Acea S.p.a. · MIL:ACE
Acea — Investor Presentation (October 2026)
142 slides from Acea's investor presentation, October 2026
Slide 1: Acea Guidebook October 2026
Acea Guidebook OCTOBER 2026 People for sustainable infrastructure 1
Slide 2: Agenda
Agenda Acea KPI Regolation ➢ Acea: Infrastructural operator ➢ Water with low leverage ➢ Electricity Distribution ➢ 28: Green Diligent Growth ➢ Environment ➢ Sustainability 2024-2028 Projections Results ➢ Water ➢ 1H2026 ➢ Electricity ➢ 1Q2026 ➢ Environmen ➢ FY2025 ➢ Engineering ➢ 9M2025 ➢ Production
Slide 3: Acea: Infrastructural operator with low leverage
Acea ➢ Acea: Infrastructural operator with low leverage ➢ 28: Green Diligent Growth ➢ Sustainability
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: Green Diligent Growth
Acea ➢ Acea: Infrastructural operator with low leverage ➢ 28: Green Diligent Growth ➢ Sustainability
Slide 6: 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 7: 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 8: Green Diligent Growth: Operational framework
28 Green Diligent Growth: Operational framework eignneeeriraing IEnngg Water Electricity People ESG Systems Environment Processes GPern oedru oen azcitoin 8
Slide 9: 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 2028P 20
Slide 10: 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 11: 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 12: 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 13: 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 13
Slide 14: 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) 14
Slide 15: 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 15
Slide 16: 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 17: 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% Average annual return for shareholders Over 1 bn€ in dividends throughout the exceeding 11% business plan horizon 1. Expressed on an
Slide 18: 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 19: 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 20: Sustainability
Acea ➢ Acea: Infrastructural operator with low leverage ➢ 28: Green Diligent Growth ➢ Sustainability
Slide 21: 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 22: 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 1€bn were carried out Areas of Intervention 2025 Capex C
Slide 23: 2025 Key Results
2025 KEY RESULTS ➢ Guidelines for the Transition and Adaptation Plan have been defined, with the group's long-term commitment to climate, resources and nature 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
Slide 24: Sustainability Rating
Sustainability Rating "EE+" "A" 21.2 (medium risk) B- "B" "Leader ESG (st atus PRIME) Management Identity" 24
Slide 25: 2024-2028 Projections
2024-2028 Projections: ➢ Water ➢ Electricity ➢ Environment ➢ Engineering ➢ Production
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 2024-2028 Projections
2024-2028 Projections: ➢ Water ➢ Electricity ➢ Environment ➢ Engineering ➢ Production
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 39
Slide 40: 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 41: Electricity: Growth in 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 42: 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 43: 2024-2028 Projections
2024-2028 Projections: ➢ Water ➢ Electricity ➢ Environment ➢ Engineering ➢ Production
Slide 44: Environment: 5th operator in Italy
28 ENVIRONMENT: 5 operator in Italy th Presence in segments with high margins... …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 p
Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: 2024-2028 Projections
2024-2028 Projections: ➢ Water ➢ Electricity ➢ Environment ➢ Engineering ➢ Production
Slide 51: 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 52: 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 53: 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 54: 2024-2028 Projections
2024-2028 Projections: ➢ Water ➢ Electricity ➢ Environment ➢ Engineering ➢ Production 54
Slide 55: 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 56: 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 56
Slide 57: 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 58: 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 59: KPI Regulations
KPI Regulations ➢ Water ➢ Electricity distribution ➢ Environment
Slide 60: Water: Regulation, MTI-4 tariff regime
Water R E G U L AT I O N TARIFF REGIME FOR THE FOURTH REGULATORY PERIOD (MTI-4) 2024 - 2029 ARERA RESOLUTION: 639/2023 CONFIRMED THIRD REGULATORY PERIOD GENERAL OVERVIEW AND REVENUE CALCULATION METHODOLOGY (i.e. Guaranteed Revenue Constraint (VRG)). • Greater visibility: regulatory period of 6 years
Slide 61: Water: Regulation, two-year update 2026-2027
Water R E G U L AT I O N ARERA RESOLUTION 582/2025: "Approval of the criteria for the first two-year update of the tariff for integrated water service, pursuant to the tariff method for the fourth regulatory period MTI-4" TWO-YEAR UPDATE 2026-2027 • Allowed return: 6.06% (compared to 6.13% for the 2
Slide 62: Water: Regulation, quality incentive resolutions
Water R E G U L AT I O N ARERA Resolution 39/2026: “Initiation of the procedure for quantitative assessments of performance for the 2024–2025 period, as provided under the incentive mechanism for contractual quality of the integrated water service, set out in Title XIII of Annex A to Authority Resol
Slide 63: Water: Expiry of concessions
Water R E G U L AT I O N EXPIRY OF CONCESSIONS ATO2 Lazio Centrale (Acea ATO2) 2032 ATO5 Frosinone (Acea ATO5) 2033 ATO3 Campania (Gori) 2032 ATO4 Alto Valdarno (Nuove Acque - provincia di Arezzo e Siena) 2027 ATO2 Basso Valdarno (Acque -prov. Pisa, Lucca, Firenze, Pistoia, Siena) 2031 ATO3 Medio Va
Slide 64: Water: Allowed returns
Water ALLOWED RETURNS WATER 2020-2021 2022-2023 2024-2025 2026-2027 580/2019 639/2021 639/2023 582/2025 Allowed returns 5.2% 4.8% 6.1% 6.1% CS/CnS 1 1 1 1 Risk-free Rate 0.0050 0.0013 0.0158 0.0213 Kd 0.0284 0.0240 0.0300 0.0300 WRP 0.0170 0.0170 0.0200 0.018 Levered beta 0.79 0.79 0.79 0.79 ERP 0.0
Slide 65: Water: Investments in Lazio, Umbria, Campania
Water Acea’s investments in the main water companies in: Lazio, Umbria, Campania, LAZIO UMBRIA ATO2 Central Lazio ATO 5 Frosinone ATO1 Perugia ATI4 Umbria (concession expires 2032) (concession expires 2033) includes municipalities in the includes 32 municipalities province of Perugia in the province
Slide 66: Water: Investments in Tuscany, Liguria, Calabria, Sicilia
Water Acea’s investments in the main water companies in: Tuscany, Liguria, Calabria, and Sicilia TUSCANY ATO4 Alto Valdarno ATO6 Ombrone ATO2 Basso Valdarno ATO3 Medio Valdarno Municipality of Lucca includes municipalities in the includes municipalities in the includes municipalities in the includes
Slide 67: Acea's investments in gas
Water GAS Acea’s investments in gas ABRUZZO ABRUZZO – MOLISE CAMPANIA Adistribuzione gas* Concessions in 5 ATEM: Operates in the Province of L’Aquila 2 in Abruzzo (concessions expiring between 2 in Molise 2020 and 2024) 1 in Campania Tot. approximately 30,700 PDR Acea owns 51% of Adistribuzionegas.
Slide 68: KPI Regulations
KPI Regulations ➢ Water ➢ Electricity distribution ➢ Environment 68
Slide 69: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N 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
Slide 70: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N ARERA Resolution 78/2026 – "Definition of inflation parameters, relating to the year 2025, common to energy infrastructure services subject to ROSS regulation" • Inflation for 2025 allowed opex for all services subject to ROSS: 1.4%, as per the FOI index c
Slide 71: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N ARERA RESOLUTION 390/2025 – «Provisions for adapting specific institutions of the ROSS-base regulation and experimental introduction of regulatory tools for the evolution of the regulation towards the integral ROSS» • Redefinition of the capitalization rat
Slide 72: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N Decree-law containing “Urgent measures to reduce the cost of electricity and gas for households and businesses, to enhance competitiveness and industrial decarbonization, as well as urgent provisions regarding the resolution of the virtual saturation of el
Slide 73: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N DCO 222/2026 – "Transitional measures aimed at reducing wholesale electricity prices, pursuant to Article 6, paragraph 3, of Decree- Law no. 21 of 20 February 2026" • Arera refers to the mechanism used in Spain and Portugal during 2022–2023, which was base
Slide 74: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N ARERA RESOLUTION 392/2025 – «Proposal to the Minister of the Environment and Energy Security and to the Minister of Economy and Finance for the Decree on extraordinary multi-year investment plans for the purpose of remodulating the electricity distribution
Slide 75: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N ARERA Resolution 77/2026 – “Extension of the deadline for the procedure initiated by the Authority's Resolution 237/2025/R/eel, with reference to the definition of the methods for including in network tariffs the costs for the adjustment of electricity dis
Slide 76: Electricity Distribution: Regulation
Electricity Distribution R E G U L AT I O N ARERA RESOLUTION 616/2023 – «Tariff regulation of electricity distribution and metering services for the period 2024-2027» Operator combination incentives • Both in the case of operators subject to the parametric regime (serving less than 25K PODs) and the
Slide 77: KPI Regulations
KPI Regulations ➢ Water ➢ Electricity distribution ➢ Environment 77
Slide 78: Environment: Regulation, MTR-3
Environment R E G U L AT I O N 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 obj
Slide 79: Environment: Regulation, MTR-2
Environment R E G U L AT I O N ARERA RESOLUTION 363/2021 (MTR-2) – «Approval of the tariff regime for waste (MTR-2) for the second regulatory period 2022- 2025» • The scope of application covers treatment plants used in the «recovery and disposal» of all urban waste, regardless of how it is subseque
Slide 80: Environment: Regulation, renewable incentives
Environment R E G U L AT I O N Regulations regarding incentives for renewable sources other than photovoltaic contained in Min. for Econ. Dev. Decree of 23 June 2016, have revised the previous ministerial decree of 6 July 2012 providing for the following forms of incentive: Feed-in tariff, being the
Slide 81: Environment: Regulation, San Vittore del Lazio
Environment R E G U L AT I O N San Vittore del Lazio Lines 2 and 3 entered service in April 2011 and July 2011, respectively.These currently qualify for an incentive associated with capacity above 23.2 MW; it is supported by the Incentive (GRIN, ex-GC system) regulated by Lines 2 and 3 art. 19 of th
Slide 82: Environment: Tariffs for Acea's plants
Environment R E G U L AT I O N - TA R I F F S F O R A C E A’ S P L A N T S Reference incentives applicable to Acea’s plants Type of plant MD 6 July 2012 MD 23 June 2016 Biogas plant between 0.6 and 1 MW €178/MWh €160/MWh Biogas plant between 1 and 5 MW €125/MWh €112/MWh WTE plants > 5 MW €125/MWh €1
Slide 83: Environment: Acea's plants
Environment R E G U L AT I O N - AC E A’ S P L A N T S Overall view of electricity production plants Installed Gross production Treatment plant FER e.e. Number of sets capacity (MW) 2025 (GWh) Terni Paper mill pulper 1 13.6 86.77 Paliano3 - - - - San Vittore del Lazio SSF (ex RDF) 3 43.8 225.66 Orvi
Slide 84: Financial Results
Financial Results ➢ 1H2026 ➢ 1Q2026 ➢ FY2025 ➢ 9M2025 84
Slide 85: 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 86: Improving business performance driven by strategic investments
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 87: 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 88: 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 89: 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 90: 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 91: 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 92: 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 93: 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 94: 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 95: 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 96: 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 97: Generation: Organic EBITDA 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 98: Financial Results
Financial Results ➢ 1H2026 ➢ 1Q2026 ➢ FY2025 ➢ 9M2025 98
Slide 99: 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 100: 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 101: 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 102: 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 103: 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 104: 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 105: 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 106: 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 107: 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 108: 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 109: 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 110: 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 111: Financial Results
Financial Results ➢ 1H2026 ➢ 1Q2026 ➢ FY2025 ➢ 9M2025 111
Slide 112: 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 +8%/+10% 1,420€ GUIDANCE. A significant growth of all Pro-forma vs 2024 restated +10%vs 2024 economic indicators continues, outperforming restated1 the targets of the Indu
Slide 113: 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 114: 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 115: 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 116: 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 117: 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 118: 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 119: 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 120: 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 121: 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 122: 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% 1,407 1,472 793 820 Growing recurring EBITDA 29 22
Slide 123: Grids and Public Lighting: Organic EBITDA growth +8%
GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH +8% ORGANIC DE VELOPMENT SUPPORTED BY RAB GROW TH Pro-forma revenues, mln€ EBITDA, mln€ Changes in scope and non-recurring events +8% Growing EBITDA vs FY 2024 457 (+32mln€): 719 782 435 425 449 +78 (11) 32 (8) 6 Higher RAB (+11%) 791 WACC reduction f
Slide 124: Environment: EBITDA growth of 6% vs 2024
ENVIROMENT: EBITDA GROWTH OF 6% VS 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 EBITDA, mln€ Changes in scope and non-recurring events +6% 362 372 +10 94 87 81 89 5 (7) Recurring EBITDA almost stable (+3%) 8 (+5mln€): 369 379 Higher volumes treated by
Slide 125: Generation: Organic EBITDA +29%
GENERATION: ORGANIC EBITDA +29% 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 Pro-forma revenues, mln€ EBITDA, mln€ +29% 105 53 52 Growing EBITDA (+12mln€): 92 +13 (1) 39 41 12 (+14%) 2 Higher prices on the energy markets (PUN +7€/MWh vs 2024) Changes in Higher volumes FY 2024 FY 2025 FY 2024
Slide 126: 2026 Guidance
2026 GUIDANCE G R O W T H D R I V E N B Y T H E 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 2026 GUIDANCE ✓ EBITDA THE 2026 GUIDANCE : +3%/+5% vs EBITDA 2025 restated ✓ EBITDA and Capex Does not ✓ CAPEX include the contribution of Acea ~1.5bn€ of which ~1.2bn€ net of
Slide 127: Financial Results
Financial Results ➢ 1H2026 ➢ 1Q2026 ➢ FY2025 ➢ 9M2025 127
Slide 128: 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 129: Highlights 9M 2025
HIGHLIGHTS RESULTS SHOW A STRONG GROWTH COMPARED TO 2024 9M 2025 1 REGULATED EBITDA STANDS AT 95% Consolidated pro-forma revenues were 2.2bn€ of which around 2.0bn€ related to regulated Revenues pro-forma +7% vs. 9M 2024 businesses. Regulated revenues were up 7% vs 9M 2024 mainly due to the investme
Slide 130: 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 131: 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 132: 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 133: 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 134: 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 135: 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 136: 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 137: 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 138: 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 139: 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 140: 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 141: 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 142: Contacts
Contacts People for sustainable infrastructures Contacts Channels Email: investor.relations@aceaspa.it Website Phone: +39 06 57991 Dario Michi Investor Relator acea.it Investor Relations Team Social Networks Daniela Bellucci Immagine che contiene Elementi grafici, logo, simbolo, Carattere Il contenu