ERG — Investor Presentation 2020

Mar 11, 2020

Full Year 2019 Results

11 MARCH 2020 LUCA 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

4Q 2019 Highlights

-Key Figures

-2019 Main Takeways & Recent Developments

Results Review

-Business Environment

-2019 Group EBITDA

-Results by Segments

Key Financials

-Profit & Loss

-Investments

-Cash Flow Statement

2020 Guidance and Conclusions

Appendix

HIGHLIGHTS: KEY FIGURES

Scarcity of Hydro mitigated by growth and generation mix

FY 2019 RESULTS VS GUIDANCE

2019: A YEAR OF SUSTAINABLE GROWTH

2019 Takeways

GROWING INSTALLED CAPACITY

• •Further on-shore wind expansion in France: +90MW. Wind capacity at400MW.
• •Further on-shore wind expansion in Germany: +56MW. Wind capacity at 272MW
• •Further PV expansion in Italy: +51MW. PV capacity at 141MW
• •Organic growth abroad: overall secured capacity at 100% vs BP target @2022
• •Repowering: advanced stage of authorization process for 241MW As-Is

ENHANCING REVENUES STABILITY

•Signed 2 PPA with ACEA Energia (1.5TWh over the next 3 years) paving the way for longer duration

•Capacity Market in Italy: awarded 340MW of our CCGT. Secured €11mn/y revenues in 2022 and 2023

ESG REWARD

• •Achieved ESG rating AA from MSCI
• •Ranked 35th worldwide in the Corporate Knights Global 100 Index
• •Confirmed rating B from CDP
• •Rating from Gaia(1) and included in the Ethibel Excellence Investment and Pioneer Registers

(1) Score 78/100

2019 MAIN TAKEAWAYS & BUSINESS PLAN DEPLOYMENT

DESPITE TOUGHENVIRONMENT IN CORE COUNTRIES…

On-shore WIND new installed Capacity in ERG core countries (MW)

Tough and longer permitting (Italy, France and Germany)

Delay in development of Infrastructures/smart grids/connections (UK and Germany)

Ambitious national targets @2030 (ie PNIEC) vs. execution of auctions for new capacity

Longer Time-to-Market for New Capacity in Key Countries

ERG KEEPS GROWING ON TRACK WITH BP TARGETS STRONG EXECUTION FROM 2018 TO DATE

NEW CAPACITY IN SERVICE IN 2019: +198MW

All those assets are based on incentivized tariffs with an avg duration of 11 years

(1) Entered into operation as of end of 2018, thus starting to contribute in 2019 (2) Acquired in 2020

47MW 50MW 23MW PROJECTS UNDER CONSTRUCTION AND/OR RTB Evishagaran Sandy Knowe Craiggore • Construction started on January 2020 COD: 1H 2021 Producibility: 3,700 heq • Construction to start in 1Q 2020 COD: 4Q 2021 Producibility: 3,100 heq • Construction started in 4Q 2019 COD: 2Q 2021 Producibility: 3,400 heq 79MW 15MW Creag Riabhach Limousine I • Construction to start in 2Q 2020 COD: 1H 2022 Producibility: 2,900 heq • Construction to start in 4Q 2020 COD: 4Q 2021 Producibility: 2,200 heq 22MW Champagne I • Construction to start in 4Q 2020 COD: 4Q 2021 Producibility: 2,300 heq 36MW Laszki • Construction to start in 2Q 2020 COD: 4Q 2021 Producibility: 2,500 heq 13MW Vaa2 • Construction to start in 4Q 2020 COD: 4Q 2021 Producibility: 2,100 heq

• -285MW to go Under Construction in 2020 in UK, France and Poland
• -Green Field Development well on track: BP Target of 350MW@2022 fully secured(1)

(1) Including 77MW already brought into operation in 2018-2019

REPOWERING& REBLADINGIN PROGRESS

Repowering Project Portfolio in Italy

f p j No ts . o ro ec	i d ion M W A S I S M W R P W Gr Co t t p os nn ec			dv f ho iza ion A Au nt t t an ce me o r	Ex te p ec	d C O D
3	9 2	2 1 8	Se d cu re	( ) it ive in ion Co iss ion V I A, it ive in ion ine Art in ist A. Po F M F. M. s op mm e p os op s ry	2 0 2 2
2	6 9	1 4 6	d Se cu re	for Po it ive in ion Co iss ion V I A, it ing F. A. M. in ion s o p mm e wa op	2 0 2 2
2	2 1	4 2	Se d cu re	for Wa it ing Co iss ion V I A o in ion mm e p	2 0 2 2
7	1 8 2	4 0 7	d Se cu re	j l l a dv d w it h e d by Pr C O D 2 0 2 2 ts te o ec we an ce xp ec
1	4 3	1 1 3	Se d cu re	Po it ive in ion Co iss ion V I A, F. A. M. ive in ion de at s op mm e ne g op un r re co urs e		2 0 2 3+
2	3 7	6 7	( 1) l d Ap ie p	for Po it ive in ion Co iss ion V I A, it ing F. A. M. in ion s op mm e wa op		2 0 2 3+
4	9 2	1 9 5	d Se cu re	l d for ho Ap ie Au iza ion Co iss ion V I A t t to p r mm e		2 0 2 3+
1	8 1	0 4	( 1) l ie d Ap p	ine ing for ho iza ion En Au t t g er r		2 0 2 3+
8	1 9 0	4 1 5		h e d Pr j it C O D 2 0 2 3+ ts te o ec w xp ec
1 5	3 7 2	8 2 2		T O T A L

Reblading Project Portfolio

f p No j ts . o ro ec	M W		d Ex C O D te p ec
1	1 3	ion in In 2 Q 2 0 1 9 t op era	2 Q 2 0 1 9
1	2	In ion tru ct co ns	2 Q 2 0 2 0
1	2 0	O bta ine d V I A De cre ee	1 Q 2 0 2 1
1	4 0	l ie d for ho iza ion iss ion Ap Au Co V I A t t to p r mm e	2 Q 2 0 2 1
4	7 5

A SOLIDPIPELINE TO BOOST FUTURE GROWTH

(1) It includes Trinity acquisition of 38MW, whose closing took place on February 24, 2020

RESULTS REVIEW

PAOLO MERLI, CORPORATE GENERAL MANAGER & CFO

BUSINESS ENVIRONMENT

( ) ly lec ic i du io d h I E Pr De T W ta tr ty t o c n v s m an :
	4 Q 2 0 1 8	4 Q 2 0 1 9	l De % ta
l lec d I ian E ic i De ta tr ty ma n	7 9	7 8	% -2
l ian lec ic i du ion I E Pr ta tr ty t o c	7 0	6 8	% -2
f w hic h: o
he - T rm o	49	46	-7%
dro - H y	11	12	9%
lar - S o	3	4	11 %
- W in d	5	6	18 %
- O he r S t ou rce s	1	1	-3%

Spark

Clean

Spread Indicator

(€/MWh)

All-in Wind Prices abroad (€/MWh)

Electricity Prices in Italy (€/MWh)

2019 GROUP EBITDA EVOLUTION

WIND RESULTS

SOLAR RESULTS

32

4Q 2019

20

4Q 2018

HYDRO RESULTS

361

4Q 2019

CCGT RESULTS

563

4Q 2019

INVESTMENTS

(1) M&A CAPEX include: Vent d'Est acquisition for €13.5mn, Epuron acquisition for €67mn, Valle de l'AA extension acquisition for €1mn, Creag Riabhach for €22.5mn, and ForVEI consolidation for €345mn

(2) M&A CAPEX related to the closing of Andromeda acquisition for €220mn, Polaris acquisition for €52mn, Craiggore and Windwarts acquisitions - respectively for €6mn and €2mn - and Barkow acquisition (which took place on September 13, 2019) for €84mn

KEY FINANCIALS

ADJUSTED P&L

2 0 9 1	2 0 8 1	i l l ion Eu ro m s	Q 2 0 9 4 1	Q 2 0 8 4 1
5 0 4	4 9 1	d d A j E B I T D A te us	1 2 4	1 0 9
( ) 29 9	( ) 27 5	iza tio d de cia tio Am ort n a n pre n	( ) 76	( ) 71
2 0 5	2 1 6	d d A j E B I T te us	4 8	3 8
( ) 61	( ) 70	(ex ) f ina nci l in Ne t a com e pe nse s	( ) 13	( ) 17
0	( ) 0	( ) t in los fro uit inv Ne est nts com e s m eq y me	0	( ) 0
1 4 4	1 4 6	d d l be fo A j Re te ts tax us su re es	3 4	2 1
( ) 39	( ) 39	Inc e t om ax es	( ) 6	( ) 6
1 0 5	1 0 7	d d l fo he d A j Re io te ts t us su r p er	2 9	1 5
( ) 1	( ) 0	Mi rity in ter est no s	0	0
1 0 4	1 0 7	d d f A j Ne Pr i te t t us o	2 9	1 5
2 7 %	2 7 %	Ta Ra te x	1 6 %	2 9 %

Note: figures based on NO GAAP measures

2019 CASH FLOW STATEMENT

Adj. Leverage

(1) Out of which €43mn is a non-cash item linked to the write-off of a positive FV associated to Erg Wind Project Financing, while the remainder is mainly relates to taxes paid in 2H2019

2020 GUIDANCE

LUCA BETTONTE, CEO

2020 GUIDANCE

Guidance

Guidance

Actual

range

2019 1,476 1,360-1,440 2020 FCST(1)

(1) 2020 Guidance does not include IFRS 16 effects

Adj. EBITDA:

• -Expected to be higher than last year
  • •Wind and Solar in line with 2019
  • •Hydro better for larger production
  • • Thermal lower due to progressive phasing out from White Certificate Program

CAPEX:

• • To build Greenfield projects: 200MW in UK, 36MW in Poland, 50MW in France
• -To acquire 38MW in France
• -To keep developing Repowering and Reblading

Adj. NFP:

• -Higher EBITDA
• -Lower Capex
• -Lower Financial Charges

APPENDIX

4Q 2019 CASH FLOW STATEMENT

Adj. Leverage

ENERGY PORTFOLIO

Total 2019 Production: 8.0TWh Total Energy Portfolio including hedging & other sales: 15.1TWh

WIND: KEY FIGURES (1/2)

2 0 1 9	2 0 1 8		4 Q 2 0 1 9	4 Q 2 0 1 8
1, 9 2 9	1, 8 2 2	l le d c ( d- d, ) Ins ity io M W ta ap ac en p er	1, 9 2 9	1, 8 2 2
		of wh ich :
1, 09 3	1, 09 3	aly - It	1, 09 3	1, 09 3
35 9	30 7	- F ran ce	35 9	30 7
27 2	21 6	- G erm an y	27 2	21 6
82	82	ola nd - P	82	82
70	70	- R ia om an	70	70
54	54	ulg - B ari a	54	54
0	0	- U K	0	0
4, 0 0 0	3, 4 6 4	lec ic ity du ion ( h ) E Pro G W tr ct	1, 1 5 5	9 5 5
		of wh ich :
2, 16 1	2, 01 2	aly - It	58 7	52 2
79 4	55 2	- F ran ce	26 7	17 7
46 5	33 7	- G erm an y	13 8	10 3
25 5	21 9	- P ola nd	76	68
19 0	6 17	ia - R om an	52	46
13 5	13 8	ulg ari - B a	35	38

WIND: KEY FIGURES (2/2)

2 0 1 9	2 0 1 8	l l Eu i ion ro m s	4 Q 2 0 1 9	4 Q 2 0 1 8
		( / h ): Un ita Re € M W ry ve nu es
11 8	12 5	aly - It	11 5	12 4
89	87	- Fr an ce	90	88
96	95	- G erm an y	92	96
73	64	- P ola nd	78	77
67	58	ia - R om an	63	74
79	75	ulg - B ari a	90	84
		d d A j E B I T D A: ust e
19 1	19 5	aly - It	51	49
47	30	- Fr an ce	17	10
31	22	- G erm an y	9	7
15	10	ola nd - P	5	4
10	7	- R ia om an	2	2
8	8	ulg - B ari a	2	2
( 1)	3	- U K	( 0)	( 0)
3 0 1	2 7 4	l d d To A j E B I T D A ta ust e	8 7	7 5
( ) 1 6 9	( ) 1 5 9	De iat ion p rec	( ) 4 2	( ) 3 9
3 2 1	1 1 5	d j d A E B I T ust e	4 4	3 6

SOLAR: KEY FIGURES

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

HYDRO: KEY FIGURES

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

CCGT: KEY FIGURES

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

INVESTMENTS

2 0 1 9	2 0 1 8	l l Eu i ion ro m s	4 Q 2 0 1 9	4 Q 2 0 1 8
( 1) 8 9 1	( 2) 6 1 4	in d W	6 1	1 7
( 3) 2 2 1	( 4) 3 4 5	So lar	1	0
6	7	Hy dr o	3	4
1 5	8	C C G T	1 0	4
2	3	Co ate rp or	1	1
4 3 2	5 1 0	l To ta	3 1	2 6

(1) It includes: Polaris acquisition for €52mn, plus Craiggore and Windwarts acquisitions - respectively for €6mn and €2mn - and Barkowacquisition(whichtookplace on September13, 2019) for €84mn

(2) It includes: Vent d'Est acquisition for €13.5mn, Epuron acquisition for €67mn, Valle de l'AA extension acquisition for €1mn, and Creag Riabhach acquisition for €22.5mn

(3) It refers to the closing of Andromeda acquisition (which took place on February 12, 2019)

(4) It refers to ForVEI consolidation (whose acquisition tookplace on January 12, 2018)