A2A, quarterly down but less than expected. “We increase organic investments by 37%”

MILAN – Numbers slowing down, but beyond analysts' expectations. A2A closed the first quarter of 2025 with a gross operating margin (EBITDA) of 675 million, down 5%, and a net profit of 257, 13% less than the same period last year. Equita's forecasts were for a EBIT of 650 million and a profit of 233. In the comparison with the first three months of 2024, the normalization of hydroelectric production weighs, which is approaching the historical average. Net of this effect, the margin grows by 1% and the last line of the balance sheet decreases by 5%.

Revenues just shy of 4 billion

Positive, however, the trend in revenues, which rose by 16% to within a whisker of 4 billion (precisely to 3.968 billion), mainly thanks to the consolidation of the Duereti company and the increase in the prices of energy commodities. "The results of this quarter confirm the industrial solidity and the economic-financial indicators of the group", says the CEO, Renato Mazzoncini .

“Thanks to the integration of the new electricity grid company, the incidence of regulated activities on EBITDA rose to 31% , helping to improve visibility and strengthen the stability of future results and allowing us to confirm the guidance for 2025”: an EBITDA of between 2.17 and 2.20 billion and a group net profit, net of non-recurring items, of between 680 and 700 million.

Organic investment boom, +37%

In the first three months, overall investments also increased by double digits, rising to 335 million: of these, 302 million are earmarked for organic growth (+37% compared to the previous year), "in the strengthening and efficiency of networks, in the development of renewables, in the flexibility of generation plants and in the recovery of materials and energy", explains Mazzoncini. Another 33 refer to extraordinary operations, first and foremost the acquisition from Edison of the cogeneration plant in Sesto San Giovanni.

Net financial position improves despite investments

On the balance sheet front, as of March 31, the Lombardy multiutility recorded an improving net financial position , at 5,616 million from the 5,835 million recorded as of December 31, 2024. Excluding the impacts of the changes in scope, the figure stands at 5,583 million, thanks to a cash flow that guaranteed both the coverage of investments and the improvement of the Pfn/Mol ratio, now equal to 2.4 times.