ERG — Investor Presentation 2022

Sep 7, 2022

ERG COMPANY OVERVIEW

Italian Infrastructure Day

7-8 September 2022

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 no 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

❑ 2022-2026 Business Plan

• ERG Today
• Sector Trends
• ERG Tomorrow
• ❑ Recent Developments, 2Q 2022 Results and 2022 Guidance
• ❑ An infrastructural Business Model
• ❑ 2022-2026 Targets & Financial Strategy
• ❑ Management Profiles

ERG Today

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

EVOLUTION IN ERG SHAREHOLDING STRUCTURE

(*) San Quirico Renewables

WITH AN INVESTMENT GRADE CAPITAL STRUCTURE

Unique leading renewable player with financial firepower

A BEST-IN-CLASS GOVERNANCE MODEL

A Board Performance Review yielded solid results for 2021 8

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

• ✓ ERG included in S&P Clean Energy Index
• ✓ Science Based Target initiative (SBTi) has approved ERG's emission reduction targets (well below 2°C); in 2022 we committed to Net Zero target
• ✓ ERG entered the MIB ESG Index, dedicated to the 40 most important listed Italian issuers performing the best practices in Sustainability
• ✓ ERG entered the Bloomberg's Gender Equality Index (GEI), which measures companies' commitment to supporting gender equality
• ✓ ERG signed the Women's Empowerment Principles and entered the United Nations Global Compact
• ✓ ERG included in the TOP 10 of the "Integrated Governance Index 2022", among the Italian best practices in terms of Corporate Governance

Sector Trends

FUNDAMENTALS ARE STILL THERE WITH AGGRESSIVE 2030 RES TARGET

Strong visibility on auctions on ERG's core countries

Country	Auctioned 2020-2021	Awrd/Auct 2020-2021 (%)	Av Price (€/MWh)	Contract / Duration	Visibility
	W + S: 9.6 GW	W + S: 28%	W: 66.1 S: 65.7	2 ways CFD/20yrs	W/S 2022-2027
	W: 2.8 GW ട (>5 MW): 1.6 GW	W: 88% S: 79%	W: 60.5 S: 53.6	2 ways CFD/20yrs	W/S 2022-2026
	W: 8.1 GW S: 2.9 GW	W: 74% S: 100%	W: 60.4 S: 51.2	1 way CFD/20yrs	W/S 2022-2028
	104 TWh	78%	51.5	2 ways CFD/15yrs	W/S 2022-2027
	W+S: 6.3GW	100%	W: 27.7 S: 28	2 ways CFD/12yrs	W/S 2022-2025
2 AN	n.a.	n.a.	n.a.	2 ways CFD/15yrs	Annual from 2023+

STRONG ACCELERATION IN PPA MARKET IN RECENT YEARS

PPAs per Country and Year

Recent Trend on PPA Prices

Corporate PPA are gaining ground in all EU ERG's core countries; prices are progressively increasing driven by surging wholesale electricity prices

(1) Based on 10y fixed baseload price in Germany

WIND: PRICES TREND WTG

Onshore wind turbine prices in EUR

Short term WTG prices increases, with expectation of a longer-term stabilization Limited impact for secured CAPEX given framework agreement with Vestas and Enercon

ERG Tomorrow

ERG'S NEW TARGETS TO 2026

ERG'S 21-25 Targets

Scouting of opportunities in

Storage and Hydrogen

+1.5GW through RPW,

Greenfield and M&A

diversification

ERG'S new targets to 2026

Growth in scale +2.2GW in 2022-26 (~450MW pa) 4.6GW Installed Capacity in 2026

Energy Sales / Mgmt 80% 85-90% regulated on total EBITDA regulated

diversification 9-10 countries: EBITDA abroad at ~ 50% @2026 Increase in geographical

Solar as strategic pillar ~650MW of solar PV (out of +2,200MW) ~20% of solar on group capacity @2026 +0.5GW of solar PV

Seeding in Innovation ~50MW storage @2026 (o/w 22MW already secured) Scouting on circularity, hydrogen and floating offshore

Conventional is "legacy" Completion of CCGT disposal (subject (1) Opportunities of asset rotation to antitrust approval)

Integration of ESG ESG Plan Updated ESG Plan with more challenging KPI

Dividend Policy 0.75 € per share 0.90 € per share (+20% vs previous)

Geographical

(1) Golden Power clearance already obtained

2022-2026 BP KEY TARGETS

2.2GW ADDITIONAL THROUGH: REPOWERING, GREENFIELD & M&A

Cumulative RES additional installed Capacity 2022-2026 (GW) Wind & Solar installed Capacity (GW)

3%

9%

2.4

14%

24%

(2) It refers to Poland, Romania and Bulgaria

517MW UNDER CONSTRUCTION IN ITALY, UK, FRANCE, POLAND AND SWEDEN

(4) Total MW "to be" (+154MW Δ vs as-is)

OUR REPOWERING PROJECTS IN ITALY ARE GAINING VISIBILITY

Other RPW at advanced stage VIA Decree Fully Permitted

180m

THE EXPECTED EVOLUTION: MORE GEOGRAPHIES TO ADD DIVERSIFICATION

Towards a new enlarged and technologically diversified portfolio

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

ERG 8 KEY ESG PRIORITIES…

• Net Zero • Circular Economy (Wind & Solar)

• ERG Academy for Next Generation • >1% for the Community

• ERG Academy for ERG People • Inclusion & Diversity

… BUT CONTINUOUS IMPROVEMENT on other 8 projects well on track

We still focus on 8 priorities which will be the bulk of our ESG strategy

RECENT DEVELOPMENTS, 2Q 2022 RESULTS & 2022 GUIDANCE

RECENT DEVELOPMENTS

ACQUISITION OF 34MW OF SOLAR IN ITALY

Transaction Overview

• Acquisition of a portfolio 18 operational PV assets in Italy, for total installed capacity of 34MW
• 2021 EBITDA: €16.6mn

• Closing on July 7, 2022

Rationale

• Consolidation of ERG's position in the PV Italian market, reaching ~175MW
• Portfolio composed of high performing PV assets (24% of load factor)
• Long-term regulated cashflows: FiP regime ranging from 2nd to 4th Conto Energia (maturity as of June 2031)
• Possible portfolio industrial optimization through revamping and repowering

	Solar PV Plants Overview
Total Capacity:	34MW
Energy Production:	46GWh (~24% load factor)
Enterprise Value:	€128mn
COD:	June 2011(1)
Route to Market:	State regulated – Conto Energia II, III, IV

CONSOLIDATING LEADERSHIP POSITION IN WIND IN ITALY

Transaction Overview

• Acquisition of a portfolio 7 operational onshore wind assets in Italy for total installed capacity of 172MW
• 1H 2022 EBITDA: ~€36mn
• Closing expected by 3Q 2022

Rationale

• Unique opportunity to further consolidate ERG's leading position in the Italian wind market, reaching 1,265MW
• Fully operational wind portfolio with 20Y CfD as of COD(1).
• Portfolio strategically located close to ERG's existing assets and pipeline
• Quality assets with average load factor of ~26% in 2021
• Sizeable and high-quality portfolio with proven performance track-record

	Wind Farm Overview
Total Capacity:	172MW
Energy Production:	~400GWh (~26% load factor)
Enterprise Value:	~€420mn
COD:	October 2019(1)
Route to Market:	State regulated – Contract for Difference

UPDATE ON STRATEGY EXECUTION

Accelerating RES growth through reinvestment of proceeds from asset rotation

(1) It includes 80MW (58MW wind and 22MW solar), acquired in France in late June 2021, with economical contribution as of July 1, 2021

HIGHLIGHTS: KEY FIGURES(1)

CAPEX (€ mn)

EBITDA Margin

International

Corporate

Italy

(1) 2022 figures from continuing operations (excluding CCGT); 2021 figures on pro-forma basis (Wind & Solar only)

(2) Windfall taxes in Italy and Romania not included (accounted as non recurring items for a total amount of €40mn in 1H and €23mn in 2Q)

71

A SNAPSHOT OF 1H AND 2Q 2022 RESULTS: EBITDA

1H 2022	1H 2021	Δ	Adjusted EBITDA (€ mn):	2Q 2022	2Q 2021	Δ
149	138	11	Italy:	67	66	1
113	105	8	• Wind	44	44	(0)
36	34	3	• Solar	23	22	1	48%
30	24	6	France:	11	8	4
27	24	3	• Wind	9	8	1
3		3	• Solar	2		2
34	12	22	Germany - Wind:	9	5	5
48	17	31	East Europe - Wind:	15	7	8
12	6	6	- Poland	4	3	1
22	6	16	- Romania	8	3	5
14	5	9	- Bulgaria	4	2	2
17	(1)	19	UK - Wind:	6	(1)	6
11		11	Spain - Solar:	7		7
(12)	(12)	0	Corporate:	(6)	(6)	0
277	178	9 9	(1) Total Adjusted EBITDA	110	7 9	3 1	83%
46		46	of which, from new assets:	20		20
32		32	Wind •	11		11
14		14	Solar •	9		9

INVESTMENTS

• (1) M&A CAPEX related to Erik wind acquisition in Sweden (€41mn closing on May 10, 2021), plus Joran wind and solar acquisition in France (€124mn and €23mn respectively – closing on June 24, 2021)
• (2) M&A CAPEX related to Valentia solar acquisition in Spain, whose closing took place on January 31, 2022
• (3) 2021 figures on pro-forma basis (Wind & Solar only)

ADJUSTED P&L

1H 2022	(1) 1H 2021	Euro millions	2Q 2022	(1) 2Q 2021
277	178	Adjusted EBITDA	110	79
(107)	(98)	Amortization and depreciation	(53)	(49)
170	80	Adjusted EBIT	56	31
(12)	(15)	financial Net income (expenses)	(6)	(8)
0	0	Net income (loss) from equity investments	0	0
158	65	Adjusted Results before taxes	50	23
(35)	(12)	Income taxes	(12)	(4)
(2) 122	53	Adjusted Results from continuing operations	(2) 38	19
14	47	Adjusted Results from discontinued operations	9	17
136	100	Adjusted Results for the period	47	35
(2)	(1)	Minority interests	(1)	(1)
135	100	Adjusted Net Profit	46	35
22%	19%	Tax Rate	24%	17%

Note: figures based on NO GAAP measures

(1) 2021 figures on pro-forma basis (Wind & Solar only)

(2) It does not include the impact of application of Windfall Tax in Romania (€4mn in 1H and €1mn in 2Q) and the impact of art. 37 Legislative Decree 21 March 2022 in Italy (€36mn in 1H and €22mn in 2Q), both isolated as special items

1H 2022 CASH FLOW STATEMENT

2022 GUIDANCE

Adjusted EBITDA (€ mn) CAPEX (€ mn) Adjusted NFP (€ mn)

Guidance up to factor installed capacity additions from M&A

(1) It does not include any contribution pro-tempore related to CCGT, which will be consolidated on a reported basis in the discontinued operations from January 1, 2022 to Closing Date ³²

AN INFRASTRUCTURAL BUSINESS MODEL

UPDATE ON ERG PPA STRATEGY

Already secured 3.4TWh in BP period (700GWh/Y) through long term PPAs in 2021 The aim is to deliver a sizable PPA stream to secure additional 400MW

OUR STRONG INDUSTRIAL FOOTPRINT: REBLADING & SOLAR REVAMPING

What it is: replacement of the old WTGs' rotor, with innovative blades, both in the materials and aerodynamic profile

What we are doing: concluded reblading for 249 blades

Deployment plan: Planned in other Wind Farms where the repowering is not made possible

Dismantling consistent with ESG Strategy: >98% circular

Reblading Revamping

What it is: replacement of the old PV modules, with new ones with lower degradation rate and higher efficiency

What we are doing: Planning the dismantling on worksite for about 160k solar PV panels

Deployment plan: Planned revamping for a total installed capacity of 30MW

Dismantling consistent with ESG Strategy: >90% circular

Our in-depth knowledge of the plants and industrial expertise enhance Asset Value

FROM SEEDING TO A CONCRETE STEP FORWARD IN INNOVATION

Storage

Storage is key to support RES:

• Assigned 22MW of Gross Capacity in the Capacity Market auction for the 2024-2039 period
• Ginestra (10MW) e Vicari (12MW), equipped with lithium technology
• Both projects will be active in MSD and load shifting
• A pipeline of projects under evaluation
• 2026 Target: 50MW installed

Digitalization

Multi-year partnership with Istituto Italiano di Tecnologia to improve asset management in particular remote control, data analysis, production optimization

Hydrogen Under evaluation partnerships or collaboration to explore opportunities in hydrogen

Floating

Exploring opportunity with technical feasibility study and regulatory aspect for wind floating In Italy

Circularity

• Dismantled Wind Turbines. Possible collaboration with primary utilities for the planning and realization of an industrial scale recycling pilot plant

• Social Purpose for Solar Revamping under study

2022-2026 TARGETS & FINANCIAL STRATEGY

11%

CAPACITY EVOLUTION IN 2022-2026

+2,200MW (450MW per year) added to strengthen ERG RES portfolio

CAPEX EVOLUTION IN 2022-2026

A capex plan to further enhance geographical & technological diversification

EBITDA EVOLUTION IN THE PLAN PERIOD

A more diversified portfolio with a rising infrastructural revenue component

EBITDA TO BENEFIT FROM STRONG GROWTH OF RES PORTFOLIO

RES development to more than offset the phasing out of incentives

Financial policy: maintaining BBB- investment grade rating and Net Debt/Ebitda up to 4.0x

(1) Kd proforma post Liabilities Management

A RELEVERAGE TO BOOST RES PORTFOLIO

Sustainable leverage increase consistent with current investment grade rating

A ROBUST FINANCIAL STRUCTURE

"ERG's 'BBB-' IDR affirmation reflects robust business profile, and a diversified and clean asset base..."

Debt Structure as of 30 June 2022 Capital structure aligned to ESG based business model

(1) ERG SpA owns operating subsidiaries via fully owned subholding ERG Power Generation (free of debt and in cash pooling with ERG S.p.A.) (2) Corporate Loans for an amount of €260mn have been prepaid in early 2022

MANAGEMENT PROFILES

PAOLO MERLI – CHIEF EXECUTIVE OFFICER

Born in Milan on 24th June 1971, he graduated in Electrical Engineering from the University of Pavia in March 1996. After doing his national service at the Italian Red Cross, in June 1998 he was awarded an MBA in Finance from the Eni "Scuola Superiore Enrico Mattei".

Currently he is Chief Executive Officer of the ERG Group, which he joined in 2006 and where he has held various positions such as Corporate General Manager and Chief Financial Officer, with responsibility for Investor Relations & CSR, Group Administration, Finance, Planning, Control & Reporting, Group Risk Management & Corporate Finance, Procurement, Human Capital & ICT and Communication.

Other positions held in the past:

From October 2015 to January 2018 he was a member of the Board of Directors of TotalErg S.p.A.

He previously worked for around 7 years as a financial analyst covering the European Energy and Motorways sectors at Intermonte, a leading brokerage firm owned by the Monte dei Paschi Banking Group. At Intermonte he was also a "specialist" in ERG stock when ERG joined the STAR segment.

From 1998 to 2000 he worked in the sales department at Snam S.p.A. (current Gas & Power division of Eni Group).

Outside of work, his biggest passion is sport, particularly cycling (racing and mountain biking), running and skiing (alpine and cross-country). Over ten participations in the Maratona dles Dolomites, the NY and Valencia marathons, and the climb up Monte Rosa are among his best experiences. He is married, with two children.

MICHELE PEDEMONTE – CHIEF FINANCIAL OFFICER

Born in Genoa on 2nd March 1975, he graduated in Economics from the University of Genoa.

He is also Manager Responsible for preparing the Company's financial reports. Member of Management Committee, Investment Committee, Risk Committee, ESG Committee and Human Capital Committee, he is also Board Director of ERG Power Generation Spa. He is secretary of the Strategic Committee of the ERG Group.

Other positions held in the past:

He previously worked for 6 years in the investment banking for Andersen Corporate Finance, Meliorbanca and Centrobanca, as advisor in M&A, corporate and project finance deals.

Between 2000 and 2001 he worked for Marconi Communications as business development analyst.

Out of the office, his main passions are sport (running, ski and rugby), mountain and reading.

He is married with three children.

EMANUELA DELUCCHI – CHIEF ESG, IR & COMMUNICATION OFFICER

Born in Genoa on 18th December 1975, she graduated in Economics from the University of Genoa in March 1999.

She joined the ERG Group in February 2008 where she is currently Chief ESG, IR & Communication Officer, with the mission to develop and monitor the implementation of the ESG (Environment, Social and Governance) Plan and to ensure the development of integrated communication strategies and solutions to guarantee the extensive promotion of the Group with the financial community and all stakeholders, maximising the value of its reputation and protect ERG's company image.

Other positions held in the past:

From June 2020 to April 2021 she was Head of IR and CSR, reporting directly to the Corporate General Manager & CFO, and from February 2011 to June 2020 she was Investor Relations Manager.

From February 2008 to January 2011 she was Head of IR and Planning & Control at ERG Renew.

She previously worked for 3 years as a financial analyst covering the Italian Utilities & Motorways sectors at Intermonte, a leading brokerage firm owned by the Monte dei Paschi Banking Group.

Prior to that she was a financial analyst covering European Utilities & Motorways sector at Lehman Brothers. She is married, with three children.