Slide 1: 1Q 2026 Results
1Q 2026 Results ROME, 14 MAY 2026 People for sustainable 0 infrastructure
Slide 2: Agenda
Agenda Market Environment 1Q 2026 Results Appendix 1
Slide 3: Regulatory and Market Context
REGULATORY AND MARKET CONTEXT 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 rates2 • Water: tariff approvals under MTI-4 have been completed by local authorities, and • Electricity Price (SNP)
Slide 4: Agenda
Agenda Market Environment 1Q 2026 Results Appendix 3
Slide 5: Highlights 1Q 2026
Highlights REGULATED EBITDA AT 95% OF THE GROUP’S EBITDA 1Q 20261 NFP/EBITDA RATIO STABLE AT 3.3x Revenues pro-forma in line Pro-forma revenues amounted to 0.7bn€ of which approximately 0.6bn€ related to regulated businesses. Pro-forma revenues from regulated businesses aligned to the pro-forma 1Q 2
Slide 6: 1Q 2026 Results Overview
1Q 2026 RESULTS OVERVIEW ORGANIC EBITDA GROWTH +4%, IN LINE WITH F Y GUIDANCE PRO-FORMA EBITDA 1 , €m CAPEX, €m REGULATED ACTIVITIES One-offs Grant-funded REPRESENT approx. 95% of consolidated Changes in scope 5 EBITDA. Pro-forma 731 735 302 Revenues1,2 340 342 262 10 +14 16 +44 (+4%) 20 (+18%) ORGA
Slide 7: 1Q 2026 EBITDA
1Q 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 342 16 17 (1) 109 202 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER 1Q 2026 ITALY LIGHTING BUSINESSES1 pro-forma EBITDA 59% 32% 4% 5% 0% (95%2) A +
Slide 8: 1Q 2026 Net Income
1Q 2026 NET INCOME O RG A N I C N E T P RO F I T I N C R E A S E D BY 1 4 % CO M PA R E D TO 1 Q 2 0 2 5 Net Income, €m A B A 1Q 2025 Changes in scope and non-recurring events (-26€m), of which: +14% 111 ➢ Discontined operations (-19€m) 98 ➢ HV Disposal (-4€m) 82 28 ➢ Publiacqua (-2€m) (26) 72 11 (1
Slide 9: 1Q 2026 Capex
1Q 2026 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 A C C O U N T F O R 8 9 % O F T H E T O TA L CAPEX 1 , €m 302 13 7 24 94 164 54% 31% 4% 2% 9% 1Q 2026 CAPEX (89%)2 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER ITALY LIGHTING BUSINESSES3 • ACEA ATO2 AND ACEA • ARETI:
Slide 10: 1Q 2026 Cash Flow
1Q 2026 CASH FLOW T H E R E S U LT S F O R 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, €m 1Q 20261 Operating FCF (-91€m) influenced, among other factors, by the trend in investments and working capital. 342 (107) (15) (5) (20) 195 (286) (91) (32) (0) (0
Slide 11: 1Q 2026 Financial Structure
1Q 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 S T A B L E V S F Y 2 0 2 5 NET DEBT DIC 2025-1Q 2026 €m Leverage ∆ 1Q 26 NET DEBT/EBITDA NET DEBT/EBITDA DIC 25 1Q 26 vs DIC 25 LTM PRO-FORMA 31/03/2026 PRO-FORMA 31/12/2025 NET DEBT pro-forma1 4,567 4,646 79 3.31x 3.27x
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 TA R I F F I N C R E A S E S Pro-forma revenues, €m Pro-forma EBITDA, €m 368 +6% 354 +15 193 190 202 (+4%) (3) 12 Growing recurring EBITDA (+12€m): Tariffs growth Higher results of 1Q 2025 1Q 2026 1Q 2025 Changes in Re
Slide 13: Grids and Public Lighting: Organic EBITDA Growth +8%
GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH +8% O R G A N I C D E V E L O P M E N T S U P P O R T E D B Y C A P E X 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 Ricavi pro-forma, €m EBITDA, €m Changes in scope and non-recurring events Growing EBITDA vs 1Q 2025 +8% (+8€m): 183 184 6 +7 107
Slide 14: Environment: EBITDA Slightly Down
ENVIROMENT: 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 -15% 91 84 -3 (-4%) 21 18 EBITDA slightly down (-3€m): (3) 16 91 87 (2) Lower volumes treated by WTE plants (3) 1Q 2025 1Q 202
Slide 15: Generation: Organic EBITDA Significant Growth
GENERATION: ORGANIC EBITDA SIGNIFICANT GROWTH H Y D RO E L E C T R I C P RO D U C T I O N + 2 7 % CO M PA R E D TO 1 Q 2 0 2 5 EBITDA, €m Pro-forma revenues, €m Changes in scope and non-recurring events 31 33 Growing EBITDA (+3€m): +21% +3 Higher hydroelectric 1 (+9%) 15 14 17 volumes (+26GWh vs 1Q2
Slide 16: Agenda
Agenda Market Environment 1Q 2026 Results Appendix 15
Slide 17: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 21.2 B- (medium risk) (st atus PRIME) "B" 69/100 "Leader ESG Management Identity" 16
Slide 18: Consolidated Income Statement as at 31/03/26
CONSOLIDATED INCOME STATEMENT AS AT 31/03/26 Consolidated Income Statement (€/000) Discontinued 31 March 2026 Discontinued 31 March 2025 31 March 2026 31 March 2025 Effects Proforma Effects Proforma Revenues from electricity sales and services 225,772 10,980 236,753 220,868 22,692 243,560 Revenues f
Slide 19: Consolidated Balance Sheet as at 31/03/26
CONSOLIDATED BALANCE SHEET AS AT 31/03/26 Consolidated Statement of Financial Position (€/000) 31 March 2026 31 December 2025 Increase/(Decrease) Property, plant and equipment 3,724,966 3,649,143 75,823 Investment property 9,825 9,833 (8) Goodwill 191,128 191,232 (104) Concessions and infrastructure
Slide 20: Q&A 1Q 2026 Result
Q& 1Q 2026 Result People for sustainable infrastructure
Slide 21: 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