Slides
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0 ROME, 24 JULY 2025 1H 2025 Results People for sustainable infrastructure
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1 Agenda Market Environment and 1H2025 delivery 1H 2025 Results Appendix 2025 Guidance
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2 REGULATORY AND MARKET ENVIRONMENT A C E A G R O U P C O N F I R M E D A M O N G T H E L E A D I N G P L AY E R S I N I TA LY F O R W AT E R S E R V I C E Q U A L I T Y 2 Interest rates3 Commodity prices and Inflation Regulation • Water: Technical and Contractual Quality Incentives for over €36m recognized to ACEA Group by ARERA over 2022-2023, of which €22m to fully consolidated companies1. Tariff approvals for operators by local authorities completed in 2024, those by ARERA are underway (tariff of ATO2, Nuove Acque, Umbra Acque, SII Terni and Rivieracqua approved). 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). • 1H 2025 energy price (SNP) rising to 120€/MWh (+26€/MWh vs 1H 2024) • 1H 2025 gas price (PSV) rising to 43€/MWh (+12€/MWh vs 1H 2024). • June inflation +0.2% on a monthly basis and +1.7% on a trend basis (+1.7% on average from the beginning of the year)2. The following rates were reported, on average, in 1H 2025: • Euribor 6M 2.3% vs 3.8% in 1H 2024; • MidSwap 8Y 2.4% vs 2.7% in 1H 2024. The ECB performed 3 deposit rate cuts of 25 bps each in 1H 2025. 1. ARERA Resolution 277/2025/R/idr of June 24, 2025. | 2. Istat data (NIC) | 3. Elaboration of data from Bloomberg, as of June 30th 2025
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3 INDUSTRIAL POSITIONING IN SECTORS WITH GREATEST POTENTIAL FOR DEVELOPMENT AND SUSTAINABILITY 1 H 2 0 2 5 D E L I V E R Y 1H 2025 Q2 Q1 • The construction of the Rome WTE plant has been definitively awarded to the consortium of companies led by ACEA Ambiente (with Suez Italy, Kanadevia Inova, Vianini Lavori and RMB), an important step forward in the waste-to-energy business 3 • T op Employers Italia certification achieved for the fourth consecutive year • Two photovoltaic plants in the province of Viterbo have entered into operation, with a total installed capacity of approximately 12 MW • ACEA's first «Green & Blue Financing Framework» has been published • Moody's upgraded ACEA's outlook from "stable" to “positive” confirming its "Baa2" rating • a.Gas was established, a company with the objective of consolidating and growing in the gas distribution sector • Approved the binding offer received from Eni Plenitude to acquire 100% of the share capital of ACEA Energia S.p.A. (which includes, among other things, a 50% stake in Umbria Energy S.p.A.) • ACEA Group water companies have been awarded incentives for technical quality of the service – 2-year period 2022-2023 - for over €36m, of which ~€22m relating to fully consolidated companies and ~€14m relating to companies consolidated using the equity method
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4 GROWING ATTENTION TO ACTIVITIES WITH A STRONG INFRASTRUCTURAL PROFILE 4 APPROVED THE BINDING OFFER RECEIVED FROM ENI PLENITUDE FOR THE ACQUISITION OF 100% OF ACEA ENERGIA S.P.A. SHARE CAPITAL1 UP TO +€100M ADDITIONAL PRICE COMPONENT based on some performance parameters as of 30/6/2027 ✓ Increase in regulated EBITDA contribution up to roughly 95% of consolidated result ✓ Net Debt reduction ✓ Opportunity to reinvest the proceeds for further development of the Group in businesses with a strong infrastructural profile D I S P O S A L O F N O N- C O R E A S S E T S I N L I N E W I T H T H E S T R AT E G Y O U T L I N E D I N T H E B U S I N E S S P L A N CLOSING EXPECTED BY JUNE 2026 1. The Offer is based on the acquisition of 100% of ACEA Energia S.p.A., including the 50% stake in the share capital of Umbria Energy S.p.A., with the exception of the following business lines which in 2024 generated an EBITDA of ~€6m: energy efficiency (with associated tax credits for the "superbonus" equal to ~€159m at the end of 2024), electric mobility, circular economy and energy management and related contracts ENTERPRISE VALUE €460M Normalized net cash position €129M EQUITY VALUE €589M
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5 Agenda Market Environment and 1H2025 delivery 1H 2025 Results Appendix 2025 Guidance
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6 1H 2025 Highlights1 6 ECONOMIC RESULTS GROWING STRONGLY VS 1H 2024 REGULATED EBITDA REACHED 94% ReportedEBITDAwas €731m, +€76m (+12%) vs 1H 2024 thanks to organic growth and the awarding of incentives for the technical and contractual quality of the integrated water service (~€25m) OrganicEBITDAwas €705m, +€59m (+9%) vs 1H 2024 mainly driven by the growth of Water Italy, Grids and Public Lighting, and Generation businesses. Reported Net Profit was €227m, +€55m (+32%) vs 1H 2024 Organic Net Profit was €204m, +€13m (+7%) vs 1H 2024, mirroring the performance posted at an operating level. Capex net of public subsidies was €573m, growing by €95m (+20%) vs 1H 2024. Including the investments financed by grants, total capex reached €668m (+18%). The Operating free cash flow was negative for €117m in the first half. Results for the period allowed to maintain a solid financial structure, with a pro-forma3 Net Debt/EBITDA of 3.36x Group revenues of €1.5bn of which around €1.3bn related to regulated businesses. Regulated revenues were up 5% vs 1H 2024 mainly due to the investments carried out in the previous years and tariff approvals. EBITDA +9%vs. 1H 2024 excluding one-offs and changes in scope RegulatedEBITDA94%2 Net profit+7% vs. 1H 2024 excludingone-offs CAPEX +20%vs. 1H 2024 net of public grants Net Debt/EBITDA pro-forma3 3.36x Revenues +4%vs. 1H 2024 1. Revenues and EBITDA do not include the results of ACEA Energia perimeter subject to sale to third parties (reclassified under Discontinued Activities). | 2. Including, in addition to the Water Italy and Grids regulated businesses, Public Lighting and Environment businesses .| 3. The pro-forma Net Debt/EBITDA ratio takes into account the effect of the future proceeds from the sale of ACEA Energia and the sale of the High Voltage net work. Further details are available in the next slide.
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7 446 506 90 95 4,346 4,771 OVERVIEW OF 1H 2025 RESULTS S T R O N G G R O W T H O F C O N S O L I D AT E D R E S U LT S 192 204 EBITDA 1, €m CAPEX, €m Net profit, €m NET DEBT 4, €m Changes in scope and non-recurring events Grant-funded Increasing focus on regulated businesses, which represent approximately 94% of the Group's EBITDA Pro-forma LTM NET DEBT/EBITDA ratio at 3.36x considering the collection of the proceeds from the sale of ACEA Energia and the High Voltage network 568 668 +95 (+20%) 95% 96% 1H 2024 1H 2025 (20) 22172 +13 (+7%) 1H 2024 1H 2025 Regulated Capex3 7 227 Non-recurring events Dic. 2024 1H 2025 LTM pro-forma Net Debt/EBITDA5 3.36x3.23x 4,944 5,401 598 630 Effect of future cash-in related to the sale of AE and HV Regulated EBITDA2 95% 94% 647 705 269 655 1H 2024 1H 2025 +59 (+9%) 731 REVENUES1 1,404 1,462 1. Revenues and EBITDA do not include the results of ACEA Energia perimeter subject to sale (reclassified under “Discontinued Activities”). Revenues net of results of companies accounted at equity. | 2. Includes, in addition to the Water Italy and Grids regulated businesses, the Public Lighting and Environment businesses. | 3. Percentage net of investments of the ACEA Energia perimeter subject to sale. | 4. Net Debt does not include Umbria Energy’s Net Debt, which is accounted among the “Discontinued operation”. | 5. The proforma Net Debt considers the impact of the future payment to be received for the sale of ACEA Energia to Eni Plenitude (considering the enterprise value included in the binding offer of €460m, the recognised net cash of €128.5m vs a reported net cash of €213.9m as at 31st December 2024, as well as net cash changes occurred in the first semester of 2025 and the net financial position reclassified among the “Discontinued Operation”) and the sale price of the High Voltage grid to Terna for €224m (assuming that ARERA’s premium of €23m is received in 2026); LTM EBITDA excludes ACEA Energia perimeter subject to sale and the High Voltage grid. The reported Net Debt/EBITDA ratio is 3.62 for December 2024 and 3.74 for 1H 2025. 6732 Capex related to the divested business (discontinued operations) Pro-forma Net Debt +457 (+9)
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8 655 647 705 731 Change in scope and non-recurring events B 1H 2025 EBITDA G R O W T H D R I V E N B Y R E G U L AT E D B U S I N E S S E S EBITDA 1H 2024 Change in scope and non-recurring events Recurring 1H 2024 EBITDA Organic growth Recurring 1H 2025 EBITDA EBITDA, €m (9) +9% Change in scope and non-recurring events 1H 2024 (-€9m), of which: ➢ Retroactive application of the tariff update relating to the MTI-4 regulation (+€29m) ➢ Consolidation at equity of AdF (-€29m) ➢ Release of tariff relief fund (-€17m) ➢ Terni WTE shutdown for revamping (+€5m) ➢ Other (+€3m) A 1. Reported 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) A 51 429 731 GENERATION EBITDA 1H 2025WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES2 37 32 8 58% 31% 5% 4% 2% 225 (94%1) 26 Change in scope and non-recurring events 1H 2025 (+€26m), of which: ➢ Water quality incentives (+€25m) ➢ Other minor items (+€1m) B EBITDA 1H 2025 8 Energy scenario
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9 1H 2025 NET PROFIT NET PROFIT, €m 1H 2024 Net Profit Operational management Financial management 1H 2025 recurring net profit 1H 2025 recurring Net profit 1H 2025 Net profit B Non-recurring events Non-recurring events Non-recurring events 1H 2024 (+€20m), of which: ➢ Retroactive application of the tariff update relating to the MTI-4 regulation (+€20m) ➢ Release of tariff relief fund (-€11m) ➢ Terni WTE shutdown for revamping (+€3m) ➢ Other (+€8m) Non-recurring events 1H 2025 (+€22m), of which: ➢ Water quality incentives (+€14m) ➢ Other (+€8m) B 172 192 204 227 20 18 (6) 22 A A +7% 7 % O R G A N I C N E T P R O F I T G R O W T H V S 1 H 2 0 2 4
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10 1H 2025 CAPEX CAPEX 2, €m 1. Percentage net of investments of ACEA Energia perimeter subject to sale. | 2. Gross of grant-funded capex totalling €95m | 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. GENERATION 1H 2025 CAPEX WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES4 57% 27% 3% 2% 12% • RECLAMATION AND EXPANSION OF WATER AND SEWER PIPES • EXTRAORDINARY MAINTENANCE OF PLANTS AND NETWORKS • INTERVENTIONS ON PURIFICATION SYSTEMS • UPGRADE OF THE LV GRID • WORK ON PRIMARY AND SECONDARY SUBSTATIONS • INSTALLATION OF 2G METERS • PHOTOVOLTAIC PLANTS • ACEA ENERGIA • CORPORATE: IT PROJECTS • SAN VITTORE WTE • TMB AND RECYCLING (87%)3 381 668 17 11 80 179 F O C U S O N I N V E S T M E N T S I N R E G U L AT 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 T96% 1 O F T H E T O TA L
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11 1H 2025 CASH FLOW CASH FLOW, €m 1H 20251 Operating FCF (-€117m) is affected by higher credits linked to the grids equalization mechanism which will be reabsorbed during the year 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 1. Does not include cash flows from the ACEA Energia perimeter reclassified to Discontinued Activities . | 2. Cash Flow 2024 including the ACEA Energia perimeter reclassified to discontinued operations in 2025, | 3. It includes both the results of the equity accounted companies (~€23m) and the cash-in of the dividends from these companies (~€4m). 731 390 (117) (433) (457) (63) (202) Cash flow ante M&A e IFRS 16 (17) M&A (7) (51) Total Cash Flow (217) (56) (506) (52) IFRS 16 (63) Dividendi v/soci 729 (134) (18) (3) (72) 503 (478) 25 (61) (45) (187) (268) (14) (1) (283) 2 (83) (38) (16) 21 (113) (28) (141) (2) (7) (15) (165) (3) (6) (174)∆ 1H 2025 VS 1H 2024 1H 20242 (18) EBITDA Change in WC LT regulatory receivables Change in provisions and other Operating CF before Capex Net Capex Operating FCF Financial income/ (charges) TaxesEquity accounted companies3
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12 1H 2025 FINANCIAL STRUCTURE «B a a 2» P o s i t i v e O u t l o o k 89% 2.07% 4.3 YEARS %FIXED RATE DEBT AVERAGE COST AVERAGE MATURITY DEBT FALLING DUE AFTER 2025 FLOATING RATE FIXED RATE Leverage « B B B + » S t a b l e O u t l o o k Rating Profile of main long-term maturities2 €m DEC 24 1H 25 ∆ 1H 25 vs DEC 24 Pro-forma NET DEBT1 4,346 4,771 425 Long-term debt 4,970 4,980 Short-term debt 499 761 Cash and cash equivalents pro- forma (1,123) (970) PRO-FORMA NET DEBT/EBITDA LTM 30/06/2025 PRO-FORMA NET DEBT/EBITDA 31/12/2024 3.36x 3.23x NET DEBT DEC 2024-1H 2025 €m Debt structure (maturity and interest rates as at 30/06/2025) DEBT FALLING DUE BY 2025 300 500 700 500 500 600 700 103 103 54516 42 2026 54 2027 74 2028 128 2029 128 2030 103 2031 2032 beyond Loans Bonds 2025 316 542 754 574 628 728 803 7% 93% 89% 11% 545 103 103 2033 FEBRUARY 2025 Drawing on a €500m ceiling granted by the EIB for areti investments, two new loans were signed for a total of €180m, of which a direct loan of €125m (disbursed in 1Q 2025) and a guaranteed loan of €55m by SACE (not disbursed). FEBRUARY 2025 The Yen 20bn private bond issued in March 2010 was repaid at its natural maturity 1. For the definition of pro-forma data, please refer to slide 7. | 2. Maturities refer to Acea S.p.A. T H E P R O- F O R M A N E T D E B T / E B I T D A R AT I O R E M A I N S < 3 . 4 x , A V E R A G E C O S T O F D E B T 2 . 0 7 % JULY 2025 On 16 July 2025, Acea established a new EMTN (Euro Medium Term Notes) Programme worth €5bn, listed on the electronic bond Market (MOT) of Borsa Italiana and approved by the National Commission for Companies and the Stock Exchange (CONSOB).
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13 368 3713 32 403 26 429 253 314 90 67 722 +50 (+7%) +61 (+24%) 343 1. Including gas distribution business | 2. Value gross of grants and proportionate RAB for the companies consolidated at equity; the RAB of AdF is equity accounted Revenues, €m 1H 2024 1H 2025 Grant-funded Capex, €m EBITDA, €m 1H 2024 1H 2025 RAB, €bn WATER ITALY1: ORGANIC EBITDA GROWTH +9% O R G A N I C G R O W T H D R I V E N B Y I N V E S T M E N T S A N D O P E R AT I O N A L E F F I C I E N C I E S Growing recurring EBITDA (+€32m): Tariff growth (fully consolidated companies, net of pass-through charges) Higher results of companies consolidated with the equity method 1H 2025Organic growth 1H 2024 Changes in scope and non-recurring events 34 688 RAB 2 31/12/2024: €4.8bn Changes in scope and non-recurring events Recurring 1H 2024 +9% Recurring 1H 2025 Changes in scope and non-recurring events 22 738 760 381
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14 222 217(5) 8 225 GRIDS AND PUBLIC LIGHTING: EBITDA GROWTH+4% G R O W T H D R I V E N B Y I N V E S T M E N T S +29 (+8%) +2 (+1%) 150 179 1. Gross of grants Total Electricity Distributed, GWh Number of PODs , ‘ 000 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 205 RAB, €bn EBITDA, €mRevenues, €m Capex, €m 4,351 1,6761,666 4,337 1H 2024 1H 2025 RAB 1 31/12/2024: €3.1bn +4% Organic growth Changes in scope and non-recurring events Recurring 1H 2024 352 381 28 152 Grant-funded Growing EBITDA vs 1H 2024 (+€8m): Higher RAB Change in the RAB revaluation method WACC reduction from 6.0% to 5.6% 2G power meters installed in 1H 2025: ~ 149K
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15 -4 (-20%) 22 17 35 36 1 1 37 ENVIRONMENT: GROWING EBITDA 115 143 835 805 Treatment and disposal , Kton Wte electricity sold, GWh/y Revenues, €m Main EBITDA drivers, €m Capex, €m 152 150 -2 (-1%) +4% Non-recurring events 1H 2024 148 1H 2025 Changes in scope and non-recurring events 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 (3) Recurring 1H 2024 Stable recurring EBITDA (+€1m): Higher margins on WTE Lower margins on recycling Organic growth E B I T D A U P 4 % C O M P A R E D T O 1 H 2 0 2 4 T H A N K S T O T H E C O N T R I B U T I O N O F W T E
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16 17 19 2 14 32 GENERATION: ENERGY SCENARIO AND HIGHER VOLUMES O V E R 1 6 0 M W O F I N S TA L L E D S O L A R C A P A C I T Y 11 11 43 59 +16 (+38%) 0 (+4%) Revenues, €m Capex, €m EBITDA, €m 1H 2024 1H 2025 158 195 96 98 74 119 photovoltaic thermoelectric hydroelectric 412 328 T otal energy output, GWh 1H 2024 1H 2025 Growing EBITDA (+€14m): Higher prices on the energy markets (SNP +26€/MWh vs 1H 2024) and higher volumes (+26% vs 1H 2024) 163 MW of installed photovoltaic capacity reached +74% Energy scenario and higher volumes produced 1H 2024 1H 2025 1H 2024 1H 2025 Changes in scope and non- recurring events Recurring 1H 2024
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17 Agenda Market Environment and 1H2025 delivery 1H 2025 Results Appendix 2025 Guidance
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18 2025 GUIDANCE 2025 GUIDANCE EBITDA, €m ✓ EBITDA ✓ CAPEX ✓ PRO -FORMA NET DEBT /EBITDA +6%/+8% vs 2024 restated EBITDA ~€1.6bn of which ~€1.2bn net of subsidies 3.4/3.5x 2025 GUIDANCE G R O W T H D R I V E N B Y R E G U L AT E D B U S I N E S S E S THE 2025 GUIDANCE: ✓ does not include the contribution of AT in the second half of the year at an EBITDA level ✓ includes technical and contractual quality incentives of approximately €25m at an EBITDA level ✓ envisages the equity consolidation of Acquedotto del Fiora for the entire year ✓ confirms gross capex at an all-time high, further growing compared to 2024 ✓ the PRO-FORMA NET DEBT/EBITDA ratio includes the sale of High Voltage with regards to the consideration from T erna and the consideration for the sale of Acea Energia (i.e. €630m2) 1. Restated 2024 EBITDA calculated net of non-recurring items, excluding the contribution of the HV network and consolidating Acquedotto del Fiora with the equity method for the full year in line with what was provided on March 13th on the occasion of the release of the 2025 guidance illustrated to the market in the presentation of the FY 2024 results | 2. Consideration from Terna equal to €224m, assuming the collection of incentives from ARERA, equal to €23m, in 2026 and €406m for Acea Energia - considering the enterprise value included in the binding offer of €460m, the recognised net cash of €128.5m vs a reported net cash of €213.9m as at 31st December 2024, as well as net cash changes occurred in the first semester of 2025 and the net financial position reclassified among the discontinued operation. 18 (164) 12 1,276 EBITDA 2024 restated Acea Energia contribution FY High Voltage contribution 1H EBITDA 2024 restated EBITDA 2025 guidance +6%/+8% 1,428 1
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19 Agenda Market Environment and 1H2025 delivery 1H 2025 Results Appendix 2025 Guidance
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20 20 SUSTAINABILITY RATING "EE+" "B" Ma nagement "Leader ESG Identit y" 15,5 (low risk) "A" B - (st atus PRIME) 64/100
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21 CONSOLIDATED INCOME STATEMENT AS AT 30/06/25 Consolidated Income Statement (€/000) 30 June 2025 30 June 2024 Increase/(Decrease) Sales and service revenues 1,375,171 1,349,420 25,751 Other operating income 86,513 54,505 32,008 Consolidated net revenue 1,461,684 1,403,925 57,759 Staff costs 160,176 146,999 13,177 Cost of materials and overheads 592,875 604,304 (11,429) Consolidated operating costs 753,051 751,303 1,749 Net profit/(loss) from commodity risk management 0 0 0 Profit/(loss) on non-financial investments 22,726 2,536 20,190 Gross Operating Profit 731,359 655,158 76,200 Net impairment losses/(reversals of impairment losses) on trade receivables 38,949 32,109 6,840 Amortisation, Depreciation and Provisions 314,847 325,388 (10,540) Operating Profit/(Loss) 377,562 297,662 79,901 Finance income 15,600 24,707 (9,107) Finance costs (78,893) (81,755) 2,862 Profit/(Loss) on investments 261 734 (473) Profit/(Loss) before tax 314,530 241,348 73,183 Income tax expense 97,693 73,606 24,087 Net Profit/(Loss) 216,837 167,742 49,095 Net Profit/(Loss) from Discontinued Operations 32,972 24,916 8,056 Net Profit/(Loss) 249,809 192,658 57,151 Net Profit/(Loss) attributable to non-controlling interests 23,192 20,953 2,239 Net Profit/(Loss) attributable to the Group 226,617 171,705 54,912 Earnings/(Loss) per share attributable to owners of the Parent Basic 1.06410 0.80626 0.25785 Diluted 1.06410 0.80626 0.25785 Earnings/(Loss) per share attributable to owners of the Parent net of Treasury Shares Basic 1.06619 0.80784 0.25835 Diluted 1.06619 0.80784 0.25835
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22 CONSOLIDATED BALANCE SHEET AS AT 30/06/25 Consolidated Statement of Financial Position (€/000) 30 June 2025 31 December 2024 Increase/(Decrease) Property, plant and equipment 3,468,516 3,363,465 105,051 Investment property 9,958 9,711 248 Goodwill 192,698 241,041 (48,343) Concessions and infrastructure rights 4,176,552 3,999,275 177,276 Intangible assets 284,396 417,231 (132,835) Right-of-use assets 90,002 93,267 (3,265) Investments in unconsolidated subsidiaries and associates 508,105 488,089 20,015 Other investments 2,473 7,990 (5,516) Deferred tax assets 178,857 218,801 (39,944) Financial assets 48,191 39,553 8,637 Other non-current assets 834,358 852,079 (17,721) Non-current assets 9,794,106 9,730,502 63,604 Inventories 137,516 122,556 14,961 Trade receivables 882,397 1,027,608 (145,212) Other current assets 422,130 438,259 (16,130) Current tax assets 58,809 9,436 49,373 Current financial assets 162,328 186,801 (24,473) Cash and cash equivalents 332,897 513,476 (180,579) Current assets 1,996,076 2,298,136 (302,060) Non-current assets held for sale 795,318 181,320 613,998 TOTAL ASSETS 12,585,501 12,209,958 375,542 30 June 2025 31 December 2024 Increase/(Decrease) Share capital 1,098,899 1,098,899 0 Legal reserve 178,410 167,986 10,425 Other reserves 388,092 396,666 (8,574) Retained earnings/(accumulated losses) 637,486 509,935 127,552 Net profit/(loss) for the year 226,617 331,620 (105,003) Total equity attributable to the Group 2,529,504 2,505,105 24,399 Equity attributable to non-controlling interests 379,898 370,462 9,436 Total equity 2,909,402 2,875,567 33,835 Staff termination benefits and other defined-benefit obligations 72,271 77,609 (5,339) Provisions for liabilities and charges 289,638 234,099 55,539 Borrowings and financial liabilities 5,047,419 4,895,268 152,151 Other non-current liabilities 781,209 744,195 37,014 Non-current liabilities 6,190,536 5,951,171 239,365 Borrowings 951,731 758,611 193,121 Trade payables 1,433,300 1,872,451 (439,152) Tax liabilities 25,345 40,821 (15,476) Other current liabilities 591,534 699,576 (108,042) Current liabilities 3,001,910 3,371,459 (369,549) Liabilities related directly to assets held for sale 483,653 11,761 471,892 TOTAL LIABILITIES AND EQUITY 12,585,501 12,209,958 375,542
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Q& 1H 2025 Results People for sustainable infrastructure
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24 THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE CURRENT VIEWS OF THE MANAGEMENT WITH REGARD TO FUTURE EVENTS AND THE FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND THE GROUP. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS. BECAUSE THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES, ACTUAL FUTURE RESULTS OR PERFORMANCE MAY MATERIALLY DIFFER FROM THOSE EXPRESSED HEREIN DUE TO ANY NUMBER OF DIFFERENT FACTORS, MANY OF WHICH ARE BEYOND THE ABILITY OF ACEA S.P.A. TO CONTROL OR ESTIMATE PRECISELY, INCLUDING CHANGES IN THE REFERENCE REGULATORY FRAMEWORK, FUTURE MARKET DEVELOPMENTS, FLUCTUATIONS IN THE PRICE AND AVAILABILITY OF FUEL AND ENERGY AND OTHER RISKS. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS DOCUMENT, WHICH ARE MADE ONLY AS OF THE DATE OF PUBLICATION HEREOF. ACEA S.P.A. DOES NOT UNDERTAKE ANY OBLIGATION TO PUBLICLY RELEASE ANY UPDATES OR REVISIONS TO THE AFORESAID FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE OF THIS PRESENTATION. THIS PRESENTATION DOES NOT CONSTITUTE A RECOMMENDATION REGARDING THE PURCHASE OF SECURITIES ISSUED BY ACEA S.P.A., NOR DOES IT CONTAIN AN OFFER TO SELL OR A SOLICITATION TO OFFER TO BUY SECURITIES ISSUED BY ACEA S.P.A. OR ANY OF ITS SUBSIDIARIES. *** PURSUANT TO ART. 154-BIS, SECTION 2, OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998, THE EXECUTIVE RESPONSIBLE FOR ACEA’S FINANCIAL REPORTING, PIER FRANCESCO RAGNI – CHIEF FINANCIAL OFFICER OF THE COMPANY - DECLARES THAT THE ACCOUNTING INFORMATION CONTAINED HEREIN IS CONSISTENT WITH THE UNDERLYING ACCOUNTING RECORDS. DISCLAIMER 24