Slide 1: FY 2024 Results
Strettamente Confidenziale FY 2024 Results ROME, 13 MARCH 2025 People for sustainable 0 infrastructure
Slide 2: Agenda
Agenda Market Environment and 2024 delivery FY 2024 Results 2025 Guidance Appendix 1
Slide 3: Regulatory and Market Environment
REGULATORY AND MARKET ENVIRONMENT D O W N T U R N I N T H E P R I C E O F C O M M O D I T I E S , N E W R E G U L AT O R Y P E R I O D TA R I F F A P P R O V E D Regulation Commodity prices and Inflation Interest rates2 • Water: application of Water Service Tariff Method 4 (MTI-4, regulatory period
Slide 4: Accelerating Growth with Long-Term Projects
ACCELERATING GROWTH WITH LONG-TERM PROJECTS 2024 DELIVERY AND RELEVANT FACTS 2024 Q1 Q2 Q3 Q4 • Approval of Industrial Plan • WTE of Rome: presentation of • Award of the tender for the • Award of the tender for the 2024-2028 the offer related to the tender management of the integrated management of
Slide 5: 2024 Results
2024 Results OVERDELIVERY 2024 Guidance 2024 reported results1 ALL-TIME HIGH RESULTS IN TERMS OF EBITDA AND NET PROFIT EBITDA +7%/+9% 1,557mln€ Acceleration of the growth path outlined by vs 2023 +12%vs 2023 the Industrial Plan, achievement of objectives one year ahead of schedule SOLID FINANCIAL ST
Slide 6: Agenda
Agenda Market Environment and 2024 delivery FY 2024 Results 2025 Guidance Appendix 5
Slide 7: 2024 Highlights
Strettamente Confidenziale 2024 Highlights STRONGLY GROWING RESULTS SIGNIFICANT IMPROVEMENT IN THE NET DEBT/EBITDA RATIO COMPARED TO 2023 Group revenues of € 4.3bn of which approximately €2.6bn related to regulated businesses, Revenues +5% vs. up by approximately 5% compared to 2023, mainly due to t
Slide 8: Overview of FY 2024 Results
OVERVIEW OF FY 2024 RESULTS A C C E L E R AT I O N O F T H E G R O W T H PAT H O U T L I N E D B Y T H E I N D U S T R I A L P L A N EBITDA, €m CAPEX, €m Non-recurring events and changes in scope1 Grant-funded REVENUES2 4,629 4,270 1,557 1,439 1,391 42 42 1,143 Confirmed focus on regulated 28 28 260
Slide 9: FY 2024 EBITDA
FY 2024 EBITDA G R O W T H D R I V E N B Y 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 EBITDA, €m 1,557 198 (8) 68 41 434 824 WATER GRIDS AND ENVIRONMENT GENERATION COMMERCIAL OTHER FY 2024 ITALY PUBLIC LIGHTING BUSINESSES2 EBITDA 53% 28% 4% 3% 12% 0% (85%1) +11% A F
Slide 10: FY 2024 Net Profit
FY 2024 NET PROFIT O P E R AT I O N A L M A N A G E M E N T D R I V E S T H E I N C R E A S E I N N E T P R O F I T NET PROFIT, €m +18% A 330 B 332 (6) 2 FY 2023 non-recurring events 294 279 58 A (15) (€15m), of which: • Water service quality premium (-€18m) • Commercial windfall (-€4m) • Others (+€
Slide 11: FY 2024 Capex
FY 2024 CAPEX CO N T I N U O U S F O C U S O N T H E D E V E LO P M E N T, E N H A N C E M E N T A N D S T R E N G T H E N I N G O F A S S E T RESILIENCE CAPEX 1 , €m 1,439 26 67 35 100 316 895 62% 22% 7% 2% 5% 2% (91%)3 WATER GRIDS AND PUBLIC ENVIRONMENT GENERATION COMMERCIAL OTHER FY 2024 ITALY LI
Slide 12: Cash Flow FY 2024
CASH FLOW FY 2024 S T R O N G LY I M P R O V I N G V S F Y 2 0 2 3 CASH FLOW, €M FY 2024 Operating FCF (€373m) improving thanks to operating performance and working capital optimization 214 1,557 (34) 1,551 (187) 373 (1,179) (144) 17 (145) (187) (104) (20) (107) EBITDA Change in LT Change in Operati
Slide 13: FY 2024 Financial Structure
FY 2024 FINANCIAL STRUCTURE N E T D E B T / E B I T D A R AT I O I M P R O V E D C O M PA R E D T O 2 0 2 3 , AV E R A G E C O S T O F D E B T 2 . 1 6 % NET DEBT FY 2023-FY 2024 €m Leverage ∆ DEC 24 NET DEBT/EBITDA NET DEBT/EBITDA DEC 23 DEC 24 vs DEC 23 31/12/2024 31/12/2023 NET DEBT 4,847 4,954 10
Slide 14: Water Italy: Organic EBITDA Growth +13%
WATER ITALY1: ORGANIC EBITDA GROWTH +13% 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 TA R I F F A P P R O VA L S Revenues, €m EBITDA, €m Non-recurring events and changes in scope +13% 1,473 1,551 Growing recurring EBITDA 812 824 28 744 715 12 (+€96m): (28) 96 +111 1,444 1,5
Slide 15: Grids and Public Lighting: Organic EBITDA Growth +14%
GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH +14% G R O W T H D R I V E N B Y R E G U L AT O R Y U P D AT E S A N D I N V E S T M E N T S Revenues, €m EBITDA, €m 710 Growing recurring EBITDA 628 +14% (+€53m): +81 429 434 375 5 Increase in electricity (+13%) 53 distribution tariffs (WACC from 5.2
Slide 16: Environment: Growth in Investments
ENVIRONMENT: GROWTH IN INVESTMENTS R E S U LT S A F F E C T E D B Y T H E E N E R G Y S C E N A R I O Revenues, €m Main EBITDA drivers, €m Non-recurring events and changes in scope 248 335 -9% 305 -18 84 77 Lower recurring EBITDA (-€8m): (8) (9) 68 (-5%) 317 energy scenario effect (12) lower recycli
Slide 17: Generation: Energy Scenario and Lower Volumes Produced
GENERATION: ENERGY SCENARIO AND LOWER VOLUMES PRODUCED OV E R 2 0 0 M W O F AU T H O R I Z E D S O L A R P L A N T S ( R E A DY TO B U I L D) Revenues, €m EBITDA, €m -32% 138 Lower recurring EBITDA (-€20m): 101 54 63 Lower prices on the energy 9 (20) 41 markets (SNP -19€/MWh vs FY -37 43 (2) (-27%)
Slide 18: Commercial: Increasing EBITDA
COMMERCIAL: INCREASING EBITDA GROWING MARGINS ON THE FREE MARKET Revenues, €m EBITDA, €m Non-recurring events and changes in scope 2,483 1,906 +38% 5 Rising recurring EBITDA 198 (+€47m): 26 171 27 -598 129 124 47 Higher margins in the free 2,478 (5) 1,879 (-24%) market FY 2023 FY 2024 FY 2023 Non-re
Slide 19: Agenda
Agenda Market Environment and 2024 delivery FY 2024 Results 2025 Guidance Appendix 18
Slide 20: 2025 Guidance
2025 GUIDANCE 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 2025 GUIDANCE THE 2025 GUIDANCE: ✓ EBITDA ✓ doesn’t include at EBITDA level the +2%/+3% vs 2024 restated EBITDA contribution of HV in the months ✓ CAPEX preceding the sale ~€1.6bn of which ~€1.2bn net of publi
Slide 21: Agenda
Agenda Market Environment and 2024 delivery FY 2024 Results 2025 Guidance Appendix 20
Slide 22: Sustainability Rating
SUSTAINABILITY RATING "EE+" "A" 15,4 B- (low risk) (st atus PRIME) 55/100 "B" 64/100 "Leader ESG Management Identity" 21
Slide 23: Consolidated Income Statement as at 31/12/24
CONSOLIDATED INCOME STATEMENT AS AT 31/12/24 Consolidated Income Statement (€/000) 2024 2023 Increase/(Decrease) Sales and service revenues 4,050,221 4,410,094 (359,873) Other operating income 219,634 219,124 510 Consolidated net revenue 4,269,855 4,629,218 (359,363) Staff costs 328,524 334,478 (5,9
Slide 24: Consolidated Balance Sheet as at 31/12/24
CONSOLIDATED BALANCE SHEET AS AT 31/12/24 Consolidated Statement of Financial Position (€/000) 31 December 2024 31 December 2023 Increase/(Decrease) Property, plant and equipment 3,363,465 3,334,868 28,597 Investment property 9,711 1,990 7,721 Goodwill 241,041 254,626 (13,586) Concessions and infras
Slide 25: Q&A FY 2024 Results
Q& FY 2024 Results Persone per infrastrutture sostenibili
Slide 26: 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