ERG

Environmental & Social Information • Sep 10, 2025

EURONEXT SUSTAINABILITY WEEK 2025

11 September 2025

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

• ❑ ERG as a pioneer in the Energy Transition
• ❑ A best-in-class Governance Model
• ❑ ERG tomorrow
• ❑ ESG strategy

Solar: entry in France

A LONG HISTORY…

ERG a pure renewable player after the sale of the thermoelectric

business.

1938

Foundation of ERG in Genoa, by Edoardo Garrone

Production begins at the ISAB Refinery in Priolo

ISAB Energy: production and marketing of electricity begins from the gasification of heavy refinery residues

Sale to LUKOIL of 49% of the ISAB Refinery

ERG 1st 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

Entry into the hydroelectric business: purchase of the Terni Complex (527MW). Wind: growth in France and Poland (+146MW)

Entry into the solar power sector: 30 photovoltaic plants

Solar: capacity increases to 141MW after the purchase of 51MW in Italy. Wind: further growth in France and Germany (+86MW)

Sale of the hydroelectric

Solar: entry in Spain

Wind: 172MW acquired in Italy, and ~230MW started up in Europe. IFM NZFI indirect

SQ Renewables SpA), alongside the

Garrone-Mondini Family

business.

(92MW).

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 shareholder (with 35% in

GROUP'S STRUCTURE AND CORPORATE GOVERNANCE

ERG's Governance Model

SQ Renewables S.p.A.

65%

@ September 22, 2022

35%

San Quirico S.p.A. IFM Investors

@ April 12, 2024

51%

49%

(2) It includes Reindorf wind farm (6MW), entered into operation on March 28, 2025 after completion of repowering activities

(3) It includes Picardie 1 wind farm (18MW), entered into operation on May 8, 2025

15%

44%

SOLID TRACK-RECORD IN DELIVERING ON OUR STRATEGY

Keep delivering on our growth strategy with a mix of internal projects and M&A

(1) It includes dividends paid in the 2021-2025 period + Buyback for €120mn

(2) It includes the wind farms of Corlacky (47.3MW, entered into operation on July 31 2025), Broken Cross (43.2MW), Picardie 1 (18MW), Reinsdorf (3MW on a differential basis, after completion of repowering activities), plus Solar Revamping in Italy (5MW on a differential basis)

PIONEER IN REPOWERING: FIRST 270MW FULLY IN OPERATION

ERG's first tranche of repowering proved strongly value accretive ⁸

PRO-ACTIVE ROUTE TO MARKET APPROACH

ERG well positioned to capture growing energy needs from emerging datacenters

A BEST-IN-CLASS GOVERNANCE MODEL

ESG GOVERNANCE MODEL

ESG, IR & Communication

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.

Control, Risk and Sustainability Committee

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)

ESG Committee(1)

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

OUR SUSTAINABILITY POLICIES

In 2024, ERG updated Human policies:

In 2024, the Human Rights Policy and the Stakeholder Engagement Policy were revised.

Key updates to the Human Rights Policy:

• the integration of policies on Diversity & Inclusion;
• the alignment with best practices from the EU Corporate Sustainability Due Diligence Directive.

AN ADVANCED SYSTEM OF REWARD POLICY, SUCCESSION AND CAREER PLANNING

Rewarding Policy:

• 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(1) (50%), MW growth (30%) and ESG targets (20%)
• 100% of management committed to ESG 2024-2026 strategy

Approved in the Annual General Meeting for the Rewarding policy 2025

ESG TARGET IN MBO/LTI 2025 (1H 2025)

emarket sdir storage
CERTIFIED

MBO						LTI
Weight target	Weight KPIs	Pillars		KPis	Weight target	Weight KPIs	Pillars	KPis
20% CEO 10% KM	20%	Planet	20%	Circular Wind on Repowering (% or material recycled)		20%	Planet	Target Net Zero: % Green Energy on Total consumption (Scope 2)
	20%	Engagement	10%	ERG Academy for Next Generation (number of stundents involved)
			10%	Social Purpose for Solar Revamping (number of projects installed)	20%	20%	Engagement	Improved S&P CSA index rating
	50%	People	40%	Predictive safety HSE: No fatalities e and in relation to the Frequency indices [employees + contractors] and severity [IFsev]		50%	People	HSE Predictive safety: No fatalities and compliance with 40% Frequency Indices [internal + contractors]: general [FI] and severity [FIs]
			10%	Incidence of women in workforce increase
	10%	Governance	10%	1) Climate Change nel Wind (Economic assessment of Wind Droughts impacts)				Diversity & Inclusion: no. female 10% Key Leaders out of total Key Leaders
				2) Cyber Security training 3) Update of Sustainability Policy		10%	Governance	Sustainable Funding: maintenance of a % of sustainable loan sources out of total financial sources

ERG'S ESG RATINGS AND SUSTAINABILITY AWARDS

ERG listed in S&P Global Sustainability Yearbook 2025 as Top Performer

ERG TOMORROW

VALUE OVER VOLUME APPROACH REINFORCED

Storage, Hybridization & Digitalization

Selective growth 4.2GW installed capacity in 2026 (vs 4.5GW); focus on repowering & organic

Investments/EBITDA CAPEX: €1.0bn 2024-2026 (-20% vs prev. €1.2bn); EBITDA >€600mn @2026

Route to market Confirmed target 85%-90% quasi-regulated on total EBITDA through CFD & PPA

Balance Sheet / Value Creation Commitment to IG rating: DCM as best option for sizable/competitive funding Value over Volume approach confirmed (IRR targeted 200bps+ over WACC)

Geographical Diversification Geographic focus on tier-1 countries: grow and consolidate Assessing asset rotation opportunities in tier-2 countries

Storage as a new stream of development Hybridization as an opportunistic technology to mainly protect our assets Digitalization to optimize the performance of assets

ESG A strategic priority: consolidating ERG's tier-1 positioning

Shareholder Remuneration 2025: €1/sh to be paid as dividend plus SBB (already done) equal to €0.15/sh 2026+: floor at €1/sh as dividend + potential upside from buybacks

ESG STRATEGY

ESG AT THE CORE OF ERG STRATEGY AS OF 2021

ESG, IR & Communication directly reporting to CEO in place as of 2021 focused on ESG Strategy & Reporting

Governance Best in class with Board Committee and Managerial Committee overseeing the ESG strategy and achievements

ESG Plan developed internally and embedded in ERG's Business Strategy

Remuneration Scheme: variable incentive (Short-Term and Long-Term) linked to ESG Targets

Decarbonization path certified by Science Based Target initiative (@2021 Carbon Neutrality; @2023 Net Zero)

Adopting Best Practices on Climate Change and Impact Assessment (e.g. TCFD framework and Analysis on Wind Assets)

Top Tier in Main ESG Rating, increased number of ESG Index from 2 in 2020 to 29 in 2024 (e.g. S&P Clean Energy Index)

ESG: A STRATEGIC PRIORITY

Net Zero target by 2040 to continue decarbonization path Circular Economy: minimizing waste in wind repowering Natural Capital Preservation in our organic RES developments

• Sharing Value with Local Communities ERG Academy to engage next generation in energy transition
• • Safety first is a priority in all our actions DEI&B(1) well defined goals to foster engagement & empowerment

Enhancing governance model by promoting ethical and responsible business conduct Engaging the supply chain in decarbonization, D&I, and protecting Human Rights

ERG STRATEGY IN PLANET

(1) Green Company Cars = 100% Electric or Plug-in. O&M and 4 Wheel cars are excluded

(2) Turnover greater than €1mn

OUR PATH FOR AN INCLUSIVE AND CULTURAL EVOLUTION

(1) Key leader = manager and senior manager

Gender Equality Certification

• In 2024, ERG S.p.A. and ERG Power Generation obtained the Gender Equality Certification (UNI PdR 125:2022)
• The certification was renewed in 2025

ENGAGING OUR SUPPLY CHAIN IN OUR KEY ESG STRATEGY TO STRENGTHEN OUR FULL ALIGNMENT TO EU GREEN TAXONOMY

STRATEGY FOR THE "NATURAL CAPITAL" PRESERVATION

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

SHARING VALUE FOR COMMUNITIES

SOCIAL PURPOSE FOR SOLAR REVAMPING

Multi-year project, fully integrated in the ERG's ESG Plan, which envisages the reuse of PV modules in new plants on behalf of the NGOs with "Social Value Purpose"

• ✓ To support the energy transition through concrete actions of circular economy
• ✓ To give a second-life to used PV modules subject to revamping

• ✓ To have a significant social impact, supporting the NGOs
• ✓ Guaranteeing essential rights (e.g. health, education)
• ✓ Accelerating the economic/social development of the local communities

• ✓ A multi-stakeholder approach, leveraging on collaboration with other industrial entities
• ✓ Several partners are involved (e.g. in-land and maritime logistic, designer, supplier of main components)

INSPIRING CHANGE TO POWER THE FUTURE