Q1 2026 A2A SpA Earnings Call Transcript
Key Points
- A2A SpA (AEMMY) maintained financial resilience with a stable net financial position of EUR5.6 billion and a leverage ratio of 2.5.
- The company achieved a 21% growth in development CapEx, focusing on renewable energy and power grid improvements.
- A2A SpA (AEMMY) reported a solid EBITDA of EUR647 million, driven by higher renewable energy production and strong performance in market and electricity distribution.
- The company successfully hedged 70% of its 2026 renewable generation, providing full visibility for the year.
- Electricity demand in Lombardy showed double-digit growth, indicating a positive trend in energy consumption.
- The energy market faced uncertainty and volatility due to geopolitical tensions and rising energy costs.
- EBITDA in Generation and Trading decreased by EUR22 million compared to Q1 2025, impacted by higher hydroelectric concession fees and lower achieved prices.
- The circular economy segment experienced a decrease in adjusted EBITDA due to lower margins in the Treatment segment and maintenance activities.
- The company's adjusted group net profit decreased by 11% compared to 2025, affected by lower taxable base and increased D&A expenses.
- Competitive pressure in the market led to lower unitary margins in the supply business, impacting profitability.
Hello, ladies and gentlemen, and welcome to the A2A 2026 Q1 results presentation conference call. My name is Zach, and I will be your operator for today's event. Please note this conference is being recorded. (Operator Instructions)
I will now hand you over to your host, Marco Porro, Head of Investor Relations to begin the conference. Please go ahead.
Good afternoon, everyone, and thank you for joining for the first quarter 2026 results. Today, the results will be illustrated by our CEO, Mr. Renato Mazzoncini; and the CFO, Luca Moroni. I will immediately lead the floor to Renato.
Okay. Thank you. Thank you, and good afternoon, everyone. Thank you for joining our call today. I'll start with a statement, Alfred North Whitehead once said that the art of progress is to preserve order amid change, and to preserve change amid order.
And let's say, in the last three
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