Dear Shareholders,

In 2025, Acea achieved unprecedented results thanks to the implementation of its “Green Diligent Growth” strategy, which aims to strengthen the Company’s position as a leading infrastructure operator focusing on regulated businesses.

The company has redefined its business model, evolving from a simple multi-utility provider to an infrastructure operator, while progressively consolidating its position in its water, electricity distribution and environmental core businesses to achieve a regulated EBITDA margin of 96%.

This transformation process was made possible by undertaking a major revision of the business perimeter, and pursuing strategic transactions such as the sale of the high-voltage grid for a total consideration of €251 million, the agreement to sell Acea Energia, and the agreement to acquire Aquanexa, a leading integrated solutions platform for the smart management of the water cycle. This restructuring process was also accompanied by a thorough review of the operational model, involving systems, processes and people.

In 2025, pro forma EBITDA rose by 6.8% compared to the previous year, reaching €1,420 million, significantly surpassing the guidance set at the beginning of the year. Net profit rose by 44.9%, reaching record levels at €481 million, which was also attributable to the proceeds from the sale of the high-voltage grid to Terna. Investments, which were mainly directed towards regulated businesses, reached €1.5 billion, increasing by 6% compared to 2024. This strong financial performance was accompanied by a stable pro-forma NFP/EBITDA ratio, confirming the solid nature of the business model adopted and Acea’s focus on both business growth and financial discipline. The strength of Acea’s financial strategy was confirmed during the year, when Moody’s upgraded its rating from Baa2 to Baa1.

The results achieved have enabled the company to increase shareholder remuneration, raising the dividend to €1.20 per share, up by €0.25 per share compared to 2024, exceeding the forecasts set in the Business Plan.

Acea, Italy’s top operator in the water sector and a leader in Europe, is implementing major infrastructure works: from the NRRP projects, which received funding of around €703 million, to doubling the Peschiera Aqueduct. It also continued investing in reducing water losses and continually improving operational management of the water service. Acea has expanded its presence across the country by securing two major contracts to manage integrated water services in Sicily and Liguria. Investments in the Water segment (Italy) amounted to €891 million in 2025. At the same time, Acea continues to strengthen its international presence: from being awarded the first feasibility project for the water system in the Republic of Congo in terms of the Mattei Plan, and signing major global agreements, such as the Memorandum of Understanding with Metito Utilities, a leading Saudi water operator, to exploring new opportunities for collaboration in the water sector, focusing on Africa and the Middle East.

The Company’s commitment also covers the electricity distribution business, specifically the Network and Public Lighting segment, with investments in NRRP projects related to increasing electricity grid resilience and Smart Grids, where the Company was awarded €174 million in funding. At the same time, a series of initiatives were launched in 2025 to modernise and upgrade Rome’s street lighting system. Investments in the Network and Public Lighting business amounted to €385 million in 2025.

In the Environment business, Acea Ambiente, together with a consortium of leading national and international operators in their respective sectors, began preparatory work in 2025 to construct the Rome Waste-to-Energy Plant, a facility with a capacity of 600,000 tonnes per year that will be built in the Santa Palomba industrial area. During 2025, Acea Ambiente also continued its work on the construction of the fourth line of the San Vittore waste-to-energy plant, with the aim of increasing treatment capacity and optimising site efficiency.

As further confirmation of its ongoing commitment to innovation across all the sectors where it operates, through its subsidiary a.Quantum, Acea signed an agreement with the Italian Institute of Technology (IIT) in 2025 to develop the Robotic Joint Lab. This laboratory will focus on the design and development of advanced robotic solutions for the construction, operation and maintenance of industrial infrastructure in the water, energy and environmental sectors.

Growth was accompanied by an ongoing commitment to environmental and social issues, with significant investments in adapting and countering climate change, protecting water resources and biodiversity, and adopting a systemic approach to resource circularity across all operational areas. In 2025, Acea allocated €1 billion to initiatives linked to sustainability goals, creating value for the communities and regions where it operates. The Company’s focus on sustainable development was confirmed by ESG ratings, including the “EE+” rating awarded to Acea by the independent Standard Ethics agency for the third year running.

In 2025, Acea published its first “Green & Blue Financing Framework”, confirming the Company's commitment to using sustainable financial instruments to implement investments in its reference businesses, starting with the integrated water service.

Furthermore, in 2025, the company was admitted to the cooperative compliance scheme by the Italian Revenue Agency under a Tax Control Framework designed to ensure effective and integrated risk management and promote proactive compliance, in line with the Company’s commitments, including in the scope of ESGs.

In 2025, Acea maintained and renewed management systems that had previously been certified – Quality, Environment, Safety, Energy, and Gender Equality – and achieved ISO 37001:2016 certification for its “Corruption Prevention Management System” as well as ISO 10004:2018 certification for customer satisfaction monitoring and measurement processes.

With regard to the policies and strategies adopted in managing human resources, Acea obtained the “Top Employers” Italy certification for the fifth consecutive year, ranked at 18th to come in among the Top 20 for the very first time. This prestigious award was granted in recognition of the Group’s cultural transformation, which has confirmed its position as a leader in Italian human resource strategies, currently making Acea an extremely attractive employer for young talent.

The 2025 results highlight a growing company that is capable of creating value for shareholders, fully integrating ESG goals and developing its people within the strategy. These factors, combined with a clear focus on regulated businesses and financial discipline, will enable Acea to tackle challenges in the coming years with stability, vision and the capacity to generate long-term value.