ERG

Investor Presentation • Sep 4, 2025

ERG COMPANY OVERVIEW

Infrastructure, Energy & Defense Day 2025 4 September 2025

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 2025 Results and 2025 Guidance
• ❑ ERG 2024-2026 Strategy
• ❑ Financials & Capital Structure
• ❑ Management Profiles

ERG TODAY

Solar: entry in France

A LONG HISTORY…

ERG a pure renewable player after the sale of the thermoelectric

business.

1938

Foundation of ERG in Genoa, by Edoardo Garrone

Production begins at the ISAB Refinery in Priolo

ISAB Energy: production and marketing of electricity begins from the gasification of heavy refinery residues

Sale to LUKOIL of 49% of the ISAB Refinery

ERG 1st wind operator in Italy (1,087MW) and among the top 10 in Europe (1,340MW). Acquisition of a company for O&M activities of wind farms. Definitive exit from refining

Entry into the hydroelectric business: purchase of the Terni Complex (527MW). Wind: growth in France and Poland (+146MW)

Entry into the solar power sector: 30 photovoltaic plants

Solar: capacity increases to 141MW after the purchase of 51MW in Italy. Wind: further growth in France and Germany (+86MW)

business.

(92MW).

Solar: entry in Spain

Wind: 172MW acquired in Italy, and ~230MW started up in Europe. IFM NZFI indirect

SQ Renewables SpA), alongside the

Entry into the US: partnership with Apex (317MW wind and solar). Growth in France (+114MW wind and solar), and start-up of 2 wind farms subject to repowering. IFM NZFI increases to 49% its stake in SQ Renewables SpA Sale of the hydroelectric shareholder (with 35% in

GROUP'S STRUCTURE AND CORPORATE GOVERNANCE

ERG's Governance Model

ERG's internal Committees

(2) It includes Reindorf wind farm (6MW), entered into operation on March 28, 2025 after completion of repowering activities

(3) It includes Picardie 1 wind farm (18MW), entered into operation on May 8, 2025

15%

44%

61%

SOLID TRACK-RECORD IN DELIVERING ON OUR STRATEGY

Keep delivering on our growth strategy with a mix of internal projects and M&A

(1) It includes dividends paid in the 2021-2025 period + Buyback for €120mn

(2) It includes the wind farms of Corlacky (47.3MW, entered into operation on July 31 2025), Broken Cross (43.2MW), Picardie 1 (18MW), Reinsdorf (3MW on a differential basis, after completion of repowering activities), plus Solar Revamping in Italy (5MW on a differential basis)

PIONEER IN REPOWERING: FIRST 270MW FULLY IN OPERATION

ERG's first tranche of repowering proved strongly value accretive ⁹

PRO-ACTIVE ROUTE TO MARKET APPROACH

ERG well positioned to capture growing energy needs from emerging datacenters

RECENT DEVELOPMENTS, 2Q 2025 RESULTS & 2025 GUIDANCE

HIGHLIGHTS: KEY FIGURES

Solid results despite persisting wind drought

EBITDA Margin

International

Corporate

Italy

(1) Net Profit post-Minorities

(2) It does not include IFRS 16 liability, respectively for €229mn both as at 31.12.24, and as at 30.6.25

WIND DROUGHT SINCE OCTOBER CONTINUING IN 1H 2025

• (2) Severe Weather Europe: online resource of weather forecast
• (3) Copernicus: Earth observation component of the European Union's Space programme

(5) ERA5 is the fifth generation ECMWF reanalysis data; ECMWF is the European Centre for Medium-Range Weather Forecasts

DELIVERING ON OUR STRATEGY

Execution

ESG

Route-to-market

✓ Completed construction and energization of the first BESS plant in Vicari for 12.5MW ✓ Italian Solar: 23MW of Revamping and 5MW of Repowering ✓ 50MW of Wind & Solar permitted in France, Germany & Italy ✓ Corlacky wind farm started up in Northern Ireland for 47MW

✓ New capacity: 15Y PPA with A2A for 182GWh/Y from Salemi Castelvetrano repowering ✓ Existing capacity: three 5-10Y PPAs with FS Group for overall 185GWh/Y

• ✓ ERG ranked first in the Identity Corporate Index 2025
• ✓ CDP confirmed A list for ERG
  • ✓ Gender Equality Certification renewed for 2025

In 1H 2025, secured PPA for new capacity for 360GWh/Y and 390GWh/Y for existing assets, securing revenues in the long term at attractive conditions

2025 GUIDANCE CONFIRMED

ERG 2024-2026 STRATEGY

VALUE OVER VOLUME APPROACH REINFORCED

Storage, Hybridization & Digitalization

Selective growth 4.2GW installed capacity in 2026 (vs 4.5GW); focus on repowering & organic

Investments/EBITDA CAPEX: €1.0bn 2024-2026 (-20% vs prev. €1.2bn); EBITDA >€600mn @2026

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

Balance Sheet / Value Creation Commitment to IG rating: DCM as best option for sizable/competitive funding Value over Volume approach confirmed (IRR targeted 200bps+ over WACC)

Geographical Diversification Geographic focus on tier-1 countries: grow and consolidate Assessing asset rotation opportunities in tier-2 countries

Storage as a new stream of development Hybridization as an opportunistic technology to mainly protect our assets Digitalization to optimize the performance of assets

ESG A strategic priority: consolidating ERG's tier-1 positioning

Shareholder Remuneration 2025: €1/sh to be paid as dividend plus SBB (already done) equal to €0.15/sh 2026+: floor at €1/sh as dividend + potential upside from buybacks

RELYING ON A FULLY SECURED GROWTH IN THE SHORT TERM

~100MW under construction, route to MKT secured ~520MW fully authorized, waiting for auctions and FERX

Adding visibility to our growth prospects in IT, FR, UK and DE. First move in Storage ¹⁸

REPOWERING AS A STRATEGIC PILLAR IN ITALY AND ABROAD

A more sizeable pipeline in Repowering to be activated opportunistically

ESG: A STRATEGIC PRIORITY

Net Zero target by 2040 to continue decarbonization path Circular Economy: minimizing waste in wind repowering Natural Capital Preservation in our organic RES developments

Sharing Value with Local Communities ERG Academy to engage next generation in energy transition

Safety first is a priority in all our actions DEI&B(1) well defined goals to foster engagement & empowerment

Enhancing governance model by promoting ethical and responsible business conduct Engaging the supply chain in decarbonization, D&I, and protecting Human Rights

BECOMING MORE SELECTIVE IN A COMPLEX SCENARIO

❑ Value over Volume approach reinforced ❑ 2024–2026 CAPEX cut by 20% (-30% on 2025-26), driven by delays of FERX and a cautious stance on US

❑ EBITDA >€600mn ❑ PPA and CfD as the main tools to 85%-90% quasi-regulated >€600mn

❑ In the BP period room for re-leverage and accelerate growth ❑ Commitment to maintaining an IG rating ❑ Competitive cost of financing

❑ Superior annual shareholder remuneration with a floor at €1/sh as cash dividend and flexibility to allocate extra-cash Peers' avg. on buyback, based on yearly performance and perspectives

(1) Based on Fitch's rating metrics. FFO = «Funds from Operations», relevant metric used by Fitch

(2) Based on Fitch's rating estimates (latest Rating Action published on April 8, 2025). Fitch case considers ca. €170mn additional CAPEX in 2026 compared to ERG case

(3) Based on ERG's estimates

FINANCIALS & CAPITAL STRUCTURE

640MW OUT OF INCENTIVES IN THE BP PERIOD

PPA as route to market to stabilize revenues after the end of incentives ²³

A SOLID FINANCIAL STRUCTURE

Repayment Schedule based on stock as of June 2025 (€ bn)

A strong and efficient balance sheet with a well-spread repayment schedule

INVESTMENT GRADE RATING ALWAYS A PILLAR OF ERG GROWTH PLAN

Strong Commitment to IG rating

(1) Excluding IFRS 16 liability

(2) Based on Fitch's rating metrics. FFO = «Funds from Operations», relevant metric used by Fitch

(3) Based on Fitch's rating estimates (latest Rating Action published on April 8, 2025). Fitch case considers ca. €170mn additional CAPEX in 2026 compared to ERG case

(4) Based on ERG's estimates

COST OF ERG SUSTAINABLE DEBT REMAINS MODERATE

ERG has the lowest cost of debt and the highest dividend yield vs pure players

(1) Internal estimation based on latest publicly available data (ENEL, Orsted, A2A, Iren, Acciona Energia)

(2) Data referred to 2023-2024 (Voltalia, Neoen, Encavis, Solaria, Terna Energy, Grenergy, Boralex, Orsted, Acciona Energia, EDPR)

MANAGEMENT PROFILES

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.

MICHELE PEDEMONTE – CHIEF FINANCIAL OFFICER

Born in Genoa on 2nd March 1975, he graduated in Economics from the University of Genoa.

He joined the ERG Group in 2006 where he is currently Chief Financial Officer with the responsibility of Group Administration, Finance & Group Risk Management, Planning, Control & Reporting, and Procurement.

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.

INSPIRING CHANGE TO POWER THE FUTURE