A2A SpA (IT:A2A)
:A2A
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A2A SpA
(A2A)
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Rating:64Neutral
Price Target:
€2.50
▼(-0.79% Downside)
Action:ReiteratedDate:03/19/26
The score is driven primarily by improving profitability and cash generation, tempered by high leverage and variability in revenue/margins. Technicals are neutral with a slightly weaker intermediate-term trend, while valuation is a clear positive due to the low P/E and strong dividend yield.
Positive Factors
Diversified regulated + market businesses
A2A’s multi-utility model blends regulated concession businesses (networks, water, municipal services) with market-facing generation and retail. This structural diversification cushions cash flows: regulated tariffs and concessions provide stable, volume-insensitive revenue while market arms capture upside, improving resilience over years.
Negative Factors
Elevated leverage
Debt materially above equity raises refinancing and interest-rate sensitivity risks. High structural leverage constrains strategic flexibility, increases vulnerability to rate cycles, and may force higher portions of future cash flow toward debt service rather than reinvestment or shareholder returns unless materially reduced.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified regulated + market businesses
A2A’s multi-utility model blends regulated concession businesses (networks, water, municipal services) with market-facing generation and retail. This structural diversification cushions cash flows: regulated tariffs and concessions provide stable, volume-insensitive revenue while market arms capture upside, improving resilience over years.
Read all positive factors
A2A SpA (A2A) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€7.89B
Dividend Yield4.37%
Average Volume (3M)7.80M
Price to Earnings (P/E)9.6
Beta (1Y)0.65
Revenue Growth8.61%
EPS Growth-22.69%
CountryIT
Employees14,777
SectorGeneral
Sector StrengthN/A
IndustryDiversified Utilities
Share Statistics
EPS (TTM)0.05
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 Upside15.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.21
Revenue Forecast (FY)€13.02B
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
66
Positive
Balance Sheet
58
Neutral
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.74B | 12.57B | 14.63B | 22.95B | 11.35B |
| Gross Profit | 1.35B | 1.58B | 2.90B | 2.44B | 2.26B |
| EBITDA | 2.20B | 2.31B | 1.85B | 1.58B | 1.33B |
| Net Income | 750.00M | 864.00M | 659.00M | 401.00M | 504.00M |
Balance Sheet | |||||
| Total Assets | 21.38B | 19.89B | 18.80B | 21.37B | 18.01B |
| Cash, Cash Equivalents and Short-Term Investments | 1.88B | 1.55B | 1.47B | 2.60B | 973.00M |
| Total Debt | 7.26B | 7.27B | 6.35B | 6.89B | 5.07B |
| Total Liabilities | 14.89B | 13.89B | 14.00B | 16.90B | 13.71B |
| Stockholders Equity | 5.92B | 5.45B | 4.24B | 3.90B | 3.76B |
Cash Flow | |||||
| Free Cash Flow | 942.00M | 408.00M | -336.00M | 20.00M | 61.00M |
| Operating Cash Flow | 2.11B | 1.46B | 1.04B | 1.26B | 1.14B |
| Investing Cash Flow | -1.27B | -2.81B | -1.36B | -1.14B | -1.59B |
| Financing Cash Flow | -511.00M | 1.27B | -932.00M | 1.20B | 40.00M |
A2A SpA Technical Analysis
Positive
2.52
Price Trends
2.44
Positive
2.41
Positive
2.32
Positive
Market Momentum
<0.01
Negative
63.03
Neutral
91.13
Negative
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 2.52 is above the 20-day moving average (MA) of 2.39, above the 50-day MA of 2.44, and above the 200-day MA of 2.32, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 63.03 is Neutral, neither overbought nor oversold. The STOCH value of 91.13 is Negative, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | €768.24M | 16.40 | 9.91% | 4.59% | 20.11% | 75.92% | |
64 Neutral | €7.89B | 9.65 | 13.08% | 4.37% | 8.61% | -22.69% | |
64 Neutral | €4.87B | 9.79 | 14.57% | 4.33% | -26.96% | 25.00% | |
63 Neutral | €99.20B | 22.77 | 23.22% | 5.05% | -3.10% | 26.28% | |
61 Neutral | €3.27B | 23.79 | 9.06% | 5.06% | 10.48% | 9.06% | |
56 Neutral | €6.00B | 8.70 | 13.30% | 3.76% | 15.98% | 19.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:A2A
A2A SpA
2.52
0.69
37.67%
IT:ACE
ACEA SPA
22.92
5.83
34.07%
IT:ASC
Ascopiave S.p.A.
3.55
0.71
24.87%
IT:ENEL
Enel S.p.A.
9.77
3.36
52.35%
IT:HER
HERA S.p.A.
4.10
0.60
17.31%
IT:IRE
Iren S.p.A.
2.55
0.47
22.40%
A2A SpA Corporate Events
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...
A2A Buys 840,000 Treasury Shares in February Buyback Tranche
Feb 9, 2026
A2A SpA has continued its treasury share repurchase program, authorized by shareholders in April 2025, buying 840,000 shares on Euronext Milan between 2 and 6 February 2026 at an average price of €2.5622, for a total outlay of about €2...
A2A Discloses January 2026 Buy-Side Transactions in Its Own Shares
Feb 6, 2026
A2A S.p.A. has reported a series of transactions in its own shares carried out on the Italian market (MI EXM) over the period 19–30 January 2026, involving daily purchases of between 170,000 and 360,000 shares at average prices ranging rough...
A2A Buys Back 850,000 Shares Under Ongoing Treasury Share Programme
Feb 2, 2026
A2A has continued its share buyback programme authorised by shareholders, repurchasing 850,000 treasury shares on Euronext Milan between 26 and 30 January 2026 at an average price of €2.518 per share, for a total outlay of about €2.14 ...
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.