ERG — Investor Presentation 2023

Nov 14, 2023

3Q AND 9M 2023 RESULTS

Paolo Merli - 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

❑ 3Q 2023 Highlights

• Key Figures
• Recent Developments

❑ Results Review

• Business Environment
• 9M 2023 Production & EBITDA
• Investments

❑ Key Financials

• Profit & Loss
• Cash Flow Statement
• ❑ 2023 Guidance and Conclusions

HIGHLIGHTS: KEY FIGURES(1)

(1) Adjusted Figures on continuing operations (excluding CCGT)

(2) EBITDA net of clawback measures. Please refer to page 13 for reconciliation of gross and net figures

(3) Net Profit post-Minorities, and net of clawback measures and windfall profit taxes. Please refer to page 13 for reconciliation of gross and net figures

International

Corporate

Italy

MAIN ACHIEVEMENTS IN 3Q 2023 TO DATE

ERG's NET ZERO target strengthened after the sale of the CCGT thermal plant

RESULTS REVIEW

Michele Pedemonte - CFO

BUSINESS ENVIRONMENT

A SNAPSHOT OF 9M AND 3Q 2023 RESULTS: PRODUCTION

9M 2023	9M 2022	Δ	Energy Production (GWh):	3Q 2023	3Q 2022	Δ
1,933	1,745	188	Italy:	584	493	9 1
716 1 ,	533 1 ,	183	• Wind	492	404	88
217	212	5	• Solar	92	89	3
879	733	146	France:	229	187	4 3
797	650	147	• Wind	197	154	43
82	83	(1)	• Solar	32	32	(0)
412	403	9	Germany - Wind:	107	8 2	2 5
506	454	5 2	East Europe - Wind:	130	120	1 0
326	145	181	UK & Nordics - Wind:	109	3 0	7 8
156	145	1 2	Spain - Solar:	6 6	5 8	8
4,214	3,625	589	Total Energy Production	1,225	970	255
528		528	of which, Perimeter effect:	115		115
496		496	• Wind	105		105
32		32	• Solar	10		10

A SNAPSHOT OF 9M AND 3Q 2023 RESULTS: EBITDA

9M 2023	9M 2022	Δ	Adjusted EBITDA (€ mn):	3Q 2023	3Q 2022	Δ
214	234	(20)	Italy:	6 6	8 5	(19)
146	172	(26)	• Wind	36	59	(24)
68	62	6	• Solar	30	25	5
4 9	3 7	1 2	France:	8	7	1
43	32	11	• Wind	6	5	1
5	5	0	• Solar	2	2	0
4 5	4 3	1	Germany - Wind:	9	9	(0)
3 7	6 0	(23)	East Europe - Wind:	7	1 7	(10)
2 0	1 7	3	UK & Nordics - Wind:	1 0	(0)	1 0
1 7	1 6	1	Spain - Solar:	8	6	2
(17)	(17)	1	Corporate:	(5)	(6)	0
365	390	(25)	(1) Total Adjusted EBITDA	102	118	(16)
51		51	of which, Perimeter effect:	14		14
46		46	Wind •	14		14
5		5	Solar •	0		0

INVESTMENTS

(1) M&A CAPEX related to Valentia Solar acquisition in Spain (€96mn - closing on January 31, 2022), plus Siena solar acquisition (€118mn – closing on July 7, 2022) and Donatello wind acquisition (€396mn, closing on September 9, 2022), both of them in Italy

(2) M&A CAPEX related to the closing in Spain of two Solar acquisitions: Garnacha (on June 23, 2023, for about €152mn), and Fregenal (on June 30, 2023 for an amount of €32mn)

(3) M&A CAPEX related to Siena solar acquisition (€118mn – closing on July 7, 2022) and Donatello wind acquisition (€396mn, closing on September 9, 2022), both of them in Italy

KEY FINANCIALS

ADJUSTED P&L

9M 2023	9M 2022	Euro millions	3Q 2023	3Q 2022
365	390	(1) Adjusted EBITDA	102	118
(161)	(166)	Amortization and depreciation	(52)	(59)
204	224	Adjusted EBIT	50	60
(6)	(18)	Net financial income (expenses)	(1)	(6)
0	0	Net income (loss) from equity investments	0	0
198	206	Adjusted Results before taxes	48	54
(47)	(86)	Income taxes	(13)	(16)
151	120	(2) Adjusted Results on continued operations	35	38
(2)	(4)	Minority interests	(1)	(3)
149	115	Adjusted Net Profit	35	35
(5)	17	(3) Adjusted Results on discontinued operations	2	16
144	132	Adjusted Results for the period	37	51
24%	42%	Tax Rate	27%	30%

Note: figures based on NO GAAP measures

(1) EBITDA net of clawback measures. Please refer to page 13 for reconciliation of gross and net figures

(2) Net Profit net of clawback measures. Please refer to page 13 for reconciliation of gross and net figures

(3) Figures refer to CCGT Results

EXTRAORDINARY CLAWBACK AND WINDFALL TAXES EFFECTS

9M 2023 9M 2022 At EBITDA level (€ mn):			3Q 2023	3Q 2022			(1) 9M 2023 9M 2022 At NET PROFIT level (€ mn):
374	411	EBITDA gross of clawback measures		133		156	169	Net Profit gross of clawback measures / Windfall taxes	3 6	4 9
9	2 1	(-) Clawback measures:	2	1 5		7	5 4	(-) Clawback measures / Windfall taxes:	1	1 4
0	6	Italy	0	6		0	41	Italy	0	5
3	0	France	1	0		3	0	France	1	0
6	15	(2) East Europe	1	10		5	13	(2) East Europe	0	8
365	390	EBITDA net of clawback measures	102	118		149	115	Net Profit net of clawback measures / Windfall taxes	3 5	3 5

(1) Net profit post-Minorities

(2) In Romania clawbacks measures internalized in price mechanisms as of 2023

9M 2023 CASH FLOW STATEMENT

(1) Figures from continuing operations

(2) Out of which €3mn to Minorities

(3) Figure net of clawback measures

(4) It also includes €9mn clawback measures

(5) It includes prepayment fee for €4mn related to one-off fee related to liability management

(6) It includes mainly -€114mn fair value futures, +€4mn fair value IRS, +€14mn tax cash-out, and -€8mn others

2023 GUIDANCE

Paolo Merli - CEO

INSTALLED CAPACITY EVOLUTION TO DATE

ASSETS UNDER CONSTRUCTION

On top of assets under construction around 150MW are fully authorized and in pre-construction phase

(1) Tot MW under construction: on absolute terms = 387MW, on a differential basis = 285MW

2023 GUIDANCE

(1) Net of clawback measures in 9M 2023 for €9mn

(2) EBITDA guidance net of clawbacks. It does not include any contribution pro-tempore related to CCGT, which is consolidated on a reported basis in the discontinued operations from January 1, 2022

(3) NFP already assumes the expected proceeds from the CCGT sale