Slide 1: 9M 2025 Results
9M 2025 Results ROME, 13 NOVEMBER 2025 People for sustainable infrastructure
Slide 2: Agenda
Agenda Market Environment 9M 2025 Results 2025 Guidance Appendix 1
Slide 3: Regulatory and Market Environment
REGULATORY AND MARKET ENVIRONMENT T H E P R O C E S S F O R T H E T W O -Y E A R U P D AT E O F TA R I F F S F O R T H E I N T E G R AT E D WAT E R S E R V I C E H A S S TA RT E D Regulation Commodity prices and Inflation Interest rates5 • Water: Technical and Contractual Quality Incentives for over
Slide 4: Agenda
Agenda Market Environment 9M 2025 Results 2025 Guidance Appendix 3
Slide 5: Highlights 9M 2025
HIGHLIGHTS RESULTS SHOW A STRONG GROWTH COMPARED TO 2024 9M 2025 1 REGULATED EBITDA STANDS AT 95% Group pro-forma revenues were 2.2bn€ of which around 2.0bn€ related to regulated businesses. Revenues pro-forma +7% vs. 9M 2024 Regulated revenues were up 7% vs 9M 2024 mainly due to the investments car
Slide 6: Overview of 9M 2025 Results
OVERVIEW OF 9M 2025 RESULTS O R G A N I C E B I T D A + 1 0 % , N E T D E B T / E B I T D A LT M P R O - F O R M A I N L I N E W I T H T H E G U I D A N C E EBITDA pro-forma 1 , mln€ CAPEX, mln€ Changes in scope and non-recurring events Grant-funded REVENUES Capex related to the divested business 2,
Slide 7: 9M 2025 EBITDA
9M 2025 EBITDA G R O W T H D R I V E N B Y R E G U L AT E D B U S I N E S S E S EBITDA pro-forma, mln€ 1,084 67 49 8 343 617 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER 9M 2025 ITALY LIGHTING BUSINESSES2 EBITDA pro-forma 57% 32% 6% 4% 1% (95%1) +10% A Change in scope and non-recurring A 1,06
Slide 8: 9M 2025 Net Profit
9M 2025 NET PROFIT 8% GROWTH IN ORGANIC NET PROFIT VS 2024 NET PROFIT, mln€ A B 415 +8% A Non-recurring events 9M 2024 (-7mln€), of which: 301 114 ➢ Recognition of past tariff items in the 285 278 (3) water sector (-15mln€) (7) 26 ➢ Others (+8mln€) B Non-recurring events 9M 2025 (+114mln€) of which:
Slide 9: 9M 2025 Capex
9M 2025 CAPEX F O C U S O N R E G U L AT E D B U S I N E S S E S , W H I C H R E P R E S E N T 9 5 % 1 O F T H E T O TA L CAPEX 2 , mln€ 1,010 54 21 86 256 593 59% 25% 5% 2% 9% 9M 2025 (89%)3 CAPEX WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER ITALY LIGHTING BUSINESSES4 • RECLAMATION AND • UPG
Slide 10: 9M 2025 Cash Flow
9M 2025 CASH FLOW T H E R E S U LT S O F T H E P E R I O D C O N F I R M A S O L I D F I N A N C I A L S T R U C T U R E CASH FLOW, mln€ 9M 20251 Operating FCF (+19mln€) benefits, among others, from cash generation associated with Working Capital in the third quarter of 2025 1,084 (151) (65) 795 (30
Slide 11: 9M 2025 Financial Structure
9M 2025 FINANCIAL STRUCTURE P R O - F O R M A LT M N E T D E B T / E B I T D A R A T I O I N L I N E W I T H T H E G U I D A N C E , A V E R A G E C O S T O F D E B T 2 . 0 4 % NET DEBT DEC 2024-9M 2025 mln€ Leverage ∆ 9M 25 PRO-FORMA NET PRO-FORMA NET DEC 24 9M 25 vs DEC 24 DEBT/EBITDA LTM DEBT/EBI
Slide 12: Water Italy: Organic EBITDA Growth +8%
WATER ITALY1: ORGANIC EBITDA GROWTH +8% O R G A N I C G R O W T H D R I V E N B Y I N V E S T M E N T S A N D O P E R AT I O N A L E F F I C I E N C I E S Pro-forma Revenues, mln€ Pro-forma EBITDA, mln€ Changes in scope and non-recurring events +8% 1,031 1,099 617 565 590 27 Growing recurring EBITDA
Slide 13: Grids and Public Lighting: Organic EBITDA Growth +9%
GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH +9% ORGANIC DE VELOPMENT SUPPORTED BY RAB GROW TH Pro-forma Revenues, mln€ EBITDA, mln€ Changes in scope and non-recurring events +9% 577 Growing EBITDA vs 9M 2024 529 +57 352 343 (+29mln€): 328 323 29 (9) (+11%) (5) Higher RAB 586 WACC reduction from
Slide 14: Environment: EBITDA Growth of 3% Compared to 2024
ENVIROMENT: EBITDA GROWTH OF 3% COMPARED TO 2024 I N C R E A S E I N V O L U M E S T R E AT E D B Y W T E P L A N T S Pro-forma Revenues, mln€ EBITDA, mln€ Changes in scope and non-recurring events +3% 267 279 +11 66 68 70 67 2 2 (3) Growing EBITDA vs 9M24 (+4%) (+2mln€): 272 283 Higher volumes trea
Slide 15: Generation: Organic EBITDA +54% Due to Prices and Volumes
GENERATION: ORGANIC EBITDA +54% DUE TO PRICES AND VOLUMES P H O T O V O LT A I C G R O W T H C O N T I N U E S : I N S T A L L E D C A P A C I T Y R E A C H E D 2 0 0 M W Pro-forma Revenues, mln€ EBITDA, mln€ +54% Growing EBITDA vs 9M24 84 49 67 +17 (+17mln€): (+25%) 32 17 30 2 Higher prices on the
Slide 16: Agenda
Agenda Market Environment 9M 2025 Results 2025 Guidance Appendix 15
Slide 17: 2025 Guidance: Upward Revision
2025 GUIDANCE: UPWARD REVISION PREVIOUS 2025 GUIDANCE NEW 2025 GUIDANCE THE 2025 GUIDANCE: ✓ E B I T D A p r o - fo r m a ✓ EBITDA pro-forma +6%/+8% vs 2024 restated EBITDA +8%/+10% vs 2024 restated EBITDA ✓ does not include the contribution of HV in the fourth quarter of the year at an ✓ CAPEX ✓ CA
Slide 18: Agenda
Agenda Market Environment 9M 2025 Results 2025 Guidance Appendix 17
Slide 19: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 20.4 B- (medium risk) (st atus PRIME) "B" 64/100 "Leader ESG Management Identity" 18
Slide 20: Consolidated Income Statement as at 30/09/25
CONSOLIDATED INCOME STATEMENT AS AT 30/09/25 Consolidated Income Statement (€/000) Reported Pro-forma 30 30 30 September Increase/ Increase/ 30 September Increase/ Increase/ €000 September €000 September 2024 (Decrease) (Decrease)% 2024 (Decrease) (Decrease)% 2025 2025 Sales and service revenues 1,9
Slide 21: Consolidated Balance Sheet as at 30/09/25
CONSOLIDATED BALANCE SHEET AS AT 30/09/25 Consolidated Statement of Financial Position (€/000) 30 September 2025 31 December 2024 Increase/(Decrease) Property, plant and equipment 3,487,423 3,363,465 123,958 Investment property 9,875 9,711 164 Goodwill 192,806 241,041 (48,234) Concessions and infras
Slide 22: Q&A 9M 2025 Results
Q& 9M 2025 Results Persone per infrastrutture sostenibili
Slide 23: Disclaimer
DISCLAIMER THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE CURRENT VIEWS OF THE MANAGEMENT WITH REGARD TO FUTURE EVENTS AND THE FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND THE GROUP. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND PR