Acea S.p.a. · MIL:ACE
Acea — European Utilities & Infrastructure – BofA (September 2026)
98 slides from Acea's conference presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation SEPTEMBER 2026 People for sustainable infrastructure 0
Slide 2: Agenda
Agenda Acea: Infrastructural operator with low leverage 1H 2026 Results FY 2025 Results Evolving context 28: Green Diligent Growth Targets 2028 2023-28 Projections Closing remarks People for sustainable 1 infrastructure
Slide 3: Acea: Infrastructural operator with low leverage
Acea: Infrastructural operator with low leverage People for sustainable 2 infrastructure
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: 1H 2026 Results
1H 2026 Results 4
Slide 6: 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 7: Improving business performance driven by strategic investments and operational excellence
IMPROVING BUSINESS PERFORMANCE DRIVEN BY STRATEGIC INVESTMENTS AND OPERATIONAL EXCELLENCE 1 H 2 0 2 6 D E L I V E RY Award of the tender for the management of the Integrated Water Service (IWS) in the Sannio area. Water Award of the tender for the SAEP Djoué project aimed at strengthening Brazzavill
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: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 21.2 (medium risk) B- "B" "Leader ESG (st atus PRIME) Management Identity" 14
Slide 16: FY 2025 Results
FY 2025 Results 15
Slide 17: FY 2025 Results
FY 2025 RESULTS OVERDELIVERY Guidance 2025 FY 2025 reported results RECORD RESULTS IN 2025 EBITDA AT THE UPPER END OF THE EBITDA 1,420€ GUIDANCE. A significant growth of all +8%/+10% Pro-forma economic indicators continues, outperforming vs 2024 restated +10%vs 2024 restated1 the targets of the Indu
Slide 18: 2025 Dividends
2025 DIVIDENDS A C C E L E R AT I O N I N S H A R E H O L D E R VA L U E C R E AT I O N DPS TREND (€) PAYOUT 2 2025 (%) INDUSTRIAL PLAN–BASED DIVIDEND POLICY 65% 64% DIVIDENDI POLICY 61% 53% 0.91 0.95 Industrial Plan 2024-2028: 0.85 0.88 +4%/y vs 2023 2022 2023 2024 2025 DIVIDEND POLICY AS IMPLEMENT
Slide 19: Performance at historical highs and strong focus on regulated infrastructure
PERFORMANCE AT HISTORICAL HIGHS AND STRONG FOCUS ON REGULATED INFRASTRUCTURE From (2022)… … to (2025) EBITDA 1.22B€ 1.42B€ Focus on regulated Key (87% regulated1) (96% regulated1) infrastructure Results 280M€ 481M€ Operational excellence Net profit Acceleration in Capex 1.05B€ 1.53B€ infrastructure
Slide 20: Performance of businesses: growth driven by strategic investments and operational excellence
PERFORMANCE OF BUSINESSES: GROWTH DRIVEN BY STRATEGIC INVESTMENTS AND OPERATIONAL EXCELLENCE EBITDA ’25 | 820 mln€ +23% vs ‘22 Capex ‘25 | 891 mln€ + 46% vs ‘22. Major infrastructure projects restarted, including the Peschiera Aqueduct doubling Water Tariffs | 100% tariff approvals, +2 p.p. average
Slide 21: People, systems and processes at the core of corporate growth
PEOPLE, SYSTEMS AND PROCESSES AT THE CORE OF CORPORATE GROWTH Top employer Entered for the first time in the Italian Top 20 of Top Employers People Talent development Corporate Master with Luiss Business School and Talent Program for 84 people Generational ~365 exits and 300 hires under 30 in 2023–2
Slide 22: Regulatory and Market Context
REGULATORY AND MARKET CONTEXT T H E G R O U P C O N F I R M S I T S P O S I T I O N A M O N G T H E T O P P E R F O R M E R S I N I TA LY F O R W AT E R S E R V I C E ( S I I ) Q U A L I T Y B A S E D O N A R E R A I N D I C AT O R S Regulation Commodity Prices and inflation Interest rates5 • Water:
Slide 23: Highlights FY 2025
HIGHLIGHTS RECORD RESULTS IN 2025 REGULATED EBITDA REACHES 96% OF GROUP EBITDA FY 2025 1 Pro-forma revenues amounted to 3.0bn€, of which approximately 2.6bn€ related to regulated Revenues pro-forma +3% vs. 2024 businesses. Pro-forma revenues from regulated businesses grew by +7% vs 2024, mainly driv
Slide 24: 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, mln€ CAPEX, mln€ One-offs and changes in scope Grant-funded Capex related to the divested business Revenues 2,895 2,986 (discontinued op
Slide 25: 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, mln€ 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%
Slide 26: FY 2025 Net Income
FY 2025 Net income T H E S T R E N G T H O F O P E R AT I N G P E R F O R M A N C E S U P P O R T S N E T P R O F I T G R O W T H ( + 1 5 % O R G A N I C ) Net income, mln€ +15% 481 A B FY 2024 Non-recurring events A (-5mln€), of which: 376 104 104 332 327 49 00 ➢ Recognition of past tariff items in
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 , mln€ 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 • RE
Slide 28: FY 2025 Cash Flow
FY 2025 CASH FLOW IMPROVED VS GUIDANCE CASH FLOW, mln€ FY 20251 Improved Operating FCF (+206mln€) thanks to operational performance and optimization of working capital 1,420 67 35 (31) (112) 1,379 (1,172) 206 (136) (148) (7) 267 (19) (202) (279) EBITDA Change in LT Equity Change in Operating Net Ope
Slide 29: FY 2025 Financial Structure
FY 2025 FINANCIAL STRUCTURE NET DEBT DEC 2024-DEC 2025 mln€ Leverage ∆ DEC 25 NET DEBT/EBITDA NET DEBT/EBITDA DEC 24 DEC 25 vs DEC 24 PRO-FORMA1 31/12/2025 PRO-FORMA1 31/12/2024 Pro-forma NET DEBT1 4,368 4,582 214 3.28x 3.34x Long-term debt 4,970 4,926 (Guidance 3.4-3.5x) Short-term debt 499 667 Pro
Slide 30: Evolving context
Evolving context People for sustainable 29 infrastructure
Slide 31: Volatile macroeconomic context, new regulatory scenario for Water and Grids
Volatile macroeconomic context, new regulatory scenario for Water and Grids Inflation1, % NSP2, €/MWh 200 12 9 150 6 100 3 0 50 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Interest rates3, % Regulatory scenario Mid-Swap 8y Euribor 6m Areas Indicators 2022 2023
Slide 32: Europe: significant green investments planned
Europe: significant green investments planned… ... particularly in Acea's businesses Projected investments until 2030 WATER Infrastructure 600 bn€ 4% ELECTRICITY Grids resilience 400 bn€ of European GDP per year in green investments by 2030 ENVIRONMENT Circular Economy 200 bn€ Source: ECCO Climate,
Slide 33: Trilemma of the energy transition
1 “Trilemma” of the energy transition The delivery of investments requires a deep understanding of a rapidly evolving context 3 2 Availability of Skills and New natural and Technologies financial resources 32 32
Slide 34: Trilemma of the energy transition: availability, quality, sustainability
1 "Trilemma" of the energy transition: Need for operators to ensure availability and quality of resources while meeting sustainability criteria Perimeter Europe, in 2030 ENVIRON- WATER ELECTRICITY MENT ~70% ~450 GW +330 Availability southern European green capacity to be potential additional WtE pop
Slide 35: Capabilities and New Technologies
2 Capabilities and New Technologies New technologies affect asset management, workforce, and customer relations New Engineering and delivery capabilities (gap of ~500k technicians1 in Europe by 2028) required by STEM capabilities (Science, Technology, Engineering, Mathematics) the labor market End-t
Slide 36: Availability of natural and financial resources
3 Availability of natural and financial resources Scarcity and increase in the costs of production factors Natural Scarcity of primary natural resources such as Resources water and natural gas Supply chain Strong supply chain disruptions and implications for pricing and availability of key items for
Slide 37: Italy: need for significant investments and technological development
Italy: need for significant investments and technological development Water Electricity Environment Aging water networks Under-investment in the grid Infrastructural gap in Central- (60% network: 30+ year old; 25%: vs. European peers Southern Italy 50+ year old) (Netherlands/Germany at 3/4x vs. (Nor
Slide 38: Regulation: toward output based models and Totex efficiency targets
Regulation: toward output based models and Totex efficiency targets From… …to Opportunities Capex • Price-cap-type efficiency Opportunities for operators • Rate of return incentives on Opex from 2024 which achieve: approach: tariff recognition of actual Capex Electri- (basic ROSS1) and expected also
Slide 39: Green Diligent Growth
28 Green Diligent Growth People for sustainable 38 infrastructure
Slide 40: Green Diligent Growth: Mission
Green Diligent Growth: Mission “Developing and managing safe and sustainable infrastructures. With our people, ensuring access and circularity to critical resources for Citizens, Businesses, and Communities” People for sustainable 39 infrastructure
Slide 41: Green Diligent Growth: Strategy
28 Green Diligent Growth: Strategy Focus on regulated infrastructure businesses by strengthening positioning and expanding into adjacent Green segments ESG across businesses People at the center Diligent Operation excellence with strong cost and investment discipline to sustain cash generation Optim
Slide 42: Green Diligent Growth: Targets
28 Green Diligent Growth: Targets From (2020-2023)…… to (2028) % regulated Focus on regulated 87% 90% Green EBITDA1 infrastructures ESG linked Capex (yearly) 0.4 bn€ 1.0 bn€ ESG across businesses EBITDA margin 30% 43% Operational excellence Diligent Optimization of financial NFP/ EBITDA 3.5x 3.1x st
Slide 43: Green Diligent Growth: Operational framework
28 Green Diligent Growth: Operational framework eignneeeriraing IEnngg Water Electricity People ESG Systems Environment Processes GPern oedru oen azcitoin 42
Slide 44: Water: 1st operator in Italy and leader in Europe
28 WATER: 1st operator in Italy and leader in Europe 20 mln clients served… …with innovative skills… 10 10 IP 100% Acea “Waidy - Water Management System”: platform for # Customers < Cloud native network analysis, monitoring and intervention planning mln mln Data driven Peru “Workforce Management Sys
Slide 45: Water: Our vision
28 WATER: Our vision Water net zero • Ensuring the availability of the resource International • Monitoring/increasing the quality of the resource diversified operator Weight on EBITDA ‘28 Local approach and leadership in innovation • Aspiring to be the: 57% − Go-to operator at local level, ensuring
Slide 46: Water: Our strategy
28 WATER: Our strategy Strengthening Increasing water systems’ resilience Optimizing and innovating network management SERVICE LEVEL INCREASE IN ITALY Developing collection and potabilization processes Simplifying the Water’s corporate structure to promote higher operational efficiencies (via a new
Slide 47: Water: Main lines of intervention
28 WATER: Main lines of intervention • Implementation of strategic infrastructure works – Peschiera and large aqueducts Increase in water system • Implementation of aqueduct interconnection systems within and between areas resilience • Engineering of a vulnerability model for climate risk assessment
Slide 48: Water: Project examples
28 WATER: Project examples Major works Purification/sludge treatment NEW PESCHIERA ALTO DN4000 Tunnels Circular sludge Securing Rome's water management DN7500 Tunnel supply Securing sources area Centralization of sewage Salisano By-pass treatment plants Laboratory/reuse Water Management Fregene: reu
Slide 49: Water: Major works examples
28 WATER: Major works examples Intervention Description KPIs Peschiera Construction of an upper section second line with high anti- • Length: ~25 km Aqueduct seismic standards and possibility of maintenance without • Population served: >2 mln flow discontinuity (~10 m3/sec) • Investment: ~0.7 bn€ du
Slide 50: Water: Partnership examples in agriculture
28 WATER: Partnership examples in agriculture Bonifiche Ferraresi example • Identify new technologies, including artificial intelligence, to improve water use in Optimizing water use agriculture A in agriculture • Focus on sustainable irrigation practices based on EU, national and regional regulatio
Slide 51: Water Italy: 2023-28 Projections
28 WATER Italy: 2023-28 Projections xx% CAGR ‘23-'28 Revenues1, mln€ Capex2, mln€ 4,700 4% 6% 1,800 930 1,494 682 2023 2028P 2023 2028P CUM. 2024-28P EBITDA, mln€ RAB3, bn€ 7% 8% 1,020 6.9 744 4.6 2023 2028P 2023 2028P 1. Includes the synthethic result of non-financial participation consolidated by
Slide 52: Electricity: Infrastructural operator active in three areas
28 ELECTRICITY: Infrastructural operator active in three areas 1. Grids (Rome) 2. Public Lighting (Rome and Terni) 2nd Italian distributor for POD Italy’s largest city grid (Rome) 1.7 mln PODs in Rome 250,000 light points Managed with innovative solutions 5,000 installations Rome Flex: distributed f
Slide 53: Electricity: Our vision
28 ELETRICITY: Our vision 2nd operator in Service quality Italy • Ensuring an orderly energy transition aiming at a significant focused on grid strengthening and modernization of the grid management • Promoting the decentralization and smartization of the grid also via Artificial Intelligence and in
Slide 54: Electricity: Our strategy
28 ELECTRICITY: Our strategy Strengthening Networks/ Public Lighting: "Rome ready for 2030" by: Upgrading Rome’s LV grid (increase resilience, available power and hosting capacity of 800MW) Modernizing the MV/LV grid to increase safety INCREASE IN SERVICE (advanced diagnostics, remote control and au
Slide 55: Electricity: Rome ready for 2030, major investments
28 ELECTRICITY: "Rome ready for 2030", major investments Rome LV network • Increased power available to customers • LV network reinforcement - 230 V vs. 400 V grid transformation for 70k POD (PNRR upgrading scope) • Hosting Capacity increase of 800 MW (PNRR Scope) • Maximizing telecontrol and automa
Slide 56: Electricity: Project examples (1/2)
28 ELECTRICITY: Project examples (1/2) Grids Artistic lighting Telecontrol Piazza della Repubblica Resilience Domus Tiberiana 2G meter installation Innovation Romeflex Drones: grid Inspection 55
Slide 57: Electricity: Project examples (2/2)
28 ELECTRICITY: Project examples (2/2) Illustrative Remote control granular on all light points Smart sensors for adoptive public lighting Surveillance cameras for video-streaming and video analysis Video-mapping for promotional and awareness campaigns Environmental sensors aimed at measuring pollut
Slide 58: Electricity: Growth in performance and service level of commercial business
28 ELECTRICITY: Growth in performance and service level of commercial business • Increased commercial push to support a full transition of AceaEnergia Performance towards the free market growth in • Profound business transformation with channel remix and strong push on pull Retail market and partner
Slide 59: Electricity: 2023-28 Projections
28 ELECTRICITY: 2023-28 Projections xx% CAGR '23-'28 Revenues, mln€ Capex1, mln€ 2,035 -4% 4% 3,111 435 2,535 350 2023 2028P 2023 2028 CUM. 2024-28P EBITDA, mln€ RAB2, bn€ 2% 6% 504 550 3.7 2.8 2023 2028P 2023 2028P 1. Gross of government contributions (e.g., PNRR) | 2. Represented the value of RAB
Slide 60: Environment: 5th operator in Italy
28 ENVIRONMENT: 5 operator in Italy th Presence in segments with high margins...1 …in 8 regions… 25 1.8 25% Valle d’Aosta Lombardy Tuscany Marche Facilities Mton of EBITDA waste Margin Veneto Lazio Umbria Abruzzo managed … and along the entire waste chain Midstream (Waste treatment) Pre- Collection
Slide 61: Environment: Our vision
28 ENVIRONMENT: Our vision Increased coverage of the entire waste cycle Operator of • Maximizing circularity focusing on the re-use of resources increasing • Designing and managing new plants end-to-end with the national highest industry standards relevance Weight on EBITDA ‘28 Simplification and sy
Slide 62: Environment: Our strategy
28 ENVIRONMENT: Our strategy Strengthening Simplifying the corporate structure in 5 treatment activities (Waste-to-Energy, Composting, Landfills and TMB, Plastic Sorting and Recycling, and Industrial Waste) Expanding and revamping the existing plants REORGANIZATION OF (WtE, other plants) WASTE TREAT
Slide 63: Environment: Project examples
28 ENVIRONMENT: Project examples WtE – Energy recovery Recycling – Material recovery Expansion of Waste-to-Energy activities (~200 kton) Consolidation of the plastics supply chain (~170 kton) San Vittore: IV line construction + II line revamping JV with chemical partner to ensure plant output produc
Slide 64: Environment: New ancillary plants example (WtE)
28 ENVIRONMENT: New ancillary plants example (WtE) Illustrative Ancillary plants Carbon Heavy ash District Photovoltaic WtE Recovery Capture heating Plant Moving grate Experimental plants Heavy ash Construction of a Photovoltaic plant, incineration for CO2 capture recovery plant district heating aim
Slide 65: Environment: 2023-28 Projections
28 ENVIRONMENT: 2023-28 Projections xx% CAGR ‘23-'28 Revenues1, mln€ Capex2, mln€ Recurring Capex ~0% 5% 475 430 39 35 334 7 3 325 32 28 150 2023 2028P 2023 2028P CUM. 2024-28P EBITDA, mln€ Operational KPIs Energy produced by WtE3, GWh/year Waste treated Mton/year +10% +4% 13% 155 2.2 440 1.8 84 278
Slide 66: Engineering: 1st operator in Acea's core sectors
28 ENGINEERING: 1 operator in Acea’s "core sectors" st Highly specialized center of excellence… … with strong internal R&D... 400+ 3 116 National leadership in the water sector in mln€ testing methods and advanced instruments for laboratory analysis Engineers Companies1 Revenues … and focus on desig
Slide 67: Engineering: Our vision
28 ENGINEERING: Our vision Internal competences and partnerships • Growing internal competencies in advanced technologies/engineering Center of • Strategic partnerships with industry leaders for know-how development excellence in Engineering Internal support and services • Maximizing the control on
Slide 68: Engineering: Our strategy
28 ENGINEERING: Our strategy Strengthening Acea Infrastructure: integrating different companies in a unique center of excellence to manage major works: SINGLE CENTER OF • Water: Peschiera (130 km), PNRR projects EXCELLENCE WITH FOCUS ON MAJOR • Environment: revamping current plants and new WtE PROJE
Slide 69: Production: Highly specialized operator
28 PRODUCTION: Highly specialized operator Good mix of renewables… … to cover internal consumption... Current capacity1, % Hydroelectric 37% 30% Internal Photovoltaic 30% consumption coverage (current) Thermoelectric 33% ... and with a strong PV pipeline, MW 870 1,200 110 120 100 330 Thermal Photovo
Slide 70: Production: Our vision
28 PRODUCTION: Our vision Carbon neutrality • Reducing CO2 emissions to meet SBTi targets Operator highly focused on renewables Energy Balance • Achieving full balance of Group energy production/ consumption 69
Slide 71: Production: Our strategy
28 PRODUCTION: Our strategy Strengthening Deploying the existing solar pipeline also leveraging on financial DEVELOPMENT AND partners MANAGEMENT OF PV (870 MW, of which 210 already authorized) PLANTS Development1 Implementing self-consumption solutions: installation (for the Group/third parties) of
Slide 72: Production: Launched projects
28 PRODUCTION: Launched projects Pipeline as of 31.12.2023 Geographical distribution MW Number of plants of which ~210 MW 10-100 MW already authorized 1-10 MW 1 870 57 Number of plants, of which 1 19 have already been authorized 300 270 10 1 2 250 18 50 17 2024 25 26 27 Total Facilities prepared to
Slide 73: ESG: Sustainability Plan
28 ESG: Sustainability Plan Approved by the Board of Directors in November 2024, the Sustainability Plan defines the objectives that the company intends to pursue, in line with the guidelines of the Industrial Plan, to respond to the main critical elements of the reference context, contributing to t
Slide 74: ESG: Investments associated with the Plan
28 ESG: Investments associated with the Plan Investments related to ESG areas in the Industrial Plan have been associated with objectives and lines of intervention for a total of approximately 5.4 €bn. In 2025, interventions worth approximately €1bn were carried out Areas of Intervention 2025 Capex
Slide 75: Main strategy enablers
Main strategy enablers • New Carta della Persona e della Partecipazione • Introduction of new skills People • Strengthening of training and career paths People • Enhancement of corporate welfare • Focus on digitization, GenAI and robotics also to support service quality and on field safety Systems •
Slide 76: People: Main actions
28 People: Main actions 1. New Carta della Persona e Carta della Persona e della Partecipazione signed between Acea and labor della Partecipazione unions 2. Introduction of new skills Development of a structured talent management to ensure attraction and retention of the best skills, through: • Dedi
Slide 77: Systems: Main actions
28 Systems: Main actions Digitization Artificial Intelligence E2E process automation of Corporate/ Predictive maintenance through operating companies Smart Metering Data Governance strategy to develop IoT for plants and networks a Data Driven company Telecontrol Networks planning Workforce managemen
Slide 78: Systems: Partnership network development
28 Systems: Partnership network development Industrial partnership Financial partnerships WATER Focus on WATER Development of projects to support Medium-long term financing water resources security for the supply chain Incentive scheme for lower ELECTRICITY interest rates Co-development of photovolt
Slide 79: Processes: Main actions
28 Processes: Main actions 1. Business process Redesign of all major processes through data mining in favor of higher value-added redesign activities and better interaction between business units and functions, to improve operational management and service quality 2. Procurement review Strategic man
Slide 80: Processes: Operational efficiencies
28 Processes: Operational efficiencies Key levers Cash-cost with efficiency potential, bn€ Continuous cash-cost optimization through: Costs1 • Procurement optimization (supply unbundling, 1.0 Efficiencies Baseline planning and standardization, should-cost...) ~16% Efficiencies (0.2) • New technologi
Slide 81: Processes: Credit efficiencies
28 Processes: Credit efficiencies Key levers Clustering and Development of differentiated routing paths for dunning customer clusters via AI, enhancing dunning strategies Reduction of Implementation of interventions to improve meters’ Target of 160- inaccessible access 180 mln€ of customers extra-ca
Slide 82: Targets 2028
Targets 2028 People for sustainable infrastructures 81
Slide 83: Targets 2028: Steady growth
Targets 2028: ‘‘Steady growth’’ xx% CAGR '23-'28 EBITDA, mln€ Cumulated Capex2 2024-28P, bn€ 5% 1,630 1,800 6.9 7.6 1,391 0.7 2023 2026P 2028P Regulated Not regulated Total Regulated1 ~87% ~90% ~90% % of the Tot. ~91% ~9% 100% Net profit, mln€ RAB3, bn€ 5% 7% 9.6 10.5 350 375 294 7.4 2023 2026P 2028
Slide 84: Targets 2028: Returns by business
Targets 2028: Returns by business Invested Capital1, bn€ ROIC2, pre-tax From (2022-23) … A (2028) Acea 7.9% 8.4% Electricity Acea Water2 7% 9% ~9.5 Electricity3 8% 9% Environment Water Other Environment 10% 12% 1. Shareholders Equity + NFP | 2. The regulated WACC has been considered for regulated bu
Slide 85: Targets 2028: More value to shareholders
Targets 2028: More value to shareholders DPS1, € Average annual TSR, % +4.0% p.a. ~6 >11 0.88 ~5 2023 2028P EPS CAGR Dividend Yield TSR Annual dividend growth = 4.0% Over 1 bn€ in dividends throughout the Average annual return for shareholders business plan horizon exceeding 11% 1. Expressed on an
Slide 86: Potential further strategic upside from asset rotation
Potential further strategic upside from asset rotation Asset disposal/ Selective allocation of proceeds to partnership core and regulated sectors New tenders and agreements in the management of the integrated water service, selective • Disposal of non-core assets growth abroad and in new segments ch
Slide 87: 2023-28 Projections
2023-28 Projections People for sustainable 86 infrastructure
Slide 88: Key assumptions of the Plan
Key assumptions of the Plan Inflation1, % Regulatory scenario 2.7% 2.1% 2.1% 2.0% 2.0% Areas Indicators 2024 2025-28 WATER Italy WACC 6.1% 6.1% 2024 2025 2026 2027 2028 Deflator 2.8% 0% GRIDS WACC 6.0% 5.7% Deflator 5.9% 1% NSP2, €/ MWh Interest rates3, % 103 105 108 108 110 Mid-Swap 8y Euribor 6m 2
Slide 89: Growth driven by regulated business
Growth driven by regulated business… xx% CAGR '23-'28 EBITDA, mln€ +5% 1,800 1,630 15 75 (18) 155 155 60 1,391 257 110 OTHER BU1 59 84 550 535 ENVIRONMENT 504 ELECTRICITY WATER Italy 925 1,020 744 2023 Regulated Not regulated 2026P Regulated Not regulated 2028P % Regulated2 ~ 87% ~ 90% ~ 90% 1. Othe
Slide 90: and from investments in infrastructures
…and from investments in infrastructures… Cumulated capex1 2024-28P, bn€ RAB4, bn€ Areas 2023 2028P 7.6 0.4 0.5 WATER Italy 4.6 6.9 2.0 4.7 GRIDS 2.8 3.7 TOTAL 7.4 10.5 WATER ELECTRICITY ENVIRONMENT OTHER BU2 CUM. 24-28P Italy % Regulated3 ~91% 1. Gross of public contribution (e.g., PNRR) | 2. Inclu
Slide 91: ensures value creation for shareholders
…ensures value creation for shareholders Net profit, (Δ 2023-28P) mln€ (215) 409 (73) (40) 375 294 2023 EBITDA Depreciation Financial Taxes 2028P and provisions management, participation, and other 90
Slide 92: Robust and improving financial structure (1/3)
Robust and improving financial structure (1/3) Operating Cash Flow (2024-28P), mln€ 8.2 ~0 (0.6) 7.6 (5.6) 2.0 EBITDA Delta WC Delta funds and other Operat. CF Capex Operating CF before Capex after Capex 1. Includes change in regulatory receivables (Grids accounting and Water adjustments) 91
Slide 93: Robust and improving financial structure (2/3)
Robust and improving financial structure (2/3) NFP, mln€ NFP/ EBITDA 5,595 5,570 3.5x 3.4x 4,847 3.1x 2023 2026P 2028P 2023 2026P 2028P 92
Slide 94: Robust and improving financial structure (3/3)
Robust and improving financial structure (3/3) Average duration of debt, years Key Optimization Levers 4.2 4.5 4.5 Increase of the average duration of debt through refinancing of expiring debt with: ‒ bond issues (~8 years bullet) and ‒ long-term financing (~15 years amortizing) 2023 2026P 2028P
Slide 95: Closing remarks
Closing remarks People for sustainable infrastructures 94
Slide 96: Closing remarks
28 Closing remarks Key numbers Focus on regulated infrastructure businesses by strengthening positioning and expanding into • EBITDA '28: ~1.8 bn€ Green adjacent segments (90% regulated1) ESG across businesses People at the center • Net Profit '28: ~375 mln€ Operation excellence with strong cost and
Slide 97: 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 98: 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,
Acea — European Utilities & Infrastructure – BofA (September 2026) on 6ix