ACEA (ACE) H1 2025 earnings summary

Executive summary

• Achieved strong growth in 1H 2025, with EBITDA up 12% to €731m and recurring EBITDA up 9%, driven by regulated businesses representing 94% of Group EBITDA.

• Net profit increased 32% year-over-year to €227m; recurring net profit up 7%.

• Investments reached €668m, up 18% from 1H2024, with 87% focused on regulated businesses.

• Strategic asset rotation continued, including the sale of ACEA Energia and the High Voltage grid, with proceeds to be reinvested in infrastructure.

• Moody's upgraded outlook to positive and confirmed Baa2 rating, reflecting improved financial profile.

Financial highlights

• Group revenues reached €1.5bn, with €1.3bn from regulated businesses, up 5% year-over-year.

• Reported EBITDA was €731m (+12%), with organic EBITDA at €705m (+9%).

• Net profit rose to €227m (+32% reported, +7% organic) compared to 1H 2024.

• CapEx increased 18% to €668m, with 87% allocated to regulated businesses.

• Proforma Net Debt/EBITDA at 3.36x as of 1H 2025; average cost of debt at 2.07%.

Outlook and guidance

• 2025 EBITDA guidance revised upward to 6–8% growth over 2024 restated figure, excluding ACEA Energia.

• CapEx guidance set at ~€1.6bn (€1.2bn net of grants) for 2025.

• Proforma Net Debt/EBITDA expected at 3.4–3.5x, including proceeds from asset sales.

• Business plan update expected between late 2025 and early 2026, reflecting transformation.

• Guidance includes technical and contractual quality incentives of ~€25m at EBITDA level.