That closes on first semester 2026 with better than expected results and confirms its objectives for the entire year. The Roman utility achieves growth ofrecurring ebitda by 4% to 719 million euros, above analysts' estimates, while theNet income exceeds 454 million, more than double compared to last year thanks also to the capital gain deriving from the sale of Acea Energia.
The CEO Fabrizio Palermo speaks of a performance "in line with the group's objectives" and underlines the solidity of the growth path undertaken by the company. Business Square, however, the title Acea moves against the trend and loses more than 4% to 21,30 euros.
Acea: Revenues up and net profit doubles
In the first six months of 2026 Acea recorded revenues for 1,554 billion euros, up 2% compared to the same period in 2025, with approximately 1,2 billion generated by regulated activities.
The recurring ebitda rose to 719 million, exceeding expectations of 707 million. Growth was driven primarily by the group's most stable businesses: water, networks, public lighting, and the environment, which generated approximately 95% of recurring EBITDA.Net income consolidated net income jumped by 100,5% to 454,5 million euros, also benefiting from the 268,5 million capital gain linked to the sale of Acea Energia.recurring net income, which grew by 16% to 176 million, exceeding analysts' forecasts.
Investments of over €660 million: focus on water and infrastructure
Acea continues to focus on strategic infrastructure. In the first half of the year, investments gross revenues reached €662,5 million, a substantially stable level compared to last year, with 91% of resources allocated to regulated businesses.
The water sector remains the main driver of investment, with 379,5 million, followed by networks and public lighting with 209,3 million. Key projects include the acquisition of control of Aquanexa, to accelerate development in the water sector and digitalization, and the tender for the management of the integrated water service in the Sannio area, a project with an estimated value of more than 1 billion euros and involving 78 municipalities and approximately 272 inhabitants.
Debt under control despite investments
The financial debt Net debt rose to €5,18 billion, from €4,96 billion at the end of 2025, in line with market expectations. The increase, Acea explains, reflects investments made, dividend distributions, tax payments, and asset rotation operations. The financial structure remains solid: approximately 80% of debt is fixed-rate, with an average maturity of 3,8 years. net debt/EBITDA ratio stood at 3,64 times.
Fitch's assessment also confirmed Acea's financial solidity, maintaining its rating at “BBB+” with a stable outlook.
Acea confirms its 2026 guidance
In light of the half-year results, Acea confirms objectives for 2026. The group foresees a EBITDA growing by 3%-5% compared to the 2025 restated figure of 1,365 billion euros, investments of approximately 1,5 billion and a net debt/EBITDA ratio of between 3,5 and 3,6 times.
The strategy remains focused on the development of sustainable infrastructure in regulated sectors, with particular attention to water, the digital transition, and the circular economy. Among the most significant transactions are: placement of the first Italian Blue Bond worth 500 million euros and the start of work on the waste-to-energy plant in Rome.
Two bonds maturing for 1,2 billion
On the financial front, the company will have to face challenges in the coming months two bond maturities: a €500 million bond maturing on October 24, 2026, and a second €700 million loan maturing on June 8, 2027.
Acea, however, has a significant liquid assetsAs of June 30, it had €800 million in committed credit lines, €805 million in unused lines, and a €190 million EIB line available until 2029.
The board of directors also called the extraordinary and ordinary shareholders' meeting for September 7th and 8th, at the request of Roma Capitale, the controlling shareholder with 51% of the capital. On the agenda were amendments to the bylaws, an increase in the number of board members from 13 to 14, and the appointment of a new director.
