Slides
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1 Investor Presentation 14 September 2026 People for sustainable infrastructure
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2 2 Agenda Company Overview and Financial Results ESG Strategy and key highlights Appendix
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3 3 Agenda Company Overview and Financial Results ESG Strategy and key highlights Appendix
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4 ACEA: INFRASTRUCTURAL OPERATOR WITH LOW LEVERAGE ENVIRONMENT ELECTRICITY WATER Mln people served in Italy (20mln including foreign countries)10 Mln tons of waste treated1.6 PRODUCTION MW of installed capacity, including 280 from renewables390 Mln PODs in Rome, the largest city grid in Europe (over 32,000 km)1.7 400+ ENGINEERING Engineers with distinctive technical skills 1 Includes, on top of the regulated businesses Water Italy and Grids, the Public Lighting and Environment businesses. For multi-utilities, it is assumed that 100% of the EBITDA from Waste is regulated, despite part of it is aimed at industrial customers. 2025 figures. | 2. NFP does not include hybrid bonds (Terna 1.85€bn, Snam 1€bn, A2A 0.75€bn, Iren 0.5 €bn). 2025 figures. 57% 99% Not regulated Regulated Regulated EBITDA1, % of total 2.9x Multi-utilities 3.3xNFP2/ EBITDA2 5.8x Infrastructural operators Key numbers, 2025 96% 98%
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5 ACEA KEY CREDIT HIGHLIGHTS Leading Italian infrastructure operator Italy's largest provider of integrated water and a key player in electricity distribution Diversified and predominantly regulated business mix (95% of EBITDA) Solid financial profile supporting ambitious investment plan forming the basis for growth Established and supportive regulatory framework underpinning outstanding profitability
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6 GREEN DILIGENT GROWTH: STRATEGY & FRAMEWORK GREEN DILIGENT GROWTH Focus on regulated infrastructure businesses by strengthening positioning and expanding into adjacent segments ESG across businesses People at the center Operation excellence with strong cost and investment discipline to sustain cash generation Optimization of financial structure and capital allocation Capex increase (also in innovation) Shareholder value growth (RAB/ Net Profit/ Dividends) FRAMEWORK
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7 REGULATORY AND MARKET ENVIRONMENT W A C C F O R R E G U L AT E D B U S I N E S S E S S U B S TA N T I A L LY I N L I N E W I T H 2 0 2 5 Tariff approvals under MTI-4 have been completed by local authorities, and ARERA has almost finalized the approval process for all Group operations. 2026– 2029 tariff updates in progress. On 11 June 2026, the ECB raised the deposit facility rate to 2.25% , reflecting a rebound in inflation driven by recent geopolitical developments. Consequently, interest rates are on an upward trend. WATER Water WACC 2026 6.06% ▼ vs 6.13% in 2025 Provisional reference tariff for 2026 published under Resolution 224/2026/R/eel on 26 June 2026. Final 2024 reference tariff was published under Resolution 106/2026/R/eel on 2 April 2026. Electric WACC 2026 5.6% ▬ flattish vs 2025 ENVIRONMENT Environment WACC 2026 6.1% ▼ vs 6.6% in 2025 2026–2029 tariff updates in progress. Electricity Price (SNP) — 1H 2026 127€/MWh Gas Price (PSV) — 1H 2026 44€/MWh ▲ +1€ vs 1H 2025 Consumer prices (NIC) — 1H 2026 +2.2% ▲ vs 1H 2025 Inflation source: ISTAT; commodity prices source: GME; interest rates source: Bloomberg. ▲ +7€ vs 1H 2025 Euribor 6M 2.4% MidSwap 8Y 2.9% ▲ vs 2.4% in 1H 2025 ▲ vs 2.3% in 1H 2025 Interest rates Commodity prices and Inflation Regulation GRIDS 7
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8 E B I T D A + 4 % I N L I N E W I T H F Y G U I D A N C E S I Z E A B L E N E T P R O F I T I N C R E A S E Highlights 1H 20261 1. In accordance with IFRS 5, Acea Energia is classified as a "discontinued operation" in 1H26 results as the divestment was completed on April 10, 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, “Profit/(loss) from discontinued operating activities". To provide a more meaningful analysis of the Acea Group's financial performance, Acea's pro forma consolidated income statements for the periods ended June 30 2026 and 2025 (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 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. In particular, regarding the elimination of intercompany balances between continuing operations and discontinued operations, the following pro forma adjustments have been made: i) 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). For 1H26, reported revenues and EBITDA reached 1.537 €m and 708 €m, respectively. Please note that, compared with June 2025, the disposal perimeter of ACEA Energia has been redefined (e.g., the regulated market has been excluded). As a result, the pro forma results for discontinued operations and, consequently, those for continuing operations differ from the figures published in the 1H25 Financial Report. | 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 LTM EBITDA pro-forma does not include the divested activities and is adjusted for Aquanexa acquisition on a 12-month basis. Further details are available in the following slide. Pro-forma revenues were 1.6€bn of which approximately 1.2€bn related to regulated businesses, in line with the 1H 2025 pro-forma. Revenues +4% ▲ vs 1H 2025·pro-forma Organicpro-forma EBITDA3 at719€m, +30€m(+4%) vs 1H 2025 driven by the growth in regulated activities. Pro-forma EBITDA at721€m down vs 1H 2025(-14€m) mainlydue to the change in the perimeter related to the 2025 asset rotation. EBITDA +4% ▲ vs organic 1H 2025 vs 1H 2025· pro-forma 95% regulated2 -2% ▼ (∆ perimeter M&A) Net profit +16% ▲ +101% ▲ (capital gain) vs organic 1H 2025 vs 1H 2025 reported Organic Net income3 at 176€m, +24€m (+16%) vs 1H 2025 also thanks to the growth in operating results of the regulated businesses. Net income at 454€m, +228€m (+101%) vs 1H 2025. The result benefited from the capital gain related to the disposal of ACEA Energia. CAPEX in line vs 1H 2025 91% regulated2 Capex net of public contributions to 570€m (in line vs 1H 2025). Including investments made with the support of public grants, total capex reached 663€m (in line vs 1H 2025). NFP/EBITDA LTM 3.64x pro-forma4 Operating free cashflow at -58€m. The achieved results confirm a solid financial structure with pro-forma Net Debt/EBITDA LTM to 3.64x. 8
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9 9 573 570 95 93 4,567 5,180 OVERVIEW OF 1H 2026 RESULTS S O L I D P E R F O R M A N C E I N L I N E W I T H F Y G U I D A N C E , S I Z E A B L E N E T P R O F I T I N C R E A S E 152 176 53 PRO -FORMA EBITDA 1, €m CAPEX, €m Net income , €m NET DEBT 6, €m One-offs Grant-funded REGULATED ACTIVITIES REPRESENT approx. 95% of consolidated EBITDA. ORGANIC EBITDA INCREASED BY 4%, in line with FY guidance. Pro-forma NET DEBT/EBITDA LTM to 3.64x, in line with FY guidance. 668 663 -3 (-1%) 84% 91% 1H 2025 1H 2026 +24 (+16%) 1H 2025 1H 2026 Regulated net Capex3,4 454 FY 2025 1H 2026Pro-forma Net Debt/EBITDA LTM7 4,963 5,180 396 Pro-forma effect of the AE deal Regulated EBITDA3 94% 95% 689 719 735 1H 2025 1H 2026 +30 (+4%) 721 Pro-forma Revenues1,2 1,524 +217 (+4%) 227 3.64x3.27x Net Debt pro-forma One-offs 1,555 21 Changes in scope5 (10) 288 1. Revenues and EBITDA do not include the results of ACEA Energia’s scope subject to disposal (reclassified under Discontinued Operations). | 2. Revenues net of results of companies accounted at equity. For pro-forma results, see note in pag. 8. | 3. Includes, in addition to the Water Italy and Grids regulated businesses, the Public Lighting and Environment businesses. | 4. Percentage net of investments of the ACEA Energia perimeter subject to sale. | 5. EBITDA includes: (i) 1H2025 results of asset divested during 2025 (HV and PV) and Publiacqua; (ii) Aquanexa in 1H26 . Net income includes: (i) 1H2025 results of asset divested during 2025 (HV and PV), Publiacqua and the result from discontinued operations related to the divested ACEA Energia business; (ii) 1H2026 includes the capital gain from the disposal of ACEA Energia, ACEA Energia's 1Q 2026 results (including discontinued operations income and the suspension of D&A), and Aquanexa's result . | 6. The AE perimeter subject to disposal is classified as discontinued operations in 2025. | 7. Pro-forma Net Debt considers in 2025 the effect of the collection of the proceeds for the disposal of ACEA Energia ; LTM EBITDA includes the pro-forma figure excluding HV and the PV perimeter subject to disposal and is adjusted for Aquanexa acquisition effects on a 12 months basis. The reported Net Debt/EBITDA ratio is 3.49x for Dec. 2025 and 3.68x for June ‘26. | 8. 2026 guidance: it does not include, at the EBITDA and Capex level, the results of Acea Energia subject to disposal (closing in April 2026); it includes the contribution of Aquanexa (closing in April 2026). | 9. EBITDA 2025 restated 1,365€m. 2026 Guidance8 confirmed: ✓ EBITDA +3%/+5% vs 2025 restated9 ✓ Capex ~1.5€bn (1.2€bn net of grants) ✓ Net Debt/EBITDA: 3.5/3.6x 25 4 22 Changes in scope5 (3) 9
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10 735 689 719 721 1H 2026 EBITDA E B I T D A I N C R E A S E D R I V E N B Y O R G A N I C G R O W T H I N R E G U L AT E D A C T I V I T I E S Pro -forma EBITDA, €m 423 721 GENERATION 1H 2026 EBITDA pro-forma WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES1 40 35 6 59% 30% 6% 5% 0% 217 1H 2025 EBITDA Change in scope and non-recurring events Recurring 1H 2025 EBITDA Energy scenario Organic growth Recurring 1H 2026 EBITDA Change in scope and non-recurring events 1H 2026 EBITDA 2(1)(46) +4% 31 1H 2025 Changes in scope and non- recurring events (-46€m), of which: ➢ Water quality incentives (+25€m) ➢ HV Disposal (-12€m) ➢ Publiacqua (-5€m) ➢ PV Disposal (-4€m) AB 1H 2026 Changes in scope and non- recurring events (+2€m), of which: ➢ Deco-Cirsu facility stop for revamping (-2€m) ➢ Aquanexa (+4€m) B A 1. Overseas Water, Engineering & Infrastructure Projects, Corporate and Energy Management (includes ACEA Energia business lines not included in the scope of the sale). | 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment. (95%2)
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11 1H 2025 Net Profit Operational management Financial management Recurring 1H 2025 net profit Recurring 1H 2026 Net profit 1H 2026 Net Income Change in scope and non-recurring events Change in scope and non-recurring events 227 152 176 454 (75) 25 (1) 278 A +16% B 1H 2026 NET INCOME 16 % 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 5, O U T P A C I N G E B I T D A I N C R E A S E NET PROFIT, €m 1H 2025 Changes in scope and non-recurring events (-75€m), of which: ➢ Water quality incentives (-14€m) ➢ Discontinued assets (-38€m) ➢ HV Disposal (-8€m) ➢ Publiacqua (-4€m) ➢ PV Disposal (-3€m) ➢ Other (-8€m) 1H 2026 Changes in scope and non-recurring events(+278€m), of which: ➢ AE capital gain (+256€m) ➢ Assets disposal and stop of depreciation IFRS 5 (+32€m) ➢ IRAP surcharge under the ‘Bollette’ Decree (-4€m€) ➢ Other (-6€m) B A
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12 1H 2026 CAPEX CAPEX 1, €m 1H 2026 CAPEX57% 32% 4% 2% 5% 379 663 25 15 35 209 N E T C A P E X I N L I N E W I T H 2 0 2 5 , 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 • ACEA ATO2 AND ACEA ATO5: NEW DEVELOPMENTS • ACEA MOLISE: WASTEWATER TREATMENT INTERVENTIONS • ARETI: WORKS ON LV GRID • INFORMATION AND COMMERCIAL SYSTEMS • PHOTOVOLTAIC PLANTS • CORPORATE: IT PROJECTS AND ACQUISITION OF A REAL ESTATE PROPERTY • SAN VITTORE 1. Gross of grant-funded capex equal to 93€m | 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment | 3. Overseas Water, Engineering & Infrastructure Projects, Corporate GENERATIONWATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES3 (93%)2
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13 (70) 1H 2026 CASH FLOW CASH FLOW 1, €m 1H 2026 Operating FCF (-58€m) improving vs. both 1Q2026 and 1H2025, influenced, among other factors, by the trend in investments and working capital. T H E R E S U LT S 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 735 (216) (56) (18) (51) 394 (506) (113) (67) (52) (202) (433) (17) (7) (457) (14) 105 4 19 4 119 (64) 55 (3) (21) (53) (22) 259 2 239∆ 1H 2026 VS 1H 2025 CONS 2025 1. Does not include cash flows from the ACEA Energia perimeter reclassified to discontinued activities. | 2. This item includes both the results of companies accounted for under the equity method and the dividends received by the Parent Company from such companies. Taxes Dividends Cash flow before M&A and IFRS 16 EBITDA M&A IFRS 16 Total cash flow Change in WC LT regulatory receivables Equity accounted companies2 Change in provisions and other Operating CF before Capex Net Capex Operat. FCF Financial income/ (charges) (570) (52) 1 (46) 242 (5) (217) 721 512 (58) (455) (255) (72) (111)
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14 1H 2026 FINANCIAL STRUCTURE 80% 2.16% 3.8 YEARS % FIXED RATE DEBT AVERAGE COST AVERAGE DURATION DEBT FALLING DUE AFTER 2026 FLOATING RATE FIXED RATE Leverage Rating Profile of main long-term maturities2 €m FY 25 1H 26 ∆ 1H 26 vs DEC 25 NET DEBT 4,963 5,180 217 Long-term debt 4,925 4,230 Short-term debt 736 1,501 Cash and cash equivalents (698) (551) NET DEBT/EBITDA LTM PRO-FORMA1 30/06/2026 NET DEBT/EBITDA PRO-FORMA1 31/12/2025 3.64x 3.27x NET DEBT FY 2025-1H 2026 €m Debt structure (maturity and interest rates as at 30/6/2026) DEBT FALLING DUE BY 2026 80% 20% 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 N E T D E B T / E B I T D A LT M C O N S I S T E N T W I T H F Y G U I D A N C E 90% 10% «B a a 1» S t a b l e O u t l o o k « B B B + » S t a b l e O u t l o o k (Guidance 3.5-3.6x) MARCH 2026 A new EIB financing of 190€m has been signed, relating to areti investments (not yet disbursed) 116116 116 500 700 500 500 600 700 557 27 54 224 178 294 121 121 121 121 2026 2027 2028 2029 2030 2031 2032 Beyond LoansBonds 527 754 724 678 894 821 577 121 121 2033 121 2034 MARCH 2026 Extension of the 300€m committed RCF banking facility signed through 31 July 2029 JUNE 2026 Signed a new 100€m three-year committed revolving credit facility JUNE 2026 Disbursement of the 55€m EIB loan, backed by SACE and signed in February 2025, related to investments in the networks business JUNE 2026 Successful placement of ACEA’s first 500€m Blue Bond, with a 6-year maturity, a 3.375% coupon and settlement on 2 July 2026.
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15 Agenda Acea Company Overview and Financial Results ESG strategy and key highlights Appendix
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16 Acea Sustainability Strategy INNOVATION Innovation as enabler and driver of the transition, through the deployment of advanced technologies, robotics, artificial intelligence, and IoT to develop new models for infrastructure management and resource monitoring ENVIRONMENTAL PROTECTION Continuous improvement of water quality while promoting solutions to allow ecosystems and biodiversity protection CIRCULARITY Safe, sustainable, and efficient use of water and resources, maximizing the recovery and reuse processes, with growing emphasis on critical materials RESILIENCE Flexibility and safety of infrastructures to build future-proof grids, that ensure high service quality and operational continuity, safeguarding asset value Climate change - Adaptation JUST TRANSITION An approach that ensures a fair, inclusive, and responsible transition for Acea people, the supply chain and communities, supporting the creation of value across the territories DECARBONISATION Transition toward a low-carbon model through a progressive and diversified approach, with a Net Zero commitment differentiated by business areas Climate change - Mitigation Resources Nature The pillars of our sustainability strategy represent the guiding principles for the evolution of Acea industrial model over the medium to long term, complementing decarbonization objectives with key priorities such as climate adaptation, circularity and protection of natural capital. Acea long-term strategic ambition includes specific objectives for each business along the strategic axes of the ecological transition: climate, water and waste transition towards a nature positive economy
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17 Acea Sustainability Plan Primarily focused on environmental benefits, also serving as a lever for climate change mitigation and adaptation, and aimed at enhancing the flexibility of infrastructures while improving quality of the service Developed from a perspective of corporate responsibility toward the creation of shared value, promoting the well-being and cultural growth of people, suppliers, local areas, and the broader community. Strategic Objectives • Acqueducts strategic works • Optimisation of sewage and wastewater systems • Enhancements of electric distribution grid • Grid digitisation • Leakage reduction • Water quality • Circularity • Decarbonization • Biodiversity • Employee wellbeing • Skills development • Diversity and inclusion • People engagement • Health and safety • Territorial innovation • Stakeholder engagement • Support for local communities • Sustainable procurement • Supplier health and safety Areas of Work Acea strategy in the medium term is represented by the Sustainability Plan 2024-2028, approved by the Board of Directors, that defines actions, targets and KPI in line with the group long-term objectives Supply chain evolution Centrality of people Value for the community Infrastructure resilience and security Water conservation Environmental protection
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18 Acea Sustainability Plan | Capex Breakdown 1. G ross of public contributions (e.g. P NR R ) and M&A for photovoltaic, as per 2025 G reen & Blue F inancing F ramework. BREAKDOWN OF INVESTMENTS RELATED TO SUSTAINABILITY TARGETS (1) IN 2025, INTERVENTIONS WORTH APPROXIMATELY 1€BN WERE CARRIED OUT Acea Sustainability Plan maps targets and investments for approximately 5.4€Bn - over the 7,5€Bn of the business plan Areas of Intervention 2025 Capex Capex Plan Infrastructure resilience and security 540€m 2,870€m Grid digitisation 62 299 Aqueducts strategic works 204 1,395 Optimization of sewage and wastewater systems 91 432 Enhancement of the electric distribution grid 183 744 Water protection 256€m 1,183€m Water quality 42 231 Leakage reduction 214 952 Environmental protection 218€m 1,277€m Biodiversity 68 145 Circularity of resources 108 540 Decarbonization 42 592 Value for the community 3€m 21€m Territorial innovation 3 21
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19 Use of Proceeds • Five Green & Blue Eligible Categories also included within the EU Taxonomy, the EU Environmental Objectives and the UN 2030 Agenda • Eligible categories: Water supply; Wastewater treatment and collection; Circular economy; Energy efficiency; Renewable energy. The first three categories are eligible for Blue Bonds Project Evaluation and Selection • Acea has established a Green Finance Working Group chaired by the CFO and composed by resources from Finance, Planning & Control and Sustainability teams • The Green Finance Working Group is in charge of monitoring the process of project evaluation and selection Management of Proceeds • Managed by the Green Finance Working Group • Following each issuance, Acea endeavours on a best effort basis to reach full allocation within three years of lookback and forward-looking period Reporting • Annual publication of an allocation report and an impact report Second Party Opinion • Provided by DNV (January 2025) Alignment • Alignment with Acea’s Sustainability Plan 2024-2028 and sustainability targets • Green Bond Principles (GBPs) administered by ICMA in June 2021 with June 2022 Appendix including Practitioner’s Guide published in September 2023 • Green Loan Principles (GLPs) published by the LMA – February 2023 version • Guidelines for Blue Finance developed by the IFC – January 2022 version Sustainable Finance | Acea Green & Blue Financing Framework In February 2025, Acea reinforced its leadership in sustainable finance with Italy’s first Green & Blue Financing Framework. Key figures of the first placement of the Blue Bond issued in June 2026 1st Italian public issuance in Blue format 500€m Value of the Blue Bond issued 3x Demand vs offer, showing strong attraction from institutional investors 19
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20 Sustainable Finance | Debt Breakdown The evolution of the Group’s debt composition over the past three years highlights an increasing use of market instruments dedicated to financing sustainability-oriented investments, such as Green Bonds and EIB loans. This approach complements traditional financing instruments, including conventional bonds and other loans, and supports the alignment of the capital structure with the Group’s sustainability commitments. Conventional Bonds Green Bonds EIB Loans Other Loans 28% 17% 46% 9% Debt Breakdown (Average 2023-2025) +9% (2025 vs 2023) Increase in the share of “Green Bonds” & “EIB Loans" compared with conventional financing instruments – i.e. "Conventional Bonds" & "Other Loans". -14% (2025 vs 2023) Decrease in the weight of traditional bonds & loans, contributing to greater diversification of the overall debt mix. +15% (2025 vs 2023) Increase in the share of “EIB Loans”, consistent with the Group's investment strategy aligned with the objectives of transition and infrastructure resilience Acea is committed to maintaining a solid financial structure by keeping a significant share of its debt at medium/long-term maturities and at fixed rates. This approach aims to mitigate refinancing and interest-rate risks through a balanced mix of conventional and sustainable financing instruments.
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21 Acea sustainability statement includes EU Taxonomy Disclosure with eligibility and alignment for Capex, Opex, turnover - showing a high level of alignment for all KPIs mainly for Water and Energy businesses. Business breakdown Water Electric grid OtherProduction Capex alignment Eligible Aligned Eligible but not aligned Not eligible 71% 3% 26% 68% 28% 2% 2% 1.144 €m CapEx Aligned 1.604 €m CapEx 2025 (taxonomy disclosure) 775 €m Water 324 €m Electric grid 2025 CAPEX Sustainable Finance | Alignment to EU T axonomy
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22 E S G • Definition of strategic guidelines for the Transition and Adaptation Plan with Net Zero commitment • Over 1 TWh of electricity produced, of which 63% from renewable sources • ~ 4.4 Mcm of recovered and reused water (+30% vs. previous year) covering ~ 90% of industrial water needs • Presentation of the Water Manifesto developed together with the World Economic Forum and the University of Cambridge • ~ 0.9 million Smc of biomethane produced • 312 GWh of electricity produced from waste-to-energy • ~ 226 thousand training hours provided, with a per capita average of 27 hours • 9 operating companies certified under UNI/PDR 125:2022 Gender Equality standard • T otal staff in Italy covered by certified Safety Management Systems • ~ 15,800 safety checks on construction sites for network and service maintenance contracts • Extension on a national basis of the “Acea Scuola Educazione Idrica” project, implemented in collaboration with the Ministry of Education • Partnership with Assonautica Italiana and ONTM to drive sustainable port and marina infrastructure within national and EU Blue Economy Strategies • Acea enters the top 20 of T op Employers Italia 2026 • Fondazione Acea established: water, young people and innovation at its core • Artificial Intelligence Governance Policy defined • Integrated Compliance System (Legislative Decree 231, Anti-corruption, Antitrust & Consumer Protection, Privacy) • 4,932 employees trained in anti-corruption matters EE+ A Medium risk (21.2) Prime (B-) Management (B) Climate and Water Leader ESG Ratings Key 2025-2026 ESG highlights
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23 23 Acea Company Overview and Financial Results ESG Strategy and key highlights Appendix
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24 24 Appendix 2025 Results 1H 2026 Performance Highlights Regulation
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25 1,291 1,400 38 20 FY 2025 RESULTS OVERVIEW O R G A N I C E B I T D A G R O W T H + 8 % A N D N E T D E B T / E B I T D A R AT I O B E T T E R T H A N G U I D E D 327 376 73 PRO -FORMA EBITDA 1, €m CAPEX, €m Net income , €m NET DEBT 4, €m One-offs and changes in scope Grant-funded Strengthening ACEA’s positioning as an infrastructure operator, with regulated activities representing approx. 96% of recurring consolidated EBITDA and 94% of Net Capex Strong growth in Net Profit, driven by operating performance NET DEBT/EBITDA ratio better than guided 1,4201,329 +108 (+8%) 1,082 1,172 260 1,5311,439 +61 (+5%) Regulated2 EBITDA 97% 96% 94% 94% 2,895 FY 2024 FY 2025 Net Debt/EBITDA pro-forma5 325 332 +49 (+15%) 4,368 4,582 4,9634,944 +19 (+0.4%) 3.34 3.28x FY 2024 FY 2025 FY 2024 FY 2025 Regulated net Capex2,3 20 FY 2024 FY 2025 481 Non-recurring events 38 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. 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment plus a.cities and aquantum activities. | 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 448€m, the recognized net cash of 116 €m plus dividends paid 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 227€m (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; EBITDA assumes the pro-forma value net of HV and Photovoltaic perimeter related to the divested businesses. The reported Net Debt/EBITDA ratio is 3.72x for Dec. 2024 and 3.49x for 2025. Revenues pro-forma1 Capex related to the divested business (discontinued operations), and to AdF for 2024 97 292 68 381576 Cash-in related to the sale of HV (for 2024) + future cash-in related to the sale of AE Net Debt pro-forma Capital gain, depreciation stop, provisions and other 408 2,986 25
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26 FY 2025 EBITDA E B I T D A S I G N I F I C A N T LY I N C R E A S I N G , D R I V E N B Y G R O W T H I N R E G U L AT E D A C T I V I T I E S 820 1,420 GENERATION EBITDA FY 2025WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES1 87 52 12 FY 2024 EBITDA Change in scope and non-recurring events Recurring FY 2024 EBITDA Energy scenario Organic growth Recurring FY 2025 EBITDA Change in scope and non-recurring events FY 2025 EBITDA 449 1,329 1,400 1,4201,291 207 EBITDA, €m (38) +8% 101 FY 2024 Non-recurring events (- 38€m), of which: ➢ Recognition of past tariff items in the water sector (-35€m) ➢ Other minor items (-3€m) AB FY 2025 Non-recurring events (+20mln€), of which : ➢ Water quality incentives(+25€m) ➢ Other minor items (-5€m) B 1. Overseas Water, Engineering & Infrastructure Projects, Corporate and Energy Management (includes ACEA Energia business lines not included in the scope of the sale). | 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment plus a.cities and aquantum activities. A 58% 32% 6% 3% 1% (96%2)
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27 FY 2025 CAPEX O N G O I N G D E V E L O P M E N T , V A L O R I S AT I O N A N D S T R E N G T H E N I N G O F A S S E T R E S I L I E N C E CAPEX 1, €m GENERATION FY 2025 CAPEX WATER ITALY GRIDS AND PUBLIC LIGHTING ENVIRONMENT OTHER BUSINESSES3 58% 25% 8% 2% 7 % (91%)2 891 1,531 116 33 106 385 1. Gross of grant-funded capex equal to 292mln€ | 2. Includes, in addition to the regulated Water Italy and Networks businesses, Public Lighting and Environment plus a.cities and aquantum activities. | 3. Overseas Water, Engineering & Infrastructure Projects, Corporate and ACEA Energia. • 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 • PHOTOVOLTAIC PLANTS • ACEA ENERGIA • CORPORATE: IT PROJECTS • UPGRADE OF THE MV AND LV GRID • DIGITIZATION OF SECONDARY SUBSTATIONS • WORK ON PRIMARY AND SECONDARY SUBSTATIONS • INSTALLATION OF 2G METERS • SAN VITTORE PLANT: WORKS ON LINE IV AND REVAMPING • REVAMPING OF THE PLASTIC TREATMENT PLANT
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28 28 Appendix 2025 Results 1H 2026 Performance Highlights Regulation
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29 423 (30) 393 30 423 712 763 22 309 322 67 58 733 +51 (+7%) +3 (+1%) 376 Pro -forma revenues, €m 1H 2025 1H 2026 Grant-funded Capex, €m Pro -forma EBITDA, €m 1H 2025 1H 2026 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 TA R I F F I N C R E A S E S 1H 20261H 2025 RAB 2 31/12/2025: 5.2€bn Changes in scope and non- recurring events Recurring 1H 2025 763 379 1. It includes the gas distribution business | 2. Value gross of grants and proportionate RAB for the companies consolidated at equity. Organic growth +8% Growing recurring EBITDA (+30€m): Tariff increases Growth in other revenues Change in scope and non-recurring events
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30 224 213(12) 4 1,676 1,685 4,351 4,531 364 370 12 GRIDS AND PUBLIC LIGHTING: ORGANIC EBITDA GROWTH+2% +5 (+1%) 152 174 +23 (+15%) 179 209 1. Gross of grants. Total Electricity Distributed, GWh Number of Pod , ‘ 000 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 RAB, €bn Growing EBITDA vs 1H 2025 (+4€m): Increasing RAB Operational efficiencies EBITDA, €mPro -forma revenues, €m Capex, €m 1H 2025 1H 2026 RAB 1 31/12/2025: 3.1€bn +2% Organic growth Recurring 1H 2025 376 370 Grant-funded 217 Changes in scope and non-recurring events Changes in scope and non- recurring events 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 C A P E X 3528
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31 43 40(1) 42 (2) 22 25 143 143 ENVIRONMENT: EBITDA SLIGHTLY DOWN 805 752 +3 (+14%) Treatment and disposal , Kton Pro -forma revenues, €m EBITDA, €m Capex, €m 186 178 -1 (-1%) 186 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 EBITDA slightly down (-1€m): Lower volumes treated by WTE plants V O L U M E R E D U C T I O N D U E T O T H E P L A N N E D S H U T D O W N O F S P E C I F I C P L A N T S 1H 2025 1H 2026 (7) 185 WTE electricity sold, GWh/Y Changes in scope and non-recurring events 1H 2025 1H 2026Organic growth Recurring 1H 2026 Changes in scope and non- recurring events -2%
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32 195 232 98 96 120 129 32 28(4) 7 35 GENERATION: ORGANIC EBITDA SIZEABLE GROWTH +22% H Y D R O E L E C T R I C P R O D U C T I O N + 1 9 % C O M P A R E D T O 1 H 2 0 2 5 12 15 66 +7 (+12%) +3 (+33%) Pro -forma revenues, €m Capex, €m EBITDA, €m 1H 2025 1H 2026 457413 T otal energy output, GWh 1H 2025 1H 2026 Growing EBITDA (+7€m): Higher hydroelectric volumes (+37GWh vs 1H2025) Higher PV volumes (+9GWh vs 1H2025) +22% Energy scenario and higher volumes produced 1H 2025 1H 2026 1H 2025 1H 2026 Changes in scope and non- recurring events Recurring 1H 2025 59
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33 33 Appendix 2025 Results 1H 2026 Performance Highlights Regulation
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34 Regulation W AT E R TARIFF REGIME FOR THE FOURTH REGULATORY PERIOD (MTI-4) 2024–2029 ARERA RESOLUTION: 639/2023 CONFIRMED THIRD REGULATORY PERIOD GENERAL OVERVIEW AND REVENUE CALCULATION METHODOLOGY (i.e. Guaranteed Revenue Constraint (VRG)). • Greater visibility: regulatory period of 6 years (2024-2029), with potential two-year revision of RF (Real Risk- free), WRP (Water Utility Risk Premium), Kd (cost of debt expressed in real terms) and rpi (expected inflation rate as per ECB estimates) parameters • Allowed return: 6.13% (compared to MTI-3 allowed return of 4.8%), determined based on the sum of 4.31% for the financial charge component and 1.82% for the tax charge component. Recognition of a 1% time lag on investments from 2012 confirmed (1) • Revenues cap for the 6 regulatory schemes: maximum annual variations between 5.95% (scheme 2) and 9.95% (scheme 6). As regards scheme 5, which includes ATO2, the annual limit is 8.45% (compared to 6.2% during the 2020-2023 regulatory period) (1) • Expected inflation: 2.7% (1) • RAB deflator: 3.4% for 2023, 2.8% for 2024 (1) • Inflation rates applied for revision of allowed opex: 4.5% for 2023, 8.8% for 2024 (1) • Increase in late-payment cost component (1) • Introduction of an incentive mechanism, for the first two years of the regulatory period (2024 -2025), in favour of energy and environmental sustainability (wastewater reuse and reduction of energy costs) • WIPs pertaining to non-strategic works: remuneration to cover financial charges for 4 years (1st year at 4.31%, up to the minimum level represented by the Kd for the 4th year) 1. Values refer to previous periods and have changed for 2026. ARERA RESOLUTION 582/2025: "Approval of the criteria for the first two-year update of the tariff for integrated water service, pursuant to the tariff method for the fourth regulatory period MTI-4" TWO-YEAR UPDATE 2026-2027 • Allowed return: 6.06% (compared to 6.13% for the 2024-2025 period). • Revised parameters: RF (real Risk Free rate) 2.13%, ERP (Equity Risk Premium) 3.1%, WRP (water risk premium) 1.8%, rpi (inflation) 1.9%. • K and X factors unchanged at 5% and 1.5% respectively (for operators not awarded new tenders). Reduction from 2.7% to 1.9% of the inflation used for tariff limit, with a consequent reduction of the latter by 80 bps for all the tariff schemes. • Maximum recognized cost for unpaid bills: +2pp for Northern and Central Italy (to 2.4% and 3.5% respectively), +1.25pp for Southern Italy and the Islands (to 9.15%). The increase applies to operators taking over pre-existing municipal operations characterized by a significant amount of unpaid bills. • Inflation rate used for the update of operating costs: 2.0% on 2025 and 1.2% on 2026. • RAB deflator: -0.1% for 2025 tariff and +0.1% for 2026 tariff.
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35 Regulation W AT E R 2026 BUDGET LAW – 12/30/2025, N. 199 EXPIRY OF CONCESSIONS ATO2 Lazio Centrale (Acea ATO2) 2032 ATO5 Frosinone (Acea ATO5) 2033 ATO3 Regione Campania (Gori) 2032 ATO4 Alto Valdarno (Nuove Acque - province of Arezzo and Siena) 2027 ATO2 Basso Valdarno (Acque - province of Pisa, Lucca, Florence, Pistoia, Siena) 2031 ATO3 Medio Valdarno (Publiacqua - province of Florence, Arezzo, Prato, Pistoia) 2026 ATO6 Ombrone (Acquedotto del Fiora - prov. Siena, Grosseto) 2031 Municipalityof Lucca (Geal) 2026 ATO1 Perugia (Umbra Acque) 2031 ATI4 Umbria (Integrated Water Service – I.W.S.) 2031 ATO1 Campania Calore Irpino (Gesesa) 2023 ATO Molise (Acea Molise) 2037 ATO Siracusa (Aretusacque) 2054 ATO Imperia West (Rivieracqua) 2042 Article 1, paragraph 479: In order to ensure the economic and financial balance of the concession and the completion, within the established timeframe and methods, of the safety and modernization works of the Peschiera (Lazio) water system, as well as to encourage the participation of economic operators in the public tender procedures for the assignment of the works required for the construction of the aforementioned infrastructure or in the procedures for reassigning the concession itself upon its expiration, the deadline of the concession for the Integrated Water Service of the optimal territorial area ATO 2 - Central Lazio Rome may be recalculated in proportion to the volume of investments borne by the concessionaire, required for the construction of the aforementioned works and not approved at the time of granting the concession. The recalculation of the duration of the concession referred to in the first sentence may not, in any case, exceed ten years.
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36 Regulation E L E C T R I C I T Y D I S T R I B U T I O N Areti’s concession expires in 2030 • 2025 WACC electricity distribution and metering: 5.6% • Unlevered beta electricity distribution and metering: 0.400 • Corporate tax rate increased from 29.5% to 29.8% • Trigger mechanism confirmed for the years 2026-2027, with the threshold reduced from 50 bps to 30 bps. For the purpose of calculating the trigger, the forward premia and the ECB inflation estimates will also be considered (parameters previously excluded from the calculation) ARERA RESOLUTION 513/2024 – «Revision of rate of return on invested capital and of Asset Beta parameter for infrastructure services in the electricity and gas sectors for the sub-period 2025-2027» Service 2022 and 2023 2024 2025-2027 Electricity transmission 5.0% 5.8% 5.5% Electricity distribution and metering 5.2% 6.0% 5.6% Storage 6.0% 6.6% 6.1% Regasification 6.1% 6.7% 6.2% Gas transport 5.1% 5.9% 5.5% Gas distribution and metering 5.6% 6.5% 5.9% • Failure to activate the trigger. The inflation rate taken as a reference is 1.7%. • WACC 2025 for electricity distribution and metering is confirmed at 5.6%. • Other parameters: nominal risk-free 2.90%; market spread 0.68%; forward premium on risk-free 0.17%; forward premium on spread 0.08%; implicit • inflation in sovereign yields 2.02%; iBoxx 10y 2.40%; iBoxx spot 3.81%. ARERA Resolution 476/2025 – «Verification of the activation of the capital remuneration trigger mechanism for 2026. »
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37 Regulation E L E C T R I C I T Y D I S T R I B U T I O N BUDGET LAW 2025 - N. 207 12/30/2024 Art. 1, paragraphs 50-53: within 180 days from the entry into force of the 2025 Budget Law, the terms and procedures for the presentation of extraordin ary investment plans will be defined, which, if approved, will determine the extension of electricity distribution concessions for up to 20 years. The fees paid by the distr ibutors for the remodulation of the expiry of the concessions will be recognized in RAB for the purpose of calculating the allowed return on invested capital and amortization, and the related proceeds will be primarily used to reduce the energy costs of domestic and non- domestic users. ARERA RESOLUTION 392/2025 – «Proposal to the Minister of the Environment and Energy Security and to the Minister of Economy and Finance for the Decree on extraordinary multi-year investment plans for the purpose of remodulating the electricity distribution concessions and on the criteria for determining the related costs» • Need to minimize the concession fees, both to avoid excessive burdens on end users and to avoid further financial burdens on operators. To calculate the concessi on fees, ARERA proposes to use an (undefined) percentage of the revenues recognized to cover capital costs (allowed return + allowed d&a) for 2023. • Proposed five-year investment plan duration. They will cover the 2027-2031 period if the plans are submitted within 90 days of the five-month approval of the final ministerial decree; they will cover the 2029-2033 period if they are submitted in January 2028. • Extension of the concession for a period of "more than 10 years" (vs. "up to 20 years" indicated in the 2025 budget law). • The investment plans must be coordinated with the five-year plans updated every 2 years presented by the operators who manage >100K PODs and with the business plans for integral ROSS purposes. • The minimum investment level to obtain the extension of the concession is at least +25%/+35% if in the period 2020-2024 the average level of investments was lower than depreciation; if instead in the period 2020-2024 the average level of investments was higher than depreciation, then it is sufficient to increase investments in the range +10%/+20%. ARERA RESOLUTION 77/2026 – “Extension of the deadline for the procedure initiated by the Authority's Resolution 237/2025/R/eel, with reference to the definition of the methods for including in network tariffs the costs for the adjustment of electricity distribution concessions, pursuant to Article 1, paragraphs 50 to 53, of the 2025 Budget Law” The Authority has extended the deadline for defining the methods for including in network tariffs the costs related to the ex tension of the term of electricity distribution concessions. With Resolution 237/25, ARERA had set March 31, 2026, as the deadline for defining the methods for including concession adjustment costs in n etwork tariffs. The March 31, 2026 deadline has now been extended to eight months from the date when the Government will publish the decree referred to in Article 1, paragraph 50, of the 2025 Bu dget Law.
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38 Regulation E N V I R O N M E N T • Regulatory period of 4 years (2026-2029) with 2-year updates. • Sharing factor between 0.2 and 0.9 depending on the achievement of waste sorting collection objectives and the effectiveness of preparatory activities for reuse and recycling. • Confirmation of the application of a maximum limit on the annual increase in revenues. • Service enhancement coefficient for the purpose of determining the maximum limit on annual tariff growth in the range <=3% / 7%. • For the RPI (targeted inflation) parameter, the ECB estimates will be used, with the possibility of using national estimates also. • Confirmation of the range 0.1%-0.5% for the productivity recovery coefficient, with an increase in the case of new contracts awarded through tenders. • Provision, for the period 2026-2029, to recognize a coefficient (CRI, with an impact of up to 80% of the service enhancement coefficient) aimed at promoting the recovery of costs incurred as a result of the inflation shock that occurred in 2022-23, subject to the fact that the annual increase in revenues remains lower than the general constraint. • Confirmation of the 2-year time-lag between sustainment and recognition of opex. • Inflation to be applied to recognized opex 2.0% for 2025 and 1.2% for 2026. • Confirmation of the criteria for the adjustment of capital costs, which will continue to use the gross fixed investment deflator. • Confirmation of the criteria for determining the allowed return, and the 1% uplift recognized on investments made since 2017 due to the time-lag. ARERA RESOLUTION 397/2025 (MTR-3) – «Waste T ariff Method for the third regulatory period 2026-2029 (MTR-3)» • Allowed return: 6.1% for minimum plants, and 5.9% for integrated plants (respectively -50 and -40 bps vs 2024–2025 values). • Inflation used for the purpose of annual tariff growth: 1.9%. • Applicable deflator to the years 2025 and 2026: -0.1% for 2025 and +0.1% for 2026. RESOLUTION 480/2025 (MTR-3) – «Assessment of underlying parameters of the capital usage costs calculation in implementation of Authority Resolution 397/2025/R/rif, approving the Waste T ariff Method (MTR-3)»
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39 THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY’S MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL AND OPERATIONAL PERFORMANCE OF THE COMPANY AND ITS SUBSIDIARIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON ACEA S.P.A.’S 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 THEREIN OR IMPLIED THEREBY 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/OR ENERGY AND OTHER RISKS. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN, WHICH ARE MADE ONLY AS OF THE DATE OF THIS PRESENTATION. ACEA S.P.A. DOES NOT UNDERTAKE ANY OBLIGATION TO PUBLICLY RELEASE ANY UPDATES OR REVISIONS TO ANY FORWARD- LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE OF THIS PRESENTATION. THIS PRESENTATION DOES NOT CONSTITUTE A RECOMMENDATION REGARDING THE SECURITIES OF THE COMPANY. THIS PRESENTATION DOES NOT CONTAIN AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES ISSUED BY ACEA S.P.A. OR ANY OF ITS SUBSIDIARIES. *** PURSUANT TO ART. 154-BIS, PAR. 2, OF THE LEGISLATIVE DECREE N. 58 OF FEBRUARY 24, 1998, THE EXECUTIVE IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING DOCUMENTS AT ACEA PIER FRANCESCO RAGNI – CO-GENERAL MANAGER OF THE COMPANY - DECLARES THAT THE ACCOUNTING INFORMATION CONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. Disclaimer
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40 Immagine che contiene simbolo, logo, Elementi grafici, Carattere Il contenuto generato dall'IA potrebbe non essere corretto. Immagine che contiene cerchio, Elementi grafici, schermata, Policromia Il contenuto generato dall'IA potrebbe non essere corretto. Immagine che contiene Elementi grafici, logo, simbolo, Carattere Il contenuto generato dall'IA potrebbe non essere corretto. Immagine che contiene Elementi grafici, clipart, simbolo, grafica Il contenuto generato dall'IA potrebbe non essere corretto. Immagine che contiene Elementi grafici, schermata, linea, Policromia Il contenuto generato dall'IA potrebbe non essere corretto. Immagine che contiene Elementi grafici, schermata, simbolo, grafica Il contenuto generato dall'IA potrebbe non essere corretto. Contacts Contacts Email: investor.relations@aceaspa.it Phone: +39 06 57991 Dario Michi Investor Relator Investor Relations Team Daniela Bellucci Simonetta Gabrielli Armando Iobbi Gian Luca Pacini Channels acea.it Website Social Networks People for sustainable infrastructures