Acea H1 net profit doubles to €454m on energy unit sale; guidance confirmed

Profit surge driven by unit sale

Acea closed the first half of 2026 with a consolidated net profit of €454 million, more than double the figure recorded a year earlier. The jump reflects a €268.5 million capital gain from the disposal of Acea Energia, the group’s energy retail business. Excluding that one-off item, recurring net profit rose 16% to €176 million. The board, chaired by Alessandro Rivera, approved the half-year financial report on 23 July.

The results confirm the solidity of our growth path and an economic-financial performance in line with the group’s objectives. This demonstrates the effectiveness of our strategy and the commitment of our people. The confirmation of the 2026 guidance testifies to Acea’s ability to continue generating value for all stakeholders.

Revenue and operational performance

Consolidated pro-forma revenues reached €1.55 billion, a 2% increase compared with the first half of 2025. Regulated activities contributed approximately €1.2 billion, remaining broadly stable year on year. Pro-forma EBITDA stood at €721 million, down 2%, while recurring pro-forma EBITDA grew 4% to €719 million, supported by the regulated businesses. Net financial charges were €69.6 million, essentially flat versus €66.9 million in the same period of 2025. The group’s average cost of debt edged up to 2.16% from 2.07% a year earlier.

Water business remains growth engine

Chief Financial Officer Valentina Bracaglia noted that the water business continues to be Acea’s main growth driver. During the half, the group strengthened its leadership in the sector with contract awards in Italy and abroad. It also completed the acquisition of Aquanexa, the leading operator in water-sector services, a move that CEO Fabrizio Palermo described as strategic for expanding the group’s presence in complementary services.

In the water area we have strengthened our leadership with awards in Italy and abroad. In the electricity sector, the sale of Acea Energia was successfully completed in line with the objectives defined in the strategic plan. We have also accelerated our growth path through the acquisition of Aquanexa, the first operator in water sector services, strengthening our presence in the water sector on additional services that we believe to be strategic in perspective.

Guidance and outlook

Management confirmed the full-year 2026 guidance. It targets EBITDA growth of 3% to 5% compared with the 2025 restated figure of €1,365 million, gross investments of around €1.5 billion (€1.2 billion net of public contributions), and a Net Debt/EBITDA ratio of 3.5–3.6 times. Co-General Manager Pier Francesco Ragni said the group will pursue M&A opportunities in its core businesses if they arise. Net financial debt stood at €5.18 billion at 30 June 2026, up from €4.96 billion at end-2025, mainly due to asset rotation, investments, dividend payments and tax outflows.

Governance changes ahead

At the request of Roma Capitale, which holds a 51% stake, the board resolved to call an extraordinary and ordinary shareholders’ meeting on 7 and 8 September 2026 (first and second call). The agenda includes amending article 15.1 of the company’s statute, expanding the board from 13 to 14 members, and appointing one new director.