2022 RESULTS AND STRATEGY UPDATE IR DAY

15 March 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

❑ Welcome and Agenda - Emanuela Delucchi, Chief ESG, IR & Comm.

❑ 2022: another year of strong execution Paolo Merli, CEO:
Key Figures
Recent developments
❑ Results review Michele Pedemonte, CFO:
Business environment
2022 Production & EBITDA
Investments
Key Financials
❑ 2022-2026 Business Plan update Paolo Merli, CEO:
A context of high volatility
2022-2026 Strategy confirmed
❑ Capital structure Michele Pedemonte, CFO
❑ ESG always at the core Emanuela Delucchi, Chief ESG, IR & Comm.
❑ 2023 Guidance & conclusions Paolo Merli, CEO

2022: ANOTHER YEAR OF STRONG EXECUTION

Paolo Merli - CEO

SIGNIFICANT EXECUTION FROM 2020 TO DATE

A STRONG SET OF RESULTS IN 2022

(1) 2021 figures do not include Hydro and CCGT results, which are accounted under IFRS5 amongst the assets disposed/under disposal

ACHIEVEMENTS IN 2022/EARLY 2023

A STRONG ACCELERATION IN OUR ENERGY TRANSITION

(1) Figures as of today do not include CCGT, which is accounted in FY 2022 under IFRS5 amongst the assets under disposal

RESULTS REVIEW

Michele Pedemonte - CFO

BUSINESS ENVIRONMENT

A SNAPSHOT OF FY AND 4Q 2022 RESULTS: PRODUCTION

2022	2021	Δ	Energy Production (GWh):	4Q 2022	4Q 2021	Δ
2,312	2,295	17	Italy:	567	655	(87)
2 062 ,	2 078 ,	(16)	• Wind	529	625	(95)
250	216	33	• Solar	38	30	8
1,076	889	187	France:	343	292	51
982	865	117	• Wind	331	277	54
94	24	70	• Solar	11	15	(4)
556	428	129	Germany - Wind:	153	149	5
615	546	69	East Europe - Wind:	160	171	(10)
256	216	40	- Poland	79	74	5
203	181	22	- Romania	45	51	(6)
155	148	7	- Bulgaria	37	46	(9)
226		226	UK - Wind:	81		81
171		171	Spain - Solar:	26		26
4,956 903 636	4,157	799 903 636	Total Energy Production of which, Perimeter effect: • Wind	1,331 239 204	1,266	6 5 239 204
267		267	• Solar	35		35

A SNAPSHOT OF FY AND 4Q 2022 RESULTS: EBITDA

2022	2021	Δ	Adjusted EBITDA (€ mn):	4Q 2022	4Q 2021	Δ
295	308	(13)	Italy:	55	106	(51)
218	243	(25)	• Wind	46	98	(52)
77	65	12	• Solar	10	8	2
63	45	17	France:	26	15	10
58	44	14	• Wind	26	14	11
5	1	4	• Solar	(0)	1	(1)
72	28	44	Germany - Wind:	29	13	16
90	45	45	East Europe - Wind:	16	20	(5)
19	16	3	- Poland	6	8	(2)
44	21	23	- Romania	4	11	(7)
28	8	19	- Bulgaria	6	1	5
24	(2)	26	UK - Wind:	6	(1)	7
18		18	Spain - Solar:	2	0	2
(25)	(25)	0	Corporate:	(8)	(8)	1
537	399	138	Total Adjusted EBITDA(1)	126	145	(19)
118		118	of which, Perimeter effect:	28		28
83		83	Wind •	23		23
35		35	Solar •	4		4

(1) It does not include CCGT Adj. EBITDA, amounting to €56mn (vs. €29mn in 2021) and €4mn (vs. €0mn in 4Q 2021)

(1) M&A CAPEX related to Erik wind acquisition in Sweden (€41mn), plus Joran wind and solar acquisition in France (€124mn and €23mn respectively), and Ventoux wind and solar acquisition in Germany and France (for a total amount of €202mn)
(2) M&A CAPEX related to Valentia solar acquisition in Spain (€100mn), plus Siena solar acquisition (€115mn) and Donatello wind acquisition (€396mn), both of them in Italy, and Corlacky wind acquisition in UK (€27mn)
(3) M&A CAPEX related to Ventoux wind and solar acquisition in Germany and France (for a total amount of €202mn)
(4) M&A CAPEX related to Corlacky wind acquisition in UK (€27mn)
(5) 2021 figures on pro-forma basis (Wind & Solar only)

Key Financials

ADJUSTED P&L

2022	(1) 2021	Euro millions	4Q 2022	(1) 4Q 2021
537	399	Adjusted EBITDA	126	145
(229)	(201)	Amortization and depreciation	(63)	(53)
308	198	Adjusted EBIT	64	92
(25)	(29)	Net financial income (expenses)	(7)	(6)
0	0	from Net income (loss) equity investments	0	(0)
284	169	Adjusted Results before taxes	57	86
(67)	(42)	Income taxes	(14)	(26)
216	127	Adjusted Results on continued operations	43	60
20	77	(2) Adjusted Results on discontinued operations	(1)	11
236	203	Adjusted Results for the period	42	72
(4)	(2)	Minority interests	0	0
232	202	Adjusted Net Profit	42	72
24%	25%	Tax Rate	24%	30%

Of which CCGT Results (€ mn)
2022	2021	Euro millions	4Q 2022	4Q 2021
56	29	Adjusted EBITDA	5	0
(32)	(31)	Depreciation	(8)	(9)
25	(2)	Adjusted EBIT	(4)	(9)
19	(1)	Net Income	(2)	(6)

Note: figures based on NO GAAP measures

(1) 2021 figures on pro-forma basis (Wind & Solar only)

(2) 2022 figures refer to CCGT Results, whilst 2021 figures include both CCGT and Hydro Results

TOTAL IMPACT ON 2022 P&L FROM EXTRAORDINARY MEASURES

Items accounted as non recurring items

(1) It does not include Windfall Tax on CCGT (€4mn)

(2) It refers for €7mn to Italy, for €15mn to Romania and for €12mn to other countries abroad.

Note: 4Q 2022 figures are as follows: Windfall Tax Italy = €19mn, Windfall Tax Romania = €0mn (internalized in the tariff versus Q421), Price Cap = €14mn, Total 4Q 2022 windfall & clawback = €33mn

2022 CASH FLOW STATEMENT

(5) It includes mainly €34mn fair value futures, -€76mn fair value IRS, €92mn tax cash-out, €15mn other reserves and €19mn others

2022-2026 BUSINESS PLAN UPDATE Paolo Merli - CEO

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

A LARGER PIPELINE, BOOSTING SOLAR DIVERSIFICATION

An increased and visible pipeline with expected possible COD in the next 5 years

(1) Les Bouchats 20MW, Erik 62MW, Sandy Knowe 86MW, Piotrkow 25MW, Laszki 36MW and Creag Riabhach 92MW

STRENGTHENING BUSINESS DEVELOPMENT TEAMS

A context of high volatility

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

REACTION TO HIGH ELECTRICITY PRICES IN EU: EMERGENCY MEASURES ON RES PRODUCERS

An unprecedent set of measures to hit RES producers, exacerbating the sector risk perception

(1) With respect to FiP and CfD auctions (prior to July 2020), all contracts were transformed into a pure 2 ways CfD: the limit (plafond) to reimbursement in case of electricity prices higher than the tariff was removed

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

COMPETITIVE AUCTIONS (CFD) ARE IN PLACE BUT RULES NEED TO BE UPDATED

Streamlining of permitting and redesigning auctions key for RES deployment

(1) Figures are referred to 2023 auctions cap levels. Cap is not disclosed in Spain and, from December 2022, in France

(2) Available budget in CfD AR 4 auction was totally awarded, but capacity cap was not exceeded (3.1GW awarded to PV + onshore Wind vs. 5GW capacity cap)

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

2022-2026 Strategy confirmed

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%

CONFIRMED 2026 TARGET OF 4.6GW OF INSTALLED CAPACITY

(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-Castlvetrano	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

CAPEX EVOLUTION IN 2022-2026

Increase due 50-50 by higher quality and cost overruns (though limited versus greeninflation) ³³

EBITDA EVOLUTION IN THE PLAN PERIOD

Stronger EBITDA to more than offset overruns

CAPITAL STRUCTURE

Michele Pedemonte - CFO

FINANCIAL STRUCTURE

Issuer Default Rating : BBB- outlook stable

"ERG's 'BBB-' IDR affirmation reflects robust business profile, and a diversified and clean asset base..."

Repayment Schedule based on stock as of December 2022 (€ bn)

Solid balance sheet with limited refinancing needs until 2025

Gross debt at 31/12/2022

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

ESG ALWAYS AT THE CORE

Emanuela Delucchi – Chief ESG, IR & Communication

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

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

CONTINUING OUR ESG JOURNEY FORWARD

Top tier in main ESG ratings ⁴⁰

KEEP DECARBONIZING

Carbon index down 11% in 2022 (baseline 2021 restated)
Carbon index down to «Zero» after Asset Rotation

• >2.5mn t of CO2 avoided in 2022 and >13mn t over the last 5 years

"NET ZERO" TARGET CONFIRMED @2040

ERG will reach Net Zero Target @2040 (to be approved by SBT)

The strategy to become Net Zero @2040

Asset Rotation CCGT

100% RES production

100% sales of Green Energy

75% of Suppliers(1) with SBT target @2030

ERG PERFECTLY ALIGNED WITH EU GREEN TAXONOMY AFTER ASSET ROTATION

OUR PATH FOR AN EVEN MORE INCLUSIVE ERG

2023 GUIDANCE & CONCLUSIONS