ACEA S p A : Summary Data 9M 2025 (summary data 9m 2025)

‌ACEA GROUP 9M2025 RESULTS

KEY QUANTITATIVE DATA

SLUDGE DISPOSAL (KTonnes)

9M 2025 9M 2024

ELECTRICITY DISTRIBUTED (GWH)

9M 2025 9M 2024

TREATMENT AND DISPOSAL

(KTonnes)

9M 2025 9M 2024

PRODUCTION (GWH)

9M 2025 9M 2024

WTE ELECTRICITY SOLD (GWH)

9M 2025 9M 2024

* Of which photovoltaic: 211 GWh in 9M 2025 and 140 GWh in 9M 2024 1

‌ACEA GROUP 9M 2025 RESULTS

STOCK MARKET

(euro)

ACEA - INDEX: (1/1/2025 - 9/30/2025)

ACEA 9M 2025(€)

MARKET CAPITALIZATION

FTSE MIB

+28.9%

ACEA

+15.1%

MAX

(06/06/2025)

MIN

(03/06/2025)

(€MLN) (9/30/2025)

TSR 9/30/2025 ( VS 12/30/2024)

(Source Bloomberg, rebased to 100 as of 30 December 2024)

Changes in terms adjusted for the ex-dividend (Total Shareholder Return)

ACEA FTSE MIB

+15.1% +29.8%

2

excluding one-offs and changes in scope

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.

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

Regulated EBITDA2

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%).

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.

3

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.

‌ACEA GROUP 9M 2025 RESULTS

K E Y F I N A N C I A L S T R U C T U R E A N D R A T I N G S

DEC 24 9M 25 ∆ 9M 25

« B B B + »

«B a a 2 »

vs DEC 24

Pro-forma NET DEBT1 4,343 4,693 350

Long-term debt 4,970 5,481

Short-term debt 499 137

S t a b l e O u t l o o k

P o s i t i v e O u t l o o k

Cash and cash equivalents pro-forma1

(1,126) (925)

4

1. 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. .