Consolidated Financial Statements | 2025 Consolidated Financial Report Acea

Consolidated income statement

€ thousand	2025	Of which related party transactions	2024	Of which related party transactions	Change
Revenue from sales and services	2,703,057		2,720,136		(17,079)
Other revenue and income	195,954		171,874		24,080
Consolidated net revenue	2,899,011	168,594	2,892,010	145,613	7,001
Personnel costs	359,054		309,863		49,191
Costs of materials and overheads	1,116,500		1,154,045		(37,545)
Consolidated operating costs	1,475,554	80,065	1,463,908	71,144	11,646
Net income/(expense) from commodity risk management	0		0		0
Income/(Expenses) from non-financial equity investments	38,619		15,688		22,931
EBITDA	1,462,075	88,529	1,443,790	74,469	18,286
Net write-downs (write-backs) of trade receivables	98,289		84,708		13,581
Depreciation, amortisation and provisions	694,864		695,291		(428)
Operating profit/(loss)	668,923	88,529	663,790	74,469	5,133
Financial income	31,386	9,717	39,502	2,213	(8,116)
Financial expenses	(165,309)	(11)	(176,886)	(576)	11,576
Profit/(Loss) on equity investments	91,768		(5,740)		97,508
Profit/(loss) before tax	626,768	98,235	520,667	76,106	106,101
Income tax	185,836		164,717		21,119
Gains or losses from continuing operations	440,932	98,235	355,950	76,106	84,981
Profit (loss) from discontinued operations	74,420		16,512		57,909
Net profit/loss	515,352	98,235	372,462	76,106	142,890
Profit/(loss) due to third parties	34,773		40,843		(6,070)
Net profit/(loss) attributable to the Group	480,579		331,620		148,959
Earnings (loss) per share attributable to Parent Company's shareholders
– Base	2.25661		1.55716		0.69946
– Diluted	2.25661		1.55716		0.69946
Profit (loss) per share attributable to the shareholders of the Parent Company net of Treasury Shares
– Base	2.26104		1.56021		0.70083
– Diluted	2.26104		1.56021		0.70083

Consolidated statement of comprehensive income

€ thousand	2025	2024	Change
Net profit/(loss) for the period	515,352	372,462	142,890
Gains/losses from the conversion of financial statements in foreign currency	(10,448)	3,984	(14,432)
Provision for exchange rate difference	(42,288)	5,570	(47,858)
Tax on exchange rate difference	10,149	(1,337)	11,486
Gains/losses from exchange rate difference	(32,139)	4,234	(36,372)
Effective portion of gains/(losses) on hedging instruments (“cash flow hedges”)	56,434	(41,790)	98,224
Tax effect of other gains/(losses) on hedging instruments (“cash flow hedges”)	(14,372)	11,022	(25,395)
Profit/(loss) from the effective portion on hedging instruments, net of tax	42,062	(30,768)	72,830
Actuarial profit/(loss) on staff benefits included in the Shareholders’ Equity	(958)	2,650	(3,608)
Tax effect on the other actuarial profit/(loss) on staff benefits	1,266	(1,787)	3,053
Actuarial profit/(loss) on defined benefit pension plans, net of tax	308	863	(555)
Total of the comprehensive income components, net of tax	(217)	(21,688)	21,471
Total comprehensive profit/(loss)	515,135	350,774	164,361
Total comprehensive income (loss) attributable to:
– Group	484,325	309,664	174,661
– Third parties	30,810	41,110	(10,300)

Consolidated statement of financial position

ASSETS € thousand	31/12/2025	Of which with related parties	31/12/2024	Of which with related parties	Change
Property, plant and equipment	3,649,143		3,363,465		285,678
Real estate investments	9,833		9,711		122
Goodwill	191,232		241,041		(49,809)
Concessions and rights on infrastructure	4,474,776		3,999,275		475,501
Intangible fixed assets	300,798		417,231		(116,433)
Right of use	81,363		93,267		(11,904)
Equity investments in unconsolidated subsidiaries and associates	386,741		488,089		(101,348)
Other equity investments	2,469		7,990		(5,521)
Deferred tax assets	187,967		218,801		(30,834)
Non-current financial assets	28,276	7,204	39,553	39,553	(11,277)
Other non-current assets	722,533		852,079		(129,546)
Non-current assets	10,035,132	7,204	9,730,502	39,553	304,630
Inventories	140,973		122,556		18,418
Trade receivables	848,524	85,892	1,027,608	55,593	(179,085)
Other current assets	352,696		438,259		(85,564)
Current tax assets	6,195		9,436		(3,240)
Current financial assets	71,907	59,151	186,801	89,216	(114,894)
Cash and cash equivalents	625,399		513,476		111,923
Current assets	2,045,694	145,043	2,298,136	144,810	(252,442)
Non-current assets held for sale	742,709		181,320		561,389
TOTAL ASSETS	12,823,535	152,248	12,209,958	184,363	613,577

LIABILITIES AND SHAREHOLDERS’ EQUITY € thousand	31/12/2025	Of which with related parties	31/12/2024	Of which with related parties	Change
Share capital	1,098,899		1,098,899		0
Legal reserve	178,410		167,986		10,425
Other reserves	390,011		396,666		(6,655)
Retained earnings/(losses)	632,958		509,935		123,023
Profit (loss) for the year	480,579		331,620		148,959
Total Shareholders’ Equity for the Group	2,780,857		2,505,105		275,752
Third parties Shareholders’ Equity	392,818		370,462		22,356
Total Shareholders' Equity	3,173,674		2,875,567		298,107
Employee severance indemnity and other defined benefit plans	102,282		83,759		18,523
Provisions for risks and charges	197,846		227,949		(30,103)
Non-current borrowings and financial liabilities	4,924,541		4,895,268		29,273
Other non-current liabilities	980,206		744,195		236,011
Non-current liabilities	6,204,874		5,951,171		253,703
Borrowings	735,653	26,145	758,611	100,584	(22,958)
Trade payables	1,626,220	30,818	1,872,451	19,618	(246,231)
Tax payables	31,457		40,821		(9,364)
Other current liabilities	575,091		699,576		(124,485)
Current liabilities	2,968,421	56,963	3,371,459	120,202	(403,038)
Liabilities closely associated with assets held for sale	476,565		11,761		464,804
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	12,823,535	59,963	12,209,958	120,202	613,577

Consolidated cash flow statement

€ thousand	31/12/2025	Of which with related parties	31/12/2024	Of which with related parties	Change
Profit before tax	626,768	0	520,667	0	106,101
Depreciation/amortisation and impairment losses	672,902	0	661,197	0	11,704
Profit/(Loss) on equity investments	(130,387)	0	(9,948)	0	(120,439)
Changes in provisions for risks and charges	(21,621)	0	14,519	0	(36,140)
Net change in the provision for employee benefits	22,774	0	(18,855)	0	41,629
Net financial income/(charges)	131,520	0	133,589	0	(2,069)
Cash flow from operating activities before changes in net working capital	1,301,956	0	1,301,169	0	787
Provision for doubtful accounts	98,289	0	84,708	0	13,581
Increase/Decrease in receivables included in current assets	(107,651)	(30,299)	26,069	6,121	(133,720)
Increase/Decrease in payables included in the working capital	226,290	16,121	440,291	(8,181)	(214,001)
Increase/Decrease in inventories	(23,049)	0	(22,708)	0	(340)
Income taxes paid	(147,775)	0	(145,990)	0	(1,785)
Change in working capital	46,104	(14,178)	382,369	(2,060)	(336,266)
Change in other assets/liabilities during the period	382,310	0	84,640	0	297,671
Operating cash flow from discontinued operations	36,407		(8,659)		45,066
Cash flow from operating activities	1,766,777	(14,178)	1,759,519	(2,060)	7,257
Investments in tangible and intangible assets	(1,531,272)	0	(1,438,866)	0	(92,406)
Investments in investees, subsidiaries and business units	266,484	0	(12,910)	0	279,394
Collections/payments deriving from other financial investments	136,934	62,414	282,494	(5,906)	(145,560)
Dividends received	7,437	7,437	6,768	6,768	669
Interest income received	31,093	0	38,578	0	(7,485)
Cash flow from investment activities of discontinued operations	(43,145)		3,576		(46,721)
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	(1,132,469)	69,851	(1,120,361)	861	(12,108)
New issues of long-term financial debt	625,000	0	755,000	0	(130,000)
Repayment of financial payables	(520,607)	0	(665,391)	0	144,784
Decrease/Increase in other financial debts	(290,942)	(73,385)	(275,591)	30,316	(15,351)
Interest expense paid	(156,070)	0	(168,487)	0	12,417
Dividends paid	(159,468)	(159,468)	(146,109)	(146,109)	(13,359)
Cash flow from financing activities of discontinued operations	(17,635)		(19,124)		1,490
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	(519,722)	(232,853)	(519,703)	(115,793)	(19)
CASH FLOW FOR THE PERIOD	114,586	(177,180)	119,456	(116,992)	(4,870)
Opening balance of cash and cash equivalents	513,476		359,379		154,097
Cash availability from acquisition	1,300		34,641		(33,341)
Closing cash and cash equivalents of discontinued operations	(3,963)		0		(3,963)
CLOSING BALANCE OF CASH AND CASH EQUIVALENTS	625,399		513,476		111,923

Consolidated statement of changes in Shareholders’ equity

€ thousand	Share capital	Legal reserve	Valuation reserve for employee defined benefit plans net of tax	Financial derivative fair value reserve net of tax effect	Exchange difference reserve	Other reserves	Profit (loss) for the year	Total Shareholders’ Equity for the Group	Third parties Shareholders’ Equity	Total Shareholders’ Equity
Balance at 1 January 2024	1,098,899	157,838	(16,149)	(14,307)	25,374	831,719	293,908	2,377,281	445,803	2,823,084
Income statement profit	0	0	0	0	0	0	331,620	331,620	40,843	372,462
Other comprehensive income (loss)	0	0	615	(29,288)	6,718	0	0	(21,955)	267	(21,688)
Total comprehensive income (loss)	0	0	615	(29,288)	6,718	0	331,620	309,664	41,110	350,774
Allocation of result for 2023	0	10,148	0	0	0	283,760	(293,908)	0	0	0
Distribution of dividends	0	0	0	0	0	(187,042)	0	(187,042)	(11,992)	(199,035)
Change in consolidation scope	0	0	(2)	(620)	147	1,081	0	605	(105,006)	(104,401)
Other changes	0	0	17,047	0	(0)	(12,451)	0	4,596	548	5,144
Balance as at 31 December 2024	1,098,899	167,986	1,512	(44,216)	32,239	917,066	331,620	2,505,105	370,462	2,875,567

€ thousand	Share capital	Legal reserve	Valuation reserve for employee defined benefit plans net of tax	Financial derivative fair value reserve net of tax effect	Exchange difference reserve	Other reserves	Profit (loss) for the year	Total Shareholders’ Equity for the Group	Third parties Shareholders’ Equity	Total Shareholders’ Equity
Balance at 1 January 2025	1,098,899	167,986	1,512	(44,216)	32,239	917,066	331,620	2,505,105	370,462	2,875,567
Income statement profit	0	0	0	0	0	0	480,579	480,579	34,773	515,352
Other comprehensive income (loss)	0	0	246	42,388	(38,888)	0	0	3,746	(3,963)	(217)
Total comprehensive income (loss)	0	0	246	42,388	(38,888)	0	480,579	484,325	30,810	515,135
Allocation of result for 2024	0	10,425	0	0	0	321,195	(331,620)	0	0	0
Distribution of dividends	0	0	0	0	0	(201,921)	0	(201,921)	(8,946)	(210,866)
Change in consolidation scope	0	0	3	1,098	377	(4,722)	0	(3,243)	(159)	(3,402)
Other changes	0	0	(1)	0	3	(3,412)	0	(3,410)	650	(2,760)
Balance as at 31 December 2025	1,098,899	178,410	1,760	(730)	(6,269)	1,028,207	480,579	2,780,857	392,818	3,173,674

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Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated cash flow statement

Consolidated statement of changes in Shareholders’ equity

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