Edison S p A : Full Year 2025 Presentation

‌Edison Full Year 2025 Results Media Call, February 18, 2026

‌Edison in 2025: strong operational performance both on the

generation and on the customer side

Energy supply

• Total power generation: up c.+9% (@21 Twh) vs 2024 thanks to strong thermoelectric power generation

• Sale to B2C, B2B and B2G Customers: +26% power volumes (@47 Twh) and +13% gas volumes (@17 bcm) vs 2024

• Contribution to the stability and security of the national electricity grid by meeting over 8% of Italian domestic demand through a highly diversified, flexible, and efficient power plant fleet

  • +12% increase of gas imports (@14 bcm), allowing to meet 22% of Italy's domestic demand

  Commercial dynamics

• Over 3M contracts, up +7% in the B2C segment vs Dec 24

• Growth of Edison Next in the public administration sector

• Increase in photovoltaic capacity installed at industrial customers (+45% in 2025 - c.50MW)

  ‌Delivering on our three strategic pillars: key 2025 achievements

  Renewables and flexibility Gas and energy security Customers and services

  
  
  

  Constant growth in renewables and low carbon energy, leader in the supply of flexibility to the grid

  Ensure security of supply and drive the energy transition adapting gas supply level to Italian's demand while promoting green gases

  Support customers across all market segments in their decarbonization journey, through energy services, with a retail and digital experience

  Renewables

2+ GW

o/w 1GW+ Hydro

5+ GW

o/w 1.5GW HE CCGT1

14 Bcm

gas LT portfolio

1st

20+ Bcm

gas volumes managed

B2C

3+ M

customer contracts

B2B

~70 TWh

power and gas B2B supply

B2G

~1.3 M

public lighting points3

~5 TWh

production2

17 TWh

production

small-scale LNG

operator in ITA

1.000+

stores nationwide

~240MW

DG power3 and CHP

~120 GWh

heat distributed yearly

Note: 1) High efficiency CCGT; (2) Excludes Dolomiti Edison Energia (49% Edison share of 159MW), and KHR capacity (20% Edison share of 626MW); (3) Includes Iberia

‌Financial performance in line with guidance and a robust financial

position enabling a progressive growth in investments

EBITDA (€M)

Renewables and customer-related

activities = 53% of EBITDA (2.5M tons of

CO2 emissions avoided)

€1,4bn

2025 guidance

€1,2b

2024 2025

EBIT (€M)

2024 2025

Group Net Income (€M)

2024 2025

Main impacts vs 2024:

Edison 2025 Dividend: 0.035 euros per ordinary share and 0.065 euros per savings share

‌+20% approx. increase in investments driven by renewables

Gross Investments (€M, at end December) ▪ Investments 86% aligned with the UN SDGs and 62%

+19%

with the EU Taxonomy in 2025

615

731

2024 2025

Generation & Flexibility - Thermo

Generation & Flexibility - Renewables

Edison Next Edison Energia Other

6

‌Commitment to our strategic pillars:

1. Renewables and flexibility

   1

   3 Strategic

   pillars

   for sustainable growth

   
   
   

   Renewables and flexibility

   Gas and energy security

   Customers and services

   RES, Hydro and flexibility

   • RES capacity: 4GW target by 2030 balancing merchant and regulated exposure; with focus on PV grid-scale plants and onshore wind repowering

   • Hydro: renew hydro concessions and develop hydro-pumping capacity

   • Batteries: manage c. 1.5GW storage capacity by 2030 through both regulated mechanism and market exposure

     Thermal generation

   • Ensure system adequacy supported by capacity market

   • New H-Class CCGT in Torviscosa

     ‌Commitment to our strategic pillars:

2. Gas and energy security

   3 Strategic

   pillars 2

   for sustainable growth

   
   
   

   Renewables and flexibility

   Gas and energy security

   Customers and services

   • Maintain gas portfolio diversification to contribute to security of supply, reduce intermittency risk and enhance optimization opportunities

   • 2 additional LNG contracts in 2029 and 2030 and partly renew LT contracts to maintain ~20% market share of Italian's conventional gas demand

   • Grow share of biomethane in gas portfolio

   • Develop new uses of gas (SSLNG) for heavy duty transport (ship and road) and new green gases (H2, Ammonia and eLNG)

     ‌Commitment to our strategic pillars:

3. Customers and services

   3 Strategic

   pillars

   for sustainable growth

   3

   
   
   

   Renewables and flexibility

   Gas and energy security

   Customers and services

   • B2C: reach 4.5M contracts by 2030 increasing the electrification of consumption and developing a services ecosystem, supported by the strengthening of physical and digital channels, to increase customer profitability and loyalty

   • B2B: develop a leading integrated energy and services platform, leveraging a transversal offering for industrial customers in Italy and Spain and a distinctive presence in emerging high-value services

   • B2G: develop national leadership in public lighting and increase presence in district heating, leveraging PPP model scalability, Consip opportunities and cross-border synergies with Spain

     ‌Summary of guidance 2026 and 2030

     Industrial

     2030

     Sustainability

     2030

     Financial

     Renewables capacity

     4.0 GW

     CO2Intensity

     gCO2/KWh2

     200-210

     EBITDA 2026

     1.2-1.4 B€

     Power storage capacity

     > 1.5 GW

     > 7 GWh

     CO2avoided emissions

     Ton CO2eq

     4 M

     EBITDA 2030

     1.7-1.9 B€

     Contracts

     (commodity + VAS)

     4.5 M

     LTIR1

     < 2

     CAPEX

     1.0-1.5 B€/yr

     Public lighting

     points

     1.7 M

     Female Executives

     (Dirigenti)

     30%

     Green Gas volumes

     0.2 bcm

     Water Intensity2

     < 0.5 L/KWh

     The Company indicates that the above guidance do not consider the potential material negative impacts that regulatory measures currently under discussion in Italy could have on Edison's results, its industrial performance and its level of investments.

     1. Lost Time Incident Rate

     2. Water consumption over heat and power production (l/kWh)

‌The "Dirigenti Preposti alla redazione dei documenti contabili societari" (Managers in charge of drafting the corporate accounting documents) of Edison S.p.A., Ronan Lory and Roberto Buccelli, certify that - pursuant to Article 154-bis, paragraph 2 of the Italian Consolidated Finance Act (Legislative Decree no. 58/1998) - the disclosure in this presentation is consistent with the company's accounting records, documents and entries. The 2025 Financial Statements are subject to audit pursuant to the law. The "Management" and "Governance" sections and the Report on the Remuneration Policy and on the fees paid are reviewed by the independent auditors. The "Sustainability" section is subject to a limited audit by said independent auditors.

This presentation contains forward-looking statements. Such statements are based on the Group's current forecasts and projections in relation to future events and are, by their very nature, subject to intrinsic risk and uncertainty. Actual results could differ materially from the forecasts referenced in these statements due to many different factors, including the continued volatility and deterioration of capital and financial markets, fluctuations in the prices of raw materials, changes in macroeconomic conditions and in economic growth and other changes in business conditions, changes in legislation, including regulations, and in the institutional context (both in Italy and abroad) and many other factors, most of which are beyond the Group's control. Please find attached the Group's consolidated income statement and other components of the comprehensive income statement, balance sheet, cash flow statement and statement of changes in consolidated shareholders' equity.

Material information pursuant to Consob resolution no. 11971 of May 14, 1999, as amended.

This document and, in particular, the section entitled "Guidance" contain forward-looking statements that reflect the current views, expectations and projections of the Company's management in relation to future events and to the financial and operating performance of the Company and its subsidiaries. Forward-looking statements are inherently subject to risks and uncertainties. Actual future results or performance could differ materially from what is expressed or implied in these statements due to a variety of factors, many of which are beyond Edison S.p.A.'s ability to control or make accurate estimates, such as changes in the regulatory environment, future market developments, price and commodity fluctuations and other risks. We caution against placing undue reliance on the forward-looking statements contained herein, which are valid only as of the date of this presentation. Edison S.p.A. assumes no obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this document does not claim to be complete and has not been independently verified by third parties. This document does not constitute a recommendation as to the securities of the Company or an offer or invitation to purchase or subscribe for any shares, and neither it nor any part thereof shall form the basis of, or be relied upon in connection with, any contract or undertaking of any kind whatsoever.