1H & 2Q 2025 RESULTS

Paolo Merli - CEO

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.

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

HIGHLIGHTS: KEY FIGURES

Solid results despite persisting wind drought

EBITDA Margin

International

Corporate

Italy

(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

WIND DROUGHT SINCE OCTOBER CONTINUING IN 1H 2025

(2) Severe Weather Europe: online resource of weather forecast
(3) Copernicus: Earth observation component of the European Union's Space programme

(5) ERA5 is the fifth generation ECMWF reanalysis data; ECMWF is the European Centre for Medium-Range Weather Forecasts

DELIVERING ON OUR STRATEGY

Execution

ESG

Route-to-market

✓ 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

✓ 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

✓ 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

1H & 2Q 2025 RESULTS REVIEW

Michele Pedemonte - CFO

BUSINESS ENVIRONMENT

(2) UK prices net of balancing revenues

A SNAPSHOT OF 1H AND 2Q 2025 RESULTS: PRODUCTION

2Q Production increase thanks to new assets contribution off-set by poor wind generation

A SNAPSHOT OF 1H AND 2Q 2025 RESULTS: EBITDA

INVESTMENTS

A mix of M&A and Organic

(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)

Key Financials

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%

1H 2025 CASH FLOW STATEMENT

(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

2025 GUIDANCE & CONCLUSIONS