The Board of Directors of CVA S.p.A. today approved the draft consolidated and standalone financial statements as at 31 December 2025, which will be submitted to the Shareholder for approval. The draft financial statements confirm the Group's solid economic and financial position and the further strengthening of its position as Italy's leading integrated 100% green energy operator, entirely owned by the Autonomous Region of Aosta Valley.

Consolidated financial results

The approved draft consolidated financial statements represent the second-best performance in the Company's history in terms of operating profitability. The key results are as follows:

·       EBITDA: €357.4 million

·       Total net profit: €176.9 million

·       Consolidated net profit attributable to the Group: €175.7 million

·       Revenue: €1,181.8 million

·       ROE: 15.83%

·       ROI: 15.17%

Net Financial Position (NFP) stood at €540 million (€576 million in 2024), remaining at fully sustainable levels. The NFP/EBITDA ratio of 1.51 confirms the Group's strong capital structure and financial position. Financial debt relating solely to financing received by the Company, net of cash and cash equivalents, amounted to €512 million as at 31 December 2025. The same net financial debt figure stood at €414 million as at 30 June 2026.

Investments

During the year, investments of €141 million were made, primarily to develop renewable generation capacity: €61 million for photovoltaic and wind assets and €36 million for the hydropower segment.

Production

In 2025, total production reached 3,261 GWh, of which 2,759 GWh was generated from hydropower, broadly in line with the historical average over the past decade and 14.3% below the 3,220 GWh recorded in 2024, a record year for the Group's hydropower generation. A further 503 GWh (382 GWh in 2024) was generated from photovoltaic and wind sources. Installed capacity increased to 1,274.3 MW, comprising 938 MW of hydropower, 197.1 MW of wind power and 139.2 MW of photovoltaic power.

Sustainability

The ESG strategy remains one of the CVA Group's main competitive strengths. In 2025, investments supporting the energy transition continued, with the development of new renewable capacity and a 10% reduction of greenhouse gas emissions in Scope 1 and 2 and a 28% reduction of emissions in Scope 3 compared with 2024. The Group also continued to invest in biodiversity protection, optimisation of water resources, safety and training for its people, while further strengthening its governance and compliance systems. These efforts were recognised with an EcoVadis Gold Medal and the highest legality rating awarded by the Italian Competition Authority (AGCM) to CVA and CVA Energie.

Dividend proposal

The Board of Directors will propose to the Shareholders' Meeting the distribution of a dividend of €75 million, corresponding to a payout ratio of 42%, broadly in line with the previous year's 41.68%, when a dividend of €85 million was distributed.

Giovanni Aliboni, Chairman – “The 2025 financial statements confirm the Group's strength and its ability to create economic, industrial and social value. CVA's growth in national markets and the development of our plants throughout Italy are a strategic lever for generating resources that flow back to the Aosta Valley, delivering tangible benefits to our Shareholder and, through it, to the entire regional community. These results reflect the expertise, professionalism and daily commitment of our people, who are the Group's most valuable asset and the driving force behind its capacity to innovate and grow. They demonstrate that a publicly controlled company can combine competitiveness, sustainability and responsibility, while contributing both to Italy's energy transition and to the growth of the Aosta Valley”.

Giuseppe Argirò, CEO – “2025 demonstrates that the Group's growth path is both robust and sustainable. The increase in generation capacity, the investments made and the stronger financial results confirm the validity of a strategy based on technological diversification, operational efficiency and rigorous financial resource management. We will continue to invest to strengthen the Group's competitiveness and seize the opportunities offered by the energy transition. I would like to extend my particular thanks to all our people for their significant contribution to the Group's outstanding results”.