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ERG Environmental & Social Information 2026
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Environmental & Social Information
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INSPIRING CHANGE TO POWER THE FUTURE
ERG GREEN BOND REPORT 2025
ERG
EVOLVING ENERGIES
ERG Green Bond Report 2025
SUMMARY
- INTRODUCTION 3
- OVERVIEW OF ERG AND COMMITMENTS TOWARDS SUSTAINABILITY 4
- ERG GREEN BOND FRAMEWORK 11
- REPORTING 12
- EXTERNAL REVIEW 13
5.1 SECOND PARTY OPINION 13
5.2 POST ISSUANCE VERIFICATION 13 - ALLOCATION REPORT 14
6.1 SUMMARY 14
6.2 ALLOCATION OF PROCEEDS AND IMPACT DETAILS AT THE PROJECT LEVEL 16 - REPORTING CRITERIA 20
- EXAMPLE OF PROJECT FINANCED 21
- INDEPENDENT AUDITORS' REPORT 24
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1. INTRODUCTION
ERG S.p.A. (hereinafter "ERG") issued four green bonds ("ERG Green Bonds") listed on Luxembourg Stock Exchange, as part of its 3 billion Euro Medium Term Notes (EMTN) programme:
- in April 2019 ("ERG Green Bond 2019"), (ISIN XS1981060624) for an amount of Euro 500 million, with a maturity date falling on April 11th, 2025 (as of today this bond has been reimbursed);
- in September 2020, as subsequently tapped in December 2020 ("ERG Green Bond 2020"), (ISIN XS2229434852) for a total amount of Euro 600 million, with a maturity date falling on September 11th, 2027;
- in September 2021 ("ERG Green Bond 2021"), (ISIN XS2386650274) for an amount of Euro 500 million, with a maturity date falling on September 15th, 2031;
- in July 2024 ("ERG Green Bond 2024"), (ISIN XS2853679053) for an amount of Euro 500 million, with a maturity date falling on July 3rd, 2030.
ERG Green Bonds have been set up in accordance with Green Bond Framework updated before each issuance (available on ERG website) and aligned with the "Green Bond Principles" published by the International Capital Market Association. As for "ERG Green Bond 2024", this has been issued also in accordance with EU Taxonomy.
The reference documents for the four emissions are available on the ERG website (https://www.erg.eu/en/investor-relations/green-financing). Terms and definitions in this report refer to ERG's Green Bond Framework published on June 21st, 2024 ("Green Bond Framework 2024").
ERG is now recognized as one of Italy's leading green issuers. As of December 31st, 2025, Sustainable Finance sources accounted for 97% of total gross debt (equal to EUR 2,095 million out of a total of 2,160 million). ERG has set a target of maintaining at least 90% of its funding "Sustainable" in 2028.
Sustainable finance is an integral part of our capital structure and is the predominant component of the Group's funding sources, which at the end of 2025 consisted of approximately 97% Sustainable Finance, equal to EUR 2,095 million on a total gross debt of EUR 2,160 million (in face value).
ERG Green Bond Report 2025
ERG Green Bond Report 2025
2. OVERVIEW OF ERG AND COMMITMENTS TOWARDS SUSTAINABILITY
The ERG Group is a leading independent operator of clean energy from renewable sources, operating in nine countries at European level, including UK, and, from April 2024, in the United States.
After an energy transition process initiated more than 10 years ago, ERG has become a major independent producer of electricity from renewable sources in Europe with a leadership position in Italy since 2013. Indeed, ERG is the leading wind power operator in Italy, and among the top ten in Europe. ERG is also active in solar energy production where it ranks in the top five in Italy.
Consistently with its path towards a pure Wind & Solar business model to combat climate change by reducing GHC emissions and by increasing the share of renewable energy in the global energy mix:
- in January 2022 the Group has completed the disposal of its hydroelectric portfolio through the sale of the entire share capital of ERG Hydro S.r.l., marking the major milestone of the Group asset rotation plan in terms of size;
- in October 2023 ERG completed its transformation in a pure Wind&Solar player thanks to the sale of the low-environmental-impact and high-efficiency Combined Cycle Gas Turbine (CCGT) cogeneration plant powered by natural gas.
As of the end of December 2025, the total installed capacity was equal to 3,974 MW, of which 3,296 MW of wind capacity, 666 MW of solar capacity and 13 MW of storage capacity.
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THE ERG GROUP: A RENEWABLE OPERATOR WITH A SOLID INTERNATIONAL PRESENCE(1)
INSTALLED CAPACITY: 3,974 MW
CAPACITY UNDER CONSTRUCTION: 229 MW
Along with the business transformation and related growth, the Group is committed to the achievements of the ESG targets detailed below, that are strongly integrated into ERG's strategy:
(1) In January 2026, the Group increased the installed capacity in the UK to 413 MW (+73 MW following the recent acquisition of seven wind farms) and, at the same time, sold the Furuby wind farm in Sweden (62 MW). Following these two important transactions, which took place as part of a geographical repositioning, the Group's installed capacity is equal to 3,985 MW (+11 MW compared to 31 December 2025).
ERG Green Bond Report 2025
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ESG, A STRATEGIC PRIORITY TO ADDRESS FUTURE CHALLENGES
Net Zero 2040 objectives to continue our decarbonisation process, protecting biodiversity
Circular Economy reducing waste in W&S repowering, continuing to research innovative technologies
Sharing Value building long-term partnerships with local communities
ERG Academy to involve the future generation in the energy transition
Safety a priority in all our actions
DEI&B™ well-defined objectives to foster engagement and empowerment and belonging
Consolidation of the governance model to ensure integrity, transparency and accountability throughout our organisation
Involving the supply chain in decarbonisation, D&I and the protection of human rights
(a) Diversity, equity, inclusion and belonging
THE 2025 REPORTING OF THE ESG PLAN
Net Zero: on track; Carbon Index: 15.1 gCO₂e/kWh
Circular economy: Wind Repowering: 100% recovery; Solar Revamping: 96% recovery
Biodiversity: 100% internally developed plants with Biodiversity Assessment
ERG Academy for Next Generation: 24,855 students involved in 5 countries: Italy, France, Spain, UK and USA
1% for the Community: 1.1% of revenue for local communities
Trust & Reputation: Top performer in the main ESG ratings
Social Purpose for Solar Revamping: 3 completed projects (panels donation)
ERG Academy for our People: 85% ERG People with individual development plan; 99.8% ERG People with actual participation in at least one training activity
Diversity & Inclusion: 18.4% women among key leaders; 25.0% key leaders abroad; 31.4% women in workforce
Employees' well-being: Performance bonus conversion in Italy; Solidarity holidays (100% of our people); 8/10 days of Remote Working per month; 100% health/life insurance
Health & Safety, always: 0 Fatalities; 3.73 Frequency Index (FI); 0.53 Severe Frequency Index (IF_sev)
Sustainability Incentives: 100% MBO/LTI aligned with ESG objectives
Enhancing governance model: 50% women in the Board of Directors of ERG S.p.A.; 60% women in the Supervisory Bodies; 53.3% women in Boards of Statutory Auditors
Tax Control Framework: Tax Control Framework (operational in Italy, France and Germany)
Sustainable Procurement: 64.4% average score of strategic suppliers(6); 66.7% suppliers with carbon footprint (>EUR 1M); 64% suppliers with D&I Policy(6)
ESG Finance: 97% of sustainable loans
Cybersecurity: 9 courses issued in the year with 92.6% participation rate
(b) Assessment 2024
ERG Green Bond Report 2025
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Here below the 2025 ESG key indicators, compared to the 2024 restated results:
(a) London - New York
(b) Community share on total group revenues
(c) Actual in line with the target
ERG Green Bond Report 2025
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Over the 2025, the Group has been awarded with the following ESG recognitions and ESG Ratings:
ERG Green Bond Report 2025
ERG Rating
Average sector rating
For ERG, sustainability is a complementary lever along the entire value chain. The ESG objectives and action lines are an integral part of the business strategy and are aimed at maximising sustainable value creation for the ERG Group. In this context, the Group has long since established a 'best in class' sustainability governance system, recognised as such by the leading ESG rating agencies internationally.
ERG Green Bond Report 2025
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OUR SUSTAINABILITY GOVERNANCE MODEL
The ESG Committee is appointed as Green Bond Committee (the "Committee") and is responsible for the Eligible Green Portfolio validation process, with particular attention to:
- identification, review and validation of the Eligible Green Projects in accordance with the defined Eligible Green Project Categories;
- monitoring the Eligible Green Project Portfolio during the life of the Green Bonds. The Committee may decide to remove an Eligible Green Project from the Eligible Green Project Portfolio, if it no longer meets the eligibility criteria;
- monitoring any ESG controversy (such as controversies that may impact local communities or changes in ecosystems) affecting ERG and directly related to an Eligible Green Project. If the Committee deems an eligible project as subject to a major ESG controversy, the Committee will analyse it and may decide to exclude such Eligible Green Project from the Eligible Green Project Portfolio.
ERG Green Bond Report 2025
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3. ERG GREEN BOND FRAMEWORK
Prior to each issuance, to facilitate transparency and quality of its Green Bonds, ERG published specific Green Bond Framework, aligned to EU Taxonomy and updated in accordance with the ICMA Green Bond Principles (GBP) 2021.
The Green Bond Framework 2024 was assessed by Moody's Rating as external and independent advisor which expressed the highest level of assurance of the ERG's Green Bond Framework in terms of alignment to ICMA Green Bond Principles 2021.
Within the framework, the Eligible Green Project categories related to eligible projects are aligned with the Sustainable Development Goals set by United Nations. ERG Green Bonds support projects having positive environmental impact and contributing to:
- UN SDG 7 Goal (Affordable and Clean Energy) increasing the share of renewable energy in the global energy mix;
- UN SDG 13 (Climate Action) taking urgent action to combat climate change by reducing GHC emissions.
| Green Bond Issuance | Categories | UN Sustainable Development Goals | Allocated Proceeds | Unallocated Proceeds | Installed Capacity (MW) | CO₂ Avoided (kt)* |
|---|---|---|---|---|---|---|
| ERG Green Bond 2020 | Renewable Power Generation Facilities | EUR mn 600 | - | 533 | 314 | |
| ERG Green Bond 2021 | Renewable Power Generation Facilities | EUR mn 500 | - | 406 | 228 | |
| ERG Green Bond 2024 | Renewable Power Generation Facilities | EUR mn 500 | - | 575 | 526 |
*GB2020, GB2021 and GB2024 data have been adjusted based on the new IEA factors, which the Group has decided to implement starting from 2024
(2) ERG Green Bond Framework 2024 is available at https://www.erg.eu/en/investor-relations/green-financing/green-bond-framework
ERG Green Bond Report 2025
ERG Green Bond Report 2025
4. REPORTING
By publishing this Green Bond Report 2025 (the "Report"), ERG is delivering its commitment to report annually on the use of proceeds and environmental benefits resulting from the selected Eligible Green projects until bonds maturities for ERG Green Bond 2020, ERG Green Bond 2021, ERG Green Bond 2024.
As of 31st December 2025, with reference to the outstanding ERG Green Bonds:
- ERG Green Bond 2020 net proceeds have been fully allocated, with a percentage of refinancing capex equal to 42% of the total net proceeds;
- ERG Green Bond 2021 net proceeds have been fully allocated, with a percentage of refinancing capex equal to 9% of the total allocated proceeds.
- ERG Green Bond 2024 net proceeds have been fully allocated to new projects.
The Report and its reporting criteria (allocation and impact, including relevant metrics), prepared in compliance with the Green Bond Framework 2024, has been examined and approved by the ESG Committee as of May 27th, 2026
The use of proceeds via a "Green Bond Report 2025" will be publicly available on the ERG website.
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5. EXTERNAL REVIEW
5.1 Second Party Opinion
Moody's Rating, which audited the latest ERG's Green Bond Framework in June 2024, deemed it as aligned with the four components of ICMA's Green Bond Principles 2021 and EU Taxonomy. This Second Party Opinion document is available on ERG's website[3].
A summary of this opinion is presented here below:
5.2 Post issuance verification
An external independent auditor confirmed that the selected Eligible Green Projects and reporting metrics of ERG Green Bond 2020, ERG Green Bond 2021 and ERG Green Bond 2024 are consistent with their relevant Green Bond Framework ERG and EU Taxonomy. The Third-Party Opinion issued by the external independent auditor on certain information included in the 2025 ERG Green Bond Report is attached to this document.
[3] https://www.erg.eu/en/investor-relations/green-financing/green-bond-framework
ERG Green Bond Report 2025
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6. ALLOCATION REPORT
6.1 Summary
As of December 31st, 2025, the ERG Green Bond 2020, the ERG Green Bond 2021 and the ERG Green Bond 2024 proceeds, 600 mn, 500 mn and 500 mn respectively, have been fully allocated, as detailed in the table 6.2 "Allocation of proceeds and Impact details at the project level", which discloses Eligible Green Projects and reporting metrics.
a) ERG Green Bond 2020
AVERAGE LIFE OF THE PROJECT PORTFOLIO
ALLOCATION BY COUNTRY
Italy Germany France Poland UK
41% of the proceeds (Eur 249 mn) were allocated to finance construction of plants with COD occurring in 2021 onwards.
35% of the proceeds (Eur 210 mn) were allocated to finance plants acquired in 2017 and 2018.
24% of the proceeds (Eur 141 mn) were allocated to finance plants acquired or built in 2019 and 2020.
In terms of location, the allocated proceeds involved plants located in UK (Eur 234 mn), in Italy (Eur 158 mn), in Germany (Eur 113 mn), in France (Eur 90 mn), and Poland (Eur 6 mn), proving the international footprint of the Group.
ELIGIBLE GREEN PROJECT CATEGORY
Wind Solar
74% of the proceeds (Eur 442 mn) were allocated to Wind Power Generation plants.
26% of the proceeds (Eur 158 mn) were allocated to Solar Power Generation plants.
ERG Green Bond Report 2025
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b) ERG Green Bond 2021
AVERAGE LIFE OF THE PROJECT PORTFOLIO
■ 2022 onwards ■ 2021
ALLOCATION BY COUNTRY
■ Germany ■ France ■ Sweden ■ Spain
73% of the proceeds (Eur 364 mn) were allocated to finance plants acquired in 2021.
27% of the proceeds (Eur 135 mn) were allocated to finance construction of plants with COD occurring in 2022 onwards.
In terms of location, the allocated proceeds involved plants were located in France (Eur 288 mn), in Germany (Eur 98 mn), in Sweden (Eur 57 mn), and in Spain (Eur 57 mn).
ELIGIBLE GREEN PROJECT CATEGORY
■ Wind ■ Solar
68% of the allocated proceeds of the ERG Green Bond 2021 (Eur 342 mn) were allocated to Wind Power Generation plants.
32% of the allocated proceeds of the ERG Green Bond 2021 (Eur 158 mn) were allocated to Solar Power Generation plants.
At the date hereof, all the proceeds (Eur 500 mln) have been allocated to projects in operation as of $31^{\text{st}}$ December 2025.
ERG Green Bond Report 2025
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c) ERG Green Bond 2024
AVERAGE LIFE OF THE PROJECT PORTFOLIO
2024 onwards 2023
ALLOCATION BY COUNTRY
Spain Italy USA
62% of the proceeds (Eur 310 mn) were allocated to finance plants acquired in 2024 and to finance the construction of a plant with COD occurring in 2024 onwards.
38% of the proceeds (Eur 190 mn) were allocated to finance a plant with COD in 2023 and one acquired during 2023.
In terms of location, the allocated proceeds involved plants were located in USA (Eur 236 mn), in Spain (Eur 157 mn) and in Italy (Eur 107 mn).
ELIGIBLE GREEN PROJECT CATEGORY
Wind Solar Storage
56% of the allocated proceeds of the ERG Green Bond 2024 (Eur 281 mn) were allocated to Wind Power Generation plants.
42% of the allocated proceeds of the ERG Green Bond 2024 (Eur 211 mn) were allocated to Solar Power Generation plants.
2% of the allocated proceeds of the ERG Green Bond 2024 (Eur 8 mn) were allocated to Battery Storage plants.
At the date hereof, all the proceeds (Eur 500 mln) have been allocated to projects in operation as of 31st December 2025.
6.2 Allocation of proceeds and Impact details at the project level
Current paragraph reports the allocation, at a project level, of proceeds raised through the issuance of ERG Green Bond 2020, 2021 and 2024, consistently with their relevant Green Bond Framework. At the date hereof, all the funds have been allocated to projects in operation as at 31st December 2025.
None of these projects is involved in significant proceedings (administrative or final court judgements) resulting from ESG controversies. Moreover, none of them has been co-financed by parties other than ERG.
ERG Green Bond Report 2025
a) ERG Green Bond 2020
| ERG Green Bond 2020 – EUR 600mn – 100% allocated | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eligible Project | Eligible Category | Eligibility Criteria | Country | Acquisition date | Date of entry in operation | Status @ 31/12/2025 | Total Capacity (MW) | Production Actual 2025 (MWh) | Actual 2025 (annual) (EU savings) - £r | Green Bond Processed Allocated (EUR mn) | % Refinancing | Proceeds allocated to new capacity (EUR mn) |
| Onshore wind – EU taxonomy activity 4.3 ‘Electricity generation from wind power’ | ||||||||||||
| Trinity Portfolio | Renewable energy | Wind Power Generation plant | February 2020 | - | Operation | 38 | 62.344 | 20 | 42 | 100% | 0 | |
| Former Dif Portfolio | Renewable energy | Wind Power Generation plant | May 2017 | - | Operation | 48 | 48.010 | 16 | 14 | 0% | 0 | |
| Barkow Portfolio | Renewable energy | Wind Power Generation plant | September 2019 | - | Operation | 34 | 72.569 | 24 | 92 | 40% | 0 | |
| Torfou + Melier | Renewable energy | Wind Power Generation plant | May 2018 | - | Operation | 26 | 55.401 | 17 | 30 | 0% | 0 | |
| Vent d'est | Renewable energy | Wind Power Generation plant | March 2018 | - | Operation | 16 | 28.141 | 9 | 8 | 100% | 0 | |
| Windpark Linda | Renewable energy | Wind Power Generation plant | - | June 2019 | Operation | 22 | 35.150 | 12 | 7 | 100% | 7 | |
| Evishagaran | Renewable energy | Wind Power Generation plant | - | December 2021 | Operation | 47 | 124.556 | 47 | 58 | 0% | 58 | |
| Sandy Knowe | Renewable energy | Wind Power Generation plant | - | October 2022 | Operation | 86 | 115.907 | 43 | 71 | 0% | 71 | |
| Creag Riabhach | Renewable energy | Wind Power Generation plant | - | January 2023 | Operation | 92 | 123.494 | 46 | 63 | 0% | 63 | |
| Craiggore | Renewable energy | Wind Power Generation plant | - | December 2021 | Operation | 24 | 56.031 | 21 | 42 | 0% | 42 | |
| VAA2 Extention | Renewable energy | Wind Power Generation plant | - | December 2021 | Operation | 7 | 10.928 | 3 | 10 | 0% | 10 | |
| Piotrkow | Renewable energy | Wind Power Generation plant | - | July 2022 | Operation | 25 | 58.500 | 18 | 6 | 0% | 6 |
Solar PV – EU taxonomy activity 4.1 ‘Electricity generation using solar photovoltaic technology’
| ERG Solar Holding 1 | Renewable energy | Solar Power Generation plant | January 2018 | - | Operation | 68 | 107.958 | 38 | 158 | 100% | 0 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Allocation Green Capax | 533 | 898.989 | 314 | 600 | 42% | 256 | ||||||
| % of Proceeds allocated to new capacity | 43% |
ERG Green Bond Report 2025
b) Green Bond 2021 $^{(4)}$
| ERG Green Bond 2021 - EUR 500mn - 100% allocated | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eligible Project | Eligible Category | Eligibility Criteria | Country | Acquisition date | Date of entry in operation | Status @ 31/12/2025 | Total Capacity (MW) | Production Actual 2025 (MWh) | Actual 2025 benefits (EZr, sterings) - M | Green Bond Proceeds allocated (EUR mn) | % Refinancing | Cash back period (months) | Proceeds allocated to new capacity (EUR mn) |
| Dishore wind – EU taxonomy activity 4.3 ‘Electricity generation from wind power’ | |||||||||||||
| Joran | Renewable energy | Wind Power Generation plant | June 2021 | - | Operation | ↑ 58 | 117.978 | 37 | 110 | 30% | 3 | 0 | |
| Erik | Renewable energy | Wind Power Generation plant | - | December 2022 | Operation | ↑ 62 | 158.996 | 35 | 57 | 0% | 0 | 57 | |
| Les Bouchat (Champagne I) | Renewable energy | Wind Power Generation plant | - | June 2022 | Operation | ↑ 20 | 40.629 | 13 | 21 | 0% | 0 | 21 | |
| Ventoux Germany | Renewable energy | Wind Power Generation plant | October 2021 | - | Operation | ↑ 55 | 103.905 | 34 | 98 | 0% | 0 | 0 | |
| Ventoux France | Renewable energy | Wind Power Generation plant | October 2021 | - | Operation | ↑ 41 | 75.959 | 24 | 55 | 0% | 0 | 0 | |
| Solar PV – EU taxonomy activity 4.1 ‘Electricity generation using solar photovoltaic technology’ | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Joran | Renewable energy | Solar Power Generation plant | June 2021 | - | Operation | 22 | 27.568 | 9 | 41 | 30% | 3 | ||
| Ventoux France | Renewable energy | Solar Power Generation plant | October 2021 | - | Operation | 57 | 58.173 | 18 | 60 | 0% | 0 | ||
| Valentia | Renewable energy | Solar Power Generation plant | January 2022 | - | Operation | 92 | 154.414 | 58 | 57 | 0% | 0 | ||
| Total Green Capes | 406 | 737.623 | 228 | 500 | 9% | 79 | |||||||
| --- | --- | --- | --- | --- | --- | --- |
% of Proceeds allocated to new capacity
16%
(4) In January 2026, ERG disinvested its 100% stake in ERG Sweden Holding AB and sold the Erik wind farm.
ERG Green Bond Report 2025
c) Green Bond 2024
| ERG Green Bond 2024 - EUR 500mn = 100% allocated | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eligible Project | Eligible Category | Eligibility Criteria | Country | Acquisition date | Date of entry in operation | Status @ 31/12/2025 | Total Capacity (MW) | Production Action 2025 (500m) | Actual 2025 benefits (EU, ponies) | Storage capacity listed | Green Bond proceeds allocated (EUR mn) | % Refinancing | Look-back period (months) | Proceeds allocated to new capacity (EUR mn) |
| Dishore wind – EU taxonomy activity 4.3 ‘Electricity generation from wind power’ ktCO,x | ||||||||||||||
| Roccapalumba (Greenfield) | Renewable energy | Wind Power Generation plant | - | February 2024 | Operation | 47 | 71.483 | 25 | - | 66 | 0% | 4 | 66 | |
| Camporeale (Repowering) | Renewable energy | Wind Power Generation plant | - | September 2023 | Operation | 50 | 75.920 | 27 | - | 33 | 0% | 9 | 33 | |
| Pinnacle | Renewable energy | Wind Power Generation plant | April 2024 | - | Operation | 224 | 809.051 | 317 | - | 182 | 0% | 2 | 182 | |
| Solar PV – EU taxonomy activity 4.1 ‘Electricity generation using solar photovoltaic technology’ ktCO,x | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Garnacha | Renewable energy | Solar Power Generation plant | June 2023 | - | Operation | 149 | 254.704 | 95 | ||||||
| Pinnacle | Renewable energy | Solar Power Generation plant | April 2024 | - | Operation | 92 | 156.470 | 61 | ||||||
| BESS – EU taxonomy activity 4.10 ‘Storage of electricity’ MW | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Vicari | Renewable energy | Battery Storage Plant | - | August 2025 | Operation | 13 | - | 13 | ||||||
| Total Green Capex | 575 | 1.367.628 | 526 | 13 | 500 | 0% | 500 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
% of Proceeds allocated to new capacity
100%
ERG Green Bond Report 2025
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7. REPORTING CRITERIA
Impact reporting: the quantity of $\mathrm{CO}_{2}$ avoided is determined according to ERG's sustainability reporting procedures by multiplying actual production, of each relevant country, by the emission factor for electricity generation from natural gas (IEA 2024 factors).
The Report and its reporting criteria (allocation and impact, including relevant metrics), prepared in compliance with the Green Bond Framework, has been examined and approved by the ESG Committee as of May 27, 2026.
The use of proceeds via a "Green Bond Report" will be publicly available on the ERG website.
ERG Green Bond Report 2025
ERG Green Bond Report 2025
8. EXAMPLE OF PROJECT FINANCED
ERG Green Bond 2024
WIND POWER PLANT PROJECT: ROCCAPALUMBA
The Roccapalumba project is a wind farm located in the southern area of Italy, with a capacity of 47 MW. The plant started up in February 2024. As of 31st December 2025, the annual output has been ca. 71 GWh, corresponding to approximately 25 kt of avoided CO₂ emissions during the same year.
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ERG Green Bond Report 2025
ERG Green Bond 2021
SOLAR POWER PLANT PROJECT: VENTOUX FRANCE
The Ventoux France solar project has a total installed capacity of 57 MW. The 7 solar PV assets are part of Ventoux acquisition closed by the Group in 2021. The plants were commissioned between 2014-2017 and they produced an output of ca. 58 GWh during 2025, corresponding to approximately 18 kt of avoided $\mathrm{CO}_{2}$ emissions.
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ERG Green Bond Report 2025
ERG Green Bond 2020
WIND POWER PLANT PROJECT: TRINITY PORTFOLIO
The Trinity Portfolio wind power generation plant, acquired in 2020, has a total installed capacity of 38 MW. It produced an output of ca. 62 GWh in 2025, corresponding to approximately 20 kt of avoided $\mathrm{CO}_{2}$ emissions.
ERG Green Bond Report 2025
ERG Green Bond Report 2025
9. INDEPENDENT AUDITORS' REPORT
KPMG
KPMG S.p.A.
Revisione e organizzazione contabile
Piazza Raffaele De Ferrari n.4 int. 1
16121 GENOVA GE
Telefono +39 010 564992
Email [email protected]
PEC [email protected]
Independent auditors' report on the Green Bond Report
To the board of directors of
ERG S.p.A.
We have been engaged to perform a limited assurance engagement on the Eligible Projects and related Reporting Metrics data as of 31 December 2025 included in the Allocation Report, presented in the attached Green Bond Report 2025 (the "Allocation Report" and the "Green Bond Report") of ERG S.p.A. (the "company") prepared on the basis of the Green Bond Framework dated 21 June 2024 (the "Framework") and available on the company's website, developed by the company in accordance with the Green Bond Principles 2021 issued by the International Capital Market Association - ICMA (the "Principles") and related to the Green Bonds issued on 11 September 2020, 15 September 2021 and 3 July 2024 (the "Green Bonds").
Responsibilities of the company's directors for the report
The directors are responsible for the preparation of the Green Bond Report and of the Allocation Report included therein in accordance with the Framework, developed by the company in accordance with the Principles. In particular, the directors are responsible for the preparation of the Eligible Projects and related Reporting Metrics data included in the Allocation Report in accordance with the Framework.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of a Green Bond Report and of an Allocation Report included therein that are free from material misstatement, whether due to fraud or error. It also includes identifying the content of the Green Bond Report and of the Allocation Report included therein, selecting and applying policies, and making judgments and estimates that are reasonable in the circumstances.
Auditors' independence and quality management
We are independent in compliance with the independence and all other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) issued by the International Ethics Standards Board for Accountants (IESBA), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.
Our firm applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly, is required to design, implement and operate a system of quality management including policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
KPMG S.p.A.
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