | 2.1% |
Sources of funds | ||||
Equity | 5,318.7 | 5,016.5 | 302.2 | 6.0% |
Net non-current financial position | 5,603.7 | 5,634.9 | (31.2) | (0.6%) |
Net current financial position | (4,489.3) | (4,349.8) | (139.5) | 3.2% |
Total Net Financial Position | 1,114.4 | 1,285.1 | (170.7) | (13.3%) |
of which through equity | (9.3) | (5.4) | (3.9) | 72.2% |
Total sources of funds | 6,433.1 | 6,301.6 | 131.5 | 2.1% |
(*) Excluding balances included in the Net Financial Position.
A2A
Separate financial statements 2025
The Statement of financial position of A2A S.p.A. includes, with respect to the situation at December 31, 2024, the effect of the following non-recurring transactions:
acquisition of the "Digital and Supply Chain" business unit from AEB S.p.A., effective as of January 1, 2025;
transfer of the "Project Service & PMO" business unit to A2A Services & Real Estate S.p.A., effective as of January 1, 2025;
transfer of the "Innovation and Corporate Venture Capital Activities" business unit to A2A Life Ventures S.r.l., effective as of October 1, 2025.
At December 31, 2025, "Capital employed" totalled 6,433.1 million euro, partly covered by "Equity" in the amount of 5,318.7 million euro and net debt of 1,114.4 million euro; provided below are the main items that make up the Capital Employed.
"Net non-current assets" amounted to 6,886.9 million euro, up 446.8 million euro compared to December 31, 2024.
Changes are detailed below:
Property, plant and equipment decreased by 3.0 million euro due to:
decrease of 112.0 million euro for the depreciation charge for the year;
investments made during the year for a total of 106.8 million euro;
other increases for 2.3 million euro resulting mainly from changes in contracts for rights of use;
negative effect non-recurring transactions for 0.1 million euro;
Intangible assets and goodwill increased by 19.9 million euro compared to December 31, 2024, due to:
investments made during the year for a total of 85.4 million euro;
decrease of 65.5 million euro for the charge for the year;
Shareholdings and other non-current financial assets amounted to 5,966.3 million euro, up 418.7 million euro compared to December 31, 2024, attributable to:
400.0 million euro increase in the shareholding in A2A Rinnovabili S.p.A. following the capital contribution approved by the Board of Directors on May 13, 2025 for 350.0 million euro and the conversion of the third tranche of part of the financial receivable from the company into equity of the same for 50.0 million euro;
increase in the shareholding in Unareti S.p.A. for 163.7 million euro following the merger by incorporation, on July 1, 2025, of the companies LD Reti S.r.l. (162.6 million euro) and Camuna Energia S.r.l. (0.9 million euro) and a simultaneous decrease in shareholdings in the merged companies. It should be noted that the value of the investment in Camuna Energia S.r.l. had increased during the year before the merger by 0.2 million euro for the acquisition of 25.5% of the share capital of the shareholding to bring the ownership stake of A2A S.p.A. to 100%;
incorporation of the company A2A Life Ventures S.r.l. and subsequent transfer, for 41.6 million euro, of the "Innovation and Corporate Venture Capital Activities" business unit, effective October 1, 2025;
increase of 6.8 million euro relating to the capital contribution subscribed in the investee company A2A E-MOBILITY S.r.l.;
increase of 3.1 million euro for capital contribution subscribed in the company TEXELERA S.c. a r.l.;
decrease of 0.2 million euro of the shareholding in Duereti S.r.l. for price adjustment;
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
total increase of 2.7 million euro in shareholdings in subsidiaries resulting from the distributed shareholding plan relating to shares allocated free of charge to employees of subsidiaries;
effect of non-recurring transactions negative for 43.0 million euro relating to the transfer to A2A Life Ventures S.r.l. of the "Innovation and Corporate Venture Capital Activities" BU, referring to investments made in innovative start-ups through Corporate Venture Capital projects, which had increased by 7.5 million euro during the year;
Other Non-Current Assets and Liabilities increased by 4.4 million euro, mainly due to less non-current liabilities;
Deferred tax assets amounted to 111.0 million euro (99.4 million euro at December 31, 2024) and show an increase of 11.6 million euro, including the positive effect of non-recurring transactions, positive for 2.4 million euro;
Provisions for risks and charges recorded an increase of 16.5 million euro. The following should be noted: an increase resulting from net provisions for the year of 28.2 million euro, mainly related to public water derivation fees and lawsuits pending with third parties; utilisations for the year of 3.6 million euro, while other negative changes amounted to 8.1 million euro;
Employee benefits showed a decrease of 11.7 million euro, referring to actuarial valuations, disbursements for the year and payments to pension funds, partly offset by net provisions for the year and the positive effect of non-recurring transactions.
Net Working Capital and Other Current Assets/Liabilities"Net Working Capital", defined as the algebraic sum of trade receivables, closing inventories and trade payables, amounted to a negative 557.8 million euro, down by 283.4 million euro compared to December 31, 2024. Comments on the main items are given below:
"Inventories" amounted to 159.5 million euro (184.4 million euro at December 31, 2024), net of the relative obsolescence provision for 0.8 million euro, unchanged compared to the previous year. The decrease is mainly attributable to the decrease in gas inventories compared to the end of the previous year, which mainly reflects the lower volumes of gas in storage;
"Trade receivables" amounted to 2,766.5 million euro (1,956.7 million euro at December 31, 2024), with an increase of 809.8 million euro mainly due to the increase in tariffs for the sale of electricity and gas observed during the year in the reference scenario;
The "Bad debts provision", calculated in compliance with IFRS 9, amounted to 0.4 million euro and showed a net decrease of 0.3 million euro compared to December 31, 2024;
"Trade payables" amounted to 3,483.8 million euro and increased by 1,068.3 million euro as a result of an increase in commodity trading transactions with bilateral counterparties.
"Other current assets/liabilities" recorded a net decrease of 31.9 million euro, mainly due to:
net decrease in derivative assets/liabilities for 149.1 million euro;
decrease in security deposits for 40.7 million euro;
net increase in current tax assets for 187.0 million euro;
net decrease in assets/liabilities for tax consolidation for 11.7 million euro;
other decreases in other current assets for 16.6 million euro.
A2A
Separate financial statements 2025
Equity"Equity" amounted to 5,318.7 million euro and showed a positive change for a total of 302.2 million euro. The result for the year had a positive effect of 644.2 million euro, offset by the distribution of the dividend of 313.3 million euro, as well as the recognition of the second tranche of coupons, for 37.5 million euro and the related tax effect of 9.0 million euro, on the hybrid subordinated non-convertible bond issue; there was also a positive net effect in the valuation of cash flow hedge derivatives and IAS 19 reserves for 12.2 million euro.
The "Net Financial Position" at December 31, 2025 amounted to 1,114.4 million euro (1,285.1 million euro at end 2024). The gross debt amounted to 7,193.7 million euro, up by 8.3 million euro compared to December 31, 2024. Cash and cash equivalents amounted to 1,710.7 million euro, an increase of 387.5 million euro. The other net financial assets/liabilities showed an active balance of 4,368.6 million euro with a net increase of 208.6 million euro as compared to December 31, 2024.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
A2A
Separate financial statements 2025
1.a
Separate financial
statements
Statement of financial position(1)
amounts in euro
Assets
Note | 12.31.2025 | 12.31.2024 | |
Non-current assets | |||
Property, plant and equipment | 1 | 870,008,247 | 872,997,315 |
Intangible assets | 2 | 142,348,852 | 122,442,058 |
Goodwill | 3 | 66,658,839 | 66,658,839 |
Shareholdings | 4 | 5,965,177,731 | 5,511,097,534 |
Other non-current financial assets | 4 | 283,117,168 | 401,643,203 |
Deferred tax assets | 5 | 111,007,182 | 99,326,563 |
Non-current derivatives | 6 | - | 1,040,616 |
Other non-current assets | 6 | 28,681,524 | 27,661,294 |
Total non-current assets | 7,466,999,543 | 7,102,867,422 | |
Current assets | |||
Inventories | 7 | 159,481,250 | 184,413,436 |
Trade receivables | 8 | 2,766,450,563 | 1,956,695,628 |
Current derivatives | 9 | 640,875,475 | 865,148,611 |
Other current assets | 9 | 185,611,590 | 252,032,500 |
Current financial assets | 10 | 4,122,617,708 | 4,229,639,783 |
Current tax assets | 11 | 114,703,209 | 16,542,579 |
Cash and cash equivalents | 12 | 1,710,651,370 | 1,323,166,285 |
Total current assets | 9,700,391,165 | 8,827,638,822 | |
Assets held for sale | - | - | |
Total assets | 17,167,390,708 | 15,930,506,244 | |
(1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of relations with related party transactions in the separate financial statements are highlighted in the accounting statements and commented on in Note 35.
Significant non-recurring events and transactions in the separate financial statements are provided in Note 36 pursuant to Consob Communication DEM/6064293 of July 28, 2006.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
amounts in euro
Equity and liabilities
Note | 12.31.2025 | 12.31.2024 | |
Equity | |||
Share capital | 13 | 1,629,110,744 | 1,629,110,744 |
(Treasury shares) | 14 | (9,706,324) | - |
Reserves | 15 | 3,055,012,809 | 2,599,010,980 |
Profit (loss) for the year | 16 | 644,234,085 | 788,384,491 |
Total equity | 5,318,651,314 | 5,016,506,215 | |
Liabilities | |||
Non-current liabilities | |||
Non-current financial liabilities | 17 | 5,849,765,302 | 5,982,457,503 |
Employee benefits | 18 | 97,871,891 | 109,634,645 |
Provisions for risks and charges | 19 | 184,121,032 | 182,710,105 |
Non-current derivatives | 20 | 36,006,715 | 18,540,323 |
Other non-current liabilities | 20 | 100,863 | 3,454,934 |
Total non-current liabilities | 6,167,865,803 | 6,296,797,510 | |
Current liabilities | |||
Provisions for risks and charges, current portion | 19 | 15,993,004 | 902,319 |
Trade payables | 21 | 3,483,747,020 | 2,415,495,893 |
Current derivatives | 22 | 691,546,049 | 766,696,916 |
Other current liabilities | 22 | 145,679,993 | 142,292,914 |
Current financial liabilities | 23 | 1,343,907,525 | 1,202,973,435 |
Current tax liabilities | 24 | - | 88,841,042 |
Total current liabilities | 5,680,873,591 | 4,617,202,519 | |
Total liabilities | 11,848,739,394 | 10,914,000,029 | |
Liabilities directly associated with assets held for sale | - | - | |
Total equity and liabilities | 17,167,390,708 | 15,930,506,244 | |
A2A
Separate financial statements 2025
Income statement(1)
amounts in euro
Note | 01.01.2025 12.31.2025 | 01.01.2024 12.31.2024 | |
Revenue | |||
Revenue from sales and services | 9,226,751,842 | 8,700,014,382 | |
Other income | 43,330,589 | 52,802,126 | |
Total revenue | 26 | 9,270,082,431 | 8,752,816,508 |
Operating expenses | |||
Expenses for raw materials and services | 8,130,740,375 | 7,304,341,257 | |
Other operating expenses | 542,753,922 | 576,500,085 | |
Total operating expenses | 27 | 8,673,494,297 | 7,880,841,342 |
Personnel expenses | 28 | 211,561,806 | 206,233,576 |
Gross operating profit (loss) - EBITDA | 29 | 385,026,328 | 665,741,590 |
Depreciation, amortization and impairment losses | 30 | 177,564,869 | 164,271,698 |
Impairment losses on trade receivables | 30 | (238,533) | (2,016,578) |
Other provisions for risks | 30 | 28,190,378 | 30,865,342 |
Operating profit (loss) - EBIT | 31 | 179,509,614 | 472,621,128 |
Finance income and expenses | |||
Finance income | 705,013,564 | 651,696,159 | |
Finance expenses | 187,569,357 | 172,189,763 | |
Net finance income (expenses) | 32 | 517,444,207 | 479,506,396 |
Profit (loss) before taxes | 696,953,821 | 952,127,524 | |
Income taxes | 33 | 52,719,736 | 163,743,033 |
Profit (loss) after taxes from continuing operations | 644,234,085 | 788,384,491 | |
Profit (loss) from discontinued/held for sale operations | - | - | |
Profit (loss) for the year | 34 | 644,234,085 | 788,384,491 |
(1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of relations with related party transactions in the separate financial statements are highlighted in the accounting statements and commented on in Note 35.
Significant non-recurring events and transactions in the separate financial statements are provided in Note 36 pursuant to Consob Communication DEM/6064293 of July 28, 2006.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
1.a.3
Statement of comprehensive income
amounts of euro
12.31.2025 | 12.31.2024 | |
Profit (loss) for the year (A) | 644,234,085 | 788,384,491 |
Net actuarial gains (losses) | 9,744,734 | 12,503,100 |
Related tax | (2,868,266) | (5,019,053) |
Post-tax net actuarial gains (losses) (B) | 6,876,468 | 7,484,047 |
Effective portion of net gains (losses) on cash flow hedges | 8,975,531 | (12,068,264) |
Related tax | (3,585,932) | 3,190,002 |
Post-tax net gains (losses) on cash flow hedges (C)(*) | 5,389,599 | (8,878,262) |
Fair value gains (losses) on financial assets | (9,007,576) | 9,007,576 |
Related tax | 2,663,540 | (2,663,540) |
Post-tax fair value gains (losses) on financial assets (D) | (6,344,036) | 6,344,036 |
Comprehensive income (expense) (A)+(B)+(C)+(D) | 650,156,116 | 793,334,312 |
* the effects of these items will be transferred to the Income Statement in the following years
A2A
Separate financial statements 2025
Statement of cash flows(1)
amounts in euro
12.31.2025 | 12.31.2024 | |
Cash flows from operating activities | ||
Profit (loss) for the year | 644,234,085 | 788,384,491 |
Adjustments for: | ||
Income tax expense | 52,719,736 | 163,743,033 |
Net finance (income) expense | 17,385,803 | (83,816,888) |
(Gains) losses on sales | (3,114,748) | (13,975) |
Depreciation, amortization and impairment losses | 177,582,005 | 164,271,698 |
Provisions | 27,951,845 | 28,848,764 |
Share of (profit) loss of shareholdings | 204,200 | 10,329 |
Interest and other finance income received | 213,580,633 | 249,378,152 |
Interest and other finance expense paid | (167,891,580) | (144,149,037) |
Dividends from shareholdings | (535,034,210) | (395,693,766) |
Dividends from shareholdings received | 535,034,210 | 395,693,766 |
Income taxes paid | (216,953,651) | (146,095,574) |
Dividends paid | (313,290,528) | (300,132,326) |
Change in trade receivables | (809,516,403) | 225,199,003 |
Change in trade payables | 1,068,251,127 | (562,992,164) |
Change in inventories | 24,932,187 | (10,247,243) |
Other changes (***) | 177,463,644 | 83,390,094 |
Net cash flows from (used in) operating activities | 893,538,355 | 455,778,357 |
Cash flows from investing activities | ||
Investments in property, plant and equipment | (106,783,269) | (68,816,347) |
Investments in intangible assets | (85,379,494) | (72,771,363) |
Purchases of other equity investments and securities (*) | (418,491,855) | (1,311,874,782) |
Proceeds from the sale of property, plant and equipment, intangible assets and other shareholdings | 3,856,186 | 886,430 |
Increase in other investing activities (**) | (80,000,000) | (109,000,000) |
Decrease in other investing activities (**) | 305,135,318 | 790,002,972 |
Net cash flows from (used in) investing activities | (381,663,113) | (771,573,090) |
Free cash flow | 511,875,240 | (315,794,733) |
Follow >>
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
Continue >>
12.31.2025 | 12.31.2024 | |
Cash flows from financing activities | ||
Changes in financial assets | ||
Change in intercompany currency accounts | (68,529,221) | (1,254,517,713) |
Total changes in financial assets (*) | (68,529,221) | (1,254,517,713) |
Change in financial liabilities | ||
Change in intercompany currency accounts | 77,574,803 | (266,376,310) |
Proceeds from borrowings/issue of bonds | 2,846,354,700 | 1,810,000,000 |
Repayment of borrowings/redemption of bonds | (2,906,031,621) | (849,509,881) |
Payment of lease liabilities | (21,315,235) | (20,399,783) |
Total change in financial liabilities (*) | (3,417,353) | 673,714,026 |
Equity instruments | ||
Repurchase of treasury shares | (14,943,582) | - |
Proceeds from issue of perpetual hybrid bonds | - | 741,812,350 |
Interest paid on perpetual hybrid bonds | (37,500,000) | (9,426,209) |
Equity instruments | (52,443,582) | 732,386,141 |
Net cash flows from (used in) financing activities | (124,390,155) | 151,582,454 |
Net increase (decrease) in cash and cash equivalents | 387,485,085 | (164,212,279) |
Cash and cash equivalents at the beginning of the year | 1,323,166,285 | 1,487,378,564 |
Cash and cash equivalents at the end of the year | 1,710,651,370 | 1,323,166,285 |
(*) Net of balances recognized through equity and other statement of financial position items (**) These mainly refer to loans granted to subsidiaries.
(***) Primarily includes changes in the fair value of commodity derivatives.
(1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of relations related party transactions in the separate financial statements are highlighted in the accounting statements and commented on in Note 35.
A2A
Separate financial statements 2025
Statement of changes in equity
amounts in euro
Share capital Note 13 | Treasury shares Note 14 | Hedging reserve Note 15 | Reserve Other Profit for equity reserves (loss) instruments - for the year perpetual hybrid bond Note 15 Note 15 Note 16 | Total equity | |
Equity at December 31, 2023 | 1,629,110,744 | - | (3,785,619) | - 1,675,120,438 488,210,234 | 3,788,655,797 |
Allocation of 2023 profit | 488,210,234 (488,210,234) | - | |||
Distribution of dividends | (300,132,326) | (300,132,326) | |||
Fair value gains (losses) on financial assets (*) | 6,344,036 | 6,344,036 | |||
Net actuarial gains (losses) (IAS 19) (*) | 7,484,047 | 7,484,047 | |||
Net gains (losses) on cash flow hedges (*) | (8,878,262) | (8,878,262) | |||
Change in perpetual hybrid bonds | 741,812,350 | 741,812,350 | |||
Interest paid on perpetual hybrid bonds | (9,426,209) | (9,426,209) | |||
Other changes | 2,262,291 | 2,262,291 | |||
Profit (loss) for the year | 788,384,491 | 788,384,491 | |||
Equity at December 31, 2024 1,629,110,744 - (12,663,881) 741,812,350 1,869,862,511 788,384,491 | 5,016,506,215 | ||||
Share capital Note 13 | Treasury Hedging shares reserve Note 14 Note 15 | Reserve Other Profit for equity reserves (loss) instruments - for the year perpetual hybrid bond Note 15 Note 15 Note 16 | Total equity | |
Equity at December 31, 2024 | 1,629,110,744 | - (12,663,881) | 741,812,350 1,869,862,511 788,384,491 | 5,016,506,215 |
Effect non-recurring transactions | (236,756) | (236,756) | ||
Allocation of 2024 profit | 788,384,491 (788,384,491) | - | ||
Distribution of dividends | (313,290,528) | (313,290,528) | ||
Fair value gains (losses) on financial assets and liabilities (*) | (683,466) | (683,466) | ||
Net actuarial gains (losses) (IAS 19) (*) | 6,876,468 | 6,876,468 | ||
Net gains (losses) on cash flow hedges (*) | 5,389,599 | 5,389,599 | ||
Interest paid on perpetual hybrid bonds | (37,500,000) | (37,500,000) | ||
Other changes | 7,062,021 | 7,062,021 | ||
Repurchase of treasury shares | (14,943,582) | (14,943,582) | ||
Issuance of treasury shares | 5,237,258 | 5,237,258 | ||
Profit (loss) for the year | - | 644,234,085 | 644,234,085 | |
Equity at December 31, 2025 1,629,110,744 (9,706,324) (7,274,282) 741,812,350 2,320,474,741 644,234,085 | 5,318,651,314 | |||
(*) Included in other comprehensive income (expense).
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
A2A
Separate financial statements 2025
1.b
Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006
Statement of financial position
pursuant to Consob resolution no. 15519 of July, 27 2006amounts in euro
Assets
12.31.2025 | of which Related Parties (note 35) | 12.31.2024 | of which Related Parties (note 35) | |
Non-current assets | ||||
Property, plant and equipment | 870,008,247 | 22,664,873 | 872,997,315 | 29,972,788 |
Intangible assets | 142,348,852 | 122,442,058 | ||
Goodwill | 66,658,839 | 66,658,839 | ||
Shareholdings | 5,965,177,731 | 5,965,177,731 | 5,511,097,534 | 5,511,097,534 |
Other non-current financial assets | 283,117,168 | 281,940,448 | 401,643,203 | 365,009,059 |
Deferred tax assets | 111,007,182 | 99,326,563 | ||
Non-current derivatives | - | 1,040,616 | ||
Other non-current assets | 28,681,524 | 27,031 | 27,661,294 | 27,031 |
Total non-current assets | 7,466,999,543 | 7,102,867,422 | ||
Current assets | ||||
Inventories | 159,481,250 | 184,413,436 | ||
Trade receivables | 2,766,450,563 | 902,657,710 | 1,956,695,628 | 987,650,961 |
Current derivatives | 640,875,475 | 865,148,611 | ||
Other current assets | 185,611,590 | 148,218,219 | 252,032,500 | 157,608,984 |
Current financial assets | 4,122,617,708 | 4,104,633,262 | 4,229,639,783 | 4,201,803,096 |
Current tax assets | 114,703,209 | 16,542,579 | ||
Cash and cash equivalents | 1,710,651,370 | 1,323,166,285 | ||
Total current assets | 9,700,391,165 | 8,827,638,822 | ||
Assets held for sale | - | - | ||
Total assets | 17,167,390,708 | 15,930,506,244 | ||
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
amounts in euro
Equity and liabilities
12.31.2025 | of which Related Parties (note 35) | 12.31.2024 | of which Related Parties (note 35) | |
Equity | ||||
Share capital | 1,629,110,744 | 1,629,110,744 | ||
(Treasury shares) | (9,706,324) | - | ||
Reserves | 3,055,012,809 | 2,599,010,980 | ||
Profit (loss) for the year | 644,234,085 | 788,384,491 | ||
Total equity | 5,318,651,314 | 5,016,506,215 | ||
Liabilities | ||||
Non-current liabilities | ||||
Non-current financial liabilities | 5,849,765,302 | 20,584,518 | 5,982,457,503 | 26,253,581 |
Employee benefits | 97,871,891 | 109,634,645 | ||
Provisions for risks and charges | 184,121,032 | - | 182,710,105 | 8,218,636 |
Non-current derivatives | 36,006,715 | 18,540,323 | ||
Other non-current liabilities | 100,863 | 3,454,934 | ||
Total non-current liabilities | 6,167,865,803 | 6,296,797,510 | ||
Current liabilities | ||||
Provisions for risks and charges current portion | 15,993,004 | 902,319 | ||
Trade payables | 3,483,747,020 | 323,408,963 | 2,415,495,893 | 313,093,195 |
Current derivatives | 691,546,049 | 766,696,916 | ||
Other current liabilities | 145,679,993 | 16,802,819 | 142,292,914 | 14,279,712 |
Current financial liabilities | 1,343,907,525 | 397,670,969 | 1,202,973,435 | 322,408,212 |
Current tax liabilities | - | 88,841,042 | ||
Total current liabilities | 5,680,873,591 | 4,617,202,519 | ||
Total liabilities | 11,848,739,394 | 10,914,000,029 | ||
Liabilities directly associated with assets held for sale | - | - | ||
Total equity and liabilities | 17,167,390,708 | 15,930,506,244 | ||
A2A
Separate financial statements 2025
Income Statement
pursuant to Consob resolution no. 15519 of July, 27 2006amounts in euro
01.01.2025 12.31.2025 | of which Related Parties (note 35) | 01.01.2024 12.31.2024 | of which Related Parties (note 35) | |
Revenue | ||||
Revenue from sales and services | 9,226,751,842 | 5,296,868,222 | 8,700,014,382 | 4,988,816,350 |
Other income | 43,330,589 | 6,675,156 | 52,802,126 | 5,725,889 |
Total revenue | 9,270,082,431 | 8,752,816,508 | ||
Operating expenses | ||||
Expenses for raw materials and services | 8,130,740,375 | 495,064,474 | 7,304,341,257 | 493,935,833 |
Other operating expenses | 542,753,922 | 396,895,907 | 576,500,085 | 375,594,552 |
Total operating expenses | 8,673,494,297 | 7,880,841,342 | ||
Personnel expenses | 211,561,806 | 1,784,000 | 206,233,576 | 1,760,162 |
Gross operating profit (loss) - EBITDA | 385,026,328 | 665,741,590 | ||
Depreciation, amortization and impairment losses | 177,564,869 | 6,509,527 | 164,271,698 | 6,728,531 |
Impairment losses on trade receivables | (238,533) | (2,016,578) | ||
Other provisions for risks | 28,190,378 | 30,865,342 | ||
Operating profit (loss) - EBIT | 179,509,614 | 472,621,128 | ||
Finance income and expenses | ||||
Finance income | 705,013,564 | 676,904,233 | 651,696,159 | 600,234,186 |
Finance expenses | 187,569,357 | 7,397,345 | 172,189,763 | 11,906,806 |
Net finance income (expenses) | 517,444,207 | 479,506,396 | ||
Profit (loss) before taxes | 696,953,821 | 952,127,524 | ||
Income taxes | 52,719,736 | 163,743,033 | ||
Profit (loss) after taxes from continuing operations | 644,234,085 | 788,384,491 | ||
Profit (loss) from discontinued/held for sale operations | - | - | ||
Profit (loss) for the year | 644,234,085 | 788,384,491 | ||
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
1.b.3
Statement of cash flows
pursuant to Consob resolution no. 15519 of July, 27 2006amounts in euro
01.01.2025 12.31.2025 | of which Related Parties (note 35) | 01.01.2024 12.31.2024 | of which Related Parties (note 35) | |
Cash flows from operating activities | ||||
Profit (loss) for the year | 644,234,085 | 788,384,491 | ||
Adjustments for: | ||||
Income tax expense | 52,719,736 | 163,743,033 | ||
Net finance (income) expense | 17,385,803 | (134,676,878) | (83,816,888) | (192,633,615) |
(Gains) losses on sales | (3,114,748) | (13,975) | ||
Depreciation, amortization and impairment losses | 177,582,005 | 6,509,527 | 164,271,698 | 6,728,531 |
Provisions | 27,951,845 | 28,848,764 | ||
Share of (profit) loss of shareholdings | 204,200 | 204,200 | 10,329 | |
Interest and other finance income received | 213,580,633 | 165,301,709 | 249,378,152 | 203,044,533 |
Interest and other finance expense paid | (167,891,580) | (7,208,889) | (144,149,037) | |
Dividends from shareholdings | (535,034,210) | (535,034,210) | (395,693,766) | (395,693,766) |
Dividends from shareholdings received | 535,034,210 | 535,034,210 | 395,693,766 | 395,693,766 |
Income taxes paid | (216,953,651) | (146,095,574) | ||
Dividends paid | (313,290,528) | (300,132,326) | ||
Change in trade receivables | (809,516,403) | 84,993,251 | 225,199,003 | 368,639,418 |
Change in trade payables | 1,068,251,127 | 10,315,768 | (562,992,164) | (135,737,296) |
Change in inventories | 24,932,187 | (10,247,243) | ||
Other changes (***) | 177,463,644 | 9,122,378 | 83,390,094 | (22,318,127) |
Net cash flows from (used in) operating activities | 893,538,355 | 455,778,357 | ||
Cash flows from investing activities | ||||
Investments in property, plant and equipment | (106,783,269) | (68,816,347) | ||
Investments in intangible assets | (85,379,494) | (72,771,363) | ||
Purchases of other equity investments and securities (*) | (418,491,855) | (412,471,914) | (1,311,874,782) | (1,308,723,976) |
Proceeds from the sale of property, plant and equipment, intangible assets and other shareholdings | 3,856,186 | 886,430 | ||
Increase in other investing activities (**) | (80,000,000) | (80,000,000) | (109,000,000) | (109,000,000) |
Decrease in other investing activities (**) | 305,135,318 | 305,135,318 | 790,002,972 | 789,215,316 |
Net cash flows from (used in) investing activities | (381,663,113) | (771,573,090) | ||
Follow >>
A2A
Separate financial statements 2025
Continue >>
01.01.2025 12.31.2025 | of which Related Parties (note 35) | 01.01.2024 12.31.2024 | of which Related Parties (note 35) | |
Free cash flow | 511,875,240 | (315,794,733) | ||
Free cash flow | ||||
Cash flows from financing activities | ||||
Change in intercompany currency accounts | (68,529,221) | (68,529,221) | (1,254,517,713) | (1,254,517,713) |
Total changes in financial assets (*) | (68,529,221) | (1,254,517,713) | ||
Change in financial liabilities | ||||
Change in intercompany currency accounts | 77,574,803 | 77,574,803 | (266,376,310) | (266,376,310) |
Proceeds from borrowings/issue of bonds | 2,846,354,700 | 1,810,000,000 | ||
Repayment of borrowings/redemption of bonds | (2,906,031,621) | (849,509,881) | ||
Payment of lease liabilities | (21,315,235) | (5,278,903) | (20,399,783) | (6,614,708) |
Total change in financial liabilities (*) | (3,417,353) | 673,714,026 | ||
Equity instruments | ||||
Repurchase of treasury shares | (14,943,582) | - | ||
Proceeds from issue of perpetual hybrid bonds | - | 741,812,350 | ||
Interest paid on perpetual hybrid bonds | (37,500,000) | (9,426,209) | ||
Equity instruments | (52,443,582) | 732,386,141 | ||
Net cash flows from (used in) financing activities | (124,390,155) | 151,582,454 | ||
Net increase (decrease) in cash and cash equivalents | 387,485,085 | (164,212,279) | ||
Cash and cash equivalents at the beginning of the year | 1,323,166,285 | 1,487,378,564 | ||
Cash and cash equivalents at the end of the year | 1,710,651,370 | 1,323,166,285 | ||
(*) Net of balances recognized through equity and other statement of financial position items (**) These mainly refer to loans granted to subsidiaries.
(***) Primarily includes changes in the fair value of commodity derivatives.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
A2A
Separate financial statements 2025
2
Explanatory notes
2.1
General information on A2A S.p.A.
A2A S.p.A. is a company incorporated under the laws of the Italian Republic which operates, also through its subsidiaries ("Group"), both in Italy and abroad.
In particular, as the "Parent Company", A2A S.p.A. is responsible for the guiding strategy, administration, planning and control, financial management and coordinating the activities of the A2A Group.
Therefore, Group companies benefit from administrative, tax, legal, personnel management, procurement and communication services, so as to optimize the resources that are available within the Group and to use the existing known how in a cost-effective way.
A2A S.p.A mainly operates in the following sectors:
production and sale of electricity from hydroelectric plants located in Lombardy, Calabria and Friuli-Venezia Giulia, as well as management of the Group's portfolio of generation plants;
trading of electricity, gas and CO₂ through bilateral contracts or on the markets;
provision of administrative, tax, legal, treasury, human resources management, procurement and communication services, in order to optimise the resources available within the Group and to efficiently leverage existing know-how in a cost-effective manner.
The Separate Financial Statements of A2A S.p.A. (hereinafter "the Financial Statements") at December 31, 2025 have been prepared:
in compliance with Legislative Decree 58/1998 (art. 154-ter) as amended and with the Issuers' Regulations published by Consob;
in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB) and approved by the European Union. IFRS means all the revised International Accounting Standards (IAS) and all the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC).
In preparing the Financial Statements, the same standards used at December 31, 2024 were applied, other than the principles and interpretations described in detail in the paragraph below "Changes in International Financial Reporting Standards" adopted for the first time on January 1, 2025.
The directors assessed the applicability of the going concern assumption in the preparation of the Financial Statements, concluding that this assumption is appropriate as it was verified that there were no financial, managerial or other indicators that could indicate critical issues regarding the Company's ability to meet its obligations in the foreseeable future and in particular in the next 12 months.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
The Financial Statements have been prepared using the historical cost method, with the exception of the financial statement items that according to IFRS are recognized at fair value, as indicated in the valuation criteria of the individual items, and non-current assets and disposal groups classified as held for sale that are measured at the lower of carrying amount and fair value net of selling costs.
The Financial Statements required the use of estimates by management; the areas characterized by valuations and assumptions of particular significance, together with those with significant effects on the reported situations, are reported in the section "Use of estimates and judgement by management" at the end of this paragraph.
The currency used for the presentation of the Financial Statements is the euro, the functional currency of the company; all values are expressed in thousands of euro, unless otherwise indicated.
The Financial Statements consist of:
Statement of financial position: provides for the distinction of assets and liabilities by maturity, separating between current and non-current;
Income statement: presented in scalar form with the individual items analysed by nature. The form chosen, in accordance with the presentation methods of the major sector operators and in line with international practice, is considered the most suitable to represent the company results;
Statement of components of the comprehensive income statement: presented in a separate table, it shows the components of the result suspended in equity;
Statement of cash flows: prepared using the indirect method, with separate presentation of cash flow from operating activities, investment activities and financing activities.
More specifically, the Statement of cash flows is presented on a gross basis and does not include non-monetary transactions.
In particular, although the company does not deviate from the provisions of IAS 7 in the classification of items, the following is specified:
in addition to cash flows from ordinary operations, cash flows from operating activities include interest on loans granted and obtained, dividends and advances on dividends paid, as well as dividends received from associated companies or joint ventures;
investment activities include investments in property, plant and equipment and intangible assets (including any capitalized financial expenses) and related disposals; investments and disposals in assets deriving from contracts with customers relating to agreements for concession services and other minor investments;
cash flows from financing activities include cash flows arising from liability management and lease transactions;
Statement of changes in equity: in addition to the components of the comprehensive income statement, it also shows the transactions with shareholders;
Explanatory notes.
A2A
Separate financial statements 2025
In section 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 are reported Statement of financial position, Income statement and Statement of Cash flow with the effects of relations with related parties, witch are defined in the paragraph 2.7 "Note on related party transaction".
The financial statements presented herein are the same as those used to prepare the Financial Statements at December 31, 2024, with the exception of the following changes that management has adopted to ensure better representation and comparability.
With regard to the statement of financial position, the following steps were taken:
disaggregate the financial statement line relating to "Intangible assets and goodwill" through two new lines, respectively "Intangible assets" and "Goodwill";
separate current/non-current asset/liability derivatives from the respective other current/non-current assets/liabilities;
separate the disbursement expected within the following 12 months from the "Provisions for risks and charges", classifying it as a current liability.
With regard to the Income Statement, the following steps were taken:
separate the item "depreciation, amortization, provisions and impairment losses" by nature: "Amortization, depreciation and impairment losses of non-current assets", "Provision for risks on Impairment losses on trade receivables", "Other provisions for risks";
As regards the Statement of cash flows, the following steps were taken:
saparate the line "net interest paid" into "interest received" and "interest paid";
include the information relating to related parties.
The Company also renamed certain lines in the financial statements with respect to the statements published as at December 31, 2024, reclassified inventories of environmental securities relating to the industrial portfolio from "Intangible assets" to "Inventories", and reclassified the portion within the financial year "Provisions for risks and charges". The changes relating to the values at December 31, 2024 are not considered relevant for the economic and equity size of the Company.
In this file, use has been made of some Alternative Performance Indicators that are different from the financial indicators expressly provided for by the IFRS international accounting standards adopted by the Company; for details of these indicators, please see the specific paragraph Alternative Performance Indicators in the Report on Operations.
A2A
Separate financial statements 2025
Overview of | 1.a | 1.b | 2 | 3 | 4 | 5 |
performance, | Separate financial | Financial Statements | Explanatory | Attachments | Independent | Report of the |
financial conditions | statements | pursuant to Consob | notes | Auditors' Report | Board of Auditors | |
and net debt | resolution no. 15519 of | |||||
July, 27 2006 |
2.2
Changes in International Financial Reporting Standards
Accounting standards, amendments and interpretations applicable by the company as of January 1, 2025Effective from January 1, 2025, the amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates," issued by the IASB on August 15, 2023, came into force to regulate the procedures to be followed in the event of a lack of exchangeability between currencies. The amendment introduces requirements to determine when a currency is convertible into another currency and when it is not and requires an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. The amendment had no impact on the financial statements as at December 31, 2025.
Accounting standards, amendments and interpretations endorsed by the European Union but not yet mandatorily applicable and not early adopted by the Company-
Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7)
On May 27, 2025, the amendments to IFRS 9 and IFRS 7 regarding "Amendments to the Classification and Measurement of Financial Instruments," issued in 2024, were endorsed, with entry into force scheduled for January 1, 2026.
These amendments clarify the classification of financial assets with environmental, social and governance (ESG) features and similar ones, as well as the settlement of financial liabilities through electronic payment systems. They also introduce disclosure requirements aimed at enhancing transparency for investors in relation to investments in equity instruments measurement at fair value through other comprehensive income statement and in financial instruments with contingent features, such as features linked to ESG goals.
The amendments to IFRS 9 clarify the circumstances under which a financial asset or liability is recognised and derecognised. According to the amendments, a company generally derecognizes its financial liability on the settlement date. Normally, this is the date when the payment is completed. The amendments also introduce an exception, permitting the company to derecognize its financial liability prior to the settlement date, which is the date when the payment is initiated and cannot be cancelled. The exception is available when the company uses an electronic payment system that satisfies all of the following criteria:
no practical way to withdraw, stop, or cancel the payment instruction;
no practical means to access the money needed for the settlement as a result of the payment instruction;
the settlement risk connected with the electronic payment system is insignificant.
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The amendments also provide more precise criteria for determining when a financial asset can be classified as "measured at amortized cost" or "at fair value." This helps companies to treat complex instruments consistently, such as loans with prepayment options or variable clauses (e.g. instruments linked to ESG indices or non-standard variable rates).
The amendments further clarify how to measure such instruments, with the aim of ensuring that the measurement better reflects the actual economic risk.
The amendment to IFRS 7 provides for an additional disclosure for financial assets and liabilities with contractual terms referencing a potential event, including those associated with ESG factors, as well as for equity instruments classified at fair value through other comprehensive income statement elements.
The Company is currently assessing the impacts of these amendments, but no significant effects are expected.
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Nature-dependent electricity contracts (Amendments to IFRS 9 and IFRS 7)
On June 30, 2025, the amendments to IFRS 9 and IFRS 7 regarding nature-dependent electricity purchase contracts (power purchase agreements) were endorsed. These amendments will enter into force on January 1, 2026.
The amendments clarify the requirements for applying the "own-use exemption," define the rules for using these agreements as hedging instruments in a hedge accounting relationship, and introduce disclosure obligations to enable investors to understand the effects of such agreements on the company financial performance and future cash flows.
The Company is currently assessing the impacts of these amendments, but no significant effects are expected.
Annual Improvements to IFRS Accounting Standards-Volume 11
On July 9, 2025, the annual improvements "Annual Improvements to IFRS Accounting Standards - Volume 11" were endorsed as part of the ordinary improvement process, with entry into force scheduled for January 1, 2026. The annual improvements aim to streamline and clarify existing standards by resolving any inconsistencies identified in the IFRS Accounting Standards or by providing terminological clarifications.
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Overview of
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performance,
Separate financial
Financial Statements
Explanatory
Attachments
Independent
Report of the
financial conditions
statements
pursuant to Consob
notes
Auditors' Report
Board of Auditors
and net debt
resolution no. 15519 of
July, 27 2006
- IFRS 18 Presentation and disclosure in financial statements
On February 13, 2026, IFRS 18, issued by the IASB in April 2024, was endorsed, replacing IAS 1 'Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of the income statement, including specific totals and subtotals. In addition, entities will have to classify all costs and revenues within the income statement into five categories: operating, investing, financing, income taxes and discontinued operations, where the first three categories are new.
The standard also requires disclosure on the basis of the new definition of management-defined performance measures (MPM), subtotals of costs and revenues, and includes new provisions for the aggregation and disaggregation of financial information on the basis of the identified roles of the "primary" financial statements (PFS) and the notes.
In addition, amendments have been made to IAS 7 Cash Flow Statement, which include the change in the starting point for determining operating cash flows on the basis of the indirect method; from profit or loss to operating profit or loss and the removal of the option to classify cash flows from dividends and interest. In addition, consequential changes were made to several other accounting standards.
IFRS 18, and the amendments to the other standards, are effective for financial years beginning on or after January 1, 2027. However, early application is permitted unless disclosed. IFRS 18 will apply retrospectively.
The Group is currently working, also with the support of external professionals, to identify the impacts that the changes will have on its financial statements and notes to the financial statements, on information systems and on agreements and contracts (e.g. employee benefits and financing contracts/covenants).
Accounting standards, amendments and interpretations not yet endorsed by the European Union and applicable from subsequent financial yearsDocument title Date of entry into force of the
IASB document
New IFRS accounting standards
IFRS 19 Subsidiaries without public accountability: disclosures January 1, 2027
Translation to a hyperinflationary presentation currency (amendments to IAS 21) January 1, 2027
The analyses of the potential impacts arising from the initial application of the above documents are still in progress.
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2.3
Basis of preparation
Translation of foreign currency itemsItems denominated in currencies other than the functional currency, whether monetary (cash and cash equivalents, assets and liabilities that will be collected or paid in fixed or determinable amounts of money, etc.) or non-monetary (advances to suppliers of goods and/or services, goodwill, intangible assets, etc.), are initially recognized at the exchange rate in effect on the date the transaction is
executed. Subsequently, monetary items are converted into the functional currency on the basis of the exchange rate on the reporting date, and differences arising from the conversion are recorded in the income statement. Non-monetary items are maintained at the conversion rate of the transaction.
Property, plant and equipmentAssets for business use are recorded under "Property, plant and equipment" while non-business assets are classified as "Investment properties" if necessary.
Property, plant and equipment are measured at cost, including any additional charges directly attributable to bringing the asset into an operating condition (e.g. transport, customs duty, installation and testing costs, notary and land registry fees and any non-deductible VAT), increased when material and where there are obligations by the present value of the estimated cost of restoring the location from an environmental point of view or dismantling the asset. Borrowing costs, where directly attributable to the purchase or construction of an asset, are capitalized as part of the cost of the asset if the type of asset so warrants.
If important components of tangible assets have different useful lives, they are accounted for separately using the "component approach", assigning to each component its own useful life for the purpose of calculating depreciation (the component approach).
Land, whether occupied by residential or industrial buildings or devoid of construction, is not depreciated as it has an unlimited useful life, except for land used in production activities that is subject to deterioration over time (e.g. quarries).
Ordinary maintenance costs are fully expensed to the income statement in the year they are incurred. Costs for maintenance carried out at regular intervals are attributed to the assets to which they refer and are depreciated over the specific residual possibility of use of such.
Property, plant and equipment are stated net of accumulated depreciation and any impairment losses. Depreciation is charged from the year in which the individual asset enters service on a straight-line basis over the estimated useful life of the asset for the business. The estimated realizable value which is deemed to be recoverable at the end of an asset's useful life is not depreciated. The useful life of each asset is reviewed annually and any changes, if needed, are made with a view to showing the correct value of the asset.
Depreciation of property, plant, and equipment was calculated based on economic and technical useful lives, considered representative of their residual useful life.
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