Slide 1: 1Q 2025 Results
1Q 2025 Results ROME, 14 MAY 2025 People for sustainable 0 infrastructure
Slide 2: Agenda
Agenda Market Environment 1Q 2025 Results Appendix 1
Slide 3: Regulatory and Market Environment
REGULATORY AND MARKET ENVIRONMENT D O W N T U R N I N T H E P R I C E O F C O M M O D I T I E S , N E W R E G U L AT O R Y P E R I O D TA R I F F A P P R O V E D Regolation Commodity prices and Inflation Interest rates2 • Water: application of Water Service Tariff Method 4 (MTI-4, regulatory • 2025
Slide 4: Agenda
Agenda Market Environment 1Q 2025 Results Appendix 3
Slide 5: 1Q 2025 Highlights
1Q 2025 Highlights GROWTH TRENDS FOR ALL ECONOMIC INDICATORS FINANCIAL SOLIDITY AND FLEXIBILITY Group revenues of €1.1bn of which approximately €0.6bn related to regulated businesses, Revenues +4% vs. 1Q 2024 up by 4% vs 1Q 2024, mainly due to the investments carried out in the previous years and re
Slide 6: Overview of 1Q 2025 Results
OVERVIEW OF 1Q 2025 RESULTS G R O W T H T R E N D O F A L L E C O N O M I C A N D F I N A N C I A L I N D I C AT O R S C O N F I R M E D EBITDA, €m CAPEX, €m Non-recurring events and changes in scope1 Grant-funded Focus on regulated businesses, REVENUES2 1,014 1,103 which account for approximately 8
Slide 7: 1Q 2025 EBITDA
1Q 2025 EBITDA G R O W T H D R I V E N B Y O R G A N I C D E V E L O P M E N T O F R E G U L AT E D B U S I N E S S E S EBITDA, €m 384 50 (2) 17 15 107 197 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION COMMERCIAL OTHER EBITDA 1Q 2025 ITALY LIGHTING BUSINESSES2 51% 28% 4% 4% 13% 0% (84%1) +7% A 384 A
Slide 8: 1Q 2025 Net Profit
1Q 2025 NET PROFIT O P E R AT I O N A L M A N A G E M E N T D R I V E S T H E I N C R E A S E I N N E T P R O F I T NET PROFIT, €m +3% A 95 98 3 0 A 1Q 2024 non-recurring 83 12 events (+€12m), of which: ➢ +€2m downtime for revamping at the Terni WTE plant ➢ +€10m retroactive application of the tarif
Slide 9: 1Q 2025 Capex
1Q 2025 CAPEX T H E I M P O RTA N T P R O G R A M O F I N V E S T M E N T S I N I N F R A S T R U C T U R E C O N T I N U E S CAPEX 1 , €m 262 8 3 15 4 148 84 57% 32% 3% 1% 6% 1% (92%)2 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION COMMERCIAL OTHER 1Q 2025 CAPEX ITALY LIGHTING BUSINESSES3 • RECLAMAT
Slide 10: 1Q 2025 Cash Flow
1Q 2025 CASH FLOW PERFORMANCE IN LINE WITH YEAR-END GUIDANCE CASH FLOW, €m 1Q 2025 Operating FCF (-€127m) due to higher absorption of working capital 384 115 (196) (34) (39) 0 0 0 (242) (127) (32) (159) (3) (163) EBITDA Change in LT Change in Operating Capex Operating Financial Taxes Dividends CF be
Slide 11: 1Q 2025 Financial Structure
1Q 2025 FINANCIAL STRUCTURE F I N A N C I A L S T R E N G T H A N D F L E X I B I L I T Y W I T H A N E T D E B T / E B I T D A R AT I O O F ~ 3 . 2 X NET DEBT DEC 2024-1Q 2025 €m Leverage ∆ 1Q 25 NET DEBT/EBITDA LTM NET DEBT/EBITDA DEC 24 1Q 25 vs DEC 24 31/03/2025 31/12/2024 NET DEBT 4,954 5,116 1
Slide 12: Water Italy: Organic EBITDA Growth +6%
WATER ITALY1: ORGANIC EBITDA GROWTH +6% 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 TA R I F F A P P R O VA L S Revenues, €m EBITDA, €m Non-recurring events and changes in scope +6% Growing recurring EBITDA 359 367 (+€11m): 17 186 186 197 Tariff growth (fully consolidated +
Slide 13: Grids and Public Lighting: EBITDA Growth +2%
GRIDS AND PUBLIC LIGHTING: EBITDA GROWTH +2% GROWTH DRIVEN BY INVESTMENTS Revenues, €m EBITDA, €m Growing EBITDA vs 1Q 2024 (+€2m): 173 183 +2% Higher RAB +9 105 107 WACC reduction from 6.0% (+5%) 2 to 5.6% 1Q 2024 1Q 2025 1Q 2024 Organic 1Q 2025 growth 2G power meters installed in 1Q 2025: ~ 90K To
Slide 14: Environment: Growing EBITDA
ENVIRONMENT: GROWING EBITDA HIGHER MARGINS ON WTE Revenues, €m Main EBITDA drivers, €m Non-recurring events and changes in scope +6% 69 74 Recurring EBITDA slightly -1 16 17 growing (+€1m): 14 3 1 75 (-1%) Higher margins on WTE (6) 1Q 2024 Non- Recurring Organic 1Q 2025 Lower margins on landfills 1Q
Slide 15: Generation: Energy Scenario and Higher Volumes
GENERATION: ENERGY SCENARIO AND HIGHER VOLUMES OV E R 2 0 0 M W O F AU T H O R I Z E D S O L A R P L A N T S ( R E A DY TO B U I L D) Revenues, €m EBITDA, €m Growing EBITDA (+€7m): +94% Higher prices on the 31 energy markets (SNP 21 15 +10 8 +46€/MWh vs 1Q 2024) and 7 (+50%) higher volumes (+18% vs
Slide 16: Commercial: Increasing EBITDA
COMMERCIAL: INCREASING EBITDA GROWING MARGIN S AND CUSTOMER B ASE ON THE FREE MARKET Revenues, €m EBITDA, €m Non-recurring events and changes in scope +16% Growing EBITDA (+€7m): 466 525 +60 Higher margins and customer 50 (+13%) 43 7 base on the free market 1Q 2024 1Q 2025 1Q 2024 Organic 1Q 2025 gr
Slide 17: Agenda
Agenda Market Environment 1Q 2025 Results Appendix 16
Slide 18: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 15,6 B- (low risk) (st atus PRIME) "B" 64/100 "Leader ESG Management Identity" 17
Slide 19: Consolidated Income Statement as at 31/03/25
CONSOLIDATED INCOME STATEMENT AS AT 31/03/25 Consolidated Income Statement (€/000) 31 March 2025 31 March 2024 Increase/(Decrease) Sales and service revenues 1,078,253 990,461 87,791 Other operating income 24,382 23,036 1,346 Consolidated net revenue 1,102,635 1,013,497 89,138 Staff costs 77,479 89,
Slide 20: Consolidated Balance Sheet as at 31/03/25
CONSOLIDATED BALANCE SHEET AS AT 31/03/25 Consolidated Statement of Financial Position (€/000) 31 March 2025 31 December 2024 Increase/(Decrease) Property, plant and equipment 3,407,364 3,363,465 43,898 Investment property 9,698 9,711 (13) Goodwill 240,960 241,041 (80) Concessions and infrastructure
Slide 21: Q&A 1Q 2025 Results
Q& 1Q 2025 Results Persone per infrastrutture sostenibili
Slide 22: 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