Funding needs: 7.6 €B between 2024 and 2035
Use of the capital markets to refinance existing and incremental debt, exploiting the most suitable instruments to provide diversification of sources and investors
The industrial synergies between our businesses enable the creation of ecological transition models.
The quality and renewal of our assets make the generation of value for stakeholders and territories tangible.
Portfolio of activities, excellent positioning for critical mass and quality of assets.
Generation
~2.5 GW of RES installed capacity
Hydroelectric capacity
Photovoltaic capacity
Wind capacity
Thermoelectric capacity
Market
Leader for quality and customer satisfaction
Electricity Customers
Gas Customers
National operator in energy and material recovery
Inhabitants served
Waste collected
Waste disposed of
Electricity generated by WTE and other plants
Heat generated by WTE and other plants
Networks
Incumbent in the key areas
Electricity distributed
Gas distributed
Water distributed
Electricity RAB
Gas RAB
Water cycle RAB
Heat
1st domestic operator
Heat volumes sales
Electricity production from cogeneration plants
In 2023, the A2A Group achieved excellent economic and financial results thanks to the excellent performance of the Generation & Trading and Market Business Units and the positive contribution of the other Business Units, ending the year with the best results ever and a net profit up 64% compared to 2022.
We develop infrastructures on our territories to support people and businesses in electrification and decarbonisation by encouraging circular economy models
The 2024-2035 Strategic Plan relaunches the Group's objectives
Electricity network RAB @2035
Renewables @2035
Waste treated @2035
CAPEX 2024-35
EBITDA @ 2035
Net Income @2035
The Strategic Plan is based on a considered and selective capital allocation to ensure sustainable growth in profitability, based on three guidelines:
Use of the capital markets to refinance existing and incremental debt, exploiting the most suitable instruments to provide diversification of sources and investors
The cost of debt, thanks to careful management, is always kept below 3.5%
Over the plan horizon, the average duration of debt is always expected to be above five years, thus reducing the refinancing risk
The Plan's Financial Strategy will further increase the weight of Sustainable Finance to more than 80% in 2026, more than 90% in 2030 and reach a fully sustainable debt share in 2035.
%
2023-35
Note
* Methodology based on cash FFO
During the year, the Group was able to benefit from a gradual stabilization of the energy context in which it operates: 2023, in fact, saw an easing of the strong tensions on the energy markets that had characterized 2022, with wholesale electricity and gas prices falling significantly. The PUN (Single National Price) Base load decreased by 58% (from 303.1 €/MWh in 2022 to 127.4 €/MWh in 2023, aligning with 2021 levels) and the average cost of gas at the PSV by 65.3% (from 121.9 €/MWh to 42.3 €/MWh).
In this context, the A2A Group has adopted effective hedging strategies, optimized its integrated electricity production portfolio and launched profitable commercial actions, consolidating and expanding its customer base.
During the year we accelerated investments for the improvement and strengthening of the electricity distribution networks, the growth of renewable production -in particular from wind and photovoltaic-, the flexibility of generation plants and the recovery of materials and energy.
The A2A Group constantly monitors the evolution of the context, which remains characterised by high economic and geopolitical uncertainty and, as done in other situations of volatility, promptly identifies possible mitigating actions, aimed at greater protection of the economic and financial position.
In 2023, A2A achieved excellent economic and financial results thanks to the excellent performance of the Generation & Trading and Market Business Units and the positive contribution of the other Business Units.
The significant improvement in the economic and financial indicators has allowed us to revise upwards the Group's guidance 2023. It is expected that the Group will achieve:
During 2023, A2A gave a further boost to the development of Sustainable Finance instruments, continuing on the path traced in previous years. During the first half of the year, A2A issued a new 500 million euro Green Bond, the net proceeds of which will be used to finance Eligible Green Projects.
We are proceeding with conviction in the direction outlined in our new Business Plan, aimed at fostering the decarbonisation and electrification of consumption: in 2024, the Group will continue to maintain a strong push on organic capex in order to generate balanced and sustainable growth over time, investing approximately 1.4 billion euro, in line with 2023.
The record-high profit for the financial year 2023 made it possible to propose the distribution of a dividend of 0.0958 euro per share, corresponding to a total dividend of approximately 300 million euro, up 6% compared to the dividend distributed in 2023 (0.0904 euro per share).
The dividend policy envisages sustainable growth of the dividend per share of at least 3% per year over the Plan period.
€c
Sustainable dividend growth
Note:
* Dividend distribution proposal for 2023 is subject to AGM approval
Useful resources
Services
A2A S.p.A. - P.I. 11957540153