A2A S.P.A.
A2A S.p.A. is an Italian joint-stock company (società per azioni) registered with the Brescia Chamber of Commerce (REA BS493995), with tax and VAT identification number 11957540153. The company was incorporated on 7 March 2008 through the merger of AEM S.p.A. (Milan) and ASM Brescia S.p.A., and its registered office is at Via Lamarmora 230, 25124 Brescia. A2A S.p.A.’s registry status is listed as active.
A2A S.p.A. is the parent company of the A2A Group, a multi-utility active in the generation, distribution and sale of electricity and natural gas, district heating, environmental and waste-management services, and integrated water services. Group activities are carried out mainly through operating companies including A2A Energia S.p.A. (energy sales), Unareti S.p.A. (electricity and gas distribution networks), A2A Ambiente S.p.A. together with AMSA S.p.A. and Aprica S.p.A. (waste collection and treatment), and A2A Ciclo Idrico S.p.A. (integrated water services). The group operates mainly in Lombardy, including the cities of Milan and Brescia, with further activities elsewhere in Italy and, through subsidiaries, in Montenegro and the United Kingdom.
A2A S.p.A.’s ordinary shares are listed on Euronext Milan, operated by Borsa Italiana, under the ticker symbol A2A. As of 31 December 2025, share capital was approximately €1,629 million, divided into 3,132,905,277 ordinary shares with a par value of €0.52 each.
For the year ended 31 December 2025, the A2A Group reported adjusted consolidated revenues of approximately €14,014 million, up around 9% on the prior year, and adjusted consolidated EBITDA of €2,243 million, down 4% mainly due to hydroelectric-generation normalisation, with adjusted consolidated net profit of €686 million. These figures are reported on a consolidated A2A Group basis rather than for A2A S.p.A. on an unconsolidated, entity-only basis. Group capital expenditure for the period totalled approximately €1.7 billion, directed mainly toward electricity networks, renewable generation and circular-economy infrastructure.
On 1 April 2026, the Municipality of Milan and the Municipality of Brescia, A2A S.p.A.’s two controlling shareholders, indicated their nominated candidates for the company’s Board of Directors and Board of Statutory Auditors, and a new twelve-member Board of Directors was appointed by the shareholders’ meeting on 28 April 2026 for a three-year term.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
5
Shareholders of A2A S.p.A.
A2A S.p.A. is a listed company with a majority public-sector shareholder base. As of 31 December 2025, according to A2A’s own investor relations disclosure, the Municipality of Brescia (Comune di Brescia) and the Municipality of Milan (Comune di Milano) each hold 25% of the share capital directly, together representing the company’s controlling shareholders. A group of other Italian municipalities holds a further 4.5% in aggregate, so public-sector shareholders together hold 54.5% of share capital. The remaining approximately 45.4% is held in free float by institutional and retail investors, of which institutional investors represent roughly 31.9 percentage points and retail investors roughly 12.8 percentage points of share capital; A2A S.p.A. itself holds 4,147,087 treasury shares, equal to 0.13% of capital. Under A2A’s bylaws, no shareholder other than the Municipality of Milan or the Municipality of Brescia may hold more than 5% of share capital with full voting rights; any holding above that threshold is deprived of voting rights on the excess. The Municipality of Milan and the Municipality of Brescia are party to a shareholders’ agreement (patto parasociale) governing their joint control of the company, renewed for a further three-year term running from 1 February 2026 to 31 January 2029.
Ultimate beneficial ownership
No natural-person ultimate beneficial owner is disclosed. A2A S.p.A. is jointly controlled by two public-sector shareholders, the Municipality of Milan and the Municipality of Brescia, each holding 25% of share capital under a renewed shareholders’ agreement; neither is a natural person, and no individual meeting typical UBO ownership or control thresholds was identified in the sources reviewed.
Data availability
Major-shareholder disclosure for A2A S.p.A. is full as of 31 December 2025 for the two controlling municipalities, other municipalities and treasury shares; the institutional and retail free float is reported by aggregate category rather than broken down to individual holder level, consistent with Consob/Borsa Italiana disclosure practice for holdings below reportable thresholds.
Sources
- A2A S.p.A., "Shareholding Structure", https://www.gruppoa2a.it/en/investors/shareholding, data as of 31 December 2025, retrieved 10 September 2026.
- Comune di Milano, "Nomine. A2a, il Comune di Milano e il Comune di Brescia indicano i componenti del Consiglio di Amministrazione e del collegio sindacale", https://www.comune.milano.it/w/nomine.-a2a-il-comune-di-milano-e-il-comune-di-brescia-indicano-i-componenti-del-consiglio-di-amministrazione-e-del-collegio-sindacale, dated 1 April 2026, retrieved 10 September 2026.
Registry feed — rows exactly as filed with the source register, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | 10% | ||
| DFA INVESTMENT TRUST CO-The Continental Small Company Series | 3.8% | ||
| DFA INVESTMENT DIMENSIONS GROUP INC-DFA Intl Small Cap Value PORT. | 3.3% | ||
| Goldman Sachs TRT-Goldman Sachs Intl Small Cap Insights Fd. | 3.2% | ||
| DFA INVESTMENT DIMENSIONS GROUP INC-Intl Core Eqy. 2 PORT. | 2.8% |
Officers
9
Directors and officers of A2A S.p.A.
A2A S.p.A.’s Board of Directors was appointed by the Shareholders’ Meeting on 28 April 2026 for a three-year term and comprises twelve members, with candidates indicated by the Municipality of Milan and the Municipality of Brescia under the companies’ shareholders’ agreement. Roberto Tasca serves as Chairman and Flavio Pasotti as Vice Chairman; Renato Mazzoncini serves as Chief Executive Officer and Managing Director, a role he has held since 2020. The other current directors are Gaia Griccioli, Nicla Picchi, Maurizio Tira, Elisabetta Cristiana Bombana, Mario Motta, Elisabetta Pistis, Karina Audrey Litvack, Susanna Dorigoni and Vincenzo Cariello. Among senior executive officers, Luca Moroni has served as Group Chief Financial Officer since September 2022. Nationalities and countries of residence for individual board members and executives were not confirmed in the sources reviewed and are treated here as not disclosed.
Recent officer changes
- 1 April 2026: The Municipality of Milan and the Municipality of Brescia indicated their nominated candidates for A2A S.p.A.’s Board of Directors and Board of Statutory Auditors ahead of the shareholders’ meeting. Source: Comune di Milano nomination notice.
- 28 April 2026: A new twelve-member Board of Directors was appointed by the Shareholders’ Meeting for a three-year term, with Roberto Tasca confirmed as Chairman and Renato Mazzoncini confirmed as CEO and Managing Director. Source: A2A S.p.A. governance disclosure.
Data availability
Board composition and the chairman/CEO roles are drawn directly from A2A S.p.A.’s official governance disclosures and municipal nomination announcements and are current as of the 28 April 2026 appointment; nationality and country-of-residence data for individual directors and executives are not published in these sources and are stated as not disclosed.
Sources
- A2A S.p.A., "Our Board of Directors", https://www.gruppoa2a.it/en/investors/governance/directors-board, retrieved 10 September 2026.
- Comune di Milano, "Nomine. A2a, il Comune di Milano e il Comune di Brescia indicano i componenti del Consiglio di Amministrazione e del collegio sindacale", https://www.comune.milano.it/w/nomine.-a2a-il-comune-di-milano-e-il-comune-di-brescia-indicano-i-componenti-del-consiglio-di-amministrazione-e-del-collegio-sindacale, dated 1 April 2026, retrieved 10 September 2026.
- A2A S.p.A., "Luca Moroni – Chief Financial Officer", https://www.gruppoa2a.it/en/about-us/our-management/luca-moroni, retrieved 10 September 2026.
Registry feed — rows exactly as filed with the source register, including entries the profile above does not cover.
Group Structure
Group structure of A2A S.p.A.
A2A S.p.A. is the ultimate parent company of the A2A Group; no external parent company was identified in the sources reviewed, though the Municipality of Milan and the Municipality of Brescia jointly control A2A S.p.A. itself as its shareholders (see Shareholders). The A2A Group’s principal verified operating companies include A2A Energia S.p.A. (energy sales), Unareti S.p.A. (electricity and gas distribution networks in the Milan and Brescia areas), and A2A Ambiente S.p.A., which A2A’s own disclosures describe as fully controlled by the parent company and which forms the hub of the group’s environmental division alongside AMSA S.p.A., Aprica S.p.A. and other waste-management companies. A2A Ciclo Idrico S.p.A. carries out the group’s integrated water-cycle activities, mainly in the province of Brescia. The group also has an international presence through subsidiaries in Montenegro and, historically, the United Kingdom (Sistema Ecodeco UK Limited). Ownership percentages for individual group companies other than A2A Ambiente were not confirmed in the sources reviewed; the A2A Group comprises a large number of subsidiaries, and this overview covers only the principal operating companies rather than a complete register.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| A2A Ambiente S.p.A. | Italy | IT01066840180 | Direct subsidiary | Fully controlled (100%, per A2A disclosure) | Active | 2026 |
| A2A Energia S.p.A. | Italy | IT12883420155 | Direct subsidiary | Ownership percentage not disclosed in sources reviewed | Active | 2026 |
| Unareti S.p.A. | Italy | IT12883450152 | Group company (distribution networks) | Ownership percentage not disclosed in sources reviewed | Active | 2026 |
| AMSA S.p.A. | Italy | IT05908960965 | Group company (environmental hub) | Ownership percentage not disclosed in sources reviewed | Active | 2026 |
| A2A Ciclo Idrico S.p.A. | Italy | IT03258180987 | Group company (water services) | Ownership percentage not disclosed in sources reviewed | Active | 2026 |
Recent structural changes
- September 2025: A2A Ciclo Idrico S.p.A. acquired a 70% stake in Novito Acque S.r.l., extending the group’s water-services operations to municipalities in the Locride area of Calabria.
Data availability
Group-structure information for A2A S.p.A. is partial: the principal operating companies and A2A Ambiente’s fully-controlled status are confirmed by A2A’s own corporate disclosures, but a complete register of all direct and indirect subsidiaries with verified ownership percentages for every entity was not located in the sources reviewed.
Sources
- A2A S.p.A., "Establishment of A2A Ambiente", https://www.gruppoa2a.it/en/media/press-releases/establishment-a2a-ambiente, retrieved 10 September 2026.
- A2A S.p.A., "What we do", https://www.gruppoa2a.it/en/what-we-do, retrieved 10 September 2026.
- A2A S.p.A., "Our distribution networks", https://www.gruppoa2a.it/en/what-we-do/distribution-networks, retrieved 10 September 2026.
Registry feed — rows exactly as filed with the source register, including entries the profile above does not cover.
A2A S.P.A.
Italy
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Frequently Asked Questions
What does A2A S.P.A. do?
A2A S.p.A. is an Italian multi-utility headquartered in Brescia, formed in 2008 from the merger of AEM S.p.A. (Milan) and ASM Brescia S.p.A. The A2A Group generates, distributes and sells electricity and natural gas, provides district heating, waste collection and treatment, and integrated water services, mainly in Lombardy including Milan and Brescia.
Who owns A2A S.P.A.?
As of 31 December 2025, the Municipality of Brescia and the Municipality of Milan each hold 25% of A2A S.p.A.'s share capital directly, with other municipalities holding a further 4.5%. Institutional and retail investors together hold the remaining free float of approximately 45.4%.
Who is A2A S.P.A.'s UBO (Ultimate Beneficial Owner)?
No natural-person ultimate beneficial owner is disclosed. A2A S.p.A. is jointly controlled by two public-sector shareholders, the Municipality of Milan and the Municipality of Brescia, each holding 25% of share capital under a renewed shareholders' agreement; neither is a natural person, and no individual meeting typical UBO ownership or control thresholds was identified in the sources reviewed.
Is A2A S.P.A. still an active company?
A2A S.P.A.'s status is listed as active.
When was A2A S.P.A. incorporated?
A2A S.P.A. was incorporated on 7 March 2008.
What is A2A S.P.A.'s registered address?
The registered address on file for A2A S.P.A. is BRESCIA, Italy.
What legal structure is A2A S.P.A. registered as?
A2A S.P.A. is registered as a Public Limited Company in Italy.
What is A2A S.P.A.'s revenue?
For the year ended 31 December 2025, the A2A Group reported adjusted consolidated revenues of approximately €14,014 million and adjusted consolidated EBITDA of €2,243 million. These are A2A Group consolidated figures rather than A2A S.p.A. unconsolidated results.
Is A2A S.P.A. listed on a stock exchange?
A2A S.p.A.'s ordinary shares are listed on Euronext Milan (Borsa Italiana) under the ticker symbol A2A. Share capital as of 31 December 2025 was approximately €1,629 million, divided into 3,132,905,277 shares of €0.52 par value each.
Who are the officers/directors of A2A S.P.A.?
A2A S.p.A.'s twelve-member Board of Directors was appointed on 28 April 2026 for a three-year term. Roberto Tasca is Chairman and Renato Mazzoncini serves as Chief Executive Officer and Managing Director, a role he has held since 2020.
Does A2A S.P.A. have a parent company or subsidiaries?
A2A S.p.A. is the ultimate parent of the A2A Group. Its principal operating companies include A2A Energia S.p.A. (energy sales), Unareti S.p.A. (distribution networks), A2A Ambiente S.p.A. (fully controlled, waste management), and A2A Ciclo Idrico S.p.A. (water services).
Can Zavia monitor changes to A2A S.P.A.'s ownership over time?
This profile reflects a point-in-time snapshot. Zavia's monitoring API can track changes to A2A S.P.A.'s registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access A2A S.P.A.'s data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including Italy, so records like A2A S.P.A.'s registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.