• Excellent economic results and significantly better than 2022, with a net financial position which, as expected by the Company, returned to pre-energy crisis levels, reaching 374 million euros, a sharp decrease compared to 643 million euros at the end of 2022.
• Total consolidated revenues and income of 1.653 million euros;
• Consolidated gross operating margin (EBITDA) of 220,9 million euros;
• Consolidated operating result (Ebit) of 171,7 million euros;
• Consolidated result for the year of 86,9 million euros;

Rovereto, 17 November 2023 - The Board of Directors, chaired by Silvia Arlanch, today approved the excellent results for the first nine months of 2023, which allow the company to look positively at the ambitious future economic, business and sustainability objectives, set out in the 2023-2027 Business Plan. In the first 9 months of 2023, the gross operating margin (EBITDA) grew to 220.9 million euros. The recovery of hydroelectric power and the positive contribution of commercial activities in addition to the termination as at 30 June of the withdrawal linked to expensive energy (PRICE CAP) contributed to the result.

Hydroelectric production, albeit up compared to the previous year in which production figures reached all-time lows, remains 18% lower than the past annual averages, as it is affected by the low water supply of the first 4 months of the year, but the energy produced benefits from a strong valuation on the wholesale energy markets. The results also improved thanks to the end - after 1 July - of the extraordinary regulatory measures related to expensive energy (PRICE CAP), whose effects had heavily penalised the Group's results in 2022, and to the

significant improvement in the results of the market area, which had also been adversely impacted until the first quarter of 2023 by market shocks and the effects of the ensuing emergency measures.

The energy markets were characterised by elevated volatility with average prices falling considerably when compared to 2022, with a huge impact on total revenues, which fell significantly, primarily as a result of the decrease in the sale prices of electricity and gas to end customers.

Investments in the period amounted to over 67 million euros. They mainly focused on upgrading the electricity, gas and water distribution networks in order to ensure better performance levels and, above all, make them increasingly resilient and able to guarantee the continuity and safety of the service even in the presence of extreme meteorological events, as well as make the service accessible, in particular as regards the gas distribution managed by Novareti, to areas not yet covered at present. Major investments were also made in digitalisation and information systems in order to bolster and improve the Group's operating capacity and customer services.

The positive results of these first 9 months and the strict financial strategy adopted by the Group (which involved entering into fixed-rate transactions) led to a sizeable reduction in the net financial position, making it possible to improve the Group's financial resilience and optimise capital strength ratios.

The Group is pushing forward on investments in renewable energy sources. In the third quarter of 2023, the Group completed the acquisition of two wind farms in Puglia, as part of a joint venture with Kairos Alps, an operation that combines the objectives of decarbonisation and diversification of renewable production, in line with the provisions of the Business Plan that will drive the Group's transformation over the next 5 years.

To support the growth of its activities, the Group must invest in people: during the first nine months of 2023, the Group hired 123 new employees (net of exits and also taking into account the increase in scope linked to the start-up of waste collection activities in the Communities of

Vallagarina and Altipiani Cimbri), with a significant impact in terms of employment in the local area.