ERG — Investor Presentation 2023

Jul 28, 2023

2Q AND 1H 2023 RESULTS

Paolo Merli - CEO

28 July 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 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

❑ 2Q 2023 Highlights

• Key Figures
• Recent Developments

❑ Results Review

• Business Environment
• 1H 2023 Production & EBITDA
• Investments

❑ Key Financials

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

HIGHLIGHTS: KEY FIGURES(1)

Corporate

CAPEX (€ mn)

(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

RESULTS REVIEW

Michele Pedemonte - CFO

BUSINESS ENVIRONMENT

A SNAPSHOT OF 1H AND 2Q 2023 RESULTS: PRODUCTION

1H 2023	1H 2022	Δ	Energy Production (GWh):	2Q 2023	2Q 2022	Δ
1,349	1,252	9 7	Italy:	565	545	2 0
1 224 ,	1 129 ,	95	• Wind	486	468	18
125	122	3	• Solar	79	77	2
650	547	104	France:	254	224	3 0
600	496	104	• Wind	221	191	30
50	51	(0)	• Solar	33	33	0
306	321	(15)	Germany - Wind:	103	114	(11)
376	334	4 2	East Europe - Wind:	146	125	2 1
218	115	103	UK & Nordics - Wind:	8 5	4 9	3 6
9 1	8 7	4	Spain - Solar:	5 6	6 0	(4)
2,989	2,655	334	Total Energy Production	1,209	1,117	9 2
413		413	of which, Perimeter effect:	154		154
392		392	• Wind	141		141
21		21	• Solar	13		13

A SNAPSHOT OF 1H AND 2Q 2023 RESULTS: EBITDA

1H 2023	1H 2022	Δ	Adjusted EBITDA (€ mn):	2Q 2023	2Q 2022	Δ
148	149	(1)	Italy:	6 7	6 7	(0)
110	113	(3)	• Wind	41	44	(3)
3 8	3 6	2	• Solar	25	23	2
4 1	3 0	1 1	France:	1 4	1 1	3
3 8	2 7	1 1	• Wind	12	9	3
3	3	0	• Solar	2	2	0
3 6	3 4	2	Germany - Wind:	8	9	(1)
3 0	4 3	(13)	East Europe - Wind:	1 1	1 3	(2)
1 1	1 7	(7)	UK & Nordics - Wind:	3	6	(3)
9	1 1	(1)	Spain - Solar:	5	7	(2)
(11)	(12)	0	Corporate:	(6)	(6)	(0)
263	272	(9)	(1) Total Adjusted EBITDA	103	108	(5)
3 7		3 7	of which, Perimeter effect:	1 3		13
3 2		3 2	Wind •	1 1		11
5		5	Solar •	2		2

INVESTMENTS

(1) M&A CAPEX related to the closing of Valentia Solar acquisition in Spain, which took place on January 31, 2022 for an amount of €96mn (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 €30mn)

KEY FINANCIALS

ADJUSTED P&L

1H 2023	1H 2022	Euro millions	2Q 2023	2Q 2022
263	272	(1) Adjusted EBITDA	103	108
(109)	(107)	Amortization and depreciation	(52)	(53)
155	165	Adjusted EBIT	50	54
(5)	(12)	Net financial income (expenses)	(2)	(6)
(0)	0	Net income (loss) from equity investments	(0)	(0)
150	152	Adjusted Results before taxes	49	48
(34)	(70)	Income taxes	(12)	(33)
116	82	(2) Adjusted Results on continued operations	37	15
(8)	1	(3) Adjusted Results on discontinued operations	(2)	0
108	83	Adjusted Results for the period	35	15
(1)	(2)	Minority interests	(1)	(1)
107	81	Adjusted Net Profit	34	14
23%	46%	Tax Rate	24%	69%

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

CLAWBACK MEASURES EXPECTED TO PROGRESSIVELY FADE AWAY

							1H 2022 At NET PROFIT level (€ mn):
1H 2023 1H 2022 At EBITDA level (€ mn):			2Q 2023 2Q 2022			1H 2023	2Q 2023	2Q 2022
270	277	EBITDA gross of clawback measures	103	110		121	122	Net Profit gross of clawback measures / Windfall taxes	3 8	3 8
7	5	(-) Clawback measures:	1	2		6	4 0	(-) Clawback measures / Windfall taxes:	0	2 3
0		Italy	0				36	Italy	0	22
2		France	0			2		France	0
5	5	East Europe	1	2		4	4	East Europe	1	1
263	272	EBITDA net of clawback measures	103	108		116	8 2	Net Profit net of clawback measures / Windfall taxes	3 7	1 5

1H 2023 CASH FLOW STATEMENT

(€ mn)

(1) Figures from continuing operations

(2) Figure net of clawback measures

(3) It also includes €7mn clawback measures and financial effect of hedging operations done in the period (-€79mn)

(4) It includes prepayment fee for €4mn related to corporate financing

(5) It includes mainly -€75mn fair value futures, +€11mn fair value IRS, +€8mn tax cash-out, and -€10mn others

2023 GUIDANCE

Paolo Merli - CEO

INSTALLED CAPACITY EVOLUTION

Keep delivering on our growth strategy

628MW IN CONSTRUCTION/RTB THUS GIVING VISIBILITY TO ERG'S PIPELINE

(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