Slide 1: 1H 2025 Results
1H 2025 Results ROME, 24 JULY 2025 People for sustainable 0 infrastructure
Slide 2: Agenda
Agenda Market Environment and 1H2025 delivery 1H 2025 Results 2025 Guidance Appendix 1
Slide 3: Regulatory and Market Environment
REGULATORY AND MARKET ENVIRONMENT A C E A G R O U P C O N F I R M E D A M O N G T H E L E A D I N G P L A Y E R S I N I T A LY F O R W A T E R S E R V I C E Q U A L I T Y Regulation Commodity prices and Inflation Interest rates3 • Water: Technical and Contractual Quality Incentives for over €36m • 1
Slide 4: Industrial positioning in sectors with greatest potential for development and sustainability
INDUSTRIAL POSITIONING IN SECTORS WITH GREATEST POTENTIAL FOR DEVELOPMENT AND SUSTAINABILITY 1 H 2 0 2 5 D E L I V E RY 1H 2025 Q1 Q2 • Top Employers Italia certification achieved for the fourth • The construction of the Rome WTE plant has been consecutive year definitively awarded to the consortium
Slide 5: Growing attention to activities with a strong infrastructural profile
GROWING ATTENTION TO ACTIVITIES WITH A STRONG INFRASTRUCTURAL PROFILE D I S P O S A L O F N O N - C O R E A S S E T S I N L I N E W I T H T H E S T R AT E G Y O U T L I N E D I N T H E B U S I N E S S P L A N APPROVED THE BINDING OFFER RECEIVED FROM ENI PLENITUDE FOR THE ACQUISITION OF 100% OF ACEA
Slide 6: Agenda
Agenda Market Environment and 1H2025 delivery 1H 2025 Results 2025 Guidance Appendix 5
Slide 7: 1H 2025 Highlights: Economic Results Growing Strongly vs 1H 2024
1H 2025 Highlights1 ECONOMIC RESULTS GROWING STRONGLY VS 1H 2024 REGULATED EBITDA REACHED 94% Group revenues of €1.5bn of which around €1.3bn related to regulated businesses. Regulated Revenues +4% vs. revenues were up 5% vs 1H 2024 mainly due to the investments carried out in the previous years 1H
Slide 8: Overview of 1H 2025 Results
OVERVIEW OF 1H 2025 RESULTS S T R O N G G R O W T H O F C O N S O L I D A T E D R E S U LT S EBITDA 1 , €m CAPEX, €m Changes in scope and non-recurring events Grant-funded Capex related to the divested business REVENUES1 1,404 1,462 (discontinued operations) 655 731 668 26 568 9 +59 90 95 +95 Increa
Slide 9: 1H 2025 EBITDA
1H 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, €m 731 37 32 8 225 429 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER EBITDA 1H 2025 ITALY LIGHTING BUSINESSES2 58% 31% 5% 4% 2% A Change in scope and non-recurring events 1H 2024 (-€9m), of which: (94%1) ➢
Slide 10: 1H 2025 Net Profit
1H 2025 NET PROFIT 7% ORGANIC NET PROFIT GROWTH VS 1H 2024 NET PROFIT, €m +7% A B 227 A Non-recurring events 1H 204 2024 (+€20m), of which: 192 (6) 22 172 18 ➢ Retroactive application of the tariff 20 update relating to the MTI-4 regulation (+€20m) ➢ Release of tariff relief fund (-€11m) ➢ Terni WTE
Slide 11: 1H 2025 Capex
1H 2025 CAPEX F O C U S O N I N V E S T M E N T S I 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 6 % 1 O F T H E T O TA L CAPEX 2 , €m 668 11 80 17 179 381 57% 27% 3% 2% 12% (87%)3 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION OTHER 1H 2025 ITALY LIGHTING BUSINESSES4 CAPEX
Slide 12: 1H 2025 Cash Flow
1H 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, €m 1H 20251 Operating FCF (-€117m) is affected by higher credits linked to the grids equalization mechanism which will be reabsorbed during the year 731 (217) (56) (18)
Slide 13: 1H 2025 Financial Structure
1H 2025 FINANCIAL STRUCTURE T H E P R O - F O R M A N E T D E B T / E B I T D A R AT I O R E M A I N S < 3 . 4 x , AV E R A G E C O S T O F D E B T 2 . 0 7 % NET DEBT DEC 2024-1H 2025 €m Leverage ∆ 1H 25 PRO-FORMA NET PRO-FORMA NET DEC 24 1H 25 vs DEC 24 DEBT/EBITDA LTM 30/06/2025 DEBT/EBITDA 31/12/
Slide 14: Water Italy: Organic EBITDA Growth +9%
WATER ITALY1: ORGANIC EBITDA GROWTH +9% 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 Revenues, €m EBITDA, €m Changes in scope and non-recurring events +9% 722 760 403 429 22 371 26 Growing recurring EBITDA 34 +50 368 3 32 (+€32m):
Slide 15: Grids and Public Lighting: EBITDA Growth +4%
GRIDS AND PUBLIC LIGHTING: EBITDA GROWTH +4% GROWTH DRIVEN BY INVESTMENTS Revenues, €m EBITDA, €m Growing EBITDA vs 1H 2024 352 381 +4% +29 (+€8m): (+8%) 222 225 Higher RAB 217 (5) 8 Change in the RAB revaluation method WACC reduction from 6.0% 1H 2024 1H 2025 1H 2024 Changes in Recurring Organic 1H
Slide 16: Environment: Growing EBITDA
ENVIRONMENT: GROWING EBITDA E B I T DA U P 4 % CO M PA R E D TO 1 H 2 0 2 4 T H A N K S TO T H E CO N T R I B U T I O N O F W T E Revenues, €m Main EBITDA drivers, €m Changes in scope and non-recurring events 148 150 +4% -2 Stable recurring EBITDA (+€1m): (-1%) 35 36 37 152 1 1 Higher margins on WTE
Slide 17: Generation: Energy Scenario and Higher Volumes
GENERATION: ENERGY SCENARIO AND HIGHER VOLUMES O V E R 1 6 0 M W O F I N S TA L L E D S O L A R C A PA C I T Y Revenues, €m EBITDA, €m +74% 32 Growing EBITDA (+€14m): 59 43 14 Higher prices on the energy 17 19 2 markets (SNP +26€/MWh vs +16 1H 2024) and higher volumes (+38%) (+26% vs 1H 2024) 1H 202
Slide 18: Agenda
Agenda Market Environment and 1H2025 delivery 1H 2025 Results 2025 Guidance Appendix 17
Slide 19: 2025 Guidance
2025 GUIDANCE 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 2025 GUIDANCE THE 2025 GUIDANCE: ✓ EBITDA ✓ does not include the contribution of AT in +6%/+8% vs 2024 restated EBITDA the second half of the year at an EBITDA level ✓ CAPEX ~€1.6bn ✓ includes technical and contractual qu
Slide 20: Agenda
Agenda Market Environment and 1H2025 delivery 1H 2025 Results 2025 Guidance Appendix 19
Slide 21: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 15.5 B- (low risk) (st atus PRIME) "B" 64/100 "Leader ESG Management Identity" 20
Slide 22: Consolidated Income Statement as at 30/06/25
CONSOLIDATED INCOME STATEMENT AS AT 30/06/25 Consolidated Income Statement (€/000) 30 June 2025 30 June 2024 Increase/(Decrease) Sales and service revenues 1,375,171 1,349,420 25,751 Other operating income 86,513 54,505 32,008 Consolidated net revenue 1,461,684 1,403,925 57,759 Staff costs 160,176 1
Slide 23: Consolidated Balance Sheet as at 30/06/25
CONSOLIDATED BALANCE SHEET AS AT 30/06/25 Consolidated Statement of Financial Position (€/000) 30 June 2025 31 December 2024 Increase/(Decrease) Property, plant and equipment 3,468,516 3,363,465 105,051 Investment property 9,958 9,711 248 Goodwill 192,698 241,041 (48,343) Concessions and infrastruct
Slide 24: Q&A 1H 2025 Results
Q& 1H 2025 Results People for sustainable infrastructure
Slide 25: Disclaimer
DISCLAIMER THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE CURRENT VIEWS OF THE MANAGEMENT WITH REGARD TO FUTURE EVENTS AND THE FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND THE GROUP. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND PR