ACEA (ACE) investor relations material

Executive summary

• Q1 2026 delivered robust operational and financial performance, with organic pro forma EBITDA up 4% year-over-year, mainly driven by regulated businesses now representing 95% of the group.

• Organic net income grew by 14% year-over-year, reflecting improved operating performance in regulated businesses.

• CapEx net of grants increased by 18%, supporting infrastructure and sustainable long-term development, with 89% focused on regulated businesses.

• Pro-forma revenues remained stable at €0.7bn, with consolidated revenues for 1Q2026 at €735m, up 1% year-over-year.

• Results are in line with full-year 2026 guidance, which is confirmed.

Financial highlights

• Organic pro forma EBITDA reached EUR 344 million, up 4% year-over-year, with 95% from regulated businesses.

• Organic net income increased by 14% year-over-year, with net profit at €111m (+13%).

• CapEx net of grants was EUR 286 million, up 18% versus Q1 2025; total CapEx including grants was EUR 302 million (+15%).

• Operating free cash flow was negative EUR 91 million, mainly due to high CapEx and seasonal working capital dynamics.

• Net financial position stood at EUR 4.65 billion as of March 31, 2026, with a debt/EBITDA ratio stable at 3.3x.

Outlook and guidance

• 2026 guidance confirmed: EBITDA expected to grow 3–5% over 2025 restated figure, with capex of ~€1.5bn (€1.2bn net of grants), and Net Debt/EBITDA targeted at 3.5–3.6x.

• Focus remains on sustainable infrastructure in regulated activities and maintaining a sound financial structure.

• Working capital expected to be neutral for the full year.

• Dividend policy targets a 4% increase over 2025 ordinary dividends, with potential review after 2026 results.