ACEA (ACE) Investor presentation summary

Strategic positioning and business model

• Operates as a leading multi-utility with low leverage, focusing on regulated infrastructure in water, electricity, and environment sectors.

• Regulated businesses account for about 90% of EBITDA, with a strong emphasis on sustainability and innovation.

• Maintains a solid financial structure, with a pro-forma Net Debt/EBITDA ratio targeted at 3.1x by 2028.

• Ongoing asset rotation and disposal of non-core assets to reinforce focus on core regulated activities.

Financial performance and guidance

• 2024 revenues reached €4.3bn (+5% YoY), EBITDA €1,557m (+12%), and net profit €332m (+13%).

• 1H 2025 saw revenues of €1.5bn (+4% YoY), EBITDA €731m (+12%), and net profit €227m (+32%).

• Capex for 2024 was €1.18bn net of grants (+19%), with 89% invested in regulated businesses.

• 2025 guidance targets EBITDA growth of 6–8% and capex of ~€1.6bn, with a pro-forma Net Debt/EBITDA of 3.4–3.5x.

Strategic plan and 2028 targets

• 2028 targets include EBITDA of ~€1.8bn, net profit of ~€375m, and cumulative capex of €7.6bn (2024–28).

• Regulated EBITDA to rise to 90%, with RAB growing to €10.5bn by 2028.

• Annual dividend per share to grow by 4%, with over €1bn in dividends distributed over the plan.

• Focus on operational excellence, digitalization, and ESG integration across all business lines.