ERG — Investor Presentation 2023

May 24, 2023

ERG COMPANY OVERVIEW

IIC 2023 - Italian Investment Conference 25 May 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, 1Q 2023 Results and 2023 Guidance
• ❑ Abstract of ERG's updated 2022-2026 Business Plan
• ❑ 2022-2026 Targets & Financial Strategy
• ❑ 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) is expected during 1H 2023

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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)

(4) Repowering is on a gross basis

⁽²⁾ It refers to Furuby wind farm (62MW), entered into operation on November 25, 2022

⁽³⁾ It refers to Poland, Romania and Bulgaria

FINANCIAL STRUCTURE

"ERG's 'BBB-' IDR affirmation reflects robust business profile, and a diversified and clean asset base..." Issuer Default Rating : BBB- outlook stable

Repayment Schedule based on stock as of December 2022 (€ 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

• ✓ MSCI improved ERG's rating to "AAA", positioning ERG among TOP 18 global international Companies
• ✓ ERG included in S&P Clean Energy Index
• ✓ ERG entered the "Corporate Knights Global 100 most sustainable corporations in the world" and ranked 54th, the first among Italian companies included on the list
• ✓ Sustainalytics improved ERG's ESG rating from "Medium Risk" (20.7) to "Low Risk" (14.3), positioning ERG 5th among global Independent Power Producers
• ✓ ERG entered the 2022 A List of CDP, thanks to its best practices for managing climate change and its efforts to reduce greenhouse gas emissions by developing renewable energies
• ✓ Science Based Target initiative (SBTi) 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
• ✓ The Bloomberg Gender Equality Index (GEI) improved ERG's score, allowing it to enter the first quarter of the ranking, thanks to its 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

RECENT DEVELOPMENTS, 1Q 2023 RESULTS & 2023 GUIDANCE

HIGHLIGHTS: KEY FIGURES(1)

(1) Figures from continuing operations (excluding CCGT)

(2) It refers to figures gross of clawback measures. EBITDA net of clawback measures = €165mn, Net Profit net of clawback measures = €67mn

(3) It refers to figures gross of clawback measures. EBITDA net of clawback measures = €161mn, Net Profit net of clawback measures = €78mn

MAIN ACHIEVEMENTS IN THE PERIOD

ERG included in the "Global 100 most sustainable corporations in the world" ranking by Corporate Knights

FURTHER ACCELERATION IN SOLAR IN SPAIN

Transaction Overview Rationale

Acquisition of a solar PV plant in Spain, located in Zamora's town of Toro (Castile and Leon region), in advanced phase of construction for a total installed capacity of 149MW

• Further step in growing RES asset base
• Boosting solar diversification
• Spain to become one of the main markets for ERG, reaching a solar PV capacity of 266MW, with 1GW of under development pipeline
• High quality technology in terms of PV modules and inverters

	Solar PV Plant Overview
Total Capacity:	149MW
Energy Production:	280GWh (~22% load factor)
Enterprise Value:	€170mn
Solar Technology:	latest-generation bifacial panels and tracker system
COD:	End of 2023
Route to Market:	12 year Corporate PPA for 70% of production with a primary offtaker

A SNAPSHOT OF 1Q 2023 RESULTS: EBITDA

Adjusted EBITDA (€ mn):	1Q 2023	1Q 2022	Δ
Italy:	8 2	8 2	0
• Wind	69	69	0
• Solar	13	13	(0)
France:	2 9	1 8	1 0
• Wind	28	18	10
• Solar	1	1	(0)
Germany - Wind:	2 8	2 5	3
East Europe - Wind:	2 3	3 3	(10)
UK & Nordics - Wind:	8	1 1	(4)
Spain - Solar:	4	4	0
Corporate:	(5)	(6)	1
Total Adjusted EBITDA	(1) 167	(2) 168	(0)
of which, Perimeter effect:	25		25
Wind •	22		22
Solar •	3		3

INVESTMENTS

ADJUSTED P&L

4Q 2022	Euro millions	(1) 1Q 2023	(2) 1Q 2022
126	Adjusted EBITDA	167	168
(63)	Amortization and depreciation	(56)	(54)
64	Adjusted EBIT	111	114
(7)	Net financial income (expenses)	(3)	(6)
0	from Net income (loss) equity investments	(0)	0
57	Adjusted Results before taxes	108	107
(14)	Income taxes	(24)	(23)
43	Adjusted Results on continued operations	84	84
(1)	(3) Adjusted Results on discontinued operations	(6)	0
42	Adjusted Results for the period	78	85
0	Minority interests	0	(0)
42	Adjusted Net Profit	78	84
24%	Tax Rate	22%	22%

Note: figures based on NO GAAP measures

(1) Figures gross of clawback measures. EBITDA net of clawback measures = €161mn, Net Profit net of clawback measures = €78mn

(2) Figures gross of clawback measures. EBITDA net of clawback measures = €165mn, Net Profit net of clawback measures = €67mn

(3) Figures refer to CCGT Results. 1Q 2022 results include depreciation of the period

1Q 2023 CASH FLOW STATEMENT

(1) Figures from continuing operations

• (2) Figure gross of clawback measures (EBITDA net of clawback measures = €161mn)
• (3) Figure gross of clawback measures (Net working capital net of clawback measures = -€106mn). It also includes €7mn clawback measures and some financial impact of hedging operations done in the period (-€79mn).
• (4) It includes prepayment fee for €4mn related to corporate financing
• (5) It includes mainly -€40mn fair value futures, +€9mn fair value IRS, +€2mn tax cash-out, and -€5mn others

INSTALLED CAPACITY EVOLUTION

Keep delivering on our growth strategy

2023 GUIDANCE

EBITDA guidance confirmed, CAPEX and NFP up following acquisition in Spain

(1) It does not include clawback measures in 1Q 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

ABSTRACT OF ERG'S UPDATED 2022-2026 BP

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 BP UPDATED KEY TARGETS

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

422MW IN CONSTRUCTION/RTB THUS GIVING VISIBILITY TO ERG'S PIPELINE

Mineo-Militello-Vizzini	Monreale-Partinico	Camporeale
101MW to be, 51MW Δ vs as-is	42MW to be, 26MW Δ vs as-is	50MW to be, 30MW Δ vs as-is
COD: 2Q 2024	COD: 2Q 2023	COD: 2Q 2023
Producibility: 2,300 heq	Producibility: 2,200 heq	Producibility: 1,700 heq
Roccapalumba	Salemi-Castelvetrano	Corlacky
47MW	76MW to be, 50MW Δ vs as-is	47MW
COD: 4Q 2023	COD: 4Q 2024	RTB
Producibility: 2,100 heq	Producibility: 2,300 heq COD: 4Q 2025
		Producibility: 3,760 heq
Bourgogne 1	Limousine 1	Picardie 1
32MW	9MW	18MW
COD: 4Q 2024	COD: 4Q 2024	RTB
Producibility: 2,260 heq	Producibility: 2,170 heq	COD: 1Q 2025
		Producibility: 2,670 heq

(1) Tot. MW under construction on absolute basis

(2) Tot. MW under construction on differential basis

OUR REPOWERING PROJECTS IN ITALY ARE GAINING VISIBILITY

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

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

2022-2026 TARGETS & FINANCIAL STRATEGY

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

CAPEX EVOLUTION IN 2022-2026

Increase due 50-50 by higher quality and cost overruns (though limited versus greeninflation) ³²

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

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.