Slides
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Paolo Merli - CEO 1H & 2Q 2026 RESULTS 31 July 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 ❑ 2Q 2026 Highlights - Key Figures - Recent Developments ❑ Results Review - Business Environment - 2Q 2026 Production & EBITDA - Investments - Cash Flow Statement ❑ 2026 Guidance and Conclusions ❑ Appendix
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HIGHLIGHTS: KEY FIGURES 4 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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5 DEEP-DIVE ANALYSIS ON WIND RESOURCE ACROSS OUR COUNTRIES Weak wind production in 2Q, but El Niño may support stronger wind generation in 2H Bureau Veritas Wind Index – 2Q 2026 map(1) ERG’s country Wind Speed Departure from Normal (%) (1) Source: Bureau Veritas Wind Index. Wind anomalies are calculated as a % deviation from the 1981-2020 mean wind speed at 100m above ground level (2) Source: NOAA Climate Prediction Center (CPC) - Oceanic Niño Index (ONI) Deviation vs Historical avg production: Italy, France & Germany ERG’s production ENSO Index(2) >1
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STRONG EXECUTIONIN 2026 6 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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1H & 2Q 2026 RESULTS REVIEW Michele Pedemonte - CFO
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BUSINESS ENVIRONMENT 8 Italy France Germany Poland Romania Bulgaria UK(2) Spain US All-in Wind Prices (€/MWh) Italy +2.5% +4.1% +2.2% +1.4% +1.0% +0.6% Electricity Demand Increase(1): 1H 2026 vs. 1H 2025 (1) Sources: ENTSO-e, National TSOs; France: demand corrected for temperature and calendar (2) UK prices net of balancing revenues All-in Solar Prices (€/MWh)
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A SNAPSHOT OF 1H AND 2Q 2026 RESULTS: PRODUCTION 9 1H Production increase thanks to new assets contribution and better wind conditions despite a weak 2Q 80% 20% 1,631 GWh 2Q 2026 1H 2026 88% 12% 3,868 GWh Wind Solar 2Q 2025 1H 2025 1H 2026 1H 2025 Δ Energy Production (GWh): 2Q 2026 2Q 2025 Δ 1,577 1,440 137 Italy 635 654 (20) 628 596 32 France 233 266 (32) 228 232 (4) Germany 83 107 (24) 318 353 (35) East Europe 134 160 (27) 475 240 235 UK 178 96 82 200 224 (24) Spain 132 149 (16) 443 533 (90) US 237 248 (12) 3,868 3,618 251 Total Energy Production 1,631 1,680 (49) 164 164 of which, Contribution of new assets: 53 53 160 160 • Wind 50 50 4 4 • Solar 3 3 80% 20% 1,680 GWh 86% 14% 3,618 GWh
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A SNAPSHOT OF 1H AND 2Q 2026 RESULTS: EBITDA 10 Solid results with outstanding contribution from the UK (1) 2025 figures restated based on IFRS5 82% 18% €295 mn 30% 70% €129 mn Wind Solar 2Q 2026 1H 2026 2Q 2025 1H 2025 31% 69% €127 mn 80% 20% €271 mn 1H 2026 1H 2025 Δ Adjusted EBITDA (€ mn): 2Q 2026 2Q 2025 Δ 175 172 3 Italy 78 85 (7) 30 31 (1) France 10 13 (3) 11 12 (1) Germany 3 5 (2) 27 26 2 East Europe 14 11 3 40 14 26 UK 14 6 9 3 3 1 Spain 3 2 1 19 24 (5) US 11 10 1 (9) (10) 1 Corporate (5) (5) 1 295 271 25 Total Adjusted EBITDA 129 127 1 18 18 of which, Perimeter effect: 6 6 16 16 • Wind 5 5 1 1 • Solar 1 1 (1) (1) (1)(1)
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11 INVESTMENTS (1) M&A CAPEX related to the acquisition of Broken Cross wind farm in Scotland (closing on January 16, 2025) (2) M&A CAPEX related to the acquisition of an onshore wind portfolio in Northern England (closing on January 20, 2026) A mix of M&A and Organic 1H 2026 2Q 2026 France Italy UK Germany Corporate 1H 2025 2Q 2025 M&A: 115(2) 143 28 54 203 M&A: 72(1)
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12 (€ mn) (1) They do not include IFRS 16 liability, respectively for €237mn as at 31.12.25, and €245mn as at 30.6.26 (2) EBITDA includes IFRS 16 effect for €10mn (3) It refers to the disposal of Furuby wind farm in Sweden 1H 2026 CASH FLOW STATEMENT Net Debt(1) 31/12/2025 Net working capital Taxes & Others Net Debt(1) 30/06/2026 Adj. EBITDA(2) CAPEX & Acquisitions Dividends paid Disposal(3) Financial charges 1,882 1,939 203 45 (295) 149 27(71)
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2026 GUIDANCE & CONCLUSIONS Paolo Merli - CEO
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2026 GUIDANCE CONFIRMED 14 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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APPENDIX
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16 ADJUSTED P&L (1) 2025 comparative figures have been restated to reflect the exclusion of the Swedish wind portfolio sold on January 20, 2026 in application of IFRS 5 (2) 2% of surcharge on IRAP (set by Decreto Bollette on fiscal years 2026 and 2027) accounted as not recurring 1H 2026 1H 2025 Euro millions 2Q 2026 2Q 2025 295 271 Adjusted EBITDA 129 127 (141) (136) Amortization and depreciation (70) (68) 154 134 Adjusted EBIT 59 60 (27) (21) Net financial income (expenses) (12) (12) (0) (0) Net income (loss) from equity investments (0) (0) 127 113 Adjusted Results before taxes 46 48 (31) (27) Income taxes (10) (12) 96 86 Adjusted Results on continued operations 36 35 (2) (3) Minority interests (2) (1) 95 83 Adjusted Net Profit 34 34 0 (0) Adjusted Results on discontinued operations 0 (0) 95 83 Adjusted Results for the period 34 34 24% 24% Tax Rate 23% 26% (1) (1) (2)(2)