Ownership structure and general economic indicators

Acea SpA is listed on the Italian Stock Exchange organised and managed by Borsa Italiana. The company is listed on the FTSE Italia Mid Cap index and, as of 19 December 2022, is included on the MIB ESG index.
Roma Capitale is Acea SpA’s majority shareholder, holding 51% of its share capital. As at 31 December 2023, other significant direct or indirect equity interests were held by Suez SA with over 23.3% and Francesco Gaetano Caltagirone with approximately 5.5% (see Chart 5).
The portion of free float capital on the market is 20.2%, with institutional investors controlling 13.6% of the share capital. As regards geographic distribution, US shareholders are the biggest group followed by Italians (see Chart 6).
Retail investors hold 6.6% of the share capital

Chart no. 5 – Ownership structure as at 31.12.2023

Chart no. 6 – Geographical representation of Acea institutional investors

Note: The percentages shown in the table represent the weight of Shareholders, by geographical area, in relation to the total number of Institutional Investors.

In an environment still complicated by geopolitical turmoil, the 2023 results maintained the positive trend of the final months of 2022, showing a consolidated EBITDA (net of non-recurring items and change in scope) and growing production of operating cash flows. Revenues amounted to €4,649 million and the gross operating margin reached €1,391 million. Group profit stood at about €294 million.

Table no. 5 – The main economic and equity data of the Acea Group (2022-2023)

Consolidated revenues in 2023 amounted to €4.694,4 million, down by about 8.6% (€5,138 million in 2022) due to prices in the energy markets. External costs are down by 17.4% to about €2.94 billion (€ 3.55 billion in 2022), and are mainly affected by the costs of electricity procurement on the free market and in greater protection, and services and tenders largely related to energy efficiency and smart services projects.

The gross operating income (EBITDA) of €1,391 million is up from €1,305 million in 2022 (approx. +7%), with regulated activities contributing 87%.

The businesses contributed to the overall value of EBITDA, as follows:

• Water accounted for 54%, with €743.9 million, an increase of 11.2% over 2022 (€669 million) due to investment-related growth and changes in scope;
• Energy infrastructure accounted for 27%, with € 375.4 million, up 6.6% from the previous year (€ 352.2 million) due to a focus on costs and investment development;
• Production accounted for 4%, with €53.9 million, a 13% increase compared to the previous year (€89.8 million). The trend felt the sharp drop in prices on the energy markets (aver- age SNP in 2023 was 127 euro/MWh compared to 304 euro/ MWh in 2022);
• Commercial and trading accounted for 8%, with €129.3 million, up 43.7% (€90 million in 2022) due to improved margins from energy sales on the free market and the input of Acea Innovation;
• Environment accounted for 6%, with €84.4 million, a 17% increase compared to the previous year (€101.6 million). The result is due to lower prices for energy sold with WtE and lower margins from composting; these effects are partially offset by changes in the scope of consolidation.

The contribution to Group EBITDA is competed by the segments Engineering and Services, Foreign and the Parent Company.

Chart no. 7 – Contribution of the businesses to overall EBITDA (2022-2023)

The operating result (EBIT) was €612.3 million (+8.2% on 2022). The value was affected by the increase in amortisation and depreciation of investments for the period as well as a decrease in bad debts, attributable to high collection performance and, in the water sector, to some extraordinary items and the favourable conclusion of some credit transactions.