Slide 1: Results FY 2025
Results FY 2025 ROME, 12 MARCH 2026 People for sustainable 0 infrastructure
Slide 2: Agenda
Agenda ACEA Transformation: main achievements in the last three years Market Environment FY 2025 Results 2026 Guidance Appendix 1
Slide 3: FY 2025 Results: Overdelivery
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 4: 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 5: 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 6: 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 7: 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 8: Agenda
Agenda ACEA Transformation: main achievements in the last three years Market Environment FY 2025 Results 2026 Guidance Appendix 7
Slide 9: 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 10: Agenda
Agenda ACEA Transformation: main achievements in the last three years Market Environment FY 2025 Results 2026 Guidance Appendix 9
Slide 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: Agenda
Agenda ACEA Transformation: main achievements in the last three years Market Environment FY 2025 Results 2026 Guidance Appendix 21
Slide 23: 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 24: Agenda
Agenda ACEA Transformation: main achievements in the last three years Market Environment FY 2025 Results 2026 Guidance Appendix 23
Slide 25: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 20.4 B- (medium risk) (st atus PRIME) "B" 69/100 "Leader ESG Management Identity" 24
Slide 26: Consolidated Income Statement as at 31/12/25
CONSOLIDATED INCOME STATEMENT AS AT 31/12/25 Consolidated Income Statement (€/000) Increase/ Increase/ REPORTED 2025 2024 PRO FORMA 2025 2024 (Decrease) (Decrease) Sales and service revenues 2,703,057 2,720,136 (17,079) Sales and service revenues 2,788,547 2,725,355 63,193 Other operating income 195
Slide 27: Consolidated Balance Sheet as at 31/12/25
CONSOLIDATED BALANCE SHEET AS AT 31/12/25 Consolidated Statement of Financial Position (€/000) 31 December 2025 31 December 2024 Increase/(Decrease) Property, plant and equipment 3,649,143 3,363,465 285,678 Investment property 9,833 9,711 122 Goodwill 191,232 241,041 (49,809) Concessions and infrast
Slide 28: Q&A FY 2025 Results
Q& FY 2025 Results People for sustainable infrastructure
Slide 29: 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