(Alliance News) - A2A Spa reported Thursday that its board of directors reviewed and approved its quarterly report as of March 31, 2023, reporting an ordinary profit of EUR173 million from EUR106 million in the same period last year.

Revenues for the third quarter were down 7 percent to EUR5.13 billion from EUR5.53 billion in the first quarter of 2022. The change, attributable to lower revenues in wholesale energy markets due to both lower unit prices and lower volumes of electricity sold and brokered, was partially offset by higher quantities of electricity and gas sold in retail markets.

The downward trend in commodities led, like the revenue trend, to a significant reduction in operating expenses, which amounted to EUR4.43 billion, down 11 percent from the same period last year.

Ebitda amounted to EUR500 million from EUR386 million, up 30 percent from the first three months of 2022.

Ebit amounted to EUR288 million from EUR180 million in the previous year, thus increasing by 60%.

M&A amounted to EUR12 million, mainly related to the acquisition of a majority stake in VGE 05, which will develop a photovoltaic plant in Friuli Venezia Giulia with an installed capacity of 59MW.

Net financial position as of March 31, 2023 was EUR4.37 billion from EUR4.26 billion as of December 31, 2022. Excluding scope changes during the period under review of EUR12 million, NFP stands at EUR4.36 billion, recording a net cash absorption of EUR103 million, after investments of EUR219 million.

"The results of the first 3 months of 2023 consolidate the group's growth, confirming the validity of its strategic choices," comments Renato Mazzoncini, A2A CEO. Being able to increase investments by 18 percent, compared to the record levels of the same period last year, is a source of great satisfaction for us because it demonstrates A2A's ability to build infrastructure that is essential for the country's development."

"We will continue to work to achieve the goals set in our business plan, to create shared value for the benefit of people, territories and businesses, aware that we are on the right path."

A2A's stock trades in the green by 1.4 percent at EUR1.66 per share.

By Chiara Bruschi, Alliance News reporter

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