ACEA (ACE) Investor presentation summary

Strategic positioning and business model

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

• Regulated activities account for approximately 90% of EBITDA and capex, with a strong emphasis on operational excellence and innovation.

• Pursues a Green Diligent Growth strategy, prioritizing ESG integration, shareholder value, and disciplined capital allocation.

• Maintains a robust financial structure, targeting a Net Debt/EBITDA ratio of 3.1x by 2028.

• Plans for steady dividend growth, with over €1bn in dividends projected over the plan horizon.

Financial performance and guidance

• 2024 saw revenues of €4.3bn (+5%), EBITDA of €1,557m (+12%), and net profit of €332m (+13%), driven by regulated business growth.

• 9M 2025 pro-forma revenues reached €2.2bn (+7%), EBITDA €1,084m (+10%), and net profit €415m (+46%); regulated EBITDA stood at 95%.

• Capex net of grants was €1,179m in 2024 (+19%) and €843m in 9M 2025 (+2%), with 89–95% allocated to regulated businesses.

• 2025 guidance revised upward: EBITDA growth of +8–10% vs. 2024, capex ~€1.6bn, and Net Debt/EBITDA at 3.4–3.5x.

• By 2028, targets include EBITDA of €1.8bn, net profit of €375m, and RAB of €10.5bn.

Sectoral strategies and investments

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

• Electricity: Second-largest grid operator in Italy, investing in grid modernization, smart meters, and public lighting; aims for a smart, resilient network.

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

• Engineering: Center of excellence with 400+ engineers, supporting major infrastructure projects and R&D.

• Production: Strong focus on renewables, with a pipeline of 870 MW in solar and a goal of carbon neutrality.