ACEA S p A : Summary Data FY 2025 (summary data fy 2025)

‌ACEA GROUP FY 2025 RESULTS

K E Y Q U A N T I T A T I V E D A T A

FY 2025 FY 2024

FY 2025 FY 2024

FY 2025 FY 2024

FY 2025 FY 2024

FY 2025 FY 2024

* Of which photovoltaic: 248 GWh in FY 2025 and 175 GWh in FY 2024 1

‌ACEA GROUP FY 2025 RESULTS

STOCK MARKET

(euro)

ACEA FY 2025(€)

MARKET CAPITALIZATION

FTSE MIB

+38.1%

ACEA

+23.8%

MAX

(11/20/2025)

MIN

(03/06/2025)

(€MLN) (12/31/2025)

TSR 12/31/2025 ( VS 12/31/2024)

(Source Bloomberg, rebased to 100 as of 31 December 2024)

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

ACEA FTSE MIB

+23.8% +38.1%

2

excl. one-offs and changes in scope

Regulated2EBITDA 96%

excl. one-offs

excl. public grants

pro-forma4 3.28x

RECORD RESULTS IN 2025

REGULATED EBITDA REACHES 96% OF GROUP EBITDA

Regulated Activities and Generation.

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 Decembre 31, 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 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. 3) Costs related to early retirement incentive plans have been reclassified in 'Depreciation and Provisions', rather than recorded under labour cost as in the reported figures. For 2025, reported revenues and EBITDA reached 2,899 mln€ and 1,462 mln€, respectively. | 2. Regulated businesses include, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment plus a.cities and aquantum activities. | 3. Excluding one-off items and perimeter changes.| 4. The pro-forma Net Debt/EBITDA ratio considers the effect of the future proceeds from the disposal of the Commercial Business while not includes HV related EBITDA; further details are available in the following slide.

‌ACEA GROUP FY 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

NET DEBT DEC 2024-FY 2025 €m

Rating

« B B B + »

«B a a 1 »

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

Pro-forma Cash and cash equivalents1

(1,101) (1,011)

Sustainability Rating (updated March 2026)

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 448mln€, the recognized net cash of 116 mln€ plus dividends payed and cash variations occurred in 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 the price adjustment for capex and NWC) and equity consolidation of AdF from January 1st.

2