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EBITDA at 1,204 million euro (1,234 at 31 December 2019) thanks to a significant recovery seen in the fourth quarter (+10%)

  • Ordinary EBITDA amounted to 1,191 million euro, aligned with 2019, despite the highly critical context in 2020
  • Net profit amounted to 364 million euro (389 million last year)
  • Capex at 738 million euro, +18% compared to 2019, 80% are consistent with the UN 2030 Agenda goals (SDGs) and approximately 40% relating to the circular economy, confirming the Group’s commitment to promote sustainable growth
  • Net Financial Position stands at 3,472 million euro (3,154 million euro at 31 December 2019). Excluding perimeter changes, the NFP came to 3,327 million euro
  • Improvement in Sustainability indicators:
    • 99.7% of municipal waste collected recovered as material or energy
    • 3.9 TWh in green energy sold to end customers
    • CO2 emissions reduced by 1 million tonnes
    • accident rate down by 17%


Dividend proposed to the Shareholders’ Meeting of 0,08 euro per share up 3.2% compared to the previous year


Milan, 18 March 2021 – At today’s meeting, the Board of Directors of A2A S.p.A., chaired by Marco Patuano, examined and approved the drafts of the Separate financial statements and of the Consolidated annual financial report at 31 December 2020.

"In a year characterised by the pandemic emergency, the Group has recorded positive results in line with the previous year, as confirmation of its solidity. A2A has continued, throughout the year, to guarantee essential services to citizens, demonstrating capacity to react, great professionalism and a sense of responsibility in its people” A2A’s Chief Executive Officer, Renato Mazzoncini, declared “2020 has also been a year of record capex, of 738 million euro, up on the previous year and 80% consistent with the 2030 UN Agenda goals. The proposal of a dividend growing on 2019 provides further evidence of A2A’s attention to shareholders and confirms full confidence in a business model based on sustainable development and the creation of value, as envisaged by the 2021-2030 Business Plan".

The results declining during the first half of the year as economic activities were put on hold by the public health authorities, evidenced a partial recovery over the following months.

The impacts of the economic emergency for the A2A Group were distributed unevenly during the year and differently in the areas of activity: lower impact for regulated activities and with a greater weighting for those more exposed to the price and consumption dynamics.

As regards energy consumption in particular, the net demand for electricity in Italy in 2020 was 302,751 GWh, showing a decline of 5.3% on the volumes recorded for the previous year; in the year just ended, moreover, the demand for natural gas dropped by 4.1% on 2019, coming in at 70,727 Mcm, the lowest booked in the last four years.

In respect of energy commodity prices, in 2020, the decreasing trend already in progress late 2019, was emphasized by the health emergency. The PUN (single nationwide price) recorded a decline of 25.7%, coming in at € 38.9/MWh: values marked an all-time low in May (€ 21.79/MWh) before then rising and in December reach € 54/MWh. Declining average values were also recorded for prices in high load time slots (-23.6% for the Peak Load PUN reaching 44.6 €/MWh).

The average price of gas to the PSV (Virtual Exchange Point) for 2020 amounted to € 10.4/MWh, down 35.5% compared to last year. More specifically, a downward trend is seen concentrated in the first half of 2020, with all-time lows in June (€ 5.9/MWh) and a rise, with a peak of € 16.3/MWh, in December.

The above economic environment, the need to ensure operating continuity and the objective to the country’s sustainable development, entailed:

  • a decrease in turnover (-6.3%);
  • stable ordinary margins recorded, thanks to appropriate hedging of energy production in the months prior to the pandemic and action taken to mitigate the negative effects of the health emergency, constantly providing high quality standards of service supplied and employee safety;
  • a significant increase in capex (+18% on 2019). In 2020, the Group invested 738 million, allocating most of the resources to environmental sustainability. Approximately 80% of capex, in fact, are remarked as “sustainable”, in line with the UN 2030 Agenda goals (SDGs). Consistently with the A2A strategy, capex are based on two pillars: circular economy and the energy transition. More specifically, around 40% concern the recovery of goods and energy, the reduction of water wastage and the extension of the capacity to purify water, with a view to assure a successful circular economy.