Acea S.p.a. MIL:ACE
ACEA S p A : Summary Data 1H 2025 (summary data 1h2025)
Source: MarketScreener
KEY QUANTITATIVE DATA
WATER ITALYSLUDGE DISPOSAL (KTonnes)
1H 2025 1H 2024
GRIDS AND PUBLIC LIGHTINGELECTRICITY DISTRIBUTED (GWH)
1H 2025 1H 2024
64 79 4,351 4,337 ENVIRONMENTTREATMENT AND DISPOSAL
(KTonnes)
1H 2025 1H 2024
PRODUCTIONPRODUCTION (GWH)
1H 2025 1H 2024
805 835 412* 328*WTE ELECTRICITY SOLD (GWH)
1H 2025 1H 2024
143 115* Of which photovoltaic: 119 GWh in 1H2025 and 74 GWh in 1H2024 1
ACEA GROUP 1H 2025 RESULTS
STOCK MARKET
(euro)
ACEA - INDEX: (1/1/2025 - 6/30/2025)
ACEA | 1H 2025(€) |
MAX (06/06/2025) | 22.04 |
MIN (03/06/2025) | 16.40 |
MARKET CAPITALIZATION (€MLN) (6/30/2025) |
4,375 |
FTSE MIB
+20.4%
ACEA
+15.1%
TSR 6/30/2025 ( VS 12/30/2024)
(Source Bloomberg, rebased to 100 as of 30 December 2024)
Changes in terms adjusted for the ex-dividend (Total Shareholder Return)
ACEA FTSE MIB
+15.1% +20.4%
2
1H 2025 Highlights
1 ECONOMIC RESULTS GROWING STRONGLY VS 1H 2024 REGULATED EBITDA REACHED 94%
Group revenues of €1.5bn of which around €1.3bn related to regulated businesses. RegulatedRevenues +4% vs.
1H 2024
EBITDA +9% vs. 1H 2024
excluding one-offs and changes in scope
Regulated EBITDA 94%2
Net profit +7% vs. 1H 2024 excluding one-offs
CAPEX +20% vs. 1H 2024
net of public grants
Net Debt/EBITDA pro-forma3
3.36x
revenues were up 5% vs 1H 2024 mainly due to the investments carried out in the previous years and tariff approvals.
Reported EBITDA was €731m, +€76m (+12%) vs 1H 2024 thanks to organic growth and the awarding of incentives for the technical and contractual quality of the integrated water service (~€25m) Organic EBITDA was €705m, +€59m (+9%) vs 1H 2024 mainly driven by the growth of Water Italy, Grids and Public Lighting, and Generation businesses. Reported Net Profit was €227m, +€55m (+32%) vs 1H 2024 Organic Net Profit was €204m, +€13m (+7%) vs 1H 2024, mirroring the performanceposted at an operating level.
Capex net of public subsidies was €573m, growing by €95m (+20%) vs 1H 2024. Including the investments financed by grants, total capex reached €668m (+18%).The Operating free cash flow was negative for €117m in the first half. Results for the period allowed to maintain a solid financial structure, with a pro-forma3 Net Debt/EBITDA of 3.36x
Revenues and EBITDA do not include the results of ACEA Energia perimeter subject to sale to third parties (reclassified under Discontinued Activities). |
Including, in addition to the Water Italy and Grids regulated businesses, Public Lighting and Environment businesses.| 3. The pro-forma Net Debt/EBITDA ratio takes into account the effect of the future proceeds from the sale of ACEA Energia and the sale of the High Voltage network. Further details are 3
available in the next slide.
ACEA GROUP 1H 2025 RESULTS
K E Y F I N A N C I A L S T R U C T U R E A N D R A T I N G S
NET DEBT DEC 2024-1H 2025 €m Rating« B B B + »
«B a a 2 »
DEC 24 | 1H 25 | ∆ 1H 25 vs DEC 24 | |
Pro-forma NET DEBT1 | 4,346 | 4,771 | 425 |
Long-term debt | 4,970 | 4,980 | |
Short-term debt | 499 | 761 | |
Cash and cash equivalents proforma | (1,123) | (970) |
S t a b l e O u t l o o k P o s i t i v e O u t l o o k
Sustainability Rating (updated June 2025)4
1. The proforma Net Debt considers the impact of the future payment to be received for the sale of ACEA Energia to Eni Plenitude (considering the enterprise value included in the binding offer of €460m, the recognised net cash of €128.5m vs a reported net cash of €213.9m as at 31st December 2024, as well as net cash changes occurred in the first semester of 2025 and the net financial position reclassified among the "Discontinued Operation") and the sale price of the High Voltage grid to Terna for €224m (assuming that ARERA's premium of €23m is received in 2026).