Slide 1: FY 2024 Results & Strategy Update
FY 2024 RESULTS & STRATEGY UPDATE 12 March 2025
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 ❑ FY 2024 Highlights and Delivery on our Strategy - Paolo Merli, CEO ❑ 2024-2026 Strategy Update - Paolo Merli, CEO ❑ Financials & Capital Structure - Michele Pedemonte, CFO ❑ FY & 4Q 2024 Results Review - Michele Pedemonte, CFO ❑ 2025 Guidance & Conclusions - Paolo Merli, CEO ❑ Appendix
Slide 4: FY 2024 Highlights and Delivery on Our Strategy
FY 2024 HIGHLIGHTS AND DELIVERY ON OUR STRATEGY Paolo Merli - CEO
Slide 5: 2024 Key Figures
2024 KEY FIGURES(1) EBITDA(2) (€ mn) CAPEX (€ mn) 534 535 553 489 EBITDA Margin International Italy 159 145 Corporate 112 53 2023 2024 4Q 2023 4Q 2024 2023 2024 4Q 2023 4Q 2024 Net Profit(3) (€ mn) NFP(4) (€ mn) 226 1,793 175 Dividend 1,445 confirmed at €1/sh 77 45 2023 2024 4Q 2023 4Q 2024 31/12/20
Slide 6: Delivering on Our Strategy
DELIVERING ON OUR STRATEGY Solid Execution +579MW: Repowering & Greenfield in Italy and France, M&A in France and entry in the US Route-to-market 5 long-term PPAs signed with leading corporates and utilities for ca. 500GWh/year of RES energy Strategy Sustainable Issued ERG’s fourth €500mn Green Bond
Slide 7: Solid Track-Record in Delivering on Our Strategy
SOLID TRACK-RECORD IN DELIVERING ON OUR STRATEGY Total Shareholder Remuneration(1) 3,845 43 3,888 579 in 2021-2025 period: ~€850mn 322 3,266 526 2,944 Solar Wind 309 2,418 2,109 2020 2021 2022 2023 2024 Broken Cross @as of Today Keep delivering on our growth strategy with a mix of internal projects
Slide 8: Pioneer in Repowering: First 270MW Fully in Operation
PIONEER IN REPOWERING: FIRST 270MW FULLY IN OPERATION Partinico-Monreale Camporeale Mineo-Militello-Vizzini Salemi-Castelvetrano Gross capacity: 42MW COD: 14.6.2023 Gross capacity: 50MW COD: 29.9.2023 Gross capacity: 101MW COD: 24.4.2024 Gross capacity: 76MW COD: 2.12.2024 PPA: 12 years, with PPA: 1
Slide 9: Pro-Active Route to Market Approach
PRO-ACTIVE ROUTE TO MARKET APPROACH Tech Companies Utilities/Energy Corporates ~2.1TWh/Y ~1.1TWh/Y ~0.1TWh/Y By company ~3.3TWh/Y(1) of PPAs signed during the By duration → 5 Years 6 → 15 Years 16 → 20 Years last 4 years ~0.4TWh/Y ~2.9TWh/Y ~0.1TWh/Y By geography ~1.2TWh/Y ~0.2TWh/Y ~0.8TWh/Y ~0.2TW
Slide 10: Regulatory Framework Evolution in Our Core Geographies
REGULATORY FRAMEWORK EVOLUTION IN OUR CORE GEOGRAPHIES Storage: support mechanisms Country RES Auctions: type & duration and planning ✓ Capacity mkt 2026-28 ✓ FER X 2 ways CFD 20 years MACSE exp in 2025 (delivery 2028) ✓ existing / on line Capacity mkt in progress / ✓ 2 ways CFD 20 years Expected as
Slide 11: ERG as of Today: A Solid and International Platform
ERG AS OF TODAY: A SOLID AND INTERNATIONAL PLATFORM Sweden: Installed Capacity (MW) ERG geographical Presence (MW) 62MW 17% O&M Wind Solar Operating centres 3,888 U.K.: 292MW(1) 83% Iowa: 224.4MW Illinois: Germany: 92.4MW 42% 50% 8% 327MW 11% 20% 29% Poland: 1,643 1,928 317 142MW 89% 80% 71% Romania
Slide 12: 2024-2026 Strategy Update
2024-2026 STRATEGY UPDATE Paolo Merli - CEO
Slide 13: Value Over Volume Approach Reinforced
VALUE OVER VOLUME APPROACH REINFORCED Selective growth 4.2GW installed capacity in 2026 (vs 4.5GW); focus on repowering & organic Investments/EBITDA CAPEX: €1.0bn 2024-2026 (-20% vs prev. €1.2bn); EBITDA >€600mn @2026 Route to market Confirmed target 85%-90% quasi-regulated on total EBITDA through C
Slide 14: CAPEX & Pipeline Updated
CAPEX & PIPELINE UPDATED Updated CAPEX (€ bn) New Pipeline (MW) 3% Wind 23% ~1.2 (~0.2) Solar 41% ~1.0 Storage ~5,100 Hybrid 33% 2024 expected 2024 actual 33% 47% 20% ~0.4 Old 2026 CAPEX New 8% 2024-2026 Plan reduction 2024-2026 Plan 39% 22% 35% 39% 1,700 2,400 1,000 38% 61% 15% 43% Size of pipeline
Slide 15: Relying on a Fully Secured Growth in the Short Term
RELYING ON A FULLY SECURED GROWTH IN THE SHORT TERM Reinsdorf (RPW) Vicari Reinsdorf (RPW) Picardie 1 Siena (RPW) 6MW to be, 18MW 5MW 3MW Δ vs as-is COD: 1Q 2025 COD: 1Q 2025 COD: 1Q 2025 Producibility: 1,923 heq Producibility: 2,670 heq Producibility: 1,800 heq Vicari Corlacky Aukrug 12.5MW 47MW 22
Slide 16: Repowering: Italian Case
REPOWERING: ITALIAN CASE • More than 45% of the current Italian wind fleet can be repowered: ~6GW out of 13GW • Repowering is key to achieving the 2030 NECP target for onshore wind: 26GW • Through repowering, potential increase of installed wind capacity by +7.5GW, i.e. ~58% of the required addition
Slide 17: Repowering as a Strategic Pillar in Italy and Abroad
REPOWERING AS A STRATEGIC PILLAR IN ITALY AND ABROAD Project MW as is MW to be Delta MW Delta Prod. VIA Decree AU Decree 1 10 30 2x 2x ✓ ✓ 2 10 20 2x 3x ✓ ✓ N. WTG 0.5X 3 50 100 2x 3x ✓ ✓ REPOWERING 4 30 60 2x 3x ✓ ✓ MW 2.0X ÷ 2.5X 5 10 20 2x 3x ✓ ongoing KW 6 30 35 1x 2x ✓ ongoing 7 40 120 3x 4x ✓
Slide 18: BESS - Battery Energy Storage System
BESS - BATTERY ENERGY STORAGE SYSTEM Vicari Advanced Pipeline of ~120MW, of which: 22MW fully permitted 37MW fully permitted Capacity: 12.5MW COD: 3Q 2025 Long-Term Pipeline of ~1GW in: Advanced Pipeline Scouting BESS opportunities BESS as a new stream of growth to add flexibility in RES portfolio 1
Slide 19: ESG: A Strategic Priority
ESG: A STRATEGIC PRIORITY Net Zero target by 2040 to continue decarbonization path Circular Economy: minimizing waste in wind repowering Natural Capital Preservation in our organic RES developments E NG AG ET N EM PLA Sharing Value with Local Communities EN T ERG Academy to engage next generation in
Slide 20: Financials & Capital Structure
FINANCIALS & CAPITAL STRUCTURE Michele Pedemonte - CFO
Slide 21: 640MW Out of Incentives in the BP Period
640MW OUT OF INCENTIVES IN THE BP PERIOD Phasing out of incentives in the period (MW) 2025 Revenues Structure: production hedging (TWh) In 2024-2026 BP = 640MW 8.1 1.3 290 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 3.1 C
Slide 22: A Solid Financial Structure
A SOLID FINANCIAL STRUCTURE Gross debt at 31/12/2024 Repayment Schedule based on stock as of December 2024 (1) (€ bn) Corporate Loans 5% ~1.1 ~2.7 Green Bonds 16% Project Finance ~€2.7 ~1.8 bn April 2025 GB Maturity ~0.1 already refinanced with ~0.3 Fully hedged and July 2024 green bond not exposed
Slide 23: Investment Grade Rating Always a Pillar of ERG Growth Plan
INVESTMENT GRADE RATING ALWAYS A PILLAR OF ERG GROWTH PLAN Net financial position, FFO net leverage & company-defined EBITDA net leverage FFO net leverage(2) 4.4x Net financial position(1) 4.2 4.3 Negative Threshold FFO net leverage Positive Threshold ~1.9 ~1.9 3.8 (€ bn) 3.6x ~1.8 2024 2025 2026 Co
Slide 24: Cost of ERG Sustainable Debt Remains Moderate
COST OF ERG SUSTAINABLE DEBT REMAINS MODERATE ERG having a near-term low cost of debt vs IG utilities… … and vs RES peers with a remarkable dividend yield ERG Avg of a panel of Utilities and Gencos - EU (1) Average cost of Debt (%)(2) ERG IPP/Developer Peers 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Average Div
Slide 25: FY & 4Q 2024 Results Review
FY & 4Q 2024 RESULTS REVIEW Michele Pedemonte - CFO
Slide 26: Wind Drought Since October Continuing in Jan-Feb 2025
WIND DROUGHT SINCE OCTOBER CONTINUING IN JAN-FEB 2025 UL Wind Index - 4Q 2024 map(1) ERG’s country Department of Energy Security & Net Zero indicates that 4Q24 Wind Production in Italy in 4Q24 (GWh)(2) was the least windy period 7,263 -26% SINCE 2001 5,383 Reuters: “Longest stretch of below-normal p
Slide 27: 4Q 2024 EBITDA & Production
4Q 2024 EBITDA & PRODUCTION EBITDA (€ mn) Production (GWh) 159 403 (480) 145 294 (228) 1,925 1,848 109 (252) EBITDA Margin 1,074 1,140 International Italy Corporate 851 708 Delta on a 4Q 2023 4Q 2024 Perimeter 4Q 2023 like-for-like 4Q 2024 effect basis Exceptional wind drought across EU only partial
Slide 28: Investments
INVESTMENTS 553 489 M&A: 319(2) US M&A: Sweden 184(1) Germany France UK Spain 112 Italy 53 Corporate 2023 2024 4Q 2023 4Q 2024 (1) M&A CAPEX related to the closing in Spain of two Solar acquisitions: Garnacha (for about €152mn, closing on June 23, 2023), and Fregenal (for an amount of €32mn, closing
Slide 29: Adjusted P&L
ADJUSTED P&L 2024 2023 Euro millions 4Q 2024 4Q 2023 535 534 Adjusted EBITDA 145 159 (263) (223) Amortization and depreciation (70) (56) 271 312 Adjusted EBIT 75 103 (27) (14) Net financial income (expenses) (9) (2) 244 298 Adjusted Results before taxes 66 101 (66) (71) Income taxes (20) (24) 178 22
Slide 30: 2024 Cash Flow Statement
2024 CASH FLOW STATEMENT (€ mn) 47 1,793 152 75 553 17 39 1,445 (535) Net Debt(1) Adj. CAPEX & Cash Financial Net Working Dividends Net Debt(1) Taxes BuyBack 31/12/2023 EBITDA(2) Acquisitions Charges Capital, & Others(3) paid(4) 31/12/2024 (1) They do not include IFRS 16 liability, respectively for
Slide 31: 2025 Guidance & Conclusions
2025 GUIDANCE & CONCLUSIONS Paolo Merli - CEO
Slide 32: 2025 Guidance
2025 GUIDANCE Adjusted EBITDA (€ mn) CAPEX (€ mn) Adjusted NFP (€ mn) Actual Guidance Guidance range factoring first 2 months of persisting wind 540-600 drought conditions 1,850-1,950 535 553 1,793 190-240 2024 2025 2024 2025 2024 2025 Actual Guidance Actual Guidance Actual Guidance 32
Slide 33: Becoming More Selective in a Complex Scenario
BECOMING MORE SELECTIVE IN A COMPLEX SCENARIO ❑ Value over Volume approach reinforced SELECTIVE GROWTH 2024-2026 ~€1.0bn CAPEX ❑ 2024–2026 CAPEX cut by 20% (-30% on 2025-26), driven by delays of FERX and a cautious stance on US QUASI-REGULATED ❑ EBITDA >€600mn 2026 BUSINESS MODEL >€600mn EBITDA ❑ PP
Slide 34: Appendix
APPENDIX Teleborsz: distribution and commercial use strictly prohibited emarket Sie eocoge
Slide 35: Pro-Active Route to Market Approach Through Volatile Years
PRO-ACTIVE ROUTE TO MARKET APPROACH THROUGH VOLATILE YEARS Country & Asset Type Plants & Capacity Price Structure Tenor / Start Date Counterparty Volume Evishagaran / Craiggore 6 years ~240GWh/Y Greenfield Fixed Price tot. 70MW Jan ’22 Pay as Produced Asset Based Bois Bigot, Bois de l’Arche/Theta PT
Slide 36: Business Environment
BUSINESS ENVIRONMENT All-in Wind Prices(1) (€/MWh) All-in Solar Prices(1) (€/MWh) Italy France Germany Poland Romania Bulgaria UK(2) Spain Sweden US (1) Prices net of clawback measures (2) UK prices net of balancing revenues 36
Slide 37: A Snapshot of FY and 4Q 2024 Results: Production
A SNAPSHOT OF FY AND 4Q 2024 RESULTS: PRODUCTION 2024 2023 2024 2023 Δ Energy Production (GWh): 4Q 2024 4Q 2023 Δ 14% 9% 2,720 2,784 (64) Italy 708 851 (143) 1,210 1,315 (104) France 322 435 (113) 6,959 6,139 568 629 (62) Germany 153 217 (64) GWh GWh 86% 91% 710 742 (32) East Europe 194 236 (41) 588
Slide 38: A Snapshot FY and 4Q 2024 Results: EBITDA
A SNAPSHOT FY AND 4Q 2024 RESULTS: EBITDA 2024(1) 2023(1) 2024 2023 Δ Adjusted EBITDA (€ mn): 4Q 2024 4Q 2023 Δ 339 299 40 Italy 87 82 5 20% 19% 51 81 (30) France 16 30 (14) €535 €534 34 68 (34) Germany 10 21 (11) mn mn 54 49 5 East Europe 16 12 4 80% 81% 30 38 (8) UK & Nordics 8 17 (9) Wind 15 20 (