ERG — Investor Presentation 2024

May 16, 2024

CAPITAL MARKET DAY 1Q 2024 RESULTS & 2024-2026 BUSINESS PLAN

16 May 2024

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.
• ❑ 1Q 2024 Results Highlights Paolo Merli, CEO
• ❑ 1Q 2024 Results Review Michele Pedemonte, CFO:
  • Business Environment
  • Production & EBITDA
  • Investments
  • Key Financials
• ❑ 2021-2023: Delivery on our Strategy Alessandro Garrone, EVP

❑ 2024-2026 Business Plan: Value over Volume - Paolo Merli, CEO:

• The starting Point
• Business Environment Outlook
• Strategy & Targets
• ❑ Financials & Capital Structure Michele Pedemonte, CFO
• ❑ ESG as a concrete and substantial Choice Emanuela Delucchi, Chief ESG, IR & Comm.
• ❑ 2024 Guidance & Conclusions Paolo Merli, CEO

1Q 2024 RESULTS HIGHLIGHTS

Paolo Merli - CEO

HIGHLIGHTS: KEY FIGURES(1)

A strong set of results despite a weaker price scenario

(1) Adjusted figures on continuing operations (excluding CCGT for 1Q 2023) (2) It refers to figures net of clawback measures (including IFRS 16 effect)

(3) Net Profit post-Minorities, and net of clawback measures and windfall taxes (4) It does not include IFRS 16 liability, respectively for €172mn as at 31.12.23, and €179mn as at 31.3.24

1Q 2024 RESULTS REVIEW

Michele Pedemonte - CFO

BUSINESS ENVIRONMENT

(2) UK prices net of balancing revenues

A SNAPSHOT OF 1Q 2024 RESULTS: PRODUCTION

Energy Production (GWh):	1Q 2024	1Q 2023	Δ
Italy	875	784	9 1
France	391	396	(5)
Germany	202	203	(1)
East Europe	233	230	3
UK & Nordics	166	132	3 4
Spain	8 0	3 5	4 5
Total Energy Production	1,947	1,780	168
of which, Contribution of new assets:	106		106
• Wind • Solar	53 52		53 52
		Productions up 9% Year-on-Year

A SNAPSHOT OF 1Q 2024 RESULTS: EBITDA

Adjusted EBITDA (€ mn):	1Q 2024	1Q 2023	Δ
Italy	101	8 3	1 8
France	2 2	2 7	(5)
Germany	1 3	2 8	(15)
East Europe	1 8	1 9	(1)
UK & Nordics	1 5	8	7
Spain	2	4	(2)
Corporate	(5)	(5)	0
(1) Total Adjusted EBITDA	165	164	1

Solid economics despite a tough comparison YoY (based on price scenario)

INVESTMENTS

A mix of M&A and Organic (mainly Repowering)

(1) M&A CAPEX related to the closing (on January 29, 2024) of the Wind & Solar acquisitions in France

Key Financials

ADJUSTED P&L

4Q 2023	Euro millions	1Q 2024	1Q 2023
159	(1) Adjusted EBITDA	165	164
(56)	(1) Amortization and depreciation	(59)	(58)
103	Adjusted EBIT	105	106
(2)	(1) Net financial income (expenses)	(2)	(5)
(0)	Net income (loss) from equity investments	0	(0)
101	Adjusted Results before taxes	103	101
(24)	Income taxes	(25)	(22)
77	(2) Adjusted Results on continued operations	78	78
0	Minority interests	0	0
77	Adjusted Net Profit	78	78
(1)	(3) Adjusted Results on discontinued operations	0	(6)
76	Adjusted Results for the period	78	73
24%	Tax Rate	25%	22%

Note: figures based on NO GAAP measures

(1) Figures net of clawback measures and including IFRS 16 effect

(2) Net Profit net of clawback measures

(3) 1Q 2023 figures refer to CCGT Results

1Q 2024 CASH FLOW STATEMENT

(€ mn)

(1) They do not include IFRS 16 liability, respectively for €172mn as at 31.12.23, and €179mn as at 31.3.24

(2) EBITDA includes IFRS 16 effect for €4mn

2021-2023: DELIVERY ON OUR STRATEGY

Alessandro Garrone - EVP

COMPLETION OF OUR ENERGY TRANSITION

GROUP'S STRUCTURE AND BEST-IN-CLASS GOVERNANCE MODEL

(1) Data as at April 12, 2024

CONTROL, RISK AND SUSTAINABILITY COMMITTEE

NOMINATIONS AND REMUNERATION COMMITTEE

STRATEGIC COMMITTEE

Managers Committees to oversee strategy

SIGNIFICANT EXECUTION OVER 2021-2023

Delivery on our growth strategy with a mix of organic projects and M&A

(1) Partinico-Monreale + Camporeale: gross capacity post-repowering = 42MW + 50MW (2) Fregenal (25MW) + Garnacha (149MW)

TOP TIER ESG RECOGNITION

ERG best-in-class in ESG: 28th worldwide and 1st in Italy in the Corporate Knights Global 100

2024-2026 BUSINESS PLAN: VALUE OVER VOLUME

Paolo Merli - CEO

The starting Point

ERG AS OF TODAY: A SOLID AND INTERNATIONAL PLATFORM

21 (1) It includes the recent acquisition of 24MW, whose closing took place on January 29, 2024 (2) It includes the recent acquisition of 20.4MW, whose closing took place on January 29, 2024 Iowa: 224.4MW Illinois: 92.4MW Installed Capacity (MW) Pipeline (MW) 83% 17% 3,674 Spain: 266MW France: 546MW(1) 99MW(2) Italy: 1,368MW 175MW Sweden: 62MW U.K.: 249MW Bulgaria: 54MW Germany: 327MW Poland: 142MW Romania: 70MW Wind Solar Storage Wind Solar ERG geographical Presence (MW) 46% 47% ~5,000 4% 3% Hybrid Pipeline includes 337MW under construction 1,300 61% 11% 23% 5% 26% 35% 59% 2,700 6% 54% 40% 60% 1,000 20% 1,543 89% 11% 42% 80% 20% 1,815 49% 71% 29% 317 9%

A FULLY SECURED GROWTH IN THE SHORT TERM

A secured and international mix of organic projects and M&A

(1) Of which 29MW Solar in final phase of construction

(2) Wind: Mineo-Militello-Vizzini + Salemi-Castelvetrano + Reinsdorf: gross capacity post-repowering = 101MW + 76MW + 6MW. Solar: Siena gross capacity post-repowering= 29MW

(3) Bourgogne 1 (32MW) + Limousine 1 (9MW)

(4) Corlacky (47MW) and Picardie 1 (18MW) wind farms, plus Vicari storage (12.5MW)

BUILDING UP A LARGER AND WELL DIVERSIFIED PORTFOLIO IN EUROPE

Adding visibility to our growth prospects in IT, FR, UK and DE. First move in Storage

(1) 23 Mineo-Militello-Vizzini wind farm entered into operation on April 24, 2024, now in commissioning phase

(2) Tot MW under construction: on absolute terms = 337MW, on a differential basis = 257MW

A PLATFORM OF PPA WITH TIER 1 OFF-TAKERS TO STABILIZE REVENUES

Evishagaran / Craiggore 6 years ~250GWh/Y Greenfield Fixed Price tot. 70MW Jan '22 Pay as Produced Asset Based Bois Bigot, Bois de l'Arche/Theta PTF 5 years ~150GWh/Y Fixed Price FiP expired 72MW Sept – Dec '21 Pay as Produced Mulligan 12 years ~Avg. 133GWh/Y Greenfield Fixed Price 70W Jan '23 Fixed Shape Great Pathfinder 12 years ~831GWh/Y Greenfield Fixed Price 224W Apr '23 Pay as produced Sandy Knowe / Creag Riabhach 10 years ~400GWh/Y Greenfield Fixed Price tot. 179W Jan '23 Baseload Garnacha Discount to Mkt 12 years from COD ~190GWh/Y Greenfield 149MW with Floor (exp. Apr '24) Pay as Produced Partinico-Monreale 12 years ~70GWh/Y Repowering Fixed Price 42MW Jan '23 Baseload Chaume Solar 15 years ~35GWh/Y Greenfield Fixed Price 29MW Jan '25 Pay as Produced Asset Based Wind Portafolio 9 years ~420GWh/Y Baseload + Collar Structure FiP expired 160MW equiv. Jan '23 ~120GWh/Y Pay as Produced Camporeale + Mineo-Militello- Vizzini 15 years ~260GWh/Y Repowering Fixed Price tot. 150MW Jan '24 Baseload Roccapalumba 20 years from COD ~100GWh/Y Greenfield Fixed Price 47MW (exp. Apr '24) Pay as Produced	Country & Asset Type	Plants & Capacity	Price Structure	Tenor / Start Date	Counterparty	Volume

TOT: ~2.9TWh/Y(1)

Pro-active route to market approach through volatile years

24

ERG HAS AN ALREADY EFFICIENT COST STRUCTURE BASED ON INTERNALISED MODEL

• ➢ Proactive Wind O&M approach to select case by case the best option:
  • 50% of the fleet with internalised O&M
  • 5% hybrid O&M
  • 45% externalised to OEM

to minimise operating cost and enhance performance

➢ Technical and commercial management fully internalised on all fleet

Cost leadership in Operation and Maintenance

Business Environment Outlook

EU & US ARE STILL GROWING MARKET FOR RENEWABLES

RES still at the basis of the global energy transition

VOLATILITY IN NATURAL GAS AND ELECTRICITY PRICES

• 85%-90% quasi-regulated EBITDA through CFDs and PPAs
• Active energy management to hedge short term revenues
• Developing a pipeline of storage facilities
• A technological mix skewed towards wind

Electricity prices – 2024 daily fwd prices evolution (€/MWh) Volatility remains high even in FWD expectations and main providers scenario (€/MWh)

IN A CONTEXT OF HIGHER CAPITAL INTENSITY AND COST OF CAPITAL...

• A selective and flexible investment approach
• Targeting a 200-400bps return over WACC
• Framework agreements on ongoing construction
• A proper technological mix

• Fully self-financed business plan
• A strong and fully hedged balance sheet
• An IG rating leads to competitive cost of debt
• Pre-hedge at almost zero rate to partially cover next bond issuance

... ERG can rely on a sound financial structure and on a well diversified portfolio

REGULATORY FRAMEWORK IN EVOLUTION

CFDs & PPAs

ERG's Policy Asks / What still needs to be defined

• Solid CFDs support schemes in place or expected soon in ERG core countries (FERX in Italy)
• PPAs standardization & derisking

Repowering

• Dedicated schemes/auctions
• Relaxation of tip height limits
• Accelerated permitted

Storage

• Support mechanisms
• Bespoke regulatory framework
• Deployment plan

Grids

• Increase investments
• Better RES integration
• Grid optimisation

ERG's proactive levers

• Leveraging on a large and diversified pipeline in our core countries
• Track record in PPA execution

Geographies

• Solid RPW permitted pipeline ready to build

• Battery storage pipeline ready to leverage on new rules

• Building early stage hybridization pipeline in Italy and in France

Strategy & Targets

ERG'S 2024-2026 PLAN: VALUE OVER VOLUME

ERG'S new targets to 2026

Selective growth Ca. 4.5GW (+1.2GW) installed Capacity in 2026 (> 5.0GW in 2028) pursued via a cherry-picking approach from our Pipeline and/or M&A

Investments/EBITDA CAPEX: €1.2bn 2024-2026; EBITDA: €600-€650mn @2026

Route to market Confirmed target 85%-90% regulated on total EBITDA through CFD & PPA

Value creation Unlevered IRR targeted 200-400bps over WACC

~10 countries in 2024: Selective Prioritization of geographies Assessing asset rotation opportunities Targeting 0.5-0.7GW in the US

Storage, hybridization & digitilisation Storage and hybridization under development to increase Asset PTF Flexibility Digitalization to optimize the performance of assets

ESG Leveraging on ESG 2021-2023 track record to pursue new targets in all the pillars

Enhanced Shareholder Remuneration Annual shareholder remuneration with a floor at €1ps as dividend and a cap at €1.3ps based on yearly performance and perspectives (upside payable also through buyback)

Geographical diversification

BP 2024-2026: MW & CAPEX

A visible growth, with flexibility to accelerate thanks to a sound financial structure

PURSUING GROWTH WITH A "VALUE OVER VOLUME" APPROACH

Value over Volume strategy based on a stricter financial discipline M&A still a selective and flexible option to accelerate growth

A FLEXIBLE AND SELECTIVE APPROACH TO GROWTH

• Focus on key core countries to consolidate ERG's presence
• Supportive regulatory framework as a key driver
• US as a priority with a "learn & grow" approach
• Assessing asset rotation opportunities

M&A/Asset rotation as option to accelerate growth, optimizing geo-footprint and enhance returns

A "LEARN AND GROW" APPROACH IN THE US

Transaction Overview Rationale

• Strategic partnership (75% ERG's stake) with Apex Clean Energy Holdings to manage an operating 317MW Wind & Solar portfolio
• Apex will continue the operational management of the assets
• Cooperation agreement for further 1GW PV and Wind projects
• Closing on April 24, 2024 with a cash out of €244mn, including forex hedging

• First investment in the US renewable market
• US to become one of the largest ERG's market abroad
• Plants located in highly attractive wind / solar resource zones
• Stable revenues through long-term PPAs
• Tax equity investments with market-leading counterparts
• Stable investment return in a favorable regulatory environment

US as a key geographical priority for ERG's growth

• Consolidation of positioning with acquisition of "mature" pipeline
• Pursue of early development opportunities
• Targeting 0.5-0.7GW of installed capacity in the BP period

1Q 2024 Results(1)
Production (GWh)	251
Unitary Revenues (€/MWh)	26
EBITDA (€ mn)	11.6

US Market attractive thanks to strong growth potential and risk/return profile

OUR REPOWERING PROJECTS IN EUROPE ARE GAINING VISIBILITY

37 A solid pipeline in Repowering to be activated opportunistically based on market dynamics

FIRST STEP IN STORAGE AND HYBRIDIZATION TO INCREASE ASSET PTF FLEXIBILITY

Leveraging on ERG's >200MW pipeline in storage

• Building a Pipeline >200MW in batteries in Italy, Spain, France and UK
• Regulatory framework for batteries still evolving
• First Italian project under construction in Sicily

Pilot Project Vicari(1) Key Data:
Project	ERG - Base Case
Power (MW)	12.5
Capacity (MWh)	50
Duration (h)	4
COD	2025

>150MW of Hybridization Pipeline in Italy

• Building a pipeline >150MW of hybridization in Italy
• Solar hybridization of wind assets leads to a 50% rise in load factor
• Leveraging on existing grid infrastructure
• Pilot project under development at Palazzo San Gervasio wind farm (34MW)

Storage and hybridization complementary for RES development

ENERGY MANAGEMENT EXPERTISE TO OPTIMIZE THE ROUTE-TO-MARKET

	PRODUCT	TREND		ERG'S ROUTE TO MARKET STRATEGY
COMMERCIAL PROPOSITION	CONTRACT FOR DIFFERENCE	In recovery, especially within geo where value is competitive vs. PPA (UK, DE…)	•	Preferred route to market where auctions at sustainable levels are available
	POWER PURCHASE AGREEMENT	Strong growth, as a response to market volatility	• •	Increasing push towards a flexible portfolio PPA as a valid option to secure revenues also for existing ex-CFD assets
	MERCHANT/ SHORT TERM HEDGING	Decreasing, due to price volatility and growing cost of hedging	• •	Enhancing hedging with broaden counterparties and market access tools Using flexibility controlling Market access strategy and storage position

Targeting 85%-90% of quasi regulated EBITDA Strong track-record in closing PPAs across different geographies

FINANCIALS & CAPITAL STRUCTURE

Michele Pedemonte - CFO

EBITDA EVOLUTION IN THE PLAN PERIOD

Still a solid, visible and secured EBITDA

BRIDGE EBITDA NEW PLAN 2026 VS ACT 2023

Strong impact of development partially off-set by lower sales price

640MW OUT OF INCENTIVES IN THE BP PERIOD

PPA as route to market to stabilize revenues after the end of incentives

(1) Of which ca. 1.1TWh (in 2024) and ca. 0.8TWh (in 2026) under GRIN scheme in Italy

A SOLID FINANCIAL STRUCTURE

Gross debt at 31/03/2024 Repayment Schedule based on stock as of March 2024 (€ bn)

A strong and efficient balance sheet to support growth and a sustainable dividend policy

(1) Cost of outstanding gross debt

STILL HEADROOM TO CREATE VALUE…

Net debt & leverage over BP horizon

Still head-room to re-leverage with commitment to remaining Investment Grade rated

(1) It does not include IFRS 16 liability, amounting respectively to €172mn (FY 2023), ~€210mn (2024 guidance) and ~€200mn (2026 BP)

(2) As per 2024 guidance

(3) Annual All-in-cost: Rate + Credit Spread

(4) Annual Average

… THANKS TO HIGHLY COMPETITIVE FINANCING COSTS

ERG with the lowest cost of debt and the highest share of sustainable sources

Source: internal elaboration of publicly disclosed data as of December 31, 2023

(1) Sustainable Debt of Enel as of 30 September 30, 2023

(2) Internal estimation based on latest publicly available data

ESG AS A CONCRETE AND SUBSTANTIAL CHOICE

Emanuela Delucchi – Chief ESG, IR & Communication

ESG STRATEGY 2024-2028

ERG STRATEGY IN PLANET

49 (1) Green Company Cars = 100% Electric or Plug-in. O&M and 4 Wheel cars are excluded (2) Turnover greater than €1mn

SOCIAL PURPOSE FOR SOLAR REVAMPING

Multi-year project, fully integrated in the ERG's ESG Plan, which envisages the reuse of PV modules in new plants on behalf of the NGOs with "Social Value Purpose"

• ✓ To support the energy transition through concrete actions of circular economy
• ✓ To give a second-life to used PV modules subject to revamping

• ✓ To have a significant social impact, supporting the NGOs
• ✓ Guaranteeing essential rights (e.g. health, education)
• ✓ Accelerating the economic/social development of the local communities

• ✓ A multi-stakeholder approach, leveraging on collaboration with other industrial entities
• ✓ Several partners are involved (e.g. in-land and maritime logistic, designer, supplier of main components)

OUR PATH FOR AN INCLUSIVE AND CULTURAL EVOLUTION

2024 GUIDANCE & CONCLUSIONS

Paolo Merli - CEO

CONFIRMING 2024 GUIDANCE

(1) EBITDA guidance net of clawbacks. It includes IFRS 16 effect for €15mn

(2) It does not include IFRS16 liability, amounting respectively to €179mn (actual 1Q 2024) and ~€210mn (2024 guidance)

ERG IS AIMING AT CREATING VALUE IN A COMPLEX SCENARIO

• ❑ Targeting 200-400bps over WACC
• ❑ Visible growth
• ❑ Solid pipeline underpinning the target
• ❑ Assessing asset rotation to maximise value

❑ EBITDA range at €600-650mn

• •Still 85%-90% quasi regulated, to face volatility
• Evolving towards a more international business model
• Financial Policy ❑ Further room for re-leverage and accelerate growth
  • ❑ Maintaining an IG rating
  • ❑ Competitive cost of financing

❑ Annual shareholder remuneration with a floor at €1ps as dividend and a cap at €1.3ps based on yearly performance and perspectives, with upside payable also through buyback

INSPIRING CHANGE TO POWER THE FUTURE