ERG — Investor Presentation 2022

May 13, 2022

1Q 2022 RESULTS

Paolo Merli - CEO

13 May 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 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 2022 Highlights

• Key Figures
• Recent Developments

❑ Results Review

• Business Environment
• 1Q 2022 Production & EBITDA
• Investments

❑ Key Financials

• Profit & Loss
• Cash Flow Statement
• ❑ 2022 Guidance and Conclusions

HIGHLIGHTS: KEY FIGURES

(2) Windfall taxes in Italy and Romania not included (accounted as non recurring items for a total amount of €17mn in Q1)

France

Italy

UK

Spain

ANOTHER QUARTER OF STRONG EXECUTION

EVOLUTION IN RES PORTFOLIO

Installed Capacity Evolution (MW)

Enhancing geographical and technological diversification

RESULTS REVIEW

Michele Pedemonte - CFO

BUSINESS ENVIRONMENT

A SNAPSHOT OF 1Q 2022 RESULTS: PRODUCTION

	Energy Production (GWh):	1Q 2022	1Q 2021	Δ
	Italy:	706	657	49
	• Wind	661	616	45
	• Solar	45	41	4
	France:	322	261	61
	• Wind	305	261	44
	• Solar	17		17
	Germany - Wind:	207	120	87
	East Europe - Wind:	209	158	51
	- Poland	81	58	24
	- Romania	69	52	17
	- Bulgaria	59	49	10
	UK - Wind:	66		66
	Spain - Solar:	27		27
	Total Energy Production	1,538	1,197	341
	of which, from new assets:	215		215
	• Wind	171		171
	• Solar	45		45

A SNAPSHOT OF 1Q 2022 RESULTS: EBITDA

Adjusted EBITDA (€ mn):	1Q 2022	1Q 2021	Δ
Italy:	82	72	10
• Wind	69	61	8
• Solar	13	11	2
France:	18	16	2
• Wind	18	16	2
• Solar	1		1
Germany - Wind:	25	7	18
East Europe - Wind:	33	10	23
- Poland	8	3	5
- Romania	14	3	11
- Bulgaria	10	3	7
UK - Wind:	12	(0)	12
Spain - Solar:	4	0	4
Corporate:	(6)	(6)	0
(1) Total Adjusted EBITDA	168	9 9	6 8
of which, from new assets:	26		26
Wind •	22		22
Solar •	5		5

(1) It does not include Thermo Adj. EBITDA, amounting to €8mn (vs. €6mn in 1Q 2021 )

INVESTMENTS

146

KEY FINANCIALS

ADJUSTED P&L

4Q 2021 restated	Euro millions	1Q 2022	1Q 2021 restated
145	Adjusted EBITDA	168	99
(53)	Amortization and depreciation	(54)	(49)
92	Adjusted EBIT	114	50
(6)	Net financial income (expenses)	(6)	(8)
0	Net income (loss) from equity investments	0	0
86	Adjusted Results before taxes	107	42
(26)	Income taxes	(23)	(8)
61	Adjusted Results from continuing operations	84	34
11	Adjusted Results from discontinued operations	5	31
72	Adjusted Net Profit	(1) 89	65
30%	Tax Rate	22%	20%

Note: figures based on NO GAAP measures

(1) It does not include the impact of application of Windfall Tax in Romania (€3mn) and the impact of art. 37 Legislative Decree 21 March 2022 in Italy (€14mn), both isolated as special items

10% WINDFALL TAX IN ITALY

No extra-profit related to price scenario net of MtM of hedging and lower value of incentive YoY Notwithstanding that, an extra-taxation of €14–34mn (10%-25% windfall tax rate) is expected

(2) The windfall tax (assumed at 10% and 25% pending the final text of the law) applies to the differential between "payables less receivables - VAT relevant" as calculated in two different periods (October 1, 2021 - March 31, 2022 vs the same period -12M) resulting into an amplification of corporate tax rate

⁽¹⁾ Management figures assuming figurative net financial charges

1Q 2022 CASH FLOW STATEMENT

2022 GUIDANCE

Paolo Merli - CEO

2022 GUIDANCE

Ebitda revised up due to stronger contribution from growth and business environment

(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 ¹⁷