15 September 2026EURONEXT SUSTAINABILITY WEEK 2026
DISCLAIMER
This document contains certain forward -looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately prove to be accurate;
accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
AGENDA
❑ERG as a pioneer in the Energy Transition
❑Strategic Guidelines
❑ESG Strategy
❑A best -in-class Governance Model
41947Production begins
at the San Quirico Refinery in Genoa 1997ERG listed on the
Stock Exchange
Entry into Renewables:
acquisition of EnerTAD
2006
2010Start -up of ERG Power's
combined cycle
power plant (480MW), and of TotalERG 2014Sale of the ISAB Energy plant and of ERG Oil Sicilia
fuel network
2018Entry into the solar power sector: 30
photovoltaic plants
acquired in Italy (89MW, in operation).
Definitive exit from the Oil sector with the sale of TotalERG Solar: entry in France (79MW).
Wind: entry in Sweden, and start of operations in the
United Kingdom
2021
2023ERG: a pure renewable player after the sale of the thermoelectric business.
Wind: s tart-up of the first 2 wind farms subject to repowering.
Solar : further growth in Spain (+149MW) Foundation of ERG in Genoa, by Edoardo Garrone 1938 Production begins at the ISAB Refinery
in Priolo1975
ISAB Energy:
production and
marketing of electricity begins from the gasification of heavy
refinery residues2000
Sale to LUKOIL of 49% of the
ISAB Refinery2008
ERG leading wind operator in Italy
(1,087MW) and
among the top 10 in Europe (1,340MW).
Acquisition of a company for O&M activities of wind farms.
Definitive exit
from refining2013
Entry into the
hydroelectric
business: purchase
of the Terni Complex (527MW).
Wind: growth in
France and
Poland (+146MW)2015
Solar: capacity
increases to 141MW after the purchase of 51MW in Italy.
Wind : further growth in France
and Germany
(+86MW)2019
Sale of the hydroelectric business.
Solar: entry in Spain (92MW).
Wind: 172MW acquired in Italy, and ~230MW started up in Europe.
IFM NZFI indirect shareholder (with 35% in SQ Renewables SpA),
alongside the
Garrone -Mondini Family2022
A LONG HISTORY…
2025Wind: new installed capacity in Europe ( 112MW , of which 43MW acquired, and 65MW started up).
PPAs signed with top offtakers in Europe , totalling ~800GWh/y.
Entry into the BESS sector :
1st electrochemical storage facility commissioned in Sicily (Vicari , 12.5MW) Entry into the US:
partnership with Apex (317MW wind and solar).
Growth in France (+114MW wind and solar), and start -up of 2 wind farms subject to repowering .
IFM NZFI increases to 49% its stake in SQ Renewables SpA2024
GROUP'S STRUCTURE AND CORPORATE GOVERNANCE
5A new Shareholders' structure(1) 34% 63% 3% SQ Renewables S.p.A.
Treasury shares
Free FloatSQ Renewables S.p.A.San Quirico S.p.A. IFM Investors
65%35%
@ September 22, 2022@ April 12,
2024
51%49%
ERG’s Governance Model ERG’s internal Committees
SHAREHOLDERS’ MEETING
BOARD OF DIRECTORS BOARD OF STATUTORY
AUDITORS
CONTROL, RISK AND
SUSTAINABILITY COMMITTEE NOMINATIONS AND
REMUNERATION COMMITTEESTRATEGIC
COMMITTEE
100%
Free floatSQ Renewables S.p.A.63%34%ERG Group's structure(1) (1) Data as at June 30, 2026Treasury Shares3%
Storage
Solar Assets
Wind Assets
STRATEGIC GUIDELINES
7
ERG AS OF TODAY: A SOLID AND INTERNATIONAL PLATFORM
Installed Capacity (GW)
83%17%
~4.0
Spain:
266MW
France:
618MW(3)
128MW
U.K.:
412MW(1)
Bulgaria:
54MW
Germany:
352MW(2)
Poland:
142MW
Romania:
70MW
~1.7
88%11%
41%
81%19%
~2.051%
71%29%
~0.3
8%
Iowa:
224MW
Illinois:
92MW
O&M
Operating centres
Wind
Solar
Storage0.3%
1%
Italy:
1,468MW
180MW
13MW
European Pipeline (GW)(4) 47%
19%~5.032%2%
Wind
Solar
Storage
Hybrid
~2.443%
3%
50%4%49%~0.3
34%~2.615%51%
(1) It includes 73MW in England acquired on January 20, 2026 (2) It includes Aukrug wind farm (22MW) entered into operation on July 23, 2026 (3) It includes Montbéliard wind farm (22.5MW) entered into operation on September 1, 2026, after completion of repowering activities (4) Including ~270MW under construction; not including the “ Preferential Rights Agreement” (Rights of First Offer on some US projects)2026
priorities
51%
Core Business
Enhancement &Consolidation
Performance Excellence Organic Development:
focus on Wind RPW and BESS •Active and predictive O&M to optimize asset availability and
performance
•Digitalization as enabler for greater asset efficiency, availability and cost control•WIND repowering as a core stream to rejuvenate Asset Base and secure its Route -to-Market •BESS as a new core stream to leverage on increased market
volatility
8Business Model Adaptation Asset Rotation and Geographical RepositioningRoute -to-Market:
focus on PPA and CFD •Recycling capital to reinvest in
accretive growth
•Build & Sell Model to be pursued opportunistically, leveraging on our know -how (900MW built internally in 2021 -2025) •85-90% quasi regulated profile with CFD or PPA as the preferred Route -to-Market options •Evolved Energy Management to catch revenues through
flexibility services
Value over volume approach confirmed
FOUR STRATEGIC LEVERS OF VALUE CREATION
OPERATIONAL EXCELLENCE ASA KEY DRIVER FOR ERG
92024
2025Increased Tech Availability in our core Countries 1.Technical task force delivering tangible results 2.Ageing fleet mitigation proving effective 3.Effective asset management, performance monitoring and O&M actions 4.AI tools to improve asset managementDigitalization & Internalized O&M to drive operating excellence
97.2% 97.2%
96.3%
94.4%
95.7%
94.4%
97.4%
97.0%
Leveraging on internalized O&M and a pro -active approach on Full -Service Agreements
… will require capital investments of ~€1bn
10A GROWING PROJECT PIPELINE (MAINLY REPOWERING AND BESS)…
(1) It includes repowering gross capacity (2) FID = Final Investment DecisionSolar
WindStorage
~2,100~ 3,850
2020@as of
TodayUnder
construction~270MW(1)~700MW
Ready to participate to next CFD auctions or PPA with expected COD within 2028
(~€0.7bn of
potential CAPEX)
2024~4,000
Growth
& Asset
Rotation~180
Mostly RPW PRJ with RtM secured ; ~€0.3bn
CAPEX already
approved
~50%
~50%
FID(2) expected to be made by the end of 2026
11 ~270MW under construction, all with Route -to-Market secured through long -term CFDRELYING ON A FULLY SECURED GROWTH IN THE SHORT TERM 10MW to be
COD: 1Q 2027
Producibility: ~2,420 heqBrunsbuttel (RPW) 24MW to be
COD: 1Q 2027
Producibility: ~2,040 heqJeggeleben (RPW) 6MW
COD: 1Q 2027
Producibility: ~2,190 heqHeyen
COD: 2Q 2027
Producibility: ~2,680 heqGreci Montaguto (RPW) 44MW to be
COD: 2Q 2027
Producibility: ~2,070 heqCarlentini (RPW) 97MW to be
COD: 2Q 2028
Producibility: ~1,730heqLimousine IV
25MW
COD: 3Q 2027
Producibility: ~1,835heq; ~1,535heq;
~1,930heq; ~1,950heqAlessandria; Alessandria Ext;
Tirreno ; Trinitapoli (RVP) 41MW to be
COD: 3Q 2027
Producibility: ~1,705heqCalabria Solar (RVP) 24MW to be Greci Montaguto (RPW)
Carlentini (RPW)
REPOWERING AS A STRATEGIC PILLAR IN ITALY AND ABROAD
12 (1) Potential Assets = further assets, excluding already repowered, under construction, authorized/in authorization and unfeasibl e to date
N. WTG 0.5X
MW 1.3X ÷ 2.0X
AVG. PRODUCTION
>2X
Repowering «kW»76m180m200m
26m68m81m
Repowering « multiMW »125m 45m A sizeable Repowering pipeline to fuel growth and to rejuvenate asset baseCountry As-is RPW Delta xP 515 1,040 525 2.01 235 390 155 1.67 140 170 30 1.26
Total 890 1,600 710 1.80RPW BP 2026 -30+ (MW)
xP = MW RPW / MW As -Is
•200 MW Under Construction/ RtB (“Secured”) •285 MW Authorized •315 MW Ongoing Authorization Path •800 MW Potential Assets(1) under development in BP 26 -30+ 1,600 MW Total Potential for RepoweringIT: 268 MW As -Is (52%) from kW asset
BESS - A NEW STREAM OF GROWTH TO ADD FLEXIBILITY
13Leveraging on a multiple choice of RTM ( Macse , capacity market, tolling and merchant) to maximize profitability in line with expected returns Scouting BESS opportunities
Advanced PipelineVicari
Capacity : 12.5MW
COD: 4Q 2025
Working on building up a solid Pipeline :
✓ •1.5GW Pipeline of projects under development, mainly in Italy and Spain •More than 300MW highly visible in 2026 -28Internal know -how for remote control and dispatching of BESS implemented
2026 CRUCIAL TO DEFINE GEO -REFOCUS THROUGH ASSET ROTATION
14
OngoingASSET ROTATION &
GEO -REFOCUSREPOWERINGSTORAGE
INTEGRATION
Efforts focused on organic growth through Repowering and BESS Key countries for Repowering CFD and/or PPA RtMHorizontal integration: Energy Storage Different Business Model under study (Macse , Tolling, Merchant)
Route to
market
Repowering to rejuvenate Asset Base BESS to increase Portfolio Flexibility A project to define the geographical scope of the new BP was launched in 2026Build & Sell to be activated
opportunistically
ERG A RELIABLE PARTNER TO CAPTURE EMERGING DATACENTERS DEMAND
15
~1.7TWh/Y
~0.2TWh/Y
~0.8TWh/Y
~0.2TWh/Y
~1.0TWh/YBy company
By duration
By geography~2.1TWh/Y
Tech Companies
~0.5TWh/Y→5 Years
~3.2TWh/Y6 →15 Years ~0.1TWh/Y16 →20 Years (1) Corresponding to ca. 43% of full -year production~3.8TWh/Y(1)
of PPAs
signed
during the
last 5 years
~0.3TWh/Y
Corporates
PPA: an efficient tool to stabilize revenues also after incentive expiry 2021 2022 2023 2024
2025
2026
~1.4TWh/Y
Utilities/Energy
ESG STRATEGY
ESG STILL EMBEDDED IN ERG STRATEGY
(1)Diversity , Equity, Inclusion & Belonging Net Zero target by 2040: advancing our decarbonization journey and Preserving Natural Capital Circular Economy: reducing waste in W&S Repowering , while actively scouting cutting -edge technologies Safety first: is a priority in all our actions DEI&B(1) well defined goals: to foster Engagement, Empowerment, and Belonging ESG
PRIORITIES
PEOPLE
GOVERNANCEENGAGEM
ENTPLANET
17 Enhancing governance model: ensuring integrity, transparency and accountability across our Organization Engaging the Supply Chain : pursuing decarbonization, Human Rights, and DE&I in the Supply chain Sharing Value: building long -term partnerships with Local Communities ERG Academy: engaging next generation in energy transition
ERG STRATEGY IN PLANET
18(1) Gree n Company Cars = 100% Electric or Plug -in. O&M and 4 Wheel cars are excluded (2) Turnover greater than €1mn100% Green Energy
consumption
@2030100% Production
and Sales of Green Energy>75% of Suppliers(2) with SBT target
@2030
(>90% @2040)100% Green Company Cars (1) @2030‘Net Zero’ Target Main StrategiesTowards Zero Waste on our W&S Asset “Modernization” program 2029 2028 2030 2027 2026 Maximize Recyclability on Wind
Repowering
Ambition: Zero waste to landfill from Wind Repowering
2024 2023
100% 100%
2029 2028 2030 2027 2026 >90% Circular Solar Revamping Further Scouting for new recycling technology
2023
93%2025
100%
2024
92%2025
96% 2029 2028 2030 2027 2026 Scouting on virtuous battery waste
management (3)
(3)No asset dismantling before 2045-72%
-96%
90%
(-10%)
12%
(-88%)
5%
(-95%)
1%
(-99%)
2020
(Base year)2022
Asset rotation
Hydro2023
Asset Rotation
CCGT2040
SBTi Long Term
Target2027
SBTi Near Term
Target100%
(Δ vs Base year) Carbon Index % [g CO2 e/KWh ] (Scope 1+2+3)
WITH SDGs AT THE CORE
19 One of the leading European RES operator. 100% of Renewable Energy Production (Wind & Solar) Net Zero by 2040 : at the forefront of the fight against Climate Change.
Social purpose for Solar Revamping (Circular Economy of
PV modules)
HSE objective
Employees’ well -being target ERG Academy for Next generation (Educational program involving students in RES / Sustainability ).
Diversity & Inclusion target on ESG Plan and certification program.
BP 100 % aligned to EU Green Taxonomy (Revenue, Opex and
Capex)
Storage and Ibridization to increase asset portfolio flexibility and the Grid Resilience .
Joined the UN Global Compact, and WEP(1)for a just transition, not leaving anyone behind.
Allocate at least 1% of revenues at the Group level to the local communities.
Circular Economy : Minimising waste to landfill in Wind Repowering & Solar revamping No net loss by 2030. Biodiversity assessment for 100% of RES organic projects.
“Zero tolerance” principle towards corruption with a best -in-
class governance system.
Sustainable Procurement:
increase % of suppliers with Carbonfootprint and D&I program (1) WEP = Women Empowerment Principles
OUR PATH FOR AN INCLUSIVE AND CULTURAL EVOLUTION
2022 2021
202023 2030
Students involved in educational activities (1) Key leader = manager and senior manager2024 2025 •Centralised and strengthened activities •Launched a strategic redesign of the learning offer, enhancing both country -level impact and overall Group impactERG Academy Evolution18% 14% 18% 20-25% 19% 18%Key Leaders Women (1)30% 23% 31% ≥30% 31% 31%Women in
workforce
// 2025
Actual
(5 country)2025
Target
(4 country)2030
Target
23,50024,855
>24,000 (~9,000) >24,000
>15,000Refocus on
strategic countries
2026
Target
ENGAGING OUR SUPPLY CHAIN IN OUR KEY ESG STRATEGY TO STRENGTHEN OUR FULL ALIGNMENT TO EU GREEN TAXONOMY
21Sustainable Supply Chain
@2030
Suppliers with D&I Strategy / Plan(2)≥70% -2025 Average Score(2)- ≥64%
Suppliers Audit(2)-5
Audit(3)Strategic Suppliers
with SBTi targets(1)≥ 75% 50%
Suppliers with
Carbon Footprint>60% 67%
64%2024
64.4%
4 desk
1 on field61.1%
46%BP 2026 - 2030
100% alignedOpex Revenue Capex
BP 2026 - 2030
100% alignedOpex Revenue Capex
BP 2026 - 2030
100% alignedOpex Revenue Capex
Taxonomy Overview
(1) Turnover > € 1 million (2) Activity planned every two years (3) Audit - of which 1 on field – covering also human rights
STRATEGY FOR THE “NATURAL CAPITAL” PRESERVATION
22Strategy
Strategy for preserving Natural Capital in all new installations developed internally by ERG:
✓Biodiversity impact assessment for 100% of projects developed by ERG ✓Implementation of Biodiversity Action Plan according to Mitigation Hierarchy approach ✓Implementing the TNFD Guidelines @2028 (impacts, risks & opportunities evaluation)
Note:
No negative impact of areas subject to new installations developed internally by ERG, implementing remedial actions for reduc ing the impact to “Low / Negligible” No net deforestation of areas subject to new installations developed internally by ERG, replanting flora if alternative solut ions cannot be found Biodiversity Impact Assessment in based on the local requirements in accordance with the EU directive (2014/52/EU);
TNFD: Taskforce on Nature -related Financial DisclosuresNo net deforestation @2025No Net loss on Biodiversity @2030 No Go in UNESCO Areas
Mitigation
Hierarchy
Implementing
Remedial ActionsMinimizing Possible
damagePreventing negative
impactOffsetting residual
negative impactCommittment
PRIORITIES High Priority High Priority Medium Priority Low Priority
SHARING VALUE FOR COMMUNITIES
23COMMITMENT
Sharing Value for Local Communities where ERG is operating STRATEGY ESG Plan Target: At least 1% of ERG Tournover shared with Community at the Group Level
INITIATIVESSocio -economic
development of
local communitiesPromoting culture
of sustainability
and RESPush for Innovation in the territoriesNext Generation
Education
Continuos
MonitoringESG Investment
evaluationGuidelines on
sharing valueINSTRUMENTS
Local Communities
Engagement Plan
SOCIAL PURPOSE FOR SOLAR REVAMPING
24 2023 2024 2025
Stakeholder engagement
High Social Impact Supporting the energy transition through concrete actions of circular economyCircular Economy Support to NGOs and initiatives that foster local development and generate significant social impactA multi -stakeholder approach, leveraging on collaboration with other international partners
A BEST -IN-CLASS
GOVERNANCE MODEL
ESG GOVERNANCE MODEL
26Composed by:Chairman ;Executive Deputy Chairman ;CEO;CFO;Top management .
Duties :
•defines the Group's guidelines on medium to long -term sustainability and promotes the implementation of consistent practices and projects in the field of corporate social
responsibility ;
•approves the ESG Plan as part of the Group’s Business Plan, monitors the execution, the achievement of the targets and the priority areas of intervention ;
•manages the preparation and dissemination of the NFS and other reporting methods related to ESG issues .
Our Principles:
✓Code of Ethics
✓Sustainability policy
✓Human rights policy
✓D&I Policy
✓Gender Equality Policy (1) The ESG Committee is also appointed as Green Bond CommitteeESG Committee(1)A renewed Control, Risk and Sustainability Committee, appointed by the Board of Directors on 23 April 2024 , that is responsible to support the Board in its decisions about :
• the approval of the ESG LT strategy and its implementation ;
•the approval of the Non-Financial Statement (NFS) ;
•the supervision of all the sustainability topics (e.g. Climate Change ; D&I; Governance)Control, Risk and Sustainability Committee Board of Directors Control, Risk &
Sustainability
Committee
CEO
ESG, IR &
COMMUNICATIONESG COMMITTEEThe CEO is responsible for ESG ESG reports directly to the CEO ESG Duties :
•drawing up the ESG Strategic Plan and the external communication strategy and to the financial market ;
•managing the ESG rating processes ;
•drawing up the ESG initiative plan, in coordination with the departments of the Group involved, ensuring its implementation and periodically monitoring the achievement of the predetermined targets ;
•ensuring the drafting of the NFS.ESG, IR & Communication
OUR SUSTAINABILITY POLICIES
27In 2025 - Governance System The Group further strengthened its governance system in 2025 by:
•preparing the new "Policy for the Adoption and Use of AI -based Tools", which aims to promote ethical, safe and compliant use of these emerging technologies •updating the Sustainability Policy, HSE Policy and the Supplier Code of Conduct Policy New or Renewed
AN ADVANCED SYSTEM OF REWARD POLICY, SUCCESSION AND CAREER PLANN ING
(2) EBT: Earning Before TaxesRewarding Policy(1):
•A remuneration system for CEO to enhance correlation with strategy execution and share performance •An enlarged LTI system based on:
➢Share Price (60%)
➢ESG (20%)
➢Installed/Acquired production capacity (20%) •MBO : Short -Term objectives linked to EBT(2) (50%), MW growth (30%) and ESG targets (20%) •100% of management committed to ESG 2024 -2026 strategy 28(1) Approved in the Annual General Meeting for the Rewarding policy 2026
Job Mobility
Acquisition
Performance
Management
RewardingTalent
ManagementLeadership
DevelopmentSuccession
Planning
Weight
targetWeight
KPIsPillars KPis
20% CEO
10% KM20% Planet 20%Circular Wind on Repowering (% or material
recycled)
15% Engagement 15%Social Purpose for Solar Revamping (number of projects installed) 65% People50%Predictive safety HSE: No fatalities e and in relation to the Frequency indices [employees + contractors] and severity
[IFsev ]
15% Incidence of women in workforce increaseESG TARGET IN MBO/ LTI 2026
29Weight
targetWeight
KPIsPillars KPis
20%20% PlanetTarget Net Zero: % Green Energy on Total consumption (Scope 2) 20% Engagement Improved S&P CSA index rating 50% People40%HSE Predictive safety: No fatalities and compliance with Frequency Indices [internal + contractors]: general [FI] and severity [FIs] 10%Diversity & Inclusion: no. female Key Leaders out of total Key Leaders 10% GovernanceSustainable Funding: maintenance of a % of sustainable loan sources out of total financial sourcesMBO 2026 LTI 2024 -2026
SUSTAINABILITY ASA VALUE AND A WAY OF MAKING BUSINESS
30ERG ranked 1st in Corporate Knights 2026 “Global 100 Most Sustainable Corporations in the world” and among the top 5% best performers in the 2026 “S&P Global Sustainability Yearbook” 100
05464
Moody’s
A+
D-B+A-
ISS ESG Corporate100
04089
S&P Global 100 083 n.a.
Sustainable Fitch
Average Sector RatingERG Rating 100
09098
GRESB0100
50.772.6
ESG Identity
Corporate Index 2026 100 085 n.a.
Ethifinance
ESG Ratings100
0100
n.a.
Corporate Knights
CDPA
D-BA
Negligible
Risk
Severe
RiskMedium54Negligible
Morning Star
AAA