Italian multi-utility A2A S.p.A. (BIT:A2) reported first-quarter 2026 adjusted net profit of €221 million, down 11% from €249 million a year earlier, due to lower energy commodity prices and higher concession fees.
Adjusted EBITDA fell 4% to €647 million, while adjusted revenue rose 15% to €4.55 billion. The board reaffirmed full-year 2026 guidance for adjusted EBITDA between €2.21 billion and €2.25 billion and adjusted net profit between €630 million and €660 million.
CEO Renato Mazzoncini stated: "In a still volatile scenario, the solidity of our economic and financial indicators attests to the effectiveness of the company's industrial model."
Capital expenditure rose 4% to €315 million, with about 70% allocated to development projects. The company said 66% of capex was eligible under the European Taxonomy.
By business unit: Generation and Trading EBITDA fell 10% to €202 million; Circular Economy EBITDA declined 6% to €190 million; Smart Infrastructures EBITDA rose 6% to €129 million; Market EBITDA edged up 2% to €136 million.
Net electricity production increased 16% to 3,734 GWh. Renewable output rose 14% to 1,243 GWh, with installed renewable capacity reaching 2.7 GW, up 4% year-on-year. Total electricity sold on retail markets climbed 24% to 8.1 TWh, of which 2.7 TWh was green electricity, up 17%.
Net financial position stood at €5.63 billion as of March 31, 2026, compared with €5.47 billion at year-end 2025. The net financial position-to-adjusted EBITDA ratio rose to 2.5x from 2.4x, while the cost of debt remained unchanged at 2.7%.
After the reporting period, A2A became aware of an arbitration award upholding claims by the Campania Region over reimbursement of part of the consideration paid to A2A Ambiente for management of the Acerra waste-to-energy plant.
