Good afternoon, everyone, and thank you for joining us. Today, our CEO, Renato Mazzoncini, and our CFO, Luca Moroni, will present our first half 2026 results, which confirm the group's operational and financial strength and the progress of our strategic investments.

We will be happy to take your questions at the end of the presentation. Let me give the floor to Renato.

Okay. Thank you, Marco, and good afternoon, everyone.

Thank you also from my side for joining us. Reacting effectively to change delivers a result today.

Challenging change over time is what builds sustainable results tomorrow. It is what distinguishes short-term responses from long-term value creation.

I think this perfectly encapsulates the first half of '26 for A2A, continuing to deliver today while building the foundations for tomorrow's growth. To illustrate this, let me start with some of the key achievements delivered during the first half of '26 across both our two pillars of energy transition and the circular economy.

On renewables, we further scaled our RES platform, adding 35 MW of wind capacity and bringing installed capacity in wind from resources to over 300 MW. We also continued to develop our PPA platform.

This is really key for me, with agreements signed with Sosteneo and Politecnico of Milano, large customer, as well as the launch of our first A2A open PPA designed to support the small business enterprises through long-term contracts. Through these initiatives, A2A promotes the development of renewable by making green energy more widespread, more accessible, and less exposed to market dynamics.

This is also a concrete example of how PPAs enable the integration of renewable sources into industrial consumption, promoting long-term procurement models that provide greater stability and sustainability. Today really A2A is the only energy company that tried to change this paradigm of renewable with products for every kind of customers long-term.

The PPA mass market, 120,000 contracts signed, more or less 260 GWh sold with this kind of PPAs. Of course, PPA classical B2B, and now also this small business enterprise, that is a kind of customer super interesting that without standard PPAs can't really arrive to the change of paradigm of renewable.

Also in this case, the duration of the contract is 10 years or 20 years, depending on the negotiation. We are really very happy to have in our market, let's say, a product PPA for every kind of customers.

At the same time, we increased our role as a strategic infrastructure operator. Some example of the 250 construction sites that we have in this moment active.

For example, Monfalcone construction site—is a CCGT super large, 870 MW of thermo capacity—is running at full capacity, supported by extended shift partner, with commercial operation confirmed for next year. Power network capacity increased by 5%, reaching 9,300 MVA, and two new water and wastewater treatment plants added treatment capacity for the equivalent of 30,000 inhabitants.

In this context, grid capacity is not just a technical metric. It is what makes the transition executable.

By reinforcing our networks, we create the condition to connect more renewable energy, support new electric uses, the demand, and ensure continuity and quality services for the community that we serve. As water resources come under increasing pressure, also in this month in Italy, wastewater treatment plays a key role in protecting water quality and increase the resilience of integrated water cycle.

Delivering today's results is only a part of the story. At the same time, we are advancing a number of strategic initiatives that underpin long-term value creation.

Let's start at slide number 3, talking about our data center platform. Let me now turn in one of the areas where our industrial approach can unlock significant future potential, exactly the data center.

Today, the sector is benefiting very well from a number of favorable structural trends. Growing attention to data sovereignty and digital infrastructure resilience is driving demand for domestic and European data center capacity, making digital infrastructure an increasingly strategic asset.

At the same time, Lombardy, our core area, an area in which A2A is incumbent for both generation and network, offers a particular supportive environment for development, promoting brownfield redevelopment and heat recovery solution, district heating, let's say, two areas that are fully aligned with A2A's industrial footprint and long-term strategy. Against this backdrop, we believe A2A is a unique position to capture this opportunity.

Our approach is based on energy-efficient power shell solution developed on A2A-owned sites near our electrical generation. We will connect them behind-the-meter, leveraging our generation assets.

This enables us to offer faster time-to-market, lower energy costs, and reduced environmental footprint. Let's say, also looking the NIMBY syndrome, this is a key point.

On our data center platform, we are well on track with our strategic roadmap. You remember the 12th of November with the update of industrial plan, we launched our platform.

Where we are now, question mark. Two sites: Lamarmora in Brescia is designed for around 20 MW of IT capacity, 30 MW electrical megawatt, serving AI workloads and colocation services with a behind-the-meter connection to our waste-to-energy plants.

Our waste-to-energy plants in Brescia is around 70-80 MW, is ready to feed this new data center, and proximity to our district heating network, that means to have a data center with a PUE super low and a WUE approxi to zero. Cassano d'Adda, province of Milano, is also moving forward, with preliminary design already completed.

The site, our site, once again a site in our property, for at least 80 MW IT, at least, is designed to support AI workloads with potential for modular densification. It will benefit from a behind-the-meter connection to the adjacent CCGT plant, once again more or less 80—800 MW of CCGT plant, and from the availability of existing gas peaker as backup power, 110 MW of peaker that can work as backup power, providing potential advantages in term of permitting timelines, that means no environment impact assessment required.

In this case, the time-to-market for this plant is really incredible, because we have a connection in high voltage, we have the generation to feed baseload the plant, and we have the backup, and we don't need environment impact assessment. Okay.

In slide 4, we underline our strategic partnership with Equinix, because as our data center platform continues to progress, we are, of course, also advancing our role as an energy partner. Our partnership with Equinix is a clear example of this.

We are near Milano, once again, Settimo Milanese, and we will transform the heat produced by servers hosted at Equinix campus in Settimo Milanese into the energy resources for local communities. The model is straightforward and effective: heat generated as a byproduct of data center workloads is captured by Equinix and transported to A2A energy center, where A2A upgrades heat with 72 MW of large-scale heat pumps, because the temperature coming out from data center is not enough, backed by a storage, water storage, 6,000 m³ of thermal storage.

The heat is then delivered into the Milan district heating networks. To understand the dimension of only one data center like this, the expected contribution is incredible, up to 225 GWh of recovered thermal energy per year, enabling further network expansion and increasing decarbonized heat distributed in Milan around 20%, more 20% of district heating in Milan, that is also, let's say, the only way really to decarbonize Milan, because it's not easy with the typology of building that we have in Milan to substitute the thermo plant with heat pumps in every kind of building.

It is a pioneering partnership with Equinix that illustrates how strategic collaboration can pave the way for future opportunity. Looking slide number 5, let me now turn of our first half results.

These results, despite the different trends across our businesses, highlight the value of A2A's diversified industrial platform, enabling us to mitigate external pressure while capturing opportunities across our portfolio. The EBITDA remained broadly stable at €1.2 billion, despite higher concession fees for hydro and less favorable energy price environment.

Excluding this effect, group EBITDA would have growth by around 2% year-on-year. This was supported by the natural hedge in hydro generation, in particular in this case between Northern and Southern Italy, and by continued EBITDA growing electricity distribution driven by ongoing investments, because in this half, the relative production in the Southern Italy hydro was much, much higher than the average level of the last year.

In the north, we had a reduction due to less snow in the winter in the mountains. Strong financial discipline, with net financial position to EBITDA ratio at 2.6, in line with our targets, supported resilient results and continuous strategic evolution.

Look slide number 6. Through our investment program in the first half, we continued to execute on our strategic roadmap, with CapEx reaching in this half €718 million, up to 5% year-on-year.

This was mainly driven by the ramp-up of investment at the Monfalcone CCGT, expected to be completed next year with an EBITDA contribution of €120 million once fully operational, imagine the second half of '27; the development of new Corteolona waste-to-energy plant, province of Pavia, Lombardy, expected to be commissioned in '28 with a full run-rate EBITDA of €40 million; and a continued investment in electricity distribution and regulated assets. I want to underline that we reach €4 billion of RAB, considering the RAB coming from power grid, the most important, gas grid, and water cycle.

Development CapEx increased by 17%, confirming the progress of the projects that will drive our future growth. Importantly, 59% of our future-fit investments are aligned with the EU taxonomy, confirming the strong sustainability profile of our growth plan.

With that, let me turn to Luca for a more detailed analysis of our results. Please, Luca.

Thanks, Renato. Good afternoon, everyone.

As Renato just highlighted, our first half results once again demonstrate the value of A2A diversified and integrated business model. The slide show how the strength of our portfolio allow us to balance different market dynamics, to seize opportunities, and mitigate headwinds.

As a result, we delivered an EBITDA of €1 billion—€1,181 million, broadly in line with the last year. This reflects three main factors: higher solar and wind energy production, the ability to capture trading opportunities and strong energy management performances, solid contribution from our regulated business, mainly electricity distribution, and resilience in the market business, despite the challenged competitive scenario, albeit mitigated by the impact from higher hydroelectric concession fees and lower hydro production, the lower waste contribution, and the non-organic reduction in gas distribution.

Now, I will unpack our results in more detail, starting with generation and trading, where I walk you through the main driver and our performances. In slide 8, generation and trading, increased wind and solar production and a strong performance in energy management helped offset the impact of higher concession fees.

EBITDA was €394 million, a decrease of €26 million compared the first half of '25. Starting with renewables, we delivered high wind and solar production.

However, this was partly offset by two factors: higher hydroelectric concession fees, which had a €37 million impact, including around €25 million related to prior years, and lower hydroelectric production. On hydro production, there is also a positive point worth highlighting.

Lower water availability in the Northern Italy, particularly in May and June, was partially offset by better hydrological conditions in Calabria. This once again shows the value of our diversified generation portfolio and its ability to reduce local volatility.

Moving to flexibility, a good performance in trading and energy management confirmed our ability to capture market opportunities. To sum up, our operational performance remains solid, with higher production volumes and effective trading execution, while higher concession fees and weaker hydro condition represented a headwind during the semester.

Let me now move to market. Looking at the market segment, the first semester confirm the persistence of our commercial performance.

EBITDA was €232 million, with an increase of €3 million compared the first half of 2025. Performance was primarily driven by higher electricity volumes, particularly in the free market segment.

At the same time, unit margin were lower than last year, reflecting a more competitive market environment. While competition remained high, we have seen progressive reduction in churn rates over the last few months, in particular in July—in June, July.

Overall, the business deliver our solid set of results, with volume growth offsetting margin pressures. Let me now turn to performance of the circular economy.

Adjusted EBITDA was €293 million, a decrease of €29 million compared with the first half of 2025. The decline was mainly driven by temporary factor in waste: lower availability of Parona waste-to-energy and other treatment plants due to maintenance activities, new ASSA service contract signed in February 2025, higher fuel cost in collection.

On the positive side, treatment prices showed a slight increase, while the integrated water cycle benefited from higher allowed revenues. In district heating, performances were lower year-on-year, mainly due to the lower volumes and reduced contribution from white certificates.

Overall, the softer result reflect temporary operational factors, primarily related to plant maintenance in waste. Excluding these effects, the underlying performance of the business remained broadly robust, with a support from integrated water cycle partially offsetting the pressure on waste.

Then let me turn to smart infrastructure. In smart infrastructure, the overall performance reflects growth in allowed revenues that more than offset the negative perimeter effect in gas distribution.

EBITDA of this business unit was €285 million, an increase of 3% compared the first half of 2025. In electricity network, EBITDA benefited from higher allowed revenues driven by the new ROSS tariff methodology, the regulatory lag alignment, and the continued growth of RAB driven by CapEx deployment.

In gas network, we saw a negative year-on-year contribution, mainly due to the disposal of gas distribution asset completed in July 2025 and the absence of non-recurring non-OpEx recognition that have benefit the first half 2025. Okay.

We have unpacked the results for each business unit. I'd like to conclude by illustrating the combined contribution to our EBITDA mix, group net profit, and cash flow.

Slide 12, starting from EBITDA of €1,181 million, D&A amounted to almost €500 million, up €21 million versus last year, mainly reflecting the continued deployment of CapEx. Provisions were €41 million, slightly higher than last year, mainly due to our results in the market business.

Net financial expenses stood at €87 million, broadly in line with last year. Despite ongoing market volatility, the cost of debt remained stable at 2.7%.

Adjusted taxes amount to €165 million, €18 million lower year-on-year. The tax rate stood at 29.5%, excluding the impact of the IRAP increase introduced by energy decree, which has been accounted for as a special item.

As a result, adjusted group net profit came in at €374 million, compared with €419 million in the first half of '25. In the first half, we continue to deliver solid returns, with a return on investment and return on equity around 9% and 11% respectively, well aligned with our targets.

Let me move to cash flows. In the first half 2025, the group recorded negative change in net financial position of €312 million.

As of June 30, our net financial position stood at €5.8 billion, with a leverage ratio of 2.6 times, which confirmed the overall stability of our financial profile and remained fully aligned with our capital structure target. Looking at the cash generation, we delivered an operating cash flows of €749 million, fully supporting the financing of our organic growth during the period.

Let me briefly walk through the main drivers. Starting with the net working capital, the variation of -€287 million was mainly driven by two one-off events.

The first was the reduction in payment terms to CSEA following the 2026 energy decree, the Decreto Bollette. The second was the payment of the past due state concession fees for hydroelectric concessions.

Moving below operating cash flows, we paid €145 million of taxes, €76 million, and net financial expenses, €69 million. After accounting for €718 million of CapEx, the operating cash flow before dividend has amounted to €31 million.

Following the dividend payments, net free cash flows stood at €295 million, -€295 million. The change in the consolidation perimeter had a negative impact of €2 million, mainly driven by €27 million related to M&A, partially offset by the €25 million price adjustment related to the partial disposal of our gas asset to Ascopiave completed in 2025.

Finally, after also having taken into account €15 million spent on our share buyback program, the overall change in net financial position for the period amounted to -€312 million. Looking ahead, we remain confident that the strength and the diversification of our integrated business will continue to be a key competitive advantage.

It provides the flexibility needed to navigate changing market condition. It reduces our exposure to market volatility.

It bolsters the stability of our cash flows and net financial position. Now, I hand back to Renato for the final part of the presentation.

Okay. Thank you, Luca.

Our guidance is confirmed. I am really confident to confirm our guidance for '26 with an adjusted EBITDA between €2.210 billion and €2.250 billion and adjusted net profit between €0.63 billion and €0.66 billion, reflecting the robustness and visibility of our business mix.

The resilience of our diversified business portfolio and our ability to capture opportunities leave us really fully confident in achieving these targets, our targets. Let me conclude by bringing together all these elements we have discussed.

Our strategy aims to deliver today while continually building tomorrow's growth. It is a strategy built on discipline execution, industrial excellence, and future-fit growth.

Discipline execution underpins our ability to deliver our commitments with clear priorities and rigorous capital allocation. We are on target.

Industrial excellence is rooted in the strength of our integrated portfolio across energy, environment, and infrastructure, and we are on track. Future-fit growth comes from investing in platform that respond to long-term structural trends, from decarbonization and electrification to digitalization, and we are on trend.

In short, this is an architecture built to last: resilient, integrated, and designed to convert opportunities into sustainable growth. Thank you very much for your attention.

Now, let's open the Q&A session.

Hi, everyone, and thank you for the presentation. I have several.

The first one is on the generation business. There are probably two different dynamics.

One is higher electricity prices, and probably higher contribution from ancillary service activity positively impacting your activity. I just wanted to have a latest data on forward selling for electricity in 2026 and '27, and was this upward pressure on electricity prices maybe impacting your business?

On the contrary, probably hydro conditions during the second quarter has been lower versus previous year, which is your expectation on the company production with hydroelectric facilities by the year-end, and how that assumptions compare with your assumption in the recently presented business plan? That would be the first question.

The second question is more strategical, is on the interest on renewable energy. Can you help us to understand your latest views on developing new renewable energies in Italy, the value for the group, and the relative preference for brownfield assets versus greenfield assets, and also latest views on new battery systems?

The third question is if you have any comment on the consultation document opened by ARERA on ROSS implementation for gas distribution in Italy from 2028? Thank you.

Javier. Good afternoon.

Talking about generation, consider, and you know very well, that we hedge our production. For '26, more or less is all hedged, not all because, with a flexibility exactly in the hydro production, we maintain a margin to be able to not to arrive in a situation of over-hedging.

The prices was fixed months ago. Also for '27, considering that the scenario in this moment seems high, but the volatility is super high, is enough that, as probably all we hope, tomorrow between Trump and Iran they try to find a solution and the scenario prices come back normal, let's say.

We have 70% of the production '27 all covered with a price higher than €100 per MWh, it's fine, but is on budget, let's say. Talking about the hydro condition in this moment for A2A, in this first half worked super well the south.

Consider that in March, as probably I said in the last call, we did all the production of '25, and for this reason in this moment our forecast is around 3.9 TWh compared with an average of 4.1, yes, there is a little reduction, but absolutely not really material. Talking about renewable, I think that absolutely we need in Italy and in Europe to increase the renewable production, because it's the only way to come out from this incredible situation of external dependencies, in particular from gas, petrol, and so on.

For a company like A2A, let's say, works well both brownfield than greenfield. Overall in Italy, of course, we need new renewable, because that means also repowering.

For example, for wind, repowering is surely the key element to increase the total production. We are absolutely committed.

In our plan, there are €3.7 billion of investment for another 3 GW of renewable production in the next year. Our pipeline is solid, is interesting, and is well balanced between sun and wind.

Talking about battery is a good question. I think that the business of battery can work inside MACSE tender, because merchant is really too difficult to imagine to develop this business.

The next tender is in November, as you know. We are working to participate it.

You will see in which way, in which configuration. A2A, like other large energy company, has some plants, some sites already connected with high voltage power grid that is key to develop large-scale storage plant, battery plant, and so we think to be able to participate it to the next tender with interesting proposition.

Okay.

Maybe the last question that

was

on the ARERA document of consultation, the gas distribution. I think you are referring to the introduction of the ROSS mechanism also on gas, which, frankly speaking, we think not affecting so much our network.

I remember that we manage today only Milan network, and we already did the tender. It is something that will affect bigger player than us with a point of delivery higher than 300,000.

It would not have any impact really on us.

Hello, can you hear me?

Yeah.

Good. Thank you for taking my questions.

The first one is on the guidance. Apart the numbers and the figures, what are the moving parts expected in H2?

We know that, for example, apart the usual flexibility in the hedging volumes depending on the weather, depending on the water availability and the next weather, you are not included a potential positive effect for power prices, no? What are the moving parts in general by business unit in waste, there is a recovery in waste expected, or higher pressure in energy supply, don't know, in other business unit?

This is the first more qualitative question on H2 outlook. The second is on the ETS reform, the EU ETS reform, which came out better than expected, or not so bad than feared by investors.

What is your comment and opinion on this? The third one is on the market supply.

In Q1, you were able to increase by 1%, but in any case was still an increase, a small increase, but an increase in the free market customer base, while according to the H1 data there is a minus, you lost three free customer base in Q2. What are the current dynamics for you and this turn down in compare with the Q1 in Q2?

Thank you.

Okay. Luca, starts first you with the moving parts of guidance.

Yes.

I will give you an answer on guidance and maybe some about market supply. On guidance, we are pretty comfortable about the guidance, we confirm it, with some positive expectation on generation and trading business unit, having also considered the negative impact related to hydro concession fees with an impact for the total year of more than 50—€50 million.

We are able to offset it and to stay in line with the result of the last year. Market, have you seen that it has been performing very well, with a strong resiliency on the marginality, even though they are slightly below last year, but with an increase on the volume sold.

The churn rate is going to improve in the next month, with an expectation to stay below the end of the last year, at the end of 2026, and as a consequence, with the opportunity to revert somehow the number of acquisition and the total customer, in particular in electricity market in the free market. We have positive expectation also in term of marginality to stay slightly below or near the level of 2025.

Smart infrastructure, very good, very positive. The fact that the ROSS mechanism of the tariff have given us quite good result and opportunities for the first semester, and also for the second one, offsetting the negative effect on the gas distribution.

All in all, with an opportunity to end the year higher than the last one. Circular economy, it is the business which is more suffering for the maintenance activities of the first part of the year, with a shape of recovering in the second half and ending in line with 2025.

All in all, this is what let us comfortable on the ending of 2026 results.

Okay. Talking about ETS, the reform in this moment presented by the Commission is better than our expectation for a couple of things.

The first is that, talking about the proposal of change, the merit order of the plants working on ETS, the answer from the Commission was absolutely clear, not touch ETS, and what we need to really give to renewable the strong to win against the other sources. The second, on the opposite side, is because one of the discussion was about the application of ETS on the waste-to-energy plant that was under discussion, and in this moment the decision was to shift this hypothesis from '28 to '31 or later, because, frankly speaking, in this moment there are no technology worldwide to better than a waste-to-energy plant to face the part of waste not recovered in new material.

What we see is an ETS that try to be more useful for Europe, but don't change the strategic or rational that brought ETS to be invented some years ago. Talking about supply, our strong commitment is on free market electricity.

Also in the second quarter, in this first half, A2A Energia, pay attention A2A Energia, growth 0.2-0.3%. The little differences in this number is linked to our second brand, in particular the multi-utility, AEB in Brianza, ASVT, ACSV in the northern of Lombardy, that has some brands that are not really able to stay with the strong competition in terms of marketing, advertising, and so on.

We don't want to push second brand because is absolutely inefficient. Frankly speaking, we are happy that with a situation of a churn rate so high like in the first half, the capacity of acquisition of A2A Energia remain high.

In June and July and August, the churn rate fall down, and so we expect it to be able this year to grow also with our electrical customer base.

Thank you.

Thank you for taking my questions. I would like to go back briefly to couple of question already answered, but if you can tell us exactly how much is the coverage on your production in '27 and eventually in '28, if you did any, for even the following year.

An additional clarification, because I had the same question, but actually of Javier, but partially you skip it, I want to recover it. I got the sense of you being interested in the RES and the amount of gigawatt you want to do and the pipeline which supports both solar and wind.

Just wondering how much of that can be looked into brownfield deals rather than greenfield, considering that the market is very open. This morning Enel announced another acquisition of 85 MW in the country.

We saw additional M&A deal for power generator trying to increase as rapid as possible their RES present. Wondering if any change in the strategy may occur from you by leading you in having a higher exposure of the growth through brownfield acquisition, as there is a market and an opportunity.

If you can give us the most recent trend in retail long-term PPA, just wondering if you're keep going to growth on those kind of contracts. Then just wondering if there is any potential impact from the heat waves that we saw one month ago and also in this day.

There was a failure in a distribution connection net center in Milan just this morning, and a lot of accident during the heat wave. Just wondering if we have to consider any potential negative impact from extraordinary maintenance to the distribution plants that follow the heat waves.

Thanks a lot. Okay.

Starting from the hedging, the coverage is '27, 70%, the price is higher than €100, is good, is online with our budget, with our scenario. For '28, no, is a peanuts in this moment, but is typical to look forward 18 months, let's say.

Talking about renewable, consider that our strategy since the first moment was a mix between brownfield, if for you brownfield is M&A, let's say, and greenfield. You remember very well that we bought the pipeline from Octopus solar, from Ardian wind.

We are working in repowering of some of the portfolio wind from Ardian, and from the other side, pipeline and new greenfield projects, for example, in Friuli-Venezia Giulia in the north, 160 MW of solar plant, super interesting for the position and the strong demand that we have in the north of Italy. If you look our 700 MW today is a mix of the strategy.

I think that this is a good solution also for the future. Probably we'll maintain a solution like this, because if there are opportunity, is correct to look and if there is the opportunity also to buy something.

From the other side, is fundamental to have a pipeline. In this moment, we have a strong pipeline, because to be able to deliver our industrial plan, of course, we don't include into the count the M&A.

Our pipeline must be enough to deliver our industrial plan. Then M&A can be an opportunity to increase the return of investment if there are opportunity against our pipeline, our greenfield development.

I think that this is the situation. Looking Italy, once again, we need to increase the number of solar panel and wind capacity.

Is clear that is not enough M&A in which you pass asset from one hands to the other. Talking about retail, yes, we are absolutely on track with the PPA mass market.

Consider that is interesting, because the price, I remember that in this moment the price of a PPA, let's say, with a normal profile, B2B can be around €80-€85 per MWh, the mass market is around €105. It's typical to have more marginality from B2C than from B2B.

The number of contracts in this moment is more than 120,000, and the number of gigawatt hours that we allocated with PPAs mass market is slightly higher than the number of gigawatt hours allocated with B2B. In particular, if I well remember, is 263 GWh of total allocation for energy for PPAs mass market.

The reason why we decided to put on the market also PPA for small businesses is that I think absolutely that the change of paradigm of renewable is exactly the capacity to fix the price for long-term. We absolutely must build products for every kind of customers.

We absolutely know that for a large company, imagine steel plant and so on, is normal to deal with our energy management to find the correct PPA, the correct profile, the correct price. For a retailer, households, also for a company, a small business, without expertise, know-how in energy management, or you are able to put on the market a standard PPAs or is impossible to sign a contract for 10 years, 20 years, 15 years, and so on.

I think that really will arrive to have 1 million of customers with PPAs mass market or small business. Talking about the heat, yes, in this moment the heat is crucial.

If you look the performance of our power grid in Milano compared with the last year is much better. The number of blackout is absolutely minimum, and all the indicators, the KPI, that underline the performance are good.

Absolutely there are no extraordinary maintenance that we have to do. Simply, we have to continue to invest in new secondary cabin, new primary substation, to new cable, and so on, but online with our planned plan.

We are absolutely happy to say that also in situation in which there are 40,000°, that is incredible, we are able to face the situation with a good level of satisfaction for customer. The only problem that we had, frankly speaking, was in Duareti, in the company that we built last year, from company which company, and in Duareti, we have not the track records of CapEx that we did in Unareti in the last years.

Thanks a lot.

Good afternoon. Thank you for taking my questions.

The first one is on the treatment business. When should we expect the treatment business to go back to normal, whether it's going to be something already in the fourth quarter or, let's say, towards the end of the 2026?

The second one is on the single national price regarding the—

Francesco, sorry. Can you come back because I didn't understand the question, the quality of—

Sorry. The first question is on the treatment business.

There have been

some issues in the first half. I was just wondering when should we expect the business to be back to normal, whether it's a third quarter thing or more, let's say, towards the end of the year.

The second question is on the single national price. There have been discussions for a while about the end of the single national price also on the demand side.

I wonder if you can share with us your initial thoughts on the consequences you think they're going to be for you and the market. The third one, if there are updates, if any, on the extension of hydro concession and also electricity distribution concessions.

Thank you.

Okay. Starting from electricity and hydro.

For electricity, the last activity is in charge of the minister to produce the final decree. I talked with the manager in the ministry some weeks ago is on production, let's say, the decree.

The historical date for the tender was 2030, and simply the law says that five years in advance, the government had to start working for the tender. This is the reason why in December '25 '24 '25 in the balance law, they included the law to change the needs of tender.

Only to say, Francesco, that probably is not the priority number one in this moment, talking about 2030. We are confident to see in September the text of the decree coming in discussion to be closed this year.

Talking about the hydro concession is interesting, because the reason why we didn't solve the problem of hydro concession till now is mainly due to the PNRR, because you remember that inside the PNRR agreement, there was in the competition law the commitment for the government to put tender on hydro. My personal position is that we'll see something different after August, simply because in August we land finally and totally the PNRR with the tenth part of the money arriving from Europe.

If the question is there is a discussion about tender, frankly speaking, in this moment not. The only super little super peanuts homeopathic tender in Lombardy, in one of our plants in Valcamonica, was stopped by the court, the civil court of Brescia, because Region Lombardy didn't do correctly the procedure to put on the market this concession.

I think that also this dossier after August can come back on the correct table. Your question about the single national price, the question is if we think that it's possible for customer to have a different PUN price?

Which is your question?

Yes, exactly.

Because in this moment the price is zone by zone for the producer. If you ask if I think that it's possible to have a different national price for final customers, I think that is impossible, because really if in a country like Italy, in which the discussion about the price of electricity, you divided in seven different part of the country the price, and the different price is mainly linked to the power grid, the national power grid by Terna, let's say, that is not enough strong to produce a unique market, you can imagine what can happen, because, no, is not a structural problem, because it's normal to produce more sun in the south or wind in Sicily or in Southern Italy and more hydro production in Lombardy, Piemonte, or Dolomites.

We are a country in which this different energy capacity of the single region can absolutely remain inside a unique market if the power grid is enough stronger to connect completely the country, exactly like in the plan, CapEx plan, of Terna. I think really that is politically impossible to have something of different from the single PUN.

Treatment business, the question is the performance, eh? In the first half in particular, we had the problem with a waste-to-energy plant in Pavia, Parona.

Is not a economical problem, because is well covered with an insurance. Surely in the first half, we had some problem of production of some plants that we forecast to recover in the second half.

In particular, consider that one of the reason why we confirmed with confidence the guidance is because we are looking also in the treatment business a situation normalized in the second half.

Thank you.

Hi, good afternoon, gentlemen. Thank you for taking my question and for the presentation.

I have a few regarding the current energy scenario, and so the curves and the dynamics of energy prices. You spoke briefly about generation, but I was wondering if you can provide a bit broader view also on other businesses, like for example energy supply, if this current scenario is changing your approach commercially, and there are some emerging risks with regards to your potential sourcing costs for next year, and so on, if you can provide a picture on that.

Secondly, on waste, I was wondering if you can or maybe incur in some higher costs mostly related to oil prices increasing, and that could be beared by your numbers and recover in a second time, just a bit on that. Last one, still on renewables, was wondering if you can provide more visibility about your pipeline and which is the breakdown in terms of how many projects are ready to build or closer to final investment decision, and on the return environment, if apart from the higher prices we are seeing in power, if the higher interest rates or the equipment costs are challenging in a way the return environment also for you, or this is not an issue at all.

Thank you.

Okay. For the energy scenario, the situation in the last month is a little bit incredible, because from one side, all of us see price for gas and, of course, electricity super high.

From the other side, if you look the forward '27, '28, the price fall down. Why?

Because the storytelling is that the war in the Persian Gulf must finish. The effect of the decree for Bollette will reduce a little bit the PUN price not with ETS, but with the gas distribution cost, some euros per megawatt hour, and so on.

We continue to be in a film with real price super high and with forecast quite more. Consider that for a company like A2A that works with a strong hedging, what I can say, Davide, is that we are able every times to remain on budget.

Our industrial plan and the target that we introduced in the industrial plan is absolutely confirmed. One years ago, the discussion was if the scenario embedded in our industrial plan, more or less €100 per MWh, was correct or too high, no?

You remember that I said, for me is correct simply because we are linked to GNL. GNL in this moment has OpEx, liquefaction, transport, regasification, that brings the base cost of GNL to €30 per MWh, that means 60 considering 50% of efficiency of a thermo plant, more ETS, and more or less you arrive to 100.

In this moment, the price remain higher probably for speculation, for the situation that you know in the Persian Gulf. I can say simply that if I look the next 2-3 years, surely our budget is correct, and we are able to hedge the PUN price at the level that we have in our industrial plan.

For the waste, I imagine you talk about collection, considering the cost of oil, gasoline, I think. Consider that compared, for example, with the public transport, our fleet do a number of kilometer super peanuts.

If you look a truck for collection is every times stopped, and the number of kilometer is really not material. Also the total consumption of oil compared with the other cost is not enough to change the result of our economics.

Much more, for example, the cost of labor, and what is interesting is that the last negotiation on the cost of labor brings a total cost that is slightly lower than our expectation. We are not alone, because there is a national negotiation.

Probably we are the biggest company, and so the average cost for the other players remain lower, and this is a benefit also for us. More or less, also on waste collection, we are absolutely on budget.

About the pipeline, consider that our goal is to be able to build every year 300 MW of new solar and wind renewable. The pipeline is 10 times more, and of course, like every pipeline, there's a part of ready to build, a part of advanced, and a part let's say ongoing.

In this moment, what is important is to select well what really can be merchant and what is too high like LCOE to be merchant, because it's clear that the pressure on the electricity price brings all of us to build plant with low LCOE to be able to stay well on the market, to be able to contribute really to reduce the PUN price without reduction of our marginality. The best way is to be able to build plant with low LCOE.

That means to reduce the cost of land, of authorization, permitting, EPC, and so on, all the supply chain that produce the final cost of energy, because the solar plant or also the competition in the eolic pole between some Chinese players and the historical EU is working and to reduce the inflation also in this case. To close, surely we are absolutely able to deliver our 300 MW every year, starting in regime, I think, from '28, '29.

In this moment, for example, we have under construction 100 MW of solar plant in the north of Friuli-Venezia Giulia. As we have seen, we delivered the 35 new megawatt of wind capacity, also in this half '26 the new quantity of renewable is more than 100 MW.

I will answer to your last question regarding the cost of debt. We closed the first half with the same cost of debt as we closed the fiscal year '25, that is 2.7%.

We are expecting to maintain it for all the year '26, considering the fact that we are funding ourselves with an average cost in line with our quantities, as you've seen as a result of the cash flows analysis, but with a slightly lower or the same cost we already experienced in the first half of the year. We are also proactively managing the cost of debt, taking some position on the market with some swap activities, and this also helped us to lower the impact of the cost.

We are comfortable about the future resiliency of the cost. I have to say also that, generally speaking, the weighted average cost of capital has been lowered in such a way, and this give us the opportunity to stay coherently to the spread of 200 basis point between the WACC with the return, the average return, of our capital allocation, our projects.

Thank you.

Thank you, everyone, for participating to the first half results. If you need any additional follow-up, please contact the IR department and happy summer break to everyone.

Bye-bye. Thank you.

Bye. Thank you very much.