A2A (A2A) Q4 2025 earnings summary

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.