Acea S.p.a. · MIL:ACE
Acea — Investor Presentation (September 2026)
40 slides from Acea's investor presentation, Sep 14, 2026
Slide 1: Investor Presentation
Investor Presentation 14 September 2026 People for sustainable infrastructure 1
Slide 2: Agenda
Agenda Company Overview and Financial Results ESG Strategy and key highlights Appendix 2
Slide 3: Agenda
Agenda Company Overview and Financial Results ESG Strategy and key highlights Appendix 3
Slide 4: Acea: infrastructural operator with low leverage
ACEA: INFRASTRUCTURAL OPERATOR WITH LOW LEVERAGE Key numbers, 2025 Regulated EBITDA1, % of total Not regulated Regulated WATER 10 Mln people served in Italy (20mln including foreign countries) 98% 96% ELECTRICITY 1.7 Mln PODs in Rome, the largest city grid in Europe (over 32,000 km) 99% 57% ENVIRONM
Slide 5: Acea Key Credit Highlights
ACEA KEY CREDIT HIGHLIGHTS Leading Italian infrastructure operator Italy's largest provider of integrated water and a key player in electricity distribution Diversified and predominantly regulated business mix (95% of EBITDA) Established and supportive regulatory framework underpinning outstanding p
Slide 6: Green Diligent Growth: Strategy & Framework
GREEN DILIGENT GROWTH: STRATEGY & FRAMEWORK Focus on regulated infrastructure businesses by strengthening FRAMEWORK positioning and expanding into GREEN adjacent segments ESG across businesses People at the center Operation excellence with strong DILIGENT cost and investment discipline to sustain ca
Slide 7: Regulatory and Market Environment
REGULATORY AND MARKET ENVIRONMENT W A C C F O R R E G U L AT E D B U S I N E S S E S S U B S TA N T I A L LY I N L I N E W I T H 2 0 2 5 Regulation Commodity prices and Inflation Interest rates WATER Water WACC 2026 Electricity Price (SNP) — 1H 2026 Euribor 6M 6.06% ▼ vs 6.13% in 2025 127€/MWh ▲ +7€
Slide 8: Highlights 1H 2026
Highlights EBITDA +4% IN LINE WITH FY GUIDANCE 1H 20261 SIZEABLE NET PROFIT INCREASE Revenues Pro-forma revenues were 1.6€bn of which approximately 1.2€bn related to regulated businesses, in line with the 1H 2025 pro-forma. +4% ▲ vs 1H 2025·pro-forma Organic pro-forma EBITDA3 at 719€m, +30€m (+4%) v
Slide 9: Overview of 1H 2026 Results
OVERVIEW OF 1H 2026 RESULTS SOLID PERFORMANCE IN LINE WITH F Y GUIDANCE, SIZEABLE NET PROFIT INCREASE PRO-FORMA EBITDA 1 , €m CAPEX, €m One-offs Grant-funded Changes in scope5 Pro-forma 1,524 1,555 REGULATED ACTIVITIES Revenues1,2 735 721 REPRESENT approx. 95% of 668 663 25 21 4 +30 consolidated EBI
Slide 10: 1H 2026 EBITDA
1H 2026 EBITDA E B I T D A I N C R E A S E D R I V E N B Y O R G A N I C G R O W T H I N R E G U L AT E D A C T I V I T I E S Pro-forma EBITDA, €m 35 6 721 40 217 423 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER 1H 2026 ITALY LIGHTING BUSINESSES1 EBITDA pro-forma 59% 30% 6% 5% 0% (95%2) +4% A
Slide 11: 1H 2026 Net Income
1H 2026 NET INCOME 1 6 % O RG A N I C N E T P RO F I T G ROW T H V S 1 H 2 0 2 5 , O U T PAC I N G E B I T DA I N C R E A S E NET PROFIT, €m B 454 A 1H 2025 Changes in scope and A non-recurring events (-75€m), of which: ➢ Water quality incentives (-14€m) +16% 278 ➢ Discontinued assets (-38€m) 227 ➢
Slide 12: 1H 2026 Capex
1H 2026 CAPEX N E T C A P E X I N L I N E W I T H 2 0 2 5 , 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 CAPEX 1 , €m 663 25 15 35 209 379 57% 32% 4% 2% 5% 1H 2026 CAPEX (93%)2 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER ITALY LIGHTING BUSINESSES3 • ACEA ATO2 AND ACEA ATO5: • ARETI: WO
Slide 13: 1H 2026 Cash Flow
1H 2026 CASH FLOW T H E R E S U LT S 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 1 , €m 1H 2026 Operating FCF (-58€m) improving vs. both 1Q2026 and 1H2025, influenced, among other factors, by the trend in investments and working capital. 721 (111) (52) 1 512 (46) (570) (5
Slide 14: 1H 2026 Financial Structure
1H 2026 FINANCIAL STRUCTURE P R O - F O R M A N E T D E B T / E B I T D A LT M C O N S I S T E N T W I T H F Y G U I D A N C E NET DEBT FY 2025-1H 2026 €m Leverage ∆ 1H 26 NET DEBT/EBITDA LTM NET DEBT/EBITDA FY 25 1H 26 vs DEC 25 PRO-FORMA1 30/06/2026 PRO-FORMA1 31/12/2025 NET DEBT 4,963 5,180 217 3
Slide 15: Agenda
Agenda Acea Company Overview and Financial Results ESG strategy and key highlights Appendix 15
Slide 16: Acea Sustainability Strategy
Acea Sustainability Strategy The pillars of our sustainability strategy represent the guiding principles for the evolution of Acea industrial model over the medium to long term, complementing decarbonization objectives with key priorities such as climate adaptation, circularity and protection of nat
Slide 17: Acea Sustainability Plan
Acea Sustainability Plan Acea strategy in the medium term is represented by the Sustainability Plan 2024-2028, approved by the Board of Directors, that defines actions, targets and KPI in line with the group long-term objectives Infrastructure Strategic Water Environmental Centrality Supply chain Va
Slide 18: Acea Sustainability Plan | Capex Breakdown
Acea Sustainability Plan | Capex Breakdown Acea Sustainability Plan maps targets and investments for approximately 5.4€Bn - over the 7,5€Bn of the business plan BREAKDOWN OF INVESTMENTS RELATED TO IN 2025, INTERVENTIONS WORTH APPROXIMATELY 1€BN SUSTAINABILITY TARGETS (1) WERE CARRIED OUT Areas of In
Slide 19: Sustainable Finance | Acea Green & Blue Financing Framework
Sustainable Finance | Acea Green & Blue Financing Framework In February 2025, Acea reinforced its leadership in sustainable finance with Italy’s first Green & Blue Financing Framework. • Five Green & Blue Eligible Categories also included within the EU Taxonomy, Key figures of the first placement of
Slide 20: Sustainable Finance | Debt Breakdown
Sustainable Finance | Debt Breakdown Acea is committed to maintaining a solid financial structure by keeping a significant share of its debt at medium/long-term maturities and at fixed rates. This approach aims to mitigate refinancing and interest-rate risks through a balanced mix of conventional an
Slide 21: Sustainable Finance | Alignment to EU Taxonomy
Sustainable Finance | Alignment to EU Taxonomy Acea sustainability statement includes EU Taxonomy Disclosure with eligibility and alignment for Capex, Opex, turnover - showing a high level of alignment for all KPIs mainly for Water and Energy businesses. 2025 CAPEX Capex alignment Business breakdown
Slide 22: ESG Ratings and Key 2025-2026 ESG highlights
Key 2025-2026 ESG highlights • Definition of strategic guidelines for the Transition and Adaptation Plan with Net Zero commitment E • Over 1 TWh of electricity produced, of which 63% from renewable sources • ~ 4.4 Mcm of recovered and reused water (+30% vs. previous year) covering ~ 90% of industria
Slide 23: Agenda
Acea Company Overview and Financial Results ESG Strategy and key highlights Appendix 23
Slide 24: Appendix
Appendix 2025 Results 1H 2026 Performance Highlights Regulation 24
Slide 25: FY 2025 Results Overview
FY 2025 RESULTS OVERVIEW O R G A N I C E B I T D A G R O W T H + 8 % A N D N E T D E B T / E B I T D A R AT I O B E T T E R T H A N G U I D E D PRO-FORMA EBITDA 1, €m CAPEX, €m One-offs and changes in scope Grant-funded Capex related to the divested business Revenues 2,895 2,986 (discontinued operat
Slide 26: FY 2025 EBITDA
FY 2025 EBITDA E B I T D A S I G N I F I C A N T LY I N C R E A S I N G , D R I V E N B Y G R O W T H I N R E G U L AT E D A C T I V I T I E S EBITDA, €m 1,420 87 52 12 449 820 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER EBITDA FY 2025 ITALY LIGHTING BUSINESSES1 58% 32% 6% 3% 1% (96%2) +8% A
Slide 27: FY 2025 Capex
FY 2025 CAPEX O N G O I N G D E V E L O P M E N T, VA L O R I S AT I O N A N D S T R E N G T H E N I N G O F A S S E T R E S I L I E N C E CAPEX 1 , €m 1,531 33 106 116 385 891 58% 25% 8% 2% 7% FY 2025 CAPEX (91%)2 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER ITALY LIGHTING BUSINESSES3 • RECL
Slide 28: Appendix
Appendix 2025 Results 1H 2026 Performance Highlights Regulation 28
Slide 29: 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 TA R I F F I N C R E A S E S Pro-forma revenues, €m Pro-forma EBITDA, €m Change in scope and non-recurring events +8% 423 423 733 763 (30) 393 30 Growing recurring EBITDA 22 +51 (+30€m): (+7%) 712 763 Tariff increases
Slide 30: Grids and Public Lighting: Organic EBITDA Growth +2%
GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH +2% ORGANIC DE VELOPMENT SUPPORTED BY CAPE X Pro-forma revenues, €m EBITDA, €m Changes in scope and non-recurring events +2% 376 370 12 +5 224 213 217 (+1%) (12) 4 Growing EBITDA vs 1H 2025 364 370 (+4€m): Increasing RAB Operational efficiencies 1H 20
Slide 31: Environment: EBITDA Slightly Down
ENVIRONMENT: EBITDA SLIGHTLY DOWN VOLUME REDUCTION DUE TO THE PLANNED SHUTDOWN OF SPECIFIC PLANTS Pro-forma revenues, €m EBITDA, €m Changes in scope and non-recurring events -2% 186 178 -1 43 42 40 (1) (2) (-1%) EBITDA slightly down (-1€m): 186 185 Lower volumes treated by (7) WTE plants 1H 2025 1H
Slide 32: Generation: Organic EBITDA Sizeable Growth +22%
GENERATION: ORGANIC EBITDA SIZEABLE GROWTH +22% H Y D RO E L E C T R I C P RO D U C T I O N + 1 9 % CO M PA R E D TO 1 H 2 0 2 5 Pro-forma revenues, €m EBITDA, €m +22% 66 Growing EBITDA (+7€m): 59 32 35 +7 (4) 28 7 Higher hydroelectric (+12%) volumes (+37GWh vs 1H2025) Higher PV volumes (+9GWh vs 1H
Slide 33: Appendix
Appendix 2025 Results 1H 2026 Performance Highlights Regulation 33
Slide 34: Regulation: Water
Regulation WAT E R TARIFF REGIME FOR THE FOURTH REGULATORY PERIOD (MTI-4) ARERA RESOLUTION 582/2025: "Approval of the criteria 2024–2029 ARERA RESOLUTION: 639/2023 for the first two-year update of the tariff for integrated water service, pursuant to the tariff method for the fourth CONFIRMED THIRD R
Slide 35: Regulation: Water
Regulation WAT E R 2026 BUDGET LAW – 12/30/2025, N. 199 EXPIRY OF CONCESSIONS ATO2 Lazio Centrale (Acea ATO2) 2032 Article 1, paragraph 479: In order to ensure the economic and financial ATO5 Frosinone (Acea ATO5) 2033 balance of the concession and the completion, within the established timeframe an
Slide 36: Regulation: Electricity Distribution
Regulation ELECTRICITY DISTRIBUTION Areti’s concession expires in 2030 ARERA RESOLUTION 513/2024 – «Revision of rate of return on invested capital and of Asset Beta parameter for infrastructure services in the electricity and gas sectors for the sub-period 2025-2027» • 2025 WACC electricity distribu
Slide 37: Regulation: Electricity Distribution
Regulation ELECTRICITY DISTRIBUTION BUDGET LAW 2025 - N. 207 12/30/2024 Art. 1, paragraphs 50-53: within 180 days from the entry into force of the 2025 Budget Law, the terms and procedures for the presentation of extraordinary investment plans will be defined, which, if approved, will determine the
Slide 38: Regulation: Environment
Regulation ENVIRONMENT ARERA RESOLUTION 397/2025 (MTR-3) – «Waste Tariff Method for the third regulatory period 2026-2029 (MTR-3)» • Regulatory period of 4 years (2026-2029) with 2-year updates. • Sharing factor between 0.2 and 0.9 depending on the achievement of waste sorting collection objectives
Slide 39: Disclaimer
Disclaimer THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY’S MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND ITS SUBSIDIARIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON ACEA S.P.A.’S CURR
Slide 40: Contacts
Contacts People for sustainable infrastructures Contacts Channels Email: investor.relations@aceaspa.it Phone: +39 06 57991 Website Dario Michi Investor Relator acea.it Investor Relations Team Social Networks Daniela Bellucci Simonetta Gabrielli Immagine che contiene Elementi grafici, logo, simbolo,