{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "A2A": "https://www.a2a.it/esef/2025-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "https://www.a2a.it/esef/2025-12-31/815600B7FD80E48C1896-2025-12-31.xsd" ] }, "facts": { "shtag_48223": { "value": "
Board of directors
Chair
Roberto Tasca
Deputy Chair
Giovanni Comboni
CEO and General Manager
Renato Mazzoncini
Directors
Elisabetta Bombana
Vincenzo Cariello
Maria Elisa D\u2019amico
Susanna Dorigoni
Fabio Lavini
Mario Motta
Elisabetta Pistis
Maria Grazia Speranza
Alessandro Zunino
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48195": { "value": "S.p.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48196": { "value": "A2A S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48248": { "value": "
\u201cDepreciation, amortization, provisions and
impairment losses\u201d totaled 1,053 million euro
(1,011 million euro at December 31, 2024),
representing an increase of 42 million euro.
Amortization of \u201cIntangible assets\u201d amounted to
351 million euro (304 million euro at December
31, 2024). The item includes higher amortization
of 47 million euro, of which 26 million euro relates
to the integrated water service, gas distribution
and metering, the implementation of information
systems, and new customer lists, and 21 million
euro relates to the first consolidation of Duereti
S.r.l..
Depreciation of \u201cProperty, plant and equipment\u201d
amounted to 604 million euro, an increase of 24
million euro compared to December 31, 2024 and
included:
\u2022
higher depreciation of 29 million euro, mainly
relating to the investments which went into
production after December 31, 2024;
\u2022
higher depreciation of 28 million euro for the
first consolidation of the company Duereti;
\u2022
lower depreciation of 40 million euro due to
revision of useful life of plants;
\u2022
higher depreciation of 7 million euro for rights
of use.
Impairment losses for the year amounted to 9
million euro (14 million euro at December 31,
2024) and mainly related to the cancellation
of projects no longer in the core business
and impairment losses of assets no longer
considered functional to the Group\u2019s activities.
\u201cProvisions for risks\u201d had a net effect of 19
million euro (net effect of 31 million euro at
December 31, 2024), a decrease of 12 million
euro compared to the previous year and refer to
provisions for the year of 49 million euro, relating
to the provision for public water diversion fees of
28 million euro, provisions for landfill closure and
post-closure and decommissioning expenses of
11 million euro, and other provisions of 10 million
euro, adjusted by surpluses mainly following the
release of tax provisions, provisions for landfill
closure and post-closure expenses, and other
provisions of 30 million euro.
The \u201cImpairment losses on trade receivable\u201d
amounted to 70 million euro (82 million euro
at December 31, 2024). There were lower
provisions for bad debts, amounting to 12 million
euro, mainly relating to the gradual protection
segment, which includes micro-enterprises and
households.
34) Depreciation, amortization, provisions and impairment losses
\"Depreciation, amortization, provisions and impairment losses\" totalled 1,057 million euro (1,011 million
euro at December 31, 2024), representing an increase of 46 million euro.
The following table provides details of the individual items:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Amortization of intangible assets\u00a0351\u00a0304\u00a047\u00a015.5%
Depreciation of property, plant and
equipment\u00a0		604\u00a0580\u00a024\u00a04.1%
Net impairment losses of fixed assets\u00a013\u00a014\u00a0(1)\u00a0 (7.1%)
Total amortization, depreciation and
impairment losses of non-current assets		\u00a0968\u00a0898\u00a070\u00a07.\u00a08%
Provisions for risks\u00a019\u00a031\u00a0(12)\u00a0 (38.7%)
Impairment losses on trade receivables\u00a070\u00a082\u00a0(12)\u00a0 (14.6%)
Total depreciation, amortization,
provisions and impairment losses\u00a0		1,057\u00a01,011\u00a046\u00a04.5%
\u201cDepreciation, amortization and impairment losses\u201d totalled 968 million euro (898 million euro at
December 31, 2024), representing an overall increase of 70 million euro.
\"Amortization of intangible assets\" amounted to 351 million euro (304 million euro at December 31,
2024). The item includes higher amortization of 47 million euro, of which 26 million euro relates to the
integrated water service, gas distribution and metering, the implementation of information systems,
and new customer lists, and 21 million euro relates to the consolidation of Duereti S.r.l..
\"Depreciation of property, plant and equipment\" showed an increase of 24 million euro compared to
December 31, 2024 and included:
\u2022
higher depreciation of 29 million euro, mainly relating to the investments which went into production
after December 31, 2024;
\u2022
higher depreciation of 28 million euro for the consolidation of the Duereti company;
\u2022
lower depreciation of 40 million euro due to revision of useful life of plants;
\u2022
higher depreciation of 7 million euro for rights of use.
Impairment losses for the year amounted to 13 million euro (14 million euro at December 31, 2024) and
mainly related to the cancellation of projects no longer in the core business and the impairment losses
of assets no longer considered functional to the Group\u2019s activities.
\u201cProvisions for risks\u201d had a net effect of 19 million euro (net effect of 31 million euro at December
31, 2024) due to the provisions for the year of 49 million euro relating to the provision for derivation
fees public water for 28 million euro, to provisions for closure and post-closure costs of landfills and
decommissioning for 11 million euro and to other provisions for 10 million euro, adjusted by surpluses
mainly following the release of tax provisions, closure and post-closure expense provisions on landfills
and other provisions for 30 million euro.
For further information, reference is made to note 22) Provisions for risks, charges and liabilities for landfills.
The \"Impairment losses on trade receivable\" amounted to 70 million euro (82 million euro at December
31, 2024). There were lower provisions for bad debts, amounting to 12 million euro, mainly relating to
the gradual protection segment, which includes micro-enterprises and households.
", "dimensions": { "concept": "A2A:DisclosureOfDepreciationAmortizationProvisionsAndWritedowns", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48224": { "value": "
Impairment losses for the year amounted to 9
million euro (14 million euro at December 31,
2024) and mainly related to the cancellation
of projects no longer in the core business
and impairment losses of assets no longer
considered functional to the Group\u2019s activities.
Impairment losses for the year amounted to 13 million euro (14 million euro at December 31, 2024) and
mainly related to the cancellation of projects no longer in the core business and the impairment losses
of assets no longer considered functional to the Group\u2019s activities.
", "dimensions": { "concept": "A2A:DisclosureOfWritedown", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48225": { "value": "
\u201cProvisions for risks\u201d had a net effect of 19
million euro (net effect of 31 million euro at
December 31, 2024), a decrease of 12 million
euro compared to the previous year and refer to
provisions for the year of 49 million euro, relating
to the provision for public water diversion fees of
28 million euro, provisions for landfill closure and
post-closure and decommissioning expenses of
11 million euro, and other provisions of 10 million
euro, adjusted by surpluses mainly following the
release of tax provisions, provisions for landfill
closure and post-closure expenses, and other
provisions of 30 million euro.
22) Provisions for risks, charges and liabilities for landfills
\u00a0
millions of euro
Balance at 12.31.2024 restatedBalance at 12.31.2025
Non-current
portion
Current
portion
Total\u00a0Non-current
portion
Current
portion
Total
Decommissioning provisions\u00a0287\u00a037\u00a0324\u00a0290\u00a039\u00a0328
Landfill closing and post-closing
expense provisions\u00a0		159\u00a030\u00a0189\u00a0147\u00a035\u00a0182
Tax provisions\u00a037\u00a0-\u00a037\u00a025\u00a0-\u00a025
Personnel lawsuits and disputes
provisions\u00a0		48\u00a0-\u00a048\u00a045\u00a0-\u00a045
Other risk provisions\u00a0256\u00a0-\u00a0256\u00a0242\u00a017\u00a0259
Provisions for risks, charges and
liabilities for landfills\u00a0787\u00a067\u00a0854\u00a0748\u00a091\u00a0839
millions of euro
Balance at
12.31.2024
restated
Effect of first-time
consolidation of
2025 acquisitions
Provisions\u00a0Releases\u00a0Uses\u00a0Other
changes
Balance at
12.31.2025
Decommissioning provisions\u00a0324\u00a04\u00a04\u00a0(2)\u00a0(21)\u00a019\u00a0328
Landfill closing and post-
closing expense provisions
189\u00a0-\u00a07\u00a0(9)\u00a0(13)\u00a08\u00a0182
Tax provisions\u00a037\u00a0-\u00a01\u00a0(10)\u00a0-\u00a0(3)\u00a025
Personnel lawsuits and
disputes provisions
48\u00a0-\u00a03\u00a0(1)\u00a0(6)\u00a01\u00a045
Other risk provisions\u00a0256\u00a0-\u00a035\u00a0(9)\u00a0(16)\u00a0(7)\u00a0259
Provisions for risks, charges
and liabilities for landfills
854\u00a04\u00a050\u00a0(31)\u00a0(56)\u00a018\u00a0839
\"Provisions for risks, charges, and liabilities for landfills\" amounted to 839 million euro at December 31,
2025, a decrease of 19 million euro, net of the 4 million euro contribution from the first consolidations
of the year.
The \"Decommissioning provisions,\" which amounted to 328 million euro, include expenses for the
dismantling and restoration of production sites. Changes during the year included utilizations of 21
million euro to cover expenses incurred during the year under review, provisions of 4 million euro,
surpluses of 2 million euro, and other increases of 19 million euro, attributable to updated appraisals
and changes in inflation and discount rates.
The \u201cLandfill closing and post-closing expense provisions\u201d, which amounted to 182 million euro, refer
to all the costs that will have to be incurred in the future for the sealing of the landfills in cultivation
at the reporting date and for the subsequent post-operative management, as required by current
regulations. Changes at December 31, 2025 included utilizations of 13 million euro, which represent
actual disbursements during the year, net allocations of 2 million euro related to adjustments to the
provisions for landfills following the update of the appraisals and inflation and discount rates, as well as
other increases of 8 million euro.
\"Tax provisions\", which amounted to 25 million euro, refer to provisions for pending litigation with the
tax authorities or territorial entities for direct and indirect taxes, levies and excises. The decrease of 12
million euro is attributable to the settlement of a dispute that is no longer ongoing.
\"Personnel lawsuits and disputes provisions\", which totalled 45 million euro, refer to litigation with
third parties for 37 million euro and employees for 4 million euro to cover liabilities that may arise from
pending litigation, and lawsuits with Social Security Institutions for 4 million euro related to social
security contributions that the Group believes it will not be required to pay and are the subject of
specific disputes.
\u201cOther risk provisions\u201d, which amounted to 259 million euro, refer to provisions relating to public water
derivation fees for 162 million euro, to the mobility provision for the costs arising from the corporate
restructuring plan for 11 million euro, as well as other provisions for 86 million euro. The main components
of these provisions are net allocations of 26 million euro, of which 27 million euro related to additional
charges for hydroelectric derivation surcharges, uses of 16 million euro, as well as other decreases of 7
million euro.
\u201cProvisions for risks\u201d had a net effect of 19 million euro (net effect of 31 million euro at December
31, 2024) due to the provisions for the year of 49 million euro relating to the provision for derivation
fees public water for 28 million euro, to provisions for closure and post-closure costs of landfills and
decommissioning for 11 million euro and to other provisions for 10 million euro, adjusted by surpluses
mainly following the release of tax provisions, closure and post-closure expense provisions on landfills
and other provisions for 30 million euro.
For further information, reference is made to note 22) Provisions for risks, charges and liabilities for landfills.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48226": { "value": "
The \u201cImpairment losses on trade receivable\u201d
amounted to 70 million euro (82 million euro
at December 31, 2024). There were lower
provisions for bad debts, amounting to 12 million
euro, mainly relating to the gradual protection
segment, which includes micro-enterprises and
households.
The \"Impairment losses on trade receivable\", calculated in compliance with IFRS 9, is equal to 272
million euro (276 million euro at December 31, 2024) and shows a decrease of 4 million euro. This
provision is considered adequate to cover the risks to which it relates.
The changes in the Impairment losses on trade receivable are outlined in the following table:
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Provisions\u00a0Uses\u00a0Other
changes
Balance at
12.31.2025
Impairment losses on trade
receivable\u00a0276\u00a0 - \u00a069\u00a0(73)\u00a0-\u00a0272
Provisions for the year amounted to 69 million euro, a decrease of 13 million euro compared to the
previous year (82 million euro at December 31, 2024) due to a lower credit exposure to customers.
Different criteria are applied in evaluating the existence of impairment losses on trade receivables,
depending on the characteristics of the receivables under consideration.
The \"Impairment losses on trade receivable\" amounted to 70 million euro (82 million euro at December
31, 2024). There were lower provisions for bad debts, amounting to 12 million euro, mainly relating to
the gradual protection segment, which includes micro-enterprises and households.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48227": { "value": "
As a result of these changes \u201cOperating profit
(loss) - EBIT\u201d amounted to 1,190 million euro (1,317
million euro for the year ended December 31,
2024).
33) Gross operating profit (loss) - EBITDA
As a result of the above changes, consolidated \u201cGross operating profit (loss) - EBITDA\u201d at December
31, 2025 amounted to 2,292 million euro (2,328 million euro at December 31, 2024).
For further information, please refer to the description in the paragraph \"Analysis of the main business
sectors\" in the Report on Operations.
35) Operating profit (loss) - EBIT
\u201cOperating profit (loss) - EBIT\u201d amounted to 1,235 million euro (1,317 million euro at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48253": { "value": "
\u201cNet finance (income) expenses\u201d amounted to
169 million euro (123 million euro at December 31,
2024), representing an increase of 46 million euro.
Of the above, finance expenses amounted to
157 million euro, compared to 116 million euro
in the previous reporting period, and were
mainly attributable to higher expenses related
to the issuance of the European Green Bond
in January 2025, the Blue Bond in a Private
Placement format in October 2025, and the
second European Green Bond in November
2025, as well as to the financing obtained from
the third quarter of 2024 onwards, in particular
the 600 million euro Green \u2018bridge\u2019 loan for the
acquisition of the e-distribution electricity grids
transferred to Duereti, which was repaid in full in
advance in July.
36) Finance income and expenses
The \u201cFinance income and expenses\u201d amount to 143 million euro (net expense of 106 million euro at
December 31, 2024).
Details of the more significant items are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Finance income\u00a052\u00a0113\u00a0(61)\u00a0(54.0%)
Finance expenses \u00a0(223)\u00a0(221)\u00a0(2)\u00a00.9%
Portion of income and expenses when
shareholdings are carried at equity		\u00a028\u00a02\u00a026\u00a0n.s.
Net finance income (expenses)\u00a0(143)\u00a0(106)\u00a0(37)\u00a034.9%
\u201cFinance income\u201d amounted to 52 million euro (113 million euro at December 31, 2024) and may be
analyzed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Bank income\u00a029\u00a047\u00a0(18)\u00a0 (38.3%)
Realized on financial derivatives\u00a0-\u00a05\u00a0(5)\u00a0 (100.0%)
Capital gains on disposal of financial assets\u00a0-\u00a01\u00a0(1)\u00a0 (100.0%)
Other finance income\u00a023\u00a060\u00a0(37)\u00a0 (61.7%)
Total finance income\u00a052\u00a0113\u00a0(61)\u00a0 (54.0%)
The decrease of 18 million euro in income from credit institutions is mainly attributable to a fall in
the interest rates applied, resulting from the effects of the European Central Bank\u2019s monetary policy
decisions.
\u201cFinance expenses\u201d, which amounted to 223 million euro, increased by 2 million euro compared to
December 31, 2024, and may be analyzed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Interest on bond loans\u00a0125\u00a0112\u00a013\u00a011.6%
Interest charged by banks\u00a052\u00a050\u00a02\u00a04.0%
Interest on Cassa Depositi e Prestiti loans\u00a06\u00a04\u00a02\u00a050.0%
Decommissioning costs\u00a011\u00a010\u00a01\u00a010.0%
Other finance expenses of which:\u00a032\u00a046\u00a0(14) \u00a0(30.4%)
Discounting charges\u00a015\u00a013\u00a02\u00a015.4%
Finance expenses (IFRS16)\u00a06\u00a04\u00a02\u00a050.0%
Foreign exchange losses\u00a0-\u00a0-\u00a0-
Other expenses\u00a011\u00a029\u00a0(18)\u00a0 (62.1%)
Total finance expenses before
capitalizations
226\u00a0222\u00a04\u00a01.8%
Capitalized finance expenses\u00a0(3)\u00a0(1)\u00a0(2)\u00a0n.s.
Total finance expenses \u00a0223\u00a0221\u00a02\u00a00.9%
The increase in bond interest of 13 million euro was mainly attributable to higher expenses for the
issuance of the 500 million euro European Green Bond with a coupon of 3.625% issued in January
2025, for the issuance of the 155 million euro Blue Bond in a private placement format with a coupon
of 2.875% issued in October 2025, and for the issuance of the 500 million euro European Green
Bond with a coupon of 3.25% issued in November 2025, partially offset by lower expenses due to the
maturity of two bonds of 300 million euro each (in March 2024 and February 2025). The increased
interest payable to credit institutions, amounting to 2 million euro, is mainly attributable to the loan
from the European Investment Bank with a nominal value of 200 million euro, disbursed in July.
The Portion of income and expenses when shareholdings are carried at equity amounted to 28 million
euro (2 million euro at December 31, 2024) and relates, for 25 million euro, to the write-back of the
shareholding in Ergosud S.p.A. following an impairment test, and, for 3 million euro, to the positive
valuation of the shareholdings held in certain associated companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48255": { "value": "
The \u201cShare of profit (loss) of equity-accounted
investees\u201d was 3 million euro (2 million euro at
December 31, 2024), and refers mainly to the
positive valuation of the shareholdings held in
some associated companies.
The Portion of income and expenses when shareholdings are carried at equity amounted to 28 million
euro (2 million euro at December 31, 2024) and relates, for 25 million euro, to the write-back of the
shareholding in Ergosud S.p.A. following an impairment test, and, for 3 million euro, to the positive
valuation of the shareholdings held in certain associated companies.
", "dimensions": { "concept": "A2A:DisclosureOfShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48228": { "value": "
\u201cIncome taxes\u201d for the year amounted to 306
million euro (352 million euro at December 31,
2024). The Group\u2019s tax rate remained essentially
in line with the previous year, showing a marginal
change of less than 0.5%.
37) Income taxes
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Current IRES\u00a0258\u00a0349\u00a0(91)\u00a0 (26.1%)
Current IRAP\u00a057\u00a071\u00a0(14)\u00a0 (19.7%)
Effect of differences - taxes of previous
years\u00a0		(1)\u00a0(6)\u00a05\u00a0 (83.3%)
Total current taxes\u00a0314\u00a0414\u00a0(100)\u00a0 (24.2%)
Deferred tax assets IRES\u00a034\u00a0(17)\u00a051\u00a0n.s.
Deferred tax assets IRAP\u00a04\u00a0(3)\u00a07\u00a0n.s.
Deferred tax assets \u00a038\u00a0(20)\u00a058\u00a0n.s.
Deferred tax liabilities IRES\u00a0(38)\u00a0(68)\u00a030\u00a0 (44.1%)
Deferred tax liabilities IRAP\u00a0(4)\u00a0(7)\u00a03\u00a0 (42.9%)
Deferred tax liabilities\u00a0(42)\u00a0(75)\u00a033\u00a0 (44.0%)
Total taxes\u00a0310\u00a0319\u00a0(9)\u00a0 (2.8%)
\u201cIncome taxes\u201d for the year amounted to 310 million euro (319 million euro at December 31, 2024) and
the breakdown is as follows:
\u2022
for 258 million euro current IRES for the year;
\u2022
for 57 million euro current IRAP for the year;
\u2022
for -1 million euro taxes of previous years;
\u2022
for 38 million euro deferred tax assets;
\u2022
for -42 million euro deferred tax liabilities.
Pursuant to Article 162-bis of Presidential Decree no. 917/1986, the parent company A2A in the 2024
financial year qualifies as a so-called \"non-financial holding company\". Accordingly, A2A determined
the total amount of IRAP for the 2025 financial year by adding to the net production value, determined
in accordance with the provisions specific to joint-stock companies (pursuant to Articles 5 and 11 of
Legislative Decree no. 446/1997), the difference between:
\u2022
interest and similar income
\u2022
interest and similar expense
according to the provisions contained in Art. 6, paragraph 9 of Legislative Decree no. 446/1997. The
production value thus calculated was subject to the average IRAP rate of 5.56%.
The reconciliation between the tax burden posted in the Consolidated Financial Statements and
theoretical tax liabilities, calculated on the basis of theoretical rates applicable in Italy, is as follows:
Reconciliation between the tax burden posted in the Financial Statements and
theoretical tax liabilities
\u00a0\u00a02025\u00a0Rate %\u00a02024\u00a0Rate %
Pre-tax result\u00a0 1,092 \u00a0 1,211
Theoretical rates based on applicable tax rates
(1)
262\u00a024.0%\u00a0291\u00a024.0%
Adjustment of prior year taxes\u00a0(6)\u00a0(0.5%)
Exemptive revaluation (Decree-Law 185/2008)\u00a0(37)\u00a0(3.1%)
PEX effect Disposal of investment\u00a0(10)\u00a0(0.9%)
Permanent differences \u00a017\u00a01.6%\u00a03\u00a01.0%
Other differences\u00a0(16)\u00a0(1.5%)\u00a08\u00a00.7%
Total taxes charged to Income statement (excluding
IRAP)\u00a0		253\u00a023.2% \u00a0259\u00a021.4%
Current IRAP\u00a057\u00a05.2%\u00a060\u00a05.0%
Total taxes charged to Income statement \u00a0310\u00a028.4%\u00a0319\u00a026.3%
(1) Taxes have been calculated considering a theoretical IRES rate of 24%,
Global Minimum Tax
The A2A Group falls within the scope of Directive (EU) 2022/2523, implemented in Italy through
Legislative Decree No. 209 of 27 December 2023, which introduces the Global Anti-Base Erosion
Rules (GloBE) set out in the \u201cPillar 2\u201d of OECD. These rules, which came into force for tax periods
beginning on or after January 1, 2024, provide for the application of a minimum effective tax rate of
15% to multinational groups with consolidated revenues of 750 million euro or more in at least two of
the four preceding financial years.
In order to determine any Top-up Tax, the GloBE rules require the calculation of an Effective Tax Rate
(ETR) for each jurisdiction in which the Group operates, based on the ratio of the Adjusted Covered
Taxes to the GloBE Income of the entities present in that jurisdiction.
For the first years of application, the OECD has established specific simplification provisions known as
the \u2018Transitional Country-by-Country Reporting Safe Harbour\u2019, which have been transposed into Italian
law.
Under the rules of the simplified transitional regimes, the supplementary tax in a given jurisdiction can
be considered zero if one of the following tests is met, based on the data from the Group\u2019s qualified
Country-by-Country Report and qualified financial statements:
\u2022
De minimis test: total revenues of less than 10 million euro and pre-tax profit (loss) of less than 1
million euro in the jurisdiction;
\u2022
Simplified ETR test: simplified effective tax rate equal to or higher than the transitional threshold (16%
for the 2025 financial year and 17% for the 2026 and 2027 financial years);
\u2022
Ordinary profit test: the pre-tax profit (loss) in the jurisdiction is equal to or less than the amount of
the Substance-based Income Exclusion (SBIE).
Application to the A2A Group
The Group conducted a detailed analysis of all jurisdictions in which it operates for the purpose of
applying the Pillar 2 provisions. For the current year ending December 31, 2025, the Group verified the
applicability of the simplified transitional arrangements based on the data from the qualified Country-
by-Country Report, prepared using qualified financial statements that comply with the requirements of
the legislation.
The analysis carried out showed that all jurisdictions in which the Group operates met the criteria of
at least one of the simplified transitional regime tests. Therefore, the Top-up Tax for these jurisdictions
was considered to be zero for the reporting period, in accordance with the transitional provisions set
out in the GloBE legislation.
The Group will continue to monitor developments in the regulatory framework and in the interpretative
guidance issued by the OECD and the relevant tax authorities, in order to ensure full compliance with
the Pillar 2 provisions in subsequent reporting periods.
Finally, the Group has also applied the temporary exception introduced in May 2023 by the
IASB through the \u2018Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar II Model
Rules\u2019, concerning the accounting requirements for deferred taxes under IAS 12; consequently, no
information regarding deferred tax assets and liabilities arising from the application of the Pillar II
legislation is provided here.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48259": { "value": " Italy", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48261": { "value": " Italy\u2019", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48262": { "value": " Italy", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48263": { "value": "
Significant events after December 31, 2025
A2A Life Sharing \u2013 Own share
buyback programme
Since January 16, 2026, the programme for the
purchase of own ordinary shares has continued,
pursuant to the resolution of the Ordinary
Shareholders\u2019 Meeting held on April 29, 2025,
with the aim of providing the Company with the
necessary shareholder funding to implement
the 2025\u20132027 \u201cA2A LIFE Sharing\u201d Distributed
Shareholding Plan and to pursue current
management purposes (including investment
and liquidity management) and industrial projects
consistent with the strategic lines that the
Company intends to pursue in relation to which
the opportunity of stock exchange is realized.
A2A and Sosteneo: Power
Purchase Agreement signed
for the supply of 130 GWh/
year of solar energy
On February 9, 2026, A2A and Ramacca Energia
S.r.l., a company belonging to the portfolio
managed by Sosteneo SGR S.p.A. (part of the
Generali Investments platform), entered into
a 12-year Power Purchase Agreement (PPA)
for the supply of solar energy, amounting to
approximately 130 GWh per year, equivalent
to the annual consumption of around 48,000
households and the avoidance of nearly 60,000
tonnes of CO\u2082.
The agreement establishes the purchase by A2A
of the production of a photovoltaic plant with
an installed capacity of 68 MW, which will be
built in Sicily \u2013 in Ramacca (CT) \u2013 with entry into
operation scheduled for the second half of 2027.
International geopolitical
tensions and Bills Decree
As detailed further in the section \u2018Risks and
uncertainties\u2019, February 2026 was marked by two
key events: the international geopolitical crisis
and the Bills Decree. These events may have an
impact on the Group, particularly in relation to the
commodity price scenario.
1) Significant events for the group after december 31, 2025
A2A \u2013 Share buyback program
Since January 16, 2026, the share buyback program has continued pursuant to the resolution of the
Ordinary Shareholders' Meeting held on April 29, 2025, always with the aim of providing the Company
with the share capital necessary to implement the 2025-2027 Widespread Share Ownership Plan
called \"A2A LIFE Sharing\" and to pursue current management objectives (including investment and
liquidity management) and industrial projects consistent with the strategic lines that the Company
intends to pursue in relation to which the opportunity for share exchanges materialize.
A2A and Sosteneo: a power purchase agreement has been signed for the
supply of 130 GWh/year of solar energy
On February 9, 2026, A2A and Ramacca Energia S.r.l., a company belonging to the portfolio managed
by Sosteneo SGR S.p.A. (part of the Generali Investments platform), signed a 12-year Power Purchase
Agreement (PPA) for the supply of solar energy, equal to about 130 GWh/year, equivalent to the annual
consumption of about 48,000 households and almost 60,000 tons of CO\u2082 avoided.
The agreement establishes the purchase by A2A of the production of a 68 MW photovoltaic plant with
an installed capacity that will be built in Sicily \u2013 in Ramacca (CT) \u2013 with commissioning scheduled for
the second half of 2027.
International geopolitical tensions and the Bills Decree
As detailed in greater depth in the section \u2018Risks and uncertainties\u2019 of the Report on Operations,
February 2026 was marked by two key events: the international geopolitical crisis and the Bills
Decree. These events may have an impact on the Group, particularly in relation to the commodity price
scenario.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48229": { "value": "
Proposal for the allocation of net profit for\u00a0
the year ended December 31, 2025\u00a0
and the distribution of a dividend
The annual financial statements of A2A S.p.A. for the year ended December 31, 2025 show a net profit
of 644,234,085.00 euro.
If you are in agreement with the criteria used to prepare the financial statements, with the accounting
principles and methods used in those statements and with the measurement criteria adopted, we
invite you to approve:
\u2022
the allocation of the net profit for the year of 644,234,085.00 euro as follows:
\u00a0\u017d\u00a032,211,704.00 euro to the legal reserve;
\u00a0\u017d\u00a0324,977,853.00 euro as ordinary dividend to shareholders, in an amount sufficient to ensure a
remuneration of 0.104 euro for each ordinary share outstanding, net of treasury shares held as of
March 17, 2026;
\u00a0\u017d\u00a0287,044,528.00 euro to the Extraordinary Reserve, calculated taking into account the treasury
shares held as at March 17, 2026.
For information purposes, we inform you that the number of shares outstanding as of March 17, 2026,
is 3,124,787,044 shares.
The dividend will be paid from May 20, 2026, with ex-dividend date May 18, 2026 and record date
May 19, 2026.
Board of Directors
Dividends
Dividends distributed are stated net of the portions attributable to treasury shares held in the portfolio
on the respective record dates. The Group waived the collection of these amounts, which were
allocated to the \u2018Retained earnings\u2019 reserve. The dividend for the 2024 financial year, amounting to
0.10 euro per share, for a total of 313 million euro, was approved by the Shareholders\u2019 Meeting held on
April 29, 2025.
During the reporting period, coupons totalling 38 million euro were paid to holders of perpetual hybrid
bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48247": { "value": "
Legislative and regulatory
risks
The A2A Group operates in sectors that
are strongly regulated by the provisions of
independent administrative authorities and
deals with a multiplicity of stakeholders at
various institutional levels. Regulation impacts
not only on traditional natural monopoly sectors
(such as transport energy infrastructure and
the integrated water cycle) but also on free
market sectors (in terms of market design and
continuous enforcement of consumer protection).
Since 2018, the Regulatory Authority for Energy
Networks and Environment (ARERA) has taken
over the regulation and control responsibilities
for the integrated waste cycle, and since 2023,
also for setting heat transfer prices in district
heating.
Considering the significant contribution of
regulated activities to overall margins, the
Group has adopted a policy of monitoring and
managing regulatory risk in order to mitigate,
as far as possible, its effects through a multi-
layered control, which primarily involves
collaborative dialogue with institutions (including
the most important: ARERA, Autorit\u00e0 Garante
della Concorrenza e del Mercato or AGCM,
Autorit\u00e0 per le Garanzie nelle Comunicazioni,
Autorit\u00e0 di Regolazione dei Trasporti, Ministero
dell\u2019Ambiente e della Sicurezza Energetica)
and with the sector\u2019s technical bodies/entities
(Gestore dei Servizi Energetici S.p.A., Gestore dei
Mercati Energetici S.p.A., Terna S.p.A. and Snam
S.p.A.) as well as active participation in trade
associations.
The Regulatory Affairs and Competition
organizational structure works in close liaison
with the Business Units and implemented
constantly updated monitoring and control tools
(including the Regulatory Review produced every
six months or the Regulatory Agenda drawn up at
the time of the Budget/Plan) in order to consider
the potential impacts of the regulation on various
companies. The organizational structure also
oversees regulatory risk for the Acinque and
AEB Groups by managing their impacts in a
coordinated manner.
It should also be mentioned that a new
Procedure for managing Operational Compliance
for individual companies is in force from 2025,
according to which Regulatory Affairs and
Competition:
1. gathers feedback regarding the grounding of
the operational requirements that emerged
from the mandates issued by the sectoral
authorities;
2. organizes 10 second-tier compliance checks
each year regarding the methods companies
have chosen for the implementation of
regulatory requirements.
The main topics involved in current changes in
regulations and legislation, with major potential
effects on the Group, are as follows:
\u2022
the rules governing reallocations of large-scale
hydroelectric concessions following Law no.
12/2019 which, in article 11-quater, provided for
an overall reorganization of the subject, giving
the Regions an increasingly important role (for
the Lombardy Region, reference is made to
the Regional Law no. 5/2020 as amended by
subsequent Regional Law no. 19/2021)
1
;
\u2022
the annual renewal of the essentiality regime
with reinstatement of costs for the San Filippo
del Mela fuel oil power plant, which does not
allow a medium-term vision of the site\u2019s future;
\u2022
the effects of potential delays related to the
commissioning of the new Monfalcone CCGT
scheduled for 2026 and, at the moment,
postponed by a year. The plant benefits from
the capacity market and a number of extensions
for potential commissioning delays;
\u2022
the effects of the numerous administrative acts
that MASE, on one hand, and the individual
Regions, on the other hand, are adopting to
regulate the \u2018suitable areas\u2019 for the construction
of production plants powered by renewable
sources which, if excessively restrictive, could
slow down the development targets set by the
A2A Group in this sector;
\u2022
the termination of the water service
concessions and their transfer for consideration
to the Single Area Operator (with particular
reference in the immediate term to the
municipalities that have expired and/or are
being managed on a transitional basis by A2A
Ciclo Idrico S.p.A. and those close to expiry of
Lereti S.p.A. in the Como and Varese areas);
\u2022
the possible inclusion of waste-to-energy
plants treating municipal waste in the Emission
Trading System from 2028 and, potentially, for
those treating special waste from the treatment
of municipal waste, earlier than said expiry (see
transitional climate risks);
\u2022
the extension of concessions for the distribution
of electricity after the 2030 deadline, as the
MASE Ministerial Decree \u2013 provided for by the
2025 Budget Law as at June 30, 2025 \u2013 has
not yet been adopted;
1 With reference to the Resio (BS) concession, owned by Linea Green S.p.A. (a wholly-owned subsidiary of A2A S.p.A.),
the Lombardy Region announced with DGR 1602 of December 18, 2023, the start of the reallocation procedure, with the
publication of the notice on April 22, 2024. The appeals lodged by Linea Green S.p.A., A2A S.p.A., and Elettricit\u00e0 Futura
concerning this procedure, in which Linea Green S.p.A. itself and five other operators (one of which is foreign) took part,
remain under consideration. The tender procedure is still underway.
\u2022
the expected consequences of the conclusions
of the Report on the results of the day-ahead
electricity market in the two-year period 2023-
2024, published by ARERA with reference
to the supply strategies of operators on the
electricity market: ARERA, through what-if
analyses carried out with the support of the
GME, found inconsistencies between prices
(Day Ahead Market) and short-term marginal
costs, a symptom of possible economic
capacity withholding, a conduct censured by
the so-called REMIT Regulation as it brings
market prices to an \u201capparently\u201d artificial level;
\u2022
the closure of the specific sanctioning
proceedings initiated against A2A S.p.A. for
alleged violation of art. 5 of REMIT (i.e. market
manipulation), with reference to a single month
of 2022, the Northern Zone and CCGT plants.
According to the Authority, the contested
conduct would have resulted in an increase in
the market price estimated by what-if analyses
similar to those used in the 2023-2024 Report;
\u2022
the initiation of preliminary investigation
proceedings by AGCM against A2A E-Mobility
S.r.l., A2A Energia S.p.A. and the parent
company A2A S.p.A. (A577) in order to ascertain
the possible existence of violations of the rules
on abuse of a dominant position in electric
mobility services.
On February 23, 2026, the 2026 Energy Decree
was published in the Official Journal of the
Italian Republic. This decree sets out a series
of measures aimed at the energy market, with
the primary objective of reducing energy prices
by focusing on the mechanism for setting the
marginal price of electricity.
For the A2A Group, should the decree be
converted into law, this would have repercussions
in terms of electricity price trends and the need
to adapt the way in which the Group operates
on the energy market. Among measures that
appear to be less critical in application, such as
those relating to the variable components of gas
transport and/or those relating to the \u201cliquidity
service\u201d in the wholesale gas market, there are
others that are difficult to apply with reference to
European law regulations such as:
\u2022
the amendment to the ETS framework, which
requires action and approval by the EU. This is
also highly complex in terms of timing (the ETS
regulations would already apply from 2027);
\u2022
the introduction by ARERA (an independent
authority) of one or more measures to assess
conduct involving the economic withholding
of capacity on wholesale markets, which
would require a new interpretation of REMIT, a
European regulation.
As of today, the impacts of these legislative
provisions are difficult to quantify, given that they
are still awaiting conversion into law and that the
text of the legislation may still undergo significant
amendments. In any event, the A2A Group will
monitor the possible impacts on margins.
Finally, it should be noted that in view of the
numerous interventions of the AGCM on the
sectors in which the A2A Group operates (in
terms of initiating investigations for abuse of
a dominant position and agreements, as well
as fact-finding investigations, requests for
information and moral suasion, particularly
on the consumer protection side for alleged
unfair commercial practices in the retail sale
of electricity and gas, also in view of the
completion of deregulation) the Board of
Directors of A2A S.p.A. approved in 2019 the
adoption of the Antitrust Compliance Program
with the consequent appointment of a Person
Responsible for its implementation. In 2020,
the Antitrust Code of Conduct and an Antitrust
Guideline were adopted, which regulates the
rules of conduct that Group employees must
observe in order to avoid antitrust violations
(document available on the company Intranet).
In the meantime, training sessions continued
for the personnel of the various Business Units,
and a specific training tool was activated and
disseminated to all Group personnel on an
e-learning platform.
For a more detailed discussion of these risks,
reference should be made to the section
Evolution of legislation and impacts on the
Business Units of the A2A Group.
Risks associated with
industrial and business
activities
Context risks
The Group\u2019s activities are sensitive to economic
cycles and general economic conditions. A
slowing economy could lead to, for example,
a drop in consumption and/or industrial
production, resulting in a negative effect on the
demand for electricity and other carriers and
services offered by the Group, thereby affecting
the results and the implementation of planned
development strategies.
The year 2025 was characterised by the
persistence of the complex global geopolitical
and trade framework: on the one hand, there
were no further particular tensions on the
price levels of energy commodities, even
though crisis situations are still in place in the
Middle East and Eastern Europe; on the other
hand, the effects of uncertainty caused by the
continuous proclamations of the implementation
of protectionist trade policies by the US
Administration have determined, at a global level,
a slowdown in trade, although the impact has
been limited by the redefinition of trade flows.
Finally, it should be noted that the current
international context is confirming or bringing
out critical issues and uncertainties in some
specific areas: reference is made, in particular, to
the supply times and purchase prices of specific
product categories rather than to the possible
blocking of the recovery activity of plastic sorting
plants for the greater economic convenience in
the use of virgin plastic.
It cannot be ruled out that, in the short and
medium term, further global crisis scenarios may
arise that could once again lead to increases
in energy commodity prices and affect trade
between countries, thereby undermining global
growth prospects.
Risks related to commodity
and energy prices
Given the features of the sectors in which it
operates, the A2A Group is exposed to energy
scenario risk, namely the risk linked to changes
in the price of energy raw materials (electricity,
natural gas) and the prices of CO
2
emissions
allowances (EUA). Significant, unexpected and/
or structural changes in commodity prices,
especially in the medium term, may result in a
reduction in the Group\u2019s operating margins and
cash flows.
To mitigate these risks, the Group has
approved an Energy Risk Policy that regulates
the procedures by which commodity risk is
monitored and managed, or the highest level
of variability to which the result is exposed
with reference to the trend of prices of energy
commodities. Consistent with the provisions of
the Policy, the commodity risk limits of the Group
are defined and approved annually by the Board
of Directors.
Market risk is mitigated by constantly monitoring
the total net exposure of the Group\u2019s portfolio
and addressing the main factors affecting
the trend. Appropriate hedging strategies are
defined, where necessary, designed to maintain
this risk within the established limits, typically
through hedging at 36 and 48 months.
The objective of stabilizing the cash flows
generated by the asset portfolio and outstanding
contracts is thus pursued through the
management of physical contracts and derivative
financial instruments, limiting to the extent
possible, the volatility of the Group\u2019s economic
and financial results following changes in
commodity prices.
Social-environmental context risk
Possible opposition (the so-called \u201cNIMBY - Not
In My Back Yard\u201d phenomenon) to the presence
of plants promoted by certain stakeholders and
amplified through the use of social media, due
to a negative perception of certain activities
(such as waste recovery and disposal or the
installation of photovoltaic and wind farms) in the
areas served, could hinder the regular operation
of existing plants as well as the authorization
process for new plants and therefore, the growth
planned by the Group in some business areas.
To mitigate this risk, the Group has set up
organizational structures dedicated to monitoring
institutional relations, with local communities
and the territory, in order to establish and
maintain collaborative dialogue with the various
stakeholders. Within this framework, the Group,
in order to build consensus around its initiatives,
participates in technical round tables with
institutional counterparts, especially at local
level, as well as through the organization of
multi-Stakeholder forums designed to promote
dialogue with the local community. The forum
was established with the aim of identifying
solutions that can respond in a targeted and
effective manner to the needs and expectations
of stakeholders and that allow promoting the
environmental, economic and social sustainability
activities carried out by the Company and the
Group and services provided in the territory.
For the management of this risk, the Group has
also adopted an IT platform for stakeholder and
relationship mapping, which is useful for carrying
out a gap analysis and supporting the planning
of Stakeholder Engagement and improvement
activities.
Risks related to climate change
The A2A Group has in place a system for
identifying, assessing and managing risks related
to climate change that is an integral part of the
Group\u2019s Enterprise Risk Management process and
is subject to the requirements of the Corporate
Sustainability Reporting Directive (CSRD).
The climate risks identified for the A2A Group are
the result of the analysis carried out considering:
\u2022
the ESRS E1 Climate Change standard prepared
under the Corporate Sustainability Reporting
Directive (CSRD);
\u2022
climate-related hazards as classified by the
EU Taxonomy and delegated acts issued in
implementation of the EU Regulation 2020/852
on Green capital expenditures;
\u2022
the businesses operated and services offered
by the Group;
\u2022
the recommendations issued by the Task-force
on Climate-related Financial Disclosure (TCFD).
The analysis of physical climate risks is also
supported by a platform that provides a geo-
referenced assessment of the exposure of
business activities to climate hazards; the
assessment is based on forecast climate
indicators for the SSP1-2.6, SPP2-4.5 and SSP5-
8.5 scenarios in the short, medium, long and very
long term future horizons (up to 2100)
2
.
Further information on climate risk management
and assessment is published in the Sustainability
Statement.
Physical climate risks
The A2A Group has identified the following main
physical climate risks:
\u2022
changes in the water resource available for
hydroelectric production (hydraulicity), as a
result of potential changes in precipitation
volumes and distribution throughout the year,
as well as a potential reduction in the water
reserve accumulated in the form of snow pack
(Snow Water Equivalent) - due to rising average
and maximum air temperatures.
To ensure optimum exploitation of water
resources available for energy, the Group
has established organizational structure
dedicated to the development of analyses and
engineering models to support the planning,
both medium and short-term, of hydroelectric
plants; production planning also makes use
2 A Shared Socioeconomic Pathway (SSP) climate scenario is a projection of the future that combines assumptions about global
socio-economic developments (such as population growth, technological development, energy use and production, and
environmental policies) with climate models to estimate the trend of greenhouse gas emissions and their effects on the climate.
of the support of weather forecasts and the
presence of expert people within the Group;
moreover, investments are planned to optimize
the use of the available and derived water
resources for hydroelectric purposes.
\u2022
The resilience of electricity distribution
networks, which may manifest as service
disruptions (blackouts) primarily caused by:
- peaks in demand for summer air conditioning
- heat waves
- flooding caused by heavy rains
- greater energy demand as a result of the
electrification of services (electric cars,
development of public transport, heating)
- increased energy requirements for the
deployment of data centres.
In order to mitigate this risk, in addition to
the usual maintenance activities, the Group
planned and launched the strengthening of
the interventions to rationalize the meshing of
the grids, the construction and commissioning
of new primary and secondary substations,
as well as the expansion of remote asset
management systems. There are also remote
operational controls, advanced technical safety
tools, emergency intervention teams as well as
specific safeguards for infrastructure, which
are more exposed to risks of interruption in
the delivery of services. The \u201cManagement of
the effects of extreme rainfall\u201d Working Group
was set up, responsible for coordinating the
prevention and management of disruptions
and the related communication activities in the
event of flooding of the secondary cabins.
\u2022
Scarcity of drinking water resources: risk of
failure to continuously supply drinking water in
the event of prolonged periods of drought and/
or changes in the hydrogeological regime.
In order to guarantee, even in the long term,
the supply of drinking water on a continuous
basis, the A2A Group monitors and maps
leaks from the water mains and intervenes with
investments to reduce them (e.g., installation
of sensors - noise loggers - on the Brescia
water mains, capable of detecting in real
time the \u201cnoise\u201d of a leak leaking from a pipe,
guaranteeing a high level of operation and
maintenance of the water mains, reducing
intervention times and excavation and
inconvenience to the road network and
pedestrians); the Group also has an investment
program in place for the interconnection of
aqueducts and the search for new water supply
sources, including through the use of innovative
technologies.
\u2022
Extreme weather events: these are risks to
the Group\u2019s assets and business continuity
as a result of risks arising from acute
physical weather hazards (e.g., floods, heavy
rainfall - \u201cwater bombs\u201d -, hail, tornadoes,
landslides) which affect the Group\u2019s plants
and infrastructure. The risk is mitigated by the
presence of insurance that covers direct and
indirect damage in the event of a natural event.
In addition, to mitigate this risk in the medium
and long term, the Group is also assessing
its assets in a timely manner with the use of
a geo-referenced platform to identify those
most exposed and/or vulnerable in different
climate scenarios in order to strengthen their
adaptation.
Other identified physical weather risks include:
\u2022
increase in average autumn and winter
temperatures: potential risk of decreased
heat and gas sales. With reference to the
reduction of thermal energy demand by end
users compared to what was planned, the
Group, through the Business Plan, implements
the following risk reduction strategies: a)
development of district heating networks
and increase in the number of customers;
b) optimization of energy costs with thermal
waste recovery projects and revamping
of existing plants. In addition, the Group
monitors investment support policies for the
development and extension of TLR networks,
including in the area of efficient district heating,
carries out studies on technological alternatives
for heating, and participates in round tables with
local authorities on environmental objectives.
Transitional weather hazards
The identified transition risks include:
\u2022
ETS Directive Review: risk concerning the
application of the Emissions Trading Scheme to
the Group\u2019s waste-to-energy facilities following
the revision of the EU Directive.
\u2022
The variability in the cost of CO
2
emission
permits (EU Allowances) can constitute both a
risk and an opportunity. The Group\u2019s electricity
production is indeed diverse in terms of energy
sources, and any fluctuations in the cost of the
EUA, linked to the national energy price, could
lead to the A2A Group experiencing lower or
higher margins than those projected in the Plan.
With the 2025-2035 Business Plan, the Group
has committed to decarbonizing its own
activities and its supply chain. The achievement
of decarbonization targets is subject to the
following main sources of uncertainty:
\u2022
possible geopolitical, market or climatic
situations that could lead to an increase in the
demand for energy from fossil sources, either
to meet a possible higher domestic demand
for energy or to compensate for any lower
production from renewable sources (mainly
hydroelectric) and/or any lower imports;
\u2022
changes in the context in which the Group
operates, such as regulatory changes that
adversely impact the development of renewable
energy sources;
\u2022
insufficient technological development, which
may not adequately support the replacement of
fossil production and/or the removal of carbon
(\u201ccarbon removal\u201d) from processes that are
inherently \u201ccarbon intensive\u201d (hard-to-abate).
To mitigate these uncertainties, the Group has
implemented multiple monitoring activities,
such as:
\u2022
monitoring of the emission trajectory;
\u2022
inclusion, in the investment evaluation process,
of alignment with the European Taxonomy and
the contribution to avoided emissions;
\u2022
\u00a0\u00a0experiments and investments in\u00a0carbon capture;
\u2022
process of defining the Group Transition Plan.
Climate change and health,
safety and environment
The Group also takes into account the possible
effects of climate change on people as well as
the environment and land. Collection and urban
hygiene activities, those for network services and
at plants and construction sites involve workers
being outdoors, who are particularly exposed
to heat waves or intense weather events. The
Group has identified this risk, which can affect
both individual well-being and the risk of injury,
and has implemented mitigation measures, such
as the choice of light-weight fabrics in tenders
for the supply of clothing, and awareness-raising
and information to its employees, including
through the activation of an alert system in the
event of expected sharp rises in temperature.
Acute phenomena such as heavy rainfall and
\u2018water bombs\u2019 can lead to flooding in plants and/
or the overflowing of containment tanks placed to
protect against any spills, with the risk of potential
pollution of the soil or nearby water bodies. To
mitigate this risk, the Group modified the capacity
of the containment systems in the most critical
situations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48249": { "value": "
Audit of the financial statements and disclosures pursuant to
article 149-duodecies of the Consob Issuers\u2019 Regulations
The annual financial statements of A2A S.p.A. have been subject to a full audit by KPMG S.p.A. on
the basis of the appointment conferred by the general shareholders\u2019 meeting of April 28, 2023 for the
nine-year period 2025-2033.
The following table provides a summary of the fees paid for audit work performed within the Group
during 2025.
(values in thousands of euro)
Description\u00a0Leading
Auditor
Other auditors from the
lead auditor\u2019s Network
A2A S.p.A.\u00a0\u00a0\u00a0\u00a0
Audit of annual financial statements\u00a0196
Audit of consolidated financial statements\u00a029
Periodic tests of accounting\u00a019
Limited review of sustainability reporting (CSRD)150
\u00a0Limited review of half-year report\u00a058
Audit of the separate annual accounts for ARERA\u00a015
Total\u00a0467
Subsidiaries, associates and joint ventures\u00a0
Audit of annual financial statements\u00a0\u00a01,250\u00a040
Periodic tests of accounting\u00a0168\u00a02
Limited review of half-year report\u00a0215\u00a07
Audit of the separate annual accounts for ARERA\u00a099\u00a0\u00a0
Total1,732\u00a049
\u00a0Other consolidated groups (ACINQUE and AEB)\u00a0\u00a0
Audit of annual financial statements\u00a0331
Periodic tests of accounting\u00a050
Limited review of half-year report\u00a087
Limited review of sustainability reporting (CSRD)\u00a050
Audit of the separate annual accounts for ARERA\u00a029
Total\u00a0547
Total A2A Group \u00a02,746\u00a049
In addition to the audit activities referred to
above, it should be noted that, during the 2025
financial year, other services were performed
by companies belonging to the KPMG network
for total fees of 66 thousand euro, including 6
thousand euro relating to other KPMG network
auditors. These services mainly concerned
activities falling within the statutory auditor\u2019s
remit, as provided for by the applicable
legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48250": { "value": "
Treasury shares
At December 31, 2025, A2A S.p.A. held 4,147,087 treasury shares (no treasury shares at December 31,
2024), representing 0.1324% of the share capital consisting of 3,132,905,277 shares.
16) Reserves
16.1) Treasury shares
The \u201cTreasury shares\u201d at December 31, 2025 amounted to 10 million euro, no value at December
31, 2024, and refers to 4,147,087 treasury shares purchased in support of the 2025-2027 \u201cA2A LIFE
Sharing\u201d distributed shareholding plan and for current management purposes (including investment
and liquidity management) and for industrial projects consistent with the strategic lines that the Group
intends to pursue in relation to which the opportunity of stock exchange is realized.
2) Information on treasury shares
At December 31, 2025, A2A S.p.A. held 4,147,087 treasury shares (no treasury shares at December
31, 2024), representing 0.1324% of the company\u2019s share capital for a value of 9,706 thousand euro,
purchased to support the 2025\u20132027 \u201cA2A LIFE Sharing\u201d distributed shareholding plan and for
current management purposes (including investment and liquidity management) and for industrial
projects consistent with the strategic lines that the company intends to pursue in relation to which the
opportunity of stock exchange is realized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48329": { "value": "8135000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48330": { "value": "7583000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48331": { "value": "3103000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48332": { "value": "2937000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48333": { "value": "1509000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48334": { "value": "1512000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48335": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48336": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48337": { "value": "167000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48338": { "value": "88000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48339": { "value": "439000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetDeferredTaxAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48340": { "value": "420000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetDeferredTaxAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48341": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "A2A:NonCurrentAssetsDerivatives", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48342": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "A2A:NonCurrentAssetsDerivatives", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48343": { "value": "120000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48344": { "value": "128000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48345": { "value": "13527000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48346": { "value": "12695000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48347": { "value": "311000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48348": { "value": "318000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48349": { "value": "4454000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48350": { "value": "3643000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48351": { "value": "641000000.0", "decimals": -6, "dimensions": { "concept": "A2A:CurrentAssetDerivatives", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48352": { "value": "866000000.0", "decimals": -6, "dimensions": { "concept": "A2A:CurrentAssetDerivatives", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48353": { "value": "424000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48354": { "value": "430000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48355": { "value": "24000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48356": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48357": { "value": "123000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48358": { "value": "45000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48359": { "value": "1879000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48360": { "value": "1549000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48361": { "value": "7856000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48362": { "value": "6883000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48363": { "value": "0.0", "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48364": { "value": "405000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48365": { "value": "21383000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48366": { "value": "19983000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48367": { "value": "1629000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48368": { "value": "1629000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48369": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48370": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48371": { "value": "3548000000.0", "decimals": -6, "dimensions": { "concept": "A2A:Reserves", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48372": { "value": "3041000000.0", "decimals": -6, "dimensions": { "concept": "A2A:Reserves", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48373": { "value": "750000000.0", "decimals": -6, "dimensions": { "concept": "A2A:GroupNetProfit", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48374": { "value": "864000000.0", "decimals": -6, "dimensions": { "concept": "A2A:GroupNetProfit", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48375": { "value": "5917000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48376": { "value": "5534000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48377": { "value": "573000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48378": { "value": "558000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48379": { "value": "6490000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48380": { "value": "6092000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48381": { "value": "6216000000.0", "decimals": -6, "dimensions": { "concept": 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48601": { "value": "0.0", "dimensions": { "concept": "A2A:FairValueGainsLossesOnFinancialAssetsAndLiabilities", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48602": { "value": "0.0", "dimensions": { "concept": "A2A:FairValueGainsLossesOnFinancialAssetsAndLiabilities", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48603": { "value": "0.0", "dimensions": { "concept": "A2A:ChangeInConsolidationScope", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48604": { "value": "2000000.0", "decimals": -6, 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"scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48608": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48609": { "value": "-38000000.0", "decimals": -6, "dimensions": { "concept": "A2A:CapitalInstrumentsCouponPaidOnHybridBond", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "A2A:OtherReservesAndRetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_48610": { "value": "-38000000.0", "decimals": -6, "dimensions": { "concept": "A2A:CapitalInstrumentsCouponPaidOnHybridBond", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48611": { "value": "-38000000.0", "decimals": -6, "dimensions": { "concept": "A2A:CapitalInstrumentsCouponPaidOnHybridBond", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48612": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "shtag_48613": { "value": "-20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "A2A:OtherReservesAndRetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_48614": { "value": "-15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48615": { "value": "-15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48616": { "value": "750000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "A2A:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48617": { "value": "750000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48618": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "shtag_48619": { "value": "782000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48620": { "value": "1629000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "shtag_48621": { "value": "-10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "shtag_48622": { "value": "-6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "shtag_48623": { "value": "742000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "A2A:ReserveForEquityInstrumentsPerpetualHybridBond", "unit": "iso4217:EUR" } }, "shtag_48624": { "value": "2812000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "A2A:OtherReservesAndRetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_48625": { "value": "750000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "A2A:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48626": { "value": "5917000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_48627": { "value": "573000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "shtag_48628": { "value": "6490000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:815600B7FD80E48C1896", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_48251": { "value": "A2A S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48252": { "value": "The A2A Group mainly operates in the following sectors:\u2022 the production, sale and distribution of electricity even from renewable resources; \u2022 the sale and distribution of gas;\u2022 the production, distribution and sale of heat through district heating networks;\u2022 waste management (from collection and sweeping to disposal) and the construction and management of integrated waste disposal plants and systems, also making these available for other operators;\u2022 integrated water cycle management;\u2022 technical consultancy relating to energy efficiency certificates.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48257": { "value": "
Basis of presentation
The Consolidated financial statements of the A2A Group at December 31, 2025 has been prepared:
\u2022
in compliance with Legislative Decree 58/1998 (art. 154-ter) as amended and with the Issuers\u2019
Regulations published by Consob;
\u2022
in accordance with the International Financial Reporting Standards (IFRS) issued by the International
Accounting Standard Board (IASB) and approved by the European Union. IFRS means all the revised
International Accounting Standards (IAS) and all the interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations
Committee (SIC);
\u2022
in accordance with European Commission Regulation 815/2019 (the European Single Electronic
Format \u2013 ESEF) in xHTML format, marking the A2A Group\u2019s consolidated annual report (statements
and notes) according to the Inline XBRL specifications contained in the basic taxonomy issued by
the EMSA (\u201cEuropean Securities and Markets Authority\u201d).
In preparing the Consolidated financial statements, the same principles used in the preparation of the
Consolidated financial statements at December 31, 2024 were applied, other than the principles and
interpretations described in detail in the paragraph below \u201cChanges in International Financial Reporting
Standards\u201d adopted for the first time on January 1, 2025.
The directors assessed the applicability of the going concern assumption in the preparation of the
Consolidated financial statements, concluding that this assumption is appropriate as it was verified that
there were no financial, managerial or other indicators that could indicate critical issues regarding the
Group\u2019s ability to meet its obligations in the foreseeable future and in particular in the next 12 months.
The Consolidated financial statements has been prepared using the historical cost method, with the
exception of the financial statement items that according to IFRS are recognized at fair value, as indicated
in the valuation criteria of the individual items, and non-current assets and disposal groups classified as
held for sale that are measured at the lower of carrying amount and fair value net of selling costs.
The preparation of the Consolidated financial statements required the use of estimates by management;
the areas characterized by valuations and assumptions of particular significance, together with those with
significant effects on the reported situations, are reported in the section \u201cUse of estimates and judgement
by management\u201d.
The currency used by the Group for the presentation of the Consolidated financial statements is the euro,
the functional currency of the Parent Company A2A S.p.A.; all values are expressed in millions of euro,
unless otherwise indicated.
The Consolidated financial statements consists of:
\u2022
Consolidated Statement of financial position: provides for the distinction of assets and liabilities by
maturity, separating between current and non-current;
\u2022
Consolidated income statement: presented in scalar form with the individual items analysed by nature.
The form chosen, in accordance with the presentation methods of the leading operators in the sector and
in line with international practice, is considered the most suitable to represent the company results;
\u2022
Consolidated statement of components of the comprehensive income statement: presented in a
separate table, it shows the components of the result suspended in equity;
\u2022
Consolidated statement of cash flows: prepared using the indirect method, with separate presentation of
cash flow from operating activities, investment activities and financing activities. \u00a0
More specifically, the Statement of cash flows is presented on a gross basis and does not include non-
monetary transactions.\u00a0
In particular, although the Group does not deviate from the provisions of IAS 7 in the classification of
items, the following is specified:
\u00a0\u00a0- \u00a0
in addition to cash flows from ordinary operations, cash flows from operating activities include interest
on loans granted and obtained, dividends and advances on dividends paid to shareholders of the
Parent Company and third parties, as well as dividends received from associated companies or joint
ventures;
- \u00a0
investment activities include investments in property, plant and equipment and intangible assets
(including any capitalized financial expenses) and related disposals; investments and disposals in
assets deriving from contracts with customers relating to agreements for concession services; the
effects of business combinations in which the Group acquires or loses control of companies and other
minor investments;
- \u00a0
cash flows from financing activities include cash flows arising from liability management and lease
transactions, as well as the effects of transactions on third-party interests that do not change the control
status of the companies concerned;
\u2022
Consolidated statement of changes in equity: in addition to the components of the comprehensive
income statement, it also shows the transactions with shareholders;
\u2022
Explanatory notes.
Section 1.b Accounting tables of the Consolidate financial statements in accordance with Consob
Resolution No. 15519 of July 27, 2006 \u2013 presents the consolidated Statement of Financial Position, the
consolidated Income Statement and the consolidated Statement of Cash Flows, highlighting transactions
with related parties, the definition of which is provided in paragraph 2.14 \"Note on related party transactions\".
The financial statements presented herein are the same as those used to prepare the Consolidated
financial statements at December 31, 2024, with the exception of the following changes that
management has adopted to ensure better representation and comparability.
With regard to the Statement of financial positions, the following steps were taken:
\u2022
disaggregate the financial statement line relating to \u201cIntangible assets and goodwill\u201d through two
new lines, respectively \u201cIntangible assets\u201d and \u201cGoodwill\u201d;
\u2022
separate current/non-current asset/liability derivatives from the respective other current/non-current
assets/liabilities;
\u2022
separate the disbursement expected within the following 12 months from provisions for risks and
charges, classifying it as a current liability.
With regard to the Income Statement, the following steps were taken:
\u2022
separate the item \u201cdepreciation, amortization, provisions and impairment losses\u201d by nature: \u201cDepreciation,
amortization and impairment losses\u201d, \u201cImpairment losses on trade receivables\u201d, \u201cOther provisions for risks\u201d;
\u2022
reconcile the income and expenses recorded in the \"Result from non-recurring transactions\" to their
own item according to nature for greater clarity.
As regards the Consolidated Statement of Cash Flows, the following steps were taken:
\u2022
separate the line \u201cnet interest paid\u201d into \u201cinterest received\u201d and \u201cinterest paid\u201d;
\u2022
include the information relating to related parties.
The Group also renamed certain lines in the financial statements with respect to the statements
published at December 31, 2024, and accounted for industrial environmental certificates among
inventories. The changes relating to the values at December 31, 2024 are not considered relevant for
the economic and equity size of the Group.
Finally, it should be noted that the Group carried out a restatement at December 31, 2024 to reflect
the effects of the purchase price allocation for the acquisition of Duereti, which took place in the
previous reporting period using the anticipated acquisition method, as further detailed in section \"2.5
Transactions \u2013 IFRS 3 Revised\".
In this file, use has been made of some alternative indicators of performance (AIP) that are different
from the financial indicators expressly provided for by the IFRS international accounting standards
adopted by the Group; for details of these indicators, please see the specific paragraph \u201cAlternative
Indicators of Performance (AIP)\u201d in the file of the \u201cReport on Operations\u201d.
The Consolidated financial statements at December 31, 2025 was approved on April 5, 2016 by the
Board of Directors, which authorized publication, and has been audited by KPMG in accordance with
their appointment by the Shareholders\u2019 Meeting of March 17, 2026 for the nine years from 2025-2033.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48256": { "value": "
Basis of presentation
The Consolidated financial statements of the A2A Group at December 31, 2025 has been prepared:
\u2022
in compliance with Legislative Decree 58/1998 (art. 154-ter) as amended and with the Issuers\u2019
Regulations published by Consob;
\u2022
in accordance with the International Financial Reporting Standards (IFRS) issued by the International
Accounting Standard Board (IASB) and approved by the European Union. IFRS means all the revised
International Accounting Standards (IAS) and all the interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations
Committee (SIC);
\u2022
in accordance with European Commission Regulation 815/2019 (the European Single Electronic
Format \u2013 ESEF) in xHTML format, marking the A2A Group\u2019s consolidated annual report (statements
and notes) according to the Inline XBRL specifications contained in the basic taxonomy issued by
the EMSA (\u201cEuropean Securities and Markets Authority\u201d).
In preparing the Consolidated financial statements, the same principles used in the preparation of the
Consolidated financial statements at December 31, 2024 were applied, other than the principles and
interpretations described in detail in the paragraph below \u201cChanges in International Financial Reporting
Standards\u201d adopted for the first time on January 1, 2025.
The directors assessed the applicability of the going concern assumption in the preparation of the
Consolidated financial statements, concluding that this assumption is appropriate as it was verified that
there were no financial, managerial or other indicators that could indicate critical issues regarding the
Group\u2019s ability to meet its obligations in the foreseeable future and in particular in the next 12 months.
The Consolidated financial statements has been prepared using the historical cost method, with the
exception of the financial statement items that according to IFRS are recognized at fair value, as indicated
in the valuation criteria of the individual items, and non-current assets and disposal groups classified as
held for sale that are measured at the lower of carrying amount and fair value net of selling costs.
The preparation of the Consolidated financial statements required the use of estimates by management;
the areas characterized by valuations and assumptions of particular significance, together with those with
significant effects on the reported situations, are reported in the section \u201cUse of estimates and judgement
by management\u201d.
The currency used by the Group for the presentation of the Consolidated financial statements is the euro,
the functional currency of the Parent Company A2A S.p.A.; all values are expressed in millions of euro,
unless otherwise indicated.
The Consolidated financial statements consists of:
\u2022
Consolidated Statement of financial position: provides for the distinction of assets and liabilities by
maturity, separating between current and non-current;
\u2022
Consolidated income statement: presented in scalar form with the individual items analysed by nature.
The form chosen, in accordance with the presentation methods of the leading operators in the sector and
in line with international practice, is considered the most suitable to represent the company results;
\u2022
Consolidated statement of components of the comprehensive income statement: presented in a
separate table, it shows the components of the result suspended in equity;
\u2022
Consolidated statement of cash flows: prepared using the indirect method, with separate presentation of
cash flow from operating activities, investment activities and financing activities. \u00a0
More specifically, the Statement of cash flows is presented on a gross basis and does not include non-
monetary transactions.\u00a0
In particular, although the Group does not deviate from the provisions of IAS 7 in the classification of
items, the following is specified:
\u00a0\u00a0- \u00a0
in addition to cash flows from ordinary operations, cash flows from operating activities include interest
on loans granted and obtained, dividends and advances on dividends paid to shareholders of the
Parent Company and third parties, as well as dividends received from associated companies or joint
ventures;
- \u00a0
investment activities include investments in property, plant and equipment and intangible assets
(including any capitalized financial expenses) and related disposals; investments and disposals in
assets deriving from contracts with customers relating to agreements for concession services; the
effects of business combinations in which the Group acquires or loses control of companies and other
minor investments;
- \u00a0
cash flows from financing activities include cash flows arising from liability management and lease
transactions, as well as the effects of transactions on third-party interests that do not change the control
status of the companies concerned;
\u2022
Consolidated statement of changes in equity: in addition to the components of the comprehensive
income statement, it also shows the transactions with shareholders;
\u2022
Explanatory notes.
Section 1.b Accounting tables of the Consolidate financial statements in accordance with Consob
Resolution No. 15519 of July 27, 2006 \u2013 presents the consolidated Statement of Financial Position, the
consolidated Income Statement and the consolidated Statement of Cash Flows, highlighting transactions
with related parties, the definition of which is provided in paragraph 2.14 \"Note on related party transactions\".
The financial statements presented herein are the same as those used to prepare the Consolidated
financial statements at December 31, 2024, with the exception of the following changes that
management has adopted to ensure better representation and comparability.
With regard to the Statement of financial positions, the following steps were taken:
\u2022
disaggregate the financial statement line relating to \u201cIntangible assets and goodwill\u201d through two
new lines, respectively \u201cIntangible assets\u201d and \u201cGoodwill\u201d;
\u2022
separate current/non-current asset/liability derivatives from the respective other current/non-current
assets/liabilities;
\u2022
separate the disbursement expected within the following 12 months from provisions for risks and
charges, classifying it as a current liability.
With regard to the Income Statement, the following steps were taken:
\u2022
separate the item \u201cdepreciation, amortization, provisions and impairment losses\u201d by nature: \u201cDepreciation,
amortization and impairment losses\u201d, \u201cImpairment losses on trade receivables\u201d, \u201cOther provisions for risks\u201d;
\u2022
reconcile the income and expenses recorded in the \"Result from non-recurring transactions\" to their
own item according to nature for greater clarity.
As regards the Consolidated Statement of Cash Flows, the following steps were taken:
\u2022
separate the line \u201cnet interest paid\u201d into \u201cinterest received\u201d and \u201cinterest paid\u201d;
\u2022
include the information relating to related parties.
The Group also renamed certain lines in the financial statements with respect to the statements
published at December 31, 2024, and accounted for industrial environmental certificates among
inventories. The changes relating to the values at December 31, 2024 are not considered relevant for
the economic and equity size of the Group.
Finally, it should be noted that the Group carried out a restatement at December 31, 2024 to reflect
the effects of the purchase price allocation for the acquisition of Duereti, which took place in the
previous reporting period using the anticipated acquisition method, as further detailed in section \"2.5
Transactions \u2013 IFRS 3 Revised\".
In this file, use has been made of some alternative indicators of performance (AIP) that are different
from the financial indicators expressly provided for by the IFRS international accounting standards
adopted by the Group; for details of these indicators, please see the specific paragraph \u201cAlternative
Indicators of Performance (AIP)\u201d in the file of the \u201cReport on Operations\u201d.
The Consolidated financial statements at December 31, 2025 was approved on April 5, 2016 by the
Board of Directors, which authorized publication, and has been audited by KPMG in accordance with
their appointment by the Shareholders\u2019 Meeting of March 17, 2026 for the nine years from 2025-2033.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48197": { "value": "
Basis of presentation
The Consolidated financial statements of the A2A Group at December 31, 2025 has been prepared:
\u2022
in compliance with Legislative Decree 58/1998 (art. 154-ter) as amended and with the Issuers\u2019
Regulations published by Consob;
\u2022
in accordance with the International Financial Reporting Standards (IFRS) issued by the International
Accounting Standard Board (IASB) and approved by the European Union. IFRS means all the revised
International Accounting Standards (IAS) and all the interpretations of the International Financial
Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations
Committee (SIC);
\u2022
in accordance with European Commission Regulation 815/2019 (the European Single Electronic
Format \u2013 ESEF) in xHTML format, marking the A2A Group\u2019s consolidated annual report (statements
and notes) according to the Inline XBRL specifications contained in the basic taxonomy issued by
the EMSA (\u201cEuropean Securities and Markets Authority\u201d).
In preparing the Consolidated financial statements, the same principles used in the preparation of the
Consolidated financial statements at December 31, 2024 were applied, other than the principles and
interpretations described in detail in the paragraph below \u201cChanges in International Financial Reporting
Standards\u201d adopted for the first time on January 1, 2025.
The directors assessed the applicability of the going concern assumption in the preparation of the
Consolidated financial statements, concluding that this assumption is appropriate as it was verified that
there were no financial, managerial or other indicators that could indicate critical issues regarding the
Group\u2019s ability to meet its obligations in the foreseeable future and in particular in the next 12 months.
The Consolidated financial statements has been prepared using the historical cost method, with the
exception of the financial statement items that according to IFRS are recognized at fair value, as indicated
in the valuation criteria of the individual items, and non-current assets and disposal groups classified as
held for sale that are measured at the lower of carrying amount and fair value net of selling costs.
The preparation of the Consolidated financial statements required the use of estimates by management;
the areas characterized by valuations and assumptions of particular significance, together with those with
significant effects on the reported situations, are reported in the section \u201cUse of estimates and judgement
by management\u201d.
The currency used by the Group for the presentation of the Consolidated financial statements is the euro,
the functional currency of the Parent Company A2A S.p.A.; all values are expressed in millions of euro,
unless otherwise indicated.
The Consolidated financial statements consists of:
\u2022
Consolidated Statement of financial position: provides for the distinction of assets and liabilities by
maturity, separating between current and non-current;
\u2022
Consolidated income statement: presented in scalar form with the individual items analysed by nature.
The form chosen, in accordance with the presentation methods of the leading operators in the sector and
in line with international practice, is considered the most suitable to represent the company results;
\u2022
Consolidated statement of components of the comprehensive income statement: presented in a
separate table, it shows the components of the result suspended in equity;
\u2022
Consolidated statement of cash flows: prepared using the indirect method, with separate presentation of
cash flow from operating activities, investment activities and financing activities. \u00a0
More specifically, the Statement of cash flows is presented on a gross basis and does not include non-
monetary transactions.\u00a0
In particular, although the Group does not deviate from the provisions of IAS 7 in the classification of
items, the following is specified:
\u00a0\u00a0- \u00a0
in addition to cash flows from ordinary operations, cash flows from operating activities include interest
on loans granted and obtained, dividends and advances on dividends paid to shareholders of the
Parent Company and third parties, as well as dividends received from associated companies or joint
ventures;
- \u00a0
investment activities include investments in property, plant and equipment and intangible assets
(including any capitalized financial expenses) and related disposals; investments and disposals in
assets deriving from contracts with customers relating to agreements for concession services; the
effects of business combinations in which the Group acquires or loses control of companies and other
minor investments;
- \u00a0
cash flows from financing activities include cash flows arising from liability management and lease
transactions, as well as the effects of transactions on third-party interests that do not change the control
status of the companies concerned;
\u2022
Consolidated statement of changes in equity: in addition to the components of the comprehensive
income statement, it also shows the transactions with shareholders;
\u2022
Explanatory notes.
Section 1.b Accounting tables of the Consolidate financial statements in accordance with Consob
Resolution No. 15519 of July 27, 2006 \u2013 presents the consolidated Statement of Financial Position, the
consolidated Income Statement and the consolidated Statement of Cash Flows, highlighting transactions
with related parties, the definition of which is provided in paragraph 2.14 \"Note on related party transactions\".
The financial statements presented herein are the same as those used to prepare the Consolidated
financial statements at December 31, 2024, with the exception of the following changes that
management has adopted to ensure better representation and comparability.
With regard to the Statement of financial positions, the following steps were taken:
\u2022
disaggregate the financial statement line relating to \u201cIntangible assets and goodwill\u201d through two
new lines, respectively \u201cIntangible assets\u201d and \u201cGoodwill\u201d;
\u2022
separate current/non-current asset/liability derivatives from the respective other current/non-current
assets/liabilities;
\u2022
separate the disbursement expected within the following 12 months from provisions for risks and
charges, classifying it as a current liability.
With regard to the Income Statement, the following steps were taken:
\u2022
separate the item \u201cdepreciation, amortization, provisions and impairment losses\u201d by nature: \u201cDepreciation,
amortization and impairment losses\u201d, \u201cImpairment losses on trade receivables\u201d, \u201cOther provisions for risks\u201d;
\u2022
reconcile the income and expenses recorded in the \"Result from non-recurring transactions\" to their
own item according to nature for greater clarity.
As regards the Consolidated Statement of Cash Flows, the following steps were taken:
\u2022
separate the line \u201cnet interest paid\u201d into \u201cinterest received\u201d and \u201cinterest paid\u201d;
\u2022
include the information relating to related parties.
The Group also renamed certain lines in the financial statements with respect to the statements
published at December 31, 2024, and accounted for industrial environmental certificates among
inventories. The changes relating to the values at December 31, 2024 are not considered relevant for
the economic and equity size of the Group.
Finally, it should be noted that the Group carried out a restatement at December 31, 2024 to reflect
the effects of the purchase price allocation for the acquisition of Duereti, which took place in the
previous reporting period using the anticipated acquisition method, as further detailed in section \"2.5
Transactions \u2013 IFRS 3 Revised\".
In this file, use has been made of some alternative indicators of performance (AIP) that are different
from the financial indicators expressly provided for by the IFRS international accounting standards
adopted by the Group; for details of these indicators, please see the specific paragraph \u201cAlternative
Indicators of Performance (AIP)\u201d in the file of the \u201cReport on Operations\u201d.
The Consolidated financial statements at December 31, 2025 was approved on April 5, 2016 by the
Board of Directors, which authorized publication, and has been audited by KPMG in accordance with
their appointment by the Shareholders\u2019 Meeting of March 17, 2026 for the nine years from 2025-2033.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48254": { "value": "
The directors assessed the applicability of the going concern assumption in the preparation of the
Consolidated financial statements, concluding that this assumption is appropriate as it was verified that
there were no financial, managerial or other indicators that could indicate critical issues regarding the
Group\u2019s ability to meet its obligations in the foreseeable future and in particular in the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48258": { "value": "
The financial statements presented herein are the same as those used to prepare the Consolidated
financial statements at December 31, 2024, with the exception of the following changes that
management has adopted to ensure better representation and comparability.
With regard to the Statement of financial positions, the following steps were taken:
\u2022
disaggregate the financial statement line relating to \u201cIntangible assets and goodwill\u201d through two
new lines, respectively \u201cIntangible assets\u201d and \u201cGoodwill\u201d;
\u2022
separate current/non-current asset/liability derivatives from the respective other current/non-current
assets/liabilities;
\u2022
separate the disbursement expected within the following 12 months from provisions for risks and
charges, classifying it as a current liability.
With regard to the Income Statement, the following steps were taken:
\u2022
separate the item \u201cdepreciation, amortization, provisions and impairment losses\u201d by nature: \u201cDepreciation,
amortization and impairment losses\u201d, \u201cImpairment losses on trade receivables\u201d, \u201cOther provisions for risks\u201d;
\u2022
reconcile the income and expenses recorded in the \"Result from non-recurring transactions\" to their
own item according to nature for greater clarity.
As regards the Consolidated Statement of Cash Flows, the following steps were taken:
\u2022
separate the line \u201cnet interest paid\u201d into \u201cinterest received\u201d and \u201cinterest paid\u201d;
\u2022
include the information relating to related parties.
The Group also renamed certain lines in the financial statements with respect to the statements
published at December 31, 2024, and accounted for industrial environmental certificates among
inventories. The changes relating to the values at December 31, 2024 are not considered relevant for
the economic and equity size of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48260": { "value": "
Changes in International Financial Reporting
Standards
Accounting standards, amendments and interpretations
applicable by the group as of January 1, 2025
Effective from January 1, 2025, the amendments to IAS 21 \u201cThe Effects of Changes in Foreign
Exchange Rates,\u201d issued by the IASB on August 15, 2023, came into force to regulate the procedures
to be followed in the event of a lack of exchangeability between currencies. The amendment
introduces requirements to determine when a currency is convertible into another currency and when
it is not and requires an entity to estimate the spot exchange rate when it determines that a currency
is not convertible into another currency. The amendment had no impact on the consolidated annual
report as at December 31, 2025.
Accounting standards, amendments and interpretations
endorsed by the European Union but not yet mandatorily
applicable and not early adopted by the Group
1. Amendments to the classification and measurement of financial instruments
(Amendments to IFRS 9 and IFRS 7)
On May 27, 2025, the amendments to IFRS 9 and IFRS 7 regarding \u201cAmendments to the Classification
and Measurement of Financial Instruments,\u201d issued in 2024, were endorsed, with entry into force
scheduled for January 1, 2026.
These amendments clarify the classification of financial assets with environmental, social and
governance (ESG) features and similar ones, as well as the settlement of financial liabilities through
electronic payment systems. They also introduce disclosure requirements aimed at enhancing
transparency for investors in relation to investments in equity instruments measured at fair value
through other comprehensive income statement and in financial instruments with contingent features,
such as features linked to ESG goals.
\u2022
The amendments to IFRS 9 clarify the circumstances under which a financial asset or liability is
recognised and derecognised. According to the amendments, a company generally derecognizes
its financial liability on the settlement date. Normally, this is the date when the payment is completed.
The amendments also introduce an exception, permitting the company to derecognizes its financial
liability prior to the settlement date, which is the date when the payment is initiated and cannot be
cancelled. The exception is available when the company uses an electronic payment system that
satisfies all of the following criteria:
\u00a0\u00a0- no practical way to withdraw, stop, or cancel the payment instruction;
\u00a0\u00a0- no practical means to access the money needed for the settlement as a result of the payment
instruction;
\u00a0\u00a0-
the settlement risk connected with the electronic payment system is insignificant.
\u2022
The amendments also provide more precise criteria for determining when a financial asset can be
classified as \u201cmeasured at amortized cost\u201d or \u201cat fair value.\u201d This helps companies to treat complex
instruments consistently, such as loans with prepayment options or variable clauses (e.g. instruments
linked to ESG indices or non-standard variable rates).
The amendments further clarify how to measure such instruments, with the aim of ensuring that the
measurement better reflects the actual economic risk.
\u2022
The amendment to IFRS 7 provides for an additional disclosure for financial assets and liabilities
with contractual terms referencing a potential event, including those associated with ESG factors, as
well as for equity instruments classified at fair value through other comprehensive income statement
elements.
The Group is currently assessing the impacts of these amendments, but no significant effects are
expected.
2. Nature-dependent electricity contracts (Amendments to IFRS 9 and IFRS
7)
On June 30, 2025, the amendments to IFRS 9 and IFRS 7 regarding nature-dependent electricity
contracts (power purchase agreements) were endorsed. These amendments will enter into force on
January 1, 2026.
The amendments clarify the requirements for applying the \u201cown-use exemption,\u201d define the rules for
using these agreements as hedging instruments in a hedge accounting relationship, and introduce
disclosure obligations to enable investors to understand the effects of such agreements on the
company financial performance and future cash flows.
The Group is currently assessing the impacts of these amendments, but no significant effects are
expected.
3. Annual Improvements to IFRS Accounting Standards\u2014Volume 11
On July 9, 2025, the annual improvements \u201cAnnual Improvements to IFRS Accounting Standards
\u2013 Volume 11\u201d were endorsed as part of the ordinary improvement process, with entry into force
scheduled for January 1, 2026.
The annual improvements aim to streamline and clarify existing standards by resolving any
inconsistencies identified in the IFRS Accounting Standards or by providing terminological
clarifications.
4. IFRS 18 Presentation and disclosure in financial statements
On February 13, 2026, IFRS 18, issued by the IASB in April 2024, was endorsed, replacing IAS 1
\"Presentation of Financial Statements\". IFRS 18 introduces new requirements for the presentation of
the income statement, including specific totals and subtotals. In addition, entities will have to classify
all costs and revenues within the income statement into five categories: operating, investing, financing,
income tax expense and discontinued operations, where the first three categories are new.
The standard also requires disclosure on the basis of the new definition of management-defined
performance measures (MPM), subtotals of costs and revenues, and includes new provisions for the
aggregation and disaggregation of financial information on the basis of the identified roles of the
Primary Financial Statements (PFS) and the notes.
In addition, amendments have been made to IAS 7 Statement of Cash Flows, which include the
change in the starting point for determining operating cash flows on the basis of the indirect method;
from profit or loss to operating profit or loss and the removal of the option to classify cash flows from
dividends and interest. In addition, consequential changes were made to several other accounting
standards.
IFRS 18, and the amendments to the other standards, are effective for financial years beginning on
or after January 1, 2027. However, early application is permitted unless disclosed. IFRS 18 will apply
retrospectively.
The Group is currently working, also with the support of external professionals, to identify the
impacts that the changes will have on its financial statements and notes to the financial statements,
on information systems and on agreements and contracts (e.g. employee benefits and financing
contracts/covenants).
Accounting standards, amendments and interpretations not yet endorsed by the
European Union and applicable from subsequent financial years
Document title\u00a0Date of entry into force of the \u00a0
IASB document
New IFRS accounting standards
IFRS 19 Subsidiaries without public accountability: disclosures\u00a0January 1, 2027
Translation to a hyper-inflationary presentation currency (amendments to
IAS 21)
January 1, 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48264": { "value": "
Scope of consolidation
The Consolidated financial statements of the A2A Group at December 31, 2025 includes the figures
of the parent A2A S.p.A. and those of the subsidiaries over which A2A S.p.A. exercises either direct or
indirect control. In addition, companies in which the parent exercises joint control with other entities
(joint ventures) and those over which it has a significant influence are consolidated using the equity
method.
Subsidiaries and associates whose size is immaterial are excluded from consolidation and measured at fair
value. For the financial year 2025, the only company in this category is the Consorzio Umbria Energia.
Changes in the scope of consolidation
The following changes to the scope of consolidation of the A2A Group are reported:
\u2022
acquisition by A2A Rinnovabili S.p.A. of 100% of AREN01 S.r.l., AREN03 S.r.l., AREN 04 S.r.l., AREN05
S.r.l., AREN06 S.r.l., Green Frogs Correggio S.r.l. and Cutro 1 S.r.l.;
\u2022
acquisition by A2A Calore & Servizi S.r.l. of 100% of Sesto Energia S.r.l.;
\u2022
acquisition by Ambiente Energia Brianza S.p.A. of 100% of 2B S.r.l.;
\u2022
acquisition by Acinque Innovazione S.r.l. of 100% of Integra Impianti S.r.l.;
\u2022
acquisition by A2A Ciclo Idrico S.p.A. of 69.24% of Novito Acque S.r.l.;
\u2022
acquisition by A2A Storage S.r.l. of 100% of the company S2SE Cinque S.r.l.;
\u2022
establishment of the company A2A Life Venture S.r.l. 100% owned by A2A S.p.A.;
\u2022
establishment of A2A Solar 1 S.r.l., A2A Solar 2 S.r.l., A2A Solar 3 S.r.l., A2A Solar 4 S.r.l. and A2A Dome
S.r.l., all 100% owned by A2A Rinnovabili S.p.A.;
\u2022
establishment of the company AP Reti Gas North S.r.l. held by Unareti S.p.A. for 50% and by LD Reti
S.r.l. for 50%, and subsequently sold on July 1 to Ascopiave S.p.A.;
\u2022
establishment of AST 1 S.r.l. and AST 2 S.r.l., all 100% owned by A2A Storage S.r.l..
Breakdown of statement of financial position showing the effect of the first-time
consolidation of the 2025 acquisitions
millions of euro
Notes \u00a0Consolidated \u00a0at 12.31.2024\u00a0
Restated
A2A
Rinnovabili
Group
2B
S.r.l.
SESTO
ENERGIA
S.r.l.
NOVITO
ACQUE
S.r.l.
INTEGRA
IMPIANTI
S.r.l.
Total first-time
consolidation
effect acquisitions
2025
Changes\u00a0Consolidated\u00a0
at 12.31.2025
Assets
Non-current assets
Property, plant and
equipment
1 and
4		\u00a07,5\u00a083\u00a04\u00a06\u00a013\u00a0-\u00a0-\u00a023\u00a0529\u00a08,135
Intangible assets\u00a02 and\u00a04\u00a02,937\u00a04\u00a03\u00a012\u00a03\u00a0-\u00a022\u00a0144\u00a03,103
Goodwill\u00a03 and\u00a04\u00a01,512\u00a0-\u00a0-\u00a010\u00a0-\u00a02\u00a012\u00a0(15)\u00a01,509
Equity-accounted
investments\u00a0		5\u00a025\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a027\u00a052
Other non-current
financial assets\u00a0		5\u00a088\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a079\u00a0167
Deferred tax assets\u00a06\u00a0420\u00a0-\u00a0-\u00a02\u00a0-\u00a0-\u00a02\u00a017\u00a0439
Non-current derivative
assets\u00a0		7\u00a02\u00a0-\u00a02
Other non-current assets\u00a07\u00a0128\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(8)\u00a0120
Total Non-Current Assets\u00a012,695\u00a08\u00a09\u00a037\u00a03\u00a02\u00a059\u00a0773\u00a013,527
Current assets
Inventories\u00a08\u00a0318\u00a0-\u00a0-\u00a01\u00a0-\u00a0-\u00a01\u00a0(8)\u00a0311
Trade receivables\u00a09\u00a03,643\u00a0-\u00a0-\u00a0-\u00a03\u00a0-\u00a03\u00a0808\u00a04,454
Current derivative assets\u00a010\u00a0866\u00a0(225)\u00a0641
Other current assets\u00a010\u00a0430\u00a01\u00a0-\u00a0-\u00a0-\u00a0-\u00a01\u00a0(7)\u00a0424
Current financial assets\u00a011\u00a032\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(8)\u00a024
Current tax assets\u00a012\u00a045\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a078\u00a0123
Cash and cash
equivalents\u00a0		13\u00a01,549\u00a0-\u00a0-\u00a0-\u00a04\u00a0-\u00a04\u00a0326\u00a01,879
Total current assets\u00a06,883\u00a01\u00a0-\u00a01\u00a07\u00a0-\u00a09\u00a0964\u00a07,856
Assets held for sale\u00a0\u00a014\u00a0405\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(405)\u00a0-
Total assets\u00a019,983\u00a09\u00a09\u00a038\u00a010\u00a02\u00a068\u00a01,332\u00a021,383
Notes \u00a0Consolidated \u00a0at 12.31.2024\u00a0
Restated
A2A
Rinnovabili
Group
2B
S.r.l.
SESTO
ENERGIA
S.r.l.
NOVITO
ACQUE
S.r.l.
INTEGRA
IMPIANTI
S.r.l.
Total first-time
consolidation
effect acquisitions
2025
Changes\u00a0Consolidated\u00a0
at 12.31.2025
Liabilities
Non-current liabilities
Non-current financial
liabilities\u00a0		19\u00a06,317\u00a01\u00a0-\u00a0-\u00a0-\u00a0-\u00a01\u00a0(102)\u00a06,216
Deferred tax liabilities\u00a020\u00a0-\u00a0-\u00a01\u00a03\u00a0-\u00a0-\u00a04\u00a025\u00a029
Employee benefits\u00a021\u00a0214\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(18)\u00a0196
Provisions for risks,
charges and liabilities for
landfills\u00a0		22\u00a0787\u00a0-\u00a0-\u00a04\u00a0-\u00a0-\u00a04\u00a0(43)\u00a0748
Non-current derivative
liabilities\u00a0		23\u00a019\u00a017\u00a036
Other non-current
liabilities\u00a0		23\u00a0328\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(174)\u00a0154
Total non-current
liabilities\u00a0		7,665\u00a01\u00a01\u00a07\u00a0-\u00a0-\u00a09\u00a0(295)\u00a07,\u00a037\u00a09
Current liabilities
Provisions for risks,
charges and liabilities for
landfills - current portion		\u00a022\u00a067\u00a0-\u00a024\u00a091
Trade payables\u00a024\u00a03,682\u00a0-\u00a0-\u00a0-\u00a04\u00a0-\u00a04\u00a01,005\u00a04,691
Current derivative liabilities\u00a025\u00a0767\u00a0(76)\u00a0691
Other current liabilities\u00a025\u00a0624\u00a04\u00a0-\u00a02\u00a0-\u00a0-\u00a06\u00a0330\u00a0960
Current financial liabilities\u00a026\u00a0955\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a089\u00a01,044
Current tax liabilities\u00a027\u00a0120\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(83)\u00a037
Total current liabilities\u00a0\u00a06,215\u00a04\u00a0-\u00a02\u00a04\u00a0-\u00a010\u00a01,289\u00a07,514
Total liabilities\u00a0\u00a013,880\u00a05\u00a01\u00a09\u00a04\u00a0-\u00a019\u00a0994\u00a014,893
Liabilities directly
associated to assets held
for sale\u00a0		28\u00a011\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(11)\u00a0-
Liabilities\u00a013,891\u00a05\u00a01\u00a09\u00a04\u00a0-\u00a019\u00a0983\u00a014,893
<< Continue
Breakdown of the economic effect of the consolidation of new acquisitions 2025
millions of euro
Notes\u00a0A2A\u00a0
Rinnovabili
Group
2B
S.r.l.
SESTO
ENERGIA
S.r.l.
NOVITO
ACQUE
S.r.l.
INTEGRA
IMPIANTI
S.r.l.
Total
consolidation
effect new
acquisitions
2025
Old
perimeter
at
12.31.2025
Consolidated
at 12.31.2025
Consolidated
at 12.31.2024
Revenue
Revenue from the sales
and services\u00a0		\u00a0-\u00a01\u00a018\u00a01\u00a01\u00a021\u00a013,718\u00a013,739\u00a012,570
Other income\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0324\u00a0324\u00a0287
Total revenue\u00a030\u00a0-\u00a01\u00a018\u00a01\u00a01\u00a021\u00a014,042\u00a014,063\u00a012,857
Operating expenses
Expenses for raw materials
and services		\u00a0-\u00a0-\u00a017\u00a01\u00a01\u00a019\u00a010,488\u00a010,507\u00a09,218
Other operating expenses\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0346\u00a0346\u00a0419
Total operating expenses\u00a031\u00a0-\u00a0-\u00a017\u00a01\u00a01\u00a019\u00a010,834\u00a010,853\u00a09,637
Personnel expenses\u00a032\u00a0-\u00a0-\u00a01\u00a0-\u00a0-\u00a01\u00a0917\u00a0918\u00a0892
Gross operating profit
(loss) - EBITDA\u00a033\u00a0-\u00a01\u00a0-\u00a0-\u00a0-\u00a01\u00a02,291\u00a02,292\u00a02,328
Depreciation, amortization
and impairment losses\u00a034\u00a0-\u00a0-\u00a01\u00a0-\u00a0-\u00a01\u00a0967\u00a0968\u00a0898
Impairment losses on trade
receivables\u00a034\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a070\u00a070\u00a082
Other provisions for risks\u00a034\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a019\u00a019\u00a031
Operating profit (loss) -
EBIT\u00a035\u00a0-\u00a01\u00a0(1)\u00a0-\u00a0-\u00a0-\u00a01,235\u00a01,235\u00a01,317
Finance income and
expenses
Finance income\u00a0\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a052\u00a052\u00a0113
Finance expenses \u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0223\u00a0223\u00a0221
Share of profit (loss)
of equity-accounted
investees 		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a028\u00a028\u00a02
Net finance income
(expenses)\u00a0\u00a0		36\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0(143)\u00a0(143)\u00a0(106)
Profit (loss) before taxes\u00a0\u00a0-\u00a01\u00a0(1)\u00a0-\u00a0-\u00a0-\u00a01,092\u00a01,092\u00a01,211
Income taxes\u00a037\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0310\u00a0310\u00a0319
Profit (loss) after
taxes from continuing
operations		\u00a0-\u00a01\u00a0(1)\u00a0-\u00a0-\u00a0-\u00a0782\u00a0782\u00a0892
Profit (loss) from
discontinued/held for sale
operations		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-
Profit (loss) for the year\u00a0-\u00a01\u00a0(1)\u00a0-\u00a0-\u00a0-\u00a0782\u00a0782\u00a0892
", "dimensions": { "concept": "A2A:DisclosureOfChangesToTheScopeOfConsolidation", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48219": { "value": "
Transactions as per IFRS 3 revised
Business combinations were accounted for on the basis of the valuations conducted by management
in relation to the fair value measurement of assets, liabilities and contingent liabilities, taking as
reference the information on facts and circumstances available at the acquisition date. The following
table shows a summary of the equity effects deriving from the valuation of the transactions at the
acquisition date. It should be noted that for the company Integra Impianti S.r.l. the values recorded
are to be considered provisional as in accordance with IFRS 3 revised, the Purchase Price Allocation
process has not yet been completed, but will be finalized within 12 months of the acquisition, as
required by the standard.
In 2025, the A2A Group completed the following acquisitions of investments, which fall within the
provisions of IFRS 3:
\u2022
acquisition by A2A Calore & Servizi S.p.A. of 100% of Sesto Energia S.r.l., a company owning a
cogeneration plant located in the Municipality of Sesto San Giovanni;
\u2022
acquisition by Acinque Innovazione S.r.l. of 100% of the company Integra Impianti S.r.l., a company
operating in the energy efficiency and photovoltaic systems sector.
The transactions summarized above are classified as business combinations in accordance with
IFRS 3 \u201cBusiness Combinations\u201d; the Group consolidated the companies on a line-by-line basis
through the application of the acquisition method prescribed by IFRS 3, by virtue of the control
obtained on the entities acquired.
IFRS 3 requires all business combinations to be accounted for using the acquisition method within
twelve months from acquisition. The acquirer must therefore recognize all the identifiable assets,
liabilities and contingent liabilities relating to the acquisition at their fair values at the acquisition date
and highlight the any recognition of goodwill.
The consideration transferred in a business combination is determined at the date of acquisition of
control and is equal to the fair value of assets and liabilities transferred, and any equity instruments
issued by the acquirer. Costs directly attributable to the transaction are recognized in the income
statement when incurred. At the date of acquisition of control, the equity of the investee is determined
by attributing to individual assets and liabilities their fair value, except in cases where the IFRS provide
a different valuation criterion. Any residual difference with respect to the purchase cost, if positive,
is recognized under the item \u201cGoodwill\u201d (hereinafter also goodwill); if negative, it is recognized in the
income statement.
Details of the amounts of the transactions carried out during the year are shown below:
millions of euro
Assets and liabilities acquired\u00a0Sesto
Energia
Integra
Impianti
Total non-current assets\u00a027.8\u00a0 -
Total current assets\u00a0 0.5\u00a0\u00a0 0.5\u00a0
Total assets (A)\u00a028.3\u00a0 0.5\u00a0
Total non-current liabilities\u00a06.7\u00a0\u00a0 -
Total current liabilities\u00a0 2.3 \u00a0 0.3\u00a0
Total liabilities (B)\u00a09.0\u00a0 0.3\u00a0
Net assets acquired (A-B)\u00a019.3\u00a0 0.3\u00a0
% of competence \u00a0100%\u00a0100%
Net assets pertaining to A2A (C)\u00a019.3\u00a0 0.3\u00a0
Purchase price (D)\u00a029.3\u00a01.9
Goodwill (D-C)\u00a010.0\u00a01.6
Business combination Sesto Energia S.r.l.
On March 31, 2025, A2A Calore & Servizi S.p.A., a company wholly owned by A2A S.p.A., acquired
100% of the investment in Sesto Energia S.r.l., a company owning a cogeneration plant located in the
Municipality of Sesto San Giovanni. The acquisition was completed for a consideration of 29 million
euro and resulted in goodwill of 18 million euro. This goodwill was re-expressed (pursuant to IFRS 3)
through the Purchase Price Allocation process which, at the conclusion of the analysis, allocated 11.5
million euro to intangible assets for the valuation of the authorization, 3 million euro to deferred tax
liabilities and 10 million euro to goodwill allocated to the Heat CGU.
Business combination Integra Impianti S.r.l.
On July 1, 2025, Acinque Innovazione S.r.l. acquired 100% of Integra Impianti S.r.l., a company
operating in the energy efficiency and photovoltaic systems sector. The acquisition was completed for
a consideration of 2 million euro and resulted in goodwill of the same amount. At December 31, 2025,
the Purchase Price Allocation has not yet been completed, which will be completed in the timing
envisaged by the standard.
It should also be noted that during the year, the PPA processes relating to the acquisition of the
companies Duereti S.r.l. and Biomax Societ\u00e0 Agricola a r.l. that took place in the previous year were
completed.
Business combination Duereti S.r.l.
On December 31, 2024, A2A SpA acquired 90% of Duereti S.r.l., a company operating in the
distribution of electricity in several municipalities situated in the provinces of Milan and Brescia.
The acquisition was concluded for 1,229 million euro. The purchase price was fully settled at the
closing of the transaction and resulted in goodwill of 890 million euro. During 2025, the Group also
paid a further instalment of 24 million euro as a price adjustment. As at December 31, 2025, the
Purchase Price Allocation process was completed.
The valuation, carried out by an independent expert, is based on projections of the business plans
and the assumption of realization of such plans.
In order to identify the assets and liabilities involved in the transaction, the criteria for identifying
intangible assets provided for respectively in IAS 38, as well as IFRS 13 that provides the definition
of fair value of an asset as the price for the sale of an asset or payable for the transfer of a liability
in a regular transaction in the main market (or the most advantageous) at the measurement date, at
current market conditions (i.e. a closing price) regardless of whether said price is directly observable
or estimated using another market technique.
Assets and liabilities identified following compliance with the above criteria, were measured using
methods that correlate the capital value of the asset to the ability to generate cash flows for the
remuneration of third-party lenders and shareholders.
Property, plant and equipment were measured considering the value of the Regulatory Asset Base
(RAB) as a reference, while the fair value of the concession was measured using the Multi Period
Excess Earnings method (MPEE), a residual method, which is based on the principle that since the
entire income of the acquired company must be allocated to the assets identified in the PPA, the
income pertaining to the dominant strategic asset can be obtained by difference by deducting the
ordinary remuneration of all other assets from the total income. In view of the regulatory uncertainty
surrounding the valuation of the concession, alternative scenarios were considered with regard to the
possible renewal of the concession.
The Purchase Price Allocation process resulted in the reallocation of the recorded goodwill to the
following assets and liabilities:
\u2022
Electricity grids (recognized under property, plant and equipment) for 66 million euro;
\u2022
concessions on electricity networks (recognized under intangible assets) for 393 million euro;
\u2022
deferred tax liabilities for 129 million euro.
The accounting for the business combination using the anticipated acquisition method also resulted
in a change in Equity of 89 million euro and the recognition of goodwill amounting to 649 million euro.
For further information, please refer to paragraph 2.6 Consolidation procedures, point c) Options on
the shares of Duereti S.r.l..
Below the table with the amounts identified during the Purchase Price Allocation process:
millions of euro
Fair value of the Consideration paid (90%)\u00a01,253
Liabilities for Put/Call options\u00a0 127
Total consideration (anticipated acquisition method)\u00a0 1,380
Non-controlling interests\u00a0 -
(A) Total consideration\u00a0 1,380
(B) Net value of assets acquired\u00a0 731
Goodwill\u00a0 649
Below is the statement of financial position with the effects of the Purchase Price Allocation that determined
the Restated values as at December 31, 2024 with respect to the data published on the same date.
Assets
Consolidated statement of financial position \u00a0Financial
Statements at
12.31.2024
PPA\u00a0Value at
12.31.2024
Restated
Non-current assets
Property, plant and equipment\u00a07,5\u00a01\u00a07\u00a066\u00a07,5\u00a08\u00a03
Intangible assets\u00a02,544\u00a0393\u00a02,937
Goodwill\u00a01,753\u00a0(241)\u00a01,512
Equity-accounted investments\u00a025\u00a0-\u00a025
Other non-current financial assets\u00a088\u00a0-\u00a088
Deferred tax assets\u00a0549\u00a0(129)\u00a0420
Non-current derivative assets\u00a02\u00a0-\u00a02
Other non-current assets\u00a0128\u00a0-\u00a0128
Total non-current assets\u00a012,606\u00a089 \u00a012,695
Current assets
Inventories\u00a0318\u00a0-\u00a0318
Trade receivables\u00a03,643\u00a0-\u00a03,643
Current derivative assets\u00a0866\u00a0-\u00a0866
Other current assets\u00a0430\u00a0-\u00a0430
Current financial assets\u00a032\u00a0-\u00a032
Current tax assets\u00a045\u00a0-\u00a045
Cash and cash equivalents\u00a01,549\u00a0-\u00a01,549
Total current assets\u00a06,883\u00a0-\u00a06,883
Assets held for sale\u00a0405\u00a0-\u00a0405
Total assets\u00a019,894\u00a089\u00a019,983
Equity and liabilities
Equity
Share capital\u00a01,629\u00a0-\u00a01,629
Treasury shares\u00a0-\u00a0-\u00a0-
Reserves\u00a02,952\u00a089 \u00a03,041
Group net profit\u00a0864\u00a0-\u00a0864
Equity attributable to the owners of the parent \u00a05,445\u00a089\u00a05,534
Non-controlling interests\u00a0558\u00a0-\u00a0558
Total equity \u00a06,003\u00a089 \u00a06,092
Liabilities
Consolidated statement of financial position \u00a0Financial
Statements at
12.31.2024
PPA\u00a0Value at
12.31.2024
Restated
Non-current liabilities
Non-current financial liabilities\u00a06,317\u00a0-\u00a06,317
Employee benefits\u00a0214\u00a0-\u00a0214
Provisions for risks, charges and liabilities for landfills\u00a0787\u00a0-\u00a0787
Non-current derivative liabilities\u00a019\u00a0-\u00a019
Other non-current liabilities\u00a0328\u00a0-\u00a0328
Total non-current liabilities\u00a07,665\u00a0-\u00a07,665
Current liabilities
Provisions for risks, charges and liabilities
for landfills - current portion
67\u00a0-\u00a067
Trade payables\u00a03,682\u00a0-\u00a03,682
Current derivative liabilities\u00a0767\u00a0-\u00a0767
Other current liabilities\u00a0624\u00a0-\u00a0624
Current financial liabilities\u00a0955\u00a0-\u00a0955
Current tax liabilities\u00a0120\u00a0-\u00a0120
Total current liabilities \u00a06,215\u00a0-\u00a06,215
Total liabilities \u00a013,880\u00a0-\u00a013,880
Liabilities directly associated to assets held for sale\u00a011\u00a0-\u00a011
Total equity and liabilities \u00a019,894\u00a089\u00a019,983
Business combination Biomax Societ\u00e0 Agricola a r.l.
On July 18, 2024, Agripower S.p.A., a company wholly owned by A2A Ambiente S.p.A., acquired 100%
of Biomax Societ\u00e0 Agricola a r.l., a company operating in the production of electricity from biogas. The
acquisition was completed for a consideration of 7 million euro, resulting in goodwill of 5 million euro.
During 2025, the Purchase Price Allocation process was finalised, leading to the allocation of 9 million
euro of goodwill to intangible assets, the recognition of deferred tax liabilities of 3 million euro, and the
recognition of a badwill amounting to 1 million euro, which was recognized in the Income Statement
under the item \"Other income\".
Disposal Group
On December 19, 2024, an agreement was signed for the sale to Ascopiave of certain ATEM Gas
relating to gas distribution.
Following the agreement, in the financial statements at December 31, 2024, the assets and liabilities
of the business unit were treated as a Disposal Group pursuant to IFRS 5. However, since the Group
was still active in the gas distribution business, the business sold did not meet the definition of
Discontinued Operations; therefore:
\u2022
in the statement of financial position at December 31, 2024, the balances relating to the BU being
sold are shown under Assets and Liabilities held for sale;
\u2022
in the income statement and in the statement of cash flows, the representation of the contribution to
the Group\u2019s figures is included under Continuing Operations.
The Disposal Group was then sold with effect from 1 July 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48199": { "value": "
Basis of consolidation
The financial statements of the subsidiaries, associates and joint ventures consolidated by the A2A
Group are prepared at the end of each reporting period using the same accounting policies as
the parent. Any items recognized by using different accounting standards are adjusted during the
consolidation process to bring them into line with Group accounting policies.
Subsidiaries
Subsidiaries are those companies over which the parent company, A2A S.p.A., exercises control, also
by virtue of shareholders\u2019 agreements, and has the power, as defined by IFRS 10, to manage decisions
regarding relevant activities.
For more details on the definition of control, please refer to the paragraph \u201cAssessment of the
existence of the control requirements\u201d in note 2.6.2 \u201cUse of estimates and judgement by management\u201d.
Although the Group holds a stake of less than 50.01%, it controls the companies Acinque S.p.A.,
Ambiente Energia Brianza S.p.A. and ASM Energia S.p.A. by virtue of specific shareholders\u2019
agreements.
Subsidiaries are consolidated from the date on which the Group effectively acquires control and
cease to be consolidated on a line-by-line basis from the date on which control is lost.
In preparing the Consolidated financial statements the assets, liabilities, income and expenses of the
companies being consolidated are included in their entirety on a line-by-line basis, with the portion of
equity and profit or loss for the year attributable to non-controlling interests being stated separately in
the statement of financial position and income statement.
All intra-group balances and transactions, including any unrealized profits arising from transactions
between Group companies, are fully eliminated.
Changes in the share of ownership in subsidiaries that do not involve the loss of control are
recognized as capital transactions by adjusting the portion attributable to the shareholders of the
Parent Company and that to third parties to reflect changes in their relative ownership interests. Any
difference between the amount to which the non-controlling interests are adjusted and the fair value
of the consideration paid or received is recognized directly in equity.
When the Group loses control over a subsidiary, any residual equity investment in the previously
controlled company is remeasured at fair value on the date on which control is lost, recognizing any
gain or loss deriving from the loss of control in the Income Statement. Furthermore, the portion of the
OCI referring to the subsidiary of which control is lost is accounted for as if the Group had directly
disposed of the related assets or liabilities.
Associates, joint ventures, joint operations
Associates are those in which the Group exercises significant influence, i.e., the power to participate
in determining decisions about the financial and operating policies of the investee without exercising
control or joint control over those policies. In general, it is assumed that the Group has significant
influence when it holds a stake of at least 20% if the company is not listed or 10% in the case of a listed
company.
According to IFRS 11, a joint arrangement is an arrangement in which two or more parties have joint
control. Joint control exists only when the unanimous consent of the parties sharing control is required
for decisions on the relevant activities. A joint arrangement may be structured as a joint venture or a
joint operation. A joint venture is a jointly controlled arrangement in which the parties with joint control
have rights to the net assets of the arrangement. In contrast, a joint operation is a joint arrangement
in which the parties that have joint control have rights to the assets and obligations for the liabilities
relating to the arrangement.
With the adoption of IFRS 11, the Group must classify investments in joint arrangements as either joint
ventures (if the Group has rights to the net assets of the arrangement) or joint operations (if the Group
has rights to the assets, and obligations for the liabilities, relating to the arrangement).
In order to determine the existence of significant influence or control, management\u2019s judgement
is required to evaluate all facts and circumstances. The Group reviews the existence of significant
influence or control when facts and circumstances indicate that there has been a change in one or
more of the elements considered for the test.
Investments in associates, namely those in which the A2A Group has a considerable interest and is
able to exercise significant influence are accounted for using the equity method. Gains and losses
attributable to the Group are recognized in the financial statements from the date on which significant
influence or joint control commences.
In the event that the share of losses attributable to the Group exceeds its interest in the associate
or joint venture/joint operation, the investment is cancelled and further losses are set aside and
recognized as a liability only to the extent that the Group has contracted legal or implicit obligations
towards the investee or, in any case, has made payments on its behalf.
In the particular case of its investments in the joint arrangements Ergosud S.p.A. and PremiumGas
S.p.A. \u2013 operating in the Generation and Trading Business Unit \u2013 Netcity S.r.l. and Metamer S.r.l. \u2013
operating in the Market Business Unit \u2013 and Bergamo Pulita S.r.l. \u2013 operating in the Circular Economy
Business Unit \u2013 the A2A Group considers that these fall under the category of joint ventures as far as
their legal form and the nature of the contractual agreements are concerned.
In particular, as regards the investment in PremiumGas S.p.A. in liquidation, the Group has rights
exclusively linked to the results achieved by the company.
Ergosud SpA is 50% owned by A2A gencogas and the remaining 50% by EP Produzione. The
company is active in the management of the Scandale thermoelectric plant.
The company\u2019s operating model is governed by a tolling contract through which Ergosud, as the
owner of the plant, makes available to each Toller, the industrial partners A2A SpA and EP Produzione,
the percentage of its own production capacity, receiving in return a fixed fee in relation to the
availability of the plant and a variable fee to cover the cost of the maintenance of the gas turbine.
It should be noted that, despite the existence of a tolling agreement for the financial years 2024 to
2026, the energy dispatching activity is carried out by EP Produzione, and the investee could dispatch
energy autonomously, thereby ensuring business continuity also at the end of the agreement. In
addition, the A2A Group does not appoint any of the company\u2019s key management.
On the basis of the above considerations, the A2A Group has accounted for the investments using the
equity method, continuing the treatment used in previous years.
Lastly, it should be noted that the Group co-owns the Ponti sul Mincio Thermoelectric Plant, which
is considered a joint operation and consolidated on a pro-rata basis (45%) both financially and
economically.
Latest available summarized figures for joint ventures (measured at equity)
(values in millions of euros)
Key figures at December 31, 2025\u00a0Bergamo Pulita\u00a0
50%
PremiumGas
50%
Metamer
50%
Ergosud
50%
Netcity
49%
Income statement
Revenue from sales and services\u00a00.06\u00a00.00\u00a043.3\u00a046.3\u00a0 11.7
Gross operating profit (loss) -
EBITDA
(0.40)\u00a00.00\u00a02.8\u00a013.3\u00a01.7
% of net revenues\u00a0n.s.\u00a0n.s.\u00a06.4%\u00a028.8%\u00a014.3%
Depreciation, amortization and
impairment losses
 0.0\u00a0\u00a00.00\u00a01.2\u00a07.3\u00a00.9
Operating profit (loss) - EBIT\u00a0(0.40)\u00a00.00\u00a01.5\u00a06.0\u00a00.7
Profit (loss) for the year\u00a0(0.39)\u00a00.00\u00a00.8\u00a01.1\u00a00.1
Statement of financial position
Total assets\u00a02.40\u00a01.5\u00a016.6\u00a0133.0\u00a08.1
Equity\u00a0(0.27)\u00a01.5\u00a03.7\u00a072.5\u00a01.8
Net financial position (debt) \u00a02.10\u00a01.0\u00a0(1.1)\u00a0(4.4)\u00a00.6
Dividends received \u00a00.0\u00a00.0\u00a00.5\u00a00.0\u00a00.0
(values in millions of euros)
Key figures at December 31, 2024\u00a0Bergamo Pulita\u00a0
50%
PremiumGas
50%
Metamer
50%
Ergosud
50%
Netcity
49%
Income statement
Revenue from sales and services\u00a00.05\u00a00.00\u00a036.5\u00a040.8\u00a020.7
Gross operating profit (loss) -
EBITDA
(0.25)\u00a00.00\u00a01.1\u00a012.3\u00a04.5
% of net revenues\u00a0n.s.\u00a0n.s.\u00a03.0%\u00a030.1%\u00a021.5%
Depreciation, amortization and
impairment losses
 0.2\u00a0\u00a00.00\u00a00.5\u00a09.2\u00a01.4
Operating profit (loss) - EBIT\u00a0(0.05)\u00a00.00\u00a00.5\u00a03.1\u00a03.1
Profit (loss) for the year\u00a0(0.46)\u00a00.00\u00a00.1\u00a01.9\u00a01.2
Statement of financial position
Total assets\u00a02.61\u00a02.3\u00a014.8\u00a0134.3\u00a012.1
Equity\u00a0(0.13)\u00a02.3\u00a03.0\u00a071.4\u00a02.4
Net financial position (debt) \u00a02.35\u00a01.8\u00a0(4.4)\u00a0(18.4)\u00a01.5
Dividends received \u00a00.0\u00a00.0\u00a00.1\u00a00.0\u00a00.7
Potential voting rights
If the A2A Group holds call options on shares or other equity instruments that represent capital
(warrants) that are convertible into ordinary shares or similar instruments having the potential, if
exercised or converted, to give the Group voting rights or reduce the voting rights of third parties
(\u201cpotential voting rights\u201d), such potential voting rights are taken into consideration when assessing
whether or not the Group has the power to manage decisions regarding the relevant activities of
another company.
Treatment of put options on the shares of subsidiaries
Generally speaking, IAS 32, paragraph 23, establishes that a contract that contains an obligation to
acquire shares in exchange for cash or other financial assets gives rise to a financial liability for the
present value of the exercise price of the option.
In the absence of specific instructions in the related international financial reporting standards, the
A2A Group: (i) considers the shares involving put options to have already been purchased, including
in cases in which the risks and rewards connected with ownership of the shares remain with the non-
controlling interests and they remain exposed to equity risk (\u201canticipated acquisition method\u201d); (ii)
records a corresponding entry among equity reserves for the liability resulting from the obligation and
any subsequent changes.
Effect on the consolidation procedures of certain agreements
involving the shares or quotas of Group companies
a) Earn-out on the purchase of the equity investments made by A2A
Rinnovabili S.p.A.
During 2025, new investments were acquired, for which earn-outs were recognized and recorded for a
total approximately 1 million euro.
It should be noted that with reference to acquisitions made in previous years, there are contractual
price adjustments and earn-outs, of non-significant amounts, both in favour of the seller and the buyer
upon the occurrence of certain conditions. Given the uncertainty and insignificance of the amounts,
the Group has not recorded these amounts.
b) Options on the shares of Agesp Energia S.r.l.
On January 3, 2024, Acinque S.p.A. acquired 70% of the company Agesp Energia S.r.l..
As a result of the shareholders\u2019 agreement entered into between Acinque S.p.A. and Agesp S.p.A.
(seller), there is a put option granted by Acinque S.p.A. to Agesp S.p.A. on the remaining 30% share
that can be exercised until the expiry of the 3rd (third) year from the date of signing of the Notary
Deed.
Therefore, the Group has recognized as a liability the present value of the estimated outlay of 11 million
euro which it will not be able to avoid if the option is exercised.
c) Options on the shares of Duereti S.r.l.
On December 31, 2024, A2A S.p.A. acquired 90% of Duereti S.r.l..
As a result of the shareholders\u2019 agreement entered into between A2A S.p.A. and E-Distribuzione S.p.A.
(the seller), a put option has been granted by A2A S.p.A. to E-Distribuzione S.p.A. concerning the
remaining 10% stake, exercisable starting March 2026 until December 31, 2027. Therefore, the Group
has recognized as short-term liability the present value of the estimated outlay of 144 million euro
which it will not be able to avoid if the option is exercised.
d) Options on the shares of A2A Trezzo Ambiente S.r.l.
On May 14, 2024, A2A Trezzo Ambiente S.r.l. was established, with A2A Ambiente S.p.A. holding an
86% interest and A2A Calore & Servizi S.r.l. for 4%.
The shareholders\u2019 agreement entered into at the time of establishment between the A2A Group
companies and Termokimik S.p.A. (which holds the remaining 10% stake) provides for the possibility for
Termokimik S.p.A. to exercise, starting from the completion of the refurbishment works on the waste-
to-energy plant under concession, a put option towards the controlling interest A2A Ambiente S.p.A.
for a stake up to a maximum equal to its investment, reduced by one percentage point.
Therefore, the Group has recognized as a liability the present value of the estimated outlay of 10
million euro which it will not be able to avoid if the option is exercised.
Notes to the statement of financial position
It should be noted that the scope of consolidation at December 31, 2025, has changed compared to
December 31, 2024, as already described in the section \u201cScope and Criteria of Consolidation\u201d to which
reference should be made for further details.
In 2025, the A2A Group completed the Purchase Price Allocation (hereinafter \u201cPPA\u201d) following the
acquisition of 90% of Duereti S.r.l. acquired at December 31, 2024.
As a result of the completion of the PPA, the Group restated the figures at December 31, 2024.
For further details of the transaction and the consequent statement of financial position and income
statement effects on the figures restated at December 31, 2024, reference is made to Note 2.5
(Transactions IFRS 3 Revised) in the paragraph \u201cGeneral Information\u201d of the Consolidated Financial
Statements.
Notes to the income statement
For changes in the scope of consolidation as at December 31, 2025, please refer to the section
\u201cScope and Criteria of Consolidation\u201d.
Moreover, the economic figures at December 31, 2025 are not consistent with the previous year due
to the following extraordinary transactions in 2024:
\u2022
acquisition by A2A S.p.A. of 90% of the Duereti S.r.l., a company operating in electricity distribution,
with consequent line-by-line consolidation;
\u2022
acquisition in May 2024 by A2A Rinnovabili S.p.A. of 70% of the company Parco Solare Friulano 2
S.r.l. with consequent line-by-line consolidation;
\u2022
acquisition in September 2024 by Agripower S.p.A. of 100% of Biomax Societ\u00e0 Agricola a r.l., a
company operating in the production of electricity from biogas, with consequent line-by-line
consolidation;
\u2022
incorporation of the company A2A Trezzo Ambiente S.r.l. held 86% by A2A Ambiente S.p.A. and 4%
by A2A Calore & Servizi S.r.l. with consequent a line-by-line consolidation of the company;
\u2022
incorporation in July 2024 of TEXELERA S.c. a r.l., held 51% by A2A S.p.A., with consequent line-by-
line consolidation of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48266": { "value": "
Subsidiaries
Subsidiaries are those companies over which the parent company, A2A S.p.A., exercises control, also
by virtue of shareholders\u2019 agreements, and has the power, as defined by IFRS 10, to manage decisions
regarding relevant activities.
For more details on the definition of control, please refer to the paragraph \u201cAssessment of the
existence of the control requirements\u201d in note 2.6.2 \u201cUse of estimates and judgement by management\u201d.
Although the Group holds a stake of less than 50.01%, it controls the companies Acinque S.p.A.,
Ambiente Energia Brianza S.p.A. and ASM Energia S.p.A. by virtue of specific shareholders\u2019
agreements.
Subsidiaries are consolidated from the date on which the Group effectively acquires control and
cease to be consolidated on a line-by-line basis from the date on which control is lost.
In preparing the Consolidated financial statements the assets, liabilities, income and expenses of the
companies being consolidated are included in their entirety on a line-by-line basis, with the portion of
equity and profit or loss for the year attributable to non-controlling interests being stated separately in
the statement of financial position and income statement.
All intra-group balances and transactions, including any unrealized profits arising from transactions
between Group companies, are fully eliminated.
Changes in the share of ownership in subsidiaries that do not involve the loss of control are
recognized as capital transactions by adjusting the portion attributable to the shareholders of the
Parent Company and that to third parties to reflect changes in their relative ownership interests. Any
difference between the amount to which the non-controlling interests are adjusted and the fair value
of the consideration paid or received is recognized directly in equity.
When the Group loses control over a subsidiary, any residual equity investment in the previously
controlled company is remeasured at fair value on the date on which control is lost, recognizing any
gain or loss deriving from the loss of control in the Income Statement. Furthermore, the portion of the
OCI referring to the subsidiary of which control is lost is accounted for as if the Group had directly
disposed of the related assets or liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48270": { "value": "
Associates, joint ventures, joint operations
Associates are those in which the Group exercises significant influence, i.e., the power to participate
in determining decisions about the financial and operating policies of the investee without exercising
control or joint control over those policies. In general, it is assumed that the Group has significant
influence when it holds a stake of at least 20% if the company is not listed or 10% in the case of a listed
company.
According to IFRS 11, a joint arrangement is an arrangement in which two or more parties have joint
control. Joint control exists only when the unanimous consent of the parties sharing control is required
for decisions on the relevant activities. A joint arrangement may be structured as a joint venture or a
joint operation. A joint venture is a jointly controlled arrangement in which the parties with joint control
have rights to the net assets of the arrangement. In contrast, a joint operation is a joint arrangement
in which the parties that have joint control have rights to the assets and obligations for the liabilities
relating to the arrangement.
With the adoption of IFRS 11, the Group must classify investments in joint arrangements as either joint
ventures (if the Group has rights to the net assets of the arrangement) or joint operations (if the Group
has rights to the assets, and obligations for the liabilities, relating to the arrangement).
In order to determine the existence of significant influence or control, management\u2019s judgement
is required to evaluate all facts and circumstances. The Group reviews the existence of significant
influence or control when facts and circumstances indicate that there has been a change in one or
more of the elements considered for the test.
Investments in associates, namely those in which the A2A Group has a considerable interest and is
able to exercise significant influence are accounted for using the equity method. Gains and losses
attributable to the Group are recognized in the financial statements from the date on which significant
influence or joint control commences.
In the event that the share of losses attributable to the Group exceeds its interest in the associate
or joint venture/joint operation, the investment is cancelled and further losses are set aside and
recognized as a liability only to the extent that the Group has contracted legal or implicit obligations
towards the investee or, in any case, has made payments on its behalf.
In the particular case of its investments in the joint arrangements Ergosud S.p.A. and PremiumGas
S.p.A. \u2013 operating in the Generation and Trading Business Unit \u2013 Netcity S.r.l. and Metamer S.r.l. \u2013
operating in the Market Business Unit \u2013 and Bergamo Pulita S.r.l. \u2013 operating in the Circular Economy
Business Unit \u2013 the A2A Group considers that these fall under the category of joint ventures as far as
their legal form and the nature of the contractual agreements are concerned.
In particular, as regards the investment in PremiumGas S.p.A. in liquidation, the Group has rights
exclusively linked to the results achieved by the company.
Ergosud SpA is 50% owned by A2A gencogas and the remaining 50% by EP Produzione. The
company is active in the management of the Scandale thermoelectric plant.
The company\u2019s operating model is governed by a tolling contract through which Ergosud, as the
owner of the plant, makes available to each Toller, the industrial partners A2A SpA and EP Produzione,
the percentage of its own production capacity, receiving in return a fixed fee in relation to the
availability of the plant and a variable fee to cover the cost of the maintenance of the gas turbine.
It should be noted that, despite the existence of a tolling agreement for the financial years 2024 to
2026, the energy dispatching activity is carried out by EP Produzione, and the investee could dispatch
energy autonomously, thereby ensuring business continuity also at the end of the agreement. In
addition, the A2A Group does not appoint any of the company\u2019s key management.
On the basis of the above considerations, the A2A Group has accounted for the investments using the
equity method, continuing the treatment used in previous years.
Lastly, it should be noted that the Group co-owns the Ponti sul Mincio Thermoelectric Plant, which
is considered a joint operation and consolidated on a pro-rata basis (45%) both financially and
economically.
Latest available summarized figures for joint ventures (measured at equity)
(values in millions of euros)
Key figures at December 31, 2025\u00a0Bergamo Pulita\u00a0
50%
PremiumGas
50%
Metamer
50%
Ergosud
50%
Netcity
49%
Income statement
Revenue from sales and services\u00a00.06\u00a00.00\u00a043.3\u00a046.3\u00a0 11.7
Gross operating profit (loss) -
EBITDA
(0.40)\u00a00.00\u00a02.8\u00a013.3\u00a01.7
% of net revenues\u00a0n.s.\u00a0n.s.\u00a06.4%\u00a028.8%\u00a014.3%
Depreciation, amortization and
impairment losses
 0.0\u00a0\u00a00.00\u00a01.2\u00a07.3\u00a00.9
Operating profit (loss) - EBIT\u00a0(0.40)\u00a00.00\u00a01.5\u00a06.0\u00a00.7
Profit (loss) for the year\u00a0(0.39)\u00a00.00\u00a00.8\u00a01.1\u00a00.1
Statement of financial position
Total assets\u00a02.40\u00a01.5\u00a016.6\u00a0133.0\u00a08.1
Equity\u00a0(0.27)\u00a01.5\u00a03.7\u00a072.5\u00a01.8
Net financial position (debt) \u00a02.10\u00a01.0\u00a0(1.1)\u00a0(4.4)\u00a00.6
Dividends received \u00a00.0\u00a00.0\u00a00.5\u00a00.0\u00a00.0
(values in millions of euros)
Key figures at December 31, 2024\u00a0Bergamo Pulita\u00a0
50%
PremiumGas
50%
Metamer
50%
Ergosud
50%
Netcity
49%
Income statement
Revenue from sales and services\u00a00.05\u00a00.00\u00a036.5\u00a040.8\u00a020.7
Gross operating profit (loss) -
EBITDA
(0.25)\u00a00.00\u00a01.1\u00a012.3\u00a04.5
% of net revenues\u00a0n.s.\u00a0n.s.\u00a03.0%\u00a030.1%\u00a021.5%
Depreciation, amortization and
impairment losses
 0.2\u00a0\u00a00.00\u00a00.5\u00a09.2\u00a01.4
Operating profit (loss) - EBIT\u00a0(0.05)\u00a00.00\u00a00.5\u00a03.1\u00a03.1
Profit (loss) for the year\u00a0(0.46)\u00a00.00\u00a00.1\u00a01.9\u00a01.2
Statement of financial position
Total assets\u00a02.61\u00a02.3\u00a014.8\u00a0134.3\u00a012.1
Equity\u00a0(0.13)\u00a02.3\u00a03.0\u00a071.4\u00a02.4
Net financial position (debt) \u00a02.35\u00a01.8\u00a0(4.4)\u00a0(18.4)\u00a01.5
Dividends received \u00a00.0\u00a00.0\u00a00.1\u00a00.0\u00a00.7
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48269": { "value": "
Associates, joint ventures, joint operations
Associates are those in which the Group exercises significant influence, i.e., the power to participate
in determining decisions about the financial and operating policies of the investee without exercising
control or joint control over those policies. In general, it is assumed that the Group has significant
influence when it holds a stake of at least 20% if the company is not listed or 10% in the case of a listed
company.
According to IFRS 11, a joint arrangement is an arrangement in which two or more parties have joint
control. Joint control exists only when the unanimous consent of the parties sharing control is required
for decisions on the relevant activities. A joint arrangement may be structured as a joint venture or a
joint operation. A joint venture is a jointly controlled arrangement in which the parties with joint control
have rights to the net assets of the arrangement. In contrast, a joint operation is a joint arrangement
in which the parties that have joint control have rights to the assets and obligations for the liabilities
relating to the arrangement.
With the adoption of IFRS 11, the Group must classify investments in joint arrangements as either joint
ventures (if the Group has rights to the net assets of the arrangement) or joint operations (if the Group
has rights to the assets, and obligations for the liabilities, relating to the arrangement).
In order to determine the existence of significant influence or control, management\u2019s judgement
is required to evaluate all facts and circumstances. The Group reviews the existence of significant
influence or control when facts and circumstances indicate that there has been a change in one or
more of the elements considered for the test.
Investments in associates, namely those in which the A2A Group has a considerable interest and is
able to exercise significant influence are accounted for using the equity method. Gains and losses
attributable to the Group are recognized in the financial statements from the date on which significant
influence or joint control commences.
In the event that the share of losses attributable to the Group exceeds its interest in the associate
or joint venture/joint operation, the investment is cancelled and further losses are set aside and
recognized as a liability only to the extent that the Group has contracted legal or implicit obligations
towards the investee or, in any case, has made payments on its behalf.
In the particular case of its investments in the joint arrangements Ergosud S.p.A. and PremiumGas
S.p.A. \u2013 operating in the Generation and Trading Business Unit \u2013 Netcity S.r.l. and Metamer S.r.l. \u2013
operating in the Market Business Unit \u2013 and Bergamo Pulita S.r.l. \u2013 operating in the Circular Economy
Business Unit \u2013 the A2A Group considers that these fall under the category of joint ventures as far as
their legal form and the nature of the contractual agreements are concerned.
In particular, as regards the investment in PremiumGas S.p.A. in liquidation, the Group has rights
exclusively linked to the results achieved by the company.
Ergosud SpA is 50% owned by A2A gencogas and the remaining 50% by EP Produzione. The
company is active in the management of the Scandale thermoelectric plant.
The company\u2019s operating model is governed by a tolling contract through which Ergosud, as the
owner of the plant, makes available to each Toller, the industrial partners A2A SpA and EP Produzione,
the percentage of its own production capacity, receiving in return a fixed fee in relation to the
availability of the plant and a variable fee to cover the cost of the maintenance of the gas turbine.
It should be noted that, despite the existence of a tolling agreement for the financial years 2024 to
2026, the energy dispatching activity is carried out by EP Produzione, and the investee could dispatch
energy autonomously, thereby ensuring business continuity also at the end of the agreement. In
addition, the A2A Group does not appoint any of the company\u2019s key management.
On the basis of the above considerations, the A2A Group has accounted for the investments using the
equity method, continuing the treatment used in previous years.
Lastly, it should be noted that the Group co-owns the Ponti sul Mincio Thermoelectric Plant, which
is considered a joint operation and consolidated on a pro-rata basis (45%) both financially and
economically.
Latest available summarized figures for joint ventures (measured at equity)
(values in millions of euros)
Key figures at December 31, 2025\u00a0Bergamo Pulita\u00a0
50%
PremiumGas
50%
Metamer
50%
Ergosud
50%
Netcity
49%
Income statement
Revenue from sales and services\u00a00.06\u00a00.00\u00a043.3\u00a046.3\u00a0 11.7
Gross operating profit (loss) -
EBITDA
(0.40)\u00a00.00\u00a02.8\u00a013.3\u00a01.7
% of net revenues\u00a0n.s.\u00a0n.s.\u00a06.4%\u00a028.8%\u00a014.3%
Depreciation, amortization and
impairment losses
 0.0\u00a0\u00a00.00\u00a01.2\u00a07.3\u00a00.9
Operating profit (loss) - EBIT\u00a0(0.40)\u00a00.00\u00a01.5\u00a06.0\u00a00.7
Profit (loss) for the year\u00a0(0.39)\u00a00.00\u00a00.8\u00a01.1\u00a00.1
Statement of financial position
Total assets\u00a02.40\u00a01.5\u00a016.6\u00a0133.0\u00a08.1
Equity\u00a0(0.27)\u00a01.5\u00a03.7\u00a072.5\u00a01.8
Net financial position (debt) \u00a02.10\u00a01.0\u00a0(1.1)\u00a0(4.4)\u00a00.6
Dividends received \u00a00.0\u00a00.0\u00a00.5\u00a00.0\u00a00.0
(values in millions of euros)
Key figures at December 31, 2024\u00a0Bergamo Pulita\u00a0
50%
PremiumGas
50%
Metamer
50%
Ergosud
50%
Netcity
49%
Income statement
Revenue from sales and services\u00a00.05\u00a00.00\u00a036.5\u00a040.8\u00a020.7
Gross operating profit (loss) -
EBITDA
(0.25)\u00a00.00\u00a01.1\u00a012.3\u00a04.5
% of net revenues\u00a0n.s.\u00a0n.s.\u00a03.0%\u00a030.1%\u00a021.5%
Depreciation, amortization and
impairment losses
 0.2\u00a0\u00a00.00\u00a00.5\u00a09.2\u00a01.4
Operating profit (loss) - EBIT\u00a0(0.05)\u00a00.00\u00a00.5\u00a03.1\u00a03.1
Profit (loss) for the year\u00a0(0.46)\u00a00.00\u00a00.1\u00a01.9\u00a01.2
Statement of financial position
Total assets\u00a02.61\u00a02.3\u00a014.8\u00a0134.3\u00a012.1
Equity\u00a0(0.13)\u00a02.3\u00a03.0\u00a071.4\u00a02.4
Net financial position (debt) \u00a02.35\u00a01.8\u00a0(4.4)\u00a0(18.4)\u00a01.5
Dividends received \u00a00.0\u00a00.0\u00a00.1\u00a00.0\u00a00.7
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48198": { "value": "
Potential voting rights
If the A2A Group holds call options on shares or other equity instruments that represent capital
(warrants) that are convertible into ordinary shares or similar instruments having the potential, if
exercised or converted, to give the Group voting rights or reduce the voting rights of third parties
(\u201cpotential voting rights\u201d), such potential voting rights are taken into consideration when assessing
whether or not the Group has the power to manage decisions regarding the relevant activities of
another company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48200": { "value": "
Treatment of put options on the shares of subsidiaries
Generally speaking, IAS 32, paragraph 23, establishes that a contract that contains an obligation to
acquire shares in exchange for cash or other financial assets gives rise to a financial liability for the
present value of the exercise price of the option.
In the absence of specific instructions in the related international financial reporting standards, the
A2A Group: (i) considers the shares involving put options to have already been purchased, including
in cases in which the risks and rewards connected with ownership of the shares remain with the non-
controlling interests and they remain exposed to equity risk (\u201canticipated acquisition method\u201d); (ii)
records a corresponding entry among equity reserves for the liability resulting from the obligation and
any subsequent changes.
Effect on the consolidation procedures of certain agreements
involving the shares or quotas of Group companies
a) Earn-out on the purchase of the equity investments made by A2A
Rinnovabili S.p.A.
During 2025, new investments were acquired, for which earn-outs were recognized and recorded for a
total approximately 1 million euro.
It should be noted that with reference to acquisitions made in previous years, there are contractual
price adjustments and earn-outs, of non-significant amounts, both in favour of the seller and the buyer
upon the occurrence of certain conditions. Given the uncertainty and insignificance of the amounts,
the Group has not recorded these amounts.
b) Options on the shares of Agesp Energia S.r.l.
On January 3, 2024, Acinque S.p.A. acquired 70% of the company Agesp Energia S.r.l..
As a result of the shareholders\u2019 agreement entered into between Acinque S.p.A. and Agesp S.p.A.
(seller), there is a put option granted by Acinque S.p.A. to Agesp S.p.A. on the remaining 30% share
that can be exercised until the expiry of the 3rd (third) year from the date of signing of the Notary
Deed.
Therefore, the Group has recognized as a liability the present value of the estimated outlay of 11 million
euro which it will not be able to avoid if the option is exercised.
c) Options on the shares of Duereti S.r.l.
On December 31, 2024, A2A S.p.A. acquired 90% of Duereti S.r.l..
As a result of the shareholders\u2019 agreement entered into between A2A S.p.A. and E-Distribuzione S.p.A.
(the seller), a put option has been granted by A2A S.p.A. to E-Distribuzione S.p.A. concerning the
remaining 10% stake, exercisable starting March 2026 until December 31, 2027. Therefore, the Group
has recognized as short-term liability the present value of the estimated outlay of 144 million euro
which it will not be able to avoid if the option is exercised.
d) Options on the shares of A2A Trezzo Ambiente S.r.l.
On May 14, 2024, A2A Trezzo Ambiente S.r.l. was established, with A2A Ambiente S.p.A. holding an
86% interest and A2A Calore & Servizi S.r.l. for 4%.
The shareholders\u2019 agreement entered into at the time of establishment between the A2A Group
companies and Termokimik S.p.A. (which holds the remaining 10% stake) provides for the possibility for
Termokimik S.p.A. to exercise, starting from the completion of the refurbishment works on the waste-
to-energy plant under concession, a put option towards the controlling interest A2A Ambiente S.p.A.
for a stake up to a maximum equal to its investment, reduced by one percentage point.
Therefore, the Group has recognized as a liability the present value of the estimated outlay of 10
million euro which it will not be able to avoid if the option is exercised.
", "dimensions": { "concept": "A2A:DescriptionOfTreatmentOfPutOptionsOnTheSharesOfSubsidiaries", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48273": { "value": "
Basis of preparation
2.7.1 Material accounting policies
Translation of foreign currency items
Items denominated in currencies other than the functional currency, whether monetary (cash and
cash equivalents, assets and liabilities that will be collected or paid in fixed or determinable amounts
of money, etc.) or non-monetary (advances to suppliers of goods and/or services, goodwill, intangible
assets, etc.), are initially recognized at the exchange rate in effect on the date the transaction is
executed. Subsequently, monetary items are converted into the functional currency on the basis of the
exchange rate on the reporting date, and differences arising from the conversion are recorded in the
income statement. Non-monetary items are maintained at the conversion rate of the transaction.
Property, plant and equipment
Assets for business use are recorded under \u201cProperty, plant and equipment\u201d while non-business
assets are classified as \u201cInvestment properties\u201d if necessary.
Property, plant and equipment are measured at cost, including any additional charges directly
attributable to bringing the asset into an operating condition (e.g. transport, customs duty, installation
and testing costs, notary and land registry fees and any non-deductible VAT), increased when material
and where there are obligations by the present value of the estimated cost of restoring the location from
an environmental point of view or dismantling the asset. Borrowing costs, where directly attributable to
the purchase or construction of an asset, are capitalized as part of the cost of the asset if the type of
asset so warrants.
If important components of Property, plant and equipment have different useful lives, they are
accounted for separately using the \u201ccomponent approach\u201d, assigning to each component its own
useful life for the purpose of calculating depreciation (the component approach).
Land, whether occupied by residential or industrial buildings or devoid of construction, is not
depreciated as it has an unlimited useful life, except for land used in production activities that is
subject to deterioration over time (e.g. landfills, quarries).
Ordinary maintenance costs are fully expensed to the income statement in the year they are incurred.
Costs for maintenance carried out at regular intervals are attributed to the assets to which they refer
and are depreciated over the specific residual possibility of use of such.
Property, plant and equipment are stated net of accumulated depreciation and any impairment losses.
Depreciation is charged from the year in which the individual asset enters service on a straight-line
basis over the estimated useful life of the asset for the business. The estimated realizable value which is
deemed to be recoverable at the end of an asset\u2019s useful life is not depreciated. The useful life of each
asset is reviewed annually and any changes, if needed, are made with a view to showing the correct
value of the asset.
Depreciation of landifills, property, plant, and equipment was calculated based on economic and
technical useful lives, considered representative of their residual useful life.
Depreciation of property, plant and equipment has been calculated on the basis of economic and
technical useful lives, which are deemed to be representative of the residual possibility of use and
useful life thereof.
The main economic-technical useful lives used are as follows:
\u2022
\u00a0\u00a0Buildings \u00a010 - 60 years
\u2022
Production plants
\u00a0\u00a0- Hydroelectric plants \u00a03 - 50 years
\u00a0\u00a0- Thermoelectric plants \u00a018 - 30 years
\u00a0\u00a0- Wind power plants \u00a015 - 30 years
\u00a0\u00a0- Solar power plants \u00a015 - 25 years
\u2022
Transmission lines 10 - 45 years
\u2022
\u00a0\u00a0Transformation stations \u00a05 - 50 years
\u2022
Distribution networks
\u00a0\u00a0- Cables \u00a05 - 40 years
\u00a0\u00a0- Connections \u00a035 years
\u00a0\u00a0- Meters \u00a05 - 15 years
\u00a0\u00a0- Stations \u00a05 - 40 years
\u2022
\u00a0\u00a0Fiber-optic networks \u00a010 - 20 years
\u2022
Landfills \u00a0based on % of filling
\u2022
\u00a0\u00a0Sundry equipment \u00a010 years
\u2022
\u00a0\u00a0Furniture and fittings \u00a05 - 10 years
\u2022
\u00a0\u00a0Electric and electronic office machines \u00a05 years
\u2022
\u00a0\u00a0Means of transport \u00a08 - 10 years
\u2022
\u00a0\u00a0E-moving \u00a010 years
\u2022
\u00a0\u00a0Other assets \u00a03 - 5 years
\u2022
\u00a0\u00a0Capital goods of less than 516 euro \u00a01 year
The useful life of improvements to third-party assets is determined on the basis of the duration of the
lease contract. Land is not depreciated as it has an unlimited useful life.
If specific indicators suggest an impairment loss, property, plant, and equipment are subjected to an
impairment test as described in the following paragraph \u201cImpairment of Non-Financial Assets.\u201d Any
impairment losses may be subject to subsequent reversals if the underlying reasons no longer apply.
When an asset is disposed of or if future economic benefits are no longer expected from using an
asset, it is removed from the statement of financial position and any gain or loss (being the difference
between the disposal proceeds and the carrying amount) is recognized in the income statement in the
year of the derecognition.
Rights-of-use assets
The Group determines whether the contract is, or contains, a lease by applying the definition provided
by IFRS 16, which is satisfied when the contract transfers the right to control the use of an underlying
asset for a period of time in exchange for a fee.
Right-of-use assets, recorded in a specific item among property, plant and equipment, are recognized
at the lease inception date, i.e. the date on which the underlying asset is available for use.
Rights-of-use assets are measured at cost, net of accumulated depreciation and impairment losses,
and adjusted for any restatement of lease liabilities. The cost of rights-of-use assets of use includes
the amount of lease liabilities recognized and lease payments made on or before the commencement
of the lease.
Rights-of-use assets of use are depreciated on a straight-line basis from the effective date to the end
of the useful life of the asset consisting of the rights-of-use assets or at the end of the lease term,
whichever is earlier.
If the lease transfers ownership of the underlying asset to the lessee at the end of the term of
the contract or if the cost of the asset consisting of the rights-of-use assets reflects the fact that
the lessee will exercise the purchase option, the asset consisting of the rights-of-use assets is
depreciated from the effective date until the end of the useful life of the underlying asset.
Lease liabilities are recognized as financial liabilities (current or non-current depending on the due
date of the payments) at the present value of the lease payments not yet paid at the reporting date.
Lease payments also include the exercise price of a purchase option if it is reasonably certain that the
option will be exercised.
The Group applies the exception to the recognition envisaged for short-term leases to its contracts
with a duration equal to or less than 12 months from the effective date. It also applies the exception
to the recognition provided for leases in which the underlying asset is of \u201cmodest value\u201d and whose
amount is estimated as not significant. For example, the Group leases some office equipment (i.e. PCs,
printers and copiers) that is considered to be of low value. Payments due for short-term leases and
for leases in which the underlying asset is of modest value are recognized as a cost on a straight-line
basis for the duration of the lease.
Intangible assets
In accordance with IAS 38, intangible assets are identifiable, non-physical assets controlled by the
Group, for which it is probable that future economic benefits will be generated from their use and the
cost of which can be reliably determined.
Identifiability is normally satisfied when: (i) the intangible asset is attributable to a legal or contractual
right, or (ii) the asset is separable, in other words it can be sold, transferred, rented or exchanged
individually and not as an integral part of other assets.
Control by the enterprise consists of the right to enjoy the future economic benefits flowing from the
asset and to restrict the access of others to those benefits.
Intangible assets are recorded in the financial statements at purchase or production cost, including
incidental costs, determined using the same methods indicated for property, plant and equipment.
Internally generated intangible assets are recognized only when the Group can demonstrate the
technical feasibility, intention and availability of resources to complete the asset and have the ability
to use or sell it, alternatively the costs incurred are recognized in the income statement in the year in
which they arose.
The Group also includes among intangible assets the costs for obtaining contracts with customers,
capitalised in accordance with IFRS 15, only if:
\u2022
the costs are incremental, in the sense that they are directly attributable to an identified contract and
would not have been incurred by the Group if the contract had not been obtained;
\u2022
the Group expects to recover them through reimbursement (direct recoverability) or margins (indirect
recoverability).
In particular, the Group normally capitalises the sales commissions paid to agents if the capitalization
criteria are met. The capitalized costs for obtaining contracts with customers are systematically
amortised, in line with the transfer model of the goods or services to which they refer, and are
subject to impairment tests to detect any impairment losses to the extent that the carrying amount
of these assets exceeds the related recoverable value. The Group amortizes the costs for obtaining
contracts with customers capitalized on a straight-line basis over the period of benefit expected
from the contract (i.e. the average duration of the relationship with the customer); any changes in the
amortization criteria are recognized prospectively.
Intangible assets with definite useful life are recognized net of accumulated amortization and any
impairment losses determined using the same methods previously described for property, plant, and
equipment. Changes in the expected useful life or in the ways in which the future economic benefits of
an intangible asset are achieved by the Company are accounted for by suitably adjusting the period
or method of amortization, treating them as changes in accounting estimates. The amortization of
intangible fixed assets with a definite useful life is charged to income statement in the cost category
that reflects the function of the intangible asset concerned.
If specific indicators of impairment exist, intangible assets are subject to impairment testing according
to the procedures described in the following section \u201cImpairment of non-financial assets.\u201d Any
impairment losses may be subject to subsequent reversals if the reasons for their impairment losses
no longer apply.
Intangible assets with indefinite useful life and those not yet available for use are subject to
impairment testing at least annually, regardless of the presence of specific indicators of impairment,
according to the procedures described in the following section \u201cImpairment of non-financial assets.\u201d
Amortization of intangible assets was calculated on the basis of economic-technical useful lives,
considered representative of the residual possibility of use and the useful life thereof.
The useful lives applied are as follows:
\u2022
\u00a0\u00a0Industrial patents and intellectual property rights \u00a0\u00a0\u00a03 - 5 years
\u2022
Concessions, licenses and trademarks
- Software 3 - 5 years
\u00a0\u00a0- Service concession agreements \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08 - 60 years
\u2022
Other intangible assets
\u00a0\u00a0- Customer list \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04 - 20 years
\u00a0\u00a0- Other intangible assets \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03 - 25 years
\u201cOther intangible assets\u201d include surface rights and easements, whose useful life is determined on the
basis of the duration of the contract.
Gains or losses on the disposal of an intangible asset are calculated as the difference between the
disposal proceeds and the carrying amount of the asset and recognized in the Income Statement at
the time of the disposal.
Service concession arrangements
Service concession arrangements are contracts in which a public administration (the grantor) entrusts
a private entity (the concessionaire) with the management and provision of public services. If the
concessions have certain characteristics, including in particular:
\u2022
Service Obligations: The concessionaire is required to provide public utility services using the
infrastructure granted;
\u2022
Return of infrastructure: upon expiry of the agreement, the concessionaire must return the
infrastructure to the grantor in a predetermined condition;
\u2022
Control of the grantor: the grantor retains control over which services must be provided and under
what conditions.
fall within the scope of IFRIC 12.
Revenues for services performed are recognised in accordance with IFRS 15 by allocating the fees
between the various services provided. If the concessionaire provides construction or improvement
services, the consideration it has received or will receive must be recognised as:
\u2022
Financial assets: if the concessionaire has the unconditional contractual right to receive cash or
another financial asset from the grantor for construction services;
\u2022
Intangible assets: if the concessionaire has obtained the right (license) to charge users of the public
service.
If the concessionaire is paid for construction services partly with a financial asset and partly with
an intangible asset, each component of the concessionaire\u2019s consideration must be accounted for
separately.
The amortization of concessions is calculated on the basis of the provisions of the respective
agreements and in particular: i) on a constant basis for the shorter period between the economic-
technical life of the assets granted and the duration of the concession itself, if at the expiry of the
same no compensation value is recognised to the outgoing operator (Residual industrial value or Vir);
ii) based on the economic-technical life of the individual assets if, at the expiry of the concessions, the
outgoing operator is granted an indemnity value (Vir).
In the event that the concessions provide for the obligation to maintain the infrastructure at a certain
level of functionality or to return the infrastructure to a certain condition before returning it to the
grantor upon expiry, the Group will allocate specific funds in accordance with the provisions of IAS 37.
Conversely, in circumstances in which the concession service agreements provide that the
infrastructures used in the exercise of the concessions do not comply with the requirements of IFRIC
12 and, in particular, are owned and available to the concessionaire or have an indefinite maturity, the
carrying amount of the assets attributable to these concessions is recorded under the item \u201cProperty,
plant and equipment\u201d and accounted for in accordance with the provisions of IAS 16.
In order to assess the applicability of these provisions for the Group as a concessionaire, management
conducted a careful analysis of existing concessions.
Based on these analyses, the service concessions relevant under IFRIC 12 for the Group were as
follows:
\u2022
gas distribution network
intangible asset;
\u2022
water cycle - water distribution, purification and sewerage services
intangible asset;
\u2022
district heating network
intangible asset.
\u2022
public lighting
financial asset;
\u2022
management of votive lamps
financial asset;
Fair value measurement
For all fair value measurements and related disclosures, as required or permitted by international
accounting standards, the Group applies IFRS 13. Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date (\u201cexit-price\u201d). The fair value measurement assumes that the
sale of the asset or the transfer of the liability takes place in the principal market, i.e. the market where
the greatest volume and level of transactions for the asset or liability takes place. In the absence of
a principal market, it is assumed that the transaction takes place in the most advantageous market
to which the Group has access, i.e. the market that maximizes the results of the sale of the asset
or minimizes the amount to be paid to transfer the liability. The fair value of an asset or liability is
determined using the assumptions that market participants would take into account to define the price
of the asset or liability, assuming that they act in their best economic interest. Market participants are
independent, well-informed buyers and sellers who are able to conclude a transaction for the asset
or liability and are interested, but not obliged or otherwise induced to complete the transaction. In
measuring fair value, the Group considers the characteristics of the specific assets or liabilities and
uses measurement techniques appropriate to the circumstances and for which sufficient data are
available to measure the fair value itself, maximizing the use of observable inputs and minimizing the
use of unobservable inputs.
Fair value hierarchy
IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the
quality of the input source used to calculate the fair value.
In particular, IFRS 7 and IFRS 13 set out three levels of fair value:
\u2022
level 1: this level consists of financial assets and liabilities for which fair value is based on
(unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter
markets;
\u2022
level \u00a02: this level consists of financial assets and liabilities for which fair value is based on inputs
other than quoted prices included within level 1 that are observable for the asset or liability either
directly or indirectly;
\u2022
level \u00a03: \u00a0this level consists of financial assets and liabilities for which fair value is based on
unobservable market data. This level includes instruments measured on the basis of internal
estimates made using proprietary methods based on best sector practice.
Business combinations and goodwill
The Group recognises business combinations in accordance with IFRS 3.
Any difference between the sum of the consideration transferred, measured at fair value at the
acquisition date and the amount of any non-controlling interest and any interest in the acquired
company previously held by the Group (in a business combination carried out in several stages),
with respect to the net value of the amounts of identifiable assets acquired and liabilities incurred
or assumed, measured at fair value, is classified as goodwill if positive and in the income statement
among other income if negative (badwill).
If the fair values of the assets, liabilities and contingent liabilities are determined provisionally, the
business combination is recognised using these provisional values. Any adjustments resulting from
the completion of the valuation process are recognised within 12 months of the acquisition date,
restating the comparative figures.
A2A S.p.A. bases its allocations on available information and, for the more significant business
combinations, on external appraisals.
Goodwill arising from the acquisition of subsidiaries is recognised separately and allocated, from the
acquisition date, to each CGU, or group of CGU, which is expected to benefit from the synergies of
the combination. After initial recognition, it is not subject to amortization but to impairment test, at least
annually as described in the following section \"Impairment of non-financial assets.\"
For the purposes of determining goodwill or the negative differential, the cost of the transaction
also includes the measurement of the present value, at the acquisition date, of the presumed outlay
relating to the put options granted to non-controlling shareholders on their investments, as well as
any contingent consideration, including those related to future results (earn-out), resulting from the
business combination contract. Therefore, the Group uses the anticipated acquisition method.
Costs directly attributable to the acquisition, other than the consideration transferred, are instead
recognized in the income statement.
If the business combination is carried out in stages, at the time of acquisition of control, the equity
investments previously held in the acquired company are remeasured at fair value and any difference
(positive or negative) is recognized in the income statement.
Goodwill relating to investments in associates and joint ventures is included in the carrying amount of
these assets.
Impairment of non-financial assets
At each financial statement date, the Group verifies whether there are any indications that non-
financial assets (property, plant and equipment, intangible assets and goodwill) may have suffered an
impairment loss.
To this end, the Group considers both internal and external sources of information. With regard to
internal sources, the following are considered: the obsolescence or physical deterioration of the
asset, any significant changes in the use of the asset and the economic performance of the asset
with respect to what was expected. With regard to external sources, on the other hand, the following
are considered: the trend in the market prices of the assets, any technological, market or regulatory
discontinuities, the trend in market interest rates and the cost of capital used to measure investments
and finally if the carrying amount of the Group\u2019s net assets is higher than the market capitalization.
If, on the basis of this verification, it emerges that the non-financial assets may have suffered an
impairment loss, the Group estimates their recoverable value by carrying out an impairment test.
Goodwill impairment testing is carried out at least once a year or, more frequently, whenever there is
an indication that the asset may have suffered an impairment loss.
When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates
the recoverable amount of the cash-generating unit (\u2018CGU\u2019) to which the asset belongs. A CGU is the
smallest identifiable group of assets that generates cash flows that are largely independent of the
cash flows generated by other assets or groups of assets. The CGUs identified by Management at
December 31, 2025 coincide with the individual companies belonging to the A2A Group.
Intangible assets acquired through business combinations are allocated to the individual CGU, except
in cases where it can be demonstrated that the entire CGU Group benefits from the synergies deriving
from the newly acquired business.
Goodwill is allocated to groups of CGU when it is believed that the entire Group of CGU can benefit
from the synergies deriving from the newly acquired business and their recoverability is monitored
by management at this level. These CGU Groups are no longer broader than the operating sectors
identified in accordance with IFRS 8 (before their possible aggregation).
If the carrying amount of a CGU (or group of CGU) exceeds its recoverable amount, an impairment
loss is recognized in the income statement, which is first recognized as a reduction in the carrying
amount of any goodwill and only subsequently to the other assets of the CGU (group of CGU) in
proportion to their carrying amount up to the amount of the recoverable amount.
The recoverable amount of a CGU (or group of CGU) is the higher of its fair value, less disposal costs,
and its value in use. The value in use is the present value of estimated future cash flows, based on pre-
tax business plans prepared by management, applying a pre-tax discount rate that reflects current
market assessments of the time value of money and the specific risks of the assets comprising the
CGU (or group of CGU). The long-term growth rate used to estimate the terminal value of the unit (or
group of units), where present, is assumed not to exceed the average long-term growth rate of the
sector, country or market in which the unit (or group of units) operates.
In the case of CGU/Groups of CGU relating to the gas network, the recoverable value is determined on
the basis of the VIR estimate, considering as a starting point the value of the RAB (Regulatory Asset
Base).
Future cash flows are estimated by reference to the current conditions of the cash-generating unit
and, therefore, do not include the benefits arising from future restructuring for which the Group has
not yet committed, nor future investments to improve or optimize the unit.
For the purposes of impairment testing, the carrying amount of a CGU is determined in line with the
criterion used to determine the recoverable amount of the cash-generating unit, excluding surplus
assets (i.e. financial assets, deferred tax assets and net non-current assets held for sale).
After carrying out the impairment test of the CGU (or group of CGU), a second level of impairment test
is carried out, also including those centralised assets with auxiliary functions (corporate assets) that
cannot be allocated according to a reasonable and consistent criterion to the individual units and
those assets that do not generate positive result flows. At this second level, the recoverable amount
of all CGU (or groups of CGU) is compared with the carrying amount of all CGU (or groups of CGU),
including corporate assets.
Impairment losses on goodwill cannot be reversed. For other assets, an impairment loss is reversed
only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation and amortization, if no impairment loss had been
recognized.
Environmental certificates
The Group is subject to the various environmental regulations that require compliance with the
constraints set through the use of certificates or securities, in particular companies operating in
regulated sectors (e.g. energy) buy and sell shares on organised markets, and these transactions have
characteristics similar to those of goods intended for sale or consumption in the operating cycle.
The Group therefore records the environmental certificates among the Inventories.
In the absence of a specific IAS/IFRS reference standard, the accounting treatment adopted by
the Group complies with the general rules included in the body of applicable IAS/IFRS accounting
standards and in line with international best practice.
The valuation of the securities is carried out in relation to the destination attributed to them.
Securities held to meet business needs are recorded among assets at cost, while those traded for
trading purposes are measured at fair value with an impact on the income statement defined with
reference to any sales contracts, including forward contracts, already signed at the reporting date and,
on a residual basis, at market prices.
Certificates assigned free of charge are only registered at the time of transfer to third parties.
If the requirement exceeds the units/certificates in the portfolio at the balance sheet date (\u201cdeficit\u201d),
the cost necessary to meet the residual obligation is allocated to the statement of financial position,
estimated on the basis of any purchase contracts, including forward contracts, already signed at the
balance sheet date and, residually, market prices, and a specific provision for risks and charges is
recognized.
Long term construction contracts in progress
Construction contracts with durations exceeding one year in progress are valued in accordance with
IFRS 15.
When the outcome of a project can be reliably estimated, multi-year construction contracts in progress
are valued based on contractual fees accrued with reasonable certainty, according to the percentage of
completion criterion and the \u201ccost-to-cost\u201d methodology, so as to attribute the revenues and economic
results of the project to the individual years in proportion to the stage of completion of the work.
In addition to the contractual fees, contract revenues include variants, price revisions and incentive
awards to the extent that it is probable that they represent actual revenues that can be reliably
determined.
When the outcome of a contract cannot be reliably estimated, the revenue attributable to the relevant
contract is recognized only to the extent of the contract costs incurred that are likely to be recovered.
Contract costs are recognized as expenses in the year in which they are incurred.
When it is probable that total contract costs will exceed contract revenues, the expected loss is
immediately recognized as a cost.
Any difference, positive or negative, between the value of the contracts and advances received is
recognized as an asset or a liability respectively.
Inventories
Inventories are stated at the lower of purchase cost and estimated net realizable value. The method
used to determine cost is the weighted average cost, including directly attributable ancillary costs (for
example, ship freight, customs duties, insurance, laytime and demurrage on fuel purchases).
Net realizable value is the estimated selling price in the ordinary course of business less the estimated
costs to realize the sale or, where applicable, the replacement cost.
Gas inventories held for trading purposes, stored at facilities separate from gas used for industrial
purposes, are measured at fair value at the reporting date, with a balancing entry in the income
statement, as required by IAS 2, paragraph 3, letter b.
Inventories are constantly monitored and, where necessary, obsolete stocks are written down with a
charge to the Income Statement.
Materials and other consumables (including energy commodities) held for use in production are not
written down if it is expected that the final product into which they will be incorporated will be sold at a
price sufficient to enable recovery of the cost incurred.
Spare parts and equipment necessary for maintenance are recorded in inventories and their cost is
recognized in the income statement when they are used.
Plant spare parts are recorded under property, plant and equipment and depreciated on the basis of
the useful life of the plant to which they refer if they have significant value, multi-year use, constitute
equipment necessary for the operation of plant and machinery and are likely to generate future
economic benefits.
Power Purchase Agreements
Power Purchase Agreements (PPA) that involve the physical delivery of energy and that do not meet
the requirements of IFRS 10 for the existence of control, IFRS 11 for the existence of joint control
over a company or an asset, or IFRS 16 for the recognition of a lease, but that meet the definition
of a derivative in IFRS 9, are accounted for under the own-use exemption rules when the relevant
conditions are met. The Power Purchase Agreements (PPA) signed by the group to date, both for
purchase and sale, are mainly accounted for under the own-use exemption rules, in addition to some
Virtual PPA accounted for as hedging derivatives under IFRS 9 because they were signed for the
purpose of hedging the cash flows of highly probable transactions.
Financial instruments
Financial instruments are recognized and measured in accordance with IAS 32 (Financial Instruments:
Presentation) and IFRS 9 (Financial Instruments).
Financial assets and liabilities are recognized at the time that the contractual rights and obligations
forming part of the instrument arise.
Cash and cash equivalents
This category includes deposits available on demand or at very short notice, as well as short-term and
highly liquid financial investments readily convertible into a known amount of cash and subject to an
insignificant risk of change in value.
Financial assets other than cash and cash equivalents
They include investments (excluding investments in subsidiaries, jointly controlled entities, and
associates); receivables, loans, and other non-current financial assets; trade receivables and other
receivables arising from the company\u2019s operations, as well as other current financial assets.
Financial assets are initially measured at fair value, adjusted, in the case of assets not subsequently
measured at fair value, for transaction costs directly attributable to their acquisition or issue. Trade
receivables that do not have a significant financing component are measured at the transaction price.
All equity instruments - both listed and unlisted - are measured at fair value.
Financial assets are classified as:
\u2022
financial assets at amortized cost;
\u2022
financial assets at fair value through other comprehensive income
\u00a0\u00a0- with recycling of accumulated gains and losses (debt instruments)
\u00a0\u00a0- without recycling of accumulated gains and losses upon derecognition (equity instruments);
\u2022
financial assets at fair value in the Income Statement.
Classification is carried out on the basis of an entity\u2019s business model and the contractual cash flow
characteristics of the financial asset.
Financial assets at amortized cost
This category includes assets not represented by derivative instruments and not listed on an active
market that meet the following requirements: the entity\u2019s business model requires that the financial
asset be held for the collection of contractual cash flows (held-to-collect) and the characteristics of
the contractual cash flows of the asset correspond solely to the payment of principal and interest.
This category mainly includes trade receivables, other receivables and financial receivables.
These are valued using the effective interest method and are subject to impairment.
Gains and losses are recognized in the income statement when the asset is derecognized, modified,
or adjusted for impairment.
Financial assets at fair value through other comprehensive income (FVOCI)
Financial assets not classified as financial assets measured at amortized cost may be classified
and subsequently measured at their fair value recognized in the Income Statement or in the Other
Comprehensive Income Statement. The determination depends on whether this financial asset is a
debt or equity instrument.
Debt instruments
A financial asset representing a debt instrument, other than a derivative, shall be measured at fair
value through other comprehensive income if both of the following conditions are met:
\u2022
The asset is held as part of a business model whose objective is to hold financial assets for the
purpose of collecting contractual cash flows and selling financial assets;
\u2022
The contractual terms of the asset provide for certain maturities of the cash flows represented solely
by payments of principal and interest on the amount of the principal to be repaid.
When the financial assets do not meet the two conditions above, they are classified as measured at
fair value through profit or loss, which is therefore a residual classification method.
Changes in fair value are recognized directly in equity until the actual sale, at which time they are
transferred to the income statement. Impairment losses, exchange gains and losses and interest
calculated using the effective interest method are instead recorded directly in the Income Statement
when they occur.
Losses recognized directly in equity are reversed and recognized in the income statement even if
the financial asset has not been derecognized when there is objective evidence that the asset has
suffered an impairment loss.
Equity instruments
A financial asset representing an equity instrument may be measured at Fair Value recognized in
Other Comprehensive Income if both of the following conditions are met:
\u2022
The asset is not held for trading;
\u2022
The company avails itself of the irrevocable option to designate this asset as measured at FVOCI.
When the financial assets do not meet the two conditions above, they are classified as measured at
fair value through profit or loss, which is therefore a residual classification method.
Gains and losses on these financial assets will never be recycled to the income statement. The Group
may transfer the cumulative gain or loss within equity. This category includes equity investments in
other companies irrevocably designated as such at the time of initial recognition. Equity instruments
designated at fair value through the Other comprehensive income are not subject to impairment.
Dividends on such investments are recognized in the income statement unless they clearly represent
a recovery of part of the cost of the investment.
Financial assets measured at fair value through the income statement
This is a residual category that includes:
\u2022
financial assets with cash flows that are not represented solely by principal and interest payments,
regardless of the business model;
\u2022
financial assets held for trading as purchased or held primarily for the purpose of being sold or
repurchased within a short period of time;
\u2022
derivative instruments, including embedded derivatives, held for trading or not designated as
effective hedging instruments;
\u2022
contingent fees.
Financial instruments at fair value with changes recognized in the income statement are recognized in
the statement of financial position at fair value, and the gains and losses resulting from changes in fair
value are subsequently recognized in the income statement.
This category also includes equity investments in companies that the Group has not irrevocably
designated at fair value through OCI. Dividends on these investments are also recognized among
other income in the Income Statement when the right to payment is established.
Derecognition
A financial asset is derecognized when:
\u2022
the rights to receive cash flows from the asset no longer apply;
\u2022
the company has transferred to a third party the right to receive cash flows from the asset or has
assumed a contractual obligation to transfer them. In substance, the transfer is completed when:
the company has transferred all the risks and rewards of ownership of the asset or has transferred
control of the asset while maintaining the related risks and rewards.
In cases where the Group has transferred the rights to receive cash flows from an asset or signed an
agreement under which it retains the contractual rights to receive the cash flows from the financial
asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-
through), it assesses whether and to what extent it has retained the risks and rewards of ownership.
In the cases in which it has neither transferred nor retained substantially all of the risks and rewards
or has not lost control of the asset, it continues to be recognized in the financial statements of the
Group to the extent of its continuing involvement in the asset. In this case, the Group also recognizes
an associated liability. The transferred asset and the associated liability are valued to reflect the rights
and obligations that remain with the Group.
When the entity\u2019s continuing involvement is a guarantee of the transferred asset, involvement
is measured on the basis of the lower of the amount of the asset and the maximum amount of
consideration received that the entity might have to repay.
Financial liabilities
The Group\u2019s financial liabilities include trade payables and other liabilities, loans and borrowings,
including current account overdrafts and derivative financial instruments.
Financial liabilities are initially measured at fair value, adjusted, in the case of liabilities not
subsequently measured at fair value, for transaction costs directly attributable to their acquisition or
issue.
The subsequent evaluation depends on the classification of the main instrument:
\u2022
financial liabilities at fair value in the Income Statement, typically of a trading nature (settlement and
transfer in the short term). This category includes financial derivatives held for trading (speculative);
\u2022
loans and receivables: valued at amortized cost using the effective interest method. Gains and losses
are recognized in the Income Statement when the liability is settled, as well as through amortization.
A financial liability is derecognized when the obligation underlying the liability is settled or cancelled.
When an existing financial liability is replaced by another to the same creditor on substantially
different terms, or the terms of an existing liability are substantially modified, such replacement or
modification is treated as derecognition of the original liability and recognition of a new liability. The
difference between the respective carrying amounts is recognized in the Income Statement.
Derivative financial instruments
Derivative instruments are classified as financial assets or liabilities depending on the positive or negative
fair value and are classified as \u201cheld for trading\u201d within \u201cOther business models\u201d and measured at fair
value in the Income Statement, with the exception of those designated as effective hedging instruments.
All derivatives held for trading are classified as current assets and liabilities. Derivatives not held for
trading, but measured at fair value through profit or loss as they do not qualify for hedge accounting, and
derivatives designated as effective hedging instruments are classified as current or non-current based on
their maturity date and the Group\u2019s intention to hold or not hold such instruments to maturity.
These are initially recognized at fair value on the date the contract is signed and the subsequent
measurement is also at fair value.
To classify a derivative as a hedge, the company formally designates and documents the hedging
relationship, its risk management objectives and the strategy pursued by identifying: a) the hedging
instrument b) the nature of the risk being hedged c) the way in which the company will assess the
effectiveness of the hedge.
The hedging relationship is effective if:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of the credit risk does not prevail over the changes in value resulting from the
aforementioned economic relationship;
\u2022
the hedging ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge this quantity of hedged item.
Transactions that meet the above criteria are accounted for as follows:
Fair value hedges
If a derivative financial instrument is designated as a hedge against exposure to changes in the fair
value of an asset or liability attributable to a specific risk, the gain or loss resulting from subsequent
changes in fair value of the hedging instrument is recognized in the Income Statement. The gain or
loss resulting from the fair value adjustment of the hedged item, for the portion attributable to the
hedged risk, changes the carrying amount of that item and is recognized in the income statement
under the same line item.
Cash flow hedges
If a derivative financial instrument is designated to hedge the exposure to the variability of the
cash flows of an asset or a liability recognized in the Financial Statements or of a highly probable
transaction, the effective portion of the resulting profits or losses deriving from the fair value
adjustment of the derivative instrument is recognized in a specific equity reserve. The cumulative
profit or loss is reversed from the equity reserve and recorded in the Income Statement in the same
years in which the effects of the hedged transaction are recognized in the Income Statement. The
gain or loss associated with that part of the ineffective hedge is recognised in the Income Statement
immediately. If the hedged transaction is no longer considered probable, the unrealized gains or
losses recognized in the equity reserve are immediately recognized in the Income Statement.
If, on the other hand, the derivative instrument is sold and therefore no longer qualifies as an effective
risk hedge against which the transaction was entered into, the portion of the \u201cReserve for derivative
instruments measured at fair value\u201d relating to it is maintained until the economic effects of the
underlying contract are manifested.
Commodity derivatives
With reference to commodity derivatives, operations are managed through the stipulation of OTC
- over the counter financial instruments (index swaps), derivative instruments traded on regulated
platforms, as well as through brokerage contracts that provide for the physical delivery of the
underlying asset at a future settlement date (so-called physical contracts).
From an operational point of view, a commercial industrial portfolio has been identified, which includes
physical and financial contracts signed for the management of procurement, and a trading portfolio,
which includes physical and financial contracts signed from a speculative perspective, based on pure
position taking logic whenever it is believed there is a market opportunity, always within the risk limits
defined by the Parent Company\u2019s Board of Directors.
The accounting treatment of these contracts differs according to the following criteria:
1. Contracts that provide for physical delivery
The accounting treatment varies according to their purpose:
a) Contracts relating to procurement activities (\u201cindustrial portfolio\u201d) that meet the criteria defined by
IFRS 9 for own-use exemption are considered executive contracts and therefore are recognized on
an accrual basis only at the time of actual delivery. Said criteria are:
\u00a0\u00a0- The contracts are signed with the aim of physically delivering the underlying commodity, in line with
the Company\u2019s expectations of use;
\u00a0\u00a0- Contracts cannot be closed net through cash and cash equivalents.
\u00a0\u00a0\u00a0The Group analyses contracts for the purchase or sale of non-financial assets on an ongoing basis,
with particular attention to forward purchases or sales of electricity and energy commodities, in
order to determine whether they should be classified and treated in accordance with IFRS 9 or
whether they have been signed for \u201cown use exemption\u201d.
b) Contracts signed with reference to price risk or volume risk management (\u201ctrading portfolio\u201d) are
recognized as follows:
\u00a0\u00a0- from initial recognition to physical delivery, these contracts represent non-hedging derivatives,
measured at fair value in the income statement;
\u00a0\u00a0- at the time of physical delivery, the revenue or full cost deriving from the sale or purchase of
commodities, respectively, is recognized.
\u00a0\u00a0\u00a0With regard to these contracts included in the trading portfolio, the company applies the accounting
policy election provided by IAS 1 and IFRS 9 to present both impacts described above on a net
basis for each individual commodity within the item \u201cRevenue from sales and services\u201d (if the net
balance is positive) or among the costs for \u201cRaw materials and consumables\u201d (if the net balance is
negative).
2. Contracts that do not provide for physical delivery
a) Contracts in the industrial portfolio are accounted for as hedging derivatives (cash flow hedges)
measured at FVOCI, if they meet the criteria set out in IFRS 9 described above.
b) Trading portfolio contracts represent non-hedging derivatives, recorded at fair value in the income
statement in accordance with IFRS 9.
Embedded derivatives
The embedded derivative contained in a non-derivative hybrid contract, in a financial liability or in
a principal non-financial contract, is separated from the principal contract and accounted for as a
separate derivative, if: its economic characteristics and the risks associated with it are not closely
correlated with those of the principal contract; a separate instrument with the same terms
as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not
measured at fair value in the Income Statement. Embedded derivatives are measured at fair value, with
changes in fair value recognized in the Income Statement. A restatement occurs only when there is a
change in the terms of the contract that significantly changes the cash flows otherwise expected or a
reclassification of a financial asset to a category other than fair value in the Income Statement.
An embedded derivative included in a hybrid contract that contains a financial asset is not separated
from the host contract. The financial asset together with the embedded derivative is classified entirely
as a financial asset at fair value in the Income Statement.
Instruments classified under equity
Instruments for which, based on the substance of the contract, there is no contractual obligation
to deliver cash or other financial assets to the counterparty are classified within Equity. These
instruments include the perpetual bond issued in 2024, for which the Group has no contractual
obligation to repay either the principal or the interest.
Employee benefits
Post-employment benefits (TFR) and pension provisions are determined using actuarial methods; the
rights accrued by employees during the year are recognized in the Income Statement as \u201cpersonnel
expenses\u201d, whereas the figurative financial expense that the company would have to bear if it were
to ask the market for a loan of the same amount as the TFR is recognized as part of the \u201cnet financial
income (expenses)\u201d. Actuarial gains and losses arising from changes in actuarial assumptions
are recognized in income statement taking into account the residual average working life of the
employees.
Following the introduction of Finance Law no. 296 of December 27, 2006, only the portion of accrued
post-employment benefits that remained in the company has been measured in accordance with
IAS 19, as amounts are now paid over to a separate entity as they accrue (either to a supplementary
pension scheme or to funds held by INPS). As a result of these payments the company no longer has
any obligations in connection with the services employees may render in the future.
Guaranteed employee benefits paid on or after the termination of employment through defined benefit
plans (energy discount, health care or other benefits) or long-term benefits (loyalty bonuses) are
recognized in the period when the right vests.
The liability for defined benefit plans, net of any plan assets, is determined by independent actuaries
on the basis of actuarial assumptions and recognized on an accrual basis in line with the work
performed to obtain the benefits.
Gains and losses arising from actuarial calculations are recognized in a specific equity reserve.
Share-based payments
The Group compensates its employees through an equity-settled share-based payment plan
accounted for in accordance with IFRS 2. The theoretical benefit attributed to the interested parties
is quantified by measuring the fair value of the instrument assigned through financial valuation
techniques on the grant date, including in the valuation any market conditions and the estimate
regarding the accrual of dividends. The benefit is charged to the income statement over the term of
the plan with a counterpart in a specific equity reserve (IFRS2 Reserve). At each financial statement
date, the number of rights that are deemed to be assigned is adjusted by recalculating and adjusting
the cost recognised in previous years on the basis of the previous percentages.
Provisions and liabilities for landfills
The provisions regard costs of a determinate nature and of certain or probable existence which at
year-end are uncertain in terms of timing or amount. Provisions are recognized when there is a legal or
constructive present obligation arising from past events, the settlement of which is expected to result
in an outflow of resources embodying economic benefits, and it is possible to make a reasonable
estimate of the obligation.
Provisions are recognized at the best estimate of the amount that the company would have to pay to
settle the liability or to transfer it to third parties at the reporting date. If the discounting effect on the
value of money is significant, the provisions are calculated by discounting expected future cash flows
at a pre-tax discount rate that reflects the current market assessment of the time value of money. If
discounting is used the increase in the provision due to the passage of time is recognized as financial
expense.
If the liability relates to property, plant, and equipment (e.g., site dismantling and restoration), the initial
provision is recognized as a balancing entry to the assets to which it refers; the expense is recognized
in the income statement through the depreciation process of the asset to which it refers.
Treasury shares
Treasury shares are accounted for as a deduction from equity. In particular, treasury shares are
recognized as a negative equity reserve.
Grants
Grants, both from public entities and from third party private entities, are measured at fair value when
there is the reasonable certainty that they will be received and that the Group will be able to comply
with the terms and conditions for obtaining them.
Grants received for specific assets whose value is recognized as property, plant, and equipment or
intangible assets are recognized as a direct reduction of the assets themselves and credited to the
income statement over the depreciation period of the assets to which they relate.
Revenue grants (given to provide the company with immediate financial support or as compensation
for expenses or losses incurred in a previous accounting period) are recognized in their entirety in the
income statement as soon as the conditions for recognizing the grants are met.
Revenues and expenses
The recognition of revenues is based on the following five steps: (i) identification of the contract
with the customer; (ii) identification of the performance obligations, represented by the contractual
promises to transfer goods and/or services to a customer; (iii) determination of the transaction price;
(iv) allocation of the transaction price to the performance obligations identified on the basis of the
stand-alone sale price of each good or service; (v) recognition of the revenue when the relative
performance obligation is satisfied, i.e. when the promised good or service is transferred to the
customer; the transfer is considered completed when the customer obtains control of the good or
service, which can occur continuously over time diluted and extended or at a point in time. Depending
on the type of transaction, revenues are recognized on the basis of the following specific criteria:
Market Business Unit and Smart Infrastructures Business Unit:
\u2022
revenues from the sale and transport of electricity and gas represent an \u201con demand\u201d supply service
and are therefore recognized \u201cover time\u201d. The company avails itself of the practical expedient
provided for in IFRS 15.B16 (\u201cas invoiced practical expedient\u201d) as it is entitled to a fee whose amount
corresponds directly to the value of the services completed up to the date considered. Thanks to
this practical expedient, the company recognizes revenue for the amount it is entitled to invoice.
Therefore, revenues are recognized at the time that the energy is supplied or the service rendered,
even if invoicing has not yet taken place, and are determined by adding estimates of consumption to
amounts resulting from pre- established meter-reading schedules. Where applicable, these revenues
are based on the tariffs and related tariff restrictions in force during the year prescribed by the law
and the Regulatory Authority for Energy, Networks and the Environment and similar foreign bodies;
Smart Infrastructures Business Unit:
\u2022
connection contributions paid by users, if not for costs incurred to extend the network, are
recognized in the income statement on collection and presented as \u201crevenues from services\u201d;
\u2022
the revenues billed to users for an extension of the gas network are accounted for as a reduction in the
carrying amount of property, plant and equipment and are recognized in the income statement as a
reduction in the depreciation charged over the useful life of the cost capitalized to extend the network;
Generation Business Unit:
\u2022
the revenues and expenses involved in withdrawing quantities that are higher or lower than the
Group\u2019s share are measured at the prices envisaged in the related purchase or sale contract;
All Business Units:
\u2022
revenues from the provision of services are recognized according to the stage of completion
based on the same criteria as for contract work in progress. If it is impossible to calculate revenues
on a reliable basis they are recognized up to the amount of the costs incurred providing they are
expected to be recovered;
\u2022
revenues from the sale of certificates are recognized at the time of sale.
Revenues are stated net of returns, discounts, allowances and rebates, as well as directly related
taxes. As mentioned in the paragraph \u201cCommodity derivatives\u201d, the result of the trading portfolio
included in the item \u201cRevenues\u201d is accounted for according to IFRS 9 and not according to IFRS 15.
Expenses relate to goods or services sold or consumed during the year or as a result of systematic
allocation; if no future use is envisaged they are recognized directly in the income statement.
Financial income and expenses
Financial income is recognized when interest income arises using the effective interest method, i.e.
at the rate that exactly discounts expected future cash flows over the expected life of the financial
instrument.
Financial expense is recognized in the Income Statement on an accrual basis and are recorded in the
amount of effective interest.
Dividends
Dividend income is recognized when it is established that the shareholders have a right to receive
payment, and is recognized as financial income in the Income Statement.
Income taxes
Current taxes
Current income taxes are based on an estimate of taxable income in compliance with tax regulations
in force or substantially approved at the reporting date, bearing in mind any exemptions or tax assets
due. Account is also taken of the fact that the Group now files for tax on a consolidated basis.
Deferred tax assets and liabilities
Deferred tax assets and liabilities are calculated on the temporary differences between the carrying
amount of assets and liabilities and their tax bases, with the exception of goodwill which is not
deductible for tax purposes and any differences resulting from investments in subsidiaries which are
not expected to reverse in the foreseeable future. The tax rates used are those expected to apply
to the period when the temporary differences reverse. Deferred tax assets are recognized to the
extent that it is probable that taxable profit will be available against which the deductible temporary
differences can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable
that the tax benefit will be realized. The measurement of deferred tax assets takes account of the
period for which business plans are available.
When transactions are recognized directly in equity, any related current or deferred tax effects are
also recognized directly in equity. Deferred taxes on the undistributed profits of Group companies are
only provided for if there is the real intention to distribute such profits and, in any case, if the taxation
is not offset as the result of filing a Group tax return.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Taxes are only offset when they are levied by the same tax authority, when there is the legal right of
set-off and when settlement of the net balance is expected.
Non-current assets held for sale, disposal groups and discontinued
operations \u2013 IFRS 5
Non-current assets held for sale, disposal groups and discontinued operations whose carrying amount
will be recovered principally through sale rather than continuous use are measured at the lower of their
carrying amount and fair value less costs to sell. A disposal group is a group of assets to be disposed
of together as a group in a single transaction together with the liabilities directly associated with those
assets that will be transferred in that transaction. Discontinued operations on the other hand consist of a
significant component of the Group such as a separate major line of business or a geographical area of
operations or a subsidiary acquired exclusively with a view to resale.
In accordance with IFRS, the figures for non-current assets held for sale, disposal groups and
discontinued operations are shown on two specific lines in the statement of financial position: non-
current assets held for sale and liabilities directly associated with non-current assets held for sale.
Assets held for sale also include any portion of goodwill allocated to the CGU or group of CGU to
which the disposal group belongs. This allocation is made on the basis of the relative value of the
disposal group compared to that of the CGU/Group of CGU.
Non-current assets held for sale are not depreciated or amortized and are measured at the lower of
carrying amount and fair value less costs to sell; any difference between carrying amount and fair
value less costs to sell is recognized in the income statement as an impairment losses.
The net profit or loss arising from discontinued operations, and only discontinued operations, pending
the disposal process, any gains or losses on disposal and the corresponding comparative figures for
the previous year or period are recognized in a specific line of the Income Statement: \u201cProfit (loss)
from discontinued operations\u201d.
2.7.2 Use of estimates and judgement by management
Preparing the financial statements and notes requires the use of estimates and assumptions in
determining certain assets and liabilities and measuring contingent assets and liabilities. The actual
results could differ from such estimates.
Estimates have been used in assessing the recoverability of assets, to determine certain sales
revenue, in provisions for risks and charges, in loss allowances and other provisions for impairment
losses, amortization and depreciation, the measurement of derivatives, employee benefits and taxes.
The underlying estimates and assumptions are regularly reviewed and the effect of any change is
immediately recognized in the income statement.
The Group believes climate change risks are an implicit element in the application of the
methodologies and models used to make estimates, evaluations and measurements of certain
items in the financial statements. Management believes that the main areas of the consolidated
financial statements at December 31, 2025, the valuation of which is subject to the use of estimates
and judgement by management, also with reference to climate change risks, are those subject to
impairment tests (property, plant and equipment, intangible assets and goodwill) and the provisions
for risks, with specific reference to decommissioning provisions, and contingent liabilities. For
further details, please refer to the specific paragraph \u201cESRS E1 - Climate change\u201d contained in the
Sustainability Statement in the Report on Operations, as well as the paragraph on the Impairment test
contained in Note 4 of the Explanatory Notes.
The following is a brief description of the accounting policies that, in relation to the Group, require
more subjectivity on the part of the directors in the preparation of estimates and for which a change in
the conditions underlying the assumptions used could have a significant impact on the financial data.
Impairment of non-financial assets
Property, plant and equipment, intangible assets and goodwill are impaired when their carrying
amount exceeds their recoverable amount, which is the higher of their fair value less costs to sell and
their value in use.
With the exception of the gas network businesses, the recoverable amount is determined, in terms
of value in use, by discounting the cash flows expected from the use of the asset (\u2018Discounted Cash
Flow\u2019), of a CGU or a Group of CGU, over the explicit duration of the plan, as well as the value expected
from its disposal at the end of its useful life or its terminal value. In the case of the gas networks, the
recoverable amount is also determined using the VIR criterion, calculated on the basis of the RAB
value.
Impairment tests on these assets are carried out in accordance with the criteria set out in IAS 36 and
described in more detail in Note 4, \u2018Impairment test of non financial assets\u2019.
The impairment test requires a high degree of judgement by management with regard to the following
aspects:
\u2022
Identification of Cash Generating Units (CGU);
\u2022
Allocation of goodwill to CGU or Groups of CGU;
\u2022
Identification of impairment indicators for assets or CGU that do not include goodwill;
\u2022
Forecasts of future cash flows, which are based on the updated 2024\u20132035 Strategic Plan approved
by the Directors;
\u2022
Determination of the normalized cash flows or the realizable value of the assets used to estimate the
terminal value;
\u2022
Determination of the long-term growth rates and discount rates applied to the forecasts of future
cash flows;
\u2022
In the case of the Reti Gas CGU Groups, the estimate of the Residual Industrial Value.
The forecasts contained in the Strategic Plan are sensitive to future trends and volatility in energy
markets and macroeconomic scenarios, as well as to adverse weather events, potential changes in
regulations, and new authorisation and legislative measures.
To address the uncertainties inherent in the estimate, in compliance with the requirements of the ESMA
Recommendation of October 14, 2025, concerning the focus on consistency between financial reporting
and sustainability reporting (CSRD/ESRS), sensitivity analyses were carried out on the forecast values
used for the assessment of the recoverable value of the CGU Groups. These analyses, conducted
internally, concerned three plan variables identified as significant for the most impacted CGU Groups, such
as: the variability of hydroelectric production, the inclusion of Waste To Energy in the Emissions Trading
System and the variability of the PUN. These risks, and their estimated impact at the EBITDA level, were
used as a basis to assess the potential impact they may have on the results of the impairment test.
Moreover, for the purpose of preparing the impairment test, the company avails itself of the support of
an expert external to the A2A Group which has, among other things:
\u2022
analyzed the relevant components and assumptions of the economic-financial projections drawn up
by the Group's management, carried out comparisons and checks regarding the correctness of the
sources and assumptions used, developed the assumptions regarding the growth rate beyond the
Plan horizon for the determination of the normalized flows up to the end of the useful life of the plants;
\u2022
estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average
cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely
used in valuation practice and in line with last year's impairment testing in order to reflect current
market valuations with reference to the present value of money, country risk and the specific risks
associated with the asset;
\u2022
provided assistance in preparing specific sensitivity analyses that considered the risks previously
mentioned.
Management is of the opinion that the estimates of the recoverable amounts are reasonable, albeit subject
to changes in the factors underlying the estimates on which these recoverable amounts have been
calculated could produce different measurements. For further details on the way in which impairment
testing was carried out and the results of such testing, reference is made to the specific paragraph.
Useful lives of non-financial assets
Depreciation and amortization charges are a significant cost for the company. Non-current assets are
depreciated or amortized on a straight-line basis over the useful lives of the assets. The useful lives
of the company\u2019s non-current assets are established by the directors, with the assistance of expert
appraisers, when they are purchased. The company periodically reviews technological and sector
changes, dismantling/closure charges and the recovery amount of assets to update their residual
useful lives. This periodic update could lead to a change in the period of depreciation or amortization
and hence also in the depreciation or amortization charge in future years.
Revenue recognition
Revenues from sales include the estimate of accrued revenues related to gas and electricity consumed
by customers and not yet subject to periodic reading at December 31, 2025 and the estimate of revenues
accrued for gas and electricity consumed by customers and not yet billed at December 31, 2025, in
addition to the revenues already billed to customers based on the periodic consumption readings
made during the year. The processes and methods for evaluating and determining these estimates are
based on sometimes complex assumptions that by their nature imply recourse to the opinion of the
directors, in particular with regard to recognition of accrued revenues, as the methods used by the A2A
Group to estimate the quantities of consumption between the date of the last reading and December 31,
and therefore to value the revenues accrued during the year, are based on assumptions and complex
calculation algorithms that concern various information systems. Furthermore, the estimate of consumption
not subject to periodic reading is made by taking as reference the historical profile of each user, adjusted
on the basis of climatic correction factors provided by the Regulatory Authority for Energy, Networks and
the Environment (also \u201cARERA\u201d), to incorporate other variables that can have an impact on consumption.
Expected credit losses
The assessment of the existence of impairment losses is made at each reporting date, using different
criteria depending on the characteristics of the receivables being analysed in relation to the reference
business, the nature of the counterparty and the value. In accordance with IFRS 9, the approach
adopted is forward-looking, focusing on the probability of future losses, even in the absence of
events that would suggest the need to write down a credit position (Expected Losses) and is based
on assumptions regarding the risk of default and the measurement of expected losses. In making
these assumptions and selecting the inputs to calculate the expected loss, management uses its
professional judgement, based on the Company\u2019s past experience, current market conditions, as well
as forward-looking estimates at the end of each reporting date.
In particular, receivables that are individually significant are expected to be subject to a specific
analysis aimed at assessing their recoverability, while the write-down of receivables not subject to
specific valuation is determined by applying the specific unpaid ratio of the business
Provisions for lawsuits
In certain circumstances it is not easy to identify whether a legal or constructive present obligation
exists. The directors assess these situations case by case, together with an estimate of the economic
resources required to settle the obligation. Estimating such provisions is the result of a complex
process that involves subjective judgements on the part of company management. When the directors
are of the opinion that it is only possible that a liability could arise, the risks are disclosed in the section
on commitments and contingent liabilities without making any provision.
Liabilities for landfills
The liabilities for landfills provision represents the amount set aside to meet the costs which will be
incurred for the management of the period of closure and post-closure of landfills currently in use. The
future outlays, calculated for each landfill by a specific appraisal updated annually, were discounted in
accordance with the provisions of IAS 37.
Decommissioning provisions
The decommissioning provision represents the amount allocated to meet the dismantling and
restoration costs that will have to be incurred for the reclamation of the sites on which some plants are
located, as required by individual concessions, surface right contracts or specific laws. The obligation,
based on financial and engineering assumptions, is calculated by discounting the expected future
cash flows that the Group believes it must pay against the various obligations assumed. This liability
is quantified by management on the basis of the technology existing at the valuation date and is
reviewed, at least every three years, taking into account the development in the techniques of storage,
dismantling and restoration of the site, as well as the continuous evolution of existing laws on health
protection and environmental protection. The value of the obligation is discounted at each closing in
accordance with the provisions of IAS 37.
Determination of the fair value of derivative financial instruments
The fair value of financial instruments, both on interest rates and on exchange rates, is derived from
market quotations. In the absence of quoted prices in active markets, forecast price curves based on
simulation models developed internally by the company are used.
The fair value of commodity contracts is determined using directly observable market inputs where
available.
The method used to calculate the fair value of the instruments in question includes the assessment of
non-performance risk if deemed relevant. However, the actual results of derivatives could differ from
the measurements made.
Employee benefits
Some of the Group\u2019s employees benefit from pension plans that offer social security benefits based
on their remuneration history and their years of service. Some employees also benefit from the
coverage of other post-retirement benefit plans. The calculations of costs and liabilities associated
with these plans are based on estimates made by actuarial consultants, who use a combination of
statistical-actuarial factors, including statistical data relating to past years and forecasts of future
costs. Estimates also include mortality and retirement rates, assumptions regarding future discount
rates, wage growth rates, inflation rates, and an analysis of healthcare cost trends. These estimates
can differ significantly from the actual results owing to changes in economic and market conditions,
increases or decreases in pension rates and the lifespan of participants, as well as changes in the
effective cost of medical care. These differences may have a significant impact on the quantification
of social security expenditure and other related charges.
The full effects of any changes in these actuarial assumptions are recognized in a specific equity
reserve. For further details on the main actuarial assumptions adopted, please refer to note 21
\u201cEmployee benefits\u201d.
Leasing
Given the complexity required for the valuation of leasing contracts, combined with their long-term
duration, the application of IFRS 16 requires significant recourse to professional judgement. In
particular, this was necessary to:
\u2022
apply the definition of leasing to cases typical of the sectors in which the Group operates;
\u2022
identify the service component in leasing contracts;
\u2022
evaluate any renewal and termination options provided for in the contracts in order to terminate
the duration of the contracts, jointly examining the probability of exercising these options and any
significant improvement on the underlying assets;
\u2022
identify any variable payments that depend on indices or rates to determine whether changes in the
latter may have an impact on future lease payments as well as on the amount of the asset consisting
of the right-of-use asset;
\u2022
identify the implicit interest rate of the lease when this cannot be easily determined: the Group
uses the Incremental Borrowing Rate (IBR) at the lease start date (estimated on a quarterly basis),
to calculate the present value of the payments due. In the absence of observable inputs, the Group
estimates the IBR on the basis of the Group\u2019s average financing rate that reflects the duration and
contractual conditions of the lease, using the risk-free rate adjusted for the credit spread.
Business combinations
The recognition of business combination transactions implies the valuation of assets and liabilities
acquired at fair value, according to the most up-to-date valuation techniques (Multi-Period Excess
Earnings, Discounted Cash Flow, etc.). This valuation includes the making of complex estimates by
management, which mainly concern future forecasts related to the acquired businesses (business
plans, regulatory and regulatory developments, macroeconomic scenarios, etc.), the valuation of any
financial instruments included in the business combinations (e.g. put or earn-out) and discount rates.
Current taxes and future recovery of deferred tax assets
The uncertainties that exist regarding the way of applying certain tax regulations have led the
company to taking an interpretative stance when providing for current taxes in the financial
statements; such interpretations could be overturned by official clarifications on the part of the tax
authorities.
Deferred tax assets are accounted for on the basis of the taxable profit expected to be available in
future years. Assessing the expected taxable profit for the purpose of accounting for deferred taxation
depends on factors that can vary over time, and may lead to significant effects on the measurement of
deferred tax assets.
Assessment of the existence of control requirements
According to the provisions of IFRS 10, control is obtained when the Group is exposed to variable
returns, or holds rights to such returns, arising from the relationship with the investee company and
has the ability to affect those returns, through the exercise of its power over the investee company.
Power is defined as the current ability to direct the relevant activities of the investee by virtue of
existing substantive rights. The existence of control does not depend solely on the possession of the
majority of voting rights, but rather on the substantial rights of each investor in the investee company.
Consequently, management\u2019s judgement is required to assess specific situations that determine
substantive rights that give the Group the power to direct the relevant activities of the investee
company in order to influence its returns. For the purposes of assessing the control requirement,
management analyses all the facts and circumstances, including any agreements with other investors,
also with reference to the vote or the appointment of directors, the rights deriving from other
contractual agreements, potential voting rights (call options, warrants, put options assigned to non-
controlling interests, etc.) and other legal provisions.
These other facts and circumstances may be particularly relevant in the context of this assessment,
especially in cases where the Group holds less than the majority of the voting rights, or similar rights,
of the investee company. In addition, even if it holds more than half of the voting rights of another
company, the Group considers all relevant facts and circumstances in assessing whether it controls
the investee company. The Group reviews the existence of the conditions of control over an investee
company when the facts and circumstances indicate that there has been a change in one or more
elements considered for the verification of the existence of control.
Application of \u201cIFRIC 12 - Service Concession Arrangements\u201d
The Group, as a concessionaire, applies IFRIC 12 to \u201cpublic-to-private\u201d service concession
arrangements, in which a public authority (i.e. the grantor) transfers to a concessionaire the right to
manage the infrastructure used to provide public services.
In particular, management assesses whether the agreements for \u201cpublic-to-private\u201d concession
services are within the scope of IFRIC 12 based on the following:
\u2022
the grantor controls or regulates which services the concessionaire must provide with the
infrastructure, to whom it must provide them and at what price; and
\u2022
the grantor controls, through ownership, or otherwise, any significant residual interest in the
infrastructure at maturity.
Hedge accounting\u00a0
Hedge accounting is applied to derivatives in order to reflect the effects of the Group\u2019s risk
management strategies in the financial statements. To this end, the Group documents at the inception
of the transaction, the relationship between the hedging instrument and the hedged item, as well as
the risk management objectives and strategy. In addition, the Group assesses, both at the inception
of the report and on a systematic basis, whether hedging instruments are highly effective in offsetting
changes in the fair value or cash flows of hedged items.
Based on management\u2019s judgement, the assessment of effectiveness based on the existence of an
economic relationship between the hedging instruments and the hedged items, the dominance of
credit risk in changes in value and the hedge ratio, as well as the measurement of ineffectiveness,
are assessed by means of a qualitative assessment or a quantitative calculation, depending on the
specific facts and circumstances and the characteristics of the hedging instruments and the hedged
items. With respect to cash flow hedges of future transactions, management assesses and documents
that they are highly probable and present an exposure to changes in cash flows that impacts the
Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48201": { "value": "
Translation of foreign currency items
Items denominated in currencies other than the functional currency, whether monetary (cash and
cash equivalents, assets and liabilities that will be collected or paid in fixed or determinable amounts
of money, etc.) or non-monetary (advances to suppliers of goods and/or services, goodwill, intangible
assets, etc.), are initially recognized at the exchange rate in effect on the date the transaction is
executed. Subsequently, monetary items are converted into the functional currency on the basis of the
exchange rate on the reporting date, and differences arising from the conversion are recorded in the
income statement. Non-monetary items are maintained at the conversion rate of the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48202": { "value": "
Property, plant and equipment
Assets for business use are recorded under \u201cProperty, plant and equipment\u201d while non-business
assets are classified as \u201cInvestment properties\u201d if necessary.
Property, plant and equipment are measured at cost, including any additional charges directly
attributable to bringing the asset into an operating condition (e.g. transport, customs duty, installation
and testing costs, notary and land registry fees and any non-deductible VAT), increased when material
and where there are obligations by the present value of the estimated cost of restoring the location from
an environmental point of view or dismantling the asset. Borrowing costs, where directly attributable to
the purchase or construction of an asset, are capitalized as part of the cost of the asset if the type of
asset so warrants.
If important components of Property, plant and equipment have different useful lives, they are
accounted for separately using the \u201ccomponent approach\u201d, assigning to each component its own
useful life for the purpose of calculating depreciation (the component approach).
Land, whether occupied by residential or industrial buildings or devoid of construction, is not
depreciated as it has an unlimited useful life, except for land used in production activities that is
subject to deterioration over time (e.g. landfills, quarries).
Ordinary maintenance costs are fully expensed to the income statement in the year they are incurred.
Costs for maintenance carried out at regular intervals are attributed to the assets to which they refer
and are depreciated over the specific residual possibility of use of such.
Property, plant and equipment are stated net of accumulated depreciation and any impairment losses.
Depreciation is charged from the year in which the individual asset enters service on a straight-line
basis over the estimated useful life of the asset for the business. The estimated realizable value which is
deemed to be recoverable at the end of an asset\u2019s useful life is not depreciated. The useful life of each
asset is reviewed annually and any changes, if needed, are made with a view to showing the correct
value of the asset.
Depreciation of landifills, property, plant, and equipment was calculated based on economic and
technical useful lives, considered representative of their residual useful life.
Depreciation of property, plant and equipment has been calculated on the basis of economic and
technical useful lives, which are deemed to be representative of the residual possibility of use and
useful life thereof.
The main economic-technical useful lives used are as follows:
\u2022
\u00a0\u00a0Buildings \u00a010 - 60 years
\u2022
Production plants
\u00a0\u00a0- Hydroelectric plants \u00a03 - 50 years
\u00a0\u00a0- Thermoelectric plants \u00a018 - 30 years
\u00a0\u00a0- Wind power plants \u00a015 - 30 years
\u00a0\u00a0- Solar power plants \u00a015 - 25 years
\u2022
Transmission lines 10 - 45 years
\u2022
\u00a0\u00a0Transformation stations \u00a05 - 50 years
\u2022
Distribution networks
\u00a0\u00a0- Cables \u00a05 - 40 years
\u00a0\u00a0- Connections \u00a035 years
\u00a0\u00a0- Meters \u00a05 - 15 years
\u00a0\u00a0- Stations \u00a05 - 40 years
\u2022
\u00a0\u00a0Fiber-optic networks \u00a010 - 20 years
\u2022
Landfills \u00a0based on % of filling
\u2022
\u00a0\u00a0Sundry equipment \u00a010 years
\u2022
\u00a0\u00a0Furniture and fittings \u00a05 - 10 years
\u2022
\u00a0\u00a0Electric and electronic office machines \u00a05 years
\u2022
\u00a0\u00a0Means of transport \u00a08 - 10 years
\u2022
\u00a0\u00a0E-moving \u00a010 years
\u2022
\u00a0\u00a0Other assets \u00a03 - 5 years
\u2022
\u00a0\u00a0Capital goods of less than 516 euro \u00a01 year
The useful life of improvements to third-party assets is determined on the basis of the duration of the
lease contract. Land is not depreciated as it has an unlimited useful life.
If specific indicators suggest an impairment loss, property, plant, and equipment are subjected to an
impairment test as described in the following paragraph \u201cImpairment of Non-Financial Assets.\u201d Any
impairment losses may be subject to subsequent reversals if the underlying reasons no longer apply.
When an asset is disposed of or if future economic benefits are no longer expected from using an
asset, it is removed from the statement of financial position and any gain or loss (being the difference
between the disposal proceeds and the carrying amount) is recognized in the income statement in the
year of the derecognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48274": { "value": "
Property, plant and equipment are stated net of accumulated depreciation and any impairment losses.
Depreciation is charged from the year in which the individual asset enters service on a straight-line
basis over the estimated useful life of the asset for the business. The estimated realizable value which is
deemed to be recoverable at the end of an asset\u2019s useful life is not depreciated. The useful life of each
asset is reviewed annually and any changes, if needed, are made with a view to showing the correct
value of the asset.
Depreciation of landifills, property, plant, and equipment was calculated based on economic and
technical useful lives, considered representative of their residual useful life
Depreciation of property, plant and equipment has been calculated on the basis of economic and
technical useful lives, which are deemed to be representative of the residual possibility of use and
useful life thereof.
The main economic-technical useful lives used are as follows:
\u2022
\u00a0\u00a0Buildings \u00a010 - 60 years
\u2022
Production plants
\u00a0\u00a0- Hydroelectric plants \u00a03 - 50 years
\u00a0\u00a0- Thermoelectric plants \u00a018 - 30 years
\u00a0\u00a0- Wind power plants \u00a015 - 30 years
\u00a0\u00a0- Solar power plants \u00a015 - 25 years
\u2022
Transmission lines 10 - 45 years
\u2022
\u00a0\u00a0Transformation stations \u00a05 - 50 years
\u2022
Distribution networks
\u00a0\u00a0- Cables \u00a05 - 40 years
\u00a0\u00a0- Connections \u00a035 years
\u00a0\u00a0- Meters \u00a05 - 15 years
\u00a0\u00a0- Stations \u00a05 - 40 years
\u2022
\u00a0\u00a0Fiber-optic networks \u00a010 - 20 years
\u2022
Landfills \u00a0based on % of filling
\u2022
\u00a0\u00a0Sundry equipment \u00a010 years
\u2022
\u00a0\u00a0Furniture and fittings \u00a05 - 10 years
\u2022
\u00a0\u00a0Electric and electronic office machines \u00a05 years
\u2022
\u00a0\u00a0Means of transport \u00a08 - 10 years
\u2022
\u00a0\u00a0E-moving \u00a010 years
\u2022
\u00a0\u00a0Other assets \u00a03 - 5 years
\u2022
\u00a0\u00a0Capital goods of less than 516 euro \u00a01 year
The useful life of improvements to third-party assets is determined on the basis of the duration of the
lease contract. Land is not depreciated as it has an unlimited useful life.
Amortization of intangible assets was calculated on the basis of economic-technical useful lives,
considered representative of the residual possibility of use and the useful life thereof.
The useful lives applied are as follows:
\u2022
\u00a0\u00a0Industrial patents and intellectual property rights \u00a0\u00a0\u00a03 - 5 years
\u2022
Concessions, licenses and trademarks
- Software 3 - 5 years
\u00a0\u00a0- Service concession agreements \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08 - 60 years
\u2022
Other intangible assets
\u00a0\u00a0- Customer list \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04 - 20 years
\u00a0\u00a0- Other intangible assets \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03 - 25 years
\u201cOther intangible assets\u201d include surface rights and easements, whose useful life is determined on the
basis of the duration of the contract.
The amortization of concessions is calculated on the basis of the provisions of the respective
agreements and in particular: i) on a constant basis for the shorter period between the economic-
technical life of the assets granted and the duration of the concession itself, if at the expiry of the
same no compensation value is recognised to the outgoing operator (Residual industrial value or Vir);
ii) based on the economic-technical life of the individual assets if, at the expiry of the concessions, the
outgoing operator is granted an indemnity value (Vir).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48276": { "value": "
If specific indicators suggest an impairment loss, property, plant, and equipment are subjected to an
impairment test as described in the following paragraph \u201cImpairment of Non-Financial Assets.\u201d Any
impairment losses may be subject to subsequent reversals if the underlying reasons no longer apply.
When an asset is disposed of or if future economic benefits are no longer expected from using an
asset, it is removed from the statement of financial position and any gain or loss (being the difference
between the disposal proceeds and the carrying amount) is recognized in the income statement in the
year of the derecognition.
If specific indicators of impairment exist, intangible assets are subject to impairment testing according
to the procedures described in the following section \u201cImpairment of non-financial assets.\u201d Any
impairment losses may be subject to subsequent reversals if the reasons for their impairment losses
no longer apply.
Intangible assets with indefinite useful life and those not yet available for use are subject to
impairment testing at least annually, regardless of the presence of specific indicators of impairment,
according to the procedures described in the following section \u201cImpairment of non-financial assets.\u201d
Impairment of non-financial assets
At each financial statement date, the Group verifies whether there are any indications that non-
financial assets (property, plant and equipment, intangible assets and goodwill) may have suffered an
impairment loss.
To this end, the Group considers both internal and external sources of information. With regard to
internal sources, the following are considered: the obsolescence or physical deterioration of the
asset, any significant changes in the use of the asset and the economic performance of the asset
with respect to what was expected. With regard to external sources, on the other hand, the following
are considered: the trend in the market prices of the assets, any technological, market or regulatory
discontinuities, the trend in market interest rates and the cost of capital used to measure investments
and finally if the carrying amount of the Group\u2019s net assets is higher than the market capitalization.
If, on the basis of this verification, it emerges that the non-financial assets may have suffered an
impairment loss, the Group estimates their recoverable value by carrying out an impairment test.
Goodwill impairment testing is carried out at least once a year or, more frequently, whenever there is
an indication that the asset may have suffered an impairment loss.
When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates
the recoverable amount of the cash-generating unit (\u2018CGU\u2019) to which the asset belongs. A CGU is the
smallest identifiable group of assets that generates cash flows that are largely independent of the
cash flows generated by other assets or groups of assets. The CGUs identified by Management at
December 31, 2025 coincide with the individual companies belonging to the A2A Group.
Intangible assets acquired through business combinations are allocated to the individual CGU, except
in cases where it can be demonstrated that the entire CGU Group benefits from the synergies deriving
from the newly acquired business.
Goodwill is allocated to groups of CGU when it is believed that the entire Group of CGU can benefit
from the synergies deriving from the newly acquired business and their recoverability is monitored
by management at this level. These CGU Groups are no longer broader than the operating sectors
identified in accordance with IFRS 8 (before their possible aggregation).
If the carrying amount of a CGU (or group of CGU) exceeds its recoverable amount, an impairment
loss is recognized in the income statement, which is first recognized as a reduction in the carrying
amount of any goodwill and only subsequently to the other assets of the CGU (group of CGU) in
proportion to their carrying amount up to the amount of the recoverable amount.
The recoverable amount of a CGU (or group of CGU) is the higher of its fair value, less disposal costs,
and its value in use. The value in use is the present value of estimated future cash flows, based on pre-
tax business plans prepared by management, applying a pre-tax discount rate that reflects current
market assessments of the time value of money and the specific risks of the assets comprising the
CGU (or group of CGU). The long-term growth rate used to estimate the terminal value of the unit (or
group of units), where present, is assumed not to exceed the average long-term growth rate of the
sector, country or market in which the unit (or group of units) operates.
In the case of CGU/Groups of CGU relating to the gas network, the recoverable value is determined on
the basis of the VIR estimate, considering as a starting point the value of the RAB (Regulatory Asset
Base).
Future cash flows are estimated by reference to the current conditions of the cash-generating unit
and, therefore, do not include the benefits arising from future restructuring for which the Group has
not yet committed, nor future investments to improve or optimize the unit.
For the purposes of impairment testing, the carrying amount of a CGU is determined in line with the
criterion used to determine the recoverable amount of the cash-generating unit, excluding surplus
assets (i.e. financial assets, deferred tax assets and net non-current assets held for sale).
After carrying out the impairment test of the CGU (or group of CGU), a second level of impairment test
is carried out, also including those centralised assets with auxiliary functions (corporate assets) that
cannot be allocated according to a reasonable and consistent criterion to the individual units and
those assets that do not generate positive result flows. At this second level, the recoverable amount
of all CGU (or groups of CGU) is compared with the carrying amount of all CGU (or groups of CGU),
including corporate assets.
Impairment losses on goodwill cannot be reversed. For other assets, an impairment loss is reversed
only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation and amortization, if no impairment loss had been
recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48277": { "value": "
Rights-of-use assets
The Group determines whether the contract is, or contains, a lease by applying the definition provided
by IFRS 16, which is satisfied when the contract transfers the right to control the use of an underlying
asset for a period of time in exchange for a fee.
Right-of-use assets, recorded in a specific item among property, plant and equipment, are recognized
at the lease inception date, i.e. the date on which the underlying asset is available for use.
Rights-of-use assets are measured at cost, net of accumulated depreciation and impairment losses,
and adjusted for any restatement of lease liabilities. The cost of rights-of-use assets of use includes
the amount of lease liabilities recognized and lease payments made on or before the commencement
of the lease.
Rights-of-use assets of use are depreciated on a straight-line basis from the effective date to the end
of the useful life of the asset consisting of the rights-of-use assets or at the end of the lease term,
whichever is earlier.
If the lease transfers ownership of the underlying asset to the lessee at the end of the term of
the contract or if the cost of the asset consisting of the rights-of-use assets reflects the fact that
the lessee will exercise the purchase option, the asset consisting of the rights-of-use assets is
depreciated from the effective date until the end of the useful life of the underlying asset.
Lease liabilities are recognized as financial liabilities (current or non-current depending on the due
date of the payments) at the present value of the lease payments not yet paid at the reporting date.
Lease payments also include the exercise price of a purchase option if it is reasonably certain that the
option will be exercised.
The Group applies the exception to the recognition envisaged for short-term leases to its contracts
with a duration equal to or less than 12 months from the effective date. It also applies the exception
to the recognition provided for leases in which the underlying asset is of \u201cmodest value\u201d and whose
amount is estimated as not significant. For example, the Group leases some office equipment (i.e. PCs,
printers and copiers) that is considered to be of low value. Payments due for short-term leases and
for leases in which the underlying asset is of modest value are recognized as a cost on a straight-line
basis for the duration of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48278": { "value": "
Intangible assets
In accordance with IAS 38, intangible assets are identifiable, non-physical assets controlled by the
Group, for which it is probable that future economic benefits will be generated from their use and the
cost of which can be reliably determined.
Identifiability is normally satisfied when: (i) the intangible asset is attributable to a legal or contractual
right, or (ii) the asset is separable, in other words it can be sold, transferred, rented or exchanged
individually and not as an integral part of other assets.
Control by the enterprise consists of the right to enjoy the future economic benefits flowing from the
asset and to restrict the access of others to those benefits.
Intangible assets are recorded in the financial statements at purchase or production cost, including
incidental costs, determined using the same methods indicated for property, plant and equipment.
Internally generated intangible assets are recognized only when the Group can demonstrate the
technical feasibility, intention and availability of resources to complete the asset and have the ability
to use or sell it, alternatively the costs incurred are recognized in the income statement in the year in
which they arose.
The Group also includes among intangible assets the costs for obtaining contracts with customers,
capitalised in accordance with IFRS 15, only if:
\u2022
the costs are incremental, in the sense that they are directly attributable to an identified contract and
would not have been incurred by the Group if the contract had not been obtained;
\u2022
the Group expects to recover them through reimbursement (direct recoverability) or margins (indirect
recoverability).
In particular, the Group normally capitalises the sales commissions paid to agents if the capitalization
criteria are met. The capitalized costs for obtaining contracts with customers are systematically
amortised, in line with the transfer model of the goods or services to which they refer, and are
subject to impairment tests to detect any impairment losses to the extent that the carrying amount
of these assets exceeds the related recoverable value. The Group amortizes the costs for obtaining
contracts with customers capitalized on a straight-line basis over the period of benefit expected
from the contract (i.e. the average duration of the relationship with the customer); any changes in the
amortization criteria are recognized prospectively.
Intangible assets with definite useful life are recognized net of accumulated amortization and any
impairment losses determined using the same methods previously described for property, plant, and
equipment. Changes in the expected useful life or in the ways in which the future economic benefits of
an intangible asset are achieved by the Company are accounted for by suitably adjusting the period
or method of amortization, treating them as changes in accounting estimates. The amortization of
intangible fixed assets with a definite useful life is charged to income statement in the cost category
that reflects the function of the intangible asset concerned.
If specific indicators of impairment exist, intangible assets are subject to impairment testing according
to the procedures described in the following section \u201cImpairment of non-financial assets.\u201d Any
impairment losses may be subject to subsequent reversals if the reasons for their impairment losses
no longer apply.
Intangible assets with indefinite useful life and those not yet available for use are subject to
impairment testing at least annually, regardless of the presence of specific indicators of impairment,
according to the procedures described in the following section \u201cImpairment of non-financial assets.\u201d
Amortization of intangible assets was calculated on the basis of economic-technical useful lives,
considered representative of the residual possibility of use and the useful life thereof.
The useful lives applied are as follows:
\u2022
\u00a0\u00a0Industrial patents and intellectual property rights \u00a0\u00a0\u00a03 - 5 years
\u2022
Concessions, licenses and trademarks
- Software 3 - 5 years
\u00a0\u00a0- Service concession agreements \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08 - 60 years
\u2022
Other intangible assets
\u00a0\u00a0- Customer list \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04 - 20 years
\u00a0\u00a0- Other intangible assets \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03 - 25 years
\u201cOther intangible assets\u201d include surface rights and easements, whose useful life is determined on the
basis of the duration of the contract.
Gains or losses on the disposal of an intangible asset are calculated as the difference between the
disposal proceeds and the carrying amount of the asset and recognized in the Income Statement at
the time of the disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48279": { "value": "
Service concession arrangements
Service concession arrangements are contracts in which a public administration (the grantor) entrusts
a private entity (the concessionaire) with the management and provision of public services. If the
concessions have certain characteristics, including in particular:
\u2022
Service Obligations: The concessionaire is required to provide public utility services using the
infrastructure granted;
\u2022
Return of infrastructure: upon expiry of the agreement, the concessionaire must return the
infrastructure to the grantor in a predetermined condition;
\u2022
Control of the grantor: the grantor retains control over which services must be provided and under
what conditions.
fall within the scope of IFRIC 12.
Revenues for services performed are recognised in accordance with IFRS 15 by allocating the fees
between the various services provided. If the concessionaire provides construction or improvement
services, the consideration it has received or will receive must be recognised as:
\u2022
Financial assets: if the concessionaire has the unconditional contractual right to receive cash or
another financial asset from the grantor for construction services;
\u2022
Intangible assets: if the concessionaire has obtained the right (license) to charge users of the public
service.
If the concessionaire is paid for construction services partly with a financial asset and partly with
an intangible asset, each component of the concessionaire\u2019s consideration must be accounted for
separately.
The amortization of concessions is calculated on the basis of the provisions of the respective
agreements and in particular: i) on a constant basis for the shorter period between the economic-
technical life of the assets granted and the duration of the concession itself, if at the expiry of the
same no compensation value is recognised to the outgoing operator (Residual industrial value or Vir);
ii) based on the economic-technical life of the individual assets if, at the expiry of the concessions, the
outgoing operator is granted an indemnity value (Vir).
In the event that the concessions provide for the obligation to maintain the infrastructure at a certain
level of functionality or to return the infrastructure to a certain condition before returning it to the
grantor upon expiry, the Group will allocate specific funds in accordance with the provisions of IAS 37.
Conversely, in circumstances in which the concession service agreements provide that the
infrastructures used in the exercise of the concessions do not comply with the requirements of IFRIC
12 and, in particular, are owned and available to the concessionaire or have an indefinite maturity, the
carrying amount of the assets attributable to these concessions is recorded under the item \u201cProperty,
plant and equipment\u201d and accounted for in accordance with the provisions of IAS 16.
In order to assess the applicability of these provisions for the Group as a concessionaire, management
conducted a careful analysis of existing concessions.
Based on these analyses, the service concessions relevant under IFRIC 12 for the Group were as
follows:
\u2022
gas distribution network
intangible asset;
\u2022
water cycle - water distribution, purification and sewerage services
intangible asset;
\u2022
district heating network
intangible asset.
\u2022
public lighting
financial asset;
\u2022
management of votive lamps
financial asset;
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48280": { "value": "
Fair value measurement
For all fair value measurements and related disclosures, as required or permitted by international
accounting standards, the Group applies IFRS 13. Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date (\u201cexit-price\u201d). The fair value measurement assumes that the
sale of the asset or the transfer of the liability takes place in the principal market, i.e. the market where
the greatest volume and level of transactions for the asset or liability takes place. In the absence of
a principal market, it is assumed that the transaction takes place in the most advantageous market
to which the Group has access, i.e. the market that maximizes the results of the sale of the asset
or minimizes the amount to be paid to transfer the liability. The fair value of an asset or liability is
determined using the assumptions that market participants would take into account to define the price
of the asset or liability, assuming that they act in their best economic interest. Market participants are
independent, well-informed buyers and sellers who are able to conclude a transaction for the asset
or liability and are interested, but not obliged or otherwise induced to complete the transaction. In
measuring fair value, the Group considers the characteristics of the specific assets or liabilities and
uses measurement techniques appropriate to the circumstances and for which sufficient data are
available to measure the fair value itself, maximizing the use of observable inputs and minimizing the
use of unobservable inputs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48281": { "value": "
Fair value hierarchy
IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the
quality of the input source used to calculate the fair value.
In particular, IFRS 7 and IFRS 13 set out three levels of fair value:
\u2022
level 1: this level consists of financial assets and liabilities for which fair value is based on
(unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter
markets;
\u2022
level \u00a02: this level consists of financial assets and liabilities for which fair value is based on inputs
other than quoted prices included within level 1 that are observable for the asset or liability either
directly or indirectly;
\u2022
level \u00a03: \u00a0this level consists of financial assets and liabilities for which fair value is based on
unobservable market data. This level includes instruments measured on the basis of internal
estimates made using proprietary methods based on best sector practice.
Classes of financial instruments
To complete the analyses required by IFRS 7 and IFRS 13, the following table sets out the various
types of financial instrument that are to be found in the various balance sheet items, with an indication
of the accounting policies used and, in the case of financial instruments measured at fair value, an
indication of where changes are recognized (income statement or equity).
The last column of the table shows the fair value of the instrument at December 31, 2025, where
applicable.
million euro
Type of financial instruments\u00a0Note\u00a0Financial instruments
measured at fair value with
changes recognized in:
Financial
instruments
measured at
amortized
cost
Statement
of Financial
Position
Value
Fair
value
(*)
Income
statement
Shareholders'
equity
(1)\u00a0(2)\u00a0(3)\u00a0(4)
Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Other non-current financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets measured at fair
value of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- unlisted
2\u00a02\u00a0n.d.
- listed
Financial assets held to maturity
Other non-current financial assets
165\u00a0165\u00a0165
Total other non-current financial
assets
5\u00a0167
Non-current asset derivatives
7\u00a02\u00a02\u00a02
Other non-current assets
7\u00a0120\u00a0120\u00a0120
Trade receivables
9\u00a04,454\u00a04,454\u00a04,454
Current asset derivatives
10\u00a0638\u00a03\u00a0641\u00a0641
Other current assets
10\u00a0424\u00a0424\u00a0424
Current financial assets
11\u00a024\u00a024\u00a024
Cash and cash equivalents
13\u00a01,879\u00a01,879\u00a01,879
Liabilities
Financial liabilities
Non-current and current bonds
19 and 26\u00a01,143\u00a076\u00a04,495\u00a05,714\u00a05,714
Other non-current and current
financial liabilities
19 and 26\u00a01,546\u00a01,546\u00a01,546
Non-current liability derivatives
23\u00a02\u00a034\u00a036\u00a036
Other non-current liabilities
23\u00a0154\u00a0154\u00a0154
Trade payables
24\u00a04,691\u00a04,691\u00a04,691
Current liability derivatives
25\u00a0690\u00a01\u00a0691\u00a0691
Other current liabilities
25\u00a0960\u00a0960\u00a0960
(*) The fair value has not been calculated for receivables and payables not related to derivative contracts and loans as the
corresponding carrying amount is a good approximation to this.
(1) Financial assets and liabilities measured at fair value with the changes in fair value recognized in the Income Statement.
(2) Cash flow hedges.
(3) Financial assets available for sale measured at fair value with profit/loss recognized in equity.
(4) Loans and receivables and financial liabilities measured at amortized cost.
Fair value hierarchy
IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the
quality of the input source used to calculate the fair value.
In particular, IFRS 7 and IFRS 13 set out three levels of fair value:
\u2022
\u00a0\u00a0level 1: this level consists of financial assets and liabilities for which fair value is based on
(unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter
markets;
\u2022
\u00a0\u00a0level 2: this level consists of financial assets and liabilities for which fair value is based on inputs
other than quoted prices included within level 1 that are observable for the asset or liability either
directly or indirectly;
\u2022
\u00a0\u00a0level 3: this level consists of financial assets and liabilities for which fair value is based on
unobservable market data. This level includes instruments measured on the basis of internal
estimates made using proprietary methods based on best sector practice.
An analysis of the assets and liabilities included in the three fair value levels is set out in the following
fair value hierarchy table.
million euro
Note\u00a0Level 1\u00a0Level 2\u00a0 Level 3\u00a0Total
Assets measured at fair value \u00a05\u00a0\u00a0\u00a01 \u00a0\u00a0\u00a01
Other non-current assets\u00a07\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a02
Current derivative assets \u00a010\u00a0595 \u00a00 \u00a046 \u00a0641
Total assets\u00a0\u00a0\u00a0595 \u00a03 \u00a046 \u00a0644
Non-current financial liabilities\u00a019 \u00a076\u00a0\u00a01,143 \u00a0\u00a0\u00a01,219
Non-current derivative liabilities\u00a023\u00a0\u00a0\u00a036 \u00a0\u00a0\u00a036
Current derivative liabilities\u00a025\u00a0689\u00a01 \u00a01 \u00a0691
Total liabilities\u00a0\u00a0\u00a0765\u00a01,180 \u00a01 \u00a01,946
As required by IFRS 13, the following table shows, for financial instruments measured at level 3 of the
hierarchy, opening and closing balances and changes during the year
millions of euro
Fair value\u00a0Realized
FV change
Unrealized
FV change
Fair value
change
Transfers\u00a0Fair value
12.31.2024\u00a012.31.2025\u00a0Entrance\u00a0Outgoing\u00a012.31.2025
Commodity
derivatives
considered hedges as
per IFRS 9\u00a0		(2.5)\u00a01.4 \u00a00.7\u00a0\u00a02.1 \u00a0- \u00a0- \u00a0(0.4)
Commodity
derivatives not
considered hedges as
per IFRS 9\u00a0		(6.6)\u00a020.0\u00a0\u00a032.0 \u00a052.0 \u00a0- \u00a0-\u00a045.4
Total\u00a0(9.1)\u00a021.4 \u00a032.7 \u00a054.1\u00a0\u00a0- \u00a0- \u00a045.0\u00a0
Sensitivity analysis for financial instruments included in level 3
As required by IFRS 13, the following table sets out the effects arising from changes in the
unobservable parameters used in calculating fair value for financial instruments included in level 3 of
the hierarchy.
Financial instrument\u00a0Parameter\u00a0Parameter change\u00a0Sensitivity
(millions of euro)
Commodity Derivatives\u00a0Probability of Default (PD)\u00a01%\u00a0(0.338)
Commodity Derivatives\u00a0Loss Given Default (LGD)\u00a025%\u00a0(0.283)
Commodity Derivatives\u00a0Price of underlying \u00a01%\u00a0(0.099)
Commodity Derivatives\u00a0Volatility of underlying\u00a01%\u00a0(1.279)
Commodity Derivatives\u00a0Correlation of underlying\u00a01%\u00a0(1.280)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48282": { "value": "
Business combinations and goodwill
The Group recognises business combinations in accordance with IFRS 3.
Any difference between the sum of the consideration transferred, measured at fair value at the
acquisition date and the amount of any non-controlling interest and any interest in the acquired
company previously held by the Group (in a business combination carried out in several stages),
with respect to the net value of the amounts of identifiable assets acquired and liabilities incurred
or assumed, measured at fair value, is classified as goodwill if positive and in the income statement
among other income if negative (badwill).
If the fair values of the assets, liabilities and contingent liabilities are determined provisionally, the
business combination is recognised using these provisional values. Any adjustments resulting from
the completion of the valuation process are recognised within 12 months of the acquisition date,
restating the comparative figures.
A2A S.p.A. bases its allocations on available information and, for the more significant business
combinations, on external appraisals.
Goodwill arising from the acquisition of subsidiaries is recognised separately and allocated, from the
acquisition date, to each CGU, or group of CGU, which is expected to benefit from the synergies of
the combination. After initial recognition, it is not subject to amortization but to impairment test, at least
annually as described in the following section \"Impairment of non-financial assets.\"
For the purposes of determining goodwill or the negative differential, the cost of the transaction
also includes the measurement of the present value, at the acquisition date, of the presumed outlay
relating to the put options granted to non-controlling shareholders on their investments, as well as
any contingent consideration, including those related to future results (earn-out), resulting from the
business combination contract. Therefore, the Group uses the anticipated acquisition method.
Costs directly attributable to the acquisition, other than the consideration transferred, are instead
recognized in the income statement.
If the business combination is carried out in stages, at the time of acquisition of control, the equity
investments previously held in the acquired company are remeasured at fair value and any difference
(positive or negative) is recognized in the income statement.
Goodwill relating to investments in associates and joint ventures is included in the carrying amount of
these assets.
Business combinations
The recognition of business combination transactions implies the valuation of assets and liabilities
acquired at fair value, according to the most up-to-date valuation techniques (Multi-Period Excess
Earnings, Discounted Cash Flow, etc.). This valuation includes the making of complex estimates by
management, which mainly concern future forecasts related to the acquired businesses (business
plans, regulatory and regulatory developments, macroeconomic scenarios, etc.), the valuation of any
financial instruments included in the business combinations (e.g. put or earn-out) and discount rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48283": { "value": "
Long term construction contracts in progress
Construction contracts with durations exceeding one year in progress are valued in accordance with
IFRS 15.
When the outcome of a project can be reliably estimated, multi-year construction contracts in progress
are valued based on contractual fees accrued with reasonable certainty, according to the percentage of
completion criterion and the \u201ccost-to-cost\u201d methodology, so as to attribute the revenues and economic
results of the project to the individual years in proportion to the stage of completion of the work.
In addition to the contractual fees, contract revenues include variants, price revisions and incentive
awards to the extent that it is probable that they represent actual revenues that can be reliably
determined.
When the outcome of a contract cannot be reliably estimated, the revenue attributable to the relevant
contract is recognized only to the extent of the contract costs incurred that are likely to be recovered.
Contract costs are recognized as expenses in the year in which they are incurred.
When it is probable that total contract costs will exceed contract revenues, the expected loss is
immediately recognized as a cost.
Any difference, positive or negative, between the value of the contracts and advances received is
recognized as an asset or a liability respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48284": { "value": "
Inventories
Inventories are stated at the lower of purchase cost and estimated net realizable value. The method
used to determine cost is the weighted average cost, including directly attributable ancillary costs (for
example, ship freight, customs duties, insurance, laytime and demurrage on fuel purchases).
Net realizable value is the estimated selling price in the ordinary course of business less the estimated
costs to realize the sale or, where applicable, the replacement cost.
Gas inventories held for trading purposes, stored at facilities separate from gas used for industrial
purposes, are measured at fair value at the reporting date, with a balancing entry in the income
statement, as required by IAS 2, paragraph 3, letter b.
Inventories are constantly monitored and, where necessary, obsolete stocks are written down with a
charge to the Income Statement.
Materials and other consumables (including energy commodities) held for use in production are not
written down if it is expected that the final product into which they will be incorporated will be sold at a
price sufficient to enable recovery of the cost incurred.
Spare parts and equipment necessary for maintenance are recorded in inventories and their cost is
recognized in the income statement when they are used.
Plant spare parts are recorded under property, plant and equipment and depreciated on the basis of
the useful life of the plant to which they refer if they have significant value, multi-year use, constitute
equipment necessary for the operation of plant and machinery and are likely to generate future
economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48285": { "value": "
Power Purchase Agreements
Power Purchase Agreements (PPA) that involve the physical delivery of energy and that do not meet
the requirements of IFRS 10 for the existence of control, IFRS 11 for the existence of joint control
over a company or an asset, or IFRS 16 for the recognition of a lease, but that meet the definition
of a derivative in IFRS 9, are accounted for under the own-use exemption rules when the relevant
conditions are met. The Power Purchase Agreements (PPA) signed by the group to date, both for
purchase and sale, are mainly accounted for under the own-use exemption rules, in addition to some
Virtual PPA accounted for as hedging derivatives under IFRS 9 because they were signed for the
purpose of hedging the cash flows of highly probable transactions.
", "dimensions": { "concept": "A2A:DescriptionOfAccountingPolicyForPowerPurchaseAgreement", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48286": { "value": "
Financial instruments
Financial instruments are recognized and measured in accordance with IAS 32 (Financial Instruments:
Presentation) and IFRS 9 (Financial Instruments).
Financial assets and liabilities are recognized at the time that the contractual rights and obligations
forming part of the instrument arise.
Financial assets other than cash and cash equivalents
They include investments (excluding investments in subsidiaries, jointly controlled entities, and
associates); receivables, loans, and other non-current financial assets; trade receivables and other
receivables arising from the company\u2019s operations, as well as other current financial assets.
Financial assets are initially measured at fair value, adjusted, in the case of assets not subsequently
measured at fair value, for transaction costs directly attributable to their acquisition or issue. Trade
receivables that do not have a significant financing component are measured at the transaction price.
All equity instruments - both listed and unlisted - are measured at fair value.
Financial assets are classified as:
\u2022
financial assets at amortized cost;
\u2022
financial assets at fair value through other comprehensive income
\u00a0\u00a0- with recycling of accumulated gains and losses (debt instruments)
\u00a0\u00a0- without recycling of accumulated gains and losses upon derecognition (equity instruments);
\u2022
financial assets at fair value in the Income Statement.
Classification is carried out on the basis of an entity\u2019s business model and the contractual cash flow
characteristics of the financial asset.
Financial assets at amortized cost
This category includes assets not represented by derivative instruments and not listed on an active
market that meet the following requirements: the entity\u2019s business model requires that the financial
asset be held for the collection of contractual cash flows (held-to-collect) and the characteristics of
the contractual cash flows of the asset correspond solely to the payment of principal and interest.
This category mainly includes trade receivables, other receivables and financial receivables.
These are valued using the effective interest method and are subject to impairment.
Gains and losses are recognized in the income statement when the asset is derecognized, modified,
or adjusted for impairment.
Financial assets at fair value through other comprehensive income (FVOCI)
Financial assets not classified as financial assets measured at amortized cost may be classified
and subsequently measured at their fair value recognized in the Income Statement or in the Other
Comprehensive Income Statement. The determination depends on whether this financial asset is a
debt or equity instrument.
Debt instruments
A financial asset representing a debt instrument, other than a derivative, shall be measured at fair
value through other comprehensive income if both of the following conditions are met:
\u2022
The asset is held as part of a business model whose objective is to hold financial assets for the
purpose of collecting contractual cash flows and selling financial assets;
\u2022
The contractual terms of the asset provide for certain maturities of the cash flows represented solely
by payments of principal and interest on the amount of the principal to be repaid.
When the financial assets do not meet the two conditions above, they are classified as measured at
fair value through profit or loss, which is therefore a residual classification method.
Changes in fair value are recognized directly in equity until the actual sale, at which time they are
transferred to the income statement. Impairment losses, exchange gains and losses and interest
calculated using the effective interest method are instead recorded directly in the Income Statement
when they occur.
Losses recognized directly in equity are reversed and recognized in the income statement even if
the financial asset has not been derecognized when there is objective evidence that the asset has
suffered an impairment loss.
Equity instruments
A financial asset representing an equity instrument may be measured at Fair Value recognized in
Other Comprehensive Income if both of the following conditions are met:
\u2022
The asset is not held for trading;
\u2022
The company avails itself of the irrevocable option to designate this asset as measured at FVOCI.
When the financial assets do not meet the two conditions above, they are classified as measured at
fair value through profit or loss, which is therefore a residual classification method.
Gains and losses on these financial assets will never be recycled to the income statement. The Group
may transfer the cumulative gain or loss within equity. This category includes equity investments in
other companies irrevocably designated as such at the time of initial recognition. Equity instruments
designated at fair value through the Other comprehensive income are not subject to impairment.
Dividends on such investments are recognized in the income statement unless they clearly represent
a recovery of part of the cost of the investment.
Financial assets measured at fair value through the income statement
This is a residual category that includes:
\u2022
financial assets with cash flows that are not represented solely by principal and interest payments,
regardless of the business model;
\u2022
financial assets held for trading as purchased or held primarily for the purpose of being sold or
repurchased within a short period of time;
\u2022
derivative instruments, including embedded derivatives, held for trading or not designated as
effective hedging instruments;
\u2022
contingent fees.
Financial instruments at fair value with changes recognized in the income statement are recognized in
the statement of financial position at fair value, and the gains and losses resulting from changes in fair
value are subsequently recognized in the income statement.
This category also includes equity investments in companies that the Group has not irrevocably
designated at fair value through OCI. Dividends on these investments are also recognized among
other income in the Income Statement when the right to payment is established.
Derecognition
A financial asset is derecognized when:
\u2022
the rights to receive cash flows from the asset no longer apply;
\u2022
the company has transferred to a third party the right to receive cash flows from the asset or has
assumed a contractual obligation to transfer them. In substance, the transfer is completed when:
the company has transferred all the risks and rewards of ownership of the asset or has transferred
control of the asset while maintaining the related risks and rewards.
In cases where the Group has transferred the rights to receive cash flows from an asset or signed an
agreement under which it retains the contractual rights to receive the cash flows from the financial
asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-
through), it assesses whether and to what extent it has retained the risks and rewards of ownership.
In the cases in which it has neither transferred nor retained substantially all of the risks and rewards
or has not lost control of the asset, it continues to be recognized in the financial statements of the
Group to the extent of its continuing involvement in the asset. In this case, the Group also recognizes
an associated liability. The transferred asset and the associated liability are valued to reflect the rights
and obligations that remain with the Group.
When the entity\u2019s continuing involvement is a guarantee of the transferred asset, involvement
is measured on the basis of the lower of the amount of the asset and the maximum amount of
consideration received that the entity might have to repay.
Financial liabilities
The Group\u2019s financial liabilities include trade payables and other liabilities, loans and borrowings,
including current account overdrafts and derivative financial instruments.
Financial liabilities are initially measured at fair value, adjusted, in the case of liabilities not
subsequently measured at fair value, for transaction costs directly attributable to their acquisition or
issue.
The subsequent evaluation depends on the classification of the main instrument:
\u2022
financial liabilities at fair value in the Income Statement, typically of a trading nature (settlement and
transfer in the short term). This category includes financial derivatives held for trading (speculative);
\u2022
loans and receivables: valued at amortized cost using the effective interest method. Gains and losses
are recognized in the Income Statement when the liability is settled, as well as through amortization.
A financial liability is derecognized when the obligation underlying the liability is settled or cancelled.
When an existing financial liability is replaced by another to the same creditor on substantially
different terms, or the terms of an existing liability are substantially modified, such replacement or
modification is treated as derecognition of the original liability and recognition of a new liability. The
difference between the respective carrying amounts is recognized in the Income Statement.
Derivative financial instruments
Derivative instruments are classified as financial assets or liabilities depending on the positive or negative
fair value and are classified as \u201cheld for trading\u201d within \u201cOther business models\u201d and measured at fair
value in the Income Statement, with the exception of those designated as effective hedging instruments.
All derivatives held for trading are classified as current assets and liabilities. Derivatives not held for
trading, but measured at fair value through profit or loss as they do not qualify for hedge accounting, and
derivatives designated as effective hedging instruments are classified as current or non-current based on
their maturity date and the Group\u2019s intention to hold or not hold such instruments to maturity.
These are initially recognized at fair value on the date the contract is signed and the subsequent
measurement is also at fair value.
To classify a derivative as a hedge, the company formally designates and documents the hedging
relationship, its risk management objectives and the strategy pursued by identifying: a) the hedging
instrument b) the nature of the risk being hedged c) the way in which the company will assess the
effectiveness of the hedge.
The hedging relationship is effective if:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of the credit risk does not prevail over the changes in value resulting from the
aforementioned economic relationship;
\u2022
the hedging ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge this quantity of hedged item.
Transactions that meet the above criteria are accounted for as follows:
Fair value hedges
If a derivative financial instrument is designated as a hedge against exposure to changes in the fair
value of an asset or liability attributable to a specific risk, the gain or loss resulting from subsequent
changes in fair value of the hedging instrument is recognized in the Income Statement. The gain or
loss resulting from the fair value adjustment of the hedged item, for the portion attributable to the
hedged risk, changes the carrying amount of that item and is recognized in the income statement
under the same line item.
Cash flow hedges
If a derivative financial instrument is designated to hedge the exposure to the variability of the
cash flows of an asset or a liability recognized in the Financial Statements or of a highly probable
transaction, the effective portion of the resulting profits or losses deriving from the fair value
adjustment of the derivative instrument is recognized in a specific equity reserve. The cumulative
profit or loss is reversed from the equity reserve and recorded in the Income Statement in the same
years in which the effects of the hedged transaction are recognized in the Income Statement. The
gain or loss associated with that part of the ineffective hedge is recognised in the Income Statement
immediately. If the hedged transaction is no longer considered probable, the unrealized gains or
losses recognized in the equity reserve are immediately recognized in the Income Statement.
If, on the other hand, the derivative instrument is sold and therefore no longer qualifies as an effective
risk hedge against which the transaction was entered into, the portion of the \u201cReserve for derivative
instruments measured at fair value\u201d relating to it is maintained until the economic effects of the
underlying contract are manifested.
Commodity derivatives
With reference to commodity derivatives, operations are managed through the stipulation of OTC
- over the counter financial instruments (index swaps), derivative instruments traded on regulated
platforms, as well as through brokerage contracts that provide for the physical delivery of the
underlying asset at a future settlement date (so-called physical contracts).
From an operational point of view, a commercial industrial portfolio has been identified, which includes
physical and financial contracts signed for the management of procurement, and a trading portfolio,
which includes physical and financial contracts signed from a speculative perspective, based on pure
position taking logic whenever it is believed there is a market opportunity, always within the risk limits
defined by the Parent Company\u2019s Board of Directors.
The accounting treatment of these contracts differs according to the following criteria:
1. Contracts that provide for physical delivery
The accounting treatment varies according to their purpose:
a) Contracts relating to procurement activities (\u201cindustrial portfolio\u201d) that meet the criteria defined by
IFRS 9 for own-use exemption are considered executive contracts and therefore are recognized on
an accrual basis only at the time of actual delivery. Said criteria are:
\u00a0\u00a0- The contracts are signed with the aim of physically delivering the underlying commodity, in line with
the Company\u2019s expectations of use;
\u00a0\u00a0- Contracts cannot be closed net through cash and cash equivalents.
\u00a0\u00a0\u00a0The Group analyses contracts for the purchase or sale of non-financial assets on an ongoing basis,
with particular attention to forward purchases or sales of electricity and energy commodities, in
order to determine whether they should be classified and treated in accordance with IFRS 9 or
whether they have been signed for \u201cown use exemption\u201d.
b) Contracts signed with reference to price risk or volume risk management (\u201ctrading portfolio\u201d) are
recognized as follows:
\u00a0\u00a0- from initial recognition to physical delivery, these contracts represent non-hedging derivatives,
measured at fair value in the income statement;
\u00a0\u00a0- at the time of physical delivery, the revenue or full cost deriving from the sale or purchase of
commodities, respectively, is recognized.
\u00a0\u00a0\u00a0With regard to these contracts included in the trading portfolio, the company applies the accounting
policy election provided by IAS 1 and IFRS 9 to present both impacts described above on a net
basis for each individual commodity within the item \u201cRevenue from sales and services\u201d (if the net
balance is positive) or among the costs for \u201cRaw materials and consumables\u201d (if the net balance is
negative).
2. Contracts that do not provide for physical delivery
a) Contracts in the industrial portfolio are accounted for as hedging derivatives (cash flow hedges)
measured at FVOCI, if they meet the criteria set out in IFRS 9 described above.
b) Trading portfolio contracts represent non-hedging derivatives, recorded at fair value in the income
statement in accordance with IFRS 9.
Embedded derivatives
The embedded derivative contained in a non-derivative hybrid contract, in a financial liability or in
a principal non-financial contract, is separated from the principal contract and accounted for as a
separate derivative, if: its economic characteristics and the risks associated with it are not closely
correlated with those of the principal contract; a separate instrument with the same terms
as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not
measured at fair value in the Income Statement. Embedded derivatives are measured at fair value, with
changes in fair value recognized in the Income Statement. A restatement occurs only when there is a
change in the terms of the contract that significantly changes the cash flows otherwise expected or a
reclassification of a financial asset to a category other than fair value in the Income Statement.
An embedded derivative included in a hybrid contract that contains a financial asset is not separated
from the host contract. The financial asset together with the embedded derivative is classified entirely
as a financial asset at fair value in the Income Statement.
Instruments classified under equity
Instruments for which, based on the substance of the contract, there is no contractual obligation
to deliver cash or other financial assets to the counterparty are classified within Equity. These
instruments include the perpetual bond issued in 2024, for which the Group has no contractual
obligation to repay either the principal or the interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48287": { "value": "
Cash and cash equivalents
This category includes deposits available on demand or at very short notice, as well as short-term and
highly liquid financial investments readily convertible into a known amount of cash and subject to an
insignificant risk of change in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48288": { "value": "
Financial assets other than cash and cash equivalents
They include investments (excluding investments in subsidiaries, jointly controlled entities, and
associates); receivables, loans, and other non-current financial assets; trade receivables and other
receivables arising from the company\u2019s operations, as well as other current financial assets.
Financial assets are initially measured at fair value, adjusted, in the case of assets not subsequently
measured at fair value, for transaction costs directly attributable to their acquisition or issue. Trade
receivables that do not have a significant financing component are measured at the transaction price.
All equity instruments - both listed and unlisted - are measured at fair value.
Financial assets are classified as:
\u2022
financial assets at amortized cost;
\u2022
financial assets at fair value through other comprehensive income
\u00a0\u00a0- with recycling of accumulated gains and losses (debt instruments)
\u00a0\u00a0- without recycling of accumulated gains and losses upon derecognition (equity instruments);
\u2022
financial assets at fair value in the Income Statement.
Classification is carried out on the basis of an entity\u2019s business model and the contractual cash flow
characteristics of the financial asset.
Financial assets at amortized cost
This category includes assets not represented by derivative instruments and not listed on an active
market that meet the following requirements: the entity\u2019s business model requires that the financial
asset be held for the collection of contractual cash flows (held-to-collect) and the characteristics of
the contractual cash flows of the asset correspond solely to the payment of principal and interest.
This category mainly includes trade receivables, other receivables and financial receivables.
These are valued using the effective interest method and are subject to impairment.
Gains and losses are recognized in the income statement when the asset is derecognized, modified,
or adjusted for impairment.
Financial assets at fair value through other comprehensive income (FVOCI)
Financial assets not classified as financial assets measured at amortized cost may be classified
and subsequently measured at their fair value recognized in the Income Statement or in the Other
Comprehensive Income Statement. The determination depends on whether this financial asset is a
debt or equity instrument.
Debt instruments
A financial asset representing a debt instrument, other than a derivative, shall be measured at fair
value through other comprehensive income if both of the following conditions are met:
\u2022
The asset is held as part of a business model whose objective is to hold financial assets for the
purpose of collecting contractual cash flows and selling financial assets;
\u2022
The contractual terms of the asset provide for certain maturities of the cash flows represented solely
by payments of principal and interest on the amount of the principal to be repaid.
When the financial assets do not meet the two conditions above, they are classified as measured at
fair value through profit or loss, which is therefore a residual classification method
Changes in fair value are recognized directly in equity until the actual sale, at which time they are
transferred to the income statement. Impairment losses, exchange gains and losses and interest
calculated using the effective interest method are instead recorded directly in the Income Statement
when they occur.
Losses recognized directly in equity are reversed and recognized in the income statement even if
the financial asset has not been derecognized when there is objective evidence that the asset has
suffered an impairment loss.
Equity instruments
A financial asset representing an equity instrument may be measured at Fair Value recognized in
Other Comprehensive Income if both of the following conditions are met:
\u2022
The asset is not held for trading;
\u2022
The company avails itself of the irrevocable option to designate this asset as measured at FVOCI.
When the financial assets do not meet the two conditions above, they are classified as measured at
fair value through profit or loss, which is therefore a residual classification method.
Gains and losses on these financial assets will never be recycled to the income statement. The Group
may transfer the cumulative gain or loss within equity. This category includes equity investments in
other companies irrevocably designated as such at the time of initial recognition. Equity instruments
designated at fair value through the Other comprehensive income are not subject to impairment.
Dividends on such investments are recognized in the income statement unless they clearly represent
a recovery of part of the cost of the investment.
Financial assets measured at fair value through the income statement
This is a residual category that includes:
\u2022
financial assets with cash flows that are not represented solely by principal and interest payments,
regardless of the business model;
\u2022
financial assets held for trading as purchased or held primarily for the purpose of being sold or
repurchased within a short period of time;
\u2022
derivative instruments, including embedded derivatives, held for trading or not designated as
effective hedging instruments;
\u2022
contingent fees.
Financial instruments at fair value with changes recognized in the income statement are recognized in
the statement of financial position at fair value, and the gains and losses resulting from changes in fair
value are subsequently recognized in the income statement.
This category also includes equity investments in companies that the Group has not irrevocably
designated at fair value through OCI. Dividends on these investments are also recognized among
other income in the Income Statement when the right to payment is established.
Derecognition
A financial asset is derecognized when:
\u2022
the rights to receive cash flows from the asset no longer apply;
\u2022
the company has transferred to a third party the right to receive cash flows from the asset or has
assumed a contractual obligation to transfer them. In substance, the transfer is completed when:
the company has transferred all the risks and rewards of ownership of the asset or has transferred
control of the asset while maintaining the related risks and rewards.
In cases where the Group has transferred the rights to receive cash flows from an asset or signed an
agreement under which it retains the contractual rights to receive the cash flows from the financial
asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-
through), it assesses whether and to what extent it has retained the risks and rewards of ownership.
In the cases in which it has neither transferred nor retained substantially all of the risks and rewards
or has not lost control of the asset, it continues to be recognized in the financial statements of the
Group to the extent of its continuing involvement in the asset. In this case, the Group also recognizes
an associated liability. The transferred asset and the associated liability are valued to reflect the rights
and obligations that remain with the Group.
When the entity\u2019s continuing involvement is a guarantee of the transferred asset, involvement
is measured on the basis of the lower of the amount of the asset and the maximum amount of
consideration received that the entity might have to repay.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48326": { "value": "
Financial assets measured at fair value through the income statement
This is a residual category that includes:
\u2022
financial assets with cash flows that are not represented solely by principal and interest payments,
regardless of the business model;
\u2022
financial assets held for trading as purchased or held primarily for the purpose of being sold or
repurchased within a short period of time;
\u2022
derivative instruments, including embedded derivatives, held for trading or not designated as
effective hedging instruments;
\u2022
contingent fees.
Financial instruments at fair value with changes recognized in the income statement are recognized in
the statement of financial position at fair value, and the gains and losses resulting from changes in fair
value are subsequently recognized in the income statement.
This category also includes equity investments in companies that the Group has not irrevocably
designated at fair value through OCI. Dividends on these investments are also recognized among
other income in the Income Statement when the right to payment is established.
Derecognition
A financial asset is derecognized when:
\u2022
the rights to receive cash flows from the asset no longer apply;
\u2022
the company has transferred to a third party the right to receive cash flows from the asset or has
assumed a contractual obligation to transfer them. In substance, the transfer is completed when:
the company has transferred all the risks and rewards of ownership of the asset or has transferred
control of the asset while maintaining the related risks and rewards.
In cases where the Group has transferred the rights to receive cash flows from an asset or signed an
agreement under which it retains the contractual rights to receive the cash flows from the financial
asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-
through), it assesses whether and to what extent it has retained the risks and rewards of ownership.
In the cases in which it has neither transferred nor retained substantially all of the risks and rewards
or has not lost control of the asset, it continues to be recognized in the financial statements of the
Group to the extent of its continuing involvement in the asset. In this case, the Group also recognizes
an associated liability. The transferred asset and the associated liability are valued to reflect the rights
and obligations that remain with the Group.
When the entity\u2019s continuing involvement is a guarantee of the transferred asset, involvement
is measured on the basis of the lower of the amount of the asset and the maximum amount of
consideration received that the entity might have to repay.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48325": { "value": "
Derecognition
A financial asset is derecognized when:
\u2022
the rights to receive cash flows from the asset no longer apply;
\u2022
the company has transferred to a third party the right to receive cash flows from the asset or has
assumed a contractual obligation to transfer them. In substance, the transfer is completed when:
the company has transferred all the risks and rewards of ownership of the asset or has transferred
control of the asset while maintaining the related risks and rewards.
In cases where the Group has transferred the rights to receive cash flows from an asset or signed an
agreement under which it retains the contractual rights to receive the cash flows from the financial
asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-
through), it assesses whether and to what extent it has retained the risks and rewards of ownership.
In the cases in which it has neither transferred nor retained substantially all of the risks and rewards
or has not lost control of the asset, it continues to be recognized in the financial statements of the
Group to the extent of its continuing involvement in the asset. In this case, the Group also recognizes
an associated liability. The transferred asset and the associated liability are valued to reflect the rights
and obligations that remain with the Group.
When the entity\u2019s continuing involvement is a guarantee of the transferred asset, involvement
is measured on the basis of the lower of the amount of the asset and the maximum amount of
consideration received that the entity might have to repay.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48203": { "value": "
Financial liabilities
The Group\u2019s financial liabilities include trade payables and other liabilities, loans and borrowings,
including current account overdrafts and derivative financial instruments.
Financial liabilities are initially measured at fair value, adjusted, in the case of liabilities not
subsequently measured at fair value, for transaction costs directly attributable to their acquisition or
issue.
The subsequent evaluation depends on the classification of the main instrument:
\u2022
financial liabilities at fair value in the Income Statement, typically of a trading nature (settlement and
transfer in the short term). This category includes financial derivatives held for trading (speculative);
\u2022
loans and receivables: valued at amortized cost using the effective interest method. Gains and losses
are recognized in the Income Statement when the liability is settled, as well as through amortization.
A financial liability is derecognized when the obligation underlying the liability is settled or cancelled.
When an existing financial liability is replaced by another to the same creditor on substantially
different terms, or the terms of an existing liability are substantially modified, such replacement or
modification is treated as derecognition of the original liability and recognition of a new liability. The
difference between the respective carrying amounts is recognized in the Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48289": { "value": "
Derivative financial instruments
Derivative instruments are classified as financial assets or liabilities depending on the positive or negative
fair value and are classified as \u201cheld for trading\u201d within \u201cOther business models\u201d and measured at fair
value in the Income Statement, with the exception of those designated as effective hedging instruments.
All derivatives held for trading are classified as current assets and liabilities. Derivatives not held for
trading, but measured at fair value through profit or loss as they do not qualify for hedge accounting, and
derivatives designated as effective hedging instruments are classified as current or non-current based on
their maturity date and the Group\u2019s intention to hold or not hold such instruments to maturity.
These are initially recognized at fair value on the date the contract is signed and the subsequent
measurement is also at fair value.
To classify a derivative as a hedge, the company formally designates and documents the hedging
relationship, its risk management objectives and the strategy pursued by identifying: a) the hedging
instrument b) the nature of the risk being hedged c) the way in which the company will assess the
effectiveness of the hedge.
The hedging relationship is effective if:
\u2022
there is an economic relationship between the hedged item and the hedging instrument;
\u2022
the effect of the credit risk does not prevail over the changes in value resulting from the
aforementioned economic relationship;
\u2022
the hedging ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge this quantity of hedged item.
Transactions that meet the above criteria are accounted for as follows:
Fair value hedges
If a derivative financial instrument is designated as a hedge against exposure to changes in the fair
value of an asset or liability attributable to a specific risk, the gain or loss resulting from subsequent
changes in fair value of the hedging instrument is recognized in the Income Statement. The gain or
loss resulting from the fair value adjustment of the hedged item, for the portion attributable to the
hedged risk, changes the carrying amount of that item and is recognized in the income statement
under the same line item.
Cash flow hedges
If a derivative financial instrument is designated to hedge the exposure to the variability of the
cash flows of an asset or a liability recognized in the Financial Statements or of a highly probable
transaction, the effective portion of the resulting profits or losses deriving from the fair value
adjustment of the derivative instrument is recognized in a specific equity reserve. The cumulative
profit or loss is reversed from the equity reserve and recorded in the Income Statement in the same
years in which the effects of the hedged transaction are recognized in the Income Statement. The
gain or loss associated with that part of the ineffective hedge is recognised in the Income Statement
immediately. If the hedged transaction is no longer considered probable, the unrealized gains or
losses recognized in the equity reserve are immediately recognized in the Income Statement.
If, on the other hand, the derivative instrument is sold and therefore no longer qualifies as an effective
risk hedge against which the transaction was entered into, the portion of the \u201cReserve for derivative
instruments measured at fair value\u201d relating to it is maintained until the economic effects of the
underlying contract are manifested.
Commodity derivatives
With reference to commodity derivatives, operations are managed through the stipulation of OTC
- over the counter financial instruments (index swaps), derivative instruments traded on regulated
platforms, as well as through brokerage contracts that provide for the physical delivery of the
underlying asset at a future settlement date (so-called physical contracts).
From an operational point of view, a commercial industrial portfolio has been identified, which includes
physical and financial contracts signed for the management of procurement, and a trading portfolio,
which includes physical and financial contracts signed from a speculative perspective, based on pure
position taking logic whenever it is believed there is a market opportunity, always within the risk limits
defined by the Parent Company\u2019s Board of Directors.
The accounting treatment of these contracts differs according to the following criteria:
1. Contracts that provide for physical delivery
The accounting treatment varies according to their purpose:
a) Contracts relating to procurement activities (\u201cindustrial portfolio\u201d) that meet the criteria defined by
IFRS 9 for own-use exemption are considered executive contracts and therefore are recognized on
an accrual basis only at the time of actual delivery. Said criteria are:
\u00a0\u00a0- The contracts are signed with the aim of physically delivering the underlying commodity, in line with
the Company\u2019s expectations of use;
\u00a0\u00a0- Contracts cannot be closed net through cash and cash equivalents.
\u00a0\u00a0\u00a0The Group analyses contracts for the purchase or sale of non-financial assets on an ongoing basis,
with particular attention to forward purchases or sales of electricity and energy commodities, in
order to determine whether they should be classified and treated in accordance with IFRS 9 or
whether they have been signed for \u201cown use exemption\u201d.
b) Contracts signed with reference to price risk or volume risk management (\u201ctrading portfolio\u201d) are
recognized as follows:
\u00a0\u00a0- from initial recognition to physical delivery, these contracts represent non-hedging derivatives,
measured at fair value in the income statement;
\u00a0\u00a0- at the time of physical delivery, the revenue or full cost deriving from the sale or purchase of
commodities, respectively, is recognized.
\u00a0\u00a0\u00a0With regard to these contracts included in the trading portfolio, the company applies the accounting
policy election provided by IAS 1 and IFRS 9 to present both impacts described above on a net
basis for each individual commodity within the item \u201cRevenue from sales and services\u201d (if the net
balance is positive) or among the costs for \u201cRaw materials and consumables\u201d (if the net balance is
negative).
2. Contracts that do not provide for physical delivery
a) Contracts in the industrial portfolio are accounted for as hedging derivatives (cash flow hedges)
measured at FVOCI, if they meet the criteria set out in IFRS 9 described above.
b) Trading portfolio contracts represent non-hedging derivatives, recorded at fair value in the income
statement in accordance with IFRS 9.
Embedded derivatives
The embedded derivative contained in a non-derivative hybrid contract, in a financial liability or in
a principal non-financial contract, is separated from the principal contract and accounted for as a
separate derivative, if: its economic characteristics and the risks associated with it are not closely
correlated with those of the principal contract; a separate instrument with the same terms
as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not
measured at fair value in the Income Statement. Embedded derivatives are measured at fair value, with
changes in fair value recognized in the Income Statement. A restatement occurs only when there is a
change in the terms of the contract that significantly changes the cash flows otherwise expected or a
reclassification of a financial asset to a category other than fair value in the Income Statement.
An embedded derivative included in a hybrid contract that contains a financial asset is not separated
from the host contract. The financial asset together with the embedded derivative is classified entirely
as a financial asset at fair value in the Income Statement.
Instruments classified under equity
Instruments for which, based on the substance of the contract, there is no contractual obligation
to deliver cash or other financial assets to the counterparty are classified within Equity. These
instruments include the perpetual bond issued in 2024, for which the Group has no contractual
obligation to repay either the principal or the interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48290": { "value": "
Employee benefits
Post-employment benefits (TFR) and pension provisions are determined using actuarial methods; the
rights accrued by employees during the year are recognized in the Income Statement as \u201cpersonnel
expenses\u201d, whereas the figurative financial expense that the company would have to bear if it were
to ask the market for a loan of the same amount as the TFR is recognized as part of the \u201cnet financial
income (expenses)\u201d. Actuarial gains and losses arising from changes in actuarial assumptions
are recognized in income statement taking into account the residual average working life of the
employees.
Following the introduction of Finance Law no. 296 of December 27, 2006, only the portion of accrued
post-employment benefits that remained in the company has been measured in accordance with
IAS 19, as amounts are now paid over to a separate entity as they accrue (either to a supplementary
pension scheme or to funds held by INPS). As a result of these payments the company no longer has
any obligations in connection with the services employees may render in the future.
Guaranteed employee benefits paid on or after the termination of employment through defined benefit
plans (energy discount, health care or other benefits) or long-term benefits (loyalty bonuses) are
recognized in the period when the right vests.
The liability for defined benefit plans, net of any plan assets, is determined by independent actuaries
on the basis of actuarial assumptions and recognized on an accrual basis in line with the work
performed to obtain the benefits.
Gains and losses arising from actuarial calculations are recognized in a specific equity reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48291": { "value": "
Employee benefits
Post-employment benefits (TFR) and pension provisions are determined using actuarial methods; the
rights accrued by employees during the year are recognized in the Income Statement as \u201cpersonnel
expenses\u201d, whereas the figurative financial expense that the company would have to bear if it were
to ask the market for a loan of the same amount as the TFR is recognized as part of the \u201cnet financial
income (expenses)\u201d. Actuarial gains and losses arising from changes in actuarial assumptions
are recognized in income statement taking into account the residual average working life of the
employees.
Following the introduction of Finance Law no. 296 of December 27, 2006, only the portion of accrued
post-employment benefits that remained in the company has been measured in accordance with
IAS 19, as amounts are now paid over to a separate entity as they accrue (either to a supplementary
pension scheme or to funds held by INPS). As a result of these payments the company no longer has
any obligations in connection with the services employees may render in the future.
Guaranteed employee benefits paid on or after the termination of employment through defined benefit
plans (energy discount, health care or other benefits) or long-term benefits (loyalty bonuses) are
recognized in the period when the right vests
The liability for defined benefit plans, net of any plan assets, is determined by independent actuaries
on the basis of actuarial assumptions and recognized on an accrual basis in line with the work
performed to obtain the benefits.
Gains and losses arising from actuarial calculations are recognized in a specific equity reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48292": { "value": "Share-based payments The Group compensates its employees through an equity-settled share-based payment plan accounted for in accordance with IFRS 2. The theoretical benefit attributed to the interested parties is quantified by measuring the fair value of the instrument assigned through financial valuation techniques on the grant date, including in the valuation any market conditions and the estimate regarding the accrual of dividends. The benefit is charged to the income statement over the term of the plan with a counterpart in a specific equity reserve (IFRS2 Reserve). At each financial statement date, the number of rights that are deemed to be assigned is adjusted by recalculating and adjusting the cost recognised in previous years on the basis of the previous percentages.", "dimensions": { "concept": "ifrs-full:DeterminationOfFairValueOfGoodsOrServicesReceivedOrFairValueOfEquityInstrumentsGrantedOnSharebasedPayments", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48293": { "value": "
Provisions and liabilities for landfills
The provisions regard costs of a determinate nature and of certain or probable existence which at
year-end are uncertain in terms of timing or amount. Provisions are recognized when there is a legal or
constructive present obligation arising from past events, the settlement of which is expected to result
in an outflow of resources embodying economic benefits, and it is possible to make a reasonable
estimate of the obligation.
Provisions are recognized at the best estimate of the amount that the company would have to pay to
settle the liability or to transfer it to third parties at the reporting date. If the discounting effect on the
value of money is significant, the provisions are calculated by discounting expected future cash flows
at a pre-tax discount rate that reflects the current market assessment of the time value of money. If
discounting is used the increase in the provision due to the passage of time is recognized as financial
expense.
If the liability relates to property, plant, and equipment (e.g., site dismantling and restoration), the initial
provision is recognized as a balancing entry to the assets to which it refers; the expense is recognized
in the income statement through the depreciation process of the asset to which it refers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48294": { "value": "
If the liability relates to property, plant, and equipment (e.g., site dismantling and restoration), the initial
provision is recognized as a balancing entry to the assets to which it refers; the expense is recognized
in the income statement through the depreciation process of the asset to which it refers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48204": { "value": "
Treasury shares
Treasury shares are accounted for as a deduction from equity. In particular, treasury shares are
recognized as a negative equity reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48295": { "value": "
Grants
Grants, both from public entities and from third party private entities, are measured at fair value when
there is the reasonable certainty that they will be received and that the Group will be able to comply
with the terms and conditions for obtaining them.
Grants received for specific assets whose value is recognized as property, plant, and equipment or
intangible assets are recognized as a direct reduction of the assets themselves and credited to the
income statement over the depreciation period of the assets to which they relate.
Revenue grants (given to provide the company with immediate financial support or as compensation
for expenses or losses incurred in a previous accounting period) are recognized in their entirety in the
income statement as soon as the conditions for recognizing the grants are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48298": { "value": "
Revenues and expenses
The recognition of revenues is based on the following five steps: (i) identification of the contract
with the customer; (ii) identification of the performance obligations, represented by the contractual
promises to transfer goods and/or services to a customer; (iii) determination of the transaction price;
(iv) allocation of the transaction price to the performance obligations identified on the basis of the
stand-alone sale price of each good or service; (v) recognition of the revenue when the relative
performance obligation is satisfied, i.e. when the promised good or service is transferred to the
customer; the transfer is considered completed when the customer obtains control of the good or
service, which can occur continuously over time diluted and extended or at a point in time. Depending
on the type of transaction, revenues are recognized on the basis of the following specific criteria:
Market Business Unit and Smart Infrastructures Business Unit:
\u2022
revenues from the sale and transport of electricity and gas represent an \u201con demand\u201d supply service
and are therefore recognized \u201cover time\u201d. The company avails itself of the practical expedient
provided for in IFRS 15.B16 (\u201cas invoiced practical expedient\u201d) as it is entitled to a fee whose amount
corresponds directly to the value of the services completed up to the date considered. Thanks to
this practical expedient, the company recognizes revenue for the amount it is entitled to invoice.
Therefore, revenues are recognized at the time that the energy is supplied or the service rendered,
even if invoicing has not yet taken place, and are determined by adding estimates of consumption to
amounts resulting from pre- established meter-reading schedules. Where applicable, these revenues
are based on the tariffs and related tariff restrictions in force during the year prescribed by the law
and the Regulatory Authority for Energy, Networks and the Environment and similar foreign bodies;
Smart Infrastructures Business Unit:
\u2022
connection contributions paid by users, if not for costs incurred to extend the network, are
recognized in the income statement on collection and presented as \u201crevenues from services\u201d;
\u2022
the revenues billed to users for an extension of the gas network are accounted for as a reduction in the
carrying amount of property, plant and equipment and are recognized in the income statement as a
reduction in the depreciation charged over the useful life of the cost capitalized to extend the network;
Generation Business Unit:
\u2022
the revenues and expenses involved in withdrawing quantities that are higher or lower than the
Group\u2019s share are measured at the prices envisaged in the related purchase or sale contract;
All Business Units:
\u2022
revenues from the provision of services are recognized according to the stage of completion
based on the same criteria as for contract work in progress. If it is impossible to calculate revenues
on a reliable basis they are recognized up to the amount of the costs incurred providing they are
expected to be recovered;
\u2022
revenues from the sale of certificates are recognized at the time of sale.
Revenues are stated net of returns, discounts, allowances and rebates, as well as directly related
taxes. As mentioned in the paragraph \u201cCommodity derivatives\u201d, the result of the trading portfolio
included in the item \u201cRevenues\u201d is accounted for according to IFRS 9 and not according to IFRS 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48205": { "value": "
Expenses relate to goods or services sold or consumed during the year or as a result of systematic
allocation; if no future use is envisaged they are recognized directly in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48206": { "value": "
Financial income and expenses
Financial income is recognized when interest income arises using the effective interest method, i.e.
at the rate that exactly discounts expected future cash flows over the expected life of the financial
instrument.
Financial expense is recognized in the Income Statement on an accrual basis and are recorded in the
amount of effective interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48207": { "value": "
Financial expense is recognized in the Income Statement on an accrual basis and are recorded in the
amount of effective interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48208": { "value": "
Dividends
Dividend income is recognized when it is established that the shareholders have a right to receive
payment, and is recognized as financial income in the Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48209": { "value": "
Income taxes
Current taxes
Current income taxes are based on an estimate of taxable income in compliance with tax regulations
in force or substantially approved at the reporting date, bearing in mind any exemptions or tax assets
due. Account is also taken of the fact that the Group now files for tax on a consolidated basis.
Deferred tax assets and liabilities
Deferred tax assets and liabilities are calculated on the temporary differences between the carrying
amount of assets and liabilities and their tax bases, with the exception of goodwill which is not
deductible for tax purposes and any differences resulting from investments in subsidiaries which are
not expected to reverse in the foreseeable future. The tax rates used are those expected to apply
to the period when the temporary differences reverse. Deferred tax assets are recognized to the
extent that it is probable that taxable profit will be available against which the deductible temporary
differences can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable
that the tax benefit will be realized. The measurement of deferred tax assets takes account of the
period for which business plans are available.
When transactions are recognized directly in equity, any related current or deferred tax effects are
also recognized directly in equity. Deferred taxes on the undistributed profits of Group companies are
only provided for if there is the real intention to distribute such profits and, in any case, if the taxation
is not offset as the result of filing a Group tax return.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Taxes are only offset when they are levied by the same tax authority, when there is the legal right of
set-off and when settlement of the net balance is expected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48210": { "value": "
Deferred tax assets and liabilities
Deferred tax assets and liabilities are calculated on the temporary differences between the carrying
amount of assets and liabilities and their tax bases, with the exception of goodwill which is not
deductible for tax purposes and any differences resulting from investments in subsidiaries which are
not expected to reverse in the foreseeable future. The tax rates used are those expected to apply
to the period when the temporary differences reverse. Deferred tax assets are recognized to the
extent that it is probable that taxable profit will be available against which the deductible temporary
differences can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable
that the tax benefit will be realized. The measurement of deferred tax assets takes account of the
period for which business plans are available.
When transactions are recognized directly in equity, any related current or deferred tax effects are
also recognized directly in equity. Deferred taxes on the undistributed profits of Group companies are
only provided for if there is the real intention to distribute such profits and, in any case, if the taxation
is not offset as the result of filing a Group tax return.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Taxes are only offset when they are levied by the same tax authority, when there is the legal right of
set-off and when settlement of the net balance is expected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48300": { "value": "
Non-current assets held for sale, disposal groups and discontinued
operations \u2013 IFRS 5
Non-current assets held for sale, disposal groups and discontinued operations whose carrying amount
will be recovered principally through sale rather than continuous use are measured at the lower of their
carrying amount and fair value less costs to sell. A disposal group is a group of assets to be disposed
of together as a group in a single transaction together with the liabilities directly associated with those
assets that will be transferred in that transaction. Discontinued operations on the other hand consist of a
significant component of the Group such as a separate major line of business or a geographical area of
operations or a subsidiary acquired exclusively with a view to resale.
In accordance with IFRS, the figures for non-current assets held for sale, disposal groups and
discontinued operations are shown on two specific lines in the statement of financial position: non-
current assets held for sale and liabilities directly associated with non-current assets held for sale.
Assets held for sale also include any portion of goodwill allocated to the CGU or group of CGU to
which the disposal group belongs. This allocation is made on the basis of the relative value of the
disposal group compared to that of the CGU/Group of CGU.
Non-current assets held for sale are not depreciated or amortized and are measured at the lower of
carrying amount and fair value less costs to sell; any difference between carrying amount and fair
value less costs to sell is recognized in the income statement as an impairment losses.
The net profit or loss arising from discontinued operations, and only discontinued operations, pending
the disposal process, any gains or losses on disposal and the corresponding comparative figures for
the previous year or period are recognized in a specific line of the Income Statement: \u201cProfit (loss)
from discontinued operations\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48301": { "value": "
2.7.2 Use of estimates and judgement by management
Preparing the financial statements and notes requires the use of estimates and assumptions in
determining certain assets and liabilities and measuring contingent assets and liabilities. The actual
results could differ from such estimates.
Estimates have been used in assessing the recoverability of assets, to determine certain sales
revenue, in provisions for risks and charges, in loss allowances and other provisions for impairment
losses, amortization and depreciation, the measurement of derivatives, employee benefits and taxes.
The underlying estimates and assumptions are regularly reviewed and the effect of any change is
immediately recognized in the income statement.
The Group believes climate change risks are an implicit element in the application of the
methodologies and models used to make estimates, evaluations and measurements of certain
items in the financial statements. Management believes that the main areas of the consolidated
financial statements at December 31, 2025, the valuation of which is subject to the use of estimates
and judgement by management, also with reference to climate change risks, are those subject to
impairment tests (property, plant and equipment, intangible assets and goodwill) and the provisions
for risks, with specific reference to decommissioning provisions, and contingent liabilities. For
further details, please refer to the specific paragraph \u201cESRS E1 - Climate change\u201d contained in the
Sustainability Statement in the Report on Operations, as well as the paragraph on the Impairment test
contained in Note 4 of the Explanatory Notes.
The following is a brief description of the accounting policies that, in relation to the Group, require
more subjectivity on the part of the directors in the preparation of estimates and for which a change in
the conditions underlying the assumptions used could have a significant impact on the financial data.
Impairment of non-financial assets
Property, plant and equipment, intangible assets and goodwill are impaired when their carrying
amount exceeds their recoverable amount, which is the higher of their fair value less costs to sell and
their value in use.
With the exception of the gas network businesses, the recoverable amount is determined, in terms
of value in use, by discounting the cash flows expected from the use of the asset (\u2018Discounted Cash
Flow\u2019), of a CGU or a Group of CGU, over the explicit duration of the plan, as well as the value expected
from its disposal at the end of its useful life or its terminal value. In the case of the gas networks, the
recoverable amount is also determined using the VIR criterion, calculated on the basis of the RAB
value.
Impairment tests on these assets are carried out in accordance with the criteria set out in IAS 36 and
described in more detail in Note 4, \u2018Impairment test of non financial assets\u2019.
The impairment test requires a high degree of judgement by management with regard to the following
aspects:
\u2022
Identification of Cash Generating Units (CGU);
\u2022
Allocation of goodwill to CGU or Groups of CGU;
\u2022
Identification of impairment indicators for assets or CGU that do not include goodwill;
\u2022
Forecasts of future cash flows, which are based on the updated 2024\u20132035 Strategic Plan approved
by the Directors;
\u2022
Determination of the normalized cash flows or the realizable value of the assets used to estimate the
terminal value;
\u2022
Determination of the long-term growth rates and discount rates applied to the forecasts of future
cash flows;
\u2022
In the case of the Reti Gas CGU Groups, the estimate of the Residual Industrial Value.
The forecasts contained in the Strategic Plan are sensitive to future trends and volatility in energy
markets and macroeconomic scenarios, as well as to adverse weather events, potential changes in
regulations, and new authorisation and legislative measures.
To address the uncertainties inherent in the estimate, in compliance with the requirements of the ESMA
Recommendation of October 14, 2025, concerning the focus on consistency between financial reporting
and sustainability reporting (CSRD/ESRS), sensitivity analyses were carried out on the forecast values
used for the assessment of the recoverable value of the CGU Groups. These analyses, conducted
internally, concerned three plan variables identified as significant for the most impacted CGU Groups, such
as: the variability of hydroelectric production, the inclusion of Waste To Energy in the Emissions Trading
System and the variability of the PUN. These risks, and their estimated impact at the EBITDA level, were
used as a basis to assess the potential impact they may have on the results of the impairment test.
Moreover, for the purpose of preparing the impairment test, the company avails itself of the support of
an expert external to the A2A Group which has, among other things:
\u2022
analyzed the relevant components and assumptions of the economic-financial projections drawn up
by the Group's management, carried out comparisons and checks regarding the correctness of the
sources and assumptions used, developed the assumptions regarding the growth rate beyond the
Plan horizon for the determination of the normalized flows up to the end of the useful life of the plants;
\u2022
estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average
cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely
used in valuation practice and in line with last year's impairment testing in order to reflect current
market valuations with reference to the present value of money, country risk and the specific risks
associated with the asset;
\u2022
provided assistance in preparing specific sensitivity analyses that considered the risks previously
mentioned.
Management is of the opinion that the estimates of the recoverable amounts are reasonable, albeit subject
to changes in the factors underlying the estimates on which these recoverable amounts have been
calculated could produce different measurements. For further details on the way in which impairment
testing was carried out and the results of such testing, reference is made to the specific paragraph.
Useful lives of non-financial assets
Depreciation and amortization charges are a significant cost for the company. Non-current assets are
depreciated or amortized on a straight-line basis over the useful lives of the assets. The useful lives
of the company\u2019s non-current assets are established by the directors, with the assistance of expert
appraisers, when they are purchased. The company periodically reviews technological and sector
changes, dismantling/closure charges and the recovery amount of assets to update their residual
useful lives. This periodic update could lead to a change in the period of depreciation or amortization
and hence also in the depreciation or amortization charge in future years.
Revenue recognition
Revenues from sales include the estimate of accrued revenues related to gas and electricity consumed
by customers and not yet subject to periodic reading at December 31, 2025 and the estimate of revenues
accrued for gas and electricity consumed by customers and not yet billed at December 31, 2025, in
addition to the revenues already billed to customers based on the periodic consumption readings
made during the year. The processes and methods for evaluating and determining these estimates are
based on sometimes complex assumptions that by their nature imply recourse to the opinion of the
directors, in particular with regard to recognition of accrued revenues, as the methods used by the A2A
Group to estimate the quantities of consumption between the date of the last reading and December 31,
and therefore to value the revenues accrued during the year, are based on assumptions and complex
calculation algorithms that concern various information systems. Furthermore, the estimate of consumption
not subject to periodic reading is made by taking as reference the historical profile of each user, adjusted
on the basis of climatic correction factors provided by the Regulatory Authority for Energy, Networks and
the Environment (also \u201cARERA\u201d), to incorporate other variables that can have an impact on consumption.
Expected credit losses
The assessment of the existence of impairment losses is made at each reporting date, using different
criteria depending on the characteristics of the receivables being analysed in relation to the reference
business, the nature of the counterparty and the value. In accordance with IFRS 9, the approach
adopted is forward-looking, focusing on the probability of future losses, even in the absence of
events that would suggest the need to write down a credit position (Expected Losses) and is based
on assumptions regarding the risk of default and the measurement of expected losses. In making
these assumptions and selecting the inputs to calculate the expected loss, management uses its
professional judgement, based on the Company\u2019s past experience, current market conditions, as well
as forward-looking estimates at the end of each reporting date.
In particular, receivables that are individually significant are expected to be subject to a specific
analysis aimed at assessing their recoverability, while the write-down of receivables not subject to
specific valuation is determined by applying the specific unpaid ratio of the business.
Provisions for lawsuits
In certain circumstances it is not easy to identify whether a legal or constructive present obligation
exists. The directors assess these situations case by case, together with an estimate of the economic
resources required to settle the obligation. Estimating such provisions is the result of a complex
process that involves subjective judgements on the part of company management. When the directors
are of the opinion that it is only possible that a liability could arise, the risks are disclosed in the section
on commitments and contingent liabilities without making any provision.
Liabilities for landfills
The liabilities for landfills provision represents the amount set aside to meet the costs which will be
incurred for the management of the period of closure and post-closure of landfills currently in use. The
future outlays, calculated for each landfill by a specific appraisal updated annually, were discounted in
accordance with the provisions of IAS 37.
Decommissioning provisions
The decommissioning provision represents the amount allocated to meet the dismantling and
restoration costs that will have to be incurred for the reclamation of the sites on which some plants are
located, as required by individual concessions, surface right contracts or specific laws. The obligation,
based on financial and engineering assumptions, is calculated by discounting the expected future
cash flows that the Group believes it must pay against the various obligations assumed. This liability
is quantified by management on the basis of the technology existing at the valuation date and is
reviewed, at least every three years, taking into account the development in the techniques of storage,
dismantling and restoration of the site, as well as the continuous evolution of existing laws on health
protection and environmental protection. The value of the obligation is discounted at each closing in
accordance with the provisions of IAS 37.
Determination of the fair value of derivative financial instruments
The fair value of financial instruments, both on interest rates and on exchange rates, is derived from
market quotations. In the absence of quoted prices in active markets, forecast price curves based on
simulation models developed internally by the company are used.
The fair value of commodity contracts is determined using directly observable market inputs where
available.
The method used to calculate the fair value of the instruments in question includes the assessment of
non-performance risk if deemed relevant. However, the actual results of derivatives could differ from
the measurements made.
Employee benefits
Some of the Group\u2019s employees benefit from pension plans that offer social security benefits based
on their remuneration history and their years of service. Some employees also benefit from the
coverage of other post-retirement benefit plans. The calculations of costs and liabilities associated
with these plans are based on estimates made by actuarial consultants, who use a combination of
statistical-actuarial factors, including statistical data relating to past years and forecasts of future
costs. Estimates also include mortality and retirement rates, assumptions regarding future discount
rates, wage growth rates, inflation rates, and an analysis of healthcare cost trends. These estimates
can differ significantly from the actual results owing to changes in economic and market conditions,
increases or decreases in pension rates and the lifespan of participants, as well as changes in the
effective cost of medical care. These differences may have a significant impact on the quantification
of social security expenditure and other related charges.
The full effects of any changes in these actuarial assumptions are recognized in a specific equity
reserve. For further details on the main actuarial assumptions adopted, please refer to note 21
\u201cEmployee benefits\u201d.
Leasing
Given the complexity required for the valuation of leasing contracts, combined with their long-term
duration, the application of IFRS 16 requires significant recourse to professional judgement. In
particular, this was necessary to:
\u2022
apply the definition of leasing to cases typical of the sectors in which the Group operates;
\u2022
identify the service component in leasing contracts;
\u2022
evaluate any renewal and termination options provided for in the contracts in order to terminate
the duration of the contracts, jointly examining the probability of exercising these options and any
significant improvement on the underlying assets;
\u2022
identify any variable payments that depend on indices or rates to determine whether changes in the
latter may have an impact on future lease payments as well as on the amount of the asset consisting
of the right-of-use asset;
\u2022
identify the implicit interest rate of the lease when this cannot be easily determined: the Group
uses the Incremental Borrowing Rate (IBR) at the lease start date (estimated on a quarterly basis),
to calculate the present value of the payments due. In the absence of observable inputs, the Group
estimates the IBR on the basis of the Group\u2019s average financing rate that reflects the duration and
contractual conditions of the lease, using the risk-free rate adjusted for the credit spread.
Business combinations
The recognition of business combination transactions implies the valuation of assets and liabilities
acquired at fair value, according to the most up-to-date valuation techniques (Multi-Period Excess
Earnings, Discounted Cash Flow, etc.). This valuation includes the making of complex estimates by
management, which mainly concern future forecasts related to the acquired businesses (business
plans, regulatory and regulatory developments, macroeconomic scenarios, etc.), the valuation of any
financial instruments included in the business combinations (e.g. put or earn-out) and discount rates.
Current taxes and future recovery of deferred tax assets
The uncertainties that exist regarding the way of applying certain tax regulations have led the
company to taking an interpretative stance when providing for current taxes in the financial
statements; such interpretations could be overturned by official clarifications on the part of the tax
authorities.
Deferred tax assets are accounted for on the basis of the taxable profit expected to be available in
future years. Assessing the expected taxable profit for the purpose of accounting for deferred taxation
depends on factors that can vary over time, and may lead to significant effects on the measurement of
deferred tax assets.
Assessment of the existence of control requirements
According to the provisions of IFRS 10, control is obtained when the Group is exposed to variable
returns, or holds rights to such returns, arising from the relationship with the investee company and
has the ability to affect those returns, through the exercise of its power over the investee company.
Power is defined as the current ability to direct the relevant activities of the investee by virtue of
existing substantive rights. The existence of control does not depend solely on the possession of the
majority of voting rights, but rather on the substantial rights of each investor in the investee company.
Consequently, management\u2019s judgement is required to assess specific situations that determine
substantive rights that give the Group the power to direct the relevant activities of the investee
company in order to influence its returns. For the purposes of assessing the control requirement,
management analyses all the facts and circumstances, including any agreements with other investors,
also with reference to the vote or the appointment of directors, the rights deriving from other
contractual agreements, potential voting rights (call options, warrants, put options assigned to non-
controlling interests, etc.) and other legal provisions.
These other facts and circumstances may be particularly relevant in the context of this assessment,
especially in cases where the Group holds less than the majority of the voting rights, or similar rights,
of the investee company. In addition, even if it holds more than half of the voting rights of another
company, the Group considers all relevant facts and circumstances in assessing whether it controls
the investee company. The Group reviews the existence of the conditions of control over an investee
company when the facts and circumstances indicate that there has been a change in one or more
elements considered for the verification of the existence of control.
Application of \u201cIFRIC 12 - Service Concession Arrangements\u201d
The Group, as a concessionaire, applies IFRIC 12 to \u201cpublic-to-private\u201d service concession
arrangements, in which a public authority (i.e. the grantor) transfers to a concessionaire the right to
manage the infrastructure used to provide public services.
In particular, management assesses whether the agreements for \u201cpublic-to-private\u201d concession
services are within the scope of IFRIC 12 based on the following:
\u2022
the grantor controls or regulates which services the concessionaire must provide with the
infrastructure, to whom it must provide them and at what price; and
\u2022
the grantor controls, through ownership, or otherwise, any significant residual interest in the
infrastructure at maturity.
Hedge accounting\u00a0
Hedge accounting is applied to derivatives in order to reflect the effects of the Group\u2019s risk
management strategies in the financial statements. To this end, the Group documents at the inception
of the transaction, the relationship between the hedging instrument and the hedged item, as well as
the risk management objectives and strategy. In addition, the Group assesses, both at the inception
of the report and on a systematic basis, whether hedging instruments are highly effective in offsetting
changes in the fair value or cash flows of hedged items.
Based on management\u2019s judgement, the assessment of effectiveness based on the existence of an
economic relationship between the hedging instruments and the hedged items, the dominance of
credit risk in changes in value and the hedge ratio, as well as the measurement of ineffectiveness,
are assessed by means of a qualitative assessment or a quantitative calculation, depending on the
specific facts and circumstances and the characteristics of the hedging instruments and the hedged
items. With respect to cash flow hedges of future transactions, management assesses and documents
that they are highly probable and present an exposure to changes in cash flows that impacts the
Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48302": { "value": "
Results sector by sector
million euro
12.31.2025\u00a0Generation
and Trading
Market\u00a0Circular
Economy
Smart
Infrastructures
 Corporate\u00a0Eliminations\u00a0Income statement
Reported
01.01.25\u00a001.01.25\u00a001.01.25\u00a001.01.25\u00a001.01.25\u00a001.01.25\u00a001.01.25
31.12.25\u00a031.12.25\u00a031.12.25\u00a031.12.25\u00a031.12.25\u00a031.12.25\u00a031.12.25
Revenue
9,009 \u00a07,219 \u00a02,280\u00a01,168\u00a0383 \u00a0(5,996)\u00a014,063
- of which inter-sector
4,763 \u00a0149 \u00a0357 \u00a0371\u00a0\u00a0356 \u00a0(5,996)
Operating expenses
(8,176)\u00a0(6,679)\u00a0(1,231)\u00a0(514)\u00a0(249)\u00a05,996 \u00a0(10,853)
- of which inter-sector
(517)\u00a0(4,930)\u00a0(438)\u00a0(108)\u00a0(3)\u00a05,996
Personnel expenses
(105)\u00a0(76)\u00a0(445)\u00a0\u00a0(96)\u00a0(196)\u00a0(918)
Gross Operating Profit (Loss) -
EBITDA
728 \u00a0464 \u00a0604\u00a0558\u00a0(62)\u00a02,292
% of revenues
8.1%\u00a06.4%\u00a026.5% \u00a04\u00a07.\u00a08\u00a0%\u00a0(16.2%)\u00a016.3%
Depreciation of Property, plant
and equipment and amortization
of intangible assets
(253)\u00a0(105)\u00a0(270)\u00a0(242)\u00a0(85)\u00a0(955)
Impairment losses of fixed assets
(1)\u00a0(3) \u00a0(7)\u00a0(2)\u00a0(13)
Other provisions for risks
(19)\u00a0(1)\u00a01 \u00a01 \u00a0(1)\u00a0(19)
Impairment losses on trade
receivables
(68)\u00a0(2)\u00a0(70)
Operating Profit (Loss) - EBIT
456 \u00a0289\u00a0330 \u00a0310\u00a0(150)\u00a01,235
% of revenues
5.1%\u00a04.0%\u00a014.5% \u00a026.5%\u00a0(39.2%)\u00a08.8%
Net financial income (expenses)
(143)
Profit (loss) before taxes
1,092
Income taxes
(310)
Profit (loss) after taxes from
continuing operations
782
Profit (loss) from discontinued/
held for sale operations
Non-controlling interests
(32)
Group net profit of the year
750
Gross capex
(1)
341 \u00a0119 \u00a0516 \u00a0535 \u00a0173 \u00a0(3)\u00a01,681
(1) See the items \u201cCapex\u201d in the schedules on Property, plant and equipment and Intangible assets presented in Notes 1 and 2 to the balance sheet.
million euro
12.31.2024 \u00a0Generation
and Trading
Market\u00a0Circular
Economy
Smart
Infrastructures
 Corporate\u00a0Eliminations\u00a0Income statement
Reported
01.01.24\u00a001.01.24\u00a001.01.24\u00a001.01.24\u00a001.01.24\u00a001.01.24\u00a001.01.24
31.12.24\u00a031.12.24\u00a031.12.24\u00a031.12.24\u00a031.12.24\u00a031.12.24\u00a031.12.24
Revenue
8,519 \u00a06,670\u00a0\u00a02,149 \u00a0852 \u00a0353 \u00a0(5,686)\u00a012,857
- of which inter-sector
4,529\u00a0\u00a0145 \u00a0335 \u00a0352 \u00a0324\u00a0(5,685)
Operating expenses
(7,428)\u00a0(6,135)\u00a0(1,135)\u00a0(387)\u00a0(238)\u00a05,686 \u00a0(9,637)
- of which inter-sector
(470)\u00a0(4,701)\u00a0(395)\u00a0(104)\u00a0(16)\u00a05,686
Personnel expenses
(105)\u00a0(73)\u00a0(432)\u00a0(86)\u00a0(196)\u00a0(892)
Gross Operating Profit (Loss) -
EBITDA
986 \u00a0462 \u00a0582 \u00a0379 \u00a0(81)\u00a02,328
% of revenues
11.6%\u00a06.9%\u00a02\u00a07.1\u00a0%\u00a044.5%\u00a0(22.9%)\u00a018.1%
Depreciation of Property, plant
and equipment and amortization of
intangible assets
(253)\u00a0(85)\u00a0(267)\u00a0(201)\u00a0(78)\u00a0(884)
Impairment losses of fixed assets
(1)\u00a0(11)\u00a0(1)\u00a0(1)\u00a0(14)
Other provisions for risks
(30)\u00a011 \u00a0(12)\u00a03 \u00a0(3)\u00a0(31)
Impairment losses on trade
receivables
(80)\u00a0(3)\u00a0(1)\u00a02 \u00a0(82)
Operating Profit (Loss) - EBIT
702 \u00a0308 \u00a0289 \u00a0179 \u00a0(161)\u00a01,317
% of revenues
8.2%\u00a04.6%\u00a013.4%\u00a021.0%\u00a0(45.6%)\u00a010.2%
Net financial income (expenses)
(106)
Profit (loss) before taxes
1,211
Income taxes
(319)
Profit (loss) after taxes from
continuing operations
892
Profit (loss) from discontinued/
held for sale operations
Non-controlling interests
(28)
Group net profit of the year
864
Gross capex
(1)
370\u00a0\u00a0115 \u00a0460 \u00a0456 \u00a0112 \u00a0(1)
1,512
(1) See the items \u201cCapex\u201d in the schedules on Property, plant and equipment and Intangible assets presented in Notes 1 and 2 to the balance
sheet.
million euro
12.31.2025 \u00a0Generation
and Trading
Market
Circular
Economy
Smart
Infrastructures
Corporate\u00a0Eliminations\u00a0
and
adjustments
Total Group
31.12.2025\u00a031.12.2025\u00a031.12.2025\u00a031.12.2025\u00a031.12.2025\u00a031.12.2025\u00a031.12.2025
Capital Employed
Net fixed capital\u00a03,013\u00a0495\u00a03,860\u00a04,390 \u00a06,512\u00a0(6,035)\u00a0\u00a012,235
- Property, plant and
equipment
2,745\u00a057\u00a02,711\u00a02,295\u00a0364\u00a0(37)\u00a08,135
- Intangible assets and
goodwill
403\u00a0449\u00a01,403\u00a02,218\u00a0141\u00a0(2)\u00a0\u00a04,612
- \u00a0 Shareholdings \u00a0and\u00a0
other non-current
financial assets
44\u00a07\u00a030\u00a0 - \u00a06,054\u00a0(6,000)\u00a0135
- Other non-current
assets/liabilities
28\u00a0(14)\u00a024\u00a0(76)\u00a014\u00a02\u00a0(22)
- Deferred tax assets/
liabilities
210\u00a021\u00a0124\u00a0(7)\u00a061\u00a01\u00a0410
- Provisions for risks,
charges and liabilities
for landfills
(402)\u00a0(16)\u00a0(383)\u00a0(13)\u00a0(26)\u00a01\u00a0(839)
- Employee benefits\u00a0(15)\u00a0(9)\u00a0(49)\u00a0(27)\u00a0(96)\u00a0 - \u00a0(196)
Net Working Capital and
Other Current Assets/
Liabilities
(614)\u00a0546\u00a065\u00a0(329)\u00a064\u00a0(3)\u00a0(271)
Net Working Capital:\u00a0(572)\u00a0678\u00a0125\u00a0(18)\u00a0(116)\u00a0(23)\u00a074
- Inventories\u00a0181\u00a01\u00a057\u00a071\u00a02\u00a0(1)\u00a0311
- Trade receivables\u00a02,597\u00a01,734\u00a0653\u00a0257\u00a091\u00a0(878)\u00a04,454
- Trade payables\u00a0(3,350)\u00a0(1,057)\u00a0(585)\u00a0(346)\u00a0(209)\u00a0856\u00a0(4,691)
Other current assets/
liabilities:
(42)\u00a0(132)\u00a0(60)\u00a0(311)\u00a0180\u00a020\u00a0(345)
- Other current assets/
liabilities:
(51)\u00a0(132)\u00a0(57)\u00a0(290)\u00a079\u00a020\u00a0(431)
- Net current tax assets/
liabilities
9\u00a0 - \u00a0(3)\u00a0(21)\u00a0101\u00a0 - \u00a086
Assets/Liabilities held
for sale
 - \u00a0 - \u00a0 - \u00a0 - \u00a0 - \u00a0 - \u00a0 -
Total capital employed\u00a02,399\u00a01,041\u00a03,925\u00a04,061\u00a06,576\u00a0(6,038)\u00a0\u00a011,964
million euro
12.31.2024\u00a0Generation\u00a0
and Trading
Market
Circular
Economy
Smart
Infrastructures
Corporate\u00a0Eliminations\u00a0
and
adjustments
Total
Group
31.12.2024\u00a031.12.2024\u00a031.12.2024\u00a031.12.2024\u00a031.12.2024\u00a031.12.2024\u00a031.12.2024
Capital employed
Net fixed capital\u00a02,874\u00a0447\u00a03,522\u00a04,218\u00a05,986\u00a0(5,630)\u00a0\u00a011,417
- Property, plant and
equipment
2,635\u00a056\u00a02,459\u00a02,180\u00a0296\u00a0(43)\u00a0\u00a07,583
- Intangible assets and
goodwill
408\u00a0436\u00a01,314\u00a02,171\u00a0120\u00a0 - \u00a04,449
- \u00a0 Shareholdings \u00a0and\u00a0
other non-current
financial assets
15\u00a08\u00a037\u00a0 - \u00a05,630\u00a0(5,590)\u00a0100
- Other non-current
assets/liabilities
17\u00a0(52)\u00a023\u00a0(76)\u00a019\u00a02\u00a0(67)
- Deferred tax assets/
liabilities
218\u00a020\u00a0134\u00a0(12)\u00a060\u00a01\u00a0420
- Provisions for risks,
charges and liabilities
for landfills
(402)\u00a0(13)\u00a0(395)\u00a0(15)\u00a0(30)\u00a01\u00a0(854)
- Employee benefits\u00a0(17)\u00a0(8)\u00a0(50)\u00a0(30)\u00a0(109)\u00a0 - \u00a0(214)
Net Working Capital and
Other Current Assets/
Liabilities
(228)\u00a0607\u00a0(15)\u00a0(171)\u00a0(69)\u00a0\u00a0(8)\u00a0\u00a0116
Net Working Capital:\u00a0(404)\u00a0711\u00a068\u00a015\u00a0(79)\u00a0(32)\u00a0279
- Inventories\u00a0202\u00a0 - \u00a055\u00a058\u00a05\u00a0(2)\u00a0318
- Trade receivables\u00a01,830\u00a01,947\u00a0609\u00a0242\u00a079\u00a0(1,064)\u00a03,643
- Trade payables\u00a0(2,436)\u00a0(1,236)\u00a0(596)\u00a0(285)\u00a0(163)\u00a01,034\u00a0(3,682)
Other current assets/
liabilities:
176\u00a0(104)\u00a0(83)\u00a0(186)\u00a010\u00a024\u00a0(163)
- Other current assets/
liabilities:
158\u00a0(98)\u00a0(77)\u00a0(186)\u00a091\u00a024\u00a0(88)
- Net current tax assets/
liabilities
18\u00a0(6)\u00a0(6)\u00a0 - \u00a0(81)\u00a0\u00a0-\u00a0(75)
Assets/Liabilities held
for sale
 - \u00a0 - \u00a0 - \u00a0394\u00a0 - \u00a0 - \u00a0394
Total capital employed\u00a02,646\u00a01,054\u00a03,507\u00a04,441\u00a05,917\u00a0\u00a0(5,638) \u00a011,927
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48303": { "value": "
1) Property, plant and equipment
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
Capex\u00a0Other
changes
Disposals
and sales
Impairment
losses/
Reversal
Deprec.\u00a0Total\u00a0
changes
Land\u00a0162\u00a010\u00a07\u00a0(2)\u00a05\u00a0177
Buildings\u00a0591\u00a05\u00a029\u00a023\u00a0(1)\u00a0(1)\u00a0(36)\u00a014\u00a0610
Plant and
machinery\u00a05,235\u00a07\u00a0384\u00a0221\u00a0(9)\u00a0(1)\u00a0(451)\u00a0144\u00a05,386
Industrial and
commercial
equipment		\u00a071\u00a020\u00a0(1)\u00a0(14)\u00a05\u00a076
Other assets\u00a0178\u00a035\u00a058\u00a0(42)\u00a051\u00a0229
Landfills\u00a010\u00a03\u00a0(2)\u00a01\u00a011
Assets under
construction and
payments on
account\u00a0		1,006\u00a01\u00a0665\u00a0(343)\u00a0(1)\u00a0(2)\u00a0319\u00a01,326
Leasehold
improvements		\u00a0158\u00a026\u00a0(69)\u00a0(9)\u00a0(13)\u00a0(65)\u00a093
Right-of-use
assets\u00a0		172\u00a0101\u00a0(46)\u00a055\u00a0227
Total\u00a07,583\u00a023\u00a01,166\u00a0(7)\u00a0(20)\u00a0(6)\u00a0(604)\u00a0529\u00a08,135
of which:
Historical cost\u00a017,029\u00a023\u00a01,166\u00a045\u00a0(137)\u00a01,074\u00a018,126
Accumulated
depreciation \u00a0		(8,598)\u00a0(52)\u00a0117\u00a0(604)\u00a0(539)\u00a0(9,137)
Impairment
losses\u00a0		(848)\u00a0(6)\u00a0(6)\u00a0(854)
Changes during the period include the first-time consolidation effect of 23 million euro, following the
acquisitions of the companies Sesto Energia S.r.l., 2B S.r.l., Cr Rinnovabili Cutro 1 S.r.l., Aren03 S.r.l.,
Aren05 S.r.l., S2SE Cinque S.r.l., Aren01 S.r.l. and Novito Acque S.r.l..
The other changes in the period recorded an increase of 529 million euro as follows:
\u2022\u00a0\u00a0increase of 1,166 million euro for capex in the year as further described below;
\u2022\u00a0\u00a0decrease of 604 million euro for the depreciation charge for the year;
\u2022\u00a0\u00a0decrease of 20 million euro arising from disposals in the year, net of accumulated depreciation;
\u2022\u00a0\u00a0a net decrease for other changes of 7 million euro, attributable to an increase of 101 million euro in
rights-of-use asset in accordance with IFRS 16, a decrease of 69 million euro due to reclassifications
to other items in the financial statements, a decrease of 40 million euro due to grants on investments
from previous reporting periods, a decrease of 8 million euro due to tax assets for investments in
new capital goods pursuant to Article 1, paragraph 1051, of Italian Law No. 178/2020, an increase of 6
million euro for decommissioning, and an increase of 3 million euro due to environmental landfills;
\u2022\u00a0\u00a0decrease of 6 million euro as a result of impairment losses made during the year on assets no longer
considered functional to the A2A Group's business.
Capex may be analyzed as follows:
\u2022\u00a0\u00a0for the Circular Economy Business Unit, capex amounted to 390 million euro and mainly concerned:
190 million euro for work on the Group\u2019s waste treatment and disposal plants; 122 million euro for the
development of district heating networks; 34 million euro for the acquisition and equipping of mobile
waste collection vehicles; 33 million euro for work on the Group\u2019s waste treatment and conversion
plants into biogas;
\u2022\u00a0\u00a0for the Smart Infrastructures Business Unit, investments totaled 349 million euro and primarily
included: 312 million euro for the development and maintenance of electricity distribution systems,
the expansion and renovation of the medium and low voltage grid, and the installation of new
electronic meters; 18 million euro for interventions on the electric vehicle charging network;
\u2022\u00a0\u00a0for the Generation and Trading Business Unit, the increase was 328 million euro and primarily
included: 190 million euro for investments in thermoelectric power plants; 96 million euro for
investments in renewable energy plants; 29 million euro for investments in hydroelectric power
plants; and 11 million euro for design costs, primarily due to the development of new renewable
energy and telecommunications plants.
\u2022\u00a0\u00a0for the Corporate Business Unit, investments totaled 90 million euro, primarily consisting of 80
million euro in building renovations, primarily in the Milan, Bergamo, Brescia, and Rome areas, and 10
million euro in telecommunications equipment.
\u2022\u00a0\u00a0for the Market Business Unit, the increase was 9 million euro related to the customer energy
efficiency plan and improvements to the electric vehicle charging network.
Property, plant and equipment \u201cRights-of-use asset\u201d totaling 227 million euro (172 million euro at
December 31, 2024), recognized in accordance with IFRS 16 and for which the outstanding payable
to lessors at December 31, 2025 amounted to 231 million euro (175 million euro at December 31,
2024). Below is a breakdown of \u201cRights-of-use asset\u201d deriving from operating and financial leases at
December 31, 2025:
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
Other
changes
Deprec.\u00a0Total
changes
Land\u00a044\u00a0-\u00a02\u00a0(6)\u00a0(4)\u00a040
Buildings\u00a058\u00a0-\u00a08\u00a0(16)\u00a0(8)\u00a050
Plant and machinery\u00a013\u00a0-\u00a076\u00a0(6)\u00a070\u00a083
Industrial, commercial
equipment and other goods		\u00a011\u00a0-\u00a02\u00a0(5)\u00a0(3)\u00a08
Vehicles\u00a046\u00a0-\u00a013\u00a0(13)\u00a0-\u00a046
Total\u00a0172\u00a0-\u00a0101\u00a0(46)\u00a055\u00a0227
Property, plant and equipment and intangible assets
Property, plant and equipment, whether owned or leased, generally have highly specialized
characteristics and are used almost exclusively for the production of products in the various operating
segments in which the Group operates.
Intangible assets primarily consist of software licences, intangible assets related to IFRIC 12
concessions, and intangible assets identified and measured in the context of business combinations.
These intangible assets may belong to a single CGU or to groups of CGU, as described above.
When preparing the financial statements for the year ended December 31, 2025, management
verified whether there were any indications that the CGU to which property, plant, and equipment and
intangible assets are allocated may have suffered an impairment loss. The analyses conducted did
not reveal any indicators of impairment, with the exception of the \u201cThermoelectric Generation\u201d Cash
Generating Unit, which had been impaired in previous years.
The activity of the Thermoelectric Generation\" Cash Generating Unit is aimed at the production of
electricity from gas-fired thermoelectric power plants (CCGT). The A2A Group operates CCGT plants
with a total installed capacity of 6.9 GW.
The value in use of this CGU was determined from a single indefinite useful life scenario.
For the purposes of the impairment test the Enterprise Value of the assets (Value in Use) was
compared with the relative Carrying Amount at December 31, 2025.
No impairment loss was identified during the impairment test as the recoverable value is higher than
the net capital employed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48327": { "value": "
Property, plant and equipment \u201cRights-of-use asset\u201d totaling 227 million euro (172 million euro at
December 31, 2024), recognized in accordance with IFRS 16 and for which the outstanding payable
to lessors at December 31, 2025 amounted to 231 million euro (175 million euro at December 31,
2024). Below is a breakdown of \u201cRights-of-use asset\u201d deriving from operating and financial leases at
December 31, 2025:
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
Other
changes
Deprec.\u00a0Total
changes
Land\u00a044\u00a0-\u00a02\u00a0(6)\u00a0(4)\u00a040
Buildings\u00a058\u00a0-\u00a08\u00a0(16)\u00a0(8)\u00a050
Plant and machinery\u00a013\u00a0-\u00a076\u00a0(6)\u00a070\u00a083
Industrial, commercial
equipment and other goods		\u00a011\u00a0-\u00a02\u00a0(5)\u00a0(3)\u00a08
Vehicles\u00a046\u00a0-\u00a013\u00a0(13)\u00a0-\u00a046
Total\u00a0172\u00a0-\u00a0101\u00a0(46)\u00a055\u00a0227
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48211": { "value": "
2) Intangible assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
acquisitions
2025
Changes\u00a0Balance at\u00a0
12.31.2025
Capex\u00a0Recl./
Other
changes
Disposals/
Sales
Impairment
losses
Amort.\u00a0Total\u00a0
changes
Industrial patent
and intellectual
property rights		\u00a042\u00a0-\u00a014\u00a02\u00a0-\u00a0-\u00a0(22)\u00a0(6)\u00a036
Concessions,
licences,
trademarks and
similar rights 		\u00a02,267\u00a020\u00a0337\u00a081\u00a0(3)\u00a0(6)\u00a0(243)\u00a0166\u00a02,453
Assets under
development		\u00a0181\u00a01\u00a096\u00a0(98)\u00a0(1)\u00a0(1)\u00a0-\u00a0(4)\u00a0178
Other intangible
assets\u00a0		447\u00a01\u00a068\u00a06\u00a0-\u00a0-\u00a0(86)\u00a0(12)\u00a0436
Total intangible
assets\u00a0		2,937\u00a022\u00a0515\u00a0(9)\u00a0(4)\u00a0(7)\u00a0(351)\u00a0144\u00a03,103
\u201cIntangible assets\u201d changed due to the effect of first-time consolidation of 22 million euro, following
the acquisitions of the companies Sesto Energia S.r.l., 2B S.r.l., Novito Acque S.r.l., Cr Rinnovabili
Cutro 1 S.r.l., Aren01 S.r.l., Aren03 S.r.l., Aren04 S.r.l., Aren05 S.r.l., Aren06 S.r.l., Green Frogs S.r.l. and
S2SE Cinque S.r.l..
The other changes in the period recorded an increase totaling 144 million euro as follows:
\u2022\u00a0\u00a0increase of 515 million euro for Capex made in the period as further described below;
\u2022\u00a0\u00a0a decrease of 351 million euro for the amortization charge for the period;
\u2022\u00a0\u00a0net decrease of 9 million euro due to other changes, due to a 13 million euro decrease following
grants on investments from previous years and a 4 million euro increase due to reclassifications
from other financial statements items;
\u2022\u00a0\u00a0decrease of 7 million euro following impairment tests performed during the year;
\u2022\u00a0\u00a0decrease of 4 million euro arising from disposals in the period, net of accumulated amortization.
Capex of \u201cIntangible assets\u201d relate to the following:
\u2022\u00a0\u00a0for the Smart Infrastructures BU, capex amounts to 185 million euro and concerns: 127 million euro
for development and maintenance work on the gas distribution plants and the replacement of low
and medium pressure underground piping; 58 million euro for the implementation of information
systems;
\u2022\u00a0\u00a0for the Circular Economy BU, capex amounting to 123 million euro was allocated as follows:\u00a0
105 million euro for work on the water transport and distribution network, sewer networks, and
purification plants, and 17 million euro for the implementation of information systems;
\u2022\u00a0\u00a0for the Market BU, the increase is 110 million euro: 66 million euro for the capitalization of costs
incurred for managing contracts with customers following the application of the IFRS 15 and 44
million euro for the implementation of information systems;
\u2022\u00a0\u00a0for the Corporate Business Unit, capex of 83 million euro in the related to the implementation of\u00a0
information systems;
\u2022\u00a0\u00a0for the Generation and Trading Business Unit, the increase was 14 million euro and related to the
implementation of information systems and design costs, mainly due to the development of new
renewable energy and telecommunications facilities.
The item \u201cOther intangible assets\u201d amounted to 436 million euro at December 31, 2025 (447 million
euro at December 31, 2024) and includes:
\u2022\u00a0\u00a0317 million euro for Customer lists related to the acquisition of customer portfolios by Group
companies. These values are amortized based on an estimate of the benefits that will arise in
future years, taking into account indicators such as the retention rate and churn rate relating to
specific types of customers.
\u2022\u00a0\u00a087 million euro deriving from acquisitions of Companies operating in the photovoltaic business:
the increase in value is linked to the existing agreement with the Energy Services Manager, which
allows the affiliated companies to benefit from incentive tariffs for a period of 20 years, which are
considerably higher than those existing on the market;
\u2022\u00a0\u00a030 million euro relating mainly to deferred charges and costs and surface rights and/or easements;
\u2022\u00a0\u00a02 million euro for acquisitions of the Agripower Group: the increase in value is linked to the existing
agreement with the Energy Services Manager, which allows the affiliated companies to benefit
from incentive tariffs, which are considerably higher than those existing on the market.
4) Impairment test of non-financial assets (property, plant and equipment, intangible
assets and goodwill)
The update to the 2024\u20132035 Strategic Plan, which forms the basis for the impairment tests, was
approved by the Board of Directors on November 11, 2025. The methodology and results of the
impairment tests were approved by the Board of Directors at its meeting held on March 17, 2026.
The update to the Strategic Plan maintains the Group\u2019s industrial growth objectives as set out in the
March 2024 Plan.
In particular, the Plan is based on two main trends, Circular Economy and Energy Transition, to which
all the Group's Business Units contribute.
The main targets identified by the update of the 2024-2035 Strategic Plan are:
\u2022
23 billion euro of investments, of which:
-
16 billion euro for Energy Transition;
-
7 billion euro for the Circular Economy;
\u2022
EBITDA: 2.4 billion euro by 2028 and 3.6 billion euro at the end of the Plan period;
\u2022
Ordinary profit equal to 0.7 billion euro in 2028 and more than 1.1 billion euro by 2035;
\u2022
NFP/EBITDA always less than 2.8x over the plan;
\u2022
the Group's commitment to maintain its current credit rating is confirmed.
For the sole purpose of the impairment test, the 2024-2035 Strategic Plan, in line with the provisions
of IAS 36, has been appropriately amended to exclude the impact of future improvements and
optimizations, as described in more detail below. In particular, the calculation of value in use excluded
EBITDA and CAPEX amounts related to non-recurring transactions, M&A and developments in the
pipeline. Based on the nature of the businesses involved, management deemed it reasonable to use
an explicit plan horizon coinciding with the approved Strategic Plan (10 years).
The technical support for the impairment test was entrusted to an external expert who estimated the
discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital
(WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation
practice and in line with last year's impairment test in order to reflect current market valuations with
reference to the current value of money, country risk and the specific risks associated with the asset.
The discount rate of unlevered cash flows was estimated as the Weighted Average Cost of Own
Capital (WACC), representing the expected return from the company's lenders and shareholders for
use of own capital.
With the exception of the electricity and gas network businesses, as detailed below, the recoverable
amount is determined, in terms of value in use, by discounting the cash flows expected from the use
of the asset (\u2018Discounted Cash Flow\u2019), of a CGU or a Group of CGU, over the explicit duration of the
plan, as well as the value expected from its disposal at the end of its useful life or its terminal value. In
the case of the electricity and gas networks, the recoverable amount is also determined using the VIR
criterion, calculated on the basis of the RAB value.
In compliance with the requirements of the ESMA Recommendation of October 14, 2025, concerning the
focus on consistency between financial reporting and sustainability reporting (CSRD/ESRS), sensitivity
analyses were carried out on the forecast values used for the assessment of the recoverable value of
the CGU Groups. These analyses, conducted internally, concerned three plan variables identified as
significant for the most impacted CGU Groups, such as: the variability of hydroelectric production, the
inclusion of Waste To Energy in the Emissions Trading System and the variability of the PUN.
These risks, and their estimated impact at the EBITDA level, were used as a basis to assess the
potential impact they may have on the results of the impairment test.
The recoverable amount of each CGU/Group of CGU was then compared with the corresponding Net
Invested Capital. In the hypothesis in which the recoverable value is lower than the carrying amount,
the latter is written down to the extent applicable. Management is of the opinion that the estimates
of such recoverable amounts are reasonable, albeit subject to changes in the factors underlying
the estimates on which these recoverable amounts have been calculated could produce different
measurements. For further details on the way in which impairment testing was carried out and the
results of such testing, reference is made to the specific paragraph.
Property, plant and equipment and intangible assets
Property, plant and equipment, whether owned or leased, generally have highly specialized
characteristics and are used almost exclusively for the production of products in the various operating
segments in which the Group operates.
Intangible assets primarily consist of software licences, intangible assets related to IFRIC 12
concessions, and intangible assets identified and measured in the context of business combinations.
These intangible assets may belong to a single CGU or to groups of CGU, as described above.
When preparing the financial statements for the year ended December 31, 2025, management
verified whether there were any indications that the CGU to which property, plant, and equipment and
intangible assets are allocated may have suffered an impairment loss. The analyses conducted did
not reveal any indicators of impairment, with the exception of the \u201cThermoelectric Generation\u201d Cash
Generating Unit, which had been impaired in previous years.
The activity of the Thermoelectric Generation\" Cash Generating Unit is aimed at the production of
electricity from gas-fired thermoelectric power plants (CCGT). The A2A Group operates CCGT plants
with a total installed capacity of 6.9 GW.
The value in use of this CGU was determined from a single indefinite useful life scenario.
For the purposes of the impairment test the Enterprise Value of the assets (Value in Use) was
compared with the relative Carrying Amount at December 31, 2025.
No impairment loss was identified during the impairment test as the recoverable value is higher than
the net capital employed.
In this context, it is noteworthy that the CGU has not been subject to reversals of impairment losses,
as a detailed analysis revealed that the surplus value is entirely attributable to the Monfalcone CCGT
plant, which is currently under construction.
CGU 12.31.2025\u00a0Recoverable
Value
WACC 2025
post tax (1)
Balance WACC (2)
Thermoelectric Generation CGU\u00a0Value in use\u00a06.2%\u00a08.8%
CGU 12.31.2024\u00a0Recoverable
Value
WACC 2024
post tax (1)
Balance WACC (2)
Thermoelectric Generation CGU\u00a0Value in use\u00a06.7%\u00a09.6%
(1)
Nominal post-tax discount rate applied to future cash flows.
(2)
Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and
carrying amounts subjected to impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48304": { "value": "
3) Goodwill
At December 31, 2025, goodwill amounted to 1,509 million euro, as following table:
millions of euro
\u00a0\u00a0Balance at
12.31.2024
restated
First-time
consolidation
acquisitions
2025
Changes \u00a0Balance at
12.31.2025
PPA Effect\u00a0Reclassifications/
Other Changes
Other
changes
CGU groups:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
A2A Reti Elettriche\u00a0649\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a0649
A2A Ambiente\u00a0473\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a0473
A2A Reti Gas\u00a041\u00a0\u00a0\u00a0\u00a0\u00a0 (10)\u00a0 (10)\u00a031
A2A Vendita Gas\u00a081\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a081\u00a0
A2A Calore \u00a027\u00a0\u00a0\u00a010\u00a0\u00a0\u00a0 10 \u00a037\u00a0
A2A Vendita Energia
Elettrica\u00a0		9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a09
A2A Generazione
Rinnovabili\u00a0		227\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a0227
Total\u00a01,507 \u00a0- \u00a010 \u00a0(10)\u00a0- \u00a01,507
First-time
consolidation effect		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Biomax a.r.l\u00a05\u00a0\u00a0\u00a0\u00a0\u00a0(5)\u00a0(5)\u00a0-
Sesto Energia S.r.l.\u00a0\u00a0\u00a010\u00a0(10)\u00a0-\u00a0-
Integra impianti S.r.l.\u00a0\u00a0\u00a02\u00a0\u00a0\u00a02\u00a02
Total\u00a05 \u00a012 \u00a0(10)\u00a0(5)\u00a0(3)\u00a02
Total Goodwill\u00a01,512 \u00a012 \u00a0-\u00a0(15)\u00a0(3)\u00a01,509
It should be noted that the goodwill amounts recognized in the financial statements published
at December 31, 2024 have been restated following the completion of the PPA process for the
acquisition of Duereti S.r.l., which took place on December 31, 2024.
The effects of the changes on the value of goodwill with respect to the financial statements published
at December 31, 2024 are detailed below:
millions of euro
Balance at
12.31.2024
PPA Effect\u00a0Balance at
12.31.2024
restated
CGU groups:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
A2A Reti Elettriche\u00a0\u00a0\u00a0649 \u00a0649\u00a0
A2A Ambiente\u00a0473\u00a0\u00a0\u00a0473\u00a0
A2A Reti Gas\u00a041\u00a0\u00a0\u00a041\u00a0
A2A Vendita Gas\u00a081\u00a0\u00a0\u00a081\u00a0
A2A Calore \u00a027\u00a0\u00a0\u00a027
A2A Vendita Energia Elettrica\u00a09\u00a0\u00a0\u00a09
A2A Generazione Rinnovabili\u00a0227\u00a0\u00a0\u00a0227\u00a0
Total\u00a0858 \u00a0649 \u00a01,507
First-time consolidation effect\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Due Reti S.r.l.\u00a0890 \u00a0(890)\u00a0-
Biomax a.r.l.\u00a05 \u00a0\u00a0\u00a05
Total\u00a0895 \u00a0(890)\u00a05
Total Goodwill\u00a01,753 \u00a0(241)\u00a01,512
For changes that occurred during the reporting period, please refer to the section \u2018General
information\u2019 2.5 Transactions IFRS 3 Revised.
During the year 2025, the A2A Group completed the following transactions:
\u2022
acquisition by A2A Calore & Servizi S.p.A. of 100% of Sesto Energia S.r.l., a company owning
a cogeneration plant located in the Municipality of Sesto San Giovanni. The acquisition of the
investment resulted in the recognition of goodwill for 18 million euro. This goodwill was re-expressed
(pursuant to IFRS 3) through the Purchase Price Allocation process which, at the conclusion of the
analysis, allocated 11.5 million euro to intangible assets for the valuation of the authorization, 3 million
euro to deferred tax liabilities and 10 million euro to goodwill allocated to the Heat CGU;
\u2022
acquisition by Acinque Innovazione S.r.l. of 100% of the company Integra Impianti S.r.l., a company
operating in the energy efficiency and photovoltaic systems sector. The acquisition of the investment
resulted in the recognition of goodwill for 2 million euro. This acquisition is part of the provision of
IFRS 3 and at December 31, 2025, the Purchase Price Allocation has not yet been completed, but will
be completed in the timing envisaged by the standard.
In relation to the provisions of IFRS 3, with reference to the previous year acquisition of Duereti S.r.l.,
a company operating in electricity distribution, the Group completed the Purchase Price Allocation
process, as further described in paragraph 2.5 (Transactions IFRS 3 Revised) of the \u2018General
information\u2019 section of the Consolidated Financial Statements.
During the financial year, the Purchase Price Allocation was also concluded related to the acquisition
made in the previous financial year by Agripower S.p.A. of 100% of Biomax Societ\u00e0 Agricola a
r.l., a company operating in the production of electricity from biogas, as described in more detail
in paragraph 2.5 (Transactions IFRS 3 Revised) of the paragraph \u2018General information\u2019 of the
Consolidated Financial Statements.
During the year, the Group finalized a non-recurring transaction for the sale of certain municipalities
belonging to the Gas Networks CGU, resulting in a reduction in the scope of the concession.
In accordance with IAS 36, following the disposal of part of a CGU to which goodwill had been
allocated, the Group allocated to the disposed portion a share of the goodwill originally allocated to
that CGU, amounting to 11 million euro.
4) Impairment test of non-financial assets (property, plant and equipment, intangible
assets and goodwill)
The update to the 2024\u20132035 Strategic Plan, which forms the basis for the impairment tests, was
approved by the Board of Directors on November 11, 2025. The methodology and results of the
impairment tests were approved by the Board of Directors at its meeting held on March 17, 2026.
The update to the Strategic Plan maintains the Group\u2019s industrial growth objectives as set out in the
March 2024 Plan.
In particular, the Plan is based on two main trends, Circular Economy and Energy Transition, to which
all the Group's Business Units contribute.
The main targets identified by the update of the 2024-2035 Strategic Plan are:
\u2022
23 billion euro of investments, of which:
-
16 billion euro for Energy Transition;
-
7 billion euro for the Circular Economy;
\u2022
EBITDA: 2.4 billion euro by 2028 and 3.6 billion euro at the end of the Plan period;
\u2022
Ordinary profit equal to 0.7 billion euro in 2028 and more than 1.1 billion euro by 2035;
\u2022
NFP/EBITDA always less than 2.8x over the plan;
\u2022
the Group's commitment to maintain its current credit rating is confirmed.
For the sole purpose of the impairment test, the 2024-2035 Strategic Plan, in line with the provisions
of IAS 36, has been appropriately amended to exclude the impact of future improvements and
optimizations, as described in more detail below. In particular, the calculation of value in use excluded
EBITDA and CAPEX amounts related to non-recurring transactions, M&A and developments in the
pipeline. Based on the nature of the businesses involved, management deemed it reasonable to use
an explicit plan horizon coinciding with the approved Strategic Plan (10 years).
The technical support for the impairment test was entrusted to an external expert who estimated the
discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital
(WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation
practice and in line with last year's impairment test in order to reflect current market valuations with
reference to the current value of money, country risk and the specific risks associated with the asset.
The discount rate of unlevered cash flows was estimated as the Weighted Average Cost of Own
Capital (WACC), representing the expected return from the company's lenders and shareholders for
use of own capital.
With the exception of the electricity and gas network businesses, as detailed below, the recoverable
amount is determined, in terms of value in use, by discounting the cash flows expected from the use
of the asset (\u2018Discounted Cash Flow\u2019), of a CGU or a Group of CGU, over the explicit duration of the
plan, as well as the value expected from its disposal at the end of its useful life or its terminal value. In
the case of the electricity and gas networks, the recoverable amount is also determined using the VIR
criterion, calculated on the basis of the RAB value.
In compliance with the requirements of the ESMA Recommendation of October 14, 2025, concerning the
focus on consistency between financial reporting and sustainability reporting (CSRD/ESRS), sensitivity
analyses were carried out on the forecast values used for the assessment of the recoverable value of
the CGU Groups. These analyses, conducted internally, concerned three plan variables identified as
significant for the most impacted CGU Groups, such as: the variability of hydroelectric production, the
inclusion of Waste To Energy in the Emissions Trading System and the variability of the PUN.
These risks, and their estimated impact at the EBITDA level, were used as a basis to assess the
potential impact they may have on the results of the impairment test.
The recoverable amount of each CGU/Group of CGU was then compared with the corresponding Net
Invested Capital. In the hypothesis in which the recoverable value is lower than the carrying amount,
the latter is written down to the extent applicable. Management is of the opinion that the estimates
of such recoverable amounts are reasonable, albeit subject to changes in the factors underlying
the estimates on which these recoverable amounts have been calculated could produce different
measurements. For further details on the way in which impairment testing was carried out and the
results of such testing, reference is made to the specific paragraph.
Property, plant and equipment and intangible assets
Property, plant and equipment, whether owned or leased, generally have highly specialized
characteristics and are used almost exclusively for the production of products in the various operating
segments in which the Group operates.
Intangible assets primarily consist of software licences, intangible assets related to IFRIC 12
concessions, and intangible assets identified and measured in the context of business combinations.
These intangible assets may belong to a single CGU or to groups of CGU, as described above.
When preparing the financial statements for the year ended December 31, 2025, management
verified whether there were any indications that the CGU to which property, plant, and equipment and
intangible assets are allocated may have suffered an impairment loss. The analyses conducted did
not reveal any indicators of impairment, with the exception of the \u201cThermoelectric Generation\u201d Cash
Generating Unit, which had been impaired in previous years.
The activity of the Thermoelectric Generation\" Cash Generating Unit is aimed at the production of
electricity from gas-fired thermoelectric power plants (CCGT). The A2A Group operates CCGT plants
with a total installed capacity of 6.9 GW.
The value in use of this CGU was determined from a single indefinite useful life scenario.
For the purposes of the impairment test the Enterprise Value of the assets (Value in Use) was
compared with the relative Carrying Amount at December 31, 2025.
No impairment loss was identified during the impairment test as the recoverable value is higher than
the net capital employed.
In this context, it is noteworthy that the CGU has not been subject to reversals of impairment losses,
as a detailed analysis revealed that the surplus value is entirely attributable to the Monfalcone CCGT
plant, which is currently under construction.
CGU 12.31.2025\u00a0Recoverable
Value
WACC 2025
post tax (1)
Balance WACC (2)
Thermoelectric Generation CGU\u00a0Value in use\u00a06.2%\u00a08.8%
CGU 12.31.2024\u00a0Recoverable
Value
WACC 2024
post tax (1)
Balance WACC (2)
Thermoelectric Generation CGU\u00a0Value in use\u00a06.7%\u00a09.6%
(1)
Nominal post-tax discount rate applied to future cash flows.
(2)
Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and
carrying amounts subjected to impairment testing.
Goodwill and corporate assets
It is important to point out that, when compared to the total amount recognised in the financial
statements, the goodwill resulting from the acquisitions of Sesto Energia S.r.l. and Integra Impianti S.r.l.
has not been subjected to testing, as these acquisitions took place in the 2025 financial year.
The goodwill identified following business combination transactions has been allocated to the
following CGU groups.
The following table shows the tested goodwill values.
CGU Groups
with Goodwill
Value in millions
of euro at
12.31.2025
Recoverable
Value
WACC 2025
post-tax
(1)
Growth rate
g 2025
Balance WACC
(2)
A2A Reti
Elettriche
649\u00a0Value in use\u00a05.5%\u00a02.0%\u00a05.7%
A2A Ambiente\u00a0473\u00a0Value in use\u00a06.2%\u00a02.0%\u00a011.9%
A2A Reti Gas\u00a031\u00a0Value in use\u00a0n.d.\u00a00.0%\u00a0n.d.
A2A Vendita Gas \u00a081\u00a0Value in use\u00a06.0%\u00a00.0%\u00a050.0%
A2A Generazione
Rinnovabili
227\u00a0Value in use\u00a05.6%\u00a00.0%\u00a014.0%
A2A Calore\u00a027\u00a0Value in use\u00a05.0%\u00a00.0%\u00a06.0%
A2A Vendita
Energia Elettrica
9\u00a0Value in use\u00a06.0%\u00a00.0%\u00a012.0%
Total\u00a01,497
(1) Nominal post-tax discount rate applied to future cash flows.
(2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts
subjected to impairment testing.
CGU Groups
with Goodwill
Value in millions
of euro at
12.31.2024
Recoverable
Value
WACC 2024
post-tax
(1)
Growth rate
g 2024
Balance WACC
(2)
A2A Ambiente\u00a0473\u00a0Value in use\u00a06.8%\u00a00.0%\u00a011.8%
A2A Reti Gas\u00a041\u00a0Value in use\u00a0n.d.\u00a00.0%\u00a0n.d.
A2A Vendita Gas \u00a074\u00a0Value in use\u00a06.7%\u00a00.0%\u00a054.7%
A2A Generazione
Rinnovabili
227\u00a0Value in use\u00a05.9%\u00a00.0%\u00a013.9%
A2A Calore\u00a024\u00a0Value in use\u00a05.6%\u00a00.0%\u00a05.7%
A2A Vendita
Energia Elettrica
7\u00a0Value in use\u00a06.7%\u00a00.0%\u00a012.5%
Total\u00a0846
(1) Nominal post-tax discount rate applied to future cash flows.
(2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts
subjected to impairment testing.
In addition to the discount rate sensitivity analyses, following the ESMA recommendations of October
14, 2025, the consistency between financial and sustainability reporting was enhanced in the forward-
looking assumptions used to measure the recoverable amount of the CGU Groups. To this end, three
sensitivity analyses were carried out: the impact of the variability of hydroelectric generation, the
inclusion of WTE in the Emissions Trading System, and the impact of the variability of the PUN.
As can be seen from the sections below, no impairment loss was recognized for the individual CGU
Groups.
\u201cA2A Reti Elettriche\u201d Cash Generating Unit Group
The \u201cA2A Reti Elettriche\u201d CGU Group includes the Group's electricity distribution and metering
activities. In particular, it deals with the design and construction of electricity networks, their operation
and maintenance, as well as the management of requests for connection and quality control and
continuity of service.
At December 31, 2025, the goodwill associated with this CGU Group amounts to 649 million euro
and relates to A2A S.p.A.\u2019s acquisition of 90% of Duereti S.r.l., which received the transfer from
e-distribuzione S.p.A. of the business unit responsible for electricity distribution in 128 municipalities
(110 in the province of Milan and 18 in Valtrompia, Brescia).
This goodwill was allocated to the CGU Group at the end of the Purchase Price Allocation process
carried out during the reporting period.
The recoverable value of the goodwill attributed to the \u201cA2A Reti Elettriche\u201d CGU was determined
using a \u201cDiscounted cash flow\u201d multi-scenario, considering both finite useful life scenarios and
indefinite useful life scenarios, in which it is assumed that the underlying concessions will be renewed.
The discount rate used was derived on the basis of regulatory parameters consistent with the most
recent parameters set by the Authority.
No impairment loss was noted during the impairment testing as the recoverable value exceeds the net
capital employed including the value of goodwill recorded.
\"A2A Ambiente\" Cash Generating Unit Group
The \"A2A Ambiente\" Cash Generating Unit Group operates in the solid urban waste segment and
in the special and hazardous waste segment, performs collection and street sweeping activities in
the municipalities of Milan, Brescia, Bergamo, Lodi and Como and is the owner of waste-to-energy
and industrial plants (in the municipalities of Milan, Brescia, Bergamo, Filago, Corteolona, Cremona,
Parona, Como and Crotone) and manages the Acerra and Trezzo waste-to-energy plants. It also has
several waste treatment plants and a number of landfills.
The A2A Group\u2019s Consolidated Financial Statements at December 31, 2025 include goodwill of
473 million euro associated with this CGU Group. Of this goodwill, 227 million euro arises from the
acquisition of the Ecodeco Group which took place between 2005 and 2008 (the former Ecodeco
Cash Generating Unit) and 5 million euro from the merger between ASM Brescia S.p.A. (subsequently
incorporated into AEM S.p.A., with simultaneous change of its name into A2A S.p.A.) and BAS S.p.A.,
30 million euro as the residual value of the goodwill of the former LGH Group at the end of the PPA
process for the then acquisition of 51% of the Group, 2 million euro to the allocation to the CGU in
2019 of a residual portion of the goodwill recorded following the consolidation of the Acinque Group
and 5 million euro as residual goodwill at the conclusion of the PPA activity for the acquisition of the
company Electrometal S.r.l. (merged at December 31, 2023 into A2A Ambiente S.p.A.) and 204 million
euro as goodwill recognized upon completion of the PPA process for the acquisition of Tecnoa S.r.l.
(merged at December 31, 2023 into A2A Ambiente S.p.A.).
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
For this CGU Group, a sensitivity analysis was prepared that considers the impact of the variability of
CO\u2082 emissions on cash flows, resulting from the tons of waste treated by municipal waste-to-energy
plants. This sensitivity analysis confirms that the recoverable amount exceeds the carrying amount.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
\"A2A Reti Gas\" Cash Generating Unit Group
The \"A2A Reti Gas\" CGU Group includes the Group's gas distribution and metering activities. In
particular, it deals with the design and construction of gas networks, their operation and maintenance,
as well as the management of requests for connection and quality control and continuity of service.
The goodwill associated with the \"A2A Reti Gas\" CGU Group, amounting to 31 million euro, derives
primarily from various acquisitions made by Unareti S.p.A. in recent years, involving companies
operating as gas distributors (the business is primarily concentrated in Lombardy and Piedmont).
The recoverable amount of the net invested capital was calculated by adding to the RAB (calculated
by applying a premium of 10% to the Residual Industrial Value) the net working capital values at
December 31, 2025, net of the tax effect. This methodology provides a better approximation of the
expected cash flows from gas distribution assets.
\"A2A Vendita Gas\" Cash Generating Unit Group
The goodwill arising from the consolidation of the \"A2A Vendita Gas\" CGU Group, amounting to 81
million euro, refers to the area involved in selling gas to end customers (residential and business)
and was impairment tested. It should be noted that the \"A2A Vendita Gas\" CGU Group consists of
the portion of goodwill arising from the merger between BAS S.p.A. and A2A S.p.A. for 7 million euro,
for 31 million euro to the allocation to the CGU of a portion of the goodwill recorded following the
consolidation of the Acinque Group and for 43 million euro of a portion of goodwill allocated to the
CGU Group following the consolidation of the AEB Group.
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
\"A2A Calore\" Cash Generating Unit Group
The goodwill arising from the consolidation of the \"A2A Calore\" CGU Group, amounting to 27 million
euro, is held by a number of companies of the A2A Group active in the production, distribution and
sale of district heating. Specifically, this goodwill is primarily comprised of 21 million euro from the
merger between BAS S.p.A. and A2A S.p.A., 4 million euro for the allocation to the CGU Group in 2019,
of a portion of the goodwill recognized as a result of the consolidation of the Acinque Group, and
2 million euro for the allocation to the CGU Group of the goodwill generated from the acquisition of
Termica Cologno S.r.l. in the previous year.
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
It is noted that the reorganisation of the Business Units during the reporting period, which saw district
heating and heat management services transferred to the \u2018Circular Economy\u2019 Business Unit, had no
impact on the impairment analyses, as the CGU retained its autonomy.
\"Generazione Rinnovabili\u2019\u2019 Cash Generating Unit Group
The activity of the \"Generazione Rinnovabili\"\u2019 CGU Group relates to the management of the Group's
hydroelectric, photovoltaic and wind power plants and the consequent production of electricity. The
total installed capacity is about 2.6 GW.
The goodwill allocated to the \"Generazione Rinnovabili\u2019\u2019 CGU Group, amounting to 227 million euro,
refers for 65 million euro to the allocation of goodwill generated from the acquisition of the Octopus
Renewables portfolio, for 17 million euro to the allocation of goodwill for the acquisition of the Rovere
portfolio, for 144 million euro to the goodwill allocated for the acquisition of the Ellisse portfolio, and
for the remaining part to the allocation of a portion of the goodwill recognized as a result of the
consolidation of the Acinque Group.
The recoverable value of the goodwill attributed to the CGU Group during the impairment test, was
determined by considering a finite useful life scenario. At the end of the plan explicit period, the
liquidation value of the net capital employed was taken into account.
Two sensitivity analyses were prepared for this CGU Group: the first considers the impact on
cash flows of the variability in hydroelectric production resulting from fluctuations in hydroelectric
production volumes based on historical data series; the second sensitivity analysis considers the
impact on cash flows of the variability in plan prices resulting from fluctuations in energy prices
over the plan period, estimated using a Monte Carlo simulation. These sensitivity analyses confirm
recoverable values that are higher than the carrying amounts.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
\"Vendita Energia Elettrica\" Cash Generating Unit Group
The \u201cVendita Energia Elettrica\u201d CGU Group is active in the retail sale of electricity to end customers
(residential and industrial).
The goodwill arising from the consolidation of the \"Vendita Energia Elettrica\" CGU Group, amounting
to 9 million euro, refers, for 7 million euro, to the allocation to the CGU Group of a portion of the
goodwill recognized following the consolidation of the AEB Group, the results of which were
consolidated in 2020, and, for 2 million euro, to the goodwill generated by the acquisition of a
company belonging to the Acinque Group.
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
Finally, the recoverable amount of all CGU/Groups of CGU was compared with the carrying amount
of all CGU/Groups of CGU, including corporate assets. This comparison did not reveal any need to
recognize a second-level impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48230": { "value": "
3) Goodwill
At December 31, 2025, goodwill amounted to 1,509 million euro, as following table:
millions of euro
\u00a0\u00a0Balance at
12.31.2024
restated
First-time
consolidation
acquisitions
2025
Changes \u00a0Balance at
12.31.2025
PPA Effect\u00a0Reclassifications/
Other Changes
Other
changes
CGU groups:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
A2A Reti Elettriche\u00a0649\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a0649
A2A Ambiente\u00a0473\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a0473
A2A Reti Gas\u00a041\u00a0\u00a0\u00a0\u00a0\u00a0 (10)\u00a0 (10)\u00a031
A2A Vendita Gas\u00a081\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a081\u00a0
A2A Calore \u00a027\u00a0\u00a0\u00a010\u00a0\u00a0\u00a0 10 \u00a037\u00a0
A2A Vendita Energia
Elettrica\u00a0		9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a09
A2A Generazione
Rinnovabili\u00a0		227\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 - \u00a0227
Total\u00a01,507 \u00a0- \u00a010 \u00a0(10)\u00a0- \u00a01,507
First-time
consolidation effect		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Biomax a.r.l\u00a05\u00a0\u00a0\u00a0\u00a0\u00a0(5)\u00a0(5)\u00a0-
Sesto Energia S.r.l.\u00a0\u00a0\u00a010\u00a0(10)\u00a0-\u00a0-
Integra impianti S.r.l.\u00a0\u00a0\u00a02\u00a0\u00a0\u00a02\u00a02
Total\u00a05 \u00a012 \u00a0(10)\u00a0(5)\u00a0(3)\u00a02
Total Goodwill\u00a01,512 \u00a012 \u00a0-\u00a0(15)\u00a0(3)\u00a01,509
It should be noted that the goodwill amounts recognized in the financial statements published
at December 31, 2024 have been restated following the completion of the PPA process for the
acquisition of Duereti S.r.l., which took place on December 31, 2024.
The effects of the changes on the value of goodwill with respect to the financial statements published
at December 31, 2024 are detailed below:
millions of euro
Balance at
12.31.2024
PPA Effect\u00a0Balance at
12.31.2024
restated
CGU groups:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
A2A Reti Elettriche\u00a0\u00a0\u00a0649 \u00a0649\u00a0
A2A Ambiente\u00a0473\u00a0\u00a0\u00a0473\u00a0
A2A Reti Gas\u00a041\u00a0\u00a0\u00a041\u00a0
A2A Vendita Gas\u00a081\u00a0\u00a0\u00a081\u00a0
A2A Calore \u00a027\u00a0\u00a0\u00a027
A2A Vendita Energia Elettrica\u00a09\u00a0\u00a0\u00a09
A2A Generazione Rinnovabili\u00a0227\u00a0\u00a0\u00a0227\u00a0
Total\u00a0858 \u00a0649 \u00a01,507
First-time consolidation effect\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Due Reti S.r.l.\u00a0890 \u00a0(890)\u00a0-
Biomax a.r.l.\u00a05 \u00a0\u00a0\u00a05
Total\u00a0895 \u00a0(890)\u00a05
Total Goodwill\u00a01,753 \u00a0(241)\u00a01,512
For changes that occurred during the reporting period, please refer to the section \u2018General
information\u2019 2.5 Transactions IFRS 3 Revised.
During the year 2025, the A2A Group completed the following transactions:
\u2022
acquisition by A2A Calore & Servizi S.p.A. of 100% of Sesto Energia S.r.l., a company owning
a cogeneration plant located in the Municipality of Sesto San Giovanni. The acquisition of the
investment resulted in the recognition of goodwill for 18 million euro. This goodwill was re-expressed
(pursuant to IFRS 3) through the Purchase Price Allocation process which, at the conclusion of the
analysis, allocated 11.5 million euro to intangible assets for the valuation of the authorization, 3 million
euro to deferred tax liabilities and 10 million euro to goodwill allocated to the Heat CGU;
\u2022
acquisition by Acinque Innovazione S.r.l. of 100% of the company Integra Impianti S.r.l., a company
operating in the energy efficiency and photovoltaic systems sector. The acquisition of the investment
resulted in the recognition of goodwill for 2 million euro. This acquisition is part of the provision of
IFRS 3 and at December 31, 2025, the Purchase Price Allocation has not yet been completed, but will
be completed in the timing envisaged by the standard.
In relation to the provisions of IFRS 3, with reference to the previous year acquisition of Duereti S.r.l.,
a company operating in electricity distribution, the Group completed the Purchase Price Allocation
process, as further described in paragraph 2.5 (Transactions IFRS 3 Revised) of the \u2018General
information\u2019 section of the Consolidated Financial Statements.
During the financial year, the Purchase Price Allocation was also concluded related to the acquisition
made in the previous financial year by Agripower S.p.A. of 100% of Biomax Societ\u00e0 Agricola a
r.l., a company operating in the production of electricity from biogas, as described in more detail
in paragraph 2.5 (Transactions IFRS 3 Revised) of the paragraph \u2018General information\u2019 of the
Consolidated Financial Statements.
During the year, the Group finalized a non-recurring transaction for the sale of certain municipalities
belonging to the Gas Networks CGU, resulting in a reduction in the scope of the concession.
In accordance with IAS 36, following the disposal of part of a CGU to which goodwill had been
allocated, the Group allocated to the disposed portion a share of the goodwill originally allocated to
that CGU, amounting to 11 million euro.
4) Impairment test of non-financial assets (property, plant and equipment, intangible
assets and goodwill)
The update to the 2024\u20132035 Strategic Plan, which forms the basis for the impairment tests, was
approved by the Board of Directors on November 11, 2025. The methodology and results of the
impairment tests were approved by the Board of Directors at its meeting held on March 17, 2026.
The update to the Strategic Plan maintains the Group\u2019s industrial growth objectives as set out in the
March 2024 Plan.
In particular, the Plan is based on two main trends, Circular Economy and Energy Transition, to which
all the Group's Business Units contribute.
The main targets identified by the update of the 2024-2035 Strategic Plan are:
\u2022
23 billion euro of investments, of which:
-
16 billion euro for Energy Transition;
-
7 billion euro for the Circular Economy;
\u2022
EBITDA: 2.4 billion euro by 2028 and 3.6 billion euro at the end of the Plan period;
\u2022
Ordinary profit equal to 0.7 billion euro in 2028 and more than 1.1 billion euro by 2035;
\u2022
NFP/EBITDA always less than 2.8x over the plan;
\u2022
the Group's commitment to maintain its current credit rating is confirmed.
For the sole purpose of the impairment test, the 2024-2035 Strategic Plan, in line with the provisions
of IAS 36, has been appropriately amended to exclude the impact of future improvements and
optimizations, as described in more detail below. In particular, the calculation of value in use excluded
EBITDA and CAPEX amounts related to non-recurring transactions, M&A and developments in the
pipeline. Based on the nature of the businesses involved, management deemed it reasonable to use
an explicit plan horizon coinciding with the approved Strategic Plan (10 years).
The technical support for the impairment test was entrusted to an external expert who estimated the
discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital
(WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation
practice and in line with last year's impairment test in order to reflect current market valuations with
reference to the current value of money, country risk and the specific risks associated with the asset.
The discount rate of unlevered cash flows was estimated as the Weighted Average Cost of Own
Capital (WACC), representing the expected return from the company's lenders and shareholders for
use of own capital.
With the exception of the electricity and gas network businesses, as detailed below, the recoverable
amount is determined, in terms of value in use, by discounting the cash flows expected from the use
of the asset (\u2018Discounted Cash Flow\u2019), of a CGU or a Group of CGU, over the explicit duration of the
plan, as well as the value expected from its disposal at the end of its useful life or its terminal value. In
the case of the electricity and gas networks, the recoverable amount is also determined using the VIR
criterion, calculated on the basis of the RAB value.
In compliance with the requirements of the ESMA Recommendation of October 14, 2025, concerning the
focus on consistency between financial reporting and sustainability reporting (CSRD/ESRS), sensitivity
analyses were carried out on the forecast values used for the assessment of the recoverable value of
the CGU Groups. These analyses, conducted internally, concerned three plan variables identified as
significant for the most impacted CGU Groups, such as: the variability of hydroelectric production, the
inclusion of Waste To Energy in the Emissions Trading System and the variability of the PUN.
These risks, and their estimated impact at the EBITDA level, were used as a basis to assess the
potential impact they may have on the results of the impairment test.
The recoverable amount of each CGU/Group of CGU was then compared with the corresponding Net
Invested Capital. In the hypothesis in which the recoverable value is lower than the carrying amount,
the latter is written down to the extent applicable. Management is of the opinion that the estimates
of such recoverable amounts are reasonable, albeit subject to changes in the factors underlying
the estimates on which these recoverable amounts have been calculated could produce different
measurements. For further details on the way in which impairment testing was carried out and the
results of such testing, reference is made to the specific paragraph.
Goodwill and corporate assets
It is important to point out that, when compared to the total amount recognised in the financial
statements, the goodwill resulting from the acquisitions of Sesto Energia S.r.l. and Integra Impianti S.r.l.
has not been subjected to testing, as these acquisitions took place in the 2025 financial year.
The goodwill identified following business combination transactions has been allocated to the
following CGU groups.
The following table shows the tested goodwill values.
CGU Groups
with Goodwill
Value in millions
of euro at
12.31.2025
Recoverable
Value
WACC 2025
post-tax
(1)
Growth rate
g 2025
Balance WACC
(2)
A2A Reti
Elettriche
649\u00a0Value in use\u00a05.5%\u00a02.0%\u00a05.7%
A2A Ambiente\u00a0473\u00a0Value in use\u00a06.2%\u00a02.0%\u00a011.9%
A2A Reti Gas\u00a031\u00a0Value in use\u00a0n.d.\u00a00.0%\u00a0n.d.
A2A Vendita Gas \u00a081\u00a0Value in use\u00a06.0%\u00a00.0%\u00a050.0%
A2A Generazione
Rinnovabili
227\u00a0Value in use\u00a05.6%\u00a00.0%\u00a014.0%
A2A Calore\u00a027\u00a0Value in use\u00a05.0%\u00a00.0%\u00a06.0%
A2A Vendita
Energia Elettrica
9\u00a0Value in use\u00a06.0%\u00a00.0%\u00a012.0%
Total\u00a01,497
(1) Nominal post-tax discount rate applied to future cash flows.
(2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts
subjected to impairment testing.
CGU Groups
with Goodwill
Value in millions
of euro at
12.31.2024
Recoverable
Value
WACC 2024
post-tax
(1)
Growth rate
g 2024
Balance WACC
(2)
A2A Ambiente\u00a0473\u00a0Value in use\u00a06.8%\u00a00.0%\u00a011.8%
A2A Reti Gas\u00a041\u00a0Value in use\u00a0n.d.\u00a00.0%\u00a0n.d.
A2A Vendita Gas \u00a074\u00a0Value in use\u00a06.7%\u00a00.0%\u00a054.7%
A2A Generazione
Rinnovabili
227\u00a0Value in use\u00a05.9%\u00a00.0%\u00a013.9%
A2A Calore\u00a024\u00a0Value in use\u00a05.6%\u00a00.0%\u00a05.7%
A2A Vendita
Energia Elettrica
7\u00a0Value in use\u00a06.7%\u00a00.0%\u00a012.5%
Total\u00a0846
(1) Nominal post-tax discount rate applied to future cash flows.
(2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts
subjected to impairment testing.
In addition to the discount rate sensitivity analyses, following the ESMA recommendations of October
14, 2025, the consistency between financial and sustainability reporting was enhanced in the forward-
looking assumptions used to measure the recoverable amount of the CGU Groups. To this end, three
sensitivity analyses were carried out: the impact of the variability of hydroelectric generation, the
inclusion of WTE in the Emissions Trading System, and the impact of the variability of the PUN.
As can be seen from the sections below, no impairment loss was recognized for the individual CGU
Groups.
\u201cA2A Reti Elettriche\u201d Cash Generating Unit Group
The \u201cA2A Reti Elettriche\u201d CGU Group includes the Group's electricity distribution and metering
activities. In particular, it deals with the design and construction of electricity networks, their operation
and maintenance, as well as the management of requests for connection and quality control and
continuity of service.
At December 31, 2025, the goodwill associated with this CGU Group amounts to 649 million euro
and relates to A2A S.p.A.\u2019s acquisition of 90% of Duereti S.r.l., which received the transfer from
e-distribuzione S.p.A. of the business unit responsible for electricity distribution in 128 municipalities
(110 in the province of Milan and 18 in Valtrompia, Brescia).
This goodwill was allocated to the CGU Group at the end of the Purchase Price Allocation process
carried out during the reporting period.
The recoverable value of the goodwill attributed to the \u201cA2A Reti Elettriche\u201d CGU was determined
using a \u201cDiscounted cash flow\u201d multi-scenario, considering both finite useful life scenarios and
indefinite useful life scenarios, in which it is assumed that the underlying concessions will be renewed.
The discount rate used was derived on the basis of regulatory parameters consistent with the most
recent parameters set by the Authority.
No impairment loss was noted during the impairment testing as the recoverable value exceeds the net
capital employed including the value of goodwill recorded.
\"A2A Ambiente\" Cash Generating Unit Group
The \"A2A Ambiente\" Cash Generating Unit Group operates in the solid urban waste segment and
in the special and hazardous waste segment, performs collection and street sweeping activities in
the municipalities of Milan, Brescia, Bergamo, Lodi and Como and is the owner of waste-to-energy
and industrial plants (in the municipalities of Milan, Brescia, Bergamo, Filago, Corteolona, Cremona,
Parona, Como and Crotone) and manages the Acerra and Trezzo waste-to-energy plants. It also has
several waste treatment plants and a number of landfills.
The A2A Group\u2019s Consolidated Financial Statements at December 31, 2025 include goodwill of
473 million euro associated with this CGU Group. Of this goodwill, 227 million euro arises from the
acquisition of the Ecodeco Group which took place between 2005 and 2008 (the former Ecodeco
Cash Generating Unit) and 5 million euro from the merger between ASM Brescia S.p.A. (subsequently
incorporated into AEM S.p.A., with simultaneous change of its name into A2A S.p.A.) and BAS S.p.A.,
30 million euro as the residual value of the goodwill of the former LGH Group at the end of the PPA
process for the then acquisition of 51% of the Group, 2 million euro to the allocation to the CGU in
2019 of a residual portion of the goodwill recorded following the consolidation of the Acinque Group
and 5 million euro as residual goodwill at the conclusion of the PPA activity for the acquisition of the
company Electrometal S.r.l. (merged at December 31, 2023 into A2A Ambiente S.p.A.) and 204 million
euro as goodwill recognized upon completion of the PPA process for the acquisition of Tecnoa S.r.l.
(merged at December 31, 2023 into A2A Ambiente S.p.A.).
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
For this CGU Group, a sensitivity analysis was prepared that considers the impact of the variability of
CO\u2082 emissions on cash flows, resulting from the tons of waste treated by municipal waste-to-energy
plants. This sensitivity analysis confirms that the recoverable amount exceeds the carrying amount.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
\"A2A Reti Gas\" Cash Generating Unit Group
The \"A2A Reti Gas\" CGU Group includes the Group's gas distribution and metering activities. In
particular, it deals with the design and construction of gas networks, their operation and maintenance,
as well as the management of requests for connection and quality control and continuity of service.
The goodwill associated with the \"A2A Reti Gas\" CGU Group, amounting to 31 million euro, derives
primarily from various acquisitions made by Unareti S.p.A. in recent years, involving companies
operating as gas distributors (the business is primarily concentrated in Lombardy and Piedmont).
The recoverable amount of the net invested capital was calculated by adding to the RAB (calculated
by applying a premium of 10% to the Residual Industrial Value) the net working capital values at
December 31, 2025, net of the tax effect. This methodology provides a better approximation of the
expected cash flows from gas distribution assets.
\"A2A Vendita Gas\" Cash Generating Unit Group
The goodwill arising from the consolidation of the \"A2A Vendita Gas\" CGU Group, amounting to 81
million euro, refers to the area involved in selling gas to end customers (residential and business)
and was impairment tested. It should be noted that the \"A2A Vendita Gas\" CGU Group consists of
the portion of goodwill arising from the merger between BAS S.p.A. and A2A S.p.A. for 7 million euro,
for 31 million euro to the allocation to the CGU of a portion of the goodwill recorded following the
consolidation of the Acinque Group and for 43 million euro of a portion of goodwill allocated to the
CGU Group following the consolidation of the AEB Group.
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
\"A2A Calore\" Cash Generating Unit Group
The goodwill arising from the consolidation of the \"A2A Calore\" CGU Group, amounting to 27 million
euro, is held by a number of companies of the A2A Group active in the production, distribution and
sale of district heating. Specifically, this goodwill is primarily comprised of 21 million euro from the
merger between BAS S.p.A. and A2A S.p.A., 4 million euro for the allocation to the CGU Group in 2019,
of a portion of the goodwill recognized as a result of the consolidation of the Acinque Group, and
2 million euro for the allocation to the CGU Group of the goodwill generated from the acquisition of
Termica Cologno S.r.l. in the previous year.
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
It is noted that the reorganisation of the Business Units during the reporting period, which saw district
heating and heat management services transferred to the \u2018Circular Economy\u2019 Business Unit, had no
impact on the impairment analyses, as the CGU retained its autonomy.
\"Generazione Rinnovabili\u2019\u2019 Cash Generating Unit Group
The activity of the \"Generazione Rinnovabili\"\u2019 CGU Group relates to the management of the Group's
hydroelectric, photovoltaic and wind power plants and the consequent production of electricity. The
total installed capacity is about 2.6 GW.
The goodwill allocated to the \"Generazione Rinnovabili\u2019\u2019 CGU Group, amounting to 227 million euro,
refers for 65 million euro to the allocation of goodwill generated from the acquisition of the Octopus
Renewables portfolio, for 17 million euro to the allocation of goodwill for the acquisition of the Rovere
portfolio, for 144 million euro to the goodwill allocated for the acquisition of the Ellisse portfolio, and
for the remaining part to the allocation of a portion of the goodwill recognized as a result of the
consolidation of the Acinque Group.
The recoverable value of the goodwill attributed to the CGU Group during the impairment test, was
determined by considering a finite useful life scenario. At the end of the plan explicit period, the
liquidation value of the net capital employed was taken into account.
Two sensitivity analyses were prepared for this CGU Group: the first considers the impact on
cash flows of the variability in hydroelectric production resulting from fluctuations in hydroelectric
production volumes based on historical data series; the second sensitivity analysis considers the
impact on cash flows of the variability in plan prices resulting from fluctuations in energy prices
over the plan period, estimated using a Monte Carlo simulation. These sensitivity analyses confirm
recoverable values that are higher than the carrying amounts.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
\"Vendita Energia Elettrica\" Cash Generating Unit Group
The \u201cVendita Energia Elettrica\u201d CGU Group is active in the retail sale of electricity to end customers
(residential and industrial).
The goodwill arising from the consolidation of the \"Vendita Energia Elettrica\" CGU Group, amounting
to 9 million euro, refers, for 7 million euro, to the allocation to the CGU Group of a portion of the
goodwill recognized following the consolidation of the AEB Group, the results of which were
consolidated in 2020, and, for 2 million euro, to the goodwill generated by the acquisition of a
company belonging to the Acinque Group.
In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite
useful life scenario was considered.
In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on
equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other
factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying
amounts.
Finally, the recoverable amount of all CGU/Groups of CGU was compared with the carrying amount
of all CGU/Groups of CGU, including corporate assets. This comparison did not reveal any need to
recognize a second-level impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48306": { "value": "
5) Equity-accounted investments and other non-current financial assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Equity-accounted
investments\u00a0		 25 \u00a0-\u00a027 \u00a052 \u00a0 - \u00a0 -
Other non-current financial
assets\u00a0		 88 \u00a0-\u00a079 \u00a0 167 \u00a0 13 \u00a0 84
Total Equity-accounted
investments and other non-
current financial assets\u00a0		 113 \u00a0-\u00a0106 \u00a0 219 \u00a0 13 \u00a0 84
The following table provides details of the changes in the value of \"Equity-accounted investments\":
Equity-accounted investments
millions of euro
Total
Balance at 12.31.2024\u00a0 25
First-time consolidation effect acquisitions 2025
Changes:
- acquisitions and capital increases
- measurement at equity
- impairment losses
- reversals \u00a028
- dividends received from equity-accounted investments \u00a0(1)
- sales and decreases
- other changes
- reclassifications
Total changes \u00a027
Balance at 12.31.2025\u00a052
The value of \"Equity-accounted investments\" amounted to 52 million euro, up 27 million euro from the
previous year as a result of the reversals for 28 million euro mitigated by the collection of dividends of
1 million euro.
The reversals for the reporting period, amounting to 28 million euro, mainly relate to the reversal of
the impairment loss recognized on Ergosud for an amount of 25 million euro and the measurement at
equity of the investments in Metamer, Geco and Fratelli Omini for a total amount of 2 million euro. With
regard to this item, no critical issues arose, and there are no elements that constitute an impairment
indicator such as to require specific checks on the recoverability of the assets.
During the financial year, the Group performed an impairment test on the investment in Ergosud in
accordance with the provisions of IAS 36. The analysis was conducted with the technical support of
an external expert on the basis of the cash flows of the update of the approved 2024-2035 Strategic
Plan. For the sole purpose of the impairment test, the Strategic Plan, in line with the provisions of IAS
36, has been appropriately amended to exclude the impact of future improvements and optimizations.
In particular, the calculation of value in use excluded Ebitda and Capex amounts related to non-
recurring transactions, M&A and developments in the pipeline. At the end of the explicit period of the
plan (2035), a terminal value of perpetuity close to zero was included. In view of the characteristics of
the business and the approved plan, it was considered reasonable to consider an explicit plan period
of more than 5 years.
The technical support for the impairment test was entrusted to an external expert who estimated the
discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital
(WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation
practice and in line with last year's impairment test in order to reflect current market valuations with
reference to the present value of money, country risk and the specific risks associated with the asset.
The following are the methods and main assumptions used in estimating the recoverable value of the
equity investments.
Investment\u00a0Recoverable amount\u00a0WACC 2025 post tax\u00a0WACC 2024 post tax\u00a0g-rate
Ergosud \u00a0Value in use\u00a06.20%\u00a06.70%\u00a0-
Based on the analyses carried out, the estimated recoverable amount for the 50% investment in
Ergosud is 25 million euro.
For other investments recorded in this item, no critical issues have emerged and there are no elements
that constitute an impairment indicator such as to require specific verifications on the recoverability of
assets.
The details of the investments are provided in annex no. 2 \"List of Equity-accounted investments\".
\"Other non-current financial assets\" showed a balance of 167 million euro at December 31, 2025, and
mainly refer to investments made in innovative start-ups through Corporate Venture Capital projects
and advances paid on equity investments for future development projects of renewable energy power
plants.
At December 31, 2025, \"Other non-current financial assets\" include, in addition to the aforementioned
items, 15 million euro in respect of the request to deposit in a special current account the sums seized
by the Court of Taranto as part of the ongoing proceedings against the subsidiary Linea Ambiente
S.r.l.; 2 million euro in respect of investments in other companies, for details of which see Annex 3, \"List
of investments in other companies.\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48305": { "value": "
5) Equity-accounted investments and other non-current financial assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Equity-accounted
investments\u00a0		 25 \u00a0-\u00a027 \u00a052 \u00a0 - \u00a0 -
Other non-current financial
assets\u00a0		 88 \u00a0-\u00a079 \u00a0 167 \u00a0 13 \u00a0 84
Total Equity-accounted
investments and other non-
current financial assets\u00a0		 113 \u00a0-\u00a0106 \u00a0 219 \u00a0 13 \u00a0 84
The following table provides details of the changes in the value of \"Equity-accounted investments\":
Equity-accounted investments
millions of euro
Total
Balance at 12.31.2024\u00a0 25
First-time consolidation effect acquisitions 2025
Changes:
- acquisitions and capital increases
- measurement at equity
- impairment losses
- reversals \u00a028
- dividends received from equity-accounted investments \u00a0(1)
- sales and decreases
- other changes
- reclassifications
Total changes \u00a027
Balance at 12.31.2025\u00a052
The value of \"Equity-accounted investments\" amounted to 52 million euro, up 27 million euro from the
previous year as a result of the reversals for 28 million euro mitigated by the collection of dividends of
1 million euro.
The reversals for the reporting period, amounting to 28 million euro, mainly relate to the reversal of
the impairment loss recognized on Ergosud for an amount of 25 million euro and the measurement at
equity of the investments in Metamer, Geco and Fratelli Omini for a total amount of 2 million euro. With
regard to this item, no critical issues arose, and there are no elements that constitute an impairment
indicator such as to require specific checks on the recoverability of the assets.
During the financial year, the Group performed an impairment test on the investment in Ergosud in
accordance with the provisions of IAS 36. The analysis was conducted with the technical support of
an external expert on the basis of the cash flows of the update of the approved 2024-2035 Strategic
Plan. For the sole purpose of the impairment test, the Strategic Plan, in line with the provisions of IAS
36, has been appropriately amended to exclude the impact of future improvements and optimizations.
In particular, the calculation of value in use excluded Ebitda and Capex amounts related to non-
recurring transactions, M&A and developments in the pipeline. At the end of the explicit period of the
plan (2035), a terminal value of perpetuity close to zero was included. In view of the characteristics of
the business and the approved plan, it was considered reasonable to consider an explicit plan period
of more than 5 years.
The technical support for the impairment test was entrusted to an external expert who estimated the
discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital
(WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation
practice and in line with last year's impairment test in order to reflect current market valuations with
reference to the present value of money, country risk and the specific risks associated with the asset.
The following are the methods and main assumptions used in estimating the recoverable value of the
equity investments.
Investment\u00a0Recoverable amount\u00a0WACC 2025 post tax\u00a0WACC 2024 post tax\u00a0g-rate
Ergosud \u00a0Value in use\u00a06.20%\u00a06.70%\u00a0-
Based on the analyses carried out, the estimated recoverable amount for the 50% investment in
Ergosud is 25 million euro.
For other investments recorded in this item, no critical issues have emerged and there are no elements
that constitute an impairment indicator such as to require specific verifications on the recoverability of
assets.
The details of the investments are provided in annex no. 2 \"List of Equity-accounted investments\".
\"Other non-current financial assets\" showed a balance of 167 million euro at December 31, 2025, and
mainly refer to investments made in innovative start-ups through Corporate Venture Capital projects
and advances paid on equity investments for future development projects of renewable energy power
plants.
At December 31, 2025, \"Other non-current financial assets\" include, in addition to the aforementioned
items, 15 million euro in respect of the request to deposit in a special current account the sums seized
by the Court of Taranto as part of the ongoing proceedings against the subsidiary Linea Ambiente
S.r.l.; 2 million euro in respect of investments in other companies, for details of which see Annex 3, \"List
of investments in other companies.\"
11) Current financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes
of the
year
Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Other financial assets\u00a0 32 \u00a0 - \u00a0(8)\u00a0 24 \u00a0 32 \u00a0 24
Total current financial assets 32 - (8) 24 32 24
\u201cCurrent financial assets\u201d amounted to 24 million euro (32 million euro at December 31, 2024). This
item mainly refers to financial receivables from third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48212": { "value": "
5) Equity-accounted investments and other non-current financial assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Equity-accounted
investments\u00a0		 25 \u00a0-\u00a027 \u00a052 \u00a0 - \u00a0 -
Other non-current financial
assets\u00a0		 88 \u00a0-\u00a079 \u00a0 167 \u00a0 13 \u00a0 84
Total Equity-accounted
investments and other non-
current financial assets\u00a0		 113 \u00a0-\u00a0106 \u00a0 219 \u00a0 13 \u00a0 84
The following table provides details of the changes in the value of \"Equity-accounted investments\":
Equity-accounted investments
millions of euro
Total
Balance at 12.31.2024\u00a0 25
First-time consolidation effect acquisitions 2025
Changes:
- acquisitions and capital increases
- measurement at equity
- impairment losses
- reversals \u00a028
- dividends received from equity-accounted investments \u00a0(1)
- sales and decreases
- other changes
- reclassifications
Total changes \u00a027
Balance at 12.31.2025\u00a052
The value of \"Equity-accounted investments\" amounted to 52 million euro, up 27 million euro from the
previous year as a result of the reversals for 28 million euro mitigated by the collection of dividends of
1 million euro.
The reversals for the reporting period, amounting to 28 million euro, mainly relate to the reversal of
the impairment loss recognized on Ergosud for an amount of 25 million euro and the measurement at
equity of the investments in Metamer, Geco and Fratelli Omini for a total amount of 2 million euro. With
regard to this item, no critical issues arose, and there are no elements that constitute an impairment
indicator such as to require specific checks on the recoverability of the assets.
During the financial year, the Group performed an impairment test on the investment in Ergosud in
accordance with the provisions of IAS 36. The analysis was conducted with the technical support of
an external expert on the basis of the cash flows of the update of the approved 2024-2035 Strategic
Plan. For the sole purpose of the impairment test, the Strategic Plan, in line with the provisions of IAS
36, has been appropriately amended to exclude the impact of future improvements and optimizations.
In particular, the calculation of value in use excluded Ebitda and Capex amounts related to non-
recurring transactions, M&A and developments in the pipeline. At the end of the explicit period of the
plan (2035), a terminal value of perpetuity close to zero was included. In view of the characteristics of
the business and the approved plan, it was considered reasonable to consider an explicit plan period
of more than 5 years.
The technical support for the impairment test was entrusted to an external expert who estimated the
discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital
(WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation
practice and in line with last year's impairment test in order to reflect current market valuations with
reference to the present value of money, country risk and the specific risks associated with the asset.
The following are the methods and main assumptions used in estimating the recoverable value of the
equity investments.
Investment\u00a0Recoverable amount\u00a0WACC 2025 post tax\u00a0WACC 2024 post tax\u00a0g-rate
Ergosud \u00a0Value in use\u00a06.20%\u00a06.70%\u00a0-
Based on the analyses carried out, the estimated recoverable amount for the 50% investment in
Ergosud is 25 million euro.
For other investments recorded in this item, no critical issues have emerged and there are no elements
that constitute an impairment indicator such as to require specific verifications on the recoverability of
assets.
The details of the investments are provided in annex no. 2 \"List of Equity-accounted investments\".
\"Other non-current financial assets\" showed a balance of 167 million euro at December 31, 2025, and
mainly refer to investments made in innovative start-ups through Corporate Venture Capital projects
and advances paid on equity investments for future development projects of renewable energy power
plants.
At December 31, 2025, \"Other non-current financial assets\" include, in addition to the aforementioned
items, 15 million euro in respect of the request to deposit in a special current account the sums seized
by the Court of Taranto as part of the ongoing proceedings against the subsidiary Linea Ambiente
S.r.l.; 2 million euro in respect of investments in other companies, for details of which see Annex 3, \"List
of investments in other companies.\"
", "dimensions": { "concept": "A2A:DisclosureOfOtherNonCurrentFinancialAssets", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48307": { "value": "
6) Deferred tax assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
Deferred tax assets\u00a0420 \u00a0 2 \u00a0 17 \u00a0439
\"Deferred tax assets\" amounted to 439 million euro (420 million euro at December 31, 2024), a net
increase of 19 million euro, of which 17 million euro refers to the change for the year and 2 million euro
refers to first-time consolidations.
The item includes the net effect, as detailed in the table below to which reference is made, of
deferred tax liabilities and deferred tax assets for IRES on changes and provisions made solely for
tax purposes. The recoverability of \"Deferred tax assets\" recorded in the financial statements is
considered likely, as the future plans envisage taxable income sufficient to use the deferred tax assets.
At December 31, 2025, the amounts relative to deferred tax assets/deferred tax liabilities have been
expressed as net (\u201coffsetting\u201d) as per IAS 12 standards.
The following table sets out the main deferred tax assets and liabilities.
The following table sets out the main deferred tax assets and liabilities.
Detail of deferred
tax (assets and
liabilities)
Balance
at
12.31.2024
restated
First-time
consolidation
effect
Acquisitions
2025
Provisions
(A)
Uses
(B)
Other
(D)
Total
(A+B+C+D)
Adjustment
to Equity
Other
changes
/Reclass.
Balance
at
12.31.2025
restated
Deferred tax
liabilities
Changes in
property, plant and
equipment\u00a0		305\u00a0-\u00a0-\u00a0(29)\u00a0-\u00a0(29)\u00a02\u00a0(4)\u00a0274
Application of the
financial instrument
standard (IFRS 9) 		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a01\u00a0-\u00a01
Measurement
differences of
intangible assets 		\u00a0147\u00a0-\u00a0-\u00a0(12)\u00a03\u00a0(9)\u00a0-\u00a0(23)\u00a0115
Post-employment
benefits (TFR)		\u00a02\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a02
Goodwill \u00a04\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a04
Other deferred tax
liabilities \u00a0		3\u00a01\u00a0-\u00a0(1)\u00a0(2)\u00a0(3)\u00a02\u00a0-\u00a03
Total deferred tax
liabilities (A)\u00a0		\u00a0461\u00a01\u00a0-\u00a0(42)\u00a01\u00a0(41)\u00a04\u00a0(27)\u00a0398
Deferred tax
assets
Taxed risk
provisions \u00a0		156\u00a0-\u00a016\u00a0(9)\u00a0(1)\u00a06\u00a0-\u00a0-\u00a0162
Changes in
property, plant and
equipment\u00a0		430\u00a02\u00a010\u00a0(28)\u00a0-\u00a0(18)\u00a0-\u00a0(11)\u00a0403
Application of the
financial instrument
standard (IFRS 9) 		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a04\u00a0-\u00a04
Bad debts
provision \u00a0		43\u00a0-\u00a020\u00a0(19)\u00a0-\u00a01\u00a0-\u00a0-\u00a044
Changes in
intangible assets 		\u00a07\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a07
Grants \u00a015\u00a0-\u00a0-\u00a0(1)\u00a0-\u00a0(1)\u00a0-\u00a0-\u00a014
Goodwill \u00a0172\u00a0-\u00a0-\u00a0(12)\u00a0-\u00a0(12)\u00a0-\u00a0-\u00a0160
Other deferred tax
assets\u00a0\u00a0		58\u00a0-\u00a04\u00a0(19)\u00a01\u00a0(14)\u00a0(1)\u00a0-\u00a043
Total deferred tax
assets (B)\u00a0\u00a0		881\u00a02\u00a050\u00a0(88)\u00a0-\u00a0(38)\u00a03\u00a0(11)\u00a0837
Net effect deferred
tax assets/
liabilities (B-A) 		\u00a0420\u00a01\u00a050\u00a0(46)\u00a0(1)\u00a03\u00a0(1)\u00a016\u00a0439
20) Deferred tax liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Net changes in
the year
Balance at
12.31.2025
Deferred tax liabilities\u00a0-\u00a04\u00a025\u00a029
\"Deferred tax liabilities\" amounted to 29 million euro at December 31, 2025 (zero at December 31, 2024),
an increase of 25 million euro, net of the 4 million euro impact of the first-time consolidations of the year.
This item reflects the net effect of deferred tax liabilities and deferred tax assets for IRAP, which cannot
be offset against the related deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48319": { "value": "
96
A2A
Consolidated financial statements 2025
2. Explanatory notes
7) Derivatives and other non-current assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Other non-current assets\u00a0 128 \u00a0 - \u00a0 (8)\u00a0 120 \u00a0 - \u00a0 -
Non-current derivative
assets		\u00a0 2 \u00a0 - \u00a0 - \u00a0 2 \u00a0 2 \u00a0 2
Total derivatives and other
non-current assets\u00a0		130 \u00a0 - \u00a0(8)\u00a0122 \u00a02 \u00a02
\"Other non-current assets\" were down by 8 million euro compared to December 31, 2024. The change
for the reporting period, amounting to 8 million euro, primarily comprises:
\u2022
for 9 million euro the increase in security deposits;
\u2022
for 16 million the decrease in tax credits for tax facilitations provided by construction bonuses
expiring beyond the following year;
\u2022
for 7 million euro the decrease in receivables for prior-year items related to the water business;
\u2022
for 6 million euro the increase in deferred assets.
\"Non-current derivative assets\" amounted to 2 million euro and refer to interest rate hedging
instruments.
10) Derivatives and other current assets
millions of euro
\u00a0\u00a0Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes \u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Current derivative assets
(commodity derivatives)		\u00a0 866 \u00a0- \u00a0(225)\u00a0 641\u00a0\u00a0 1 \u00a0 1
Other current assets of
which:\u00a0		430 \u00a01 \u00a0(7)\u00a0424 \u00a0 -\u00a0-
- receivables from Cassa
per i Servizi Energetici e
Ambientali\u00a0		82 \u00a0\u00a0\u00a010 \u00a092 \u00a0\u00a0\u00a0\u00a0
- advances to suppliers\u00a012 \u00a0\u00a0\u00a012 \u00a024 \u00a0\u00a0\u00a0\u00a0
- tax receivables\u00a0132 \u00a01 \u00a022 \u00a0155 \u00a0\u00a0\u00a0\u00a0
- receivables related to
future years/periods		\u00a059 \u00a0\u00a0\u00a0(14)\u00a0 45 \u00a0\u00a0\u00a0\u00a0
- water cycle BU
receivables\u00a0		 18 \u00a0\u00a0\u00a0(18)\u00a0 - \u00a0\u00a0\u00a0\u00a0
- receivables from social
security entities		\u00a03 \u00a0\u00a0\u00a0(1)\u00a02 \u00a0\u00a0\u00a0\u00a0
- Ecobonus credit\u00a06\u00a0\u00a0\u00a09\u00a0 15 \u00a0\u00a0\u00a0\u00a0
- receivables for security
deposits\u00a0		43 \u00a0\u00a0\u00a0(39)\u00a04 \u00a0\u00a0\u00a0\u00a0
- receivables for RAI fee\u00a05 \u00a0\u00a0\u00a0-\u00a05 \u00a0\u00a0\u00a0\u00a0
- other sundry receivables\u00a070\u00a0\u00a0\u00a012\u00a082\u00a0\u00a0\u00a0\u00a0
Total derivatives and other
current assets\u00a0		 1,296 \u00a0 1 \u00a0(232)\u00a01,065 \u00a0 1 \u00a0 1
\u201cDerivatives and Other current assets\u201d showed a balance of 1,065 million euro compared to 1,296
million euro at December 31, 2024, a decrease of 231 million euro, net of the first-time consolidation
effect for 1 million euro.
\"Current derivatives assets\" amounted to 641 million euro (866 million euro at December 31, 2024),
a decrease of 225 million euro due to a reduction in fair value measurement due to a lower average
difference between subscription prices and market prices.
Receivables from Cassa per i Servizi Energetici e Ambientali, amounting to 92 million euro (82 million
euro at December 31, 2024), mainly refer to receivables for equalizations pertaining to both the period
2025 and to outstanding receivables for equalizations pertaining to previous years and receivables for
tariff components, net of collections made in the current year.
Tax receivables, equal to 155 million euro (132 million euro at December 31, 2024), mainly relate to
receivables from the tax authorities for withholding taxes (mainly referring to tax credits for Ecobonus)
and excise duties.
Receivables related to future years amounted to 45 million euro (59 million euro at December 31,
2024) and mainly refer to the advance payment of water derivation fees, software licence fees and
insurance premiums.
The Ecobonus receivable, amounting to 15 million euro (6 million euro at December 31, 2024), relates
to receivables accrued but not yet recorded in the tax account.
Receivables for security deposits amounted to 4 million euro (43 million euro at December 31, 2024).
23) Derivatives and other non-current liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Non-current derivative
liabilities
19\u00a0-\u00a017\u00a036\u00a019\u00a036
Other non-current liabilities\u00a0328\u00a0-\u00a0(174)\u00a0154\u00a0133\u00a012
Total derivatives and other
non-current liabilities
347\u00a0-\u00a0(157)\u00a0190\u00a0152\u00a048
At December 31, 2025, this item decreased by 157 million euro compared to the balance at the end of
the previous year.
\u201cOther non-current liabilities\u201d, which showed a balance of 154 million euro, refer to security deposits
from customers, for 123 million euro, to liabilities pertaining to future years for 14 million euro, as well as
other non-current liabilities for 17 million euro.
\u201cNon-current derivative liabilities\u201d amounted to 36 million euro (19 million euro at December 31, 2024)
and refer to the fair value measurement of the hedging derivative relating to the yen bond maturing in
2036.
25) Derivatives and other current liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Current derivative liabilities
(commodity derivatives)		\u00a0767\u00a0-\u00a0(76)\u00a0691\u00a0-\u00a0-
Other current liabilities of
which:\u00a0		624\u00a06\u00a0330\u00a0960\u00a08\u00a0155
Payables to personnel\u00a0135\u00a0-\u00a07\u00a0142
Payables to pension and
social security institutions		\u00a056\u00a0-\u00a03\u00a059
Payables to Cassa per
i Servizi Energetici e
Ambientali\u00a0		160\u00a0-\u00a0186\u00a0346
Tax payables\u00a0125\u00a0-\u00a0-\u00a0125
Payables to customers for
work to be performed		\u00a047\u00a01\u00a0(6)\u00a042
Payables to customers for
interest on security deposits		\u00a04\u00a0-\u00a0-\u00a04
Payables for liabilities of
competence of following
years\u00a0		9\u00a01\u00a02\u00a012
Payables for collections to
be allocated\u00a0		12\u00a0-\u00a03\u00a015
Payables for RAI fee\u00a07\u00a0-\u00a01\u00a08
Payables to insurance
companies\u00a0		3\u00a0-\u00a04\u00a07
Payables for environmental
compensation\u00a0		5\u00a0-\u00a0-\u00a05
Sundry payables\u00a061\u00a04\u00a0130\u00a0195\u00a08\u00a0155
Total derivatives and other
current liabilities\u00a0		1,391\u00a06\u00a0254\u00a01,651\u00a08\u00a0155
\u201cCurrent derivative liabilities\u201d amounted to 691 million euro (767 million euro at December 31, 2024)
and refer to the fair value valuation of commodity derivatives. The decrease is mainly attributable to
a decrease in fair value valuation due to a lower average difference between subscription prices and
market prices.
\"Other current liabilities\" mainly refer to:
\u2022
\u00a0payables to Cassa per i Servizi Energetici e Ambientali for 346 million euro (160 million euro at
December 31, 2024), regarding the payable for the tariff components, invoiced and not yet paid, as
well as the payable for equalization liabilities related both to prior years and the year in question;
\u2022
\u00a0payables to employees for 142 million euro (135 million euro at December 31, 2024), relating to payables
to employees for the productivity bonus accrued during the year, as well as the expense for holidays
accrued but not taken at December 31, 2025;
\u2022
\u00a0Tax payables for 125 million euro, unchanged from the previous year, refer to excise duties, withholdings,
and VAT;
\u2022
\u00a0payables to social security institutions of 59 million euro, an increase of 3 million euro compared to
December 31, 2024, and relate to the Group's debt position with social security institutions;
\u2022
\u00a0payables to customers for work to be performed during the next financial year in the amount of 42
million euro (42 million euro at December 31, 2024);
\u2022
payables for collections to be allocated for 15 million euro (12 million euro at December 31, 2024);
\u2022
\u00a0payables for liabilities associated with subsequent financial years totaling 12 million euro (9 million
euro at December 31, 2024);
\u2022
payables for RAI license fees of 8 million euro (7 million euro at December 31, 2024);
\u2022
payables for insurance of 8 million euro (3 million euro at December 31, 2024);
\u2022
payables for environmental compensation of 5 million euro (5 million euro at December 31, 2024).
Instruments outstanding at December 31, 2025
a) On interest and exchange rates
The following analyses show the notional amounts of derivative contracts stipulated and not expired at
the reporting date, by maturity:
millions of euro
Notional value (a)\u00a0Value\u00a0
Balance
sheet (b)
Progressive
effect to
the Income
statement at
12.31.2025
(c)
Due within 1 year\u00a0Due in 1 to 5 years\u00a0Due over 5 years
to be
received
to be
paid
average
rate
to be
received
to be
paid
average
rate
to be
received
to be
paid
average
rate
Interest rate risk
management
cash flow hedges
as per IFRS 9
\u00a0\u00a0116\u00a093\u00a0\u00a08\u00a01.5\u00a0\u00a0-
Interest rate risk
management
hedges as fair
values
-\u00a0175\u00a02.35%\u00a0300\u00a02.86%\u00a0(1.7)
not considered
hedges as per IFRS 9\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total derivatives on
interest rates		\u00a0116\u00a0268\u00a0\u00a0308\u00a01.5\u00a0\u00a0(1.7)
Exchange rate risk
management
considered hedges as
per IFRS 9
- on commercial
transactions
- on non-commercial
transactions
98.0\u00a0(34.1)
not considered
hedges as per IFRS 9		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- on commercial
transactions		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- on \u00a0non-commercial\u00a0transactions\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total derivatives on
exchange rates		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a098.0\u00a0(34.1)\u00a0-
(a) Represents the sum of the notional value of the elementary contracts that derive from any dismantling of complex contracts.
(b) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at fair value.
(c) Represents the adjustment of derivatives to fair value recognized progressively over time in the Income Statement from stipulation of the
contract until the current date.
b) On commodities
The following is an analysis of the commodity derivative contracts outstanding at the balance sheet date
set up for the purpose of managing the risk of the fluctuations in the market prices of commodities.
Energy product price risk
management
Unit of
measurement
Volume by Maturity\u00a0Notional\u00a0
Value
Fair value
Due within
1 year
Due
within
two
years
Due
within
five
years
Due
after
five
years
Value
Balance
sheet (*)
Progressive
effect to
income
statement
(**)
Quantity\u00a0Millions of\u00a0
euro
Millions
of euro
Millions
of euro
A. Cash flow hedges as per
IFRS 9, including:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.7\u00a0\u00a0-
- Electricity\u00a0TWh\u00a06.1\u00a00.1\u00a00.1\u00a063.8\u00a0(0.5)\u00a0\u00a0
- Oil\u00a0Bbl\u00a0\u00a0\u00a0\u00a0
- Coal\u00a0Tonnes\u00a0\u00a0\u00a0\u00a0
- Natural Gas\u00a0TWh\u00a0\u00a0
- Natural Gas
Millions of
cubic metres		\u00a0\u00a0
- Exchange rate
Millions of
dollars		\u00a0\u00a0\u00a0\u00a0
- CO2 emission rights\u00a0Tonnes\u00a0467,000\u00a0271,000\u00a062.5\u00a02.2 \u00a0\u00a0
- Guarantees of origin\u00a0TWh\u00a01\u00a00.4\u00a0\u00a0
B. considered fair value
hedges as per IFRS 9\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0-
C. not considered hedges as
per IFRS 9 of which\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(52.4)\u00a0(162.1)
C.1 hedge margin\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.4)\u00a0-
- Electricity\u00a0TWh\u00a00.4\u00a0
- Oil\u00a0Bbl
- Natural Gas\u00a0Degrees day
- Natural Gas\u00a0TWh\u00a00.8\u00a026.4\u00a0(0.5)\u00a0(0.5)
- CO2 emission rights\u00a0Tonnes\u00a0185,000\u00a07,000\u00a014.7\u00a00.1\u00a0\u00a00.1\u00a0
- Exchange rate
Millions of
dollars
C.2 trading transactions\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(52.0)\u00a0(162.1)
- Electricity\u00a0TWh\u00a063.0\u00a05.4\u00a01.1\u00a00.7\u00a06,003.3\u00a0(26.3)\u00a0(71.2)
- Natural Gas\u00a0TWh\u00a0141.3\u00a038.3\u00a014.0\u00a06,009.2\u00a0(25.2)\u00a0(90.0)
- CO2 emission rights\u00a0Tonnes\u00a018,463,314\u00a09,883,322\u00a01,878,980\u00a02,542.9\u00a03.4\u00a0\u00a03.0\u00a0
- Guarantees of origin\u00a0TWh\u00a00.1\u00a00.6\u00a00.6\u00a05.2\u00a0(3.9)\u00a0(3.9)
- \u00a0 Environmental Certificates\u00a0Tep
Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(50.7)\u00a0(162.1)
(*) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at
fair value.
(**) Represents the adjustment of derivatives to fair value recognized over time in the Income Statement from stipulation of the
contract to the present date.
Financial and operating results for derivative transactions at
December 31, 2025
Effects on the balance sheet
The following table shows the balance sheet figures at December 31, 2025, for derivative transactions.
million euro
Note
Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current assets\u00a02\u00a0\u00a0
Non-current derivative assets\u00a07\u00a02\u00a0\u00a0
Current assets\u00a0641\u00a0\u00a0
Current derivative assets\u00a010\u00a0641\u00a0\u00a0
Total assets\u00a0\u00a0\u00a0643\u00a0\u00a0
Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current liabilities\u00a036\u00a0\u00a0
Non-current derivative liabilities\u00a023\u00a036\u00a0\u00a0
Current liabilities\u00a0691\u00a0\u00a0
Current derivative liabilities\u00a025\u00a0691\u00a0\u00a0
Total liabilities\u00a0\u00a0\u00a0727\u00a0\u00a0
Effect on the income statement
The following table sets out the income statement figures at December 31, 2025 arising from the
management of derivatives.
\u00a0\u00a0\u00a0\u00a0
million euro
Note\u00a0Realised during the year\u00a0
(1)
Change in fair
value during
the year
Amounts
recognized in
the income
Revenue\u00a030\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from sales and services \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Energy product price risk management\u00a0
And exchange rate risk management on
commodities\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a05\u00a0-\u00a05
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0748\u00a0971\u00a01,719
Total revenues from sales and services\u00a0\u00a0\u00a0753\u00a0971\u00a01,724
Operating expenses\u00a031\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Expenses for raw materials and services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Energy product price risk management\u00a0
And exchange rate risk management on
commodities\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a0(10)\u00a0-\u00a0(10)
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0(293)\u00a0(1,133)\u00a0(1,426)
Total costs for raw materials and services\u00a0\u00a0\u00a0(303)\u00a0(1,133)\u00a0(1,436)
Total recognized in gross operating income (*)\u00a0\u00a0\u00a0450\u00a0(162)\u00a0288
Net finance income (expenses)\u00a036\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Finance income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate risk management and equity risk
management \u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Income on derivatives\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a0-\u00a0-\u00a0-
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0-\u00a0-\u00a0-
Total\u00a0\u00a0\u00a0-\u00a0-\u00a0-
Total finance income \u00a0\u00a0\u00a0-\u00a0-\u00a0-
Finance expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate risk management and equity risk
management \u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Expenses on derivatives\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total finance expenses \u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total recognized in financial balance\u00a01(2)(1)
(1) Made without physical delivery.
(*) The figures do not include the effect of the \"net presentation\" of the negotiation margin of trading activities
Classes of financial instruments
To complete the analyses required by IFRS 7 and IFRS 13, the following table sets out the various
types of financial instrument that are to be found in the various balance sheet items, with an indication
of the accounting policies used and, in the case of financial instruments measured at fair value, an
indication of where changes are recognized (income statement or equity).
The last column of the table shows the fair value of the instrument at December 31, 2025, where
applicable.
million euro
Type of financial instruments\u00a0Note\u00a0Financial instruments
measured at fair value with
changes recognized in:
Financial
instruments
measured at
amortized
cost
Statement
of Financial
Position
Value
Fair
value
(*)
Income
statement
Shareholders'
equity
(1)\u00a0(2)\u00a0(3)\u00a0(4)
Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Other non-current financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets measured at fair
value of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- unlisted
2\u00a02\u00a0n.d.
- listed
Financial assets held to maturity
Other non-current financial assets
165\u00a0165\u00a0165
Total other non-current financial
assets
5\u00a0167
Non-current asset derivatives
7\u00a02\u00a02\u00a02
Other non-current assets
7\u00a0120\u00a0120\u00a0120
Trade receivables
9\u00a04,454\u00a04,454\u00a04,454
Current asset derivatives
10\u00a0638\u00a03\u00a0641\u00a0641
Other current assets
10\u00a0424\u00a0424\u00a0424
Current financial assets
11\u00a024\u00a024\u00a024
Cash and cash equivalents
13\u00a01,879\u00a01,879\u00a01,879
Liabilities
Financial liabilities
Non-current and current bonds
19 and 26\u00a01,143\u00a076\u00a04,495\u00a05,714\u00a05,714
Other non-current and current
financial liabilities
19 and 26\u00a01,546\u00a01,546\u00a01,546
Non-current liability derivatives
23\u00a02\u00a034\u00a036\u00a036
Other non-current liabilities
23\u00a0154\u00a0154\u00a0154
Trade payables
24\u00a04,691\u00a04,691\u00a04,691
Current liability derivatives
25\u00a0690\u00a01\u00a0691\u00a0691
Other current liabilities
25\u00a0960\u00a0960\u00a0960
(*) The fair value has not been calculated for receivables and payables not related to derivative contracts and loans as the
corresponding carrying amount is a good approximation to this.
(1) Financial assets and liabilities measured at fair value with the changes in fair value recognized in the Income Statement.
(2) Cash flow hedges.
(3) Financial assets available for sale measured at fair value with profit/loss recognized in equity.
(4) Loans and receivables and financial liabilities measured at amortized cost.
Fair value hierarchy
IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the
quality of the input source used to calculate the fair value.
In particular, IFRS 7 and IFRS 13 set out three levels of fair value:
\u2022
\u00a0\u00a0level 1: this level consists of financial assets and liabilities for which fair value is based on
(unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter
markets;
\u2022
\u00a0\u00a0level 2: this level consists of financial assets and liabilities for which fair value is based on inputs
other than quoted prices included within level 1 that are observable for the asset or liability either
directly or indirectly;
\u2022
\u00a0\u00a0level 3: this level consists of financial assets and liabilities for which fair value is based on
unobservable market data. This level includes instruments measured on the basis of internal
estimates made using proprietary methods based on best sector practice.
An analysis of the assets and liabilities included in the three fair value levels is set out in the following
fair value hierarchy table.
million euro
Note\u00a0Level 1\u00a0Level 2\u00a0 Level 3\u00a0Total
Assets measured at fair value \u00a05\u00a0\u00a0\u00a01 \u00a0\u00a0\u00a01
Other non-current assets\u00a07\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a02
Current derivative assets \u00a010\u00a0595 \u00a00 \u00a046 \u00a0641
Total assets\u00a0\u00a0\u00a0595 \u00a03 \u00a046 \u00a0644
Non-current financial liabilities\u00a019 \u00a076\u00a0\u00a01,143 \u00a0\u00a0\u00a01,219
Non-current derivative liabilities\u00a023\u00a0\u00a0\u00a036 \u00a0\u00a0\u00a036
Current derivative liabilities\u00a025\u00a0689\u00a01 \u00a01 \u00a0691
Total liabilities\u00a0\u00a0\u00a0765\u00a01,180 \u00a01 \u00a01,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48213": { "value": "
7) Derivatives and other non-current assets
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Other non-current assets\u00a0 128 \u00a0 - \u00a0 (8)\u00a0 120 \u00a0 - \u00a0 -
Non-current derivative
assets		\u00a0 2 \u00a0 - \u00a0 - \u00a0 2 \u00a0 2 \u00a0 2
Total derivatives and other
non-current assets\u00a0		130 \u00a0 - \u00a0(8)\u00a0122 \u00a02 \u00a02
\"Other non-current assets\" were down by 8 million euro compared to December 31, 2024. The change
for the reporting period, amounting to 8 million euro, primarily comprises:
\u2022
for 9 million euro the increase in security deposits;
\u2022
for 16 million the decrease in tax credits for tax facilitations provided by construction bonuses
expiring beyond the following year;
\u2022
for 7 million euro the decrease in receivables for prior-year items related to the water business;
\u2022
for 6 million euro the increase in deferred assets.
\"Non-current derivative assets\" amounted to 2 million euro and refer to interest rate hedging
instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48308": { "value": "
8) Inventories
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions 2025
Changes\u00a0Balance at
12.31.2025
- Materials \u00a0 147 \u00a0 1 \u00a011 \u00a0 159
- Material obsolescence provision\u00a0(27)\u00a0(2)\u00a0(29)
Total materials\u00a0120 \u00a0 1 \u00a09 \u00a0130
- Fuel\u00a0 194 \u00a0(25)\u00a0 169
- Others\u00a0 4 \u00a08 \u00a0 12
Raw and ancillary materials and
consumables
 318 \u00a0 1 \u00a0(8)\u00a0 311
Third-party fuel\u00a0 - \u00a0-\u00a0 - \u00a0 -
Total inventories\u00a0 318 \u00a0 1 \u00a0(8)\u00a0 311
\u201cInventories\u201d amounted to 311 million euro (318 million euro at December 31, 2024), net of the relative
obsolescence provision for 29 million euro (27 million euro at December 31, 2024).
The inventories reflect an overall reduction of 8 million euro, which includes a 1 million euro increase
due to first-time consolidation effects and a reduction of 9 million euro owing to changes during the
year, as outlined below:
\u2022
9 million euro related to the increase in inventories of materials, including the allocation to the
material obsolescence provision;
\u2022
25 million euro attributable to the decrease in fuel inventories due to the seasonality effect
(inventories include the inventories of fuels for the production of electricity and the inventories of gas
for the sales and storage activities thereof);
\u2022
8 million euro mainly attributable to the increase in CO
2
quotas.
The industrial portfolio gas inventory is considered recoverable based on the price underlying the
signed contracts and with delivery in the period in which the relevant supply is expected.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48309": { "value": "
9) Trade receivables
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes\u00a0Balance at
12.31.2025
Trade receivables \u2013 invoices issued\u00a01,773\u00a02\u00a0(92)\u00a01,683
Trade receivables \u2013 invoices to be issued\u00a02,146\u00a01\u00a0896\u00a03,043
(Impairment losses on trade receivable)\u00a0(276)\u00a0-\u00a04\u00a0(272)
Total trade receivables\u00a03,643\u00a03\u00a0808\u00a04,454
At December 31, 2025, these items show an increase of 808 million euro, net of the effect of the first-
time consolidations for the period, amounting to 3 million euro. In detail, the changes of the period
were as follows:
\u2022
for 807 million euro, the increase in trade receivables from customers, net of the positive effect of the
first-time consolidations in the period amounting to 3 million euro. Trade receivables from customers
at December 31, 2025 amounted to 4,363 million euro (3,552 million euro at December 31, 2024);
\u2022
for 3 million euro the decrease in receivables from associates. At December 31, 2025, this item had a
balance of 7 million euro (10 million euro at December 31, 2024);
\u2022
for 4 million the increase in receivables from the municipalities of Milan and Brescia. At December
31, 2025, receivables from the municipalities of Milan and Brescia amounted to 84 million euro (80
million euro at December 31, 2024).
The change in trade receivables is mainly attributable to the increased activity of the trading portfolio
in the last quarter of the year.
The \"Impairment losses on trade receivable\", calculated in compliance with IFRS 9, is equal to 272
million euro (276 million euro at December 31, 2024) and shows a decrease of 4 million euro. This
provision is considered adequate to cover the risks to which it relates.
The changes in the Impairment losses on trade receivable are outlined in the following table:
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Provisions\u00a0Uses\u00a0Other
changes
Balance at
12.31.2025
Impairment losses on trade
receivable\u00a0276\u00a0 - \u00a069\u00a0(73)\u00a0-\u00a0272
Provisions for the year amounted to 69 million euro, a decrease of 13 million euro compared to the
previous year (82 million euro at December 31, 2024) due to a lower credit exposure to customers.
Different criteria are applied in evaluating the existence of impairment losses on trade receivables,
depending on the characteristics of the receivables under consideration.
The following is the aging of trade receivables:
millions of euro
12.31.2025\u00a012.31.2024
Trade receivables of which:\u00a04,454\u00a03,643
Current\u00a01,043\u00a01,091
Past due of which:\u00a0646 \u00a0682
Past due up to 30 days\u00a085\u00a0111
Past due from 31 to 180 days\u00a091\u00a0137
Past due from 187 to 365 days\u00a097\u00a0105
Past due over 365 days\u00a0367\u00a0329
Invoices to be issued\u00a03,043\u00a02,146
Impairment losses on trade receivable\u00a0(272)\u00a0(276)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48310": { "value": "
10) Derivatives and other current assets
millions of euro
\u00a0\u00a0Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes \u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Current derivative assets
(commodity derivatives)		\u00a0 866 \u00a0- \u00a0(225)\u00a0 641\u00a0\u00a0 1 \u00a0 1
Other current assets of
which:\u00a0		430 \u00a01 \u00a0(7)\u00a0424 \u00a0 -\u00a0-
- receivables from Cassa
per i Servizi Energetici e
Ambientali\u00a0		82 \u00a0\u00a0\u00a010 \u00a092 \u00a0\u00a0\u00a0\u00a0
- advances to suppliers\u00a012 \u00a0\u00a0\u00a012 \u00a024 \u00a0\u00a0\u00a0\u00a0
- tax receivables\u00a0132 \u00a01 \u00a022 \u00a0155 \u00a0\u00a0\u00a0\u00a0
- receivables related to
future years/periods		\u00a059 \u00a0\u00a0\u00a0(14)\u00a0 45 \u00a0\u00a0\u00a0\u00a0
- water cycle BU
receivables\u00a0		 18 \u00a0\u00a0\u00a0(18)\u00a0 - \u00a0\u00a0\u00a0\u00a0
- receivables from social
security entities		\u00a03 \u00a0\u00a0\u00a0(1)\u00a02 \u00a0\u00a0\u00a0\u00a0
- Ecobonus credit\u00a06\u00a0\u00a0\u00a09\u00a0 15 \u00a0\u00a0\u00a0\u00a0
- receivables for security
deposits\u00a0		43 \u00a0\u00a0\u00a0(39)\u00a04 \u00a0\u00a0\u00a0\u00a0
- receivables for RAI fee\u00a05 \u00a0\u00a0\u00a0-\u00a05 \u00a0\u00a0\u00a0\u00a0
- other sundry receivables\u00a070\u00a0\u00a0\u00a012\u00a082\u00a0\u00a0\u00a0\u00a0
Total derivatives and other
current assets\u00a0		 1,296 \u00a0 1 \u00a0(232)\u00a01,065 \u00a0 1 \u00a0 1
\u201cDerivatives and Other current assets\u201d showed a balance of 1,065 million euro compared to 1,296
million euro at December 31, 2024, a decrease of 231 million euro, net of the first-time consolidation
effect for 1 million euro.
\"Current derivatives assets\" amounted to 641 million euro (866 million euro at December 31, 2024),
a decrease of 225 million euro due to a reduction in fair value measurement due to a lower average
difference between subscription prices and market prices.
Receivables from Cassa per i Servizi Energetici e Ambientali, amounting to 92 million euro (82 million
euro at December 31, 2024), mainly refer to receivables for equalizations pertaining to both the period
2025 and to outstanding receivables for equalizations pertaining to previous years and receivables for
tariff components, net of collections made in the current year.
Tax receivables, equal to 155 million euro (132 million euro at December 31, 2024), mainly relate to
receivables from the tax authorities for withholding taxes (mainly referring to tax credits for Ecobonus)
and excise duties.
Receivables related to future years amounted to 45 million euro (59 million euro at December 31,
2024) and mainly refer to the advance payment of water derivation fees, software licence fees and
insurance premiums.
The Ecobonus receivable, amounting to 15 million euro (6 million euro at December 31, 2024), relates
to receivables accrued but not yet recorded in the tax account.
Receivables for security deposits amounted to 4 million euro (43 million euro at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48680": { "value": "
11) Current financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes
of the
year
Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Other financial assets\u00a0 32 \u00a0 - \u00a0(8)\u00a0 24 \u00a0 32 \u00a0 24
Total current financial assets 32 - (8) 24 32 24
\u201cCurrent financial assets\u201d amounted to 24 million euro (32 million euro at December 31, 2024). This
item mainly refers to financial receivables from third parties.
", "dimensions": { "concept": "A2A:DisclosureOfOtherCurrentFinancialAssets", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48214": { "value": "
12) Current tax assets
\u00a0\u00a0\u00a0\u00a0
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes
of the
year
Balance at
12.31.2025
Current tax assets 45 -78 123
At December 31, 2025, this item amounted to 123 million euro (45 million euro at December 31, 2024)
and refers to current IRES and IRAP credits, to IRES and IRAP credits for amounts requested for
reimbursement on payments from previous years and to the residual credit for Robin Tax, paid in
previous years.
", "dimensions": { "concept": "A2A:DisclosureOfCurrentTaxAssets", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48312": { "value": "
13) Cash and cash equivalents
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes
of the
year
Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Cash and cash equivalents\u00a0 1,549 \u00a0 4 \u00a0326 \u00a0 1,879 \u00a0 1,549 \u00a0 1,879
\"Cash and cash equivalents\" at December 31, 2025 represent the sum of the Group\u2019s bank and
postal asset balances. The effect of the first-time consolidation of acquisitions in 2025 amounted to
4 million euro. The increase of 326 million euro for the year is mainly due to the issuance in 2025 of
three bonds with a nominal value of 1,155 million euro and the disbursement of a bank loan with the
European Investment Bank with a nominal value of 200 million euro, partially offset by the repayment
of a 300 million euro bond and the 600 million euro syndicated loan for the acquisition of Enel
electricity grids.
This item includes term current accounts, in the amount of 16 million euro, related to trading on
commodity derivative platforms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48313": { "value": "
14) Assets held for sale
millions of euro
Balance at
12.31.2024
restated
First-time
consolidation
effect
acquisitions
2025
Changes
of the
year
Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Assets held for sale\u00a0 405 \u00a0-\u00a0(405)\u00a0 -
At December 31, 2024, \u201cAssets held for sale\u201d referred to the reclassification, in accordance with IFRS
5, of the value of the assets and credit items of certain ATEM related to gas distribution, which were
acquired by Ascopiave under a preliminary purchase agreement signed on December 19, 2024 and
closed on July 1, 2025. Reference should be made to the section \u2018Significant events during the period\u2019
for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48231": { "value": "
Equity
Equity, which amounted to 6,490 million euro at December 31, 2025 (6,092 million euro at December 31,
2024), is set out in the following table:
millions of euro
Balance at
12.31.2024
restated
Changes\u00a0Balance at
12.31.2025
Equity attributable to the owners of the parent:
Share capital\u00a01,629\u00a0-\u00a01,629
Treasury shares\u00a0-\u00a0(10)\u00a0(10)
Reserves\u00a03,041\u00a0507\u00a03,548
Group Net Profit\u00a0864\u00a0(114)\u00a0750
Total Equity attributable to the owners of the parent\u00a05,534\u00a0383\u00a05,917
Non-controlling interests\u00a0558\u00a015\u00a0573
Total equity\u00a06,092\u00a0398\u00a06,490
The change of the Equity was overall positive for 398 million euro. The profit of the year had a positive
effect of 750 million euro, offset by the dividend distribution of 313 million euro and an increase in
non-controlling interests amounting to a total of 15 million euro. Finally, there is a net positive change
in Cash flow hedge derivatives and IAS 19 reserves for a total of 14 million euro, as well as an increase
in the Treasury Share for a total of 10 million euro as a result of the implementation of the Distributed
Shareholding Plan approved by the Shareholders\u2019 Meeting of A2A S.p.A. on April 29, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48232": { "value": "
15) Share capital
\u201cShare capital\u201d amounted to 1,629 million euro and consists of 3,132,905,277 ordinary shares each of
nominal value 0.52 euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48315": { "value": "
16.2) Other reserves
millions of euro
Balance at
12.31.2024
restated
Effect of first-time
consolidation of
2025 acquisitions
Changes\u00a0Balance at
12.31.2025
Reserves\u00a03,041\u00a044\u00a0463\u00a03,548
of which:\u00a0\u00a0
Change in the hedging reserve\u00a0(15)\u00a0-\u00a09\u00a0(6)
Tax effect\u00a04\u00a0-\u00a0(4)\u00a0-
Hedging reserves\u00a0(11)\u00a0-\u00a05\u00a0(6)
Change in the IAS 19 reserves - Employee
Benefits\u00a0		(55)\u00a0-\u00a012\u00a0(43)
Tax effect\u00a012\u00a0-\u00a0(3)\u00a09
IAS 19 reserves - Employee Benefits\u00a0(43)\u00a0-\u00a09\u00a0(34)
Change in fair value reserve\u00a09\u00a0(1)\u00a08
Tax effect\u00a0(3)\u00a0-\u00a01\u00a0(2)
Fair value reserves\u00a06\u00a0-\u00a0-\u00a06
Reserves, which amounted to 3,548 million euro (3,041 million euro at December 31, 2024), consist of
the legal reserve, extraordinary reserves, and the retained earnings carried forward of subsidiaries.
This item also includes the negative cash flow hedge reserve of 6 million euro, which refers to the
period-end measurement of derivatives qualifying for hedge accounting, net of the tax effect.
The balance also includes negative reserves of 34 million euro arising from the adoption of IAS 19
\"Employee Benefits\" which requires actuarial profits and losses to be recognized directly in an equity
reserve.
Included within this item is the fair value reserve of financial assets, net of the associated tax effect,
totalling 6 million euro.
The item includes the equity reserve deriving from the first application of IFRS 9 equal to 32 million
euro, and in particular the impairment of trade receivables according to the expected losses model.
The reserve related to the first hybrid subordinated perpetual bond issuance in Green use of
proceeds format, with a nominal value of 750 million euro, amounts to 742 million euro, net of
issuance expenses and the tax effect on them. The bond, placed at an issue price of 99.460% and
characterized by a non-call period of 5.25 years, will have a perpetual maturity. This bond will pay a
fixed annual coupon of 5.000% until the first reset date on September 11, 2029. However, the nature of
the instrument allows A2A to defer the payment of interest over time at any point.
From that date, unless early redemption has taken place, the security will accrue interest per annum
equal to the five-year Euro Mid Swap reference rate increased by an initial margin of 225.8 basis
points, increased by a further margin of 25 basis points from September 11, 2034 and by a subsequent
increase of a further 75 basis points from September 11, 2049.
The reserves also include the reserve related to the payment of the first and second tranches of
coupons for 47 million euro, net of the tax effect of 11 million euro.
Reconciliation between A2A S.p.A. Net Profit for the year and the Group Net Profit
millions of euro
12.31.2025 \u00a012.31.2024
Profit (loss) for the year of A2A S.p.A.\u00a0644\u00a0788
Contribution from subsidiaries\u00a0712\u00a0558
Derecognition of gains and intragroup margins\u00a09\u00a03
Derecognition of infra-group dividends\u00a0(589)\u00a0(468)
Equity valuation of shareholdings in associates and joint ventures\u00a02\u00a02
Other changes\u00a04\u00a09
Profit (loss) for the year\u00a0782\u00a0892
Non-controlling interests\u00a032\u00a028
Group Net Profit\u00a0750\u00a0864
Reconciliation between the equity of A2A S.p.A. and Equity attributable to the owners
of the parent
millions of euro
12.31.2025\u00a012.31.2024
Equity pertaining to A2A S.p.A.\u00a05,319
5,017
Contribution of subsidiaries to Group SE\u00a01,240\u00a01,156
Derecognition of gains and intragroup margins\u00a0(108)\u00a0(104)
Equity valuation of shareholdings in associates and joint ventures\u00a07\u00a06
Other changes\u00a032\u00a016
Consolidated equity\u00a06,490\u00a06,092
Minorities' share\u00a0(573)
(558)
Equity attributable to the owners of the parent\u00a05,917\u00a05,534
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48316": { "value": "
Capital management
The objectives identified by the Group in relation to capital management are to ensure business
continuity, to create value for stakeholders, and to support the Group\u2019s development. In particular, the
Group aims to maintain an adequate level of capitalization that enables it to generate a satisfactory
financial return for shareholders and to secure access to external sources of financing, including by
achieving an appropriate credit rating.
In this context, the Group manages its capital structure and makes adjustments to it if changes
in economic conditions so require. There were no material changes to the objectives, policies or
processes during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48317": { "value": "
17) Group net profit
Positive result for 750 million euro.
", "dimensions": { "concept": "A2A:DisclosureOfResultOfTheYear", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48318": { "value": "
18) Non-controlling interests
millions of euro
Balance at
12.31.2024
restated
Changes\u00a0Balance at
12.31.2025
Non-controlling interests\u00a0558\u00a015\u00a0573
\u201cNon-controlling interests\u201d amounted to 573 million euro at December 31, 2025 (558 million euro as at
December 31, 2024) and represent the portions of capital, reserves and profit/loss attributable to
non-controlling interests, mainly relating to the other shareholders of Acinque S.p.A. for 276 million
euro (of which 10 million euro relates to profit/loss for the year) and of Ambiente Energia Brianza S.p.A.
for 252 million euro (of which 20 million euro relates to profit/loss for the year).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48681": { "value": "
Non-current liabilities
19) Non-current financial liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of first-time
consolidation of
2025 acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Non-convertible bonds\u00a04,503\u00a0-\u00a0543\u00a05,046\u00a04,503\u00a05,046
Payables to banks\u00a01,525\u00a0-\u00a0(701) \u00a0824\u00a01,525\u00a0823
Financial payables for
rights of use
133\u00a01\u00a056\u00a0190\u00a0133\u00a0191
Payables to other
lenders
156\u00a0-\u00a0-\u00a0156\u00a0156\u00a0156
Total non-current
financial liabilities
6,317\u00a01\u00a0(102)\u00a06,216\u00a06,317\u00a06,216
\u201cNon-current financial liabilities\u201d amounted to 6,216 million euro (6,317 million euro at December 31,
2024), a decrease of 102 million euro, net of the first-time consolidation effect of the year for 1 million
euro.
\u201cNon-convertible bonds\u201d amounting to 5,046 million euro (4,503 million euro at December 31, 2024)
relate to the following bonds, which are accounted for at amortized cost:
\u2022
299 million euro, maturing in October 2027 and coupon of 1.625%, the nominal value of which is equal
to 300 million euro;
\u2022
\u00a076 million euro, Private Placement in yen maturing in August 2036 and fixed rate of 5.405%, the nominal
value of which is equal to 14 billion yen;
\u2022
\u00a0398 million euro, maturing in July 2029 and coupon of 1.00%, the nominal value of which is equal to
400 million euro;
\u2022
\u00a0497 million euro, maturing in July 2031 and coupon of 0.625%, the nominal value of which is equal to
500 million euro;
\u2022
\u00a0496 million euro, maturing in October 2032 and coupon of 0.625%, the nominal value of which is equal
to 500 million euro;
\u2022
\u00a0496 million euro, maturing in November 2033 and coupon of 1%, the nominal value of which is equal
to 500 million euro;
\u2022
\u00a0498 million euro, maturing in March 2028 and coupon of 1.5%, the nominal value of which is equal to
500 million euro;
\u2022
\u00a0645 million euro, maturing in September 2030 and coupon of 4.5%, the nominal value of which is equal
to 650 million euro; Includes the change in the fair value of the portion of the bond loan hedged by
Fix-to-Float derivatives;
\u2022
\u00a0495 million euro, maturing in February 2034 and coupon of 4.375%, the nominal value of which is equal
to 500 million euro;
\u2022
\u00a0498 million euro, maturing in January 2035 and coupon of 3.625%, the nominal value of which is equal
to 500 million euro. Includes the change in the fair value of the portion of the bond loan hedged by
Fix-to-Float derivatives;
\u2022
154 million euro, maturing in October 2030 and coupon of 2.875%, the nominal value of which is equal
to 155 million euro;
\u2022
\u00a0494 million euro, maturing in May 2032 and coupon of 3.25%, the nominal value of which is equal to
500 million euro.
The increase in the non-current component of \u201cNon-convertible bonds\u201d, equal to 543 million euro
compared to December 31, 2024, is essentially due to the reclassification to the item \u201cCurrent financial
liabilities\u201d of the bond maturing in 2026 (600 million euro), the decrease in the EURJPY exchange rate
applied to the Private Placement in yen and the issue of three bonds:
\u2022
\u00a0Blue bond of 155 million euro issued in October 2025, maturing in October 2030 and coupon of
2.875%;
\u2022
Bond of 500 million euro issued in November 2025, maturing in May 2032 and coupon of 3.25%;
\u2022
Bond of 500 million euro issued in January 2025, maturing in January 2035 and coupon of 3.625%.
\u201cPayables to banks\u201d amounted to 824 million euro. This item recognized the principal portion of loans
granted by the European Investment Bank in the amount of 597 million euro and by various credit
institutions in the amount of 227 million euro.
The decrease of 701 million euro compared to the previous year is mainly attributable to the repayment
of a syndicated loan with a nominal value of 600 million euro for the acquisition of Enel electricity
grids and the reclassification of capital portions maturing in the next twelve months to current liabilities,
partially offset by the disbursement of a loan from the European Investment Bank with a nominal value
of 200 million euro.
\"Non-current Financial payables for rights of use\" amounted to 190 million euro. This item increased by
56 million euro compared to December 31, 2024, net of the 1 million euro impact of initial consolidation.
\"Payables to other lenders\" amounted to 156 million euro (156 million euro at December 31, 2024) and
primarily refer to a loan granted by Cassa Depositi e Prestiti with a nominal value of 150 million euro.
For an analysis of the maturity dates of each item of these payables, please refer to the special detailed
table in the \"Other information\" section in chapter 6) Financial Risk Management in paragraph d.
Liquidity risk, while for further analysis of the division between fixed-rate and variable-rate payables,
please refer to the special detailed table in paragraph b. Interest rate risk.
", "dimensions": { "concept": "A2A:DisclosureOfOtherNonCurrentFinancialLiabilities", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48320": { "value": "
Non-current liabilities
19) Non-current financial liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of first-time
consolidation of
2025 acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Non-convertible bonds\u00a04,503\u00a0-\u00a0543\u00a05,046\u00a04,503\u00a05,046
Payables to banks\u00a01,525\u00a0-\u00a0(701) \u00a0824\u00a01,525\u00a0823
Financial payables for
rights of use
133\u00a01\u00a056\u00a0190\u00a0133\u00a0191
Payables to other
lenders
156\u00a0-\u00a0-\u00a0156\u00a0156\u00a0156
Total non-current
financial liabilities
6,317\u00a01\u00a0(102)\u00a06,216\u00a06,317\u00a06,216
\u201cNon-current financial liabilities\u201d amounted to 6,216 million euro (6,317 million euro at December 31,
2024), a decrease of 102 million euro, net of the first-time consolidation effect of the year for 1 million
euro.
\u201cNon-convertible bonds\u201d amounting to 5,046 million euro (4,503 million euro at December 31, 2024)
relate to the following bonds, which are accounted for at amortized cost:
\u2022
299 million euro, maturing in October 2027 and coupon of 1.625%, the nominal value of which is equal
to 300 million euro;
\u2022
\u00a076 million euro, Private Placement in yen maturing in August 2036 and fixed rate of 5.405%, the nominal
value of which is equal to 14 billion yen;
\u2022
\u00a0398 million euro, maturing in July 2029 and coupon of 1.00%, the nominal value of which is equal to
400 million euro;
\u2022
\u00a0497 million euro, maturing in July 2031 and coupon of 0.625%, the nominal value of which is equal to
500 million euro;
\u2022
\u00a0496 million euro, maturing in October 2032 and coupon of 0.625%, the nominal value of which is equal
to 500 million euro;
\u2022
\u00a0496 million euro, maturing in November 2033 and coupon of 1%, the nominal value of which is equal
to 500 million euro;
\u2022
\u00a0498 million euro, maturing in March 2028 and coupon of 1.5%, the nominal value of which is equal to
500 million euro;
\u2022
\u00a0645 million euro, maturing in September 2030 and coupon of 4.5%, the nominal value of which is equal
to 650 million euro; Includes the change in the fair value of the portion of the bond loan hedged by
Fix-to-Float derivatives;
\u2022
\u00a0495 million euro, maturing in February 2034 and coupon of 4.375%, the nominal value of which is equal
to 500 million euro;
\u2022
\u00a0498 million euro, maturing in January 2035 and coupon of 3.625%, the nominal value of which is equal
to 500 million euro. Includes the change in the fair value of the portion of the bond loan hedged by
Fix-to-Float derivatives;
\u2022
154 million euro, maturing in October 2030 and coupon of 2.875%, the nominal value of which is equal
to 155 million euro;
\u2022
\u00a0494 million euro, maturing in May 2032 and coupon of 3.25%, the nominal value of which is equal to
500 million euro.
The increase in the non-current component of \u201cNon-convertible bonds\u201d, equal to 543 million euro
compared to December 31, 2024, is essentially due to the reclassification to the item \u201cCurrent financial
liabilities\u201d of the bond maturing in 2026 (600 million euro), the decrease in the EURJPY exchange rate
applied to the Private Placement in yen and the issue of three bonds:
\u2022
\u00a0Blue bond of 155 million euro issued in October 2025, maturing in October 2030 and coupon of
2.875%;
\u2022
Bond of 500 million euro issued in November 2025, maturing in May 2032 and coupon of 3.25%;
\u2022
Bond of 500 million euro issued in January 2025, maturing in January 2035 and coupon of 3.625%.
\u201cPayables to banks\u201d amounted to 824 million euro. This item recognized the principal portion of loans
granted by the European Investment Bank in the amount of 597 million euro and by various credit
institutions in the amount of 227 million euro.
The decrease of 701 million euro compared to the previous year is mainly attributable to the repayment
of a syndicated loan with a nominal value of 600 million euro for the acquisition of Enel electricity
grids and the reclassification of capital portions maturing in the next twelve months to current liabilities,
partially offset by the disbursement of a loan from the European Investment Bank with a nominal value
of 200 million euro.
\"Non-current Financial payables for rights of use\" amounted to 190 million euro. This item increased by
56 million euro compared to December 31, 2024, net of the 1 million euro impact of initial consolidation.
\"Payables to other lenders\" amounted to 156 million euro (156 million euro at December 31, 2024) and
primarily refer to a loan granted by Cassa Depositi e Prestiti with a nominal value of 150 million euro.
For an analysis of the maturity dates of each item of these payables, please refer to the special detailed
table in the \"Other information\" section in chapter 6) Financial Risk Management in paragraph d.
Liquidity risk, while for further analysis of the division between fixed-rate and variable-rate payables,
please refer to the special detailed table in paragraph b. Interest rate risk.
The following table shows the comparison, for each long-term debt category, between the book value
and the fair value, as well as the portion maturing in the following 12 months, as better described in
note 26) Current financial liabilities. For listed debt instruments, the fair value is determined using the
market price, while for unlisted securities the fair value is determined using valuation models for each
category of financial instrument and using market data relating to the closing date of the financial
period, including the credit spreads of the A2A Group. Please note that this table does not contain the
valuation of financial payables for rights of use.
in millions of euro
Nominal
value
Carrying
amount
Current
portion
Non-current
portion
Fair value
Bonds\u00a05,703\u00a0\u00a05,714\u00a0668\u00a05,046\u00a05,470
Loans from banks and other lenders\u00a01,311\u00a01,316\u00a0336\u00a0980\u00a01,182
Total\u00a07,014\u00a07,0\u00a03\u00a00\u00a01,004\u00a06,026\u00a06,652
26) Current financial liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Non-convertible bonds\u00a0354\u00a0-\u00a0314\u00a0668\u00a0354\u00a0668
Payables to banks\u00a0554\u00a0-\u00a0(221)\u00a0333\u00a0554\u00a0333
Financial payables for rights of
use
42\u00a0-\u00a0(2)\u00a040\u00a042\u00a040
Payables to other lenders\u00a05\u00a0-\u00a0(2)\u00a03\u00a05\u00a03
Total current financial liabilities\u00a0955\u00a0-\u00a089\u00a01,044\u00a0955\u00a01,044
\u201cCurrent financial liabilities\u201d amounted to 1,044 million euro (955 million euro at December 31, 2024) and
showed a net increase of 89 million euro.
\u201cNon-convertible bonds\u201d amounted to 668 million euro and show an increase of 314 million euro. During
the year, a bond maturing in June 2026 with a nominal value of 600 million euro was reclassified from
\u201cNon-current financial liabilities\u201d, partially offset by the redemption at maturity of a bond with a nominal
value of 300 million euro in February 2025. At December 31, 2025, the calculation of interest coupons
amounted to 69 million euro (54 million euro at December 31, 2024).
Current \u201cPayables to banks\u201d, which amount to 333 million euro, comprise the principal portion of loans
granted by the European Investment Bank, for 68 million euro, by various credit institutions, for 261
million euro, and accrued interest, net of the amortized cost of 4 million euro.
The reduction of 221 million euro compared to the end of the previous year is mainly related to the portions
repaid in the year and the reduction in the use of \u201cHot money\u201d lines, partly offset by the reclassification
from \u201cNon-current financial liabilities\u201d of residual loans maturing in the next twelve months.
\u201cCurrent financial payables for rights of use\u201d amounted to 40 million euro, a decrease of 2 million euro
compared to the previous year.
Current \u201cPayables to other lenders\u201d amounted to 3 million euro, a decrease of 2 million euro compared
to the previous financial year, mainly attributable to the accrued interest on the loan granted by Cassa
Depositi e Prestiti for a nominal value of 150 million euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48321": { "value": "
21) Employee benefits
At December 31, 2025, the balance of this item amounted to 196 million euro (214 million euro at
December 31, 2024) with changes as follows:
millions of euro
Balance at
12.31.2024
restated
Effect of first-time
consolidation of
2025 acquisitions
Provisions\u00a0Uses\u00a0Other
changes
Balance at
12.31.2025
Post-employment benefits (TFR)
95\u00a0-\u00a043\u00a0(11)\u00a0(41)\u00a086
Employee benefits
119\u00a0-\u00a0-\u00a0(6)\u00a0(3)\u00a0110
Total employee benefits\u00a0214\u00a0-\u00a043\u00a0(17)\u00a0(44)\u00a0196
In addition to post-employment benefits (TFR), employee benefits include the calculation of the electricity
and gas discount, additional monthly payments, length-of-service bonuses, and the pension supplement
paid by the Premungas pension fund to eligible employees.
The change during the year is attributable for 43 million euro to provisions for the year, for 17 million euro
to the decrease due to disbursements for the year and for 44 million euro to the net decrease mainly
related to payments for the year to pension funds. In addition, actuarial valuations for the year include
the decrease resulting from actuarial gains/losses for 13 million euro.
Technical valuations were carried out on the basis of the following assumptions:
millions of euro
2024\u00a02025
Discount rate\u00a0from +2.69% to +3.38%\u00a0from +2.52% to +3.96%
Annual inflation rate \u00a02.0%\u00a02.0%
Annual seniority bonus increase rate\u00a02.0%\u00a02.0%
Annual rate of increase in tariff concessions\u00a00.5%\u00a00.5%
Annual additional months increase rate\u00a00.0%\u00a00.0%
Annual cost of electricity increase rate\u00a02.0%\u00a02.0%
Annual cost of gas increase rate\u00a00.0%\u00a00.0%
Annual salary increase rate\u00a0from 1.0% to 2.5%\u00a0from 1.0% to 2.5%
Annual post-employment benefits increase rate\u00a03.0%\u00a03.0%
Average annual increase rate of supplementary pensions\u00a01.125%\u00a01.13%
Annual turnover frequencies\u00a0from 4.0% a 5.0%\u00a0from 4.0% a 5.0%
Annual post-employment benefits advance frequencies\u00a0from 2.0% a 2.5%\u00a0from 2.0% a 2.5%
It is noted that:
\u2022
\u00a0the annual discount rate used to determine the present value of the bond has been derived, in line
with paragraph 83 of IAS 19, from the Iboxx Corporate AA index recognized at the measurement date.
For this purpose, the yield with duration comparable to the duration of the work group evaluated was
chosen;
\u2022
\u00a0the annual rate of salary increase applied exclusively to companies with fewer than 50 employees on
average in 2006 was determined on the basis of the reference data communicated by Group companies;
\u2022
\u00a0the annual rate of Post-employment benefits increase, according to art. 2120 of the Civil Code, is equal
to 75% of inflation plus 1.5 percentage points;
\u2022
the annual advance and turnover frequencies are derived from historical experiences of the Group and
the frequencies arising from the experience of the Actuary on a significant number of similar companies;
\u2022
for the demographic technical bases, it is noted that:
- \u00a0for \u201cdeath\u201d, the tables TG62 (Premungas), AS62 (Electricity and gas discount) and RG48 (other plans)
were used;
- for \"inability\", the INPS tables divided by age and gender were used;
- for \u201cretirement\u201d, the 100% parameter was used upon reaching the requirements of AGO (Obligatory
General Insurance) in accordance with LD no. 04/2019;
- \u00a0for the \u201cprobability of leaving the family\u201d, the table in the INPS model was used for projections to
2010 updated;
- \u00a0for the \"frequency of the various structures of surviving nuclei and average age of members\", the
table in the INPS model was used for projections to 2010.
Below is a sensitivity analysis illustrating the effects on the defined-benefit actuarial liability resulting
from changes, reasonably possible at the end of the reporting period, to each individual material
actuarial assumption used in estimating the aforementioned liability.
millions of euro
2025\u00a02024
Electricity
Discount
Gas
Supply
Discount
Additional
months
Post-
employment
benefits
(TFR)
Electricity
Discount
Gas
Supply
Discount
Additional
months
Post-
employment
benefits
(TFR)
Mortality rate increased
by 10%
83 \u00a01 \u00a0\u00a0\u00a0\u00a0\u00a094 \u00a01 \u00a0\u00a0\u00a0\u00a0
Mortality rate decreased
by 10%
78\u00a0\u00a01 \u00a0\u00a0\u00a0\u00a0\u00a089 \u00a01 \u00a0\u00a0\u00a0\u00a0
Turnover rate +1.00%
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a086 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a096
Turnover rate -1.00%
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a086 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a096
Inflation rate +0.25%
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a086 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a097\u00a0
Inflation rate -0.25%
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a085 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a095
Discount rate +0.25%
78\u00a0\u00a01 \u00a05 \u00a085 \u00a088 \u00a01 \u00a06 \u00a095
Discount rate -0.25%
83 \u00a01 \u00a06 \u00a087\u00a0\u00a094 \u00a01 \u00a06 \u00a097\u00a0
Inflation rate +0.5%
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2
Inflation rate -0.5%
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2
Discount rate +0.5%
\u00a0\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a0\u00a0\u00a0 2
Discount rate -0.5%
\u00a0\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a0\u00a0\u00a0 2
The sensitivity analysis presented above was carried out using a methodology that extrapolates the
effect on the defined benefit actuarial liability resulting from a reasonable change in a single assumption,
while keeping all other assumptions unchanged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48233": { "value": "
23) Derivatives and other non-current liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Non-current derivative
liabilities
19\u00a0-\u00a017\u00a036\u00a019\u00a036
Other non-current liabilities\u00a0328\u00a0-\u00a0(174)\u00a0154\u00a0133\u00a012
Total derivatives and other
non-current liabilities
347\u00a0-\u00a0(157)\u00a0190\u00a0152\u00a048
At December 31, 2025, this item decreased by 157 million euro compared to the balance at the end of
the previous year.
\u201cOther non-current liabilities\u201d, which showed a balance of 154 million euro, refer to security deposits
from customers, for 123 million euro, to liabilities pertaining to future years for 14 million euro, as well as
other non-current liabilities for 17 million euro.
\u201cNon-current derivative liabilities\u201d amounted to 36 million euro (19 million euro at December 31, 2024)
and refer to the fair value measurement of the hedging derivative relating to the yen bond maturing in
2036.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48234": { "value": "
24) Trade payables
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Advances and payables to
customers
43\u00a0-\u00a0(17)\u00a026
Payables to suppliers\u00a03,639\u00a04\u00a01,022\u00a04,665
Total trade payables\u00a03,682\u00a04\u00a01,005\u00a04,691\u00a0-\u00a0-
\"Trade payables\" amounted to 4,691 million euro and compared to the closing of the previous
year, showed an increase of 1,005 million euro, excluding the changes related to the first-time
consolidations for 4 million euro. The increase in payables to third-party suppliers is mainly
attributable to the increase in commodity trading transactions with bilateral counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48322": { "value": "
25) Derivatives and other current liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Current derivative liabilities
(commodity derivatives)		\u00a0767\u00a0-\u00a0(76)\u00a0691\u00a0-\u00a0-
Other current liabilities of
which:\u00a0		624\u00a06\u00a0330\u00a0960\u00a08\u00a0155
Payables to personnel\u00a0135\u00a0-\u00a07\u00a0142
Payables to pension and
social security institutions		\u00a056\u00a0-\u00a03\u00a059
Payables to Cassa per
i Servizi Energetici e
Ambientali\u00a0		160\u00a0-\u00a0186\u00a0346
Tax payables\u00a0125\u00a0-\u00a0-\u00a0125
Payables to customers for
work to be performed		\u00a047\u00a01\u00a0(6)\u00a042
Payables to customers for
interest on security deposits		\u00a04\u00a0-\u00a0-\u00a04
Payables for liabilities of
competence of following
years\u00a0		9\u00a01\u00a02\u00a012
Payables for collections to
be allocated\u00a0		12\u00a0-\u00a03\u00a015
Payables for RAI fee\u00a07\u00a0-\u00a01\u00a08
Payables to insurance
companies\u00a0		3\u00a0-\u00a04\u00a07
Payables for environmental
compensation\u00a0		5\u00a0-\u00a0-\u00a05
Sundry payables\u00a061\u00a04\u00a0130\u00a0195\u00a08\u00a0155
Total derivatives and other
current liabilities\u00a0		1,391\u00a06\u00a0254\u00a01,651\u00a08\u00a0155
\u201cCurrent derivative liabilities\u201d amounted to 691 million euro (767 million euro at December 31, 2024)
and refer to the fair value valuation of commodity derivatives. The decrease is mainly attributable to
a decrease in fair value valuation due to a lower average difference between subscription prices and
market prices.
\"Other current liabilities\" mainly refer to:
\u2022
\u00a0payables to Cassa per i Servizi Energetici e Ambientali for 346 million euro (160 million euro at
December 31, 2024), regarding the payable for the tariff components, invoiced and not yet paid, as
well as the payable for equalization liabilities related both to prior years and the year in question;
\u2022
\u00a0payables to employees for 142 million euro (135 million euro at December 31, 2024), relating to payables
to employees for the productivity bonus accrued during the year, as well as the expense for holidays
accrued but not taken at December 31, 2025;
\u2022
\u00a0Tax payables for 125 million euro, unchanged from the previous year, refer to excise duties, withholdings,
and VAT;
\u2022
\u00a0payables to social security institutions of 59 million euro, an increase of 3 million euro compared to
December 31, 2024, and relate to the Group's debt position with social security institutions;
\u2022
\u00a0payables to customers for work to be performed during the next financial year in the amount of 42
million euro (42 million euro at December 31, 2024);
\u2022
payables for collections to be allocated for 15 million euro (12 million euro at December 31, 2024);
\u2022
\u00a0payables for liabilities associated with subsequent financial years totaling 12 million euro (9 million
euro at December 31, 2024);
\u2022
payables for RAI license fees of 8 million euro (7 million euro at December 31, 2024);
\u2022
payables for insurance of 8 million euro (3 million euro at December 31, 2024);
\u2022
payables for environmental compensation of 5 million euro (5 million euro at December 31, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48682": { "value": "
26) Current financial liabilities
millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes\u00a0Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Non-convertible bonds\u00a0354\u00a0-\u00a0314\u00a0668\u00a0354\u00a0668
Payables to banks\u00a0554\u00a0-\u00a0(221)\u00a0333\u00a0554\u00a0333
Financial payables for rights of
use
42\u00a0-\u00a0(2)\u00a040\u00a042\u00a040
Payables to other lenders\u00a05\u00a0-\u00a0(2)\u00a03\u00a05\u00a03
Total current financial liabilities\u00a0955\u00a0-\u00a089\u00a01,044\u00a0955\u00a01,044
\u201cCurrent financial liabilities\u201d amounted to 1,044 million euro (955 million euro at December 31, 2024) and
showed a net increase of 89 million euro.
\u201cNon-convertible bonds\u201d amounted to 668 million euro and show an increase of 314 million euro. During
the year, a bond maturing in June 2026 with a nominal value of 600 million euro was reclassified from
\u201cNon-current financial liabilities\u201d, partially offset by the redemption at maturity of a bond with a nominal
value of 300 million euro in February 2025. At December 31, 2025, the calculation of interest coupons
amounted to 69 million euro (54 million euro at December 31, 2024).
Current \u201cPayables to banks\u201d, which amount to 333 million euro, comprise the principal portion of loans
granted by the European Investment Bank, for 68 million euro, by various credit institutions, for 261
million euro, and accrued interest, net of the amortized cost of 4 million euro.
The reduction of 221 million euro compared to the end of the previous year is mainly related to the portions
repaid in the year and the reduction in the use of \u201cHot money\u201d lines, partly offset by the reclassification
from \u201cNon-current financial liabilities\u201d of residual loans maturing in the next twelve months.
\u201cCurrent financial payables for rights of use\u201d amounted to 40 million euro, a decrease of 2 million euro
compared to the previous year.
Current \u201cPayables to other lenders\u201d amounted to 3 million euro, a decrease of 2 million euro compared
to the previous financial year, mainly attributable to the accrued interest on the loan granted by Cassa
Depositi e Prestiti for a nominal value of 150 million euro.
", "dimensions": { "concept": "A2A:DisclosureOfOtherCurrentFinancialLiabilities", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48235": { "value": "
27) Current tax liabilities
millions of euro
Balance at
12.31.2024 restated
Effect of first-time
consolidation of 2025
acquisitions
Changes		\u00a0Balance at
12.31.2025
Current tax liabilities\u00a0120\u00a0-\u00a0(83)\u00a037
\u201cCurrent tax liabilities\u201d amounted to 37 million euro (120 million euro at December 31, 2024) representing
a decrease of 83 million euro compared to the previous year-end.
", "dimensions": { "concept": "A2A:DisclosureOfCurrentTaxLiabilities", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48324": { "value": "
28) Liabilities directly associated with assets held for sale
in millions of euro
Balance at
12.31.2024
restated
Effect of
first-time
consolidation
of 2025
acquisitions
Changes
in the year
Balance at
12.31.2025
of which included
in the NFP
12.31.2024
restated
12.31.2025
Liabilities directly
associated with assets held
for sale		\u00a011 \u00a0- \u00a0(11)\u00a0- \u00a0 -\u00a0-
At December 31, 2025, \"Liabilities directly associated with assets held for sale\" had a value of zero. At
December 31, 2024, this item amounted to 11 million euro and included the value of debts and liabilities
related to certain gas distribution ATEM, acquired by Ascopiave.", "dimensions": { "concept": "A2A:DisclosureOfLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48236": { "value": "
Net financial debt
(pursuant to Communication ESMA/32-382-1138)
29) Net financial debt
(pursuant to Communication ESMA/32-382-1138
The following table provides details of net debt:
millions of euro
Notes\u00a012.31.2024
restated
Effect of first-time
consolidation of
2025 acquisitions
Change\u00a012.31.2025
Bonds - non-current portion\u00a019\u00a04,503\u00a0-\u00a0543\u00a05,046
Bank loans - non-current portion\u00a019\u00a01,525\u00a0-\u00a0(701)\u00a0824
Non-current payables to other lenders\u00a019\u00a0156\u00a0-\u00a0-\u00a0156
Non-current financial payables for rights
of use
19\u00a0133\u00a01\u00a056\u00a0190
Other non-current liabilities (*)\u00a023\u00a0152\u00a0-\u00a0(104)\u00a048
Total medium/long-term debt\u00a06,469\u00a01\u00a0(206)\u00a06,264
Other non-current assets (**)\u00a07\u00a0(2)\u00a0-\u00a0-\u00a0(2)
Total medium/long-term financial
receivables
(2)\u00a0-\u00a0-\u00a0(2)
Total non-current net debt\u00a06,467\u00a01\u00a0(206)\u00a06,262
Bonds - current portion\u00a026\u00a0354\u00a0-\u00a0314\u00a0668
Bank loans - current portion\u00a026\u00a0554\u00a0-\u00a0(221)\u00a0333
Current amounts due to other providers
of finance
26\u00a05\u00a0-\u00a0(2)\u00a03
Current financial payables for rights of
use
26\u00a042\u00a0-\u00a0(2)\u00a040
Other current liabilities\u00a025\u00a08\u00a0-147\u00a0\u00a0155
Total short-term debt\u00a0963\u00a0-\u00a0236\u00a01,199
Financial assets \u2013 related parties\u00a011\u00a0(1)\u00a0-\u00a0-\u00a0(1)
Other current financial assets\u00a011\u00a0(31)\u00a0-\u00a08\u00a0(23)
Other current assets (**)\u00a010\u00a0(1)\u00a0-\u00a01\u00a0-
Total short-term financial receivables\u00a0(33)\u00a0-\u00a09\u00a0(24)
Cash and cash equivalents\u00a013\u00a0(1,549)\u00a0(4)\u00a0(326)\u00a0(1,879)
Total current net debt\u00a0(619)\u00a0(4)\u00a0(81)\u00a0(704)
Net financial debt as per ESMA
communication
5,848\u00a0(3)\u00a0(287)\u00a05,558
Non-current financial assets\u00a05\u00a0(9)\u00a0-\u00a0(71)\u00a0(80)
Non-current financial assets - related
parties
5\u00a0(4)\u00a0-\u00a0-\u00a0(4)
Net financial debt\u00a05,835\u00a0(3)\u00a0(358)\u00a05,474
(*) include hedging financial derivatives for 36 million euro; 19 million euro as of December 31, 2024.
(**) refer to financial derivatives hedging interest rates on loans.
The Group net financial position was 5,474 million euro.
Insofar as the disclosure about indirect financial debt is concerned, the Group has identified financial
commitments due within one year in connection with employee benefits, decommissioning provisions
and liabilities for landfills, tax disputes and reverse factoring, amounting to 112 million euro.
Pursuant to IAS 7 \u201cStatement of Cash Flows\u201d, the following are the changes in financial assets and
liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Non-cash Flow\u00a0\u00a0
\u00a0\u00a012.31.2024
restated
Cash flow\u00a0First-time
consolidation
effect
Change in
fair value
Other
changes
12.31.2025
Bonds\u00a04,857 \u00a0736\u00a0-\u00a0(13)\u00a0134\u00a05,714
Financial payables\u00a02,415\u00a0(1,033) \u00a01\u00a0-\u00a0163\u00a01,546
Other liabilities in NFP\u00a0160\u00a0-\u00a0-\u00a038\u00a05\u00a0203
Financial assets including
IFRS 16
(45)\u00a046\u00a0-\u00a0-\u00a0(109) \u00a0(108)
Other assets in NFP\u00a0(3)\u00a011\u00a0-\u00a01\u00a0(11)\u00a0(2)
Net liabilities deriving
from financing activities
7,384\u00a0(240)\u00a01\u00a026\u00a0182\u00a07,\u00a03\u00a05\u00a03
Cash and cash
equivalents
(1,549)\u00a0(326)\u00a0(4)\u00a0-\u00a0-\u00a0(1,879)
Net financial debt\u00a05,835 \u00a0(566) \u00a0(3)\u00a026 \u00a0182\u00a05,474
", "dimensions": { "concept": "A2A:DisclosureOfNetFinancialPosition", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48237": { "value": "
Pursuant to IAS 7 \u201cStatement of Cash Flows\u201d, the following are the changes in financial assets and
liabilities:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Non-cash Flow\u00a0\u00a0
\u00a0\u00a012.31.2024
restated
Cash flow\u00a0First-time
consolidation
effect
Change in
fair value
Other
changes
12.31.2025
Bonds\u00a04,857 \u00a0736\u00a0-\u00a0(13)\u00a0134\u00a05,714
Financial payables\u00a02,415\u00a0(1,033) \u00a01\u00a0-\u00a0163\u00a01,546
Other liabilities in NFP\u00a0160\u00a0-\u00a0-\u00a038\u00a05\u00a0203
Financial assets including
IFRS 16
(45)\u00a046\u00a0-\u00a0-\u00a0(109) \u00a0(108)
Other assets in NFP\u00a0(3)\u00a011\u00a0-\u00a01\u00a0(11)\u00a0(2)
Net liabilities deriving
from financing activities
7,384\u00a0(240)\u00a01\u00a026\u00a0182\u00a07,\u00a03\u00a05\u00a03
Cash and cash
equivalents
(1,549)\u00a0(326)\u00a0(4)\u00a0-\u00a0-\u00a0(1,879)
Net financial debt\u00a05,835 \u00a0(566) \u00a0(3)\u00a026 \u00a0182\u00a05,474
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48239": { "value": "
30) Revenue
Revenue for the year amounted to 14,063 million euro (12,857 million euro at December 31, 2024),
which was therefore an increase of 1,206 million euro (9.4%).
Details of the more significant items are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Total industrial portfolio revenues\u00a012,165 \u00a011,089 \u00a01,076 \u00a09.7%
Total trading portfolio revenues\u00a041 \u00a052 \u00a0(11)\u00a0 (21.2%)
Total revenue from services\u00a01,533 \u00a01,429 \u00a0104 \u00a07.3%
Total revenue from sales and services\u00a013,739 \u00a012,570 \u00a01,169 \u00a09.3%
Other income\u00a0324 \u00a0287 \u00a037\u00a0\u00a012.9%
Total revenue\u00a014,063 \u00a012,857 \u00a01,206 \u00a09.4%
The change is mainly due to the increase in electricity sales volumes in the retail segment, as well as
the contribution from the consolidation of the company Duereti.
Further details of the main items are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Sales and distribution of electricity ind.\u00a08,041 \u00a07,1\u00a05\u00a04\u00a0\u00a0\u00a0887 \u00a012.4%
Sale and distribution of gas ind.\u00a03,551 \u00a03,436 \u00a0115 \u00a03.3%
Sale of heat\u00a0274\u00a0\u00a0268 \u00a06 \u00a02.2%
Sale of water\u00a099 \u00a095 \u00a04 \u00a04.2%
Sale of materials\u00a069 \u00a062 \u00a07 \u00a011.3%
Sale of environmental certificates ind. \u00a082 \u00a044 \u00a038 \u00a086.4%
Connection contributions\u00a049\u00a0\u00a030 \u00a019 \u00a063.3%
Total industrial portfolio revenue\u00a012,165 \u00a011,089 \u00a01,076 \u00a09.7%
Total trading portfolio revenue\u00a041\u00a0\u00a052 \u00a0(11)\u00a0 (21.2%)
Total revenue from services\u00a01,533 \u00a01,429 \u00a0104 \u00a07.\u00a03%
Total revenue from sales and services\u00a013,739 \u00a012,570 \u00a01,169 \u00a09.3%
Reintegration of costs \u2013 S. Filippo del Mela
plant (Essential Unit plant)
58 \u00a066 \u00a0(8)\u00a0 (12.1%)
Damage compensation\u00a014 \u00a013 \u00a01 \u00a07.7\u00a0%
Contributions - Cassa Servizi Energetici ed
Ambientali
14 \u00a06 \u00a08 \u00a0n.s.
Incentives for production from renewable
sources (feed-in tariff)
46 \u00a066 \u00a0(20)\u00a0 (30.3%)
Rents receivable\u00a06 \u00a06 \u00a0 - \u00a00.0%
Other revenue\u00a0186\u00a0130\u00a056\u00a043.1%
Other income\u00a0324 \u00a0287 \u00a037\u00a0\u00a012.9%
Total revenue\u00a014,063 \u00a012,857 \u00a01,206 \u00a09.4%
The item \u201cOther income\u201d increased by 37 million euro, mainly due to the gain related to the sale of
certain gas distribution ATEM to Ascopiave.
Further details on the reasons for the performance of revenues relating to the various Business Units
can be found in the paragraph \u201cResult by sector\u201d.
It is also noted that revenues from the industrial portfolio include 683 million euro of revenues
generated abroad in the European Community.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48238": { "value": "
30) Revenue
Revenue for the year amounted to 14,063 million euro (12,857 million euro at December 31, 2024),
which was therefore an increase of 1,206 million euro (9.4%).
Details of the more significant items are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Total industrial portfolio revenues\u00a012,165 \u00a011,089 \u00a01,076 \u00a09.7%
Total trading portfolio revenues\u00a041 \u00a052 \u00a0(11)\u00a0 (21.2%)
Total revenue from services\u00a01,533 \u00a01,429 \u00a0104 \u00a07.3%
Total revenue from sales and services\u00a013,739 \u00a012,570 \u00a01,169 \u00a09.3%
Other income\u00a0324 \u00a0287 \u00a037\u00a0\u00a012.9%
Total revenue\u00a014,063 \u00a012,857 \u00a01,206 \u00a09.4%
The change is mainly due to the increase in electricity sales volumes in the retail segment, as well as
the contribution from the consolidation of the company Duereti.
Further details of the main items are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Sales and distribution of electricity ind.\u00a08,041 \u00a07,1\u00a05\u00a04\u00a0\u00a0\u00a0887 \u00a012.4%
Sale and distribution of gas ind.\u00a03,551 \u00a03,436 \u00a0115 \u00a03.3%
Sale of heat\u00a0274\u00a0\u00a0268 \u00a06 \u00a02.2%
Sale of water\u00a099 \u00a095 \u00a04 \u00a04.2%
Sale of materials\u00a069 \u00a062 \u00a07 \u00a011.3%
Sale of environmental certificates ind. \u00a082 \u00a044 \u00a038 \u00a086.4%
Connection contributions\u00a049\u00a0\u00a030 \u00a019 \u00a063.3%
Total industrial portfolio revenue\u00a012,165 \u00a011,089 \u00a01,076 \u00a09.7%
Total trading portfolio revenue\u00a041\u00a0\u00a052 \u00a0(11)\u00a0 (21.2%)
Total revenue from services\u00a01,533 \u00a01,429 \u00a0104 \u00a07.\u00a03%
Total revenue from sales and services\u00a013,739 \u00a012,570 \u00a01,169 \u00a09.3%
Reintegration of costs \u2013 S. Filippo del Mela
plant (Essential Unit plant)
58 \u00a066 \u00a0(8)\u00a0 (12.1%)
Damage compensation\u00a014 \u00a013 \u00a01 \u00a07.7\u00a0%
Contributions - Cassa Servizi Energetici ed
Ambientali
14 \u00a06 \u00a08 \u00a0n.s.
Incentives for production from renewable
sources (feed-in tariff)
46 \u00a066 \u00a0(20)\u00a0 (30.3%)
Rents receivable\u00a06 \u00a06 \u00a0 - \u00a00.0%
Other revenue\u00a0186\u00a0130\u00a056\u00a043.1%
Other income\u00a0324 \u00a0287 \u00a037\u00a0\u00a012.9%
Total revenue\u00a014,063 \u00a012,857 \u00a01,206 \u00a09.4%
The item \u201cOther income\u201d increased by 37 million euro, mainly due to the gain related to the sale of
certain gas distribution ATEM to Ascopiave.
Further details on the reasons for the performance of revenues relating to the various Business Units
can be found in the paragraph \u201cResult by sector\u201d.
It is also noted that revenues from the industrial portfolio include 683 million euro of revenues
generated abroad in the European Community.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48683": { "value": "
31) Operating expenses
\u201cOperating expenses\u201d amounted to 10,853 million euro (9,637 million euro at December 31, 2024),
representing an increase of 1,216 million euro.
The main components of this item are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Total expenses for raw materials and
consumables industrial portfolio\u00a0		7,772\u00a0\u00a06,947\u00a0\u00a0825 \u00a011.9%
Total trading portfolio expenses7 4 3 75.0%
Total expenses for services\u00a0\u00a02,728 \u00a0\u00a02,267 \u00a0\u00a0461\u00a0\u00a0\u00a020.3%
Total expenses for raw materials and
services\u00a0		10,507 \u00a09,218 \u00a01,289 \u00a014.0%
Total other operating expenses\u00a0346 \u00a0419 \u00a0(73)\u00a0(17.4%)
Total operating expenses\u00a010,853 \u00a09,637\u00a0\u00a01,216 \u00a012.6%
\u201cTotal expenses for raw materials and services\u201d amounted to 10,507 million euro (9,218 million euro at
December 31, 2024), increasing by 1,289 million euro.
This increase was mainly due to the combined effect of the following factors:
\u2022
increased purchases of raw materials and consumables in the industrial portfolio by 825 million euro,
attributable to the increase in costs for energy and fuel purchases of 714 million euro, the increase
in expenses related to the purchase of environmental certificates of 73 million euro, the increase in
purchases of materials of 10 million euro, and the increase in inventories of fuels and materials of 26
million euro;
\u2022
increased trading portfolio expenses of 3 million euro;
\u2022
increased expenses for transport, maintenance and repairs, and other services of 461 million euro.
For further information, the following table sets out details of the more significant components:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Purchases of power and fuel\u00a07,222 \u00a06,508 \u00a0714 \u00a011.0%
Purchases of materials\u00a0202 \u00a0192 \u00a010 \u00a05.2%
Purchases of water\u00a03 \u00a03 \u00a0-\u00a0-
Hedging losses on operating derivatives\u00a02 \u00a01 \u00a01 \u00a0100.0%
Hedging gains on operating derivatives\u00a0(4)\u00a0(5)\u00a01 \u00a0 (20.0%)
Purchases of emission certificates and
allowances\u00a0		322 \u00a0249\u00a0\u00a073 \u00a029.3%
Change in inventories of fuel and materials\u00a025 \u00a0(1)\u00a026 \u00a0n.s.
Total expenses for raw materials and
consumables industrial portfolio\u00a0		7,7\u00a07\u00a02\u00a0\u00a0\u00a06,947\u00a0\u00a0825 \u00a011.9%
Total trading portfolio expenses\u00a07 \u00a04 \u00a03 \u00a075.0%
Delivery and transmission expenses\u00a01,733 \u00a01,303 \u00a0430 \u00a033.0%
Maintenance and repairs\u00a0212 \u00a0232 \u00a0(20)\u00a0(8.6%)
Other services\u00a0783\u00a0\u00a0732\u00a051\u00a07.0\u00a0%
Total expenses for services\u00a02,728 \u00a02,267 \u00a0461 \u00a020.3%
Total expenses for raw materials and
services\u00a0		10,507 \u00a09,218 \u00a01,289 \u00a014.0%
Leasehold improvements\u00a076\u00a0\u00a090 \u00a0(14)\u00a0 (15.6%)
Contributions to territorial entities, consortia
and ARERA\u00a0		15 \u00a015 \u00a0-\u00a0-
Taxes and duties\u00a045 \u00a041\u00a0\u00a04 \u00a09.8%
Damages and penalties\u00a016 \u00a011 \u00a05 \u00a045.5%
Other expenses\u00a0194\u00a0262\u00a0(68)\u00a0\u00a0(25.9%)
Total other operating expenses\u00a0346 \u00a0419 \u00a0(73)\u00a0 (17.4%)
Total operating expenses\u00a010,853 \u00a09,637\u00a0\u00a01,216 \u00a012.6%
The item \"Other services\" totalling 783 million euro includes, among others, communication costs of
46 million euro (in the previous year, they amounted to 47 million euro).
32) Personnel expenses
Net of capitalized expenses, personnel expenses at December 31, 2025 amounted to 918 million euro
(892 million euro at December 31, 2024).
\u201cPersonnel expenses\u201d may be analysed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Wages and salaries\u00a0708\u00a0671\u00a037\u00a05.5%
Social security charges\u00a0234\u00a0223\u00a011\u00a04.9%
Post-employment benefits (TFR)\u00a043\u00a041\u00a02\u00a04.9%
Other costs\u00a060\u00a077\u00a0(17)\u00a0 (22.1%)
Total personnel expenses before
capitalizations		\u00a01,045\u00a01,012\u00a033\u00a03.3%
Capitalized personnel expenses\u00a0(127) \u00a0(120)\u00a0(7) \u00a05.8%
Total personnel expenses\u00a0918\u00a0892\u00a026\u00a02.9%
Personnel expenses, amounting to 918 million euro, increased by approximately 26 million euro
(+2.9%). The change is due to the higher number of FTE (Full-Time Equivalent) in 2025 compared to
the previous year, as a result of recruitment during 2025 to support business development and the
integration of the Duereti workforce. The remainder of the increase is attributable to the combined
effect of salary increases for contractual renewals, merit increases, and lower charges for mobility and
redundancy incentives.
The table below shows the average number of employees by category:
12.31.2025\u00a012.31.2024\u00a0Changes
Managers \u00a0206\u00a0201\u00a05
Middle Managers \u00a0998\u00a0951\u00a047
White-collar workers \u00a06,895\u00a06,593\u00a0302
Blue-collar workers \u00a06,780\u00a06,640\u00a0140
Total\u00a014,879\u00a014,385\u00a0494
At December 31, 2025, the average per capita labour cost, excluding the effects of the consolidation
of the company Duereti, which took place on December 31, 2024, amounted to 61.95 thousand euro. In
the previous year, it was 62.01 thousand euro.
At December 31, 2025, the Group had 14,959 employees. At December 31, 2024, the Group had 14,777
employees.
Other personnel expenses include approximately 1 million euro (12 million euro at December 31, 2024)
in costs related to the overall cost of the corporate restructuring plan related to future employee
redundancies, and 5 million euro (4 million euro at December 31, 2024) in provisions related to the new
corporate welfare plan for Group employees called \"A2A Life Caring,\" aimed at supporting parenting
through the recognition of contributions for employees' children up to 18 years of age in the areas of
education, training, and work-life balance.
", "dimensions": { "concept": "A2A:DisclosureOfOperatingExpense", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48241": { "value": "
31) Operating expenses
\u201cOperating expenses\u201d amounted to 10,853 million euro (9,637 million euro at December 31, 2024),
representing an increase of 1,216 million euro.
The main components of this item are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Total expenses for raw materials and
consumables industrial portfolio\u00a0		7,772\u00a0\u00a06,947\u00a0\u00a0825 \u00a011.9%
Total trading portfolio expenses7 4 3 75.0%
Total expenses for services\u00a0\u00a02,728 \u00a0\u00a02,267 \u00a0\u00a0461\u00a0\u00a0\u00a020.3%
Total expenses for raw materials and
services\u00a0		10,507 \u00a09,218 \u00a01,289 \u00a014.0%
Total other operating expenses\u00a0346 \u00a0419 \u00a0(73)\u00a0(17.4%)
Total operating expenses\u00a010,853 \u00a09,637\u00a0\u00a01,216 \u00a012.6%
\u201cTotal expenses for raw materials and services\u201d amounted to 10,507 million euro (9,218 million euro at
December 31, 2024), increasing by 1,289 million euro.
This increase was mainly due to the combined effect of the following factors:
\u2022
increased purchases of raw materials and consumables in the industrial portfolio by 825 million euro,
attributable to the increase in costs for energy and fuel purchases of 714 million euro, the increase
in expenses related to the purchase of environmental certificates of 73 million euro, the increase in
purchases of materials of 10 million euro, and the increase in inventories of fuels and materials of 26
million euro;
\u2022
increased trading portfolio expenses of 3 million euro;
\u2022
increased expenses for transport, maintenance and repairs, and other services of 461 million euro.
For further information, the following table sets out details of the more significant components:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Purchases of power and fuel\u00a07,222 \u00a06,508 \u00a0714 \u00a011.0%
Purchases of materials\u00a0202 \u00a0192 \u00a010 \u00a05.2%
Purchases of water\u00a03 \u00a03 \u00a0-\u00a0-
Hedging losses on operating derivatives\u00a02 \u00a01 \u00a01 \u00a0100.0%
Hedging gains on operating derivatives\u00a0(4)\u00a0(5)\u00a01 \u00a0 (20.0%)
Purchases of emission certificates and
allowances\u00a0		322 \u00a0249\u00a0\u00a073 \u00a029.3%
Change in inventories of fuel and materials\u00a025 \u00a0(1)\u00a026 \u00a0n.s.
Total expenses for raw materials and
consumables industrial portfolio\u00a0		7,7\u00a07\u00a02\u00a0\u00a0\u00a06,947\u00a0\u00a0825 \u00a011.9%
Total trading portfolio expenses\u00a07 \u00a04 \u00a03 \u00a075.0%
Delivery and transmission expenses\u00a01,733 \u00a01,303 \u00a0430 \u00a033.0%
Maintenance and repairs\u00a0212 \u00a0232 \u00a0(20)\u00a0(8.6%)
Other services\u00a0783\u00a0\u00a0732\u00a051\u00a07.0\u00a0%
Total expenses for services\u00a02,728 \u00a02,267 \u00a0461 \u00a020.3%
Total expenses for raw materials and
services\u00a0		10,507 \u00a09,218 \u00a01,289 \u00a014.0%
Leasehold improvements\u00a076\u00a0\u00a090 \u00a0(14)\u00a0 (15.6%)
Contributions to territorial entities, consortia
and ARERA\u00a0		15 \u00a015 \u00a0-\u00a0-
Taxes and duties\u00a045 \u00a041\u00a0\u00a04 \u00a09.8%
Damages and penalties\u00a016 \u00a011 \u00a05 \u00a045.5%
Other expenses\u00a0194\u00a0262\u00a0(68)\u00a0\u00a0(25.9%)
Total other operating expenses\u00a0346 \u00a0419 \u00a0(73)\u00a0 (17.4%)
Total operating expenses\u00a010,853 \u00a09,637\u00a0\u00a01,216 \u00a012.6%
The item \"Other services\" totalling 783 million euro includes, among others, communication costs of
46 million euro (in the previous year, they amounted to 47 million euro).
32) Personnel expenses
Net of capitalized expenses, personnel expenses at December 31, 2025 amounted to 918 million euro
(892 million euro at December 31, 2024).
\u201cPersonnel expenses\u201d may be analysed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Wages and salaries\u00a0708\u00a0671\u00a037\u00a05.5%
Social security charges\u00a0234\u00a0223\u00a011\u00a04.9%
Post-employment benefits (TFR)\u00a043\u00a041\u00a02\u00a04.9%
Other costs\u00a060\u00a077\u00a0(17)\u00a0 (22.1%)
Total personnel expenses before
capitalizations		\u00a01,045\u00a01,012\u00a033\u00a03.3%
Capitalized personnel expenses\u00a0(127) \u00a0(120)\u00a0(7) \u00a05.8%
Total personnel expenses\u00a0918\u00a0892\u00a026\u00a02.9%
Personnel expenses, amounting to 918 million euro, increased by approximately 26 million euro
(+2.9%). The change is due to the higher number of FTE (Full-Time Equivalent) in 2025 compared to
the previous year, as a result of recruitment during 2025 to support business development and the
integration of the Duereti workforce. The remainder of the increase is attributable to the combined
effect of salary increases for contractual renewals, merit increases, and lower charges for mobility and
redundancy incentives.
The table below shows the average number of employees by category:
12.31.2025\u00a012.31.2024\u00a0Changes
Managers \u00a0206\u00a0201\u00a05
Middle Managers \u00a0998\u00a0951\u00a047
White-collar workers \u00a06,895\u00a06,593\u00a0302
Blue-collar workers \u00a06,780\u00a06,640\u00a0140
Total\u00a014,879\u00a014,385\u00a0494
At December 31, 2025, the average per capita labour cost, excluding the effects of the consolidation
of the company Duereti, which took place on December 31, 2024, amounted to 61.95 thousand euro. In
the previous year, it was 62.01 thousand euro.
At December 31, 2025, the Group had 14,959 employees. At December 31, 2024, the Group had 14,777
employees.
Other personnel expenses include approximately 1 million euro (12 million euro at December 31, 2024)
in costs related to the overall cost of the corporate restructuring plan related to future employee
redundancies, and 5 million euro (4 million euro at December 31, 2024) in provisions related to the new
corporate welfare plan for Group employees called \"A2A Life Caring,\" aimed at supporting parenting
through the recognition of contributions for employees' children up to 18 years of age in the areas of
education, training, and work-life balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48240": { "value": "
31) Operating expenses
\u201cOperating expenses\u201d amounted to 10,853 million euro (9,637 million euro at December 31, 2024),
representing an increase of 1,216 million euro.
The main components of this item are as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Total expenses for raw materials and
consumables industrial portfolio\u00a0		7,772\u00a0\u00a06,947\u00a0\u00a0825 \u00a011.9%
Total trading portfolio expenses7 4 3 75.0%
Total expenses for services\u00a0\u00a02,728 \u00a0\u00a02,267 \u00a0\u00a0461\u00a0\u00a0\u00a020.3%
Total expenses for raw materials and
services\u00a0		10,507 \u00a09,218 \u00a01,289 \u00a014.0%
Total other operating expenses\u00a0346 \u00a0419 \u00a0(73)\u00a0(17.4%)
Total operating expenses\u00a010,853 \u00a09,637\u00a0\u00a01,216 \u00a012.6%
\u201cTotal expenses for raw materials and services\u201d amounted to 10,507 million euro (9,218 million euro at
December 31, 2024), increasing by 1,289 million euro.
This increase was mainly due to the combined effect of the following factors:
\u2022
increased purchases of raw materials and consumables in the industrial portfolio by 825 million euro,
attributable to the increase in costs for energy and fuel purchases of 714 million euro, the increase
in expenses related to the purchase of environmental certificates of 73 million euro, the increase in
purchases of materials of 10 million euro, and the increase in inventories of fuels and materials of 26
million euro;
\u2022
increased trading portfolio expenses of 3 million euro;
\u2022
increased expenses for transport, maintenance and repairs, and other services of 461 million euro.
For further information, the following table sets out details of the more significant components:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Purchases of power and fuel\u00a07,222 \u00a06,508 \u00a0714 \u00a011.0%
Purchases of materials\u00a0202 \u00a0192 \u00a010 \u00a05.2%
Purchases of water\u00a03 \u00a03 \u00a0-\u00a0-
Hedging losses on operating derivatives\u00a02 \u00a01 \u00a01 \u00a0100.0%
Hedging gains on operating derivatives\u00a0(4)\u00a0(5)\u00a01 \u00a0 (20.0%)
Purchases of emission certificates and
allowances\u00a0		322 \u00a0249\u00a0\u00a073 \u00a029.3%
Change in inventories of fuel and materials\u00a025 \u00a0(1)\u00a026 \u00a0n.s.
Total expenses for raw materials and
consumables industrial portfolio\u00a0		7,7\u00a07\u00a02\u00a0\u00a0\u00a06,947\u00a0\u00a0825 \u00a011.9%
Total trading portfolio expenses\u00a07 \u00a04 \u00a03 \u00a075.0%
Delivery and transmission expenses\u00a01,733 \u00a01,303 \u00a0430 \u00a033.0%
Maintenance and repairs\u00a0212 \u00a0232 \u00a0(20)\u00a0(8.6%)
Other services\u00a0783\u00a0\u00a0732\u00a051\u00a07.0\u00a0%
Total expenses for services\u00a02,728 \u00a02,267 \u00a0461 \u00a020.3%
Total expenses for raw materials and
services\u00a0		10,507 \u00a09,218 \u00a01,289 \u00a014.0%
Leasehold improvements\u00a076\u00a0\u00a090 \u00a0(14)\u00a0 (15.6%)
Contributions to territorial entities, consortia
and ARERA\u00a0		15 \u00a015 \u00a0-\u00a0-
Taxes and duties\u00a045 \u00a041\u00a0\u00a04 \u00a09.8%
Damages and penalties\u00a016 \u00a011 \u00a05 \u00a045.5%
Other expenses\u00a0194\u00a0262\u00a0(68)\u00a0\u00a0(25.9%)
Total other operating expenses\u00a0346 \u00a0419 \u00a0(73)\u00a0 (17.4%)
Total operating expenses\u00a010,853 \u00a09,637\u00a0\u00a01,216 \u00a012.6%
The item \"Other services\" totalling 783 million euro includes, among others, communication costs of
46 million euro (in the previous year, they amounted to 47 million euro).
32) Personnel expenses
Net of capitalized expenses, personnel expenses at December 31, 2025 amounted to 918 million euro
(892 million euro at December 31, 2024).
\u201cPersonnel expenses\u201d may be analysed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Wages and salaries\u00a0708\u00a0671\u00a037\u00a05.5%
Social security charges\u00a0234\u00a0223\u00a011\u00a04.9%
Post-employment benefits (TFR)\u00a043\u00a041\u00a02\u00a04.9%
Other costs\u00a060\u00a077\u00a0(17)\u00a0 (22.1%)
Total personnel expenses before
capitalizations		\u00a01,045\u00a01,012\u00a033\u00a03.3%
Capitalized personnel expenses\u00a0(127) \u00a0(120)\u00a0(7) \u00a05.8%
Total personnel expenses\u00a0918\u00a0892\u00a026\u00a02.9%
Personnel expenses, amounting to 918 million euro, increased by approximately 26 million euro
(+2.9%). The change is due to the higher number of FTE (Full-Time Equivalent) in 2025 compared to
the previous year, as a result of recruitment during 2025 to support business development and the
integration of the Duereti workforce. The remainder of the increase is attributable to the combined
effect of salary increases for contractual renewals, merit increases, and lower charges for mobility and
redundancy incentives.
The table below shows the average number of employees by category:
12.31.2025\u00a012.31.2024\u00a0Changes
Managers \u00a0206\u00a0201\u00a05
Middle Managers \u00a0998\u00a0951\u00a047
White-collar workers \u00a06,895\u00a06,593\u00a0302
Blue-collar workers \u00a06,780\u00a06,640\u00a0140
Total\u00a014,879\u00a014,385\u00a0494
At December 31, 2025, the average per capita labour cost, excluding the effects of the consolidation
of the company Duereti, which took place on December 31, 2024, amounted to 61.95 thousand euro. In
the previous year, it was 62.01 thousand euro.
At December 31, 2025, the Group had 14,959 employees. At December 31, 2024, the Group had 14,777
employees.
Other personnel expenses include approximately 1 million euro (12 million euro at December 31, 2024)
in costs related to the overall cost of the corporate restructuring plan related to future employee
redundancies, and 5 million euro (4 million euro at December 31, 2024) in provisions related to the new
corporate welfare plan for Group employees called \"A2A Life Caring,\" aimed at supporting parenting
through the recognition of contributions for employees' children up to 18 years of age in the areas of
education, training, and work-life balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48242": { "value": "
Trading margin
The following table sets out the results arising from the trading portfolio; these figures relate to trading
in electricity, gas and environmental certificates.
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Revenue\u00a010,987\u00a05,811\u00a05,176\u00a089.1%
Operating expenses\u00a0(10,953)\u00a0(5,763)\u00a05,190\u00a090.1%
Total trading margin \u00a034\u00a048\u00a0(14)\u00a0(29.2%)
of which net revenue\u00a041\u00a052\u00a0(11)\u00a0(21.2%)
of which net expenses\u00a0(7)\u00a0(4)\u00a0(3)\u00a075.0%
Total trading margin \u00a034\u00a048\u00a0(14)\u00a0(29.2%)
The trading margin was positive for 34 million euro, a decrease of 14 million euro compared to
December 31, 2024.
During 2025, the energy market continued its path of progressive normalization, supported by a stable
availability of LNG, climatic conditions that limited demand peaks, and structurally lower volatility than
in the three-year period 2022\u20132024.
In this context, the smaller amplitude of price excursions reduced the overall profit capture
opportunities typical of trading activity. Despite this, the continuity of brokerage operations, price
quotation and market making activities allowed the portfolio to achieve a positive economic result,
albeit within a less favorable context than in the years with higher volatility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48215": { "value": "
The table below shows the average number of employees by category:
12.31.2025\u00a012.31.2024\u00a0Changes
Managers \u00a0206\u00a0201\u00a05
Middle Managers \u00a0998\u00a0951\u00a047
White-collar workers \u00a06,895\u00a06,593\u00a0302
Blue-collar workers \u00a06,780\u00a06,640\u00a0140
Total\u00a014,879\u00a014,385\u00a0494
At December 31, 2025, the average per capita labour cost, excluding the effects of the consolidation
of the company Duereti, which took place on December 31, 2024, amounted to 61.95 thousand euro. In
the previous year, it was 62.01 thousand euro.
At December 31, 2025, the Group had 14,959 employees. At December 31, 2024, the Group had 14,777
employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48265": { "value": "
\u201cDepreciation, amortization and impairment losses\u201d totalled 968 million euro (898 million euro at
December 31, 2024), representing an overall increase of 70 million euro.
\"Amortization of intangible assets\" amounted to 351 million euro (304 million euro at December 31,
2024). The item includes higher amortization of 47 million euro, of which 26 million euro relates to the
integrated water service, gas distribution and metering, the implementation of information systems,
and new customer lists, and 21 million euro relates to the consolidation of Duereti S.r.l..
\"Depreciation of property, plant and equipment\" showed an increase of 24 million euro compared to
December 31, 2024 and included:
\u2022
higher depreciation of 29 million euro, mainly relating to the investments which went into production
after December 31, 2024;
\u2022
higher depreciation of 28 million euro for the consolidation of the Duereti company;
\u2022
lower depreciation of 40 million euro due to revision of useful life of plants;
\u2022
higher depreciation of 7 million euro for rights of use.
Impairment losses for the year amounted to 13 million euro (14 million euro at December 31, 2024) and
mainly related to the cancellation of projects no longer in the core business and the impairment losses
of assets no longer considered functional to the Group\u2019s activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48267": { "value": "
\u201cFinance income\u201d amounted to 52 million euro (113 million euro at December 31, 2024) and may be
analyzed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Bank income\u00a029\u00a047\u00a0(18)\u00a0 (38.3%)
Realized on financial derivatives\u00a0-\u00a05\u00a0(5)\u00a0 (100.0%)
Capital gains on disposal of financial assets\u00a0-\u00a01\u00a0(1)\u00a0 (100.0%)
Other finance income\u00a023\u00a060\u00a0(37)\u00a0 (61.7%)
Total finance income\u00a052\u00a0113\u00a0(61)\u00a0 (54.0%)
The decrease of 18 million euro in income from credit institutions is mainly attributable to a fall in
the interest rates applied, resulting from the effects of the European Central Bank\u2019s monetary policy
decisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48268": { "value": "
\u201cFinance expenses\u201d, which amounted to 223 million euro, increased by 2 million euro compared to
December 31, 2024, and may be analyzed as follows:
millions of euro
12.31.2025\u00a012.31.2024\u00a0Changes\u00a0Percentage
change
Interest on bond loans\u00a0125\u00a0112\u00a013\u00a011.6%
Interest charged by banks\u00a052\u00a050\u00a02\u00a04.0%
Interest on Cassa Depositi e Prestiti loans\u00a06\u00a04\u00a02\u00a050.0%
Decommissioning costs\u00a011\u00a010\u00a01\u00a010.0%
Other finance expenses of which:\u00a032\u00a046\u00a0(14) \u00a0(30.4%)
Discounting charges\u00a015\u00a013\u00a02\u00a015.4%
Finance expenses (IFRS16)\u00a06\u00a04\u00a02\u00a050.0%
Foreign exchange losses\u00a0-\u00a0-\u00a0-
Other expenses\u00a011\u00a029\u00a0(18)\u00a0 (62.1%)
Total finance expenses before
capitalizations
226\u00a0222\u00a04\u00a01.8%
Capitalized finance expenses\u00a0(3)\u00a0(1)\u00a0(2)\u00a0n.s.
Total finance expenses \u00a0223\u00a0221\u00a02\u00a00.9%
The increase in bond interest of 13 million euro was mainly attributable to higher expenses for the
issuance of the 500 million euro European Green Bond with a coupon of 3.625% issued in January
2025, for the issuance of the 155 million euro Blue Bond in a private placement format with a coupon
of 2.875% issued in October 2025, and for the issuance of the 500 million euro European Green
Bond with a coupon of 3.25% issued in November 2025, partially offset by lower expenses due to the
maturity of two bonds of 300 million euro each (in March 2024 and February 2025). The increased
interest payable to credit institutions, amounting to 2 million euro, is mainly attributable to the loan
from the European Investment Bank with a nominal value of 200 million euro, disbursed in July.
The Portion of income and expenses when shareholdings are carried at equity amounted to 28 million
euro (2 million euro at December 31, 2024) and relates, for 25 million euro, to the write-back of the
shareholding in Ergosud S.p.A. following an impairment test, and, for 3 million euro, to the positive
valuation of the shareholdings held in certain associated companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48271": { "value": "
38) (Profit) loss for the year attributable to non-controlling interests
The \"(Profit) loss for the year attributable to non-controlling interests\" is 32 million euro and mainly
includes the portion attributable to minority interests of the Acinque Group and the AEB Group. In the
previous year, the item showed a balance of 28 million euro.
", "dimensions": { "concept": "A2A:DisclosureOfProfitLossAttributableToNoncontrollingInterests", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48272": { "value": "
39) Group net profit
The \u201cGroup net profit\u201d was positive for 750 million euro (positive for 864 million euro at December 31,
2024).
", "dimensions": { "concept": "A2A:DisclosureOfProfitLossAttributableToOwnersOfParent", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48243": { "value": "
Earnings per share
40) Earnings per share
\u00a0\u00a0
January 01, 2025
December 31, 2025
January 1, 2024
December 31, 2024
Earnings (loss) per share (in euro)
- basic\u00a00.2395\u00a00.2759
- basic from continuing operations\u00a00.2395\u00a00.2759
- basic from assets held for sale\u00a0-\u00a0-
- diluted\u00a00.2395\u00a00.2759
- diluted from continuing operations\u00a00.2395\u00a00.2759
- diluted from assets held for sale\u00a0-\u00a0-
Weighted average number of outstanding shares for the
calculation of earnings (loss) per share
- basic\u00a03,131,499,128\u00a03,132,905,277
- diluted3,131,499,1283,132,905,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48217": { "value": "
Note on related party transactions
41) Note on related party transactions
The definition of \u201crelated parties\u201d is included in the international accounting standard describing the
disclosures, which must be made for related party transactions in financial statements (revised IAS 24).
Relationships with parent companies and their subsidiaries
On October 5, 2007, the Municipalities of Milan and Brescia signed a Shareholders\u2019 Agreement to
regulate the ownership structure of A2A S.p.A.; this gave the Municipalities joint control over the
company.
Specifically, the merger effective January 1, 2008, regardless of the legal structure established, was
considered a joint venture, whose joint control was exercised by the Municipalities of Milan and
Brescia, each of which owned a share equal to 27.5%.
On June 13, 2014, the Shareholders\u2019 Meeting modified the company\u2019s governance system, passing
from the original two-tier system, adopted in 2007, to a \u201ctraditional\u201d system of management and control
through the appointment of the Board of Directors.
In December 2014, the Municipalities of Milan and Brescia sold a total shareholding of 0.51% of A2A
S.p.A., while in the first two months of 2015, the Municipalities of Milan and Brescia sold an additional
shareholding of 4.5% of A2A S.p.A..
On October 4, 2016, the Municipalities of Milan and Brescia renewed for another three years, with
effect from January 1, 2017, the Shareholders' Agreement signed on December 30, 2013, concerning
1,566,452,642 ordinary shares representing 50% plus two shares of the share capital of A2A S.p.A..
On May 20, 2016, the two Municipalities had proceeded to sign an appendix to the Agreement, which
envisaged reducing from six months to three months the term of the agreement, during which it is
possible to terminate the same.
On October 26, 2016, the Municipality of Milan received from the Municipality of Brescia the
proposal, approved by the Council of said Municipality on October 25, 2016, to partially amend the
shareholders' agreement relating to A2A S.p.A. existing between the two Municipalities. In particular,
said proposal requires the commitment of the two Municipalities to maintain syndicated and bound,
in the new agreement, a number of shares held by them in equal measure, equal to 42% of the share
capital of A2A S.p.A.. On November 4, 2016, the Council of the Municipality of Milan, after having
favourably examined the proposal of the Municipality of Brescia of a partial amendment to the
shareholders' agreement, submitted to the Municipal Council the proposal of the new shareholders'
agreement for the final determinations of competence.
On January 23, 2017, the Milan City Council approved the new Shareholders' Agreement between the
Municipality of Milan and the Municipality of Brescia regarding the shareholding in A2A S.p.A. and has
undertaken the commitment not to proceed with the disposal of any shares owned by the Municipality
of Milan.
On August 2, 2019, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced
that the aforementioned Shareholders' Agreement was not subject to termination. Consequently, the
agreement is to be considered renewed with effect from February 1, 2020 to January 31, 2023.
On August 2, 2022, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced
that the aforementioned Shareholders' Agreement was not subject to termination. Consequently, the
agreement is to be considered renewed with effect from February 1, 2023 to January 31, 2026.
On August 4, 2025, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced
that the aforementioned Shareholders' Agreement was not subject to termination. Consequently, the
agreement is to be considered renewed with effect from February 1, 2026 to January 31, 2029.
At the date of approval of these consolidated Financial Statements at December 31, 2025, each of the
two shareholders hold 25% of the share capital plus one share (overall equal to 50% plus two shares),
which allows the two municipalities to maintain control over the Company.
The A2A Group companies and the Municipalities of Milan and Brescia routinely entertain commercial
relationships related to the supply of electricity, gas, heat, and potable water, management of public
lighting systems and street lights, management of water purification and sewers, garbage collection
and street sweeping and video surveillance.
Similarly, the A2A Group companies entertain commercial relationships with the companies controlled
directly and indirectly by the Municipalities of Milan and Brescia, for example, Metropolitana Milanese
S.p.A., ATM S.p.A., Brescia Mobilit\u00e0 S.p.A., Brescia Trasporti S.p.A. and Centrale del Latte di Brescia
S.p.A., supplying them with electrical energy, gas, heat, water purification and sewer service at market
rates appropriate to the supply conditions and providing the services required. Note that these
companies are considered related parties in the preparation of the financial statement schedules
pursuant to Consob Resolution 15519 of July 27, 2006.
The relationships between the Municipalities of Milan and Brescia and the A2A Group, in relation
to granting the services associated with public lighting, street lights, management and supply of
electricity, gas, heat, and water purification and sewer service are regulated by special conventions
and specific contracts.
The relationships between the companies controlled by the Municipalities of Milan and Brescia, which
refer to the supply of electricity, are at arm\u2019s length conditions.
Relationships with subsidiaries and associates
The parent company A2A S.p.A., operates like a centralized treasury for the majority of the
subsidiaries.
Relations between the companies are regulated through current accounts between the parent
company and the subsidiaries, on which rates are applied, at market conditions, based on variable
Euribor, with specific spreads for companies. For the financial year 2025, A2A S.p.A. and its
subsidiaries have adopted the VAT procedure of the Group.
Note that for IRES purposes, A2A S.p.A. files for tax on a consolidated basis, together with its main
subsidiaries, in accordance with arts. 117-129 of DPR 917/86. To this end, with each of the subsidiaries
joining, a special contract was drawn up to regulate the tax advantages/disadvantages transferred,
with specific reference to the current entries. These contracts also govern the transfer of any excess
of ROL as set forth by prevailing legislation.
The parent company provides the subsidiaries and associates with administrative, fiscal, legal,
management and technical services in order to optimize the resources available in the company and
to use the existing expertise in terms of economic convenience. These services are governed by
specific service contracts stipulated annually. A2A S.p.A. also makes office space and operating areas
at its own premises available to subsidiaries and associates, as well as associated services. These are
provided at market conditions.
The company A2A gencogas S.p.A., for a monthly fee related to the actual availability of the
thermoelectric plants, provide to the Parent Company the power generation service.
As of July 1, 2018, the Acinque Group's related-party transactions with related parties of the A2A
Group are shown as related parties.
As of November 1, 2020, the AEB Perimeter's related-party transactions with related parties of the A2A
Group are shown as related parties.
***
The information on corporate governance and ownership structures required by article 123-bis
of Legislative Decree no. 58/1998, as amended, is contained in a separate document 'Report on
Corporate Governance and Ownership Structures for the year ended December 31, 2025' which forms
an integral part of the financial statements documentation.
In compliance with the requirements of the \u201cRegulation on provisions relating to related party
transactions\u201d adopted by Consob with Resolution no. 15519 of July 27, 2006 and subsequently
amended by Resolution no. 17389 of June 23, 2010, by way of a resolution of November 11, 2010 the
Management Board approved, following the favourable opinion of the Internal Control Committee,
the prescribed procedure for identifying the rules and controls designed to ensure the transparency
and substantial and procedural correctness of the related party transactions carried out by A2A S.p.A.
directly or through its subsidiaries. The aforementioned Procedure was applied effective January 1,
2011 and subsequently amended on August 1, 2012, November 7 and December 18, 2013 and June 22,
2015.
Following a periodic review, the Procedure was subsequently amended/supplemented and approved
by the Board of Directors on June 20, 2016, subject to the favourable opinion of the Audit and Risks
Committee and then updated on June 22, 2017, in view of Consob Resolution no. 19925 of March 22,
2017 and on December 16, 2019, in view of the amendments to art. 192-quinquies of Legislative Decree
no. 58 of February 24, 1998 (\u201cTUF\u201d) (art. 4 of Legislative Decree no. 49 of May 10, 2019).
Following the Board of Directors' decision on June 25, 2021, and with the approval of the Related
Parties Committee established by the resolution on May 13, 2021, the Procedure was revised\u2014
effective from July 1, 2021\u2014to align with the Related Parties Regulation, as altered by Consob
Resolution no. 21624 on December 10, 2020, in accordance with the so-called 'Shareholders\u2019 Rights II'
Directive.
Lastly, the Procedure was amended and supplemented on July 30, 2024 by the Board of Directors,
effective from August 1, 2024, following a periodic review and with the approval of the Related Parties
Committee, established by board resolution on May 11, 2023. The aforementioned procedure can be
found on the website www.gruppoa2a.it.
A2A S.p.A has availed itself of the possibility permitted by article 70, paragraph 8 and article 71,
paragraph 1-bis of the Issuers\u2019 Regulations, and hence of derogating from the requirement to make an
information document available to public in the event of significant mergers, spin-offs, share capital
increases by means of the contribution of assets in kind, acquisitions and disposals.
Below are the tables with detail of the related party transactions, in accordance with the Consob
Resolution no. 15519 of July 27, 2006:
millions of euro
of which with related parties
Situation
Balance
sheet
Total
12.31.2025
Companies
associated
and
subsidiaries
of
associates
Companies
related
Municipality
of
Milan
Companies
controlled
directly and
indirectly
Municipality
of Milan
Municipality
of
Brescia
Companies
controlled
directly and
indirectly
Municipality
of Brescia
People
individuals
related
Total
parties
related
%
effect
on the
item
balance
sheet
Total assets of
which: \u00a0		21,383 \u00a0 9 \u00a0 51\u00a0\u00a0 72\u00a0\u00a0 25 \u00a0 17 \u00a0 1 \u00a0 - \u00a0 175\u00a0\u00a00.8%
Non-current
assets\u00a0\u00a0		13,527\u00a0 7 \u00a0 45 \u00a0 - \u00a0 - \u00a0 4 \u00a0 - \u00a0 - \u00a0 56\u00a0\u00a00.4%
Shareholdings \u00a0 52\u00a0\u00a0 7 \u00a0 45\u00a0\u00a0 - \u00a0 - \u00a0 - \u00a0 - \u00a0 52\u00a0\u00a0100.0%
Other non-
current financial
assets\u00a0\u00a0		 167\u00a0\u00a0 - \u00a0-\u00a0 - \u00a0 - \u00a0 4 \u00a0 - \u00a0 - \u00a0 4 \u00a02.4%
Current assets \u00a0 7,856 \u00a0 2 \u00a0 6 \u00a0 72\u00a0\u00a0 25 \u00a0 13\u00a0\u00a0 1 \u00a0 - \u00a0 119\u00a0\u00a01.5%
Trade receivables \u00a0 4,454\u00a0\u00a0 2 \u00a0 5 \u00a0 72\u00a0\u00a0 25\u00a0\u00a0 12\u00a0\u00a0 1 \u00a0 - \u00a0 117\u00a0\u00a02.6%
Current financial
assets\u00a0\u00a0		 24 \u00a0 - \u00a0 1 \u00a0 - \u00a0 - \u00a0 1 \u00a0 - \u00a0 - \u00a0 2 \u00a08.3%
Total liabilities
of which: \u00a0		14,893\u00a0 10 \u00a0 3 \u00a0 1 \u00a0 1 \u00a0 7 \u00a0 - \u00a0 - \u00a0 22\u00a0\u00a00.1%
Current liabilities \u00a07,5\u00a01\u00a04\u00a0 10\u00a0\u00a0 3 \u00a0 1 \u00a0 1 \u00a0 7 \u00a0 - \u00a0 - \u00a0 22\u00a0\u00a00.3%
Trade payables \u00a0 4,691\u00a0\u00a0 10\u00a0\u00a0 3 \u00a0 1 \u00a0 1 \u00a0 7 \u00a0 - \u00a0 - \u00a0 22 \u00a00.5%
millions of euro
of which with related parties
Income
statement
Total
12.31.2025
Companies
associated
and
subsidiaries
of
associates
Companies
related
Municipality
of
Milan
Companies
controlled
directly and
indirectly
Municipality
of Milan
Municipality
of
Brescia
Municipality
of
Brescia
Companies
controlled
directly and
indirectly
Municipality
of Brescia
Municipality
of
Brescia
People
individuals
related
Total
parties
related
% effect
on the
item
balance
sheet
Revenue
14,063 		\u00a011 \u00a023 \u00a0338 \u00a0148 \u00a049 \u00a08 \u00a0-\u00a0577\u00a0\u00a04.1%
Revenue from
sales and
services
13,739 		\u00a011 \u00a023 \u00a0338 \u00a0148 \u00a049 \u00a08 \u00a0-\u00a0577\u00a0\u00a04.2%
Operating
expenses
10,853 		\u00a015 \u00a021 \u00a012 \u00a010 \u00a08 \u00a0-\u00a0-\u00a066 \u00a00.6%
Costs for raw
materials and
services
10,507 		\u00a08 \u00a021 \u00a0-\u00a010 \u00a0-\u00a0-\u00a0-\u00a039 \u00a00.4%
Other operating
expenses
346 		\u00a07 \u00a0-\u00a012 \u00a0-\u00a08 \u00a0-\u00a0-\u00a027 \u00a07.8%
Personnel
expenses
918		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a02 \u00a02 \u00a00.2%
Net finance
income
(expenses)
(143)		\u00a01 \u00a027 \u00a0-\u00a0-\u00a01 \u00a0-\u00a0-\u00a029 (20.3%)
Finance income
52 		\u00a0-\u00a0-\u00a0-\u00a0-\u00a01 \u00a0-\u00a0-\u00a01 \u00a01.9%
Share of profit
(loss) of equity-
accounted
investees
28 		\u00a01 \u00a027 \u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a028 \u00a0100.0%
For directors' emoluments, please refer to note 32 \u201cPersonnel expenses\u201d of these Explanatory Notes.
It should be noted that during the year, A2A S.p.A. made grants totalling 5 million euro to foundations
that have been included on a voluntary basis among related parties. Specifically, these involve:
Fondazione AEM, Fondazione ASM, Fondazione LGH E.T.S., Comitato Banco dell\u2019Energia Onlus,
Fondazione Brescia Musei, Associazione Centro Teatrale Bresciano and Fondazione Teatro alla Scala.
* * *
With regard to the compensation paid to the corporate governance bodies, reference shall be made
to the document \u201cRemuneration Report \u2013 2026\u201d available on the website www.gruppoa2a.it.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48216": { "value": "Municipalities of Milan and Brescia", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48275": { "value": "
Guarantees and commitments
with third parties
million euro
12.31.2025\u00a012.31.2024
Guarantees received\u00a01,341\u00a01,146
Guarantees provided\u00a03,008\u00a02,433
Guarantees received
Guarantees received amounted to 1,341 million euro (1,146 million euro at December 31, 2024) and
included 541 million euro for sureties and security deposits issued by subcontractors to guarantee the
proper execution of the work assigned and 713 million euro for sureties and security deposits received
from customers to guarantee the regularity of payments and guarantees received by the ACINQUE
Group for 63 million euro and guarantees received by the AEB Group for 24 million euro.
Guarantees provided and commitments with third parties
Guarantees provided amounted to 3,008 million euro (2,433 million euro at December 31, 2024), of
which for obligations undertaken in the loan agreements of 6 million euro. These guarantees have
been issued by banks for 1,962 million euro, insurance companies for 24 million euro and the parent
company A2A S.p.A., as parent company guarantee, for 881 million euro and guarantees provided by
the ACINQUE Group for 84 million euro and guarantees provided by the AEB Group for 57 million euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48246": { "value": "
Guarantees and commitments
with third parties
million euro
12.31.2025\u00a012.31.2024
Guarantees received\u00a01,341\u00a01,146
Guarantees provided\u00a03,008\u00a02,433
Guarantees received
Guarantees received amounted to 1,341 million euro (1,146 million euro at December 31, 2024) and
included 541 million euro for sureties and security deposits issued by subcontractors to guarantee the
proper execution of the work assigned and 713 million euro for sureties and security deposits received
from customers to guarantee the regularity of payments and guarantees received by the ACINQUE
Group for 63 million euro and guarantees received by the AEB Group for 24 million euro.
Guarantees provided and commitments with third parties
Guarantees provided amounted to 3,008 million euro (2,433 million euro at December 31, 2024), of
which for obligations undertaken in the loan agreements of 6 million euro. These guarantees have
been issued by banks for 1,962 million euro, insurance companies for 24 million euro and the parent
company A2A S.p.A., as parent company guarantee, for 881 million euro and guarantees provided by
the ACINQUE Group for 84 million euro and guarantees provided by the AEB Group for 57 million euro.
7) Update of the main legal and tax disputes still pending
Adequate provisions are provided where necessary for the disputes and litigation described below.
It is noted that if there is no explicit reference to the presence of a provision, the Group assessed the
corresponding risk as possible without appropriating provisions in the financial statements.
It should be noted that certain disputes illustrated in previous financial statements and still pending
are not further reported due to the absence of updates or the modification of the previous risk
situation.
A2A S.p.A.
Edison reorganization \u2013 compensation case for Carlo Tassara: lawsuit for
damages against Transalpina dell\u2019Energia and A2A S.p.A.
On April 14, 2022, Carlo Tassara S.p.A. served a new summons on the Court of Milan, requesting
that Transalpina Dell'Energia and A2A be ordered, jointly and severally with each other, to pay Carlo
Tassara S.p.A. the damages that will be quantified in the course of the proceedings, after ascertaining
and declaring the liability of the two companies for the breach of article 106 TUF (Total Tender Offer).
In the writ of summons, Carlo Tassara S.p.A. quantifies the damage caused by the write-down of the
value of its equity investment in Edison at 316,843,562.97 euro, figure resulting from the theoretical
value of the tender offer calculated by Carlo Tassara S.p.A. on the basis of:
a) value of Edison shares recorded in the financial statements by TDE and A2A (1.5003 euro/share);
b) value assigned by Edison in fair value appraisals (1.3 euro/share);
c) highest edict value identified by Consob (0.95 euro/share);
d) market value to be defined by the Court.
The writ of summons provides a description of the facts related to the extraordinary transaction to be
ascertained: (i) the avoidance and violation of article 106 of the TUF and (ii) the demonstration of the
existence of an alleged pact between the two defendants to depress Edison\u2019s value, prior to launching
a takeover bid - with the consequent violation of the rule protecting minority shareholders of listed
companies and non-achievement of the latter of: (i) control price and (ii) market price of the Edison
shares held by Carlo Tassara S.p.A..
In anticipation of the first hearing set for January 11, 2023, A2A entered an appearance and illustrated
the grounds for the rejection of the appeal. At the hearing, the judge declared the default of TDE
(which did not enter an appearance and did not appear at the hearing) and, on January 12, 2023,
with an order outside the hearing, adjourned the case for the definition of the conclusions to July 4,
2023, in order to allow the panel, before considering the merits of the deeded claims, to examine the
procedural objections raised by A2A. After said hearing, the parties were able to file their pleadings.
On March 1, 2024, a non-definitive sentence was filed, putting the case back on the register for
the continuation of the preliminary investigation phase and rejecting the preliminary objections of
inadmissibility of the claim, lack of passive legitimacy of A2A and lis pendens. In 2024, two hearings
took place on March 12 and June 25. On June 26, 2024, an order was issued rejecting the preliminary
inquiries of Carlo Tassara S.p.A., and the hearing for clarifying conclusions was set for March 18, 2025,
then deferred with a further provision of March 13, 2025 to April 21, 2026.
The Group, having fulfilled the requirements of the regulations in force, does not consider likely the
risk for which it has not allocated any provisions.
Shareholders\u2019 Agreement between A2A S.p.A. and Pessina Costruzioni
S.p.A. for the management of ASM NOVARA S.P.A.
In March 2013, Pessina Costruzioni established arbitration proceedings against A2A S.p.A. to have
the latter declared in breach of the shareholders\u2019 agreement signed between the parties on August
4, 2007 with reference to the company ASM NOVARA S.p.A. (now extinct) and to order A2A S.p.A.
to pay damages accordingly. With an award filed on June 30, 2015, the board of arbitrators, with the
dissenting opinion of the arbitrator appointed by A2A S.p.A., found A2A S.p.A. liable for the breach of
the shareholders\u2019 agreement and, consequently, ordered it to pay damages, which were settled on an
equitable basis.
The Court of Appeal of Milan on November 23, 2016 with Sentence 4337/16 rejected the appeal of
A2A S.p.A. for nullity of the award.
The Court of Cassation, with Order 18220 filed on June 26, 2023, accepted the first reason of the
appeal notified by A2A S.p.A., considered the remaining reasons absorbed and quashed with
adjournment the sentence of the Court of Appeal of Milan.
The company A2A S.p.A. and also the company Pessina Costruzioni resumed the case in the Court
of Appeal within the time limit. In the event that A2A S.p.A.\u2019s claim for the nullity of the award is upheld
and the Court makes a new decision on the merits of the dispute, by way of a conditional cross-
appeal, Pessina has also made a claim for damages in the amount originally requested and greater
than the amount recognized by the award in application of the principle of fairness.
At the first hearing on May 22, 2024, the two cases were joined; at the end of the trial, the Court of
Appeal, in July 2025, filed Judgement 2265/2025, which upheld the first judgement of the Court of
Appeal, albeit for different reasons, and therefore dismissed both the appeal for reinstatement of A2A
and that of Pessina Costruzioni, ordering A2A to pay the costs of the dispute.
Derivations of public water for the production of hydroelectricity
With reference to the expired concessions in Lombardy operated under the so-called temporary
continuation regime (for A2A S.p.A., the concessions of Grosotto, Lovero, Stazzona, Grosio, and
Premadio I are relevant, while for Linea Green S.p.A.-LG, the Resio concession is relevant), and, in
particular, regarding the imposition of additional fees, the Court of Cassation ruled (February 2024,
Ord. nos. 4800 and 4382), recognising the legitimacy of the provisional tariff (equal to 20 \u20ac/kW of
nominal power) identified by Regional Council Resolution 5130/2016. The relevant amounts, paid in
March 2024, had, however, been fully provisioned as a matter of prudence. On the other hand, the
case concerning the so-called final additional fee, instituted in February 2024 before the Superior
Court of Public Waters (TSAP), is still pending. With regard to the expired concessions, the Lombardy
Region increased the nominal concession power through its Regional Council Resolution no. 5597 of
December 30, 2025, which A2A and LG have challenged before the TSAP.
A2A also contested - as contrary to the pro-tempore regulations in force - the annulment of the
partial exemption of the State fee ordered by the Lombardy Region for the expired concessions that
benefited from it. The Court of Cassation dismissed the appeals relating to the Premadio I (Sent. no.
15990/2020) and Grosio (Ord. no. 4371/2024) concessions, while the judgements are still pending
relating to the Lovero and Stazzona concessions, in which A2A has obtained 2nd instance rulings
( Superior Court of Public Waters-TSAP sent. nos. 171/2023 and 2/2024) in favour, challenged in
Cassation by the Region.
Also in Lombardy, imposed, in alleged implementation of art. 12 of Legislative Decree 79/1999 as
amended by Law 12/2019, was the free transfer of electricity, in monetised form (220 kWh per kW of
nominal power). The relevant measures were challenged by A2A and LG. In relation to the expired
concessions, the Court of Cassation has definitively ruled that the subjection to the gratuitous transfer
of energy is legitimate (see Order no. 15888/2024). For concessions that have not expired, litigation is
still pending. The Lombardy Region also requested, in alleged implementation of art. 12 of Legislative
Decree 79/1999, the payment of the so-called binomio State fee, consisting of a fixed and a variable
component. A2A and LG initiated legal actions on the merits, which are still pending before the TSAP
and the Court of Cassation.
In December 2023, the Lombardy Region approved the resolution calling for the reassignment by
tender of the Resio concession of LG; although the Company submitted a tender offer, it challenged
the resolution in court both in defence of its rights and legitimate interests as outgoing concessionaire
(making the assets available and enhancing their value), and raising profiles of unreasonableness
and illegitimacy of the proceedings and the relevant regional regulation on expired concession
reassignment. The subsequent invitation to tender was also judicially challenged.
In Friuli Venezia Giulia, A2A holds concessions in force until 2029. Similarly to Lombardy, a judgment
against the imposition of the free energy transfer was initiated, which is still pending at the TSAP on appeal,
after a negative first instance sentence ( Venice Regional Court of Public Waters sent. no. 2006/2023). An
action was also brought against the imposition of the so-called Binomio state fee, still pending at TSAP.
For all disputes relating to hydroelectric concession fees and similar charges, the companies have
prudently recognised provisions in the risk fund in case of explicit and specific requests for payments by
the public administration, the estimate of the amount to be paid conservatively is considered to be the full
amount, whereas in the case of requests that have not yet been formalized but are merely \u2018foreseeable\u2019 in
the year, even if the amount is uncertain (as is the case for outstanding adjustments relating to the increase
in capacity), the amounts have been recorded on the basis of the best estimate made by the Directors.
Public Prosecutor\u2019s Office at the Court of Sondrio \u2013 Criminal proceedings
R.G.N.R. 1067/2024
Preliminary investigations are underway against certain A2A S.p.A. employees following the death
during working hours of an employee of the Company, as a result of an accident that occurred on
November 24, 2023.
At present, only known are the allegations made in notices of indictment and minutes of the ATS
Montagna contesting violations of the Legislative Decree 81/08 and manslaughter (Article 589 of the
Criminal Code). On January 8, 2025, ATS Montagna announced its acceptance to settle the alleged
offences through administrative payment. Further developments are expected.
A2A Energiefuture S.p.A.
Inspection at Monfalcone Plant (RGNR 195/17 Public Prosecutor of Gorizia,
then RG Court of Gorizia no. 492/2023)
On March 8 and 9, 2017, following orders of the Public Prosecutor of Gorizia, the Monfalcone Plant of
A2A Energiefuture S.p.A. was inspected during which surveys and samplings (on coal in stock, on the
ashes, on fume treatment residues, emissions from the chimney) and documentary acquisitions (on
the servers of the emissions monitoring system, on fuel analysis forms, etc.) were performed. On the
same date, the guarantee information has been notified to three employees, regarding an investigation
for the offences referred to in Article 452 bis of the Italian Criminal Code. Environmental pollution. The
suspect employees appointed trusted defenders.
Subsequently, between December 2017 and January 2018, and then in December 2018 and July 2020,
the Public Prosecutor of Gorizia proceeded with the acquisition of additional documentation at the plant.
On May 6, 2021 (and subsequently on June 4, 2021), the defenders of the former head of the plant
(but not the other two employees who had received information of guarantee) were notified of
the conclusion of the preliminary investigation pursuant to article 415 bis of the code of criminal
procedure in relation to the crime of environmental disaster pursuant to article 452 quater, paragraph
1, no. 2 and paragraph 2 of the Criminal Code. From the same notification, it emerged that the
company was charged with the offence referred to in article 25 undecies, paragraph 1, letter b), in
relation to article 5, paragraph 1, letter a) of Legislative Decree 231/01.
In said notice of conclusion of the investigations, it was contested that the seabed in the area in front
of the power plant quay had been compromised by coal run-off, the air had been compromised by
emissions from the power plant and the balance of the ecosystem had been altered by contamination
with heavy metals. A similar notice was served on May 10, 2021 at the Monfalcone power plant.
On July 29, 2021, the defence attorney of the former head of the plant was served with a decree scheduling
a preliminary hearing for November 24, 2021 before the Preliminary Investigation Judge (GIP) of Gorizia.
At the hearing of November 24, 2021, the Company\u2019s lawyer raised a preliminary objection of the
nullity of the notice pursuant to article 415-bis of the Code of Criminal Procedure of the conclusion
of the preliminary investigations since not duly notified. The exception was upheld by the Judge
who referred the case back to the Public Prosecutor\u2019s Office so that it could serve a new notice of
conclusion of the preliminary investigations. As a result of this decision, the trial regressed to the
preliminary investigation stage.
On July 1, 2022, a new notice pursuant to article 415 bis of the Code of Criminal Procedure of the
conclusion of preliminary investigations was served on the defence counsel of the former head of
the plant and on the defence counsel of the company. The new notice no longer contemplates the
offence referred to in article 452 quater of the Criminal Code, i.e. environmental disaster, but rather
that referred to in articles 452 bis and 452 quinquies of the Criminal Code, i.e. environmental pollution/
unintentional crimes against the environment. Consequently, by virtue of the new and different
predicate offences referred to by the Public Prosecutor, the charge against the company in relation to
administrative liability has also been amended, which now concerns the offence referred to in article
25 undecies, paragraph 1(a) and (c) of Legislative Decree 231/01.
Despite certain formal deficiencies, the notice of the pre-trial hearing set for October 31, 2023 was
served to both the natural person and the Company on April 17, 2023.
At that hearing, the Company asserted the notification flaws and the judge decided to renew the
notification to the entity only and to continue the two proceedings against a natural person and a legal
person as one. Therefore, a new pre-trial hearing was scheduled, which was first discussed on March
5, 2024, continued on March 12, 2024, and then on May 7, 2024. At that hearing, the Judge, with a well-
reasoned judgement that became final on August 1, 2024, declared the unusability or nullity of a list of
investigative documents against both the legal entity and the natural person.
At the same hearing on May 7, 2024, the Judge pronounced a judgement of non-suit against the
legal person (the grounds for which were filed on May 21, 2024) and set a hearing on the merits for
September 20, 2024 for the natural person.
At the hearing on September 20, 2024, both witness testimonies and documentary evidence were
accepted. Following the conclusion of the discussion in which the defence counsel illustrated the
reasons for an immediate declaration of non-punishment in consideration of the submitted documents
and, alternatively, the partial statute of limitations, an adjournment was scheduled for February 28,
2025. At the hearing on February 28, 2025, the Court issued an order requesting further examination
of the ARPA report (which was favourable to the defence) and postponed the case to the hearing on
September 26, 2025. This hearing was then postponed ex officio to January 23, 2026. At the hearing
on January 23, 2026, a witness for the Public Prosecutor was heard, so the Judge adjourned the
hearing to July 17, 2026 to hear other witnesses for the Public Prosecutor.
San Filippo del Mela power plant - Court of Messina - Criminal proceedings
R.G.N.R. 678/2023
The Messina Public Prosecutor\u2019s Office is conducting preliminary investigations under the case
number 678/2023 RGNR against A2A Energiefuture S.p.A. and one of its employees, for assessments
regarding the violation of Article 256 of the Legislative Decree 152/2006 (unauthorised waste
management activities) and of Article 25-undecies paragraph 2 letter b) of Legislative Decree
231/2001, as well as towards the employee of Article 452 quaterdecies of the Criminal Code
(organized illegal waste trafficking activities). Further developments are expected.
Linea Ambiente S.r.l. \u2013 Grottaglie landfill
Court of Taranto - Criminal Proceedings RGNR 2785/18
On March 14, 2019, an employee of A2A Ambiente S.p.A., seconded to Linea Ambiente S.r.l. as the
company\u2019s Chief Operating Officer, was remanded in custody as part of investigations into the
offences referred to in articles 319 and 321 of the Italian Criminal Code with reference to an alleged
bribery connected with the issue of Executive Decision no. 45 dated April 5, 2018 by the Province of
Taranto for the orographic optimization of the Linea Ambiente S.r.l.\u2019s Grottaglie landfill.
On August 1, 2019, the Court of Taranto - Office of the Judge for Preliminary Investigation - at the
request of the Prosecutor\u2019s Office, ordered the immediate trial, i.e. without a preliminary hearing being
held, of the defendants subject to pre-trial custody, including the employee of A2A Ambiente, against
whom the measure of pre-trial custody in prison was replaced by house arrest and, subsequently, with
the obligation to stay in the municipality of residence and, finally, with the prohibition of residence
in the province of Taranto (even this last measure was later revoked by order of January 24, 2022),
setting the first hearing for this purpose on November 4, 2019. The trial ended with the reading of the
verdict at the hearing on November 16, 2022. Judgement 3459/2022 was filed on May 15, 2023.
The A2A Ambiente employee was sentenced to eight years in prison plus disqualification penalties. No
confiscation order was issued against them; confiscation was applied to another defendant, and part of
this sum is attributed as partial consideration for the adoption of Resolution no. 45 of April 5, 2018.
Taranto Court of Appeal 515/2023 R.G. App.
The first Court of Appeal hearing to discuss all appeals submitted by the individual defendants and
the Public Prosecutor is scheduled for May 14, 2024.
The Public Prosecutor has lodged an appeal against the initial judgement for not confiscating from
the individual defendants the proceeds from the crime amounting to 20,304,974.88 euro (as specified
in the seizure decree dated May 18, 2021), and consequently, no conclusive judgement on the refusal
of confiscation has been reached, and the Court of Appeal must now decide whether to uphold or
amend the ruling of the Court of Taranto.
The Court of Appeal, at the first hearing on February 21, 2024, due to profiles related to the composition
of the Board, adjourned the case without hearing to a new Board at the hearing of May 14, 2024.
Even at that hearing, due to persistent issues with the Board\u2019s composition, the matter was postponed
to November 19, 2024, and subsequently to April 1, 2025. The Court of Appeal then adjourned to June
18, 2025 for discussion of preliminary matters. At that hearing, the Court, upholding the objection
raised, declared the immediate trial order issued in 2019 to be null and void and, consequently,
annulled the first-instance judgement, ordering that the case files be remitted to the Public Prosecutor,
thereby consequently returning the proceedings to the preliminary investigation stage.
As a result of this decision by the Court of Appeal, the Taranto Public Prosecutor\u2019s Office was placed
in the position of having to choose whether to appeal the judgement to the Court of Cassation or to
start again from the last act not affected by nullity and therefore issue a new notice of completion of
the investigations pursuant to Article 415-bis of the Code of Criminal Procedure and then request the
holding of a new preliminary hearing.
The Public Prosecutor\u2019s Office of Taranto, after having lodged an appeal with the Court of Cassation,
on December 3, 2025, served a new notice of completion of the investigations pursuant to Article
415-bis of the Code of Criminal Procedure. Subsequently, on February 3, 2026, the defence counsel
received notice of the setting of the hearing in the Court of Cassation for March 24, 2026.
Further developments are expected.
Court of Taranto no. 5400/19 R.G. Administrative Responsibility
Precautionary measures
On May 7, 2020, the Guardia di Finanza notified Linea Ambiente S.r.l. of a preventive seizure order
issued by the GIP of Taranto on March 12, 2020 in the context of Proceedings no. 2785/18 R.G.N.R.
and 5400/19 R.G. Admin. Resp. and deed of execution of preventive seizure pursuant to art. 53 of
Legislative Decree 231/01, also valid as guarantee information pursuant to art. 369 of the Italian
Criminal Code.
For the first time, Linea Ambiente was informed of the existence of Criminal Proceedings no. 5400/19
R.G. Admin. Resp. of Entities for bribery offences pursuant to article 25, paragraph 2, of Legislative
Decree 231/01.
The preventive seizure, on May 7, 2020, was arranged up to the amount of 26,273,298 euro (equal to
the presumed profit of the offence). On May 13, 2020 was the notification of appointment of a judicial
administrator of the assets seized, including company shares and receivables.
On May 21, 2020, Linea Ambiente proposed a request for review of the seizure order, which was
discussed in the Council Chamber on June 9, 2020, and rejected. The cautionary requests have been
confirmed.
On June 11, 2020, a decree releasing the Linea Ambiente portions was notified. On September 10,
2020, the company was notified of the conclusion of the preliminary investigations pursuant to article
415-bis of the Code of Criminal Procedure. The notification was repeated, with partial changes, on
January 21, 2021. On January 21, 2021, the Taranto Public Prosecutor\u2019s Office notified the defence
lawyer of Linea Ambiente of an order to release and return 95.004% of the shares in Lomellina Energia
held by Linea Ambiente and already placed under preventive seizure. This was done on the basis of
a new estimate of the value of the shares made by the judicial administrator and on the fact that after
the seizures made by the Guardia di Finanza there remained sums equal to about 5% the value of said
shares.
On May 18, 2021, the Taranto Preliminary Investigation Judge (GIP), following the annulment by the
Supreme Court of the preventive seizure order notified on May 7, 2020, issued a new preventive
seizure order recalculating the \u201cprofit from the crime\u201d as 20,304,974.88 euro (compared to the
previous amount of 26,273,298.13 euro) by subtracting the \u201cout-of-pocket costs\u201d incurred by Linea
Ambiente and quantified as 5,968,323.25 euro. In fact, the Supreme Court found that the original
determination was erroneous of the alleged profit, identified by the Judge for Preliminary Investigation
in the gross revenue that Linea Ambiente would have derived as a result of the landfill contributions
made in the period April 2018 - February 2019, for a total amount of 26,273,398.13 euro. Consequently,
the Supreme Court ordered the annulment of the decree and the return of the acts to the GIP of
Taranto to comply with the principles of law dictated by the Supreme Court, according to which the
profit is only the advantage of immediate and direct causal derivation of the crime. In the new seizure
order notified on May 18, 2021, however, according to the Linea Ambiente defence, this principle was
again disregarded and therefore on May 27, 2021, an appeal was filed with the Supreme Court against
the same, requesting its cancellation. At the hearing on November 10, 2021, the Court declared the
appeal inadmissible due to lack of standing because, according to the Court of Cassation, Linea
Ambiente should not have been considered as a party to the committal proceedings opened with
the sentence of annulment pronounced by the Court of Cassation on the appeal brought by the
company\u2019s former Operating Director (in other words, according to the Court of Cassation, the judge
of the Taranto Magistrate\u2019s Court, as judge of the committal, could have ruled only against the original
appellant, i.e. the former Operating Director, and not also against the other parties affected by the
original decree).
On June 29, 2021, the Linea Ambiente counsel was re-notified of the preventive seizure order issued
on May 18, 2021 by the GIP and the minutes of the execution of the same by which it was ordered
to release and return to Linea Ambiente 3.352% of the shares held by it in the company Lomellina
Energia for an estimated value (by the Judicial Administrator) of 1,617,284.96 euro. In May 2021,
the Group complied with the request of the Judicial Administrator to pay the amounts seized up to
the amount of 14 million euro. Subsequently, with a measure notified on March 14, 2022, granting
the petition filed by the company, the GIP of Taranto ordered that the preventive seizure of Linea
Ambiente\u2019s shareholding in Lomellina Energia still under seizure (1.644 %) be transferred to the
corresponding sum of money (equal to 793,164.55 euro) to be paid to the indicated account. Once
this payment had been made, in execution of the said decree, on May 17, 2022 the Guardia di Finanza
released from seizure and returned to Linea Ambiente the 1.644 % of the shares it held in Lomellina
Energia that had already been seized.
The proceedings of merit
On March 18, 2021, the Linea Ambiente S.r.l. counsel was served with the notice of the preliminary
hearing scheduled for June 10, 2021 before the Taranto Preliminary Hearings Judge. In this preliminary
hearing, the Municipality of Grottaglie filed a request to join the civil action. At the subsequent hearing
on July 22, 2021, the defence of Linea Ambiente S.r.l. objected to the inadmissibility of the civil
action of the Municipality of Grottaglie against Linea Ambiente S.r.l.. The Preliminary Hearings Judge
(GUP) accepted the objection and consequently declared the inadmissibility of the constitution of a
civil party of the Municipality of Grottaglie, also rejecting the request of the latter, carried out in the
alternative, to authorize the summons of the company as civil liable party, postponing the proceeding
to November 11, 2021 for the continuation of the preliminary hearing. At this hearing, the defence
raised a number of preliminary issues and the Judge granted time to respond and adjourned the
hearing until January 20, 2022. At the hearing on January 20, 2022, the judge rejected the preliminary
objections and adjourned the hearing on March 31, 2022, then to May 31, 2022, for a decision on
the preliminary motions; at that hearing, due to the impediment of the Magistrate\u2019s Court judge,
an adjournment to September 29, 2022 was ordered; at the subsequent hearing on November 17,
2022, the parties requested an adjournment to acquire the conclusions of the proceedings against
the natural persons and a new schedule was set. At the hearing of December 22, 2022, the Public
Prosecutor delivered their conclusions with a request for committal for trial against the entity, setting
the subsequent hearings for the conclusions of the other parties for January 19 and 26 and February
2, 2023; a new hearing was then set for March 30, 2023 for the Public Prosecutor\u2019s replies and
possible taking of decisions on jurisdiction by the Judge.
At the hearing on March 30, intended for the responses of the Public Prosecutor, after addressing
matters related to another defendant, the Judge once again decided to adjourn the session until April
6, 2023, during which Judge Dr Misserini at the Preliminary Hearing Court in Taranto ordered the
committal for trial of Linea Ambiente, in accordance with the Legislative Decree 231 of 2001, and of all
other defendants in the proceedings in question, both natural and legal persons, before the Taranto
Court sitting in a collegial composition \u2013 1st criminal section, for September 13, 2023.
Several hearings have taken place since September 13, 2023, all of which have been postponed
due to the incompatibility of some of the members of the board. After the reading at the hearing of
February 12, 2024 of the order of the President of the Court concerning the composition of the new
board, the Court set a first hearing for March 4, 2024 at which it decided on the constitution of the civil
parties, accepted by ordinance a request of the Public Prosecutor to clarify one of the charges, and
set a new hearing for October 7, 2024 for the examination of preliminary issues, and, subsequently, for
December 2, 2024 and January 13, 2025. During that hearing, the discussion concerned the requests
for evidence made by the Public Prosecutor. Consequently, the Court adjourned the matter to the
hearing scheduled for April 7, 2025, to address the issues regarding the Public Prosecutor\u2019s evidence
requests, as well as those related to the defence\u2019s evidence requests. There were then further
postponements, again due to incompatibility issues of some members of the panel, to October 6,
2025, November 19, 2025 and, finally, February 18, 2026. At that hearing, the Court, having ruled on the
preliminary issues, adjourned the proceedings to the hearing of 22 April 2026 for the commencement
of the evidentiary phase of the trial, with the examination of the first witnesses indicated by the Public
Prosecutor.
Currently, in light of the events that occurred during 2023, the Company considers the risk of
confiscation to be likely.
The risk assessment considers several concurrent factors, such as: (i) the referral to court of the
Company in Proceeding no. 5400/19 R.G. Admin. Resp.; (ii) the proceedings against the natural
person; (iii) the appeal by the Public Prosecutor against Judgement 3459/2022, which had rejected
the request for confiscation; (iv) the new value of the sum determined in the seizure decree notified
on May 18, 2021, as the profit deriving from the alleged underlying offence. Should the Company be
convicted, confiscation of the price or profit of the offence is anticipated.
Currently, in light of the events that have occurred during 2023, the Company considers the risk of
confiscation to be probable, even though it is unlikely that the first instance trial will be concluded
during 2026, considering the current progression of the process.
Linea Ambiente vs. Province of Taranto \u2013 Grottaglie Landfill
In January 2021 (with reiteration in February 2022), the Province of Taranto sent a warning notice for
the removal of the waste dumped during the period of validity of DD 45/18, which also constitutes a
response to the requests that the company had made in previous years regarding the procedures
for fulfilling the obligations resulting from the Sentence of the Council of State no. 5985/2019, which
had annulled the substantial variation no. 45/2018. The Province, according to as stated in the meagre
communication of 2021, which does not give evidence of the provincial inquiry, does not open the
required authorization procedure and indicates to the company: (i) to remove the waste delivered in
excess of the authorized quantities, (ii) to restore the landfill profiles in accordance with authorization
426/08 and (iii) to activate the closure activities.
On February 9, 2021, Linea Ambiente met with the Province, expressly reserving the right to challenge
the warning, in order to outline a technical path necessary to take appropriate action; in particular, the
company illustrated a preliminary investigation path from which all possible solutions could emerge,
including a new request for a substantial variant of the current authorization in line with Council of
State Sentence 5986/2019.
In view of the flaws in the deed, the Company appealed to the Apulia Regional Administrative
Court to have the warning cancelled and notified additional grounds against the February 2022
communication; the Apulia Regional Administrative Court set a hearing on the merits for February
12, 2026. The Company filed the declaration of loss of interest in the decision and the simultaneous
request for a declaration of inadmissibility of the appeal, in view of the issuance, on October 10,
2024, by the Apulia Region, of executive decision 560 issuing the Single Authorisation Provision,
which essentially extinguished the litigation in question. We are awaiting the filing of the Regional
Administrative Court\u2019s decision concluding the proceedings.
Lecce Public Prosecutor\u2019s Office - Criminal Proceedings no. 6369/2019
R.G.N.R.
On February 26, 2020, at the Rovato headquarters of Linea Ambiente S.r.l., the Brescia Finance Police
executed the \u201cSearch and Seizure Warrant\u201d issued on February 5, 2020 by the Lecce Public Prosecutor\u2019s
Office (Public Prosecutor Mignone) in relation to criminal proceedings no. 6369/2019 R.G.N.R..
The Finance Police then acquired a copy of the company\u2019s Organisational Model and the deeds and
documents relating to the information flows destined for the Linea Ambiente S.r.l. Supervisory Body
from November 2014 to January 2019.
The criminal proceedings have been filed against the company Linea Ambiente S.r.l. and the legal
representative pro tempore for the offences referred to in articles 452 quaterdecies of the Italian
Criminal Code (activities organised for the illicit waste trafficking) and 256 and paragraphs 1 and 3
of Legislative Decree 152/2006 (respectively waste collection, transport and disposal activities in
the absence of the prescribed authorization/registration and the construction and management of
unauthorized landfills) from which the company\u2019s administrative liability derives pursuant to articles
24 and 25 undecies of Legislative Decree 231/2001 and this - the said measure states - \u201cin order to
have, with several operations and through the setting up of continuous and organized means and
activities, managed and illegally disposed of large quantities of urban waste, creating an illegal landfill,
in order to obtain an unfair profit\u201d. These alleged offences were supposedly committed in \u201cRome and
Grottaglie from November 1, 2014 to January 28, 2019 with permanence\u201d.
Together with the \u201cSearch and Seizure Warrant\u201d, the Finance Police notified the company \u201cGuarantee and
on the right of defence information\u201d, from which it emerges that the company AMA S.p.A. of Rome, \u201cowner
of the TMB Rocca Cencia and Salario plants in Rome\u201d, was also entered in the same proceedings.
The company has been informed that individuals who are legal representatives or directors of Linea
Ambiente S.r.l. and AMA S.p.A. during the interested period have received only a first request to
extend the preliminary investigations in the same proceedings.
Amsa S.p.A.
Court of Appeal of Milan \u2013 Criminal proceedings no. 33490/16 R.G.N.R. -
43494/19 R.G.N.R. \u2013 27023/19 RGGIP 7485/2021 R.G. DIP
On May 7, 2019, the Carabinieri investigative unit of Monza showed up at the Amsa S.p.A.
headquarters to notify an order for the exhibition of documents issued by the Milan Public
Prosecutor\u2019s Office, relating to the documentation concerning three tenders launched by Amsa S.p.A.
in 2017-2018, as well as the supplies made to it by a specific supplier. In relation to these proceedings,
the Company\u2019s Chief Operating Officer and other employees were investigated, as well as three
members of a tender judging committee issued by Amsa S.p.A..
No dispute has been raised against Amsa S.p.A. on the basis of the regulations on the administrative
liability of legal persons, as Amsa S.p.A. considers itself to be an \u201cinjured party\u201d and, in fact, has filed a
complaint with the Public Prosecutor\u2019s Office through a trusted lawyer.
On December 23, 2019, lawyer of Amsa - as the injured party - was served notice for the setting of
the preliminary hearing on February 17, 2020. As a result of this hearing, the Judge for Preliminary
Investigation adjourned the hearing to May 25, 2020, setting a provisional schedule for its
continuation. The measure in question does not cover the members of the tender committee, whose
position has been withdrawn and closed. Filed as civil parties were Amsa S.p.A. and A2A Calore &
Servizi S.r.l., as it was found to be an injured party in the same proceedings in relation to agreements
made to its detriment by some companies competing in the district heating installation tenders, which
tended to distort free competition.
On January 18, 2021, the lawyer of Amsa S.p.A. was served notice of the setting of the preliminary
hearing relating to the second line of investigation, registered under number 34213/19 R.G.N.R. -
21296/19 R.G.G.I.P. connected to the first. The preliminary hearing of this second matter was set for
March 19, 2021 for the joining of the proceedings.
Amsa also filed as civil party against some of the defendants and in respect of certain allegations in
connection with this additional matter. The trial underwent a series of postponements and the discussion
of the preliminary hearing ended at the hearing on July 15, 2021 in which the defendants were sent for
trial and the first hearing was set for November 18, 2021. At the hearing of July 8, 2021, at the conclusion
of the reconnaissance on the requests for alternative rites, the Judge also set the calendar for the
treatment of alternative rites, scheduling numerous hearings between September and October 2021.
At the hearing of October 21, 2021, set for the decision on alternative procedures, the Judge, as
regards the positions of interest to AMSA, accepted the plea bargains requested by pronouncing a
sentence of application of the penalty, while for a defendant who had requested an abbreviated trial, it
pronounced a sentence of acquittal.
At the hearing on November 18, 2021, the preliminary issues raised by the defence of the defendants
on remand were discussed; at the end of the hearing, the Court reserved its decision and adjourned
the proceedings until the hearing on December 10, 2021. At this hearing the Court, in order to withdraw
its reservation, rejected the objections raised by the defence and then opened the hearing, inviting
the parties to formulate their preliminary requests, on which it reserved the right to decide, adjourning
the hearing until January 14, 2022. At this hearing, the Court granted the preliminary investigations,
admitted the testimonial and documentary evidence requested and ordered the transcription of
telephone and environmental interceptions. The case was postponed to March 14, 2022 for the
commencement of the pre-trial investigation, and several hearings for the hearing of witnesses were
scheduled until October 2, 2023, when the reading of the verdict is also expected. At the hearing on
May 15, 2023, the Public Prosecutor presented their requests for conviction.
At the hearing on October 2, 2023, the Court delivered the verdict, acquitting all individuals still under
ordinary trial responsible for conduct causing harm to the two companies acting as civil claimants,
because the alleged charges were found to be groundless.
Sentence 13661/2023 of October 2, 2023 with reasons was filed on January 18, 2024. Appeals were
lodged.
The first hearing of the appeal has been arranged for May 29, 2025. At that hearing, the Attorney
General at the Court of Appeal made his indictment requesting the acceptance of the appeal filed by
the Prosecutor\u2019s Office. The Court then scheduled the hearings of June 12, June 18 and September
18, 2025 for the conclusions of the defences. The trial was then postponed to October 16, 2025 and,
subsequently, to December 5, 2025, and finally to January 15, 2026. At the hearing on January 15,
2026, the Court of Appeal confirmed the first-instance acquittal.
Linea Green S.p.A.
Brescia Public Prosecutor\u2019s Office - GIP of Brescia - Criminal Proceedings no.
3891/2020 R.G.N.R.
On September 22, 2020, the person in charge of the technical and operational management of
the Isola hydroelectric plant on the Grigna stream in Barzio Inferiore was notified of a request for
an extension of the preliminary investigation. The interested party thus learned of the existence
of investigations involving the latter in relation to an alleged crime of environmental pollution in
conjunction with the legal representative of the company that owns the plant, which does not belong
to Linea Green, but to a third company with which Linea Green has signed a management contract.
Subsequently, on March 26, 2021, the Carabinieri from the Forestry Department appeared at the
Linea Green offices to acquire documentation and, on that occasion, invited the company\u2019s legal
representative to appoint a lawyer for the company, since, as shown in the report notified, it was \u201cunder
investigation for the administrative offence depending on the crime referred to in article 25 undecies
paragraph 1 letter a) of Legislative Decree 231/01\u201d, i.e. in relation to the offence of environmental
pollution referred to in article 452 bis of the Criminal Code.
On October 23, 2024, both the natural person and the entity were notified of the completion of the
preliminary inquiries as per Article 415 bis of the Code of Criminal Procedure, in relation to the alleged
offences. A preliminary hearing was therefore scheduled before the Brescia Preliminary Investigation
Judge for October 3, 2025, with subsequent postponement to January 16, 2026 for discussion of
the request for indictment. At the end of that hearing, the Judge, having concluded the discussion,
adjourned the hearing to January 23, 2026, for replies and a decision on the request for committal
for trial. At the hearing on January 23, 2023, the Preliminary Hearings Judge in Brescia pronounced a
judgement of non-suit against both the natural person and the Company because the offence did not
exist.
AEB S.p.A.
Court of Monza \u2013 Criminal proceedings no. 1931/2021 R.G.N.R.
On July 5, 2021, officers and agents of the Guardia di Finanza of Seregno showed up at the
headquarters of AEB S.p.A. in Seregno to execute \u201cpersonal and local search orders\u201d and \u201crequest
for delivery - local search order\u201d. The proceedings, which in the initial phase was against unknown
persons, arise from two complaints presented to the Prosecutor\u2019s Office of Monza on November 25,
2019 and on February 10, 2020 by Tiziano Mariani, at the time Municipal Councillor of the Municipality
of Seregno, who also filed an appeal with the TAR, now concluded.
The \u201cpersonal and local search decree\u201d, which also contains the \u201cguarantee information\u201d pursuant to
art. 369 Criminal Procedure Code to the person subjected to the investigation, concerned the Chair
of the Board of Directors of AEB S.p.A. investigated, jointly with other persons not indicated, for the
crimes referred to in the art. 353 bis Criminal Code (disturbance of the freedom of the procedure
for choosing a contractor), 319 Criminal Code (bribery for an act contrary to the duties of office),
321 Criminal Code (penalties for the briber), committed between \u201cOctober 2019 and in present
permanency.\u201d.
At the same time, AEB was served with a \u201crequest for delivery and a local search decree\u201d with which
the Monza Prosecutor\u2019s Office ordered the acquisition of documentation concerning the transaction.
Subsequently, on September 24, 2021, the Finance Police of Seregno, delegated by the Monza
Prosecutor\u2019s Office, appeared at the A2A Milan headquarters to serve, as part of Procedure no.
1931/2021 R.G.N.R. relating to the merger between the A2A and AEB Groups, a notice of non-
repeatable technical checks on the IT supports previously seized.
From the document in question, it emerged that the proceedings were pending not only against certain
persons outside the A2A Group, but also against certain persons, other than the current directors of A2A
S.p.A., who at the time of the events held positions in A2A S.p.A., Unareti S.p.A. and A2A Illuminazione
pubblica S.r.l. in various capacities involved in the project in question. The notice of non-repeatable
technical investigations also contained information on guarantees and the right of defence in relation
to the investigation concerning the alleged offences under Articles 110 Criminal Code (conspiracy), 353
bis Criminal Code (disturbance of the freedom of the procedure for choosing a contractor), 319 Criminal
Code (bribery for an act contrary to the duties of office), 321 Criminal Code (penalties for the corruptor).
On July 5, 2023, the notice of conclusion of the preliminary investigation was served on only some of
the natural persons subject to the notice of investigation, which was, moreover, announced in a press
release issued by the Monza Prosecutor\u2019s Office on July 7, 2023.
As far as A2A is concerned, the notice was served on only one of the original addressees of the
notice of investigation (the position of all the original addressees of the notice of investigation, but
not of the notice of conclusion of the preliminary investigation, was then filed by decree issued by the
Preliminary Hearings Judge and sent to the interested parties by the legal counsel on June 9, 2025).
It appears from the notice that the alleged offences are different from those set out in the previous
acts and relate to violations of Articles 353bis Criminal Code (Disturbance of the freedom of the
procedure for choosing a contractor), and article 353 of the Criminal Code (Disturbance of the
freedom of auctions).
On November 22, 2023, the Monza Prosecutor\u2019s Office issued a new press release announcing
that it had filed a request for committal for trial against the same persons reached by the notice of
conclusion of July 5, 2023 and for the aforementioned offences.
The preliminary hearing before the Preliminary Hearing Judge at the Court of Monza was set for April
5, 2024.
During this hearing, the constitutions of the civil parties took place: the Municipalities of Seregno,
Limbiate and Bovisio Masciago and Mr Mariani.
The Municipalities of Desio, Varedo, and Bovisio Masciago have requested an extension to review the
proceedings and evaluate the opportunity to constitute a civil party.
The Judge, also due to the need to notify the hearing schedule to all member Municipalities in their
capacity as injured parties, postponed the hearing to June 28, 2024.
During the hearing on June 28, the Municipalities of Varedo and Bovisio Masciago, which had already
participated in the previous hearing, along with GSD (an in-house company of the Municipality of
Desio) and three municipal councillors from Lissone, submitted an application to join the proceedings
as a civil party.
The Judge reserved their decision regarding the procedural exceptions raised by the defence lawyers
for natural persons during the hearing on September 20, 2024, in which the Preliminary Hearings
Judge rejected the objection of territorial incompetence and denied the request to exclude \u2018public\u2019
civil parties (Municipalities, in-house companies, and municipal councillors from Lissone), while the
former municipal councillor, Mariani, was removed from the proceedings, considering him not entitled
to appear. The Public Prosecutor and the civil parties maintained their request for the case to proceed
to trial, while the defence counsel for the Mayor of Seregno articulated the reasons they believed
warranted a verdict of no-proceedings.
The Judge then postponed the proceedings, confirming the schedule that was already known:
October 18, 2024, November 8 and 15, 2024. At the hearing held on November 15, 2024, the
Preliminary Hearings Judge committed all defendants to stand trial on March 17, 2025, before the
Court of Monza. After discussion, the Court reserved its decision and set a new hearing for May 12,
2025. At the hearing on May 12, 2025, the Court rejected the preliminary issues raised by the defence
and declared the hearing open, postponing the trial to September 22, 2025 to appoint an expert
witness to the transcriber and set the hearing on January 12, 2026 for the start of the preliminary
hearing. At the hearing on January 12, 2026, the Judge, in view of his imminent transfer to another
court, decided to delegate the start of the preliminary investigation to the new Judge assigned to
the case, scheduling the hearings for February 25, March 25 and May 20, 2026. On 25 February
2026, the scheduled hearing was held, during which the evidentiary phase of the trial began with the
examination of a witness called by the Public Prosecutor. The trial was then adjourned to the hearing
of 25 March 2026 for the examination of two further witnesses called by the Public Prosecutor.
I 01351/2020 Procedure for determining fiscal liability before the Court of
Auditors of the Lombardy Region
On February 21, 2024, the former Chair of AEB received an invitation from the Lombardy Court of
Auditors to provide information in accordance with Article 67 of Legislative Decree 174/16; the initial
45-day deadline was deferred to May 10, 2024. On that date, a memorandum was filed to contest the
passive subjection and the charges. The contested facts, as outlined and documented in the file, are
the same as those covered by proceedings 1931/2021. The complaint lodged by the Prosecutor with
the Court of Auditors concerns the financial damage caused to the local authorities affiliated with AEB.
On October 14, 2024, the former Chair of AEB received a summons from the Public Prosecutor\u2019s Office
at the Court of Auditors in Milan for the hearing set for March 12, 2025, in anticipation of which they filed
briefs and documents within the assigned deadline. At the hearing on March 12, 2025, the Board reserved
the right to decide. By order notified to the defence attorneys on April 7, 2025, the Court instructed the
CTU (Expert Technical Consultant) to evaluate the business units and the exchange value, and adjourned
the hearing for 3 June 2025 for the CTU\u2019s oath and the formulation of the question. At the hearing on June
3, 2025, the CTU formally took the assignment and the party-appointed consultants were appointed. The
proceedings will resume after the filing of the CTU\u2019s report, expected on June 19, 2026.
Court of Milan Business Law Section R.g. 30445/2025 Compensation for
damages
R.g. 30445/2025 The Municipality of Lissone and thirteen other municipalities that are shareholders
of AEB S.p.A. notified A2A S.p.A., Ambiente Energia Brianza S.p.A. and Unareti S.p.A. and the Chair of
the Board of Directors of A2A S.p.A. and AEB S.p.A.. At the time of the facts, a writ of summons was
filed before the Court of Milan, Business Law Section, to request, principally, the conviction of the
three defendant companies pursuant to Articles 2395, 2043, 2049 of the Italian Civil Code (jointly and
severally with the former Chairpersons) to pay compensation for damages arising from (i) the allegedly
inconsistent determination of the exchange ratio, (ii) the lower profits received as a result of the
allocation of a lower number of shares than due and (iii) the alleged curtailment of shareholders\u2019 rights.
In the alternative, the Municipalities request that only A2A S.p.A.be ordered to pay compensation for
unjust enrichment. After the defendants\u2019 entry of appearance filed on November 5, 2025, following the
preliminary checks pursuant to Article 171-bis of the Code of Civil Procedure, the Judge authorised
the third-party summonses requested by some defendants, consequently deferring the date of the
first hearing to September 15, 2026. Consequently, the parties may file supplementary briefs pursuant
to Article 171-ter of the Code of Civil Procedure within the terms of July 6, July 24 and September 4,
2026. The summoned third parties must enter an appearance by June 5, 2026 and by June 19, 2026,
the Court must carry out the preliminary checks again pursuant to Article 171-bis of the Code of Civil
Procedure (a further postponement of the first hearing cannot be ruled out). The outcome of the trial
seems to be conditioned by the criminal trial (and by the evidence taken and produced therein, some
of which was also produced in the present civil trial) and by the accounting trial.
No provisions have been allocated at present.
A2A Ambiente S.p.A.
Busto Arsizio Public Prosecutor\u2019s Office - GIP of Busto Arsizio - Criminal
proceedings no. 9079/2021 R.G.N.R. (formerly no. 24/2017 R.G.N.R.) and
Criminal Proceedings no. 1961/2023 R.G.N.R. against unknown persons
On February 18, 2021, the Carabinieri - forestry department showed up at the Gerenzano landfill site in
execution of investigation activities delegated by the Public Prosecutor\u2019s Office of Busto Arsizio within
the framework of criminal proceeding no. 24/2017 R.G.N.R. Form 44 (i.e. against unknown persons),
to acquire documentation on the plant, then notifying the person in charge of the plant and the head
of A2A Ambiente\u2019s \u201cImpianti Lombardia\u201d organizational structure of the proceedings for the alleged
offences under articles 81 paragraph 2 (continuation), 110 (conspiracy), 452 quater (environmental
disaster), 452 septies (obstruction of control) of the Italian Criminal Code.
Gerenzano is a former quarry, later converted into a landfill, located in the territory of the municipality
of the same name, which owns it, with an area of about 80 hectares. It is divided into two lots
Gerenzano 1 and Gerenzano 2.
Gerenzano 1 is the original unit, dating back to the mid-1960s when waste disposal activities began.
At the end of the 1970s, 200 municipalities, including Milan, delivered waste there. In July 1980, the
Municipality of Gerenzano and the municipal company of the Municipality of Milan (then AMNU)
signed an agreement whereby AMNU exclusively took over the management of the landfill of waste
from the Municipality of Milan and 69 other municipalities.
AMNU then built a new controlled landfill and carried out environmental remediation and restoration
works (with regional contributions).
The cultivation of Gerenzano 1 by AMNU, later to become AMSA, continued until its final closure in
1988. A new area was then identified where Gerenzano 2 was built and managed by AMSA from 1989
to 1991, the year in which conferring ceased.
In the context of the obligations taken on with the management of the landfill for environmental
recovery, AMSA carried out a series of interventions including the impermeable cover, the biogas
collection and combustion plant, weir wells and groundwater purging, the treatment plant for emitted
groundwater, leachate collection works, a leachate purifier, and environmental recovery interventions.
The operation of the plants in application of the authorization measures will have to continue until the
waste is mineralized, as far as biogas is concerned, and until the water table is back in good condition,
as far as purging wells are concerned.
As regards the latter activity, AMSA took responsibility for a situation of degradation and pollution that
existed prior to its taking over the management of the area, in relation to which it had no responsibility. In
2013, as part of the reorganization of the A2A Group\u2019s environmental chain, A2A Ambiente took over from
AMSA in the management of the Gerenzano landfill and in the service contract still in force as a result of
technical extensions with the Municipality of Milan for the post-mortem management service of the landfill.
On July 1, 2022, the conclusion of the preliminary investigations pursuant to article 415-bis of the
Code of Criminal Procedure was notified.
In the notice, the person in charge (at the time of the contested facts, i.e. from May 29, 2015 to
November 13, 2020) of the Gerenzano Hub and the person in charge of the \u201cLombardy Plants\u201d
structure (the latter in current permanence) are charged with having caused an environmental disaster
in the management of the plant (article 452 quater of the Criminal Code) by means of an unlawful
dysfunction of the purification plant of the groundwater emitted by means of a hydraulic barrier so as
not to carry out the containment of the contamination of the water table and by means of an unlawful
dysfunction of the purification plant for the treatment of the polluting fluids before their discharge into
the Bozzente stream and of having obstructed and eluded the environmental supervision and control
activities by ARPA (article 452 septies Criminal Code from May 29, 2015 permanently for the person in
charge of the facility and from November 21, 2016 for the person in charge of the Hub).
No charges against the company under Legislative Decree 231/01 appear in the notice of conclusion
of investigations. On November 10, 2022, the decree was served setting March 2, 2023 as the date of
the preliminary hearing. At the preliminary hearing, the defence counsel raised objections concerning
the invalidity of the request to proceed to trial due to defects in the notification of the conclusion
of the preliminary investigations. The Preliminary Hearings Judge upheld and ordered the return of
the documents to the Public Prosecutor, who served a new notice of conclusion of the preliminary
investigation a few days later.
At the hearing on February 1, 2024 called to decide on the plea bargaining request made by one of
the two individuals, the Preliminary Hearings Judge did not accept it and referred the case back to the
Public Prosecutor due to the tenuousness of the agreed penalty.
On November 11, 2024, the decree was served to the defence counsel setting January 8, 2025 as
the date of the preliminary hearing. In the decree in question, the offence of environmental pollution,
as specified under art. 452 bis of the Criminal Code, was alleged. At the hearing on January 8, 2025,
after discussion, the proceedings were deferred to February 26, 2025. At this hearing, the Judge
pronounced a judgement of full acquittal.
Concerning the other natural person for whom the Public Prosecutor requested the Preliminary
Hearings Judge to close the case on January 13, 2025, the defence counsel submitted the filing order
issued by the GIP.
As for the legal entity, no legal challenge has been lodged against it in accordance with the Legislative
Decree 231/01. Moreover, following the case dismissal for one defendant and the acquittal of the other,
no senior or non-senior individuals have been found to have committed the alleged predicate offence.
As a result, the conditions for any potential action against the Company no longer exist.
On February 16, 2024 and on June 20, 2024, police forces and an expert technical consultant
carried out an inspection at the Gerenzano landfill site and acquired documentation relating to plant
management/operation and emission control data, by delegation of the same Public Prosecutor in
charge of the above proceedings, within the framework of new proceedings against unknown persons.
Milan Public Prosecutor\u2019s Office \u2013 Criminal Proceedings concerning the injury
of an employee of a contractor company R.G.N.R. 24347/2022
An injury (loss of two fingers, right thumb and left index finger) occurred on July 23, 2022 at the
Novate Milanese plant (at the time owned by A2A Recycling, then A2A Ambiente from December 31,
2023) due to compression of the hands in the press binder to an employee of a contractor (EMAD
SERVIZI S.r.l.). The Health Protection Agency (ATS) intervened for the necessary verifications. On
January 30, 2023, ATS lifted the seizure of the machinery where the accident occurred and identified
the delegated employer for the purpose of conducting the preliminary investigations related to the
violation of the Legislative Decree 81/08.
On March 29, 2023, ATS notified the act of contravention and prescription to the defence counsel.
ATS identified the existence of two contraventional offences due to the violation of Article 26,
paragraphs 2 and 3 (obligations related to contracts for works or services) under Legislative Decree
81/2008. On April 28, 2023, the appointed lawyer informed ATS that compliance with the requirements
had been achieved. On May 25, 2023, ATS allowed the delegated employer to pay a penalty of 3
thousand euro, enabling the dismissal of the two contested occupational safety violations (Article 26,
paragraphs 2 and 3, first sentence, of Legislative Decree 81/2008). On June 13, 2023, the lawyer also
informed ATS of the payment of the penalty.
On December 3, 2024, the employee of A2A Ambiente received the notice of conclusion of the
preliminary investigations pursuant to article 415-bis of the Code of Criminal Procedure. According
to the notice, the Public Prosecutor has alleged the charge of negligent personal injury (art. 590
para. 1 and 3 of the Criminal Code) against the legal representative of the contracting company and
the employee of A2A Recycling (later known as A2A Ambiente) as a \u201cdelegated employer\u201d; the latter
was initially investigated solely for the contraventional offences noted in art. 26 paragraphs 2 and 3
of Legislative Decree 81/2008 concerning occupational safety, which were extinguished following
compliance with ATS requirements and the payment of an administrative sanction.
The notice also reveals that the Public Prosecutor has investigated the companies, including A2A
Ambiente, for the offence stipulated under Article 25-septies of Legislative Decree 231/2001 in relation
to the offence of negligent personal injury charged against natural persons. Further developments are
expected.
Public Prosecutor\u2019s Office of Pavia \u2013 GIP of Pavia - Proceedings No. 7164/22
R.G.N.R. concerning the fatal accident in Parona
On October 25, 2022, a fatal accident occurred at the Parona plant of Lomellina Energia, involving
an employee of a contractor company (SIMIC). The Public Prosecutor ordered investigations into
the matter, appointing both a forensic pathologist to determine the cause of death and two technical
consultants. The expert report by CTU Prof. Chiandussi was submitted in the second half of October
2023, but the Public Prosecutor postponed the parties\u2019 review until December 2023.
On June 5, 2024, the Public Prosecutor requested a third extension of the preliminary investigations;
the defence lawyer of one of the suspects opposed the request within the given timeframe. The
Preliminary Hearings Judge rejected the opposition and confirmed the new extension of the
investigation. On December 31, 2024, ATS Pavia notified the Company\u2019s legal representative at the
time of the incident and the works manager of an \u201cinformation notice for criminal proceedings\u201d. On
February 27, 2025, ATS Pavia notified the Company of ongoing investigations against it concerning
liability under Legislative Decree 231/01.
On March 5, 2025, pursuant to Article 415 bis of the Code of Criminal Procedure, the Public Prosecutor
issued a notice marking the conclusion of the preliminary investigations, in which four employees of
Lomellina Energia and the safety coordinator for the design and execution phases were investigated
among others, for the offence under Article 589 of the Penal Code, as well as specific violations of the
Legislative Decree 81/08, in consideration of the roles each has undertaken in terms of prevention and
health at the workplace. Among others, the same notice was served to Lomellina Energia (which has
been merged into A2A Ambiente since December 31, 2023) for the administrative offence mentioned
in Article 5, paragraph 1, letter a), Article 25-septies, paragraph 3 of Legislative Decree 231/01. On
December 3, 2025, the preliminary hearing was held in which the Pavia GIP, having found the notice
pursuant to Article 415 bis of the Code of Criminal Procedure to be null and void due to notification
defects, referred the case to the Public Prosecutor so that the notice in question could be re-notified.
A2A Calore & Servizi S.r.l.
Court of Brescia, Business Law Section, RG 222/2025, request for refund of
undue payment
RG 222/2025 On December 31, 2024, Azienda Speciale Servizi Territoriali Spedali Civili di Brescia
notified a writ of summons to the Ordinary Court of Brescia, with the specialised section for business
matters, seeking to ascertain and declare, with consequent conviction:
a) the nullity/non-existence of any contractual relationship between Spedali Civili and ACS from
July 1, 2019 and, as a result, to ascertain and declare the right to the repayment of 35,292,513.18
euro as principal and 2,210,477.20 euro as interest (to which interest on the balance and monetary
revaluation will be added);
b) the undue nature of the payments made between January 1, 2014 and June 30, 2019, totalling
1,744,206.58 euro as principal and 175,057.05 euro as interest;
c) the obligation to provide information concerning CAPEX and OPEX.
Azienda Speciale Servizi Territoriali Spedali Civili di Brescia held a contract for the provision of the
district cooling service commencing in 1998, which expired on 30 June 2019. Following its expiration,
due to the essential nature of the service, which could not be interrupted for reasons of continuity
of healthcare provision, A2A Calore & Servizi S.r.l. continued to perform the contract at the express
request of Azienda Speciale Servizi Territoriali Spedali Civili di Brescia.
Within the time limit granted, A2A Calore & Servizi S.r.l. filed a statement of appearance and defence
with a counterclaim, asserting the existence of the contract extension, rejecting all ASST\u2019s claims,
and, in the alternative and in the further alternative, setting out the legal grounds for retaining
the full consideration received over the years. Furthermore, it demonstrated the right to receive a
remuneration not only for the past but also starting from January 1, 2024 until the end of the service,
as well as claims for damages.
After the entry of appearance and the filing of the counterclaim, on March 7, the Court scheduled a
hearing for July 10, 2025.
By the deadline of July 10, 2025, A2A Calore & Servizi S.r.l. notified ASST Spedali Civili di Brescia of
an appeal pursuant to Articles 700 and 669-bis of the Code of Civil Procedure in the course of the
case to request the termination of the service and, in the alternative, the sentencing of ASST to pay a
monthly fee with a request for the issuance of a precautionary measure.
During the hearing on July 10, 2025, the judge invited the parties to consider the possibility of finding
a conciliatory solution and for this reason postponed all proceedings to the council chamber set for
the discussion of the precautionary procedure on July 22, 2025.
In view of the advisability of verifying the conditions of a settlement, without prejudice to any rights,
numerous postponements were arranged upon joint request, which allowed the parties to define
on January 26, 2026 a final settlement agreement, to the satisfaction of the reciprocal claims, after
having identified adequate remuneration, starting from July 1, 2019 and until the assumption of new
determinations by the ASST Spedali Civili di Brescia, also in consideration of the new public tender
procedure announced by the same on December 30, 2024.
Agripower
Court of Spoleto - Criminal proceedings RGNR 3329/2024
On January 20, 2025, the forestry police served a notice at the Agripower biogas plant in Castel Ritaldi
(PG) to the director with special power of attorney for Agripower\u2019s HSEQ and operations organisational
structure, identifying him and informing him of investigations against him for the offences referred to
in Articles 452 bis and 452 quinquies of the Criminal Code (environmental pollution \u2013 negligent crimes
against the environment), Article 257, paragraph 1, of Legislative Decree 152/06 (failure to remediate,
failure to report) allegedly committed between November 25, 2024 and December 9, 2024 for
discharging wastewater into the \u201cFosso Avilo\u201d watercourse near the Agripower plant.
On November 3, 2025, the natural person\u2019s defence counsel was served with a writ of summons for
July 3, 2026.
The decree in question also mentions the company Agripower for the administrative offence referred
to in Article 25 undecies, paragraph 1, letter c), no. 3 of Legislative Decree 231/01 in relation to the
offence of negligent pollution. However, the decree in question was never served on the Company\u2019s
lawyer, who never even received notice of the conclusion of the investigation.
* * *
The following information is provided in connection with the main litigation of a fiscal nature.
A2A gencogas S.p.A. (formerly Abruzzoenergia S.p.A.) - General IRES/IRAP/
VAT audit for fiscal years 2011 and 2015
On January 19, 2016, the Finance Police - Chieti Unit commenced a general audit of A2A gencogas
S.p.A. (formerly Abruzzoenergia S.p.A.) for fiscal years 2014 and 2015 for IRES, IREP and VAT purposes.
This audit was completed on May 25, 2016. The company submitted comments to the formal notice
of assessment by the inspectors. In December 2016, the Revenue Agency of Chieti issued notices of
assessment for IRES, IRAP and VAT for the years 2011 and 2012 and, in August 2017, served notices of
assessment for IRES, IRAP and VAT for the years 2013 and 2014. The company has proposed a timely
appeal against all the deeds notified. The Provincial Tax Commission of Chieti and the Regional Tax
Commission of Pescara issued unfavourable rulings for IRES and IRAP. The appeals against the VAT
assessment notices for the years 2011-2014 were rejected by the Provincial Tax Commission of Chieti
and upheld by the Regional Tax Commission of Pescara. On May 8, 2019, the Company filed an appeal
with the Supreme Court for IRES 2011 and 2012. In February 2020, the Company filed an appeal with the
Supreme Court for IRES 2013 and 2014 and IRAP 2011-2014 and a counter-appeal with the Supreme
Court for VAT 2011 and 2012. On May 5, 2020, the Company filed a counter-appeal with the Supreme
Court for 2013-2014 VAT. A risk provision of 2 million euro has been recognized.
A2A S.p.A. - Registration tax for transfer of business unit and sale of the
investment Chi.na.co. S.r.l.
On April 4, 2016, the Provincial Directorate I of Milan - Regional Office of Milan 1 - notified the
invitation to appear to provide clarifications on a business transfer in the company Chi.na.co. S.r.l.
and the subsequent sale of the investment held in it under control for registration tax purposes. The
invitation was followed by a contradictory with the Office and subsequent notification by the latter of
the notice of liquidation to the acquiring counterparty, which filed an appeal on September 28, 2016.
The Provincial Tax Commission of Milan rejected the appeal with sentence filed on July 07, 2017. On
February 13, 2018, the acquiring company filed an appeal, which was rejected by the Milan Regional
Administrative Court. On April 8, 2019, the Company filed an appeal with the Supreme Court. On
February 21, 2020, the Office filed a counter-appeal and a cross-appeal with the Supreme Court. The
risks provision recognized for 1.4 million euro was fully used for the payment of the amounts requested
with the liquidation notice.
By order of November 21, 2025, the Court of Cassation upheld the Company's appeal.
A2A S.p.A. (merging company of AMSA Holding S.p.A.) - VAT Tax assessments
for tax years from 2001 to 2005
In early 2006, the Italian Finance Police \u2013 Lombardy Regional Unit, Milan \u2013 carried out a tax audit of
AMSA Holding S.p.A. (now A2A S.p.A.) for VAT purposes for tax years 2001 to 2005.
The audit ended with the issue of a final report contesting the legitimacy of the ordinary VAT rate, in
place of the special rate applied by suppliers for waste disposal and plant maintenance, as well as the
subsequent deduction made after the invoices issued for these services were duly paid.
The report was followed by formal notices of assessment from the Tax Revenue Office (Milan 3 Office)
for each year audited; appeals were then filed with the Provincial Tax Commission within the term
provided by law.
The appeals for 2001 and for 2004 and 2005 were discussed on January 25, 2010 and on February
17, 2010 respectively, with a favourable outcome for the company in all cases. The Tax Revenue Office
appealed against the verdict of the first court. The Regional Tax Commission rejected this appeal for
all three years, 2001, 2004 and 2005.
For 2001, the Tax Revenue Office filed an appeal with the Supreme Court against which AMSA
Holding S.p.A. (now A2A S.p.A.), filed a cross-appeal on November 9, 2012. At the hearing on
December 12, 2018, the Company requested that the case be suspended in order to assess the
facilitated settlement of the dispute. On May 24, 2019, the company filed an application for a facilitated
settlement of pending tax disputes and definitively settled its tax claim.
The outcomes of the 2002 and 2003 disputes were also favourable for the company but the Tax
Revenue Office filed an appeal against both sentences. The appeal for 2002 was discussed on
November 30, 2010, and by way of a sentence lodged on February 2, 2011 the Milan Regional Tax
Commission overturned the sentence of the first court, upholding the Tax Revenue Office\u2019s appeal on
almost all counts with the exception of the hazardous waste category. The Company filed an appeal
with the Supreme Court for 2002. The hearing was held on December 12, 2018 and the appeal was
upheld and the judgement was adjourned to the Regional Technical Committee (CTR). On December
23, 2019, the Company filed an appeal for reinstatement in CTR and an appeal for revocation with the
Supreme Court. For 2003 the appeal made by the Tax Revenue Office was discussed on November 7,
2011 before the Regional Tax Commission which rejected it with a sentence filed on November 11, 2011.
The Tax Revenue Office has not appealed to the Supreme Court for 2003, 2004 and 2005 and the
sentence has become final, thereby closing the litigation.
No provisions for risks have been recognized.
A2A Ciclo Idrico S.p.A. \u2013 IMU assessment notices of Municipality of
Montichiari for the years 2013-2018
On December 4, 2019, the Municipality of Montichiari (BS) issued notices of assessment for IMU
purposes for the years from 2013 to 2018 regarding the purification plant located in the territory of
the same municipality. On January 29, 2020, the Company filed an appeal with the Provincial Tax
Commission, which rejected the appeal. On November 22, 2022, the company filed an appeal, which
was rejected by the CGT II degree in Brescia. The company filed an appeal in cassation on January 27,
2025. A risk provision of 1.2 million euro has been recognized.
Linea Ambiente S.r.l. - General IRES/IRAP/VAT audit for fiscal years 2017-2019
On October 13, 2022, the Finance Police - Brescia Economic-Financial Unit - opened a general audit
for IRES, IRAP and VAT purposes against the company Linea Ambiente S.r.l. for the tax periods 2017-
2019. This audit was completed on October 28, 2022. The tax audit report disputed the deductibility
of certain costs incurred by the company during the period audited. On the basis of the notice of
assessment issued by the Brescia Finance Police and having unsuccessfully exhausted the attempts
to adhere to it, the Brescia Revenue Agency/Provincial Directorate notified the Company (and, with
regard to IRES, its consolidating company A2A S.p.A.) of six notices of assessment for IRES for
the years 2017/2019, IRAP for the years 2017/2018 and VAT for the years 2017/2019. The company
appealed to the competent bodies. A risk provision of 0.747 million euro has been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for the 2018 tax period
On December 27, 2024, Lombardy Regional Directorate notified a notice of contestation of penalties
for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that
the transactions relating to the provision of emission and fuel allowances from the toller to the tollee
constituted \u2013 respectively \u2013 transfers of intangible rights and transfers of raw materials, thus qualifying
as taxable transactions for VAT purposes, subject to invoicing. On March 3, 2025, the company filed
an appeal with the CGT I degree in Milan. No provisions for risks have been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for the 2019 tax period
On December 24, 2025, the Lombardy Regional Directorate, Large Taxpayers Office, notified via
certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In
summary, the Revenue Agency considers that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. The company is assessing the consequent actions to be taken. No provisions for risks
have been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for 2018 tax period
On March 17, 2025, Lombardy Regional Directorate notified a notice of assessment for VAT purposes
relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions
relating to the provision of emission and fuel allowances from the toller to the tollee constituted \u2013
respectively \u2013 transfers of intangible rights and transfers of raw materials, thus qualifying as taxable
transactions for VAT purposes, subject to invoicing. On May 15, 2025, the company filed an appeal
with the CGT I degree in Milan. No provisions for risks have been recognized.
Unareti S.p.A. \u2013 Notices of assessment for IRES/IRAP purposes for 2018 and
2019 tax periods
On March 14, 2025, the Lombardy Regional Directorate notified notices of assessment for IRES/
IRAP purposes relating to the 2018 and 2019 tax periods. On May 12, 2025, the company filed an
appeal with the CGT I degree in Milan. The hearing was fixed for October 20, 2025. The Court of First
Instance, in a judgement filed on November 17, 2025, dismissed the appeals, with compensation of
costs. The Court did not accept the legal interpretation proposed by the Company, citing as its main
motivation that the new rule was aimed at raising financial resources. The judgement is in contrast
to a consolidated jurisprudential orientation that has always disregarded the simple need for tax
revenue as sufficient to justify tax rules that produce harmful effects for the taxpayer. The rules, in
fact, must always respect constitutional principles, first and foremost the ability to pay (Article 53 of
the Constitution), substantive equality (Article 3 of the Constitution) and proportionality. Nevertheless,
according to the Court, this purpose is equally suitable to legitimize a postponement of deductibility
in future tax years and its application to all amortization rates and not only to those relating to Decree
Law 225/2010. The company is assessing the action to be taken. No provisions for risks have been
recognized.
A2A gencogas S.p.A. \u2013 Notice of assessment for VAT purposes for the tax
period 2018
On December 27, 2024, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified
via certified e-mail the notice of dispute regarding VAT penalties relating to the 2018 tax period. In
summary, the Revenue Agency considered that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. On February 24, 2025, the company filed an appeal with the CGT I degree in Milan.
To date, the amount disputed by the Revenue Agency in the assessment notice relating to 2018
stands at approximately 1 million euro. See the following section for an assessment of the likelihood of
an unfavorable outcome.
A2A gencogas S.p.A. \u2013 Notice of assessment for VAT purposes for the 2019
tax period
On December 24, 2025, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified
via certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In
summary, the Revenue Agency considered that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. The company is assessing the action to be taken.
The amount disputed by the Revenue Agency in the assessment notice for 2019 amounts to 2.9
million euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48245": { "value": "
Guarantees and commitments
with third parties
million euro
12.31.2025\u00a012.31.2024
Guarantees received\u00a01,341\u00a01,146
Guarantees provided\u00a03,008\u00a02,433
Guarantees received
Guarantees received amounted to 1,341 million euro (1,146 million euro at December 31, 2024) and
included 541 million euro for sureties and security deposits issued by subcontractors to guarantee the
proper execution of the work assigned and 713 million euro for sureties and security deposits received
from customers to guarantee the regularity of payments and guarantees received by the ACINQUE
Group for 63 million euro and guarantees received by the AEB Group for 24 million euro.
Guarantees provided and commitments with third parties
Guarantees provided amounted to 3,008 million euro (2,433 million euro at December 31, 2024), of
which for obligations undertaken in the loan agreements of 6 million euro. These guarantees have
been issued by banks for 1,962 million euro, insurance companies for 24 million euro and the parent
company A2A S.p.A., as parent company guarantee, for 881 million euro and guarantees provided by
the ACINQUE Group for 84 million euro and guarantees provided by the AEB Group for 57 million euro.
7) Update of the main legal and tax disputes still pending
Adequate provisions are provided where necessary for the disputes and litigation described below.
It is noted that if there is no explicit reference to the presence of a provision, the Group assessed the
corresponding risk as possible without appropriating provisions in the financial statements.
It should be noted that certain disputes illustrated in previous financial statements and still pending
are not further reported due to the absence of updates or the modification of the previous risk
situation.
A2A S.p.A.
Edison reorganization \u2013 compensation case for Carlo Tassara: lawsuit for
damages against Transalpina dell\u2019Energia and A2A S.p.A.
On April 14, 2022, Carlo Tassara S.p.A. served a new summons on the Court of Milan, requesting
that Transalpina Dell'Energia and A2A be ordered, jointly and severally with each other, to pay Carlo
Tassara S.p.A. the damages that will be quantified in the course of the proceedings, after ascertaining
and declaring the liability of the two companies for the breach of article 106 TUF (Total Tender Offer).
In the writ of summons, Carlo Tassara S.p.A. quantifies the damage caused by the write-down of the
value of its equity investment in Edison at 316,843,562.97 euro, figure resulting from the theoretical
value of the tender offer calculated by Carlo Tassara S.p.A. on the basis of:
a) value of Edison shares recorded in the financial statements by TDE and A2A (1.5003 euro/share);
b) value assigned by Edison in fair value appraisals (1.3 euro/share);
c) highest edict value identified by Consob (0.95 euro/share);
d) market value to be defined by the Court.
The writ of summons provides a description of the facts related to the extraordinary transaction to be
ascertained: (i) the avoidance and violation of article 106 of the TUF and (ii) the demonstration of the
existence of an alleged pact between the two defendants to depress Edison\u2019s value, prior to launching
a takeover bid - with the consequent violation of the rule protecting minority shareholders of listed
companies and non-achievement of the latter of: (i) control price and (ii) market price of the Edison
shares held by Carlo Tassara S.p.A..
In anticipation of the first hearing set for January 11, 2023, A2A entered an appearance and illustrated
the grounds for the rejection of the appeal. At the hearing, the judge declared the default of TDE
(which did not enter an appearance and did not appear at the hearing) and, on January 12, 2023,
with an order outside the hearing, adjourned the case for the definition of the conclusions to July 4,
2023, in order to allow the panel, before considering the merits of the deeded claims, to examine the
procedural objections raised by A2A. After said hearing, the parties were able to file their pleadings.
On March 1, 2024, a non-definitive sentence was filed, putting the case back on the register for
the continuation of the preliminary investigation phase and rejecting the preliminary objections of
inadmissibility of the claim, lack of passive legitimacy of A2A and lis pendens. In 2024, two hearings
took place on March 12 and June 25. On June 26, 2024, an order was issued rejecting the preliminary
inquiries of Carlo Tassara S.p.A., and the hearing for clarifying conclusions was set for March 18, 2025,
then deferred with a further provision of March 13, 2025 to April 21, 2026.
The Group, having fulfilled the requirements of the regulations in force, does not consider likely the
risk for which it has not allocated any provisions.
Shareholders\u2019 Agreement between A2A S.p.A. and Pessina Costruzioni
S.p.A. for the management of ASM NOVARA S.P.A.
In March 2013, Pessina Costruzioni established arbitration proceedings against A2A S.p.A. to have
the latter declared in breach of the shareholders\u2019 agreement signed between the parties on August
4, 2007 with reference to the company ASM NOVARA S.p.A. (now extinct) and to order A2A S.p.A.
to pay damages accordingly. With an award filed on June 30, 2015, the board of arbitrators, with the
dissenting opinion of the arbitrator appointed by A2A S.p.A., found A2A S.p.A. liable for the breach of
the shareholders\u2019 agreement and, consequently, ordered it to pay damages, which were settled on an
equitable basis.
The Court of Appeal of Milan on November 23, 2016 with Sentence 4337/16 rejected the appeal of
A2A S.p.A. for nullity of the award.
The Court of Cassation, with Order 18220 filed on June 26, 2023, accepted the first reason of the
appeal notified by A2A S.p.A., considered the remaining reasons absorbed and quashed with
adjournment the sentence of the Court of Appeal of Milan.
The company A2A S.p.A. and also the company Pessina Costruzioni resumed the case in the Court
of Appeal within the time limit. In the event that A2A S.p.A.\u2019s claim for the nullity of the award is upheld
and the Court makes a new decision on the merits of the dispute, by way of a conditional cross-
appeal, Pessina has also made a claim for damages in the amount originally requested and greater
than the amount recognized by the award in application of the principle of fairness.
At the first hearing on May 22, 2024, the two cases were joined; at the end of the trial, the Court of
Appeal, in July 2025, filed Judgement 2265/2025, which upheld the first judgement of the Court of
Appeal, albeit for different reasons, and therefore dismissed both the appeal for reinstatement of A2A
and that of Pessina Costruzioni, ordering A2A to pay the costs of the dispute.
Derivations of public water for the production of hydroelectricity
With reference to the expired concessions in Lombardy operated under the so-called temporary
continuation regime (for A2A S.p.A., the concessions of Grosotto, Lovero, Stazzona, Grosio, and
Premadio I are relevant, while for Linea Green S.p.A.-LG, the Resio concession is relevant), and, in
particular, regarding the imposition of additional fees, the Court of Cassation ruled (February 2024,
Ord. nos. 4800 and 4382), recognising the legitimacy of the provisional tariff (equal to 20 \u20ac/kW of
nominal power) identified by Regional Council Resolution 5130/2016. The relevant amounts, paid in
March 2024, had, however, been fully provisioned as a matter of prudence. On the other hand, the
case concerning the so-called final additional fee, instituted in February 2024 before the Superior
Court of Public Waters (TSAP), is still pending. With regard to the expired concessions, the Lombardy
Region increased the nominal concession power through its Regional Council Resolution no. 5597 of
December 30, 2025, which A2A and LG have challenged before the TSAP.
A2A also contested - as contrary to the pro-tempore regulations in force - the annulment of the
partial exemption of the State fee ordered by the Lombardy Region for the expired concessions that
benefited from it. The Court of Cassation dismissed the appeals relating to the Premadio I (Sent. no.
15990/2020) and Grosio (Ord. no. 4371/2024) concessions, while the judgements are still pending
relating to the Lovero and Stazzona concessions, in which A2A has obtained 2nd instance rulings
( Superior Court of Public Waters-TSAP sent. nos. 171/2023 and 2/2024) in favour, challenged in
Cassation by the Region.
Also in Lombardy, imposed, in alleged implementation of art. 12 of Legislative Decree 79/1999 as
amended by Law 12/2019, was the free transfer of electricity, in monetised form (220 kWh per kW of
nominal power). The relevant measures were challenged by A2A and LG. In relation to the expired
concessions, the Court of Cassation has definitively ruled that the subjection to the gratuitous transfer
of energy is legitimate (see Order no. 15888/2024). For concessions that have not expired, litigation is
still pending. The Lombardy Region also requested, in alleged implementation of art. 12 of Legislative
Decree 79/1999, the payment of the so-called binomio State fee, consisting of a fixed and a variable
component. A2A and LG initiated legal actions on the merits, which are still pending before the TSAP
and the Court of Cassation.
In December 2023, the Lombardy Region approved the resolution calling for the reassignment by
tender of the Resio concession of LG; although the Company submitted a tender offer, it challenged
the resolution in court both in defence of its rights and legitimate interests as outgoing concessionaire
(making the assets available and enhancing their value), and raising profiles of unreasonableness
and illegitimacy of the proceedings and the relevant regional regulation on expired concession
reassignment. The subsequent invitation to tender was also judicially challenged.
In Friuli Venezia Giulia, A2A holds concessions in force until 2029. Similarly to Lombardy, a judgment
against the imposition of the free energy transfer was initiated, which is still pending at the TSAP on appeal,
after a negative first instance sentence ( Venice Regional Court of Public Waters sent. no. 2006/2023). An
action was also brought against the imposition of the so-called Binomio state fee, still pending at TSAP.
For all disputes relating to hydroelectric concession fees and similar charges, the companies have
prudently recognised provisions in the risk fund in case of explicit and specific requests for payments by
the public administration, the estimate of the amount to be paid conservatively is considered to be the full
amount, whereas in the case of requests that have not yet been formalized but are merely \u2018foreseeable\u2019 in
the year, even if the amount is uncertain (as is the case for outstanding adjustments relating to the increase
in capacity), the amounts have been recorded on the basis of the best estimate made by the Directors.
Public Prosecutor\u2019s Office at the Court of Sondrio \u2013 Criminal proceedings
R.G.N.R. 1067/2024
Preliminary investigations are underway against certain A2A S.p.A. employees following the death
during working hours of an employee of the Company, as a result of an accident that occurred on
November 24, 2023.
At present, only known are the allegations made in notices of indictment and minutes of the ATS
Montagna contesting violations of the Legislative Decree 81/08 and manslaughter (Article 589 of the
Criminal Code). On January 8, 2025, ATS Montagna announced its acceptance to settle the alleged
offences through administrative payment. Further developments are expected.
A2A Energiefuture S.p.A.
Inspection at Monfalcone Plant (RGNR 195/17 Public Prosecutor of Gorizia,
then RG Court of Gorizia no. 492/2023)
On March 8 and 9, 2017, following orders of the Public Prosecutor of Gorizia, the Monfalcone Plant of
A2A Energiefuture S.p.A. was inspected during which surveys and samplings (on coal in stock, on the
ashes, on fume treatment residues, emissions from the chimney) and documentary acquisitions (on
the servers of the emissions monitoring system, on fuel analysis forms, etc.) were performed. On the
same date, the guarantee information has been notified to three employees, regarding an investigation
for the offences referred to in Article 452 bis of the Italian Criminal Code. Environmental pollution. The
suspect employees appointed trusted defenders.
Subsequently, between December 2017 and January 2018, and then in December 2018 and July 2020,
the Public Prosecutor of Gorizia proceeded with the acquisition of additional documentation at the plant.
On May 6, 2021 (and subsequently on June 4, 2021), the defenders of the former head of the plant
(but not the other two employees who had received information of guarantee) were notified of
the conclusion of the preliminary investigation pursuant to article 415 bis of the code of criminal
procedure in relation to the crime of environmental disaster pursuant to article 452 quater, paragraph
1, no. 2 and paragraph 2 of the Criminal Code. From the same notification, it emerged that the
company was charged with the offence referred to in article 25 undecies, paragraph 1, letter b), in
relation to article 5, paragraph 1, letter a) of Legislative Decree 231/01.
In said notice of conclusion of the investigations, it was contested that the seabed in the area in front
of the power plant quay had been compromised by coal run-off, the air had been compromised by
emissions from the power plant and the balance of the ecosystem had been altered by contamination
with heavy metals. A similar notice was served on May 10, 2021 at the Monfalcone power plant.
On July 29, 2021, the defence attorney of the former head of the plant was served with a decree scheduling
a preliminary hearing for November 24, 2021 before the Preliminary Investigation Judge (GIP) of Gorizia.
At the hearing of November 24, 2021, the Company\u2019s lawyer raised a preliminary objection of the
nullity of the notice pursuant to article 415-bis of the Code of Criminal Procedure of the conclusion
of the preliminary investigations since not duly notified. The exception was upheld by the Judge
who referred the case back to the Public Prosecutor\u2019s Office so that it could serve a new notice of
conclusion of the preliminary investigations. As a result of this decision, the trial regressed to the
preliminary investigation stage.
On July 1, 2022, a new notice pursuant to article 415 bis of the Code of Criminal Procedure of the
conclusion of preliminary investigations was served on the defence counsel of the former head of
the plant and on the defence counsel of the company. The new notice no longer contemplates the
offence referred to in article 452 quater of the Criminal Code, i.e. environmental disaster, but rather
that referred to in articles 452 bis and 452 quinquies of the Criminal Code, i.e. environmental pollution/
unintentional crimes against the environment. Consequently, by virtue of the new and different
predicate offences referred to by the Public Prosecutor, the charge against the company in relation to
administrative liability has also been amended, which now concerns the offence referred to in article
25 undecies, paragraph 1(a) and (c) of Legislative Decree 231/01.
Despite certain formal deficiencies, the notice of the pre-trial hearing set for October 31, 2023 was
served to both the natural person and the Company on April 17, 2023.
At that hearing, the Company asserted the notification flaws and the judge decided to renew the
notification to the entity only and to continue the two proceedings against a natural person and a legal
person as one. Therefore, a new pre-trial hearing was scheduled, which was first discussed on March
5, 2024, continued on March 12, 2024, and then on May 7, 2024. At that hearing, the Judge, with a well-
reasoned judgement that became final on August 1, 2024, declared the unusability or nullity of a list of
investigative documents against both the legal entity and the natural person.
At the same hearing on May 7, 2024, the Judge pronounced a judgement of non-suit against the
legal person (the grounds for which were filed on May 21, 2024) and set a hearing on the merits for
September 20, 2024 for the natural person.
At the hearing on September 20, 2024, both witness testimonies and documentary evidence were
accepted. Following the conclusion of the discussion in which the defence counsel illustrated the
reasons for an immediate declaration of non-punishment in consideration of the submitted documents
and, alternatively, the partial statute of limitations, an adjournment was scheduled for February 28,
2025. At the hearing on February 28, 2025, the Court issued an order requesting further examination
of the ARPA report (which was favourable to the defence) and postponed the case to the hearing on
September 26, 2025. This hearing was then postponed ex officio to January 23, 2026. At the hearing
on January 23, 2026, a witness for the Public Prosecutor was heard, so the Judge adjourned the
hearing to July 17, 2026 to hear other witnesses for the Public Prosecutor.
San Filippo del Mela power plant - Court of Messina - Criminal proceedings
R.G.N.R. 678/2023
The Messina Public Prosecutor\u2019s Office is conducting preliminary investigations under the case
number 678/2023 RGNR against A2A Energiefuture S.p.A. and one of its employees, for assessments
regarding the violation of Article 256 of the Legislative Decree 152/2006 (unauthorised waste
management activities) and of Article 25-undecies paragraph 2 letter b) of Legislative Decree
231/2001, as well as towards the employee of Article 452 quaterdecies of the Criminal Code
(organized illegal waste trafficking activities). Further developments are expected.
Linea Ambiente S.r.l. \u2013 Grottaglie landfill
Court of Taranto - Criminal Proceedings RGNR 2785/18
On March 14, 2019, an employee of A2A Ambiente S.p.A., seconded to Linea Ambiente S.r.l. as the
company\u2019s Chief Operating Officer, was remanded in custody as part of investigations into the
offences referred to in articles 319 and 321 of the Italian Criminal Code with reference to an alleged
bribery connected with the issue of Executive Decision no. 45 dated April 5, 2018 by the Province of
Taranto for the orographic optimization of the Linea Ambiente S.r.l.\u2019s Grottaglie landfill.
On August 1, 2019, the Court of Taranto - Office of the Judge for Preliminary Investigation - at the
request of the Prosecutor\u2019s Office, ordered the immediate trial, i.e. without a preliminary hearing being
held, of the defendants subject to pre-trial custody, including the employee of A2A Ambiente, against
whom the measure of pre-trial custody in prison was replaced by house arrest and, subsequently, with
the obligation to stay in the municipality of residence and, finally, with the prohibition of residence
in the province of Taranto (even this last measure was later revoked by order of January 24, 2022),
setting the first hearing for this purpose on November 4, 2019. The trial ended with the reading of the
verdict at the hearing on November 16, 2022. Judgement 3459/2022 was filed on May 15, 2023.
The A2A Ambiente employee was sentenced to eight years in prison plus disqualification penalties. No
confiscation order was issued against them; confiscation was applied to another defendant, and part of
this sum is attributed as partial consideration for the adoption of Resolution no. 45 of April 5, 2018.
Taranto Court of Appeal 515/2023 R.G. App.
The first Court of Appeal hearing to discuss all appeals submitted by the individual defendants and
the Public Prosecutor is scheduled for May 14, 2024.
The Public Prosecutor has lodged an appeal against the initial judgement for not confiscating from
the individual defendants the proceeds from the crime amounting to 20,304,974.88 euro (as specified
in the seizure decree dated May 18, 2021), and consequently, no conclusive judgement on the refusal
of confiscation has been reached, and the Court of Appeal must now decide whether to uphold or
amend the ruling of the Court of Taranto.
The Court of Appeal, at the first hearing on February 21, 2024, due to profiles related to the composition
of the Board, adjourned the case without hearing to a new Board at the hearing of May 14, 2024.
Even at that hearing, due to persistent issues with the Board\u2019s composition, the matter was postponed
to November 19, 2024, and subsequently to April 1, 2025. The Court of Appeal then adjourned to June
18, 2025 for discussion of preliminary matters. At that hearing, the Court, upholding the objection
raised, declared the immediate trial order issued in 2019 to be null and void and, consequently,
annulled the first-instance judgement, ordering that the case files be remitted to the Public Prosecutor,
thereby consequently returning the proceedings to the preliminary investigation stage.
As a result of this decision by the Court of Appeal, the Taranto Public Prosecutor\u2019s Office was placed
in the position of having to choose whether to appeal the judgement to the Court of Cassation or to
start again from the last act not affected by nullity and therefore issue a new notice of completion of
the investigations pursuant to Article 415-bis of the Code of Criminal Procedure and then request the
holding of a new preliminary hearing.
The Public Prosecutor\u2019s Office of Taranto, after having lodged an appeal with the Court of Cassation,
on December 3, 2025, served a new notice of completion of the investigations pursuant to Article
415-bis of the Code of Criminal Procedure. Subsequently, on February 3, 2026, the defence counsel
received notice of the setting of the hearing in the Court of Cassation for March 24, 2026.
Further developments are expected.
Court of Taranto no. 5400/19 R.G. Administrative Responsibility
Precautionary measures
On May 7, 2020, the Guardia di Finanza notified Linea Ambiente S.r.l. of a preventive seizure order
issued by the GIP of Taranto on March 12, 2020 in the context of Proceedings no. 2785/18 R.G.N.R.
and 5400/19 R.G. Admin. Resp. and deed of execution of preventive seizure pursuant to art. 53 of
Legislative Decree 231/01, also valid as guarantee information pursuant to art. 369 of the Italian
Criminal Code.
For the first time, Linea Ambiente was informed of the existence of Criminal Proceedings no. 5400/19
R.G. Admin. Resp. of Entities for bribery offences pursuant to article 25, paragraph 2, of Legislative
Decree 231/01.
The preventive seizure, on May 7, 2020, was arranged up to the amount of 26,273,298 euro (equal to
the presumed profit of the offence). On May 13, 2020 was the notification of appointment of a judicial
administrator of the assets seized, including company shares and receivables.
On May 21, 2020, Linea Ambiente proposed a request for review of the seizure order, which was
discussed in the Council Chamber on June 9, 2020, and rejected. The cautionary requests have been
confirmed.
On June 11, 2020, a decree releasing the Linea Ambiente portions was notified. On September 10,
2020, the company was notified of the conclusion of the preliminary investigations pursuant to article
415-bis of the Code of Criminal Procedure. The notification was repeated, with partial changes, on
January 21, 2021. On January 21, 2021, the Taranto Public Prosecutor\u2019s Office notified the defence
lawyer of Linea Ambiente of an order to release and return 95.004% of the shares in Lomellina Energia
held by Linea Ambiente and already placed under preventive seizure. This was done on the basis of
a new estimate of the value of the shares made by the judicial administrator and on the fact that after
the seizures made by the Guardia di Finanza there remained sums equal to about 5% the value of said
shares.
On May 18, 2021, the Taranto Preliminary Investigation Judge (GIP), following the annulment by the
Supreme Court of the preventive seizure order notified on May 7, 2020, issued a new preventive
seizure order recalculating the \u201cprofit from the crime\u201d as 20,304,974.88 euro (compared to the
previous amount of 26,273,298.13 euro) by subtracting the \u201cout-of-pocket costs\u201d incurred by Linea
Ambiente and quantified as 5,968,323.25 euro. In fact, the Supreme Court found that the original
determination was erroneous of the alleged profit, identified by the Judge for Preliminary Investigation
in the gross revenue that Linea Ambiente would have derived as a result of the landfill contributions
made in the period April 2018 - February 2019, for a total amount of 26,273,398.13 euro. Consequently,
the Supreme Court ordered the annulment of the decree and the return of the acts to the GIP of
Taranto to comply with the principles of law dictated by the Supreme Court, according to which the
profit is only the advantage of immediate and direct causal derivation of the crime. In the new seizure
order notified on May 18, 2021, however, according to the Linea Ambiente defence, this principle was
again disregarded and therefore on May 27, 2021, an appeal was filed with the Supreme Court against
the same, requesting its cancellation. At the hearing on November 10, 2021, the Court declared the
appeal inadmissible due to lack of standing because, according to the Court of Cassation, Linea
Ambiente should not have been considered as a party to the committal proceedings opened with
the sentence of annulment pronounced by the Court of Cassation on the appeal brought by the
company\u2019s former Operating Director (in other words, according to the Court of Cassation, the judge
of the Taranto Magistrate\u2019s Court, as judge of the committal, could have ruled only against the original
appellant, i.e. the former Operating Director, and not also against the other parties affected by the
original decree).
On June 29, 2021, the Linea Ambiente counsel was re-notified of the preventive seizure order issued
on May 18, 2021 by the GIP and the minutes of the execution of the same by which it was ordered
to release and return to Linea Ambiente 3.352% of the shares held by it in the company Lomellina
Energia for an estimated value (by the Judicial Administrator) of 1,617,284.96 euro. In May 2021,
the Group complied with the request of the Judicial Administrator to pay the amounts seized up to
the amount of 14 million euro. Subsequently, with a measure notified on March 14, 2022, granting
the petition filed by the company, the GIP of Taranto ordered that the preventive seizure of Linea
Ambiente\u2019s shareholding in Lomellina Energia still under seizure (1.644 %) be transferred to the
corresponding sum of money (equal to 793,164.55 euro) to be paid to the indicated account. Once
this payment had been made, in execution of the said decree, on May 17, 2022 the Guardia di Finanza
released from seizure and returned to Linea Ambiente the 1.644 % of the shares it held in Lomellina
Energia that had already been seized.
The proceedings of merit
On March 18, 2021, the Linea Ambiente S.r.l. counsel was served with the notice of the preliminary
hearing scheduled for June 10, 2021 before the Taranto Preliminary Hearings Judge. In this preliminary
hearing, the Municipality of Grottaglie filed a request to join the civil action. At the subsequent hearing
on July 22, 2021, the defence of Linea Ambiente S.r.l. objected to the inadmissibility of the civil
action of the Municipality of Grottaglie against Linea Ambiente S.r.l.. The Preliminary Hearings Judge
(GUP) accepted the objection and consequently declared the inadmissibility of the constitution of a
civil party of the Municipality of Grottaglie, also rejecting the request of the latter, carried out in the
alternative, to authorize the summons of the company as civil liable party, postponing the proceeding
to November 11, 2021 for the continuation of the preliminary hearing. At this hearing, the defence
raised a number of preliminary issues and the Judge granted time to respond and adjourned the
hearing until January 20, 2022. At the hearing on January 20, 2022, the judge rejected the preliminary
objections and adjourned the hearing on March 31, 2022, then to May 31, 2022, for a decision on
the preliminary motions; at that hearing, due to the impediment of the Magistrate\u2019s Court judge,
an adjournment to September 29, 2022 was ordered; at the subsequent hearing on November 17,
2022, the parties requested an adjournment to acquire the conclusions of the proceedings against
the natural persons and a new schedule was set. At the hearing of December 22, 2022, the Public
Prosecutor delivered their conclusions with a request for committal for trial against the entity, setting
the subsequent hearings for the conclusions of the other parties for January 19 and 26 and February
2, 2023; a new hearing was then set for March 30, 2023 for the Public Prosecutor\u2019s replies and
possible taking of decisions on jurisdiction by the Judge.
At the hearing on March 30, intended for the responses of the Public Prosecutor, after addressing
matters related to another defendant, the Judge once again decided to adjourn the session until April
6, 2023, during which Judge Dr Misserini at the Preliminary Hearing Court in Taranto ordered the
committal for trial of Linea Ambiente, in accordance with the Legislative Decree 231 of 2001, and of all
other defendants in the proceedings in question, both natural and legal persons, before the Taranto
Court sitting in a collegial composition \u2013 1st criminal section, for September 13, 2023.
Several hearings have taken place since September 13, 2023, all of which have been postponed
due to the incompatibility of some of the members of the board. After the reading at the hearing of
February 12, 2024 of the order of the President of the Court concerning the composition of the new
board, the Court set a first hearing for March 4, 2024 at which it decided on the constitution of the civil
parties, accepted by ordinance a request of the Public Prosecutor to clarify one of the charges, and
set a new hearing for October 7, 2024 for the examination of preliminary issues, and, subsequently, for
December 2, 2024 and January 13, 2025. During that hearing, the discussion concerned the requests
for evidence made by the Public Prosecutor. Consequently, the Court adjourned the matter to the
hearing scheduled for April 7, 2025, to address the issues regarding the Public Prosecutor\u2019s evidence
requests, as well as those related to the defence\u2019s evidence requests. There were then further
postponements, again due to incompatibility issues of some members of the panel, to October 6,
2025, November 19, 2025 and, finally, February 18, 2026. At that hearing, the Court, having ruled on the
preliminary issues, adjourned the proceedings to the hearing of 22 April 2026 for the commencement
of the evidentiary phase of the trial, with the examination of the first witnesses indicated by the Public
Prosecutor.
Currently, in light of the events that occurred during 2023, the Company considers the risk of
confiscation to be likely.
The risk assessment considers several concurrent factors, such as: (i) the referral to court of the
Company in Proceeding no. 5400/19 R.G. Admin. Resp.; (ii) the proceedings against the natural
person; (iii) the appeal by the Public Prosecutor against Judgement 3459/2022, which had rejected
the request for confiscation; (iv) the new value of the sum determined in the seizure decree notified
on May 18, 2021, as the profit deriving from the alleged underlying offence. Should the Company be
convicted, confiscation of the price or profit of the offence is anticipated.
Currently, in light of the events that have occurred during 2023, the Company considers the risk of
confiscation to be probable, even though it is unlikely that the first instance trial will be concluded
during 2026, considering the current progression of the process.
Linea Ambiente vs. Province of Taranto \u2013 Grottaglie Landfill
In January 2021 (with reiteration in February 2022), the Province of Taranto sent a warning notice for
the removal of the waste dumped during the period of validity of DD 45/18, which also constitutes a
response to the requests that the company had made in previous years regarding the procedures
for fulfilling the obligations resulting from the Sentence of the Council of State no. 5985/2019, which
had annulled the substantial variation no. 45/2018. The Province, according to as stated in the meagre
communication of 2021, which does not give evidence of the provincial inquiry, does not open the
required authorization procedure and indicates to the company: (i) to remove the waste delivered in
excess of the authorized quantities, (ii) to restore the landfill profiles in accordance with authorization
426/08 and (iii) to activate the closure activities.
On February 9, 2021, Linea Ambiente met with the Province, expressly reserving the right to challenge
the warning, in order to outline a technical path necessary to take appropriate action; in particular, the
company illustrated a preliminary investigation path from which all possible solutions could emerge,
including a new request for a substantial variant of the current authorization in line with Council of
State Sentence 5986/2019.
In view of the flaws in the deed, the Company appealed to the Apulia Regional Administrative
Court to have the warning cancelled and notified additional grounds against the February 2022
communication; the Apulia Regional Administrative Court set a hearing on the merits for February
12, 2026. The Company filed the declaration of loss of interest in the decision and the simultaneous
request for a declaration of inadmissibility of the appeal, in view of the issuance, on October 10,
2024, by the Apulia Region, of executive decision 560 issuing the Single Authorisation Provision,
which essentially extinguished the litigation in question. We are awaiting the filing of the Regional
Administrative Court\u2019s decision concluding the proceedings.
Lecce Public Prosecutor\u2019s Office - Criminal Proceedings no. 6369/2019
R.G.N.R.
On February 26, 2020, at the Rovato headquarters of Linea Ambiente S.r.l., the Brescia Finance Police
executed the \u201cSearch and Seizure Warrant\u201d issued on February 5, 2020 by the Lecce Public Prosecutor\u2019s
Office (Public Prosecutor Mignone) in relation to criminal proceedings no. 6369/2019 R.G.N.R..
The Finance Police then acquired a copy of the company\u2019s Organisational Model and the deeds and
documents relating to the information flows destined for the Linea Ambiente S.r.l. Supervisory Body
from November 2014 to January 2019.
The criminal proceedings have been filed against the company Linea Ambiente S.r.l. and the legal
representative pro tempore for the offences referred to in articles 452 quaterdecies of the Italian
Criminal Code (activities organised for the illicit waste trafficking) and 256 and paragraphs 1 and 3
of Legislative Decree 152/2006 (respectively waste collection, transport and disposal activities in
the absence of the prescribed authorization/registration and the construction and management of
unauthorized landfills) from which the company\u2019s administrative liability derives pursuant to articles
24 and 25 undecies of Legislative Decree 231/2001 and this - the said measure states - \u201cin order to
have, with several operations and through the setting up of continuous and organized means and
activities, managed and illegally disposed of large quantities of urban waste, creating an illegal landfill,
in order to obtain an unfair profit\u201d. These alleged offences were supposedly committed in \u201cRome and
Grottaglie from November 1, 2014 to January 28, 2019 with permanence\u201d.
Together with the \u201cSearch and Seizure Warrant\u201d, the Finance Police notified the company \u201cGuarantee and
on the right of defence information\u201d, from which it emerges that the company AMA S.p.A. of Rome, \u201cowner
of the TMB Rocca Cencia and Salario plants in Rome\u201d, was also entered in the same proceedings.
The company has been informed that individuals who are legal representatives or directors of Linea
Ambiente S.r.l. and AMA S.p.A. during the interested period have received only a first request to
extend the preliminary investigations in the same proceedings.
Amsa S.p.A.
Court of Appeal of Milan \u2013 Criminal proceedings no. 33490/16 R.G.N.R. -
43494/19 R.G.N.R. \u2013 27023/19 RGGIP 7485/2021 R.G. DIP
On May 7, 2019, the Carabinieri investigative unit of Monza showed up at the Amsa S.p.A.
headquarters to notify an order for the exhibition of documents issued by the Milan Public
Prosecutor\u2019s Office, relating to the documentation concerning three tenders launched by Amsa S.p.A.
in 2017-2018, as well as the supplies made to it by a specific supplier. In relation to these proceedings,
the Company\u2019s Chief Operating Officer and other employees were investigated, as well as three
members of a tender judging committee issued by Amsa S.p.A..
No dispute has been raised against Amsa S.p.A. on the basis of the regulations on the administrative
liability of legal persons, as Amsa S.p.A. considers itself to be an \u201cinjured party\u201d and, in fact, has filed a
complaint with the Public Prosecutor\u2019s Office through a trusted lawyer.
On December 23, 2019, lawyer of Amsa - as the injured party - was served notice for the setting of
the preliminary hearing on February 17, 2020. As a result of this hearing, the Judge for Preliminary
Investigation adjourned the hearing to May 25, 2020, setting a provisional schedule for its
continuation. The measure in question does not cover the members of the tender committee, whose
position has been withdrawn and closed. Filed as civil parties were Amsa S.p.A. and A2A Calore &
Servizi S.r.l., as it was found to be an injured party in the same proceedings in relation to agreements
made to its detriment by some companies competing in the district heating installation tenders, which
tended to distort free competition.
On January 18, 2021, the lawyer of Amsa S.p.A. was served notice of the setting of the preliminary
hearing relating to the second line of investigation, registered under number 34213/19 R.G.N.R. -
21296/19 R.G.G.I.P. connected to the first. The preliminary hearing of this second matter was set for
March 19, 2021 for the joining of the proceedings.
Amsa also filed as civil party against some of the defendants and in respect of certain allegations in
connection with this additional matter. The trial underwent a series of postponements and the discussion
of the preliminary hearing ended at the hearing on July 15, 2021 in which the defendants were sent for
trial and the first hearing was set for November 18, 2021. At the hearing of July 8, 2021, at the conclusion
of the reconnaissance on the requests for alternative rites, the Judge also set the calendar for the
treatment of alternative rites, scheduling numerous hearings between September and October 2021.
At the hearing of October 21, 2021, set for the decision on alternative procedures, the Judge, as
regards the positions of interest to AMSA, accepted the plea bargains requested by pronouncing a
sentence of application of the penalty, while for a defendant who had requested an abbreviated trial, it
pronounced a sentence of acquittal.
At the hearing on November 18, 2021, the preliminary issues raised by the defence of the defendants
on remand were discussed; at the end of the hearing, the Court reserved its decision and adjourned
the proceedings until the hearing on December 10, 2021. At this hearing the Court, in order to withdraw
its reservation, rejected the objections raised by the defence and then opened the hearing, inviting
the parties to formulate their preliminary requests, on which it reserved the right to decide, adjourning
the hearing until January 14, 2022. At this hearing, the Court granted the preliminary investigations,
admitted the testimonial and documentary evidence requested and ordered the transcription of
telephone and environmental interceptions. The case was postponed to March 14, 2022 for the
commencement of the pre-trial investigation, and several hearings for the hearing of witnesses were
scheduled until October 2, 2023, when the reading of the verdict is also expected. At the hearing on
May 15, 2023, the Public Prosecutor presented their requests for conviction.
At the hearing on October 2, 2023, the Court delivered the verdict, acquitting all individuals still under
ordinary trial responsible for conduct causing harm to the two companies acting as civil claimants,
because the alleged charges were found to be groundless.
Sentence 13661/2023 of October 2, 2023 with reasons was filed on January 18, 2024. Appeals were
lodged.
The first hearing of the appeal has been arranged for May 29, 2025. At that hearing, the Attorney
General at the Court of Appeal made his indictment requesting the acceptance of the appeal filed by
the Prosecutor\u2019s Office. The Court then scheduled the hearings of June 12, June 18 and September
18, 2025 for the conclusions of the defences. The trial was then postponed to October 16, 2025 and,
subsequently, to December 5, 2025, and finally to January 15, 2026. At the hearing on January 15,
2026, the Court of Appeal confirmed the first-instance acquittal.
Linea Green S.p.A.
Brescia Public Prosecutor\u2019s Office - GIP of Brescia - Criminal Proceedings no.
3891/2020 R.G.N.R.
On September 22, 2020, the person in charge of the technical and operational management of
the Isola hydroelectric plant on the Grigna stream in Barzio Inferiore was notified of a request for
an extension of the preliminary investigation. The interested party thus learned of the existence
of investigations involving the latter in relation to an alleged crime of environmental pollution in
conjunction with the legal representative of the company that owns the plant, which does not belong
to Linea Green, but to a third company with which Linea Green has signed a management contract.
Subsequently, on March 26, 2021, the Carabinieri from the Forestry Department appeared at the
Linea Green offices to acquire documentation and, on that occasion, invited the company\u2019s legal
representative to appoint a lawyer for the company, since, as shown in the report notified, it was \u201cunder
investigation for the administrative offence depending on the crime referred to in article 25 undecies
paragraph 1 letter a) of Legislative Decree 231/01\u201d, i.e. in relation to the offence of environmental
pollution referred to in article 452 bis of the Criminal Code.
On October 23, 2024, both the natural person and the entity were notified of the completion of the
preliminary inquiries as per Article 415 bis of the Code of Criminal Procedure, in relation to the alleged
offences. A preliminary hearing was therefore scheduled before the Brescia Preliminary Investigation
Judge for October 3, 2025, with subsequent postponement to January 16, 2026 for discussion of
the request for indictment. At the end of that hearing, the Judge, having concluded the discussion,
adjourned the hearing to January 23, 2026, for replies and a decision on the request for committal
for trial. At the hearing on January 23, 2023, the Preliminary Hearings Judge in Brescia pronounced a
judgement of non-suit against both the natural person and the Company because the offence did not
exist.
AEB S.p.A.
Court of Monza \u2013 Criminal proceedings no. 1931/2021 R.G.N.R.
On July 5, 2021, officers and agents of the Guardia di Finanza of Seregno showed up at the
headquarters of AEB S.p.A. in Seregno to execute \u201cpersonal and local search orders\u201d and \u201crequest
for delivery - local search order\u201d. The proceedings, which in the initial phase was against unknown
persons, arise from two complaints presented to the Prosecutor\u2019s Office of Monza on November 25,
2019 and on February 10, 2020 by Tiziano Mariani, at the time Municipal Councillor of the Municipality
of Seregno, who also filed an appeal with the TAR, now concluded.
The \u201cpersonal and local search decree\u201d, which also contains the \u201cguarantee information\u201d pursuant to
art. 369 Criminal Procedure Code to the person subjected to the investigation, concerned the Chair
of the Board of Directors of AEB S.p.A. investigated, jointly with other persons not indicated, for the
crimes referred to in the art. 353 bis Criminal Code (disturbance of the freedom of the procedure
for choosing a contractor), 319 Criminal Code (bribery for an act contrary to the duties of office),
321 Criminal Code (penalties for the briber), committed between \u201cOctober 2019 and in present
permanency.\u201d.
At the same time, AEB was served with a \u201crequest for delivery and a local search decree\u201d with which
the Monza Prosecutor\u2019s Office ordered the acquisition of documentation concerning the transaction.
Subsequently, on September 24, 2021, the Finance Police of Seregno, delegated by the Monza
Prosecutor\u2019s Office, appeared at the A2A Milan headquarters to serve, as part of Procedure no.
1931/2021 R.G.N.R. relating to the merger between the A2A and AEB Groups, a notice of non-
repeatable technical checks on the IT supports previously seized.
From the document in question, it emerged that the proceedings were pending not only against certain
persons outside the A2A Group, but also against certain persons, other than the current directors of A2A
S.p.A., who at the time of the events held positions in A2A S.p.A., Unareti S.p.A. and A2A Illuminazione
pubblica S.r.l. in various capacities involved in the project in question. The notice of non-repeatable
technical investigations also contained information on guarantees and the right of defence in relation
to the investigation concerning the alleged offences under Articles 110 Criminal Code (conspiracy), 353
bis Criminal Code (disturbance of the freedom of the procedure for choosing a contractor), 319 Criminal
Code (bribery for an act contrary to the duties of office), 321 Criminal Code (penalties for the corruptor).
On July 5, 2023, the notice of conclusion of the preliminary investigation was served on only some of
the natural persons subject to the notice of investigation, which was, moreover, announced in a press
release issued by the Monza Prosecutor\u2019s Office on July 7, 2023.
As far as A2A is concerned, the notice was served on only one of the original addressees of the
notice of investigation (the position of all the original addressees of the notice of investigation, but
not of the notice of conclusion of the preliminary investigation, was then filed by decree issued by the
Preliminary Hearings Judge and sent to the interested parties by the legal counsel on June 9, 2025).
It appears from the notice that the alleged offences are different from those set out in the previous
acts and relate to violations of Articles 353bis Criminal Code (Disturbance of the freedom of the
procedure for choosing a contractor), and article 353 of the Criminal Code (Disturbance of the
freedom of auctions).
On November 22, 2023, the Monza Prosecutor\u2019s Office issued a new press release announcing
that it had filed a request for committal for trial against the same persons reached by the notice of
conclusion of July 5, 2023 and for the aforementioned offences.
The preliminary hearing before the Preliminary Hearing Judge at the Court of Monza was set for April
5, 2024.
During this hearing, the constitutions of the civil parties took place: the Municipalities of Seregno,
Limbiate and Bovisio Masciago and Mr Mariani.
The Municipalities of Desio, Varedo, and Bovisio Masciago have requested an extension to review the
proceedings and evaluate the opportunity to constitute a civil party.
The Judge, also due to the need to notify the hearing schedule to all member Municipalities in their
capacity as injured parties, postponed the hearing to June 28, 2024.
During the hearing on June 28, the Municipalities of Varedo and Bovisio Masciago, which had already
participated in the previous hearing, along with GSD (an in-house company of the Municipality of
Desio) and three municipal councillors from Lissone, submitted an application to join the proceedings
as a civil party.
The Judge reserved their decision regarding the procedural exceptions raised by the defence lawyers
for natural persons during the hearing on September 20, 2024, in which the Preliminary Hearings
Judge rejected the objection of territorial incompetence and denied the request to exclude \u2018public\u2019
civil parties (Municipalities, in-house companies, and municipal councillors from Lissone), while the
former municipal councillor, Mariani, was removed from the proceedings, considering him not entitled
to appear. The Public Prosecutor and the civil parties maintained their request for the case to proceed
to trial, while the defence counsel for the Mayor of Seregno articulated the reasons they believed
warranted a verdict of no-proceedings.
The Judge then postponed the proceedings, confirming the schedule that was already known:
October 18, 2024, November 8 and 15, 2024. At the hearing held on November 15, 2024, the
Preliminary Hearings Judge committed all defendants to stand trial on March 17, 2025, before the
Court of Monza. After discussion, the Court reserved its decision and set a new hearing for May 12,
2025. At the hearing on May 12, 2025, the Court rejected the preliminary issues raised by the defence
and declared the hearing open, postponing the trial to September 22, 2025 to appoint an expert
witness to the transcriber and set the hearing on January 12, 2026 for the start of the preliminary
hearing. At the hearing on January 12, 2026, the Judge, in view of his imminent transfer to another
court, decided to delegate the start of the preliminary investigation to the new Judge assigned to
the case, scheduling the hearings for February 25, March 25 and May 20, 2026. On 25 February
2026, the scheduled hearing was held, during which the evidentiary phase of the trial began with the
examination of a witness called by the Public Prosecutor. The trial was then adjourned to the hearing
of 25 March 2026 for the examination of two further witnesses called by the Public Prosecutor.
I 01351/2020 Procedure for determining fiscal liability before the Court of
Auditors of the Lombardy Region
On February 21, 2024, the former Chair of AEB received an invitation from the Lombardy Court of
Auditors to provide information in accordance with Article 67 of Legislative Decree 174/16; the initial
45-day deadline was deferred to May 10, 2024. On that date, a memorandum was filed to contest the
passive subjection and the charges. The contested facts, as outlined and documented in the file, are
the same as those covered by proceedings 1931/2021. The complaint lodged by the Prosecutor with
the Court of Auditors concerns the financial damage caused to the local authorities affiliated with AEB.
On October 14, 2024, the former Chair of AEB received a summons from the Public Prosecutor\u2019s Office
at the Court of Auditors in Milan for the hearing set for March 12, 2025, in anticipation of which they filed
briefs and documents within the assigned deadline. At the hearing on March 12, 2025, the Board reserved
the right to decide. By order notified to the defence attorneys on April 7, 2025, the Court instructed the
CTU (Expert Technical Consultant) to evaluate the business units and the exchange value, and adjourned
the hearing for 3 June 2025 for the CTU\u2019s oath and the formulation of the question. At the hearing on June
3, 2025, the CTU formally took the assignment and the party-appointed consultants were appointed. The
proceedings will resume after the filing of the CTU\u2019s report, expected on June 19, 2026.
Court of Milan Business Law Section R.g. 30445/2025 Compensation for
damages
R.g. 30445/2025 The Municipality of Lissone and thirteen other municipalities that are shareholders
of AEB S.p.A. notified A2A S.p.A., Ambiente Energia Brianza S.p.A. and Unareti S.p.A. and the Chair of
the Board of Directors of A2A S.p.A. and AEB S.p.A.. At the time of the facts, a writ of summons was
filed before the Court of Milan, Business Law Section, to request, principally, the conviction of the
three defendant companies pursuant to Articles 2395, 2043, 2049 of the Italian Civil Code (jointly and
severally with the former Chairpersons) to pay compensation for damages arising from (i) the allegedly
inconsistent determination of the exchange ratio, (ii) the lower profits received as a result of the
allocation of a lower number of shares than due and (iii) the alleged curtailment of shareholders\u2019 rights.
In the alternative, the Municipalities request that only A2A S.p.A.be ordered to pay compensation for
unjust enrichment. After the defendants\u2019 entry of appearance filed on November 5, 2025, following the
preliminary checks pursuant to Article 171-bis of the Code of Civil Procedure, the Judge authorised
the third-party summonses requested by some defendants, consequently deferring the date of the
first hearing to September 15, 2026. Consequently, the parties may file supplementary briefs pursuant
to Article 171-ter of the Code of Civil Procedure within the terms of July 6, July 24 and September 4,
2026. The summoned third parties must enter an appearance by June 5, 2026 and by June 19, 2026,
the Court must carry out the preliminary checks again pursuant to Article 171-bis of the Code of Civil
Procedure (a further postponement of the first hearing cannot be ruled out). The outcome of the trial
seems to be conditioned by the criminal trial (and by the evidence taken and produced therein, some
of which was also produced in the present civil trial) and by the accounting trial.
No provisions have been allocated at present.
A2A Ambiente S.p.A.
Busto Arsizio Public Prosecutor\u2019s Office - GIP of Busto Arsizio - Criminal
proceedings no. 9079/2021 R.G.N.R. (formerly no. 24/2017 R.G.N.R.) and
Criminal Proceedings no. 1961/2023 R.G.N.R. against unknown persons
On February 18, 2021, the Carabinieri - forestry department showed up at the Gerenzano landfill site in
execution of investigation activities delegated by the Public Prosecutor\u2019s Office of Busto Arsizio within
the framework of criminal proceeding no. 24/2017 R.G.N.R. Form 44 (i.e. against unknown persons),
to acquire documentation on the plant, then notifying the person in charge of the plant and the head
of A2A Ambiente\u2019s \u201cImpianti Lombardia\u201d organizational structure of the proceedings for the alleged
offences under articles 81 paragraph 2 (continuation), 110 (conspiracy), 452 quater (environmental
disaster), 452 septies (obstruction of control) of the Italian Criminal Code.
Gerenzano is a former quarry, later converted into a landfill, located in the territory of the municipality
of the same name, which owns it, with an area of about 80 hectares. It is divided into two lots
Gerenzano 1 and Gerenzano 2.
Gerenzano 1 is the original unit, dating back to the mid-1960s when waste disposal activities began.
At the end of the 1970s, 200 municipalities, including Milan, delivered waste there. In July 1980, the
Municipality of Gerenzano and the municipal company of the Municipality of Milan (then AMNU)
signed an agreement whereby AMNU exclusively took over the management of the landfill of waste
from the Municipality of Milan and 69 other municipalities.
AMNU then built a new controlled landfill and carried out environmental remediation and restoration
works (with regional contributions).
The cultivation of Gerenzano 1 by AMNU, later to become AMSA, continued until its final closure in
1988. A new area was then identified where Gerenzano 2 was built and managed by AMSA from 1989
to 1991, the year in which conferring ceased.
In the context of the obligations taken on with the management of the landfill for environmental
recovery, AMSA carried out a series of interventions including the impermeable cover, the biogas
collection and combustion plant, weir wells and groundwater purging, the treatment plant for emitted
groundwater, leachate collection works, a leachate purifier, and environmental recovery interventions.
The operation of the plants in application of the authorization measures will have to continue until the
waste is mineralized, as far as biogas is concerned, and until the water table is back in good condition,
as far as purging wells are concerned.
As regards the latter activity, AMSA took responsibility for a situation of degradation and pollution that
existed prior to its taking over the management of the area, in relation to which it had no responsibility. In
2013, as part of the reorganization of the A2A Group\u2019s environmental chain, A2A Ambiente took over from
AMSA in the management of the Gerenzano landfill and in the service contract still in force as a result of
technical extensions with the Municipality of Milan for the post-mortem management service of the landfill.
On July 1, 2022, the conclusion of the preliminary investigations pursuant to article 415-bis of the
Code of Criminal Procedure was notified.
In the notice, the person in charge (at the time of the contested facts, i.e. from May 29, 2015 to
November 13, 2020) of the Gerenzano Hub and the person in charge of the \u201cLombardy Plants\u201d
structure (the latter in current permanence) are charged with having caused an environmental disaster
in the management of the plant (article 452 quater of the Criminal Code) by means of an unlawful
dysfunction of the purification plant of the groundwater emitted by means of a hydraulic barrier so as
not to carry out the containment of the contamination of the water table and by means of an unlawful
dysfunction of the purification plant for the treatment of the polluting fluids before their discharge into
the Bozzente stream and of having obstructed and eluded the environmental supervision and control
activities by ARPA (article 452 septies Criminal Code from May 29, 2015 permanently for the person in
charge of the facility and from November 21, 2016 for the person in charge of the Hub).
No charges against the company under Legislative Decree 231/01 appear in the notice of conclusion
of investigations. On November 10, 2022, the decree was served setting March 2, 2023 as the date of
the preliminary hearing. At the preliminary hearing, the defence counsel raised objections concerning
the invalidity of the request to proceed to trial due to defects in the notification of the conclusion
of the preliminary investigations. The Preliminary Hearings Judge upheld and ordered the return of
the documents to the Public Prosecutor, who served a new notice of conclusion of the preliminary
investigation a few days later.
At the hearing on February 1, 2024 called to decide on the plea bargaining request made by one of
the two individuals, the Preliminary Hearings Judge did not accept it and referred the case back to the
Public Prosecutor due to the tenuousness of the agreed penalty.
On November 11, 2024, the decree was served to the defence counsel setting January 8, 2025 as
the date of the preliminary hearing. In the decree in question, the offence of environmental pollution,
as specified under art. 452 bis of the Criminal Code, was alleged. At the hearing on January 8, 2025,
after discussion, the proceedings were deferred to February 26, 2025. At this hearing, the Judge
pronounced a judgement of full acquittal.
Concerning the other natural person for whom the Public Prosecutor requested the Preliminary
Hearings Judge to close the case on January 13, 2025, the defence counsel submitted the filing order
issued by the GIP.
As for the legal entity, no legal challenge has been lodged against it in accordance with the Legislative
Decree 231/01. Moreover, following the case dismissal for one defendant and the acquittal of the other,
no senior or non-senior individuals have been found to have committed the alleged predicate offence.
As a result, the conditions for any potential action against the Company no longer exist.
On February 16, 2024 and on June 20, 2024, police forces and an expert technical consultant
carried out an inspection at the Gerenzano landfill site and acquired documentation relating to plant
management/operation and emission control data, by delegation of the same Public Prosecutor in
charge of the above proceedings, within the framework of new proceedings against unknown persons.
Milan Public Prosecutor\u2019s Office \u2013 Criminal Proceedings concerning the injury
of an employee of a contractor company R.G.N.R. 24347/2022
An injury (loss of two fingers, right thumb and left index finger) occurred on July 23, 2022 at the
Novate Milanese plant (at the time owned by A2A Recycling, then A2A Ambiente from December 31,
2023) due to compression of the hands in the press binder to an employee of a contractor (EMAD
SERVIZI S.r.l.). The Health Protection Agency (ATS) intervened for the necessary verifications. On
January 30, 2023, ATS lifted the seizure of the machinery where the accident occurred and identified
the delegated employer for the purpose of conducting the preliminary investigations related to the
violation of the Legislative Decree 81/08.
On March 29, 2023, ATS notified the act of contravention and prescription to the defence counsel.
ATS identified the existence of two contraventional offences due to the violation of Article 26,
paragraphs 2 and 3 (obligations related to contracts for works or services) under Legislative Decree
81/2008. On April 28, 2023, the appointed lawyer informed ATS that compliance with the requirements
had been achieved. On May 25, 2023, ATS allowed the delegated employer to pay a penalty of 3
thousand euro, enabling the dismissal of the two contested occupational safety violations (Article 26,
paragraphs 2 and 3, first sentence, of Legislative Decree 81/2008). On June 13, 2023, the lawyer also
informed ATS of the payment of the penalty.
On December 3, 2024, the employee of A2A Ambiente received the notice of conclusion of the
preliminary investigations pursuant to article 415-bis of the Code of Criminal Procedure. According
to the notice, the Public Prosecutor has alleged the charge of negligent personal injury (art. 590
para. 1 and 3 of the Criminal Code) against the legal representative of the contracting company and
the employee of A2A Recycling (later known as A2A Ambiente) as a \u201cdelegated employer\u201d; the latter
was initially investigated solely for the contraventional offences noted in art. 26 paragraphs 2 and 3
of Legislative Decree 81/2008 concerning occupational safety, which were extinguished following
compliance with ATS requirements and the payment of an administrative sanction.
The notice also reveals that the Public Prosecutor has investigated the companies, including A2A
Ambiente, for the offence stipulated under Article 25-septies of Legislative Decree 231/2001 in relation
to the offence of negligent personal injury charged against natural persons. Further developments are
expected.
Public Prosecutor\u2019s Office of Pavia \u2013 GIP of Pavia - Proceedings No. 7164/22
R.G.N.R. concerning the fatal accident in Parona
On October 25, 2022, a fatal accident occurred at the Parona plant of Lomellina Energia, involving
an employee of a contractor company (SIMIC). The Public Prosecutor ordered investigations into
the matter, appointing both a forensic pathologist to determine the cause of death and two technical
consultants. The expert report by CTU Prof. Chiandussi was submitted in the second half of October
2023, but the Public Prosecutor postponed the parties\u2019 review until December 2023.
On June 5, 2024, the Public Prosecutor requested a third extension of the preliminary investigations;
the defence lawyer of one of the suspects opposed the request within the given timeframe. The
Preliminary Hearings Judge rejected the opposition and confirmed the new extension of the
investigation. On December 31, 2024, ATS Pavia notified the Company\u2019s legal representative at the
time of the incident and the works manager of an \u201cinformation notice for criminal proceedings\u201d. On
February 27, 2025, ATS Pavia notified the Company of ongoing investigations against it concerning
liability under Legislative Decree 231/01.
On March 5, 2025, pursuant to Article 415 bis of the Code of Criminal Procedure, the Public Prosecutor
issued a notice marking the conclusion of the preliminary investigations, in which four employees of
Lomellina Energia and the safety coordinator for the design and execution phases were investigated
among others, for the offence under Article 589 of the Penal Code, as well as specific violations of the
Legislative Decree 81/08, in consideration of the roles each has undertaken in terms of prevention and
health at the workplace. Among others, the same notice was served to Lomellina Energia (which has
been merged into A2A Ambiente since December 31, 2023) for the administrative offence mentioned
in Article 5, paragraph 1, letter a), Article 25-septies, paragraph 3 of Legislative Decree 231/01. On
December 3, 2025, the preliminary hearing was held in which the Pavia GIP, having found the notice
pursuant to Article 415 bis of the Code of Criminal Procedure to be null and void due to notification
defects, referred the case to the Public Prosecutor so that the notice in question could be re-notified.
A2A Calore & Servizi S.r.l.
Court of Brescia, Business Law Section, RG 222/2025, request for refund of
undue payment
RG 222/2025 On December 31, 2024, Azienda Speciale Servizi Territoriali Spedali Civili di Brescia
notified a writ of summons to the Ordinary Court of Brescia, with the specialised section for business
matters, seeking to ascertain and declare, with consequent conviction:
a) the nullity/non-existence of any contractual relationship between Spedali Civili and ACS from
July 1, 2019 and, as a result, to ascertain and declare the right to the repayment of 35,292,513.18
euro as principal and 2,210,477.20 euro as interest (to which interest on the balance and monetary
revaluation will be added);
b) the undue nature of the payments made between January 1, 2014 and June 30, 2019, totalling
1,744,206.58 euro as principal and 175,057.05 euro as interest;
c) the obligation to provide information concerning CAPEX and OPEX.
Azienda Speciale Servizi Territoriali Spedali Civili di Brescia held a contract for the provision of the
district cooling service commencing in 1998, which expired on 30 June 2019. Following its expiration,
due to the essential nature of the service, which could not be interrupted for reasons of continuity
of healthcare provision, A2A Calore & Servizi S.r.l. continued to perform the contract at the express
request of Azienda Speciale Servizi Territoriali Spedali Civili di Brescia.
Within the time limit granted, A2A Calore & Servizi S.r.l. filed a statement of appearance and defence
with a counterclaim, asserting the existence of the contract extension, rejecting all ASST\u2019s claims,
and, in the alternative and in the further alternative, setting out the legal grounds for retaining
the full consideration received over the years. Furthermore, it demonstrated the right to receive a
remuneration not only for the past but also starting from January 1, 2024 until the end of the service,
as well as claims for damages.
After the entry of appearance and the filing of the counterclaim, on March 7, the Court scheduled a
hearing for July 10, 2025.
By the deadline of July 10, 2025, A2A Calore & Servizi S.r.l. notified ASST Spedali Civili di Brescia of
an appeal pursuant to Articles 700 and 669-bis of the Code of Civil Procedure in the course of the
case to request the termination of the service and, in the alternative, the sentencing of ASST to pay a
monthly fee with a request for the issuance of a precautionary measure.
During the hearing on July 10, 2025, the judge invited the parties to consider the possibility of finding
a conciliatory solution and for this reason postponed all proceedings to the council chamber set for
the discussion of the precautionary procedure on July 22, 2025.
In view of the advisability of verifying the conditions of a settlement, without prejudice to any rights,
numerous postponements were arranged upon joint request, which allowed the parties to define
on January 26, 2026 a final settlement agreement, to the satisfaction of the reciprocal claims, after
having identified adequate remuneration, starting from July 1, 2019 and until the assumption of new
determinations by the ASST Spedali Civili di Brescia, also in consideration of the new public tender
procedure announced by the same on December 30, 2024.
Agripower
Court of Spoleto - Criminal proceedings RGNR 3329/2024
On January 20, 2025, the forestry police served a notice at the Agripower biogas plant in Castel Ritaldi
(PG) to the director with special power of attorney for Agripower\u2019s HSEQ and operations organisational
structure, identifying him and informing him of investigations against him for the offences referred to
in Articles 452 bis and 452 quinquies of the Criminal Code (environmental pollution \u2013 negligent crimes
against the environment), Article 257, paragraph 1, of Legislative Decree 152/06 (failure to remediate,
failure to report) allegedly committed between November 25, 2024 and December 9, 2024 for
discharging wastewater into the \u201cFosso Avilo\u201d watercourse near the Agripower plant.
On November 3, 2025, the natural person\u2019s defence counsel was served with a writ of summons for
July 3, 2026.
The decree in question also mentions the company Agripower for the administrative offence referred
to in Article 25 undecies, paragraph 1, letter c), no. 3 of Legislative Decree 231/01 in relation to the
offence of negligent pollution. However, the decree in question was never served on the Company\u2019s
lawyer, who never even received notice of the conclusion of the investigation.
* * *
The following information is provided in connection with the main litigation of a fiscal nature.
A2A gencogas S.p.A. (formerly Abruzzoenergia S.p.A.) - General IRES/IRAP/
VAT audit for fiscal years 2011 and 2015
On January 19, 2016, the Finance Police - Chieti Unit commenced a general audit of A2A gencogas
S.p.A. (formerly Abruzzoenergia S.p.A.) for fiscal years 2014 and 2015 for IRES, IREP and VAT purposes.
This audit was completed on May 25, 2016. The company submitted comments to the formal notice
of assessment by the inspectors. In December 2016, the Revenue Agency of Chieti issued notices of
assessment for IRES, IRAP and VAT for the years 2011 and 2012 and, in August 2017, served notices of
assessment for IRES, IRAP and VAT for the years 2013 and 2014. The company has proposed a timely
appeal against all the deeds notified. The Provincial Tax Commission of Chieti and the Regional Tax
Commission of Pescara issued unfavourable rulings for IRES and IRAP. The appeals against the VAT
assessment notices for the years 2011-2014 were rejected by the Provincial Tax Commission of Chieti
and upheld by the Regional Tax Commission of Pescara. On May 8, 2019, the Company filed an appeal
with the Supreme Court for IRES 2011 and 2012. In February 2020, the Company filed an appeal with the
Supreme Court for IRES 2013 and 2014 and IRAP 2011-2014 and a counter-appeal with the Supreme
Court for VAT 2011 and 2012. On May 5, 2020, the Company filed a counter-appeal with the Supreme
Court for 2013-2014 VAT. A risk provision of 2 million euro has been recognized.
A2A S.p.A. - Registration tax for transfer of business unit and sale of the
investment Chi.na.co. S.r.l.
On April 4, 2016, the Provincial Directorate I of Milan - Regional Office of Milan 1 - notified the
invitation to appear to provide clarifications on a business transfer in the company Chi.na.co. S.r.l.
and the subsequent sale of the investment held in it under control for registration tax purposes. The
invitation was followed by a contradictory with the Office and subsequent notification by the latter of
the notice of liquidation to the acquiring counterparty, which filed an appeal on September 28, 2016.
The Provincial Tax Commission of Milan rejected the appeal with sentence filed on July 07, 2017. On
February 13, 2018, the acquiring company filed an appeal, which was rejected by the Milan Regional
Administrative Court. On April 8, 2019, the Company filed an appeal with the Supreme Court. On
February 21, 2020, the Office filed a counter-appeal and a cross-appeal with the Supreme Court. The
risks provision recognized for 1.4 million euro was fully used for the payment of the amounts requested
with the liquidation notice.
By order of November 21, 2025, the Court of Cassation upheld the Company's appeal.
A2A S.p.A. (merging company of AMSA Holding S.p.A.) - VAT Tax assessments
for tax years from 2001 to 2005
In early 2006, the Italian Finance Police \u2013 Lombardy Regional Unit, Milan \u2013 carried out a tax audit of
AMSA Holding S.p.A. (now A2A S.p.A.) for VAT purposes for tax years 2001 to 2005.
The audit ended with the issue of a final report contesting the legitimacy of the ordinary VAT rate, in
place of the special rate applied by suppliers for waste disposal and plant maintenance, as well as the
subsequent deduction made after the invoices issued for these services were duly paid.
The report was followed by formal notices of assessment from the Tax Revenue Office (Milan 3 Office)
for each year audited; appeals were then filed with the Provincial Tax Commission within the term
provided by law.
The appeals for 2001 and for 2004 and 2005 were discussed on January 25, 2010 and on February
17, 2010 respectively, with a favourable outcome for the company in all cases. The Tax Revenue Office
appealed against the verdict of the first court. The Regional Tax Commission rejected this appeal for
all three years, 2001, 2004 and 2005.
For 2001, the Tax Revenue Office filed an appeal with the Supreme Court against which AMSA
Holding S.p.A. (now A2A S.p.A.), filed a cross-appeal on November 9, 2012. At the hearing on
December 12, 2018, the Company requested that the case be suspended in order to assess the
facilitated settlement of the dispute. On May 24, 2019, the company filed an application for a facilitated
settlement of pending tax disputes and definitively settled its tax claim.
The outcomes of the 2002 and 2003 disputes were also favourable for the company but the Tax
Revenue Office filed an appeal against both sentences. The appeal for 2002 was discussed on
November 30, 2010, and by way of a sentence lodged on February 2, 2011 the Milan Regional Tax
Commission overturned the sentence of the first court, upholding the Tax Revenue Office\u2019s appeal on
almost all counts with the exception of the hazardous waste category. The Company filed an appeal
with the Supreme Court for 2002. The hearing was held on December 12, 2018 and the appeal was
upheld and the judgement was adjourned to the Regional Technical Committee (CTR). On December
23, 2019, the Company filed an appeal for reinstatement in CTR and an appeal for revocation with the
Supreme Court. For 2003 the appeal made by the Tax Revenue Office was discussed on November 7,
2011 before the Regional Tax Commission which rejected it with a sentence filed on November 11, 2011.
The Tax Revenue Office has not appealed to the Supreme Court for 2003, 2004 and 2005 and the
sentence has become final, thereby closing the litigation.
No provisions for risks have been recognized.
A2A Ciclo Idrico S.p.A. \u2013 IMU assessment notices of Municipality of
Montichiari for the years 2013-2018
On December 4, 2019, the Municipality of Montichiari (BS) issued notices of assessment for IMU
purposes for the years from 2013 to 2018 regarding the purification plant located in the territory of
the same municipality. On January 29, 2020, the Company filed an appeal with the Provincial Tax
Commission, which rejected the appeal. On November 22, 2022, the company filed an appeal, which
was rejected by the CGT II degree in Brescia. The company filed an appeal in cassation on January 27,
2025. A risk provision of 1.2 million euro has been recognized.
Linea Ambiente S.r.l. - General IRES/IRAP/VAT audit for fiscal years 2017-2019
On October 13, 2022, the Finance Police - Brescia Economic-Financial Unit - opened a general audit
for IRES, IRAP and VAT purposes against the company Linea Ambiente S.r.l. for the tax periods 2017-
2019. This audit was completed on October 28, 2022. The tax audit report disputed the deductibility
of certain costs incurred by the company during the period audited. On the basis of the notice of
assessment issued by the Brescia Finance Police and having unsuccessfully exhausted the attempts
to adhere to it, the Brescia Revenue Agency/Provincial Directorate notified the Company (and, with
regard to IRES, its consolidating company A2A S.p.A.) of six notices of assessment for IRES for
the years 2017/2019, IRAP for the years 2017/2018 and VAT for the years 2017/2019. The company
appealed to the competent bodies. A risk provision of 0.747 million euro has been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for the 2018 tax period
On December 27, 2024, Lombardy Regional Directorate notified a notice of contestation of penalties
for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that
the transactions relating to the provision of emission and fuel allowances from the toller to the tollee
constituted \u2013 respectively \u2013 transfers of intangible rights and transfers of raw materials, thus qualifying
as taxable transactions for VAT purposes, subject to invoicing. On March 3, 2025, the company filed
an appeal with the CGT I degree in Milan. No provisions for risks have been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for the 2019 tax period
On December 24, 2025, the Lombardy Regional Directorate, Large Taxpayers Office, notified via
certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In
summary, the Revenue Agency considers that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. The company is assessing the consequent actions to be taken. No provisions for risks
have been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for 2018 tax period
On March 17, 2025, Lombardy Regional Directorate notified a notice of assessment for VAT purposes
relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions
relating to the provision of emission and fuel allowances from the toller to the tollee constituted \u2013
respectively \u2013 transfers of intangible rights and transfers of raw materials, thus qualifying as taxable
transactions for VAT purposes, subject to invoicing. On May 15, 2025, the company filed an appeal
with the CGT I degree in Milan. No provisions for risks have been recognized.
Unareti S.p.A. \u2013 Notices of assessment for IRES/IRAP purposes for 2018 and
2019 tax periods
On March 14, 2025, the Lombardy Regional Directorate notified notices of assessment for IRES/
IRAP purposes relating to the 2018 and 2019 tax periods. On May 12, 2025, the company filed an
appeal with the CGT I degree in Milan. The hearing was fixed for October 20, 2025. The Court of First
Instance, in a judgement filed on November 17, 2025, dismissed the appeals, with compensation of
costs. The Court did not accept the legal interpretation proposed by the Company, citing as its main
motivation that the new rule was aimed at raising financial resources. The judgement is in contrast
to a consolidated jurisprudential orientation that has always disregarded the simple need for tax
revenue as sufficient to justify tax rules that produce harmful effects for the taxpayer. The rules, in
fact, must always respect constitutional principles, first and foremost the ability to pay (Article 53 of
the Constitution), substantive equality (Article 3 of the Constitution) and proportionality. Nevertheless,
according to the Court, this purpose is equally suitable to legitimize a postponement of deductibility
in future tax years and its application to all amortization rates and not only to those relating to Decree
Law 225/2010. The company is assessing the action to be taken. No provisions for risks have been
recognized.
A2A gencogas S.p.A. \u2013 Notice of assessment for VAT purposes for the tax
period 2018
On December 27, 2024, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified
via certified e-mail the notice of dispute regarding VAT penalties relating to the 2018 tax period. In
summary, the Revenue Agency considered that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. On February 24, 2025, the company filed an appeal with the CGT I degree in Milan.
To date, the amount disputed by the Revenue Agency in the assessment notice relating to 2018
stands at approximately 1 million euro. See the following section for an assessment of the likelihood of
an unfavorable outcome.
A2A gencogas S.p.A. \u2013 Notice of assessment for VAT purposes for the 2019
tax period
On December 24, 2025, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified
via certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In
summary, the Revenue Agency considered that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. The company is assessing the action to be taken.
The amount disputed by the Revenue Agency in the assessment notice for 2019 amounts to 2.9
million euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48244": { "value": "
Guarantees and commitments
with third parties
million euro
12.31.2025\u00a012.31.2024
Guarantees received\u00a01,341\u00a01,146
Guarantees provided\u00a03,008\u00a02,433
Guarantees received
Guarantees received amounted to 1,341 million euro (1,146 million euro at December 31, 2024) and
included 541 million euro for sureties and security deposits issued by subcontractors to guarantee the
proper execution of the work assigned and 713 million euro for sureties and security deposits received
from customers to guarantee the regularity of payments and guarantees received by the ACINQUE
Group for 63 million euro and guarantees received by the AEB Group for 24 million euro.
Guarantees provided and commitments with third parties
Guarantees provided amounted to 3,008 million euro (2,433 million euro at December 31, 2024), of
which for obligations undertaken in the loan agreements of 6 million euro. These guarantees have
been issued by banks for 1,962 million euro, insurance companies for 24 million euro and the parent
company A2A S.p.A., as parent company guarantee, for 881 million euro and guarantees provided by
the ACINQUE Group for 84 million euro and guarantees provided by the AEB Group for 57 million euro.
7) Update of the main legal and tax disputes still pending
Adequate provisions are provided where necessary for the disputes and litigation described below.
It is noted that if there is no explicit reference to the presence of a provision, the Group assessed the
corresponding risk as possible without appropriating provisions in the financial statements.
It should be noted that certain disputes illustrated in previous financial statements and still pending
are not further reported due to the absence of updates or the modification of the previous risk
situation.
A2A S.p.A.
Edison reorganization \u2013 compensation case for Carlo Tassara: lawsuit for
damages against Transalpina dell\u2019Energia and A2A S.p.A.
On April 14, 2022, Carlo Tassara S.p.A. served a new summons on the Court of Milan, requesting
that Transalpina Dell'Energia and A2A be ordered, jointly and severally with each other, to pay Carlo
Tassara S.p.A. the damages that will be quantified in the course of the proceedings, after ascertaining
and declaring the liability of the two companies for the breach of article 106 TUF (Total Tender Offer).
In the writ of summons, Carlo Tassara S.p.A. quantifies the damage caused by the write-down of the
value of its equity investment in Edison at 316,843,562.97 euro, figure resulting from the theoretical
value of the tender offer calculated by Carlo Tassara S.p.A. on the basis of:
a) value of Edison shares recorded in the financial statements by TDE and A2A (1.5003 euro/share);
b) value assigned by Edison in fair value appraisals (1.3 euro/share);
c) highest edict value identified by Consob (0.95 euro/share);
d) market value to be defined by the Court.
The writ of summons provides a description of the facts related to the extraordinary transaction to be
ascertained: (i) the avoidance and violation of article 106 of the TUF and (ii) the demonstration of the
existence of an alleged pact between the two defendants to depress Edison\u2019s value, prior to launching
a takeover bid - with the consequent violation of the rule protecting minority shareholders of listed
companies and non-achievement of the latter of: (i) control price and (ii) market price of the Edison
shares held by Carlo Tassara S.p.A..
In anticipation of the first hearing set for January 11, 2023, A2A entered an appearance and illustrated
the grounds for the rejection of the appeal. At the hearing, the judge declared the default of TDE
(which did not enter an appearance and did not appear at the hearing) and, on January 12, 2023,
with an order outside the hearing, adjourned the case for the definition of the conclusions to July 4,
2023, in order to allow the panel, before considering the merits of the deeded claims, to examine the
procedural objections raised by A2A. After said hearing, the parties were able to file their pleadings.
On March 1, 2024, a non-definitive sentence was filed, putting the case back on the register for
the continuation of the preliminary investigation phase and rejecting the preliminary objections of
inadmissibility of the claim, lack of passive legitimacy of A2A and lis pendens. In 2024, two hearings
took place on March 12 and June 25. On June 26, 2024, an order was issued rejecting the preliminary
inquiries of Carlo Tassara S.p.A., and the hearing for clarifying conclusions was set for March 18, 2025,
then deferred with a further provision of March 13, 2025 to April 21, 2026.
The Group, having fulfilled the requirements of the regulations in force, does not consider likely the
risk for which it has not allocated any provisions.
Shareholders\u2019 Agreement between A2A S.p.A. and Pessina Costruzioni
S.p.A. for the management of ASM NOVARA S.P.A.
In March 2013, Pessina Costruzioni established arbitration proceedings against A2A S.p.A. to have
the latter declared in breach of the shareholders\u2019 agreement signed between the parties on August
4, 2007 with reference to the company ASM NOVARA S.p.A. (now extinct) and to order A2A S.p.A.
to pay damages accordingly. With an award filed on June 30, 2015, the board of arbitrators, with the
dissenting opinion of the arbitrator appointed by A2A S.p.A., found A2A S.p.A. liable for the breach of
the shareholders\u2019 agreement and, consequently, ordered it to pay damages, which were settled on an
equitable basis.
The Court of Appeal of Milan on November 23, 2016 with Sentence 4337/16 rejected the appeal of
A2A S.p.A. for nullity of the award.
The Court of Cassation, with Order 18220 filed on June 26, 2023, accepted the first reason of the
appeal notified by A2A S.p.A., considered the remaining reasons absorbed and quashed with
adjournment the sentence of the Court of Appeal of Milan.
The company A2A S.p.A. and also the company Pessina Costruzioni resumed the case in the Court
of Appeal within the time limit. In the event that A2A S.p.A.\u2019s claim for the nullity of the award is upheld
and the Court makes a new decision on the merits of the dispute, by way of a conditional cross-
appeal, Pessina has also made a claim for damages in the amount originally requested and greater
than the amount recognized by the award in application of the principle of fairness.
At the first hearing on May 22, 2024, the two cases were joined; at the end of the trial, the Court of
Appeal, in July 2025, filed Judgement 2265/2025, which upheld the first judgement of the Court of
Appeal, albeit for different reasons, and therefore dismissed both the appeal for reinstatement of A2A
and that of Pessina Costruzioni, ordering A2A to pay the costs of the dispute.
Derivations of public water for the production of hydroelectricity
With reference to the expired concessions in Lombardy operated under the so-called temporary
continuation regime (for A2A S.p.A., the concessions of Grosotto, Lovero, Stazzona, Grosio, and
Premadio I are relevant, while for Linea Green S.p.A.-LG, the Resio concession is relevant), and, in
particular, regarding the imposition of additional fees, the Court of Cassation ruled (February 2024,
Ord. nos. 4800 and 4382), recognising the legitimacy of the provisional tariff (equal to 20 \u20ac/kW of
nominal power) identified by Regional Council Resolution 5130/2016. The relevant amounts, paid in
March 2024, had, however, been fully provisioned as a matter of prudence. On the other hand, the
case concerning the so-called final additional fee, instituted in February 2024 before the Superior
Court of Public Waters (TSAP), is still pending. With regard to the expired concessions, the Lombardy
Region increased the nominal concession power through its Regional Council Resolution no. 5597 of
December 30, 2025, which A2A and LG have challenged before the TSAP.
A2A also contested - as contrary to the pro-tempore regulations in force - the annulment of the
partial exemption of the State fee ordered by the Lombardy Region for the expired concessions that
benefited from it. The Court of Cassation dismissed the appeals relating to the Premadio I (Sent. no.
15990/2020) and Grosio (Ord. no. 4371/2024) concessions, while the judgements are still pending
relating to the Lovero and Stazzona concessions, in which A2A has obtained 2nd instance rulings
( Superior Court of Public Waters-TSAP sent. nos. 171/2023 and 2/2024) in favour, challenged in
Cassation by the Region.
Also in Lombardy, imposed, in alleged implementation of art. 12 of Legislative Decree 79/1999 as
amended by Law 12/2019, was the free transfer of electricity, in monetised form (220 kWh per kW of
nominal power). The relevant measures were challenged by A2A and LG. In relation to the expired
concessions, the Court of Cassation has definitively ruled that the subjection to the gratuitous transfer
of energy is legitimate (see Order no. 15888/2024). For concessions that have not expired, litigation is
still pending. The Lombardy Region also requested, in alleged implementation of art. 12 of Legislative
Decree 79/1999, the payment of the so-called binomio State fee, consisting of a fixed and a variable
component. A2A and LG initiated legal actions on the merits, which are still pending before the TSAP
and the Court of Cassation.
In December 2023, the Lombardy Region approved the resolution calling for the reassignment by
tender of the Resio concession of LG; although the Company submitted a tender offer, it challenged
the resolution in court both in defence of its rights and legitimate interests as outgoing concessionaire
(making the assets available and enhancing their value), and raising profiles of unreasonableness
and illegitimacy of the proceedings and the relevant regional regulation on expired concession
reassignment. The subsequent invitation to tender was also judicially challenged.
In Friuli Venezia Giulia, A2A holds concessions in force until 2029. Similarly to Lombardy, a judgment
against the imposition of the free energy transfer was initiated, which is still pending at the TSAP on appeal,
after a negative first instance sentence ( Venice Regional Court of Public Waters sent. no. 2006/2023). An
action was also brought against the imposition of the so-called Binomio state fee, still pending at TSAP.
For all disputes relating to hydroelectric concession fees and similar charges, the companies have
prudently recognised provisions in the risk fund in case of explicit and specific requests for payments by
the public administration, the estimate of the amount to be paid conservatively is considered to be the full
amount, whereas in the case of requests that have not yet been formalized but are merely \u2018foreseeable\u2019 in
the year, even if the amount is uncertain (as is the case for outstanding adjustments relating to the increase
in capacity), the amounts have been recorded on the basis of the best estimate made by the Directors.
Public Prosecutor\u2019s Office at the Court of Sondrio \u2013 Criminal proceedings
R.G.N.R. 1067/2024
Preliminary investigations are underway against certain A2A S.p.A. employees following the death
during working hours of an employee of the Company, as a result of an accident that occurred on
November 24, 2023.
At present, only known are the allegations made in notices of indictment and minutes of the ATS
Montagna contesting violations of the Legislative Decree 81/08 and manslaughter (Article 589 of the
Criminal Code). On January 8, 2025, ATS Montagna announced its acceptance to settle the alleged
offences through administrative payment. Further developments are expected.
A2A Energiefuture S.p.A.
Inspection at Monfalcone Plant (RGNR 195/17 Public Prosecutor of Gorizia,
then RG Court of Gorizia no. 492/2023)
On March 8 and 9, 2017, following orders of the Public Prosecutor of Gorizia, the Monfalcone Plant of
A2A Energiefuture S.p.A. was inspected during which surveys and samplings (on coal in stock, on the
ashes, on fume treatment residues, emissions from the chimney) and documentary acquisitions (on
the servers of the emissions monitoring system, on fuel analysis forms, etc.) were performed. On the
same date, the guarantee information has been notified to three employees, regarding an investigation
for the offences referred to in Article 452 bis of the Italian Criminal Code. Environmental pollution. The
suspect employees appointed trusted defenders.
Subsequently, between December 2017 and January 2018, and then in December 2018 and July 2020,
the Public Prosecutor of Gorizia proceeded with the acquisition of additional documentation at the plant.
On May 6, 2021 (and subsequently on June 4, 2021), the defenders of the former head of the plant
(but not the other two employees who had received information of guarantee) were notified of
the conclusion of the preliminary investigation pursuant to article 415 bis of the code of criminal
procedure in relation to the crime of environmental disaster pursuant to article 452 quater, paragraph
1, no. 2 and paragraph 2 of the Criminal Code. From the same notification, it emerged that the
company was charged with the offence referred to in article 25 undecies, paragraph 1, letter b), in
relation to article 5, paragraph 1, letter a) of Legislative Decree 231/01.
In said notice of conclusion of the investigations, it was contested that the seabed in the area in front
of the power plant quay had been compromised by coal run-off, the air had been compromised by
emissions from the power plant and the balance of the ecosystem had been altered by contamination
with heavy metals. A similar notice was served on May 10, 2021 at the Monfalcone power plant.
On July 29, 2021, the defence attorney of the former head of the plant was served with a decree scheduling
a preliminary hearing for November 24, 2021 before the Preliminary Investigation Judge (GIP) of Gorizia.
At the hearing of November 24, 2021, the Company\u2019s lawyer raised a preliminary objection of the
nullity of the notice pursuant to article 415-bis of the Code of Criminal Procedure of the conclusion
of the preliminary investigations since not duly notified. The exception was upheld by the Judge
who referred the case back to the Public Prosecutor\u2019s Office so that it could serve a new notice of
conclusion of the preliminary investigations. As a result of this decision, the trial regressed to the
preliminary investigation stage.
On July 1, 2022, a new notice pursuant to article 415 bis of the Code of Criminal Procedure of the
conclusion of preliminary investigations was served on the defence counsel of the former head of
the plant and on the defence counsel of the company. The new notice no longer contemplates the
offence referred to in article 452 quater of the Criminal Code, i.e. environmental disaster, but rather
that referred to in articles 452 bis and 452 quinquies of the Criminal Code, i.e. environmental pollution/
unintentional crimes against the environment. Consequently, by virtue of the new and different
predicate offences referred to by the Public Prosecutor, the charge against the company in relation to
administrative liability has also been amended, which now concerns the offence referred to in article
25 undecies, paragraph 1(a) and (c) of Legislative Decree 231/01.
Despite certain formal deficiencies, the notice of the pre-trial hearing set for October 31, 2023 was
served to both the natural person and the Company on April 17, 2023.
At that hearing, the Company asserted the notification flaws and the judge decided to renew the
notification to the entity only and to continue the two proceedings against a natural person and a legal
person as one. Therefore, a new pre-trial hearing was scheduled, which was first discussed on March
5, 2024, continued on March 12, 2024, and then on May 7, 2024. At that hearing, the Judge, with a well-
reasoned judgement that became final on August 1, 2024, declared the unusability or nullity of a list of
investigative documents against both the legal entity and the natural person.
At the same hearing on May 7, 2024, the Judge pronounced a judgement of non-suit against the
legal person (the grounds for which were filed on May 21, 2024) and set a hearing on the merits for
September 20, 2024 for the natural person.
At the hearing on September 20, 2024, both witness testimonies and documentary evidence were
accepted. Following the conclusion of the discussion in which the defence counsel illustrated the
reasons for an immediate declaration of non-punishment in consideration of the submitted documents
and, alternatively, the partial statute of limitations, an adjournment was scheduled for February 28,
2025. At the hearing on February 28, 2025, the Court issued an order requesting further examination
of the ARPA report (which was favourable to the defence) and postponed the case to the hearing on
September 26, 2025. This hearing was then postponed ex officio to January 23, 2026. At the hearing
on January 23, 2026, a witness for the Public Prosecutor was heard, so the Judge adjourned the
hearing to July 17, 2026 to hear other witnesses for the Public Prosecutor.
San Filippo del Mela power plant - Court of Messina - Criminal proceedings
R.G.N.R. 678/2023
The Messina Public Prosecutor\u2019s Office is conducting preliminary investigations under the case
number 678/2023 RGNR against A2A Energiefuture S.p.A. and one of its employees, for assessments
regarding the violation of Article 256 of the Legislative Decree 152/2006 (unauthorised waste
management activities) and of Article 25-undecies paragraph 2 letter b) of Legislative Decree
231/2001, as well as towards the employee of Article 452 quaterdecies of the Criminal Code
(organized illegal waste trafficking activities). Further developments are expected.
Linea Ambiente S.r.l. \u2013 Grottaglie landfill
Court of Taranto - Criminal Proceedings RGNR 2785/18
On March 14, 2019, an employee of A2A Ambiente S.p.A., seconded to Linea Ambiente S.r.l. as the
company\u2019s Chief Operating Officer, was remanded in custody as part of investigations into the
offences referred to in articles 319 and 321 of the Italian Criminal Code with reference to an alleged
bribery connected with the issue of Executive Decision no. 45 dated April 5, 2018 by the Province of
Taranto for the orographic optimization of the Linea Ambiente S.r.l.\u2019s Grottaglie landfill.
On August 1, 2019, the Court of Taranto - Office of the Judge for Preliminary Investigation - at the
request of the Prosecutor\u2019s Office, ordered the immediate trial, i.e. without a preliminary hearing being
held, of the defendants subject to pre-trial custody, including the employee of A2A Ambiente, against
whom the measure of pre-trial custody in prison was replaced by house arrest and, subsequently, with
the obligation to stay in the municipality of residence and, finally, with the prohibition of residence
in the province of Taranto (even this last measure was later revoked by order of January 24, 2022),
setting the first hearing for this purpose on November 4, 2019. The trial ended with the reading of the
verdict at the hearing on November 16, 2022. Judgement 3459/2022 was filed on May 15, 2023.
The A2A Ambiente employee was sentenced to eight years in prison plus disqualification penalties. No
confiscation order was issued against them; confiscation was applied to another defendant, and part of
this sum is attributed as partial consideration for the adoption of Resolution no. 45 of April 5, 2018.
Taranto Court of Appeal 515/2023 R.G. App.
The first Court of Appeal hearing to discuss all appeals submitted by the individual defendants and
the Public Prosecutor is scheduled for May 14, 2024.
The Public Prosecutor has lodged an appeal against the initial judgement for not confiscating from
the individual defendants the proceeds from the crime amounting to 20,304,974.88 euro (as specified
in the seizure decree dated May 18, 2021), and consequently, no conclusive judgement on the refusal
of confiscation has been reached, and the Court of Appeal must now decide whether to uphold or
amend the ruling of the Court of Taranto.
The Court of Appeal, at the first hearing on February 21, 2024, due to profiles related to the composition
of the Board, adjourned the case without hearing to a new Board at the hearing of May 14, 2024.
Even at that hearing, due to persistent issues with the Board\u2019s composition, the matter was postponed
to November 19, 2024, and subsequently to April 1, 2025. The Court of Appeal then adjourned to June
18, 2025 for discussion of preliminary matters. At that hearing, the Court, upholding the objection
raised, declared the immediate trial order issued in 2019 to be null and void and, consequently,
annulled the first-instance judgement, ordering that the case files be remitted to the Public Prosecutor,
thereby consequently returning the proceedings to the preliminary investigation stage.
As a result of this decision by the Court of Appeal, the Taranto Public Prosecutor\u2019s Office was placed
in the position of having to choose whether to appeal the judgement to the Court of Cassation or to
start again from the last act not affected by nullity and therefore issue a new notice of completion of
the investigations pursuant to Article 415-bis of the Code of Criminal Procedure and then request the
holding of a new preliminary hearing.
The Public Prosecutor\u2019s Office of Taranto, after having lodged an appeal with the Court of Cassation,
on December 3, 2025, served a new notice of completion of the investigations pursuant to Article
415-bis of the Code of Criminal Procedure. Subsequently, on February 3, 2026, the defence counsel
received notice of the setting of the hearing in the Court of Cassation for March 24, 2026.
Further developments are expected.
Court of Taranto no. 5400/19 R.G. Administrative Responsibility
Precautionary measures
On May 7, 2020, the Guardia di Finanza notified Linea Ambiente S.r.l. of a preventive seizure order
issued by the GIP of Taranto on March 12, 2020 in the context of Proceedings no. 2785/18 R.G.N.R.
and 5400/19 R.G. Admin. Resp. and deed of execution of preventive seizure pursuant to art. 53 of
Legislative Decree 231/01, also valid as guarantee information pursuant to art. 369 of the Italian
Criminal Code.
For the first time, Linea Ambiente was informed of the existence of Criminal Proceedings no. 5400/19
R.G. Admin. Resp. of Entities for bribery offences pursuant to article 25, paragraph 2, of Legislative
Decree 231/01.
The preventive seizure, on May 7, 2020, was arranged up to the amount of 26,273,298 euro (equal to
the presumed profit of the offence). On May 13, 2020 was the notification of appointment of a judicial
administrator of the assets seized, including company shares and receivables.
On May 21, 2020, Linea Ambiente proposed a request for review of the seizure order, which was
discussed in the Council Chamber on June 9, 2020, and rejected. The cautionary requests have been
confirmed.
On June 11, 2020, a decree releasing the Linea Ambiente portions was notified. On September 10,
2020, the company was notified of the conclusion of the preliminary investigations pursuant to article
415-bis of the Code of Criminal Procedure. The notification was repeated, with partial changes, on
January 21, 2021. On January 21, 2021, the Taranto Public Prosecutor\u2019s Office notified the defence
lawyer of Linea Ambiente of an order to release and return 95.004% of the shares in Lomellina Energia
held by Linea Ambiente and already placed under preventive seizure. This was done on the basis of
a new estimate of the value of the shares made by the judicial administrator and on the fact that after
the seizures made by the Guardia di Finanza there remained sums equal to about 5% the value of said
shares.
On May 18, 2021, the Taranto Preliminary Investigation Judge (GIP), following the annulment by the
Supreme Court of the preventive seizure order notified on May 7, 2020, issued a new preventive
seizure order recalculating the \u201cprofit from the crime\u201d as 20,304,974.88 euro (compared to the
previous amount of 26,273,298.13 euro) by subtracting the \u201cout-of-pocket costs\u201d incurred by Linea
Ambiente and quantified as 5,968,323.25 euro. In fact, the Supreme Court found that the original
determination was erroneous of the alleged profit, identified by the Judge for Preliminary Investigation
in the gross revenue that Linea Ambiente would have derived as a result of the landfill contributions
made in the period April 2018 - February 2019, for a total amount of 26,273,398.13 euro. Consequently,
the Supreme Court ordered the annulment of the decree and the return of the acts to the GIP of
Taranto to comply with the principles of law dictated by the Supreme Court, according to which the
profit is only the advantage of immediate and direct causal derivation of the crime. In the new seizure
order notified on May 18, 2021, however, according to the Linea Ambiente defence, this principle was
again disregarded and therefore on May 27, 2021, an appeal was filed with the Supreme Court against
the same, requesting its cancellation. At the hearing on November 10, 2021, the Court declared the
appeal inadmissible due to lack of standing because, according to the Court of Cassation, Linea
Ambiente should not have been considered as a party to the committal proceedings opened with
the sentence of annulment pronounced by the Court of Cassation on the appeal brought by the
company\u2019s former Operating Director (in other words, according to the Court of Cassation, the judge
of the Taranto Magistrate\u2019s Court, as judge of the committal, could have ruled only against the original
appellant, i.e. the former Operating Director, and not also against the other parties affected by the
original decree).
On June 29, 2021, the Linea Ambiente counsel was re-notified of the preventive seizure order issued
on May 18, 2021 by the GIP and the minutes of the execution of the same by which it was ordered
to release and return to Linea Ambiente 3.352% of the shares held by it in the company Lomellina
Energia for an estimated value (by the Judicial Administrator) of 1,617,284.96 euro. In May 2021,
the Group complied with the request of the Judicial Administrator to pay the amounts seized up to
the amount of 14 million euro. Subsequently, with a measure notified on March 14, 2022, granting
the petition filed by the company, the GIP of Taranto ordered that the preventive seizure of Linea
Ambiente\u2019s shareholding in Lomellina Energia still under seizure (1.644 %) be transferred to the
corresponding sum of money (equal to 793,164.55 euro) to be paid to the indicated account. Once
this payment had been made, in execution of the said decree, on May 17, 2022 the Guardia di Finanza
released from seizure and returned to Linea Ambiente the 1.644 % of the shares it held in Lomellina
Energia that had already been seized.
The proceedings of merit
On March 18, 2021, the Linea Ambiente S.r.l. counsel was served with the notice of the preliminary
hearing scheduled for June 10, 2021 before the Taranto Preliminary Hearings Judge. In this preliminary
hearing, the Municipality of Grottaglie filed a request to join the civil action. At the subsequent hearing
on July 22, 2021, the defence of Linea Ambiente S.r.l. objected to the inadmissibility of the civil
action of the Municipality of Grottaglie against Linea Ambiente S.r.l.. The Preliminary Hearings Judge
(GUP) accepted the objection and consequently declared the inadmissibility of the constitution of a
civil party of the Municipality of Grottaglie, also rejecting the request of the latter, carried out in the
alternative, to authorize the summons of the company as civil liable party, postponing the proceeding
to November 11, 2021 for the continuation of the preliminary hearing. At this hearing, the defence
raised a number of preliminary issues and the Judge granted time to respond and adjourned the
hearing until January 20, 2022. At the hearing on January 20, 2022, the judge rejected the preliminary
objections and adjourned the hearing on March 31, 2022, then to May 31, 2022, for a decision on
the preliminary motions; at that hearing, due to the impediment of the Magistrate\u2019s Court judge,
an adjournment to September 29, 2022 was ordered; at the subsequent hearing on November 17,
2022, the parties requested an adjournment to acquire the conclusions of the proceedings against
the natural persons and a new schedule was set. At the hearing of December 22, 2022, the Public
Prosecutor delivered their conclusions with a request for committal for trial against the entity, setting
the subsequent hearings for the conclusions of the other parties for January 19 and 26 and February
2, 2023; a new hearing was then set for March 30, 2023 for the Public Prosecutor\u2019s replies and
possible taking of decisions on jurisdiction by the Judge.
At the hearing on March 30, intended for the responses of the Public Prosecutor, after addressing
matters related to another defendant, the Judge once again decided to adjourn the session until April
6, 2023, during which Judge Dr Misserini at the Preliminary Hearing Court in Taranto ordered the
committal for trial of Linea Ambiente, in accordance with the Legislative Decree 231 of 2001, and of all
other defendants in the proceedings in question, both natural and legal persons, before the Taranto
Court sitting in a collegial composition \u2013 1st criminal section, for September 13, 2023.
Several hearings have taken place since September 13, 2023, all of which have been postponed
due to the incompatibility of some of the members of the board. After the reading at the hearing of
February 12, 2024 of the order of the President of the Court concerning the composition of the new
board, the Court set a first hearing for March 4, 2024 at which it decided on the constitution of the civil
parties, accepted by ordinance a request of the Public Prosecutor to clarify one of the charges, and
set a new hearing for October 7, 2024 for the examination of preliminary issues, and, subsequently, for
December 2, 2024 and January 13, 2025. During that hearing, the discussion concerned the requests
for evidence made by the Public Prosecutor. Consequently, the Court adjourned the matter to the
hearing scheduled for April 7, 2025, to address the issues regarding the Public Prosecutor\u2019s evidence
requests, as well as those related to the defence\u2019s evidence requests. There were then further
postponements, again due to incompatibility issues of some members of the panel, to October 6,
2025, November 19, 2025 and, finally, February 18, 2026. At that hearing, the Court, having ruled on the
preliminary issues, adjourned the proceedings to the hearing of 22 April 2026 for the commencement
of the evidentiary phase of the trial, with the examination of the first witnesses indicated by the Public
Prosecutor.
Currently, in light of the events that occurred during 2023, the Company considers the risk of
confiscation to be likely.
The risk assessment considers several concurrent factors, such as: (i) the referral to court of the
Company in Proceeding no. 5400/19 R.G. Admin. Resp.; (ii) the proceedings against the natural
person; (iii) the appeal by the Public Prosecutor against Judgement 3459/2022, which had rejected
the request for confiscation; (iv) the new value of the sum determined in the seizure decree notified
on May 18, 2021, as the profit deriving from the alleged underlying offence. Should the Company be
convicted, confiscation of the price or profit of the offence is anticipated.
Currently, in light of the events that have occurred during 2023, the Company considers the risk of
confiscation to be probable, even though it is unlikely that the first instance trial will be concluded
during 2026, considering the current progression of the process.
Linea Ambiente vs. Province of Taranto \u2013 Grottaglie Landfill
In January 2021 (with reiteration in February 2022), the Province of Taranto sent a warning notice for
the removal of the waste dumped during the period of validity of DD 45/18, which also constitutes a
response to the requests that the company had made in previous years regarding the procedures
for fulfilling the obligations resulting from the Sentence of the Council of State no. 5985/2019, which
had annulled the substantial variation no. 45/2018. The Province, according to as stated in the meagre
communication of 2021, which does not give evidence of the provincial inquiry, does not open the
required authorization procedure and indicates to the company: (i) to remove the waste delivered in
excess of the authorized quantities, (ii) to restore the landfill profiles in accordance with authorization
426/08 and (iii) to activate the closure activities.
On February 9, 2021, Linea Ambiente met with the Province, expressly reserving the right to challenge
the warning, in order to outline a technical path necessary to take appropriate action; in particular, the
company illustrated a preliminary investigation path from which all possible solutions could emerge,
including a new request for a substantial variant of the current authorization in line with Council of
State Sentence 5986/2019.
In view of the flaws in the deed, the Company appealed to the Apulia Regional Administrative
Court to have the warning cancelled and notified additional grounds against the February 2022
communication; the Apulia Regional Administrative Court set a hearing on the merits for February
12, 2026. The Company filed the declaration of loss of interest in the decision and the simultaneous
request for a declaration of inadmissibility of the appeal, in view of the issuance, on October 10,
2024, by the Apulia Region, of executive decision 560 issuing the Single Authorisation Provision,
which essentially extinguished the litigation in question. We are awaiting the filing of the Regional
Administrative Court\u2019s decision concluding the proceedings.
Lecce Public Prosecutor\u2019s Office - Criminal Proceedings no. 6369/2019
R.G.N.R.
On February 26, 2020, at the Rovato headquarters of Linea Ambiente S.r.l., the Brescia Finance Police
executed the \u201cSearch and Seizure Warrant\u201d issued on February 5, 2020 by the Lecce Public Prosecutor\u2019s
Office (Public Prosecutor Mignone) in relation to criminal proceedings no. 6369/2019 R.G.N.R..
The Finance Police then acquired a copy of the company\u2019s Organisational Model and the deeds and
documents relating to the information flows destined for the Linea Ambiente S.r.l. Supervisory Body
from November 2014 to January 2019.
The criminal proceedings have been filed against the company Linea Ambiente S.r.l. and the legal
representative pro tempore for the offences referred to in articles 452 quaterdecies of the Italian
Criminal Code (activities organised for the illicit waste trafficking) and 256 and paragraphs 1 and 3
of Legislative Decree 152/2006 (respectively waste collection, transport and disposal activities in
the absence of the prescribed authorization/registration and the construction and management of
unauthorized landfills) from which the company\u2019s administrative liability derives pursuant to articles
24 and 25 undecies of Legislative Decree 231/2001 and this - the said measure states - \u201cin order to
have, with several operations and through the setting up of continuous and organized means and
activities, managed and illegally disposed of large quantities of urban waste, creating an illegal landfill,
in order to obtain an unfair profit\u201d. These alleged offences were supposedly committed in \u201cRome and
Grottaglie from November 1, 2014 to January 28, 2019 with permanence\u201d.
Together with the \u201cSearch and Seizure Warrant\u201d, the Finance Police notified the company \u201cGuarantee and
on the right of defence information\u201d, from which it emerges that the company AMA S.p.A. of Rome, \u201cowner
of the TMB Rocca Cencia and Salario plants in Rome\u201d, was also entered in the same proceedings.
The company has been informed that individuals who are legal representatives or directors of Linea
Ambiente S.r.l. and AMA S.p.A. during the interested period have received only a first request to
extend the preliminary investigations in the same proceedings.
Amsa S.p.A.
Court of Appeal of Milan \u2013 Criminal proceedings no. 33490/16 R.G.N.R. -
43494/19 R.G.N.R. \u2013 27023/19 RGGIP 7485/2021 R.G. DIP
On May 7, 2019, the Carabinieri investigative unit of Monza showed up at the Amsa S.p.A.
headquarters to notify an order for the exhibition of documents issued by the Milan Public
Prosecutor\u2019s Office, relating to the documentation concerning three tenders launched by Amsa S.p.A.
in 2017-2018, as well as the supplies made to it by a specific supplier. In relation to these proceedings,
the Company\u2019s Chief Operating Officer and other employees were investigated, as well as three
members of a tender judging committee issued by Amsa S.p.A..
No dispute has been raised against Amsa S.p.A. on the basis of the regulations on the administrative
liability of legal persons, as Amsa S.p.A. considers itself to be an \u201cinjured party\u201d and, in fact, has filed a
complaint with the Public Prosecutor\u2019s Office through a trusted lawyer.
On December 23, 2019, lawyer of Amsa - as the injured party - was served notice for the setting of
the preliminary hearing on February 17, 2020. As a result of this hearing, the Judge for Preliminary
Investigation adjourned the hearing to May 25, 2020, setting a provisional schedule for its
continuation. The measure in question does not cover the members of the tender committee, whose
position has been withdrawn and closed. Filed as civil parties were Amsa S.p.A. and A2A Calore &
Servizi S.r.l., as it was found to be an injured party in the same proceedings in relation to agreements
made to its detriment by some companies competing in the district heating installation tenders, which
tended to distort free competition.
On January 18, 2021, the lawyer of Amsa S.p.A. was served notice of the setting of the preliminary
hearing relating to the second line of investigation, registered under number 34213/19 R.G.N.R. -
21296/19 R.G.G.I.P. connected to the first. The preliminary hearing of this second matter was set for
March 19, 2021 for the joining of the proceedings.
Amsa also filed as civil party against some of the defendants and in respect of certain allegations in
connection with this additional matter. The trial underwent a series of postponements and the discussion
of the preliminary hearing ended at the hearing on July 15, 2021 in which the defendants were sent for
trial and the first hearing was set for November 18, 2021. At the hearing of July 8, 2021, at the conclusion
of the reconnaissance on the requests for alternative rites, the Judge also set the calendar for the
treatment of alternative rites, scheduling numerous hearings between September and October 2021.
At the hearing of October 21, 2021, set for the decision on alternative procedures, the Judge, as
regards the positions of interest to AMSA, accepted the plea bargains requested by pronouncing a
sentence of application of the penalty, while for a defendant who had requested an abbreviated trial, it
pronounced a sentence of acquittal.
At the hearing on November 18, 2021, the preliminary issues raised by the defence of the defendants
on remand were discussed; at the end of the hearing, the Court reserved its decision and adjourned
the proceedings until the hearing on December 10, 2021. At this hearing the Court, in order to withdraw
its reservation, rejected the objections raised by the defence and then opened the hearing, inviting
the parties to formulate their preliminary requests, on which it reserved the right to decide, adjourning
the hearing until January 14, 2022. At this hearing, the Court granted the preliminary investigations,
admitted the testimonial and documentary evidence requested and ordered the transcription of
telephone and environmental interceptions. The case was postponed to March 14, 2022 for the
commencement of the pre-trial investigation, and several hearings for the hearing of witnesses were
scheduled until October 2, 2023, when the reading of the verdict is also expected. At the hearing on
May 15, 2023, the Public Prosecutor presented their requests for conviction.
At the hearing on October 2, 2023, the Court delivered the verdict, acquitting all individuals still under
ordinary trial responsible for conduct causing harm to the two companies acting as civil claimants,
because the alleged charges were found to be groundless.
Sentence 13661/2023 of October 2, 2023 with reasons was filed on January 18, 2024. Appeals were
lodged.
The first hearing of the appeal has been arranged for May 29, 2025. At that hearing, the Attorney
General at the Court of Appeal made his indictment requesting the acceptance of the appeal filed by
the Prosecutor\u2019s Office. The Court then scheduled the hearings of June 12, June 18 and September
18, 2025 for the conclusions of the defences. The trial was then postponed to October 16, 2025 and,
subsequently, to December 5, 2025, and finally to January 15, 2026. At the hearing on January 15,
2026, the Court of Appeal confirmed the first-instance acquittal.
Linea Green S.p.A.
Brescia Public Prosecutor\u2019s Office - GIP of Brescia - Criminal Proceedings no.
3891/2020 R.G.N.R.
On September 22, 2020, the person in charge of the technical and operational management of
the Isola hydroelectric plant on the Grigna stream in Barzio Inferiore was notified of a request for
an extension of the preliminary investigation. The interested party thus learned of the existence
of investigations involving the latter in relation to an alleged crime of environmental pollution in
conjunction with the legal representative of the company that owns the plant, which does not belong
to Linea Green, but to a third company with which Linea Green has signed a management contract.
Subsequently, on March 26, 2021, the Carabinieri from the Forestry Department appeared at the
Linea Green offices to acquire documentation and, on that occasion, invited the company\u2019s legal
representative to appoint a lawyer for the company, since, as shown in the report notified, it was \u201cunder
investigation for the administrative offence depending on the crime referred to in article 25 undecies
paragraph 1 letter a) of Legislative Decree 231/01\u201d, i.e. in relation to the offence of environmental
pollution referred to in article 452 bis of the Criminal Code.
On October 23, 2024, both the natural person and the entity were notified of the completion of the
preliminary inquiries as per Article 415 bis of the Code of Criminal Procedure, in relation to the alleged
offences. A preliminary hearing was therefore scheduled before the Brescia Preliminary Investigation
Judge for October 3, 2025, with subsequent postponement to January 16, 2026 for discussion of
the request for indictment. At the end of that hearing, the Judge, having concluded the discussion,
adjourned the hearing to January 23, 2026, for replies and a decision on the request for committal
for trial. At the hearing on January 23, 2023, the Preliminary Hearings Judge in Brescia pronounced a
judgement of non-suit against both the natural person and the Company because the offence did not
exist.
AEB S.p.A.
Court of Monza \u2013 Criminal proceedings no. 1931/2021 R.G.N.R.
On July 5, 2021, officers and agents of the Guardia di Finanza of Seregno showed up at the
headquarters of AEB S.p.A. in Seregno to execute \u201cpersonal and local search orders\u201d and \u201crequest
for delivery - local search order\u201d. The proceedings, which in the initial phase was against unknown
persons, arise from two complaints presented to the Prosecutor\u2019s Office of Monza on November 25,
2019 and on February 10, 2020 by Tiziano Mariani, at the time Municipal Councillor of the Municipality
of Seregno, who also filed an appeal with the TAR, now concluded.
The \u201cpersonal and local search decree\u201d, which also contains the \u201cguarantee information\u201d pursuant to
art. 369 Criminal Procedure Code to the person subjected to the investigation, concerned the Chair
of the Board of Directors of AEB S.p.A. investigated, jointly with other persons not indicated, for the
crimes referred to in the art. 353 bis Criminal Code (disturbance of the freedom of the procedure
for choosing a contractor), 319 Criminal Code (bribery for an act contrary to the duties of office),
321 Criminal Code (penalties for the briber), committed between \u201cOctober 2019 and in present
permanency.\u201d.
At the same time, AEB was served with a \u201crequest for delivery and a local search decree\u201d with which
the Monza Prosecutor\u2019s Office ordered the acquisition of documentation concerning the transaction.
Subsequently, on September 24, 2021, the Finance Police of Seregno, delegated by the Monza
Prosecutor\u2019s Office, appeared at the A2A Milan headquarters to serve, as part of Procedure no.
1931/2021 R.G.N.R. relating to the merger between the A2A and AEB Groups, a notice of non-
repeatable technical checks on the IT supports previously seized.
From the document in question, it emerged that the proceedings were pending not only against certain
persons outside the A2A Group, but also against certain persons, other than the current directors of A2A
S.p.A., who at the time of the events held positions in A2A S.p.A., Unareti S.p.A. and A2A Illuminazione
pubblica S.r.l. in various capacities involved in the project in question. The notice of non-repeatable
technical investigations also contained information on guarantees and the right of defence in relation
to the investigation concerning the alleged offences under Articles 110 Criminal Code (conspiracy), 353
bis Criminal Code (disturbance of the freedom of the procedure for choosing a contractor), 319 Criminal
Code (bribery for an act contrary to the duties of office), 321 Criminal Code (penalties for the corruptor).
On July 5, 2023, the notice of conclusion of the preliminary investigation was served on only some of
the natural persons subject to the notice of investigation, which was, moreover, announced in a press
release issued by the Monza Prosecutor\u2019s Office on July 7, 2023.
As far as A2A is concerned, the notice was served on only one of the original addressees of the
notice of investigation (the position of all the original addressees of the notice of investigation, but
not of the notice of conclusion of the preliminary investigation, was then filed by decree issued by the
Preliminary Hearings Judge and sent to the interested parties by the legal counsel on June 9, 2025).
It appears from the notice that the alleged offences are different from those set out in the previous
acts and relate to violations of Articles 353bis Criminal Code (Disturbance of the freedom of the
procedure for choosing a contractor), and article 353 of the Criminal Code (Disturbance of the
freedom of auctions).
On November 22, 2023, the Monza Prosecutor\u2019s Office issued a new press release announcing
that it had filed a request for committal for trial against the same persons reached by the notice of
conclusion of July 5, 2023 and for the aforementioned offences.
The preliminary hearing before the Preliminary Hearing Judge at the Court of Monza was set for April
5, 2024.
During this hearing, the constitutions of the civil parties took place: the Municipalities of Seregno,
Limbiate and Bovisio Masciago and Mr Mariani.
The Municipalities of Desio, Varedo, and Bovisio Masciago have requested an extension to review the
proceedings and evaluate the opportunity to constitute a civil party.
The Judge, also due to the need to notify the hearing schedule to all member Municipalities in their
capacity as injured parties, postponed the hearing to June 28, 2024.
During the hearing on June 28, the Municipalities of Varedo and Bovisio Masciago, which had already
participated in the previous hearing, along with GSD (an in-house company of the Municipality of
Desio) and three municipal councillors from Lissone, submitted an application to join the proceedings
as a civil party.
The Judge reserved their decision regarding the procedural exceptions raised by the defence lawyers
for natural persons during the hearing on September 20, 2024, in which the Preliminary Hearings
Judge rejected the objection of territorial incompetence and denied the request to exclude \u2018public\u2019
civil parties (Municipalities, in-house companies, and municipal councillors from Lissone), while the
former municipal councillor, Mariani, was removed from the proceedings, considering him not entitled
to appear. The Public Prosecutor and the civil parties maintained their request for the case to proceed
to trial, while the defence counsel for the Mayor of Seregno articulated the reasons they believed
warranted a verdict of no-proceedings.
The Judge then postponed the proceedings, confirming the schedule that was already known:
October 18, 2024, November 8 and 15, 2024. At the hearing held on November 15, 2024, the
Preliminary Hearings Judge committed all defendants to stand trial on March 17, 2025, before the
Court of Monza. After discussion, the Court reserved its decision and set a new hearing for May 12,
2025. At the hearing on May 12, 2025, the Court rejected the preliminary issues raised by the defence
and declared the hearing open, postponing the trial to September 22, 2025 to appoint an expert
witness to the transcriber and set the hearing on January 12, 2026 for the start of the preliminary
hearing. At the hearing on January 12, 2026, the Judge, in view of his imminent transfer to another
court, decided to delegate the start of the preliminary investigation to the new Judge assigned to
the case, scheduling the hearings for February 25, March 25 and May 20, 2026. On 25 February
2026, the scheduled hearing was held, during which the evidentiary phase of the trial began with the
examination of a witness called by the Public Prosecutor. The trial was then adjourned to the hearing
of 25 March 2026 for the examination of two further witnesses called by the Public Prosecutor.
I 01351/2020 Procedure for determining fiscal liability before the Court of
Auditors of the Lombardy Region
On February 21, 2024, the former Chair of AEB received an invitation from the Lombardy Court of
Auditors to provide information in accordance with Article 67 of Legislative Decree 174/16; the initial
45-day deadline was deferred to May 10, 2024. On that date, a memorandum was filed to contest the
passive subjection and the charges. The contested facts, as outlined and documented in the file, are
the same as those covered by proceedings 1931/2021. The complaint lodged by the Prosecutor with
the Court of Auditors concerns the financial damage caused to the local authorities affiliated with AEB.
On October 14, 2024, the former Chair of AEB received a summons from the Public Prosecutor\u2019s Office
at the Court of Auditors in Milan for the hearing set for March 12, 2025, in anticipation of which they filed
briefs and documents within the assigned deadline. At the hearing on March 12, 2025, the Board reserved
the right to decide. By order notified to the defence attorneys on April 7, 2025, the Court instructed the
CTU (Expert Technical Consultant) to evaluate the business units and the exchange value, and adjourned
the hearing for 3 June 2025 for the CTU\u2019s oath and the formulation of the question. At the hearing on June
3, 2025, the CTU formally took the assignment and the party-appointed consultants were appointed. The
proceedings will resume after the filing of the CTU\u2019s report, expected on June 19, 2026.
Court of Milan Business Law Section R.g. 30445/2025 Compensation for
damages
R.g. 30445/2025 The Municipality of Lissone and thirteen other municipalities that are shareholders
of AEB S.p.A. notified A2A S.p.A., Ambiente Energia Brianza S.p.A. and Unareti S.p.A. and the Chair of
the Board of Directors of A2A S.p.A. and AEB S.p.A.. At the time of the facts, a writ of summons was
filed before the Court of Milan, Business Law Section, to request, principally, the conviction of the
three defendant companies pursuant to Articles 2395, 2043, 2049 of the Italian Civil Code (jointly and
severally with the former Chairpersons) to pay compensation for damages arising from (i) the allegedly
inconsistent determination of the exchange ratio, (ii) the lower profits received as a result of the
allocation of a lower number of shares than due and (iii) the alleged curtailment of shareholders\u2019 rights.
In the alternative, the Municipalities request that only A2A S.p.A.be ordered to pay compensation for
unjust enrichment. After the defendants\u2019 entry of appearance filed on November 5, 2025, following the
preliminary checks pursuant to Article 171-bis of the Code of Civil Procedure, the Judge authorised
the third-party summonses requested by some defendants, consequently deferring the date of the
first hearing to September 15, 2026. Consequently, the parties may file supplementary briefs pursuant
to Article 171-ter of the Code of Civil Procedure within the terms of July 6, July 24 and September 4,
2026. The summoned third parties must enter an appearance by June 5, 2026 and by June 19, 2026,
the Court must carry out the preliminary checks again pursuant to Article 171-bis of the Code of Civil
Procedure (a further postponement of the first hearing cannot be ruled out). The outcome of the trial
seems to be conditioned by the criminal trial (and by the evidence taken and produced therein, some
of which was also produced in the present civil trial) and by the accounting trial.
No provisions have been allocated at present.
A2A Ambiente S.p.A.
Busto Arsizio Public Prosecutor\u2019s Office - GIP of Busto Arsizio - Criminal
proceedings no. 9079/2021 R.G.N.R. (formerly no. 24/2017 R.G.N.R.) and
Criminal Proceedings no. 1961/2023 R.G.N.R. against unknown persons
On February 18, 2021, the Carabinieri - forestry department showed up at the Gerenzano landfill site in
execution of investigation activities delegated by the Public Prosecutor\u2019s Office of Busto Arsizio within
the framework of criminal proceeding no. 24/2017 R.G.N.R. Form 44 (i.e. against unknown persons),
to acquire documentation on the plant, then notifying the person in charge of the plant and the head
of A2A Ambiente\u2019s \u201cImpianti Lombardia\u201d organizational structure of the proceedings for the alleged
offences under articles 81 paragraph 2 (continuation), 110 (conspiracy), 452 quater (environmental
disaster), 452 septies (obstruction of control) of the Italian Criminal Code.
Gerenzano is a former quarry, later converted into a landfill, located in the territory of the municipality
of the same name, which owns it, with an area of about 80 hectares. It is divided into two lots
Gerenzano 1 and Gerenzano 2.
Gerenzano 1 is the original unit, dating back to the mid-1960s when waste disposal activities began.
At the end of the 1970s, 200 municipalities, including Milan, delivered waste there. In July 1980, the
Municipality of Gerenzano and the municipal company of the Municipality of Milan (then AMNU)
signed an agreement whereby AMNU exclusively took over the management of the landfill of waste
from the Municipality of Milan and 69 other municipalities.
AMNU then built a new controlled landfill and carried out environmental remediation and restoration
works (with regional contributions).
The cultivation of Gerenzano 1 by AMNU, later to become AMSA, continued until its final closure in
1988. A new area was then identified where Gerenzano 2 was built and managed by AMSA from 1989
to 1991, the year in which conferring ceased.
In the context of the obligations taken on with the management of the landfill for environmental
recovery, AMSA carried out a series of interventions including the impermeable cover, the biogas
collection and combustion plant, weir wells and groundwater purging, the treatment plant for emitted
groundwater, leachate collection works, a leachate purifier, and environmental recovery interventions.
The operation of the plants in application of the authorization measures will have to continue until the
waste is mineralized, as far as biogas is concerned, and until the water table is back in good condition,
as far as purging wells are concerned.
As regards the latter activity, AMSA took responsibility for a situation of degradation and pollution that
existed prior to its taking over the management of the area, in relation to which it had no responsibility. In
2013, as part of the reorganization of the A2A Group\u2019s environmental chain, A2A Ambiente took over from
AMSA in the management of the Gerenzano landfill and in the service contract still in force as a result of
technical extensions with the Municipality of Milan for the post-mortem management service of the landfill.
On July 1, 2022, the conclusion of the preliminary investigations pursuant to article 415-bis of the
Code of Criminal Procedure was notified.
In the notice, the person in charge (at the time of the contested facts, i.e. from May 29, 2015 to
November 13, 2020) of the Gerenzano Hub and the person in charge of the \u201cLombardy Plants\u201d
structure (the latter in current permanence) are charged with having caused an environmental disaster
in the management of the plant (article 452 quater of the Criminal Code) by means of an unlawful
dysfunction of the purification plant of the groundwater emitted by means of a hydraulic barrier so as
not to carry out the containment of the contamination of the water table and by means of an unlawful
dysfunction of the purification plant for the treatment of the polluting fluids before their discharge into
the Bozzente stream and of having obstructed and eluded the environmental supervision and control
activities by ARPA (article 452 septies Criminal Code from May 29, 2015 permanently for the person in
charge of the facility and from November 21, 2016 for the person in charge of the Hub).
No charges against the company under Legislative Decree 231/01 appear in the notice of conclusion
of investigations. On November 10, 2022, the decree was served setting March 2, 2023 as the date of
the preliminary hearing. At the preliminary hearing, the defence counsel raised objections concerning
the invalidity of the request to proceed to trial due to defects in the notification of the conclusion
of the preliminary investigations. The Preliminary Hearings Judge upheld and ordered the return of
the documents to the Public Prosecutor, who served a new notice of conclusion of the preliminary
investigation a few days later.
At the hearing on February 1, 2024 called to decide on the plea bargaining request made by one of
the two individuals, the Preliminary Hearings Judge did not accept it and referred the case back to the
Public Prosecutor due to the tenuousness of the agreed penalty.
On November 11, 2024, the decree was served to the defence counsel setting January 8, 2025 as
the date of the preliminary hearing. In the decree in question, the offence of environmental pollution,
as specified under art. 452 bis of the Criminal Code, was alleged. At the hearing on January 8, 2025,
after discussion, the proceedings were deferred to February 26, 2025. At this hearing, the Judge
pronounced a judgement of full acquittal.
Concerning the other natural person for whom the Public Prosecutor requested the Preliminary
Hearings Judge to close the case on January 13, 2025, the defence counsel submitted the filing order
issued by the GIP.
As for the legal entity, no legal challenge has been lodged against it in accordance with the Legislative
Decree 231/01. Moreover, following the case dismissal for one defendant and the acquittal of the other,
no senior or non-senior individuals have been found to have committed the alleged predicate offence.
As a result, the conditions for any potential action against the Company no longer exist.
On February 16, 2024 and on June 20, 2024, police forces and an expert technical consultant
carried out an inspection at the Gerenzano landfill site and acquired documentation relating to plant
management/operation and emission control data, by delegation of the same Public Prosecutor in
charge of the above proceedings, within the framework of new proceedings against unknown persons.
Milan Public Prosecutor\u2019s Office \u2013 Criminal Proceedings concerning the injury
of an employee of a contractor company R.G.N.R. 24347/2022
An injury (loss of two fingers, right thumb and left index finger) occurred on July 23, 2022 at the
Novate Milanese plant (at the time owned by A2A Recycling, then A2A Ambiente from December 31,
2023) due to compression of the hands in the press binder to an employee of a contractor (EMAD
SERVIZI S.r.l.). The Health Protection Agency (ATS) intervened for the necessary verifications. On
January 30, 2023, ATS lifted the seizure of the machinery where the accident occurred and identified
the delegated employer for the purpose of conducting the preliminary investigations related to the
violation of the Legislative Decree 81/08.
On March 29, 2023, ATS notified the act of contravention and prescription to the defence counsel.
ATS identified the existence of two contraventional offences due to the violation of Article 26,
paragraphs 2 and 3 (obligations related to contracts for works or services) under Legislative Decree
81/2008. On April 28, 2023, the appointed lawyer informed ATS that compliance with the requirements
had been achieved. On May 25, 2023, ATS allowed the delegated employer to pay a penalty of 3
thousand euro, enabling the dismissal of the two contested occupational safety violations (Article 26,
paragraphs 2 and 3, first sentence, of Legislative Decree 81/2008). On June 13, 2023, the lawyer also
informed ATS of the payment of the penalty.
On December 3, 2024, the employee of A2A Ambiente received the notice of conclusion of the
preliminary investigations pursuant to article 415-bis of the Code of Criminal Procedure. According
to the notice, the Public Prosecutor has alleged the charge of negligent personal injury (art. 590
para. 1 and 3 of the Criminal Code) against the legal representative of the contracting company and
the employee of A2A Recycling (later known as A2A Ambiente) as a \u201cdelegated employer\u201d; the latter
was initially investigated solely for the contraventional offences noted in art. 26 paragraphs 2 and 3
of Legislative Decree 81/2008 concerning occupational safety, which were extinguished following
compliance with ATS requirements and the payment of an administrative sanction.
The notice also reveals that the Public Prosecutor has investigated the companies, including A2A
Ambiente, for the offence stipulated under Article 25-septies of Legislative Decree 231/2001 in relation
to the offence of negligent personal injury charged against natural persons. Further developments are
expected.
Public Prosecutor\u2019s Office of Pavia \u2013 GIP of Pavia - Proceedings No. 7164/22
R.G.N.R. concerning the fatal accident in Parona
On October 25, 2022, a fatal accident occurred at the Parona plant of Lomellina Energia, involving
an employee of a contractor company (SIMIC). The Public Prosecutor ordered investigations into
the matter, appointing both a forensic pathologist to determine the cause of death and two technical
consultants. The expert report by CTU Prof. Chiandussi was submitted in the second half of October
2023, but the Public Prosecutor postponed the parties\u2019 review until December 2023.
On June 5, 2024, the Public Prosecutor requested a third extension of the preliminary investigations;
the defence lawyer of one of the suspects opposed the request within the given timeframe. The
Preliminary Hearings Judge rejected the opposition and confirmed the new extension of the
investigation. On December 31, 2024, ATS Pavia notified the Company\u2019s legal representative at the
time of the incident and the works manager of an \u201cinformation notice for criminal proceedings\u201d. On
February 27, 2025, ATS Pavia notified the Company of ongoing investigations against it concerning
liability under Legislative Decree 231/01.
On March 5, 2025, pursuant to Article 415 bis of the Code of Criminal Procedure, the Public Prosecutor
issued a notice marking the conclusion of the preliminary investigations, in which four employees of
Lomellina Energia and the safety coordinator for the design and execution phases were investigated
among others, for the offence under Article 589 of the Penal Code, as well as specific violations of the
Legislative Decree 81/08, in consideration of the roles each has undertaken in terms of prevention and
health at the workplace. Among others, the same notice was served to Lomellina Energia (which has
been merged into A2A Ambiente since December 31, 2023) for the administrative offence mentioned
in Article 5, paragraph 1, letter a), Article 25-septies, paragraph 3 of Legislative Decree 231/01. On
December 3, 2025, the preliminary hearing was held in which the Pavia GIP, having found the notice
pursuant to Article 415 bis of the Code of Criminal Procedure to be null and void due to notification
defects, referred the case to the Public Prosecutor so that the notice in question could be re-notified.
A2A Calore & Servizi S.r.l.
Court of Brescia, Business Law Section, RG 222/2025, request for refund of
undue payment
RG 222/2025 On December 31, 2024, Azienda Speciale Servizi Territoriali Spedali Civili di Brescia
notified a writ of summons to the Ordinary Court of Brescia, with the specialised section for business
matters, seeking to ascertain and declare, with consequent conviction:
a) the nullity/non-existence of any contractual relationship between Spedali Civili and ACS from
July 1, 2019 and, as a result, to ascertain and declare the right to the repayment of 35,292,513.18
euro as principal and 2,210,477.20 euro as interest (to which interest on the balance and monetary
revaluation will be added);
b) the undue nature of the payments made between January 1, 2014 and June 30, 2019, totalling
1,744,206.58 euro as principal and 175,057.05 euro as interest;
c) the obligation to provide information concerning CAPEX and OPEX.
Azienda Speciale Servizi Territoriali Spedali Civili di Brescia held a contract for the provision of the
district cooling service commencing in 1998, which expired on 30 June 2019. Following its expiration,
due to the essential nature of the service, which could not be interrupted for reasons of continuity
of healthcare provision, A2A Calore & Servizi S.r.l. continued to perform the contract at the express
request of Azienda Speciale Servizi Territoriali Spedali Civili di Brescia.
Within the time limit granted, A2A Calore & Servizi S.r.l. filed a statement of appearance and defence
with a counterclaim, asserting the existence of the contract extension, rejecting all ASST\u2019s claims,
and, in the alternative and in the further alternative, setting out the legal grounds for retaining
the full consideration received over the years. Furthermore, it demonstrated the right to receive a
remuneration not only for the past but also starting from January 1, 2024 until the end of the service,
as well as claims for damages.
After the entry of appearance and the filing of the counterclaim, on March 7, the Court scheduled a
hearing for July 10, 2025.
By the deadline of July 10, 2025, A2A Calore & Servizi S.r.l. notified ASST Spedali Civili di Brescia of
an appeal pursuant to Articles 700 and 669-bis of the Code of Civil Procedure in the course of the
case to request the termination of the service and, in the alternative, the sentencing of ASST to pay a
monthly fee with a request for the issuance of a precautionary measure.
During the hearing on July 10, 2025, the judge invited the parties to consider the possibility of finding
a conciliatory solution and for this reason postponed all proceedings to the council chamber set for
the discussion of the precautionary procedure on July 22, 2025.
In view of the advisability of verifying the conditions of a settlement, without prejudice to any rights,
numerous postponements were arranged upon joint request, which allowed the parties to define
on January 26, 2026 a final settlement agreement, to the satisfaction of the reciprocal claims, after
having identified adequate remuneration, starting from July 1, 2019 and until the assumption of new
determinations by the ASST Spedali Civili di Brescia, also in consideration of the new public tender
procedure announced by the same on December 30, 2024.
Agripower
Court of Spoleto - Criminal proceedings RGNR 3329/2024
On January 20, 2025, the forestry police served a notice at the Agripower biogas plant in Castel Ritaldi
(PG) to the director with special power of attorney for Agripower\u2019s HSEQ and operations organisational
structure, identifying him and informing him of investigations against him for the offences referred to
in Articles 452 bis and 452 quinquies of the Criminal Code (environmental pollution \u2013 negligent crimes
against the environment), Article 257, paragraph 1, of Legislative Decree 152/06 (failure to remediate,
failure to report) allegedly committed between November 25, 2024 and December 9, 2024 for
discharging wastewater into the \u201cFosso Avilo\u201d watercourse near the Agripower plant.
On November 3, 2025, the natural person\u2019s defence counsel was served with a writ of summons for
July 3, 2026.
The decree in question also mentions the company Agripower for the administrative offence referred
to in Article 25 undecies, paragraph 1, letter c), no. 3 of Legislative Decree 231/01 in relation to the
offence of negligent pollution. However, the decree in question was never served on the Company\u2019s
lawyer, who never even received notice of the conclusion of the investigation.
* * *
The following information is provided in connection with the main litigation of a fiscal nature.
A2A gencogas S.p.A. (formerly Abruzzoenergia S.p.A.) - General IRES/IRAP/
VAT audit for fiscal years 2011 and 2015
On January 19, 2016, the Finance Police - Chieti Unit commenced a general audit of A2A gencogas
S.p.A. (formerly Abruzzoenergia S.p.A.) for fiscal years 2014 and 2015 for IRES, IREP and VAT purposes.
This audit was completed on May 25, 2016. The company submitted comments to the formal notice
of assessment by the inspectors. In December 2016, the Revenue Agency of Chieti issued notices of
assessment for IRES, IRAP and VAT for the years 2011 and 2012 and, in August 2017, served notices of
assessment for IRES, IRAP and VAT for the years 2013 and 2014. The company has proposed a timely
appeal against all the deeds notified. The Provincial Tax Commission of Chieti and the Regional Tax
Commission of Pescara issued unfavourable rulings for IRES and IRAP. The appeals against the VAT
assessment notices for the years 2011-2014 were rejected by the Provincial Tax Commission of Chieti
and upheld by the Regional Tax Commission of Pescara. On May 8, 2019, the Company filed an appeal
with the Supreme Court for IRES 2011 and 2012. In February 2020, the Company filed an appeal with the
Supreme Court for IRES 2013 and 2014 and IRAP 2011-2014 and a counter-appeal with the Supreme
Court for VAT 2011 and 2012. On May 5, 2020, the Company filed a counter-appeal with the Supreme
Court for 2013-2014 VAT. A risk provision of 2 million euro has been recognized.
A2A S.p.A. - Registration tax for transfer of business unit and sale of the
investment Chi.na.co. S.r.l.
On April 4, 2016, the Provincial Directorate I of Milan - Regional Office of Milan 1 - notified the
invitation to appear to provide clarifications on a business transfer in the company Chi.na.co. S.r.l.
and the subsequent sale of the investment held in it under control for registration tax purposes. The
invitation was followed by a contradictory with the Office and subsequent notification by the latter of
the notice of liquidation to the acquiring counterparty, which filed an appeal on September 28, 2016.
The Provincial Tax Commission of Milan rejected the appeal with sentence filed on July 07, 2017. On
February 13, 2018, the acquiring company filed an appeal, which was rejected by the Milan Regional
Administrative Court. On April 8, 2019, the Company filed an appeal with the Supreme Court. On
February 21, 2020, the Office filed a counter-appeal and a cross-appeal with the Supreme Court. The
risks provision recognized for 1.4 million euro was fully used for the payment of the amounts requested
with the liquidation notice.
By order of November 21, 2025, the Court of Cassation upheld the Company's appeal.
A2A S.p.A. (merging company of AMSA Holding S.p.A.) - VAT Tax assessments
for tax years from 2001 to 2005
In early 2006, the Italian Finance Police \u2013 Lombardy Regional Unit, Milan \u2013 carried out a tax audit of
AMSA Holding S.p.A. (now A2A S.p.A.) for VAT purposes for tax years 2001 to 2005.
The audit ended with the issue of a final report contesting the legitimacy of the ordinary VAT rate, in
place of the special rate applied by suppliers for waste disposal and plant maintenance, as well as the
subsequent deduction made after the invoices issued for these services were duly paid.
The report was followed by formal notices of assessment from the Tax Revenue Office (Milan 3 Office)
for each year audited; appeals were then filed with the Provincial Tax Commission within the term
provided by law.
The appeals for 2001 and for 2004 and 2005 were discussed on January 25, 2010 and on February
17, 2010 respectively, with a favourable outcome for the company in all cases. The Tax Revenue Office
appealed against the verdict of the first court. The Regional Tax Commission rejected this appeal for
all three years, 2001, 2004 and 2005.
For 2001, the Tax Revenue Office filed an appeal with the Supreme Court against which AMSA
Holding S.p.A. (now A2A S.p.A.), filed a cross-appeal on November 9, 2012. At the hearing on
December 12, 2018, the Company requested that the case be suspended in order to assess the
facilitated settlement of the dispute. On May 24, 2019, the company filed an application for a facilitated
settlement of pending tax disputes and definitively settled its tax claim.
The outcomes of the 2002 and 2003 disputes were also favourable for the company but the Tax
Revenue Office filed an appeal against both sentences. The appeal for 2002 was discussed on
November 30, 2010, and by way of a sentence lodged on February 2, 2011 the Milan Regional Tax
Commission overturned the sentence of the first court, upholding the Tax Revenue Office\u2019s appeal on
almost all counts with the exception of the hazardous waste category. The Company filed an appeal
with the Supreme Court for 2002. The hearing was held on December 12, 2018 and the appeal was
upheld and the judgement was adjourned to the Regional Technical Committee (CTR). On December
23, 2019, the Company filed an appeal for reinstatement in CTR and an appeal for revocation with the
Supreme Court. For 2003 the appeal made by the Tax Revenue Office was discussed on November 7,
2011 before the Regional Tax Commission which rejected it with a sentence filed on November 11, 2011.
The Tax Revenue Office has not appealed to the Supreme Court for 2003, 2004 and 2005 and the
sentence has become final, thereby closing the litigation.
No provisions for risks have been recognized.
A2A Ciclo Idrico S.p.A. \u2013 IMU assessment notices of Municipality of
Montichiari for the years 2013-2018
On December 4, 2019, the Municipality of Montichiari (BS) issued notices of assessment for IMU
purposes for the years from 2013 to 2018 regarding the purification plant located in the territory of
the same municipality. On January 29, 2020, the Company filed an appeal with the Provincial Tax
Commission, which rejected the appeal. On November 22, 2022, the company filed an appeal, which
was rejected by the CGT II degree in Brescia. The company filed an appeal in cassation on January 27,
2025. A risk provision of 1.2 million euro has been recognized.
Linea Ambiente S.r.l. - General IRES/IRAP/VAT audit for fiscal years 2017-2019
On October 13, 2022, the Finance Police - Brescia Economic-Financial Unit - opened a general audit
for IRES, IRAP and VAT purposes against the company Linea Ambiente S.r.l. for the tax periods 2017-
2019. This audit was completed on October 28, 2022. The tax audit report disputed the deductibility
of certain costs incurred by the company during the period audited. On the basis of the notice of
assessment issued by the Brescia Finance Police and having unsuccessfully exhausted the attempts
to adhere to it, the Brescia Revenue Agency/Provincial Directorate notified the Company (and, with
regard to IRES, its consolidating company A2A S.p.A.) of six notices of assessment for IRES for
the years 2017/2019, IRAP for the years 2017/2018 and VAT for the years 2017/2019. The company
appealed to the competent bodies. A risk provision of 0.747 million euro has been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for the 2018 tax period
On December 27, 2024, Lombardy Regional Directorate notified a notice of contestation of penalties
for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that
the transactions relating to the provision of emission and fuel allowances from the toller to the tollee
constituted \u2013 respectively \u2013 transfers of intangible rights and transfers of raw materials, thus qualifying
as taxable transactions for VAT purposes, subject to invoicing. On March 3, 2025, the company filed
an appeal with the CGT I degree in Milan. No provisions for risks have been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for the 2019 tax period
On December 24, 2025, the Lombardy Regional Directorate, Large Taxpayers Office, notified via
certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In
summary, the Revenue Agency considers that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. The company is assessing the consequent actions to be taken. No provisions for risks
have been recognized.
A2A S.p.A. \u2013 Notice of assessment for VAT purposes for 2018 tax period
On March 17, 2025, Lombardy Regional Directorate notified a notice of assessment for VAT purposes
relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions
relating to the provision of emission and fuel allowances from the toller to the tollee constituted \u2013
respectively \u2013 transfers of intangible rights and transfers of raw materials, thus qualifying as taxable
transactions for VAT purposes, subject to invoicing. On May 15, 2025, the company filed an appeal
with the CGT I degree in Milan. No provisions for risks have been recognized.
Unareti S.p.A. \u2013 Notices of assessment for IRES/IRAP purposes for 2018 and
2019 tax periods
On March 14, 2025, the Lombardy Regional Directorate notified notices of assessment for IRES/
IRAP purposes relating to the 2018 and 2019 tax periods. On May 12, 2025, the company filed an
appeal with the CGT I degree in Milan. The hearing was fixed for October 20, 2025. The Court of First
Instance, in a judgement filed on November 17, 2025, dismissed the appeals, with compensation of
costs. The Court did not accept the legal interpretation proposed by the Company, citing as its main
motivation that the new rule was aimed at raising financial resources. The judgement is in contrast
to a consolidated jurisprudential orientation that has always disregarded the simple need for tax
revenue as sufficient to justify tax rules that produce harmful effects for the taxpayer. The rules, in
fact, must always respect constitutional principles, first and foremost the ability to pay (Article 53 of
the Constitution), substantive equality (Article 3 of the Constitution) and proportionality. Nevertheless,
according to the Court, this purpose is equally suitable to legitimize a postponement of deductibility
in future tax years and its application to all amortization rates and not only to those relating to Decree
Law 225/2010. The company is assessing the action to be taken. No provisions for risks have been
recognized.
A2A gencogas S.p.A. \u2013 Notice of assessment for VAT purposes for the tax
period 2018
On December 27, 2024, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified
via certified e-mail the notice of dispute regarding VAT penalties relating to the 2018 tax period. In
summary, the Revenue Agency considered that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. On February 24, 2025, the company filed an appeal with the CGT I degree in Milan.
To date, the amount disputed by the Revenue Agency in the assessment notice relating to 2018
stands at approximately 1 million euro. See the following section for an assessment of the likelihood of
an unfavorable outcome.
A2A gencogas S.p.A. \u2013 Notice of assessment for VAT purposes for the 2019
tax period
On December 24, 2025, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified
via certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In
summary, the Revenue Agency considered that the transactions relating to the provision of emission
and fuel allowances from the toller to the tollee constituted \u2013 respectively \u2013 transfers of intangible
rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject
to invoicing. The company is assessing the action to be taken.
The amount disputed by the Revenue Agency in the assessment notice for 2019 amounts to 2.9
million euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48299": { "value": "
3) Information on non-current assets and liabilities held for sale
and discontinued operations (IFRS 5)
The items \u201cNon-current assets held for sale\u201d and \u201cLiabilities directly associated with non- current
assets held for sale\u201d had a nil balance at December 31, 2025. At December 31, 2024, they reflected
the reclassification of certain assets and the related liabilities pertaining to gas distribution activities
relating to certain ATEM areas (in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi), which
were sold to Ascopiave S.p.A. with effect from July 1, 2025.
", "dimensions": { "concept": "A2A:DisclosureOfNoncurrentLiabilitiesHeldForSaleAndDiscontinuedOperations", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48297": { "value": "
3) Information on non-current assets and liabilities held for sale
and discontinued operations (IFRS 5)
The items \u201cNon-current assets held for sale\u201d and \u201cLiabilities directly associated with non- current
assets held for sale\u201d had a nil balance at December 31, 2025. At December 31, 2024, they reflected
the reclassification of certain assets and the related liabilities pertaining to gas distribution activities
relating to certain ATEM areas (in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi), which
were sold to Ascopiave S.p.A. with effect from July 1, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48296": { "value": "
3) Information on non-current assets and liabilities held for sale
and discontinued operations (IFRS 5)
The items \u201cNon-current assets held for sale\u201d and \u201cLiabilities directly associated with non- current
assets held for sale\u201d had a nil balance at December 31, 2025. At December 31, 2024, they reflected
the reclassification of certain assets and the related liabilities pertaining to gas distribution activities
relating to certain ATEM areas (in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi), which
were sold to Ascopiave S.p.A. with effect from July 1, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48218": { "value": "
4) Rules on public funding (Compliance with art. 1, paragraphs
125 et seq. of Law 124/17)
Pursuant to art. 1, paragraphs 125 and following Law 124/17, as reformulated by art. 35 of Decree Law
34/19, and considering that the Group companies have not received \"subsidies, grants, advantages,
contributions or aid, whether in cash or in kind, not general and with no consideration, remuneration or
compensation\", this note is negative.
This is without prejudice to the fact that other information is (also in the wake of the principle pursuant
to art. 18 L. 241/1990) available elsewhere, also by virtue of the criterion set forth in paragraph 127
of the same art. 1 L. 124/17, which prescribes to \"avoid the accumulation of irrelevant information\", as
well as what is specified in paragraph 125 quinquies of the same art. 1 L. 124/17 by virtue of which \"for
State aid and de minimis aid contained in the National Register of State Aid referred to in article 52 of
Law No. 234 of December 24, 2012, the registration of aid in the aforesaid system, with consequent
publication in the transparency section provided therein, carried out by the entities granting or
managing such aid pursuant to the relevant rules, takes the place of the publication obligations placed
on the entities referred to in paragraphs 125 and 125-bis\".
It should also be noted that the companies of the A2A Group operate (for the most part) in regulated
sectors. Therefore, some sums are recognized by public bodies, but not as subsidies/contributions,
but as recognition of the activities they provide or as forms of compensation for costs incurred to
meet specific regulatory obligations and in any case by virtue of a general regime. Also all these forms
of payment have not been indicated: also in compliance with both the literal aspect of the regulations
and with the interpretation criteria that the company has identified (see above).
6) Main regulatory provisions regarding concessions and
agreements in the sectors of activity in which the A2A Group
operates
Large hydroelectric derivation concessions
The national discipline on large derivation hydroelectric concessions (plants with a nominal power
greater than 3 MW) originates from R.D. 1775/1933. This regulatory framework was subsequently
amended first by electricity sector nationalization Law no. 1643/1962, which resulted in Enel taking
over the majority
5
of hydroelectric concessions with the relative recognition of an unlimited duration,
and then by the liberalization of the electricity market as a result of Legislative Decree 79/1999
(implementing Directive 96/92/EC), which introduced with art. 12 (and subsequent amendments) the
principles of:
\u2022
the temporariness of the concessions, establishing a validity period (2029) for concessions without
expiration because they are owned by Enel and assigning the term of December 31, 2010 for
concessions that have already expired or are expiring by that date;
\u2022
contestability of concessions in the event of expiration, forfeiture or renunciation, providing the
call for tenders by the competent administration (now the Region) for the allocation of the same for
consideration.
Article 11-quater of Law 12/2019 has partially further amended the regulation of large-scale
hydroelectric concessions: the new rules provide that the Regions regulate with their own laws
the methods, procedures and criteria for the allocation of concessions, which may be entrusted to
economic operators identified through a tender, or to public/private joint ventures with selection of the
private partner through a tender, or through forms of partnership under Legislative Decree 50/2016
and (now Legislative Decree 36/2023).
Article 7 of Law 118/2022 (Annual Law for the Market and Competition 2021) established that the
procedure for awarding the contract must be started within 2 years of the entry into force of the
individual Regional Laws and, in any case, no later than December 31, 2023. The duration of the new
concessions will have to be between 20 and 40 years, with the possible extension of the maximum
period by a further 10 years depending on the complexity of the project proposal and the amount of
investment.
Article 11-quater cited (paragraph 1-quinquies), as part of the new process for reallocating expired
concessions, stipulates that specific regional regulations (after consultation with ARERA) are
established:
\u2022
a State fee to be paid on a six-monthly basis to the Regions, comprising a fixed component linked
to the average nominal power of the concession and a variable calculated as a percentage of
normalized revenues;
\u2022
the possible obligation for the concessionaires to supply annually and free of charge 220 kWh per
kW of concession power for at least 50% destined to public services of the provincial territories
involved in the derivation.
In terms of compensation to outgoing operators, article 11-quater prescribes:
\u2022
for wet works: the transfer without compensation of ownership to the Regions, except for the
compensation only of investments not yet amortized;
\u2022
for dry works, the recognition of a value derived from accounting records or certified appraisal. In
the event of non-inclusion in the project of the incoming concessionaire, removal and disposal of
movable property is envisaged at the expense of the latter, while immovable property remains the
property of the entitled parties.
Lombardy Region approved R.L. 5/2020 (as amended by Regional Law 19/2021), which regulates the
modalities and procedures for assigning concessions for large hydroelectric derivations, as well as the
preliminary recognition activity. Subsequently, the Lombardy Region adopted Regulation 3/2022 for the
preliminary procedures for the assessment of the public interest in relation to the various uses of water, as
well as Regulation 9/2022 regulating the timing and procedures for the allocation procedures, challenged
with the Superior Court of Public Waters by a number of operators (the judgements are still pending).
Most of A2A S.p.A. large-scale hydroelectric derivation concessions located in Valtellina (for a
nominal concession power of around 215 MW) have expired; Lombardy Region with Regional Council
Resolution XII/5597 of December 30, 2025 allowed, at certain conditions, the temporary continuation
of its operation until December 31, 2026, or shorter term, should the reassignment procedures, not
yet started, be concluded at an earlier date and, among other things, confirming the payment of an
additional fee and the non-application of the partial exemption from the state fee on the Premadio 1,
Grosio, Lovero and Stazzona plants.
With reference to the Resio (BS) concession, owned by Linea Green S.p.A. (a wholly-owned subsidiary
of A2A S.p.A.), the Lombardy Region announced with DGR 1602 of December 18, 2023, the start of
the reallocation procedure, with the publication of the call for tender on April 22, 2024. The appeals
lodged by Linea Green S.p.A., A2A S.p.A., and Elettricit\u00e0 Futura concerning this procedure, in which
Linea Green S.p.A. itself and five other operators (one of which is foreign) took part, remain under
consideration. The tender procedure is also underway and is expected to be completed in 2026.
Other A2A S.p.A. concessions (plants in Mese in Lombardy, Friuli and Calabria for a total nominal
concession capacity of about 348 MW) expire in 2029, as the Gravedona concession of Acinque
Innovazione S.r.l. (Acinque Group), also with an expiry date of 2029.
Concessions for thermoelectric power plants
As far as concessions for thermoelectric power plants are concerned, the relevant regulations
have evolved in a very heterogeneous manner. For example, with reference to concessions for the
derivation of public water for industrial use, the discipline was initially defined by Law no. 2644/1884
and by Royal Decree 1775/1933 to subsequently have an outline on a more local basis also through
agreements with specific consortia of reclamation and irrigation.
The granting bodies may be identified alternatively in the Region and in the Province for concessions
for the derivation of public water and for those relating to the occupation of state-owned areas and in
the Port Authorities for concessions relating to the occupation of maritime state-owned areas.
A2A Energiefuture S.p.A. and A2A gencogas S.p.A. hold the following types of concessions for the
operation of their own thermoelectric power plants:
\u2022
concessions for the derivation of public water: (i) for the cooling of thermoelectric power plants; (ii)
for industrial use; (iii) for other uses;
\u2022
concessions for the occupation of: (i) state-owned areas; (ii) maritime state-owned areas.
The duration and any renewal procedures are established by the relevant concession deeds and by
the applicable statutory provisions.
Natural gas distribution and metering service
The regulations governing concessions for the distribution of natural gas through local networks,
initially contained in the deeds of award stipulated with the municipalities in implementation of laws
of principle dated back to the early 1900s, have been the subject of numerous amendments over the
years.
The main ones, introduced by Articles 14 and 15 of Legislative Decree 164/2000 (transposing Directive
98/30/EC), defined the criteria for standardizing the sector providing: (i) a maximum duration of 12
years for concessions, (ii) the award of the service by local authorities through a public tender and (iii)
the relationship with the operator is regulated by a specific standard contract approved by ministerial
decree containing, in particular, the procedures for performing the service, the quality objectives, the
economic aspects and the conditions for early termination of the company for failure by the operator.
The Ministerial Decree of January 19, 2011 defined the 177 Minimum Territorial Areas (ATEM) while the
subsequent Ministerial Decree of October 18, 2011 identified the Municipalities belonging to each ATEM
that will be the subject of a tender whose criteria have been defined by Ministerial Decree 226/2011.
Over the years, the regulations have been subject to many innovations (inter alia, see the Annual
Market and Competition Law 2021), especially with reference to the provisions for defining the
redemption value to be recognized to the outgoing operator and the valorisation of the assets
owned by the Conceding Entities, and the terms within which the tenders must be announced,
extended several times, and the penalties originally envisaged for the Conceding Entities in the
event of non-compliance have been eliminated. Finally, the same law referenced above required the
responsible Ministry to conduct a review of tender evaluation criteria, incorporating considerations of
technological innovation and sector development.
As part of the reorganization process of the Group's infrastructure activities, the sale by Unareti S.p.A.
and LD Reti S.r.l. of the business unit relating to the gas distribution activity (excluding ATEM Milano
1) to a newly established company, which was simultaneously sold to the Ascopiave Group, became
effective from July 1, 2025.
6
. The concessions included in the divested BU therefore contributed
to the financial statement values limited to the first 6 months of the year. The remaining natural gas
distribution concessions are held by Azienda Servizi Valtrompia S.p.A., RetiPi\u00f9 S.r.l. (AEB Group), in
addition to Lereti S.p.A. and Reti Valtellina Valchiavenna S.r.l.. (two companies of the Acinque Group).
As of December 31, 2025, the main contracts are awarded to the Milan 1 ATEM (where Unareti S.p.A.
is the service provider following a tender issued pursuant to Ministerial Decree 226/2011) and the
municipalities of Varese, Lecco, Sondrio, and Monza (as well as numerous municipalities in the same
provinces and in those of Brescia, Bergamo, and Como).
6 The sale concerned the municipalities of Brescia, Bergamo, Lodi, Pavia and Cremona, along with other smaller ones located in
the same provinces.
Concessions for electricity distribution
Pursuant to art. 9 of Legislative Decree 79/1999 (Bersani Decree), electricity distribution is provided
under a thirty-year concession issued for the territory of each municipality by the Ministry of Economic
Development (now MASE). The Decree established, among other things, a transitional regime for
distributors already operating on that date, granting them the option to continue providing the service
under concessions issued by March 31, 2001, and valid until December 31, 2030. At the end of the
transitional period, the Legislative Decree provides for the issuance of new concessions through
tenders to be held no later than five years prior to the expiration date, for areas no smaller than the
municipal territory and no more than a quarter of all end customers. The procedures, including the
remuneration of the investments made to be recognised to the outgoing concessionaire, will be
established with a specific MASE Regulation.
The 2025 Budget Law (art. 1, paragraphs 50-53) has addressed the matter by requiring that MASE,
in agreement with the Ministry of Economy and Finance (MEF), on ARERA proposal and with prior
agreement concerning the aspects of their competence in the Unified Conference as per article
8 of Legislative Decree 281/97, and after receiving the opinion of the appropriate parliamentary
commissions, draft, by June 2025, a MD to define the terms and procedures for the submission by
concessionaires of extraordinary multi-year investment plans to improve security, resilience, and
quality of service, as well as to enable integration of renewable energy. The MD must also contain
criteria for the evaluation and approval of such plans. If MASE, after consulting ARERA and MEF,
gives a positive opinion on the operator\u2019s proposal, the concession, upon payment of a fee that will
be counted in the capital investment and valued at the same rate defined for investments, can be
adjusted for a period of no more than 20 years, (thus postponing the expiration to 2050 at the latest).
ARERA Resolution 392/2025/R/eel approved the proposal to be submitted to the MASE, which provides
that the extraordinary multi-year investment plans have a duration of 5 years and can be presented in
two time windows: a) within 90 days after 5 months from the approval of the MD; b) in January 2028. The
extraordinary nature must be assessed by considering the average increase in investments over the plan
compared to a baseline, calculated on the average of investments in 2020-2024. The required increase
is modulated on the basis of a specific \"investment level\" indicator calculated as the ratio between
the amount of annual investments and the annual depreciation rate: if this indicator is greater than 1,
the required increase will be equal to +10/20%, otherwise, instead, to +20/35% and the remodulation
period equal to at least 10 years starting from 2030 equal for all distributors. ARERA also requested to
eliminate or, in any case, minimize the burden to be paid to the MEF in the face of the remodelling of the
concession to protect users and maximize the resources of operators to support new investments.
At the moment, MASE has not yet adopted the MD required by the 2025 Budget Law as at December
31, 2025.
As at December 31, 2025, following the process of reorganizing the Group's infrastructure activities,
the concessions for the distribution and metering of electricity are held by Unareti S.p.A.
7
, Duereti
S.r.l.
8
, RetiPi\u00f9 S.r.l. (AEB Group) and Reti Valtellina Valchiavenna S.r.l. (Acinque Group) and concern
the Municipalities of Milan, Brescia, Cremona Seregno and Sondrio (in addition to numerous
municipalities in the province of Milano, Brescia and Sondrio).
7 From July 1, 2025, the merger of Camuna Energia S.r.l. and LD Reti S.r.l. became effective (only the business unit relating to
the distribution and metering of electricity) in Unareti S.p.A.. The Ministry has ordered the consequent transfers of the two
ministerial concession decrees in favour of Unareti S.p.A..
8 On March 9, 2024, e-distribuzione S.p.A. and A2A S.p.A. signed an agreement that provides for the transfer to the newly
established company Duereti S.r.l. of the business unit owned by e-distribuzione S.p.A., comprising assets for operating the
medium- and low-voltage power distribution network in the provinces of Milan (with the exception of some municipalities
in the northern belt) and Brescia (Valtrompia municipalities), starting from January 1, 2025. The Ministry issued the relevant
concession decree in favor of Duereti S.r.l..
Integrated Water Service (SII)
In accordance with the provisions of Legislative Decree 152/2006, the SII is organized on the basis of
Optimal Territorial Ambits (ATO) defined by the Regions and, as a rule, coinciding with the provincial
territory. In compliance with the scope plan and the principle of a single management, the Ambit
Government Entity (EGA) decides on the form of management (award by tender, mixed public-private
company and in house providing) and, consequently, provides for the award, for 30 years, of the SII
in compliance with national regulations on the organization of local public services to networks of
economic importance. The direct award may be made to entirely public companies that meet the
requirements of European law and are in any case owned by the local authorities covered by the ATO.
LD 201/2011 (so-called 'Salva Italia') entrusted ARERA with the regulatory and control competences in
the SII. The Authority has introduced significant innovations, providing for Consolidated Texts on tariff
preparation, technical and contractual quality, user fee structure, arrears, social bonus and metering
rules.
The SII is applied art. 34 of Law Decree 179/2012 supplemented by Law 115/2015 (Article 8, paragraph
1), which establishes mandatory principles for local authorities for the award of services and regulates
the transitional period of pre-existing awards validly absent. In particular, it is envisaged that the award
of services provided by listed companies and subsidiaries of listed companies (such as those held by
subsidiaries of A2A S.p.A.) will cease upon expiry of the service contract or other acts governing the
relationship.
LD 133/2014 (\u201cSblocca Italia\u201d Decree) provided that, at the time of first application, the EGA, in order to
ensure the achievement of the principle of single management within the ATO, provide for the award
to the single operator of the area at the end of the existing management, operating on the basis of
an award approved in accordance with the legislation pro tempore in force and not declared ceased
pursuant to law. The legislator provided for certain exceptions to the establishment of the single
operator by the EGA: in particular, in the event that the ATO coincides with the regional territory, it is
allowed to award the SII in territorial areas, however, not less than the territory corresponding to the
provinces or metropolitan cities.
The Legislative Decree also applies to the SII. 201/2022, as it is a public network service.
The A2A Group carries out the SII activities, through its subsidiaries and safeguarded companies in
accordance with Legislative Decree 152/2006, in Brescia and in several municipalities of the province
by means of A2A Ciclo Idrico S.p.A.
9
and Lereti S.p.A. (Acinque Group) in Varese and Como, along with
several municipalities in the respective provinces
10
.
9 The Brescia EGA has begun the investigation process regarding the change in management of concessions previously
granted to A2A Ciclo Idrico S.p.A. that have expired and/or been aggregated, following liquidation of their residual value, as
defined in application of the ARERA Resolutions, to Acque Bresciane S.r.l., a fully public company established in 2017. There
are 35 Municipalities involved.
10 In 2025, the Como ATO initiated the procedure for taking over the Single Area Manager in the safeguarded concessions in
the municipalities of Como and Brunate. In the Varese ATO, the concessions of 4 municipalities (Azzate, Luvinate, Casciago
and Barasso) expired on December 31, 2024. By Resolution of the Board of Directors no. 46 of December 29, 2025, the EGA
of Varese expressed a favourable opinion with respect to the proposal shared by the two Managers to transfer \u2013 from Lereti
S.p.A. to Alfa S.r.l. \u2013 all the Municipalities managed under safeguarding (34) on a single takeover date (2032).
District heating
In Italy, there is no comprehensive legislative framework defining the way in which the district heating
service is to be awarded, since neither the national legislator nor the administrative case-law in its
rulings have unambiguously considered district heating as a local public service. However, applicable
to the service is Legislative Decree 201/2022. In Lombardy, an initial discipline is dictated by Regional
Law 26/2003. In such a poorly defined regulatory context, the local authority that considers this
service a local public service regulates it using concession schemes and, within the limits set by
Legislative Decree 201/2002 and, in previous years, by the legislation in force at the time, also
authorization schemes. In other cases, the municipalities do not assume district heating as a public
service and, therefore, regulate different aspects such as the use of the subsoil.
When district heating is assumed as a public service, the relationship between the municipality and
the operator is governed by agreements (also called service contracts) through which the granting
body regulates the service it has entrusted to the municipality. This involves a fee paid to the granting
body and clear rules for the provision of the service to users, typically for a long period of time, taking
into account the underlying investments, and also granting an exclusive management right.
Legislative Decree 102/2014 (implementing Directive 2012/27/EC on energy efficiency) granted
specific regulatory and control powers to ARERA, including in the district heating/cooling sector, in
Articles 9, 10, and 16. The subsequent amendment provided for by Article 47 bis of Law 41/2023 also
introduced cost-reflective tariff regulation.
ARERA Resolution 638/2023/R/tlr approved the TLR Tariff Method, which defines a transitional
economic regulation for 2024, based on a constraint on actual revenues calculated using the
avoided cost methodology (gas) for the end customer; subsequent Resolutions 597/2024/R/tlr
and 580/2025/R/tlr extended the effectiveness of this method for 2025 and 2026, respectively.
The Authority has also intervened, regulating various areas of the service, with the consequent
obsolescence of the previous agreements and service charters where present, including:
\u2022
price transparency through the definition of minimum contents of supply contracts and the
introduction of information obligations for operators;
\u2022
commercial quality by introducing specific obligations for operators (compliance with specific and
general levels, compensation);
\u2022
technical quality in relation to security and continuity and the quality of metering, introducing service
obligations and quality standards for the metering of energy supplied to users.
As far as the A2A Group is concerned, the service is managed by A2A Calore e Servizi S.r.l. and by
Gelsia S.r.l. (AEB Group), and for the Acinque Group by Agesp Energia S.r.l., Acinque Tecnologie
S.p.A. and Acinque Energy Greenway S.r.l.
11
The main municipalities that use the service are Bergamo,
Brescia, Milan, Cremona (as well as some municipalities in the same provinces including Crema, Sesto
San Giovanni, Cologno Monzese), Lodi, Varese, Como
12
, Lecco (here also in the municipalities of
Valmadrera and Malgrate)
13
, Monza, Seregno and Giussano.
11 Gelsia S.r.l. and Agesp Energia S.r.l. operate district heating services not under a concession but under private initiatives.
12 As of August 1, 2025, the district heating service in the Municipality of Como was entrusted, following a public tender,
to Acinque Tecnologie S.p.A.. Until July 31, 2025, the service was in any case managed by the Acinque Group through
Comocalor S.p.A..
13 The design, development, and management of district heating in the municipalities of Lecco, Malgrate, and Valmadrera is
carried out by Acinque Energy Greenway S.r.l., a company owned by Acinque Tecnologie S.p.A. (70%) and Silea S.p.A. (30%).
Public lighting
The public lighting service includes the management of systems (operation, maintenance and periodic
checks) as well as the supply of electricity to supply the lighting points, as well as the implementation
of modernization and energy requalification interventions. Even for public lighting, as for district
heating, there is no detailed regulatory framework. Local authorities that also identify this service
as a local public service of economic importance must comply with Legislative Decree 201/2022
and, therefore, entrust the service in conformity with community principles, also availing itself of the
provisions dictated by the Code of Public Contracts under Legislative Decree 36/2023.
As highlighted by the Annex to Ministerial Decree of March 28, 2018 that disciplines the \u201cMinimum
environmental criteria of public lighting services\u201d (CAM), in implementation of a general principle of
the law, the duration of the service to be awarded must be commensurate with the activities included
in the contract, the degree of economic exposure envisaged and, therefore, the time needed to
amortize the investment plan.
The A2A Group manages the public lighting service
14
through A2A Illuminazione Pubblica S.p.A. (AEB
Group) in Milan, Brescia, Bergamo, and Treviso, as well as in numerous municipalities in the provinces
of Lombardy, including Busto Arsizio, Seregno, and Cologno Monzese, along with locations in
Piedmont and some regions of southern Italy. The service is overseen by Acinque Group companies
in Monza and across multiple municipalities in the provinces of Milan, Monza-Brianza, Lecco, Varese,
and Messina (Acinque Tecnologie S.p.A.), as well as in Sondrio and certain municipalities of that
province (Reti Valtellina Valchiavenna S.r.l.).
Management of the municipal hygiene service
Environmental services are related to the case of local public services of economic importance and
the procedures for awarding them are governed by art. 202 of Legislative Decree 152/2006 and
Legislative Decree no. 201/2022. The services of collection, transport, sweeping and washing of roads,
recovery and disposal of waste are regulated by a specific service contract with the Municipality
aimed at defining the essential elements of the award including the duration of management, the
economic aspects of the contractual relationship as well as the organizational and management
methods of the service and the quantitative and qualitative levels of the services provided. In defining
the contractual relationship, the Body takes into account the achievement of objectives of efficiency,
effectiveness and cost-effectiveness of the service.
Budget Law 2018 entrusted ARERA with the regulatory and control powers in the waste sector,
including mixed, urban and assimilated waste: Resolution 389/2023/R/rif defined the criteria for the
recognition of the efficient operating and investment costs of the integrated waste service for the
period 2024-2025 (MTR-2), setting the criteria for defining the access tariffs to the treatment plants
of mixed waste and OFMSW. With Resolution 397/2025/R/rif, the Authority approved the tariff method
for the third regulatory period 2026-2029 (MTR-3). In addition, Resolution 15/2022/R/rif introduced
the Consolidated Act for the regulation of the quality of municipal waste management for the period
2023-2025, providing for a set of contractual and technical quality obligations, minimum and
homogeneous for all management.
14 Inclusive for some municipalities also the management of traffic lights and votive lamps.
Lombardy Region has organized integrated waste management using the provisions of art. 200,
paragraph 7, of Legislative Decree 152/2006, i.e. without the establishment of any Optimal Territorial
Ambit (ATO) and attributing to the Municipalities the competences for entrusting the service, which
they exercise individually or in associated form. In addition, with Council Resolution XII/2373 of May
20, 2024 (in continuity with what it had already established), the Region complied with the provisions
of ARERA Resolution no. 363/2021/R/rif, declaring the treatment plants for mixed waste and OFMSW
to be 'additional' (i.e., whose access fees are not determined by ARERA). The Region has, however,
strengthened the monitoring obligations of plant operators, reserving the possibility of revising said
declaration during the biennial updating of tariffs and following any changes in market conditions and
the adoption of the National Waste Management Plan.
ARERA published Resolution no. 385/2023/R/rif on the adoption of the \"Standard scheme of the
service contract for the regulation of relations between entrusting bodies and managers of the
municipal waste service\", defining the minimum essential contents required by current legislation,
without prejudice to the contractual autonomy of the Parties in regulating further contents, in
compliance with current legislation and regulatory measures. Resolution 596/2024/R/rif also
approved 'the standard framework for the call for tenders'.
The urban hygiene service is provided by Amsa S.p.A. and by Aprica S.p.A., subsidiaries of A2A
Ambiente S.p.A., by Gelsia Ambiente S.r.l. (AEB Group) and by Acinque Ambiente S.r.l. (Acinque
Group). The main awards concern Lombardy (municipalities of Milan
15
, Brescia, Bergamo, Como,
Cremona and Lodi with different deadlines based on the deeds governing the relationship with the
individual municipalities) and East Liguria and in Valle d\u2019Aosta
16
.
15 Following the award of the tender for the management of the urban hygiene service in the Municipality of Milan, Amsa S.p.A.
is the holder of the new assignment commenced on September 28, 2024 for a duration of seven years and with the provision
of an option to extend for a further two years.
16 Aprica S.p.A. was also awarded the tender launched by the CSEA Consortium (53 municipalities in the Province of Cuneo \u2013
Piedmont), with the start of the service scheduled for April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48220": { "value": "
5) Financial risk management
The A2A Group operates in the electricity, natural gas and district heating industry and is exposed to
various financial risks in performing its activity:
\u2022
commodity risk;
\u2022
interest rate risk;
\u2022
exchange rate risk not related to commodities;
\u2022
liquidity risk;
\u2022
credit risk;
\u2022
equity risk;
\u2022
default and covenant non-compliance risk.
The commodity price risk, related to the volatility of energy commodity prices (gas, electricity, fuel oil,
coal, etc.) and prices of environmental securities (EUA/ETS emission rights, green certificates, white
certificates, etc.), consists of the possible negative effects that a change in the market price of one or
more commodities may have on the cash flows and income prospects of the company, including the
exchange rate risk related to the same commodities.
Interest rate risk is the risk of additional financial costs as the result of an unfavourable change in
interest rates.
Currency risk not related to commodities is the risk of higher costs or lower revenues because of an
unfavourable change in exchange rates between currencies.
Liquidity risk is the risk that financial resources will not be sufficient to meet established financial and
business obligations in a timely manner.
Credit risk is the exposure to potential losses deriving from non-performance of commitments by
commercial, trading and financial counterparties.
Equity risk is the possibility of incurring losses due to an unfavourable change in the price of shares.
Default and covenant non-compliance risk represent the possibility that loan agreements or bond
regulations to which one or more Group companies are party contain provisions allowing the
counterparties, banks or bondholders, to ask the debtor for immediate reimbursement of the amounts
lent if certain events take place.
Details on the risks to which the A2A Group is exposed are provided below.
a. Commodity risk
a.1) Commodity price risk and exchange rate risk involved in commodity
activities
The Group is exposed to price risk, including the related currency risk, on all of the energy
commodities that it handles, namely electricity, natural gas, heat, coal, fuel oil and environmental
certificates; the results of production, purchases and sales are similarly affected by fluctuations in
the prices of such energy commodities. These fluctuations act both directly and indirectly, through
formulas and indexing in the pricing structure.
To stabilize cash flows and to assure the Group\u2019s economic and financial stability, A2A S.p.A. has an
Energy Risk Policy that sets out clear guidelines to manage and control the above risks, based on
guidance by the Committee of Chief Risk Officers Organizational Independence and Governance
Working Group (\u201cCCRO\u201d) and the Group on Risk Management of Euroelectric. Reference was also
made to the Accords of the Basel Committee on bank supervision and the requirements laid down in
international accounting standards on how to recognize the volatility of commodity price and financial
derivatives in the income statement and balance sheet.
In the A2A Group, assessment of this kind of risk is centralized at the holding company, which has
established a Group Risk Management Unit. This unit has the task to manage and monitor market and
commodity risks, to create and evaluate structured products, to propose financial energy risk hedging
strategies, and to support senior management in defining the Group\u2019s energy risk management policies.
Each year, the Board of Directors of A2A S.p.A. sets the Group\u2019s commodity risk limits approving the
PaR and VaR proposed (prepared in the Risk Committee) in conjunction with approval of the Budget/
Business Plan; Group Risk Management supervises the situation to ensure compliance with these
limits and proposes to senior management the hedging strategies designed to bring risk within the set
limits, if exceeded.
The activities that are subject to risk management include all of the positions on the physical market
for energy products, both purchasing/production and sales, and all of the positions in the energy
derivatives market taken by Group companies.
For the purpose of monitoring risks, industrial and trading portfolios have been separated and are
managed in different ways. The industrial portfolio consists of the physical and financial contracts
directly relating to the Group\u2019s industrial operations, namely where the objective is to enhance
production capacity also through the wholesaling and retailing of gas, electricity and heat.
The trading portfolio comprises all contracts, both physical and financial, entered into to supplement
the profits made from the industrial activities, i.e. all contracts that are ancillary though not strictly
necessary to the industrial activity.
In order to identify trading activity, the A2A Group follows the Capital Adequacy Directive and the
definition of assets held for trading provided by International Accounting Standard (IFRS) 9: namely
assets held for the purpose of short-term profit taking on market prices or margins, without being for
hedging purposes, and designed to create a high-turnover portfolio.
Given that they exist for different purposes, the two portfolios have been segregated and are
monitored separately with specific tools and limits. More specifically, the trading portfolio is subject to
particular risk control and management procedures as laid down in Deal Life Cycle documents.
Senior management is systematically updated on changes in the Group\u2019s commodity risk by the
Group Risk Management Unit, which controls the Group\u2019s net exposure. This is calculated centrally on
the entire asset and contract portfolio and monitors the overall level of economic risk assumed by the
industrial and trading portfolios (Profit at Risk - PaR, Value at Risk - VaR, Stop Loss).
a.2) Commodity derivatives, analysis of transactions
Derivatives of the industrial portfolio considered hedges
The hedging of price risk by means of derivatives focuses on protecting against the volatility of energy
prices on the power exchange (IPEX-EEX), stabilizing electricity price margins on the wholesale market
with particular attention being paid to fixed price energy sales and purchases and stabilizing price
differences deriving from various indexing mechanisms for the pricing of gas and electricity. To that
end, hedging contracts were executed during the year on electricity purchase and sale agreements
and on contracts to hedge the fee for the use of electricity transport capacity between the areas of
the IPEX market (CCC contracts); hedging contracts were also concluded for the purchase and sale of
gas so as to protect sales margins and at the same time keep the risk profile to within the limits set by
the Group\u2019s Energy Risk Policy.
As part of the optimization of the portfolio of greenhouse gas emission allowances (see Directive
2003/87/EC), the A2A Group has stipulated Future contracts on the ICE ECX (European Climate
Exchange) price. Future contracts were also entered into on the EEX stock exchange price of the
Guarantees of Origin (GO).
These are considered hedging transactions from an accounting point of view in the event of
demonstrable surplus/deficit quotas.
The fair value at December 31, 2015 was 1.7 million euro (-11.2 million euro at December 31, 2024).
Derivatives of the industrial portfolio not considered hedges
Also with a view to optimizing the Industrial Portfolio, Option contracts have been entered into on the
price of electricity with delivery in Italy, Futures and Forward contracts on the price of Gas and Futures
contracts on the ICE ECX (European Climate Exchange) stock exchange price. These do not qualify as
hedging transactions from an accounting point of view as they fail to meet the requirement set out in
the accounting standards.
The fair value at December 31, 2015 was -0.4 million euro (-0.5 million euro at December 31, 2024).
Derivatives of the Trading Portfolio
As part of its trading activity, the A2A Group has taken out Future contracts on major European energy
stock exchanges (EEX, ICE) and Forward, Swap and Option contracts on the price of electricity with
delivery in Italy and neighbouring countries such as France, Germany and Switzerland. The Group
has also entered into Future and Forward contracts on the ICE ECX (European Climate Exchange)
stock exchange price and Future contracts on the EEX stock exchange price of the GO. Also as part
of trading activities, Future, Forward and Option contracts were also stipulated for the market price of
gas (ICE-Endex, CEGH, PEGAS).
The fair value at December 31, 2015 was -51.9 million euro (110.2 million euro at December 31, 2024).
a.3) Energy Derivatives, risk assessment of Industrial Portfolio derivatives
PaR
1
or Profit at Risk, is used to assess the impact that fluctuations in the market price of the
underlying have on the financial derivatives taken out by the A2A Group that are attributable to
the industrial portfolio. It is the change in the value of a financial instruments portfolio within set
probability assumptions as the result of a shift in the market indices. The PaR is calculated using the
Montecarlo Method (at least 10,000 trials) and a 99% confidence level. It simulates scenarios for each
relevant price driver depending on the volatility and correlations associated with each one, using as
the central level the forward market curves at the balance sheet date, if available. By means of this
method, after having obtained a distribution of probability associated with changes in the result of
outstanding financial contracts, it is possible to extrapolate the maximum change expected over a
time horizon given by the accounting period at a set level of probability. Based on this methodology,
over the time horizon of the accounting period and in the event of extreme market movements and at a
99% confidence level, the expected maximum negative change in financial derivatives outstanding at
December 31, 2025 was 55.997 million euro (100.380 million euro at December 31, 2024).
The following are the results of the simulation with the related maximum variances:
\u00a0\u00a0\u00a0\u00a0
millions of euro
Profit at Risk (PaR)\u00a012.31.2025\u00a012.31.2024
Worst case\u00a0Best case\u00a0Worst case\u00a0Best case
Confidence level 99%(55.997)93.292(100.380)139.448
The A2A Group therefore expects, with a 99% probability, not to have changes compared to the
fair value at December 31, 2025 exceeding 55.997 million euro of its entire portfolio of financial
instruments due to commodity price fluctuations in the 12 months following. If there are any negative
changes in the fair value of hedge derivatives, these would be compensated by changes in the
underlying physical.
a.4) Energy Derivatives, risk assessment of Trading Portfolio derivatives
VaR
2
(Value at Risk) is used to assess the impact that fluctuations in the market price of the underlying
have on the financial derivatives taken out by the A2A Group that are attributable to the trading
1 Profit at Risk: statistical measurement of the maximum potential negative deviation of the margin of an asset portfolio in case of unfavourable
market changes over a given time horizon and with a defined confidence interval.
2 Value at Risk: statistical measurement of the maximum potential drop in the fair value of an asset portfolio in the event of unfavourable
movements in the market with a given time horizon and confidence level.
portfolio. It is the negative change in the value of a financial instruments portfolio within set probability
assumptions as the result of an unfavourable shift in the market indices. VaR is calculated using
the RiskMetrics method with a holding period of 3 days and a confidence level of 99%. Alternative
methods are used for contracts where it is not possible to perform a daily estimate of VaR such as
stress test analysis
Based on this method, in the case of extreme market movements, with a confidence level of 99% and a
holding period of 3 days, the maximum estimated loss on the derivatives in question was 1.359 million
euro at December 31, 2025 (1.088 million at December 31, 2024). In order to ensure closer monitoring
of activities, VaR and Stop Loss (the sum of VaR, P&L Realized and P&L Unrealized) limits are also set.
The following are the results of the assessments:
millions of euro
Value at Risk (VaR)\u00a012.31.2025\u00a012.31.2024
VaR\u00a0Stop Loss\u00a0VaR\u00a0Stop Loss
Confidence level 99%, holding period 3 days\u00a0(1.359)\u00a0(1.359)\u00a0(1.088)\u00a0(1.088)
b. Interest rate risk
The Group is exposed to the risk that changes in the interest rate curve result in changes
in economic results, cash flows and the value of assets and liabilities measured at fair value. The
volatility of financial expenses associated to the performance of interest rates is monitored and
mitigated through a policy of interest rate risk management aimed at identifying a balanced mix of
fixed-rate and variable rate loans and the use of derivatives that limit the effects of fluctuations in
interest rates.
The book value and type of gross debt at December 31, 2025 are shown in the table below:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
millions of euro
12.31.2025\u00a012.31.2024
Before
hedging
After
hedging
% after
hedging
Before
hedging
After
hedging
% after
hedging
Fixed rate\u00a05,969 \u00a05,778\u00a0\u00a080% \u00a05,468\u00a05,714\u00a079%
Variable rate\u00a01,291 \u00a01,482 \u00a020% \u00a01,804\u00a01,558\u00a021%
Total7,260 7,260 100%7,2727,272100%
At December 31, 2025, the following are the hedging instruments for interest rate risk:
\u00a0
\u00a0
millions of euro
Hedging instrument\u00a0Hedged asset\u00a0at 12.31.2025\u00a0at 12.31.2024Fair value\u00a0Notional\u00a0Fair value\u00a0Notional
IRS\u00a0Floating rate loan \u00a01.5\u00a0217.0 2.9\u00a0321.2
IRS\u00a0Fixed rate bonds\u00a0(1.7) \u00a0475.0\u00a0-\u00a0-
Total\u00a0(0.2) \u00a0692.0 2.9\u00a0321.2
With reference to the accounting treatment, hedging derivatives for interest rate risk can be classified
as follows:
millions of euro
Accounting
treatment
Type of
derivatives
Financial assets\u00a0Financial liabilitiesNotional at\u00a0Fair value at\u00a0Notional at\u00a0Fair value at
12.31.25\u00a012.31.24\u00a012.31.25\u00a012.31.24\u00a012.31.25\u00a012.31.24\u00a012.31.25\u00a012.31.24
Cash flow
hedge\u00a0		IRS\u00a0-\u00a0-\u00a0-\u00a0-\u00a0217.0 \u00a0321.2\u00a01.5 \u00a02.9
Fair value
hedge\u00a0		IRS\u00a0-\u00a0-\u00a0-\u00a0-\u00a0475.0\u00a0\u00a0-\u00a0(1.7) \u00a0-
Total\u00a0\u00a0\u00a0-\u00a0-\u00a0-\u00a0-\u00a0692.0 \u00a0321.2\u00a0(0.2)\u00a02.9
With reference to the accounting treatment of fair value hedge derivatives and the hedged item,
the following table shows the net gains and losses recognized in the income statement for the part
attributable to interest rate risk:
millions of euro
2025
Net profits/(losses)
2024
Net profits/(losses)
Fair value hedge instruments\u00a0(1.7)\u00a0-
Hedged item\u00a02.3\u00a0-
Derivatives on interest rates at December 31, 2025 in cash flow hedge refer to the following loans:
Loan\u00a0Derivative\u00a0Accounting
ACINQUE variable rate bank loan,
maturing on August 2029, has a
remaining balance of 100 million
euro at December 31, 2025.
IRS on 100% of the amount of the
loan until December 2027.
At December 31, 2025, the fair value
was positive for 0.2 million euro.
The loan is measured at amortized
cost.
The IRS is a cash flow hedge, with
100% recognized in a specific
equity reserve.
VOLTA GREEN ENERGY variable
rate bank loan, maturity December
2026, residual debt at December 31,
2025 of 0.3 million euro.
IRS on 100% of the amount of the
loan until maturity thereof.
At December 31, 2025, the fair value
was positive for 0.0 million euro.
The loan is measured at amortized
cost.
The IRS is a cash flow hedge, with
100% recognized in a specific
equity reserve.
LA CASTILLEJA ENERGIA variable
rate bank loan, maturity December
2034, residual debt at December 31,
2025 of 22.3 million euro.
IRS on 75% of the amount of the loan
until December 2030.
At December 31, 2025, the fair value
was positive for 1.4 million euro.
The loan is measured at amortized
cost.
The IRS is a cash flow hedge, with
100% recognized in a specific
equity reserve.
A2A variable rate bank loan, maturity
September 2031, residual debt at
December 31, 2025 of 100 million
euro.
IRS on 100% of the amount of the
loan until October 2026.
At December 31, 2025, the fair value
was negative for 0.1 million euro.
The loan is measured at amortized
cost.
The IRS is a cash flow hedge, with
100% recognized in a specific
equity reserve.
Derivatives on interest rates at December 31, 2025 in Fair value hedge refer to the following bond:
Bond\u00a0Derivative\u00a0Accounting
A2A fixed rate bond, maturity
September 2030, residual debt at
December 31, 2025 of 650 million
euro.
IRS on 12% of the amount of the
bond until maturity thereof.
At December 31, 2025, the fair value
was negative for 0.8 million euro.
The portion of the hedged bond is
measured at fair value.
The change in the fair value
measurement of the IRS is
recognized in the income statement.
A2A fixed rate bond, maturity
September 2030, residual debt at
December 31, 2025 of 650 million
euro.
IRS on 15% of the amount of the
bond until maturity thereof.
At December 31, 2025, the fair value
was negative for 0.7 million euro.
The portion of the hedged bond is
measured at fair value.
The change in the fair value
measurement of the IRS is
recognized in the income statement.
A2A fixed rate bond, maturity
January 2035, residual debt at
December 31, 2025 of 500 million
euro.
IRS on 20% of the amount of the
bond until maturity thereof.
At December 31, 2025, the fair value
was negative for 0.2 million euro.
The portion of the hedged bond is
measured at fair value.
The change in the fair value
measurement of the IRS is
recognized in the income statement.
A2A fixed rate bond, maturity
January 2035, residual debt at
December 31, 2025 of 500 million
euro.
IRS on 20% of the amount of the
bond until maturity thereof.
At December 31, 2025, the fair value
was negative for 0.1 million euro.
The portion of the hedged bond is
measured at fair value.
The change in the fair value
measurement of the IRS is
recognized in the income statement.
A2A fixed rate bond, maturity
January 2035, residual debt at
December 31, 2025 of 500 million
euro.
IRS on 20% of the amount of the
bond until maturity thereof.
At December 31, 2025, the fair value
was negative for 0.01 million euro.
The portion of the hedged bond is
measured at fair value.
The change in the fair value
measurement of the IRS is
recognized in the income statement.
The Group performs sensitivity analysis by estimating the effects on the value of financial statement
items relating to the portfolio of financial instruments deriving from changes in the level of interest rates.
In particular, the sensitivity analysis measures the potential impact on the Income Statement and
shareholders' equity of different market scenarios that would determine the change in fair value of
derivative financial instruments and the change in financial expenses related to the portion of gross
debt not hedged.
These market scenarios are obtained by shifting the reference interest rate curve at the reporting date
up and down in parallel.
Keeping all other variables constant, the pre-tax result would be influenced by changes in the level of
interest rates as follows:
millions of euro
Effect on the Income
Statement
(before tax)
Effect on Equity
(before tax)
-50 bps\u00a0+50 bps\u00a0-50 bps\u00a0+50 bps
Change in financial expenses on gross variable-rate debt after
hedging\u00a0		4.4 \u00a0(4.4) \u00a0-\u00a0-
Change in fair value of financial instruments at fixed rate after
hedging\u00a0		(14.9)\u00a014.9\u00a0-\u00a0-
Change in fair value of derivative financial instruments classified
as non-hedge\u00a0		-\u00a0-\u00a0-\u00a0-
Change in fair value of derivative financial instruments
classified as hedge (excluding BCVA as per IFRS 13):\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Cash flow hedge\u00a0-\u00a0-\u00a0(1.2)\u00a01.0
Fair value hedge\u00a016.0\u00a0(15.3)\u00a0-\u00a0-
c. Exchange rate risk not related to commodities
The Group is exposed to the risk that changes in exchange rates with respect to the currency of
account may lead to changes in its results of operations and cash flows. In relation to exchange rate
risk other than that included in the price of commodities, the hedging instrument at December 31,
2025 is as follows:
millions of euro
Hedging instrument\u00a0Hedged asset\u00a0at 12.31.2025\u00a0at 12.31.2024
Fair value\u00a0Notional\u00a0Fair value\u00a0Notional
Cross Currency IRS\u00a0Fixed rate bond in foreign
currency
(34.1)\u00a098.0\u00a0(18.5)\u00a098.0
Total\u00a0(34.1)\u00a098.0\u00a0(18.5)\u00a098.0
With regard to the accounting treatment, it is specified that the hedging derivative above is in cash
flow hedge with full recognition in the equity reserve.
In particular, the underlying of the Cross Currency IRS derivative refers to the bond at fixed rate of 14
billion yen with maturity 2036 bullet issued in 2006.
A cross currency swap contract was stipulated for the entire duration of this bond, which converts the
principal and interest payments from yen into euro.
At December 31, 2025, the fair value of the hedge was negative for 34.1 million euro.
It should be noted that a 10% positive shift in the EURJPY forward curve, with a consequent
depreciation of the JPY, would result in a worsening of the fair value and, consequently, of the impact
on shareholders' equity of 3.9 million euro. Conversely, a 10% negative shift in the EURJPY forward
curve, resulting in an appreciation of the JPY, would result in an improvement in fair value of 9.8 million
euro.
This sensitivity analysis was performed with the aim of calculating the effect of changes in the forward
curve of the euro/yen exchange rate on the fair value ignoring any impact on the adjustment due to
the BCVA.
d. Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its obligations in a timely manner or that it is
able to do so under unfavourable economic conditions due to situations of tension or systemic crisis
or to the changed perception of its riskiness by the market. This risk includes: i) the risk related to the
company's inability to raise new funds (Funding Risk) and, ii) the risk related to the company's inability
to liquidate assets on the market in a timely manner and at market conditions (Liquidity Market Risk).
One of the main factors influencing the market's perceived riskiness is the creditworthiness of A2A
assigned by rating agencies. This judgement plays a very important role because it influences
the ability of A2A to access sources of financing as well as the related costs. A deterioration in
creditworthiness could lead to a limitation of access to the capital market and/or financing costs with
a negative impact on the economic, financial and equity situation. A2A has a medium- and long-term
rating of BBB (stable outlook) with S&P and Baa2 (positive outlook) with Moody\u2019s.
The profile of the Group's gross debt maturities is as follows:
millions of euro
Accounting
Balance
Portions
maturing
Portions
maturing
Portions maturing by
12.31.2025
within 12
months
beyond 12
months
12/31/2027 \u00a012/31/2028 \u00a012/31/2029 \u00a031
December
2030
after
Bonds\u00a05,714 \u00a0668 \u00a05,046 \u00a0299 \u00a0498 \u00a0398 \u00a0799 \u00a03,052
Financial payables
for rights of use*		\u00a0230 \u00a040 \u00a0190 \u00a024 \u00a022 \u00a017 \u00a013\u00a0114
Loans from banks
and other lenders		\u00a01,316 \u00a0336 \u00a0980 \u00a0117 \u00a0113 \u00a097 \u00a074\u00a0\u00a0579\u00a0
Total\u00a07,260 \u00a01,044 \u00a06,216 \u00a0440 \u00a0633 \u00a0512 \u00a0886 \u00a03,745\u00a0
It does not include fair value derivatives included in the net financial position.
*Including finance leases
The risk management policy, both in the short and medium/long term, is realized through (i) a debt
management strategy diversified by funding sources with a balanced maturity profile, (ii) access to
various sources of financing in terms of market and counterparty and (iii) maintenance of financial
resources, consisting of both liquidity and committed credit lines, sufficient to meet expected and
unexpected commitments over a given time horizon.
At December 31, 2025, the Group had a total of 3,724 million euro, as follows:
\u2022
committed revolving credit lines of the Parent Company of 1,780 million euro, of which: a) 800 million
euro maturing in 2026, b) 200 million euro maturing in 2028 and c) 780 million euro maturing in
2030, unused;
\u2022
revolving committed credit lines by Acinque S.p.A. for 65 million euro;
\u2022
cash and cash equivalents totalling 1,879 million euro, including 1,711 million euro at the Parent
Company level.
A2A also maintains a Bond Issuance Programme (Euro Medium Term Note Programme), which
includes a base prospectus approved by the National Commission for Companies and the Stock
Exchange (CONSOB). The total size is 7 billion euro; at December 31, 2025, there are 1,395 million euro
available.
Over the years, A2A has undertaken a process of bond issuance with ESG characteristics, in the form
of Green Bonds, European Green Bonds, Blue Bonds and Sustainability-Linked Bonds (SLB). For A2A,
the failure to meet certain sustainability KPI (ESG) targets can lead to an increase in the financing
costs of the SLB to which these KPIs are linked. Similarly, failure to realize investments financed with
Green/Blue Bonds may result in a risk of lack of access to certain sources of financing.
In relation to the Sustainability-Linked Bond, issued in 2021 with a term of 10 years and a KPI
concerning the Scope 1 CO
2
emission factor, at December 31, 2025, this KPI has been exceeded. As a
result, the coupon of the Bond remains unchanged.
The following table represents the repayment schedule of financial liabilities (excluding payables for
rights of use and including trade payables). The amounts shown in the table are future cash flows,
nominal and non-discounted, determined with reference to the remaining contractual maturities, for
the principal and interest portions. The undiscounted nominal flows of derivative contracts on interest
rates are also included. Finally, any revocable financial lines used and current accounts payable are
due within the next financial year.
millions of euro
Figures at 12.31.2025\u00a01 to 3 months\u00a04 to 12 months\u00a0beyond 12 months
Bonds\u00a050 \u00a0680\u00a05,827
Loans from banks and other lenders\u00a015 \u00a0333 \u00a01,168
Total financial flows\u00a065\u00a01,013 \u00a06,995
Payables to suppliers\u00a0836\u00a042\u00a011
Total trade flows\u00a0836\u00a042\u00a011
Figures at 12.31.2024 \u00a01 to 3 months\u00a04 to 12 months\u00a0beyond 12 months
Bonds\u00a0337 \u00a067 \u00a05,093
Loans from banks and other lenders\u00a018 \u00a0172 \u00a01,818
Total financial flows\u00a0355\u00a0239 \u00a06,911
Payables to suppliers\u00a0712\u00a040\u00a09
Total trade flows\u00a0712\u00a040\u00a09
e. Credit risk
Credit risk relates to the possibility that a counterparty, commercial or trading, may be in default, or fail
to respect its commitment in the manner and timing provided by contract. This type of risk is managed
by the Group through specific procedures (Credit Policy, Energy Risk Management procedure) and
appropriate mitigation actions.
This risk is overseen by both the Credit Management function allocated centrally (and the
corresponding functions of the operating companies) and the Group Risk Management Organizational
Unit responsible for supporting the Group companies with reference to both commercial and trading
activities. Risk mitigation is through the prior assessment of the creditworthiness of the counterparty
and the constant verification of compliance with exposure limit as well as through the request for
adequate guarantees.
The credit terms granted to customers as a whole have a variety of deadlines, in accordance with
applicable law and market practice. In cases of delayed payment, default interest is charged as
explicitly prescribed by the underlying supply contracts or by current law (application of the default
rate as per Legislative Decree 231/2002).
Trade receivables are stated in the balance sheet net of any write-downs; the amount shown is
considered to be a correct reflection of the realizable value of the receivables portfolio. For the aging
of trade receivables, reference is made to note 7 \"Trade receivables\".
f. Equity risk
The A2A Group is exposed to equity risk limited to the holding of treasury shares held by A2A S.p.A.,
which at December 31, 2025 amounted to 4,147,087 shares corresponding to 0.1324% of the share
capital, which is made up of 3,132,905,277 shares.
From an accounting standpoint, as provided by IAS/IFRS, the purchase cost of treasury shares is
recorded as decrease in shareholders' equity and not even if transferred will the eventual positive or
negative difference, with respect to the purchase cost, have effects on the income statement.
g. Covenants non-compliance risk
Bonds, loans, leases and committed revolving bank lines present terms and conditions in line with
market practice for each type of instrument. In particular, they envisage:
\u2022
negative pledge clauses whereby the parent company undertakes not to pledge its assets and those
of its material subsidiaries (as defined in the relevant documentation from time to time), subject to
certain exceptions and a maximum permitted threshold, specifically identified;
cross-default clauses, whereby, in the event of an event of default (exceeding specific materiality
thresholds) on a specific financial indebtedness of the parent company and, in some cases, its
material subsidiaries (as defined in the relevant documentation from time to time), a default also
occurs on other loans or financial debt of the parent company that may become immediately due;
\u2022
pari passu clauses, whereby the parent company's bonds and financial obligations have the same
level of seniority as its other present and future non-secured and non-subordinated bonds or
financial obligations.
The bonds issued by A2A S.p.A. include (i) senior unsecured bonds for a nominal amount of 5,605
million euro (book value at December 31, 2025 equal to 5,636 million euro) issued under the EMTN
Programme, which provide investors with a Relevant Event Put option in the event of a change of
control of the parent company (Change of Control) or loss of a relevant concession (Concession
Event), which would result in a consequent downgrade of the rating to sub-investment grade within
the following 180 days (if the company's rating were to return to investment grade within these 180
days, the option cannot be exercised); (ii) a privately placed yen-denominated bond maturing in 2036
for a nominal amount of 98 million euro (book value at December 31, 2025 of 78 million euro) which
includes a put option in favour of the investor in the event that the parent company's rating is lower
than BBB- or equivalent level (sub-investment grade).
In June 2024, A2A S.p.A. issued its first \"hybrid\" subordinated perpetual bond with a nominal value of
750 million euro. This bond is characterized by its potentially perpetual duration (with the obligation
to be redeemed only in the event of certain events, including, inter alia, the dissolution or liquidation
of the company) and by its subordination, according to which the instrument is subordinated to all of
the company's financial debts and has a level of \"seniority\" superior only to that of ordinary shares or
other financial instruments qualifying as \"equity\".
The loans stipulated by A2A S.p.A. with the European Investment Bank (EIB), for a total nominal debt
of 581 million euro and a book value of 585 million euro, of which 277 million have a maturity of more
than five years, include: i) a credit rating clause (if rated lower than BBB- or equivalent sub-investment
grade) that provides for the obligation of A2A to inform EIB in the event of a rating downgrade and,
in such circumstance, the right of EIB to request additional guarantees from A2A and, where such
guarantees are not provided or are not satisfactory to EIB, the right to request early repayment of the
loan, and ii) a change of control clause of the parent company, with the right for the bank to invoke,
subject to notice to the company containing the reasons, early repayment of the loan.
A loan of the subsidiary Agripower (formerly Fragea), whose residual debt at December 31, 2025 was
0.9 million euro, is secured by collateral on the property and plant financed.
The committed revolving bank lines of A2A S.p.A., for a total of 1,780 million euro, provide a Change
of Control clause which, in the event of a change of control of the parent company causing a Material
Adverse Effect, allows the majority of banks lending the line to request the line to be extinguished and
any amounts drawn down to be repaid.
Some ACINQUE, and LA CASTILLEJA ENERGIA bank loans include financial covenants, as shown in
the relevant table.
A2A Group - Financial covenants at December 31, 2025
Company\u00a0Lender\u00a0Level of reference\u00a0Level
recognized
Date of
recognition
ACINQUE\u00a0EIBAvailable cash flow/net financial debt >= 14.0%\u00a033.16%\u00a012/31/25
Financial debt/equity <= 75.0%\u00a050.50% \u00a012/31/25
Net financial debt/Ebitda <= 3.0\u00a01.96x \u00a012/31/25
ACINQUE
Cassa Centrale
Banca - Credito
Cooperativo
Italiano S.p.A.
Net financial debt/Ebitda <= 4.0\u00a01.96x \u00a012/31/25
Net financial debt/Equity <= 1.0\u00a036.65% \u00a012/31/25
ACINQUE \u00a0Banca Sella\u00a0Net financial debt/Ebitda <= 4.0\u00a01.74x \u00a012/31/25
ACINQUE
POOL 100
million euro
Net financial debt/Ebitda <= 4.0\u00a01.97x \u00a012/31/25
ACINQUE
POOL ICCREA
30 million euro
Net financial debt/Ebitda <= 4.0\u00a01.96x \u00a012/31/25
LA CASTILLEJA
ENERGIA
CaixaBank
Debt Service Coverage Ratio >= 1.05x or not
<1.10x for four consecutive Calculation Dates
1.23x\u00a012/31/25
Senior Debt / Equity ratio <= 85%\u00a074% \u00a012/31/25
Analysis of forward transactions and derivatives
Tests were performed to determine whether these transactions qualify for hedge accounting in
accordance with International Accounting Standard IFRS 9.
In particular:
1) transactions qualifying for hedge accounting under IFRS 9:
\u00a0\u00a0\u00a0can be analysed between transactions to hedge cash flows (cash flow hedges) and transactions to
hedge fair value of assets and liabilities (fair value hedges). For the cash flow hedges, the accrued
result is included in gross operating margin when realized on commodity derivatives and in the
financial balance for interest rate and currency derivatives, whereas the future value is shown in
equity. For fair value hedge transactions, the impacts in the income statement are recorded within
the same line of the financial statements.
2) transactions not considered as hedges for the purposes of IFRS 9, can be:
\u00a0\u00a0a. margin hedges: for all hedging transactions of cash flows or the market value in line with internal
risk policies, the accrued result and future value are included in gross operating margin for
commodity derivatives and in the financial balance for interest rate and currency derivatives;
\u00a0\u00a0b. trading transactions: the accrued result and future value are recognized above gross operating
margin for commodities transactions and in financial income and expense for interest rate and
currency transactions.
The use of derivatives in the A2A Group is governed by a coordinated set of procedures (Energy Risk
Policy, Deal Life Cycle) which are based on industry best practices and designed to limit the risk of the
Group being exposed to commodity price fluctuations, based on a cash flow hedging strategy.
The derivatives are measured at fair value based on the forward market curve at the balance sheet
date, if the asset underlying the derivative is traded on markets with a forward pricing structure. In
the absence of a forward market curve, fair value is measured on the basis of internal estimates using
models that refer to industry best practices.
The A2A Group uses \u201ccontinuous-time\u201d discounting to measure fair value. As a discount factor, it
uses the interest rate for risk-free assets, identified in the Euro Overnight Index Average (EONIA)
rate and represented in its forward structure by the Overnight Index Swap (OIS) curve. The fair value
of the cash flow hedges has been classified on the basis of the underlying derivative contracts in
accordance with IFRS 9.
In compliance with the provisions of IFRS 13, the fair value of an over-the-counter (OTC) financial
instrument is determined taking into account the non-performance risk. To quantify the fair value
adjustment attributable to this risk, A2A has, in line with best market practices, developed a proprietary
model called the \u201cbilateral Credit Value Adjustment\u201d (bCVA), which takes into account changes in the
creditworthiness of the counterpart as well as the changes in its own creditworthiness.
The bCVA has two addends, calculated by considering the possibility that both counterparties go
bankrupt, known as the Credit Value Adjustment (CVA) and the Debit Value Adjustment (DVA):
\u2022
the CVA is a negative component and contemplates the probability that the counterparty will default
and at the same time that A2A has a receivable due from the counterparty;
\u2022
the DVA is a positive component and contemplates the probability that A2A will default and at the
same time that the counterparty has a receivable due from A2A.
The bCVA is therefore calculated with reference to the exposure, measured on the basis of the market
value of the derivative at the time of the default, the Probability of Default (PD) and the Loss Given
Default (LGD). This latter item, which represents the non- recoverable portion of the receivable in the
case of default, is measured on the basis of the IRB Foundation Methodology as stated in the Basel 2
accords, whereas the PD is measured on the basis of the rating of the counterparties (internal rating
based where not available) and the historic probability of default associated with this and published
annually by Standard & Poor\u2019s.
Applying the above method did not result in significant changes in fair value measurements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48221": { "value": "
d. Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its obligations in a timely manner or that it is
able to do so under unfavourable economic conditions due to situations of tension or systemic crisis
or to the changed perception of its riskiness by the market. This risk includes: i) the risk related to the
company's inability to raise new funds (Funding Risk) and, ii) the risk related to the company's inability
to liquidate assets on the market in a timely manner and at market conditions (Liquidity Market Risk).
One of the main factors influencing the market's perceived riskiness is the creditworthiness of A2A
assigned by rating agencies. This judgement plays a very important role because it influences
the ability of A2A to access sources of financing as well as the related costs. A deterioration in
creditworthiness could lead to a limitation of access to the capital market and/or financing costs with
a negative impact on the economic, financial and equity situation. A2A has a medium- and long-term
rating of BBB (stable outlook) with S&P and Baa2 (positive outlook) with Moody\u2019s.
The profile of the Group's gross debt maturities is as follows:
millions of euro
Accounting
Balance
Portions
maturing
Portions
maturing
Portions maturing by
12.31.2025
within 12
months
beyond 12
months
12/31/2027 \u00a012/31/2028 \u00a012/31/2029 \u00a031
December
2030
after
Bonds\u00a05,714 \u00a0668 \u00a05,046 \u00a0299 \u00a0498 \u00a0398 \u00a0799 \u00a03,052
Financial payables
for rights of use*		\u00a0230 \u00a040 \u00a0190 \u00a024 \u00a022 \u00a017 \u00a013\u00a0114
Loans from banks
and other lenders		\u00a01,316 \u00a0336 \u00a0980 \u00a0117 \u00a0113 \u00a097 \u00a074\u00a0\u00a0579\u00a0
Total\u00a07,260 \u00a01,044 \u00a06,216 \u00a0440 \u00a0633 \u00a0512 \u00a0886 \u00a03,745\u00a0
It does not include fair value derivatives included in the net financial position.
*Including finance leases
The risk management policy, both in the short and medium/long term, is realized through (i) a debt
management strategy diversified by funding sources with a balanced maturity profile, (ii) access to
various sources of financing in terms of market and counterparty and (iii) maintenance of financial
resources, consisting of both liquidity and committed credit lines, sufficient to meet expected and
unexpected commitments over a given time horizon.
At December 31, 2025, the Group had a total of 3,724 million euro, as follows:
\u2022
committed revolving credit lines of the Parent Company of 1,780 million euro, of which: a) 800 million
euro maturing in 2026, b) 200 million euro maturing in 2028 and c) 780 million euro maturing in
2030, unused;
\u2022
revolving committed credit lines by Acinque S.p.A. for 65 million euro;
\u2022
cash and cash equivalents totalling 1,879 million euro, including 1,711 million euro at the Parent
Company level.
A2A also maintains a Bond Issuance Programme (Euro Medium Term Note Programme), which
includes a base prospectus approved by the National Commission for Companies and the Stock
Exchange (CONSOB). The total size is 7 billion euro; at December 31, 2025, there are 1,395 million euro
available.
Over the years, A2A has undertaken a process of bond issuance with ESG characteristics, in the form
of Green Bonds, European Green Bonds, Blue Bonds and Sustainability-Linked Bonds (SLB). For A2A,
the failure to meet certain sustainability KPI (ESG) targets can lead to an increase in the financing
costs of the SLB to which these KPIs are linked. Similarly, failure to realize investments financed with
Green/Blue Bonds may result in a risk of lack of access to certain sources of financing.
In relation to the Sustainability-Linked Bond, issued in 2021 with a term of 10 years and a KPI
concerning the Scope 1 CO
2
emission factor, at December 31, 2025, this KPI has been exceeded. As a
result, the coupon of the Bond remains unchanged.
The following table represents the repayment schedule of financial liabilities (excluding payables for
rights of use and including trade payables). The amounts shown in the table are future cash flows,
nominal and non-discounted, determined with reference to the remaining contractual maturities, for
the principal and interest portions. The undiscounted nominal flows of derivative contracts on interest
rates are also included. Finally, any revocable financial lines used and current accounts payable are
due within the next financial year.
millions of euro
Figures at 12.31.2025\u00a01 to 3 months\u00a04 to 12 months\u00a0beyond 12 months
Bonds\u00a050 \u00a0680\u00a05,827
Loans from banks and other lenders\u00a015 \u00a0333 \u00a01,168
Total financial flows\u00a065\u00a01,013 \u00a06,995
Payables to suppliers\u00a0836\u00a042\u00a011
Total trade flows\u00a0836\u00a042\u00a011
Figures at 12.31.2024 \u00a01 to 3 months\u00a04 to 12 months\u00a0beyond 12 months
Bonds\u00a0337 \u00a067 \u00a05,093
Loans from banks and other lenders\u00a018 \u00a0172 \u00a01,818
Total financial flows\u00a0355\u00a0239 \u00a06,911
Payables to suppliers\u00a0712\u00a040\u00a09
Total trade flows\u00a0712\u00a040\u00a09
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48222": { "value": "
e. Credit risk
Credit risk relates to the possibility that a counterparty, commercial or trading, may be in default, or fail
to respect its commitment in the manner and timing provided by contract. This type of risk is managed
by the Group through specific procedures (Credit Policy, Energy Risk Management procedure) and
appropriate mitigation actions.
This risk is overseen by both the Credit Management function allocated centrally (and the
corresponding functions of the operating companies) and the Group Risk Management Organizational
Unit responsible for supporting the Group companies with reference to both commercial and trading
activities. Risk mitigation is through the prior assessment of the creditworthiness of the counterparty
and the constant verification of compliance with exposure limit as well as through the request for
adequate guarantees.
The credit terms granted to customers as a whole have a variety of deadlines, in accordance with
applicable law and market practice. In cases of delayed payment, default interest is charged as
explicitly prescribed by the underlying supply contracts or by current law (application of the default
rate as per Legislative Decree 231/2002).
Trade receivables are stated in the balance sheet net of any write-downs; the amount shown is
considered to be a correct reflection of the realizable value of the receivables portfolio. For the aging
of trade receivables, reference is made to note 7 \"Trade receivables\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48311": { "value": "
Instruments outstanding at December 31, 2025
a) On interest and exchange rates
The following analyses show the notional amounts of derivative contracts stipulated and not expired at
the reporting date, by maturity:
millions of euro
Notional value (a)\u00a0Value\u00a0
Balance
sheet (b)
Progressive
effect to
the Income
statement at
12.31.2025
(c)
Due within 1 year\u00a0Due in 1 to 5 years\u00a0Due over 5 years
to be
received
to be
paid
average
rate
to be
received
to be
paid
average
rate
to be
received
to be
paid
average
rate
Interest rate risk
management
cash flow hedges
as per IFRS 9
\u00a0\u00a0116\u00a093\u00a0\u00a08\u00a01.5\u00a0\u00a0-
Interest rate risk
management
hedges as fair
values
-\u00a0175\u00a02.35%\u00a0300\u00a02.86%\u00a0(1.7)
not considered
hedges as per IFRS 9\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total derivatives on
interest rates		\u00a0116\u00a0268\u00a0\u00a0308\u00a01.5\u00a0\u00a0(1.7)
Exchange rate risk
management
considered hedges as
per IFRS 9
- on commercial
transactions
- on non-commercial
transactions
98.0\u00a0(34.1)
not considered
hedges as per IFRS 9		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- on commercial
transactions		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- on \u00a0non-commercial\u00a0transactions\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Total derivatives on
exchange rates		\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a098.0\u00a0(34.1)\u00a0-
(a) Represents the sum of the notional value of the elementary contracts that derive from any dismantling of complex contracts.
(b) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at fair value.
(c) Represents the adjustment of derivatives to fair value recognized progressively over time in the Income Statement from stipulation of the
contract until the current date.
b) On commodities
The following is an analysis of the commodity derivative contracts outstanding at the balance sheet date
set up for the purpose of managing the risk of the fluctuations in the market prices of commodities.
Energy product price risk
management
Unit of
measurement
Volume by Maturity\u00a0Notional\u00a0
Value
Fair value
Due within
1 year
Due
within
two
years
Due
within
five
years
Due
after
five
years
Value
Balance
sheet (*)
Progressive
effect to
income
statement
(**)
Quantity\u00a0Millions of\u00a0
euro
Millions
of euro
Millions
of euro
A. Cash flow hedges as per
IFRS 9, including:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01.7\u00a0\u00a0-
- Electricity\u00a0TWh\u00a06.1\u00a00.1\u00a00.1\u00a063.8\u00a0(0.5)\u00a0\u00a0
- Oil\u00a0Bbl\u00a0\u00a0\u00a0\u00a0
- Coal\u00a0Tonnes\u00a0\u00a0\u00a0\u00a0
- Natural Gas\u00a0TWh\u00a0\u00a0
- Natural Gas
Millions of
cubic metres		\u00a0\u00a0
- Exchange rate
Millions of
dollars		\u00a0\u00a0\u00a0\u00a0
- CO2 emission rights\u00a0Tonnes\u00a0467,000\u00a0271,000\u00a062.5\u00a02.2 \u00a0\u00a0
- Guarantees of origin\u00a0TWh\u00a01\u00a00.4\u00a0\u00a0
B. considered fair value
hedges as per IFRS 9\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0-
C. not considered hedges as
per IFRS 9 of which\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(52.4)\u00a0(162.1)
C.1 hedge margin\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(0.4)\u00a0-
- Electricity\u00a0TWh\u00a00.4\u00a0
- Oil\u00a0Bbl
- Natural Gas\u00a0Degrees day
- Natural Gas\u00a0TWh\u00a00.8\u00a026.4\u00a0(0.5)\u00a0(0.5)
- CO2 emission rights\u00a0Tonnes\u00a0185,000\u00a07,000\u00a014.7\u00a00.1\u00a0\u00a00.1\u00a0
- Exchange rate
Millions of
dollars
C.2 trading transactions\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(52.0)\u00a0(162.1)
- Electricity\u00a0TWh\u00a063.0\u00a05.4\u00a01.1\u00a00.7\u00a06,003.3\u00a0(26.3)\u00a0(71.2)
- Natural Gas\u00a0TWh\u00a0141.3\u00a038.3\u00a014.0\u00a06,009.2\u00a0(25.2)\u00a0(90.0)
- CO2 emission rights\u00a0Tonnes\u00a018,463,314\u00a09,883,322\u00a01,878,980\u00a02,542.9\u00a03.4\u00a0\u00a03.0\u00a0
- Guarantees of origin\u00a0TWh\u00a00.1\u00a00.6\u00a00.6\u00a05.2\u00a0(3.9)\u00a0(3.9)
- \u00a0 Environmental Certificates\u00a0Tep
Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(50.7)\u00a0(162.1)
(*) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at
fair value.
(**) Represents the adjustment of derivatives to fair value recognized over time in the Income Statement from stipulation of the
contract to the present date.
Financial and operating results for derivative transactions at
December 31, 2025
Effects on the balance sheet
The following table shows the balance sheet figures at December 31, 2025, for derivative transactions.
million euro
Note
Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current assets\u00a02\u00a0\u00a0
Non-current derivative assets\u00a07\u00a02\u00a0\u00a0
Current assets\u00a0641\u00a0\u00a0
Current derivative assets\u00a010\u00a0641\u00a0\u00a0
Total assets\u00a0\u00a0\u00a0643\u00a0\u00a0
Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current liabilities\u00a036\u00a0\u00a0
Non-current derivative liabilities\u00a023\u00a036\u00a0\u00a0
Current liabilities\u00a0691\u00a0\u00a0
Current derivative liabilities\u00a025\u00a0691\u00a0\u00a0
Total liabilities\u00a0\u00a0\u00a0727\u00a0\u00a0
Effect on the income statement
The following table sets out the income statement figures at December 31, 2025 arising from the
management of derivatives.
\u00a0\u00a0\u00a0\u00a0
million euro
Note\u00a0Realised during the year\u00a0
(1)
Change in fair
value during
the year
Amounts
recognized in
the income
Revenue\u00a030\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from sales and services \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Energy product price risk management\u00a0
And exchange rate risk management on
commodities\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a05\u00a0-\u00a05
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0748\u00a0971\u00a01,719
Total revenues from sales and services\u00a0\u00a0\u00a0753\u00a0971\u00a01,724
Operating expenses\u00a031\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Expenses for raw materials and services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Energy product price risk management\u00a0
And exchange rate risk management on
commodities\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a0(10)\u00a0-\u00a0(10)
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0(293)\u00a0(1,133)\u00a0(1,426)
Total costs for raw materials and services\u00a0\u00a0\u00a0(303)\u00a0(1,133)\u00a0(1,436)
Total recognized in gross operating income (*)\u00a0\u00a0\u00a0450\u00a0(162)\u00a0288
Net finance income (expenses)\u00a036\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Finance income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate risk management and equity risk
management \u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Income on derivatives\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a0-\u00a0-\u00a0-
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0-\u00a0-\u00a0-
Total\u00a0\u00a0\u00a0-\u00a0-\u00a0-
Total finance income \u00a0\u00a0\u00a0-\u00a0-\u00a0-
Finance expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate risk management and equity risk
management \u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Expenses on derivatives\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total finance expenses \u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total recognized in financial balance\u00a01(2)(1)
(1) Made without physical delivery.
(*) The figures do not include the effect of the \"net presentation\" of the negotiation margin of trading activities
Classes of financial instruments
To complete the analyses required by IFRS 7 and IFRS 13, the following table sets out the various
types of financial instrument that are to be found in the various balance sheet items, with an indication
of the accounting policies used and, in the case of financial instruments measured at fair value, an
indication of where changes are recognized (income statement or equity).
The last column of the table shows the fair value of the instrument at December 31, 2025, where
applicable.
million euro
Type of financial instruments\u00a0Note\u00a0Financial instruments
measured at fair value with
changes recognized in:
Financial
instruments
measured at
amortized
cost
Statement
of Financial
Position
Value
Fair
value
(*)
Income
statement
Shareholders'
equity
(1)\u00a0(2)\u00a0(3)\u00a0(4)
Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Other non-current financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Financial assets measured at fair
value of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- unlisted
2\u00a02\u00a0n.d.
- listed
Financial assets held to maturity
Other non-current financial assets
165\u00a0165\u00a0165
Total other non-current financial
assets
5\u00a0167
Non-current asset derivatives
7\u00a02\u00a02\u00a02
Other non-current assets
7\u00a0120\u00a0120\u00a0120
Trade receivables
9\u00a04,454\u00a04,454\u00a04,454
Current asset derivatives
10\u00a0638\u00a03\u00a0641\u00a0641
Other current assets
10\u00a0424\u00a0424\u00a0424
Current financial assets
11\u00a024\u00a024\u00a024
Cash and cash equivalents
13\u00a01,879\u00a01,879\u00a01,879
Liabilities
Financial liabilities
Non-current and current bonds
19 and 26\u00a01,143\u00a076\u00a04,495\u00a05,714\u00a05,714
Other non-current and current
financial liabilities
19 and 26\u00a01,546\u00a01,546\u00a01,546
Non-current liability derivatives
23\u00a02\u00a034\u00a036\u00a036
Other non-current liabilities
23\u00a0154\u00a0154\u00a0154
Trade payables
24\u00a04,691\u00a04,691\u00a04,691
Current liability derivatives
25\u00a0690\u00a01\u00a0691\u00a0691
Other current liabilities
25\u00a0960\u00a0960\u00a0960
(*) The fair value has not been calculated for receivables and payables not related to derivative contracts and loans as the
corresponding carrying amount is a good approximation to this.
(1) Financial assets and liabilities measured at fair value with the changes in fair value recognized in the Income Statement.
(2) Cash flow hedges.
(3) Financial assets available for sale measured at fair value with profit/loss recognized in equity.
(4) Loans and receivables and financial liabilities measured at amortized cost.
Fair value hierarchy
IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the
quality of the input source used to calculate the fair value.
In particular, IFRS 7 and IFRS 13 set out three levels of fair value:
\u2022
\u00a0\u00a0level 1: this level consists of financial assets and liabilities for which fair value is based on
(unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter
markets;
\u2022
\u00a0\u00a0level 2: this level consists of financial assets and liabilities for which fair value is based on inputs
other than quoted prices included within level 1 that are observable for the asset or liability either
directly or indirectly;
\u2022
\u00a0\u00a0level 3: this level consists of financial assets and liabilities for which fair value is based on
unobservable market data. This level includes instruments measured on the basis of internal
estimates made using proprietary methods based on best sector practice.
An analysis of the assets and liabilities included in the three fair value levels is set out in the following
fair value hierarchy table.
million euro
Note\u00a0Level 1\u00a0Level 2\u00a0 Level 3\u00a0Total
Assets measured at fair value \u00a05\u00a0\u00a0\u00a01 \u00a0\u00a0\u00a01
Other non-current assets\u00a07\u00a0\u00a0\u00a02 \u00a0\u00a0\u00a02
Current derivative assets \u00a010\u00a0595 \u00a00 \u00a046 \u00a0641
Total assets\u00a0\u00a0\u00a0595 \u00a03 \u00a046 \u00a0644
Non-current financial liabilities\u00a019 \u00a076\u00a0\u00a01,143 \u00a0\u00a0\u00a01,219
Non-current derivative liabilities\u00a023\u00a0\u00a0\u00a036 \u00a0\u00a0\u00a036
Current derivative liabilities\u00a025\u00a0689\u00a01 \u00a01 \u00a0691
Total liabilities\u00a0\u00a0\u00a0765\u00a01,180 \u00a01 \u00a01,946
As required by IFRS 13, the following table shows, for financial instruments measured at level 3 of the
hierarchy, opening and closing balances and changes during the year
millions of euro
Fair value\u00a0Realized
FV change
Unrealized
FV change
Fair value
change
Transfers\u00a0Fair value
12.31.2024\u00a012.31.2025\u00a0Entrance\u00a0Outgoing\u00a012.31.2025
Commodity
derivatives
considered hedges as
per IFRS 9\u00a0		(2.5)\u00a01.4 \u00a00.7\u00a0\u00a02.1 \u00a0- \u00a0- \u00a0(0.4)
Commodity
derivatives not
considered hedges as
per IFRS 9\u00a0		(6.6)\u00a020.0\u00a0\u00a032.0 \u00a052.0 \u00a0- \u00a0-\u00a045.4
Total\u00a0(9.1)\u00a021.4 \u00a032.7 \u00a054.1\u00a0\u00a0- \u00a0- \u00a045.0\u00a0
Sensitivity analysis for financial instruments included in level 3
As required by IFRS 13, the following table sets out the effects arising from changes in the
unobservable parameters used in calculating fair value for financial instruments included in level 3 of
the hierarchy.
Financial instrument\u00a0Parameter\u00a0Parameter change\u00a0Sensitivity
(millions of euro)
Commodity Derivatives\u00a0Probability of Default (PD)\u00a01%\u00a0(0.338)
Commodity Derivatives\u00a0Loss Given Default (LGD)\u00a025%\u00a0(0.283)
Commodity Derivatives\u00a0Price of underlying \u00a01%\u00a0(0.099)
Commodity Derivatives\u00a0Volatility of underlying\u00a01%\u00a0(1.279)
Commodity Derivatives\u00a0Correlation of underlying\u00a01%\u00a0(1.280)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48314": { "value": "
Financial and operating results for derivative transactions at
December 31, 2025
Effects on the balance sheet
The following table shows the balance sheet figures at December 31, 2025, for derivative transactions.
million euro
Note
Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current assets\u00a02\u00a0\u00a0
Non-current derivative assets\u00a07\u00a02\u00a0\u00a0
Current assets\u00a0641\u00a0\u00a0
Current derivative assets\u00a010\u00a0641\u00a0\u00a0
Total assets\u00a0\u00a0\u00a0643\u00a0\u00a0
Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current liabilities\u00a036\u00a0\u00a0
Non-current derivative liabilities\u00a023\u00a036\u00a0\u00a0
Current liabilities\u00a0691\u00a0\u00a0
Current derivative liabilities\u00a025\u00a0691\u00a0\u00a0
Total liabilities\u00a0\u00a0\u00a0727\u00a0\u00a0
Effect on the income statement
The following table sets out the income statement figures at December 31, 2025 arising from the
management of derivatives.
\u00a0\u00a0\u00a0\u00a0
million euro
Note\u00a0Realised during the year\u00a0
(1)
Change in fair
value during
the year
Amounts
recognized in
the income
Revenue\u00a030\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from sales and services \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Energy product price risk management\u00a0
And exchange rate risk management on
commodities\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a05\u00a0-\u00a05
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0748\u00a0971\u00a01,719
Total revenues from sales and services\u00a0\u00a0\u00a0753\u00a0971\u00a01,724
Operating expenses\u00a031\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Expenses for raw materials and services\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Energy product price risk management\u00a0
And exchange rate risk management on
commodities\u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a0(10)\u00a0-\u00a0(10)
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0(293)\u00a0(1,133)\u00a0(1,426)
Total costs for raw materials and services\u00a0\u00a0\u00a0(303)\u00a0(1,133)\u00a0(1,436)
Total recognized in gross operating income (*)\u00a0\u00a0\u00a0450\u00a0(162)\u00a0288
Net finance income (expenses)\u00a036\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Finance income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate risk management and equity risk
management \u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Income on derivatives\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a0-\u00a0-\u00a0-
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a0-\u00a0-\u00a0-
Total\u00a0\u00a0\u00a0-\u00a0-\u00a0-
Total finance income \u00a0\u00a0\u00a0-\u00a0-\u00a0-
Finance expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate risk management and equity risk
management \u00a0		\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Expenses on derivatives\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
- Considered hedges as per IFRS 9\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
- Not considered hedges as per IFRS 9\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total\u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total finance expenses \u00a0\u00a0\u00a01\u00a0(2)\u00a0(1)
Total recognized in financial balance\u00a01(2)(1)
(1) Made without physical delivery.
(*) The figures do not include the effect of the \"net presentation\" of the negotiation margin of trading activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_48323": { "value": " Brescia in Via Lamarmora 230", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600B7FD80E48C1896", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }