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Shareholding Structure

At 31 December 2021, A2A share capital amounts to 1,629 million euros, divided into 3,132,905,277 shares with a par value of 0.52 euro each. All shares are voting shares, although - as laid down in art. 9 of by-laws - no individual shareholder other than the Municipality of Milan and the Municipality of Brescia may hold an equity interest exceeding 5% of the share capital. Should such ceiling be exceeded, the voting right attached to the shares held in excess of 5% of the share capital may not be exercised. 

On 29 April 2021 A2A Shareholders’ Meeting confirmed the purchase and disposal of treasury shares. A2A currently didn’t holds own shares.

Main shareholders

  31 december 2021 31 december 2020
Municipality of Brescia 25% 25%
Municipality of Milan 25% 25%
Other shareholders / Market 50 % 46.2%
A2A S.p.A. (Treasury Shares)  0 % 0.8%

After 31 December 2021 no changes in relevant shareholders (stakes higher than 3% of the share capital) have occurred

 

Shareholders breakdown by ownership clusters

Cluster Number of shareholders % Number of ordinary shares %
1 - 100 2,639 3% 115,702 0.0%
101 - 500 9,381 12% 4,402,253 0.1%
501 - 1,000 14,816 20% 14,258,897 0.5%
1,001 - 5,000 32,298 43% 84,794,564 2.7%
5,001 - 10,000 8,338 11% 57,345,883 1.8%
10,001 - 50,000 6,538 9% 118,944,205 3.8%
50,001 - 100,000 744 1% 46,232,224 1.5%
100,001 - 500,000 637 1% 127,181,553 4.1%
500,001 - 1,000,000 154 0% 101,376,449 3.2%
1.000.001 - 99,999,999,999 196 0% 2,578,253,546 82.3%
Totale 75,741 100% 3,132,905,276 100%

A2A shareholders are more than 75,000, split into institutional and retail investors.

Institutional investors represent around 33.6% of the share capital (33.9% in 2020). 28.9% of the free float owned by institutional investors is held by US investors, 24.9% by Italian investors, 13.1% by French investors and 8.4% by investors based in Luxembourg. Other relevant countries are Germany (5.4%), UK (5.1%), Ireland (2.2) and Netherlands (2.2%).

The retail investors are more than 74,000 and own 13.5% percent of the share capital (in 2020 they represented the 11.6%). 99% of the retail investors live in Italy and in particular 58.1% of them are in Lombardy, the region where historically A2A has been more active. Investors from the provinces of Milan and Brescia own respectively 26% and 13.3% of the total retail shareholding. The above-mentioned data are based on the shareholders register updated at 26 May 2021 (dividend payment date).

For further information about the shareholders that hold, directly or indirectly, a significant stake in the company (i.e., more than 3% of the share capital), please visit the Consob website