• A2A raises total investments for 2024–2035 to €23 billion (US $27 billion), with €16 billion for the energy transition and €7 billion for the circular economy.
• The plan forecasts EBITDA of €3.6 billion and net income above €1.1 billion by 2035, maintaining debt below 2.8 times EBITDA.
• €1.6 billion is allocated to developing and managing data centers, linking energy infrastructure to Italy’s expanding digital economy.

Strategic expansion for a new energy-data era

Italian multi-utility A2A has strengthened its long-term industrial targets with an updated strategic plan through 2035, designed to meet the twin challenges of growing electricity demand and Europe’s digital transformation. The plan consolidates its two strategic pillars — Energy Transition and Circular Economy — and expands investment to €23 billion, of which more than one-third is already committed or in progress.

Chief Executive Renato Mazzoncini said the update reinforces A2A’s role as “an integrated development platform” capable of driving sustainable growth. The company aims to meet surging energy needs driven by electrification and data-center growth, while maintaining financial discipline and its Net Zero 2050 goal.

Energy Transition

A2A’s acquisition of electricity-distribution networks in Milan and Brescia has positioned it among Italy’s leading enablers of electrification. The group plans €4.9 billion in infrastructure investment to strengthen grid resilience and support the shift to low-carbon energy. Its renewable-generation strategy targets 3.7 gigawatts of installed wind and solar capacity by 2035, complemented by modernised, high-efficiency thermal assets to balance intermittency and demand.

The group also plans to install 16 000 public charging points for electric vehicles by 2035, advancing Italy’s mobility electrification. In retail energy, A2A expects to serve five million customers, 70 percent of whom will be power clients, while maintaining a 10 percent share of the industrial-supply market.

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Circular Economy and Data Infrastructure

A newly structured Circular Economy Business Unit integrates waste management, water, district heating and efficiency services, with €7 billion in investment planned through 2035. The unit will manage 6.6 million tonnes of waste annually, expanding energy and material recovery to close Italy’s infrastructure gap.

Within this pillar, A2A is introducing a data-center business to capture opportunities from rising digital-infrastructure demand. About €1.6 billion will fund new data-center development and management, leveraging its energy networks and heat-recovery systems. Lombardy, home to both Milan and Brescia, is emerging as Italy’s primary hub for digital infrastructure, giving A2A a strategic foothold in thermal and electrical integration for hyperscale clients.

Governance, finance, and expansion strategy

The board reaffirmed its commitment to maintaining a strong credit profile, with the Net Financial Position-to-EBITDA ratio capped at 2.8 times. Financial targets include EBITDA of €2.4 billion by 2028 and €3.6 billion by 2035, alongside ordinary net income exceeding €1.1 billion by the end of the plan period. Dividend growth of at least 4 percent annually was confirmed.

Internationally, A2A intends to replicate its energy-transition and waste-to-energy models in selected European markets. The company will use an “anchoring-platform” approach — entering through acquisitions or partnerships, followed by organic consolidation — to expand its footprint while controlling execution risk.

Broader implications for Europe’s energy shift

A2A’s strategy reflects a broader European pattern: utilities are evolving from energy suppliers into integrated infrastructure developers. The plan’s dual focus on decarbonisation and digital infrastructure places A2A among the few continental utilities aligning circular-economy goals with the data-driven economy’s energy needs.

For investors and policy leaders, the company’s roadmap offers a model for coupling long-term emissions reduction with new-market expansion. As electrification accelerates and data-center consumption climbs, A2A’s balance of growth, governance, and sustainability will serve as a test case for how Europe’s utilities navigate the energy-digital nexus.

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