A2A, results as at 31 december 2024

TOTAL CAPEX OF 2,941 MILLION EURO FOR THE DEVELOPMENT OF STRATEGIC INFRASTRUCTURES TO SUPPORT ECOLOGICAL TRANSITION

1,636 NEW HIRES, WITH A NET GROWTH OF 819 UNITS

INCREASE IN RETAIL CUSTOMERS IN THE FREE-MARKET ELECTRICITY SEGMENT: + 18%

REVENUES DOWN 13% DUE TO COMMODITY PRICES DROP

ROBUST GROWTH IN EBITDA +18% AND NET ORDINARY INCOME +29%

PROPOSED TOTAL DIVIDEND OF 0.10 EURO PER SHARE, INCREASING BY 4.4%

SUSTAINABLE FINANCIAL INSTRUMENTS REPRESENT 78% OF TOTAL DEBT

• Total capex of 2,941 million euro, of which 1,512 million euro for organic capex (+10% compared with the previous year) and 1,429 million euro for M&A transactions, mainly attributable to the acquisition by e-distribuzione of 90% of the share capital of Duereti S.r.l..
• 1,636 new resources hired, with a net growth of 819 units.
• Revenues of 12,857 million euro: -13% compared to 2023 mainly due to the contraction in energy commodity prices with an average annual PUN of 108.4 €/MWh (down 14.9%) and the average cost of gas at PSV at 36.3 €/MWh (down 14.3%).
• EBITDA of 2,328 million euro: +18% compared to 2023 (1,971 million euro).
• Ordinary Net Income at 816 million euro: +29% compared to 2023 (635 million euro).
• A dividend of 0.10 euro per share was proposed to the shareholders' meeting, up 4.4% compared to the dividend distributed last year (0.0958 euro per share).
• Net Financial Position at 5,835 million euro (4,683 million euro at 31 December 2023). The NFP/EBITDA ratio was 2.5x.
• 78% sustainable debt on the Group's total gross debt (70% as at 31 December 2023), 81% including the hybrid bond issue.

Ecological transition

• 6.9TWh of energy from renewable sources1, equal to about 50% of production.
• The acquisition from e-distribuzione of 90% of the share capital of Duereti S.r.l. ("Duereti"), a corporate vehicle benefiting from the contribution by e-distribuzione of electricity distribution activities in some municipalities located in the provinces of Milan and Brescia, has been completed. The Group increases the number of electricity meters managed by 70%, with a network that grows by 17 thousand km.
• A preliminary agreement has been signed for the acquisition by Ascopiave of 100% of the shares of a corporate vehicle that will be the owner at the closing of a business unit including approximately 490 thousand gas distribution pdr relating to ATEMs in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi, currently held by Unareti and LD Reti.
• 9 lots were awarded in the CONSIP tender for the supply of electricity to public bodies in 12 Italian regions, for a potential total volume of over 7.8 TWh/year.
• A new photovoltaic plant has been started up in Mazara del Vallo, Sicily, with an installed capacity of 12.6 MW, which will produce around 25 GWh of electricity in 2025, corresponding to the consumption of 8,300 households, reducing CO₂ emissions by 10,000 tonnes.
• 40 million euro have been allocated to the 360 LIFE II climate tech fund, managed by 360 Capital: with this transaction, the Group, as an industrial anchor investor, expands the capex program for new technologies focused on the circular economy and energy transition.
• In the capacity market auction called by Terna for the 2026 delivery year, the A2A Group's existing capacity portfolio was awarded for a total of approximately 4.4 GW, with a technological mix that includes gas and renewable source plants, to support the energy transition. The Group was also awarded annual contracts for 520 MW of foreign capacity. The outcome of this auction is in line with what was assumed in the update of the 2024-2035 Strategic Plan.
• A sale and purchase agreement has been signed with Edison for 100% of a newly established company to which the branch relating to the Sesto San Giovanni cogeneration plant will be transferred in 2025.
  The plant has an installed capacity of about 110 MW and the heat produced is currently used to feed the district heating network serving the municipalities of Sesto San Giovanni, Cinisello Balsamo and Milan (Bicocca area).

Sustainability

• The carbon dioxide emission factor (Scope 1 + Scope 2) is 258 gCO2/kWh and a 17% decrease compared to the 2023 value.
• The installed capacity of the electricity grid was 5,155 MVA, up 3% compared to the 2023 value.
• The capex eligible for the purposes of the European Taxonomy are 72% (55% capex aligned).

The Group's commitment to sustainable finance continues: in 2024, the Group placed the first subordinated perpetual hybrid bond issue in green format and signed a couple of loans in green format, including the 600 million euro bridge loan in pool to finance the acquisition of the electricity grid assets. In January 2025, A2A placed its inaugural European Green Bond of 500 million euro with a tenor of 10 years, the first on the market by a European corporate issuer, in accordance with EU Regulation 2023/2631.

The Board of Directors of A2A S.p.A. has examined and approved the Annual Financial Report as at 31 December 2024

Milan, 20 March 2025 - The Board of Directors of A2A S.p.A. met today and, under the chairmanship of Roberto Tasca, examined and approved the Annual Financial Report as at 31 December 2024.

"The results approved today consolidate A2A's role in the industrial and infrastructure sector of our country. In 2024, we invested almost 3 billion euro, an all-time record for our Group. In the last year, generation from renewable sources accounted for about 50% of our total production, up compared to 2023: we have therefore been able to offer more green energy to the market, an important factor for the decarbonisation process and the stabilisation of prices for the benefit of households and businesses," comments Renato Mazzoncini, CEO of A2A "The activities we have carried out have allowed us to achieve an EBITDA of more than 2.3 billion and a net profit of more than 800 million. This allows us to propose a dividend of 0.10 euro per share to the next Shareholders' meeting, up 4.4%. The Group has also created new employment opportunities with over 1,600 new employees who, with their professionalism, have contributed to the achievement of these excellent performances. The desire to share and involve all colleagues, an active part of this growth path, is also reflected in the Shareholding Plan that we will propose to the next Shareholders' Meeting"

The A2A Group's 2024 results confirm a growth in operating margins, driven by the increase in energy production from renewable sources as a result of high hydraulicity and the positive contribution of the energy retail sector. It should also be noted that the financial ratios remained solid, with a NFP/EBITDA ratio of 2.5x, a slight increase compared to the previous year (equal to 2.4x), despite the significant acquisition of the electricity distribution network from e-distribuzione, without the contribution of the related share of EBITDA for 2024.

The operating results were achieved thanks to the strategies to optimise the integrated production portfolio, the hedging carried out and the commercial development actions in an energy context of lower volatility compared to the previous year, characterised by falling prices overall - albeit tending to rise in the last part of the year - with an average annual PUN of 108.4 €/MWh (down 14.9%) and the average cost of gas at the PSV at 36.3 €/MWh (in decrease of 14.3%).

Contacts:
Giuseppe Mariano
Head of Media Relations, Social Networking and Web

Silvia Merlo - Silvia Onni
Press Office
ufficiostampa@a2a.it Tel. [+39] 02 7720.4583

Marco Porro
Head of Investor Relations
ir@a2a.it Tel. [+39] 02 7720.3974

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