Slides
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ROME, 13 NOVEMBER 2025 9M 2025 Results People for sustainable infrastructure
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1 Agenda Market Environment 9M 2025 Results Appendix 2025 Guidance
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2 2 Interest rates5 Commodity prices and Inflation Regulation • Water: Technical and Contractual Quality Incentives for over 36mln€ recognized to the ACEA Group by ARERA over 2022- 2023, of which 22mln€ to fully consolidated companies1. • MTI-4 tariff approvals by local authorities completed in 2024, those by ARERA are underway. Consultations for the two-year period of MTI-42 have begun. 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). In July, the request regarding network losses was accepted. No activation of the trigger for the 20263 allowed return. • 9M 2025 energy price (SNP) rising to 117€/MWh (+14€/MWh vs 9M 2024). • 9M 2025 gas price (PSV) rising to 41€/MWh (+7€/MWh vs 9M 2024). • September inflation -0.2% on a monthly basis and +1.6% on a trend basis4. The following rates were reported, on average, in 9M 2025: • Euribor 6M 2.2% vs 3.7% in 9M 2024; • MidSwap 8Y 2.5% vs 2.7% in 9M 2024. The ECB performed 4 deposit rate cuts of 25 bps each in 9M 2025. 1. ARERA Resolution 277/2025/R/idr dated June 24, 2025. | 2. ARERA Consultation Document 471/2025/R/idr dated October 28, 2025. | 3. ARERA Resolution 476/2025/R/com dated November 4, 2025. | 4. Istat data, NIC index. | 5. Analysis based on Bloomberg data as of September 30, 2025. REGULATORY AND MARKET ENVIRONMENT T H E P R O C E S S F O R T H E T W O-Y E A R U P D AT E O F TA R I F F S F O R T H E I N T E G R AT E D W AT E R S E R V I C E H A S S TA R T E D
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3 Agenda Market Environment 9M 2025 Results Appendix 2025 Guidance
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4 EBITDApro-forma was 1,084mln€, + 84mln€ (+8%) vs 9M 2024 thanks to organic growth and the awarding of incentives for the technical and contractual quality of the integrated water service (~25mln€). OrganicEBITDApro-forma3 was 1,069mln€, +96mln€ (+10%) vs 9M 2024 mainly driven by the growth of Water Italy, Grids and Public Lighting, and Generation businesses. 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%). 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. 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. R E S U L T S S H O W A S T R O N G G R O W T H C O M P A R E D T O 2 0 2 4 R E G U L A T E D E B I T D A S T A N D S A T 9 5 % EBITDA pro-forma +10%vs. 9M 2024 excluding one-offs and changes in scope RegulatedEBITDA 95% Net profit+8% vs. 9M 2024 excludingone-offs CAPEX +2%vs. 9M 2024 net of public grants RegulatedCAPEX 95% Net Debt/EBITDA LTM pro-forma4 3.39x Revenues pro-forma +7%vs. 9M 2024 HIGHLIGHTS 9M 2025 1 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; further details are available in the following slide. 2 2 Note: Any failure to reconcile the stated figures arises exclusively from rounding
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5 4,343 4,693 OVERVIEW OF 9M 2025 RESULTS O R G A N I C E B I T D A + 1 0 % , N E T D E B T / E B I T D A LT M P R O- F O R M A I N L I N E W I T H T H E G U I D A N C E EBITDA pro -forma 1, mln€ CAPEX, mln€ Net Income , mln€ NET DEBT 4, mln€ Changes in scope and non-recurring events Grant-funded STRENGTHENING THE ROLE OF INFRASTRUCTURE OPERATOR. Regulated businesses represent approximately 95% of the Group's EBITDA Pro-forma LTM NET DEBT/EBITDA ratio at 3.39x considering the collection of the proceeds from the sale of ACEA Energia. The ratio is in line with the guidance. 95% 95% 9M 2024 9M 2025 Net regulated Capex2,3 5 Dic. 2024 9M 2025 Pro-forma Net Debt/EBITDA LTM5 4,944 5,083 601 HV disposal (2024) and future cash-in related to the sale of AE Regulated EBITDA2 96% 95% 973 1,069 1527 1,000 9M 2024 9M 2025 +96 (+10%) 1,084 REVENUES pro-forma1 2,061 2,208 Capex related to the divested business (discontinued operations) and to AdF in 2024 +140 (+3%) 1. Revenues and EBITDA do not include the results of ACEA Energia’s scope subject to disposal (reclassified under Discontinued Operations). Revenues are net of the results of equity-consolidated companies. For pro-forma results, see note on page 4. | 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment. | 3. Percentage net of the ACEA Energia perimeter subject to disposal and, in 2024, of AdF investments. | 4. Net Debt does not include the net financial debt of Umbria Energy, represented under “Discontinued Operations.”| 5 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. LTM EBITDA assuming the pro-forma value net of HV. The reported Net Debt/EBITDA ratio is 3.62x for Dec. 2024 and 3.61x for 9M 2025. 3.39x3.34x Pro-forma Net Debt Changes in scope and non-recurring events 391 278 301 7 +23 (+8%) 9M 2024 9M 2025 415 285 114 752 776 123 167 952 1,010 +13 (+2%)77 67
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6 1,000 973 1,069 1,084 Change in scope and non-recurring events 9M 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 9M 2024 EBITDA pro-forma Change in scope and non-recurring events Recurring EBITDA pro-forma 9M 2024 Organic growth Recurring EBITDA pro-forma 9M 2025 EBITDA pro -forma, mln€ Change in scope and non-recurring events 9M 2024 (-27mln€), of which: ➢ Recognition of past tariff items in the water sector (-24mln€) ➢ Release of tariff relief fund (-17mln€) ➢ Others (+14mln€) A 1. Pro-forma 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). GENERATION 9M 2025 EBITDA pro-forma WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES2 57% 32% 6% 4% 1% (95%1) Change in scope and non-recurring events 9M 2025 (+15mln€), of which: ➢ Water quality incentives (+25mln€) ➢ Other minor items (-10mln€) B 9M 2025 EBITDA pro-forma Energy scenario 617 1,084 67 49 8 343 B (27) +10% A 82 1514
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7 9M 2025 NET PROFIT NET PROFIT, mln€ 9M 2024 Net Profit Operational management Financial management 9M 2024 recurring net profit 9M 2025 recurring Net profit 9M 2025 Net profit Non- recurring events Non- recurring events Non-recurring events 9M 2024 (-7mln€), of which: ➢ Recognition of past tariff items in the water sector (-15mln€) ➢ Others (+8mln€) Non-recurring events 9M 2025 (+114mln€) of which: ➢ HV disposal effect and stop of depreciation IFRS 5 (+116mln€) ➢ Water quality incentives (+14mln€) ➢ Others (-16mln€) B A 8 % G R O W T H I N O R G A N I C N E T P R O F I T V S 2024 285 278 301 415 (7) 26 (3) 114 A +8% B
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8 9M 2025 CAPEX CAPEX 2, mln€ GENERATION 9M 2025 CAPEX WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES4 59% 25% 5% 2% 9% • RECLAMATION AND EXPANSION OF WATER AND SEWER PIPES • EXTRAORDINARY MAINTENANCE OF PLANTS AND NETWORKS • INTERVENTIONS ON PURIFICATION SYSTEMS • MAJOR PROJECTS CO- FINANCED BY THE NRRP • UPGRADE OF THE LV GRID • WORK ON PRIMARY AND SECONDARY SUBSTATIONS • INSTALLATION OF 2G METERS • PHOTOVOLTAIC PLANTS • ACEA ENERGIA • CORPORATE: IT PROJECTS • EXPANSION AND REVAMPING OF THE PLASTIC TREATMENT PLANT (89%)3 F O C U S O 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 T95% 1 O F T H E T O TA L 1. Percentage net of investments of ACEA Energia perimeter subject to disposal. | 2. Gross of grant-funded capex equal to 167mln€ | 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. 59% 25% 5% 2% 9% 593 1,010 54 21 86 256
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9 9M 2025 CASH FLOW CASH FLOW, mln€ 9M 20251 Operating FCF (+19mln€) benefits, among others, from cash generation associated with Working Capital in the third quarter of 2025 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 1,161 (133) (100) (9) (104) 814 (829) (16) (100) (61) (187) (364) (14) (8) (386) (76) (17) 35 (21) 60 (19) 54 36 2 2 (15) 24 224 (2) 246∆ 9M 2025 VS 9M 2024 9M 20242 1. Does not include cash flows from the ACEA Energia perimeter reclassified to discontinued activities . | 2. 2024 Cash Flow includes the ACEA Energia perimeter reclassified to discontinued operations in 2025. | 3. It does not include capex related to the perimeter subject to disposal. | 4. It includes the proceed from the sale of the High Voltage grid to Terna (227mln€). Taxes Dividends Cash flow before M&A and IFRS 16 EBITDA M&A 4 IFRS 16 Total Cash Flow Change in WC LT regulatory receivables Equity accounted companies Change in provisions and other Operating CF before Capex Net Capex3 Operating FCF Financial income/ (charges) 1,084 795 19 (340) (140) (98) (202) (776) (151) (60) (65) (30) (44) 210 (10)
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10 9M 2025 FINANCIAL STRUCTURE «B a a 2» P o s i t i v e O u t l o o k 80% 2.04% 4.5 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 mln€ DEC 24 9M 25 ∆ 9M 25 vs DEC 24 Pro-forma NET DEBT1 4,343 4,693 350 Long-term debt 4,970 5,481 Short-term debt 499 137 Cash and cash equivalents pro- forma1 (1,126) (925) PRO-FORMA NET DEBT/EBITDA LTM 30/09/2025 PRO-FORMA NET DEBT/EBITDA 31/12/2024 3.39x 3.34x NET DEBT DEC 2024-9M 2025 mln€ Debt structure (maturity and interest rates as at 30/09/2025) DEBT FALLING DUE BY 2025 80% 20% FEBRUARY 2025 • Drawing on a 500mln€ ceiling granted by the EIB for areti investments, two new loans were signed for a total of 180mln€, of which a direct loan of 125mln€ (disbursed in 1Q 2025) and a guaranteed loan of 55mln€ by SACE (not disbursed). • 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 5. | 2. Maturities refer to Acea S.p.A. P R O- F O R M A LT M N E T D E B T / E B I T D A R AT I O I N L I N E W I T H T H E G U I D A N C E , A V E R A G E C O S T O F D E B T 2 . 0 4 % 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). 99% 1% 116116 116 500 700 500 500 600 700 641 42 54 224 178 292 116 116 116 42 2026 54 2027 224 2028 178 2029 292 2030 116 2031 2032 Oltre LoansBonds 2025 16 542 754 724 678 892 816 641 116 116 2033 AUGUST – SEPTEMBER 2025 Two new loans have been signed and disbursed by the EIB for a total of 150mln€, including a 60mln€ loan for investments of areti and a 90mln€ loan for investments of ACEA Ato2. JULY – SEPTEMBER 2025 • During 3Q 2025, three bilateral banking lines were subscribed and disbursed for a total of 350mln€. • 300mln€ green bond repaid at maturity.
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11 1. It includes the gas distribution business | 2. Value gross of grants and proportionate RAB for the companies consolidated at equity; the RAB of AdF is equity accounted Pro -forma Revenues, mln€ Grant-funded Capex, mln€ Pro -forma EBITDA, mln€ RAB, bn€ WATER ITALY1: ORGANIC EBITDA GROWTH +8% 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 vs 9M24 (+42mln€): Tariff growth (fully consolidated companies, net of pass-through charges) Operational Efficiencies Higher results of companies consolidated with the equity method 9M 2025Organic growth 9M 2024 Changes in scope and non-recurring events RAB 2 31/12/2024: 4.8bn€ Changes in scope and non-recurring events Recurring 9M 2024 Recurring 9M 2025 Changes in scope and non-recurring events 1,031 +66 (+7%) 9M 2024 9M 2025 20 1,011 22 1,077 1,099 565 548(17) 42 590 27 617 +8% 9M 2024 9M 2025 412 473 31 120120 +29 (+7%) 563 593 AdF related Investments
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12 GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH+9% O R G A N I C D E V E L O P M E N T S U P P O R T E D B Y R A B G R O W T H -12 (-6%) 225 256 1. Gross of grants Total Electricity Distributed, GWh Number of PODs , ‘ 000 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 RAB, bn€ Growing EBITDA vs 9M 2024 (+29mln€): Higher RAB WACC reduction from 6.0% to 5.6% 2G power meters installed in 9M 2025: ~ 184K EBITDA, mln€Pro -forma Revenues, mln€ Capex, mln€ 6,973 1,6771,667 7,054 9M 2024 9M 2025 RAB 1 31/12/2024: 3.1bn€ Organic growth Recurring 9M 2024 47 Grant-funded Recurring 9M 2025 Changes in scope and non-recurring events 209222 3 Changes in scope and non-recurring events Changes in scope and non-recurring events +57 (+11%) 9M 2024 9M 2025 529 586 (8) 577 328 323(5) 29 (9) +9% 352 343
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13 ENVIROMENT: EBITDA GROWTH OF 3% COMPARED TO 2024 185 203 1,248 1,198 -28 (-34%) Treatment and disposal , Kton WTE electricity sold, GWh/y Pro -forma Revenues , mln € EBITDA , mln € Capex, mln€ Changes in scope and non-recurring events 9M 2024 9M 2025 9M 2024 9M 2025 82 54 Growing EBITDA vs 9M24 (+2mln€): Higher volumes treated by WTE plants Lower margins on recycling I N C R E A S E I N V O L U M E S T R E AT E D B Y W T E P L A N T S 9M 2024 9M 2025 272 279 +11 (+4%) 267 9M 2024 9M 2025 (4) (4) 283 66 68 672 2 70 (3) +3% 9M 2024 9M 2025Recurring 9M 2024 Changes in scope and non-recurring events Organic growth Recurring 9M 2025 Changes in scope and non-recurring events
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14 30 32 2 17 49 GENERATION: ORGANIC EBITDA +54% DUE TO PRICES AND VOLUMES P H O T O V O LTA I C G R O W T H C O N T I N U E S : I N S TA L L E D C A P A C I T Y R E A C H E D 2 0 0 M W 15 21 84 +17 (+25%) +6 (+40%) Pro -forma Revenues, mln€ Capex, mln€ EBITDA, mln€ 9M 2024 9M 2025 231 272 114 119 140 211 photovoltaic thermoelectric hydroelectric 602 485 T otal energy output, GWh 9M2024 9M 2025 Growing EBITDA vs 9M24 (+17mln€): Higher prices on the energy markets (SNP +14€/MWh vs 9M 2024) Higher volumes (+24% vs 9M2024) 200 MW of installed photovoltaic capacity reached +54% Energy scenario and higher volumes produced 9M 2024 9M 2025 9M 2024 9M 2025 Changes in scope and non- recurring events Recurring 9M 2024 67
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15 Agenda Market Environment 9M 2025 Results Appendix 2025 Guidance
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16 2025 GUIDANCE: UPWARD REVISION 2025 pro -forma EBITDA GUIDANCE, mln€ ✓ EBITDA pro -forma ✓ 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 NEW 2025 GUIDANCE THE 2025 GUIDANCE: ✓ does not include the contribution of HV in the fourth quarter of the year at an EBITDA level ✓ includes technical and contractual quality incentives of approximately 25mln€ at an EBITDA level ✓ envisages the equity consolidation of Acquedotto del Fiora for the entire year ✓ the NET DEBT/EBITDA pro-forma ratio includes the collection of the consideration for the disposal of Acea Energia 16 (164) 17 1,281 EBITDA 2024 restated Acea Energia contribution FY High Voltage contribution 9M EBITDA 2024 restated EBITDA pro-forma 2025 guidance +8%/+10% 1,4281 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 ✓ EBITDA pro -forma +8%/+10% vs 2024 restated EBITDA PREVIOUS 2025 GUIDANCE ✓ CAPEX ✓ Pro -forma NET DEBT/EBITDA ~1.6bn€ of which ~1.2bn€ net of subsidies 3.4/3.5x
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17 Agenda Market Environment 9M 2025 Results Appendix 2025 Guidance
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18 18 SUSTAINABILITY RATING "EE+" "B" Ma nagement "Leader ESG Identit y" 20.4 (m e d i u m r i s k ) "A" B - (st atus PRIME) 64/100
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19 CONSOLIDATED INCOME STATEMENT AS AT 30/09/25 Consolidated Income Statement (€/000) Reported €000 30 September 2025 30 September 2024 Increase/ (Decrease) Increase/ (Decrease)% Sales and service revenues 1,946,389 1,907,196 39,193 2.1% Other operating income 129,552 111,329 18,223 16.4% Consolidated net revenue 2,075,941 2,018,525 57,416 2.8% Staff costs 243,137 227,144 15,993 7.0% Cost of materials and overheads 795,903 732,312 63,591 8.7% Consolidated operating costs 1,039,040 959,456 79,584 8.3% Net profit/(loss) from commodity risk management 0 0 0 n.s. Profit/(loss) on non-financial investments 34,109 9,077 25,031 n.s. Gross Operating Profit 1,071,010 1,068,147 2,863 0.3% Net impairment losses/(reversals of impairment losses) on trade receivables 70,885 50,889 19,996 39.3% Amortisation, Depreciation and Provisions 524,843 505,194 19,650 3.9% Operating Profit/(Loss) 475,282 512,064 (36,783) (7.2%) Finance income 21,327 31,803 (10,476) (32.9%) Finance costs (116,880) (126,383) 9,503 (7.5%) Profit/(Loss) on investments 109,674 1,106 108,567 n.s. Profit/(Loss) before tax 489,402 418,591 70,811 16.9% Income tax expense 129,667 118,652 11,015 9.3% Net Profit/(Loss) from continuing operations 359,735 299,939 59,796 19.9% Net Profit/(Loss) from Discontinued Operations 84,799 15,950 68,849 n.s. Net Profit/(Loss) 444,533 315,889 128,645 40.7% Net Profit/(Loss) attributable to non-controlling interests 29,326 30,903 (1,577) (5.1%) Net Profit/(Loss) attributable to the Group 415,207 284,986 130,222 45.7% Pro-forma €000 30 September 2025 30 September 2024 Increase/ (Decrease) Increase/ (Decrease)% Sales and service revenues 2,077,506 1,952,517 124,989 6.4% Other operating income 130,708 108,372 22,336 20.6% Consolidated net revenue 2,208,214 2,060,889 147,325 7.1% Staff costs (243,145) (214,284) (28,860) 13.5% Cost of materials and overheads (915,280) (859,711) (55,569) 6.5% Consolidated operating costs (1,158,425) (1,073,995) (84,430) 7.9% Net profit/(loss) from commodity risk management 0 0 0 n.s. Profit/(loss) on non-financial investments 34,109 13,422 20,686 154.1% Gross Operating Profit 1,083,898 1,000,316 83,582 8.4% Net impairment losses/(reversals of impairment losses) on trade receivables (70,885) (50,380) (20,506) 40.7% Amortisation, Depreciation and Provisions (524,843) (524,843) 0 0.0% Operating Profit/(Loss) 488,170 475,413 12,757 2.7% Finance income 24,337 32,519 (8,182) (25.2%) Finance costs (121,545) (125,552) 4,007 (3.2%) Profit/(Loss) on investments 109,674 1,143 108,530 n.s. Profit/(Loss) before tax 500,635 383,523 117,111 30.5% Income tax expense (129,667) (115,263) (14,405) 12.5% Net Profit/(Loss) from continuing operations 370,967 268,261 102,707 38.3% Net Profit/(Loss) from Discontinued Operations 73,566 42,082 31,484 74.8% Net Profit/(Loss) 444,533 310,343 134,191 43.2% Net Profit/(Loss) attributable to non-controlling interests 29,326 25,357 3,969 15.7% Net Profit/(Loss) attributable to the Group 415,207 284,986 130,222 45.7%
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20 CONSOLIDATED BALANCE SHEET AS AT 30/09/25 Consolidated Statement of Financial Position (€/000) 30 September 2025 31 December 2024 Increase/(Decrease) Property, plant and equipment 3,487,423 3,363,465 123,958 Investment property 9,875 9,711 164 Goodwill 192,806 241,041 (48,234) Concessions and infrastructure rights 4,332,814 3,999,275 333,539 Intangible assets 279,145 417,231 (138,087) Right-of-use assets 89,008 93,267 (4,259) Investments in unconsolidated subsidiaries and associates 518,111 488,089 30,022 Other investments 2,473 7,990 (5,516) Deferred tax assets 193,740 218,801 (25,061) Financial assets 32,359 39,553 (7,195) Other non-current assets 841,719 852,079 (10,360) Non-current assets 9,979,473 9,730,502 248,971 Inventories 147,866 122,556 25,311 Trade receivables 900,455 1,027,608 (127,153) Other current assets 405,282 438,259 (32,978) Current tax assets 64,966 9,436 55,530 Current financial assets 149,076 186,801 (37,725) Cash and cash equivalents 524,291 513,476 10,815 Current assets 2,191,936 2,298,136 (106,200) Non-current assets held for sale 576,527 181,320 395,207 TOTAL ASSETS 12,747,936 12,209,958 537,978 30 September 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 388,952 396,666 (7,714) Retained earnings/(accumulated losses) 632,637 509,935 122,702 Net profit/(loss) for the year 415,207 331,620 83,588 Total equity attributable to the Group 2,714,105 2,505,105 209,000 Equity attributable to non-controlling interests 385,005 370,462 14,543 Total equity 3,099,110 2,875,567 223,543 Staff termination benefits and other defined-benefit obligations 70,627 77,609 (6,982) Provisions for liabilities and charges 370,223 234,099 136,125 Borrowings and financial liabilities 5,479,832 4,895,268 584,564 Other non-current liabilities 828,977 744,195 84,782 Non-current liabilities 6,749,659 5,951,171 798,489 Borrowings 276,994 758,611 (481,617) Trade payables 1,522,473 1,872,451 (349,979) Tax liabilities 21,316 40,821 (19,505) Other current liabilities 594,176 699,576 (105,400) Current liabilities 2,414,959 3,371,459 (956,501) Liabilities related directly to assets held for sale 484,208 11,761 472,447 TOTAL LIABILITIES AND EQUITY 12,747,936 12,209,958 537,978
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Q& 9M 2025 Results Persone per infrastrutture sostenibili
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22 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 22