That ended 2024 with a consolidated net profit of 331,6 million euros, marking an increase of 12,8% compared to 2023. The'recurring net income, amounting to 330 million euros, grew by 18% thanks to a solid performance of EBITDA, which more than offset the increase in depreciation and amortization in regulated sectors. Consolidated EBITDA reached 1.556,8 million euros, an increase of 11,9% compared to the previous year.
I total revenue stood at 4.269,9 million euros, down from 4.629,2 million in 2023, mainly due to the decline in prices in energy markets. Regulated sectors, including Acqua Italia, Networks, Public Lighting and Environment, contributed over 60% of revenues, up approximately 5%.
Acea: performance by business area
In 2024, Acea recorded different performances among its various business areas, with positive results in some sectors and a contraction in others.
The Water area saw one increase of EBITDA to 823,8 million euros (+10,7%), thanks to organic growth, and the expansion of water services, which contributed to an improvement in profitability. The area of Networks and Public Lighting recorded solid growth, with Ebitda rising by 15,5% to €433,7 million. The main factors that supported this result were the increase in electricity distribution tariffs (with a Wacc rising from 5,2% to 6,0%) and investments aimed at improving the resilience and digitalization of electricity networks, elements that increased the value of the Rab (Regulatory Asset Base).
On the contrary, theEnvironment area has seen a decline of Ebitda, which fell to 67,9 million euros, compared to 84,4 million euros in 2023. The contraction was mainly influenced by the reduction of margins in the Waste-to-Energy sector (Wte), which was affected by an unfavorable energy context, as well as by the temporary shutdown of the Terni plant for maintenance work. In the sector of Production, EBITDA decreased to 40,5 million euros, down from 53,9 million euros in 2023; a decrease that was mainly caused by the lower hydroelectric power generation, which suffered a 28% contraction due to a reduction in rainfall, combined with the drop in prices on the energy markets, with the Pun falling by 19 euros/MWh compared to the previous year.
Finally, the area Commercial recorded a positive performance, with EBITDA rising to 197,6 million euros, compared to 129,3 million euros in 2023. This improvement was due to an optimization of energy sales margins, as well as the expansion of the customer base in the free market, which saw the competitiveness of the services offered and the diversification of offers grow.
Investments of almost 1,5 billion
In 2024, Acea carried out gross investments of 1.438,9 million euros, (+25,9%) compared to the previous year, concentrated in regulated businesses. Net financial debt increased to €4.953,6 million, reflecting investments and actions to contain working capital. The Net Debt/EBITDA ratio improved to 3,18x, compared to 3,49x in 2023.
Acea continued its commitment to sustainability, with over 60% of energy production coming from renewable sources. In addition, 3,4 million cubic meters of water were recycled and 625,5 million cubic meters of drinking water distributed. A security level, the Group has carried out approximately 15.000 inspections on construction sites, with over 230.000 hours of training provided to personnel.
Dividend and Outlook for 2025
The Board has proposed a dividend of 0,95 euros per share, up 8% compared to 2023. The distribution will happen on June 25, 2025, with a coupon detachment on June 23 and a record date on June 24.
For the 2025, Acea forecasts an Ebitda growth between 2% and 3% compared to 2024, with a target of 1.428 million euros. Investments should amount to approximately 1,6 billion euros, with a Net Debt/EBITDA ratio expected between 3,4 and 3,5 times.
"I financial results for 2024, growing and above guidance, confirm the solidity of the Group already highlighted in the first nine months – commented the CEO of Acea Fabrizio Palermo – The ever-increasing operational efficiency and the solid financial structure, with an improving Net Debt/EBITDA ratio, strengthen our position and allow us to continue the growth path supported by investments, in particular, in regulated sectors to develop and strengthen infrastructures. The results achieved have also allowed us to distribute a growing dividend, higher than expected in the Industrial Plan, thus continuing to create value for all stakeholders".
