March 6 (Reuters) - Italian utility operator ACEA said on Wednesday that it expects earnings before interest, taxes, depreciation and amortisation (EBITDA) and net profit to grow by 5% each year on average, as it unveiled its 2024-2028 business plan.

Under its "Green Diligent Growth" plan, the company projected EBITDA of 1.80 billion euros ($1.95 billion) in 2028, compared with 1.39 billion euros last year, mainly driven by "organic growth and operating efficiency".

It also expects net profit to reach 350 million euros in 2026 and 375 million in 2028, up from 294 million euros in 2023. It plans to invest 7.6 billion euros during this period.

"The strong discipline on costs and investments is a key aspect of our strategy to support cash generation combined with optimisation of our financial structure and capital allocation", CEO Fabrizio Palermo said in a statement.

ACEA said that the water sector is the driving force of its development and the "focal point" of its strategy.

Management also flagged that the group's net financial position-to-EBITDA ratio could decline to 3.1 times in 2028 from 3.5 times in 2023.

ACEA said it is targeting a 4% annual growth rate for its dividend per share, which stood at 0.88 euros in 2023, with a total return to shareholders of more than 1 billion euros throughout the plan.

In a separate statement, ACEA said it is targeting 3%-5% EBITDA growth this year, coupled with investments totaling 1.5 billion euros.

($1 = 0.9212 euros) (Reporting by Alberto Chiumento; Editing by Varun H K and Dhanya Ann Thoppil)