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Financial & Economics

The new Business Plan foresees investments totalling €16 billion in the period 2021-2030.
Of this total, the largest sum is earmarked for energy transition (61%, amounting to about €10 billion), with around €6 billion destined to development of the circular economy.

The Group is firmly committed to sustainability: about 70% of overall investments fall into the category of sustainable investments in line with the criteria set out by the EU taxonomy. Ninety percent of investments are in line with the sustainability goals defined by the United Nations (UN SDGs).

In terms of business units, the Energy BU will receive approximately €6 billion (40% of the total), the Environment BU approximately €4 billion (24%) and the Networks BU the remaining 36%. In conclusion, well over half of total investments (73%) concern regulated or contractualized businesses.


Ambitious growth target

by pillar of growth | €B
By business unit | €B

Oriented towards EU taxonomy

By EU taxonomy1 | €B

Note: (1) Prospectus based on Regulation (EU) 2020/852 currently in force

by SDG | €B

Developing new opportunities with reduced volatility

By regulated activities| €B
Regulated opportunity growth
  • Increase in power contractualized with capacity market
  • RAB1 increase in rete elettrica and ciclo idrico
  • New WtE in Central / Southern Italy with regulated models
Medium / long-term contract development
  • WtE in Europe with contractualized model
  • Heat sale with high customer loyalty
  • FER in grid-parity with PPAs2
  • Local services (collection, public lighting, ...) with long-term concessions and reduced volume risk

Note: (1) Regulatory Asset Base - (2) Power Purchase Agreement

Our Business Unit

The Business Plan foresees substantial growth in terms of EBITDA, rising from about €1.18 billion in 2020 to more than €2.5 billion in 2030, with a 2020-2030 CAGR close to 8%.

BU Energy

The EBITDA of the Energy business unit is expected to grow from €0.45 billion in 2020 to €1.2 billion in 2030,  mainly as a result of the strong contribution of new RES capacity, which is being developed along with the customer base, also following the ending of the protected market.

Cumulative CAPEX | €B, 2021-30
ordinary1 EBITDA | €B

Notes: (1) Without allocation of Corporate

BU Waste

The projected strategy for Waste Business Unit is centered on making A2A a leading operator in Italy and Europe in the circular economy by leveraging existing skills and itwill develop through organic growth and acquisitions in treatment plants (mainly Organic Fraction, Biomass) and energy recovery (WtE) increasing profitability from around 0.28 billion euros in 2020 to 0.7 billion euros in 2030.

Cumulative CAPEX | €B, 2021-30
ordinary1 EBITDA | €B

Notes: (1) Without allocation of Corporate

BU Networks

In the Networks Business Unit, EBITDA is expected from 0.45 billion euros in 2020 to 0.8 billion euros in 2030. The important investments planned will be directed above all to the development of the electricity and water networks (with management of purification plants) and the upgrading of district heating.

Cumulative CAPEX | €B, 2021-30
ordinary1 EBITDA | €B

Notes: (1) Without allocation of Corporate

The development of margins is well balanced, not only between the various Business Units but also in terms of the timescale. Growth is already expected starting from the first years with EBITDA, expected to increase (CAGR), between 2020 and 2022, by approximately 7.5%.

Financial strategy 2021-30

The focus on a balanced structure of capital finalized towards keeping the A2A profile at a solid investment grade, which has characterized results in previous years, is confirmed.

The significant investment concentrated in the first part of the Plan is expected to increase the net financial position, which will then, in the second part of the Plan, decrease without, however, determining debt coverage over and above safety thresholds: the FFO/NetDebt ratio is, in fact, expected to remain above 21% for the duration of the Plan, peaking at 29.6% in 2030.

The funding requirements will be managed with the tools most suitable to ensure adequate diversification of sources and investors. The average cost of debt is expected to fall over the next 10 years (<1.5%), thanks to the generalized reduction in taxation.



Use of the capital market to refinance existing and incremental debt, exploiting the most suitable instruments to provide diversification of sources and investors

Expected reduction in the average cost of debt, thanks to the persistence of a context of low interest rates and a «greenium»effect

Increase in the average maturity of the debt thanks to longer maturities on new issues


Investments aligned with the UN SDGs and EU taxonomy allow for new issues of sustainability-linked bonds / green bonds


Note: (1) Values based on the current curve of forward market rates

A2A defines a transformative investment plan maintaining solid credit indicators

The medium-to-long-term ratings assigned to the A2A Group by the two major specialized credit rating agencies are “Baa2” (Moody’s) and “BBB” (Standard & Poor's Global Ratings), with both indicating outlook as “stable”.

FFO / Net Debt | %
Source and uses | €B