Energy generation and distribution: approx. 50%
Waste management and environment: approx. 30%
Networks and district heating: approx. 20%

TOP 3 markets:

1. Italy: approx. 85%
2. Spain: approx. 10%
3. France: approx. 5%

A2A S.p.A. generates the majority of its revenues from energy generation and distribution, which accounts for about half of total income. This includes both electricity production and its sale to end customers. Another significant area is waste management and the environment, contributing around 30% of revenues. This involves services in waste disposal and recycling.

The home market Italy is the dominant market for A2A with a share of 85%. Spain and France follow with significantly lower shares, highlighting the company's strong focus on the Italian market.

Production Sites: Italy (As of 2023)

A2A S.p.A. is a leading energy company in Italy, mainly active in the areas of energy generation, distribution, and sales. The company operates various power plants and infrastructures for energy generation, including thermal, hydroelectric, and renewable energy facilities. The main production sites are located in Italy, where A2A plays a significant role in the national energy market.

A2A continuously invests in expanding renewable energies and modernizing its facilities to increase energy efficiency and reduce environmental impact.

Revenue Growth: Estimated at 4-5% annually (2025 based on historical data and market trends)

Investments in Renewable Energies: 3 billion euros by 2030 (company goal)

A2A S.p.A. is pursuing a growth strategy that strongly focuses on sustainability and the expansion of renewable energies. The company plans to make significant investments in renewable energies to expand its capacities in this area. This includes both the expansion of wind and solar energy.

In addition, A2A is focusing on digitizing its services to achieve efficiency gains and increase customer satisfaction. By leveraging new technologies and digital platforms, operational efficiency is expected to improve and service quality to be enhanced.

Another key focus is on diversifying the energy portfolio to reduce dependence on fossil fuels and lower CO2 emissions. These measures are part of a comprehensive plan to support the energy transition and achieve the company's sustainability goals.

Main raw materials: Natural gas, coal, biomass

Countries of origin:

• Natural gas: Russia, Norway, Algeria
• Coal: South Africa, Colombia, USA
• Biomass: European countries (e.g. Germany, Austria)

A2A S.p.A. is a significant energy company in Italy that heavily relies on the use of natural gas and coal for energy generation. Natural gas is mainly imported from Russia, Norway, and Algeria to ensure supply security. Coal imports come from countries such as South Africa, Colombia, and the USA, known for their extensive coal reserves.

In addition, A2A focuses on renewable energies and imports biomass from European countries to increase the sustainability of their energy production. This diversification of raw material sources helps the company minimize risks in the supply chain and reduce environmental impacts.

Market share in Italy: 15% (estimated, 2025)
EBITDA margin: 20% (2024)
Investments in renewable energies: 1.5 billion euros (2023)

A2A S.p.A. has a significant competitive advantage in the Italian energy market, supported by several factors. The estimated market share of 15% in Italy indicates that the company has a strong presence and is capable of effectively marketing its services.

The EBITDA margin of 20% in 2024 suggests that A2A operates efficiently and is able to generate solid profits from its revenues. This is an indicator of strong operational performance and cost efficiency.

Another important aspect is the investment of 1.5 billion euros in renewable energies in 2023. These investments position A2A well for future growth, especially given the global shift towards more sustainable energy sources. Through these strategic investments, the company can strengthen its market position and compete against competitors who may invest less in renewable energies.

Institutional Investor Share: Approximately 60% (estimated, 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated, 2025)

The institutional investor share in A2A S.p.A. is estimated to be around 60%. This reflects the confidence of larger investors in the company's stability and growth potential.

In 2025, there were no significant insider buys or sells, indicating that the management and other insiders do not expect significant changes in the company's valuation. This can be seen as a sign of stable corporate governance and balanced market expectations.

Market share of A2A S.p.A.: 12% (estimated for 2025)

Top competitors and their market shares:

1. Enel S.p.A.: 30%
2. Iberdrola S.A.: 25%
3. Engie S.A.: 15%
4. A2A S.p.A.: 12%
5. Edison S.p.A.: 8%
6. Hera S.p.A.: 5%
7. Acea S.p.A.: 3%
8. Terna S.p.A.: 2%

Moat of A2A S.p.A.:

A2A S.p.A. has a moderate moat, mainly due to its strong regional presence in Northern Italy and its diversification in the areas of energy generation, distribution, and services. This diversification provides a certain level of stability and resilience to market fluctuations.

Compared to larger competitors like Enel and Iberdrola, which have a global presence and extensive investments in renewable energies, A2A's moat is less pronounced. These companies benefit from economies of scale and broader geographic diversification, giving them a significant competitive advantage.

However, A2A could strengthen its moat through targeted investments in renewable energies and technological innovations. A focus on sustainability and adaptation to regulatory changes could also contribute to improving its competitive position.

Revenue Growth: 3.5% (2024) EBITDA Margin: 22% (2024) Net Debt to EBITDA Ratio: 1.8 (2024)

A2A S.p.A. recorded a revenue growth of 3.5% in 2024, indicating stable demand in its core segments. The EBITDA margin of 22% shows that the company operates efficiently and is able to generate solid profits from its revenues.

The net debt to EBITDA ratio of 1.8 suggests that A2A S.p.A. has a moderate level of debt, which can be considered healthy compared to other companies in the utilities sector. This provides the company with financial flexibility for investments and expansions.

In summary, A2A S.p.A. appears to be a potentially attractive investment due to its stable financial performance and solid margins. However, investors should also consider the long-term strategic plans and market conditions to make an informed decision.

Dividend yield: 5.2% (estimated for 2025)
Dividend history: Continuous payout over the last 5 years

A2A S.p.A. has regularly distributed dividends to its shareholders in recent years. The dividend yield is currently around 5.2%, which is considered attractive compared to other companies in the utilities sector.

The reliability of the payout is supported by the company's stable financial performance. A2A has demonstrated a solid earnings base in recent years and shows strong operational efficiency. This suggests that the company should be able to maintain or even increase dividends in the future.