Economic-financial and business objectives


The 2024-2028 Business Plan, presented on 6 March 2024, features a steady increase in investments and RAB, which will translate into a solid growth in economic and financial results. 

The 2024-2028 “Green Diligent Growth” Plan, focused on consolidation of our infrastructure leadership in the regulated sectors pertaining to Water, Electricity and Environment, leverages financial discipline with regard to costs and investments, to support cash generation and optimise our financial structure and capital allocation. 

Green Diligent Growth: Targets

 

From 2020-2023

To 2028

Green

% regulated
EBITDA1

87%

90%

ESG linked
Capex (yearly)

0.4 bn€

1.0 bn€

Diligent

EBITDA
margin

30%

43%

NFP/EBITDA

3.5x

3.1x

Growth

Total Capex
(yearly)

1.0 bn€

1.5 bn€

Net Profit
(CAGR)

1%

5%

1. Regulated Includes, in addition to the regulated businesses Water Italy and Networks, the Public Lighting and Environment business

Main economic-financial targets

 
2023
2026P
2028P
CAGR
2023-2028
EBITDA(million €)
Net Profit(million €)

1.391
294

1.630
350

1.800
375

+5%
+5%

RAB(billion€)

7,4

9,6

10,5

+7%

NFP/EBITDA(x)

3,5x

3,4x

3,1x

 

 

Overall investments will amount to €7.6 billion, with average annual capex corresponding to €1.5 billion, compared with around €1 billion during the period 2020-2023.

Grafico Capex cumulati 2024-28P

 

EBITDA during the plan period shows an annual average growth of over 5%, to reach €1.8 billion by the end of 2028 (of which 90% from regulated businesses), compared with €1.4 billion in 2023 (+29%). This increase is attributable above all to organic growth and operating efficiency.

ebitda

 

Net profit will also have a CAGR of 5% during the plan period. 

Utile netto

 

Consolidated RAB (Regulatory Asset Base) will reach €10.5 billion by 2028, up by 42% compared with 2023, indicating a CAGR of over 7% during the plan period. 

rab

 

The substantial operating cash flow generated during the plan period, together with the overall improvement in working capital, will also guarantee an expected reduction in the NFP/EBITDA ratio from 3.5x in 2023 to 3.1x in 2028.

Dividends will show a steady growth throughout the plan period: we anticipate a total distribution of €1 billion. 

dps

The objectives as regards our main business sectors

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