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A2A

A2A S.p.A. is an Italian multi-utility company that generates, distributes, and markets electricity, gas, renewable energy, integrated water cycle management, district heating, and waste management services. Founded on 1 January 2008 through the merger of utilities from Milan, Brescia, and Bergamo, it is the second-largest energy producer in Italy by installed capacity. The company operates primarily in northern Italy, with additional facilities in Greece, and is headquartered in Brescia. A2A is partially owned by the municipalities of and (each holding 25% as of 2024), with the remainder publicly traded on the as part of the index. In 2024, it reported revenues of €12.64 billion and net profit of €864 million. As of November 2025, A2A updated its strategic plan "Momentum Ready to Power," emphasizing sustainable growth, ecological transition, and international expansion in the energy sector.

History

Formation and early mergers

A2A S.p.A. was established on January 1, 2008, as a through the merger of three longstanding municipal utilities from northern Italy: Azienda Elettrica Municipale (AEM) of , Azienda Milanese Servizi Ambientali (AMSA) of , and Azienda Servizi Metropolitani (ASM) of . This consolidation combined expertise in and distribution, , and integrated urban services. The merger was driven by the deregulation of Italy's sector in the , which introduced reforms to local services and progressive liberalization of electricity and markets, encouraging municipal operators to merge for scale and competitiveness. AEM, founded in 1910 following a referendum with strong citizen support, had been instrumental in Milan's electrification, acquiring hydraulic sites in for its first hydroelectric plant in 1907 (13,500 kW capacity) and a thermoelectric facility in Piazzale , which reduced electricity prices by 35-50% within two years and supported industrial growth to 211 MW capacity by 1931. AMSA, operational since 1907 as Milan's and disposal provider—initially private and municipalized in —grew to manage urban hygiene and environmental services amid rising post-war urban demands. ASM, established in 1908 in , offered multi-utility services including , water, and waste, with expansions into gas distribution during the to meet regional industrial needs. Following formation, A2A was listed on Borsa Italiana in 2008, facilitating capital access and investor participation. Early integration efforts focused on streamlining operations across northern Italy, particularly synergies between AEM's electricity infrastructure and ASM's gas networks, while incorporating AMSA's waste handling to enhance overall efficiency in energy production and environmental services. This foundational structure positioned A2A to address regional demands in a liberalized market, with initial emphasis on northern Lombardy and adjacent areas.

Key acquisitions and expansions

Following its formation in , A2A pursued a growth strategy centered on to achieve across the utilities sector, particularly in , while consolidating its presence in . This approach involved over 10 transactions documented in the company's press releases since , emphasizing operational synergies in , gas, and related . In the first quarter of 2025, A2A allocated €33 million of its total to M&A activities, supporting ongoing efforts. A pivotal early acquisition occurred on June 16, 2008, when A2A signed an agreement to acquire certain generation assets from Italia in , in exchange for its 20% equity stake in Endesa Italia. This deal strengthened A2A's generation capabilities in the region. In , A2A advanced its consolidation in the sector through a merger to acquire the remaining 49% stake in Linea Group Holding (LGH). The proposal was formalized in April 2021, with board approvals in June and October, culminating in the merger deed signing on December 15, 2021, and statutory effects effective from December 31, 2021. This transaction incorporated LGH's energy production and distribution assets, primarily in and , enabling A2A to streamline operations and expand its multi-utility portfolio. A significant expansion in 2024 involved an agreement with , announced on March 9, 2024, for A2A to acquire 90% of electricity distribution assets in the provinces of and for approximately €1.2 billion. The deal, based on an enterprise value of €1.35 billion for 100% of the assets, covered around 800,000 points of delivery (PODs) and 5,000 km of medium-voltage lines, with completion on December 30, 2024. This acquisition extended A2A's network to serve an additional 490,000 users, bolstering its infrastructure for urban decarbonization initiatives. Later in 2024, on September 26, A2A entered an exclusive agreement with Ascopiave for the sale of gas distribution assets, targeting further integration in . This non-binding offer, building on prior negotiations from July, involved approximately 490,000 gas users and led to a binding contract signed in December 2024, with closing on June 30, 2025. The transaction aligns with A2A's strategy to optimize its gas network holdings through targeted divestitures and partnerships. In September 2025, A2A, through its subsidiary A2A Ciclo Idrico, acquired approximately 70% of the share capital of Novito Acque, a company involved in water services, thereby expanding its operations into the region in .

Business operations

Energy production and distribution

A2A's energy production relies on a diverse mix of sources, including a legacy of more than 10 hydroelectric plants inherited from its predecessor AEM, primarily located in the region and built between the 1930s and 1960s. These facilities contribute to the company's renewable output, complemented by thermoelectric plants for baseload power and an expanding portfolio of renewables such as and , managed through subsidiaries like A2A Rinnovabili S.p.A.. As of the end of 2023, the group's total installed generation capacity stood at 9.7 , with renewables accounting for 2.6 or approximately 27% of the total. Ongoing developments, including a long-term for 2.7 TWh of energy from ERG starting in 2027, support renewable goals. In November 2025, A2A updated its 2024-2035 strategic plan, increasing investments to €23 billion overall, with €16 billion allocated to the , targeting 3.7 of and capacity by 2035 and addressing growing demand from centers. The company manages extensive distribution networks in , focusing on and , with approximately 33,500 km of lines following the integration of 17,000 km acquired from Enel's Duereti unit in late 2024. Gas distribution encompasses around 13,700 km of pipelines, serving residential, commercial, and industrial users. These networks support delivery to about 2.1 million customers and 1.5 million gas customers, enabling reliable supply across urban and rural areas. Minor cross-border operations provide diversification, though the core focus remains domestic. Retail sales of electricity and gas are handled by A2A Energia S.p.A., which offers competitive tariffs including green energy options certified for hourly matching to promote . The 2024 acquisition from has facilitated the integration of advanced technologies, enhancing network efficiency, , and resilience against outages. This upgrade supports real-time monitoring and optimization, aligning with broader goals. Key initiatives underscore A2A's commitment to , with a strategic plan targeting 5.7 GW of total renewable capacity through additions of 3.1 GW in , , and other sources by 2030. In the first half of 2025, organic reached €681 million, largely directed toward grid reinforcements and renewable integrations to improve reliability and support growing demand from . These efforts position A2A as a leader in low-carbon energy infrastructure in .

Waste management and water services

A2A's operations, primarily conducted through its A2A Ambiente S.p.A., encompass the full integrated , including , , and of materials and from urban and . Drawing on the legacy of AMSA for in , the company handles and hygiene services across 303 municipalities, serving approximately 3.9 million residents in the broader Milan-Brescia region and surrounding areas in . These services emphasize separate methods, such as door-to-door systems and controlled-access containers, alongside street cleaning for over 8,000 businesses, achieving a differentiated rate of 69.5% in managed areas. Compliance with EU directives, including those on hierarchical and reduction, is integral to operations, ensuring environmentally sound practices that prioritize over disposal. Central to waste treatment is A2A's network of waste-to-energy (WtE) facilities, where five high-efficiency plants—serving in , , and —process non-recyclable to generate and heat, linking to broader production efforts. Collectively, A2A's WtE operations handle around 1 million tons of annually, producing approximately 821 GWh of exported to the grid. Key processes include material recovery with rates exceeding 50% through and plants, alongside production from organic and s to support goals. The 2021 merger with Linea Group Holding S.p.A. expanded these capabilities by integrating additional treatment facilities, enhancing overall for recovery and initiatives. In 2024, total managed reached 5.2 million tons, with zero disposal for collected urban in key areas like , where separate collection surpassed 62%. Water services form another pillar of A2A's environmental portfolio, managed via A2A Ciclo Idrico S.p.A., which oversees the complete integrated —encompassing catchment, , , collection, and purification—for communities in , primarily in and its province. This serves roughly 1.2 million inhabitants across the , supported by 51 purification plants and an extensive including a 3,613 km aqueduct network and a 2,340 km system, totaling over 5,000 km of pipelines. In September 2025, A2A acquired a 70% in Novito Acque, expanding operations to manage purification and networks in seven municipalities in Calabria's Locride . Subsidiaries like Aprica contribute to related environmental hygiene, though core water operations focus on reducing losses and enhancing efficiency, with ongoing investments aimed at 2030 targets for . The Verziano facility alone handles capacity for 296,000 inhabitants, underscoring A2A's role in regional . As of December 2024, A2A employs 14,777 people group-wide, with approximately 40% dedicated to environmental services encompassing and operations. Capital expenditures in Q1 2025 totaled €335 million, including organic investments of €302 million—up 37% year-over-year—partly allocated to technological upgrades in and systems to bolster and compliance with ecological transition goals.

Corporate structure

Ownership and governance

A2A S.p.A.'s structure reflects significant public sector involvement, with the Municipality of holding 25% of the and the Municipality of holding another 25%, together ensuring substantial municipal control over strategic decisions. The remaining shares consist of approximately 4.4% held by other municipalities, 45.4% in free float on the market, and 0.14% (4,317,976 shares) as treasury shares, as of June 30, 2025. Institutional investors account for 30.8% of the capital, including major funds such as Gestione Fondi SGR p.A. and international entities like (2.16%) and (1.72%). The company's governance adheres to the Corporate Governance Code promoted by , employing a traditional model with a and a Board of Statutory Auditors appointed by the Shareholders' Meeting. The Board comprises 11 directors, appointed on April 28, 2023, for a term ending December 31, 2025, and is chaired by Roberto Tasca, who assumed the role on the same date. Renato Mazzoncini has served as and since his appointment by the Board on May 13, 2020, a position confirmed in subsequent renewals. Supporting the Board's oversight are specialized committees, including the Control and Risks Committee (functioning as the ), the Remuneration and Appointments Committee, and the ESG and Local Relations Committee (addressing matters), which held 14, 13, and 10 meetings respectively in the 2024 financial year. The 2024 Report on and Ownership Structure outlines 313,290,527 voting rights, with all shares carrying voting privileges subject to a 5% ownership cap for non-Municipality of or shareholders to preserve public influence. External auditing is conducted by S.p.A., ensuring compliance with regulatory standards.

Subsidiaries and divisions

A2A S.p.A. operates through a network of over 50 entities within its group structure, maintaining full ownership in the majority of its core subsidiaries while holding partial stakes in certain joint ventures, such as those related to projects. The company's internal organization is divided into key functional areas, including the Division, which oversees and gas production and distribution; the Environment Division, managing and water services; and the Division, responsible for operations in . Among the principal wholly owned subsidiaries, A2A Energia focuses on the sale of and gas to residential, commercial, and industrial customers across . A2A Ambiente handles , treatment, and recovery processes, supporting the group's initiatives. A2A Calore & Servizi operates networks, utilizing recovered heat from industrial and urban sources to provide sustainable . Additionally, renewA23 drives the development of projects, including solar, wind, and hydroelectric installations. Other notable subsidiaries include Consul System SpA, which delivers IT and digital services to support group operations; Aprica SpA, responsible for integrated water cycle management in the province; and Linea Green S.r.l., formed following the merger with LGH to advance eco-sustainable services and green mobility solutions. The integration with LGH added five subsidiaries to the portfolio, enhancing capabilities in energy and environmental sectors. In 2024, A2A's agreement with incorporated distribution network units, consolidating additional assets under the group's umbrella. This evolved structure, as outlined in the 2025 annual report, underscores A2A's integrated approach to multi-utility services.

Financial performance

Revenue and profitability

In 2024, A2A achieved revenue of €12.86 billion, of €864 million, total assets of €19.894 billion, and equity of €5.445 billion. In the first quarter of 2025, the company reported revenue of €3.968 billion, marking a 16% increase year-over-year, driven by contributions from recent acquisitions and stable demand in core segments. A2A's revenue is primarily derived from energy sales and distribution, accounting for approximately 60% of total income, followed by 25% from waste management services and 15% from water supply and other operations. The company's revenues peaked at €22.9 billion in 2022 amid the global , which elevated commodity prices, before declining by 36% in 2023 as market conditions normalized and prices stabilized. Profitability improved in 2024, with EBITDA reaching €2.328 billion, an 18% rise from the prior year, supported by higher renewable energy output and operational efficiencies. The net profit margin stood at 6.7%, reflecting resilient margins despite gas price volatility. Key events in early 2025 included capital expenditures of €300 million in the first quarter, a 32% increase year-over-year, fueled by organic growth, while total debt remained at €8 billion, effectively managed through issuances of green bonds to support sustainable financing. For the first nine months of 2025, as of September 30, A2A reported revenues of €10.17 billion, a 12% increase year-over-year driven by the consolidation of Duereti and higher wholesale energy prices, with EBITDA at €1.729 billion, down 4% due to normalized hydroelectric production.

Market position and stock information

A2A holds a prominent position as the second-largest multi-utility in by revenue, trailing only , with a strong foothold in the northern regions where it leads in and generation. In , A2A commands approximately 14% of the electricity market share, bolstered by its municipal concessions in key cities like and , and recent expansions through acquisitions such as the 2024 purchase of Enel's distribution assets in the region. The has been a component of the index since 2008, reflecting its status among 's leading blue-chip firms. A2A's shares are listed on under the ticker A2A.MI, with IT0001233417. As of November 12, 2025, the trades at approximately €2.70 per share, with a of around €8.5 billion and a 52-week trading range of €2.20 to €2.90. The company offers a of 4.2% based on its 2024 payout of €0.10 per share, appealing to income-focused investors amid its stable utility operations. In terms of , A2A maintains a free float of about 50%, with significant ownership by public municipalities and institutions, fostering long-term stability. The firm emphasizes integration, earning a credit rating from in March 2024 and inclusion in the ESG Index for its sustainability performance. First-quarter 2025 results, announced on May 13, 2025, highlighted resilient EBITDA and net profit, contributing to a 3% share price increase post-release. Within the competitive landscape, A2A contends primarily with , the market leader in national electricity supply, and , another key multi-utility focused on the region. A2A's advantages lie in its deep-rooted municipal partnerships, which secure regulated revenue streams, and its accelerating shift toward renewables, including a €23 billion investment plan through 2035 targeting data centers and green energy.

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