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Italian multi-utility providing electricity, gas distribution, district heating and waste management, mainly in Lombardy.
Italian multi-utility providing electricity, gas distribution, district heating and waste management, mainly in Lombardy.
Earns regulated returns on its electricity and gas networks, where the allowed return depends on the size of its asset base, alongside less predictable income from generating and selling power and from waste-to-energy plants and district heating. The municipalities of Milan and Brescia together hold about half of the shares.
Moat: narrow (regulatory licence, scale, installed base). Regulated regional utility networks and municipal ownership create local monopoly-like positions.
Headquarters: Milan/Brescia, Italy · Founded: 2008 · Employees: 14,959
Size A2A (A2A.MI) is an Italy Utilities company (Electric Utilities) with a market value of $8.55B, the 28th largest of 123 Italy companies the cockpit tracks. Shares closed at €2.43 on 6 Nov 2026.
Performance Over six months the shares gained 4.1%, against -4.3% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +7.2%); the operating margin is 7.6% (peer median 17.6%).
Valuation It trades at 11.9× forward earnings against a peer median of 16.9× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (6.9% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €15.2B | €13.7B | €12.6B | €14.5B | €22.9B |
| Revenue growth | — | +9% | -13% | -37% | — |
| Gross profit | €1.24B | €1.56B | €1.80B | €1.52B | €1.14B |
| EBITDA | €2.16B | €1.88B | €1.93B | €1.58B | €1.20B |
| Net income | €680M | €750M | €864M | €659M | €401M |
| Free cash flow | €437M | €942M | €408M | €395M | €708M |
| Capital expenditure | €1.72B | €1.68B | €1.51B | €1.38B | €1.24B |
| Total debt | €7.41B | €7.26B | €7.27B | €6.35B | €6.89B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| A2A A2A.MI | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% |
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
| Hera HER.MI | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% |
| Iren IRE.MI | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% |
| Edison EDNR.MI | $9.87B | -12% | +6% | 3% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | A2A.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | +0.3% | 6th highest of 21 |
| 6-month return | +4.1% | -4.3% | 5th highest of 21 |
| Distance from 52-week high | -11.3% | -17.1% | 6th highest of 21 |
| Revenue growth (TTM) | +13.7% | +7.2% | 7th highest of 21 |
| Operating margin | 7.6% | 17.6% | 4th lowest of 21 |
| Forward P/E | 11.9× | 16.9× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.8% | -0.4% | 5th most demanding of 12 |
| Growth delivered (Del g) | +15.6% | +6.5% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -12.8 pp | -5.8 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | -0.4 pp | -0.6 pp | 11th highest of 21 |
| EV / EBITDA | 6.5× | 11.8× | 2nd cheapest of 16 |
| Net debt / EBITDA | 2.7× | 5.5× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| Huadian Power International 600027.SS | China | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% | +6.3% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |