Acea S.p.a. MIL:ACE

ACEA S p A : Press release on the quarterly Results (AceaCPS 14052026 en)

Published

Source: MarketScreener

\\\\\\\

Press Release ACEA, 1Q2026 RESULTS APPROVED A SOUND START TO THE YEAR, WITH RESULTS FULLY IN LINE WITH THE 2026 GUIDANCE DISCLOSED TO THE MARKET 1Q2026 RESULTS1
  • Investments: growth to €302m (+15% versus 1Q2025), focused on regulated businesses2 (representing 89% of net capex).
  • Proforma EBITDA: €342m, +1% versus 1Q2025 (recurring proforma EBITDA €344m, +4%, approximately 95% of regulated businesses2).
  • Net profit €111m, +13% versus 1Q2025 (recurring net profit €82m, +14%)
  • Proforma Net Debt/LTM EBITDA3 stands at 3.31x, essentially stable compared with 31 December 2025 (3.27x). * * *
  • Water: major infrastructure projects are moving ahead, in keeping with our objectives concerning grid resilience and creation of value for the areas served.
  • Electricity: the sale of Acea Energia has been completed, in line with our strategy of streamlining and focus on regulated businesses.
  • Environment: work is proceeding on the development of Rome's waste-to-energy project, alongside investments aimed at upgrading and modernising the plants. * * * Rome, 14 May 2026 - Today's meeting of the Board of Directors of ACEA, chaired by Barbara Marinali, has approved the Interim Report for the three months ended 31 March 2026. ACEA's Chief Executive Officer, Fabrizio Palermo, commented: "The results achieved during the quarter support the growth trajectory outlined in the Business Plan. The soundness of our financial structure and consolidation of the regulated businesses allow us to confirm our 2026 guidance. The company remains committed to operational efficiency and sustainable growth with a view to generating tangible value for the communities and for all our stakeholders, also thanks to the increase in infrastructure investments".

    ‌1 Pursuant to IFRS 5, Acea Energia is classified as a "discontinued operation" in the 1Q2026 results, since the sale was completed on 10 April 2026. This classification entails, inter alia, the synthetic consolidation of Acea Energia's income statement represented as a single separate item, "Profit/(loss) from discontinued operating activities", in Acea's consolidated income statement. To provide a more meaningful analysis of financial performance, proforma Acea consolidated income statements have been prepared for the periods ended 31 December 2026 and 2025 (the "Proforma Consolidated Statements"). These statements simulate, using valuation criteria consistent with those adopted by the Company, the main economic effects of the Sale, restoring 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. In particular, regarding the elimination of intercompany balances between continuing operations and discontinued operations, the following proforma adjustment has been made: 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 disposal (such balances, where applicable, have in fact been eliminated in the consolidation process). For 1Q2026, reported revenues and EBITDA came to, respectively, 717.7 million Euro and 329.4 million Euro.

    ‌2 Includes, in addition to the Water Italy and Grids regulated businesses, the Public Lighting and Environment businesses.

    ‌3 Proforma Net Debt reflects the payment received for the sale of ACEA Energia; LTM EBITDA considers the proforma value net of the ACEA Energia disposed perimeter, the High Voltage and the photovoltaic perimeter subject to sale.

    \\\\\\\

    CONSOLIDATED FINANCIAL HIGHLIGHTS4

    (€m)

    1Q2026

    1Q2025

    % change

    Proforma consolidated revenues

    735

    731

    +1%

    Proforma EBITDA

    342

    340

    +1%

    Proforma recurring EBITDA

    344

    330

    +4%

    Consolidated Net Profit (after non-controlling interests)

    111

    98

    +13%

    Recurring Consolidated net profit (after non-controlling interests)

    82

    72

    +14%

    Gross investments

    302

    262

    +15%

    (€m)

    31/3/26

    (a)

    31/12/25

    (b)

    Var.%

    (a/b)

    Reported Net Debt

    5,076

    4,963

    +2%

    Proforma Net Debt5

    4,646

    4,567

    +2%

    2026 GUIDANCE CONFIRMED (excluding the results from ACEA Energia reclassified under

    "Discontinued Operations")

  • EBITDA +3%/+5% compared with 2025 restated figure of 1,365 million Euro (restated 2025 EBITDA is calculated net of non-recurring items, excluding the contribution from the HV grid during 9M2025, the photovoltaic business sold in 2025 and Publiacqua).
  • Investments ~1.5 billion Euro (1.2 billion Euro net of grants).
  • Net Debt/EBITDA ratio 3.5-3.6x.
ACEA GROUP 1Q2026 RESULTS

Proforma Consolidated revenues amount to 734.9 million Euro, basically in line with the corresponding period a year earlier (730.8 million Euro). Revenues pertaining to the Water Italy, Grids, Public Lighting and Environment sectors amount to around 0.6 billion Euro.

Proforma Consolidated EBITDA has risen to 342.2 million Euro, with a growth of 0.7% compared with the first quarter of 2025, notwithstanding the change in perimeter following the sale in 2025 of the High Voltage (HV) grid and some photovoltaic assets.

Proforma recurring EBITDA - excluding in 1Q2026 the impact deriving from the revamping of facilities pertaining to specific Environment companies and, in 1Q2025, the contribution of the above mentioned disposed assets and Publiacqua - is up by 4% to 344 million Euro, thanks above all to the organic growth of the Water Italy, Grids and Public Lighting businesses.

The contribution of the various businesses to consolidated EBITDA is as follows: Water Italy 59%; Grids and Public Lighting 32%; Environment 4%; Production 5%. 95% of EBITDA refers to the Water Italy and Grids regulated businesses and to the Public Lighting and Environment businesses.

Depreciation/amortisation, write-downs and provisions are down slightly (-1.1%) to 177.9 million Euro, reflecting on the one hand the growth in depreciation associated with the increase in

‌4 Based on the provisions set forth by IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", the consolidated income statement and comparative data at 31 December 2025 have been restated to reflect the classification of ACEA Energia as a "discontinued operation", carried out in 2025. Insofar as concerns proforma data, reference is made to the previous page.

‌5 See note on previous page.

\\\\\\\

regulated business investments, particularly in the Water area, and on the other the reduction in net write-downs of trade receivables.

Proforma consolidated EBIT is up by 2.8% to 164.3 million Euro with respect to 1Q2025.

Proforma net financial charges amount to 32.2 million Euro (31.0 million Euro in 1Q2025). At 31 March 2026, the ACEA Group's global average cost of debt is 2.15% (compared with 2.10% at 31 March 2025).

Consolidated net profit amounts to 110.7 million Euro, showing a growth of 13.0% compared with 1Q2025.

Recurring net profit is up by around 14% to 82 million Euro, also thanks to the upturn in regulated business operating results.

The tax rate at 31 March 2026, calculated on a pro forma basis, is 34.0% (31.9% at 31 March 2025), partially reflecting the surcharge on IRAP (Italian tax on regional production activities) introduced by Law Decree no. 21 of 20 February 2026.

Gross investments carried out during the first three months of 2026 totalled 301.9 million Euro, with a growth of 15.1% compared with 262.2 million Euro a year earlier. Investments net of grants amount to around 286 million Euro (242 million Euro in 1Q2025), mainly concentrated in the regulated businesses, which account for 89% of total capex.

Gross investments are broken down by business sector as follows: Water Italy 163.7 million Euro (152 million net of grants), Grids and Public Lighting 94.3 million Euro (90 million net of grants), Environment 13.1 million Euro, Production 7.4 million Euro, other businesses (Overseas Water, Engineering & Infrastructure Projects), Corporate and Energy Management 23.4 million Euro.

Net Financial Debt has increased from 4,962.9 million Euro at 31 December 2025 to 5,076.4 million Euro at 31 March 2026, reflecting above all the trend in working capital and the dynamics of investments carried out.

As at 31 March 2026, the proforma Net Debt/EBITDA ratio6 stands at 3.31x, essentially in line with

3.27x at 31 December 2025. The debt is 80% fixed rate and has an average maturity of 4 years.

RESULTS FOR 1Q2026 BY BUSINESS AREA
  • WATER Italy - Proforma EBITDA for the sector, amounting to 201.8 million Euro, shows an increase of 4.5% with respect to 1Q2025 due above all to the growth in tariffs.

    Excluding the contribution of Publiacqua in 1Q2025, the organic growth in proforma EBITDA amounts to about 6%.

  • GRIDS AND PUBLIC LIGHTING - EBITDA, at 108.9 million Euro, is up by 1.8% compared with 1Q2025 (107.0 million Euro) due above all to the investments carried out and the operational efficiency achieved.

    Excluding the non-recurring components recognised in 1Q2025, attributable to the HV grid subsequently sold, the organic growth in EBITDA amounts to around 8%.

    ‌6 See note on page 1.

    OPERATIONAL HIGHLIGHTS

    1Q2026

    1Q2025

    % change

    Electricity distributed (GWh)

    2,329

    2,253

    +3%

    Number of PODs ('000s)

    1,684

    1,675

    +1%

    \\\\\\\

  • ENVIRONMENT - The sector closes the first quarter of the year with EBITDA of 15.9 million Euro, showing a downturn with respect to 1Q2025 (20.8 million Euro). The variation primarily reflects the lower WTE margins caused by a reduction in volumes (-12% compared with 1Q2025) due to scheduled plant shutdowns.

    Excluding non-recurring components - in 1Q2026 mostly associated with the shutdown of the Deco-Cirsu facility for revamping - EBITDA comes to around 18 million Euro (-15%).

    OPERATIONAL HIGHLIGHTS

    1Q2026

    1Q2025

    % change

    Treatment and disposal ('000 tonnes)

    360

    400

    -10%

    Net WTE electricity sold (GWh)

    72

    74

    -3%

  • PRODUCTION - EBITDA, amounting to 16.5 million Euro, is up by 12% compared with 14.7 million Euro recorded at 31 March 2025. The variation is driven by the growth in hydroelectric production (+26 GWh) partly offset by the falloff in prices on the energy markets (SNP -8 Euro/MWh compared to 1Q2025).

    Recurring EBITDA shows a growth of around 21%.

    OPERATIONAL HIGHLIGHTS (GWh)

    1Q2026

    1Q2025

    % change

    Hydro production

    121

    95

    +27%

    Photovoltaic production

    40

    40

    +1%

    Thermo production

    72

    75

    -4%

    Total electricity production

    233

    210

    +11%

  • Overseas Water, Engineering, Energy Management and Corporate - Overall EBITDA amounts to -0,9 million Euro.
OUTLOOK

Against a background of global uncertainty, caused by the geopolitical tensions in Eastern Europe and the Middle East and the US trade policies, the ACEA Group results for the first quarter of 2026 remain extremely positive, with an upturn in terms of both EBITDA and Net Profit.

On the strength of these results, ACEA continues to pursue its "Green Diligent Growth" strategy, aimed at strengthening its position as leading infrastructure operator focused on the development of sustainable infrastructures in regulated businesses. In line with objectives, the EBITDA posted by the Water, Electricity distribution and Environment regulated businesses accounts for around 95% of Group EBITDA.

This transformation process has been made possible by an in-depth review of the business perimeter, carried out through strategic operations such as finalisation of the sale of ACEA Energia on 10 April 2026.

Attention to the management of costs and investments continues, also via the implementation of increasingly effective purchasing procedures.

The Company confirms its strategy of focusing on the development of sustainable infrastructures in regulated activities, with the aim of maintaining a sound financial structure and generating a positive impact on operational and economic performances.

\\\\\\\

BONDS NEARING MATURITY AND CREDIT LINES

A 500 million Euro bond issue is due to expire on 24 October 2026 and on 8 June 2027 a 700 million Euro bond issue will expire.

The Parent Company has access to unused committed credit facilities worth 700 million Euro and uncommitted credit facilities of 805 million Euro, plus an EIB credit line of 55 million Euro, partially guaranteed by SACE, available for drawdowns until February 2028 and an additional EIB facility of €190m available for disbursements until March 2029.

KEY EVENTS DURING AND AFTER 1Q2026

On 13 January 2026, ACEA announced that Valentina Bracaglia is the new Chief Financial Officer, replacing Pier Francesco Ragni, who has been appointed Co-General Manager of ACEA.

On 15 January 2026, ACEA - in 18th position - entered the TOP 20 of the Top Employers Italy 2026 ranking released by the Top Employers Institute in collaboration with A&F - La Repubblica. ACEA has achieved this prestigious recognition for the fifth consecutive year.

On 2 March 2026, the Antitrust Authority delivered its decision authorising Eni Plenitude's acquisition of Acea Energia S.p.A., making the same conditional upon the undertaking of certain commitments on the part of the buyer and the exclusion from the transaction perimeter of vulnerable electricity consumers (pursuant to Article 11 of Legislative Decree no. 210 dated 8 November 2021), who continue to be managed within the Acea Group. This variation in perimeter does not materially impact the overall value of the transaction.

On 3 March 2026, we published on the Corporate website, on the 1INFO authorised storage mechanism and filed at the Company's registered office the minutes of ACEA's Board of Directors Meeting held on 13 February 2026 (subsequently entered to the Companies' Register on 24 February 2026), approving the partial demerger by spin-off transaction in favour of the newly established company a.evolution S.p.A.. The reorganisation concerns the centralised management of certain services provided to the Group's companies and involves the transfer of the Compendium pertaining to the supply of the said services in favour of a newly created company, which will be wholly owned by ACEA.

On 10 March 2026, ACEA won the tender for the SAEP Djoué project to upgrade the water infrastructure for the Congolese capital Brazzaville, in view of the growing demand for water in the town's urban areas. The contract was awarded by the United Nations Development Programme (UNDP) to the Temporary Joint Venture led by Acea Infrastructure.

On 10 March 2026, the Florence Court recognised the acquisition by Alia SpA (now Plures SpA) of the minority stake (40%) held by Acque Blu Fiorentine (75% owned by Acea) in the company Publiacqua, whose concession for the Tuscan ATO 3 integrated water service expired in 2024 and was extended at most to December 2026. The judgment, the effects of which are reflected in the draft financial statements for the period ended 31 December 2025, were promptly contested by Acea. The Florence Court then ruled, as a precautionary measure, for the effects of the first-instance judgment to be suspended, delaying the transfer of the quotas.

On 8 April 2026 Fondazione Acea was established, with the primary mission of safeguarding and enhancing the historical, industrial and cultural heritage of the Company founded in Rome in 1909

\\\\\\\

by Mayor Ernesto Nathan and the Councillor for Technological Services, economist Giovanni Montemartini, with a view to supporting the Capital's transformation.

On 10 April 2026, ACEA and Eni Plenitude announced that the acquisition by Eni Plenitude of a 100% equity stake in Acea Energia S.p.A. and a 50% shareholding in Umbria Energy S.p.A. had been completed.

On 20 April 2026, ACEA announced that, through its subsidiary a.Quantum, it had completed the acquisition of Aquanexa Group from Algebris Investments.

On 2 May 2026, ACEA reported that it had been listed in the Special Register of Historical Trademarks of National Interest, a recognition that highlights the company's continuity, soundness, and contribution to the country's industrial history.

The results for the three months ended 31 March 2026 will be presented today, 14 May, at 4.30 p.m. (Italian time), during a conference call with the financial Community. The call will also be available via a webcast in "listen-only" mode in the Investors section of the website at acea.it, where back-up material will also be made available at the start of the conference call.

The Executive Responsible for Financial Reporting, Pier Francesco Ragni, declares, pursuant to section two of Article 154-bis of the Consolidated Finance Act, that the information contained in this release is consistent with the underlying accounting records.

The following schedules are attached:

The consolidated income statement for the three months ended 31 March 2026, the consolidated statement of financial position at 31 March 2026, the statement of changes in equity, the reclassified consolidated statement of financial position at 31 March 2026, the analysis of net debt at 31 March 2026 and the consolidated statement of cash flows for the three months ended 31 March 2026.

ACEA Group Contacts Investor Relations

Tel. +39 0657991 [email protected]

Press Office

Tel. +39 0657997733 [email protected] Corporate Website: acea.it

\\\\\\\

CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2026

€000

31 March 2026

Discontinued

Effects

31 March 2026

Proforma

Revenues from electricity sales and services

225,772

10,980

236,753

Revenues from gas sales

5,288

0

5,288

Revenues from electricity incentives

2,926

0

2,926

Revenues from integrated water services

331,144

0

331,144

Revenues from overseas water management

22,553

0

22,553

Revenues from waste delivery and landfill management

53,316

0

53,316

Revenues from customer services

41,780

5,114

46,894

Connection fees

6,911

532

7,442

Revenues from sustainable development

1,488

0

1,489

Sales and service revenues

691,178

16,626

707,805

Other operating income

26,550

526

27,076

Consolidated net revenues

717,728

17,153

734,881

Staff costs

(86,352)

0

(86,352)

Energy, gas, fuels

(128,002)

(939)

(128,941)

Materials

(23,545)

0

(23,545)

Services and contracts

(116,185)

(3,466)

(119,650)

Concession fees

(16,554)

0

(16,554)

Use of third-party assets

(12,157)

0

(12,157)

Sundry operating costs

(11,002)

86

(10,915)

Cost of materials and overheads

(307,445)

(4,318)

(311,763)

Consolidated operating costs

(393,797)

(4,318)

(398,115)

Profit/(loss) on non-financial investments

5,480

0

5,480

Net profit/(loss) from commodity risk management

0

0

0

Gross Operating Profit

329,412

12,835

342,246

Amortisation and Depreciation

(164,014)

0

(164,014)

Provisions

(2,414)

0

(2,414)

Net impairment losses/(reversals of impairment losses)

on trade receivables

(11,509)

0

(11,509)

Amortisation, Depreciation and Write-downs

(177,937)

0

(177,937)

Operating Profit/(Loss)

151,474

12,835

164,309

Finance income

5,296

351

5,648

Finance costs

(37,261)

(597)

(37,857)

Financing Activities

(31,964)

(245)

(32,210)

Profit/(Loss) on investments

(193)

0

(193)

Profit/(Loss) before tax

119,317

12,589

131,906

Income tax expense

(44,905)

0

(44,905)

Net Profit/(Loss) from continuing operations

74,413

12,589

87,002

Net Profit/(Loss) from discontinued operations

44,711

(12,589)

32,122

Net Profit/(Loss)

119,124

0

119,124

Net Profit/(Loss) attributable to non-controlling interests

8,408

0

8,408

Net Profit/(Loss) attributable to the Group

110,716

0

110,716

31 March 2025

Discontinued

Effects

31 March 2025

Proforma

220,868

22,692

243,560

4,961

1

4,962

3,280

0

3,280

324,852

0

324,852

24,050

0

24,050

58,806

0

58,806

36,322

4,968

41,290

6,184

695

6,879

1,210

0

1,210

680,533

28,355

708,887

21,533

358

21,890

702,065

28,712

730,778

(71,725)

(8)

(71,733)

(91,911)

(35,860)

(127,772)

(27,308)

0

(27,308)

(124,006)

(7,944)

(131,950)

(16,283)

0

(16,283)

(11,671)

0

(11,671)

(12,840)

59

(12,781)

(284,020)

(43,746)

(327,765)

(355,744)

(43,754)

(399,498)

8,481

0

8,481

0

0

0

354,802

(15,042)

339,760

(157,225)

0

(157,225)

(2,317)

0

(2,317)

(20,322)

0

(20,322)

(179,864)

0

(179,864)

174,938

(15,042)

159,896

7,334

824

8,157

(38,380)

(789)

(39,168)

(31,046)

35

(31,011)

409

0

409

144,301

(15,007)

129,294

(41,879)

582

(41,297)

102,422

(14,425)

87,997

4,834

14,425

19,259

107,256

0

107,256

9,250

0

9,250

98,006

0

98,006

\\\\\\\

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2026

€000

31 March 2026 31 December 2025 Increase/(Decrease)

Property, plant and equipment

3,724,966

3,649,143

75,823

Investment property

9,825

9,833

(8)

Goodwill

191,128

191,232

(104)

Concessions and infrastructure rights

4,540,370

4,474,776

65,594

Intangible assets

296,975

300,798

(3,824)

Right-of-use assets

74,643

81,363

(6,720)

Investments in unconsolidated subsidiaries and associates

382,260

386,741

(4,482)

Other investments

2,469

2,469

0

Deferred tax assets

198,007

187,967

10,041

Financial assets

31,166

28,276

2,890

Other non-current assets

736,819

722,533

14,286

Non-current assets

10,188,629

10,035,132

153,497

Inventories

140,428

140,973

(545)

Trade receivables

928,696

848,524

80,172

Other current assets

340,137

352,696

(12,558)

Current tax assets

5,785

6,195

(410)

Current financial assets

115,240

71,907

43,333

Cash and cash equivalents

457,914

625,399

(167,485)

Current assets

1,988,200

2,045,694

(57,494)

Non-current assets held for sale

789,094

742,709

46,385

TOTAL ASSETS

12,965,923

12,823,535

142,388

31 March 2025 31 December 2025 Increase/(Decrease)

Share capital

1,098,899

1,098,899

0

Legal reserve

178,410

178,410

0

Other reserves

398,779

390,011

8,768

Retained earnings/(accumulated losses)

1,099,208

632,958

466,250

Net profit/(loss) for the year

110,716

480,579

(369,864)

Total equity attributable to the Group

2,886,011

2,780,857

105,155

Equity attributable to non-controlling interests

401,534

392,818

8,716

Total equity

3,287,545

3,173,674

113,870

Staff termination benefits and other defined - benefit

obligations

96,925

102,282

(5,357)

Provisions for liabilities and charges

240,139

197,846

42,294

Borrowings and financial liabilities

4,924,536

4,924,541

(5)

Other non-current liabilities

968,224

980,206

(11,981)

Non-current liabilities

6,229,824

6,204,874

24,950

Borrowings

725,054

735,653

(10,599)

Trade payables

1,572,580

1,626,220

(53,640)

Tax liabilities

32,846

31,457

1,389

Other current liabilities

626,540

575,091

51,449

Current liabilities

2,957,020

2,968,421

(11,402)

Liabilities related directly to assets held for sale

491,534

476,565

14,969

TOTAL EQUITY AND LIABILITIES

12,965,923

12,823,535

142,388

\\\\\\\

STATEMENT OF CHANGES IN EQUITY

€000

Share capital

Legal reserve

Reserve for

measurement of defined benefit plans for employees, net of

taxation

Fair value reserve for derivative financial instruments, net of taxation

Reserve for translation differences

Other reserves

Net profit/ (loss) for period

Total equity attributable to the Group

Equity attributable to non-controlling interests

Total equity

Balances at 1 January

2025

1,0G8,8GG

167,G86

1,512

(44,216)

32,23G

G17,066

331,620

2,505,105

370,462

2,875,567

Net profit/(loss) in

income statement

0

0

0

0

0

0

68,006

68,006

6,250

107,256

Other comprehensive

income/(losses)

0

0

(857)

40,650

(34,768)

0

0

5,324

(1,321)

4,003

Total comprehensive

income/(loss)

0

0

(857)

40,G50

(34,768)

0

G8,006

103,330

7,G2G

111,25G

Appropriation of net

profit/(loss) for 2024

0

0

0

0

0

331,620

(331,620)

0

0

0

Dividends paid

0

0

0

0

0

0

0

0

(1,164)

(1,164)

Change in basis of

consolidation

0

0

0

0

0

0

0

0

0

0

Other changes

0

0

3

104

128

3,632

0

3,867

(721)

3,146

Balances at 31 March

2025

1,0G8,8GG

167,G86

657

(3,162)

(2,402)

1,252,318

G8,006

2,612,302

376,476

2,G88,778

Net profit/(loss) in

income statement

0

0

0

0

0

0

382,573

382,573

25,523

408,066

Other comprehensive

income/(losses)

0

0

1,103

1,438

(4,120)

0

0

(1,578)

(2,642)

(4,220)

Total comprehensive

income/(loss)

0

0

1,103

1,438

(4,120)

0

382,573

380,GG5

22,881

403,876

Appropriation of net

profit/(loss) for 2024

0

10,425

0

0

0

(10,425)

0

0

0

0

Dividends paid

0

0

0

0

0

(201,621)

0

(201,621)

(7,752)

(206,672)

Change in basis of

consolidation

0

0

3

1,068

377

(4,722)

0

(3,243)

(156)

(3,402)

Other changes

0

0

(3)

(104)

(125)

(7,044)

0

(7,277)

1,371

(5,605)

Balances at 31

December 2025

1,0G8,8GG

178,410

1,760

(730)

(6,26G)

1,028,207

480,57G

2,780,857

3G2,818

3,173,674

Share capital

Legal reserve

Reserve for measurement of defined benefit plans for employees, net of taxation

Fair value reserve for derivative financial instruments, net of taxation

Reserve for translation differences

Other reserves

Net profit/ (loss) for period

Total equity attributable to the Group

Equity attributable to non-controlling interests

Totale Patrimonio Netto

Balances at 1

January 2026

1,0G8,8GG

178,410

1,760

(730)

(6,26G)

1,028,207

480,57G

2,780,857

3G2,818

3,173,674

Net profit/(loss) in income

statement

0

0

0

0

0

0

110,716

110,716

8,408

116,124

Other

comprehensive income/(losses)

0

0

701

(7,616)

702

0

0

(6,515)

167

(6,316)

Total

comprehensive income/(loss)

0

0

701

(7,G1G)

702

0

110,716

104,200

8,605

112,805

Appropriation of

net profit/(loss) for 2025

0

0

0

0

0

480,576

(480,576)

0

0

0

Dividends paid

0

0

0

0

0

0

0

0

(1,071)

(1,071)

Change in basis

of consolidation

0

0

0

0

0

0

0

0

0

0

Other changes

0

0

0

0

0

654

0

654

1,182

2,136

Balances at 31

March 2026

1,0G8,8GG

178,410

2,461

(8,648)

(5,567)

1,50G,741

110,716

2,886,011

401,534

3,287,545

\\\\\\\

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2026

€000

31 March 2026 31 December 2025 Increase/

% Increase/

31 March 2025 Increase/

% Increase/

(Decrease) (Decrease)

(Decrease)

(Decrease)

Property, plant and

equipment/Intangible assets

8,837.9

8,707.1

130.8

1.5%

8,209.1

628.8

7.7%

Investments

384.7

389.2

(4.5)

(1.2%)

505.4

(120.7)

(23.9%)

Other non-current assets

966.0

938.8

27.2

2.9%

1,142.7

(176.7)

(15.5%)

Other non-current assets held

for sale

789.1

742.7

46.4

6.2%

183.0

606.1 n.s.

Staff termination benefits and

other defined-benefit obligations

(96.9)

(102.3)

5.4

(5.2%)

(75.3)

(21.6)

28.7%

Provisions for liabilities and

charges

(240.1)

(197.8)

(42.3)

21.4%

(269.9)

29.8

(11.0%)

Other non-current liabilities

(968.2)

(980.2)

12.0

(1.2%)

(748.7)

(219.5)

29.3%

Non-current liabilities held for

sale

(491.5)

(476.6)

(15.0)

3.1%

(11.8)

(479.8)

n.s.

Non-current Assets and 9,180.9 9,020.9 160,0 1.8% 8,934.5 246.4 2.8%

Liabilities

\\\\\\\

31 March

31 December

Increase/

% Increase/

31 March

Increase/

% Increase/

2026

2025

(Decrease) (Decrease)

2025

(Decrease)

(Decrease)

A) Cash

457.9

625.4

(167.5)

(26.8%)

341.8

116.1

34.0%

B) Cash equivalents

0.0

0.0

0,0

n.s.

0.0

0.0 n.s.

C) Other current financial assets

115.2

71.9

43.3

60.3%

149.0

(33.8)

(22.7%)

D) Liquidity (A + B + C)

573.2

697.3

(124.2)

(17.8%)

490.8

82.3

16.8%

E) Current financial debt

(76.7)

(86.1)

9.3

(10.9%)

(156.2)

79.4

(50.9%)

F) Current portion of non-current

financial debt

(648.3)

(649.6)

1.3

(0.2%)

(434.0)

(214.3)

49.4%

G) Current financial debt (E + F)

(725.1)

(735.7)

10.6

(1.4%)

(590.2)

(134.9)

22.9%

H) Net current financial debt (G + D)

(151.9)

(38.3)

(113.6)

n.s.

(99.4)

(52.5)

52.9%

I) Non-current financial debt

(4,924.5)

(4,924.5)

0.0

n.s.

(5,016.7)

92.2

(1.8%)

J) Debt instruments

0.0

0.0

0.0

n.s.

0.0

0.0 n.s.

K) Trade payables and other non-current

payables

0.0

0.0

0.0

n.s.

0.0

0.0 n.s.

L) Non-current financial debt (I + J + K)

(4,924.5)

(4,924.5)

0.0

n.s.

(5,016.7)

92.2

(1.8%)

Total financial debt (H + L)

(5,076.4)

(4,962.9)

(113.5)

2.3%

(5,116.1)

39.7

(0.8%)

\\\\\\\

2026

€000

31 March 2026 31 March 2025 Increase/(Decrease)

Profit before tax

119,317

144,301

(24,984)

Amortisation, depreciation and impairment losses

164,014

157,225

6,789

Income/(losses) from equity investments

(5,287)

(8,890)

3,603

Change in provision for liabilities and charges

53

(5,399)

5,452

Net change in staff termination benefits

(3,999)

(2,664)

(1,334)

Net financial income/(costs)

31,591

30,449

1,143

Cash flow from operating activities before changes in working capital

305,690

315,021

(9,331)

Provision for bad debts

11,509

20,322

(8,812)

Increase/Decrease in receivables included in current assets

(78,713)

(81,782)

3,069

Increase/Decrease in payables included in current liabilities

(803)

(25,302)

24,499

Increase/Decrease in inventories

545

(7,548)

8,094

Income tax paid

0

0

0

Change in working capital

(67,461)

(94,311)

26,849

Change in other operating assets/liabilities

(24,045)

(41,296)

17,251

Operating cash flow from discontinued operations

49,440

(51,204)

100,644

Cash flow from operating activities

263,624

128,210

135,414

Purchase/sale of property, plant and equipment and intangible assets

(301,191)

(262,241)

(38,950)

Investments in equity interests, consolidated companies and business divisions

0

0

0

Amounts received from/paid for other financial investments

(46,223)

40,102

(86,324)

Dividends received

0

0

0

Interest received

5,287

7,309

(2,021)

Cash flow from investing activities attributable to discontinued operations

(15,217)

(834)

(14,383)

TOTAL CASH FLOW FOR INVESTING ACTIVITIES

(357,344)

(215,665)

(141,679)

New long-term financial borrowings

0

125,000

(125,000)

Repayment of financial borrowings

(2,199)

(170,135)

167,936

Reduction/increase in other borrowings

(31,394)

105,472

(136,865)

Interest paid

(36,270)

(36,113)

(157)

Dividends paid

0

(1,349)

1,349

Cash flow from financing activities attributable to discontinued operations

(247)

(107,095)

106,848

TOTAL CASH FLOW FOR FINANCING ACTIVITIES

(70,110)

(84,220)

14,111

0

CASH FLOW FOR THE PERIOD

(163,829)

(171,675)

7,846

Net cash and cash equivalents at beginning of period

625,399

501,862

123,537

Cash and cash equivalents at beginning of period attributable to discontinued operations

3,963

11,613

(7,651)

Cash and cash equivalents from acquisitions

0

0

0

Cash and cash equivalents at end of period attributable to discontinued operations

7,618

10,879

(3,261)

CASH AND CASH EQUIVALENTS AT END OF PERIOD

457,914

330,921

126,993