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ERG COMPANY OVERVIEW Infrastructure, Energy & Defence Day 2026 3 September 2026
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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 no 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 ❑ ERG Today ❑ Recent Developments, 2Q 2026 Results and 2026 Guidance ❑ Strategic Guidelines ❑ Financials & Capital Structure ❑ Management Profiles
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ERG TODAY
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5 1947 Production begins at the San Quirico Refinery in Genoa 1997 ERG listed on the Stock Exchange Entry into Renewables: acquisition of EnerTAD 2006 2010 Start-up of ERG Power's combined cycle power plant (480MW), and of TotalERG 2014 Sale of the ISAB Energy plant and of ERG Oil Sicilia fuel network 2018 Entry into the solar power sector: 30 photovoltaic plants acquired in Italy (89MW, in operation). Definitive exit from the Oil sector with the sale of TotalERG Solar: entry in France (79MW). Wind: entry in Sweden, and start of operations in the United Kingdom 2021 2023 ERG: a pure renewable player after the sale of the thermoelectric business. Wind: start-up of the first 2 wind farms subject to repowering. Solar: further growth in Spain (+149MW) Foundation of ERG in Genoa, by Edoardo Garrone 1938 Production begins at the ISAB Refinery in Priolo 1975 ISAB Energy: production and marketing of electricity begins from the gasification of heavy refinery residues 2000 Sale to LUKOIL of 49% of the ISAB Refinery 2008 ERG leading wind operator in Italy (1,087MW) and among the top 10 in Europe (1,340MW). Acquisition of a company for O&M activities of wind farms. Definitive exit from refining 2013 Entry into the hydroelectric business: purchase of the Terni Complex (527MW). Wind: growth in France and Poland (+146MW) 2015 Solar: capacity increases to 141MW after the purchase of 51MW in Italy. Wind: further growth in France and Germany (+86MW) 2019 Sale of the hydroelectric business. Solar: entry in Spain (92MW). Wind: 172MW acquired in Italy, and ~230MW started up in Europe. IFM NZFI indirect shareholder (with 35% in SQ Renewables SpA), alongside the Garrone-Mondini Family 2022 A LONG HISTORY… 2025 Wind: new installed capacity in Europe (112MW, of which 43MW acquired, and 65MW started up). PPAs signed with top offtakers in Europe, totalling ~800GWh/y. Entry into the BESS sector: 1st electrochemical storage facility commissioned in Sicily (Vicari, 12.5MW) Entry into the US: partnership with Apex (317MW wind and solar). Growth in France (+114MW wind and solar), and start-up of 2 wind farms subject to repowering. IFM NZFI increases to 49% its stake in SQ Renewables SpA 2024
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GROUP'S STRUCTURE AND CORPORATE GOVERNANCE 6 A new Shareholders' structure(1) 34% 63% 3% SQ Renewables S.p.A. Treasury shares Free Float SQ Renewables S.p.A. San Quirico S.p.A. IFM Investors 65% 35% @ September 22, 2022 @ April 12, 2024 51% 49% ERG’s Governance Model ERG’s internal Committees SHAREHOLDERS’ MEETING BOARD OF DIRECTORS BOARD OF STATUTORY AUDITORS CONTROL, RISK AND SUSTAINABILITY COMMITTEE NOMINATIONS AND REMUNERATION COMMITTEE STRATEGIC COMMITTEE 100% Free floatSQ Renewables S.p.A. 63% 34% ERG Group's structure(1) (1) Data as at June 30, 2026 Treasury Shares3% Storage Solar Assets Wind Assets
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7 ERG AS OF TODAY: A SOLID AND INTERNATIONAL PLATFORM Installed Capacity (GW) 83% 17% ~4.0 Spain: 266MW France: 618MW(3) 128MW U.K.: 412MW(1) Bulgaria: 54MW Germany: 352MW(2) Poland: 142MW Romania: 70MW ~1.7 88% 11% 41% 81% 19% ~2.0 51% 71% 29% ~0.3 8% Iowa: 224MW Illinois: 92MW O&M Operating centres Wind Solar Storage 0.3% 1% Italy: 1,468MW 180MW 13MW European Pipeline (GW)(4) 47% 19% ~5.0 32% 2% Wind Solar Storage Hybrid ~2.4 43% 3% 50% 4% 49% ~0.3 34% ~2.6 15% 51% (1) It includes 73MW in England acquired on January 20, 2026 (2) It includes Aukrug wind farm (22MW) entered into operation on July 23, 2026 (3) It includes Montbéliard wind farm (22.5MW) entered into operation on September 1, 2026, after completion of repowering activities (4) Including ~270MW under construction; not including the “Preferential Rights Agreement” (Rights of First Offer on some US projects) 2026 priorities 51%
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RECENT DEVELOPMENTS, 2Q 2026 RESULTS & 2026 GUIDANCE
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S TRICTLY CONFIDENTIAL HIGHLIGHTS: KEY FIGURES 9 EBITDA(1) (€ mn) NFP(3) (€ mn)Net Profit(2) (€ mn) CAPEX (€ mn) EBITDA Margin International Italy Corporate 30/06/202631/12/2025 1,882 1,939 Solid results thanks to new assets, notwithstanding poor wind in 2Q (1) 2025 figures restated based on IFRS5 (2) Net Profit post-Minorities (3) It does not include IFRS 16 liability, respectively for €237mn as at 31.12.25, and €245mn as at 30.6.26 271 1H 2025 2Q 20261H 2026 2Q 2025 129127 295 83 3434 95 1H 2025 2Q 20261H 2026 2Q 2025 1H 2025 2Q 20261H 2026 2Q 2025 143 54 28 203
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S TRICTLY CONFIDENTIAL STRONG EXECUTIONIN 2026 10 Route-to-market ✓ Signed 7-year PPA with Statkraft for 800GWh of wind energy in Italy Finance ✓ Fitch affirmed ERG’s BBB- rating and Stable outlook ✓ Optimization of financial structure for ~€500mn via EIB, CDP and bank loans drawdown. Maturities extended and pricing improved ESG ✓ ERG among the top 5% best performers in the 2026 “S&P Global Sustainability Yearbook” ✓ MSCI affirmed ERG’s AAA rating ✓ Identity Corporate Index 2026: ERG ranked fourth in the overall ranking ✓ Gender Equality Certification renewed for 2026 ✓ Assets already entered into operation in 1H 2026: ~100MW (73MW M&A in the UK, 22MW Aukrug in Germany, 3MW Solar Revamping in Italy) ✓ Assets under construction: ~300MW (200MW Wind Repowering, 60MW Solar Revamping, 30MW Wind Greenfield, and 5MW Solar Greenfield) ✓ Pipeline: 570MW fully authorized (330MW Wind Repowering and 240MW BESS) and ~370MW well advanced with authorization expected by year-end Growth
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S TRICTLY CONFIDENTIAL 2026 GUIDANCE CONFIRMED 11 CAPEX (€ mn) Adjusted NFP (€ mn) 203 330-380 1H 2026 Actual 2026 Guidance 1,939 1,950-2,050 1H 2026 Actual 2026 Guidance Guidance range Guidance Actual Adjusted EBITDA (€ mn) 295 520-590 1H 2026 Actual 2026 Guidance
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STRATEGIC GUIDELINES
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Core Business Enhancement & Consolidation PerformanceExcellence Organic Development: focus on Wind RPW and BESS • Active and predictive O&M to optimize asset availability and performance • Digitalization as enabler for greater asset efficiency, availability and cost control • WIND repowering as a core stream to rejuvenate Asset Base and secure its Route-to-Market • BESS as a new core stream to leverage on increased market volatility 13 Business Model Adaptation Asset Rotation and Geographical Repositioning Route-to-Market: focus on PPA and CFD • Recycling capital to reinvest in accretive growth • Build & Sell Model to be pursued opportunistically, leveraging on our know-how (900MW built internally in 2021-2025) • 85-90% quasi regulated profile with CFD or PPA as the preferred Route-to-Market options • Evolved Energy Management to catch revenues through flexibility services Value over volume approach confirmed FOUR STRATEGIC LEVERS OF VALUE CREATION
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… will require capital investments of ~€1bn 14 A GROWING PROJECT PIPELINE (MAINLY REPOWERING AND BESS)… (1) It includes repowering gross capacity (2) FID = Final Investment Decision Solar Wind Storage ~2,100 ~ 3,850 2020 @as of Today Under construction ~270MW(1) ~700MW Ready to participate to next CFD auctions or PPA with expected COD within 2028 (~€0.7bn of potential CAPEX) 2024 ~4,000 Growth & Asset Rotation ~180 Mostly RPW PRJ with RtM secured; ~€0.3bn CAPEX already approved ~50% ~50% FID(2) expected to be made by the end of 2026
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15~270MW under construction, all with Route-to-Market secured through long-term CFD RELYING ON A FULLY SECURED GROWTH IN THE SHORT TERM 10MW to be COD: 1Q 2027 Producibility: ~2,420 heq Brunsbuttel (RPW) 24MW to be COD: 1Q 2027 Producibility: ~2,040 heq Jeggeleben (RPW) 6MW COD: 1Q 2027 Producibility: ~2,190 heq Heyen COD: 2Q 2027 Producibility: ~2,680 heq Greci Montaguto (RPW) 44MW to be COD: 2Q 2027 Producibility: ~2,070 heq Carlentini (RPW) 97MW to be COD: 2Q 2028 Producibility: ~1,730heq Limousine IV 25MW COD: 3Q 2027 Producibility: ~1,835heq; ~1,535heq; ~1,930heq; ~1,950heq Alessandria; Alessandria Ext; Tirreno; Trinitapoli (RVP) 41MW to be COD: 3Q 2027 Producibility: ~1,705heq Calabria Solar (RVP) 24MW to be Greci Montaguto (RPW) Carlentini (RPW)
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REPOWERING AS A STRATEGIC PILLAR IN ITALY AND ABROAD 16(1) Potential Assets = further assets, excluding already repowered, under construction, authorized/in authorization and unfeasible to date N. WTG 0.5X MW 1.3X ÷ 2.0X AVG. PRODUCTION >2X Repowering «kW» 76m 180m 200m 26m 68m 81m Repowering «multiMW» 125m 45m A sizeable Repowering pipeline to fuel growth and to rejuvenate asset base Country As-is RPW Delta xP 515 1,040 525 2.01 235 390 155 1.67 140 170 30 1.26 Total 890 1,600 710 1.80 RPW BP 2026-30+ (MW) xP = MW RPW / MW As-Is • 200 MW Under Construction/RtB (“Secured”) • 285 MW Authorized • 315 MW Ongoing Authorization Path • 800 MW Potential Assets(1) under development in BP 26-30+ 1,600 MW Total Potential for Repowering IT: 268 MW As-Is (52%) from kW asset
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BESS - A NEW STREAM OF GROWTH TO ADD FLEXIBILITY 17 Leveraging on a multiple choice of RTM (Macse, capacity market, tolling and merchant) to maximize profitability in line with expected returns Scouting BESS opportunities Advanced Pipeline Vicari Capacity: 12.5MW COD: 4Q 2025 Working on building up a solid Pipeline: • 1.5GW Pipeline of projects under development, mainly in Italy and Spain • More than 300MW highly visible in 2026-28 Internal know-how for remote control and dispatching of BESS implemented ✓
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2026 CRUCIAL TO DEFINE GEO-REFOCUS THROUGH ASSET ROTATION 18 Ongoing ASSET ROTATION & GEO-REFOCUS REPOWERING STORAGE INTEGRATION Efforts focused on organic growth through Repowering and BESS Key countries for Repowering CFD and/or PPA RTM Horizontal integration: Energy Storage Different Business Model under study (Macse, Tolling, Merchant) Route to market Repowering to rejuvenate Asset Base BESS to increase Portfolio Flexibility A project to define the geographical scope of the new BP was launched in 2026 Build & Sell to be activated opportunistically
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19 First Step in Geo-Refocus Installed Capacity: 73MW 62MW COD: 2014 (average) 2022 2025 Production: 158GWh 159GWh Enterprise Value: £97mn €71mn 2025 EBITDA: £16mn €5mn Key rationale ERG GEO-REFOCUS IN ACTION: EXIT SWEDEN AND CONSOLIDATE UK • Exiting “non-core” countries and consolidate positioning in core ones • UK as third ERG largest market: 412MW installed capacity, ERG among the top ten onshore wind operators • The two transactions are expected to be EBITDA and Net Income accretive, with a limited impact on the Group’s net debt UK + 73MW Location and Key data SWEDEN - 62MW Disposal of ERG wind farm with an installed capacity of 62MW to eNordic (Ardian Group) Acquisition from onPath (Brookfield Group) of 7 operating wind farms located in Northern England with a total installed capacity of 73MW backed up with ROCs regime
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ERG A RELIABLE PARTNER TO CAPTURE EMERGING DATACENTERS DEMAND 20 ~1.7TWh/Y ~0.2TWh/Y ~0.8TWh/Y ~0.2TWh/Y ~1.0TWh/Y By company By duration By geography ~2.1TWh/Y Tech Companies ~0.5TWh/Y → 5 Years ~3.2TWh/Y 6 → 15 Years ~0.1TWh/Y 16 → 20 Years (1) Corresponding to ca. 43% of full-year production ~3.8TWh/Y(1) of PPAs signed during the last 5 years ~0.3TWh/Y Corporates PPA: an efficient tool to stabilize revenues also after incentive expiry 2021 2022 2023 2024 2025 2026 ~1.4TWh/Y Utilities/Energy
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ESG STILL EMBEDDED IN ERG STRATEGY (1) Diversity, Equity, Inclusion & Belonging Net Zero target by 2040: advancing our decarbonization journey and Preserving Natural Capital Circular Economy: reducing waste in W&S Repowering , while actively scouting cutting -edge technologies Safety first: is a priority in all our actions DEI&B(1) well defined goals: to foster Engagement, Empowerment, and Belonging ESG PRIORITIES PEOPLE GOVERNANCE ENGAGEM EN T PLANET 21 Enhancing governance model: ensuring integrity, transparency and accountability across our Organization Engaging the Supply Chain: pursuing decarbonization, Human Rights, and DE&I in the Supply chain Sharing Value: building long-term partnerships with Local Communities ERG Academy: engaging next generation in energy transition
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FINANCIALS & CAPITAL STRUCTURE
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640MW OUT OF INCENTIVES IN 2024-2026 23PPA as Route-to-Market to stabilize revenues also after the end of incentives 2026 Revenues Structure: production hedging (TWh)Phasing out of incentives in the period (MW) Spot @ Pzon BL(1) Hedging to close PPA to close (1) Of which ca. 0.8TWh under GRIN scheme in Italy PPA closed CFD Short Term Hedged Wind Germany Wind Bulgaria Wind France Wind Italy 2026 1.9 3.4 1.2 8.4 1.7 CFD 1 way Covered by GRIN incentive and Conto Energia in Italy 185 169 290 In 2024-2026 = 640MW 2024 2025 2026
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S TRICTLY CONFIDENTIAL FINANCIAL POSITION IMPROVED 24 • Corporate loan drawdowns, including EIB for €243mn, shifting maturities after 2030 (avg 7Y) • Pivoting on existing hedges and credit rally to materially improve corporate loans margins • Expected full year cost of gross debt @1.8% Highly competitive cost of funds through 2030 Financial optimizationsDebt Project Finance Corporate Loans Green Bonds Significant corporate loans maturity extension Rating BBB- / Stable confirmed 2026 2027 2028 2029 ≥2030 Total 0.5 Fitch affirmed BBB-/stable on May 14, based on: • strong cash flow generation from a largely long-term incentivized and contracted renewable generation, and a well-diversified presence across mature European, UK and US markets • solid balance sheet and business fundamentals, with options to grow consistently with the IG rating • credible commitment to maintaining an investment-grade rating
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MANAGEMENT PROFILES
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EMANUELA DELUCCHI – CHIEF ESG, IR & COMMUNICATION OFFICER Born in Genoa on 18th December 1975, she graduated in Economics from the University of Genoa in March 1999. She joined the ERG Group in February 2008 where she is currently Chief ESG, IR & Communication Officer, with the mission to develop and monitor the implementation of the ESG (Environment, Social and Governance) Plan and to ensure the development of integrated communication strategies and solutions to guarantee the extensive promotion of the Group with the financial community and all stakeholders, maximizing the value of its reputation and protect ERG’s company image. Other positions held in the past: From June 2020 to April 2021 she was Head of IR and CSR, reporting directly to the Corporate General Manager & CFO, and from February 2011 to June 2020 she was Investor Relations Manager. From February 2008 to January 2011 she was Head of IR and Planning & Control at ERG Renew. She previously worked for 3 years as a financial analyst covering the Italian Utilities & Motorways sectors at Intermonte, a leading brokerage firm owned by the Monte dei Paschi Banking Group. Prior to that she was a financial analyst covering European Utilities & Motorways sector at Lehman Brothers. She is married, with three children. 26
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INSPIRING CHANGE TO POWER THE FUTURE