Slide 1: 1H & 2Q 2026 Results
1H & 2Q 2026 RESULTS Paolo Merli - CEO 31 July 2026
Slide 2: Disclaimer
DISCLAIMER This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be non assurance that the projections or forecasts will ultimately prove t
Slide 3: Agenda
AGENDA ❑ 2Q 2026 Highlights - Key Figures - Recent Developments ❑ Results Review - Business Environment - 2Q 2026 Production & EBITDA - Investments - Cash Flow Statement ❑ 2026 Guidance and Conclusions ❑ Appendix
Slide 4: Highlights: Key Figures
HIGHLIGHTS: KEY FIGURES EBITDA(1) (€ mn) CAPEX (€ mn) 295 271 203 143 EBITDA Margin 127 129 International Italy Corporate 54 28 1H 2025 1H 2026 2Q 2025 2Q 2026 1H 2025 1H 2026 2Q 2025 2Q 2026 Net Profit(2) (€ mn) NFP(3) (€ mn) 1,882 1,939 95 83 34 34 1H 2025 1H 2026 2Q 2025 2Q 2026 31/12/2025 30/06/
Slide 5: Deep-Dive Analysis on Wind Resource Across Our Countries
DEEP-DIVE ANALYSIS ON WIND RESOURCE ACROSS OUR COUNTRIES Bureau Veritas Wind Index – 2Q 2026 map(1) Deviation vs Historical avg production: Italy, France & Germany ERG’s country ERG’s production ENSO Index(2) >1 Wind Speed Departure from Normal (%) Weak wind production in 2Q, but El Niño may support
Slide 6: Strong Execution in 2026
STRONG EXECUTION IN 2026 ✓ Assets already entered into operation in 1H 2026: ~100MW (73MW M&A in the UK, 22MW Aukrug in Germany, 3MW Solar Revamping in Italy) ✓ Assets under construction: ~300MW (200MW Wind Repowering, 60MW Solar Revamping, Growth 30MW Wind Greenfield, and 5MW Solar Greenfield) ✓ Pi
Slide 7: 1H & 2Q 2026 Results Review
1H & 2Q 2026 RESULTS REVIEW Michele Pedemonte - CFO
Slide 8: Business Environment
BUSINESS ENVIRONMENT Electricity Demand Increase(1): 1H 2026 vs. 1H 2025 +4.1% Italy +2.5% +2.2% +1.4% +1.0% +0.6% All-in Wind Prices (€/MWh) All-in Solar Prices (€/MWh) Italy France Germany Poland Romania Bulgaria UK(2) Spain US 8 (1) Sources: ENTSO-e, National TSOs; France: demand corrected for te
Slide 9: A Snapshot of 1H and 2Q 2026 Results: Production
A SNAPSHOT OF 1H AND 2Q 2026 RESULTS: PRODUCTION 1H 2026 1H 2025 1H 2026 1H 2025 Δ Energy Production (GWh): 2Q 2026 2Q 2025 Δ 12% 14% 1,577 1,440 137 Italy 635 654 (20) 628 596 32 France 233 266 (32) 3,868 3,618 GWh GWh 228 232 (4) Germany 83 107 (24) 88% 86% 318 353 (35) East Europe 134 160 (27) Wi
Slide 10: A Snapshot of 1H and 2Q 2026 Results: EBITDA
A SNAPSHOT OF 1H AND 2Q 2026 RESULTS: EBITDA (1) 1H 2026 1H 2025 (1) (1) 1H 2026 1H 2025 Δ Adjusted EBITDA (€ mn): 2Q 2026 2Q 2025 Δ 18% 20% 175 172 3 Italy 78 85 (7) 30 31 (1) France 10 13 (3) €295 €271 11 12 (1) Germany 3 5 (2) mn mn 82% 80% 27 26 2 East Europe 14 11 3 40 14 26 UK 14 6 9 Wind Sola
Slide 11: Investments
INVESTMENTS 203 143 M&A: France 115(2) UK Germany Italy M&A: 72(1) 54 Corporate 28 1H 2025 1H 2026 2Q 2025 2Q 2026 A mix of M&A and Organic (1) M&A CAPEX related to the acquisition of Broken Cross wind farm in Scotland (closing on January 16, 2025) 11 (2) M&A CAPEX related to the acquisition of an o
Slide 12: 1H 2026 Cash Flow Statement
1H 2026 CASH FLOW STATEMENT (€ mn) 149 1,939 1,882 (295) 203 (71) 45 27 Net Debt(1) Adj. CAPEX & Disposal(3) Financial Net working capital Dividends Net Debt(1) 31/12/2025 EBITDA(2) Acquisitions charges Taxes & Others paid 30/06/2026 (1) They do not include IFRS 16 liability, respectively for €237mn
Slide 13: 2026 Guidance & Conclusions
2026 GUIDANCE & CONCLUSIONS Paolo Merli - CEO
Slide 14: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED Adjusted EBITDA (€ mn) CAPEX (€ mn) Adjusted NFP (€ mn) Actual Guidance Guidance range 1,950-2,050 520-590 1,939 330-380 295 203 1H 2026 2026 1H 2026 2026 1H 2026 2026 Actual Guidance Actual Guidance Actual Guidance 14
Slide 15: Appendix
APPENDIX
Slide 16: Adjusted P&L
ADJUSTED P&L (1) (1) 1H 2026 1H 2025 Euro millions 2Q 2026 2Q 2025 295 271 Adjusted EBITDA 129 127 (141) (136) Amortization and depreciation (70) (68) 154 134 Adjusted EBIT 59 60 (27) (21) Net financial income (expenses) (12) (12) (0) (0) Net income (loss) from equity investments (0) (0) 127 113 Adj