ERG COMPANY OVERVIEW

IIC 2026 - Italian Investment Conference

21 May 2026

ERG

EVOLVING ENERGIES

ERG

LISTED

EURONEXT

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 2026 Results and 2026 Guidance
☐ Strategic Guidelines
☐ Financials & Capital Structure
☐ Management Profiles

ERG TODAY

A LONG HISTORY…

Production begins at the San Quirico Refinery in Genoa

ERG listed on the Stock Exchange

Entry into Renewables: acquisition of EnerTAD

Start-up of ERG Power's combined cycle power plant (480MW), and of TotalERG

Sale of the ISAB Energy plant and of ERG Oil Sicilia fuel network

Entry into the solar power sector: 30 photovoltaic plants acquired in Italy (89MW, in operation). Definitive exit from the Oil sector with the sale of TotalERG

Solar: entry in France (79MW).
Wind: entry in Sweden, and start of operations in the United Kingdom

ERG: a pure renewable player after the sale of the thermoelectric business.
Wind: start-up of the first 2 wind farms subject to repowering.
Solar: further growth in Spain (+149MW)

Wind: new installed capacity in Europe (112MW, of which 43MW acquired, and 65MW started up).
PPAs signed with top offtakers in Europe, totalling $\sim 800$ GWh/y.
Entry into the BESS sector: 1st electrochemical storage facility commissioned in Sicily (Vicari, 12.5MW)

1947

1997

2006

2010

2014

2018

2021

2023

2025

1938

Foundation of ERG in Genoa, by Edoardo Garrone

1975

Production begins at the ISAB Refinery in Priolo

2000

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

2008

Sale to LUKOIL of 49% of the ISAB Refinery

2013

ERG leading 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

2015

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

2019

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

2022

Sale of the hydroelectric business.
Solar: entry in Spain (92MW).
Wind: 172MW acquired in Italy, and ~230MW started up in Europe.
IFM NZFI indirect shareholder (with 35% in SQ Renewables SpA), alongside the Garrone-Mondini Family

2024

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

GROUP'S STRUCTURE AND CORPORATE GOVERNANCE

A new Shareholders' structure(1)

ERG Group's structure(1)

(1) Data as at March 31, 2026

ERG's Governance Model

ERG's internal Committees

ERG AS OF TODAY: A SOLID AND INTERNATIONAL PLATFORM

Installed Capacity (GW)

European Pipeline (GW)(3)

(1) It includes 73MW in England acquired on January 20, 2026
(2) It refers to Vicari BESS (12.5MW), entered into operation on November 5, 2025
(3) Including ~230MW under construction; not including the “Preferential Rights Agreement” (Rights of First Offer on some US projects)

RECENT DEVELOPMENTS,
1Q 2026 RESULTS & 2026 GUIDANCE

HIGHLIGHTS: KEY FIGURES

EBITDA(1) (€ mn)

CAPEX (€ mn)

NFP(3) (€ mn)

Net Profit(2) (€ mn)

NFP(3) (€ mn)

Solid results thanks to new assets, and improved wind conditions

(1) 1Q 2025 figures restated based on IFRS5
(2) Net Profit post-Minorities
(3) It does not include IFRS 16 liability, respectively for €237mn as at 31.12.25, and €246mn as at 31.3.26

DELIVERING ON OUR STRATEGY

Execution

☑ Wind in France: FID⁽¹⁾ taken on a 25MW greenfield with COD in 2028
☑ Solar in Italy: FID taken on 41MW on revamping of solar assets
☑ Repowering:
121MW fully permitted and eligible for Route-to-Market in Italy
25MW authorized in France
☑ Storage: new 80MW BESS fully permitted and eligible for Route-to-Market in Italy

Finance

☑ Fitch affirmed ERG’s BBB- rating and Stable outlook
☑ Optimization of financial structure via EIB, CDP and bank loans drawdown. Maturities extended and pricing improved.
☑ UK debt consolidation and early repayment: further optimizing Group financial liabilities

ESG

☑ ERG among the top 5% best performers in the 2026 “S&P Global Sustainability Yearbook”
☑ Social Purpose for Solar Revamping: installed solar pv in Ukrainian kindergarten with Greenpeace

Shareholders Remuneration

☑ The Ordinary Shareholders’ Meeting approved a €1/sh Dividend to be paid on May 20, 2026

⁽¹⁾ FID = Final Investment Decision

2026 GUIDANCE CONFIRMED

Adjusted EBITDA (€ mn)

CAPEX (€ mn)

Adjusted NFP (€ mn)

STRATEGIC GUIDELINES

FOUR STRATEGIC LEVERS OF VALUE CREATION

Core Business Enhancement & Consolidation		Business Model Adaptation
1	2	3	4
Performance Excellence	Organic Development: focus on Wind RPW and BESS	Asset Rotation and Geographical Repositioning	Route-to-Market: focus on PPA and CFD
• Active and predictive O&M to optimize asset availability and performance
• Digitalization as enabler for greater asset efficiency, availability and cost control	• WIND repowering as a core stream to rejuvenate Asset Base and secure its Route-to-Market
• BESS as a new core stream to leverage on increased market volatility	• Recycling capital to reinvest in accretive growth
• Build & Sell Model to be pursued opportunistically, leveraging on our know-how (900MW built internally in 2021-2025)	• 85-90% quasi regulated profile with CFD or PPA as the preferred Route-to-Market options
• Evolved Energy Management to catch revenues through flexibility services

Value over volume approach confirmed

A GROWING PROJECT PIPELINE (MAINLY REPOWERING AND BESS)...

... will require capital investments of ~€1bn

(1) It includes repowering gross capacity
(2) FID = Final Investment Decision

RELYING ON A FULLY SECURED GROWTH IN THE SHORT TERM

~230MW under construction, all with Route-to-Market secured through long-term CFD

REPOWERING AS A STRATEGIC PILLAR IN ITALY AND ABROAD

RPW BP 2026-30+ (MW)

Country	As-is	RPW	Delta	xP
	515	1,040	525	2.01
	235	390	155	1.67
	140	170	30	1.26
Total	890	1,600	710	1.80

xP = MW RPW / MW As-Is

IT: 268 MW As-Is (52%) from kW asset

200 MW Under Construction/RtB ("Secured")
285 MW Authorized
315 MW Ongoing Authorization Path
800 MW Potential Assets(1) under development in BP 26-30+

1,600 MW Total Potential for Repowering

A sizeable Repowering pipeline to fuel growth and to rejuvenate asset base

(1) Potential Assets = further assets, excluding already repowered, under construction, authorized/in authorization and unfeasible to date

BESS - A NEW STREAM OF GROWTH TO ADD FLEXIBILITY

Capacity: 12.5MW
COD: 4Q 2025
Internal know-how for remote control and dispatching of BESS implemented

Working on building up a solid Pipeline:

1.5GW Pipeline of projects under development, mainly in Italy and Spain
More than 300MW highly visible in 2026-28

Advanced Pipeline
Scouting BESS opportunities

Leveraging on a multiple choice of RTM (Macse, capacity market, tolling and merchant) to maximize profitability in line with expected returns

2026 CRUCIAL TO DEFINE GEO-REFOCUS THROUGH ASSET ROTATION

Build & Sell to be activated opportunistically

Efforts focused on organic growth through Repowering and BESS
Repowering to rejuvenate Asset Base

BESS to increase Portfolio Flexibility

Key countries for Repowering
CFD and/or PPA RTM

Horizontal integration: Energy Storage

Different Business Model under study (Macse, Tolling, Merchant)

A project to define the geographical scope of the new BP was launched in 2026

ERG GEO-REFOCUS IN ACTION: EXIT SWEDEN AND CONSOLIDATE UK

First Step in Geo-Refocus

Acquisition from onPath (Brookfield Group) of 7 operating wind farms located in Northern England with a total installed capacity of 73MW backed up with ROCs regime

Disposal of ERG wind farm with an installed capacity of 62MW to eNordic (Ardian Group)

Key rationale

Exiting "non-core" countries and consolidate positioning in core ones
UK as third ERG largest market: 412MW installed capacity, ERG among the top ten onshore wind operators
The two transactions are expected to be EBITDA and Net Income accretive, with a limited impact on the Group's net debt

Location and Key data

Installed Capacity:	73MW	62MW
COD:	2014 (average)	2022
2025 Production:	158GWh	159GWh
Enterprise Value:	£97mn	€71mn
2025 EBITDA:	£16mn	€5mn

ERG A RELIABLE PARTNER TO CAPTURE EMERGING DATACENTERS DEMAND

By company

By duration

By geography

Tech Companies

~2.1TWh/Y

PPA: an efficient tool to stabilize revenues also after incentive expiry

(1) Corresponding to ca. 42% of full-year production

ESG STILL EMBEDDED IN ERG STRATEGY

Net Zero target by 2040: advancing our decarbonization journey and Preserving Natural Capital
Circular Economy: reducing waste in W&S Repowering, while actively scouting cutting-edge technologies

Sharing Value: building long-term partnerships with Local Communities
ERG Academy: engaging next generation in energy transition

Safety first: is a priority in all our actions
DEI&B⁽¹⁾ well defined goals: to foster Engagement, Empowerment, and Belonging

Enhancing governance model: ensuring integrity, transparency and accountability across our Organization
Engaging the Supply Chain: pursuing decarbonization, Human Rights, and DE&I in the Supply chain

(1) Diversity, Equity, Inclusion & Belonging

FINANCIALS & CAPITAL STRUCTURE

640MW OUT OF INCENTIVES IN 2024-2026

Phasing out of incentives in the period (MW)

2026 Revenues Structure: production hedging (TWh)

PPA as Route-to-Market to stabilize revenues also after the end of incentives

FINANCIAL POSITION IMPROVED

Debt

Green Bonds
Corporate Loans
Project Finance

Financial optimizations

Corporate loan drawdowns, including EIB for €243mn, shifting maturities after 2030 (avg 7Y)
pivoting on existing hedges and credit rally to materially improve corporate loans margins
expected full year cost of gross debt @1.8%

FitchRatings

Rating BBB- / Stable confirmed

Fitch affirmed BBB-/stable on May 14, based on:

strong cash flow generation from a largely long-term incentivized and contracted renewable generation, and a well-diversified presence across mature European, UK and US markets
solid balance sheet and business fundamentals, with options to grow consistently with the IG rating
credible commitment to maintaining an investment-grade rating

Highly competitive cost of funds through 2030

MANAGEMENT PROFILES

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

ERG
EVOLVING ENERGIES