A2A Reports Nine-Month 2026 Revenue Up 35%, Confirms Guidance
Adjusted revenue rose to €13.72 billion from €10.169 billion a year earlier, driven primarily by higher electricity sales volumes. Generation and Trading gross operating margin fell 9% to €569 million; operating cash flow was €937 million, and net financial position stood at €6.063 billion as of September 30. A2A confirmed its full-year 2026 guidance.
A2A S.p.A. reported adjusted revenues of 13.72 billion euros for the first nine months of 2026, a 35% increase compared to the 10.169 billion euros recorded in the same period of 2025, driven primarily by higher electricity sales volumes. The company's EBITDA was affected by the performance of its Generation and Trading segment, which saw a gross operating margin of 569 million euros, a 9% decrease year-over-year. Operating cash flow reached 937 million euros, down from 1.535 billion euros in the prior year, largely due to net working capital absorption.
The net financial position stood at 6.063 billion euros as of September 30, 2026, compared to 5.474 billion euros at the end of 2025. Despite these results, the company confirmed its financial guidance for the full year 2026.