Skip to main content

A2A, Results at june 30, 2021

Strong growth in margins and investments continued

  • Revenues at 4,060 million euro: +28% compared to the first half of 2020
  • EBITDA at 690 million euro, up by more than 130 million euro (+23%) vs June 30, 2020 (559 million euro) thanks to significant organic growth and M&A transactions
  • Net profit of 340 million euro, +121% compared to last year (154 million euro in the first half of 2020), thanks to the positive non-recurring effects of Legislative Decree 104/2020 (the "Decreto Agosto") and organic growth of over 30%
  • Capex for 413 million euro, +65% compared to the same period of the previous year
  • Net Financial Position of 3,745 million euro, up by 273 million euro compared to December 31, 2020. Net of changes in the scope of consolidation and the impact of the new ESMA guidelines (totalling 437 million euro), the NFP was down by 164 million euro to 3,308 million euro
  • Significant acceleration of Sustainable Finance: inaugural issuance of a Sustainability-Linked bond in July 2021 for 500 million euro; subscription of a 500 million euro Sustainability-Linked credit line with donation mechanism to Banco dell'Energia Onlus and first Share Buyback programme with social implications.
  • Sustainability indicators improvement compared to the first half of 2020:
    • +15% of waste recovered as material or energy and consequently not landfilled
    • +16% of net production of electricity from renewable sources


The Board of Directors of A2A S.p.A. has examined and approved the half year financial report at June 30, 2021


Milan, 30 July 2021 – At today’s meeting of the Board of Directors of A2A S.p.A., chaired by Marco Patuano, the Board examined and approved the Half year financial report at 30 June 2021.

"The results for the first six months of 2021 are excellent in every respect and consolidate the positive trend of the first quarter. The strength and quality of our people and our assets have enabled us to achieve a double-digit growth in revenues and gross operating income, and an unprecedentednet profit" - commented Renato Mazzoncini, Chief Executive Officer of A2A - "We are continuing in the direction outlined in our Strategic Plan: the significant capex made during the period (over 410 million euro, +65% compared to the first half of 2020) and the latest acquisitions made in the field of renewables and environment are concrete evidence of our commitment to energy transition and circular economy. It is a crucial moment for the development of the Country and we want to contribute.”


The excellent economic and financial results recorded in the first half of 2021 have been achieved thanks to a sustained organic growth of all the Group's Business Units and to the M&A transactions concluded in both previous year and current year.

Moreover, in the first half of 2021, A2A operated in a context of a recovery in consumption and a strongly bullish energy scenario, unlike the first half of 2020 which was earmarked, due to the Covid- 19 epidemic, by a sharp fall in demand and a collapse in gas and energy prices. The different scenario, including the hedging adopted by the Group, had a major impact on some economic variables under review.

Prices of energy commodities grew up, with the PUN (Single National Price), PSV gas and CO2 prices doubling. During the first six months of 2021, the PUN (Single National Price) increased by +107.6% compared to the first half of 2020, reaching 66.9€/MWh as a result of the rise in gas and CO2 costs.

The average price of gas to the PSV in the period under review amounted to 21.8€/MWh, up by 137.9% compared to the same period the previous year. CO2 quotations stood at an average price of 43.8€/tonne in H1 2021 (22€/tonne in H1 2020, +99%).

Rising prices and quantities, an excellent performance by all the Group's Business Units and the contribution of newly acquired companies brought to:

  • substantial increase in turnover (+28%);
  • significant growth in operating margins (+24%).

A strong acceleration was given to capex, with an increase of +65% compared to the same period in 2020, reaching more than 400 million euro. In particular, in line with A2A's strategic model based on circular economy and energy transition, development works has been carried out for over 250 million euro (+91% compared to the first half of 2020), aimed at recovering energy and materials, upgrading the distribution networks, water and sewage networks, purification plants, photovoltaic plants and digitalisation.

The acquisitions carried out in the first half of the year also demonstrate the Group's commitment to contribute to sustainable development, enabling, for example, a strengthening in the field of bioenergy and the increase in installed capacity from renewable sources by 173MW, which is added to the 111MW already held by A2A and the 8.2MW of wind power capacity acquired at the end of 2020 (Flabrum). At June 30, 2021, the Group has a total installed capacity from renewable sources (hydroelectric, photovoltaic and wind) of 2,235MW, an increase of 14% compared to the corresponding period in 2020.


For further information:
A2A – Media Relations
Giuseppe Mariano
Media Relations, Social Networking and Web Manager
Silvia Merlo - Silvia Onni
Press Office
Tel. [+39] 02 7720.4583

A2A – Investor Relations
Tel. [+39] 02 7720.3974