ACEA S p A : Investor Guidebook - October 2025 (acea 2025investor guidebook eng)

Acea Group Guidebook

OCTOBER 2025

1

People for sustainable infrastructure

Agenda

Acea Group

• Acea: Infrastructural operator

  with low leverage

• 28: Green Diligent Growth

• Sustainability

  2024-2028 Projections

  • Water

  • Electricity

  • Environmen

  • Engineering

  • Production

    KPI Regolation

  • Water

  • Electricity Distribution

  • Environment

    Results

  • 1H2025

  • 1Q2025

  • FY2024

  • 9M2024

    
    
    

    Gruppo Acea

  • Acea: Infrastructural operator

    with low leverage

  • 28: Green Diligent Growth

  • Sustainability

Acea: Infrastructural operator with low leverage

Key numbers, 2024

WATER

ELECTRICITY

ENVIRONMENT

10

1.7

1.4

1.7

Mln people served in Italy (20mln including foreign countries)

Mln PODs in Rome, the largest city grid in Europe (over 32,000 km)

Mln customers

Mln tons of waste treated, with

25 plants in 8 regions

Regulated EBITDA1, % of total

Not regulated Regulated

ENGINEERING

PRODUCTION

400+

380

Engineers with distinctive technical skills

MW of installed capacity, including 270 from renewables

Multi-utilities

Infrastructural

operators

2.7x

5.1x

99%

NFP2/ EBITDA

Source: Bloomberg

1 Includes, on top of the regulated businesses Water Italy and Grids, the Public Lighting and Environment businesses. 2024 figures. | 2. NFP does not include hybrid bonds (Terna 1.85bn€, Snam 1bn€, A2A 0.75bn€, 4

Iren 0.5bn€)

Gruppo Acea

• Acea: Infrastructural operator

  with low leverage

• 28: Green Diligent Growth

• Sustainability

28 Green Diligent Growth: Strategy

Focus on regulated infrastructure businesses by

Green Diligent Growth

strengthening positioning and expanding into adjacent segments

ESG across businesses

People at the center

Operation excellence with strong cost and investment

discipline to sustain cash generation

Optimization of financial structure and capital allocation

Capex increase (also in innovation)

Shareholder value growth (RAB/ Net Profit/ Dividends)

6

28 Green Diligent Growth: Targets

From (2020-2023)… … to (2028)

Green Diligent

% regulated EBITDA1

ESG linked Capex (yearly)

EBITDA margin

NFP/ EBITDA

87% 90%

0.4 bn€ 1.0 bn€

30% 43%

3.5x 3.1x

Focus on regulated

infrastructures

ESG across businesses

Operational excellence

Optimization of financial structure

Growth

Total Capex

(yearly)

1.0 bn€ 1.5 bn€ Capex increase

Net Profit (CAGR)

1% 5%

Shareholder value growth

1. Regulated Includes, in addition to the regulated businesses Water Italy and Networks, the Public Lighting and Environment businesses 7

28 Green Diligent Growth: Operational framework

People

Water Electricity

Systems

Processes

Environment

8

Targets 2028: Steady growth

EBITDA, mln€

xx%

Cumulated Capex2 2024-28P, bn€

CAGR '23-'28

5%

6.9

0.7

7.6

1,391

1,630

1,800

2023 2026P 2028P

Regulated1 ~87% ~90% ~90%

% of the Tot.

Regulated

~91%

Not regulated Total

~9% 100%

Net profit, mln€ RAB3, bn€

5%

7%

7.4

9.6

10.5

294

350 375

2023 2026P 2028P 2023 2026P 2028P

1. Regulated includes, in addition to the regulated businesses Water in Italy and Grids, the Public Lighting and Environment businesses | 2. Gross of public contributions (e.g., PNRR) | 3. Includes the

pro-rata value of the RAB of the companies consolidated using the equity method. 9

Targets 2028: Returns by business

Invested Capital1, bn€

ROIC2, pre-tax

From (2022-23)

… A (2028)

Water

Acea Group

~9.5

Electricity

Environment Other

Group

1. Shareholders Equity + NFP | 2. The regulated WACC has been considered for regulated businesses Grids and Water Italy; Water refers to activities in Italy | 3. Includes Grids, Public

Lighting, Commercial Area excluding Acea Innovation 10