Q1 2026 Acea SpA Earnings Call Transcript
Key Points
- ACEA SpA (LTS:0MHD) reported a 4% increase in organic pro-forma EBITDA, driven primarily by regulated businesses.
- The company achieved a 14% growth in organic net income, indicating improved operating performance.
- CapEx net of grants increased by 18%, supporting sustainable long-term infrastructure development.
- The company's financial structure remains robust with a stable net debt-to-EBITDA ratio of 3.3 times.
- The Water business showed strong growth with a 6% increase in organic EBITDA, driven by tariff growth.
- Operating free cash flow was negative at EUR91 million, mainly due to high CapEx and seasonal working capital dynamics.
- The environment business experienced a slight decrease in EBITDA by about EUR3 million due to planned shutdowns.
- Energy prices decreased by 6%, which could impact revenue from energy sales.
- The company's net debt increased slightly from EUR5 billion to EUR5.1 billion as of March 31, 2026.
- There is uncertainty regarding the timing and impact of new regulations and tariffs, which could affect future performance.
(interpreted) Good afternoon. This is the Chorus Call operator. Welcome to the presentation of the results of ACEA as of March 31, 2026. (Operator Instructions)
Let me now give the floor to Mr. Dario Michi, Head of Investor Relations of ACEA, please.
(interpreted) Thank you. Good afternoon, and welcome to the presentation of the results of the first quarter of 2026 of the ACEA Group. Pier Francesco Ragni, Co-General Manager and Valentina Bracaglia, CFO and Planning and Control Manager, will give you a detailed illustration of our results.
Let me now give the word to Mr. Pier Francesco Ragni, the Co-General Manager.
(interpreted) Good afternoon, everyone. As usual, let me give you some information on the regulatory environment. In Water, the main tariff approvals under MTI-4 have been completed by local
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