Reported Earnings • May 17
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.069. Revenue: €4.55b (up 15% from 1Q 2025). Net income: €216.0m (down 16% from 1Q 2025). Profit margin: 4.7% (down from 6.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Integrated Utilities industry in Europe. Upcoming Dividend • May 11
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 43% and the cash payout ratio is 76%. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.0%). Tillkännagivande • May 07
A2A S.p.A. (BIT:A2A) acquired 6 MW wind farm in Sardinia Italy. A2A S.p.A. (BIT:A2A) acquired 6 MW wind farm in Sardinia Italy on April 28, 2026.
Davide Pelloso of L&B Partners Studio Legale Associato acted as legal advisor to A2A S.p.A. Matteo Aldeghi of L&B Partners Studio Legale Associato acted as legal advisor to Das Wind in the transaction.
A2A S.p.A. (BIT:A2A) completed the acquisition of 6 MW wind farm in Sardinia Italy on April 28, 2026. Declared Dividend • Mar 20
Dividend increased to €0.10 Dividend of €0.10 is 4.0% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (39% earnings payout ratio) and cash flows (76% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 19
A2A S.p.A. announces Annual dividend, payable on May 20, 2026 A2A S.p.A. announced Annual dividend of EUR 0.1040 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Reported Earnings • Mar 18
Full year 2025 earnings released Full year 2025 results: Revenue: €14.0b (up 11% from FY 2024). Net income: €750.0m (down 13% from FY 2024). Profit margin: 5.3% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Integrated Utilities industry in Europe. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risks High level of debt (83% net debt to equity). Dividend is not well covered by cash flows (235% cash payout ratio). Reported Earnings • Aug 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €2.92b (up 14% from 2Q 2024). Net income: €177.0m (down 9.2% from 2Q 2024). Profit margin: 6.1% (down from 7.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Integrated Utilities industry in Europe. New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.1% per year for the foreseeable future. Minor Risks High level of debt (88% net debt to equity). Dividend is not well covered by cash flows (121% cash payout ratio). Tillkännagivande • Jul 02
Ascopiave S.p.A. (BIT:ASC) completed the acquisition of Gas network assets from A2A S.p.A. (BIT:A2A). Ascopiave S.p.A. (BIT:ASC) signed a preliminary purchase agreement to acquire Gas network assets from A2A S.p.A. (BIT:A2A) for €430 million on December 19, 2024. A cash consideration of €430 million will be paid by Ascopiave S.p.A. As part of consideration, €430 million is paid towards assets of Gas network assets of A2A S.p.A. Ascopiave will finance the acquisition mainly through the resources derived from the exercise of the put option on its minority stake in EstEnergy and, for the remaining part, through the assumption of new financial debt.
For the period ending December 31, 2023, Gas network assets of A2A S.p.A. reported EBITDA of €44 million.
The deal is subject to the occurrence of conditions precedent as usual for this type of transaction, including the so-called Golden Power procedure. The closing is expected by July 2025.
Ascopiave S.p.A. (BIT:ASC) completed the acquisition of Gas network assets from A2A S.p.A. (BIT:A2A) on June 30, 2025. Reported Earnings • May 15
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.082. Revenue: €3.97b (up 16% from 1Q 2024). Net income: €257.0m (down 13% from 1Q 2024). Profit margin: 6.5% (down from 8.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.7% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to grow by 3.8%. Upcoming Dividend • May 12
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (5.2%). Declared Dividend • Mar 23
Dividend increased to €0.10 Dividend of €0.10 is 4.4% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 4.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 60% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 21
Full year 2024 earnings released Full year 2024 results: Revenue: €12.9b (down 12% from FY 2023). Net income: €864.0m (up 32% from FY 2023). Profit margin: 6.7% (up from 4.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to grow by 3.6%. Tillkännagivande • Mar 21
A2A S.p.A. announces Annual dividend, payable on May 21, 2025 A2A S.p.A. announced Annual dividend of EUR 0.1000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Buy Or Sell Opportunity • Feb 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €2.27. The fair value is estimated to be €1.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to decline by 3.1% per annum. Earnings are also forecast to decline by 7.7% per annum over the same time period. Buy Or Sell Opportunity • Jan 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to €2.28. The fair value is estimated to be €1.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to decline by 3.1% per annum. Earnings are also forecast to decline by 7.7% per annum over the same time period. Tillkännagivande • Nov 26
A2A S.p.A. to Report First Half, 2025 Results on Jul 31, 2025 A2A S.p.A. announced that they will report first half, 2025 results on Jul 31, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.071. Revenue: €3.11b (up 3.6% from 3Q 2023). Net income: €224.0m (up 56% from 3Q 2023). Profit margin: 7.2% (up from 4.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €2.67b (down 5.4% from 2Q 2023). Net income: €195.0m (up 86% from 2Q 2023). Profit margin: 7.3% (up from 3.7% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to grow by 2.6%. Buy Or Sell Opportunity • Jul 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.7% to €1.96. The fair value is estimated to be €1.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to decline by 2.4% per annum. Earnings are also forecast to decline by 10% per annum over the same time period. Buy Or Sell Opportunity • Jun 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €1.97. The fair value is estimated to be €1.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to decline by 2.5% per annum. Earnings are also forecast to decline by 12% per annum over the same time period. Buy Or Sell Opportunity • May 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to €1.98. The fair value is estimated to be €1.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 4.3%. For the next 3 years, revenue is forecast to decline by 5.6% per annum. Earnings are also forecast to decline by 5.8% per annum over the same time period. Upcoming Dividend • May 13
Upcoming dividend of €0.096 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (5.5%). New Risk • Apr 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.3% per year for the foreseeable future. Minor Risks High level of debt (82% net debt to equity). Paying a dividend despite having no free cash flows. Tillkännagivande • Mar 26
A2A S.p.A., Annual General Meeting, Apr 24, 2024 A2A S.p.A., Annual General Meeting, Apr 24, 2024, at 10:00 Central European Standard Time. Location: the Museo Diocesano di Brescia in Brescia, via Gasparo da Salò Brescia Italy Agenda: To Approval of the financial statements for the year ended December 31, 2023; Reports of he Board of Directors, the Board of Statutory Auditors and the Independent Auditors Submission of the consolidated financial statements ending December 31, 2023 Presentation of the non-financial Consolidated Statement under Legislative Decree no.254/2016 and related Supplement Integrated Financial Statements 2023; to discuss Allocation of the 2023 profit and distribution of the dividend; and to discuss other matters. Declared Dividend • Mar 15
Dividend increased to €0.096 Dividend of €0.096 is 6.0% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.8%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 15
A2A S.p.A. to Report Fiscal Year 2023 Results on Mar 15, 2024 A2A S.p.A. announced that they will report fiscal year 2023 results on Mar 15, 2024 Buy Or Sell Opportunity • Jan 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to €1.82. The fair value is estimated to be €1.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has declined by 9.6%. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings are also forecast to grow by 8.3% per annum over the same time period. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.046. Revenue: €3.00b (down 57% from 3Q 2022). Net income: €144.0m (up 8.3% from 3Q 2022). Profit margin: 4.8% (up from 1.9% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Tillkännagivande • Nov 01
A2A S.p.A., Annual General Meeting, Nov 29, 2023 A2A S.p.A., Annual General Meeting, Nov 29, 2023, at 08:00 Coordinated Universal Time. Location: Auditorium of the A2A waste disposal plant in Brescia, via Malta 25/r United Kingdom United Kingdom Agenda: To consider and appoint Board Director pursuant to Article 18 of the Bylaws; to consider and approve proposed amendment of the 2023 Remuneration Policy; to consider and approve 2023 - 2025 Long-Term Variable Incentive Plan and to consider and approve other business matters. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 2.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (99% net debt to equity). Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €2.90b (down 32% from 2Q 2022). Net income: €105.0m (down 58% from 2Q 2022). Profit margin: 3.6% (down from 5.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 6.7% p.a. on average during the next 3 years compared to a 1.3% decline forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 15
Upcoming dividend of €0.09 per share at 5.3% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (5.4%). Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: €23.2b (up 103% from FY 2021). Net income: €365.0m (down 28% from FY 2021). Profit margin: 1.6% (down from 4.5% in FY 2021). Revenue is expected to fall by 6.2% p.a. on average during the next 3 years compared to a 3.6% decline forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Non-Executive Vice Chairman of the Board Giovanni Comboni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €4.28b (up 130% from 2Q 2021). Net income: €251.0m (up 23% from 2Q 2021). Profit margin: 5.9% (down from 11% in 2Q 2021). Over the next year, revenue is expected to shrink by 5.5% compared to a 6.2% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €1.29, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Integrated Utilities industry in Europe. Total loss to shareholders of 2.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.70 per share. Buying Opportunity • Jun 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €1.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings is also forecast to grow by 6.4% per annum over the same time period. Upcoming Dividend • May 16
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 50% and the cash payout ratio is 81%. Trailing yield: 5.0%. Within top quartile of British dividend payers (4.9%). In line with average of industry peers (4.7%). Reported Earnings • May 02
Full year 2021 earnings released: EPS: €0.17 (vs €0.12 in FY 2020) Full year 2021 results: EPS: €0.17 (up from €0.12 in FY 2020). Revenue: €11.4b (up 70% from FY 2020). Net income: €508.0m (up 37% from FY 2020). Profit margin: 4.5% (down from 5.5% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 28% compared to a 1.0% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Lead Independent Non-Executive Director Vincenzo Cariello was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 17
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 4.7%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (3.9%). Reported Earnings • May 13
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €6.67b (down 6.8% from FY 2019). Net income: €366.0m (down 5.7% from FY 2019). Profit margin: 5.5% (up from 5.4% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Feb 06
New 90-day high: €1.46 The company is up 29% from its price of €1.13 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Integrated Utilities industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.28 per share. Is New 90 Day High Low • Jan 20
New 90-day high: €1.37 The company is up 20% from its price of €1.14 on 22 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Integrated Utilities industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.06 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €1.32 The company is up 7.0% from its price of €1.24 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Integrated Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.02 per share. Is New 90 Day High Low • Nov 26
New 90-day high: €1.28 The company is up 3.0% from its price of €1.24 on 28 August 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.72 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations Revenue exceeded analyst estimates by 19%. Over the next year, revenue is forecast to grow 9.2%, compared to a 6.8% growth forecast for the Integrated Utilities industry in the United Kingdom. Is New 90 Day High Low • Oct 16
New 90-day low: €1.16 The company is down 7.0% from its price of €1.25 on 17 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.04 per share. 
