(Alliance News) - A2A Spa reported Tuesday that in the first nine months of the year, net ordinary income rose 26 percent to EUR402 million compared to the same period last year when it was EUR460 million.

As of Sept. 30, revenues stood at EUR10.95 billion, down 35 percent from EUR16.85 billion compared to the same period in 2022 due mainly to lower electricity and gas prices in the markets.

EBITDA stood at EUR1.35 billion, up 19 percent from EUR1.13 billion in the first nine months of 2022.

Capital expenditures stood at EUR796 million earmarked for the development of plants for green energy production and for the upgrading and efficiency of networks to support decarbonization and circular use of resources.

Net financial position is EUR4.46 billion from EUR4.25 billion as of December 31, 2022.

Looking to the future, the guidance has been revised upward: the group for 2023 expects Ebitda of EUR1.88 billion to EUR1.92 billion and ordinary group net income of EUR550 million to EUR570 million on the basis of significant results in the first nine months and better-than-expected performance of the Generation & Trading and Market Business Units, the company explained in a note.

On the subject of energy transition, the company said that innovative solutions related to Power Purchase Agreements (PPAs) have been introduced, aimed at mass market customers (Noi2) and renewable energy producers (Enfinity), with the aim of making the price of energy less subject to market fluctuations; the group is thus positioned among the leading players in the green energy market, A2A's information note continues.

In addition, a new agreement for the construction of two 17.5 MW photovoltaic plants in the Veneto region was devised with the acquisition by A2A Rinnovabili Spa of 100 percent of the companies Juwi Development 12 Srl and Juwi Development 13 Srl, which have obtained permits for the construction and operation of two solar plants.

"The results of these nine months confirm the solidity of the growth path undertaken by our group. During the year, we invested about EUR800 million in the construction of new photovoltaic and wind power plants, network upgrades, and material and energy recovery. We have increased wind and photovoltaic production by 27 percent, and through PPA agreements with customers (Noi2) and producers (Enfinity) we can make available an increasing share of green energy, consolidating our role as a player supporting the country's ecological transition," commented Renato Mazzoncini, A2A CEO.

"The significant improvement in the economic-financial indicators, supported in particular by the performance of the Generation & Trading and Market Business Units, has allowed us to revise upward the group's guidance with Ebitda between EUR1.88 and EUR1.92 billion and ordinary net income between EUR550 and EUR570 million. We are proceeding with conviction in the direction outlined in our Business Plan, aimed at fostering the decarbonization and electrification of consumption: goals that are indispensable to provide concrete answers to the challenges of ongoing climate change and to help make the energy market more stable and autonomous."

A2A trades in the green by 2.9 percent at EUR1.84 per share.

By Claudia Cavaliere, Alliance News reporter

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