A2A (energy multi-utility) closes the first nine months of 2026 with adjusted revenues of 13.72 billion euros, up 35% compared to the 10.16 billion in the same period of 2025.
The reasons for the decline in Ebitda
The boost in turnover comes from the increase in the volumes of electricity sold on the retail and wholesale markets. The adjusted gross operating margin (Ebitda) fell by 3% to 1.67 billion euros (from 1.72 billion). Operating metrics are affected by the increase in fees for hydroelectric concessions, the impact of the summer drought on water production in Northern Italy and the decline in contributions from some waste treatment plants. Factors mitigated by the growth of regulated businesses, the diversification of sources and coverage through PPA contracts.
Investments are increasing
Adjusted net profit stood at 473 million euros, down 14% compared to the 550 million in the first nine months of 2025. The result was affected by the contraction in Ebitda and the increase in depreciation and amortization linked to the acceleration of the investment plan. Investments reach 1.13 billion euros (+9%), 70% of which are destined for the strengthening of electricity networks, the development of photovoltaics, the flexibility of generation plants and the circular economy.
The net financial position rises to 6.06 billion (from 5.47 billion at 31 December 2025), maintaining an adjusted NFP/Ebitda ratio of 2.8x and a cost of debt unchanged at 2.7%.
The sale to Dolomiti Energia
The share of sustainable debt reaches 82% of the gross total. On the industrial front, the group – we read in a note from the last few hours – has signed an agreement with Dolomiti Energia for the sale of the 91.6% held in Retragas. The company reaffirms its guidance for the full year 2026, estimating an adjusted Ebitda of between 2.21 and 2.25 billion euros and an adjusted net profit of between 0.63 and 0.66 billion euros.