ACEA (ACE) Investor presentation summary

Strategic positioning and business model

• Maintains a strong focus on regulated infrastructure, with 90% of EBITDA targeted from regulated activities by 2028.

• Pursues growth through operational excellence, disciplined investment, and expansion into adjacent segments.

• Asset rotation and partnerships are leveraged to optimize the portfolio and support core business growth.

• ESG principles are integrated across all business lines, with a €5.4bn investment plan linked to sustainability objectives.

• People, systems, and processes are central enablers, with initiatives in talent, digitization, and process redesign.

Financial performance and projections

• 2025 EBITDA reached €1.42bn (+8% vs. 2024), with 96% from regulated activities; net profit at €481m (+45% vs. 2024).

• Net Debt/EBITDA improved to 3.28x in 2025, outperforming guidance.

• Capex for 2025 totaled €1.53bn, with 94% invested in regulated businesses.

• 2028 targets: EBITDA ~€1.8bn, net profit ~€375m, annual capex ~€1.5bn, and NFP/EBITDA at 3.1x.

• Over €1bn in dividends to be distributed over the plan horizon, with a 4% annual DPS growth.

Business segment highlights

• Water: Largest operator in Italy, focusing on resilience, innovation, and international expansion; major projects include Peschiera Aqueduct.

• Electricity: Second-largest grid operator in Italy, investing in smart grids, public lighting, and e-mobility; major upgrades in Rome.

• Environment: Fifth-largest in Italy, expanding waste-to-energy and recycling, with new plants and circular economy initiatives.

• Engineering: Center of excellence for major infrastructure projects, with strong internal R&D and external partnerships.

• Production: Focused on renewables, with a robust photovoltaic pipeline and carbon neutrality targets.