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A2A (A2A) investor relations material
A2A Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Mar, 2026
Executive summary
Delivered strong full-year 2025 performance with adjusted revenues up 9% to €14.0 billion, robust shareholder returns, and key milestones in infrastructure investment and electrification, supported by disciplined CapEx and asset rotation toward electricity grids and data centers.
Adjusted EBITDA was €2,243 million, down 4% due to hydro normalization; normalized, EBITDA grew 4%.
Adjusted net profit reached €686 million, down 16% year-over-year, mainly due to lower EBITDA and higher expenses.
CapEx totaled €1.7 billion, up 11%, focused on electricity networks, renewables, and circular economy projects.
Net financial position improved to €5.474 billion, with leverage ratio at 2.4x.
Financial highlights
Adjusted revenues rose 9% year-over-year to €14,014 million, driven by higher electricity volumes and Duereti consolidation.
Adjusted EBITDA: €2,243 million (-4% YoY); Adjusted EBIT: €1,190 million (-10% YoY).
Adjusted net profit: €686 million (-16% YoY); Adjusted EPS: €0.22.
CapEx: €1,681 million (+11% YoY), with 69% EU Taxonomy aligned.
Net financial position: €5,474 million (improved from €5,835 million in 2024); NFP/Adjusted EBITDA: 2.4x.
Outlook and guidance
2026 guidance confirmed: adjusted EBITDA €2.21–2.25 billion, adjusted net profit €630–660 million.
Dividend per share to increase by 4% year-over-year to €0.104, with a 45% payout ratio and ≥4% annual DPS growth targeted through 2035.
Guidance maintained despite potential temporary tax increases and market volatility.
Impact of Duereti PPA on 2025 depreciation
Strategic focus on the new data center business
Purpose of the new Blue label bond issuance
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Latest events from A2A
- EBITDA up 45%, net income up 75–86%, guidance raised, and sustainable finance expanded.A2A
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Next A2A earnings date
Q1 202614 May, 2026
A2A
Next A2A earnings date
Q1 202614 May, 2026
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