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Acea Earnings Release 2025
4350_rns_2025-11-13_57fca161-91ff-4f8a-89df-cc2de3ef92d8.pdf
Earnings Release
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Press Release
ACEA, 9M2025 RESULTS APPROVED
STRONG GROWTH IN RESULTS ENABLES UPWARD REVISION OF 2025 EBITDA GUIDANCE
WITH AROUND 95% OF EBITDA DERIVING FROM REGULATED BUSINESSES, THE GROUP CONSOLIDATES ITS ROLE AS INFRASTRUCTURE OPERATOR STRONGLY FOCUSED ON SUSTAINABILITY AND INNOVATION
9M2025 RESULTS1
from 1 January 2024.
- Capex: growing to €1,010m (+6% versus 9M2024), primarily focused on regulated businesses2 (representing 89% of total, 95% excluding ACEA Energia).
- Proforma EBITDA: €1,084m, +8% versus proforma 9M2024 (recurring proforma EBITDA €1,069m, +10%), mainly driven by the performance of regulated businesses, which account for 95% of Group EBITDA.
- Net profit €415m, +46% versus 9M2024 including the capital gain generated by the sale of the High Voltage grid (Recurring net profit €301m, +8%).
- Proforma Net Debt/LTM EBITDA ratio3 equal to 3.39x (3.34x at 31 December 2024) in line with 2025 guidance.
- Upward revision of 2025 proforma EBITDA guidance to +8%/+10% (previously +6%/+8%) versus 2024 restated figure, owing to the strong growth in results posted during the first nine months of the year.
* * *
• Water: ongoing evolution towards even more efficient and innovative management of water resources, also by introducing advanced solutions, enhancing sustainability and
In accordance with IFRS 5, Acea Energia is classified as a "discontinued operation" as it is expected to be disposed of within the first half of 2026. This classification entails, among the others, the synthetic consolidation of Acea Energia's income statement represented in a single separate item in Acea's consolidated income statement, "Net Result from Discontinued Operations". To provide a more meaningful analysis of the Acea Group's financial performance, Acea's pro forma consolidated income statements for the periods ended September 30, 2025, and 2024 (the "Pro Forma Consolidated Statements") have been prepared. These statements simulate, using valuation criteria consistent with those adopted by the Company, the main economic effects of the Sale, restoring, with the sole exception of dividends, intercompany transactions with discontinued operations in order to obtain a representation of the results of continuing operations as if the discontinued operations had been deconsolidated, as well as to simulate the consolidation of Acquedotto del Fiora at equity in the first nine months of 2024. In particular, in line with the IFRIC's discussion regarding the elimination of intercompany balances between continuing operations and discontinued operations, the following pro forma adjustments have been made: 1) the income statement balances for the periods in question relating to transactions between Acea group companies and Acea Energia have been reinstated, as it is believed that these operations will continue even after the disposal (such balances, where applicable, have in fact been eliminated in the consolidation process) and 2) the accounting for Acquedotto del Fiora using the equity method has been adopted starting
For the first nine months of 2025, reported revenues and EBITDA reached 2,076mln€ and 1,071mln€, respectively.
2 Includes, in addition to the Water Italy and Grids regulated businesses, the Public Lighting and Environment businesses.
3 The proforma Net Debt takes into account (i) the impact of the future payment to be received for the sale of ACEA Energia (considering the binding offer enterprise value corresponding to 460 million Euro, net cash recognised in the amount of 128.5 million Euro against ACEA Energia's reported net cash equal to around 213.9 million Euro as at 31.12.24, in addition to the cash variations occurred during the first nine months of 2025 and the NFP reclassified under discontinued operations); (ii) as regards 2024, the sum received for the sale of the High Voltage grid to Terna in the amount of 227 million Euro (excluding ARERA's premium which will be received in 2026) and equity consolidation of AdF from January 1st.; LTM EBITDA (Last Twelve Months) assuming the pro-forma value net of HV.
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ensuring reliable essential services of value to the community. Moreover, the growth path continues via strategic projects and participation in tenders for new concessions.
- Electricity: the transition towards a more resilient, efficient and digitalised distribution network continues, also facilitated by the utilisation of new technologies, starting with robotics and artificial intelligence.
- Environment: successfully launched preparatory activities for the construction of Rome's waste-to-energy plant, a fundamental infrastructure for innovative and efficient waste management.
Rome, 13 November 2025 – Today's meeting of ACEA's Board of Directors, chaired by Barbara Marinali, approved the Interim Report for the nine months ended 30 September 2025.
ACEA's CEO, Fabrizio Palermo, commented: "Owing to the strong improvement in results achieved during the first nine months of the year, ACEA confirms the organic and sustainable growth path announced to the markets, through the optimisation of processes, operations and products. Ordinary EBITDA and net profit are increasing, as are investments. These results demonstrate the effectiveness of our managerial actions: we have enhanced the company's soundness from a financial and industrial perspective. The broad visibility we have today of the Group's performance permits us to carry out an upward revision of 2025 EBITDA guidance".
CONSOLIDATED FINANCIAL HIGHLIGHTS4
| (€m) | 9M2025 | 9M2024 | % change |
|---|---|---|---|
| Proforma consolidated revenues | 2,208 | 2,061 | +7% |
| Proforma EBITDA | 1,084 | 1,000 | +8% |
| Proforma recurring EBITDA | 1,069 | 973 | +10% |
| Group net profit (after non-controlling interests) | 415 | 285 | +46% |
| Recurring Group net profit (after non-controlling interests) | 301 | 278 | +8% |
| Capex | 1,010 | 952 | +6% |
| (€m) | 30/09/25 | 31/12/24 | % change |
| Reported Net Debt | 5,083 | 4,9445 | +3% |
| Proforma Net Debt6 | 4,693 | 4,343 | +8% |
PROFORMA EBITDA GUIDANCE FOR 20257 INCREASED (excluding the results from ACEA Energia's perimeter subject to sale, reclassified as a "Discontinued Operation")
• Upward revision of growth in proforma EBITDA to +8%/+10% compared to 2024 restated figure of 1,281 million Euro (calculated by adjusting the restated value provided when the guidance for 2025 was released last March, namely 1,428 million Euro, to take account of the
4 Based on the provisions set forth by IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", the comparative consolidated income statement data at 30 September 2024 have been restated to reflect the classification of ACEA Energia as a "discontinued operation", carried out during the nine-month period ended 30 September 2025.
Insofar as concerns proforma data, reference is made to the previous page.
5 Net financial debt at 31 December 2024 (4,954 million Euro) has been adjusted to reflect the deconsolidation of Umbria Energy's debt shown under "Discontinued Operations".
6 See note on previous page.
7 2025 EBITDA guidance: excludes the contribution from HV in 4Q2025, includes the technical and contractual quality premiums (~25 million Euro), envisages the consolidation at equity of Acquedotto del Fiora for the full year. The proforma Net Debt /EBITDA ratio takes into account the ACEA Energia sale price received.
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contribution pertaining to ACEA Energia and adding the contribution from the High Voltage grid for the first nine months of 2024).
- Confirmed investments ~1.6 billion Euro (1.2 billion Euro net of grants).
- Confirmed proforma Net Debt/EBITDA ratio 3.4/3.5x.
ACEA GROUP 9M2025 RESULTS4
Proforma Consolidated revenues amount to 2,208.2 million Euro, with an increase over 2,060.9 million Euro as at 30 September 2024, driven by the tariff growth as regards the Water Italy, Grids and Public Lighting businesses. Revenues relating to the regulated areas account for around 89% of the total, with an increase during the period of about 7%.
Proforma consolidated EBITDA, at 1,083.9 million Euro, reflects a growth of 8.4% compared to 1,000.3 million Euro for the first nine months of 2024.
The one-off components pertaining to the first nine months of 2025 (15 million Euro) refer above all to the recognition of integrated water service technical and contractual quality premiums for the period 2022-2023 (ARERA Resolutions 225/2025 and 277/2025, 25 million Euro) and other minor items (-10 million Euro). Proforma recurring EBITDA is up by 10% to 1,069 million Euro, driven by the solid contribution from the Water Italy, Grids and Public Lighting and Generation business areas.
The contribution of the various businesses to consolidated EBITDA is as follows: Water Italy 57%; Grids and Public Lighting 32%; Environment 6%; Generation 4%; other businesses (Overseas Water, Engineering, Energy Management – including the ACEA Energia business lines outside the sold perimeter) and Corporate 1%.
95% of EBITDA refers to the regulated sectors Water Italy and Grids, and to the Public Lighting and Environment businesses.
Depreciation/amortisation, write-downs and provisions, amounting to 595.7 million Euro, are up by 13% compared to the 2024 proforma figure, reflecting the investments carried out and the coming on stream of assets previously under construction, in particular in the Water Italy, Grids and Public Lighting areas. The variation also reflects the provisions for redundancy and mobility (30 million Euro) due to the initial use of the early retirement institute (Article 4, paragraphs 1-7 ter of Law no. 92/2012, as subsequently amended). This tool offers an opportunity to support the renewal process, promoting the entry of new professional skills and the adaptation of existing competencies, giving rise to a generational turnover in keeping with the Group's strategic requirements.
Proforma consolidated EBIT, at 488.2 million Euro, is up by 2.7% compared to 9M2024. This increase reflects the growth in EBITDA, partially offset by higher amortisation/depreciation, writedowns and provisions.
Proforma net financial costs amount to 97.2 million Euro, compared to 93.0 million posted for the corresponding period in 2024. At 30 September 2025, the ACEA Group's global average cost of debt is 2.04% (2.16% at 31 December 2024).
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Consolidated net profit amounts to 415.2 million Euro, with a growth of 45.7% compared to the first nine months of 2024. This result reflects, inter alia, the capital gain (109.2 million Euro) recognised following the sale of the High Voltage (HV) grid to Terna.
Recurring net profit, at 301 million Euro, shows an increase of approximately 8%, in keeping with operational performance during the period.
The tax rate at 30 September 2025, adjusted to take account of taxation on the aforesaid capital gain relating to the sale of the HV grid (taxed according to PEX regime), is 32.4%, compared to 30.1% at 30 September 2024.
Gross investments carried out by the Group in the first nine months of 2025 amount to 1,009.7 million Euro, with a growth of 6.1% compared to 951.9 million Euro posted during the corresponding period in 2024. Investments were focused above all on the regulated businesses, which account for 89% of total capex (95% excluding ACEA Energia). Investments net of grants amount to around 843 million Euro (829 million Euro in 9M2024).
Gross investments are broken down by business sector as follows: Water Italy 593.0 million Euro (473 million net of grants), Grids and Public Lighting 255.8 million Euro (209 million net of grants), Environment 54.3 million Euro, Generation 20.9 million Euro, other businesses (Overseas Water, Engineering & Infrastructure Projects), Corporate and ACEA Energia 85.7 million Euro.
The Group's Net Financial Debt is up by around 140 million Euro, from 4,9448 million Euro at 31 December 2024 to 5,083 million Euro at 30 September 2025. The variation is positively impacted by the cash flow from working capital during the third quarter of 2025, the proceeds of 227 million Euro deriving from the sale of the HV grid and reflects the dynamics of investments carried out, as well as the distribution of dividends and the payment of taxes.
At 30 September 2025, the proforma Net Debt/LTM EBITDA ratio9 is equal to 3.39x (compared to 3.34x at 31 December 2024), in line with 2025 guidance. The debt is 80% at fixed rate and has an average maturity of 4.5 years.
RESULTS FOR 9M2025 BY BUSINESS AREA
- WATER Italy EBITDA for this area, at 617.4 million Euro, shows an increase of 9.3% compared to 564.8 million in the first nine months of 2024 pro-forma. The growth reflects the operational efficiencies achieved, the trend in tariffs, the investments carried out and the premiums awarded to the ACEA Group water companies for technical and contractual quality, as well as the higher contribution of the companies consolidated with the equity method. Excluding the variations in perimeter and non-recurring events – which, in 2024, included the recognition of past tariff items (24 million Euro), and in 2025, the impact of technical and contractual premiums (25 million Euro) – the organic growth in proforma EBITDA amounts to around 8%.
- GRIDS AND PUBLIC LIGHTING EBITDA amounts to 343.4 million Euro, with an increase of 4.5% compared to 9M2024 (328.4 million Euro). The growth is mainly due to the investments carried out and the positive impact deriving from the revision of RAB monetary update method, which more than offset the reduction in WACC from 6.0% to 5.6%.
8 Net financial debt at 31 December 2024 (4,954 million Euro) has been adjusted to reflect the deconsolidation of Umbria Energy's debt shown under "Discontinued Operations".
9 See note on page 1.
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Excluding non-recurring components, organic growth in EBITDA is around 9%.
| OPERATIONAL HIGHLIGHTS | 9M2025 | 9M2024 | % change |
|---|---|---|---|
| Electricity distributed (GWh) | 6,973 | 7,054 | -1% |
| Number of PODs ('000s) | 1,677 | 1,667 | +1% |
• ENVIRONMENT – EBITDA for the segment amounts to 66.7 million Euro, compared to 65.6 million Euro at 30 September 2024. The variation reflects above all the higher WTE volumes processed, also thanks to the restart of the Terni facility, following the downtime for revamping activities during the first five months of 2024.
Excluding non-recurring items the organic growth in EBITDA comes to around 3%.
| OPERATIONAL HIGHLIGHTS | 9M2025 | 9M2024 | % change |
|---|---|---|---|
| Treatment and disposal ('000 tonnes) | 1,198 | 1,248 | -4% |
| Net WTE electricity sold (GWh) | 203 | 185 | +10% |
• GENERATION – EBITDA, amounting to 48.7 million Euro, shows a sharp increase (approximately 65%) over 29.6 million Euro recorded at 30 September 2024. The positive variation is driven by the higher energy market prices (SNP +14 Euro/MWh compared to 9M2024) and the larger volumes produced (~+117 GWh). Recurring EBITDA shows a growth of around 54%.
| OPERATIONAL HIGHLIGHTS (GWh) | 9M2025 | 9M2024 | % change |
|---|---|---|---|
| Hydro production | 272 | 231 | +18% |
| Photovoltaic production | 211 | 140 | +51% |
| Thermo production | 119 | 114 | +4% |
| Total electricity production | 602 | 485 | +24% |
• Overseas Water, Engineering, Energy Management and Corporate – EBITDA is positive by 7.7 million Euro (11.9 million Euro in 9M2024).
OUTLOOK
Notwithstanding a background of global uncertainty, caused by the geopolitical tensions in Eastern Europe and the Middle East and the US trade policies, the ACEA Group results for the first nine months of 2025 confirm a substantial growth trend, showing an improvement in terms of both EBITDA and Net Profit.
Attention to the management of costs and investments continues, also via the implementation of even more effective purchasing procedures.
The ACEA Group confirms its strategy of focusing on the development of sustainable infrastructures in regulated markets, with the aim of maintaining a sound financial structure and generating a positive impact on operational and economic performances. Within this framework, ACEA's Board of Directors approved the bid received from Eni Plenitude on 4 June 2025 regarding the acquisition of a 100% share in the capital of ACEA Energia (including the 50% equity stake in Umbria Energy), with exclusion of the energy efficiency, electric mobility, circular economy and energy management business lines. The transaction, in keeping with the strategy outlined in the 2024-2028 Business Plan, will help to consolidate ACEA's role as infrastructure operator, enabling reinvestment of the sale proceeds for the development of regulated businesses, with special attention to the strengthening of investments for the safety enhancement of Rome's electricity distribution grid.
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BONDS NEARING MATURITY AND CREDIT LINES
The 20 billion Yen bond issue (equivalent value at 31 December 2024, including the Fair Value of the hedging instrument, 162 million Euro), placed with a private investor, expired on 28 February 2025.
Furthermore, the 300 million Euro green bond loan expired on 28 September 2025, while the 500 million Euro bond loan will expire on 24 October 2026.
The Parent Company has access to unused committed credit facilities worth 700 million Euro and uncommitted credit facilities of 685 million Euro.
KEY EVENTS DURING AND AFTER 9M2025
On 14 January 2025, ACEA and Gestore dei Servizi Energetici – GSE S.p.A. signed an agreement aimed at promoting the dissemination of sustainability in the sectors where ACEA and the Group's companies operate, through energy efficiency measures and the integration of renewable sources.
On 16 January 2025, ACEA announced that, for the fourth consecutive year, it had received Top Employers Italy certification.
On 30 January 2025, ACEA announced the entry into operation of two photovoltaic plants in the province of Viterbo, with a total installed capacity of approximately 12 MW. The first is located in the municipality of Nepi and the second in Bomarzo.
On 13 February 2025, ACEA published its first "Green & Blue Financing Framework", confirming the Company's commitment to the use of sustainable finance tools for carrying out investments in its reference businesses, starting with integrated water services.
On 24 February 2025, during the "Italy – UAE Business Forum" event organised with the aim of promoting and consolidating economic and industrial ties between Italy and the United Arab Emirates, ACEA and Metito Utilities signed a Memorandum of Understanding to explore opportunities for collaboration in the international water sector, with a particular focus on Africa and the Middle East.
On 7 March 2025, ACEA announced that Yves Rannou, appointed in accordance with Article 15.4 of the Articles of Association, on the proposal of Shareholder Suez International, at the Annual General Meeting on 12 April 2024, had tendered his resignation from the Board of Directors.
On 4 April 2025 Areti, a company of the ACEA Group that manages the capital's power grid on behalf of the Municipality of Rome, launched a series of interventions to modernise and enhance the city of Rome's lighting system.
On 28 April 2025, ACEA SpA's Annual General Meeting approved the Separate Financial Statements for the year ended 31 December 2024, deliberated on the allocation of net income for 2024, appointed the Board of Auditors for the three years 2025-2026-2027 and appointed Ferruccio Resta as member of the Board of Directors.
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On 5 May 2025, ACEA SpA's Board of Directors verified the possession of independence requirements, on the part of Director Ferruccio Resta, as set forth by law and by the Corporate Governance Code.
On 7 May 2025, the final award for the construction of Rome's waste-to-energy facility planned for the industrial area of Santa Palomba was assigned to the group of companies led by ACEA Ambiente with Suez Italy, Kanadevia Inova, Vianini Lavori and Rmb.
On 15 May 2025, Moody's announced its confirmation of ACEA's Long-Term Issuer Rating at "Baa2" and Baseline Credit Assessment at "baa2". At the same time, the rating Agency confirmed its provisional "(P)Baa2" senior unsecured rating for the 5 billion Euro EMTN programme and "Baa2" senior unsecured rating for bonds issued under the programme, with "stable" outlook.
On 15 May 2025, an Agreement was formally signed between ACEA and Roma Capitale with regard to Public Lighting services, establishing the recognition of trade receivables and future receivables accrued by ACEA.
On 28 May 2025, Moody's announced that it had improved ACEA's outlook from "stable" to "positive". At the same time, the rating Agency confirmed ACEA's Long-Term Issuer Rating and Senior unsecured ratings at "Baa2", its Baseline Credit Assessment at "Baa2" and its provisional "(P)Baa2" rating for the 5 billion Euro EMTN programme.
On 4 June 2025, ACEA announced that it has received from Eni Plenitude a binding offer concerning the entire share capital of its subsidiary ACEA Energia S.p.A. (100% ACEA).
On 5 June 2025, as part of the streamlining of its business lines, the ACEA Group launched the creation of a.Gas (Acea Gas), a new company whose purpose is to consolidate and develop gas distribution activities.
On 7 June 2025, ACEA's Board of Directors started its examination of the binding offer received from Eni Plenitude, dated 4 June 2025, concerning the entire share capital of the subsidiary ACEA Energia S.p.A. (100% ACEA).
On 24 June 2025, the ACEA Board of Directors approved the binding offer received from Eni Plenitude on 4 June 2025 regarding the acquisition of a 100% equity stake in ACEA Energia S.p.A. (which includes, inter alia, a 50% share in the capital of Umbria Energy S.p.A.), excluding the following business lines which during FY2024 generated EBITDA corresponding to around 6 million Euro: energy efficiency (with associated "superbonus" tax credits amounting to approximately 159 million Euro as at the end of 2024), electric mobility, circular economy and energy management together with the related contracts.
On 9 July 2025, ACEA announced that ARERA, the Regulatory Authority for Energy, Networks and Environment, had approved the final results of the incentive mechanism for Technical Quality of the integrated water service for the two-year period 2022-2023. The Acea Group companies operating in the water sector – leaders in Italy in terms of service continuity, loss reduction and the quality of purified water – were granted bonuses totalling over 36 million Euro, out of the overall 155 paid by ARERA.
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On 16 July 2025, a strategic three-year agreement was signed between a.Quantum, a company of the ACEA Group dedicated to the development of innovative solutions for the unregulated market, and the Istituto Italiano di Tecnologia (IIT), a centre of excellence in scientific research and technology. This signing marks the official launch of the Robotic Joint Lab, a joint laboratory dedicated to the design and development of advanced robotic solutions for the construction, management and maintenance of industrial infrastructure in the water, energy and environmental sectors.
On 16 July 2025, ACEA set up a new 5 billion Euro EMTN (Euro Medium Term Notes) programme, listed on Borsa Italiana's Mercato Telematico delle Obbligazioni (MOT) and approved by the Commissione Nazionale per le Società e la Borsa (CONSOB).
On 29 July 2025, Acea Ambiente and Versalis, Eni's chemical company, signed a Memorandum of Understanding (MoU), marking the beginning of a collaboration aimed at promoting the circular economy, by developing joint initiatives for the valorisation of post-consumer and post-industrial plastics through various recycling technologies.
On 3 September 2025, Standard Ethics confirmed Acea's Corporate Standard Ethics Rating (SER) at EE+ "Very Strong". The first Corporate SER was assigned to the Company in 2019; the Company is a constituent of the SE Mid Italian Index and the SE Multi-Utilities Index. The rating's confirmation reflects the Group's ongoing commitment to the reinforcement and integration of sustainability into its business strategies, in keeping with its Business Plan to 2028.
On 3 September 2025, ACEA published the fourth "Green Bond Allocation & Impact Report" for the years 2022-2024, related to the 700 million Euro green bond issued under the EMTN programme, with maturity on 2031, in accordance with the ACEA Group 2021 Green Financing Framework.
On 30 September 2025, through its subsidiary Areti (100% ACEA), ACEA completed the closing with Terna for the sale of 100% of the share capital of Rete 2 S.r.l., owner of the High Voltage electricity grid, in execution of the agreement signed on 6 November 2024.
The results for the nine months ended 30 September 2025 will be presented today, 13 November, at 3 p.m. (Italian time) during a conference call with the Financial Community. The call will also be accessible via webcast in "listen-only" mode in the Investors section of the website at www.gruppo.acea.it, where back-up material will also be made available at the start of the conference call.
The Executive Responsible for Financial Reporting, Pier Francesco Ragni, declares, pursuant to section two of Article 154-bis of the Consolidated Finance Act, that the information contained in this release is consistent with the underlying accounting records.
The following schedules are attached:
The consolidated income statement for the nine months ended 30 September 2025, the consolidated statement of financial position at 30 September 2025, the statement of changes in equity, the reclassified consolidated statement of financial position at 30 September 2025, the analysis of consolidated net debt at 30 September 2025 and the consolidated statement of cash flows for the nine months ended 30 September 2025.
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ACEA Group Contacts
Investor Relations
Tel. +39 0657991 [email protected]
Press Office
Tel. +39 0657997733 [email protected]
Corporate website: www.gruppoacea.it
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CONSOLIDATED INCOME STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025
| Reported | ||||
|---|---|---|---|---|
| €000 | 30 September 2025 | 30 September 2024 | Increase/(Decrease) | Increase/(Decrease)% |
| Sales and service revenues | 1,946,389 | 1,907,196 | 39,193 | 2.1% |
| Other operating income | 129,552 | 111,329 | 18,223 | 16.4% |
| Consolidated net revenue | 2,075,941 | 2,018,525 | 57,416 | 2.8% |
| Staff costs | 243,137 | 227,144 | 15,993 | 7.0% |
| Cost of materials and overheads | 795,903 | 732,312 | 63,591 | 8.7% |
| Consolidated operating costs | 1,039,040 | 959,456 | 79,584 | 8.3% |
| Net profit/(loss) from commodity risk management | 0 | 0 | 0 | n.s. |
| Profit/(loss) on non-financial investments | 34,109 | 9,077 | 25,031 | n.s. |
| Gross Operating Profit | 1,071,010 | 1,068,147 | 2,863 | 0.3% |
| Net impairment losses/(reversals of impairment losses) ontrade receivables | 70,885 | 50,889 | 19,996 | 39.3% |
| Amortisation, Depreciation and Provisions | 524,843 | 505,194 | 19,650 | 3.9% |
| Operating Profit/(Loss) | 475,282 | 512,064 | (36,783) | (7.2%) |
| Finance income | 21,327 | 31,803 | (10,476) | (32.9%) |
| Finance costs | (116,880) | (126,383) | 9,503 | (7.5%) |
| Profit/(Loss) on investments | 109,674 | 1,106 | 108,567 | n.s. |
| Profit/(Loss) before tax | 489,402 | 418,591 | 70,811 | 16.9% |
| Income tax expenseNet Profit/(Loss) from continuing operations | 129,667359,735 | 118,652299,939 | 11,01559,796 | 9.3%19.9% |
| Net Profit/(Loss) from Discontinued Operations | 84,799 | 15,950 | 68,849 | n.s. |
| Net Profit/(Loss) | 444,533 | 315,889 | 128,645 | 40.7% |
| Net Profit/(Loss) attributable to non-controlling interests | 29,326 | 30,903 | (1,577) | (5.1%) |
| Net Profit/(Loss) attributable to the Group | 415,207 | 284,986 | 130,222 | 45.7% |
| Pro-forma | ||||
| €000 | 30 September 2025 | 30 September 2024 | Increase/(Decrease) | Increase/(Decrease)% |
| Sales and service revenues | 2,077,506 | 1,952,517 | 124,989 | 6.4% |
| Other operating income | 130,708 | 108,372 | 22,336 | |
| Consolidated net revenue | 2,208,214 | 2,060,889 | 147,325 | |
| Staff costs | (243,145) | (214,284) | (28,860) | 20.6%7.1%13.5% |
| Cost of materials and overheads | (915,280) | (859,711) | (55,569) | |
| Consolidated operating costs | (1,158,425) | (1,073,995) | (84,430) | |
| Net profit/(loss) from commodity risk management | 0 | 0 | 0 | |
| Profit/(loss) on non-financial investments | 34,109 | 13,422 | 20,686 | |
| Gross Operating Profit | 1,083,898 | 1,000,316 | 83,582 | 6.5%7.9%n.s.154.1%8.4% |
| Net impairment losses/(reversals of impairment losses) ontrade receivables | (70,885) | (50,380) | (20,506) | 40.7% |
| Amortisation, Depreciation and Provisions | (524,843) | (524,843) | 0 | |
| Operating Profit/(Loss) | 488,170 | 475,413 | 12,757 | 0.0%2.7% |
| Finance income | 24,337 | 32,519 | (8,182) | (25.2%) |
| Finance costs | (121,545) | (125,552) | 4,007 | (3.2%) |
| Profit/(Loss) on investments | 109,674 | 1,143 | 108,530 | |
| Profit/(Loss) before tax | 500,635 | 383,523 | 117,111 | |
| Income tax expense | (129,667) | (115,263) | (14,405) | |
| Net Profit/(Loss) from continuing operations | 370,967 | 268,261 | 102,707 | |
| Net Profit/(Loss) from Discontinued Operations | 73,566 | 42,082 | 31,484 | |
| Net Profit/(Loss)Net Profit/(Loss) attributable to non-controlling interests | 444,53329,326 | 310,34325,357 | 134,1913,969 | n.s.30.5%12.5%38.3%74.8%43.2%15.7% |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2025 €000
| 30 September 2025 | 31 December 2024 | Increase/(Decrease) | |
|---|---|---|---|
| Property, plant and equipment | 3,487,423 | 3,363,465 | 123,958 |
| Investment property | 9,875 | 9,711 | 164 |
| Goodwill | 192,806 | 241,041 | (48,234) |
| Concessions and infrastructure rights | 4,332,814 | 3,999,275 | 333,539 |
| Intangible assets | 279,145 | 417,231 | (138,087) |
| Right-of-use assets | 89,008 | 93,267 | (4,259) |
| Investments in unconsolidated subsidiaries and associates | 518,111 | 488,089 | 30,022 |
| Other investments | 2,473 | 7,990 | (5,516) |
| Deferred tax assets | 193,740 | 218,801 | (25,061) |
| Financial assets | 32,359 | 39,553 | (7,195) |
| Other non-current assets | 841,719 | 852,079 | (10,360) |
| Non-current assets | 9,979,473 | 9,730,502 | 248,971 |
| Inventories | 147,866 | 122,556 | 25,311 |
| Trade receivables | 900,455 | 1,027,608 | (127,153) |
| Other current assets | 405,282 | 438,259 | (32,978) |
| Current tax assets | 64,966 | 9,436 | 55,530 |
| Current financial assets | 149,076 | 186,801 | (37,725) |
| Cash and cash equivalents | 524,291 | 513,476 | 10,815 |
| Current assets | 2,191,936 | 2,298,136 | (106,200) |
| Non-current assets held for sale | 576,527 | 181,320 | 395,207 |
| TOTAL ASSETS | 12,747,936 | 12,209,958 | 537,978 |
| 30 September 2025 | 31 December 2024 | Increase/(Decrease) | |
|---|---|---|---|
| Share capital | 1,098,899 | 1,098,899 | 0 |
| Legal reserve | 178,410 | 167,986 | 10,425 |
| Other reserves | 388,952 | 396,666 | (7,714) |
| Retained earnings/(accumulated losses) | 632,637 | 509,935 | 122,702 |
| Net profit/(loss) for the year | 415,207 | 331,620 | 83,588 |
| Total equity attributable to the Group | 2,714,105 | 2,505,105 | 209,000 |
| Equity attributable to non-controlling interests | 385,005 | 370,462 | 14,543 |
| Total equity | 3,099,110 | 2,875,567 | 223,543 |
| Staff termination benefits and other defined-benefit obligations | 70,627 | 77,609 | (6,982) |
| Provisions for liabilities and charges | 370,223 | 234,099 | 136,125 |
| Borrowings and financial liabilities | 5,479,832 | 4,895,268 | 584,564 |
| Other non-current liabilities | 828,977 | 744,195 | 84,782 |
| Non-current liabilities | 6,749,659 | 5,951,171 | 798,489 |
| Borrowings | 276,994 | 758,611 | (481,617) |
| Trade payables | 1,522,473 | 1,872,451 | (349,979) |
| Tax liabilities | 21,316 | 40,821 | (19,505) |
| Other current liabilities | 594,176 | 699,576 | (105,400) |
| Current liabilities | 2,414,959 | 3,371,459 | (956,501) |
| Liabilities related directly to assets held for sale | 484,208 | 11,761 | 472,447 |
| TOTAL LIABILITIES AND EQUITY | 12,747,936 | 12,209,958 | 537,978 |
{11}------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
| Sharecapital | Legalreserve | Reserve formeasurementof definedbenefit plansforemployees,net oftaxation | Fair valuereserve forderivativefinancialinstruments,net oftaxation | Reserve fortranslationdifferences | Otherreserves | Net profit/(loss) forperiod | Total equityattributableto theGroup | Equityattributableto noncontrollinginterests | Total Equity | |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 January2024 | 1,098,899 | 157,838 | (16,149) | (14,307) | 25,374 | 831,719 | 293,908 | 2,377,281 | 445,803 | 2,823,084 |
| Net profit/(loss) inincome statement | 0 | 0 | 0 | 0 | 0 | 0 | 284,986 | 284,986 | 30,903 | 315,889 |
| Other comprehensiveincome/(losses) | 0 | 0 | 1,791 | (16,854) | 878 | 0 | 0 | (14,185) | (1,460) | (15,645) |
| Total comprehensiveincome/(loss) | 0 | 0 | 1,791 | (16,854) | 878 | 0 | 284,986 | 270,801 | 29,443 | 300,244 |
| Appropriation of netprofit/(loss) for 2023 | 0 | 10,148 | 0 | 0 | 0 | 283,760 | (293,908) | (0) | 0 | (0) |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | (187,042) | 0 | (187,042) | (11,184) | (198,226) |
| Change in basis ofconsolidation | 0 | 0 | (107) | 4 | 2 | 1,232 | 0 | 1,131 | (1,262) | (131) |
| Other changes | 0 | 0 | 17,047 | 0 | (0) | (16,966) | 0 | 82 | 583 | 665 |
| Balance at 30 September2024 | 1,098,899 | 167,986 | 2,584 | (31,157) | 26,254 | 912,703 | 284,986 | 2,462,253 | 463,383 | 2,925,636 |
| Net profit/(loss) inincome statement | 0 | 0 | 0 | 0 | 0 | 0 | 46,634 | 46,634 | 9,939 | 56,574 |
| Other comprehensiveincome/(losses) | 0 | 0 | (1,177) | (12,435) | 5,841 | 0 | 0 | (7,771) | 1,727 | (6,043) |
| Total comprehensiveincome/(loss) | 0 | 0 | (1,177) | (12,435) | 5,841 | 0 | 46,634 | 38,863 | 11,667 | 50,530 |
| Appropriation of netprofit/(loss) for 2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (808) | (808) |
| Change in basis ofconsolidation | 0 | 0 | 105 | (624) | 144 | (151) | 0 | (526) | (103,744) | (104,270) |
| Other changes | 0 | 0 | (0) | 0 | (0) | 4,515 | 0 | 4,515 | (35) | 4,479 |
| Balance at 31 December2024 | 1,098,899 | 167,986 | 1,512 | (44,216) | 32,239 | 917,066 | 331,620 | 2,505,105 | 370,462 | 2,875,567 |
| Sharecapital | Legalreserve | Reserve formeasurement ofdefined benefitplans foremployees, net oftaxation | Fair valuereserve forderivativefinancialinstruments, netof taxation | Reserve fortranslationdifferences | Otherreserves | Net profit/(loss) forperiod | Total equityattributableto the Group | Equityattributable tononcontrollinginterests | TotalEquity | |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1January 2025 | 1,098,899 | 167,986 | 1,512 | (44,216) | 32,239 | 917,066 | 331,620 | 2,505,105 | 370,462 | 2,875,567 |
| Net profit/(loss) inincome statement | 0 | 0 | 0 | 0 | 0 | 0 | 415,207 | 415,207 | 29,326 | 444,533 |
| Othercomprehensiveincome/(losses) | 0 | 0 | (184) | 43,415 | (39,699) | 0 | 0 | 3,532 | (4,388) | (856) |
| Totalcomprehensiveincome/(loss) | 0 | 0 | (184) | 43,415 | (39,699) | 0 | 415,207 | 418,739 | 24,939 | 443,678 |
| Appropriation ofnet profit/(loss) for2024 | 0 | 10,425 | 0 | 0 | 0 | 321,195 | (331,620) | (0) | 0 | (0) |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | (201,921) | 0 | (201,921) | (8,273) | (210,193) |
| Change in basis ofconsolidation | 0 | 0 | 2 | 125 | 368 | (4,722) | 0 | (4,227) | (808) | (5,035) |
| Other changes | 0 | 0 | (1) | (549) | 0 | (3,042) | 0 | (3,592) | (1,315) | (4,907) |
| Balance at 30September 2025 | 1,098,899 | 178,410 | 1,328 | (1,224) | (7,092) | 1,028,577 | 415,207 | 2,714,105 | 385,005 | 3,099,110 |
{12}------------------------------------------------
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2025
| 30September2025 | 31December2024 | Increase/(Decrease) | % Increase/(Decrease) | 30September2024 | Increase/(Decrease) | % Increase/(Decrease) | |
|---|---|---|---|---|---|---|---|
| Property, plant andequipment andIntangible assets | 8,391,071 | 8,123,990 | 267,081 | 3.3% | 8,310,068 | 81,003 | 1.0% |
| Investments | 520,584 | 496,079 | 24,505 | 4.9% | 372,153 | 148,431 | 39.9% |
| Other non-current assets | 1,644,345 | 1,291,753 | 352,592 | 27.3% | 1,084,634 | 559,711 | 51.6% |
| Staff termination benefits(TFR) and other definedbenefit obligations | (70,627) | (77,609) | 6,982 | (9.0%) | (82,754) | 12,127 | (14.7%) |
| Provisions for liabilitiesand charges | (370,223) | (234,099) | (136,124) | 58.1% | (365,315) | (4,908) | 1.3% |
| Other non-currentliabilities | (1,313,186) | (755,956) | (557,230) | 73.7% | (543,251) | (769,934) | 141.7% |
| Non-current assets andliabilities | 8,801,964 | 8,844,158 | (42,194) | (0.5%) | 8,775,535 | 26,429 | 0.3% |
{13}------------------------------------------------
ANALYSIS OF CONSOLIDATED NET DEBT AT 30 SEPTEMBER 2025
| 30September2025 | 31December2024 | Increase/(Decrease) | % Increase/(Decrease) | 30September2024 | Increase/(Decrease) | % Increase/(Decrease) | |
|---|---|---|---|---|---|---|---|
| A) Cash | 524,291 | 513,476 | 10,815 | 2.1% | 316,565 | 207,726 | 65.6% |
| B) Cash equivalents | 0 | 0 | 0 | n.s. | 0 | 0 | n.s. |
| C) Other current financialassets | 149,076 | 186,801 | (37,725) | (20.2%) | 183,539 | (34,463) | (18.8%) |
| D) Liquidity (A + B + C) | 673,367 | 700,277 | (26,910) | (3.8%) | 500,104 | 173,263 | 34.6% |
| E) Current financial debt | (143,575) | (155,669) | 12,095 | (7.8%) | (432,133) | 288,558 | (66.8%) |
| F) Current portion of noncurrent financial debt | (133,419) | (602,941) | 469,522 | (77.9%) | (614,407) | 480,988 | (78.3%) |
| G) Current financial debt (E+ F) | (276,994) | (758,611) | 481,617 | (63.5%) (1,046,540) | 769,547 | (73.5%) | |
| H) Net current financialdebt (G + D) | 396,373 | (58,333) | 454,707 | (779.5%) | (546,437) | 942,810 | (172.5%) |
| I) Non-current financialdebt | (5,479,832) | (4,895,268) | (584,564) | 11.9% | (4,686,061) | (793,771) | 16.9% |
| J) Debt instruments | 0 | 0 | 0 | n.s. | 0 | 0 | n.s. |
| K) Trade payables and othernon-current payables | 0 | 0 | 0 | n.s. | 0 | 0 | n.s. |
| L) Non-current financialdebt (I + J + K) | (5,479,832) | (4,895,268) | (584,564) | 11.9% (4,686,061) | (793,771) | 16.9% | |
| Total financial debt (H + L) | (5,083,459) | (4,953,601) | (129,858) | 2.6% (5,232,498) | 149,039 | (2.8%) |
{14}------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025
| 30 September 2025 | 30 September 2024 | Increase/(Decrease) | |
|---|---|---|---|
| Profit before tax | 489,402 | 418,591 | 70,811 |
| Amortisation, depreciation and impairment losses | 474,684 | 483,827 | (9,143) |
| Income/(losses) from equity investments | (143,782) | (10,184) | (133,598) |
| Change in provision for liabilities and charges | 30,162 | 6,460 | 23,702 |
| Net change in staff termination benefits | (3,729) | (21,089) | 17,359 |
| Net financial income/(costs) | 93,729 | 91,758 | 1,972 |
| Cash flow from operating activities before changes in working capital | 940,466 | 969,363 | (28,897) |
| Provision for bad debts | 70,885 | 50,889 | 19,996 |
| Increase/Decrease in receivables included in current assets | (279,369) | (265,412) | (13,957) |
| Increase/Decrease in payables included in current liabilities | 107,935 | 290,107 | (182,172) |
| Increase/Decrease in inventories | (29,942) | (20,796) | (9,146) |
| Income tax paid | (59,567) | (61,251) | 1,684 |
| Change in working capital | (190,058) | (6,464) | (183,594) |
| Change in other operating assets/liabilities | 76,599 | (80,111) | 156,710 |
| Operating cash flow from discontinued operations | 123,862 | (22,605) | 146,467 |
| Cash flow from operating activities | 950,869 | 860,183 | 90,685 |
| Purchase/sale of property, plant and equipment and intangible assets | (943,926) | (905,887) | (38,039) |
| Investments in equity interests, consolidated companies and business divisions | 210,158 | (13,920) | 224,078 |
| Amounts received from/paid for other financial investments | 56,168 | 305,636 | (249,468) |
| Dividends received | 4,371 | 24 | 4,347 |
| Interest received | 21,054 | 31,407 | (10,354) |
| Cash flow from investing activities pertaining to discontinued operations | (84,911) | (43,415) | (41,496) |
| TOTAL CASH FLOW FROM INVESTING ACTIVITIES | (737,087) | (626,155) | (110,932) |
| New long-term financial borrowings | 625,000 | 435,000 | 190,000 |
| Repayment of financial borrowings | (496,725) | (629,266) | 132,541 |
| Reduction/Increase in other borrowings | (51,478) | 227,145 | (278,623) |
| Interest paid | (109,798) | (119,619) | 9,821 |
| Dividends paid | (157,673) | (164,979) | 7,305 |
| Cash flow from financing activities pertaining to discontinued operations | (8,469) | (25,124) | 16,655 |
| TOTAL CASH FLOW FROM FINANCING ACTIVITIES | (199,144) | (276,843) | 77,699 |
| 0 | |||
| CASH FLOW FOR THE PERIOD | 14,638 | (42,814) | 57,452 |
| Net cash and cash equivalents at beginning of period | 513,476 | 359,379 | 154,097 |
| Cash and cash equivalents from acquisitions | 1,300 | 0 | 1,300 |
| Cash and cash equivalents at end of period pertaining to discontinued operations | (5,124) | (5,894) | 770 |
| NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 524,291 | 310,671 | 213,620 |