Slide 1: 1H 2026 Results
1H 2026 Results ROME, 23 JULY 2026 People for sustainable 0 infrastructure
Slide 2: Agenda
Agenda Market Environment and 1H2026 delivery 1H 2026 Results Appendix 1
Slide 3: 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 4: Improving business performance driven by strategic investments and operational excellence
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 5: Agenda
Agenda Market Environment and 1H2026 delivery 1H 2026 Results Appendix 4
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: Generation: Organic EBITDA Sizeable 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 17: Agenda
Agenda Market Environment and 1H2026 delivery 1H 2026 Results Appendix 16
Slide 18: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 21.2 (medium risk) B- "B" "Leader ESG (st atus PRIME) Management Identity" 17
Slide 19: Consolidated Income Statement as at 30/06/26
CONSOLIDATED INCOME STATEMENT AS AT 30/06/26 Consolidated Income Statement (€/000) 30 June 2026 30 June 2025 30 June 2026 Discontinued Effects 30 June 2025 Discontinued Effects Proforma Proforma Revenues from electricity sales and services 465,175 10,980 476,155 444,961 63,028 507,989 Revenues from
Slide 20: Consolidated Balance Sheet as at 30/06/26
CONSOLIDATED BALANCE SHEET AS AT 30/06/26 Consolidated Statement of Financial Position (€/000) 30 June 2026 31 December 2025 Increase/(Decrease) Property, plant and equipment 3,800,422 3,649,143 151,278 Investment property 10,202 9,833 370 Goodwill 367,123 191,232 175,891 Concessions and infrastruct
Slide 21: Q&A 1H 2026 Result
Q& 1H 2026 Result People for sustainable infrastructure
Slide 22: 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