Operating figures, equity and financial results
Operating data
| U,M, | 2024 | 2023 | Change | Change % | |
|---|---|---|---|---|---|
| Water volumes | Mm3 | 517.7 | 517.1 | 0.6 | 0.1% |
| Energy consumed | GWh | 760.6 | 730.6 | 30.1 | 4.1% |
| Sludge disposed of | kt | 162.3 | 185.9 | (23.6) | (12.7%) |
Economic and financial results
| € milion | 2024 | 2023 | Change | Change % |
|---|---|---|---|---|
| Revenues | 1,564.5 | 1,493.7 | 70.8 | 4.7% |
| Costs | 740.7 | 749.8 | (9.0) | (1.2%) |
| EBITDA | 823.8 | 743.9 | 79.9 | 10.7% |
| Operating profit/(loss) | 374.9 | 325.0 | 49.9 | 15.4% |
| Average workforce | 3,866 | 3,969 | (102) | (2.6%) |
| Investiments | 895.4 | 682.4 | 213.0 | 31.2% |
Economic and financial resutls
| € milion | 2024 | 2023 | Change | Change % |
|---|---|---|---|---|
| EBITDA Water segment | 823.8 | 743.9 | 79.9 | 10.7% |
| EBITDA - Group | 1,556.8 | 1,390.9 | 166.0 | 11.9% |
| Percentage | 52.9% | 53.5% | (0.6 p,p,) |
EBITDA for the Segment stood at €823.8 million at 31 December 2024, an increase of €79.9 million compared to 31 December 2023 (+ 10.7%). The increase mainly derives from tariff approvals (+€107.0 million) especially for Acea Ato2 (+€66.2 million) and GORI (+€25.1 million), net of the components to hedge passthrough costs), following the incorporation of the tariff update, resulting from the introduction of the Water Tariff Method for the 4th regulatory cycle (MTI-4) 2024 – 2029, in particular for Acea Ato2 approved by the Conference of Mayors on 5 August 2024 and definitively by ARERA with Resolution 381/2024/R/IDR of 24 September 2024. The significant change in these revenues compared to the previous year is due to the update to the financial parameters (WACC, inflation and deflators) and the organic growth driven mainly by investments (Capex component of the tariff). This increase was offset by the reduction recorded in relation to Acquedotto del Fiora following its deconsolidation on 1 October 2024 (-€17.7 million) and the lower contribution of the companies consolidated using the net equity method (-€7.5 million). This latter variation was influenced by the devaluation of the company DropMi, in liquidation (-€5.5 million) and the lower contribution of Publiacqua (-€5.6 million) due to the lower revenue posted by SII (Capex and FoNI component), offset by the higher profit recorded by Umbra Acque (+€2.1 million) and Acque (+€1.0 million). The contribution to EBITDA of the companies valued at shareholders’ equity is detailed below:
| € milion | 2024 | 2023 | Change | Change % |
|---|---|---|---|---|
| Publiacqua | 3.7 | 9.3 | (5.6) | (60.0%) |
| Gruppo Acque | 8.4 | 7.4 | 1.0 | 13.1% |
| Umbra Acque | 5.0 | 2.9 | 2.1 | 72.9% |
| Nuove Acque e Intesa Aretina | 0.9 | 0.5 | 0.3 | 61.0% |
| Geal | 0.8 | 0.9 | (0.2) | (17.8%) |
| Umbria Distribuzione Gas | (0.4) | 0.1 | (0.5) | n,s, |
| DropMi in liquidazione e Aqua Iot in liquidazione | (5.6) | (0.1) | (5.5) | n,s, |
| Acquedotto del Fiora | 0.9 | 0.0 | 0.9 | n,s, |
| Totale | 13.6 | 21.1 | (7.5) | (35.5%) |
The quantification of the revenues deriving from management of the integrated water service is the consequence of application of the new water tariff method for the fourth regulatory period (MTI-4), as approved by the Authority (ARERA) with Resolution 639/2023/R/idr of December 2023, taking into account the approval of the 2024-2029 tariff provisions which occurred in the meantime. Further details are provided in the section “Service concession report”.
The average number of staff at 31 December 2024 was 3,866 people, a decrease compared to the figure at 31 December 2023 of 102 people mainly attributable to the deconsolidation of Acquedotto del Fiora.
Investments by the Segment amounted to €895.4 million, an increase of €213.0 million compared to the previous year, primarily due to greater investments financed (+€117.0 million) and partly due to advances on tenders. The investments refer mainly to extraordinary maintenance work, reconstruction, modernisation and expansion of plants and networks, the reclamation and expansion of water and sewer pipes of the various Municipalities and work on purification and transport plants (ducts and feeders).