EURONEXT SUSTAINABILITY WEEK 2023

6 September 2023

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
❑ Recent Developments & 2023 Guidance
❑ ESG always at the Core
❑ 2022 ESG Key Figures

ERG AS A PIONEER IN THE ENERGY TRANSITION

GROUP'S STRUCTURE AND TOP MANAGEMENT

(1) Data as at August 31, 2023

(2) On June 29, 2023 ERG signed an agreement with Achernar Assets AG for the sale of the CCGT plant

Luca Bragoli Regulatory & Public Affairs

Giorgio Coraggioso Human Capital & ICT

Costantino Deperu Engineering Development

Corrado Bosio Business Development, Mergers & Acquisitions

Paolo Merli CEO

Top Management

Edoardo Garrone Chairman of the Board Alessandro Garrone Executive Vice President in charge of Internal Control and Risk Management System

Giovanni Mondini Vice President

Andrea Navarra Corporate & Legal Affairs

Renato Sturani Generation & Market

Michele Pedemonte Administration, Finance, Control & Procurement

is 1,506MW.

(1) The closing for the sale of the Hydro portfolio to Enel took place on January 3, 2022 (2) The closing of the solar acquisition in Spain (92MW) took place on January 31, 2022 (3) The closing of the solar acquisition in Spain (25MW) took place on June 30, 2023

Europe is 1,929MW.

A RAPID TRANSFORMATION…

ASSET ROTATION TO ACCELERATE ERG'S WAY TO NET ZERO

Asset Rotation CCGT

CCGT divestment crucial to achieve 'Net Zero' Target Carbon Index % [g CO² e/KWh] (Scope 1+2+3) BP case @2223+ Carbon Index with CCGT exit@2023 Carbon Index with CCGT -72% -96% (-10%) 90% (-90%) 10% (-95%) 5% (-99%) 1% 2020 (Base year) 2022 2023 2040 2027 100% (Δ vs Base year) • Agreement with Achernar Assets AG for the sale of the CCGT • EV: €191.5mn (including earn-outs and permitted leakages up to €205.5mn) • Closing expected in 4Q 2023 Transaction Overview • Completing our transformation to a "Pure Player" • Crucial step towards achieving the 'net zero' target • Buyer's commitment in maintaining important protection clauses for 144 people involved in the management of the plant Rationale

NET ZERO target approved by SBTI

(1) 8 By 2027 (from a 2020 base year), ERG commits to reduce: scope 1 and 2 GHG emissions by 72% per MWh; scope 1 and 3 GHG emissions from all sold electricity by 70.4% per MWh. (2) By 2040 (from a 2020 base year), ERG commits to reduce: scope 1 and 2 GHG emissions by 94.8% per MWh; Scope 1 and 3 GHG emissions from all sold electricity by 95.3% per MWh.

SBTi Long Term Target(2)

SBTi Near Term Target(1)

ERG AS OF TODAY: A SOLID PLATFORM OF ASSETS TO BOOST FUTURE GROWTH

(1) It includes Creag Riabhach wind farm (92MW, commissioned on January 12, 2023) and Sandy Knowe wind farm (86MW commissioned in two phases, respectively on October 13, 2022 and on December 16, 2022)
(2) It refers to Furuby wind farm (62MW), entered into operation on November 25, 2022
(3) It refers to Poland, Romania and Bulgaria
(4) It includes 26MW additional capacity for Monreale-Partinico wind farm, after completion of repowering operations on June 14, 2023
(5) It includes Fregenal photovoltaic plant (25MW), commissioned at closing date on June 30, 2023
(6) Repowering is on a gross basis

ERG AS A "TOP PERFORMER" IN THE MAIN ESG RATING

✓ SBTi approved ERG's Net Zero target @2040, ranking ERG among the top 15 Companies worldwide
✓ MSCI improved rating to "AAA", positioning ERG among the TOP 18 global international Companies
✓ ERG joins the Nasdaq Sustainable Bond Network
✓ ERG ranked 4th in the "Integrated Governance Index 2023", among the best practices in Italy for Corporate Governance
✓ ERG entered the "Corporate Knights Global 100 most sustainable corporations in the world" and ranked 54th, the first Italian company in the list
✓ Sustainalytics improved ERG's ESG rating from "Medium Risk" (20.7) to "Low Risk" (14.1), positioning ERG 5th among global Independent Power Producers
✓ ERG entered the 2022 A List of CDP
✓ ERG in the MIB ESG Index, which includes the 40 listed Italian issuers with best ESG practices
✓ The Bloomberg Gender Equality Index (GEI) improved ERG's score, allowing it to enter the first quarter of the ranking
✓ ERG included in S&P Clean Energy Index

A BEST-IN-CLASS GOVERNANCE MODEL

SUSTAINABILITY 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 NFR.

CR&SC

A renewed Control, Risk and Sustainability Committee, appointed by the Board of Directors on 26 April 2021, 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 Disclosure;
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 NFR and other reporting methods related to ESG issues.

Our Principles:

✓ Code of Ethics
✓ Sustainability policy
✓ Human Rights policy
✓ D&I policy
✓ Anti-Harassment policy

OUR SUSTAINABILITY POLICIES

New Policies in 2022: Anti-harassment and Whistleblowing

We reaffirm our commitment to inclusive growth that leaves no one behind and avoids any kind of discrimination, as enshrined in our ESG Plan's goals for a fair 'just transition'. This commitment was fulfilled in 2022 with the adoption of new policies:

✓ The 'Policy for the Prevention of Violence, Harassment and Bullying in the Workplace: aims to evolve an inclusive culture and strengthen the governance system, preventing, detecting and counteracting any phenomena related to violence, harassment and bullying
✓ The Whistleblowing Procedure: aims to encourage the reporting of crimes, offences or irregularities of general interest in the work environment and to avoid retaliatory acts.

ERM - GOVERNANCE & RESULTS

ERM supports in assessing the risks and defining the most effective response strategies

… AN ADVANCED SYSTEM OF REWARD POLICY, SUCCESSION AND CAREER PLANNING

Rewarding Policy:

A revised remuneration system for CEO to enhance correlation with strategy execution and share performance (60% MBO+LTI and 40% fixed)
An enlarged(1) LTI system based on shares with escalation mechanism based on stock performance and execution of ESG KPI
•MBO: Short-Term objectives linked to EBT(2), MW growth and ESG targets
100% of management committed to ESG 2022-2026 strategy

High Degree of satisfaction in AGM for the Rewarding policy 2023 (98% voted in favour(3))

(1) LTI enlarged to more than 20 key leaders of the Group (2) EBT: Earning Before Taxes (3) % on total votes in AGM

MBO OBJECTIVES - RESULTS 2022

Weight of target	Pillar	Target	Unit of measurement	Indicator result	Target result	Overall result
20% CEO 10% KM	Planet	Circular Wind Repowering: recovery of materials and/or energy	%	100%	120.0%
		Circular Solar Revamping: recovery of materials and/or energy	%	92%	120.0%
	Engagement	Contributions to communities around wind farms in UK, Poland and Italy	Quantity and time	5/5 by Dec 2022	120.0%	119.1%
	్రాల్యం ್ಗಿ People	Predictively Safety HSE	Index	FI 4.12 ਟੀ 0.19	113.1%
		Incidence of women in workforce increase	96	50%	120.0%
	Governance	Sustainable Procurement	Index	61	120.0%

All the ESG Objectives are above "the target"

GOVERNANCE - REWARDING POLICY - ESG TARGET 2023 (MBO /LTI)

			- 2021/2023 LTI System

100% of management committed to ESG 2022-2026 Strategy

(1) Persons who hold the functions/offices indicated in Annex 1 to the current ERG Group Procedure for transactions with related parties (with the exception of the members of the Board of Directors and the Board of Statutory Auditors of ERG S.p.A.)

ERG TOMORROW

ERG'S CONFIRMED TARGETS TO 2026

Growth in scale +2.2GW in 2022-2026 (+526MW in 2022) 4.6GW installed Capacity in 2026 (5GW in 2027) Confirmed

Investments/EBITDA €3.5bn 2022-2026; >€650mn @2026 CAPEX, EBITDA

Energy Sales/Mgmt Confirmed target 85-90% regulated on total EBITDA; PPAs vs auction Confirmed

Geographical diversification 9 countries in 2022: Spain and Sweden in operation Confirmed

Solar as strategic pillar ~860MW of Solar PV (out of +2,200MW) ~25% of Solar on group capacity @2026-2027

Innovation Battery Storage; exploring floating offshore opportunities

Conventional is "legacy" Relaunch of the CCGT disposal process Asset Rotation confirmed

Integration of ESG Confirmed at the core of ERG's business model

Dividend Policy 1.0 € per share (+10% vs previous) +10%

2022-2026 BUSINESS PLAN KEY TARGETS

CONFIRMED 2026 TARGET OF 4.6GW OF INSTALLED CAPACITY

GW by geography Cumulative RES additional installed Capacity 2022-2026 (GW) Wind & Solar installed Capacity (GW) 2026 Per Stream Per Tech 2.2(1) 2.2(1) ~440MW/Y 2022 Solar Storage 2026 2.9 0.9 0.8 4.6 + 1.7 CAGR: ~12% Wind 2.6 Wind 3.4 Solar 1.2 0.3 M&A & new pipeline Proprietary Greenfield Under Construction(2) Repowering Already in operation Storage 0.8 0.4 0.3 0.6 Solar 1.0 Wind 1.2 Wind 2022 49% 5% 20% 9% 3% (3) 2.9 ~7% ~44% ~8% ~21% (3) ~7% ~12% ~1% 4.6 11% 2% 0.1

(1) It correspondes to a gross growth of 2.4GW

(2) It includes about 160MW of Repowering under construction

(3) It refers to Poland, Romania and Bulgaria

OUR REPOWERING PROJECTS IN ITALY ARE GAINING VISIBILITY

EBITDA EVOLUTION IN THE PLAN PERIOD

Stronger EBITDA to more than offset overruns

CAPEX EVOLUTION IN 2022-2026

Increase due 50-50 by higher quality and cost overruns (though limited versus greeninflation) ²⁴

FINANCIAL STRUCTURE

Issuer Default Rating:

Repayment Schedule based on stock as of June 2023 (€ bn)

Solid balance sheet with limited refinancing needs until 2025

SOLID FINANCIAL PROFILE OVER BP HORIZON

Net debt & leverage over BP horizon

Further room for re-leverage maintaining an IG rating at a competitive cost

RECENT DEVELOPMENTS & 2023 GUIDANCE

MAIN ACHIEVEMENTS IN 2Q 2023

INSTALLED CAPACITY EVOLUTION

Keep delivering on our growth strategy

2023 GUIDANCE

EBITDA slightly down due to weak windiness in 2Q and some delays in contribution from new assets NFP unchanged as lower EBITDA offset by less financial charges

(1) Net of clawback measures in 1H 2023 for €7mn

(2) EBITDA guidance net of clawbacks. It does not include any contribution pro-tempore related to CCGT, which is consolidated on a reported basis in the discontinued operations from January 1, 2022

(3) NFP already assumes the expected proceeds from the CCGT sale

ESG ALWAYS AT THE CORE

ESG AT THE CORE OF ERG'S 2022-2026 STRATEGY

18 targets consistent with 14 out of 17 SDGs of United Nations

WITH SDGs AT THE CORE

ESG CERTIFICATIONS @2026

Target «Net Zero» approved by SBTi on 12 June 2023

ESG VALUE ON INVESTMENTS

SOCIAL PURPOSE FOR SOLAR REVAMPING

ESG Circular Economy Target: Reuse of PV Modules subject to Repowering for Social Purpose (Max 3MW on 30MW Dismantled)

ERG is among the first international companies to support the energy transition through the Circular Economy

The selected projects have a "significant social impact" as they support the work of several international NGOs

The Plants ensure energy self-sufficiency, limit the environmental impact and allow for Economic / Social development

In Africa, the H24 supply of green energy to hospitals and schools will guarantee essential rights to health and education

WeARE#SDGsContributors:

Our Path towards a more inclusive ERG

ERG'S D&I TARGETS

D&I – OUR PATH

AWARENESS

Valore D Adoption
Baseline setting & ERG People Engagement
✓ D&I Survey for all the employees
✓ Inclusion Impact Index by "Valore D" baseline for KPIs definition
2019 2020 2021 CHANGE DESIGN FOR CULTURE & PROCESSES
- Human Capital Committee: KPIs monitoring
- Gender Equality Assessment
- Leaders' Engagement
- ✓ Training Path:
  - Inclusive Leadership,
  - Inclusive Language - Unconscious Bias
D&I AS A KEY POINT OF OUR ESG PLAN
Increase Women on Board (from 33% to 42%)
D&I Targets In MBO / LTI System
Women in leadership Roles / in workforce
International Leadership
✓ Action Plan:
Individual development plan for People with disabilities
International Leadership
Training
New Survey
Update of the ESG Plan
Cultural evolution through social learning

DEPLOYMENT 2022 OF THE ESG PLAN

✓ Mentorship Programs
✓ Bias Detectors (Gender & Generations)
Partnership with social stakeholders (Dynamo Camp, MUS-e)
Remote working adoption
✓ 100% people with disabilities with training

Main

topics

Launch of "The Power of Diversity" Project

Remote working trial period (before the pandemic)

Inclusion in Bloomberg's Gender Equality Index

Adoption of Women's Empowerment Principles

Anti Harassment Policy @2022

All the D&I objectives @2026 are well on track

DIVERSITY & INCLUSION

A DIVERSIFIED GROUP WITH EQUAL OPPORTUNITIES

"We are convinced that the creation of a sustainable and inclusive development model that puts people at its centre is essential to ensure long-term business success"

Paolo Merli, CEO ERG

Continuous improvements on Gender Pay Gap in all the categories

(1) 41 Percentage ratio between the average fixed remuneration for women for each position they belong to and the average fixed remuneration for men for the same position

(2) In Italy, our main country with about 80% of employees, the gender pay gap decreases to 97% if we consider the CEO remuneration

BLOOMBERG GENDER EQUALITY INDEX

2022 improvements

Membership in Global Compact and Women's Empowerment Principles

Chief Diversity Officer

Supplier diversity program

all Scores
GEI Score
Disclosure Score			100.0
Data Excellence Score			74.33
Leadership & Talent Pipeline			55.56
Equal Pay & Gender Pay Parity			88.24
Inclusive Culture			87.1
Anti-Sexual Harassment Policies			60.0
External Brand			62.5
	0	100	Scores In Percentage

2022 Strengths of ERG

Female Leadership & Talent Pipeline: we are rewarded for the presence of women on the Board, among executives and middle managers, and in ICT
Equal Pay & Gender Pay Parity: the Gender Pay Gap is low and verified by auditors (KPMG). We are transparent in reporting data on pay (>80% of the company population is covered)
Inclusive Culture: we are rewarded for the retention rate of women after 12 months of return from leave (equal to 100%), the possibility of remoteworking, and the training courses on Bias
Pro-Women Brand: we are rewarded for the responsible management of gender equality on social media, the website, and the orientation days managed by the STEM Role Models.

Score improvement to 82/100 (vs. 71 in 2021 - YoY increase +16%)

2022 ESG KEY FIGURES

ERG PERFECTLY ALIGNED WITH EU GREEN TAXONOMY AFTER ASSET ROTATION

CO2 AVOIDED: A POSITIVE IMPACT OF RENEWABLE SOURCES

OUR EMISSIONS W&S

SF6 (sulphur hexafluoride) from some high voltage equipment;
F-gas (fluorinated gases) from air conditioning systems;
use of company cars

Scope 2 Emissions

purchase of national grid electricity required to operate plants that are not generating;
condominium services for offices

Scope 3 Emissions

• for wind and solar technologies was based on documentation produced by our suppliers, who provided us with Life Cycle Assessment (LCA) studies of the wind turbines and solar panels

CIRCULAR REPOWERING: IN 2022 100% WTG RECOVERED

Biodiversity

Risk Assessment Sustainable Policy Updated with Biodiversity @2022

A new focus on our continuous improvement on environmental and biodiversity protection;
ERG's approach to biodiversity aims to: protect, restore and/or regenerate, reinforce, no deforestation.

Biodiversity assessment for 100% of projects developed by ERG

In all new projects will be evaluated the biodiversity impact based on the local requirements in accordance with the EU directive (2014/52/EU);
- Implementation of specific action plan with the aim of preventing or mitigating any unavoidable biodiversity impact.

SHARING VALUE FOR THE GROUP IN 2022

CONTRIBUTIONS TO LOCAL COMMUNITIES (EUR k)	W&S 2022	W&S 2021
Sharing Benefits paid to local communities (Group)	8,122	7,880
Support to local communities in relation to emergency situations	477	0
Sponsorships	300	305
Other donations	452	520
COMMUNITY TOTAL	9,351	8,705
Turnover	749,000	590,000
COMMUNITY SHARE AS A PERCENTAGE OF TURNOVER	1.25%	1.48%

1.25% Community Benefits in 2022 (ESG Plan target: >1%)

ERG'S SUPPORT FOR THE EMERGENCY IN UKRAINE

DESTINATION OF FUNDS	INITIATIVE	AMOUNTI
HR Recruitment	2 administration contracts for 12 months + housing contribution (Sales Support and ICT operation Support)	ਰੇਰੇ
Province of Genoa	5 hospitality and medical assistance projects (Genoa City Council, Caritas, Sant'Egidio, Gaslini Onlus, San Teodoro Parish)	267 k€
East Europe	Purchase of equipment for St. Mary's Children's Hospital in IASI for the care of cancer children (including Ukrainian children)	111 k€

477k€ were allocated in 2022 in favor of the Emergency

OUR TRAINING MODEL

Managerial
Health and Safety
Technical and specialist
Compliance

Details

The flexibility of the teaching methods makes it possible to integrate the personal and professional needs of heterogeneous groups in terms of origin, career path, and age
In terms of hours, 2022 saw increased language training supporting the progressive internationalization of the Group
Complete resumption of the Leadership in Safety program
Management training: courses to support the development of Leadership, Learning Agility, and valorization of diversity have resumed
The average per capita hours used were 49.8 (6.2 days), a slight decrease compared to 2021 (51.2 hours, equal to 6.4 days)
97.6% of people in the workforce as of 31 December 2022 attended at least one training event, an increase compared to 96.2% in 2021

2022: possibility of returning to in-person training

WELFARE PROJECTS FOR EMPLOYEES

ERG ACADEMY: STUDENTS INVOLVED IN EDUCATIONAL ACTIVITIES IN 2022

The 2021/2022 School Year ended with a positive delta of +1,855 students

(1) Persons of which: Next Generation EU (5,213), Role model (348), Progetto Scuole (258), other (1,409)

(2) Of which: Terre Avenir (4,564), Open Day Vallee de la 2 est (43)

(3) Including 20 students in UK

SUSTAINABLE PROCUREMENT

2022 Assessment launched on 4 October, closed in November, in partnership with Achilles:

Suppliers with orders >100k€ in years 2020/22
165 suppliers involved(1) (Redemption 86%): 80 Italians, 85 internationals
Audit campaign continued during 2022; Training sessions in October, «one to one» awareness campaign in November

Target 2026 as per ERG Strategic Plan: 61.1 (+ 5.6 YoY) vs target @2026: 62.7

TAX CONTROL FRAMEWORK (TCF) – EXTENSION IN FRANCE & GERMANY

TCF abroad is well on track (extension in France effective 01.2023)

NFD 2022 – MATERIALITY ANALYSIS

-

DOUBLE MATERIALITY

Single Materiality substantially aligned with Double Materiality

SFDR – SUSTAINABLE FINANCIAL DISCLOSURE REGULATION

The European Sustainable Financial Disclosure Regulation (SFDR) aims to promote transparency and sustainability within the financial markets

In the NFD 2022 we report 38 KPIs out of 47 (9 are not applicable to ERG)