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A4 Holding: 460 MLN Euros revenues for the financial year 2023
06 June 2024

The company's economic trends performed well, and this despite the macroeconomic environment that maintained uncertain prospects for 2023 due to the negative impact of the inflationary drive and monetary tightening, and the repercussions recorded on the prices of raw materials and derivatives, which obviously affected the company's operating conditions. 

The Group achieved consolidated revenue of €460m in 2023 (had been €445m in 2022), with Ebitda at +5%, up to €255m from the previous year's figure. 

The investment plan continued, which, in the financial year 2023, totalled EUR 84 million, continuing and further improving quality and safety standards on the network under its jurisdiction, including the adaptation of tunnels to the specific EU directive, work on bridges, viaducts, overpasses, pavements, safety and noise barriers, as well as carrying out new motorway works. 

The A4 Holding Group's 2023 ‘Sustainability Report’ shows the further progress achieved with respect to the objectives set in the areas of governance, management and valorisation of human capital and environmental sustainability, through the fine-tuning of many corporate innovation processes.

Achievements in 2023 include and are summarised below:  

  • the EUR 533 million of economic value directly generated during the financial year;   
  • the distribution to corporate stakeholders of a total economic value of more than EUR 379 million;   
  • the commitment to the development of people and their professional growth with over 10,700 hours of training provided to the 449 employees (99% of whom are on permanent contracts)
  • considerable progress in the priority theme of decarbonisation, which has enabled the achievement of 100% electricity supply from renewable sources and a significant -14% reduction in CO2 emissions
  • the many projects, competitions and public awareness initiatives for road risk prevention and the promotion of sustainable mobility.  

"The results recorded in 2023 are the fruit of the A4 Holding Group's constant commitment to the path of continuous corporate growth - is the comment of Gonzalo Alcalde, Chairman of the A4 Holding Group - which increasingly harmonises the pursuit of high corporate performance with corporate responsibility and our sustainability strategy, which also for the past financial year has transformed set objectives into achieved goals. Through the economic value generated and distributed, our role as responsible players in the territory is confirmed for 2023 as well, alongside local stakeholders and institutions, with the aim of maintaining our task of supporting the socio-economic development of the five provinces we pass through, while at the same time ensuring maximum safety and comfort to those who travel on our motorway networks. We will continue to strive to always be engines of growth, employment and specialisation of this important territorial capital". 


As far as the past financial year is concerned, among the actions planned, initiated and implemented or soon to be implemented, the following should certainly be highlighted: 

  • those concerning the interconnection between the A4 Brescia-Padova motorway and the Superstrada Pedemontana Veneta, which was opened to vehicular traffic on 4 May 2024, and the completion of the new Montecchio Maggiore bus station in the province of Vicenza (which will be operational by June 2024) and the connections with the ordinary road network (total investment of almost EUR 91 million);   

  • the execution of preparatory activities for the start of work on the new Castelnuovo del Garda (VR) motorway station, designed to improve both commercial and tourist connections between the A4 motorway and the Basso Garda Veronese area (total investment of more than EUR 86 million), the handover ceremony for which took place on 10 April 2024;   

  • the financing of the works for the motorway link between the Brescia-Padova motorway and the Valtrompia- Ospitaletto Sarezzo section in the province of Brescia, the design and construction of which have been assigned to ANAS, and which A4 Holding is co-financing with a total contribution of EUR 270 million, of which EUR 96 million has already been disbursed; 

  • the completion of the Conferenza dei Servizi (conference of services) procedures and the State-Region agreement on the final project for the first section of the ‘Noise containment and abatement plan’, which covers the entire route of the motorway network in operation and envisages a series of noise abatement works to be carried out in three different sections over a period of 15 years. The company has earmarked EUR 99.6 million for the work in the first section. Currently, the total number of kilometres of motorway with noise barriers installed is 76.3 km;   

  • the link road between the A31 motorway exit at Thiene (VI) and the SP Gasparona, for which the executive project was drawn up, approved by the Conceding Authority in March 2024 and allocated € 38.9 million;   

  • the Verona Sud road network redevelopment project, for which the executive design was started in 2023, which envisages a new system of road and mobility connections aimed at improving accessibility to the motorway, the connection with the ring road and the local road network for access to the city centre. For this intervention, the company has allocated EUR 31 million.


The traffic data recorded on the network during 2023 show an overall increase in traffic, both for light and heavy vehicles, on the entire network under management and an effective return to normality in journeys compared to the two-year period 2020-2021, the years taken as a reference for the severe restrictions adopted on journeys to contain the Covid-19 pandemic. In terms of actual vehicles (number of all vehicle units that entered the motorway, regardless of the kilometres travelled), on the A4 Brescia-Padova and A31 Valdastico motorway sections, traffic recorded an overall increase in the year 2023 equal to +3.59% compared to 2022 (for a total of no. 115,376,766 million actual vehicles). Specifically: on the A4 Brescia-Padova section the overall increase in traffic was +3.03%, of which +3.99% for the light component and +0.31% for the heavy component, and for the A31 Valdastico section the overall increase was +6.24%, of which +6.97% for the light component and an important +4.14% for the heavy component. Data referring to the first quarter of 2024 also show a +0.8% increase in vehicle traffic compared to the same period in 2023

In order to better manage traffic, safety and comfort for travellers, from March 2024 the new I-COV, the innovative Traffic Operations Centre of the concessionaire and nerve centre of motorway traffic management in the A4 Brescia-Padova and A31 Valdastico sections, became operative. A project in the name of innovation and technological avant-garde, for a new concept of intelligent, interactive, integrated and interconnected mobility, which involved a team of more than 100 people for a year and a half of work in its realisation and on which the A4 Holding Group has invested more than 4 million euros. 

Further considerable investments (27 million euros in road paving alone in 2023) and precise planning of ordinary and extraordinary maintenance work then contributed to a considerable improvement in the overall accident rate (number of accidents per 100 million km travelled) compared to 2022, a tangible sign of the Group's continuous efforts in the field of road safety to protect users and workers working on the roads. The indicator recorded a value of 15.63 with a decrease of 6.05% compared to the year 2022

For the second year in a row, the fatality rate of accidents (0.05) occurring on the sections under concession to A4 Holding fell by -42% compared to the figure recorded in 2022.   


A4 Holding has always been concretely committed to economic, environmental and social sustainability, as a promoter of the development of the territories crossed by the roads it is responsible for: a task that includes the responsibility of practising sustainable and socially responsible policies to support local communities. 

With this aim in mind, A4 Holding has published the ‘Sustainability Report’, which highlights the Group's performance and progress on environmental, social and governance (ESG) issues, with a focus on human capital management and enhancement.   

In 2023, an economic value of EUR 533 million was generated, thus increasing the company's active role as a promoter of economic development in and for its area and allowing a total economic value of more than EUR 379 million to be distributed to stakeholders

Particular attention was also paid to the development of people and their professional growth through the provision of over 10,700 hours of training to the total 449 employees at the end of 2023, 99% of whom were hired on permanent contracts.   

As part of the environmental sustainability strategy, the A4 Holding Group's decarbonisation programme took a further step towards its CO2 emission reduction targets (Scope 1 and Scope 2) by 2024: the target of supplying 100% of the Group's needs with energy from renewable sources was consolidated in 2023, and the Group's energy consumption decreased by 10% compared to 2022; consequently, CO2 emissions dropped by a significant 14% in 2023

The programme to replace all light towers along the relevant routes with LED lights was also completed, as was the programme to replace 100 per cent of the car fleet (light vehicles) with hybrids

Environmental progress also continued through optimised waste management and circular economy initiatives on the total amount of non-hazardous waste generated, which decreased by a further 24% by 2022, ensuring a recycling rate of over 90%. 

In terms of social sustainability projects and interventions, the Group's commitment to supporting the local community resulted in a total of 19 initiatives for the year 2023, mainly focused on cultural integration, mobility and road safety, training and research, and environmental preservation

Particular attention was paid to promotion and awareness-raising campaigns on sustainable mobility and road safety, which in 2023 also saw the creation of new formats as well as the continuation and implementation of initiatives also launched with the Abertis Group, as in the case of the international ‘Rights of way’ project by Abertis and Unicef: a collaboration agreement in which A4 Holding also participates and which aims to combat road accidents among children during their daily commute, especially during the home-school-home journey. 

The itinerant initiative ‘Sustainable Mobility Island’ dedicated to school-age children offered them a space to learn the first rules of road safety, just as the ‘On the right road’ competition directly involved all students of the third, fourth and fifth classes of primary schools in the Veneto Region and the province of Brescia in a contest to create a free essay interpreting one of the three fundamental themes of sustainable mobility (Road Safety, Respect for the Environment and Territorial Enhancement).   

In order to have a greater impact on changing attitudes concerning risk awareness, it was then the turn of the ‘#usalatesta’ awareness-raising campaign, an initiative that for several years now has seen the Group side by side with the Verona Strada Sicura Association in a direct and open dialogue through exchanges of experience between road safety officers and police forces with young students of driving licence age from the fourth and fifth classes of secondary schools in Verona and its province. 

The ‘Road Safety Forum’ and the data collected in 2023 by the ‘Driving Styles’ Observatory offered an opportunity to discuss and debate together with young students from the Veneto Region and the province of Brescia, as well as sector professionals and mobility operators, of bad habits and dangerous driving behaviour, and the social campaign ‘Don't Get Drunk’ in partnership with Vinitaly conveyed the message ‘Don't Get Drunk Driving’ for 4 days of the event ‘Vinitaly and the City 2023’ in order to raise awareness among all participants on the effects of alcohol while driving. 

Finally, the Group's commitment to financially supporting university research on sustainable mobility continued through the ‘Abertis Chair - Year 2022’ award, now in its second year in Italy in collaboration with the ICEA of the University of Padua.