Erg S.p.a. · MIL:ERG
Erg — Investor Day (September 2026)
27 slides from Erg's investor day presentation, Sep 3, 2026
Slide 1: ERG Company Overview
ERG COMPANY OVERVIEW Infrastructure, Energy & Defence Day 2026 3 September 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 no assurance that the projections or forecasts will ultimately prove to
Slide 3: Agenda
AGENDA ❑ ERG Today ❑ Recent Developments, 2Q 2026 Results and 2026 Guidance ❑ Strategic Guidelines ❑ Financials & Capital Structure ❑ Management Profiles
Slide 4: ERG Today
ERG TODAY Teleborsa: distribution and commercial use strictly proh emarket Sie eocoge
Slide 5: A Long History…
A LONG HISTORY… Wind: new installed capacity in Europe (112MW, of which ERG: a pure renewable 43MW acquired, and 65MW Entry into the solar player after the sale started up). power sector: 30 of the thermoelectric PPAs signed with top photovoltaic plants Solar: entry in business. offtakers in Europe,
Slide 6: Group's Structure and Corporate Governance
GROUP'S STRUCTURE AND CORPORATE GOVERNANCE A new Shareholders' structure(1) ERG’s Governance Model SQ Renewables S.p.A. SHAREHOLDERS’ MEETING San Quirico S.p.A. IFM Investors SQ Renewables S.p.A. Treasury shares 35% 49% 34% Free Float 65% BOARD OF DIRECTORS BOARD OF STATUTORY 63% AUDITORS 51% 3% @ S
Slide 7: ERG as of Today: A Solid and International Platform
ERG AS OF TODAY: A SOLID AND INTERNATIONAL PLATFORM Installed Capacity (GW) 0.3% O&M Wind 17% Operating centres Solar Storage ~4.0 Iowa: U.K.: 224MW Illinois: 412MW (1) 83% 92MW Germany: 352MW(2) 41% 51% 8% 1% 11% 19% 29% Poland: ~1.7 ~2.0 ~0.3 142MW 88% 81% 71% Romania: 70MW European Pipeline (GW)(
Slide 8: Recent Developments, 2Q 2026 Results & 2026 Guidance
RECENT DEVELOPMENTS, 2Q 2026 RESULTS & 2026 GUIDANCE
Slide 9: Highlights: Key Figures
STRICTLY CONFIDENTIAL 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
Slide 10: Strong Execution in 2026
STRICTLY CONFIDENTIAL 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
Slide 11: 2026 Guidance Confirmed
STRICTLY CONFIDENTIAL 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 11
Slide 12: Strategic Guidelines
Teleborsa: distribution and commercial use strictly prohibited STRATEGIC GUIDELINES emarket Sie eocoge
Slide 13: Four Strategic Levers of Value Creation
FOUR STRATEGIC LEVERS OF VALUE CREATION Core Business Enhancement & Consolidation Business Model Adaptation Performance Excellence Organic Development: Asset Rotation and Route-to-Market: focus on Wind RPW and BESS Geographical Repositioning focus on PPA and CFD • Active and predictive O&M to • WIND
Slide 14: A Growing Project Pipeline (Mainly Repowering and BESS)
A GROWING PROJECT PIPELINE (MAINLY REPOWERING AND BESS)… ~700MW Ready to participate to ~50% Storage next CFD auctions Solar or PPA with expected Wind COD within 2028 (~€0.7bn of ~50% ~270MW(1) potential CAPEX) ~180 ~4,000 ~ 3,850 FID(2) expected to be made by the Mostly RPW PRJ with end of 2026 ~2,
Slide 15: Relying on a Fully Secured Growth in the Short Term
RELYING ON A FULLY SECURED GROWTH IN THE SHORT TERM Greci Montaguto (RPW) Brunsbuttel (RPW) Jeggeleben (RPW) Heyen Greci Montaguto (RPW) 10MW to be 24MW to be 6MW 44MW to be COD: 1Q 2027 COD: 1Q 2027 COD: 1Q 2027 COD: 2Q 2027 Producibility: ~2,420 heq Producibility: ~2,040 heq Producibility: ~2,190
Slide 16: Repowering as a Strategic Pillar in Italy and Abroad
REPOWERING AS A STRATEGIC PILLAR IN ITALY AND ABROAD RPW BP 2026-30+ (MW) N. WTG 0.5X Country As-is RPW Delta xP xP = MW RPW / MW As-Is 515 1,040 525 2.01 MW 1.3X ÷ 2.0X IT: 268 MW As-Is (52%) from kW asset 235 390 155 1.67 AVG. PRODUCTION >2X 140 170 30 1.26 200m Total 890 1,600 710 1.80 180m 81m 6
Slide 17: BESS - A New Stream of Growth to Add Flexibility
BESS - A NEW STREAM OF GROWTH TO ADD FLEXIBILITY Vicari ✓ Working on building up a solid Pipeline: Capacity: 12.5MW COD: 4Q 2025 • 1.5GW Pipeline of projects under Internal know-how development, mainly in Italy and Spain for remote control and • More than 300MW highly visible in dispatching of BESS
Slide 18: 2026 Crucial to Define Geo-Refocus Through Asset Rotation
2026 CRUCIAL TO DEFINE GEO-REFOCUS THROUGH ASSET ROTATION Efforts focused on organic growth through Repowering and BESS STORAGE REPOWERING INTEGRATION ASSET ROTATION & GEO-REFOCUS Repowering to rejuvenate Asset Base BESS to increase Portfolio Flexibility Ongoing Key countries for Repowering Horizont
Slide 19: ERG Geo-Refocus in Action: Exit Sweden and Consolidate UK
ERG GEO-REFOCUS IN ACTION: EXIT SWEDEN AND CONSOLIDATE UK First Step in Geo-Refocus Location and Key data Acquisition from onPath (Brookfield Group) of 7 operating wind farms located in Northern England with a total installed capacity of 73MW backed up with ROCs regime UK Disposal of ERG wind farm w
Slide 20: ERG a Reliable Partner to Capture Emerging Datacenters Demand
ERG A RELIABLE PARTNER TO CAPTURE EMERGING DATACENTERS DEMAND Tech Companies Utilities/Energy Corporates ~2.1TWh/Y ~1.4TWh/Y ~0.3TWh/Y By company ~3.8TWh/Y(1) of PPAs signed → 5 Years 6 → 15 Years 16 → 20 Years By duration during the last 5 years ~0.5TWh/Y ~3.2TWh/Y ~0.1TWh/Y By geography ~1.7TWh/Y
Slide 21: ESG Still Embedded in ERG Strategy
ESG STILL EMBEDDED IN ERG STRATEGY Net Zero target by 2040: advancing our decarbonization journey and Preserving Natural Capital Circular Economy: reducing waste in W&S Repowering, while actively scouting cutting-edge technologies Sharing Value: building long-term partnerships with Local Communities
Slide 22: Financials & Capital Structure
FINANCIALS & CAPITAL STRUCTURE
Slide 23: 640MW Out of Incentives in 2024-2026
640MW OUT OF INCENTIVES IN 2024-2026 Phasing out of incentives in the period (MW) 2026 Revenues Structure: production hedging (TWh) In 2024-2026 = 640MW 8.4 1.7 290 Covered by GRIN incentive and Conto Energia in Italy 1.9 Spot @ Pzon BL(1) 185 CFD 1 way Hedging to close 169 PPA to close 3.4 CFD PPA
Slide 24: Financial Position Improved
STRICTLY CONFIDENTIAL FINANCIAL POSITION IMPROVED Debt Financial optimizations Green Bonds Significant • Corporate loan drawdowns, including EIB for €243mn, shifting Corporate Loans Project Finance corporate loans maturities after 2030 (avg 7Y) maturity extension • Pivoting on existing hedges and cr
Slide 25: Management Profiles
Teleborsa: distribution and commercial use strictly prohibited MANAGEMENT PROFILES emarket Sie eocoge
Slide 26: Emanuela Delucchi – Chief ESG, IR & Communication Officer
EMANUELA DELUCCHI – CHIEF ESG, IR & COMMUNICATION OFFICER Born in Genoa on 18th December 1975, she graduated in Economics from the University of Genoa in March 1999. She joined the ERG Group in February 2008 where she is currently Chief ESG, IR & Communication Officer, with the mission to develop an
Slide 27: Inspiring Change to Power the Future
INSPIRING CHANGE TO POWER THE FUTURE