ERG — Investor Presentation 2020

May 14, 2020

1Q 2020 Results

14 MAY ²⁰²⁰LUCA BETTONTE, 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

1Q 2020 Highlights

-Covid-19: A tough trading Environment

-Key Figures

-Immediate Reaction towards Covid-19

Results Review

-Business Environment

-1Q 2020 Group EBITDA

-Results by Segments

Key Financials

-Profit & Loss

-Investments

-Cash Flow Statement

2020 Guidance and Conclusions

Appendix

IMMEDIATE REACTION TOWARDS COVID-19

• • Smart working extended, ahead of legal provisions, to over 70% of corporate population, nearly 100% of office staff
• •Adoption of appropriate safety measures for employeesin the production sites
• • Reorganization of O&Mactivities and production plant & Control room
• •Enhanced IT resources : 10X rise in remote meetings thanks to most advanced platforms
• •Covid-19 health insurance for all the employees
• •No reduction in staff and no mandatory temporary leaves

•

•

• • ERG allocated €2mn to support the healthcare systemwhere its production sites operate
• ERG's people donated2,300 hours of their work to the Civil Protection Department

• ERG's majority shareholder, allocated€1mn in favour of Genoa's front-line hospitals

• •Set a Daily WAR-cabinet meeting with top-mgmt to ensuring business continuity

• •Electricity supply among the essential services in this period of emergency
• •Put in place a set of measures to guarantee the best-in-class H&S standards for ERG people
• •Some delays in construction investment program and authorization process
• •Tough trading environment, although most of the electricity production already hedged

COVID-19: A TOUGHTRADING ENVIRONMENT

Worldwide collapse in Electricity Demand Closures and partial lockdown Full lockdown Change in electricity demand (%)

Number of days since lockdown began

EU Electricity Mix more shifted to Renewables

Source: IEA Global Energy Review 2020 and Company Data

HIGHLIGHTS: KEY FIGURES

Reduced windiness in Italy partly offset by contribution of new wind assets in FR and GE, against a backdrop of weaker price environment exacerbated by Covid-19

RESULTS REVIEW

PAOLO MERLI, CORPORATE GENERAL MANAGER & CFO

BUSINESS ENVIRONMENT

Italy: Electricity Production vs Demand (TWh) 1Q 2019 1Q 2020 Delta %Italian Electricity Demand ^{81 77} -5%Italian Electricity Production ^{71 66} -6%of which:- Thermo ^{50 45} -9%- Hydro ^{8 9} 17%- Solar ^{5 5} 0%- Wind ^{7 6} -17%- Other Sources ^{1 1} 2%

Electricity Prices in Italy (€/MWh)

Clean Spark Spread Indicator (€/MWh)

All-in Wind Prices abroad (€/MWh)

Weaker Wind in Italy but greater overseas, Hydro in line but still lower vs historical avg Period characterized by a poor price environment, exacerbated by Covid-19

WIND RESULTS

Tough Scenario, reduced windiness in Italy partly offset by contribution of new assets in FR and GE

SOLAR RESULTS

Slightly down YoY due to lower merchant price

HYDRO RESULTSAdjusted Ebitda (€ mn) Volumes (GWh) 243013241Q 2019 1Q 2020231Q 2019 1Q 2020

Results slightly up YoY; volumes higher but still weak vs historical avg due to a persistent dry season

CCGT RESULTS

Tough trading environment in March post Covid-19 and lower White Certificates

INVESTMENTS

(1) M&A CAPEX related to the closing of Andromeda acquisition (which took place on February 12, 2019), amounting to €220mn

(2) M&A CAPEX related to the closing of Trinity acquisition (which took place on February 24, 2020 for an amount of €41.9mn), and of Laszki acquistion (which took place on March 5, 2020) amounting to €2.4mn

KEY FINANCIALS

ADJUSTED P&L

4 Q 2 0 1 9	l l Eu i ion ro m s	1 Q 2 0 2 0	1 Q 2 0 1 9
1 2 4	d j d A E B I T D A ust e	1 5 6	1 6 4
( ) 76	Am iza ion d de iat ion ort t an p rec	( ) 75	( ) 72
4 8	d d A j E B I T ust e	8 2	9 2
( ) 13	f l (ex ) Ne ina ia inc t nc om e p en ses	( ) 13	( ) 18
0	( los ) f Ne inc ity in t tm ts om e s rom eq u ves en	0	0
3 4	d d lts be fo A j Re ust tax e su re es	6 8	7 4
( ) 6	Inc e t om ax es	( ) 15	( ) 20
2 9	d d lts fo he d A j Re io ust r t e su p er	5 3	5 4
0	M ino ity in ter est r s	0	0
2 9	d d f A j Ne Pro it ust t e	5 3	5 4
% 1 6	Ta Ra te x	% 2 2	% 2 7

Note: figures based on NO GAAP measures

Adj. Leverage

2020 GUIDANCE

LUCA BETTONTE, CEO

2020 GUIDANCE

Guidance range GuidanceActual150-180611Q 20202020 FCST

(1) 2020 Guidance does not include IFRS 16 effects

Adj. EBITDA:

• • Guidance revised from €500-520mn to €480-500mn
• •Tough price scenario since Covid-19
• •Weak wind and Hydro conditions in April

CAPEX:

• Guidance revised from €185-215mn to €150-180mn to include some delays in investment programmedue to lockdown

Adj. NFP:

-Guidance revised from €1.36-1.44bn to €1.35-1.43bn

APPENDIX

ENERGY PORTFOLIO

Total 1Q 2020 Production: 2.4TWhTotal Energy Portfolio including hedging & other sales: 4.2TWh

WIND: KEY FIGURES (1/2)

4 Q 2 0 1 9		1 Q 2 0 2 0	1 Q 2 0 1 9
1, 9 2 9	l le d c ( d- d, ) Ins i io M W ta ty ap ac en p er	1, 9 6 7	1, 8 2 2
	f h h: ic o w
1, 0 9 3	ly Ita -	1, 0 9 3	1, 0 9 3
3 5 9	Fra nc e -	3 9 7	3 0 7
2 7 2	Ge rm an y -	2 7 2	2 1 6
8 2	lan d Po -	8 2	8 2
7 0	Ro ia ma n -	7 0	7 0
5 4	lg ia Bu ar -	5 4	5 4
1, 1 5 5	lec du ( h ) E ic i Pro ion G W tr ty t c	1, 3 6 6	1, 3 2 8
	f h ic h: o w
5 8 7	ly Ita -	5 9 8	8 0 3
2 6 7	Fra nc e -	3 7 1	2 0 9
1 3 8	Ge rm an y -	1 8 8	1 3 0
6 7	lan d Po -	9 1	8 2
5 2	Ro ia ma n -	6 4	5 6
3 5	lg Bu ia ar -	5 5	4 9

WIND: KEY FIGURES (2/2)

4 Q 2 0 1 9	i l l ion Eu ro m s	1 Q 2 0 2 0	1 Q 2 0 1 9
	( / ) i h Un Re € M W ta ry ve nu es :
1 1 5	ly Ita -	1 2 1	1 2 0
9 0	Fra nc e -	9 0	8 9
9 2	Ge rm an y -	9 8	0 1 1
7 8	lan d Po -	7 2	6 9
6 3	ia Ro ma n -	9 5	2 7
9 0	lg Bu ia ar -	6 7	8 1
	A d j d I A: E B T D te us
5 1	ly Ita -	5 7	8 0
1 7	Fra nc e -	2 7	1 4
9	Ge rm an y -	1 4	1 0
5	lan d Po -	6	5
2	Ro ia ma n -	3	3
2	lg Bu ia ar -	3	4
8 7	l d d To A j E B I T D A ta te us	1 0 9	1 1 5
( ) 4 2	ia ion De t p rec	( ) 4 2	( ) 4 0
4 4	d j d A E B I T te us	6 7	7 5

SOLAR: KEY FIGURES

4 Q 2 0 1 9	l l Eu i ion ro m s	1 Q 2 0 2 0	1 Q 2 0 1 9
3 2	lec du ( h ) E ic ity Pro ion G W tr t	4 5	4 4
3 0 2	( / h ) Un ita Re € M W ry ve nu es	3 1 0	3 2 7
7	d j d A E B I T D A ust e	2 1	3 1
( ) 1 1	iat ion De p rec	( ) 1 0	( ) 1 0
( ) 4	d d A j E B I T ust e	2	3

HYDRO: KEY FIGURES

4 Q 2 0 1 9	l l Eu i ion ro m s	1 Q 2 0 2 0	1 Q 2 0 1 9
3 6 1	lec ( h ) E ic ity Pro du ion G W tr t	3 2 4	3 0 1
9 4	( / ) Un ita € W h Re M ry ve nu es	1 0 2	1 0 8
2 3	d j d A E B I T D A ust e	2 4	2 3
( ) 1 4	De iat ion p rec	( ) 1 4	( ) 1 4
9	d d A j E B I T ust e	9	9

CCGT: KEY FIGURES

4 Q 2 0 1 9	l l Eu i ion ro m s	1 Q 2 0 2 0	1 Q 2 0 1 9
5 6 3	lec du ( h ) E ic ity Pro ion G W tr t	6 2 6	6 1 8
4 0	( / h ) Un ita Re € M W ry ve nu es	2 8	3 5
1 1	A d j d I A ust E B T D e	1 5	1 7
( ) 7	iat ion De p rec	( ) 7	( ) 7
3	d d A j E B I T ust e	8	1 0

INVESTMENTS

4 Q 2 0 1 9	l l Eu i ion ro m s	1 Q 2 0 2 0	1 Q 2 0 1 9
1 6	d W in	( 1) 5 4	1 0
1	lar So	1	( 2) 2 2 0
3	dro Hy	1	1
1 0	C C G T	5	2
1	Co ate rp or	0	0
3 1	l To ta	6 1	2 3 3

(1) M&A CAPEX related to the closing of Trinity acquisition (which took place on February 24, 2020 for an amount of €41.9mn), and of Laszki acquistion (which took place on March 5, 2020) amounting to €2.4mn

(2) M&A CAPEX related to the closing of Andromeda acquisition (which took place on February 12, 2019), amounting to €220mn