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15 September 2026 EURONEXT SUSTAINABILITY WEEK 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 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 ❑ ERG as a pioneer in the Energy Transition ❑ Strategic Guidelines ❑ ESG Strategy ❑ A best-in-class Governance Model
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4 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 5 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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STRATEGIC GUIDELINES
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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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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 8 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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OPERATIONALEXCELLENCEAS A KEY DRIVER FOR ERG 9 2024 2025 Increased Tech Availability in our core Countries 1. Technical task force delivering tangible results 2. Ageing fleet mitigation proving effective 3. Effective asset management, performance monitoring and O&M actions 4. AI tools to improve asset management Digitalization & Internalized O&M to drive operating excellence 97.2% 97.2% 96.3% 94.4% 95.7% 94.4% 97.4% 97.0% Leveraging on internalized O&M and a pro-active approach on Full-Service Agreements
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… will require capital investments of ~€1bn 10 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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11~270MW 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 12(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 13 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 14 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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ERG A RELIABLE PARTNER TO CAPTURE EMERGING DATACENTERS DEMAND 15 ~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 STRATEGY
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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 17 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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ERG STRATEGY IN PLANET 18 (1) Green Company Cars = 100% Electric or Plug-in. O&M and 4 Wheel cars are excluded (2) Turnover greater than €1mn 100% Green Energy consumption @2030 100% Production and Sales of Green Energy >75% of Suppliers(2) with SBT target @2030 (>90% @2040) 100% Green Company Cars (1) @2030 ‘Net Zero’ Target Main Strategies Towards Zero Waste on our W&S Asset “Modernization” program 20292028 203020272026 Maximize Recyclability on Wind Repowering Ambition: Zero waste to landfill from Wind Repowering 20242023 100% 100% 20292028 203020272026 >90% Circular Solar Revamping Further Scouting for new recycling technology 2023 93% 2025 100% 2024 92% 2025 96% 20292028 203020272026 Scouting on virtuous battery waste management (3) (3) No asset dismantling before 2045 -72% -96% 90% (-10%) 12% (-88%) 5% (-95%) 1% (-99%) 2020 (Base year) 2022 Asset rotation Hydro 2023 Asset Rotation CCGT 2040 SBTi Long Term Target 2027 SBTi Near Term Target 100% (Δ vs Base year) Carbon Index % [g CO2 e/KWh] (Scope 1+2+3)
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WITH SDGs AT THE CORE 19 One of the leading European RES operator. 100% of Renewable Energy Production (Wind & Solar) Net Zero by 2040: at the forefront of the fight against Climate Change. Social purpose for Solar Revamping (Circular Economy of PV modules) HSE objective Employees’ well-being target ERG Academy for Next generation (Educational program involving students in RES / Sustainability). Diversity & Inclusion target on ESG Plan and certification program. BP 100% aligned to EU Green Taxonomy (Revenue, Opex and Capex) Storage and Ibridization to increase asset portfolio flexibility and the Grid Resilience. Joined the UN Global Compact, and WEP(1) for a just transition, not leaving anyone behind. Allocate at least 1% of revenues at the Group level to the local communities. Circular Economy: Minimising waste to landfill in Wind Repowering & Solar revamping No net loss by 2030. Biodiversity assessment for 100% of RES organic projects. “Zero tolerance” principle towards corruption with a best-in- class governance system. Sustainable Procurement: increase % of suppliers with Carbonfootprint and D&I program (1) WEP = Women Empowerment Principles
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OUR PATH FOR AN INCLUSIVE AND CULTURAL EVOLUTION 20222021 20 2023 2030 Students involved in educational activities (1) Key leader = manager and senior manager 2024 2025 • Centralised and strengthened activities • Launched a strategic redesign of the learning offer, enhancing both country-level impact and overall Group impact ERG Academy Evolution 18%14% 18% 20-25%19% 18% Key Leaders Women (1) 30%23% 31% ≥30%31% 31% Women in workforce // 2025 Actual (5 country) 2025 Target (4 country) 2030 Target 23,500 24,855 >24,000 (~9,000) >24,000 >15,000 Refocus on strategic countries 2026 Target
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ENGAGING OUR SUPPLY CHAIN IN OUR KEY ESG STRATEGY TO STRENGTHEN OUR FULL ALIGNMENT TO EU GREEN TAXONOMY 21 Sustainable Supply Chain @2030 Suppliers with D&I Strategy / Plan(2) ≥70%- 2025 Average Score(2) - ≥64% Suppliers Audit(2) - 5 Audit(3) Strategic Suppliers with SBTi targets(1) ≥ 75%50% Suppliers with Carbon Footprint >60%67% 64% 2024 64.4% 4 desk 1 on field 61.1% 46% BP 2026 - 2030 100% aligned OpexRevenue Capex BP 2026 - 2030 100% aligned OpexRevenue Capex BP 2026 - 2030 100% aligned OpexRevenue Capex Taxonomy Overview (1) Turnover > € 1 million (2) Activity planned every two years (3) Audit - of which 1 on field – covering also human rights
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STRATEGY FOR THE “NATURAL CAPITAL” PRESERVATION 22 Strategy Strategy for preserving Natural Capital in all new installations developed internally by ERG: ✓ Biodiversity impact assessment for 100% of projects developed by ERG ✓ Implementation of Biodiversity Action Plan according to Mitigation Hierarchy approach ✓ Implementing the TNFD Guidelines @2028 (impacts, risks & opportunities evaluation) Note: No negative impact of areas subject to new installations developed internally by ERG, implementing remedial actions for reducing the impact to “Low / Negligible” No net deforestation of areas subject to new installations developed internally by ERG, replanting flora if alternative solutions cannot be found Biodiversity Impact Assessment in based on the local requirements in accordance with the EU directive (2014/52/EU); TNFD: Taskforce on Nature-related Financial Disclosures No net deforestation @2025 No Net loss on Biodiversity @2030 No Go in UNESCO Areas Mitigation Hierarchy Implementing Remedial Actions Minimizing Possible damage Preventing negative impact Offsetting residual negative impact Committment PRIORITIES High Priority High Priority Medium Priority Low Priority
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SHARING VALUEFOR COMMUNITIES 23 COMMITMENT Sharing Value for Local Communities where ERG is operating STRATEGY ESG Plan Target: At least 1% of ERG Tournover shared with Community at the Group Level INITIATIVES Socio-economic development of local communities Promoting culture of sustainability and RES Push for Innovation in the territories Next Generation Education Continuos Monitoring ESG Investment evaluation Guidelines on sharing valueINSTRUMENTS Local Communities Engagement Plan
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SOCIAL PURPOSE FOR SOLAR REVAMPING 24 2023 2024 2025 Stakeholder engagement High Social Impact Supporting the energy transition through concrete actions of circular economy Circular Economy Support to NGOs and initiatives that foster local development and generate significant social impact A multi-stakeholder approach, leveraging on collaboration with other international partners
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A BEST-IN-CLASS GOVERNANCE MODEL
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ESG GOVERNANCE MODEL 26 Composed by: Chairman; Executive Deputy Chairman; CEO; CFO; Top management. Duties: • defines the Group's guidelines on medium to long-term sustainability and promotes the implementation of consistent practices and projects in the field of corporate social responsibility; • approves the ESG Plan as part of the Group’s Business Plan, monitors the execution, the achievement of the targets and the priority areas of intervention; • manages the preparation and dissemination of the NFS and other reporting methods related to ESG issues. Our Principles: ✓ Code of Ethics ✓ Sustainability policy ✓ Human rights policy ✓ D&I Policy ✓ Gender Equality Policy (1) The ESG Committee is also appointed as Green Bond Committee ESG Committee(1) A renewed Control, Risk and Sustainability Committee, appointed by the Board of Directors on 23 April 2024, that is responsible to support the Board in its decisions about: • the approval of the ESG LT strategy and its implementation; • the approval of the Non-Financial Statement (NFS); • the supervision of all the sustainability topics (e.g. Climate Change; D&I; Governance) Control, Risk and Sustainability Committee Board of Directors Control, Risk & Sustainability Committee CEO ESG, IR & COMMUNICATION ESG COMMITTEE The CEO is responsible for ESG ESG reports directly to the CEO ESG Duties: • drawing up the ESG Strategic Plan and the external communication strategy and to the financial market; • managing the ESG rating processes; • drawing up the ESG initiative plan, in coordination with the departments of the Group involved, ensuring its implementation and periodically monitoring the achievement of the predetermined targets; • ensuring the drafting of the NFS. ESG, IR & Communication
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OUR SUSTAINABILITY POLICIES 27 In 2025 - Governance System The Group further strengthened its governance system in 2025 by: • preparing the new "Policy for the Adoption and Use of AI-based Tools", which aims to promote ethical, safe and compliant use of these emerging technologies • updating the Sustainability Policy, HSE Policy and the Supplier Code of Conduct Policy New or Renewed
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AN ADVANCED SYSTEM OF REWARD POLICY, SUCCESSION AND CAREER PLANNING (2) EBT: Earning Before Taxes Rewarding Policy(1): • A remuneration system for CEO to enhance correlation with strategy execution and share performance • An enlarged LTI system based on: ➢ Share Price (60%) ➢ ESG (20%) ➢ Installed/Acquired production capacity (20%) • MBO: Short-Term objectives linked to EBT(2) (50%), MW growth (30%) and ESG targets (20%) • 100% of management committed to ESG 2024-2026 strategy 28 (1) Approved in the Annual General Meeting for the Rewarding policy 2026 Job Mobility Acquisition Performance Management RewardingTalent Management Leadership Development Succession Planning
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Weight target Weight KPIs Pillars KPis 20% CEO 10% KM 20% Planet 20% Circular Wind on Repowering (% or material recycled) 15% Engagement 15% Social Purpose for Solar Revamping (number of projects installed) 65% People 50% Predictive safety HSE: No fatalities e and in relation to the Frequency indices [employees + contractors] and severity [IFsev] 15% Incidence of women in workforce increase ESG TARGET IN MBO/LTI 2026 29 Weight target Weight KPIs Pillars KPis 20% 20% Planet Target Net Zero: % Green Energy on Total consumption (Scope 2) 20% Engagement Improved S&P CSA index rating 50% People 40% HSE Predictive safety: No fatalities and compliance with Frequency Indices [internal + contractors]: general [FI] and severity [FIs] 10% Diversity & Inclusion: no. female Key Leaders out of total Key Leaders 10% Governance Sustainable Funding: maintenance of a % of sustainable loan sources out of total financial sources MBO 2026 LTI 2024-2026
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SUSTAINABILITYAS A VALUE AND A WAY OF MAKING BUSINESS 30 ERG ranked 1st in Corporate Knights 2026 “Global 100 Most Sustainable Corporations in the world” and among the top 5% best performers in the 2026 “S&P Global Sustainability Yearbook” 100 0 54 64 Moody’s A+ D- B+ A- ISS ESG Corporate 100 0 40 89 S&P Global 100 0 83 n.a. Sustainable Fitch Average Sector Rating ERG Rating 100 0 90 98 GRESB 0 100 50.7 72.6 ESG Identity Corporate Index 2026 100 0 85 n.a. Ethifinance ESG Ratings 100 0 100 n.a. Corporate Knights CDP A D- B A Negligible Risk Severe Risk Medium 54 Negligible Morning Star AAA CCC A AAA MSCI
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INSPIRING CHANGE TO POWER THE FUTURE