Slides
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Paolo Merli - CEO 1H & 2Q 2025 RESULTS 1 August 2025
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DISCLAIMER This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
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AGENDA ❑ 2Q 2025 Highlights - Key Figures - Recent Developments ❑ Results Review - Business Environment - 2Q 2025 Production & EBITDA - Investments ❑ Key Financials - Profit & Loss - Cash Flow Statement ❑ 2025 Guidance and Conclusions
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HIGHLIGHTS: KEY FIGURES 4 EBITDA (€ mn) NFP(2) (€ mn)Net Profit(1) (€ mn) CAPEX (€ mn) EBITDA Margin International Italy Corporate 30/06/202531/12/2024 1,793 1,949 Solid results despite persisting wind drought (1) Net Profit post-Minorities (2) It does not include IFRS 16 liability, respectively for €229mn both as at 31.12.24, and as at 30.6.25 281 1H 2024 2Q 20251H 2025 2Q 2024 128116 274 1H 2024 2Q 20251H 2025 2Q 2024 444 28 290 143 106 3428 83 1H 2024 2Q 20251H 2025 2Q 2024
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5 WIND DROUGHT SINCE OCTOBER CONTINUING IN 1H 2025 ERG’s country (1) Source: Bureau Veritas Wind Index. Wind anomalies are calculated as a percent deviation from the 1981-2020 mean wind speed at 100m above ground level (2) Severe Weather Europe: online resource of weather forecast (3) Copernicus: Earth observation component of the European Union’s Space programme Bureau Veritas Wind Index - 2Q 2025 map(1) Wind Speed Departure from Normal (%) Historical 1H wind speed anomaly – based on ERA5(5) reanalysis data (4) Graph based on data from Terna’s Monthly Reports on the Electricity System (5) ERA5 is the fifth generation ECMWF reanalysis data; ECMWF is the European Centre for Medium-Range Weather Forecasts 2Q 2024 2Q 2025Producibility effect Wind Production in Italy (GWh)(4) 5,072 4,761-3% 12,584 10,460 -17% 1H 2024 1H 2025Producibility effect Severe Weather Europe(2): “It’s evident a dominant high-pressure anomaly over northwestern Europe. The low-pressure systems mainly stayed away from central Europe, covering the southwestern and far northeastern parts” Copernicus(3): “Average wind speeds in 1H 2025 dropped by approximately 5% compared to long term climatological mean”
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6 DELIVERINGON OUR STRATEGY ✓ Completed construction and energization of the first BESS plant in Vicari for 12.5MW ✓ Italian Solar: 23MW of Revamping and 5MW of Repowering ✓ 50MW of Wind & Solar permitted in France, Germany & Italy ✓ Corlacky wind farm started up in Northern Ireland for 47MW Execution ESG ✓ ERG ranked first in the Identity Corporate Index 2025 ✓ CDP confirmed A list for ERG ✓ Gender Equality Certification renewed for 2025 In 1H 2025, secured PPA for new capacity for 360GWh/Y and 390GWh/Y for existing assets, securing revenues in the long term at attractive conditions Route-to-market ✓ New capacity: 15Y PPA with A2A for 182GWh/Y from Salemi Castelvetrano repowering ✓ Existing capacity: awarded the 5-10Y supply for overall 185GWh/Y to FS Group
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1H & 2Q 2025 RESULTS REVIEW Michele Pedemonte - CFO
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8 BUSINESS ENVIRONMENT All-in Solar Prices(1) (€/MWh)All-in Wind Prices(1) (€/MWh) (1) Prices net of clawback measures (2) UK prices net of balancing revenues Italy France Germany Poland Romania Bulgaria UK(2) Spain Sweden US
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A SNAPSHOT OF 1H AND 2Q 2025 RESULTS: PRODUCTION 9 2Q Production increase thanks to new assets contribution off-set by poor wind generation 80% 20% 1,720 GWh 2Q 2025 1H 2025 86% 14% 3,697 GWh Wind Solar 81% 19% 1,723 GWh 2Q 2024 1H 2024 87% 13% 3,670 GWh 1H 2025 1H 2024 Δ Energy Production (GWh): 2Q 2025 2Q 2024 Δ 1,440 1,517 (77) Italy 654 641 13 596 652 (57) France 266 262 4 232 315 (83) Germany 107 113 (7) 353 372 (19) East Europe 160 140 21 319 303 16 UK & Nordics 137 137 (0) 224 247 (23) Spain 149 167 (18) 533 263 270 US 248 263 (15) 3,697 3,670 27 Total Energy Production 1,720 1,723 (2) 584 584 of which, Contribution of new assets: 99 99 522 522 • Wind 81 81 62 62 • Solar 18 18
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1H 2025 1H 2024 Δ Adjusted EBITDA (€ mn): 2Q 2025 2Q 2024 Δ 172 181 (9) Italy 85 81 5 31 30 1 France 13 8 5 12 20 (8) Germany 5 7 (2) 26 26 (0) East Europe 11 8 3 17 16 1 UK & Nordics 7 2 5 3 6 (3) Spain 2 4 (2) 24 12 11 US 10 12 (2) (10) (10) (0) Corporate (5) (5) 0 274 281 (7) Total Adjusted EBITDA 128 116 12 43 43 of which, Perimeter effect: 9 9 36 36 • Wind 5 5 7 7 • Solar 4 4 A SNAPSHOT OF 1H AND 2Q 2025 RESULTS: EBITDA 10 80% 20% €274 mn 31% 69% €128 mn Wind Solar 2Q 2025 1H 2025 81% 19% €281 mn 31% 69% €116 mn 2Q 2024 1H 2024
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11 INVESTMENTS (1) M&A CAPEX related to the closing of two acquisitions in France for a total of €84mn (closing on January 29, 2024) and in US for an amount of €235mn (closing on April 24, 2024) (2) M&A CAPEX related to the acquisition of Broken Cross wind farm in Scotland (closing on January 16, 2025) (3) M&A CAPEX related to the closing of two acquisitions in US for a total of €235mn (closing on April 24, 2024) A mix of M&A and Organic 1H 2025 2Q 2025 France Italy UK Germany Corporate US 1H 2024 2Q 2024 M&A: 235(3) 444 290 M&A: 319(1) 28 143 M&A: 72(2)
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Key Financials
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13 ADJUSTED P&L 1H 2025 1H 2024 Euro millions 2Q 2025 2Q 2024 274 281 Adjusted EBITDA 128 116 (138) (127) Amortization and depreciation (69) (68) 135 154 Adjusted EBIT 60 48 (23) (9) Net financial income (expenses) (12) (7) (0) (0) Net income (loss) from equity investments 0 0 113 144 Adjusted Results before taxes 47 41 (27) (38) Income taxes (12) (12) 85 107 Adjusted Results on continued operations 35 29 (3) (1) Minority interests (1) (1) 83 106 Adjusted Net Profit 34 28 24% 26% Tax Rate 26% 30%
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14 (€ mn) (1) They do not include IFRS 16 liability, respectively for €229mn both as at 31.12.24, and as at 30.6.25 (2) EBITDA includes IFRS 16 effect for €9mn 1H 2025 CASH FLOW STATEMENT 1,793 1,949 143 (274) 20147 12108 Net Debt(1) 31/12/2024 Net working capital, & Others Net Debt(1) 30/06/2025 Adj. EBITDA(2) CAPEX & Acquisitions BuyBackDividends paid Taxes
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2025 GUIDANCE & CONCLUSIONS Paolo Merli - CEO
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16 2025 GUIDANCE CONFIRMED CAPEX (€ mn) Adjusted NFP (€ mn) 143 190-240 1H 2025 Actual 2025 Guidance 1,949 1,850-1,950 1H 2025 Actual 2025 Guidance Guidance range Guidance Actual Adjusted EBITDA (€ mn) 274 540-600 1H 2025 Actual 2025 Guidance