ACEA (ACE) Investor presentation summary

Strategic positioning and business model

• Focus on regulated infrastructure businesses in water, electricity, and environment, with 90% of EBITDA targeted from regulated activities by 2028.

• Emphasis on operational excellence, cost discipline, and investment optimization to sustain cash generation and shareholder value.

• Expansion into adjacent segments and selective international growth, especially in water and waste management.

• Integration of ESG principles across all business units, with strong commitments to sustainability and innovation.

• People-centric approach, prioritizing talent development, welfare, and organizational simplification.

Financial performance and guidance

• 9M 2024 revenues reached €3.1bn (+7% YoY), EBITDA €1,130m (+12%), and net profit €274m (+31%).

• Capex for 9M 2024 was €829m net of subsidies (+13%), with 90% invested in regulated businesses.

• NFP/EBITDA improved to 3.39x in 9M 2024 from 3.49x at FY 2023, reflecting solid financial structure.

• 2024 EBITDA guidance revised upward to +7–9% vs 2023, with gross capex confirmed at €1.5bn.

• 2023 results showed EBITDA of €1.4bn (+7%), net profit of €294m (+5%), and capex of €1.14bn (+9%).

Sectoral strategies and investments

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

• Electricity: Second-largest grid operator in Italy, investing in smart grids, public lighting, and e-mobility; "Rome ready for 2030" initiative underway.

• Environment: Fifth-largest in Italy, expanding waste-to-energy, recycling, and circular economy initiatives; focus on plant revamping and new technologies.

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

• Production: Strong pipeline in renewables, targeting carbon neutrality and energy self-sufficiency.