Acea is one of the main national operators in the field of generation from renewable sources (hydroelectric and photovoltaic) and is engaged in energy efficiency and energy solution projects in the business segment, particularly focused on finding innovative approaches in the management of production asset and the implementation of new production capacity that sustains internal consumption and reduces the Group’s carbon footprint, decreasing CO2 emissions to meet SBTi targets. In this regard, the Group aims to capitalise on opportunities for developing solar pipelines, including through partnerships with financial institutions.
Operating data and Economic and financial results
Operating data
| U.M. | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|---|
| Energy produced | GWh | 508.9 | 466.8 | 42.1 | 9.0% |
| of which hydro | GWh | 341.9 | 300.6 | 41.4 | 13.8% |
| of which thermal | GWh | 167.0 | 166.2 | 0.8 | 0.5% |
| Energy produced (photovoltaic) | GWh | 247.7 | 174.5 | 73.2 | 41.9% |
Economic and financial results
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| Revenues | 109.8 | 92.1 | 17.7 | 19.2% |
| Costs | 58.1 | 53.4 | 4.7 | 8.8% |
| EBITDA | 51.7 | 38.7 | 13.0 | 33.6% |
| Operating profit/(loss) | 21.0 | 14.3 | 6.7 | 46.6% |
| Average workforce | 93 | 89 | 4 | 4.4% |
| Capex | 32.6 | 25.0 | 7.6 | 30.2% |
Economic and financial results
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| EBITDA Production Segment | 51.7 | 38.7 | 13.0 | 33.6% |
| EBITDA – Group | 1,420.0 | 1,328.9 | 91.1 | 6.9% |
| Percentage | 3.6% | 2.9% | 0.7 pp |
EBITDA at 31 December 2025 amounted to €51.7 million, up €13.0 million compared to 31 December 2024, mainly attributable to Acea Produzione as a result of higher margins on hydroelectric production (+€9.3 million) affected both by the price effect for €3.6 million (+€7/ MWh) and higher quantities of volumes produced for €5.7 million (+ 41 GWh). The photovoltaic sector also made a positive contribution (+€5.2 million) from the higher volumes processed, partly as a result of new plants coming on stream, whereas the thermoelectric sector recorded a drop in margins of €1.9 million.ì
The average workforce was in line with the previous year; note that the photovoltaic companies do not have employees.
Capital expenditure amounted to €32.6 million and increased by €7.6 million compared to the previous year, mainly due to the development and construction undertaken in the photovoltaic segment.