Q3 2025 Acea SpA Earnings Call Transcript
Key Points
- ACEA SpA (LTS:0MHD) reported a strong growth in pro forma EBITDA, reaching EUR1.84 billion, an 8% increase compared to the first 9 months of 2024.
- The company's net profit for the first 9 months of 2025 increased by 46%, driven by a capital gain from the disposal of the high-voltage network.
- ACEA SpA's operating cash flow was positive at EUR19 million, maintaining a sound financial structure with a debt-to-EBITDA ratio of 3.39x.
- The Water Italy business showed significant growth, with recurrent EBITDA increasing by EUR42 million, driven by tariff growth and operating efficiency.
- The Generation business unit experienced a favorable energy scenario, with recurrent EBITDA growing by EUR17 million due to increased hydroelectric and photovoltaic production.
- The price of electricity and gas increased by 14% and 20% respectively in the first 9 months of 2025, compared to the same period last year.
- The net financial position worsened, moving from EUR4.944 billion at the end of 2024 to EUR5.083 billion at the end of September 2025.
- Cash absorption in the first 9 months of 2025 was around EUR140 million, negatively affected by changes in working capital and regulatory receivables.
- The tax rate remained high at 32.5%, influenced by non-recurrent items and disposals.
- Investments in the environment area decreased by EUR28 million compared to the previous year, mainly due to reduced revamping operations.
Good afternoon, ladies and gentlemen. This is the Chorus Call conference operator. Welcome, and thank you for joining the results as of the end of September of the ACEA Group. (Operator Instructions). At this time, I would like to turn the conference over to Mr. Dario Michi, Head of Investor Relations of ACEA.
Ladies and gentlemen, good afternoon, and thank you very much for joining the presentation of the results as at the end of September 2025 of the ACEA Group. Francesco Ragni, CFO and Ms. Valentina Bracaglia, Deputy CFO and Head of Planning, will go through the presentation. I will give the floor now to Pier Francesco for the presentation.
Good afternoon, ladies and gentlemen. As usual, we shall start our presentation by considering the regulatory and market environment. In Water business, we point out the update of the 2-year update of the tariffs, whereas in the Electricity business, we would like
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