ACEA S p A : Presentation on 9M 2025 Results (acea 20259m 2025 results presentation)

ROME, 13 NOVEMBER 2025

People for sustainable infrastructure

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Agenda

T H E P R O C E S S F O R T H E T W O - Y E A R U P D A T E O F T A R I F F S F O R T H E I N T E G R A T E D W A T E R S E R V I C E H A S S T A R T E D

Regulation

• Water: Technical and Contractual Quality Incentives for over 36mln€ recognized to the ACEA Group by ARERA over 2022-2023, of which 22mln€ to fully consolidated companies1.

• MTI-4 tariff approvals by local authorities completed in 2024, those by ARERA are underway. Consultations for the two-year period of MTI-42 have begun.

  WACC equal to 6.1%.

• Grids: provisional 2025 tariff published in May 2025, WACC equal to 5.6%, updated the RAB revaluation parameter by adopting the Italian lPCA (1.1% for 2025).

In July, the request regarding network losses was accepted. No activation of the trigger for the 20263 allowed return.

Commodity prices and Inflation

• 9M 2025 energy price (SNP) rising to

  117€/MWh (+14€/MWh vs 9M 2024).

• 9M 2025 gas price (PSV) rising to

  41€/MWh (+7€/MWh vs 9M 2024).

• September inflation -0.2% on a monthly basis and +1.6% on a trend basis4.

  Interest rates5

  The following rates were reported, on average, in 9M 2025:

  • Euribor 6M 2.2% vs 3.7% in 9M 2024;

  • MidSwap 8Y 2.5% vs 2.7% in 9M 2024.

The ECB performed 4 deposit rate cuts of 25 bps each in 9M 2025.

1. ARERA Resolution 277/2025/R/idr dated June 24, 2025. | 2. ARERA Consultation Document 471/2025/R/idr dated October 28, 2025. | 3. ARERA Resolution 476/2025/R/com dated November 4, 2025. |

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4. Istat data, NIC index. | 5. Analysis based on Bloomberg data as of September 30, 2025. 2

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Agenda

HIGHLIGHTS 9M 2025 1

Revenues pro-forma +7% vs. 9M 2024

EBITDA pro-forma +10% vs. 9M 2024

excluding one-offs and changes in scope

R E S U L T S S H O W A S T R O N G G R O W T H C O M P A R E D T O 2 0 2 4 R E G U L A T E D E B I T D A S T A N D S A T 9 5 %

Group pro-forma revenues were 2.2bn€ of which around 2.0bn€ related to regulated businesses. Regulated revenues were up 7% vs 9M 2024 mainly due to the investments carried out in the previous years and tariff approvals.

EBITDA pro-forma was 1,084mln€, + 84mln€ (+8%) vs 9M 2024 thanks to organic growth and the

awarding of incentives for the technical and contractual quality of the integrated water service (~25mln€).

Regulated EBITDA2

95%

Organic EBITDA pro-forma3 was 1,069mln€, +96mln€ (+10%) vs 9M 2024 mainly driven by the growth of Water Italy, Grids and Public Lighting, and Generation businesses.

Net profit +8% vs. 9M 2024 excluding one-offs

CAPEX +2% vs. 9M 2024

net of public grants

Regulated CAPEX2 95%

Net Profit was 415mln€, +130mln€ (+46%) vs 9M 2024.

Organic Net Profit3 was 301mln€, +23mln€ (+8%) vs 9M 2024 mirroring the performance posted

at an operating level.

Capex net of public subsidies was 843mln€(+2%).

Including the investments financed by grants, total capex reached 1,010mln€ (+6%).

Net Debt/EBITDA LTM

pro-forma4 3.39x

Note: Any failure to reconcile the stated figures arises exclusively from rounding

9M 2025 operating free cash flow was positive for 19mln€. Results for the period allowed to maintain a solid financial structure, with a pro-forma Net Debt/EBITDA of 3.39x.

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1. In accordance with IFRS 5, Acea Energia is classified as a "discontinued operation" as it is expected to be disposed of within the first half of 2026. This classification entails, among the others, the synthetic consolidation of Acea Energia's income statement represented in a single separate item in Acea's consolidated income statement, "Net Result from Discontinued Operations". To provide a more meaningful analysis of the Acea Group's financial performance, Acea's pro forma consolidated income statements for the periods ended September 30, 2025, and 2024 (the "Pro Forma Consolidated Statements") have been prepared. These statements simulate, using valuation criteria consistent with those adopted by the Company, the main economic effects of the Sale, restoring, with the sole exception of dividends, intercompany transactions with discontinued operations in order to obtain a representation of the results of continuing operations as if the discontinued operations had been deconsolidated, as well as to simulate the consolidation of Acquedotto del Fiora at equity in the first nine months of 2024. In particular, in line with the IFRIC's discussion regarding the elimination of intercompany balances between continuing operations and discontinued operations, the following pro forma adjustments have been made: 1) the income statement balances for the periods in question relating to transactions between Acea group companies and Acea Energia have been reinstated, as it is believed that these operations will continue even after the disposal (such balances, where applicable, have in fact been eliminated in the consolidation process) and 2) the accounting for Acquedotto del Fiora using the equity method has been adopted starting from 1 January 2024. For the first nine months of 2025, reported revenues and EBITDA reached 2,076mln€ and 1,071mln€, respectively. | 2. Regulated businesses include, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment. | 3. Excluding one-off items and perimeter changes.| 4. The pro-forma Net Debt/EBITDA LTM (Last Twelve Months) ratio considers the effect of the future proceeds from the disposal of the Commercial Business; further details are available in the following slide.

O R G A N I C E B I T D A + 1 0 % , N E T D E B T / E B I T D A LT M P R O - F O R M A I N L I N E W I T H T H E G U I D A N C E

EBITDA pro-forma1, mln€ CAPEX, mln€

2,061 2,208

REVENUES

27

15

973

1,069

pro-forma1

Capex related to the divested business (discontinued operations) and to AdF in 2024

1,000

1,084

+96

(+10%)

952 1,010

123 167

+13

(+2%)

Regulated EBITDA2

9M 2024 9M 2025

96% 95%

Net regulated

Capex2,3

9M 2024 9M 2025

95% 95%

Net Income, mln€ NET DEBT4, mln€

Pro-forma LTM NET DEBT/EBITDA

415

285 114 +23

7 (+8%)

sale of AE

4,944

601

5,083

391

4,693

+140

(+3%)

The ratio is in line with the guidance.

278 301

9M 2024 9M 2025

Dic. 2024 9M 2025

Pro-forma Net Debt/EBITDA LTM5

3.34x

3.39x

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1. Revenues and EBITDA do not include the results of ACEA Energia's scope subject to disposal (reclassified under Discontinued Operations). Revenues are net of the results of equity-consolidated companies. For pro-forma results, see note on page 4. | 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment. | 3. Percentage net of the ACEA Energia perimeter subject to disposal and, in 2024, of AdF investments. | 4. Net Debt does not include the net financial debt of Umbria Energy, represented under "Discontinued Operations."| 5 Pro-forma Net Debt considers: (i) the effect of the future collection of the proceeds for the disposal of ACEA Energia (based on the enterprise value offered in the binding offer of 460mln€, the recognized net cash of 128.5mln€ compared to ACEA Energia's reported net cash of approximately 213.9mln€ as of 31.12.24, plus cash variations during the 9M 2025 and Net Debt reclassified under discontinued operations); (ii) for 2024, the proceeds from the disposal of High Voltage to Terna for 227mln€ (excluding the ARERA premium, which will be collected in 2026) and equity consolidation of AdF from January 1st. LTM EBITDA assuming the pro-forma value net of HV. The reported Net Debt/EBITDA ratio is 3.62x for Dec. 2024 and 3.61x for 9M 2025.

G R O W T H D R I V E N B Y R E G U L A T E D B U S I N E S S E S

EBITDA pro-forma, mln€

67

49

1,084

WATER ITALY

GRIDS AND PUBLIC LIGHTING

ENVIRONMENT

GENERATION

OTHER

BUSINESSES2

9M 2025

EBITDA pro-forma

(95%1)

+10%

1,000

A

973

82

1,069

B

15

1,084

9M 2024 EBITDA

pro-forma

Recurring EBITDA

pro-forma 9M 2024

Energy scenario

Organic growth

Recurring EBITDA

pro-forma 9M 2025

9M 2025 EBITDA

pro-forma

57% 32% 6% 4% 1%

A

Change in scope and non-recurring events 9M 2024 (-27mln€), of which:

• Recognition of past tariff items in the water sector (-24mln€)

• Release of tariff relief fund (-17mln€)

  
  
  

• Others (+14mln€)

  B

  Change in scope and non-recurring

  events 9M 2025 (+15mln€), of which:

• Water quality incentives (+25mln€)

• Other minor items (-10mln€)

1. Pro-forma EBITDA. Includes, in addition to the Water Italy and Grids regulated businesses, the Public Lighting and Environment businesses. | 2. Overseas Water, Engineering & Infrastructure Projects,

Corporate and Energy Management (includes ACEA Energia business lines not included in the scope of the sale). 6

8 % G R O W T H I N O R G A N I C N E T P R O F I T V S 2024

NET PROFIT, mln€

A

B

+8%

415

285

(7)

278

26

(3)

301

9M 2024

Net Profit

9M 2024

recurring net profit

Operational

management

Financial management

9M 2025

recurring Net profit

9M 2025

Net profit

A

Non-recurring events 9M 2024 (-7mln€), of which:

• Recognition of past tariff items in the water sector (-15mln€)

• Others (+8mln€)

  B

  Non-recurring events 9M

  2025 (+114mln€) of which:

• HV disposal effect and stop of depreciation IFRS 5 (+116mln€)

• Water quality incentives (+14mln€)

• Others (-16mln€)

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F O C U S O N R E G U L A T E D B U S I N E S S E S , W H I C H R E P R E S E N T 95% 1 O F T H E T O T A L

CAPEX2, mln€

54

21

86

1,010

(89%)3

59% 25% 5% 2% 9%

9M 2025 CAPEX

WATER ITALY

• RECLAMATION AND EXPANSION OF WATER AND SEWER PIPES

• EXTRAORDINARY MAINTENANCE OF PLANTS AND NETWORKS

• INTERVENTIONS ON PURIFICATION SYSTEMS

• MAJOR PROJECTS CO-FINANCED BY THE NRRP

  GRIDS AND PUBLIC LIGHTING

  
  
  

• UPGRADE OF THE LV GRID

• WORK ON PRIMARY AND SECONDARY SUBSTATIONS

• INSTALLATION OF 2G METERS

  ENVIRONMENT

  
  
  

• EXPANSION AND REVAMPING OF THE PLASTIC TREATMENT PLANT

  GENERATION

  
  
  

  • PHOTOVOLTAIC PLANTS

    OTHER BUSINESSES4

    
    
    

  • ACEA ENERGIA

  • CORPORATE: IT PROJECTS

1. Percentage net of investments of ACEA Energia perimeter subject to disposal. | 2. Gross of grant-funded capex equal to 167mln€ | 3. Includes, in addition to the Water Italy and Grids regulated businesses,

the Public Lighting and Environment businesses | 4. Overseas Water, Engineering & Infrastructure Projects, Corporate and ACEA Energia. 8

T H E R E S U LT S O F T H E P E R I O D 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, mln€

9M 20251 Operating FCF (+19mln€) benefits, among others, from cash generation associated with Working Capital in the third quarter of 2025

1,084

(30)

(44)

795

(776)

19

(98) (60)

(10)

(202) (140)

(340)

EBITDA Change in LT Equity Change in WC regulatory accounted provisions receivables companies and other

Operating CF before Capex

Net Operating

Capex3 FCF

Financial income/ (charges)

Taxes Dividends

Cash flow before M&A and IFRS 16

M&A 4

IFRS 16 Total Cash Flow

9M 20242

∆ 9M 2025

VS 9M 2024

1. Does not include cash flows from the ACEA Energia perimeter reclassified to discontinued activities. | 2. 2024 Cash Flow includes the ACEA Energia perimeter reclassified to discontinued operations in

2025. | 3. It does not include capex related to the perimeter subject to disposal. | 4. It includes the proceed from the sale of the High Voltage grid to Terna (227mln€). 9