Economic-financials
Results
2025 confirms the solidity of our strategic transformation path: growth supported by our focus on regulated infrastructure businesses and financial discipline, accompanied by more than €1.5 billion in investments in the evolution of essential services for local areas.
| Income statement data Pro forma € million | 31/12/2025 | 31/12/2024 | Change | Change % |
|---|---|---|---|---|
| Consolidated net revenue | 2,986.1 | 2,894.7 | 91.4 | 3.2% |
| Consolidated operating costs | 1,604.7 | 1,585.7 | 18.9 | 1.2% |
| Net Income/(Expense) from commodity risk management | 0.0 | 0.0 | 0.0 | n.s. |
| Profit / (loss) from non-financial equity investments | 38.6 | 20.1 | 18.5 | 92.3% |
| EBITDA | 1,420.0 | 1,329.0 | 91.0 | 6.8% |
| Operating profit/(loss) | 593.2 | 576.5 | 16.7 | 2.9% |
| Net profit/(loss) | 388.2 | 295.3 | 92.9 | 31.5% |
| Profit/(Loss) due to third parties | 127.1 | 71.7 | 55.4 | 77.3% |
| Net profit/(loss) attributable to the Group | 515.4 | 367.0 | 148.3 | 40.4% |
| Consolidated net revenue | 34.8 | 35.2 | (0.5) | (1.3%) |
| Consolidated operating costs | 480.6 | 331.7 | 148.9 | 44.9% |
| Financial position data € million | 31/12/2025 | 31/12/2024 | Change | Change % |
|---|---|---|---|---|
| Net invested capital | 8,136.6 | 7,829.2 | 307.4 | 3.9% |
| Net financial debt | (4,962.9) | (4,953.6) | (9.3) | 0.2% |
| Consolidated Shareholders' Equity | (3,173.7) | (2,875.6) | (298.1) | 10.4% |
| € million | 31/12/2025 | 31/12/2024 | Change | Change % |
|---|---|---|---|---|
| Net Financial Position | (4,934.6) | (4,914.0) | (20.6) | 0.4% |
| EBITDA Pro forma € million | 31/12/2025 | 31/12/2024 | Change | Change % |
|---|---|---|---|---|
| Water | 819.7 | 767.8 | 51.9 | 6.8% |
| Water (Overseas) | 34.8 | 35.2 | (0.4) | (1.1%) |
| Network and public lighting | 448.5 | 435.4 | 13.1 | 3.0% |
| Environment | 87.2 | 80.9 | 6.4 | 7.9% |
| Energy Management | 34.5 | 12.8 | 21.7 | 169.7% |
| Production | 51.7 | 38.8 | 12.9 | 33.3% |
| Engineering & Infrastructure Projects | 8.7 | 11.0 | (2.4) | (21.3%) |
| Corporate | (65.1) | (52.9) | (12.2) | 23.0% |
| Total EBITDA | 1,420.0 | 1,329.0 | 91.0 | 6.8% |
| Investments € million | 31/12/2025 | 31/12/2024 | Change | Change % |
|---|---|---|---|---|
| Water | 890.8 | 887.3 | 3.5 | 0.4% |
| Water (Overseas) | 9.9 | 8.5 | 1.4 | 16.5% |
| Network and public lighting | 384.7 | 316.5 | 68.2 | 21.5% |
| Environment | 116.5 | 108.5 | 8.0 | 7.4% |
| Energy Management | 67.6 | 67.5 | 0.1 | 0.2% |
| Production | 32.6 | 25.0 | 7.6 | 30.2% |
| Engineering & Infrastructure Projects | 3.3 | 5.2 | (1.9) | (36.5%) |
| Corporate | 25.9 | 20.4 | 5.5 | 26.9% |
| Total Investments | 1,531.3 | 1,438.9 | 92.4 | 6.4% |
Learn more by reading the report