Acea operates in the following business lines: Energy Management and the Protected Market. These business lines represent the activities excluded from the scope of the anticipated sale of Acea Energia to Eni Plenitude, a transaction that will allow the Group to strengthen its position as a leading infrastructure operator.
Operating data and Economic and financial results
Operating data
U.M. | 2025 | 2024 | Change | % Change | |
|---|---|---|---|---|---|
| Customer base | No. | 174,633 | 334,609 | 159,976 | (47.8%) |
| EE sold protected | GWh | 329 | 615 | (286) | (46.5%) |
Economic and financial results
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| Revenues | 374.7 | 485.6 | (110.9) | (22.8%) |
| Costs | 340.3 | 472.9 | (132.6) | (28.0%) |
| EBITDA | 34.5 | 12.8 | 21.7 | 169.7% |
| Operating profit/(loss) | 37.9 | 8.6 | 29.3 | n.s. |
| Average workforce | 21 | 24 | (3) | (12.5%) |
| Capex | 67.6 | 67.5 | 0.1 | n.s. |
Economic and financial results
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| EBITDA Energy Management | 34.5 | 12.8 | 21.7 | 169.7% |
| EBITDA – Group | 1,420.0 | 1,328.9 | 91.1 | 6.9% |
| Percentage | 2.4% | 1.0% | 1.5 pp |
Management and energy sales on the regulated market, closed 2025 with an EBITDA of €34.5 million, up by €21.7 million on the previous financial year. The change on a like-for-like basis (+€6.8 million) was impacted by: i) the improvement in the Energy Management margin (+€16.1 million), mainly from changes in the treatment of revenues from import capacity refunds and ii) operational efficiencies (+€1.6 million). This increase was partly offset by the reduced margins in the Protected Market (-€5.7 million) due to the “natural” loss of customers to the Open Market (- 48%) not offset by the application of higher tariffs, and by lower VAS margins (-€4.0 million), namely sales, installation and customer support for smart services-related activities and services. The remaining increase (+€14.9 million) came from the recognition of extraordinary income, primarily resulting from the completion of the analysis during 2025, which had been carried out on certain customer exposures relating to items that had been overdue for more than 10 years, following the expiry of the prescription periods.
With reference to the workforce, the average number at 31 December 2025 stood at 21 employees, slightly down compared to 31 December 2024 by 3 employees.
Investments in this Segment amounted to €67.6 million, in line with the figure as at 31 December 2024. They relate almost exclusively to investments made by Acea Energia and Umbria Energy prior to their reclassification as discontinued operations. These investments mainly refer to i) the cost of acquiring new customers in accordance with IFRS 15 (€26.6 million); ii) the best estimate of the future costs of the “exclusive” acquisition of the list of customers managed to date in partnership with another operator (€36.0 million); and iii) improvements to the billing, credit and decision-making systems related to developments and improvement projects linked to integrations between systems of the CRM platform.