ERG — Investor Presentation 2023

Sep 6, 2023

ERG COMPANY OVERVIEW

Italian Infrastructure Day

7 September 2023

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

• ❑ ERG Today
• ❑ Recent Developments, 2Q 2023 Results and 2023 Guidance
• ❑ Abstract of ERG's updated 2022-2026 Business Plan
• ❑ Management Profiles

ERG TODAY

is 1,506MW.

(1) The closing for the sale of the Hydro portfolio to Enel took place on January 3, 2022 (2) The closing of the solar acquisition in Spain (92MW) took place on January 31, 2022 (3) The closing of the solar acquisition in Spain (25MW) took place on June 30, 2023

5

Europe is 1,929MW.

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

• (1) It includes Creag Riabhach wind farm (92MW, commissioned on January 12, 2023) and Sandy Knowe wind farm (86MW commissioned in two phases, respectively on October 13, 2022 and on December 16, 2022)
• (2) It refers to Furuby wind farm (62MW), entered into operation on November 25, 2022
• (3) It refers to Poland, Romania and Bulgaria
• (4) It includes 26MW additional capacity for Monreale-Partinico wind farm, after completion of repowering operations on June 14, 2023
• (5) It includes Fregenal photovoltaic plant (25MW), commissioned at closing date on June 30, 2023
• (6) Repowering is on a gross basis

FINANCIAL STRUCTURE

Issuer Default Rating:

BBB- outlook stable "ERG's 'BBB-' IDR affirmation reflects visible cash flow generation from its largely long-term incentivised and contracted clean-energy production, its progressive diversification in mature EU markets, including UK, and solar technology...."

Repayment Schedule based on stock as of June 2023 (€ bn)

Solid balance sheet with limited refinancing needs until 2025

SOLID FINANCIAL PROFILE OVER BP HORIZON

Net debt & leverage over BP horizon

Further room for re-leverage maintaining an IG rating at a competitive cost

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

• ✓ SBTi approved ERG's Net Zero target @2040, ranking ERG among the top 15 Companies worldwide
• ✓ MSCI improved rating to "AAA", positioning ERG among the TOP 18 global international Companies
• ✓ ERG joins the Nasdaq Sustainable Bond Network
• ✓ ERG ranked 4th in the "Integrated Governance Index 2023", among the best practices in Italy for Corporate Governance
• ✓ ERG entered the "Corporate Knights Global 100 most sustainable corporations in the world" and ranked 54th, the first Italian company in the list
• ✓ Sustainalytics improved ERG's ESG rating from "Medium Risk" (20.7) to "Low Risk" (14.1), positioning ERG 5th among global Independent Power Producers
• ✓ ERG entered the 2022 A List of CDP
• ✓ ERG in the MIB ESG Index, which includes the 40 listed Italian issuers with best ESG practices
• ✓ The Bloomberg Gender Equality Index (GEI) improved ERG's score, allowing it to enter the first quarter of the ranking
• ✓ ERG included in S&P Clean Energy Index

RECENT DEVELOPMENTS, 2Q 2023 RESULTS & 2023 GUIDANCE

HIGHLIGHTS 1H AND 2Q RESULTS: KEY FIGURES(1)

Italy

Corporate

31/12/2022 30/06/2023

(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 net of clawback measures and windfall profit taxes. Please refer to page 13 for reconciliation of gross and net figures

MAIN ACHIEVEMENTS IN 2Q 2023

INSTALLED CAPACITY EVOLUTION

Keep delivering on our growth strategy

ASSET UNDER CONSTRUCTION

(1) Tot. MW under construction on absolute basis

(2) Tot. MW under construction on differential basis

(3) 42MW (on a net basis 26MW) of Monreale-Partinico wind farm fully in operation since June 14, 2023 after completion of repowering activities

2023 GUIDANCE

EBITDA slightly down due to weak windiness in 2Q and some delays in contribution from new assets NFP unchanged as lower EBITDA offset by less financial charges

(1) Net of clawback measures in 1H 2023 for €7mn

(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

ABSTRACT OF ERG'S UPDATED 2022-2026 BP

RENEWABLES IN 2022: CAPACITY INCREASED AT A SLOWER PACE THAN EXPECTED

Source: ERG on data from Windeurope (Sweden and UK: waiting for BEIS figures), SolarPower Europe (for PV data referred to Germany, Poland, Romania and Bulgaria), Terna, RED Electrica, Ministère de la Transition Ecologique, BEIS

Permitting bottlenecks still causing delays in EU decarbonization process

(1) UK: data updated as at September 30, 2022

(2) Spanish figures do not include self-consumption. According to SolarPower Europe preliminary figures, in 2022 4GW under self-consumption were installed (under verification) – spike vs. previous years

GREENINFLATION: A COMPLETELY DIFFERENT CONTEXT FOR SUPPLY CHAIN

Pression on supply chain to remain strong

PPAs ARE GAINING GROUND AS ALTERNATIVE ROUTE TO MARKET

Corporate PPAs (GW) - global PPA in Europe (GW)

PPAs still growing although recent volatility and regulatory uncertainty slowed down negotiations in EU

ERG'S CONFIRMED TARGETS TO 2026

	ERG'S new targets to 2026	Vs. last year
Growth in scale	+2.2GW in 2022-2026 (+526MW in 2022) 4.6GW installed Capacity in 2026 (5GW in 2027)	Confirmed
Investments/EBITDA	€3.5bn 2022-2026; >€650mn @2026	CAPEX, EBITDA
Energy Sales/Mgmt	Confirmed target 85-90% regulated on total EBITDA; PPAs vs auction	Confirmed
Geographical diversification	9 countries in 2022: Spain and Sweden in operation	Confirmed
Solar as strategic pillar	~860MW of Solar PV (out of +2,200MW) ~25% of Solar on group capacity @2026-2027	+
Innovation	Battery Storage; exploring floating offshore opportunities	Confirmed our commitment to new business lines
Conventional is "legacy"	Relaunch of the CCGT disposal process	Asset Rotation confirmed
Integration of ESG	Confirmed at the core of ERG's business model
Dividend Policy	1.0 € per share (+10% vs previous)	+10%

2022-2026 BUSINESS PLAN KEY TARGETS

CAPEX EVOLUTION IN 2022-2026

Increase due 50-50 by higher quality and cost overruns (though limited versus greeninflation) ²³

EXTREME VOLATILITY IN NATURAL GAS AND ELECTRICITY PRICES

Higher prices and higher volatility

(1) It represents the range where expected prices in various ERG's reference countries fall. Sensitivity to prices is anyway limited by exposure to PPA, CfD mechanism and hedging

EBITDA EVOLUTION IN THE PLAN PERIOD

Stronger EBITDA to more than offset overruns

CONFIRMED 2026 TARGET OF 4.6GW OF INSTALLED CAPACITY

GW by geography Cumulative RES additional installed Capacity 2022-2026 (GW) Wind & Solar installed Capacity (GW) 2026 Per Stream Per Tech 2.2(1) 2.2(1) ~440MW/Y 2022 Solar Storage 2026 2.9 0.9 0.8 4.6 + 1.7 CAGR: ~12% Wind 2.6 Wind 3.4 Solar 1.2 0.3 M&A & new pipeline Proprietary Greenfield Under Construction(2) Repowering Already in operation Storage 0.8 0.4 0.3 0.6 Solar 1.0 Wind 1.2 Wind 2022 49% 5% 20% 9% 3% (3) 2.9 ~7% ~44% ~8% ~21% (3) ~7% ~12% ~1% 4.6 11% 2% 0.1

(1) It correspondes to a gross growth of 2.4GW

(2) It includes about 160MW of Repowering under construction

(3) It refers to Poland, Romania and Bulgaria

OUR REPOWERING PROJECTS IN ITALY ARE GAINING VISIBILITY

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

18 targets consistent with 14 out of 17 SDGs of United Nations

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, maximizing 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.