A2A SpA (IT:A2A)
:A2A
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A2A SpA
(A2A)
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Rating:62Neutral
Price Target:
€2.50
▲(4.60% Upside)
Action:Reiterated
Date:05/15/26
The score is anchored by a generally stable financial profile but pressured by weaker and volatile free cash flow and moderate leverage. Technical indicators point to soft near-term momentum, while valuation (low P/E and solid dividend yield) provides a meaningful offset.
Positive Factors
Diversified multi-utility model
A2A's broad mix of regulated and market businesses spreads revenue risk across electricity generation, retail, distribution, water and waste services. This structural diversification reduces exposure to any single commodity cycle and supports resilient cash flow over multi-month horizons.
Negative Factors
Weak and volatile free cash flow
A sharp, persistent drop and volatility in free cash flow constrains financial flexibility: it limits debt paydown, lowers the buffer for higher capex or working-capital needs, and raises risk around sustaining shareholder distributions if adverse conditions persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified multi-utility model
A2A's broad mix of regulated and market businesses spreads revenue risk across electricity generation, retail, distribution, water and waste services. This structural diversification reduces exposure to any single commodity cycle and supports resilient cash flow over multi-month horizons.
Read all positive factors
A2A SpA (A2A) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€7.11B
Dividend Yield4.37%
Average Volume (3M)7.80M
Price to Earnings (P/E)8.8
Beta (1Y)0.59
Revenue Growth9.30%
EPS Growth-14.17%
CountryIT
Employees14,777
SectorGeneral
Sector StrengthN/A
IndustryDiversified Utilities
Share Statistics
EPS (TTM)0.23
Shares Outstanding3,132,905,300
10 Day Avg. Volume7,866,198
30 Day Avg. Volume7,800,187
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)1.22
Price to Sales (P/S)0.53
P/FCF Ratio7.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€2.90Price Target Upside21.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.21
Revenue Forecast (FY)€13.59B
A2A SpA Business Overview & Revenue Model
Company Description
A2A S.p.A. engages in the production, sale, and distribution of gas and electricity, and district heating in Italy and internationally. The company generates electricity through hydroelectric, thermoelectric, photovoltaic, cogeneration, waste trea...
How the Company Makes Money
A2A makes money through multiple regulated and market-based businesses. (1) Energy generation and wholesale activities: A2A earns revenue by generating electricity and selling it into the wholesale market or via bilateral contracts; profitability ...
A2A SpA Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.30B | 13.74B | 12.57B | 14.63B | 22.95B | 11.35B |
| Gross Profit | 1.98B | 1.35B | 1.58B | 2.90B | 2.44B | 2.26B |
| EBITDA | 2.14B | 2.20B | 2.31B | 1.85B | 1.58B | 1.33B |
| Net Income | 709.00M | 750.00M | 864.00M | 659.00M | 401.00M | 504.00M |
Balance Sheet | ||||||
| Total Assets | 23.38B | 21.38B | 19.89B | 18.80B | 21.37B | 18.01B |
| Cash, Cash Equivalents and Short-Term Investments | 1.82B | 1.88B | 1.55B | 1.47B | 2.60B | 973.00M |
| Total Debt | 7.35B | 7.26B | 7.27B | 6.35B | 6.89B | 5.07B |
| Total Liabilities | 16.69B | 14.89B | 13.89B | 14.00B | 16.90B | 13.71B |
| Stockholders Equity | 6.11B | 5.92B | 5.45B | 4.24B | 3.90B | 3.76B |
Cash Flow | ||||||
| Free Cash Flow | 456.00M | 942.00M | 408.00M | -336.00M | 20.00M | 61.00M |
| Operating Cash Flow | 1.66B | 2.11B | 1.46B | 1.04B | 1.26B | 1.14B |
| Investing Cash Flow | -1.21B | -1.27B | -2.81B | -1.36B | -1.14B | -1.59B |
| Financing Cash Flow | -210.00M | -511.00M | 1.27B | -932.00M | 1.20B | 40.00M |
A2A SpA Technical Analysis
Positive
2.39
Price Trends
2.29
Negative
2.31
Negative
2.24
Positive
Market Momentum
-0.02
Negative
51.09
Neutral
39.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:A2A, the sentiment is Positive. The current price of 2.39 is above the 20-day moving average (MA) of 2.25, above the 50-day MA of 2.29, and above the 200-day MA of 2.24, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 51.09 is Neutral, neither overbought nor oversold. The STOCH value of 39.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:A2A.
A2A SpA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.48B | 6.17 | 9.06% | 5.06% | -5.65% | 4.14% | |
65 Neutral | €696.72M | 24.57 | 9.91% | 4.59% | 22.61% | 120.61% | |
62 Neutral | €7.11B | 8.80 | 13.08% | 4.37% | 9.30% | -14.17% | |
62 Neutral | €98.20B | 13.03 | 23.22% | 5.05% | -3.07% | -42.04% | |
60 Neutral | €4.85B | 10.72 | 14.57% | 4.33% | -43.87% | 42.07% | |
58 Neutral | €5.68B | 9.49 | 13.30% | 3.76% | -13.76% | -9.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:A2A
A2A SpA
2.27
0.11
5.29%
IT:ACE
ACEA SPA
22.84
2.26
10.97%
IT:ASC
Ascopiave S.p.A.
3.22
0.13
4.38%
IT:ENEL
Enel S.p.A.
9.67
2.04
26.74%
IT:HER
HERA S.p.A.
3.88
-0.23
-5.59%
IT:IRE
Iren S.p.A.
2.72
0.21
8.47%
A2A SpA Corporate Events
A2A Publishes Minutes of April 28 Shareholders’ Meeting
May 7, 2026
A2A SpA has announced that the minutes of its Shareholders’ Meeting held on April 28, 2026, have been made available to the public. The documents can be accessed via the company’s website and through the authorized storage mechanism 1I...
A2A Confirms CEO Mazzoncini and Strengthens Board Governance Structure
Apr 29, 2026
A2A S.p.A. has convened its newly appointed board of directors under the presidency of Roberto Tasca following the shareholders’ meeting of 28 April 2026, confirming General Manager Renato Mazzoncini as the company’s chief executive of...
A2A Shareholders Approve Dividend, Buyback Authority and New Board
Apr 28, 2026
A2A’s ordinary shareholders’ meeting approved the 2025 financial statements and a dividend of €0.104 per ordinary share, confirming the group’s capacity to remunerate investors while maintaining operational continuity. Shar...
A2A Publishes Shareholder Q&A Ahead of Annual Meeting
Apr 23, 2026
A2A has published on its corporate website the answers to questions submitted in advance by shareholders entitled to participate in its upcoming Shareholders’ Meeting, covering queries received up to 17 April 2026. The move underscores the g...
A2A Takes Full Control of Lombardy Power Distributor Duereti
Apr 13, 2026
A2A S.p.A. has acquired the remaining 10% stake in Duereti S.r.l. from e-distribuzione S.p.A., taking full ownership of the company that manages electricity distribution in several municipalities in the provinces of Milan and Brescia. The deal, ex...
A2A Publishes Candidate Lists Ahead of April Shareholders’ Meeting
Apr 7, 2026
A2A has announced that documentation related to the lists of candidates for its upcoming shareholders’ meeting, scheduled for 28 and 29 April 2026, is now available to the public. The materials, which concern the renewal of the Board of Dire...
A2A Reports Employee Share Purchases and Matching Share Grants Under Ownership Plan
Apr 7, 2026
A2A has disclosed transactions in its own shares carried out under the 2025-2027 “A2A Life Sharing” Employee Share Ownership Plan approved by shareholders. The filing covers purchases of company shares by employees and the allocation o...
A2A’s Public Shareholders File Slates for Board and Auditor Renewal
Apr 4, 2026
A2A has disclosed the lists of candidates submitted ahead of its late-April shareholders’ meeting to renew the Board of Directors and the Board of Statutory Auditors. The municipalities of Brescia and Milan, the company’s anchor shareh...
A2A Publishes 2025 Financial Statements and Governance Reports
Apr 2, 2026
A2A has published its annual financial report for the year ended 31 December 2025, including the draft separate financial statements of A2A S.p.A., the consolidated financial statements of the A2A Group and the related management report with the s...
A2A Calls April 2026 Shareholders’ Meeting to Approve 2025 Results and Renew Governance
Mar 19, 2026
A2A has convened its Ordinary Shareholders’ Meeting in Brescia for 28 April 2026, with a possible second call on 29 April, to vote on the 2025 financial statements, profit allocation and dividend, a new 2026-2028 long-term incentive plan, an...
A2A Lifts Investment and Green Debt Share as 2025 Profits Dip on Hydro Normalization
Mar 17, 2026
A2A SpA reported 2025 investments of €1.7 billion, up 11% year on year, largely directed to electricity network upgrades, greater generation flexibility and circular economy projects, with about 70% of spending eligible under the EU Taxonomy...
A2A Reports February 2026 Share Buyback Transactions on Italian Market
Mar 6, 2026
A2A S.p.A. disclosed a series of transactions in its own shares carried out on the Italian stock market during February 2026, involving its ordinary shares identified by ISIN IT0001233417. The disclosure forms part of regulatory transparency requi...
A2A publishes governance guidelines for renewal of Board of Statutory Auditors
Mar 4, 2026
A2A has published the outgoing Board of Statutory Auditors’ guidelines for shareholders on how to structure and remunerate the next Board of Statutory Auditors, ahead of the shareholders’ meeting scheduled for 28 April 2026. The docume...
A2A Confirms Exploratory Nature of Rumored Talks With ERG
Feb 27, 2026
A2A SpA has responded to market rumors about potential transactions involving the company and ERG, clarifying that it routinely reviews strategic options in line with its industrial plan and holds discussions with various potential partners. The c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.