A2a the best of the FTSE Mib after disclosure of accounts, margins above expectations
Analysts appreciated the coupon of EUR 0.104 up by 4 per cent and the forecast for year-end
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(Il Sole 24 Ore Radiocor)A2a accelerates the pace after the first indications on the 2025 numbers with margins coming in at the high end of the company's expectations, the confirmation of estimates and a rising dividend. The stock, already solidly up with the entire utility sector, is leading the Ftse Mib.
A2A ended 2025 with EBITDA of EUR 2.24bn, down 4% on 2024, mainly due to the normalisation of hydroelectric production. Net of this effect, ebitda is up 4% and is still above the guidance provided by the group. The range provided by the company was in fact EUR 2.17-2.20 billion. The group's net profit was expected to be between EUR 0.68bn and EUR 0.70bn and came in at EUR 686m, down 1% net of the normalisation of hydroelectric production. The dividend increased by 4% to EUR 0.104 per share (from EUR 0.10) and for a total dividend payout of almost EUR 326m. For 2026, the company estimates EBITDA of EUR 2.21-2.25bn and net adj profit of EUR 0.63-0.66bn, in line with guidance.
"The year 2025 was still characterised by a complex and volatile energy scenario during which even green policies and Esg values seem to have lost their centrality. In this context A2A continued to demonstrate adaptability and execution, confirming the Group's industrial and financial solidity," said CEO Renato Mazzoncini, commenting on the 2025 figures.
