815600B7FD80E48C18962025-01-012025-12-31815600B7FD80E48C18962025-12-31815600B7FD80E48C18962024-12-31815600B7FD80E48C18962024-01-012024-12-31815600B7FD80E48C18962023-12-31815600B7FD80E48C18962024-12-31ifrs-full:IssuedCapitalMember815600B7FD80E48C18962024-12-31ifrs-full:TreasurySharesMember815600B7FD80E48C18962024-12-31ifrs-full:ReserveOfCashFlowHedgesMember815600B7FD80E48C18962024-12-31A2A:ReserveForEquityInstrumentsPerpetualHybridBond815600B7FD80E48C18962024-12-31A2A:OtherReservesAndRetainedEarningsMember815600B7FD80E48C18962024-12-31A2A:ProfitLossAttributableToOwnersOfParentMember815600B7FD80E48C18962024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember815600B7FD80E48C18962024-12-31ifrs-full:NoncontrollingInterestsMember815600B7FD80E48C18962025-01-012025-12-31A2A:OtherReservesAndRetainedEarningsMember815600B7FD80E48C18962025-01-012025-12-31A2A:ProfitLossAttributableToOwnersOfParentMember815600B7FD80E48C18962025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember815600B7FD80E48C18962025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember815600B7FD80E48C18962025-01-012025-12-31ifrs-full:ReserveOfCashFlowHedgesMember815600B7FD80E48C18962025-01-012025-12-31ifrs-full:TreasurySharesMember815600B7FD80E48C18962025-12-31ifrs-full:IssuedCapitalMember815600B7FD80E48C18962025-12-31ifrs-full:TreasurySharesMember815600B7FD80E48C18962025-12-31ifrs-full:ReserveOfCashFlowHedgesMember815600B7FD80E48C18962025-12-31A2A:ReserveForEquityInstrumentsPerpetualHybridBond815600B7FD80E48C18962025-12-31A2A:OtherReservesAndRetainedEarningsMember815600B7FD80E48C18962025-12-31A2A:ProfitLossAttributableToOwnersOfParentMember815600B7FD80E48C18962025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember815600B7FD80E48C18962025-12-31ifrs-full:NoncontrollingInterestsMember815600B7FD80E48C18962023-12-31ifrs-full:IssuedCapitalMember815600B7FD80E48C18962023-12-31ifrs-full:TreasurySharesMember815600B7FD80E48C18962023-12-31ifrs-full:ReserveOfCashFlowHedgesMember815600B7FD80E48C18962023-12-31A2A:ReserveForEquityInstrumentsPerpetualHybridBond815600B7FD80E48C18962023-12-31A2A:OtherReservesAndRetainedEarningsMember815600B7FD80E48C18962023-12-31A2A:ProfitLossAttributableToOwnersOfParentMember815600B7FD80E48C18962023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember815600B7FD80E48C18962023-12-31ifrs-full:NoncontrollingInterestsMember815600B7FD80E48C18962024-01-012024-12-31A2A:OtherReservesAndRetainedEarningsMember815600B7FD80E48C18962024-01-012024-12-31A2A:ProfitLossAttributableToOwnersOfParentMember815600B7FD80E48C18962024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember815600B7FD80E48C18962024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember815600B7FD80E48C18962024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember815600B7FD80E48C18962024-01-012024-12-31A2A:ReserveForEquityInstrumentsPerpetualHybridBondiso4217:EURiso4217:EURxbrli:shares Relazione sulla Gestione 2025 Report on Operations Relazione sulla Gestione It is deeply rooted in the communities it serves. It turns sunlight into vital energy. It ensures the circular use of every resource, and its fruits sustain future generations. The Tree of Circularity these Financial Statements are available at the website gruppoa2a.it 2025 Report on Operations 2 A2A Report on Operations 2025 1.1 Business Units 12 1.2 Geographical areas of activity 14 1.3 Group Structure 16 1.4 Financial highlights at December 31, 2025 17 1.5 Shareholding base 20 1.6 A2A S.p.A. on the Italian Stock Exchange 21 1.7 Alternative Performance Indicators 25 1 Key figures of the A2A Group 2.1 Overview of performance, financial conditions and net debt 32 2.2 Significant events during the year 42 2.3 Significant events after December 31, 2025 50 2.4 Business outlook 51 2.5 Proposal for the allocation of net profit for the year ended December 31, 2025 and the distribution of a dividend 52 2 Consolidated results and report on operations 4.1 Summary of results sector by sector 64 4.2 Results by sector 68 4.3 Generation and Trading Business Unit 71 4.4 Market Business Unit 74 4.5 Circular Economy Business Unit 77 4.6 Smart Infrastructures Business Unit 82 4.7 Corporate 85 4 Analysis of main sectors of activity 3.1 Macroeconomic scenario 56 3.2 Energy market trends 59 3 Scenario and market 4 Letter to Shareholders and Stakeholders 2025 9 Corporate bodies Contents 3 A2A Report on Operations 2025 5.1 General information 92 5.2 Environmental information 131 5.3 Social information 221 5.4 Information on Governance 300 5.5 Appendix 316 5.6 Certification of sustainability reporting pursuant to Article 81-ter, paragraph 1, of Consob Regulation no. 11971 of May 14, 1999, as amended and supplemented 382 5.7 Independent auditor’s report on the limited assurance of the Sustainability Reporting 383 5 Sustainability Statement 7.1 Generation and Trading Business Unit 402 7.2 Market Business Unit 409 7.3 Circular Economy Business Unit 412 7.4 Smart Infrastructures Business Unit 420 7.5 Antitrust measures 429 7 Evolution of legislation and impacts on the Business Units of the A2A Group 9.1 Essential Intangible Assets 450 9.2 Other Information 453 9 Other Information 8.1 Risks and uncertainties 432 8 Risks and uncertainties 6.1 Sustainable Finance 392 6 Sustainable Finance This is a translation of the Italian original “Relazione sulla Gestione 2025” and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail. The Italian original is available at the website gruppoa2a.it 4 A2A Report on Operations 2025 Letter to Shareholders and Stakeholders Letter to Shareholders and Stakeholders 2025 Roberto Tasca Renato Mazzoncini This letter presenting our financial statements to our stakeholders represents a valuable opportunity for dialogue and, at the same time, a chance to share some reflections on the complex and constantly evolving context in which our Group operates. The geopolitical developments of recent months – from the outbreak of war in the Middle East to the persistence of other conflicts in various regions of the world – are helping to reshape the balance of power on the international stage. The escalation between the United States, Israel and Iran particularly clearly highlights the fragility of a global order that has already been put to the test by ongoing crises, including those in Ukraine and Palestine. Against this backdrop, the shortcomings of multilateral instruments are becoming increasingly apparent and concerning, as they come under growing pressure in the face of the rise of governance models based on hegemonic agendas, which reduce the international community’s ability to coordinate effective responses to global challenges, promote peace and ensure stability. In addition to an already delicate period for social and economic balances, which have been severely tested by tariffs, the concentration of rare-earth elements and significant Asian monopolies, the crisis in the Middle East has had repercussions for global energy markets and, in particular as far as we are concerned, for the European gas system. Although Europe is not the main destination market for LNG from the Gulf, it remains exposed to the indirect effects of supply disruptions. A prolonged suspension of supply will intensify competition for available LNG volumes, creating pressure on prices and making it more difficult to meet storage filling targets. In addition to these dynamics, there are uncertainties related to the commissioning of new liquefaction capacity, particularly in Qatar, whose contribution will be crucial for rebalancing the market in the context of growing global energy demand. Against this backdrop, it is plausible that a return to more stable conditions for natural gas – and, consequently, for electricity prices – will take longer and be more difficult to predict. At the same time, climate change continues to affect human health and safety, the economy and ecosystems, even though it appears to have lost prominence in the financial sector and in public opinion compared to other economic and geopolitical priorities. Extreme weather events are on the rise, and natural resources are being consumed at a rate that exceeds the planet’s capacity for regeneration. These are 5 A2A Report on Operations 2025 Letter to Shareholders and Stakeholders Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 7 Evolution of legislation and impacts on the Business Units of the A2A Group 8 Risks and uncertainties 9 Other Information Corporate bodies no longer future prospects to be addressed, but rather dynamics that are already underway, with tangible effects that are often difficult to reverse in the short term. The most recent analyses indicate that the costs associated with climate change may be up to five times higher than those required for mitigation initiatives. Therefore, climate action is not only a response to an environmental emergency, but also the most economically rational choice for mitigating risks and impacts on production systems and communities. With this in mind, our Group has consistently worked with determination, investing in research and development, in the belief that sustainability applied to industry is an essential competitive lever for creating long-term value. With the update of our Strategic Plan in November, we further increased our investments in the ecological transition, raising them to 23 billion euro, with a focus on our new data center business and an expansion of the scope of our operations in Europe, thereby helping to foster an integrated energy market with a clear strategy to support the electrification of consumption and the reduction of emissions. In fact, in 2025, A2A reinforced its commitment to a low-emission economy by publishing its first Climate Transition Plan. Fully aligned with the Business Plan, the document sets out the reference scenario for the short, medium and long term and identifies the Group’s decarbonization objectives, with the ambition of achieving climate neutrality across all emission scopes by 2050. The Transition Plan sets out a clear and transparent roadmap, aligned with the context in which we operate, in which innovation plays a central role both in the evolution of our business model and in the achievement of our environmental objectives. Looking at our 2025 results, with over 1.7 billion euro in capital expenditure, an 11% increase on 2024, we accelerated our development efforts in the areas of renewable energy, the upgrading and efficiency improvement of electricity distribution networks (with a 71% increase in installed capacity), the enhancement of the flexibility of generation plants, and the strengthening of the Circular Economy and the Group’s digitalization. Adjusted EBITDA decreased by 4% compared to 2024, a trend mainly attributable to the normalization of hydroelectric generation, which had reached exceptionally high levels in the previous year. This effect was largely offset by positive factors, including the consolidation of Duereti, the increased contribution from the capacity market, and higher revenues from waste treatment in waste-to-energy plants. Excluding the impact of hydroelectric generation, Adjusted EBITDA increased by 4%. Adjusted Net Profit amounted to 686 million euro, down 16% compared to 2024. During the year, we also strengthened our commitment to sustainable finance by expanding and diversifying our ESG instruments: we issued a European Green Bond, the first on the market for this new type of instrument, and the first Blue Bond in Italy dedicated to protecting water resources. These transactions brought the share of ESG debt to 83% of the total, reinforcing the alignment between our financial strategy, our Business Plan and our sustainability goals. With regard to the energy transition, the Group continued to increase its generation from clean sources. The Santo Stefano photovoltaic plant in Friuli, with a capacity of 59 MWp and an expected annual output of 85 GWh, and a solar plant built in collaboration with SEA at Linate Airport, with an expected output of 10 GWh, equivalent to approximately 20% of the airport’s annual electricity needs, were inaugurated. Overall, energy production from renewable sources, affected by the decline in hydroelectric generation, accounted for 40% of the total. Through our services and infrastructure, we continue to make a tangible contribution to the country’s ecological transition. District heating, 6 A2A Report on Operations 2025 Letter to Shareholders and Stakeholders material recovery, renewable energy generation, energy efficiency solutions and electric mobility infrastructure have enabled us to avoid approximately 3 million tons of CO₂ emissions. In addition, 11.6 TWh of green energy were sold to end customers, an increase of 30% compared to 2024. Among the year’s most innovative projects was the opening in Brescia of a data center with liquid cooling and heat recovery connected to the district heating network: at full capacity, it will produce 16 GWh of thermal energy per year, enough to heat around 1,350 homes, avoiding the emission of approximately 3,500 tons of CO₂ per year. The circular economy continues to be one of the cornerstones of our strategy. The average separate waste collection rate in the areas we serve reached 71%, and the Group’s plants sent more than 1.1 million tons of waste for material recovery, in line with the previous year. At the Second Prison in Bollate, an innovative robotic line for the recovery of electronic waste was launched: a project that combines technological innovation and social inclusion, providing inmates with tangible opportunities for vocational training. In 2025, we continued our commitment to the ‘well-being’ of the people who work for the Group, in the belief that quality of life at work has a positive impact on individual performance. Following the A2A Life Caring plan developed in 2024 to support parenthood (with an investment of 120 million euro over 12 years to counter the so-called demographic winter), further significant initiatives for the benefit of our people were designed and implemented. We launched a widespread shareholding plan – A2A Life Sharing – as an instrument for sharing the value created, which 11,000 employees joined, with approximately 10 million euro distributed in the first year, using a reverse bonus mechanism based on contractual grade. We sought to address the housing issue constructively through the ‘Casa ai Lavoratori’ project, under which 30 fully renovated, vacant municipal flats were allocated to our employees at controlled rents. We also replaced the use of extracurricular internships with employment contracts, as an opportunity for young workers to join the company. Also last year, A2A Life Ventures was established, the first company in Italy to integrate all the levers of open innovation: a platform capable of developing and testing digital, physical and artificial intelligence–based solutions, integrating them into the Group’s processes and also making them available to the market. A further significant milestone is the formulation of the Biodiversity Action Plan, which is dedicated to the protection of nature and the ecosystems with which we interact. This document enables us to enhance our awareness of the potential impacts of the Group’s activities and to identify more clearly the priority preventive actions to be taken. We believe that achieving the objectives of the Business Plan requires ongoing, structured dialogue with our stakeholders. Indeed, engagement with local areas and communities is an essential prerequisite for promoting an ecological transition that also incorporates the social dimension. In 2025, the multi-year program of Multistakeholder Forums was dedicated to our supply chain and the local industrial fabric, in light of the growing regulatory and market challenges related to sustainability. The 17 stops on the roadshow facilitated the sharing of knowledge that can help our suppliers improve their ESG performance and promote a culture of sustainability. Convinced that a just transition creates value for people and businesses, we continue to promote the development of local communities. One example of this is the project launched in Campania to promote employment, which offers young people not engaged in education or employment training and job placement opportunities. Again with a view to the future, in 2025, we engaged over 210,000 students and teachers through educational initiatives focused on sustainability topics. 7 A2A Report on Operations 2025 Letter to Shareholders and Stakeholders Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 7 Evolution of legislation and impacts on the Business Units of the A2A Group 8 Risks and uncertainties 9 Other Information Corporate bodies Our focus on the needs of local communities and on ensuring access to energy for even the most vulnerable is also reflected in the work of Banco dell’Energia, which promotes projects throughout Italy aimed at supporting families and improving the energy efficiency of the premises of third-sector organizations, in addition to raising awareness and providing training on energy saving. Through their missions, the Group’s Foundations – AEM, ASM and LGH – also interpret and address the needs of the communities in which we operate, such as corporate culture and heritage, social responsibility and scientific research. Despite international tensions and a global context characterized by volatility and complexity, we intend to tackle the challenges ahead with the aim of continuing to contribute to the country’s energy transition and the development of the circular economy, thereby creating long-term value for all our stakeholders. Our commitment is to consolidate the role of A2A as a reliable, transparent Group capable of generating sustainable growth for all stakeholders. This achievement is possible only thanks to the skills, dedication and sense of responsibility of our people, who, through their work, contribute to the development and strength of our Group on a daily basis. 8 A2A Report on Operations 2025 Corporate bodies 9 A2A Report on Operations 2025 Corporate bodies Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 7 Evolution of legislation and impacts on the Business Units of the A2A Group 8 Risks and uncertainties 9 Other Information Corporate bodies Corporate bodies Board of directors Chair Roberto Tasca Deputy Chair Giovanni Comboni CEO and General Manager Renato Mazzoncini Directors Elisabetta Bombana Vincenzo Cariello Maria Elisa D’amico Susanna Dorigoni Fabio Lavini Mario Motta Elisabetta Pistis Maria Grazia Speranza Alessandro Zunino Board of Statutory Auditors Chair Silvia Muzi Standing Auditors Maurizio Dallocchio Chiara Segala Alternate Auditors Vieri Chimenti Patrizia Riva Independent Auditors KPMG S.p.A. 10 A2A Report on Operations 2025 Corporate bodies 11 A2A Report on Operations 2025 Corporate bodies Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 7 Evolution of legislation and impacts on the Business Units of the A2A Group 8 Risks and uncertainties 9 Other Information Corporate bodies 1 Key figures of the A2A Group 12 A2A Report on Operations 2025 1\. Key figures of the A2A Group 1.1 Business Units The A2A Group operates in the production, sale and distribution of gas and electricity, district heating, environmental services and the integrated water cycle. These sectors are in turn attributable to the “Business Units” specified in the following diagram, identified following the reorganization carried out by management with the establishment of the new Circular Economy Business Unit, into which, in addition to the former Waste operating segment, the Integrated Water Cycle, District Heating and Heat Management businesses – previously included within the Smart Infrastructures operating segment – have been merged. This reorganization made it possible to optimize their integration and to adopt new solutions to make further progress on the path to decarbonization. As a result of this reorganization, the figures for the financial year 2024 have been consistently pro forma. The reorganization of the Circular Economy Business Unit had no impact on the impairment testing process, as the Integrated Water Cycle and District Heating businesses were, and remain, separate CGU and CGU Groups, respectively, for the purposes of the assessment. Generation and Trading • Thermoelectric, hydroelectric and other renewable plants • Energy Management Market • Sale of electricity and natural gas • Energy Efficiency • Electric mobility Circular Economy • Waste collection and street sweeping • Processing • Disposal and energy recovery • Integrated water cycle • District heating services • Heat management services Smart Infrastructures • Electricity grids • Gas networks • Development and management of technology infrastructures for integrated digital services • Public lighting Corporate • Corporate services This breakdown into Business Units reflects the organization of financial reports regularly analysed by management and the Board of Directors in order to manage and plan the Group’s business. 13 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 14 A2A Report on Operations 2025 1\. Key figures of the A2A Group 1.2 Geographical areas of activity Pavia Monza e Brianza Mantova Brescia - Head Office Varese Lecco Lodi Sondrio Bergamo Cremona Como Milan Lombardy Plants Energy Thermoelectric Hydroelectric Photovoltaic Wind Waste Waste-to-energy plant Waste treatment plant Material recovery plant Landfill Biogas/biomethane production Services Waste Waste collection Distribution and transport Electricity distribution Gas distribution Gas transport District heating District heating Water Integrated Water Service Lighting Public lighting Electric mobility Recharge stations e-Moving A2A Group is also present in the United Kingdom, in Spain, Greece, and Croatia with some technological partnerships related to the activities of the Circular Economy Business Unit. Since 2026 the Group has also been present in Piemonte with waste collection service. 15 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 16 A2A Report on Operations 2025 1\. Key figures of the A2A Group 1.3 Group Structure The chart illustrates the most notable equity investments within the A2A Group. See the attachments 1, 2, and 3 of the Consolidated Financial Statements for full details of equity investments. 1\. 30% held through A2A Integrambiente S.r.l.. (*) As of January 1, 2025, the new Circular Economy Business Unit has been established, incorporating the activities of the Waste, Integrated Water Cycle and District Heating sectors. Generation and Trading Market Circular Economy(*) Smart Infrastructures Other companies A2A gencogas 100% A2A Energiefuture 100% A2A Rinnovabili 100% Linea Green 100% Ergosud 50% A2A Energia 100% A2A Energy Solutions 100% Metamer 50% Acinque 41.34% AEB 33.52% VGE 05 90% Gelsia 100% Acinque Energia 99.75% AGESP Energia 70% Acinque Ambiente 100% Gelsia Ambiente 1 100% 100% Lereti 100% RetiPiù 100% Acinque Tecnologie 100% A2A Illu- minazione Pubblica Amsa 100% 100% Aprica 100% AGRI- POWER 100% Linea Ambiente A2A Ambiente 100% Unareti 100% Duereti 90% Retragas 91.60% ASVT 74,80% A2A Calore & Servizi A2A Ciclo Idrico 100% 100% A2A Airport Energy Sesto Energia 100% 100% A2A Smart City 100% A2A E-Mobility 100% 17 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 1.4 Financial highlights at December 31, 2025 Income Statement figures millions of euro adjusted 01.01.2025 12.31.2025(**) adjusted 01.01.2024 12.31.2024(**) Revenue 14,014 12,857 Operating expenses (10,853) (9,637) Personnel expenses (918) (892) Gross operating profit (loss) - EBITDA 2,243 2,328 Depreciation, amortization, provisions and impairment losses (1,053) (1,011) Operating profit (loss) - EBIT 1,190 1,317 Net finance income (expenses) (169) (123) Share of profit (loss) of equity-accounted investees 3 2 Profit (loss) before taxes 1,024 1,196 Income taxes (306) (352) Profit (loss) after taxes from continuing operations 718 844 (Profit) loss for the year attributable to non-controlling interests 32 28 Group net profit (*) 686 816 Gross operating profit (loss) - EBITDA / Revenue 16.0% 18.1% (*) The Group’s Reported result amounts to 750 million euro as further detailed in the reconciliation table on page 36 of the Report on Operations. (**) The figures serve as performance indicators as required by CESRN/05/178/B. 14,014 millions of euro Revenues Adjusted(**) 686 millions of euro Result of the year Adjusted(**) 2,243 millions of euro Gross operating margin Adjusted(**) 0.104 € per share Dividend 18 A2A Report on Operations 2025 1\. Key figures of the A2A Group Statement of financial position figures millions of euro 12.31.2025 12.31.2024 Restated Net invested capital 11,964 11,927 Equity attributable to the Group and minorities 6,490 6,092 Consolidated net financial position (5,474) (5,835) Consolidated net financial position/Equity attributable to the Group and minorities 0.84 0.96 Consolidated net financial position/EBITDA 2.4 2.5 Statement of cash flows data millions of euro 01.01.2025 12.31.2025 01.01.2024 12.31.2024 Cash flow from operating activities 1,776 1,139 Net cash flows used in investing activities (1,267) (2,813) Free cash flow (Statement of Cash Flow figure) 509 (1,674) Energy scenario 12.31.2025 12.31.2024 Average of the PUN (Single Nationwide Price) Base load (Euro/MWh) 116 108 Average of the PUN (Single Nationwide Price) Peak load (Euro/MWh) 121 116 Average price of gas to the PSV* (Euro/MWh) 39 36 Average price of emission certificates EU ETS** (Euro/tonne) 75 66 * price of gas of reference for the Italian market ** EU Emissions Trading System Sustainability KPIs u.m. 2025 2024 2023 Rate of separate collection of urban waste in all municipalities served (%) % 71% 71% 70% Scope 1 + Scope 2 emission factor gCO 2 eq/ kWh 288 258 310 Scope 1 emission value ktCO 2 eq 5,047 4,620 5,600 Green energy sold TWh 11.62 8.92 7 Number of employees n 14,959 14,777 13,958 Number of hires n 1,416 1,636 1,519 Accident Frequency Index (If) \- 14.55 15.97 16.87 Training hours per capita h 32.56 31.61 25 Percentage of 'sustainable debt' over total % 83% 78% 70% 19 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Quantitative KPIs 12.31.2025 12.31.2024 Generation and Trading Thermoelectric production (GWh) 6,846 6,189 Hydroelectric production (GWh) 3,818 5,193 Electricity sold to wholesale customers (GWh) 9,480 8,484 Electricity sold on the Power Exchange (GWh) 13,565 13,520 Market Electricity sold to retail customers (GWh) 2 7,5 4 5 24,502 POD Electricity (#/1000) 2,086 2,095 of which POD Electricity Free Market 1,592 1,539 Gas sold to retail customers (Mcm) 2,829 3,139 PDR Gas (#/1000) 1,511 1,549 of which PDR Gas Free Market 1,318 1,379 Smart Infrastructures Electricity distributed (GWh) 19,006 11,032 Gas distributed (Mcm) 2,250 2,613 RAB Electricity (M€) 1,651 1,089 RAB Gas (M€) 1,321 1,726 Waste Waste collected (Kton) 1,857 1,825 Residents served (#/1000) 3,890 3,943 Waste disposed of (Kton) 4,763 4,732 Electricity sold from waste-to-energy and other plants (GWh) 2,193 2,106 Water distributed (Mcm) 67 66 Heat sales (GWht) 2,994 2,934 Cold sales (GWht) 138 144 Electricity sold from cogeneration (GWh) 675 622 20 A2A Report on Operations 2025 1\. Key figures of the A2A Group 25.0 Municipality of Brescia 25.0 Municipality of Milan 4.5 Other municipalities 0.1 Treasury Shares 45.4 Market % 1.5 Shareholding base(*) (*) Sources: Shareholders’ Register updated at dividend payment date (May 19, 2025) and communications received in accordance with Art 120 of Legislative Decree February 24, 1998, no. 58 (“TUF”) Key figures of A2A S.p.A. 12.31.2025 12.31.2024 Share capital (euro) 1,629,110,744 1,629,110,744 Number of ordinary shares (nominal value 0.52 euro) 3,132,905,277 3,132,905,277 Number of treasury shares (nominal value 0.52 euro) 4,147,087 - 21 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 1.6 A2A S.p.A. on the Italian Stock Exchange A2A in figures (Borsa Italiana) Market capitalisation at December 30, 2025 (millions of euro): 7, 2 37 Share capital at December 30, 2025 (shares): 3,132,905,277 Price at December 30, 2025 (€/share) 2.31 2025 Average market cap (millions of euro) 7,0 37 Average daily volumes (shares) 9,706,173 Average price (€/share) 2.25 Maximum price (€/share) 2.72 Minimum price (€/share) 1.91 Source: Bloomberg On May 19, 2025 A2A distributed a dividend equal to 0.10 euro per share. A2A forms part of the following indices FTSE MIB STOXX Europe 600 STOXX Europe 600 Utilities EURO STOXX EURO STOXX Utilities MSCI Europe Small Cap WisdomTree International Equity S&P Global Mid Small Cap S&P Global Dividend Aristocrats ESG Indices MIB ESG FTSE4Good ECPI Indices EURO STOXX Sustainability Euronext Equileap Gender Equality Eurozone 100 Solactive Climate and Energy Transition Index Source: Bloomberg and company information In 2025 A2A obtained the following ESG ratings: Assessment Rating CDP Climate Change A- CDP Water B FTSE ESG Rating 3.8/5 ISS ESG B- MSCI A LSEG/Refinitiv B+ S&P CSA 70/100 Sustainalytics 28.5/40 Vigeo 62/100 22 A2A Report on Operations 2025 1\. Key figures of the A2A Group Jan. 2025 Feb. 2025 Mar. 2025 Apr. 2025 May. 2025 Jun. 2025 Jul. 2025 Aug. 2025 Sep. 2025 Oct. 2025 Nov. 2025 Dec. 2025 Volumes (M shares) A2A (€/share) Price Volumes (right-hand axis) (Price 30 th December 2024 = 100) Historical 30-day volatility in 2025 A2A: 23.4% FTSE MIB: 16.9% A2A: price and volumes 0 10 20 30 40 50 60 70 80 90 100 1.40 1.60 1.80 2.00 2.20 2.40 2.60 2.80 A2A vs FTSE MIB and EURO STOXX UTILITIES A2A FTSE MIB EURO STOXX UTILITIES 80 90 100 110 120 130 140 Jan. 2025 Feb. 2025 Mar. 2025 Apr. 2025 May. 2025 Jun. 2025 Jul. 2025 Aug. 2025 Sep. 2025 Oct. 2025 Nov. 2025 Dec. 2025 23 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In 2025, European stock exchanges recorded a significant increase (DAX Frankfurt +23.0%, IBEX Madrid +49.3%, FTSE 100 London +21.5%, CAC40 Paris +10.4%). In the first half of the year, there were shifts in capital flows from the United States to Europe, thanks to the expansionary monetary policy of the European Central Bank (rate cut for a total of 100 basis points) and the infrastructure investment plan launched by the German government. These factors more than offset fears of a slowdown in the global economy and European exports stemming from the United States’ announcements of protectionist policies. The second half of the year saw generally more contained index rises, also due to the stabilisation of monetary policy. US indices (S&P 500 +16.4% and Nasdaq +20.4%) reached new highs, with gains concentrated in certain companies operating in the field of artificial intelligence. After an initial contraction, the US stock market gained especially in the second half of the year, thanks to the easing of trade tensions and the Federal Reserve’s expansionary monetary policy (rate cut for a total of 75 basis points). Asian stock markets performed well (Nikkei +26.2%, Hang Seng +27.8%, CSI 300 +17.7%), supported above all by trade agreements with the United States and the performance of technology stocks. In particular, the Japanese stock market was also supported by the fall in the Yen and expectations of economic stimulus policies. The FTSE MIB index (+31.5%) achieved the second-best performance in Europe after the Spanish index. Despite modest economic growth (Italian GDP 2025 expected to grow by 0.5% annually – source: ISTAT, December 2025), Moody’s and Fitch revised the sovereign rating upwards and the BTP-BUND spread fell below 70 basis points. The banking sector grew strongly (+65.7%), thanks to high interest rates, especially in the first half of the year, Rating Current Standard & Poor’s M/L Term Rating Short Term Rating Outlook BBB A-2 Stable Moody’s M/L Term Rating Outlook Baa2 Positive Source: Rating Agencies 24 A2A Report on Operations 2025 1\. Key figures of the A2A Group and to sector consolidation operations. The industrial goods and services sector (+47.8%) was supported by defence stocks due to the intensification of geopolitical tensions and the launch of the ReArm Europe plan, while the pharmaceutical (-17.1%) and automotive (-21.7%) sectors were affected by trade tensions. The utilities sector in the Euro area grew strongly (+34.1%) thanks to the performance of the main integrated operators and electricity network operators, especially in the first half of the year. The trend was favoured by the expansionary monetary policy of the European Central Bank and the defensive characteristics of utilities in a scenario marked by the protectionist policies of the United States. The sector was also influenced by expectations about the development of data centres in Europe. Overall, these dynamics were reflected in the performance of the Italian utilities sector (+28.1%). In 2025, the A2A share price rose +7.7%, closing at 2.31 euro/share and with a capitalization of over 7.2 billion euro. This is the third consecutive year of growth after +49% in 2023 and +15% in 2024. In addition to the aforementioned macroeconomic and sector factors, the positive trend was supported by the solid quarterly results, despite the decrease in hydroelectric production, which returned to values more in line with historical averages. In October, the stock benefited from expectations related to the objectives of the new strategic plan and the company’s positioning in the data centre sector. In addition, the upward revision of the target price by some analysts led to a significant increase in the share price, which reached a maximum value of 2.72 euro/share at the beginning of November. Following the publication of the strategic plan, there were profit-taking, mainly due to indications of limited growth in the short term and uncertainties related to the development of new data centre activities. 25 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 1.7 Alternative Performance Indicators Alternative Performance Indicators In this Report on Operations, a number of Alternative Performance Indicators have been used that are different from the financial indicators expressly provided for by the international accounting standards IFRS-EU adopted by the Group. These alternative indicators are used by the A2A Group in order to more effectively submit information on the profitability of the business in which it operates as well as on the financial position, useful to improve the overall capacity to assess financial performance and cash flows performance. These indicators are shown in the “Summary of results and financial position of the A2A Group”. For the Income Statement and the Statement of Financial position, the comparative values refer to December 31, 2024. With reference to alternative indicators, on December 3, 2015, Consob issued Communication no. 92543/15, which transposes the Guidelines on the use and presentation of Alternative Performance Indicators as part of regulated financial information, issued on October 3, 2015 by the European Securities and Markets Authority (ESMA). These Guidelines - which have updated the CESR Recommendation on Alternative Performance Indicators (CESR/05 \- 178b) - are intended to promote the usefulness and transparency of alternative indicators to improve their comparability, reliability and understanding. On 4 March 2021, ESMA also published a new version of its Guidelines on Disclosure Obligations under the Prospectus Regulation (ESMA/32-382-1138), applicable from 5 May 2021, updating the previous CESR Recommendations (ESMA/2013/319), with the aim of providing issuers with guidance on assessing relevant information to be included in the financial disclosure. In accordance with the Guidelines, the descriptions, content and bases of calculation used for the construction of the Alternative Performance Indicators adopted by the Group are described below. Adjusted Revenue is an alternative measure of operating performance, calculated by excluding Special Items from Revenue. Gross operating profit (loss) - EBITDA is an alternative indicator of operating performance, calculated as the sum of “Operating profit (loss) - EBIT” plus “Depreciation, amortization, provisions and impairment losses” is explicitly shown as a subtotal in the financial statements. This Alternative Performance Indicator is used by the A2A Group as financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors) and represents a useful measure to assess the operating performance of the Group (both as a whole and in terms of individual Business Unit), also through a comparison between the operating profit or loss of the reporting period with those relating to previous periods or years. This indicator also allows the A2A Group to conduct analyses on operational trends and measure performance in terms of operational efficiency over time. Adjusted EBITDA: an alternative indicator of operating performance, calculated as the gross operating profit (loss) described above, net of Special Items. The operating profit (loss) - EBIT is the difference between the gross operating profit (loss) - EBITDA described above and the Depreciation, amortization, provisions and impairment losses. 26 A2A Report on Operations 2025 1\. Key figures of the A2A Group Adjusted Operating profit (loss) - EBIT: alternative indicator of operating performance, calculated by excluding Special Items from the operating profit (loss). Adjusted Profit (loss) for the year: alternative performance indicator, calculated by excluding the impact deriving from special items. Net capital employed is determined as the algebraic sum of: • property, plant and equipment; • intangible assets; • equity investments and other non-current financial assets; • other non-current assets and liabilities; • deferred tax assets and deferred tax liabilities; • provisions for risks, charges and liabilities for landfills; • employee benefits. This Alternative Performance Indicator is used by the A2A Group as financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors) and represents a useful measure of the net non-current assets of the Group as a whole, also through the comparison between the reporting period with those relating to previous periods or years. This indicator also allows analyses on operational trends and the measurement of performance in terms of operational efficiency over time. Net working capital is determined as the algebraic sum of: • inventories; • trade receivables; • trade payables. The Other current assets/liabilities include: • other current assets; • other current liabilities; • current tax assets/tax liabilities. This Alternative Performance Indicator is used by the A2A Group as financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors) and represents a useful measure of the ability to generate cash flow from operations within a period of twelve months, also through the comparison between the reporting period with those relating to previous periods or years. This indicator also allows the A2A Group to conduct analyses on operational trends and measure performance in terms of operational efficiency over time. Invested capital/Net invested capital is calculated as the sum of Net capital employed, Net working capital and Assets/Liabilities held for sale. This Alternative Performance Indicator is used by the A2A Group as the financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors); it represents a useful measure for the evaluation of total net assets, both current and non-current. Sources of funds are calculated by adding “Equity” and “Net Financial Position”. This Alternative Performance Indicator is used by the A2A Group as financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors) and represents the various sources by means of which the A2A Group is financed and the degree of autonomy that the A2A Group has in comparison with third party capital. This indicator also allows measuring the financial strength of the A2A Group. 27 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Net financial position/Net financial debt is an indicator of non-current net financial position beyond one year and current net financial position within one year. Specifically, the non- current total net financial position beyond one year is obtained from the algebraic sum of: • Total non-current debt: the item includes the non-current portion of bonds, bank loans, financial leasing and other non- current liabilities; Pursuant to the new ESMA recommendations, this item should also include the non-current portion of trade payables and other non-interest-bearing liabilities with a significant implicit financing component (liabilities with maturities of over 12 months); • Total non-current financial assets: this item includes Non-current financial assets (including those with related parties) and Other non- current assets. The current net financial position is derived from the algebraic sum of: • Total current debt: this item includes the portion due within twelve months of bonds, bank loans, financial leasing, current financial liabilities to related parties and other current liabilities; • Total current financial assets: this item includes Other current financial assets (including to related parties) and Other current assets; • Cash and cash equivalents and Cash and cash equivalents included in assets held for sale. This Alternative Performance Indicator is used by the A2A Group as financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors) and is useful for the purposes of measuring the Group’s financial debt, also through the comparison between the reporting period with those relating to previous periods or years. Free cash flow: alternative performance measure that represents the algebraic sum of net cash flows from operating activities and net cash flows from investing activities. Investments in property, plant and equipment and intangible assets are extrapolated from the information contained in the Notes to the statement of financial position. This Alternative Performance Indicator is used by the A2A Group as financial target in presentations both within the Group (Business Plans) and external (presentations to financial analysts and investors) and is a useful measure of the resources used in the maintenance and development of the investments of the A2A Group (as a whole and in terms of individual Business Unit), also through the comparison between the reporting period with those relating to previous periods or years. This allows the A2A Group to conduct analyses on investment trends and measure performance in terms of operational efficiency over time. The Special Items are non-recurring events from the financial year that impacted the consolidated income statement, and include significant income items of a non-recurring nature. These include: • income and expenses related to events that occur on a non-recurring basis, i.e., transactions or events that do not occur frequently in the ordinary course of business; • capital gains and losses related to the disposal of assets; • significant impairment losses/reversals of impairment losses recognized on assets, including those resulting from impairment tests. The Ordinary profit (loss) for the year is calculated by excluding the impact of Special Items from each component of the Income Statement. ROI, or the return on net invested capital, is the ratio between net operating profit or loss and net invested capital. It aims to measure the ability to generate wealth through operations and thus to remunerate equity and debt capital. ROE, or return on equity, is the ratio between ordinary profit or loss for the year and Group shareholders’ equity. It is intended to measure the profitability obtained by risk investors. 28 A2A Report on Operations 2025 1\. Key figures of the A2A Group Investors should not place undue reliance on these Alternative Performance Indicators and should not consider all Alternative Performance Indicators as: (i) an alternative to operating profit or loss or profit or loss for the year as calculated in accordance with IFRS; (ii) an assessment of the Group’s ability to meet cash needs alternative to as deduced from the cash flow from operating, investing or financing activities (as determined in accordance with IFRS); or (iii) an alternative to any other performance indicators provided by IFRS. These Alternative Performance Indicators derive from the historical financial information of the A2A Group and are not intended to provide indications relating to future financial performance, financial position or cash flow of the Group. Moreover, these Alternative Performance Indicators were calculated uniformly for all periods. Dividend 2023 2025 Earnings per share Dividend Yield 0.0958 2024 0.10 2023 2025 0.2101 2024 0.2759 0.2395 2023 2025 5.88% 2024 5.21% 0.104 4.62% 29 A2A Report on Operations 2025 1\. Key figures of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Gross Operating Profit - EBITDA Adjusted 2023 2025 Net Financial Position Net investments 1,971 2024 2,328 2,243 (4,683) (5,835) (5,474) 2023 20252024 2023 2025 1,359 2024 2,813 1,243 ROI 2023 2025 ROE ( * ) 10.7% 2024 11.1% 10.0% 2023 2025 15.0% 2024 14.7% 11.6% Net Financial Position/EBITDA Adjusted 2023 2025 2.4 2024 2.5 2.4 (*) Ratio between ordinary net Profit and Group Equity 2 Consolidated results and report on operations 32 A2A Report on Operations 2025 2\. Consolidated results and report on operations 2.1 Overview of performance, financial conditions and net debt Results It is noted that the consolidation scope at December 31, 2025 changed compared to December 31, 2024 for to the following operations. The following changes to the scope of consolidation of the A2A Group are reported: • acquisition by A2A Rinnovabili S.p.A. of 100% of AREN01 S.r.l., AREN03 S.r.l., AREN 04 S.r.l., AREN05 S.r.l., AREN06 S.r.l., Green Frogs Correggio S.r.l. and Cutro 1 S.r.l.; • acquisition by A2A Calore & Servizi S.r.l. of 100% of Sesto Energia S.r.l.; • acquisition by Ambiente Energia Brianza S.p.A. of 100% of 2B S.r.l.; • acquisition by Acinque Innovazione S.r.l. of 100% of Integra Impianti S.r.l.; • acquisition by A2A Ciclo Idrico S.p.A. of 69.24% of Novito Acque S.r.l.; • acquisition by A2A Storage S.r.l. of 100% of the company S2SE Cinque S.r.l.; • establishment of the company A2A Life Venture S.r.l. 100% owned by A2A S.p.A.; • establishment of A2A Solar 1 S.r.l., A2A Solar 2 S.r.l., A2A Solar 3 S.r.l., A2A Solar 4 S.r.l. and A2A Dome S.r.l., all 100% owned by A2A Rinnovabili S.p.A.; • establishment of the company AP Reti Gas North S.r.l. held by Unareti S.p.A. for 50% and by LD Reti S.r.l. for 50%, and subsequently sold on July 1 to Ascopiave S.p.A.; • establishment of AST 1 S.r.l. and AST 2 S.r.l., all 100% owned by A2A Storage S.r.l.. Moreover, the economic figures at December 31, 2025 are not consistent with the previous year due to the following extraordinary transactions in 2024: • acquisition by A2A S.p.A. of 90% of the Duereti S.r.l., a company operating in electricity distribution, with consequent line-by-line consolidation; • acquisition in May 2024 by A2A Rinnovabili S.p.A. of 70% of the company Parco Solare Friulano 2 S.r.l. with consequent line-by-line consolidation; • acquisition in September 2024 by Agripower S.p.A. of 100% of Biomax Società Agricola a r.l., a company operating in the production of electricity from biogas, with consequent line- by-line consolidation; • incorporation of the company A2A Trezzo Ambiente S.r.l. held 86% by A2A Ambiente S.p.A. and 4% by A2A Calore & Servizi S.r.l. with consequent a line-by-line consolidation of the company; • incorporation in July 2024 of TEXELERA S.c. a r.l., held 51% by A2A S.p.A., with consequent line-by-line consolidation of the company. 33 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The adjusted income statement figures, shown excluding special items of the A2A Group at December 31, 2025, are presented below, compared to the previous year figures. millions of euro Adjusted 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Change % 2025/2024 Revenue 14,014 12,857 1,157 9.0% of which: \- Revenue from the sale of goods and services 13,690 12,570 1,120 8.9% \- Other operating revenue 324 287 37 12.9% Operating expenses (10,853) (9,637) (1,216) 12.6% Personnel expenses (918) (892) (26) 2.9% Gross operating profit (loss) - EBITDA 2,243 2,328 (85) (3.7%) Amortization, depreciation and impairment losses of non-current assets (964) (898) (66) 7.3 % Impairment losses on trade receivables (70) (82) 12 (14.6%) Other provisions for risks (19) (31) 12 (38.7%) Operating profit (loss) - EBIT 1,190 1,317 (127) (9.6%) Net finance income (expenses) (169) (123) (46) 37.4 % Shares of profit (loss) of equity-accounted investees 3 2 1 50.0% Profit (loss) before taxes 1,024 1,196 (172) (14.4%) Income taxes (306) (352) 46 (13.1%) Profit (loss) after taxes from continuing operations 718 844 (126) (14.9%) (Profit) loss for the year attributable to non- controlling interests 32 28 4 14.3% Group net profit 686 816 (130) (15.9%) In the period under review, Group Revenue amounted to 14,014 million euro, up 9% compared to the previous year (12,857 million euro). The change is mainly due to the increase in electricity sales volumes in the retail segment, as well as the contribution from the consolidation of the company Duereti. Operating expenses amounted to 10,853 million euro, up 12.6% compared to the previous year, due to both the consolidation of Duereti and higher costs associated with the increase in energy commodity volumes, in line with the revenue trend. Personnel expenses, amounting to 918 million euro, increased by approximately 26 million euro (+2.9%). The change is related to the higher number of FTE (Full-Time Equivalent) in 2025 compared to the previous year (+501 FTE, +3.5%) as a result of recruitment during 2025, the integration of the Duereti workforce, the launch of new tenders, and the upgrading of plants and facilities in line with the Group’s development objectives. The remainder of the increase is attributable to the combined effect of salary increases for contractual renewals and for merit, partly offset by lower charges for mobility and redundancy incentives. 34 A2A Report on Operations 2025 2\. Consolidated results and report on operations Gross operating profit (loss) - EBITDA amounted to 2,243 million euro, a decrease of 3.7%, -85 million euro compared to December 31, 2024 (2,328 million euro), mainly due to hydroelectric generation being more in line with historical averages, partly offset by the contribution from the consolidation of Duereti. Starting in the first quarter of 2025, the new Circular Economy Business Unit was established, into which the activities of the Environmental, Integrated Water Cycle, and District Heating sectors were merged. As a result, the Smart Infrastructures Business Unit is almost entirely composed of regulated or low-volatility activities. The values for 2024 have been consistently pro forma. The following table shows the composition of the gross operating profit (loss) - EBITDA by Business Unit: millions of euro 12.31.2025 12.31.2024 Change Change % Generation and Trading 728 986 (258) (26.2%) Market 464 462 2 0.4% Circular Economy 595 582 13 2.2% Smart Infrastructures 518 379 139 36.7% Corporate (62) (81) 19 (23.5%) Total 2,243 2,328 (85) (3.7%) The gross operating profit (loss) - EBITDA of the Generation & Trading Business Unit amounted to 728 million euro, a decrease of 26%, -258 million euro compared to 2024. The change is mainly due to: • lower hydroelectric generation resulting from a normalization of hydraulicity this year compared with the previous year; • fewer opportunities for hedging and trading energy commodities this year compared with 2024. These effects were partly offset by the higher contribution of thermoelectric production and the increased premium recognized on the capacity market. The gross operating profit (loss) - EBITDA of the Market Business Unit equalled 464 million euro, an increase of 2 million euro compared to the previous year (462 million euro). The positive effects of the commercial development of the free electricity market, both in the Mass Market segment and in the Medium and Large Business segment, together with the reduction in charges related to retention initiatives, made it possible to fully offset the loss of margin in the Protection segment and the lower contribution from the large gas customer segment. The Gross operating profit (loss) - EBITDA of the Circular Economy Business Unit amounted to 595 million euro, up by 13 million euro compared to December 31, 2024. The change is mainly due to: • the Heat segment, which saw an increase of 6 million euro, thanks to higher electricity prices, higher volumes of heat sold, and higher revenues from the sale of white certificates, partially offset by higher operating expenses; • the waste treatment segment, which saw an increase of 11 million euro, thanks to higher revenues from waste disposal and electricity from waste-to-energy plants, and to the contribution from the Trezzo waste-to-energy plant, which came into operation in the second half of 2024. These effects were partly offset by the lower margins of the other treatment plants, the higher disposal costs of the B2B chain, 35 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group and the lower margins resulting from the new service contract with the Campania Region for the operation of the Acerra waste-to-energy plant; • the water cycle segment, which saw an increase of 8 million euro, mainly due to higher permitted revenues; • the Collection segment, which saw a decrease of 12 million euro, mainly as a result of the renegotiation of the Urban Sanitation Services contract with the Municipality of Milan, following the tender won for the expanded range of services offered. The gross operating profit (loss) - EBITDA of the Smart Infrastructures Business Unit in 2025 was 518 million euro (379 million euro at December 31, 2024). The growth in the margin is mainly attributable to the electricity distribution segment and was driven both by the contribution of the consolidation of the company Duereti, for 93 million euro, and by the increase in electricity revenues admitted for regulatory purposes for the companies within the historical perimeter, for 25 million euro. In the gas segment, the recognition of revenues to cover operating expenses for the years 2020–2024, amounting to 23 million euro, was offset by the lower margin resulting from the sale of the gas business relating to the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi, which amounted to approximately -22 million euro. “Depreciation, amortization, provisions and impairment losses” totaled 1,053 million euro (1,011 million euro at December 31, 2024), representing an increase of 42 million euro. Amortization of “Intangible assets” amounted to 351 million euro (304 million euro at December 31, 2024). The item includes higher amortization of 47 million euro, of which 26 million euro relates to the integrated water service, gas distribution and metering, the implementation of information systems, and new customer lists, and 21 million euro relates to the first consolidation of Duereti S.r.l.. Depreciation of “Property, plant and equipment” amounted to 604 million euro, an increase of 24 million euro compared to December 31, 2024 and included: • higher depreciation of 29 million euro, mainly relating to the investments which went into production after December 31, 2024; • higher depreciation of 28 million euro for the first consolidation of the company Duereti; • lower depreciation of 40 million euro due to revision of useful life of plants; • higher depreciation of 7 million euro for rights of use. Impairment losses for the year amounted to 9 million euro (14 million euro at December 31, 2024) and mainly related to the cancellation of projects no longer in the core business and impairment losses of assets no longer considered functional to the Group’s activities. “Provisions for risks” had a net effect of 19 million euro (net effect of 31 million euro at December 31, 2024), a decrease of 12 million euro compared to the previous year and refer to provisions for the year of 49 million euro, relating to the provision for public water diversion fees of 28 million euro, provisions for landfill closure and post-closure and decommissioning expenses of 11 million euro, and other provisions of 10 million euro, adjusted by surpluses mainly following the release of tax provisions, provisions for landfill closure and post-closure expenses, and other provisions of 30 million euro. The “Impairment losses on trade receivable” amounted to 70 million euro (82 million euro at December 31, 2024). There were lower provisions for bad debts, amounting to 12 million euro, mainly relating to the gradual protection segment, which includes micro-enterprises and households. As a result of these changes “Operating profit (loss) - EBIT” amounted to 1,190 million euro (1,317 million euro for the year ended December 31, 2024). 36 A2A Report on Operations 2025 2\. Consolidated results and report on operations “Net finance (income) expenses” amounted to 169 million euro (123 million euro at December 31, 2024), representing an increase of 46 million euro. Of the above, finance expenses amounted to 157 million euro, compared to 116 million euro in the previous reporting period, and were mainly attributable to higher expenses related to the issuance of the European Green Bond in January 2025, the Blue Bond in a Private Placement format in October 2025, and the second European Green Bond in November 2025, as well as to the financing obtained from the third quarter of 2024 onwards, in particular the 600 million euro Green ‘bridge’ loan for the acquisition of the e-distribution electricity grids transferred to Duereti, which was repaid in full in advance in July. The “Share of profit (loss) of equity-accounted investees” was 3 million euro (2 million euro at December 31, 2024), and refers mainly to the positive valuation of the shareholdings held in some associated companies. “Income taxes” for the year amounted to 306 million euro (352 million euro at December 31, 2024). The Group’s tax rate remained essentially in line with the previous year, showing a marginal change of less than 0.5%. The “Group net profit”, after deducting the portion of minorities of 32 million euro, was positive at 686 million euro (positive at 816 million euro at December 31, 2024). Below is a reconciliation table showing the adjusted income statement and the reported income statement, presented with the inclusion of special items: millions of euro Adjusted 01.01.2025 12.31.2025 Special Items Reported 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Special Items Reported 01.01.2024 12.31.2024 Revenue 14,014 49 14,063 12,857 - 12,857 Operating expenses (10,853) (10,853) (9,637) (9,637) Personnel expenses (918) (918) (892) (892) Gross operating profit (loss) - EBITDA 2,243 49 2,292 2,328 - 2,328 Amortization, depreciation and impairment losses of non-current assets (964) (4) (968) (898) (898) Impairment losses on trade receivables (70) (70) (82) (82) Other provisions for risks (19) (19) (31) (31) Operating profit (loss) - EBIT 1,190 45 1,235 1,317 - 1,317 Net finance income (expenses) (169) (2) (171) (123) 15 (108) Share of profit (loss) of equity- accounted investees 3 25 28 2 2 Profit (loss) before taxes 1,024 68 1,092 1,196 15 1,211 Income taxes (306) (4) (310) (352) 33 (319) Profit (loss) for the year 718 64 782 844 48 892 (Profit) loss for the year attributable to non-controlling interests 32 32 28 28 Group net profit 686 64 750 816 48 864 37 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Special items for the 2025 financial year amounted to 64 million euro and mainly relate to the capital gain of 40 million euro, recognized under the item ‘Other revenue’, arising from the sale of 100% of the shares in AP RETI GAS North S.r.l. 1 to Ascopiave; to the reversal, for 25 million euro, recognized under the item ‘result of equity-accounted companies’, of the 50% stake held in Ergosud S.p.A. following the updated impairment test; and, for 7 million euro, to the price adjustment for the acquisition of the stake in TecnoA (WtE Crotone) at the end of 2021. 1 A corporate vehicle that owns the business units comprising a complete set of assets consisting of approximately 490 thousand gas distribution PDR relating to the ATEM in the provinces of Brescia, Cremona, Bergamo, Pavia, and Lodi, with a 2023 RAB of 397 million euro. In the previous year, special items amounted to a total of 48 million euro and mainly related to 15 million euro resulting from the compensation for the conclusion of the dispute with the Municipality of Cinisello and to a total of 33 million euro in taxes, primarily due to the tax effect of the freeing up of goodwill and the customer list of the company A2A Ambiente, amounting to 37 million euro. 38 A2A Report on Operations 2025 2\. Consolidated results and report on operations Statement of financial position For changes in the scope of consolidation at December 31, 2025, reference should be made to the section “Income statement” in this Summary of the A2A Group’s financial position, results of operations and cash flows. Sources/uses statement millions of euro 12.31.2025 12.31.2024 Restated(*) Change Capital employed Net non-current assets 12,235 11,417 818 \- Property, plant and equipment 8,135 7, 5 8 3 552 \- Intangible assets and goodwill 4,612 4,449 163 \- Equity investements and other non-current financial assets (**) 135 100 35 \- Other non-current assets/liabilities (**) (22) (67) 45 \- Deferred tax assets/liabilities 410 420 (10) \- Provisions for risks, charges and liabilities for landfills (839) (854) 15 \- Employee benefits (196) (214) 18 of which through equity (74) (79) Net Working Capital and Other Current Assets/Liabilities (271) 116 (387) Net Working Capital: 74 279 (205) \- Inventories 311 318 (7) \- Trade receivables 4,454 3,643 811 \- Trade payables (4,691) (3,682) (1,009) Other current assets/liabilities: (345) (163) (182) \- Other current assets/liabilities (**) (431) (88) (343) \- Net current tax assets/liabilities 86 (75) 161 of which through equity (3) (16) Assets/liabilities held for sale (**) - 394 (394) Total capital employed 11,964 11,927 37 Sources of funds Equity 6,490 6,092 398 Net non-current financial position 6,178 6,454 (276) Net current financial position (704) (619) (85) Total Net Financial Position 5,474 5,835 (361) of which through equity 8 4 Total sources of funds 11,964 11,927 37 (*) The figures at December 31, 2024 reflect the effects of the completion of the PPA (Purchase Price Allocation) for Duereti S.r.l.. (**) Excluding balances included in the Net Financial Position. 39 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Net non-current assets The “Net non-current assets” amounted to 12,235 million euro, up by 818 million euro compared to December 31, 2024. The main changes were related to: • total investments of 1,681 million euro, of which 1,166 million euro in property, plant, and equipment and 515 million euro in intangible assets; • contribution deriving from the first 2025 consolidations on property, plant and machinery for 23 million euro and on intangible assets and goodwill for 34 million euro; • net decrease of 68 million euro for other changes, mainly due to reclassification to assets held for sale, disposals and impairment losses for the year; • ordinary amortisation/depreciation for the year for 955 million euro; • increase in Equity Investments and Other Financial Assets of 35 million euro, primarily attributable for 25 million euro to the reversal of the 50% shareholding in Ergosud S.p.A. following the updated impairment test; • net decrease in Other non-current assets/ liabilities of 45 million euro, mainly due to the decrease in guarantee deposits payable by customers; • net decrease in Deferred tax assets/liabilities of 10 million euro, of which 2 million euro relates to the first-time consolidations, primarily due to the increase in the provision for deferred taxes in connection with the Purchase Price Allocation (PPA) processes concluded during the reporting period; • decrease in provisions for risks, charges and liabilities for landfills by 15 million euro; • decrease in Provisions for Employee Benefits for 18 million euro. The “Net Working Capital and Other Current Assets/Liabilities” were negative and amounted to 271 million euro, down by 387 million euro compared to December 31, 2024. The main changes were related to: • increase in trade payables of 1,009 million euro, primarily attributable to the increase in commodity trading transactions with bilateral counterparties; • increase in trade receivables of 811 million euro, mainly attributable to higher sales and purchase activities carried out for the trading portfolio at the end of the financial year; • net increase in the fair value liability of commodity derivatives of 149 million euro; • net increase in payables to Cassa Servizi Energetici e Ambientali for 176 million euro; • decrease in security deposits for 39 million euro; • increase in tax receivables of 23 million euro; • net increase in current tax assets for 161 million euro. “Assets/liabilities held for sale” had no value at December 31, 2025; at December 31, 2024, they amounted to 394 million euro and related to the reclassification, in accordance with IFRS 5, of the value of the assets and credit items of certain ATEM related to gas distribution subject to acquisition by Ascopiave, effective from July 1, 2025. Consolidated “Total capital employed” at December 31, 2025 amounted to 11,964 million euro and was financed by Equity for 6,490 million euro and the Net financial position for 5,474 million euro. 40 A2A Report on Operations 2025 2\. Consolidated results and report on operations Equity and Net Financial Position “Equity” amounted to 6,490 million euro and showed an increase for a total of 398 million euro. The changes in equity attributable to the owners of the parent are primarily attributable to the positive result for the year for 750 million euro, offset by the distribution of a dividend of 313 million euro and an increase in non-controlling interests totaling 15 million euro. Finally, there is a net increase in Cash flow hedge derivatives and IAS 19 reserves for a total of 14 million euro, as well as an increase in the Treasury Share Reserve for a total of 10 million euro as a result of the implementation of the Distributed Shareholding Plan approved by the Shareholders’ Meeting of A2A S.p.A. on April 29, 2025. The “Consolidated Net Financial Position” at December 31, 2025 amounted to 5,474 million euro (5,835 million euro as at December 31, 2024). The gross debt amounted to 7,463 million euro, up by 31 million euro compared to December 31, 2024. Cash and cash equivalents amounted to 1,879 million euro, down by 330 million euro. Other net financial assets showed a positive balance of 110 million euro with a net increase of 62 million euro compared to December 31, 2024. The fixed rate portion of the gross debt amounted to 80%. The duration is 5.2 years. The cost of debt remained unchanged from 2024, at 2.7%. Change Consolidated Net Financial Position millions of euro 12.31.2025 12.31.2024 Change Adjusted Ebitda 2,243 2,328 (85) Change in Net Working Capital 311 (560) 871 Taxes and Net finance expenses (518) (412) (106) Operating cash flow 2,036 1,356 680 Capex (1,681) (1,512) (169) Cash flow before dividend payment 355 (156) 511 Dividends (313) (300) (13) Coupon hybrid bond (38) (9) (29) Net cash flow 4 (465) 469 Changes in scope 372 (1,429) 1,801 Hybrid issue - 742 (742) Buyback (15) - (15) Change in Net Financial Position 361 (1,152) 1,513 Initial NFP 5,835 4,683 Final NFP 5,474 5,835 NFP/Adjusted Ebitda 2.4x 2.5x 41 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The Net Financial Position at December 31, 2025 amounted to 5,474 million euro (5,835 million euro at December 31, 2024). Excluding the change in scope of consolidation during the period under review, amounting to -372 million euro, and the repurchase of treasury shares totaling 15 million euro, the NFP stands at 5,831 million euro. Operating Cash Flow fully covered investments of 1,681 million euro, dividends of 313 million euro, and the payment of 38 million euro for the coupon on hybrid perpetual subordinated bonds. The Cash Conversion ratio is approximately 65%, calculated as the ratio of operating cash flow net of maintenance capital expenditure to EBITDA. The fixed rate portion of the gross debt amounted to 80%. The duration is 5.2 years. The cost of debt remained unchanged from 2024, at 2.7%. During the period, the Group generated operating cash flow of 2,036 million euro, an increase of 50% compared to the previous financial year. With reference to items other than Ebitda Adjusted: • The change in Net Working Capital (including the change in other assets/liabilities and utilisation of provisions) resulted in a cash generation of 311 million euro, mainly attributable to the progressive absorption of open credit related to the CSEA safeguard and reinstatement portfolio for past receivables from non-disconnectable customers, as well as the reduction in retail trade receivables due to pricing effects; • The payment of taxes and net finance expenses absorbed cash amounting to 518 million euro. Capex in 2025 amounted to 1,681 million euro, as described above. Dividends amounting to 313 million euro were also paid during the period under review. The changes in scope of consolidation during 2025 were positive and amounted to 372 million euro, of which 430 million euro were attributable to the proceeds received by Ascopiave from the sale of some ATEM related to gas distribution, effective July 1, 2025, partially offset by acquisitions during the period. Finally, payments totaling 15 million euro were made as a result of the repurchase of treasury shares aimed at implementing the employee share ownership plan approved by the A2A S.p.A. Shareholders’ Meeting on April 29, 2025. 42 A2A Report on Operations 2025 2\. Consolidated results and report on operations 2.2 Significant events during the year A2A partners with METRO ITALIA to develop electric mobility On January 8, 2025, A2A, through its subsidiary A2A E-Mobility, and METRO ITALIA signed a partnership that provides for the installation of 156 charging points for electric and plug-in hybrid vehicles at 33 METRO ITALIA stores in 14 regions. The columns that A2A provides are of the Quick, Fast, or Ultrafast type: drivers can therefore choose between fast recharging at high power and slower recharging at lower power, depending on their needs. 94 charging points are already active in 19 METRO points of sale in Milan, Castellanza, Brescia, Seriate, Piacenza, Castelmaggiore, Turin, Sesto Fiorentino, Lucca, San Giovanni Teatino (Chieti), Verona, Parma, Lana (Merano), Osimo (Ancona), Silea (Treviso) and Ventimiglia. The agreement also provides for further activations in the locations of Bari, Bastia Umbra, Elmas (Cagliari), Pisa, Vertemate (Como), Genoa, La Spezia, Moncalieri, Rome, Sassari, Trieste and Olbia. The A2A columns can be viewed and accessed through the main apps and platforms used by thousands of electric drivers. These infrastructures are available to METRO customers and anyone who wants to recharge their vehicle at the stores. The Car Sharing of the future: self-driving On January 22, 2025, in Brescia, an electric Fiat 500 completed its first self-driving kilometer. This project is the result of a collaboration between A2A, the Polytechnic University of Milan, and MOST (National Centre for Sustainable Mobility), whose aim is to develop a self-driving car-sharing service that overcomes the current limitations of car-sharing: the user will no longer have to reach the vehicle, and operators will no longer need a large number of cars to make the service widespread. The trial period is one year. A2A places the first European Green Bond on the market On January 23, 2025, A2A successfully concluded the placement of its 10-year, 500 million euro European Green Bond. A2A was the first European corporate issuer to issue this new instrument. The European Green Bond received orders from investors for a total of 2.2 billion euro, approximately 4.4 times the amount offered. The bond was placed at an issue price of 99.080% and will have an annual yield of 3.737% and a fixed coupon of 3.625%, with a spread of 125 basis points over the mid-swap reference rate. 43 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A presents the first City Plug recharge integrated into a public lighting pole On February 10, 2025, A2A inaugurated the City Plug Lamp project in Brescia, installing the first eight streetlights equipped with 16 sockets for electric vehicles. The streetlights, widely distributed in all Italian municipalities, can indeed become multifunctional hubs. In addition to providing street lighting, they can host electric vehicle charging systems, video surveillance devices, 5G connectivity, and much more. The aim is to maximize the use of existing infrastructure without further occupation of public land, contributing to the transition to more sustainable and technologically advanced cities. A2A acquires full control of Camuna Energia On February 14, 2025, A2A acquired the remaining shares of Camuna Energia held by local shareholders. This operation has made it possible to launch an important investment plan to upgrade and modernise the electricity network of the municipalities of Cedegolo and Paisco Loveno. A2A achieves 4.6 GW in the capacity market auction On March 3, 2025, A2A achieved 4.6 GW in the capacity market auction called by Terna for the delivery year 2027, with a technology mix that includes gas-fired and renewable energy plants. This capacity was awarded with an annual contract at the price of 47,000 euro/MW/year. The A2A Group was also awarded annual contracts for 520 MW of foreign capacity at an average price of approximately 7,000 euro/MW/year. A2A opens the Calvisano sewage treatment plant On March 6, 2025, the new Calvisano sewage treatment plant became operational, and by the end of 2025, the operation of the aqueduct will begin, and subsequently, the entire sewage network will be completed. Thanks to the new plant, the conditions have been set to complete the procedure started in 2014 and ensure compliance with EU regulations on wastewater treatment, thus avoiding sanctions from the EU. This new infrastructure required an investment of 6.5 million euro, of which 6 million euro were financed by the National Recovery and Resilience Plan (NRRP). The Plan also provides 21.5 million euro for the construction of the aqueduct and another 53.6 million for the sewerage system. To date, 57.5 million euro have already been used. A2A and ContourGlobal have signed an agreement for photovoltaic energy On March 13, 2025, A2A and ContourGlobal signed a ten-year Power Purchase Agreement that will allow A2A to make new energy from renewable sources available to its customers. Underlying the agreement is also a program to make A2A’s solar plants in Italy more efficient, which will allow an increase in annual production of more than 43% without further land use. 44 A2A Report on Operations 2025 2\. Consolidated results and report on operations A2A LIFE Sharing: Distributed Shareholding Plan 2025-2027 On March 20, 2025, the Board of Directors of A2A S.p.A. resolved to submit to the Shareholders’ Meeting for approval on April 29, 2025, the adoption of a three-year Distributed Shareholding Plan 2025-2027, called “A2A LIFE Sharing”, and the related methods of provision through the use of treasury shares subject to buy-back. With this new initiative, A2A wants to confirm its focus on its employees and its desire to strengthen their sense of belonging to the company. The LIFE Sharing project aims to involve employees in the company’s growth path and share the results of work built together. The Plan - intended for workers with permanent or apprenticeship contracts - is divided into three cycles (in 2025, 2026 and 2027), during which participants will be assigned, without any financial outlay, ordinary A2A shares for an individual monetary countervalue of 1,500 euro over the three-year period. Managers will initially be allocated 1 symbolic share per cycle. All employees participating in the program will be able to purchase other ordinary shares in compliance with the minimum and maximum investment thresholds, benefiting from additional shares (so-called “matching shares”) that A2A will allocate to them with a logic inversely proportional to their corporate role (more favourable conditions for the categories with lower classifications) based on the established criteria. Allocated shares will be subject to a three-year non-transferability restriction, while purchased shares will be subject to a one-year restriction. A2A also plans to launch an internal financial education program to encourage a greater awareness of the initiative and, in general, the use of its economic resources. A2A LIFE Sharing is added to the welfare interventions already implemented, such as support for parenting with the A2A Life Caring Plan, which allocates 120 million euro by 2035 to the Group’s mums and dads. New projects for the city of Treviso: energy efficiency and electric mobility On March 22, 2025, a new A2A Space was opened, and the A2A Green Area in Treviso was activated. The new A2A Space is set up as a point of reference for citizens and businesses who want to learn more about the opportunities and solutions offered by energy efficiency and new technologies for saving. The new A2A Green Area, on the other hand, houses new charging stations. Ordinary Shareholders’ Meeting of A2A S.p.A. On April 29, 2025, the Ordinary Shareholders’ Meeting of A2A S.p.A. approved the financial statements and the proposal formulated by the Board of Directors to distribute a dividend per ordinary share of 0.10 euro. The dividend was paid in May 2025. The Shareholders’ Meeting also approved the 2025-2027 Distributed Shareholding Plan called “A2A LIFE Sharing” as described in detail above. The Shareholders’ Meeting resolved in favour with a binding vote on the first section of the 2025 Report on Remuneration and with an advisory, non-binding vote on the second section of the 2025 Report on Remuneration. The Shareholders’ Meeting authorized and defined the terms within which the Board of Directors may purchase and dispose of treasury shares. 45 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Moody’s enhanced the outlook to “positive” and reaffirmed the long-term Baa2 rating On May 28, 2025, Moody’s improved the outlook to “positive” from “stable” and confirmed A2A’s long-term rating at Baa2. The improved outlook follows the recent action on Italy’s sovereign rating (Baa3, with outlooks from “stable” to “positive”). The “positive” outlook also reflects A2A’s financial strength and operating performance, characterized by a well-diversified and vertically integrated business mix, an increasing focus on regulated networks in Italy, a solid liquidity position, as well as a commitment to careful financial discipline that balances the interests of its shareholders and creditors. Started own share buyback program On June 3, 2025, A2A announced the start of treasury share buyback program. The purpose of the Program, approved by the Board of Directors, is to provide the Company with the necessary shareholder funding to implement the 2025-2027 “A2A LIFE Sharing” distributed Shareholding Plan and to pursue current management purposes and industrial projects consistent with the strategic lines that the Company intends to pursue. The purchase of shares shall be made in accordance with article 132 of Legislative Decree 58/1998 as amended, article 144-bis of the Issuers’ Regulation, and any other EU and national provisions applicable in the Stock Exchange. Purchases must be made at a price no more than 5% higher and no less than 5% lower than the reference price recorded by the security in the stock exchange session preceding each individual transaction. These parameters are considered adequate to identify the range of values within which the purchase is of interest for the Company. The maximum number of treasury shares that may be held in total pursuant to the Shareholders’ Meeting Resolution is set at 313,290,527, equal to one-tenth of the shares forming the share capital. It should be noted that at the start date of the repurchase program, the Company did not hold any treasury shares. The maximum amount of shares that can be purchased under the Program was set at 10 million euro. For the purchase of treasury shares, the Company uses a financial intermediary that will operate in complete independence. On June 19, 2025, the treasury share buyback program was completed, under which a total of 4,317,976 A2A shares were purchased at a weighted average price of 2.3033 euro per share and for a total consideration of 9,945,777.26 euro. 46 A2A Report on Operations 2025 2\. Consolidated results and report on operations The first liquid-cooled data centre connected to a district heating network has been inaugurated On June 25, 2025, A2A inaugurated a new data centre designed by the French company Qarnot at the Lamarmora power station. Thanks to an advanced liquid cooling system, it allows thermal energy to be recovered at high temperatures, up to 65 °C, to be fed directly into the grid to bring heat to buildings. The innovative liquid cooling technology harnesses the waste heat of digital infrastructures – ever-expanding and highly energy-intensive – to produce useful thermal energy for cities. At full capacity, it will meet the thermal needs of over 1,350 apartments, avoiding the emission into the atmosphere of 3,500 tons of CO₂ per year, equivalent to the absorption capacity of over 22,000 trees. A2A and BP sign a 17-year LNG supply agreement On June 30, 2025, A2A and British-Petroleum (BP) signed an agreement for the purchase and sale of Liquefied Natural Gas (LNG), according to which A2A will purchase up to 10 cargoes (equal to about 1 billion cubic meters) of LNG per year from 2027 to 2044. The agreement provides A2A with increased security of supply, improved price stability, and predictability over the medium to long term. The LNG received will be regasified at the OLT Offshore LNG Toscana terminal in Livorno, where A2A has been awarded multi- year regasification capacity at auction, as well as at other terminals in Europe. The contracted LNG supply will meet approximately 20% of the Group’s requirements. The agreement is in line with the decarbonization targets set by A2A in the Group Business Plan up to 2035, which foresee a 65% reduction in the Scope 1 and 2 emission factor thanks to the growth of installed capacity from renewable sources, equal to 5.7 GW, and the electrification of final energy consumption. Gas deliveries, which will start in the last quarter of 2027, will see a reduction in loads from 2042. A2A S.p.A., Unareti S.p.A., LD Reti S.r.l. and Ascopiave S.p.A.: the transaction for the purchase and sale of gas network assets has been completed On June 30, 2025, the A2A Group (more specifically A2A S.p.A., Unareti S.p.A., and LD Reti S.r.l.) and Ascopiave S.p.A. signed the final deed (closing) for the sale to Ascopiave of 100% of the quotas in AP RETI GAS Nord S.r.l., a corporate vehicle that owns the business units comprising a complete set of assets consisting of approximately 490 thousand gas distribution Redelivery Point (PDR) relating to the ATEM in the provinces of Brescia, Cremona, Bergamo, Pavia, and Lodi, with a 2023 RAB of 397 million euro and a 2023 EBITDA of 44 million euro. The transaction will become effective as of July 1, 2025. The purchase price paid by Ascopiave S.p.A., reflecting the valuation of the business as of December 31, 2023, amounts to 430 million euro and will be subject to adjustment subsequent to the closing, as per usual practice. Sesto San Giovanni: district heating service concession awarded to A2A Calore & Servizi On July 3, 2025, the Municipality of Sesto San Giovanni awarded A2A the concession for the district heating service for a period of twenty years, aiming for a more sustainable future and the reduction of emissions through investments in efficient energy infrastructure. 47 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The contract aims to strengthen and further develop one of the largest district heating networks in Italy, which currently serves around 50,000 equivalent apartments. A2A and Erg: long-term agreement for 2.7 TWh of wind energy On August 1, 2025, A2A and ERG, through its subsidiary ERG Power Generation S.p.A., signed a 15-year Power Purchase Agreement (PPA), starting from January 1, 2027, for the total supply in the period of about 2.7 TWh of renewable energy from wind power. The agreement provides for the purchase by A2A of clean energy produced by the ERG wind farm in Salemi-Castelvetrano in the province of Trapani. The green energy produced by the wind farm is able to meet the electricity needs of about 41,000 households, for a total of 74 kt/year of CO 2 avoided. The agreement is in line with the A2A 2035 Strategic Plan, which allocates 22 billion euro to the development of projects that contribute to the country’s ecological transition, aimed at increasing the availability of renewable energy and reducing dependence on foreign sources. A2A renews its shareholders’ agreements with the Municipalities of Milan and Brescia On August 4, 2025, pursuant to Article 131 of Consob Regulation No. 11971/1999, the renewal of the existing Shareholders’ Agreements with the Municipalities of Milan and Brescia relating to A2A S.p.A. shares was announced. A2A, first “Blue” Bond issued in Italy On October 16, 2025, A2A launched a 5-year bond issue in private placement, with a coupon of 2.875% and an amount of 155 million euro. This is the first bond issued in Italy in a “blue” format, the proceeds of which will be used to protect and enhance water resources by financing “Eligible Blue Projects”. With this instrument – in line with the Blue Finance Addendum to the Sustainable Finance Framework published by A2A in September 2025 – the Group is strengthening its role in sustainable finance. The projects that will be financed or refinanced fall into the “Sustainable water and wastewater management” category of the Sustainable Finance Framework, concern the management and development of the water network (aqueducts and sewers) and purification plants and are linked to the United Nations Sustainable Development Goals 6 (Clean Water and Sanitation) and 12 (Responsible Consumption and Production). A2A – 2035 Strategic Plan Update On November 11, 2025, A2A S.p.A.’s Board of Directors reviewed and approved the update to the Strategic Plan for 2024-2035, which maintains the industrial growth objectives defined in the November 2024 Plan. The strategy, which remains centred on the two pillars of Energy Transition and Circular Economy, relaunches industrial objectives by strengthening core businesses and evolving thanks to new developments. The Plan envisages investments of 23 billion euro, divided into 7 billion euro for the Circular Economy and 16 billion euro for the Energy Transition, which will enable the Group to achieve an EBITDA of 3.6 billion euro and a profit for the year over 1.1 billion euro by 2035. More than 35% of the investment program has already been completed or is in progress. 48 A2A Report on Operations 2025 2\. Consolidated results and report on operations The Group is also extending the territorial horizon of the Strategic Plan beyond national borders, aiming at greater geographical diversification. A2A, new European Green Bond to support the ecological transition On November 17, 2025, A2A successfully concluded the placement of its second European Green Bond, the proceeds of which will be allocated to projects fully aligned with the European Taxonomy. The bond, with a nominal value of 500 million euro, has a duration of 6.5 years and matures on May 24, 2032 and has attracted strong interest from the market, with total requests equal to about 2.4 times the amount offered. The bond was placed at an issue price of 99.323%, with an annual yield of 3.370% and a spread of 83 basis points over the reference mid-swap rate. The notes will pay a fixed-rate coupon of 3.250%. The initiatives financed will cover key areas of the energy transition and the circular economy, from the development of electricity networks and renewable sources, to energy efficiency and waste management. A2A – Launch of new share buyback program On November 21, 2025, A2A announced the start of a new program to purchase its own ordinary shares pursuant to the resolution of the Ordinary Shareholders’ Meeting held on April 29, 2025. The objective of the program is to provide the company with the necessary shareholder funding to implement the 2025–2027 “A2A LIFE Sharing” distributed shareholding plan and to pursue current management purposes (including investment and liquidity management) and industrial projects consistent with the strategic lines that the company intends to pursue in relation to which the opportunity of stock exchange is realized. The maximum number of treasury shares that may be held in total pursuant to the aforementioned Shareholders’ Meeting Resolution is set at 313,290,527, equal to one- tenth of the shares forming the share capital. At December 31, 2025, A2A holds 4,147,087 treasury shares, equal to 0.1324% of the Company’s share capital. A2A presents the first Climate Transition Plan towards Net Zero by 2050 On December 3, 2025, A2A presented its first Climate Transition Plan, which defines targets, operational levers and financial instruments to guide the Group’s decarbonization path towards the Net Zero target by 2050. The strategic document will be updated annually in parallel and absolute coordination with the Business Plan, so as to constantly reflect the evolution of energy and macroeconomic scenarios. The Group’s strategy revolves around two pillars: 1\. electrification of consumption, supported by a strong increase in renewable sources and the contribution of natural gas in high-efficiency thermoelectric plants in the short to medium term; 2\. circular economy, through the valorisation of waste and scrap as material or energy, thus contributing to a significant reduction in the country’s emissions. The ultimate goal is a reduction of at least 90% of the Group’s carbon footprint by 2050 compared to 2023, with only residual emissions offset by certified removal credits. 49 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A: New Sustainable Finance Framework and Program Factsheet On December 15, 2025, A2A published its new Sustainable Finance Framework, a set of guidelines that strengthen the integration between the Group’s financial and sustainability strategies, aligning the previous version with the new objectives set out in the updated 2024- 2035 Strategic Plan. At the same time, the Programmatic Factsheet, the document detailing the characteristics of future European Green Bonds, was made public in accordance with Regulation (EU) 2023/2631. The Group is committed to achieving an ESG debt share of more than 90% of the total by 2030 and 100% by 2035. The main changes in the new Framework, compared to the 2024 version, include the addition of the “blue” component linked to projects for the protection and enhancement of water resources, and the expansion of the types of green projects with the inclusion of data centres. 50 A2A Report on Operations 2025 2\. Consolidated results and report on operations 2.3 Significant events after December 31, 2025 A2A Life Sharing – Own share buyback programme Since January 16, 2026, the programme for the purchase of own ordinary shares has continued, pursuant to the resolution of the Ordinary Shareholders’ Meeting held on April 29, 2025, with the aim of providing the Company with the necessary shareholder funding to implement the 2025–2027 “A2A LIFE Sharing” Distributed Shareholding Plan and to pursue current management purposes (including investment and liquidity management) and industrial projects consistent with the strategic lines that the Company intends to pursue in relation to which the opportunity of stock exchange is realized. A2A and Sosteneo: Power Purchase Agreement signed for the supply of 130 GWh/ year of solar energy On February 9, 2026, A2A and Ramacca Energia S.r.l., a company belonging to the portfolio managed by Sosteneo SGR S.p.A. (part of the Generali Investments platform), entered into a 12-year Power Purchase Agreement (PPA) for the supply of solar energy, amounting to approximately 130 GWh per year, equivalent to the annual consumption of around 48,000 households and the avoidance of nearly 60,000 tonnes of CO₂. The agreement establishes the purchase by A2A of the production of a photovoltaic plant with an installed capacity of 68 MW, which will be built in Sicily – in Ramacca (CT) – with entry into operation scheduled for the second half of 2027. International geopolitical tensions and Bills Decree As detailed further in the section ‘Risks and uncertainties’, February 2026 was marked by two key events: the international geopolitical crisis and the Bills Decree. These events may have an impact on the Group, particularly in relation to the commodity price scenario. 51 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2.4 Business Outlook The forecasts for the 2026 financial year foresee EBITDA Adjusted of between 2.21 and 2.25 billion euro and a Group Net Profit Adjusted, of between 0.63-0.66 billion euro. 52 A2A Report on Operations 2025 2\. Consolidated results and report on operations 2.5 Proposal for the allocation of net profit for the year ended December 31, 2025 and the distribution of a dividend The annual financial statements of A2A S.p.A. for the year ended December 31, 2025 show a net profit of 644,234,085.00 euro. If you are in agreement with the criteria used to prepare the financial statements, with the accounting principles and methods used in those statements and with the measurement criteria adopted, we invite you to approve: • the allocation of the net profit for the year of 644,234,085.00 euro as follows: Ž 32,211,704.00 euro to the legal reserve; Ž 324,977,853.00 euro as ordinary dividend to shareholders, in an amount sufficient to ensure a remuneration of 0.104 euro for each ordinary share outstanding, net of treasury shares held as of March 17, 2026; Ž 287,044,528.00 euro to the Extraordinary Reserve, calculated taking into account the treasury shares held as at March 17, 2026. For information purposes, we inform you that the number of shares outstanding as of March 17, 2026, is 3,124,787,044 shares. The dividend will be paid from May 20, 2026, with ex-dividend date May 18, 2026 and record date May 19, 2026. Board of Directors 53 A2A Report on Operations 2025 2\. Consolidated results and report on operations Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A Report on Operations 2025 3. Scenario and market A2A Report on Operations 2025 3. Scenario and market Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 3 Scenario and market 56 A2A Report on Operations 2025 3\. Scenario and market 3.1 Macroeconomic scenario Overview In the year 2025, global growth proved more resilient than expected despite the difficulties caused by tariffs and increased geopolitical uncertainty. According to the preliminary estimate from the International Monetary Fund, global GDP growth is expected to be +3.3% in 2025, unchanged compared the previous year. The resilience is attributable to several contributing factors, including the anticipation of production and trade in goods, in view of the increase in US tariffs, in the first part of the year, the substantial investments related to Artificial Intelligence (AI) that stimulated the global trade in technological products, the tax aid provided in China that offset the slowdown in trade and the weakness of the real estate market. Regarding Advanced Economies, the International Monetary Fund estimates the US GDP to average +2.1% in 2025, after reaching +2.8% in 2024. China’s GDP grew only by +4.5% in the fourth quarter of 2025, down from +4.8% in the third quarter. Throughout 2025, the Chinese economy recorded a growth rate of 5.0%, compared to +4.9% expected by the main analysts. It is one of the lowest in recent decades, as the persistent crisis in the real estate market has continued to affect domestic demand. According to initial projections by ECB analysts published in December, the Eurozone’s GDP is expected to achieve +1.4% in 2025, an increase from +0.9% in 2024, driven by the positive contribution of public and private investments and a moderate improvement in consumption. As far as Italy is concerned, GDP continued to expand, albeit moderately, in the last quarter of the year. This expansion was supported by a further increase in investment, especially in business, and a recovery in the industrial sector. According to the Bank of Italy’s estimates, the GDP is expected to reach +0.6% in 2025, after a 0.7% increase in 2024. Inflation in the Eurozone, according to the preliminary estimate released by Eurostat, is expected to stand at +1.9% in December, down from +2.0% in November 2025 and +2.4 in the same month of the previous year. The average inflation for the year is equal to +2.1%. In Italy, according to the preliminary estimate from ISTAT, inflation in December 2025 rose by +0.2% on a monthly basis and by +1.2% on an annual basis (up from +1.1% in the previous month). The slight acceleration in December was mainly due to higher prices for transport services (from +0.9% to +2.6%), unprocessed food (from +1.1% to +2.3%) and miscellaneous services (from +2.0% to +2.2%). In 2025, the acquired inflation averages +1.5%, showing an acceleration compared to the figure recorded in 2024 (+1.0%). The trend in average annual inflation is affected by the price dynamics of regulated energy goods (+16.2% from -0.2% in 2024), non- regulated energy goods (-3.8% from -11.3%) and unprocessed food goods (+3.4% from +2.3%). At its December meeting, the Governing Council of the ECB decided to leave the three key interest rates unchanged at 2.00% on deposits, 2.15% on the main refinancing operations and 2.40% on the marginal lending facility. Inflation is currently around the medium-term target of 2% and the Governing Council’s assessment of the inflation outlook remains broadly unchanged. 57 A2A Report on Operations 2025 3\. Scenario and market Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group At its December meeting, the Federal Reserve cut interest rates by 25 basis points for the third time in a row to a range of 3.50% to 3.75%, signalling a worsening of labour market conditions and inflation that remains well above the 2% target. The EUR/USD exchange rate averaged 1.13 dollars in 2025, an increase by 4.4% compared to 1.08 in the previous year. After a sharp appreciation in the last quarter of 2024, the US dollar experienced a marked downward trend against the euro during 2025. The depreciation of the dollar reflected the decline in US government bond yields, as well as heightened trade tensions following the imposition of tariffs by the US administration. Outlook The outlook for economic growth continues to be characterised by high uncertainty. An international context marked by the tightening of trade policies, the possible re-emergence of inflationary pressures, lower-than-expected returns on investments in Artificial Intelligence and persistent geopolitical tensions could in fact translate into a slowdown in economic activity. The International Monetary Fund (IMF), in its January publication of the “World Economic Outlook”, forecasts global GDP growth of 3.3% in 2026 (0.2% higher than the October estimate) and 3.2% in 2027. This positive revision is attributed to more intense than expected trade and the strong momentum of technological investments driven by Artificial Intelligence, especially in North America and Asia. As for the average of the Advanced Economies countries, GDP growth is estimated at +1.8% for 2026 and +1.7% for 2027. In particular, for the United States, estimates show growth of +2.4% in 2026 (+0.3% compared to the previous estimate) and +2.0% in 2027. For China, too, GDP growth projections have been revised upwards to +4.5% in 2026 (+0.3% from the previous estimate) and +4.0% in 2027. The Japanese economy will expand at a moderate pace of +0.7% this year and +0.6% in 2027, supported by an expansionary fiscal policy and growth in private consumption. For India, growth of +6.4% is projected both this year and the next, supported by rising real incomes, easing monetary policy and strong growth in public capital expenditure. According to the projections of ECB experts published in December, the Eurozone’s GDP is expected to stand at +1.2% in 2026 and +1.4% in 2027 and 2028. GDP growth has been revised upwards over the entire time horizon as a result of lower uncertainty about trade policies, stronger foreign demand and lower energy commodity prices. Within the Eurozone, Germany, after the contained growth of +0.2% recorded in 2025, is expected to accelerate to +1.1% in 2026 (+0.2% compared to October estimates) and then reach +1.5% in 2027. France is also showing signs of strengthening: GDP is expected to grow to +1.0% in 2026 (+0.1% compared to the previous forecast) and to +1.2% in 2027. Spain continues its expansion: after +2.9% in 2025, GDP is expected to grow to +2.3% in 2026 and +1.9% in 2027. The growth forecast for Britain was confirmed at +1.3% in 2026 and +1.5% in 2027. According to the Bank of Italy’s estimates, Italian GDP is expected to grow by 0.6% in 2026 overall and then rise to +0.8% in 2027 and reach +0.9% in 2028. Growth is expected to be supported by expanding consumption, rising real disposable income and investments benefiting from the measures of the National Recovery and Resilience Plan (PNRR). The unemployment rate is expected to decrease to 6.5% on average in 2026 and then settle at 6.1% in 2027. In the International Monetary Fund’s January 2026 estimates, global inflation is set to continue its downward path, with an inflation rate expected to be +3.8% in 2026 and +3.4% in 2027. 58 A2A Report on Operations 2025 3\. Scenario and market Inflation in the Eurozone, according to the macroeconomic projections prepared in December by Eurosystem experts, is expected to stand at +1.9% in 2026, +1.8% in 2027, settling at +2% in 2028. The projected decrease for 2026 reflects a gradual decline in non-energy components. Inflation of energy goods, on the other hand, is expected to remain volatile, showing an upward trend over the projection horizon, also due to the start-up, in 2027, of the new European Union Emissions Trading System2. As far as Italy is concerned, inflation is expected to be +1.4% in 2026, +1.6% in 2027 and +1.9% in 2028. Compared to the October forecast, inflation estimates are 0.1 percentage points lower in 2026 and 0.3 percentage points lower in 2027 due to the one-year postponement of the entry into force of the ETS2 regulation. The Governing Council of the European Central Bank (ECB) is determined to ensure that inflation stably settles at its 2% target over the medium term. To define the appropriate monetary policy direction, a data-driven approach will be followed, by which decisions are determined each time at every meeting. Specifically, decisions regarding interest rates will hinge on an evaluation of inflation expectations, considering the latest economic and financial data, on core inflation dynamics, and on the intensity of monetary policy transmission. With regard to the United States, the Federal Reserve has returned to standby mode and, although leading analysts expect two rate cuts during 2026, these are unlikely to come before President Jerome Powell’s scheduled departure in May. The effects of tariffs, geopolitical uncertainties, and political pressures suggest a cautious approach, and the Federal Reserve will continue to closely monitor the full set of economic data and the evolving context before taking any decisions. The most recent projections by leading analysts forecast an average EUR/USD exchange rate of 1.16 dollars for the two-year period 2026-2027. 59 A2A Report on Operations 2025 3\. Scenario and market Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 3.2 Energy market trends Electricity As far as the national electricity market is concerned, the net electrical energy requirement in Italy in 2025 was 311,324 GWh, a decrease of -0.2% compared to the requirement in 2024 (source: Terna); in seasonally adjusted terms, and corrected for calendar and temperature, the change is equal to +0.2%. The above requirements were met 43.8% from non- renewable sources, 41.1% from renewable sources and the remainder from imports. Net energy production in 2025 was 268,496 GWh, up +2.0% compared to 2024. Specifically, thermoelectric generation increased (+4.6%) as did photovoltaic generation (+25.1%); hydroelectric output decreased by -21.2% due to lower hydraulicity, settling at 41,365 GWh, while wind power fell by -3.3%; geothermal generation was essentially stable (-0.3%). In 2025, electricity production from Renewable Energy Sources totalled 128.0 TWh, a decrease of -2.3% compared to 2024. During 2025, renewable capacity in operation increased by 7,191 MW; this value is 289 MW (-3.9%) lower than the previous year. National production, excluding pumping, accounted for 86.2% of the demand for electricity, while net imports satisfied the remainder. In 2025, exports remained substantially unchanged compared to 2024. In 2025, the PUN (Single National Price) Base Load stands at 116.1 €/MWh, a +7.1% increase compared to 2024. The PUN trend in 2025 follows a fluctuating dynamic, tracing the trend recorded in the price of gas: it shows a peak in February with 150.4 euro/MWh, reaches the minimum value of 93.6 €/MWh in May and then fluctuates to settle in December at 115.5 €/MWh. Average prices on the rise compared to 2024, also for the price in the hours of high load (PUN Peak Load) with a value that stood at 121.3 €/ MWh (+4.7% compared to 2024). In 2025, the average price for off-peak hours (PUN Off-Peak) is set at 113.3 €/MWh, with an increase of +8.6% compared to 2024. For the entire year 2026, forward curves indicate Base Load PUN prices with average values close to 115.0 €/MWh. Natural Gas Italy’s natural gas consumption stands at 64,401 million cubic metres in 2025, reflecting a +4.4% increase compared to 2024, reaching the highest level in the last three years. Volumes in the thermoelectric sector rose by +5.4%, reaching 21,945 million cubic metres. Slight increases were also recorded in the industrial sector, whose volumes stood at 11,747 million cubic metres (+1.1%); civil sector consumption remained essentially stable at 26,955 million cubic metres (-0.7%). On the supply side, in 2025, natural gas imports increased by +3.2%, while domestic production recorded a significant rise of +16.1% compared to 2024, reaching 3,191 million cubic metres. Imports represented 95.0% of national requirements net of stock changes. As regards prices, the average price of gas at the PSV (Punto di Scambio Virtuale) in 2025 rose compared to the levels of 2024, standing at 38.6 €/MWh, up by +6.3%. The performance of the PSV in 2025 showed strong volatility: the PSV reached its peak in February with 52.9 €/MWh, and then fell, after a fluctuating trend, to 34.9 €/ MWh in September. In the last quarter, the decline intensified, reaching an annual low of 30.7 €/ MWh in December. Price dynamics on the main European hubs were similar: the average price of gas to the Title Transfer Facility (TTF) for 2025 amounted to 36.2 €/MWh, up +5.6% over 2024. The trend in the respective prices resulted in a PSV-TTF differential of 2.4 €/MWh for the reporting period, up compared to the differential of 2024 (€ 60 A2A Report on Operations 2025 3\. Scenario and market 2.0/MWh). The forecasts for the entire 2026 see gas quotations on the main European markets with an average expected gas price at the TTF of 32.5 €/MWh and at the PSV of 35.3 €/MWh; the respective forward curves show a positive PSV-TTF differential and around 2.8 €/MWh. Oil and coal In 2025, oil quotations are expected to average 68.2 $/bbl, marking a -14.6% decrease compared to 2024. It is the lowest level in the last four years. The oil price trend in the period showed a downward trajectory during the early months: it started at 78.3 $/bbl in January, then progressively fell to 64.0 $/bbl in May. After a brief summer recovery, the price resumed its decline and reached the annual low of 61.7 $/ bbl in December. During the period under review, the euro appreciated against the US dollar (averaging 1.13 USD/EUR), an increase of +4.4% compared to 2024, further accentuating the downward movement of oil prices expressed in €/bbl (-17.8%). For the year 2026, oil forward curves indicate prices with average values close to 62.8 $/bbl. The Energy Information Administration (EIA) reported that global oil demand in 2025 averaged 103.7 million barrels per day. The EIA predicts that global oil demand will increase to 104.8 million barrels per day in 2026, driven by strong demand for air travel and road mobility, and then grow further to 106.1 million barrels per day in 2027. This growth will be driven almost entirely by non-OECD countries, particularly India and China. Conversely, in OECD countries, demand is expected to remain essentially stable. Recent geopolitical conflicts have significantly increased uncertainty over the outlook for the oil market, although they have not yet substantially altered forecasts for global demand growth. On the supply side, global oil production in 2025 averaged 106.3 million barrels per day. The EIA forecasts that global oil production will rise to around 107.7 million barrels per day in 2026, reaching 108.2 million barrels per day in 2027. OPEC crude production of member countries averaged 33.7 million barrels per day in 2025. The EIA predicts that OPEC crude production will increase to 33.9 million barrels per day in 2026 and to 34.2 million barrels per day in 2027. U.S. crude oil production averaged 13.6 million barrels per day in 2025. EIA forecasts indicate substantial stabilisation in 2026 followed by a more significant decrease in 2027 when production is expected to fall to about 13.3 million barrels per day. This slowdown is primarily attributed to falling crude prices, which have led US producers to reduce drilling activities and investments. The price of coal in 2025 shows a rather variable trend. After a high start in January (108.6 $/ton), there was a drop to 94.4 $/ton in May, followed by a fluctuating trend to 96.4 $/ton in December. The average price for the period under review stood at 97.9 $/ton, representing a decrease of -12.6% compared to 2024 (112.1 $/ton). In 2025, the euro’s appreciation against the dollar further accentuated the downward trend in coal prices expressed in €/ton (-16.1%). For the year 2026, forward curves indicate prices with average values close to 96.6 $/ton. 61 A2A Report on Operations 2025 3\. Scenario and market Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A Report on Operations 2025 4. Analysis of main sectors of activity A2A Report on Operations 2025 4. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 4 Analysis of main sectors of activity 64 A2A Report on Operations 2025 4\. Analysis of main sectors of activity 4.1 Summary of results sector by sector million euro 12.31.2025 Generation and Trading Market Circular Economy Smart Infrastructures Corporate Eliminations Income Statement Adjusted Special items Income statement Reported 01.01.25 01.01.25 01.01.25 01.01.25 01.01.25 01.01.25 01.01.25 01.01.25 01.01.25 12.31.25 12.31.25 12.31.25 12.31.25 12.31.25 12.31.25 12.31.25 12.31.25 12.31.25 Revenue 9,009 7,219 2,271 1,128 383 (5,996) 14,014 49 14,063 \- of which inter-sector 4,763 149 357 371 356 (5,996) Operating expenses (8,176) (6,679) (1,231) (514) (249) 5,996 (10,853) (10,853) \- of which inter-sector (517) (4,930) (438) (108) 3 5,996 6 Personnel expenses (105) (76) (445) (96) (196) (918) (918) Gross Operating Profit (Loss) - EBITDA 728 464 595 518 (62) 2,243 49 2,292 % of revenues 8.1% 6.4% 26.2% 45.9% (16.2%) 16.0% 16.3% Depreciation of Property, plant and equipment and amortization of intangible assets (253) (105) (270) (242) (85) (955) (955) Net impairment losses on non- current assets (2) (7) (9) (4) (13) Other provisions for risks (19) (1) 1 1 (1) (19) (19) Impairment losses on trade receivables (68) (2) (70) (70) Operating Profit (Loss) - EBIT 456 290 322 270 (148) 1,190 45 1,235 % of revenues 5.1% 4.0% 14.3% 23.9% (38.6%) 8.5% 8.8% Net finance income (expenses) (166) 23 (143) Profit (loss) before taxes 1,024 68 1,092 Income taxes (306) (4) (310) Profit (loss) after taxes from continuing operations 718 64 782 Profit (loss) from discontinued operations - - Non-controlling interests (32) (32) Group net profit of the year 686 64 750 Gross capex (1) 341 119 516 535 173 (3) 1,681 - (1) See the items “Capex” in the schedules on Property, plant and equipment and Intangible assets presented in Notes 1 and 2 to the balance sheet. 65 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group million euro 12.31.2024 Generation and Trading Market Circular Economy Smart Infrastructures Corporate Eliminations Income Statement Adjusted Special items Income statement Reported 01.01.24 01.01.24 01.01.24 01.01.24 01.01.24 01.01.24 01.01.24 01.01.24 01.01.24 12.31.24 12.31.24 12.31.24 12.31.24 12.31.24 12.31.24 12.31.24 12.31.24 12.31.24 Revenue 8,519 6,670 2,149 852 353 (5,686) 12,857 12,857 \- of which inter-sector 4,529 145 335 352 325 (5,686) Operating expenses (7.428) (6.135) (1.135) (387) (238) 5.686 (9.637) (9.637) \- of which inter-sector (470) (4,701) (395) (104) (16) 5,686 Personnel expenses (105) (73) (432) (86) (196) (892) (892) Gross Operating Profit (Loss) - EBITDA 986 462 582 379 (81) 2.328 2.328 % of revenues 11.6% 6.9% 2 7.1 % 44.5% (22.9%) 18.1% 18.1% Depreciation of Property, plant and equipment and amortization of intangible assets (253) (85) (267) (201) (78) (884) (884) Impairment losses of fixed assets (1) (11) (1) (1) (14) (14) Other provisions for risks (30) 11 (12) 3 (3) (31) (31) Impairment losses on trade receivables (80) (3) (1) 2 (82) (82) Operating Profit (Loss) - EBIT 702 308 289 179 (161) 1,317 1,317 % of revenues 8.2% 4.6% 13.4% 21.0% (45.6%) 10.2% 10.2% Net financial income (expenses) (121) 15 (106) Profit (loss) before taxes 1,196 15 1,211 Income taxes (352) 33 (319) Profit (loss) after taxes from continuing operations 844 48 892 Profit (loss) from discontinued/held for sale operations - - Non-controlling interests (28) (28) Group net profit of the year 816 48 864 Gross capex (1) 370 115 460 456 112 (1) 1,512 - (1) See the “Investments” items in the statements reported in Notes 1 and 2 regarding Property, Plant, and Equipment and Intangible Assets in the Explanatory Notes to the Statement of Financial Position items. 66 A2A Report on Operations 2025 4\. Analysis of main sectors of activity million euro 12.31.2025 Generation and Trading Market Circular Economy Smart Infrastructures Corporate Eliminations and adjustments Total Group 12.31.2025 12.31.2025 12.31.2025 12.31.2025 12.31.2025 12.31.2025 12.31.2025 Capital employed Non-current assets 3,013 495 3,860 4,390 6,512 (6,035) 12,235 \- Property, plant and equipment 2,745 57 2,711 2,295 364 (37) 8,135 \- Intangible assets and goodwill 403 449 1,403 2,218 141 (2) 4,612 \- Equity investments and other non- current financial assets 44 7 30 \- 6,054 (6,000) 135 \- Other non-current assets/liabilities 28 (14) 24 (76) 14 2 (22) \- Deferred tax assets/ liabilities 210 21 124 (7) 61 1 410 \- Provisions for risks, charges and liabilities for landfills (402) (16) (383) (13) (26) 1 (839) \- Employee benefits (15) (9) (49) (27) (96) \- (196) Net Working Capital and Other Current Assets/ Liabilities (614) 546 65 (329) 64 (3) (271) Net Working Capital: (572) 678 125 (18) (116) (23) 74 \- Inventories 181 1 57 71 2 (1) 311 \- Trade receivables 2,597 1,734 653 257 91 (878) 4,454 \- Trade payables (3,350) (1,057) (585) (346) (209) 856 (4,691) Other current assets/ liabilities: (42) (132) (60) (311) 180 20 (345) \- Other current assets/ liabilities: (51) (132) (57) (290) 79 20 (431) \- Net current tax assets/liabilities 9 \- (3) (21) 101 \- 86 Assets/Liabilities held for sale \- \- \- \- \- \- \- Total capital employed 2,399 1,041 3,925 4,061 6,576 (6,038) 11,964 67 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group million euro 12.31.2024 Generation and Trading Market Circular Economy Smart Infrastructures Corporate Eliminations and adjustments Total Group 12.31.2024 12.31.2024 12.31.2024 12.31.2024 12.31.2024 12.31.2024 12.31.2024 Capital employed Non-current assets 2,874 447 3,522 4,218 5,986 (5,630) 11,417 \- Property, plant and equipment 2,635 56 2,459 2,180 296 (43) 7, 5 8 3 \- Intangible assets and goodwill 408 436 1,314 2,171 120 \- 4,449 \- Equity investments and other non- current financial assets 15 8 37 \- 5,630 (5,590) 100 \- Other non-current assets/liabilities 17 (52) 23 (76) 19 2 (67) \- Deferred tax assets/ liabilities 218 20 134 (12) 60 - 420 \- Provisions for risks, charges and liabilities for landfills (402) (13) (395) (15) (30) 1 (854) \- Employee benefits (17) (8) (50) (30) (109) \- (214) Net Working Capital and Other Current Assets/ Liabilities (228) 607 (15) (171) (69) (8) 116 Net Working Capital: (404) 711 68 15 (79) (32) 279 \- Inventories 202 \- 55 58 5 (2) 318 \- Trade receivables 1,830 1,947 609 242 79 (1,064) 3,643 \- Trade payables (2,436) (1,236) (596) (285) (163) 1,034 (3,682) Other current assets/ liabilities: 176 (104) (83) (186) 10 24 (163) \- Other current assets/ liabilities: 158 (98) (77) (186) 91 24 (88) \- Net current tax assets/liabilities 18 (6) (6) \- (81) - (75) Assets/Liabilities held for sale \- \- \- 394 \- \- 394 Total capital employed 2,646 1,054 3,507 4,441 5,917 (5,638) 11,927 68 A2A Report on Operations 2025 4\. Analysis of main sectors of activity 4.2 1 Total installed capacity of 9.6 GW. Results by sector Generation and Trading Business Unit The activity of the Generation and Trading Business Unit is related to the management of the generation plants portfolio 1 of the Group with the dual purpose of maximizing the availability and efficiency of the plants, minimizing operating and maintenance costs (O&M) and maximizing the profit deriving from the management of the energy portfolio through the purchase and sale of electricity and fuels (gaseous and non- gaseous) and environmental certificated on domestic and international wholesale markets. This Business Unit also includes the activity of trading on domestic and foreign markets of all energy commodities (gas, electricity, environmental certificates). Market Business Unit The activity of the Market Business Unit is aimed at the retail sale of electricity and natural gas and is responsible for providing energy efficiency services. Circular Economy Business Unit The activities of the Circular Economy Business Unit involve managing the integrated waste cycle, which ranges from collection and street sweeping to the treatment, disposal, and recovery of materials and energy, as well as the sustainable management of water and district heating networks. In particular, collection and street sweeping mainly refers to street cleaning and the collection of waste for transportation to its destination. Instead, waste treatment is an activity that is carried out in dedicated centers to convert waste in order to make it suitable for the recovery of materials. Disposal of urban and special waste in combustion plants or landfills ensures the possible recovery of energy through waste-to- energy or the use of biogas. The Business Unit also manages the entire integrated water cycle (water capture, aqueduct management, water distribution, sewerage network management, sewerage treatment) and the activities aimed at selling heat and electricity produced by cogeneration plants (mainly owned by the Group), through district heating networks, and ensures the operation and maintenance of both cogeneration plants and district heating networks. Also included are the activities related to the management services for heating plants owned by third parties (heat management services). Smart Infrastructures Business Unit The Smart Infrastructures Business Unit develops and manages the infrastructures functional to the wide range of services provided by the Group, focusing on technology and innovation. 69 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In particular, the Business Unit’s activity mainly concerns the development and technical- operational management of electricity distribution networks, natural gas transport and distribution networks and the related metering service, characterized by important technological evolutions thanks to the use of smart meters. The Smart Infrastructures Business Unit also develops infrastructures in the field of telecommunications, designs solutions and applications aimed at creating new models of cities and territories and improving the quality of life of citizens. It develops and manages public lighting and traffic regulation systems; finally, it builds and manages a network of recharging infrastructures functional to the electrification of transport. Corporate Corporate services include the activities of guidance, strategic direction, coordination and control of industrial operations, as well as services to support the business and operating activities (e.g. administrative and accounting services, legal services, procurement, personnel management, information technology, communications, landline and mobile telephone service etc.) whose costs, net of amounts recovered from accrual to individual Business Units based on services rendered, remain the responsibility of the Corporate. Below is a summary of the main economic data by business area, with the special items highlighted, thus enabling a clearer representation of the performance of the core business. Therefore, the subject of the analysis below will be the adjusted income statement, presented net of special items, which in 2025 mainly related to revenues of 49 million euro, of which: • 40 million euro relates to the Smart Infrastructures Business Unit and concerns the capital gain resulting from the sale of 100% of the quotas in AP RETI GAS North S.r.l. to Ascopiave; • 9 million euro relates to the Circular Economy Business Unit and is primarily attributable to the price adjustment for the acquisition of the equity investment in TecnoA (WtE Crotone). 70 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Moreover, following the establishment of the new Circular Economy Business Unit, into which the activities of the Waste, Integrated Water Cycle and District Heating sectors have been merged, the values for 2024 were consistently pro forma. Results by sector 2025 million euro Generation and Trading Market Circular Economy Smart Infrastructures Corporate Eliminations and adjustments Income statement Adjusted Special Items Income Statement Reported Revenue from sales and services 8,879 7,1 76 2,225 1,070 345 (5,956) 13,739 - 13,739 Other income 130 43 46 58 38 (40) 275 49 324 Total revenue 9,009 7, 2 1 9 2,271 1,128 383 (5,996) 14,014 49 14,063 Operating expenses 8,176 6,679 1,231 514 249 (5,996) 10,853 - 10,853 Personnel expenses 105 76 445 96 196 - 918 - 918 Gross operating profit (loss) - EBITDA 728 464 595 518 (62) - 2,243 49 2,292 Depreciation, amortization, provisions and impairment losses 272 174 273 248 86 - 1,053 4 1,057 Operating profit (loss) - EBIT 456 290 322 270 (148) - 1,190 45 1,235 Capex 341 119 516 535 173 (3) 1,681 - 1,681 Results by sector 2024 million euro Generation and Trading Market Circular Economy Smart Infrastructures Corporate Eliminations and adjustments Income statement Adjusted Special Items Income Statement Reported Revenue from sales and services 8,369 6,629 2,068 832 318 (5,646) 12,570 - 12,570 Other income 150 41 81 20 35 (40) 287 - 287 Total revenue 8,519 6,670 2,149 852 353 (5,686) 12,857 - 12,857 Operating expenses 7,428 6,135 1,135 387 238 (5,686) 9,637 - 9,637 Personnel expenses 105 73 432 86 196 - 892 - 892 Gross operating profit (loss) - EBITDA 986 462 582 379 (81) - 2,328 - 2,328 Depreciation, amortization, provisions and impairment losses 284 154 293 200 80 - 1,011 - 1,011 Operating profit (loss) - EBIT 702 308 289 179 (161) - 1,317 - 1,317 Capex 370 115 460 456 112 (1) 1,512 - 1,512 71 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 4.3 Generation and Trading Business Unit The following is a summary of the main quantitative and economic data relating to the Generation and Trading Business Unit: 728 million euro Ebitda Adjusted (-26.2% compared to 2024) 437 GWh Photovoltaic production (+14.4% vs 2024) 341 million euro CAPEX 370 million in 2024 (-7.8%) 417 GWh Wind production (-8.8% vs 2024) 3,818 GWh Hydroelectric production (-26.5% vs 2024) 6,379 GWh Thermoelectric production CCGT (+11.6% vs 2024) 72 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Operating figures Net electricity production (GWh) 12.31.2025 12.31.2024 Change % 2025/2024 Net thermoelectric production 6,846 6,189 657 10.6% \- CCGT 6,379 5,718 661 11.6% \- Oil 467 471 (4) (0.8%) Net production from Renewable Sources 4,672 6,032 (1,360) (22.5%) \- Hydroelectric 3,818 5,193 (1,375) (26.5%) \- Photovoltaic 437 382 55 14.4% \- Wind 417 457 (40) (8.8%) Total net production 11,518 12,221 (703) (5.8%) In 2025, the Generation & Trading Business Unit contributed to fulfilling the sales demand of the A2A Group through 11.5 TWh of electricity produced by its plants (12.2 TWh at December 31, 2024). In particular, energy generation from renewable sources amounted to 4.7 TWh, down 22.5% compared to the previous year, due to a 26.5% decrease in hydroelectric volumes as a result of lower hydraulicity and a 8.8% decrease in the contribution of wind power plants as a result of lower windiness. In contrast, the volumes produced from photovoltaic sources increased by 14.4% over the period compared to 2024, thanks to the commissioning and upgrading of a number of plants. Thermoelectric generation amounted to 6.8 TWh, up 10.6% compared to 2024 (6.2 TWh at December 31, 2024). The increase mainly concerned combined cycle power plants following the higher contestable demand due to lower imports and the simultaneous reduction in production from renewable sources. Economic figures million euro 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Adjusted Change % 2025/2024 Revenue 9,009 8,519 490 5.8% Operating expenses (8,176) (7,428) (748) 10.1% Personnel expenses (105) (105) - - Gross operating profit (loss) - EBITDA 728 986 (258) (26.2%) % of Revenue 8.1% 11.6% Depreciation, amortization, provisions and impairment losses (272) (284) 12 (4.2%) Operating profit (loss) - EBIT 456 702 (246) (35.0%) % of Revenue 5.1% 8.2% Capex 341 370 (29) (7.8%) FTE 1,128 1,120 8 0.7% 73 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Revenue for the period amounted to 9,009 million euro, an increase of 490 million euro (5.8%) compared to the previous year, primarily due to higher volumes sold and traded, primarily of electricity. Operating expenses for the period amounted to 8,176 million euro, an increase of 10.1% compared to 2024, primarily due to increased purchases of energy commodities. Personnel expenses amounted to 105 million euro, in line with the previous financial year: the increase in unit costs of about 4% for salary increases (collective contracts and salary policy actions) was offset by lower costs for mobility and redundancy incentives. The Gross operating profit (loss) - EBITDA of the Generation & Trading Business Unit amounted to 728 million euro, a decrease of 26.2%, -258 million euro compared to 2024. The change is mainly due to: • lower hydroelectric generation resulting from a normalization of hydraulicity this year compared with the previous year; • fewer opportunities for hedging and trading energy commodities this year compared with 2024. These effects were partly offset by the higher contribution of thermoelectric production and the increased premium recognized on the capacity market. Depreciation, amortization, provisions, and impairment losses totaled 272 million euro (284 million euro at December 31, 2024), a decrease of 12 million euro compared to the previous year. The change is almost entirely attributable to lower provisions for risks. As a result of the above changes, operating profit (loss) - EBIT amounted to 456 million euro (702 million euro at December 31, 2024). Capex amounted to about 341 million euro (370 million euro in 2024). Development interventions were carried out for 230 million euro, of which: • about 105 million euro related to photovoltaic and wind power plants aimed at accelerating the growth of generation from renewable sources; • about 123 million euro related to combined-cycle thermoelectric plants (the new CCGT plant in Monfalcone) and to energy storage, with these interventions aimed at ensuring flexibility, covering peak demand, and balancing the energy needs of the grid. About 102 million euro related to extraordinary maintenance, of which 67 million euro for thermoelectric plants and 26 million euro for hydroelectric units and photovoltaic plants. About 9 million euro were allocated to activities aimed at complying with legal obligations. 74 A2A Report on Operations 2025 4\. Analysis of main sectors of activity 4.4 Market Business Unit The following is a summary of the main quantitative and economic data relating to the Market Business Unit: 464 million euro Ebitda Adjusted +0.4% compared to 2024 2.086 (#/1000) POD Retail market ele customers free market: 1,592 POD (+3.4% v. 2024) 119 million euro CAPEX 115 million in 2024 (+3.5%) 1.511 (#/1000) PDR Retail market gas customers free market: 1,318 PDR (-4.4% v. 2024) 2,829 Mmc Gas Sales (-9.9% vs 2024) 2 7,5 4 5 GWh Electricity Sales (+12.4% vs 2024) 75 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Operating figures 12.31.2025 12.31.2024 Change 2025/2024 % Electricity Sales Electricity Sales Free Market (GWh) 26,209 21,166 5,043 23.8% Electricity Sales under Greater Protection Scheme (GWh) 155 293 (138) (47.1%) Electricity Sales Safeguard Market (GWh) \- 1,725 (1,725) (100.0%) Electricity Sales Gradual Protection (GWh) 1,181 1,318 (137) (10.4%) Total Electricity Sales (GWh) 27,5 4 5 24,502 3,043 12.4% 12.31.2025 12.31.2024 Change 2025/2024 % POD Electricity POD Electricity Free Market (#/1000) 1,592 1,539 53 3.4% POD Electricity Gradual Protection (#/1000) 413 470 (57) (12.1%) POD Electricity under Greater Protection Scheme (#/1000) 81 86 (5) (5.8%) Total POD Electricity (#/1000) 2,086 2,095 (9) (0.4%) 12.31.2025 12.31.2024 Change 2025/2024 % Gas Sales Gas Sales Free Market (Mcm) 2,718 3,050 (332) (10.9%) Gas Sales under Protection Scheme (Mcm) 96 89 7 7.9 % Gas Sales FUI/FDD 15 \- 15 - Total Gas Sales (Mcm) 2,829 3,139 (310) (9.9%) 12.31.2025 12.31.2024 Change 2025/2024 % PDR Gas PDR Gas Free Market (#/1000) 1,318 1,379 (61) (4.4%) PDR Gas under Greater Protection Scheme (#/1000) 158 170 (12) (7.1%) PDR Gas FUI/FDD 35 - 35 - Total PDR Gas (#/1000) 1,511 1,549 (38) (2.5%) The POD and PDR figures relate to the Mass Market In 2025, the Market Business Unit sold 27.5 TWh of electricity, up 12.4% compared to the previous year, primarily due to a 33% increase in volumes supplied to large customers compared to 2024, partially offset by the Group’s loss of activity in the Safeguard segment. Gas sales, equal to 2.8 billion cubic meters, show a reduction of 9.9% compared to 2024, mainly due to lower volumes destined for large clients. The number of supply points, which stood at 3.6 million at the end of 2025, was essentially in line with 2024, driven by organic growth in the free electricity market, where there was an increase of 3% (+53k), offset by a lower contribution from gradually protected customers and from the gas market. 76 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Economic figures million euro 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Adjusted Change 2025/2024 % Revenue 7,219 6,670 549 8.2% Operating expenses (6,679) (6,135) (544) 8.9% Personnel expenses (76) (73) (3) 4.1% Gross operating profit (loss) - EBITDA 464 462 2 0.4% % of Revenue 6.4% 6.9% - - Depreciation, amortization, provisions and impairment losses (174) (154) (20) 13.0% Operating profit (loss) - EBIT 290 308 (18) (5.8%) % of Revenue 4.0% 4.6% Capex 119 115 4 3.5% FTE 1,140 1,101 39 3.5% Revenue amounted to 7,219 million euro (6,670 million euro at year-end 2024). The increase recorded is mainly attributable to the higher volumes sold in the electricity segment. Operating expenses at year-end 2025 amounted to 6,679 million euro, increasing by 544 million euro compared to 2024 due to the increase in the procurement cost of energy raw materials and costs supporting customer development and management. Personnel expenses amounted to 76 million euro (73 million euro in 2024), an increase of 3 million euro compared to the previous year (+4.1%). This variation was determined partly by the increase in unit costs of about 3% for salary increases (collective agreements and salary policy actions) and partly by the increase in FTE, equal to 1,140 units (1,101 FTE at December 31, 2024). The change is linked to the plan to strengthen the facilities in line with the planned strategic objectives. The Gross operating profit (loss) - EBITDA of the Market Business Unit equalled 464 million euro, an increase of 2 million euro compared to the previous year (462 million euro). The positive effects of the commercial development of the free electricity market, both in the Mass Market segment and in the Medium and Large Business segment, together with the reduction in charges related to retention initiatives, made it possible to fully offset the loss of margin in the Safeguard segment and the lower contribution from the large gas customer segment. Depreciation, Amortization, Provisions and impairment losses totalled 174 million euro (154 million euro in 2024), an increase of 20 million euro due to higher depreciation for investments made in 2025 and lower releases of provisions for tax risks, partly offset by lower provisions for bad debts of 12 million euro, mainly related to the gradual protection segment, including micro- enterprises and households. As a result of the above changes, the Operating profit (loss) - EBIT amounted to 290 million euro (308 million euro at December 31, 2024). Capex in 2025 amounted to 119 million euro (115 million euro in 2024) and related to: • the energy retail segment with 111 million euro for capitalised charges for the acquisition of new customers and for evolutionary maintenance and development work on hardware and software platforms, aimed at supporting billing and customer management activities of the Group sales companies; • the Energy Solutions segment with 8 million euro for energy efficiency projects. 77 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 4.5 Circular Economy Business Unit The following is a summary of the main quantitative and economic data relating to the Circular Economy Business Unit: 595 million euro Ebitda Adjusted +2.2% compared to 2024 1,164 Kton Material recovery disposals (+2.0% vs 2024) 4,763 Kton Waste disposed of (+0.7% vs 2024) 516 million euro CAPEX 460 million in 2024 (+12.2%) 2,306 Kton Energy recovery disposals (+6.0% vs 2024) 2,193 GWh Electricity supplied by WTE and biomass and bioenergy plants (+4,1% vs 2024) 3,132 GWht Heat and cold sales (+1.8% vs 2024) 675 GWht Electricity supplied by cogeneration plants (+8.6% vs 2024) 565 M€ RAB Water Services (+4.2% vs 2024) 78 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Operating figures Waste 12.31.2025 12.31.2024 Change 2025/2024 % Waste collected (Kton) 1,857 1,825 32 1.8% Residents served (#/1000) 3,890 3,943 (53) (1.3%) WTE and other plants electricity sold (GWh) 2,193 2,106 87 4.1% Biomethane (Mm 3 ) 16 13 3 23.1% Waste disposed of (kton) 12.31.2025 12.31.2024 Change 2025/2024 % Energy recovery 2,306 2,175 131 6.0% Material recovery 1,164 1,141 23 2.0% Other 1,293 1,416 (123) (8.7%) Total 4,763 4,732 31 0.7% The quantities reported are gross of intra-group disposals. In 2025, the number of residents served, at 3,890 thousand, decreased by 1%, following the departure of the municipalities of Cantù and Chiari. The amount of WTE and other plants electricity sold by waste-to-energy plants and biomass and bioenergy plants, equal to 2,193 GWh, increased 4% compared to the previous year thanks to the start- up of the Trezzo waste-to-energy plant in the second half of 2024 and the increased availability of the Brescia waste-to-energy plant, partially offset by the lower availability of the Silla WTE plant due to turbine maintenance. Waste disposed of, including intercompany waste, amounted to 4,763 thousand tons, an increase of 1% compared to the previous year: the positive contribution of the energy recovery plants, in particular the Trezzo waste-to-energy plant, was partly offset by the lower volume of waste disposed of at the other plants, which was also due to lower landfill deliveries. The contribution of the material recovery plants also increased: the higher volumes disposed of at the Asti glass plant, the Muggiano plastics plant and the Castelleone OFMSW plant were partly offset by the lower contribution of the Cavaglià plastics plant, following its revamping, and by the lower productivity of the B2B chain, due to lower deliveries and the fire at the Buccinasco plant. 79 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Heat GWht Sources 12.31.2025 12.31.2024 Change 2025/2024 Plants in: 1,372 1,396 (24) (1.7%) \- Lamarmora 184 188 (4) (2.1%) \- Famagosta 51 49 2 4.1% \- Tecnocity 109 76 33 43.4% \- Canavese 107 111 (4) (3.6%) \- Linate and Malpensa 235 231 4 1.7% \- Other plants 686 741 (55) (7.4%) Purchases from: 2,245 2,117 128 6.0% \- third parties 562 476 86 18.1% \- other Group businesses 1,683 1,641 42 2.6% Total Sources 3,617 3,513 104 3.0% Uses Heat sales to end customers 2,994 2,934 60 2.0% Distribution losses 623 579 44 7.6 % Total Uses 3,617 3,513 104 3.0% Cold sales 138 144 (6) (4.2%) Electricity from cogeneration 675 622 53 8.5% District heating sales of heat and cold amounted to 3.1 TWh in the period under review, up 2% compared to the previous year sales volumes, due to the thermal effect. WTE and other plants electricity sold by cogeneration plants amounted to 675 GWh, a 9% increase over the previous year. 80 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Water cycle 12.31.2025 12.31.2024 Change 2025/2024 % Water distributed (Mcm) 67 66 1 1.5% RAB Water (M€) ( * ) 565 542 23 4.2% (*) Provisional figures, underlying the calculation of allowed revenues for the period. The volumes of water distributed in the period under review amounted to 67 Mmc, an increase of 2% compared to the volumes sold in the previous year. The RAB (Regulatory Asset Base) amounted to 565 million euro, up by 4%, thanks to increased investments. Economic figures million euro 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Adjusted Change 2025/2024 % Revenue 2,271 2,149 122 5.7% Operating expenses (1,231) (1,135) (96) 8.5% Personnel expenses (445) (432) (13) 3.0% Gross operating profit (loss) - EBITDA 595 582 13 2.2% % of Revenue 26.2% 2 7.1 % Depreciation, amortization, provisions and impairment losses (273) (293) 20 (6.8%) Operating profit (loss) - EBIT 322 289 33 11.4% % of Revenue 14.2% 13.4% Capex 516 460 56 12.2% FTE 7,991 7,765 226 2.9% In 2025, the revenues of the Circular Economy Business Unit amounted to 2,271 million euro (2,149 million euro at December 31, 2024): the change is attributable to the increase in revenue from waste disposal, higher revenue from electricity and district heating, higher revenue from the water segment permitted for regulatory purposes, fees from the Collection segment following the award of new tenders in certain municipalities in the Val d’Aosta and Liguria regions, and the recognition of white certificates. Operating expenses amounted to 1,231 million euro, up more than 8% compared to December 31, 2024, due to increased gas and electricity procurement expenses. Additionally, there are higher expenses for environmental services and vehicle maintenance in the Collection segment, higher expenses for the purchase of materials and plant maintenance in the Heat segment, and higher expenses related to changes in the scope of consolidation (in particular, the new Val d’Aosta tender, the management of the Trezzo waste-to-energy plant, the acquisition of the Sesto district heating plant, and the acquisition of the companies Biomax, which operates in the bioenergy business, and Novito, which operates in the management of facilities serving the sewerage and wastewater treatment system). Personnel expenses stood at 445 million euro, up 13 million euro compared to 2024. This 81 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group change is largely due to an increase in FTE to 7,991 at December 31, 2025, compared to 7,765 FTE at December 31, 2024, both as a result of changes in the scope of consolidation and of the strengthening of the Collection segment following the new service contract with the Municipality of Milan, as well as planned additions to certain facilities in the Treatment segment. The Gross operating profit of the Circular Economy Business Unit amounted to 595 million euro, up by 13 million euro compared to December 31, 2024. The change is mainly due to: • the Heat segment, which saw an increase of 6 million euro, thanks to higher electricity prices, higher volumes of heat sold, and higher revenues from the sale of white certificates, partially offset by higher operating expenses; • the waste treatment segment, which saw an increase of 11 million euro, thanks to higher revenues from waste disposal and electricity from waste-to-energy plants, and to the higher-than-expected contribution from the Trezzo waste-to-energy plant, which came into operation in the second half of 2024. These effects were partly offset by the lower margins of the other treatment plants, the higher disposal costs of the B2B chain, and the lower margins resulting from the new service contract with the Campania Region for the operation of the Acerra waste-to-energy plant; • the Collection segment, which saw a decrease of 12 million euro, mainly as a result of the new Urban Sanitation Services contract with the Municipality of Milan; • the water cycle segment, which saw an increase of 8 million euro, mainly due to higher permitted revenues. Depreciation, amortization, provisions and impairment losses amounted to 273 million euro (293 million euro in 2024). The change is mainly due to: • higher depreciation of 3 million euro, resulting from the increased investments made during the year, partly offset by the revision of the useful lives of certain treatment plants; • higher net surpluses of -13 million euro, resulting both from lower provisions for landfill and remediation risks due to the increase in discount rates and from surpluses recorded following the settlement of certain disputes that are no longer ongoing; • lower write-downs of fixed assets, amounting to -9 million euro, due to the failure to obtain authorization for the implementation of certain plant construction projects. As a result of these changes, operating profit (loss) - EBIT totaled 322 million euro (289 million euro at December 31, 2024). Capex in 2025 amounted to 516 million euro (460 million euro in 2024) and related to: • 71 million euro for the collection segment, related to the purchase of vehicles for the launch of new concessions; • 197 million euro for the waste treatment sector, for maintenance and development work related to waste-to-energy plants for 92 million euro, of which 42 million euro related to the development of the new Corteolona waste-to- energy plant, and for other treatment plants, such as biomass and bioenergy, material recovery, and OFMSW (organic fraction of municipal solid waste) for 105 million euro; • 112 million euro for the integrated water cycle segment: for maintenance and development work carried out on the water transportation and distribution network and work and for refurbishment of the sewerage networks and treatment plants; • 136 million euro for district heating and heat management: for maintenance and development work on the heat distribution network and new connections. 82 A2A Report on Operations 2025 4\. Analysis of main sectors of activity 4.6 Smart Infrastructures Business Unit The following is a summary of the main quantitative and economic data relating to the Smart Infrastructures Business Unit. 518 million euro Ebitda adjusted +36.7% compared to 2024 535 million euro CAPEX 456 million in 2024 (+17.3%) 1,651 M€ RAB Electricity (+51.6% vs 2024) 1,321 M€ RAB Gas (-23.5% vs 2024) Operating figures 12.31.2025 12.31.2024 Change 2025/2024 % Electricity distributed (GWh) 19,006 11,032 7,974 72.3% Distributed gas (Mmc) 2,250 2,613 (363) (13.9%) RAB Electricity (M€) ( * ) 1,651 1,089 562 51.6% RAB Gas (M€) ( * ) 1,321 1,726 (405) (23.5%) (*) Provisional figures, underlying the calculation of allowed revenues for the period. In 2025, the electricity distribution RAB (Regulatory Asset Base) amounted to 1,651 million euro, up 52%, thanks to the contribution of Duereti as well as the increase in investments made, while the gas RAB amounted to 1,321 million euro, down 23%, due to the sale of the business unit covering the provinces of Brescia, Cremona, Bergamo, Pavia and Lodi to Ascopiave, partially offset by the increase in investments made. 83 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Economic figures million euro 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Adjusted Change 2025/2024 % Revenue 1,128 852 276 32.4% Operating expenses (514) (387) (127) 32.8% Personnel expenses (96) (86) (10) 11.6% Gross operating profit (loss) - EBITDA 518 379 139 36.7% % of Revenue 45.9% 44.5% Depreciation, amortization, provisions and impairment losses (248) (200) (48) 24.0% Operating profit (loss) - EBIT 270 179 91 50.8% % of Revenue 23.9% 21.0% Capex 535 456 79 17.3% FTE 2,522 2,404 118 4.9% Revenue of the Smart Infrastructures Business Unit amounted to 1,128 million euro (852 million euro at December 31, 2024). The change is related to the consolidation of the company Duereti, to higher revenues allowed for regulatory purposes, to the contribution from the sale of white certificates, to higher connection fees to end users, as well as the recognition of the share of revenue to cover Operating expenses in the gas segment, for the years 2020-2024 (as per Resolutions 98 and 87/2025 of ARERA \- Regulatory Authority for Energy, Networks and Environment). These effects were partially offset by decreased revenues from the sale of the gas business to Ascopiave. Operating expenses stood at 514 million euro (387 million euro in 2024), up 127 million euro. The growth is attributable to the consolidation of Duereti, higher expenses for the purchase of white certificates, and higher charges for concession fees and technical and IT services, partially offset by lower expenses resulting from the sale of the gas business to Ascopiave. Personnel expenses amounted to 96 million euro (86 million euro in the previous year). Over 40% of the change is attributable to salary increases following the renewal of the National Collective Labour Agreements for Electricity and Gas/ Water, and to merit-based awards. The remainder is attributable to increased resources: in 2025, FTE stood at 2,522, an increase of 118 FTE due to both the consolidation of resources from Duereti and the increased hiring during 2025, partially offset by the sale of FTE from the gas business to Ascopiave. The Gross operating profit (loss) - EBITDA of the Smart Infrastructures Business Unit in 2025 was 518 million euro (379 million euro at December 31, 2024). The growth in the margin is mainly attributable to the electricity distribution segment and was driven both by the contribution of the consolidation of the company Duereti, for 93 million euro, and by the increase in electricity revenues admitted for regulatory purposes for the companies within the historical perimeter, for 25 million euro. In the gas segment, the 84 A2A Report on Operations 2025 4\. Analysis of main sectors of activity recognition of revenues to cover operating expenses for the years 2020–2024, amounting to 23 million euro, was offset by the lower margin resulting from the sale of the gas business relating to the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi, which amounted to approximately -22 million euro. Depreciation, amortization, provisions and impairment losses equalled 248 million euro (200 million euro at December 31, 2024). The change is mainly attributable to higher depreciation and amortization for 41 million euro due to both the consolidation of Duereti and the investments made in 2025. As a result of the above changes, the Operating profit (loss) - EBIT amounted to 270 million euro (179 million euro at December 31, 2024). Capex in 2025 amounted to 535 million euro (456 million euro in 2024) and related to: • 364 million euro for the electricity distribution segment: for the connection of new users, work on primary plants and secondary substations, work on medium and low voltage networks, and software upgrades; • 137 million euro for the gas distribution segment: for the connection of new users, the replacement of medium and low-pressure pipes, and gas meter maintenance; • 20 million euro in the e-mobility segment for the installation of new recharging stations; • 11 million euro the Smart City segment; • 3 million euro the public lighting segment. 85 A2A Report on Operations 2025 4\. Analysis of main sectors of activity Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 4.7 Corporate Economic figures million euro 01.01.2025 12.31.2025 Adjusted 01.01.2024 12.31.2024 Adjusted Change 2025/2024 % Revenue 383 353 30 8.5% Operating expenses (249) (238) (11) 4.6% Personnel expenses (196) (196) \- - Gross operating profit (loss) - EBITDA (62) (81) 19 (23.5%) % of Revenue (16.2%) (22.9%) Depreciation, amortization, provisions and impairment losses (86) (80) (6) 7.5% Operating profit (loss) - EBIT (148) (161) 13 (8.1%) % of Revenue (38.6%) (45.6%) Capex 173 112 61 54.5% FTE 1,981 1,871 110 5.9% Operating expenses increased by 11 million euro, mainly due to certain expenses centralized at the corporate level and charged back to other Group companies, which in 2024, were recorded directly in the individual companies. Personnel expenses were in line with those of the previous financial year: lower charges for mobility and redundancy incentives were offset by both a higher number of FTE (+110 compared to the previous year, +5.9%) and by the increase resulting from the effects of salary increases (contractual renewals, bonuses, and salary policy actions). The Gross operating profit (loss) - EBITDA, corresponding to the Corporate structure expenses not charged back to the various Group companies in the period under review, amounted to -62 million euro (-81 million in 2024). The change in margins is attributable to higher revenues from A2A Real Estate and lower expenses for mobility and redundancy incentives compared to 2024. Depreciation, amortization, provisions, and impairment losses totaled 86 million euro (80 million euro at December 31, 2024), an increase of 6 million euro compared to the previous year. The change is mainly attributable to higher depreciation and amortization, amounting to 7 million euro, for investments made in 2025. After depreciation, amortization, provisions and impairment losses there was a Net operating loss of 148 million euro (a net operating loss of 161 million euro at December 31, 2024). Capex in 2025 totaled 173 million euro (112 million euro in 2024) and mainly concern interventions on information systems for 87 million euro, interventions on buildings for 73 million euro and investments in cyber security for 6 million euro. 5 Sustainability Statement 88 A2A Report on Operations 2025 5\. Sustainability Statement Follow >> [56, AR19] Table of contents Disclosure requirements Reference ESRS 2 General disclosures BP-1 – General basis for preparation of sustainability statements Pag. 92 BP-2 – Disclosures in relation to specific circumstances Pag. 92 GOV-1 – The role of the administrative, management and supervisory bodies Pag. 94 GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies Pag. 101 GOV-3 – Integration of sustainability-related performance in incentive schemes Pag. 102 GOV-4 – Statement on due diligence Pag. 105 GOV-5 – Risk management and internal controls over sustainability reporting Pag. 106 SBM-1 – Strategy, business model and value chain Pag. 107 SBM-2 – Interests and views of stakeholders Pag. 116 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 122 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities Pag. 119 IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Pag. 88; 354 Environmental information EU Taxonomy Pag. 131; 316 E1 Climate change ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes Pag. 102 E1-1 – Transition plan for climate change mitigation Pag. 141 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 148 ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities Pag. 150 E1-2 – Policies related to climate change mitigation and adaptation Pag. 158 E1-3 – Actions and resources in relation to climate change policies Pag. 159 E1-4 – Targets related to climate change mitigation and adaptation Pag. 167 E1-5 – Energy consumption and mix Pag. 171 E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions Pag. 172 E1-7 – GHG removals and GHG mitigation projects financed through carbon credits Pag. 181 E1-8 – Internal carbon pricing Pag. 182 E2 Pollution ESRS 2 IRO-1 – Description of the processes to identify and assess material pollution-related impacts, risks and opportunities Pag. 184 E2-1 – Policies related to pollution Pag. 184 E2-2 – Actions and resources related to pollution Pag. 185 E2-3 – Targets related to pollution Pag. 188 89 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure requirements Reference E2-4 – Pollution of air, water and soil Pag. 188 E2-6 – Substances of concern and substances of very high concern Pag. 190 E3 Water and marine resources ESRS 2 IRO-1 – Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities Pag. 192 E3-1 – Policies related to water and marine resources Pag. 193 E3-2 – Actions and resources related to water and marine resources Pag. 194 E3-3 – Targets related to water and marine resources Pag. 196 E3-4 – Water consumption Pag. 197 E4 Biodiversity and ecosystems E4-1 – Transition plan and consideration of biodiversity and ecosystems in strategy and business model Pag. 200 ESRS 2 IRO-1 – Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities Pag. 206 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 201 E4-2 – Policies related to biodiversity and ecosystems Pag. 207 E4-3 – Actions and resources related to biodiversity and ecosystems Pag. 208 E4-4 – Targets related to biodiversity and ecosystems Pag. 211 E4-5 – Impact metrics related to biodiversity and ecosystems change Pag. 211 E5 Resource use and circular economy ESRS 2 IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities Pag. 213 E5-1 – Policies related to resource use and circular economy Pag. 214 E5-2 – Actions and resources related to resource use and circular economy Pag. 215 E5-3 – Targets related to resource use and circular economy Pag. 216 E5-4 – Resource inflows Pag. 217 E5-5 – Resource outflows Pag. 218 Social information S1 Own workforce ESRS 2 SBM-2 – Interests and views of stakeholders Pag. 116 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 224 S1-1 – Policies related to own workforce Pag. 225 S1-2 – Processes for engaging with own workers and workers’ representatives about impacts Pag. 229 S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns Pag. 231 S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions Pag. 232 Follow >> << Continue 90 A2A Report on Operations 2025 5\. Sustainability Statement Disclosure requirements Reference S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Pag. 241 S1-6 – Characteristics of the undertaking’s employees Pag. 243 S1-7 – Characteristics of non-employee workers in the undertaking’s own workforce Pag. 246 S1-8 – Collective bargaining coverage and social dialogue Pag. 246 S1-9 – Diversity metrics Pag. 247 S1-10 – Adequate wages Pag. 247 S1-11 – Social protection Pag. 248 S1-12 – Persons with disabilities Pag. 248 S1-13 – Training and skills development metrics Pag. 249 S1-14 – Health and safety metrics Pag. 250 S1-15 – Work-life balance metrics Pag. 251 S1-16 – Remuneration metrics (pay gap and total remuneration) Pag. 252 S1-17 – Incidents, complaints and severe human rights impacts Pag. 253 S2 Workers in the value chain ESRS 2 SBM-2 – Interests and views of stakeholders Pag. 116 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 255 S2-1 – Policies related to value chain workers Pag. 256 S2-2 – Processes for engaging with value chain workers about impacts Pag. 257 S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns Pag. 258 S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action Pag. 260 S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Pag. 262 S3 Affected communities ESRS 2 SBM-2 – Interests and views of stakeholders Pag. 116 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 265 S3-1 – Policies related to affected communities Pag. 266 S3-2 – Processes for engaging with affected communities about impacts Pag. 267 S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns Pag. 269 Follow >> << Continue 91 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure requirements Reference S3-4 – Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions Pag. 270 S3-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Pag. 281 S4 Consumers and end-users ESRS 2 SBM-2 – Interests and views of stakeholders Pag. 116 ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Pag. 286 S4-1 – Policies related to consumers and end-users Pag. 288 S4-2 – Processes for engaging with consumers and end-users about impacts Pag. 290 S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns Pag. 292 S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions Pag. 294 S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Pag. 299 Governance information G1 Business conduct ESRS 2 GOV-1 – The role of the administrative, supervisory and management bodies Pag. 94 ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities Pag. 302 G1-1 – Business conduct policies and corporate culture Pag. 302 G1-2 – Management of relationships with suppliers Pag. 309 G1-3 – Prevention and detection of corruption and bribery Pag. 305 G1-4 – Incidents of corruption or bribery Pag. 306 G1-5 – Political influence and lobbying activities Pag. 307 G1-6 – Payment practices Pag. 314 << Continue 92 A2A Report on Operations 2025 5\. Sustainability Statement 5.1 General disclosures Basis for preparation ESRS 2 BP-1 General basis for preparation of sustainability statement [5a, 5b] This Sustainability Statement, drawn up in accordance with Legislative Decree 125 of 6 September 2024 and the European Sustainability Reporting Standards (ESRS), prepared exclusively at Group level, includes all companies consolidated on a line-by-line basis in the Consolidated Financial Statements. Therefore, the 2025 data also include information from the Acinque Group, which also prepares its own individual Sustainability Statement, as it is obliged to do so under Legislative Decree No.125/2024\. It is also noted that the plants – owned or leased – are consolidated 100% if they are included in the assets of the consolidated companies. In this sense, the activity data of the Acerra Waste-to-Energy Plant, the Caivano plant and the Scandale Thermoelectric Power Plant are not considered, although their emission data are taken into account in the related Scope 3 categories. The Group’s jointly owned material plants are consolidated proportionally. According to this principle, for environmental data, the Mincio thermoelectric plant was 45% consolidated. In addition, note that an analysis was carried out to determine whether the Group had any operational control over affiliated and associated companies, the result of which was negative, so the data and information of these companies were not included in the Sustainability Reporting. [5c] The information presented in the Sustainability Statement reflects what emerged from the double materiality analysis, therefore the impacts, risks and opportunities that emerged as relevant. The evaluations were conducted both in consideration of the Group’s direct operations and in relation to the various value chains in which A2A operates, in addition to its business relationships. For more information on the materiality analysis and the identified IROs, refer to the section “The double materiality analysis”. In this regard, it is specified that the sections on policies, actions, targets and metrics dealt with in this document specify the level of coverage also in relation to the Group’s value chains. [5d] The Group shall not omit any information corresponding to intellectual property, know-how or results of innovation, nor [5e] any disclosure of impending developments or matters in the course of negotiation, pursuant to Article 19 bis, paragraph 3, and Article 29 bis, paragraph 3, of Directive 2013/34/EU. ESRS 2 BP-2 Disclosures in relation to specific circumstances Time horizons [9a, 9b] The definition of time horizons adopted by the A2A Group and the application of these definitions differs from what is defined in ESRS 1, due to a different consideration of the short term. In fact, the time-horizons considered are: • short term: budget year (2026); • medium term: up to 5 years from the end of the short term; • long term: over five years. It should be noted that the Acinque Group defines the time horizons in line with the ESRS 1 Standard. Value chain estimation [10a] Estimates and, in particular, a hybrid quantification method were used to calculate category 1 (purchased goods and services) 93 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group of Scope 3 emissions. 18% of emissions were determined on the basis of actual emissions reported by suppliers during 2024 and subsequently re-proportioned to 2025 purchase volumes, while the remaining share was calculated according to a spend-based approach. For more details, refer to disclosure E1-6. Sources of estimation and outcome uncertainty [11a, 11bi, 11bii] In order to ensure the utmost reliability of the information reported, the use of estimates has been limited to what is strictly necessary. Any estimates adopted are based on the best available information and, where applicable, on sample surveys. Forward-looking information, including future targets and objectives, is by its nature subject to uncertainty and may therefore be subject to revision over time. The possible causes of uncertainty relating to quantitative metrics and/or monetary amounts presented in the Sustainability Statement are explained in detail in the relevant section. Changes in preparation or presentation of sustainability information [13a] Changes in the drafting and presentation of metrics included within this document are detailed in the reference section. In particular, it should be noted that methodological changes have been made to some KPIs of the Sustainability Plan. For details of the changes, refer to the specific disclosure requirements on the objectives. Reporting errors in prior periods [14a] Errors in the drafting and presentation of metrics included within this document are detailed in the reference section, in particular: • ESRS 2 SBM-1 40(d): the 2024 figure relating to revenues from gas has been restated, and consequently the total revenues from fossil fuel sources have also been restated; • ESRS E1-1 16f: the 2024 figure for CapEx in relation to gas-related economic activities has been restated; • ESRS E1-5 AR34: the 2024 figure relating to the percentage of energy consumption from nuclear sources has been restated; • ESRS E1-6 44, 51, 53: the 2024 figures relating to Scope 3 emissions (Category 1 and Category 11) have been restated; consequently, the total GHG emissions and the GHG emissions intensity have also been restated; • ESRS E2-4 AR23c: the 2024 figure for total emissions of pollutants into water has been restated; • ESRS E3-4 29: the 2024 figure relating to water consumption in water-stressed areas has been restated; • ESRS G1-5 AR12a: the 2024 figure for contributions to trade associations has been restated. Disclosures stemming from other legislation or generally accepted sustainability reporting pronouncements [15] The Group reports in the “Appendix” section the reconciliation tables with reference to the recommendations of the Task Force on Nature-Related Financial Disclosures (TNFD). 94 A2A Report on Operations 2025 5\. Sustainability Statement The reference to the Principal Adverse Impact (PAI) indicators provided for in the EU Sustainable Finance Disclosure Regulation (SFDR) are set out in the Appendix in the table “Disclosure requirements of the ESRS covered by the Company’s Consolidated Sustainability Statement” required by the ESRS IRO-2 disclosure. Incorporation by reference [16] The information that has been reported by reference are shown below: • ESRS 2 SBM-1 40aiii. Governance G1 ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies [5a, 5b] The Group’s governance system consists of a Board of Directors and a Board of Statutory Auditors appointed by the Shareholders’ Meeting. The Board of Directors has the broadest powers for the ordinary and extraordinary management of the Company, while the Board of Statutory Auditors performs supervisory functions. In addition, the current Board of Directors has resolved to set up four Committees from among its members: • Control and Risks Committee; • Remuneration and Appointments Committee; • ESG and Territory Relations Committee; • Related Parties Committee. In composing the Committees, the Board of Directors has taken into account the independence requirements and professional characteristics of the Directors, so that each Committee is made up of members whose competence and professionalism are adequate and valued with respect to the tasks assigned to the Committee itself. The Control and Risk, Remuneration and Appointments Committee and the ESG and Territory Relations Committee mainly have a proposal-making function for the Board of Directors, while the Related Parties Committee is in charge of performing the functions as stated in the relevant Consob regulations and in the specific procedure regulating all related party transactions. 95 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In particular, on 28 April 2023, the Shareholders’ Meeting has used the list vote mechanism to appoint the current Board of Directors (BoD) consisting of 12 members in office for three financial years, as indicated in the table below: [21a] Members of the Board of Directors Board of Directors in office as of the date of this document Name Position Role Source list 1 Seniority (years) 2 No. external assignmentsi 3 CCR 4 CRN 5 CESGT 6 CPC 7 Roberto Tasca Chair Executive M 3 0 C 8 Giovanni Comboni Vice-Chair Independent (as per TUF) M 12 0 Renato Mazzoncini CEO/General Manager Executive M 6 0 Fabio Lavini Director Independent (as per TUF/ Code) M 3 1 Maria Grazia Speranza Director Independent (as per TUF/ Code) m 6 1 C 8 Maria Elisa D’Amico Director Independent (as per TUF/ Code) M 3 0 Elisabetta Cristiana Bombana Director Independent (as per TUF/ Code) m 3 0 C 8 Mario Gualtiero Francesco Motta Director Independent (as per TUF) M 6 0 Elisabetta Pistis Director Independent (as per TUF/ Code) M 3 0 Alessandro Zunino Director Independent (as per TUF/ Code) M 3 0 Susanna Dorigoni Director Independent (as per TUF/ Code) M 6 0 Vincenzo Cariello Director Independent (as per TUF/ Code) m 3 0 C 8 1\. M = majority list jointly submitted by the Municipality of Brescia and the Municipality of Milan; m = minority list jointly submitted by a group of minority shareholders consisting of asset management companies and institutional investors. 2\. Approximation to the nearest whole number in the case of co-option during a three-year term. 3\. Number of offices of administration and control in companies other than A2A S.p.A. and companies belonging to the same Group, relevant pursuant to art. 3 of the A2A S.p.A. Board of Directors’ Regulation. (“companies listed on regulated markets, including foreign markets, or companies issuing financial instruments that are widely distributed among the public to a significant extent on the basis of the criteria established by Consob pursuant to Article 116 of Legislative Decree No. 58 of February 24, 1998, as subsequently amended and supplemented”). 4\. Control and Risks Committee 5. Remuneration and Appointments Committee 6. ESG and Local Relations Committee 7. Related Parties Committee 8\. C = Chair 96 A2A Report on Operations 2025 5\. Sustainability Statement [21d] In the Board of Directors, the female component, at 42% of its members, is in line with the Corporate Governance Code, while the percentage of [21e] members who are independent is approximately 67%. There are two members with executive roles. [21b] The Group reports and notes the absence of employee representatives within the administrative, management and supervisory bodies. [20c, 21c] With reference to the Board of Directors in office at the date of this document, the results of the self-assessment of the skills of the members of the Board of Directors are shown below. Energy Management Finance, audit and risk management Legal - Corporate Governance ICT, digital innovation, cyber security Strategy International experience ESG - Climate change HR and organization Elisabetta Bombana Vincenzo Cariello Giovanni Comboni Maria Elisa D’Amico Susanna Dorigoni Fabio Lavini Renato Mazzoncini Mario Motta Elisabetta Pistis Maria Grazia Speranza Roberto Tasca Alessandro Zunino Total A2A (%) 67% 75% 75% 75% 67% 67% 75% 75% 75% [20b, 23, 23a, 23b, 5 G1] The Board of Directors and the Board of Statutory Auditors receive regular training and updates on sustainability topics. By way of example, during 2025, a training session was provided to all members of the Board of Directors of the Board of Statutory Auditors on the Group’s Action Plan for the protection of Biodiversity and Nature. The training and refresher activities have helped strengthen the expertise of the Board of Directors and of management in monitoring and assessing the impacts, risks and opportunities linked to biodiversity and Nature that are most significant for the organisation, including all information relating to the disclosures that are subject to reporting. Sustainability governance [22a] Group leadership plays a relevant role in processes to define any controls and procedures to monitor and manage material sustainability impacts, risks and opportunities. The Board of Directors, in line with the provisions of the Corporate Governance Code, guides the Company, pursuing its sustainable development, and is responsible for approving: • the Group Sustainability Plan; • the Climate Transition Plan; • the Sustainability Statement for the purposes of the Corporate Sustainability Reporting Directive; 97 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • the material impacts, risks and opportunities (and related topics) arising from the double materiality analysis conducted in 2025. The Board of Statutory Auditors, as part of the performance of the functions assigned to it, has supervised compliance with the provisions set forth in Legislative Decree no.125/2024 with particular reference to both the drafting process and the contents of the Sustainability Reporting prepared by the Company. [22c] Governance for managing sustainability impacts The roles and responsibilities most involved in the monitoring, management and supervision of sustainability impacts are described in more detail below: The ESG and Territory Relations Committee carried out its propositional and advisory activities with regard to, inter alia, the development of the Sustainability Development plan through: • the promotion of a strategy that integrates sustainability into the business processes, in order to ensure the creation of value over time for shareholders and all other stakeholders; • the monitoring of the Sustainability Plan, which sets out the commitments and objectives, including those of a quantitative nature, for the development of the Group’s economic, environmental and social responsibility and the definition of the ESG objectives integrated into the Group’s Strategic Plan; • the drafting of the Sustainability Statement according to the Corporate Sustainability Reporting Directive (CSRD) and of Sustainability Reports on a territorial basis; • the analysis of the list of impacts identified through the double materiality assessment and the related evaluation provided by the Group’s internal functions and by the relevant stakeholders. The Committee may intervene on the results obtained in order to determine whether the findings effectively reflect the specific characteristics of the Group; • the dissemination of the culture of sustainability among employees, citizens, schools and, more generally, stakeholders; • the implementation and promotion of structured means of comparison with the territories in which the Group operates, also through the implementation of initiatives of the involvement of all stakeholders (Multi-stakeholder Forum); • the implementation and monitoring of actions proposed during the involvement of stakeholders; • the analysis of the evidence from the assessments of ethical rating agencies; • the analysis of regulatory developments on ESG topics at European and Italian level; • the definition of the Group’s Climate Transition Plan. The Communication, Sustainability and Regional Affairs Officer is responsible for defining the Group’s Sustainability guidelines and policies, preparing and implementing the multi- year Sustainability Plan and communicating it to the various stakeholders, ensuring the integration of ESG topics into the Group’s strategy and the centralised coordination of initiatives and communication activities on the subject. The Sustainability Development structure, coordinated by the Head of Sustainability Development, is responsible for: • ensuring the development and implementation of stakeholder management initiatives aimed at developing the Group’s sustainability, through the organisation of multi-stakeholder forums and the implementation of sustainability reporting at Group and regional level; • Supporting Strategy in defining the Group’s strategy for integrating ESG aspects; • Coordinating the Group’s carbon footprint analysis process, with reference to the stated decarbonisation objectives and the path taken towards Net Zero, in coordination with Strategy and all impacted Group structures; • Overseeing the reporting process relating to the CSRD Corporate Sustainability Reporting Directive, from the analysis of impact materiality to the collection of data points and their consolidation and finalisation; • Ensuring, in line with the objectives of the Business Plan, for the part under its responsibility and in coordination with the competent structure (Brand Strategy, 98 A2A Report on Operations 2025 5\. Sustainability Statement Communication and Media Planning), the definition and implementation of the Communication Plan; • Ensuring the development of Sustainability- related content and studies to be provided across all corporate structures and BUs responsible for dissemination to the media and institutions; • Oversee the development of projects to promote the dissemination of the culture, principles and content of sustainability within and outside the Group, in collaboration with Brand Strategy, Communication and Media Planning; • Managing relations with ethical rating agencies and managing dialogue with “green” investors, in collaboration with Investor Relations; • Overseeing the evolution of Italian and European ESG regulations, in coordination with International Trade Compliance and Sustainability Regulation Compliance and European and International Public Affairs. [22c] Governance for managing sustainability risks The Group has set up a Risk Management function that uses a risk measurement and detection process on the basis of the Enterprise Risk Management (ERM) method, developed in order to make business risk management an integral and systematic part of the business management processes. Such activities are carried out in accordance with the “Guidelines for the Internal Control and Risk Management System” approved by the Board of Directors and adopted by Group companies 1 . The ERM process and method are formalized in the internal regulatory document “Enterprise Risk Management Policy”. The A2A Group has an Internal Control and Risk Management System (ICRMS), consisting of the set of rules, procedures and organisational structures aimed at allowing the identification, measurement, management and monitoring of the main risks to which the A2A Group is exposed. The Enterprise Risk Management process is 1\. Subsidiaries are required to establish and maintain an adequate and functioning Internal Control and Risk Management System in compliance with the management and coordination of A2A SpA and the Guidelines of the A2A Group. an integral part of the System. The RMICS is based on the articulation of controls on three levels and establishes the control activities at each operational level, identifying tasks and responsibilities, in particular in the phases of setting up and defining the control system, supervision and intervention and correction of irregularities found, also in order to ensure coordination between the various parties involved in the ICRMS. These activities take the form of: • line or first-tier control, consisting of the set of control activities and specific risk treatment actions that the individual functions/ organisational structures or Group companies perform on the processes under their responsibility in order to ensure the proper execution of operations; management and operating structures are therefore primarily responsible for the internal control and risk management process; • second-tier control, entrusted to the corporate functions dedicated to managing compliance and governance models related to specific corporate risks (e.g. Risk Management, Legal, Compliance, Financial Reporting Manager, specialised compliance functions in the areas of Environment, Health, Safety and Quality, Taxation, Security, Regulatory Affairs, Sustainability) in order to ensure the efficiency and effectiveness of operations, adequate risk control, prudent conduct of business, reliability of information, compliance with laws, regulations and internal procedures; • third-tier control, entrusted to the Internal Audit function, which ensures independence in assessing the suitability and adequacy of the ICRMS, also by verifying line controls and second-tier control activities. Subsidiaries are required to establish and maintain an adequate and functioning Internal Control and Risk Management System in compliance with the management and coordination of A2A SpA and the Guidelines of the A2A Group. 99 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The roles and responsibilities most involved in the monitoring, management and supervision of risks are described in more detail below: The Board of Directors plays a role in guiding and evaluating the adequacy of the Internal Control and Risk Management System and identifies a Control and Risk Committee from among its members, with the task of supporting the Board’s evaluations and decisions relating to the ICRMS, as well as those relating to the approval of periodic financial and non-financial reports. Furthermore, it identifies the Chief Executive Officer as the Director in charge of establishing and maintaining the ICRMS. The Control and Risk Committee is tasked with assisting the Board of Directors and, as far as it is competent, the Chair and the CEO of the Company, with regard to assessments and decisions concerning the internal audit and risk management (ICRMS) system and the approval of periodic financial and non-financial reports. The Risk Control Committee periodically reviews all risks to which the A2A Group is exposed, including climate, environmental, social and governance risks. The Chief Executive Officer is entrusted by the Board of Directors with the establishment and maintenance of the ICRMS and, in the performance of his duties, among other activities, he is responsible for identifying the main corporate risks, taking into account the characteristics of the activities carried out by A2A S.p.A. and its subsidiaries, and periodically submits them to the Control and Risk Committee and to the Board of Directors for review. The Head of the Group Risk Management function supports the Chief Executive Officer in the activities of identifying, assessing, monitoring, prioritising and reporting the main risks to which the A2A Group is exposed, and is responsible for: • designing, managing and developing the Group’s Enterprise Risk Management model; • coordinating and monitoring the development and implementation, by the competent Organisational Structures, of frameworks, tools and operating processes designed to ensure adequate risk management and compliance information flows; • ensuring adequate and concise reporting flows on risk to the Chief Executive Officer, the Control and Risk Committee and the relevant corporate bodies, based on the Risk Assessment processes in place; • promoting a managerial culture on the subject of risk. The Group Risk Management structure reports to the head of the Strategy and Growth organisational structure, which in turn reports to the General Manager of A2A S.p.A. The Group Risk Management structure is responsible for coordinating the process of monitoring and measuring the risks to which the A2A Group is exposed according to the methodology formalized in the “Enterprise Risk Management Policy”. The assessment is carried out every six months and is extended to the entire scope of the A2A Group, i.e. the Business Units, subsidiaries and staff Organisational Structures of the parent company. It is conducted through interviews with the Risk Owners, who are usually identified as the Managing Directors of the companies and/or staff Organisational Structures. The ERM process takes into account all the possible risks to which the A2A Group is exposed, including climatic, environmental, social and governance risks, and assesses their impact on the company, with reference to both economic-financial and reputational aspects (the figure below shows the A2A Group’s Risk Model). 100 A2A Report on Operations 2025 5\. Sustainability Statement The risk profiles of the Group and its subsidiaries are assessed every six months by the Risk Control Committee and the Board of Directors of the parent company, while those of the Companies with Significant Strategic Value (CSSV) are assessed by their respective Boards of Directors. The Acinque Group has its own Risk Management process, the results of which have been integrated into this Sustainability Statement. The A2A Group’s risk model • Climatic-physical changes • Climatic- transitional changes • Natural events • Commodity • Interest rate • Exchange rate • Liquidity • Counterparty • Cost of capitals • Legislative and regulatory amendments • Macroeconomic context • Macroeconomic context • Fiscal and tax • Legal disputes • Strategic initiatives and business plan • Capital Expenditure/ Divestments • Governance • Innovation Type Type Category Category Drivers Drivers Natural events Financial Competitive- regulatory area Direction • Environmental • Business interruption • Service level to customers • Environmental charges • Credit • Procurement • Security • Compliance • Internal skills • Health and safety • Information infrastructure • Integrity and security Operational Human Resources Information Technology Internal External Strategic 101 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group ESRS 2 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies [26a] On a monthly basis, the ESG and Territory Relations Committee is informed by the Director of Communication, Sustainability and Regional Affairs, supported by the Sustainability Development function, on sustainability topics, including aspects related to the impacts generated by the Group on the environment and society. The meetings cover the progress towards the achievement of the Sustainability Plan objectives, the monitoring of the Group’s decarbonisation strategy and engagement activities with stakeholders on climate change and ecological transition issues, as well as specific activities carried out during the reporting period to enhance the Group’s ESG profile. The Chair of the ESG and Territory Relations Committee reports to the Board of Directors on the main topics discussed in the Committee prior to the Board meeting. The Managing Director also keeps the Board of Directors constantly informed about the progress of the implemented corporate strategy. On the other hand, the Audit and Risk Committee is informed on a half-yearly basis by the Enterprise Risk Management function about risks that are relevant for the Group (i.e. that have a potential significant economic-financial or image impact) from an ESG perspective. The processes reported reinforce the management of material issues for the Group. For more information, refer to the disclosure requirements on Double relevance IRO-1 and SBM-3 in this chapter. [26b, 26c] As part of the definition of the Strategic Plan, the Sustainability Development function is required to update the analysis of the main sustainability trends that may affect the Group and its businesses. In this sense, the function analyses the assessments made for the materiality analysis and the results thereof, in concert with other Group functions, and in particular the ERM function, in order to actualise the considerations and include them as drivers for defining the Strategic Plan guidelines, together with scenario analyses and sector benchmarks. This study is then brought, together with the Strategy function, to the attention of the CEO who evaluates the results and defines which ESG topics should be addressed in the long-term strategy. The ESG objectives defined in the Strategic Plan are presented, before being approved by the Board of Directors, to the ESG and Territory Relations Committee, which assesses their consistency with the identified guidelines. In particular, during 2025, issues related to Biodiversity and Nature were dealt with by the ESG and Territorial Relations Committee, due to the implementation of the related Action Plan and issues related to the mitigation of changes due to the definition of the Group Transition Plan. 102 A2A Report on Operations 2025 5\. Sustainability Statement ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes Short-term variable compensation [29a, 29b, 29c] The General Manager’s MBO incentive scheme includes ESG KPIs that have a weight of 50% of the overall score. Details are as follows: KPIs Weight Minimum Target Maximum Eco-Fin Ebitda 30% 92.5% Target Budget 107.5% Target Group Capex 20% 85% Target 92.5% Budget Target ESG – Strategic Projects Circular Economy: 1\. Water purification 2\. Bioenergies 6% 6% Achievement sum of the individual weighted objectives Energy Transition 1\. FER shipyards 2\. Electricity customer base growth 3\. Boyle (finalization of the Ascopiave deal) operation and consequent reorganisation 4% 4% 4% Achievement sum of the individual weighted objectives Corporate 1\. CSRD 2\. Transition Plan 3\. Social Housing 4% 4% 2% Achievement sum of the individual weighted objectives ESG – SOCIAL KPIs Reduction of injuries 8% Minimum Target Maximum DE&I 1\. Women Managers % Increase 2\. Increased presence of women on the Boards of Directors of subsidiaries/ affiliated companies 3\. % increase in women hired 2.6% 2.8% 2.6% Achievement sum of the individual weighted objectives GM MBO Pay-Out 60% 100% 140% 103 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The final balance of the MBO of the Chief Executive Officer and General Manager is validated by the Remuneration and Appointments Committee and the Board of Directors, as well as approved by the Shareholders’ Meeting as part of the Remuneration Report. [E1 13] As part of the General Manager’s short-term incentive system, it is specified that the percentage of remuneration linked to climate change KPIs is 16%, of which 4% is dedicated to the Climate Transition Plan and 12% is dedicated to bioenergy targets and water purification projects. The objective relating to the Climate Transition Plan is also present for some Strategic Directors. Long-term variable compensation The long-term variable remuneration includes ESG KPIs with a weight of 30% of the total of the scheme, which is addressed not only to the General Manager and Chief Executive Officer, but also to the Key Executives 2 , and provides for the targets indicated in the table below: LTI Data sheet 2023-2025 KPIs Weight Minimum Target Maximum Eco-Fin Group Operating Cash Flow accumulated over the three years of the Plan 35% 92.5% Target Budget 107.5% Target TSR A2A TSR placement compared to a panel of listed companies in Italy comparable to A2A (Acea, Enel, Eni, Erg, Hera, Iren, Italgas, Prysmian, Saipem, Snam and Terna) 35% Median Third quartile ESG Composite ESG KPI 30% Minimum Target Maximum LTI Pay-Out 70% 100% 130% 2\. Key Executives shall refer to those individuals who, by virtue of the position held in A2A’s organisational structure, have, from time to time, the power and responsibility, directly and indirectly, of planning, directing and controlling the activities of the Company and the Group, by undertaking the role of Head in the following corporate functions: • Head of the Circular Economy Business Unit; • Head of the Market Business Unit; • Head of the Generation and Trading Business Unit; • Head of People and Transformation; • Head of Digital & Innovation; • Head of Administration, Finance and Control; • Head of Strategy and Growth; • Head of Legal Affairs and Compliance; • Head of Communication, Sustainability and Regional Affairs. 104 A2A Report on Operations 2025 5\. Sustainability Statement The Composite ESG KPI consists of 7 fundamental objectives for the creation of sustainable value for A2A in the long term. Composite ESG target KPI SDG of reference Weight % Installed capacity for electricity generation from renewable sources (wind, photovoltaic, hydroelectric) - GW 20% Electricity sold to end customers on the certified free market from renewable sources \- GWh 20% Share of energy recovered from industrial processes and from renewable sources, used to feed the district heating network, compared to the share of total energy used for TLR - % 20% Amount of waste treated at material and energy recovery plants of the Group \- Mt 10% Biomethane production from the Group’s plants \- Sm3 10% Share of Group debt covered by ESG Finance products (Green Bond, Sustainability-Linked Bond) - % 10% Share of orders from suppliers assessed according to sustainability criteria, compared to total order value - % 10% For the Chief Executive Officer/General Manager, the percentage of the LTI amount allocated is 35% of the gross annual salary. The final balance of the LTI is validated by the Remuneration and Appointments Committee and the Board of Directors, as well as approved by the Shareholders’ Meeting as part of the Remuneration Report. For more information, refer to the Remuneration Report published on the company website. 105 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group ESRS 2 GOV-4 Statement on due diligence [32] In the context of preparing the Sustainability Statement, the Group has started a process of mapping information relating to its due diligence practices, while recognising that at the moment there is no structured process or formal policy explicitly and specifically dedicated to this area. The initiatives and activities listed in the following table contribute significantly to building a framework for managing the impacts that the Group causes or could cause in environmental, social and governance terms. The efforts undertaken are the foundation on which a more articulated strategy will be built in the future, when the European regulatory guidelines are definitive. Due diligence Elements of Due Diligence Reference paragraphs of the Sustainability Statement a) Embedding due diligence in the governance, strategy and business model • ESRS 2 MDR-P; G1-1; ESRS S1-1; ESRS S2-1; ESRS S3-1; ESRS S4-1 b) Engaging with stakeholders in all key steps of due diligence • ESRS 2 SBM-2; ESRS 2 IRO-1; SBM-3; ESRS 2 GOV-2; G1-2; S1-2; S2-2; S3-2; S4-2 c) Identifying and assessing negative impacts • ESRS 2 IRO-1; SBM-3; ESRS 2 GOV-4 d) Taking actions to address negative impacts • S1-3; S2-3; S3-3; S4-3 e) Tracking the effectiveness of these efforts and communicating • E1-3; E2-2; E3-2; E4-3; E5-2; S1-4; S2-4; S3-4; S4-4 106 A2A Report on Operations 2025 5\. Sustainability Statement ESRS 2 GOV-5 Risk management and internal controls over sustainability reporting [36a] In 2025, activities continued to strengthen the Internal Control System on Sustainability Reporting, with the aim of ensuring greater reliability, accuracy and compliance with the required standards. To achieve this goal, a risk management and internal control model was defined and progressively implemented, designed to oversee the quality of data and support the Chief Executive Officer and the Financial Reporting Manager, in issuing certificates to the market regarding the compliance of the Sustainability Statement with the reporting standards provided for at European level (ESRS) and the specifications adopted pursuant to Regulation (EU) 2020/852 (referred to as EU Taxonomy). The model was designed in accordance with the Internal Control Integrated Framework (CoSO Framework ICRMS) and the CoSO ICSR (Internal Control over Sustainability Reporting) Guide, which represent the benchmark against which each component of the A2A Group’s internal control system is established, maintained and evaluated. The approach adopted starts with the identification of the data subject to disclosure, deriving from the double relevance analysis, and continues with the evaluation and prioritisation of the indicators based on the level of risk and materiality. This analysis takes into account both internal factors, such as business processes and sustainability policies, and external factors, such as stakeholder expectations, rating agencies and sustainable finance. Once the most critical indicators have been identified, the model provides for the analysis of the processes that generate them, defining the risks and controls necessary to ensure that the data comply with the qualitative characteristics required by the ESRS: relevance, faithful representation, comparability, verifiability and comprehensibility. [36b] The risk analysis at process level is based on the ‘assertions’ or reporting principles defined by the ESRS standards, consistently with what is used in financial reporting, and in line with the guidelines provided in this context by the CoSO ICSR (Internal Control over Sustainability Reporting) Guide. Furthermore, the Internal Control over Sustainability Reporting operates in line with current regulations and corporate governance principles, and is fully integrated into the Group’s Internal Control and Risk Management System. In particular, the sustainability information control and reporting system was designed considering the following main components: • a process of defining the scope of the Group companies to be included in the evaluation of the control system on the sustainability information reporting process (scoping), determined in relation to the specific level of relevance, both in quantitative terms (for the level of significance of the potential impact on consolidated sustainability reporting) starting from the material sustainability topics identified through the double materiality analysis, both in qualitative terms (taking into account the specific risks related to the business, the process or the issue/topic presented in the consolidated sustainability reporting). This analysis made it possible to classify the reported indicators into five risk levels (high, medium-high, medium, medium-low and low) and to identify the Group companies that contribute most to consolidated reporting; • a process of identifying the main risks associated with the sustainability information reporting process (key risks) and the key controls (control risks) to monitor the risks identified, represented in control matrices (Risk and Control Matrix) that describe, among other things, the risks and associated control activities for each Disclosure Requirement considered relevant for the purposes of the sustainability reporting process. [36c] The main potential reporting risks identified, considering the “qualitative characteristics of the information” governed by the ESRSs, include the inaccuracy and incompleteness of the data collected, the inaccuracy of the estimates and the calculation of the indicators, the lack and/or untimely availability of data, the lack of authorisation 107 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group of data and the lack of alignment with the requests of the ESRSs. It should be noted that risk-mitigating controls, namely Entity Level Controls and Process Level Controls, have been identified with reference to the defined scope (such as, merely by way of example, controls: (i) approval and management review; (ii) data reconciliations; (iii) automatic controls (calculation and correct imputation in the systems); (iv) logical access and traceability of operations; (v) analysis of deviations from time series). • a set of corporate procedures relevant to the preparation and dissemination of sustainability reporting; • [36d] process of continuous monitoring of the adequacy and effective application of company procedures through periodic verification of the design and effective operation of key controls (testing), with the definition of any corrective action and/or improvement plans, as well as the evaluation of Entity Level Controls with reference to the Sustainability Reporting process; • [36e] structured reporting process to the Board of Directors, also through the Control and Risks Committee and the ESG and Territory Relations Committee, which guarantees, among other things, adequate information about the results of monitoring activities carried out regarding relevant company procedures; • an internal certification process, by virtue of which the delegated administrative bodies of Group companies and the heads of organizational units/departments, for the areas under their responsibility, are required to submit declarations to the Financial Reporting Manager on the completeness and reliability of the relevant information flows and the proper functioning of the internal control system for the purposes of preparing Sustainability Reporting; • external attestation process, based on the reports and declarations made by the Financial Reporting Manager pursuant to article 154-bis of the TUF as amended; • a training process of the players involved in the activities related to the maintenance, development and monitoring of the Company’s sustainability information control and reporting model. The Company, through the Financial Reporting Manager, implements and executes the control and reporting system for sustainability information, and also plans and carries out periodic checks on the operational effectiveness of the controls in support of the certification process for sustainability reporting. The Financial Reporting Manager interacts and cooperates with the corporate bodies and the Group’s corporate organisational structures in order to ensure the correct and effective performance of the assignment received. The sustainability information control and reporting system of the Company and the Group involves an ongoing process of updating and maintenance aimed at ensuring the effectiveness and coordination of the main elements of the system, with respect to the organizational and governance evolution of the Company and the Group. Strategy ESRS 2 SBM-1 Strategy, business model and value chain The A2A business model [42] The A2A Business Model seeks to create shared sustainable value for the company over time and for its reference community. As a Life Company, the Group is oriented to improving the quality of life of local residents and businesses operating in the reference territories by offering essential services, guaranteed by the highest quality and efficiency standards: waste collection and treatment, production of electricity, sale of electricity and natural gas, distribution networks and district heating, water treatment, public lighting, charging infrastructure for electric mobility and IoT (Internet of Things) technologies for smart cities. The solidity of A2A’s presence meets the change of sectors that evolve constantly, giving rise to a constant path of sustainable growth. 108 A2A Report on Operations 2025 5\. Sustainability Statement [40ai, 40aii] The business segments in which the Group operates are attributable to the Business Units (BU) described below: Generation and Trading • Thermoelectric, hydroelectric, wind and photovoltaic plants • Energy Management Wholesale electricity and gas market, dispatch operators, energy utilities and traders, large industrial customers with dedicated supply contracts (PPA). Smart Infrastructures • Electricity Networks • Gas networks • Development and management of technological infrastructure for integrated digital services • Public lighting • Electric mobility Municipalities, public bodies, resident citizens and small and large companies. Circular Economy • Waste collection and street cleaning • Treatment • Disposal and energy recovery • Integrated water cycle • District heating services • Heat management services Municipalities, public bodies, resident citizens, domestic customers, small and large companies. Market • Electricity and gas sales • Energy efficiency Domestic customers, SMEs, large companies, condominiums, public lighting. Corporate • Corporate services [40aiii] The Group has a total of 14,959 employees (of which 9 abroad and the remainder in Italy), and operates almost exclusively in Italy, with the exception of the management of some wind and photovoltaic plants in Spain. The geographical distribution of the Group is shown in the map on page 14. 109 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [40di] In particular, it should be noted that the Group operates in the fossil fuel sector (oil and gas). Below is the statement of revenues relating to the sector: Revenues from fossil fuel sector u.m. 2025 2024 Revenues from oil millions of euro - – Revenues from gas 3 millions of euro 2,311 326 Total revenues of the fossil fuel sector millions of euro 2,311 326 Revenues from economic activities aligned with the taxonomy related to fossil gas millions of euro - – 3\. Revenues refer to the transport, distribution, trading and sale of gas, excluding intra-group revenues. The A2A strategy The Strategic Plan [40g] The November 2025 update to the Strategic Plan for 2024-2035 maintains the industrial growth objectives defined in the previous Plan. The strategy, which remains centred on the two pillars of Energy Transition and Circular Economy, relaunches industrial objectives by strengthening core businesses and evolving thanks to new developments. The Plan envisages investments of 23 billion euro. More than 35% of the investment program has already been completed or is in progress. The 23 billion euro of investments are divided into 7 billion euro for the Circular Economy and 16 billion euro for the Energy Transition, which will enable the Group to achieve an EBITDA of 3.6 billion euro and a net profit of over 1.1 billion euro by 2035. The Group’s ambition for 2035 is growing on both pillars: for the Energy Transition, 4 billion euro of RAB in electricity networks, 3.7 GW of wind and photovoltaic capacity and 5 million customers are planned; for the Circular Economy, 6.6 million tonnes of waste treated and new data centres to be built using energy assets as a development platform. Energy Transition The acquisition of the electricity distribution networks in the provinces of Milan and Brescia has enabled the A2A Group to consolidate its position as a leading national operator and promoter of the electrification process that is transforming the sector. Thanks to a 4.9 billion euro investment plan, the infrastructure managed will be more resilient and ready to face the challenges of the future. In this sense, e-mobility also remains an essential part of the business portfolio, with the aim of installing 16 thousand charging points by 2035, adopting a growth strategy focused on optimising their performance profile. 110 A2A Report on Operations 2025 5\. Sustainability Statement A2A’s growth in renewable generation continues, with a targeted development strategy that confirms the target of 3.7 GW of installed wind and photovoltaic capacity by 2035. The integration of new assets in this area and the renewal of the thermoelectric fleet with high- efficiency plants will ensure an ever greater diversification of the generation mix, which already boasts multiple risk mitigation levers, including natural hedging with the Group’s customer base. In the Retail sector, in a very dynamic market context in the domestic segment, A2A confirms the target of 5 million customers by 2035, of which about 70% are electric. In the sale of energy to industrial customers, the Group, already strong with a market share of more than 10%, aims to further increase the volumes sold also through PPA contracts (Power Purchase Agreement) that guarantee the stabilisation of margins. Circular Economy The new Circular Economy Business Unit was established to promote the operational integration between different areas with synergistic characteristics. Today, the BU includes waste management, water cycle, district heating, energy efficiency and, more recently, activities related to the development of data centres. These digital infrastructures represent the main novelty of the Plan Update, which presents the A2A Group both as an energy partner for operators in the sector – for supply, electricity networks and thermal management – and as a direct developer, thanks to its positioning in the areas with the greatest potential. Investments of 1.6 billion euro are planned for the construction and management of new data centres, leveraging the Group’s energy assets as key elements for the development of these digital hubs. A2A intends to consolidate its leadership position in the environmental sector by 2035, with the management of approximately 6.6 million tonnes of waste The planned investments are aimed at reducing the national plant gap and implementing enhancement strategies, through the recovery of energy and materials. New geographies The Group is extending the territorial horizon of the Strategic Plan beyond national borders, aiming at greater geographical diversification. Expansion is planned into new countries selected on the basis of market potential and performance and speed of development criteria, to reduce execution risk and maximise return. Expansion initiatives will be selected as alternatives to projects in Italy and with the same level of investment. The projects will focus on the key sectors of the Waste-to-Energy and Power supply chains, leveraging A2A’s distinctive expertise in energy recovery from waste and generation and evaluating the integration of upstream and downstream activities. This multi-chain approach will allow a path of sustainable growth within the selected countries. The Group’s strategy is based on an “anchoring platform” model, with internationalisation that will take place through acquisitions or partnerships in the prioritised supply chains, followed by organic development in successive steps to consolidate its presence in the medium to long term. The Sustainability Plan [40e, 40f] In a context where the focus on sustainability topics would seem less intense than in the past, for the Group’s stakeholders these aspects remain central and are evolving: Scope 1, 2 and 3 objectives and the Net-Zero goal are now fundamental criteria for investors, the circular economy is a distinctive element, the environmental perspective is expanding towards the concept of nature, innovation becomes an engine of transition and attention to social issues and the supply chain is growing. In this scenario, the Group’s Sustainability Plan, including a selection of KPIs and targets for the relevant IROs, is the tool with which the Group’s action is directed, defining objectives and KPIs for all business areas and guiding the creation of sustainable value for A2A and its stakeholders. The Sustainability Plan is fully integrated with the Strategic Plan, maintaining temporal coherence 111 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group and including, in addition to the pillars of the Circular Economy and the Energy Transition, the enabling factors necessary for a fair and just environmental transition: Digital, Governance and People Innovation. The pillars of the Sustainability Plan and the related areas of action are illustrated below. The details of the KPIs and the targets of the Plan are then reported in the paragraphs relating to the reference topics. Energy transition • Renewables: increase the proportion of energy produced from renewable sources; • Emissions: develop actions aimed at reducing the carbon footprint, both in terms of direct and indirect greenhouse gas emissions; • Sustainable mobility: develop sustainable internal and external mobility solutions, through the promotion of electric mobility; • Green energy and end-use energy efficiency: contribute to the reduction of emissions of end customers through the sale of green energy and the development of energy efficiency measures for public and private real estate assets; • Smart Grid: develop solutions to offer a better information access infrastructure (Smart Grid) and improve the grid resilience as well as to contribute to the growing electrification of consumption. Circular Economy • Waste recovery and treatment: promote separate collection in the municipalities where the Group carries out the service and improve the recovery process of waste collected (including through their transformation into energy); • District heating: help to reduce the environmental impact of cities, paying particular attention to air quality by implementing district heating and promoting the use of waste heat from other industrial processes to fuel it; • Water: implement actions to reduce water consumption in capture and distribution processes, reduce water dispersion and improve the quality of water returned to the environment; • Waste reduction policies: to reduce the production of waste through prevention, reduction and reuse policies and projects; • Real Estate: ensure maximum energy efficiency and minimum environmental impact through BAT also for the Group’s assets. People Innovation • Responsible Procurement: develop initiatives aiming to spread the culture of sustainability amongst contractors and other suppliers; • Transparency and Stakeholder Engagement: develop sustainability reporting and an adequate information system for planning and control. Develop external stakeholder engagement activities, strengthening the relationship with the territories in which the Group operates; • Education: consolidate and, where possible, improve the environmental education and promote the awareness of risks associated with climate change in public opinion; • Health and safety: consolidate the training and prevention plan to reduce injuries and develop new initiatives for worker health and safety; • Internal engagement: develop a systematic listening system to employees, promoting dialogue and collaboration; • MbO and Performance Management: promote and develop sustainability objectives in the MbO system (correlation between management remuneration and KPIs Sustainability); • Training: implement training routes aimed at optimising and requalifying competences and professional development (including on matters such as sustainability, anti-corruption and human rights); 112 A2A Report on Operations 2025 5\. Sustainability Statement • Organisation Wellness: implement the best business organisation systems for effective development of all work processes; • Welfare, Diversity and equal opportunities: develop innovative welfare policies, also in connection with the promotion of gender equality, and enhance skills through a generational bridge that allows for the transfer of knowledge and experience between the junior and senior populations; • Vulnerable groups: identify new needs and development of related interventions to enable the most inclusive access to energy possible. Digital • Quality: maintain high quality standards of the services supplied by keeping high customer satisfaction levels; • Innovation and R&D: develop capital expenditures in research and development, increasing the number of partnerships with international research centres and universities. Develop new technologies, patents for technological innovation. Governance • Biodiversity: participate in projects aiming to protect the soil and protected species, monitoring and protecting biodiversity in the territories of competence. Value chain [42, 42a, 42b, 42c] During the reporting year, the Group mapped both its own activities and those of its value chains in a timely manner. This process initially involved an in-depth analysis of the characteristics of the Group’s business model and, subsequently, also through the involvement of the most representative corporate structures, the activities managed outside the Group were examined. Below is a description of the 5 main value chains within which A2A’s business model fits, also transversally among them (for example, through the generation of heat from waste-to- energy, A2A is present transversally among the value chains relating to Heat and Waste Management): • Electricity: all activities relating to the generation of electricity from different sources, including the recovery of energy from waste treatment, to its transmission, dispatch, distribution and measurement, to its wholesale and retail trading and to its end use. A2A is part of the value chain with all its four Business Units, through generation from traditional sources, wind, solar and hydroelectric power, electrical storage and hydroelectric pumping services, wholesale buying and selling and trading, distribution and metering, retail sales and E-mobility charging infrastructure services. On the other hand, as far as generation from fossil fuels is concerned, the value chains upstream of it, i.e. those for natural gas and oil, were considered and mapped. • Natural gas: all activities related to the marketing of natural gas from the stages of exploration and extraction, processing, storage, transport, distribution and, finally, sale and end use. The activities directly managed by A2A are mainly concentrated in the transport, distribution and retail stages, in particular through the Smart Infrastructures and Market BUs. The Generation & Trading BU uses natural gas to generate energy from thermoelectric plants. • Heat: all activities aimed at the generation of heat, its distribution, sale and final use. The Group has an absolutely transversal presence in this value chain; in fact, the Circular Economy BU is active in heat generation and cogeneration, in the purchase and recovery of heat from third parties, in its distribution and sale, both to third-party operators and to end customers. In addition, through its waste- to-energy activities, ensures the supply of heat to district heating networks, exploiting the energy recovery process of waste. 113 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • Waste management: the set of activities that make up the integrated waste cycle, including the collection and transport of waste, its subsequent treatment and recovery of materials and energy, other treatment and possible export. A2A, through its Circular Economy BU, has an extensive presence within the integrated waste cycle, covering activities within all its levels listed above, and intersecting with those carried out by third parties. For the sake of completeness, the mapping also included two other auxiliary services developed by the Circular Economy BU, namely the engineering of material and energy treatment and recovery plants, and remediation activities. • Water management: in this case, the aim was not to obtain a holistic mapping of the entire value chain of water management from different sources, but only of the one in which the A2A business model is part of, i.e. the one related to groundwater. The integrated water cycle for these waters was therefore mapped, including abstraction and distribution, industrial, municipal and domestic use, and treatment and discharge. A2A, and specifically the Circular Economy BU, is present in this cycle both upstream and downstream of water use, through exploration and catchment, purification, management and distribution, management of sewage systems, treatment and discharge. 114 A2A Report on Operations 2025 5\. Sustainability Statement The graphical mapping resulting from the activity is shown below: NATURAL GAS Exploration & Production and processing Liquefaction Transport Regasification Storage Distribution Retail sale Final use HEAT Heat generation and cogeneration Purchase/ recovery of heat from third parties Heat distribution Sale to third- party operators Sale to final customers Final use Wholesale electricity trading Transmission and dispatching Distribution and measurement Retail sale E-mobility charging infrastructure Final use ELECTRIC ENERGY Resource extraction Solar and wind generation Hydroelectric generation Fossil fuel generation Electrical storage services and hydroelectric pumping VC Oil Activity carried out by A2A Activity carried out by third parties Activity carried out by A2A and by third parties Connection within a value chain Connection between different value chains 115 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group WASTE MANAGEMENT WATER MANAGEMENT Plant engineering Logistics and Export Reclamation activities Production of agricultural waste and/or feedstock Storage (transfer stations) Production of urban waste (domestic and non-domestic users) Selection and treatment of RD fractions Waste collection Soil hygiene Ancillary services Waste transportation Waste to energy Material recovery Landfill (disposal) Inerting Replacement of materials on the market Storage in mines (disposal and/ or recovery) Organic treatment TMB treatment Treatment platform Chemical-phy- sical treatment Underground water Exploration and capture Management and distribution Drinking water Industrial use Municipal and domestic use Sewer systems Purification Unload Industrial waste water treatment Industrial waste production CSS production Cement factory Biogas production Biomethane production Production and distribu- tion of certified compost Collection and transportation Treatment and recovery of materials and energy Other treatments, including landfill 116 A2A Report on Operations 2025 5\. Sustainability Statement ESRS 2 SBM-2 Interests and views of stakeholders [43, 45a] A2A considers the creation of shared value for all stakeholders, the preservation of resources and care for the well-being of communities to be indispensable aspects of its activities as a Life Company. This is why the Group is committed to understanding and respecting the context in which it conducts its business, combining ongoing dialogue with the analysis and monitoring of stakeholders and their needs in different geographical areas. Stakeholder mapping In order to map and track the progress of relationships and initiatives undertaken with the various stakeholders, as well as to identify groups or categories that could be more significantly impacted by the Group’s activities due to specific factors, a timely reporting flow has been developed for the categories of stakeholders and the activities carried out to involve them. Since 2021, the Group has been cooperatively using a digital platform that allows it to track and evaluate relationships and initiatives in order to optimise stakeholder engagement strategies and to collect specific requests and needs with respect to the territories and the Group’s various services and activities. At the same time, the application enables the design of voluntary and transparent dialogue initiatives consistent with the needs of territories. The Group has identified 7 macro-categories of stakeholders and 55 sub-categories with which it has relations and on which it has an influence or by which is affected: Customers, Community, People, Market, Institutions, Supply Chain, Shareholders and Financial Stakeholders. There are 40 corporate structures called upon to participate in the stakeholder mapping and assessment process, belonging to both the Corporate and Business Units. In 2025, information was collected on a six-monthly basis, rather than annually, in order to obtain more comprehensive results and to have the opportunity to bring out and respond more promptly to the issues that emerged through the process. The compilers assess the stakeholder categories, assigned on the basis of their skills and at different territorial levels, according to four parameters: familiarity, influence, relationship status and dependence. In addition, each user is asked to indicate for each category and territory their relevant, sensitive and potential stakeholders. In conjunction with the evaluation of the subcategories of stakeholders, the business organisations are called to the number of initiatives carried out by type and to provide detailed information about the initiatives considered most relevant. Finally, from 2025 onwards, each structure had to include the most important material topics for each sub-category of stakeholder assessed. This mapping and assessment process has made it possible, on the one hand, to obtain quantitative results to measure relations with the communities affected by the Group’s activities through numerical KPIs with an overview; and, on the other hand, to focus attention on certain territories and specific relations, highlighting critical situations to be taken into consideration when defining activities and engagement strategies for the months to come. The results of this entire process are shared and accessible internally through an interactive report. By extracting comparable indicators across categories, territorial levels and Business Units, the model makes it possible to monitor relationships with relevant stakeholders over time and define appropriate engagement plans. For 2025, quantitative assessments expressed within the platform showed that the status of the relationship with the different categories of stakeholders was at an average level of ‘very good’ throughout Italy, as for 2024, with slight differences based on the different territorial contexts and the subcategory considered. Stakeholder engagement activities During the reporting year, there were more than 13 thousand engagement initiatives that led 117 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group to interactions with stakeholders of different types: 58% information, 25% consultation, 14% communication and the remainder mediation. The engagement activities were declined for the various stakeholder categories on the basis of the engagement objectives of the different corporate structures with a view to continuous improvement of relations with their stakeholders. In particular, it is through the Multi-stakeholder Forums that A2A carries out a structured programme of listening and maintaining a dialogue with local stakeholders, through working groups and periodic public meetings, aiming to understand the specific characteristics of the communities, create debate on the most relevant issues for the development of the Group and the local areas, and contribute to the implementation of ideas and projects with shared value and in line with the Strategic Plan. The programme was launched in 2021 and the first year of listening was followed by a programme of co-designing initiatives with local stakeholders, which overall led to the development of 43 concrete solutions, including, for example, a Vademecum in 2023, to support small and medium-sized enterprises in integrating sustainability into their business models (for more information, see G1-2 15b). From the discussion with the SMEs participating in the 2024 Forums, it emerged that the most urgent and necessary actions at the moment concern training events for the sharing of tools related to the integration of sustainability in business processes and the transfer of specialised skills between companies. Another of the main critical issues highlighted is accessing financial resources, as the investments required from SMEs for the transition are often incompatible with their size and economic capacity. Based on this, the 2025 listening path was built, entitled “ESG Transition: a joint venture”, in partnership with Confindustria, focused on the sustainability of supply chains to stimulate debate on ESG topics and the measurement of the main indicators. The events were structured in two parts: 1\. Sustainability Leader Forum, a closed-door meeting with the top executives of local SMEs, suppliers and A2A customers to discuss the challenges of the sustainable transition, through the analysis of global and local scenario data, provided by TEHA, as well as the results of a national survey on the approach of Italian SMEs to sustainability, carried out on 450 Italian companies by A2A in collaboration with SWG. 2\. Impact Lab, two working groups with operational figures from local companies, focused on the following topics: • Sustainability reporting for SMEs: to transfer key concepts and tools to companies to understand the commitment to sustainability reporting (with a focus on carbon footprint); • Concrete solutions for the transition: to present best practices for SMEs to accelerate the transition (with a focus on energy efficiency, circular economy and access to credit). The main challenges highlighted by the stakeholders who participated in the round tables are: • the perception of marginality: sustainability is often treated as a secondary issue, a compliance issue, rather than as a strategic business aspect; • costs and access to finance: the investments needed to make products sustainable are high and often result in a less competitive price on the market. There is a perception of a lack of concrete help from the EU and companies find it difficult to access available fund; • lack of culture and market demand: despite growing awareness, there is a “lack of action” in the market, which does not always reward investment in sustainability; • the complexity of the scenario: there is a general concern about the lack of clarity and shared objectives at EU level, and companies also feel the need for adequate tools to implement sustainability; 118 A2A Report on Operations 2025 5\. Sustainability Statement • the talent shortage: the current context is marked by a reduced availability of qualified profiles and by the demographic decline, with a particularly significant impact in labour- intensive sectors. Companies are struggling to attract talent, especially from Gen Z, who are looking for motivating roles and an appropriate work-life balance. In SMEs, there is a strong need for adequate skills to address sustainability topics. A number of solutions and strategies emerged from the discussion with companies, in particular: • the need to give greater importance to the “S” dimension: investments in people and the involvement of internal stakeholders (employees) are seen as a fundamental strategic lever. To overcome the issue of talent shortages, companies need to renew the way they present themselves, for example through tools such as gender equality certification. • The importance of creating a widespread culture, educating consumers through schools and universities and involving young people. Internally, sustainability can be a way to train and develop staff; at the same time, it can be an opportunity for companies to be self-critical and improve, as it is cross-functional. • The need for continuous investment in innovation to produce sustainable goods at more competitive prices. The internalisation of the environmental impact in the price of products can reflect real costs. It is hoped that there will be a greater focus on innovation and dedicated tools in the future, such as subsidised funding programmes. • The supporting role that larger companies can play for SMEs, providing guidelines, supporting the implementation of tools (e.g. Ecovadis) and helping to write codes of ethics and environmental policies. • The importance of collaboration and networking between key players – supply chains, institutions and trade associations – to unify the discussion “tables”. Approximately 400 stakeholders participated in the closed-door working tables of the 2025 Multistakeholder Forums. Meetings in this format were held in 12 areas: Piedmont, Friuli-Venezia Giulia, Liguria, Milan, Bergamo, Puglia, Brescia, Southern Lombardy, Valtellina Valchiavenna, Calabria, Monza Brianza and Sicily. Each meeting of the roadshow, in line with previous editions, also proposed a Local Talk, a public event to present the Territorial Sustainability Report, with the participation of A2A’s top management, institutions and key local opinion leaders, to recount the results achieved by the Group in the geographical area of reference, assess its progress compared to previous years and communicate future projects that will affect the territory, as well as to listen to the point of view of institutional representatives and local entrepreneurs regarding the challenges and opportunities of the sustainable transition. The regions of Abruzzo and Campania, on the other hand, were involved in the roadshow for the first time: for this reason, the Multistakeholder Forums in these areas were held according to the Life Talks format and included the presentation of the Territorial Sustainability Report of the respective regions and other dedicated in-depth studies. In particular, the event in Campania was an opportunity to present the project for youth employment in 9 municipalities in the province of Naples and the first results achieved (for more details, refer to the information in paragraph S3-4). Overall, therefore, in 2025 the roadshow involved 14 areas. Around 1,400 people attended the public sessions in 2025, including stakeholders, local media and local representatives. 119 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [45b] For specific information on the interests and opinions of the Group’s main Stakeholders, refer to the disclosure requirements ESRS 2 IRO 1, relating to double materiality, and ESRS 2 GOV-4, relating to due diligence processes. [45d] The needs that emerge from direct discussion with stakeholders and the internal mapping process are periodically presented to the ESG and Land Relations Committee, which assesses how stakeholder interests and views can be integrated into the company’s strategies and business model. Moreover, the Group’s constant presence in the territories, a distinguishing feature of the Group, allows for a continuous and direct dialogue between territorial company representatives and stakeholders, facilitating the transfer of the various stakeholders’ requests to the governance bodies, so that these can permeate the planning of the Group’s activities. In particular, during the 2025 financial year, the ESG and Territory Relations Committee met 9 times and carried out its proposal and advisory activities regarding, among other things: • the implementation and promotion of structured means of comparison with the territories in which the Group operates, also through the implementation of initiatives of the involvement of all stakeholders (Multi-stakeholder Forum); • the implementation and monitoring of actions proposed during the involvement of stakeholders. Impact, risk and opportunity management ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities [53a] The double relevance analysis aims to identify the sustainability topics that are most significant for the A2A Group and its stakeholders. The results of the analysis guide the definition of the sustainability strategy and guide the planning of the Group’s initiatives in relation to the priority issues that contribute to the creation of value in the long term. In addition, the analysis makes it possible to identify the areas on which it is necessary to provide adequate information, in accordance with Legislative Decree 125/2024, which implements the Corporate Sustainability Reporting Directive (CSRD). In 2025, the Group updated its double materiality analysis in line with the provisions of the ESRS standards and the IG1 guideline: Materiality Assessment Implementation Guidance developed by EFRAG. The analysis followed a “top-down” approach and led to the identification of both the impacts generated by the Group externally (impact materiality) and the way in which sustainability risks and opportunities have or can reasonably be expected to have a significant influence on A2A’s development, financial position, economic result, cash flows, access to finance or cost of capital (financial materiality). It was structured in the macro-phases described below. 120 A2A Report on Operations 2025 5\. Sustainability Statement Impact materiality Understanding of the context [53b.ii, 53g] In order to identify potentially relevant impacts, risks and opportunities, an in-depth analysis was first conducted with respect to the Group’s activities and business relationships, focusing on: • objectives of the Plan, industrial strategy, activities and products/services of the company and geographical location of these activities; • mapping of activities included in the Value Chain (as explained in this chapter, to the SBM-1 disclosure requirement) and business relationships. [53b.i, 53g] The analysis then continued with an in-depth analysis of the external context with reference to potential impacts, which focused on: • the relevant impacts on a panel of peers operating in the multi-utility sector; • the main impacts identified by institutional reports, scientific research articles on the sector and sustainability, the sustainability and sector frameworks, benchmark providers; • the legal and regulatory environment in which the Group operates. Identification of current and potential sustainability impacts Based on the list of impacts identified in the previous reporting year, the update of the context analysis in the previous point, the mapping of the value chain performed and the ESRS topics included in ESRS 2 AR16, a list of 55 potentially material impacts for the Group has been defined. Compared to the previous year, the list was more concise, in fact, the number of impacts was reduced from 61 to 55, by merging/eliminating some redundant elements. In addition, it was decided to give greater specificity to the potentially material impacts related to the topic of biodiversity, identifying more granular impacts. Assessment of sustainability impacts [53b.iv, 53g] The impacts identified were submitted for evaluation by 24 internal Group functions, which were asked to assess the severity (scale, scope and, in the case of negative impacts, irrimediable character), the likelihood, in the case of potential impacts, and the time-frames in which the effects would manifest themselves. Each function assessed the impacts related to its area of expertise on a scale of 1 to 5, gross of any mitigation, prevention and remediation action. In assessing the negative impacts related to human rights, in line with the ESRS guidelines, the severity score prevailed over the probability score. The assessments received from the functions were consolidated and, based on the results obtained, the impacts were classified according to four degrees of materiality: low, medium-low, medium-high and high, with the materiality threshold set at the medium- high level. Engagement with external stakeholders [53b.iii] In addition to the internal assessments of impacts, risks and opportunities, some categories of external stakeholders were involved to consider their perspective as well. For impact materiality, 32 subjects belonging to 12 macro-categories 4 of stakeholders were involved, to whom a survey was sent to assess the impacts within their competence, in which the assessment of 4\. Trade associations (5 subjects), suppliers of goods (5 subjects), environmental associations (4 subjects), universities and research centres (4 subjects), cultural associations. Social, sports and NGOs (3 subjects), foundations (2 subjects), municipalities (2 subjects), local regulatory and control bodies (2 subjects), think tanks (1 subject), start-ups (1 subject), regions (1 subject), service providers (1 subject), consumer associations (1 subject) 121 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group severity (taking into account scale, scope and irrimediable character) and probability was requested on a scale from 1 to 5. The assessments received were considered by comparing the internal and external assessments, using it as a critical tool in the event of substantial discrepancies. Twenty responses to the survey were collected, which substantially confirmed the impact assessment conducted internally. Financial materiality Understanding of the context [53b.ii, 53g] For the purposes of developing and updating the Risk Model, Group Risk Management takes into account the analysis of the context in which it operates and the expectations of stakeholders. The following are considered for the analysis of the internal context: • Mission and values of the A2A Group, the Business Plan and the Sustainability Plan; [53b.i, 53g] At the same time, for the analysis of the external context, the following are considered: • Media analysis, customer satisfaction indices, the stakeholder map and related needs. • Socio-economic context, energy context, regulatory context and the Environment, Health and Safety regulatory context. Identification of sustainability risks and opportunities [53c] With reference to financial materiality, for the definition of risks, the Group made use of the universe of risks identified by the ERM function, in relation to which an analysis was carried out in relation to the issues proposed by ESRS 1 AR 16. [53f, 53h] As of 2025, the opportunity assessment process has been fully aligned with what is already in place for risks. To this end, the methodology was defined and specific meetings held with the owners. The identification, assessment and management of opportunities is therefore now fully integrated into the Enterprise Risk Management process and the assessment methodology is dual to that for risks. [53c.i] Next, an analysis was conducted to assess the completeness of the risks and opportunities with respect to the identified impacts and the dependencies among them. A list of 32 risks and 16 opportunities potentially material to the Group was therefore defined. Compared to the previous year, a more concise list was created, mainly due to the merging of similar risks. In addition, the change in opportunities is due to the adoption of a different methodology and identification and assessment process, as explained in the previous paragraph. Assessment of sustainability risks and opportunities [53c.ii] The assessment of risks and opportunities was conducted in accordance with the ERM policy, assigning a current rating given by the effect of the risk or opportunity and the probability, net of mitigation and prevention action taken by the Group. [53c.iii, 53e, 53g]Sustainability-related risks and opportunities integrated within the ERM model are treated in the same way as non-ESG risks and opportunities under the ERM policy 5 . ESG risks and opportunities that have achieved high or medium- high materiality are considered material. 5. For more information, refer to the chapter Risks and Uncertainties in the Report on Operations. 122 A2A Report on Operations 2025 5\. Sustainability Statement Engagement with external stakeholders [53b.iii] For financial materiality, 20 stakeholders from the financial community were involved to evaluate a selection of risks and opportunities. The assessments were carried out through a prioritisation of risks and opportunities. The assessments received were considered by comparing the internal and external assessments, using it as a critical tool in the event of significant discrepancies. Eleven responses were collected that substantially confirmed the assessment of risks and opportunities conducted internally. Determination of material impacts, risks and opportunities The results of the impact and financial materiality were consolidated, defining a list of 51 relevant impacts, 32 risks and 11 opportunities. The following are the ESRS topics that emerged as relevant according to the two perspectives: ESRS Topic Impact materiality Financial materiality Impacts Risks Opportunities E1 - Climate Change X X X E2 – Pollution X X E3 - Water and marine resources X X E4 - Biodiversity and ecosystems X X X E5 - Circular economy X X S1 - Own workforce X X S2 - Workers in the value chain X X S3 - Affected communities X X X S4 - Consumers and end-users X X X G1 - Business conduct X X X [53d] The results of the double materiality analysis were presented to the ESG and Territorial Relations Committee and the Control and Risk Committee. They were subsequently approved by the Board of Directors at its meeting on 11 November 2025. ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model [48a, 48ci, 48cii, 48ciii, 48h] Within each topic, the list of relevant impacts, risks and opportunities is reported. No entity-specific impact, risk or opportunity has been identified. For each IRO, the relevant stages of the value chain are also shown, along with the reference time-horizons. [48g] Compared to the previous year, the changes in the IRO list mainly concern: • a greater number of material impacts related to the topic of biodiversity, in order to give greater specificity to the topic; • fewer impacts related to the topic of the communities concerned due to a rationalisation of impacts of a similar nature; • the list of opportunities, which is totally renewed, following the improvement of the identification and evaluation process, in line with that carried out by the ERM for risks. 123 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [48d] The A2A Group has conducted timely monitoring of the occurrence of events related to its relevant risks and opportunities. Specifically, in the 2025 reporting period, although some events related to risk and opportunity scenarios occurred, only one risk generated current financial effects above the materiality threshold defined by the Group. It is the risk that favourable changes in climatic conditions (e.g. changes in water availability for some of the main hydroelectric plants) could have a negative impact on the profitability of the Group’s hydroelectric plants. In particular, during 2025, there was a negative impact on EBITDA of 20 million euros. In compliance with the requirements regarding the attention to consistency between financial reporting and sustainability reporting (CSRD/ ESRS), sensitivity analyses were carried out on the forecast assumptions used for the assessment of the recoverable value of the CGU Groups. In particular, the independent expert included in his valuation models sensitivity analyses based, among other things, on internally structured statistical models designed to identify the economic impact of changes in certain risks, such as: the impact of the variability of hydroelectric production, the inclusion of WTEs in the Emissions Trading System and the impact of the variability of the PUN on the CGU Groups that are most exposed (Renewable Generation and Environment). Please refer to the section “Impairment Test” in the Notes to the consolidated financial statements for further details. Resilience of the strategy and the business model [48f] The resilience analysis of a company’s strategy and business model with regard to its ability to cope with impacts and risks and exploit opportunities, has as its starting point and prerequisite the analysis and assessment of ESG risks. The analysis is extended to all Group companies, consistent with the guidelines of the system of internal control and risk management (RMICS) and the Enterprise Risk Management process (to which reference is also made for the definition of time horizons). The main area of risk identified that has the greatest potential impact on the resilience of the A2A Group’s strategy and business model is the climate change; other risks concern: information technology and cyber security, environmental compliance, health and safety, governance and macroeconomic instability. In particular, recently, the speed of the ecological transition and of all the activities related to it has undergone accelerations and sudden stops due to favourable and unfavourable exogenous factors. However, the A2A Group has shown an extraordinary ability to adapt, grow and exploit the relevant opportunities that have emerged from the changes taking place. The presence of a diversified and integrated business portfolio and of a long-term Strategic Plan (2024-2035) have undoubtedly been a strategic advantage in dealing with instabilities and seizing market opportunities in recent years. The advantages of this flexible business model, which is ready to adapt to external changes, are many: it allows the strategy, and therefore the growth of the company, to be modulated according to market trends, it reduces risks thanks to the diversification of the services portfolio and it improves the competitive positioning of the Group on the reference markets. 124 A2A Report on Operations 2025 5\. Sustainability Statement Minimum Disclosure Requirement MDR-P - Policies adopted to manage material sustainability matters The table below illustrates the policies adopted by the Group to manage the main sustainability issues. With these policies A2A aims to define the guidelines for guaranteeing a quality service and promoting sustainable management of its activities, in line with the commitments undertaken in the ESG sphere. Below you will find information on the content and scope of application, those responsible for its implementation, the international regulatory references, as well as instructions on how to access the documents. These policies are, therefore, a fundamental element of corporate governance, as they ensure transparency, consistency and effective dialogue with all stakeholders involved. For more details on the contents of the policies, refer to the disclosure requirements of the individual topics. Code of Ethics Description of main contents [65a]: The Code of Ethics, to be considered an integral part of the Organizational, Management and Control Model adopted by A2A S.p.A. and the other companies of the Group pursuant to Legislative Decree 231/2001, is aimed at establishing the fundamental ethical principles, rules of conduct and responsibilities that the A2A Group recognises, respects and adopts as indispensable and compulsory values for all Code recipients. The Code outlines the basis for ensuring that the A2A Group’s activities are carried out in compliance with the principles of fairness, transparency, diligence, honesty, mutual respect, loyalty and good faith, rejecting all forms of discrimination, corruption, forced and child labour. The aim is to protect the interests of stakeholders and to promote an efficient, reliable and regulatory- compliant business model. Scope of application [65b]: All staff of A2A Group companies, including members of the administrative and control bodies, and all those who work for the same companies (including suppliers and their workers, agents, consultants and business partners). Party responsible for implementation and approval [65c]: Board of Directors of A2A S.p.A. and administrative bodies of the other Group companies subject to the management and coordination of A2A S.p.A. (approval) - A2A S.p.A. and other Group companies subject to the management and coordination of A2A S.p.A. (implementation) - Supervisory Body (control over compliance with and implementation of the Code of Ethics). Reference to international standards [65d]: • United Nations Global Compact; • United Nations Universal Declaration of Human Rights; • Core Conventions of the ILO - International Labour Organisation; • OECD Guidelines for Multinational Enterprises. Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees; • Adequate training programme. 125 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Human Rights Policy Description of the main contents [65a]: The Human Rights Policy aims to: • promote the recognition and safeguarding of the dignity, freedom and equality of human beings and fair and decent working conditions, including respect for trade union freedoms and the protection of health and safety at work; • firmly reject any kind of discrimination, corruption, forced or child labour and exploitation of human beings, including any form of abuse, coercion or psychological violence; • ensure respect for the rights of the communities concerned, promoting their development, as well as those of consumers and end- users. Scope of application [65b]: All staff of A2A Group companies, including members of the administrative and control bodies, and to all those who work for the same companies (including suppliers and their workers, agents, consultants and business partners). Party responsible for implementation and approval [65c]: Board of Directors of A2A S.p.A. and administrative bodies of the other Group companies subject to the management and coordination of A2A S.p.A. (approval) - A2A S.p.A. and other Group companies subject to the management and coordination of A2A S.p.A. (implementation). Reference to international standards [65d]: • United Nations Global Compact; • United Nations Universal Declaration of Human Rights; • Core Conventions of the ILO - International Labour Organisation; • OECD Guidelines for Multinational Enterprises. Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees; • Adequate training programme. Anti-Corruption Policy Description of the main contents [65a]: The A2A Group’s Anti-Corruption Policy establishes the commitment to combat all forms of corruption – active, passive, direct or indirect – in compliance with the relevant national and international regulations. The document defines a systematic and shared framework of principles, responsibilities and rules of conduct applicable to the members of the corporate bodies, to all the staff of the A2A Group companies and to all those who act in the name and on behalf of the Group, with the aim of guaranteeing transparency, integrity and fairness in relations with the Public Administration and private counterparts. The Policy provides for the application of any sanctions in the event of violations of the rules contained therein, as well as the possibility for recipients to report non- compliant conduct in a protected manner, to guarantee the credibility and reputation of the Group. Scope of application [65b]: All staff of A2A Group companies, including members of the administrative and control bodies, and to all those who work for the same companies (including suppliers and their workers, agents, consultants and business partners). 126 A2A Report on Operations 2025 5\. Sustainability Statement Party responsible for implementation and approval [65c]: Board of Directors of A2A S.p.A. and administrative bodies of the other Group companies subject to the management and coordination of A2A S.p.A. (approval) - A2A S.p.A. and other Group companies subject to the management and coordination of A2A S.p.A. (implementation). Reference to international standards [65d]: • Organisation for Economic Cooperation and Development Convention on combating bribery of foreign Public Officials in international business transactions; • United Nations Convention against corruption; • Legislative Decree 231/2001 “Rules governing corporate criminal liability for companies and entities”; • “Ley Organica” no.5 of 22 June 2010; • UK “Bribery Act”; • Global Compact. Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees; • Adequate training programme. Environment, Health, Safety and Quality Policy Description of the main contents [65a]: Through the policy, the Group is committed to preventing risks and promoting a culture of responsibility in the areas of health, safety, environment and quality. In particular, the policy addresses the following topics: • protecting the health and safety of all people, promoting prevention, risk awareness and accident reduction; • protecting the environment through carbon footprint reduction, resource efficiency, the circular economy and adaptation to climate change; • responsible partnerships with suppliers and contractors; • promotion of innovation and continuous improvement of HSEQ performance. Scope of application [65b]: The Policy applies to all A2A People, in every role and area, as well as to suppliers, and represents a set of values and guiding principles for all stakeholders. Responsible for implementation and approval [65c]: The Policy is a reference and guideline for all Group Companies, which define roles and responsibilities for its implementation, in order to translate the A2A Group’s sustainability strategy into concrete actions (implementation). The document was presented to the ESG and Local Relations Committee and is signed by the CEO (approval). Reference to international standards [65d]: • NAl Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees; • Adequate training programme. 127 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Commitment statement regarding the emission reduction along the value chain Description of the main contents [65a]: In the Commitment statement regarding the emission reduction along the value chain, the A2A Group defines its climate transition objectives and establishes the high-level guidelines that guide the path. The document divides these commitments into the following pillars: • contribute to climate change mitigation; • pursue adaptation to climate change; • improving energy efficiency; • promote the diffusion of renewable energy; • encourage further contributions to emission reductions. Scope of application [65b]: The Policy applies to all Group companies, within the scope of their activities and within the limits of their responsibilities. It also involves strategic partners, suppliers and key stakeholders. Responsible for implementation and approval [65c]: Responsibility for emissions reduction efforts along the value chain lies with the Board of Directors, supported by the ESG and Local Relations Committee for strategic oversight. Operational implementation is coordinated by the Communication, Sustainability and Regional Affairs Department, in synergy with the Group’s business units and companies (implementation). The document was presented to the ESG and Local Relations Committee and signed by the CEO (approval). Reference to international standards [65d]: • NA Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees; • Adequate training programme. Biodiversity Policy Description of main contents [65a]: The A2A Group’s Biodiversity Policy affirms the Group’s commitment to integrating nature conservation into its strategic and operational decisions, ensuring that company activities preserve ecosystems, species and natural resources. In particular, it undertakes to: • maintain a geo-referenced mapping of all assets and services in relation to areas of high biodiversity; • adopt mitigation measures to avoid significant impacts on flora and fauna; • promote responsible practices along the value chain, support conservation projects and initiatives to combat deforestation; • invest in scientific knowledge and stakeholder awareness, ensuring transparent communication on the results achieved. Scope of application [65b]: This Policy is a guidance document for all Group Companies. 128 A2A Report on Operations 2025 5\. Sustainability Statement Party responsible for implementation and approval [65c]: Group companies adopt its principles within the scope of their activities and responsibilities, defining specific roles within them in line with their strategic guidelines. A2A S.p.A. is responsible for overseeing and supervising strategic issues related to biodiversity within the entire Group (implementation). The document was presented to the ESG and Local Relations Committee and signed by the CEO (approval). Availability of the Policy [65d]: • Publication on the website; • Publication on the company intranet for employees. Stakeholder Engagement Policy Description of main contents [65a]: The A2A Group’s Stakeholder Engagement Policy defines the strategic and operational framework through which the company identifies, involves and manages the dialogue with its stakeholders. The policy recognises the value of continuous engagement with all stakeholders, institutions, communities, customers, partners and suppliers, as an essential lever for creating shared value, preventing risks and identifying opportunities for sustainable development. Based on the international principles of inclusiveness, materiality, responsiveness and impact (AA1000), the policy establishes an engagement framework that ranges from simple information exchange to co-design and mediation, based on the level of influence and relationship with each stakeholder category. Scope of application [65b]: The Policy applies to all those who, as part of their business activities, interact with external stakeholders in any capacity. It applies to all stakeholder engagement initiatives implemented by A2A, along the entire value chain, in every geographical area in which the A2A Group operates, at both national and local levels. Party responsible for implementation and approval [65c]: Responsibility lies with the ESG and Local Relations Committee for strategic oversight. Operational implementation is coordinated by the Communication, Sustainability and Regional Affairs Department, in synergy with the Group’s business units and companies (implementation). The document was presented to the ESG and Local Relations Committee and signed by the CEO (approval). Reference to international standards [65d]: • AA100. Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees. DE&I Declaration of Commitment Description of main contents [65a]: The Declaration is intended to be the founding element of the Group’s commitment to Diversity, Equity & Inclusion issues, to achieve an inclusive and innovative climate, based on respect, ethics and equal opportunities, free from any cultural stereotype, and aimed at opposing any form of physical, verbal, digital abuse in the workplace. The policy promotes an inclusive culture based on respect, equal opportunities and combating all forms of discrimination. A2A is committed to promoting inclusive leadership, preventing non- compliant behaviour, enhancing skills and talents, promoting work-life balance and monitoring progress through dedicated indicators and external evaluations, supported by a function and a team dedicated to inclusion. 129 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Scope of application [65b]: The policy applies to A2A S.p.A. and to the Group Companies subject to Management and Coordination thereof. In the event that the operating procedures described in this Document are only partially applicable to the Companies within the scope, those Companies shall adopt appropriate Regulatory Documents in line with the principles described in the policy. Party responsible for implementation and approval [65c]: The “Diversity, Equity and Inclusion” department, together with a dedicated Inclusion Team, aims to design, develop and promote initiatives to foster and encourage an inclusive culture (implementation). The document was presented to the ESG and Local Relations Committee and signed by the CEO (approval). Reference to international standards [65d]: • United Nations Global Compact. Availability of the Policy [65f]: • Publication on the website; • Publication on the company intranet for employees. Whistleblowing Guidelines Description of the main contents [65a]: The guidelines have the following objective: • Ensuring compliance with the provisions of Leg. Decree 24/2023 on whistleblowing and ensuring the protection of persons who report violations; • Protecting the expression of freedom of expression and information; • Providing clear indications regarding the process of sending, receiving, analysing and handling reports. Scope of application [65b]: The Policy applies to A2A S.p.A. and all Group companies. Party responsible for implementation and approval [65c]: • General Manager (approval); • Legal Affairs and Compliance (implementation); • Internal Audit (implementation). Reference to international standards [65d]: • Regulation of the European Parliament no. 679 of 27 April 2016; • Law no. 179 of 30 November 2017 “Provisions for the protection of the authors of reports of crimes or irregularities”; • Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019; • Legislative Decree no. 24 of 10 March 2023, implementing Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019. Availability of the Policy [65f]: • Publication on the corporate site; • Publication on the company intranet for employees; • Adequate training programme. 130 A2A Report on Operations 2025 5\. Sustainability Statement Responsible Procurement Policy Description of the main contents [65a]: The Responsible Procurement Policy aims to ensure that the purchase of goods and services takes place in an ethical, sustainable manner and in line with the Group’s social and environmental values, integrating the principles of the Sustainable Development Goals and the United Nations Global Compact in the management of the supply chain. The document defines the Group’s commitment to generating sustainable and shared value through selection processes and collaboration with suppliers based on environmental, social and governance criteria. Scope of application [65b]: The Policy refers to A2A S.p.A., as well as to all the companies belonging to the A2A Group, and involves the supply chain. 6 Party responsible for implementation and approval [65c]: The Responsible Procurement Policy is adopted by the Board of Directors of A2A S.p.A., in addition to and as a complement to the Group’s Code of Ethics (approval). Reference to international standards [65d]: • United Nations Guiding Principles on Business and Human Rights; • Core Conventions of the ILO - International Labour Organisation; • OECD Guidelines for Multinational Enterprises. Availability of the Policy [65f]: • Publication on the corporate site; • Publication on the company intranet for employees. 6. This means all suppliers in the A2A Group’s supplier register and the related purchases, excluding those directly managed by the Trading (gas) and internal and/or administrative purchases departments. MDR-A Actions and resources in relation to material sustainability matters, MDR-M Metrics in relation to sustainability matters, MDR-T Tracking the effectiveness of policies and actions through targets In the various chapters of the disclosure, A2A has focused specifically on reporting the actions taken, the metrics adopted and the targets set for the management of the impacts, risks and opportunities (IROs) related to the material topics identified. These elements are in line with the ESRS requirements for each sustainability topic and consistent with the objectives set out in the Plan. In particular, the Group provides information on: • the actions, highlighting strategic initiatives taken to mitigate negative impacts, enhance positive ones and manage risks and opportunities; • the metrics, which make it possible to measure the effectiveness of the actions undertaken through clear and standardised indicators; • the targets, describing short, medium and long-term objectives and their alignment with corporate strategies and international regulatory references. All the targets reported in the individual chapters are part of the A2A Sustainability Plan, described in ESRS 2 SBM- 2, have a time horizon of 2024-2035 and have been defined in line with the company’s policies and strategy. The information provided reflects the Group’s commitment and progress in promoting the continuous adoption of responsible and sustainable business practices, measuring the impact generated in environmental, social and economic terms; this information is presented in the various sections of the document. 131 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.2 1\. It should be noted that the A2A Group has currently issued sustainable debt instruments, such as Green Bonds, including European Green Bonds. For certain of these bonds, the net proceeds raised are intended to be allocated to projects that are fully aligned with the EU Taxonomy Regulation. For the identification of taxonomy-aligned capital expenditures financed through such debt instruments or bonds, reference should be made to the relevant Allocation Reports published in accordance with the Group’s procedures. Environmental information EU Taxonomy Description of the eligibility and alignment assessment process The EU Taxonomy, pursuant to Regulation (EU) 2020/852, represents a classification system for economic activities that may contribute to achieving the environmental objectives established under the European Green Deal: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and the protection of biodiversity and ecosystem health. Pursuant to Article 4 of Delegated Regulation (EU) 2026/73, the provisions contained therein apply from 1 January 2026, with reference to the financial year 2025. However, the same article allows companies the option to defer the application of the new regulatory provisions described above starting from FY 2026. In light of the dual implementation option provided by Delegated Regulation (EU) 2026/73, the A2A Group has decided to maintain methodological continuity with respect to FY 2024. In order to ensure compliance with the requirements of the Regulation, the A2A Group has defined a specific process to identify its economic activities that are “eligible” and “aligned” under the Regulation. The process consists of five distinct phases: • Identification of eligible economic activities • Assessment of substantial contribution to one or more Taxonomy environmental objectives • Evaluation of the Do No Significant Harm (DNSH) principle with respect to the other environmental objectives • Verification of minimum safeguards • Calculation of economic and financial KPIs It should be noted that, at present, the A2A Group has issued sustainable debt instruments, such as Green Bonds, including European Green Bonds 1 . 1\. Identification of Taxonomy-Eligible Economic Activities Each year, the Group updates the eligibility assessment of its economic activities, verifying the correspondence between the Group’s activities and those set out in the Regulation. When the activities performed by the Group correspond to those included in the Delegated Acts of the Regulation, they are deemed eligible. 2\. Assessment of substantial contribution to one or more Taxonomy environmental objectives After assigning the economic activities to at least one of the six environmental objectives defined by the Delegated Acts, compliance with the Substantial Contribution criteria is verified. This assessment is carried out together with the Business Unit representatives, ensuring that the activities performed are aligned with the relevant performance thresholds and/or applicable regulatory requirements in relation to the environmental objective to which the activity contributes. 3\. Evaluation of the Do No Significant Harm (DNSH) principle with respect to the other environmental objectives For the purpose of verifying compliance with the DNSH criteria, several corporate functions are involved, in particular: • The Group Enterprise Risk Management function, which conducts A2A’s Climate Risk Assessment. This includes the evaluation of the exposure and vulnerability of the Group’s assets to physical climate risks, as well as the identification of the related adaptation measures; 132 A2A Report on Operations 2025 5\. Sustainability Statement • The Environmental Management and Accounting function, which is responsible for verifying the DNSH criteria relating to the protection and restoration of biodiversity and ecosystems; • The technical functions of the individual Business Units, which oversee the verification of the DNSH requirements associated with the other environmental objectives. 4\. Verification of Minimum Safeguards At Group level, the appropriate application of the Minimum Safeguards is also verified. These safeguards refer to international standards on the protection of human rights, anti-corruption practices 2 , fair competition, and tax transparency, including those established by the OECD, the United Nations, and the ILO. In particular, the A2A Group has established the following: • Code of Ethics; • Anti-Corruption Policy; • Human Rights Policy; • Antitrust Code of Conduct; • Disclosure on ongoing legal proceedings related to anti-competitive behaviour, antitrust issues, and monopoly practices. 2\. Comocalor has filed an appeal before the Italian Competition Authority (AGCM) seeking the annulment of the sanction imposed on the company for an alleged abuse of dominant position. Comocalor did not request interim measures and, while awaiting the scheduling of the hearing on the merits, has provisionally paid the imposed fine while simultaneously reserving the right to seek reimbursement. For further details, please refer to the Sustainability Statement of the Acinque Group. For further details on the Group’s policies, please refer to ESRS 2 MDR-P and to the disclosure requirements relating to policies within each specific topic. For details regarding the risk assessment, the corresponding controls, and the existing mitigation measures, reference should be made to disclosure requirements S1-1, S1-2, S1-3, G1-1, G1-3, and G1-4. With respect to activities assessed as eligible within the CapEx Plan reported in the Industrial Plan—and which already generate CapEx movements in the 2025 actuals—appropriate in-depth analyses have been performed to verify compliance with the technical screening criteria, based on the existing project documentation. The existence and continued satisfaction of the alignment criteria defined under the EU Taxonomy Regulation will be monitored over time. Below is the mapping of the Group’s eligible activities by Business Unit, together with the details of the eligibility and alignment assessments carried out. BU Generation and Trading Climate Change Mitigation (CCM) Objective • 4.1 CCM – Generation of electricity using solar photovoltaic technology: Electricity generation by the Generation BU and the Market BU qualifies as an eligible activity and, for the majority of the Group’s plants, as aligned. The only plants that do not meet the DNSH criteria related to the circular economy are those installed at the Chivasso, Sermide, Brindisi and San Filippo del Mela thermoelectric power stations, which represent a negligible share of the Group’s total installed photovoltaic capacity. These plants have therefore not been considered aligned. • 4.3 CCM – Generation of electricity from wind energy: Wind power generation by the Generation BU is an eligible and aligned activity for all plants with the exception of the Mimiani plant, which interferes with protected areas under the DNSH criteria for biodiversity. • 4.5 CCM – Generation of electricity from hydropower: Hydropower generation by the Generation BU is an eligible and aligned activity. In particular, using the measurement proxy whereby reservoirs upstream of cascade systems are considered part of the upstream segment, non-run-of-river plants meet the required turbine capacity threshold, i.e. 5 W/m². • 4.10 CCM – Electricity storage: The batteries installed at the plants, which allow the storage of renewable electricity (wind and solar), qualify as eligible and aligned activities. • 4.29 CCM – Generation of electricity from fossil gaseous fuels: Electricity generation from natural gas–fired thermoelectric plants in the Generation BU has been included within this activity as defined by the Delegated Act on gas and nuclear energy. However, none of the Group’s plants meet the Substantial Contribution criteria; therefore, the activity is not considered aligned. 133 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • 7.5 CCM – Installation, maintenance and repair of instruments and devices for measuring, regulating and controlling the energy performance of buildings. The activity consists of the installation, at residential customers’ premises, of such instruments and devices aimed at improving the energy performance of buildings and enhancing their energy efficiency. BU Circular Economy Climate Change Mitigation (CCM) Objective • 3.10 CCM – Hydrogen production: Costs related to hydrogen production are considered eligible but not aligned, as they currently pertain primarily to feasibility studies. • 4.8 CCM – Generation of electricity from bioenergy: The BU Circular Economy’s biomass plants fall within this category. All assets are aligned. • 4.11 CCM – Thermal energy storage: The Group’s cogeneration plants serving the district heating networks are equipped with thermal storage technologies, which are eligible and aligned. • 4.13 CCM – Production of biogas and biofuels: The activity covers only the Biofor Castelleone plant, which is aligned. • 4.15 CCM – District heating and cooling (DHC) networks: The activity covers the Group’s district heating and cooling networks. Some networks are not aligned as they are not efficient in accordance with the applicable requirements set out in the Delegated Act. The efficiency of the aligned networks is confirmed through attestations issued by GSE. • 4.16 CCM – Installation and operation of electric heat pumps: The activity is considered aligned, with particular reference to the Canavese, Famagosta, Lodi, Santa Giulia, and Technocity plants. • 4.20 CCM – High-efficiency cogeneration of heat/cold and electricity from bioenergy: The activity includes the Cremona and Lodi biomass cogeneration plants, which are aligned. • 4.25 CCM – Production of heat/cold using waste heat: Group-owned assets enable the recovery of waste heat from industrial processes and from waste-to-energy plants, which is then fed into the local district heating network. The assets considered are aligned. • 4.30 CCM – Cogeneration of heat/cold and electricity from fossil gaseous fuels: Natural gas-fired cogeneration for the production of heat to be fed into the Circular Economy BU’s district heating network is classified as eligible but not aligned, as the technical screening criteria set out in the Regulation are not met. • 4.31 CCM – Production of heat/cold from fossil gaseous fuels within an efficient district heating and cooling system: Heat production from natural gas plants is eligible but not aligned, as the technical screening criteria set out in the Regulation are not met. • 5.1 CCM – Construction, extension and operation of water collection, treatment and supply systems: This includes Group-owned and operated water supply and distribution plants and their related networks. The activity is partially aligned: in some cases, the limits on the average net energy consumption for abstraction and treatment are not met; in others (such as Casto and Sabbio Chiese), the DNSH on the sustainable use and protection of water and marine resources is not met, since the volumes abstracted by Group assets exceeded the authorised amounts in the reporting year. • 5.9 CCM – Material recovery from non-hazardous waste: This activity includes the non-hazardous waste treatment plants. Some of these do not meet the Substantial Contribution criterion—which requires conversion, by weight, of 50% of incoming waste into secondary raw materials—including the plants at Castenedolo, Fombio, Coccaglio, Muggiano, Cavaglià and Novate Vialba, as well as Terre di Spazzamento Brescia and Silla. • 5.10 CCM – Capture and use of landfill gas: The Group’s landfill installations fall within this activity. The plants at Cascina Maggiore, Calcinato, Buffalora, Castenedolo, Castegnato, Comacchio, Villafaletto and Cavaglià are not aligned, as they do not meet the technical screening criteria set out in the Regulation. • 5.3 CCM – Construction, expansion and operation of wastewater collection and treatment systems: This includes Group-owned and operated wastewater treatment plants (WWTPs) and the related sewer networks. The activity is partially aligned: in some cases, the limits on average net energy consumption for wastewater treatment (Substantial Contribution criterion) are not met; in others (such as San Gervasio Bresciano and Montirone), the DNSH on the sustainable use and protection of water and marine resources is not met, since monitoring of discharges by the operator during the reporting year indicated a non-optimal status of the receiving water bodies. 134 A2A Report on Operations 2025 5\. Sustainability Statement • 5.5 CCM – Collection and transport of non-hazardous waste in separate fractions : This activity includes all separate collection operations for non-hazardous waste and its transport to disposal facilities. The activity is fully aligned. • 5.6 CCM – Anaerobic digestion of sewage sludge : This activity includes the Corteolona sludge treatment plant, which is aligned. • 5.7 CCM – Anaerobic digestion of organic waste: This activity covers the FORSU plants of Lacchiarella and Cavaglià, both of which are aligned with the criteria established by the Delegated Acts. • 5.8 CCM – Composting of organic waste: This activity includes the composting plants of Corteolona and Bedizzole. • 7.3 CCM – Installation, maintenance and repair of energy-efficiency equipment: This activity includes public lighting interventions and energy-efficiency services performed for third parties (public administration clients and private users) by the Circular Economy BU, and is considered aligned with the Regulation. • 7.6 CCM – Installation, maintenance and repair of renewable energy technologies: This includes maintenance and installation services for renewable electricity generation technologies (e.g., photovoltaic panels) on third-party assets. The activity is aligned. Objective: Sustainable Use and Protection of Water and Marine Resources (WTR) • 2.1 WTR – Water supply: The activity is equivalent in terms of eligibility to 5.1 CCM; however, in this case, all Group-owned water distribution plants and related networks are not aligned, as they do not meet the required Substantial Contribution criterion. • 2.2 WTR – Urban wastewater treatment: The activity is equivalent in terms of eligibility to 5.3 CCM. It is partially aligned, due to non-compliance by several wastewater treatment plants with the technical criteria established under Directive 2000/60/EC and Directive 91/271/EEC. Objective: Transition to a Circular Economy (CE) • 2.7 CE – Sorting and material recovery from non-hazardous waste: The activity corresponds to 5.9 CCM in terms of eligibility. For the Circular Economy objective, only the Terre di Spazzamento Brescia and Silla plants are not aligned, as they do not meet the Substantial Contribution criteria for material recovery. • 2.3 CE – Collection and transport of non-hazardous and hazardous waste: The activity is equivalent in eligibility to 5.5 CCM and is fully aligned. • 2.5 CE – Recovery of organic waste through anaerobic digestion or composting: The activity corresponds to 5.7 and 5.8 CCM in terms of eligibility. The plants are aligned. Objective: Pollution Prevention and Control (PPC) • 2.2 PPC – Treatment of hazardous waste: This activity covers facilities dedicated to hazardous-waste treatment, including incinerators for non-recyclable waste. The activity includes the plants of Filago, Crotone WTE, liquids and inertisation units, Castegnato, Robassomero, the Giussago inertisation plant and platform, and Sannazzaro. All facilities are eligible and aligned. BU Smart Infrastructures Objective: Climate Change Mitigation (CCM) • 4.9 CCM – Transmission and distribution of electricity: The Group’s electricity distribution networks have been assessed as eligible and aligned, with the exception of a portion of the network in Salò and a section of the Duereti network, as these interfere with protected areas under the DNSH criteria relating to biodiversity. • 4.14 CCM – Transmission and distribution networks for renewable and low-carbon gases: The Group’s gas network is eligible and aligned solely for the share relating to the replacement of pipelines with materials such as steel and polyethylene, which enable the transport of low-carbon gases and hydrogen. Moreover, leak detection monitoring is carried out at least every two years and covers the entire network. • 6.15 CCM – Infrastructure enabling low-carbon road transport and public transportation: This activity covers the installation of electric vehicle charging points on public land. The activity is fully aligned with the provisions of the Delegated Acts under the Regulation. 135 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • 7.3 CCM – Installation, maintenance and repair of energy-efficiency equipment: This activity includes interventions relating to public lighting and the provision of energy-efficiency services for third parties (public administration clients and private users). It is considered aligned with the Regulation. • 7.4 CCM – Installation, maintenance and repair of instruments and devices for measuring, regulating and controlling the energy performance of buildings: This activity covers the installation of electric vehicle charging points on third-party assets. The activity is fully aligned with the requirements set out in the Regulation. BU Market Objective: Climate Change Mitigation (CCM) • 7.3 CCM – Installation, maintenance and repair of energy-efficiency equipment: This activity includes interventions related to public lighting and the provision of energy-efficiency services for third parties (public administration clients and private users). The activity is considered aligned with the Regulation. • 7.4 CCM – Installation, maintenance and repair of electric-vehicle charging stations in buildings (and in parking areas integral to buildings): This activity covers the installation of electric-vehicle charging points on third-party assets. The activity is fully aligned with the requirements of the Regulation. • 7.6 CCM – Installation, maintenance and repair of renewable-energy technologies: This includes maintenance and installation work on renewable electricity generation technologies (e.g. photovoltaic panels) on third-party assets. The activity is aligned with the criteria set out in the Regulation. • 8.1 CCM – Data processing, hosting and related activities: This includes the activities carried out by A2A Smart City, which for the reporting year are not considered aligned, as they do not comply with the technical screening criteria of the activity. • 9.3 CCM – Professional services related to building energy performance: This activity includes energy audits and building energy-performance assessments, which are aligned. Objective: Transition to a Circular Economy (CE) • 3.1 CE – Construction of new buildings: This activity corresponds to 7.1 CCM in terms of eligibility. However, in this case, neither the A2A Tower nor the Zanica building is considered aligned, due to the failure to meet the technical screening criteria. • 3.2 CE – Renovation of existing buildings: This activity corresponds to 7.2 CCM in terms of eligibility. Here again, the activity shows only partial alignment. BU Corporate Objective: Climate Change Mitigation (CCM) • 7.1 CCM – Construction of new buildings: This activity includes the construction of the new A2A Tower, which is aligned, and the construction of the Zanica building, which is not aligned due to non-compliance with the relevant technical screening criterion (activity aimed at extending revenue-generating capacity). • 7.2 CCM – Renovation of existing buildings: This activity includes the renovation works on the buildings of A5, which are only partially aligned. Objective: Transition to a Circular Economy (CE) • 3.1 CE – Construction of new buildings: This activity corresponds fully to 7.1 CCM in terms of eligibility. However, in this case, neither the A2A Tower nor the Zanica building is aligned due to failure to meet the required technical screening criteria. • 3.2 CE – Renovation of existing buildings: This activity corresponds fully to 7.2 CCM in terms of eligibility. Here again, only partial alignment is achieved. 136 A2A Report on Operations 2025 5\. Sustainability Statement 5. Calculation of Economic–Financial KPIs The analyses performed lead to the identification of the shares of Turnover, CapEx and OpEx that are considered eligible and aligned with the EU Taxonomy. For the detailed tables required by the Regulation, please refer to Section 5.5 “Appendix.” The main results are set out below: 27 Eligibility % 17 Alignment % 69 Eligibility % 53 Alignment % Turnover CapEx The results are broadly consistent with 2024. The eligibility share stands at 27%, while alignment is 17%. The trend is substantially in line with 2024, as the sharp decline in turnover due to lower hydropower production (Generation BU) was fully offset by growth in eligible and aligned turnover in the Group’s other Business Units, in particular: • Improvement in the eligibility and alignment volumes of the electricity networks following the consolidation of Duereti into the perimeter; • Increase in district heating turnover; • Increase in energy-efficiency turnover. 27 Eligibility % 17 Alignment % 69 Eligibility % 53 Alignment % Turnover CapEx For 2025, the CapEx eligibility percentage was 69% (72% in 2024), while the alignment share was 53% (55% in 2024). The contraction is mainly due to: • Lower investments in gas networks and a reduction in eligibility volumes following a more accurate identification of repurposing-only investments; • Contraction of investments related to the thermoelectric, photovoltaic and BESS segments; • Increase in non-eligible investments relating to the conversion of plants from electricity generation to biomethane injection into the grid; • Growth in non-aligned investments relating to the production of heat and cold from fossil fuels. 137 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 55 Eligibility % 43 Alignment % OpEx The eligibility percentage stands at 55% (41% in 2024). Alignment reaches 43% (31% in 2024). The main drivers of this increase are: • the completed integration of Duereti into the perimeter and the revision of the methodological proxy, which made it possible to precisely identify only the kilometres of network and substations that actually interfere with the protected area; • growth in volumes related to the heat production and distribution segment; • an increase in eligible and aligned volumes related to the energy-efficiency segment. Accounting Policies The Taxonomy analysis is carried out on the economic items — reconciled with the financial statement amounts — relating to CapEx, OpEx and turnover, in accordance with EU Regulation 2020/852\. In particular, under the Taxonomy framework, the entire amount of capital expenditures and revenues is analysed, whereas only maintenance operating costs and research and development costs fall within the scope of assessment. For the purpose of defining the perimeter for the inclusion, eligibility and alignment of the economic items, the following components are excluded from the calculation: intra-Group items, depreciation, provisions and impairment losses, items relating to M&A transactions that do not fall within the consolidation perimeter, leases, PNRR-related contributions. With regard to the eligibility and alignment perimeters, the economic items to be considered are assessed for each Business Unit, based on their respective specific characteristics. 138 A2A Report on Operations 2025 5\. Sustainability Statement 5.2.1 ESRS E1 Climate change Material impacts Type Stage Time horizon Contribution to the acceleration of the energy transition through sustainable infrastructure development Positive Actual OO; C; R; I; EE BP; MP; LP Generation of climate-changing emissions produced in the value chain as a result of activities Negative Actual OO; I; R; C; P; EE BP; MP; LP Generation of direct GHG emissions, related to the activities carried out in the Group’s offices and sites Negative Actual OO BP; MP; LP Generation of indirect GHG emissions, related to activities carried out at the Group’s offices and sites Negative Actual OO BP; MP; LP Reduction of climate-changing emissions through the use of district heating solutions Positive Actual OO; C BP; MP; LP Contributing to the fight against climate change through investments in R&D and Digital & Innovation Positive Actual OO; C; EE BP; MP; LP Contribution to the acceleration of the transition to electric mobility and its deployment Positive Actual OO; EE BP; MP; LP Contribution to the reduction of greenhouse gas emissions by offering customers energy from renewable sources Positive Actual OO; EE BP; MP; LP Contribution to the development of Renewable Energy Sources (RES) in the country through specific investments Positive Actual OO; C; EE BP; MP; LP Energy consumption for industrial processes with negative consequences on the environment Negative Actual OO; I; R; C; P; EE BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 139 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Material risks Stage Time horizon Interruption of the electricity distribution service: potential interruptions of the electricity distribution service, such as to cause possible impacts on the overall image of the Company and the A2A Group and economic damages for failure to achieve the objectives set by ARERA. EE BP; MP; LP Hydraulicity: possibility that favourable changes in climatic conditions (e.g. changes in water availability for some of the main hydroelectric plants) could have a negative impact on the profitability of the Group’s hydroelectric plants. EE BP; MP; LP A2A - Carbon footprint: potential reputational impacts for the A2A Group resulting from the failure to implement the decarbonisation programmes planned and communicated by the company, if the initiatives envisaged in the business plan are not fully successful and/or are not sufficient to achieve the emission targets communicated by the Group to the market and to stakeholders and/or as a result of the occurrence of non-structural but potentially recurring situations that favour an increase in energy demand and therefore entail i) the unforeseen use of energy production plants in conventional structures, or ii) an increase in the production of electricity from fossil fuels. Transversal along the value chain LP Water Cycle - water scarcity: potential reputational and economic impacts for A2A Ciclo Idrico and the Group related to the possible scarcity of water resources for treatment and distribution to users served. Transversal along the value chain, I BP; MP; LP Extreme natural phenomena: potential direct damage to the Group’s assets or indirect damage due to the need to interrupt production activities as a result of acute weather phenomena (e.g. floods, landslides, water bombs, tornadoes, hail). Transversal along the value chain BP; MP; LP ETS Directive Revision and inclusion of waste-to-energy plants: potential economic impacts for the company and the Group as a result of the possibility that the Emission Trading Scheme Directive, currently under review, will include incinerators of municipal and hazardous waste, which are currently excluded. Consequently, the Company’s waste-to-energy plants would be required to pay emission allowances (EUAs) for the CO 2 emitted. The worst case scenario is the inclusion of TVs in the system by 2028. R LP Unfavourable change in prices of emission allowances (EUAs): potential economic and financial impact for the A2A Group resulting from a trend in the price of EUA (European Union Allowances) that differs from the values taken as a reference in the preparation of the Business Plan. The scenario is also part of the Task Force on Climate Related Financial Disclosure recommendations as a “transition” climate risk. EE BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 140 A2A Report on Operations 2025 5\. Sustainability Statement Material opportunities Stage Time horizon Equinix Data Centre: potential economic and reputational benefits arising from the utilisation of waste heat generated by the Equinix data centre, currently under construction in the municipality of Settimo Milanese. C BP Carbon Capture Trials: potential reputational, economic-financial and strategic benefits relating to the trialling of technologies for capturing CO2 from combustion fumes for potential use (e.g. in food production or agriculture) and/or for geological or other forms of storage, with the aim of assessing the feasibility of industrial-scale plants. EE; R; Transversal along the value chain LP Advanced agrivoltaic and innovative photovoltaic development: potential economic, financial and reputational benefits for A2A and the Group in connection with the development of agrivoltaic plants that are advanced and/or innovative from a technological or siting perspective, such as floating plants on the water surfaces of former quarries. EE; Transversal along the value chain MP; LP Long-duration energy storage: potential economic, financial, reputational and strategic benefits linked to the testing and development of innovative long-duration electricity storage systems (i.e. exceeding 8 hours), with the aim of being ready and pioneering in the large-scale utilisation of excess energy produced by non-programmable renewable energy sources and in seizing the related market opportunities. EE; Transversal along the value chain BP; MP; LP Adverse changes in the price of emission allowances (EUAs): potential economic and financial impact on the A2A Group arising from a trend in the price of EUAs (European Union Allowances) that differs from the values used as a reference in the preparation of the Business Plan. This scenario also falls within the scope of the recommendations of the Task Force on Climate-related Financial Disclosures as a ‘transition’ climate risk. EE BP; MP; LP Favourable hydrological conditions: the possibility that favourable changes in climatic conditions (e.g. changes in water availability for some of the main hydroelectric power stations) may have a positive impact on the profitability of the Group’s hydroelectric plants. EE BP; MP; LP Mindflex - Testing flexibility services on the electricity distribution network: potential reputational, technical and economic-financial benefits linked to the Mindflex project, which consists of a trial to develop technologies that may one day optimise the use of the electricity system, making it more resilient and, in the long term, maximising the use of energy from renewable sources. Although closely linked to the electricity sector, the project has significant social and research value in terms of the energy transition, particularly for densely populated and energy-intensive cities such as Milan, on which the project focuses and where the event will take place. EE LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 141 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Strategy ESRS E1-1 Transition plan for climate change mitigation [14, 16h] In December 2025, the A2A Group’s first Climate Transition Plan was published. The document was drawn up following a two-year process and through a bottom-up approach. In fact, in 2024, a process was launched to define the Transition Plan of each of the four Business Units, in accordance with the Transition Plan Taskforce (TPT) framework, with the aim of defining, for each of them, the emission inventory, the specific short-, medium- and long-term decarbonisation strategy and the related levers, investments and targets to be achieved. During 2025, the work also continued at Group level and additional elements were integrated, especially relating to the governance structure aimed at monitoring and updating the Plan. As part of the project, and in full consistency with the update of the Industrial Plan published in November 2025, with which the Climate Transition Plan shares the hypothesised evolution of the business and, in general, the reference context, the short-, medium- and long-term economic-industrial scenario and the related risks and opportunities and dependencies were analysed. Subsequently, the Group’s Business Units, starting from the most recent Carbon Footprint, analysed the emission sources and the decarbonization levers applicable to each business updated. These levers were then assessed in detail, both from the point of view of decarbonization potential and technical and economic-financial feasibility. The targets of the Business Units, and therefore those of the Group, derive directly from the combination of the levers. The Climate Transition Plan sets out short-, medium- and long-term objectives. In particular, the 2030 and 2035 targets are fully integrated with the assessments made for the Business Plan. With reference to the long term (i.e. 2040/2050), specific scenario analyses were carried out in order to define a decarbonisation strategy consistent with EU objectives. 3\. It is specified that the Group’s emission trajectory is in line with the WB2°C ambition, provided for by the Paris Agreement, but not with the objective of containing the temperature within 1.5°C compared to pre-industrial levels. For the A2A Group, the document represents a strategic tool to guide and make transparent the path towards net zero emissions in the long term. For the first time, the vision of the future is extended beyond 2035, outlining scenarios and objectives up to 2050, consistent with the Paris Agreement [16a] and with the global commitment to contain warming well below 2°C 3 . The Transition Plan defines both objectives referring to climate- altering emissions in absolute value and according to intensity targets, adopting as reference climate scenario, the Announced Pledge Scenario (APS) prepared by the International Energy Agency (IEA) in the 2024 World Energy Outlook and considering the national targets set by the PNIEC. With reference to the first case, the main objectives concern the medium and long term: • 50% reduction in direct and indirect emissions (Scope 1 and 2) by 2035 compared to 2017 and -80% by 2040; • Reduction of Scope 3 emissions by 2035 compared to 2023, with different levels of decarbonisation compared to the most relevant categories and, in particular: -22% of emissions from gas sold to end customers, -60% of emissions related to the upstream of energy carriers; -30% emissions from the supply chain; • Achievement of Net Zero on all emission Scopes by 2050. Decarbonisation levers [16b] In order to achieve the established targets, specific levers have been identified for each business that differ in direct, indirect and enabling levers, with respect to the impact on the Group’s emission trajectory and the entity that will implement these levers. In particular, direct levers are those initiatives and projects implemented by the Group that have an impact on A2A’s emissions. Indirect levers derive from external elements that help the Group’s decarbonisation, while enabling levers concern Group services and products that contribute to the decarbonisation of the country system. 142 A2A Report on Operations 2025 5\. Sustainability Statement Below is a summary of the types of levers identified for the Strategic Plan Pillar. In the context of the Energy Transition, specific decarbonisation levers have been identified that involve the following Group businesses: energy generation, distribution and sale of electricity and gas, in addition to VAS energy efficiency solutions. The direct levers concern concrete interventions on all the businesses of the Energy Transition Pillar and in particular, in relation to: • Energy generation: increase in production from renewable sources, modulation of thermoelectric production in favour of RES, use of carbon dioxide capture and storage technologies and use of green gases instead of fossil fuels (Scope 1); • Electricity and gas distribution: reduction of preheating of distributed gas (Scope 1) and reduction of fugitive emissions (Scope 2); • Sale of energy and gas: increase in the share of renewable electricity sold on the free market, increase in biomethane and introduction of hydrogen in the mix of gas sold and progressive electrification of gas customers (Scope 3). The most significant indirect lever is the reduction of the emission factor of Italian electricity. This action has a cross-cutting impact on all corporate businesses and is a common opportunity for all operators in the sector in the coming years, as the decarbonisation of the national electricity system will bring widespread benefits. This lever has impacts on all emission Scopes. Enabling levers are mainly applicable to the generation and VAS (Value-Added Services) businesses. These include research and development (R&D) activities and the growth of HVAC (Heating, Ventilation and Air Conditioning) solution installation services. These initiatives make it possible to generate emission reductions even outside the Group’s direct operating perimeter, contributing to the achievement of sustainability objectives through the involvement of customers and communities (Scope 3). 143 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In the context of the Circular Economy pillar, specific decarbonisation levers have been identified that involve the following Group businesses: waste collection and treatment, water cycle and heat and district heating. The direct levers concern concrete interventions on all the businesses of the Circular Economy Pillar and in particular, in relation to: • Waste collection: decarbonisation of the collection vehicle fleet (Scope 1); • Waste treatment: increased bioenergy production, plant efficiency and installation of carbon dioxide capture and storage technologies on waste-to- energy plants (Scope 1); • Water cycle: actions to reduce network losses and improve the efficiency of purification plants (Scope 1); • Heat and district heating: replacement of natural gas with biomethane and use of heat from recovery/thermal waste or renewable sources (Scope 1). The most significant indirect lever is the reduction of the emission factor of Italian electricity. This lever has impacts on all emission Scopes. The enabling levers, on the other hand, concern the businesses related to waste and heat and district heating. These are respectively the progressive increase in separate collection, the recovery of material and energy and the increase in heat recovery from third parties (Scope 1). 144 A2A Report on Operations 2025 5\. Sustainability Statement In addition, again in the context of the objectives of the Strategic Plan, the company A2A Life Ventures was created, dedicated exclusively to innovation, which in this way becomes a sustainable engine to accelerate the ecological transition. The objective of A2A Life Ventures is to generate impacts that go beyond the Group’s perimeter, through investments in innovative start-ups, in Corporate Venture Capital and Corporate Venture Building funds and the development of innovation projects applicable to the Group’s plants and services. The contribution of each business to the Group’s decarbonisation 4\. Development investments in the period 2026-2035 on the categories reported, gross of the NRRP and cash-ins, are considered. Investments in combined cycles and hydroelectric power and all maintenance CapEx are excluded, with the exception of those relating to the gas network and the renewal of the vehicle fleet. Financial resources allocated for the Transition Plan [16c, 16h] The Climate Transition Plan foresees about 7 billion in investments related to initiatives and projects with a significant impact on decarbonisation 4 , part of the 19 billion in Business Plan investments planned between 2026 and 2035. Specifically, about 5 billion euro concern financial resources allocated to direct decarbonisation levers, while the remaining almost 2 billion are dedicated to the development of enabling decarbonisation levers. 2024 Waste treatment 2035 0.1 0.1 District heating Energy generation Electricity and gas distribution -0.2 -4.2 -1.2 Sale of energy and gas Supply chain -0.2 Other -0.3 18.6 18.4 12.5 30% 70% 26% 74% 31% 69% Scope 1+2 Scope 3 2023 145 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The financial resources allocated for decarbonization levers in the 2026-2035 period [16c] For 2025, the investments and funding supporting the implementation of the Transition Plan amount to: Financial resources allocated to Climate Transition Plan u.m. 2025 2024 Financial resources allocated to the action plan (OpEx) millions of euro 107 84 Financial resources allocated to the action plan (CapEx) millions of euro 275 534 In order to verify the sustainability impact of future initiatives, the Group carries out an eligibility analysis on the projects planned over the Plan period, in line with the European Taxonomy Regulation. The activities of the European Taxonomy concerning investments for decarbonisation are: • CCM 4.9: Transmission and distribution of electricity. The 26-35 Plan provides for substantial investments to improve the Circular economy ~ 200 M€ Waste collection Decarbonization of the fleet Increase in the separate waste collection, material and energy recovery ~ 1,2 B€ Waste treatment CCS installation on WtE plants Increase of bioenergy production Plant efficiency Increase of the separate waste collection, material and energy recovery ~ 450 M€ Water cycle and District Heating Purification plants efficiency improvement Replacement of natural gas with biomethane for the power plants supplying district heating networks Heat from recovery or renewable sources District Heating networks extension 5 2 Energy transition Power generation ~3,6 B€ RES development and optimization Management of thermal power generation and use of BESS Start-up innovation and scouting activities Electricity and gas distribution ~300 M€ Reduction of pre-heating process of the distributed gas Reduction of fugitive emissions Energy and VAS sales ~800 M€ Increase of the share of renewable electricity sold on the market Increase share of biomethane and hydrogen in the mix of gas sold Electrification of gas customers Growth in HVAC installation services and energy efficiency interventions to customers ~7 B€ CapEx 15% 12% 60% 13% Direct levers Enabling levers 146 A2A Report on Operations 2025 5\. Sustainability Statement efficiency and reduce the obsolescence of the electricity grid. These investments represent on average 29% of the eligibility over the plan. • CCM 4.1 and CCM 4.3: Production of photovoltaic and wind power. Strong boost from investments in renewable sources over the plan period, accounting for an average of 25% of total eligible investments. • CCM 8.1: data processing, hosting and related activities. The Business Plan provides for 1.6 billion euro for the development of data centres and digital infrastructures, which impact on average 11% of total eligibility. • Other: collection and treatment, Heat Production and District Heating, Energy efficiency interventions on third parties. The financial resources allocated to 2035 Locked-in emissions [16d] In the drafting of the Climate Transition Plan and, specifically, in the assessment of its carbon footprint, the Group has identified its locked-in emissions, i.e. the amount of CO 2 that will be emitted over the useful life of a strategic asset that already exists or is under construction and the sale of products. Waste-to-energy plants, energy production plants from traditional sources and emissions related to the use of gas by customers are, with reasonable certainty, the emission hotspots that will characterize the Group in the coming years and on which we are working, in order to understand which technologies can help in the improvement of the decarbonisation strategy. The structural nature of locked-in emissions in the sector in which A2A operates implies that any action aimed at decarbonisation has a direct impact on the business model. To ensure the achievement of development objectives and the achievement of Net Zero by 2050, the Group’s future business model envisages: • a fully competitive and resilient business, capable of supporting the country’s growth through decarbonised energy, smart infrastructure and the circular economy; • a low-carbon business compatible with net-zero emissions status; • a business characterised by robust economic strength, thanks to sustainable growth, climate risk mitigation and alignment with sustainable finance frameworks. 25% RES generation* 29% Power grids 11% Data center and digital 35% Other ~75% % Averarge eligibility in the period 26-35 The evolution of investment eligibility in the 2026-2035 timeframe: expected growth of 14 p.p. and sectoral breakdown of average eligibility (-75%). 66% 77% 80% 2026 203520302028 14 p.p. 76% 147 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The graph below shows the Group’s locked-in emissions from 2023 to 2035, distinguishing the contribution of circular economy services and the energy transition. By 2050, residual locked-in emissions across all emission Scopes will amount to 2 million tonnes of CO 2 , of which 62% relate to the Energy Transition and 38% to the Circular Economy. In addition, to ensure the achievement of Net Zero by 2050, the Group plans to neutralise any residual emissions using CO 2 removal tools. Planning a strategy for procuring the most suitable removal credits for the Group is a strategic priority for the coming years, in parallel with efforts to implement the transition levers. The first aspect of the planning concerns the development of BECCS (Bioenergy with Carbon Capture and Storage) technologies on its waste- to-energy plants, which consist of capturing and permanently storing biogenic emissions from the organic fraction of waste: an opportunity to generate a significant number of carbon removals from its strategic assets. The possibility of applying the capture and storage technology to the generation fleet is also being considered. [16e] Within the 2024-2035 Business Plan, the Group has set a target for investments in activities eligible for the Regulation, equal to 74% of the total expected CapEx. [16f] The following table shows the significant amounts of CapEx invested in coal-, oil- and natural gas-related economic activities: Significant investments in fossil fuels u.m. 2025 2024* Significant amounts of CapEx in relation to coal-related economic activities millions of euro - - Significant amounts of CapEx in relation to diesel-related economic activities millions of euro - - Significant amounts of CapEx in relation to natural gas-related economic activities millions of euro 238 226 *the 2024 value has been pro forma considering the entire scope of the Group. Energy transition Mton CO₂e Mton CO₂e Circular economy 11.6 9.7 7.7 2026 203520302028 10.6 2.0 2.7 2.5 2026 203520302028 2.1 148 A2A Report on Operations 2025 5\. Sustainability Statement [16g] It should also be noted that, for Transition Plan reporting purposes, the Group is not excluded from the Paris-aligned EU benchmarks. [16i] The Climate Transition Plan was approved by the A2A Board of Directors at its meeting on 11 November 2025. The governance of the process is strongly overseen by the Group’s Top Management and the internal Board Committees: in fact, the Board of Directors, which also reports to the shareholders, makes informed decisions thanks to a process of continuous alignment with the corporate committees (Related Parties Committee, ESG and Territorial Relations Committee, Control and Risk Committee, Remuneration and Appointments Committee). The ESG and Territorial Relations Committee, which supervises and controls the drafting of the Climate Transition Plan, uses the Sustainability Development department to monitor and update the Plan annually. This process takes place in parallel with the updating of the Strategic Plan and involves all the main company functions, with bottom-up data collection and a top-down launch through a letter signed by the CEO. [16j] The Climate Transition Plan is also a strategic planning tool for the Group. For this reason, periodic updates are expected in line with the evolution of the Group’s business, the updates of the Strategic Plan, the reference scenarios, the trend of electricity demand deriving from the development of the Data Centres and the targets set. ESRS E1 SBM-3 Material impacts, risks and opportunities and their interaction with the strategy and business model [18] The following are the material climate-related risks: Material climate risk identified Type of climate risk Resilience of electricity distribution grids Climate-related physical risk Change in the precipitation regime (hydraulicity) Scarcity of water for drinking water use Extreme weather phenomena Carbon footprint Climate-related transition riskETS Directive Revision Change in prices of emission allowances (EUAs) [AR7b] all the risks listed above have a long-term time horizon and are aligned with the company’s climate scenario. [19a] The A2A Group carries out a structured analysis of physical (acute and chronic) and transitional climate risks in order to assess the resilience of its business model, operations and assets with respect to the current and future impacts of climate change. The analysis is conducted as part of the process of identifying and assessing impacts, risks and opportunities (IRO) envisaged by the ESRS and is integrated into the risk assessment processes. [AR7a] The resilience analysis is based on assumptions consistent with a progressive transition to a low-carbon and climate-resilient economy, in particular: • macroeconomic trends characterised by a growing integration of climate policies in European and national contexts; • evolution of energy consumption and the energy mix, with an increase in the share of renewable sources and a reduction in the use of fossil fuels; • development and dissemination of low- or zero-emission technologies and climate change adaptation solutions. 149 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [AR7c] These assumptions are relevant as they affect the Group’s operating costs, investment choices and competitiveness in the medium to long term. [AR7b] The resilience analysis was developed considering short, medium and long term time horizons, in line with business planning horizons and the timing of climate risks. The analysis is extended to all Group companies, consistent with the Guidelines for the System of Internal Control and Risk Management (SCIGR) and the Enterprise Risk Management (ERM) process. Both the risks that originate from own operations and those that are caused by events that may occur upstream and downstream of the value chain are taken into account. [19a] Resilience to physical climate risks The Group carries out the assessment of physical climate risks with reference to the climate-related hazards set out in Commission Delegated Regulation (EU) 2021/2139, which supplements the EU Regulation 2020/852 of 18 June 2020 on establishing a framework for sustainable investment (Taxonomy regulation). The analyses concern both the potential financial effects on business activities due to physical climate change, quantified according to assumptions and specific models for each risk, and the climate risk analyses carried out to verify the DNSH criterion on the objective of adapting to changes on eligible assets according to the European taxonomy. For more details on the assessment of physical climate risks, please refer to the E1 ESRS 2 IRO-1 disclosure requirement. For more details on the assessment of physical climate risks, please refer to the E1 ESRS 2 IRO-1 disclosure requirement. [19b] For physical climate risks and for assets eligible under the European Taxonomy, in 2025 the A2A Group conducted the resilience analysis, reviewing the climate hazards classified and defined under the climate change adaptation objective of the EU Taxonomy, in accordance with Regulation (EU) 2020/852 and applicable delegated acts, including Delegated Regulation (EU) 2021/2139 and subsequent updates. The assets were assessed considering a plurality of climate scenarios representative of different emission concentration paths, based on the Shared Socioeconomic Pathways (SSP): • SSP1-2.6 (strong mitigation scenario), • SSP2-4.5 (intermediate scenario), • SSP5-8.5 (high emissions scenario). These scenarios are aligned with the latest scientific knowledge on climate change and consistent with the scenarios used internationally. The analysis was conducted on a geospatial basis, using the specific coordinates of the Group’s locations and plants to assess exposure to climate hazards. Risk was assessed as a combination of hazard, vulnerability and exposure. For each asset, the inherent risk was initially determined; subsequently, the adaptation measures already in place were considered, in order to calculate the residual risk. Residual risk levels were compared with predefined materiality and acceptability thresholds. Where the residual risk was higher than the acceptability threshold, further adaptation measures were identified, to be planned within a five-year time horizon. In addition to the analysis described above, the physical risks related to the climate were also assessed in relation to the potential economic- financial and reputational effects, in line with the methodology adopted in the Group’s Enterprise Risk Management (ERM) process. The risks that were found to be material according to this methodology are listed and described in this document. [19a] Resilience to transition climate risks The Group conducts transition climate risk assessments, also with reference to the recommendations prepared by the Task Force on Climate Related Financial Disclosure. The assessment of transition climate risks for the A2A Group is carried out on the perimeter of the subsidiaries. 150 A2A Report on Operations 2025 5\. Sustainability Statement Analyses concern the potential financial effects on business activities in connection with the transition of global economies to a low-carbon economy, which is expressed through regulatory and technological changes, changes in the expectations of the Group’s stakeholders and possible litigation related to climate change and resource use. The potential expected financial effects of climate transition risks are quantified according to assumptions and specific models for each risk 5 . [19b] For the analysis and assessment of climate transition risks, the A2A Group used the forecast data of the main macroeconomic parameters of the reference scenario adopted for the Strategic Plan, including, by way of example, the price forecasts of electricity and European Union Allowances (EUAs). The analysis also considered the evolution of the legislative and regulatory context, including updates to the legislation on the emissions trading system and relevant climate policies, assessing their potential effects on the Group’s business model and results. Results of the resilience analysis [19c] The achievement of the emission reduction targets planned and communicated by the Group are subject to the following main sources of uncertainty: • possible geopolitical, market or climatic situations that could lead to an increase in the demand for energy from fossil sources, either to meet a possible higher domestic demand for energy or to compensate for any lower production from renewable sources (mainly hydroelectric) and/or any lower imports; • changes in the context in which the Group operates such as regulatory changes that have an unfavourable impact on the development of renewable energy sources; • insufficient technological development, which may not adequately support the replacement of fossil production and/or the removal of carbon (“carbon removal”) from processes that are inherently “carbon intensive” (hard-to-abate). 5. for a detailed description of the risks, please refer to disclosure requirement E1 ESRS 2 IRO-1. In order to mitigate these uncertainties, the Group has a number of monitoring activities in place, such as: • monitoring of the emission trajectory; • inclusion in the investment appraisal process of the analysis of alignment to the European Taxonomy and contribution to avoided emissions; • experiments and investments in carbon capture; • process of monitoring and updating the Group Transition Plan. The resilience analysis conducted reveals that the Strategic Plan 2026-35 is resilient to transitional climate change, as it is built on the pillars of energy transition and circular economy. [AR8b] The potential expected financial effects of physical and transition climate risks were also considered in the impairment test. The cash flows underlying the business plan used for the impairment test, which reflect the energy and macroeconomic scenario assumptions, were tested through the adoption of the same assumptions underlying the assessment of climate risks. The results of this analysis are described in the Impairment Test section of the Notes. Impact, risk and opportunity management ESRS 2 IRO 1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities [20a] During 2025, the A2A Group updated and improved the Double Relevance analysis process, analysing its assets, activities and business model to identify relevant climate- related impacts, risks and opportunities, in its own operations and in the upstream and downstream value chain. In fact, the reporting and information discussed in the following 151 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group paragraphs refer to activities that can generate significant effects by directly affecting the climate. Again as part of the materiality analysis, and in particular the process to identify current and potential climate impacts, the Strategic Plan was taken as a reference, as a guide to define areas and activities with current and prospective climate change impacts. The analysis was then further examined for each individual business of the Group, in order to map out in detail the activities that currently produce emissions, whether significant or not, and how these sources may evolve in the course of the Plan, i.e. up to 2035. In addition, the work on the preparation of Business Unit Transition Plans was useful to define which activities are likely to remain in the portfolio beyond the Plan time-frame and which actions can be implemented to cope with the expected impacts. [20b] The A2A Group has a system in place for identifying, assessing and managing climate change risks and opportunities that is integrated into the Group Enterprise Risk Management process. The main features of the system with reference to climate risks are described below. [AR14] Within the process of analysing climatic risks, other contextual elements are being considered, including: • the recommendations issued by the Taskforce on Climate-related Financial Disclosure (TCFD), which provide a framework for climate risk categories to be considered for comprehensive and transparent reporting; • the European Taxonomy Regulation and the related delegated acts; • the ESRS E1 standard - Climate Change; • the businesses operated and the services offered by the Group, as well as the risks included in the Group’s risk profile. 6. A Shared Socioeconomic Pathway (SSP) climate scenario is a projection of the future that combines assumptions about global socio-economic developments (such as population growth, technological development, energy use and production, and environmental policies) with climate models to estimate the trend of greenhouse gas emissions and their effects on the climate. 7. Source: IPCC 6th Assessment Report https://www.ipcc.ch/report/ar6/syr/ The analysis of physical climate risks is also supported by a platform that provides a geo- referenced assessment of the exposure of business activities to climate hazards; the assessment is based on forecast climate indicators for the 6 SSP1-2.6, SPP2-4.5 and SSP5- 8.5 7 scenarios in the short, medium long and very long term future horizons, up to 2100. Physical risks and opportunities Climate risks and physical opportunities for the A2A Group are also identified and assessed for the purposes of the financial materiality analysis process. For each identified risk or opportunity, the line of business concerned and the time horizon over which the risk or opportunity may manifest itself, the description of the risk, the type of impact on the business, the management strategy and the link to the resources on which the business depends as well as to the positioning along the value chain are indicated. Climate Hazards and Critical Issues for the A2A Group [AR 11a, AR14] The Group conducts the systematic assessment regarding the exposure of the A2A Group companies and assets to climate-related hazards as classified by the European Taxonomy through the Delegated Acts issued in implementation of EU Regulation 2020/852\. The assessment is integrated into the Group’s Enterprise Risk Management process and is carried out in the course of periodic interviews and in any ad hoc in-depth reviews. This assessment has made it possible to build a database that includes the physical climate change adaptation measures implemented by the various Group companies and to have a knowledge base to identify the most relevant areas for conducting further in-depth studies on forecast climate parameters, useful for improving the assessment and optimizing the adaptation and risk reduction measures. 152 A2A Report on Operations 2025 5\. Sustainability Statement The figure below shows the main critical climate factors that impact each Business Unit of the A2A Group. The level of materiality indicated takes into account the A2A Group’s type of business, the geographical location of activities and assets, and recent and future climate change. The main climate criticalities highlighted were assessed and quantified with reference to the short, medium and long term horizons. In carrying out the assessment, the A2A Group also examined assets and business activities to determine their exposure to climate-related risks. Generation & Trading Smart Infrastructures Circular Economy Market All BUs Hydroelectric production Thermoelectric production Photovoltaic plants Eolic plants Electricity and gas distribution District heating Water cycle Waste treatment plant Waste collection Biomass electricity production Market People Temperature Chronic events Glaciers retreat Minor efficiency Thermic stress and fault / more cooling days and grid overload Less heat sold due to warmer autumn and winter seasons Possible microbiological contamination of drinkable water sources and grids Less need of thermic energy by clients Less heat sold due to warmer autumn and winter seasons Extreme events Extreme flows due to fast glaciers melting Critical cooling of thermoelectric processes Less production during heath waves Electricity black-out due to peaks in air conditioning demand Electric equipment overheating Freez/brek of pipes and limited accessibility to mountain wellsprings due to cold waves Electric equipment overheating Higher fire risk in waste deposit Uncoltivated land fires Unprogrammed deviations of gas commodity portfolio usage Workers wellbeing during external work during heath waves Wind Chronic events Less production due to wind changes Extreme events Impacts on hydroelectric system due to tornadoes Tree falling on plants and grids Asset damage due to tornadoes Outage due to extreme wind Tree falling on plants and grids Detachment of panels Electricity outages due to grid damage. Tree/branch falling and sewer obstruction Waste dispersion from deposit structures Waste dispersion from deposit structures Asset damage due to tornadoes Transportation infrastructures damage due to tornadoes Incidents of workers operating outside Water Chronic events Hydrogeological variability with impacts on production Hydrogeological variability with gas pipes break risk Heating pumps withdrawal aquifer drop Less water availability in mountain communities Extreme events Less production due to less water availability Water scarcity for thermoelectric processes Asst damage due to hail and lightinings Flood of underground cabins Less water availability for plant use Less water availability in mountain communities. Sewer obstruction and overflowing Changes in humidity standard of waste treated. Flood/overflowing and Pollution Impacts on assets and services in cities with high hydrogeological risk Less biomass availability in the event of drought Transportation infrastructures damage due to flood/ overflowing Safety impacts on workworn in cities with high hydrogeological risk Solid mass Chronic events Possible drag and pipes break Extreme events Impact on the hydroelectric system due to landslides Damage due to landslides Damage due to landslides Landslides in areas with grids Disruption due to pipe break for landslide Impacts on assets and services in cities with high hydrogeological risk Transportation infrastructures damage due to landslide Safety impacts on workworn in cities with high hydrogeological risk Relevant Little/less relevant To be monitored Not exposed 153 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [AR11b] Climate risks and physical opportunities are identified on the basis of three time horizons: • short-term, corresponding to the budget year; • medium-term, beyond the budget year and up to five years; • long-term, over five years and up to 2035. The choice of these time-frames was based on the analysis of the climatic, economic, energy and regulatory reference context (hereinafter referred to as scenario analysis). These definitions of time horizons are consistent with and are reflected in the Strategic Plan and the Enterprise Risk Management methodology, which identifies and evaluates risks as a difference to the Strategic Plan’s objectives and forecasts, which go through to 2035. The following table provides the quantification assumptions of each physical risk that is assessed as relevant (material) and the related geographical information of the exposed assets. The analysis of physical risks is based on the site-specific geospatial coordinates of the company’s locations, where the risk is closely linked to site-specific exposure. The physical climate risk with the with the most significant potential economic-financial impact is related to changes in the water resource available for hydroelectric production, as a result of both potential changes in the distribution of precipitation over the year and the potential reduction in the water reserve accumulated in the form of snowpack (Snow Water Equivalent) - due to rising average and maximum air temperatures. 154 A2A Report on Operations 2025 5\. Sustainability Statement Physical risks Risk Risk/opportunity assessment assumptions Change in the precipitation regime (hydraulicity) Reduction in production for each of the Group’s hydroelectric auctions compared to the Business Plan forecasts - due to an unfavourable change in average rainfall. To assess the impact of the variability of hydroelectric production, statistical analyses were carried out based on forecast climate indicators using a machine learning model (the source of the forecast climate indicators is the CMCC - Euro-Mediterranean Centre for Climate Change). The analysis was also supported by the use of the historical volume series. The historical volatility and probability of occurrence (estimated through 10,000 Monte Carlo simulations based on a lognormal distribution) were applied to the volumes of hydroelectric production of the Business Plan to calculate the volumetric change, which was then used to estimate the economic impact. The lower production is valued with the energy price values provided for in the energy scenario of the Business Plan. Geographical information The risk includes all the hydroelectric plants of the A2A Group in Lombardy (Valtellina, Valchiavenna, Valcamonica), Friuli and Calabria. Resilience of the networks of Energy distribution electricity Regarding the risk, the reputational impact is considered prevalent. Geographical information The physical component of the risk concerns the distribution network in Milan. The transition component also affects other areas but is particularly important for the Milan network. Scarcity of water for drinking water use Regarding the risk, the reputational impact is considered prevalent. Geographical information The risk affects distribution networks in the province of Brescia: mountain municipalities are more vulnerable than lowland ones because their water supply sources are more exposed to fluctuations in rainfall and, consequently, to periods of drought. Extreme weather phenomena For existing plants, the probability of events related to extreme weather phenomena was estimated based on information regarding exposure to acute weather phenomena made available by recognised institutions and/or research organisations, information contained in Risk Assessment reports prepared by insurance brokers, as well as analyses of claims that have occurred in the recent past on the Group’s assets, in addition to the knowledge of the plants and the territory of the managers of the plants in question. In particular, ISPRA’s IdroGEO platform (https://beta.idrogeo.isprambiente.it/app/) was used, which provides national hazard mapping for landslides and floods under different scenarios. The analysis is based on the site-specific geospatial coordinates of the company’s locations, where the risk is closely linked to a site-specific exposure. The analysis developed allowed for the quantitative estimation of the residual risk to which the A2A Group’s assets are subject, taking into consideration the deductibles for direct and indirect damages provided for in the insurance contract. The analyses were carried out for almost all assets owned or managed by the A2A Group. As for the new plants under the Strategic Plan 2026-2035, an estimate has been made of the risks to which the EBITDA and Capex included in the Plan are exposed, in relation to the development of the pipeline (in particular technologies for electricity generation from renewable sources, storage systems and repurposing of existing plants). The methodology adopted for the economic quantification of risks is similar to that used for existing plants, but in this case the probability and impact have been estimated considering the year-on-year progress of the projects undertaken throughout the entire Plan period. Geographical information Transversal risk, please refer to the distribution of plants owned or managed by the A2A Group throughout the country. 155 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [AR11d, AR13, AR14, 21] The analysis of physical climate risks for assets eligible under the European Taxonomy, in 2025 the A2A Group considered the climate hazards classified and defined under the climate change adaptation objective of the EU Taxonomy, in accordance with Regulation (EU) 2020/852 and applicable delegated acts, including Delegated Regulation (EU) 2021/2139 and subsequent updates. The analysis considered a plurality of climate scenarios, including the Shared Socioeconomic Pathways (SSP)-8.5 scenario (high emissions scenario). For more details, see also E1 ESRS E2 SBM-3. In addition, data from multiple simulations was acquired through the Dataclime platform of CMCC (Euro-Mediterranean Centre for Climate Change). These simulations were carried out using regional climate models which, starting from global-scale simulations, derive information on expected climate parameters on a local or regional scale under different scenarios of greenhouse gas concentration and emission levels, known as Representative Concentration Pathways, RCP: • “Aggressive Mitigation” (RCP2.6), characterised by peak emissions in 2020, steadily decreasing until reaching “zero emissions” by 2100; • “Stabilisation” (RCP4.5), characterized by peak emissions in 2040, decreasing over the years, reaching levels below current levels by 2070; carbon dioxide atmospheric concentrations ill stabilize by 2100 at about twice pre-industrial levels; • “High emissions” (RCP8.5), characterised by growth in emissions at current rates that will lead to atmospheric CO 2 concentrations triple or quadruple pre-industrial levels (280 ppm) by 2100. These climate forecast data were used to support the economic-financial quantification of the risk of changes in the rainfall regime (hydraulicity) as well as the risk of decreased sales of thermal energy for heating due to milder than forecast autumns and winters (the latter was found to be non-material and is therefore not described in this report). Transition risks and opportunities [20c, AR12a] The A2A Group’s climate risks and material transition opportunities are identified and assessed as part of the ERM process, both with reference to its own operations and along the value chain, and are taken into account for the purposes of financial materiality analysis, in line with the ESRs. Identification of climate-related transition events The Group considers several transition scenarios, including: • a low-emission scenario, aligned with a path of limiting global warming to 1.5 °C with no or limited overshoot; • an intermediate scenario; • a business-as-usual scenario. As part of the Strategic Plan, reference forecasts deemed most likely are used. The application of the above scenarios to these forecasts allows the assessment and quantification of transitional climate risks. Assessment of the exposure of assets and activities to transition events Climate risks and material transition opportunities for the A2A Group are identified and assessed for the purposes of the financial materiality analysis process. Transitional events that may give rise to climate risks are identified through the analysis of the scenario and the regulatory, market, technological, macroeconomic and geopolitical context, carried out by dedicated company structures and interviewed during the periodic Risk Assessment. Significant transition events identified for the A2A Group are an integral part of the description of material transition climate risks identified and assessed by the Group. 156 A2A Report on Operations 2025 5\. Sustainability Statement [AR12a, AR13, AR14] Transition events have been identified as part of the Group’s ERM process, which provides for a structured and continuous update of the external context, including the legislative and regulatory, competitive, technological, market, etc. areas. The updating of the individual elements of the context is carried out by dedicated organisational structures, competent by subject, which monitor the evolution of climate policies, environmental and energy regulation, market dynamics and relevant technological innovations. Through the ERM process, information flows between these structures and the risk coordination functions are guaranteed. The transition events identified form the basis for the subsequent assessment of transition risks and opportunities, in line with the climate and macroeconomic scenarios adopted by the Group. Transitional climate risks and opportunities are identified on the basis of three time horizons: • short-term, corresponding to the budget year; • medium-term, from the end of the budget year and up to five years; • long-term, over five years and up to 2035. The choice of these time-frames was based on the analysis of the climatic, economic, energy and regulatory reference context (hereinafter referred to as scenario analysis). These definitions of time horizons are consistent with and are reflected in the Strategic Plan and the Enterprise Risk Management methodology, which identifies and evaluates risks as a difference to the Strategic Plan’s objectives and forecasts, which go through to 2035. [AR12b] During the assessment of the risks and opportunities of transition, the extent to which the company’s assets and activities may be exposed and its sensitivity to the identified transition events was verified. The assessment, which is fully integrated into the ERM process, is carried out by difference relative to the goals of the Business Plan; the assessment is carried out with punctual estimation models for each risk developed by the Enterprise Risk Management structure and shared with each Risk Owner and with the Risk Specialists. Once the model is shared, the quantification is carried out with the support of management control, which provides the necessary budget and business plan values. 157 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The following table describes the transition risk assessment assumptions outlined in the disclosure requirement under E1 ESRS E2 SBM-3, as well as the geographical information relating to the assets exposed to these risks/opportunities. Transition risks Risk Risk/opportunity assessment assumptions ETS Directive Revision There is still a lot of uncertainty as to how this will apply to waste-to-energy plants in the new ETS. The estimate took into account the CO 2 emission forecasts of the waste-to-energy plants, the EUA price forecasts of the Plan Scenario and an assumption of the transfer of the cost of the allowances to the disposal tariff. Only emissions from the fossil carbon fraction in waste were considered. Geographical information The risk concerns the urban waste-to-energy plants owned or managed by the Group and located in the municipalities of Milan, Brescia, Bergamo, Como, Cremona, Corteolona (PV), Parona (PV), Acerra (Metropolitan City of Naples), as well as plants subject to development initiatives. EUAs emission allowances Sensitivity analyses are carried out which estimate the change in the Group’s EBITDA as a result of price variances of the EUA compared to the Business Plan forecast. Geographical information Risk/opportunity across the Group’s power generation plants. Carbon footprint Potential reputational impacts for the A2A Group resulting from the potential failure to implement the decarbonisation programs planned and communicated by the a2a Group, programs and targets that are subject to the following main sources of uncertainty: • changes in the context in which the group operates such as regulatory changes that could have an unfavourable impact on the development of renewable energy sources; • possible geopolitical, market or climatic situations that could lead to an increase in the demand for energy from fossil sources, either to meet a possible higher domestic demand for energy e.g. increased demand for data centres) or to compensate for any lower production from renewable sources (mainly hydroelectric) and/or any lower imports; • insufficient technological development, which may not adequately support the replacement of fossil production and/or the removal of carbon (“carbon removal”) from processes that are inherently “carbon intensive” (hard-to-abate). Geographical information Transversal risk to Group activities. [AR12c, 21] The transition events considered for the identification and assessment of climate risks are based on CO 2 emission reduction policies in the context of the energy transition. In particular, we consider the policies and regulatory framework of the Green Deal, which has the overall objective of achieving climate neutrality in Europe by 2050. [AR12d] The energy transition of some of the services provided by the Group depends substantially on external factors, whose development and maturity is crucial for decarbonisation. Among these, Waste-to-Energy plants guarantee the achievement of European objectives on the circular economy, preventing unsorted waste from being sent to landfills, enhancing it in the form of new electricity and heat, also serving district heating, which in turn contributes to the energy efficiency of buildings. On the other hand, WtE emissions are, by their nature, incompressible at source, as the composition of the energy feed (waste) cannot be changed: therefore, this type of emission can only be mitigated through technological interventions, such as the application of carbon capture systems. In addition, the Group’s thermoelectric plants, which are essential for the electricity needs of the country and its citizens, are currently hard to abate, as renewables alone are not able to meet national energy demand. 158 A2A Report on Operations 2025 5\. Sustainability Statement For more information, please refer to the disclosure requirement set out in ESRS E1 DP 16d. [AR15] Finally, it should be noted that the different climate scenarios used were applied in order to carry out sensitivity analyses aimed at understanding the variability of the emission profile in the short, medium and long term. The climate scenario analysis used in the risk assessment is the strategic plan scenario and is therefore the same as the reference scenario for the financial information. ESRS E1-2 Policies related to climate change mitigation and adaptation The A2A Group’s policies related to climate change are presented below. For a complete description of the set of policies, scope and implementation responsibilities, please refer to the general information provided in ESRS 2 MDR-P. [24, 25] The A2A Group places environmental protection, including the achievement of net zero emissions, as an indispensable objective of its business. In line with this mission, the Group has prepared policy documents addressing these issues, such as the ‘Policy on Environment, Health, Safety and Quality’ and the ‘Statement of Commitment to Reduce Emissions along the Value Chain’. HSEQ Policy The Policy, endorsed by the Chief Executive Officer, emphasises, within the paragraph on the environment, the Group’s willingness to contribute to the reduction of environmental impacts and, in particular, to climate change mitigation by reducing its carbon footprint through a transition to renewable energy sources and improving its energy performance. This policy is the result of a process of involvement and sharing at all levels of the organisation and has an impact on all workers in their daily activities. Commitment statement regarding the emission reduction along the value chain In the Commitment statement regarding the emission reduction along the value chain, the A2A Group defines its climate transition objectives and establishes the high-level guidelines that guide the path. The document divides these commitments into the following pillars: • contribute to climate change mitigation; • pursue adaptation to climate change; • improving energy efficiency; • promote the diffusion of renewable energy; • encourage further contributions to emission reductions. Procedure for determining avoided CO 2 emissions and energy savings In addition, since it is important to assess the contribution that the Group makes with its activities, technologies and investments to the decarbonization of the country system, the procedure ‘Determination of avoided CO 2 emissions and energy savings’ has been drawn up, which aims to define a clear methodology for the development of indicators concerning the Group’s emission and energy savings. These indicators are fundamental for measuring and enhancing the positive impact of the processes, activities and investments made by A2A Group companies to achieve the objectives underlying the Group’s strategy. 159 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group ESRS E1-3 Actions and resources in relation to climate change policies [28 8 ] The A2A Group’s actions that contribute to climate change mitigation and adaptation are mainly attributable to the decarbonisation levers provided for in the Climate Transition Plan described above (see disclosure E1-1). The actions implemented and planned have, in general, the dual objective of making the Group’s business more resilient to the risks to which it is exposed and contributing to the achievement of the objectives set out in the Paris Agreement, with the awareness that the decarbonisation of the energy sector is an enabling element for the decarbonisation of other energy-intensive industrial, civil and transport sectors. As previously reported in DP E1-16b, the actions identified have different time horizons: there are actions that can be implemented in the short and medium term (and therefore during the period of the plan), such as increasing production from renewable sources, and actions that, due to the cost and scalability of the technologies (e.g. CCUS), require longer implementation times and which consequently suffer the uncertainty linked to the time-frame. It is estimated that all planned actions can be carried out and completed by 2050, in line with the Group’s Climate Transition Plan. 8\. DP28 refers to the requests of ESRS 2 MDR-A 68a-e; in particular, points (d) if applicable, key actions taken (along with results) to provide for and cooperate in or support the provision of remedy for those harmed by actual material impacts; (e) if applicable, quantitative and qualitative information regarding the progress of actions or action plans disclosed in prior periods. 9. The decarbonisation levers listed in the AR19b application requirement are: energy efficiency, electrification, fuel switching, use of renewable energy, products change, and supply-chain decarbonisation. 10. The adaptation solutions listed in the AR19d application requirement are: nature-based, engineering or technology-based solutions. 11\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For more details, refer to explanatory note 1) of the notes to the consolidated financial statements. [29a, AR19b, d] The actions taken by the Group mainly concern energy efficiency, electrification, the use of renewable sources for energy production and product modification, and concern only technology-based solutions. [29b] The reduction of emissions for each action is not quantified individually but is included in the emission reduction trajectories defined in the Transition Plan, which consider the contributions of the individual levers in a combined manner. From 2026 onwards, there will be more detailed reporting on the effectiveness of the levers in reducing emissions. The decarbonisation levers 9 follow the classification of AR19b; the types of adaptation solutions 10 , on the other hand, follow the indications of AR 19d. Actions related to the Energy Transition Pillar Actions aimed at avoiding the release of greenhouse gases into the atmosphere [29a] Energy efficiency services at third parties: this involves the installation of HVAC solutions, energy efficiency systems and energy requalification of condominiums. These solutions promote the electrification of customer consumption and the improvement of the energy performance of the building stock. millions of euro Quantification of the action 11 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 32 326 - - 160 A2A Report on Operations 2025 5\. Sustainability Statement [29cii] Approximately 90% of the 2025 CapEx refer to activities 4.16, 7.3, 7.6, 7.5 and 4.1 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. [29a] Development and optimisation of production from RES:The action plans to significantly increase installed capacity and renewable generation on an ongoing basis until 2050. The planned activities concern the revamping and repowering of existing plants, the development of new projects, the development of PPA and VPP and innovative solutions such as agrivoltaics. In addition, efficiency and maintenance measures are planned for hydroelectric plants to improve their performance. In 2025, A2A signed several Power Purchase Agreements with some important players in the renewable energy sector. In March 2025, A2A and ContourGlobal signed a ten-year PPA that will allow A2A to make new energy from renewable sources available to its customers. Underlying the agreement is also a program to make ContourGlobal’s solar plants in Italy more efficient, which will allow an increase in annual production of more than 43% without further land use. The PPA covers 75% of the additional capacity deriving from repowering activities for a quantity of 22GW/h year accompanied by Guarantees of Origin: structured in several phases, the first deliveries are expected between May 2025 and June 2026, in line with the completion of the asset enhancement interventions. The deal is part of a broader partnership that involves A2A purchasing the energy generated by a ContourGlobal solar park consisting of 19 plants, for a total of 85 GWh/year. In August 2025, on the other hand, A2A and ERG, signed a 15-year PPA, starting from 1 January 2027, for the total supply in the period of about 2.7 TWh of renewable energy from wind power. The agreement provides for the purchase by A2A of clean energy produced by the ERG wind farm in Salemi-Castelvetrano in the province of Trapani, the fourth project launched as part of the repowering programme of the plants in its portfolio. This intervention consists of the total technological renewal of the assets and allows the installed capacity to be doubled and production to be tripled, halving the number of turbines. Following the replacement of all existing wind turbines with the latest generation of higher performance machines, the farm consists of 18 Vestas 4.2 MW turbines with a total installed capacity of 75.6 MW, with an estimated annual production of 208 GWh. The green energy produced by the wind farm is able to meet the electricity needs of about 41,000 households, for a total of 74 kt/year of CO 2 avoided. Finally, in December 2025, SIAD and A2A renewed their collaboration and signed a new 9-year PPA. The agreement, signed by A2A Energia, provides for the supply of 87.6 GWh per year of electricity from renewable sources, guaranteed in Base Load mode, i.e. with constant availability throughout the year. The energy will be produced by plants available to the Group throughout the country, with a technological mix of about 70% wind and 30% photovoltaic. This supply, equivalent to the consumption of about 32,400 households, will avoid the emission of about 44,000 tonnes of CO 2 per year. At the end of the year, the new photovoltaic plant in Milan Linate, built by the A2A Group, came into operation within the airport of SEA, the company managing Milan airports. Equipped with the best available technologies on a lawn area of about 9 hectares, not otherwise usable, the expected production exceeds 10 GWh of renewable energy per year, with an environmental benefit of about 5,000 tonnes of CO₂ avoided and an annual production of renewable energy equivalent to the electricity consumption of approximately 3,700 homes. This is an important step in the decarbonisation of the airport’s electricity consumption, as about 20% of the energy used daily comes directly from this infrastructure located within Linate airport. Inauguration of the Santo Stefano PV plant, built in collaboration with VGE, with an installed capacity of 60 MWp. 161 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group millions of euro 12\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For further details, please refer to note 1) of the explanatory notes to the consolidated financial statements. 13\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For further details, please refer to note 1) of the explanatory notes to the consolidated financial statements. Quantification of the action 12 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 107 3,392 - - [29cii] Approximately 100% of the 2025 CapEx refer to activities 4.1 and 4.3 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. [29a] Electric mobility development The installation of new charging points aims to ensure widespread and efficient access to electric vehicle charging, thereby enabling more and more new users to switch from fossil fuel vehicles and thus contributing to the reduction of CO₂ emissions. The new charging points are being implemented according to technological innovation criteria, such as the development of charging points both at very low power, for night charging, and at very high power for fast charging, with the aim of improving the quality of services and making charging accessible for all types of users and needs. A concrete example created by A2A E-Mobility are the City Plug columns, a new generation of low-power charging columns (up to 7 kW) and powered 100% by renewable energy. Thanks to a centralised power management system, up to 7 columns in series (14 sockets) can be connected and controlled by a single electronic cabinet, allowing multiple cars to be charged simultaneously without overloading the network. City Plugs offer economical charging, with no time limits, ideal for overnight charging and for those who do not have access to a private charging point. millions of euro Quantification of the action 13 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 20 240 - - [29cii] 100% of CapEx 2025 refers to activities 6.15 and 7.4 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. Actions aimed at reducing the release of greenhouse gases into the atmosphere [29a] Gas network maintenance: This is about reducing emissions due to gas leaks from the distribution network. In addition, as a consequence of the progressive reduction in the volumes of gas sold and distributed, caused by the constantly decreasing demand, a reduction in emissions related to preheating is also expected. 162 A2A Report on Operations 2025 5\. Sustainability Statement For more information about maintenance projects on gas networks, please refer to the disclosure requirement of ESRS S4 – 4 and in particular to the action “Strengthening inspections on the underground gas network and reducing repair times” of the Smart Infrastructures Business Unit. 14\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For more details, refer to explanatory note 1) of the notes to the consolidated financial statements. 15\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For further details, please refer to note 1) of the explanatory notes to the consolidated financial statements. millions of euro Quantification of the action 14 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 34 300 - - [29cii] 100% of the 2025 CapEx refer to activity 4.14 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. Actions related to the Circular Economy Pillar Actions aimed at avoiding the release of greenhouse gases into the atmosphere [29a] Renewal of the vehicle fleet The action involves the progressive decarbonisation of the fleet consisting of service and collection vehicles for waste management, starting with the electrification of light vehicles. millions of euro Quantification of the action 15 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 10 206 - - [29cii] 73% of the 2025 CapEx refer to activity 5.5 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. [29a] Carbon Capture and Storage on Waste-to-Energy The action involves the installation of a CO 2 capture and storage system capable of intercepting both fossil and biogenic emissions in the flue gases. This technology will significantly reduce residual climate-changing emissions. For the long term, based on the costs and scalability of CCUS technology, it is assumed that capture systems will be installed on all the Group’s waste-to-energy plants. 163 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group millions of euro 16. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For more details, refer to explanatory note 1) of the notes to the consolidated financial statements. 17. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For more details, refer to explanatory note 1) of the notes to the consolidated financial statements. Quantification of the action 16 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period - 500 - - [29cii] It should be noted that for future CapEx, referring to the Business Plan, no alignment assessments are carried out. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. [29a] Extension of the district heating, decarbonisation and heat recovery service (heat pumps, cogeneration and geothermal energy) The action involves the expansion of the district heating network in densely populated contexts such as the cities of Milan and Brescia, mainly exploiting waste heat from industrial processes and data centres and fostering centralised heat production. In addition, the action envisages the progressive replacement of natural gas with biomethane as a fuel for the generation of heat for district heating, reducing emissions. The decarbonisation path is aimed at achieving the objectives of the Energy Efficiency Directive (EED) which by 2050 requires the use of 100% heat from renewable or recovered sources and the achievement of an emission factor of 0 gCO 2 /kWh. A concrete example of waste heat recovery from the data centre is the Qarnot project carried out at the Lamarmora plant in Brescia. For more information, please refer to the disclosure requirement set out in ESRS E2 - 2. For this project, A2A was among the winners of the 2025 Sustainable Development Award, promoted by the Foundation for Sustainable Development and the Italian Exhibition Group under the patronage of the Ministry of the Environment and Energy Security. As part of Ecomondo in November 2025, the main Italian event dedicated to the green and circular economy, the Group achieved first place for the “Decarbonisation and adaptation to climate change” sector. millions of euro Quantification of the action 17 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 53 453 - - [29cii] 92% of CapEx 2025 refers to activities 4.11, 4.16, 4.25, 7.3, 7.5 and 7.6 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. 164 A2A Report on Operations 2025 5\. Sustainability Statement [29a] Collection, treatment and recovery of urban and industrial waste The action envisages, on the one hand, an increase in separate collection to reduce landfilling and the use of virgin resources and, on the other, the energy recovery of waste through waste-to-energy. 18\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For more details, refer to explanatory note 1) of the notes to the consolidated financial statements. 19. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For more details, refer to explanatory note 1) of the notes to the consolidated financial statements. millions of euro Quantification of the action 18 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 26 499 - - [29cii] 33% of CapEx 2025 refers to activities 2.2 PPC; 5.5; 5.6; 5.9 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. Actions aimed at reducing the release of greenhouse gases into the atmosphere [29a] Development of production from bioenergy and biomethane, including from treatment It is planned to increase the production of biomethane and the generation from biogas and biomass to enhance organic waste and agricultural or industrial by-products, reducing emissions. millions of euro Quantification of the action 19 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 54 155 - - [29cii] 13% of CapEx 2025 refers to activities 4.8; 4.20; 5.6; 7.6 aligned with the EU Taxonomy. It should also be noted that A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. 165 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group To finance the aforementioned action plan, A2A plans to allocate both part of the cash flows generated (self-financing) and contributions made by public funding (mainly the NRRP), as well as sustainable debt instruments, such as Green Bonds, including European Green Bonds, Blue Bonds and green financing. Sustainable Finance is considered a key lever to support the realisation of the Group’s strategic plan, as described in detail in the ‘Sustainable Finance’ section. A2A Life Ventures: innovation to support the transition Through the company A2A Life Ventures, established in October 2025 with the aim of synergistically integrating all the levers of open innovation, innovation becomes the sustainable engine supporting the pillars of the 2035 Strategic Plan – Circular Economy and Energy Transition – to accelerate the ecological transition. The goal of the new company is to generate impacts that go beyond the Group’s perimeter: to contribute to the growth of a sustainable innovation ecosystem, to promote the dissemination of transformative technologies and to concretely improve the quality of life of the people and communities in which the Group operates. The business model of A2A Life Ventures is based on the idea of circular growth and continuous evolution: a recursive path that starts from the analysis and anticipation of technological trends, continues with testing, de-risking and industrial adoption, and then continues with the enhancement of the assets developed and the possibility of reinvesting resources. This approach takes shape in a multi-lever platform, structured to integrate Corporate Venture Capital investments, Corporate Venture Building activities, advanced prototyping tools and internal factories dedicated to the development of digital solutions and Artificial Intelligence. In support of this, a dedicated trend intelligence function guides the entire process, intercepting emerging signals and translating them into strategic guidelines for the different operational areas. All this is supported by dedicated governance, which ensures consistency and execution capacity. The A2A Life Ventures model was created to address concrete challenges: from the introduction of emerging technologies to the construction of solid partnerships with the most advanced ecosystems at an international level in climate tech. The Corporate Venture Capital of A2A Life Ventures In 2020, the Corporate Venture Capital programme was launched with a specific objective: to accelerate its adoption by Business Units and create industrial synergies through innovative projects. 360 Life I and 360 Life II Fund 360 Life is the central initiative of the CVC programme, implemented in partnership with 360 Capital, capable of competing with European funds of similar size in the climate tech sector and supporting the best scale-ups. The initiative is divided into two funds: • 360 Life I, launched in 2020, validated the collaboration model between the Group and the manager. Through this vehicle, investments were made in 8 start-ups in Italy and Europe, with which A2a collaborates on different levels; • 360 Life II, launched in 2024, which saw the entry of institutional and corporate investors (CDP Venture Capital, Bpifrance and De Nora respectively) with a focus on more mature Italian and European initiatives than the previous fund. 166 A2A Report on Operations 2025 5\. Sustainability Statement One of the innovation projects supported by the CVC is Energy Dome: founded in 2019, the start-up has developed the CO 2 Battery, a large-scale long-life energy storage system based on a closed thermodynamic process, which stores energy using CO 2 in different states (liquid/gas) and guarantees charge-discharge cycles of up to 10 hours. After the first demo plant in Sardinia, the company is building a 20MW/200MWh plant with a 10-hour duration. Another concrete example of innovation developed by the CVC di programme is the Sinergy Flow kW-scale microgrid and simulations: an LDES (Long Duration Energy Storage) battery technology, based on a low-cost metal-polysulphide redox flow battery, developed to overcome the limitations of current lithium-ion batteries. The latter present, in fact, significant critical issues in the context of long-term storage: high cost due to the volatility of critical metals such as lithium, cobalt and nickel, safety risks related to thermal runaway phenomena, limited durability in deep cycles and significant environmental impact due to mineral extraction and disposal phases. The redox flow technology proposed by Sinergy Flow uses low-cost active materials, allows energy to be stored for long periods, which is crucial for managing fluctuations in supply and demand, and has a reduced environmental impact. In addition, the modular and scalable nature of redox flow batteries allows the storage system to be adapted to specific capacity requirements, making it a versatile option for different contexts of use. The Corporate Venture Building of A2A Life Ventures Corporate Venture Building is a model that aims to create new companies from the outside: it arises from the need to be able to market what has been developed for the business, as well as being a tool to be able to explore markets adjacent to the core business in a perimeter protected from the risk of failure and dedicated to innovation. Once the opportunity has been identified, teams are formed, combining internal and external expertise, to develop the initiatives that will be supported along the way. The CVB does not support established start-ups, but builds them from scratch, bringing in industrial assets, skills and access to first customers, with the aim of minimising the risk of failure and speeding up the path to the scale-up phase. This approach, increasingly widespread among large companies, combines entrepreneurial agility and corporate solidity, generating an internal growth engine. One of the projects created within the CVB is PeaX: it is an innovative and compact user substation patented by A2A that integrates thermal storage with phase change materials (PCM) and a back-up electrical resistance, which enables a peak reduction of up to 65%, allowing new users to be connected even on saturated networks and with halved CapEx. A prototype has now been built; the transition to the industrialisation phase is expected at three sites managed by A2A Calore e Servizi during 2026, in time for the 26/27 thermal season. 167 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Metrics and targets ESRS E1-4 Objectives related to climate change mitigation and adaptation Below are the KPIs of the A2A Sustainability Plan related to the topic of climate change. The objectives below are partly included in the A2A Climate Transition Plan. Emission reduction targets defined in the A2A Climate Transition Plan [33] The Group Climate Transition Plan defines the objectives for reducing climate-changing emissions. For details on the link between the defined objectives and the climate change mitigation dimensions, and for more information on climate risk mitigation, please refer to the disclosure of the E1-1 Transition Plan. [34b] All emission reduction targets are gross, i.e. they do not include removals, carbon credits or avoided emissions. [34e, 34f, AR30c] For more information on the reference framework, the scenarios considered and the decarbonisation levers identified, please refer to disclosure E1-1. [34a, 34b, 34c, 34d] Emission targets u.m. Baseyear Baseline 2025 2030 2035 Scope 1 + Scope 2 emission factor gCO 2 e/kWh % reduction 2017 425 288 (-32%) 228 (-46%) 161 (-61%) Scope 1 + Scope 2 emissions tCO 2 e % reduction 2017 7,700,000 5,174,829 (-32%) 5,400,000 (-29%) 3,900,000 (-50%) Scope 2 Market-based emissions tCO 2 e % reduction n/a n/a 127,538 - (-100%) - (-100%) Scope 3 emissions - Energy purchase tCO 2 e % reduction 2023 467,000 / 397,000 (-15%) 327,000 (-30%) Scope 3 emissions - Upstream energy carriers tCO 2 e % reduction 2023 1,079,000 / 674,489 (-40%) 443,746 (-60%) Scope 3 emissions - Products sold tCO 2 e % reduction 2023 6,227,214 5,765,181 (-7%) 5,382,549 (-22%) 4,812,591 (-14%) 168 A2A Report on Operations 2025 5\. Sustainability Statement Other objectives related to the reduction of emissions in the Group’s Sustainability Plan Objectives in the field of renewables KPIs u.m. 2025 target 2025 2028 2030 2035 Total installed RES capacity Generation BU GW 2.6 2.6 3.1 3.6 5.6 Total installed RES capacity Market BU GW 0.04 0.03 0.05 0.07 0.13 Total installed RES capacity GW 2.58 2.7 3.1 3.7 5.7 Percentage of renewable energy out of the total % 48% 41% 35% 40% 63% Total net production solar Market BU GWh 26.1 22.1 31.9 32.2 34.5 Objectives in the field of district heating KPIs u.m. 2025 target 2025 2028 2030 2035 Thermal storage capacity for district heating m 3 31,015 31,785 31,985 32,385 35,885 Energy from thermal waste / renewables for the district heating TWht 2.01 1.53 2.14 2.21 2.31 Share of heat from renewables and waste recovery % 65% 51% 64% 63% 60% CO 2 emissions avoided thanks to district heating ktCO 2 (311) (306) (354) (370) (357) 169 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Objectives in the field of sustainable mobility KPIs u.m. 2025 target 2025 2028 2030 2035 E-moving charging service contracts (Market BU) n 50,218 58,300 124,050 236,200 972,600 Avoided emissions from A2A columns TWht 12,970 8,835 33,774 67, 2 9 8 337,460 Cumulative number of electric charging points 21-35 kn 6.00 2.43 12.01 15.70 24.48 Average specific emissions of the service vehicle fleet 20 kg/year 913 1,407 520 - - Number of low environmental impact collection and street sweeping vehicles (Euro 6 vehicles, methane gas, electric) n 81% 80% 89% 93% 98% Objectives in green energy 21 and end-use energy efficiency KPIs u.m. 2025 target 2025 2028 2030 2035 Green energy sold to the market TWh 9 11.6 13.8 16.3 24.9 CO 2 -free gas sold to the segment 22 Mm 3 135 162 85 102 113 Loyal customers with energy efficiency 23 services (Customers with a service/product in addition to the commodity) A2A and Acinque, excluding the companies of the AEB Group % 22% 15% 22% 33% 63% Cumulative avoided emissions 21-35 - VAS products (HVAC, PV systems 24 t (15.6) (31.2) (120.6) (259.3) (1,075.9) Cumulative avoided emissions 21-35 - Energy efficiency b2b - ESCo t (202.8) (235.1) (416.4) (474.4) (503.6) Cumulative avoided emissions 21-30 - VAS products for condominiums and commercial building 25 t ( 7.9 ) (16) (28) (43.4) (96.1) 20. special vehicles are excluded. Emissions are calculated according to the WLTP (Worldwide Harmonized Light Vehicles Test Procedure). 21\. Electricity produced from renewable sources 22\. the target values have been revised with a reduction over the entire plan period. Both biomethane and decarbonised gas through carbon credits are included in the calculation scope. 23\. By way of example and not limited to: photovoltaic systems, wallboxes, boilers, air conditioners, e-moving contracts, gas maintenance and insurance contracts, electricity maintenance and insurance contracts. 24\. The values are not comparable with previous years due to a methodological change: in addition to the emission factor of the national thermoelectric fleet (ordinary update), the efficiency of the post-replacement boilers has been modified and the heat pump category has been added, which provides for a higher efficiency of the boilers and therefore greater emissions avoided. 25\. The values are not comparable with previous years due to a methodological change. The data for 2023, 2024 and 2025 have been recalculated as from this year it was decided to also consider the “turnkey” solutions. For these 3 years, the point values of the avoided CO 2 were taken. The data from 2026 to 2035 was instead calculated on the basis of the conversion factors that were obtained from 2025. 170 A2A Report on Operations 2025 5\. Sustainability Statement Smart grid objectives 26 KPIs u.m. 2025 target 2025 2028 2030 2035 Percentage of users with 2G electricity smart meter (Unareti+Duereti) % 92% 94% 97% 98% 98% User interruptions in LV - SAIFI no./year/ POD 1.61 4.45 4.75 4.67 4.63 Installed capacity of the electricity grid GVA 9 8.8 10.6 10.6 10.9 Number of primary substations installed n 100 82 106 107 111 Total avoided methane emissions from distribution networks n (187,322) (115,872) (423,459) (453,257) (466,066) Other objectives KPIs u.m. 2025 target 2025 2028 2030 2035 Orders assigned to suppliers with carbon maturit 27 % NA 51% 59% 65% 80% CO 2 -free Group events (offset through credits) with economic value >30k % 60% 100% 100% 100% 100% Investment in digital and innovation initiatives with positive impact on emission 28 n 17 17 35 48 82 26. The companies of the Acinque Group are not included in the KPI under consideration. 27. % of suppliers that have achieved at least the “intermediate” score level, which is equivalent to reporting their carbon footprint (Scope 1+2+3). 28\. The KPI measures the total investments allocated to Digital & Innovation projects that generate a positive ESG impact, both qualitative and quantitative, with particular reference to the reduction of emissions in general and CO₂ emissions. The following fall within the scope of the KPI: Projects that lead to a direct or indirect reduction of climate-altering emissions; Initiatives that improve energy efficiency through digital solutions and predictive models; Sustainable mobility projects with a potential or measurable impact on emission reduction; Technological and innovative solutions aimed at decarbonising industrial processes and infrastructures. 171 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group ESRS E1-5 Energy consumption and energy mix Energy consumption and mix u.m. 2025 2024 Total energy consumption from fossil sources [37a] MWh 21,670,278 19,704,949 Of which fuel consumption from coal and coal products [38a] MWh - - Of which fuel consumption from crude oil and petroleum products [38b] MWh 1,875,856 1,927,317 Of which fuel consumption from natural gas [38c] MWh 15,632,412 13,699,743 Of which fuel consumption from other fossil sources [38d] MWh 4,124,727 4,038,174 Of which Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources [37e] MWh 37, 2 8 3 39,715 Total energy consumption from nuclear sources 29 [37b] MWh 1,522 1,326 Total energy consumption from renewable sources [37c] MWh 5,679,103 5,398,776 Of which consumption of fuels from renewable sources [37ci] MWh 5,132,121 4,871,414 Of which Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources [37cii] MWh 542,281 520,848 Of which consumption of self-generated non-fuel renewable energy [37ciii] MWh 4.701 6.514 Total energy consumption related to own operations [37] MWh 27,350,933 25,103,725 Percentage of fossil sources in total energy consumption [AR34] % 79.23 78.49 Percentage of energy consumption from nuclear sources 30 in total energy consumption [AR34] % 0.01 0.01 31 Percentage of renewable sources in total energy consumption [AR34] % 20.76 21.51 Energy production [39] u.m. 2025 2024 Non-renewable energy production MWh 8,332,596 7,542,713 Renewable energy production MWh 5,5 2 7,1 9 5 6,899,902 Renewable energy production, which in 2025 covered about 40% of the total, includes: Hydroelectric, wind, solar, B2B solar, biomass, renewable production 32 from WtE (Waste-to-Energy), landfill gas and biogas from digestion plants. Non-renewable energy production includes: coal, CCGT (Combined Cycle Gas Turbine), fuel oil and non-renewable production from WtE (Waste-to-Energy). It is specified that all feed-in is taken into account for the calculation of production. 29\. For the percentage relating to the consumption of energy from nuclear sources, the percentage deriving from the tabular data relating to the energy mix of the national electricity grid was considered and refers exclusively to the energy import from abroad where this technology is used to produce electricity. The MWh were calculated by multiplying this percentage with the electricity purchased by the Group not covered by Guarantee of Origin certificates. 30. For the percentage relating to the consumption of energy from nuclear sources, the percentage deriving from the tabular data relating to the energy mix of the national electricity grid was considered and refers exclusively to the energy import from abroad where this technology is used to produce electricity. The MWh were calculated by multiplying this percentage with the electricity purchased by the Group not covered by Guarantee of Origin certificates. 31\. The figure for the percentage of energy consumption from nuclear sources for the financial year 2024 has been restated due to a change in the interpretation of the request. In fact, the 4% indicated the previous year referred to the percentage composition of the Italian mix. 32\. Renewable production from WtE is calculated on the basis of the percentage of renewable waste, i.e. of biogenic origin, entering each waste-to-energy plant of the Group. This percentage was applied to the total energy production (Gwh) of each waste-to-energy plant; non-renewable production was calculated by difference (total production of each plant - renewable production). 172 A2A Report on Operations 2025 5\. Sustainability Statement [42] According to Commission Delegated Regulation (EU) 2022/1288, the A2A Group is one of the companies belonging to the high climate impact sectors. The energy intensity is therefore calculated taking into account the A2A Group’s overall energy consumption and revenues. Listed below are the high-impact sectors within the scope of activities managed by the group: • electricity, gas, steam and air conditioning supply; • water supply; sewerage, waste treatment and sanitation activities. Energy intensity in high climate impact sectors u.m. 2025 2024 Total energy consumption from activities in high climate impact sectors [41] MWh 27,350,933 25,103,725 Net revenues from activities in high climate impact sectors used to calculate energy intensity (E1-5) millions of euro 13,882 12,699 Energy intensity associated with activities in high climate impact sectors [40] MWh/ millions of euro 1,970 1,977 [43] For the calculation of energy intensity, the total consolidated revenues net of Acerra, Caivano and Scandale were considered. Reconciliation to financial statements [AR 38b] u.m. 2025 2024 Net revenues from activities in high climate impact sectors for the calculation of energy intensity millions of euro 13,882 12,699 Net revenue (other) millions of euro 181 157 Total net revenue (Financial Statements) for E1-5 millions of euro 14,063 12,857 ESRS E1-6 Gross GHG emissions of Scope 1, 2, 3 and total GHG emissions [AR39a] The reporting of GHG emissions is conducted in accordance with the guidelines of the GHG Protocol ‘A Corporate Accounting and Reporting Standard’, prepared by the World Business Council for Sustainable Development (WBCSD) and not according to EN ISO 14064-1:2018. [50a, 50b] The A2A Group uses the financial control approach to define the organizational boundaries within which it reports greenhouse gas emissions. Under this approach, the Group consolidates 100% of the greenhouse gas emissions over which it has financial control. GHG emissions related to assets/operations in which the company owns interests but does not have financial control fall into Scope 3 (indirect emissions). It is also specified that the Group does not exercise operational control over associates, joint ventures, unconsolidated subsidiaries (investment entities) and contractual arrangements that are jointly controlled arrangements not structured through an entity. 173 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The following table presents a summary view of Scope 1, 2 33 and 3 GHG emissions for the A2A Group: GHG emissions [44] u.m. 2025 2024 Gross Scope 1 GHG emissions [44a] tCO 2 eq 5,047, 2 9 1 4,620,312 Gross Scope 2 location-based GHG emissions [44b] tCO 2 eq 248,020 249,731 Gross Scope 2 market-based GHG emissions [44b] tCO 2 eq 127,538 108,261 Gross Scope 3 GHG emissions [44c] tCO 2 eq 13,195,215 12,892,311 34 Total location-based GHG emissions [44d, 52a] tCO 2 eq 18,490,526 17,762,354 33 Total market-based GHG emissions [44d, 52b] tCO 2 eq 18,370,044 17,620,884 33 Emission intensity [53] u.m. 2025 2024 Net revenue used to calculate GHG intensity millions of euro 14,063 12,857 Intensity of location-based GHG emissions tCO 2 eq/ millions of euro 1,315 1,382 Intensity of market-based GHG emissions tCO 2 eq/ millions of euro 1,306 1,371 [55, AR55] For the calculation of GHG intensity, Scope 3 is also taken into account, thus the entirety of consolidated revenues was considered, as specified within the ESRS 2 BP-1 disclosure requirement. [AR39b] GHG emissions calculation methodology The calculation methodology used by the Group to estimate total GHG emissions is mainly based on the multiplication of activity data related to emission sources by their appropriately selected emission factors. GHG emissions = Activity data * FE where: • GHG emissions: this is the quantification of GHG emissions emitted by the activity, expressed in terms of tonnes of CO 2 equivalent (tCO 2 eq); • Activity data: this is the quantity that describes the activity related to GHG emissions (e.g. expressed in terms of energy, mass, volume, expensed/accounted); • FE: is the factor that correlates activity data with emissions. 33\. It should be noted that Scope 2 indirect emissions include: emissions due to the consumption of electricity purchased by the Group for its own consumption; emissions due to electricity distribution losses. 34\. It should be noted that the 2024 Scope 3 emissions figure has been restated following updates to the activity data. 174 A2A Report on Operations 2025 5\. Sustainability Statement Factors from legislation, literature or databases are used. In particular: • installations subject to regulated emissions trading systems (EU ETS) calculate direct emissions in accordance with sector regulations; • WtE plants adopt a monitoring system of the CO 2 emitted at the stack, which makes it possible to accurately identify emissions and discriminate between fossil and biogenic CO 2 ; • the calculation of emissions from wastewater treatment plants is carried out according to the IPCC method updated in 2019. This methodology is based on the measurement of organic matter (BOD or COD) input, transferred to sludge, abated and discharged, applying appropriate emission factors results in the emission of CO 2 equivalent, which is the sum of CH 4 and N 2 O fluxes; • the calculation of methane emissions from the networks provides for a punctual quantification of the gas emitted into the atmosphere from each localised leakage; the method associates for each type of leakage (corrosion, leakage, etc.) a leakage section, quantifies the leakage rate based on the operating conditions of the gas and the pipelines, and defines a duration depending on the origin of the leakage. Source of Scope 1 emission factors: UNFCCC 2024 inventory (published in 2025) IPCC AR6 WGI Report 2021. Source of Scope 2 emission factors: • the Location-based approach involves the use of a national average emission factor that considers the average emission intensity of the network on which the energy consumption takes place (source: ISPRA 2025. Final emission factor for 2023). • the market-based approach refers to contractual agreements entered into with the electricity supplier. In the absence of specific contractual agreements between the Group companies and the electricity supplier (e.g. purchase of Guarantee of Origin certificates), for this approach, reference is made to the emission factor relating to the national “residual mix” (source: AIB European Residual Mix 2024 results). In addition to emissions from electricity consumption, emissions associated with electricity distribution losses from the Group’s networks are included in Scope 2. From the physical data of grid losses, emissions are calculated using the emission factor of the electricity consumption of the national grid (source: ISPRA 2025. Final emission factor for 2023). Source of Scope 3 emission factors: ISPRA 2025. Final emission factor for 2023; DEFRA ghg- conversion-factors-2025-full-set; ECOINVENT version 3.12; UNFCCC Inventory 2024, published in 2025; UNFCCC CEDA inventory and supplier portal. Emissions are calculated: • by site/activity contact persons; • by an application used by the companies of the A2A Group to collect, consult and manage aspects relating to the Environment, Health and Safety at Work through calculation formulas implemented on the basis of the primary activity data entered in the application itself; • internal application in the purchasing area; • off-line using primary data received from the relevant Organizational Structures. 175 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Scope 1 emissions The Scope 1 emissions, in addition to emissions linked to the combustion processes of fossil sources and the non-renewable part of waste, also include: • methane from biogas escaped capture in landfills; • natural gas leaked from networks (including also leakages from plants); • emissions related to the vehicle fleet; • emissions from accidental leaks of fluorinated greenhouse gases from air conditioning equipment and electrical switches; • direct emissions of CH 4 and N 2 O from water cycle treatment plant tanks. With reference to the A2A Group, direct greenhouse gas emissions (Scope 1) mainly derive from combustion processes. These emissions increased compared to the previous year in line with the increase in energy production from thermoelectric plants due to increased market demand. In addition, the Sesto Energia thermal power plant joined the Group in 2025. Scope 1 GHG emissions u.m. 2025 2024 Gross Scope 1 GHG emissions [48a] tCO 2 eq 5,047, 2 9 1 4,620,312 Gross GHG emissions from emission trading schemes (ETS) tCO 2 eq 3,354,430 3,008,751 Percentage of gross GHG emissions in Scope 1 from emissions trading schemes [48b] % 66.46 65.12 Please note that the accounting period for Scope 1 gross GHG emissions and ETS gross GHG emissions is the same. The reported value for GHG emissions from Emissions Trading Systems (ETS) was calculated using the most up-to-date coefficients available (year 2024). The final value will be available after the ETS verification process has been completed and will be calculated using the coefficients updated to 2025. Biogenic emissions come from biomass combustion plants, biogas combustion plants and the biogenic share of waste-to-energy. The increase recorded in 2025 is due to the fact that the Trezzo waste-to-energy plant became fully operational in 2025. It should be noted that all gases other than CO 2 produced by the combustion of biomass are already included in the calculation of Scope 1 emissions. Biogenic emissions u.m. 2025 2024 Biogenic CO 2 emissions from combustion or biodegradation of biomass separately from Scope 1 GHG emissions [AR43] tCO 2 eq 1,552,309 1,399,925 176 A2A Report on Operations 2025 5\. Sustainability Statement Scope 2 emissions Scope 2 emissions include indirect emissions from electricity purchased from third parties for their own consumption and emissions associated with electricity distribution losses from the Group’s networks. According to the GHG Protocol, Scope 2 emissions related to electricity consumption are calculated according to two different approaches: • Location-based considers the average emission intensity of the network on which the energy consumption takes place; • Market-based reflects the emissions of the electricity that companies choose to buy. Scope 2 GHG emissions u.m. 2025 2024 Gross Scope 2 location-based GHG emissions [49a] tCO 2 eq 134,094 162,128 Gross Scope 2 market-based GHG emissions [49b] tCO 2 eq 13,612 20,658 Gross Scope 2 GHG emissions related to distribution losses tCO 2 eq 113,926 87,6 0 3 Compared to 2024, electricity consumption is almost unchanged (+2%). Scope 2 emissions calculated according to the location-based approach are down due to the fact that the ‘National Grid Electricity Consumption’ emission factor used for the calculation has decreased compared to last year. The reduction in Scope 2 emissions calculated with the Market-based approach is due to the reduction in the Residual mix emission factor used to calculate this indicator. As regards electrical distribution losses, there was an increase due to the entry into the scope of the DUERETI company. [AR45d] The A2A Group uses 95% of its electricity from renewable sources. The contractual instruments it uses to certify the supply of green energy are the coupled Guarantee of Origin Certificates (GOC). The Guarantee of Origin (GO) is an electronic certification attesting to the renewable origin of the sources used by IGO qualified plants. For each MWh of renewable electricity fed into the grid by IGO qualified plants, the GSE issues a GO title, in accordance with Directive 2009/28/EC. Of market-based emissions, 100% refer to electricity purchased in conjunction with these instruments; no stand-alone contractual instruments were used. Scope 3 emissions With a view to improving the analysis of its impacts on the climate, the A2A Group has begun an in- depth analysis of the various types of indirect emissions associated with its activities, with reference to the GHG Protocol Scope 3 categories. Indirect emissions along the supply chain (Scope 3) include both upstream activities (e.g. emissions related to purchased products and fuels, emissions associated with purchased services) and downstream activities (e.g. emissions related to the use of products sold and the management of waste produced in non-Group facilities). 177 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [51] Scope 3 GHG emissions u.m. 2025 2024 Total Category 1 Goods and services purchased tCO 2 eq 1,354,745 1,171,059* Category 1: Gas purchased for sale tCO 2 eq 928,897 1,056,584* Category 1: Chemical products and other materials tCO 2 eq 118,191 114,428 Category 1: Purchases by commodity group tCO 2 eq 307,657 N/A Category 2 Capital goods tCO 2 eq 228,899 N/A Category 3 Fuel and energy-related activities (not included in Scope 1 or 2) tCO 2 eq 4,631,641 4,153,510 Category 4 Upstream transport and distribution tCO 2 eq 17,719 N/A Category 5 Waste generated by the Group and managed in third-party facilities tCO 2 eq 435,975 269,034 Category 6 Business Trips tCO 2 eq 1,725 1,121 Category 7 Home-work commute of employees tCO 2 eq 14,649 15,115 Category 8 Leased assets (upstream) tCO 2 eq 484,641 445,899 Category 11 End use of products sold tCO 2 eq 5,765,181 6,476,361* Category 15 CapEx tCO 2 eq 260,040 360,212 Gross Scope 3 GHG emissions [51] tCO 2 eq 13,195,215 12,892,311* * It should be noted that the 2024 Scope 3 emissions figure has been restated following updates to the activity data. [AR46i] The different Scope 3 categories and applicability criteria for the A2A Group are outlined below: • Category 1: Purchased goods and services. This category includes the purchase of goods (including chemicals and other materials) and services and gas purchased for sale. The calculation methodology considers as activity data the accounted/expensed, m 3 of gas purchased for resale and tons of chemicals. The sources of the emission factors used for the three subcategories were CEDA, DEFRA and ECOINVENT, respectively. • Category 2: Capital goods. Emissions generated by the production of durable goods (such as buildings or machinery) purchased in the reporting year. The source of the emission factors used was CEDA. • Category 3: Fuel and energy-related activities. For the A2A Group, category 3 includes emissions associated with: \- Upstream of fuels; \- Upstream of biomass used as fuel for thermal energy and electricity production; \- Upstream of electricity purchased for its own consumption; \- Network losses related to electricity purchased for Group consumption and distributed on third-party networks; \- Losses from energy sold on third-party networks; \- Upstream of imported heat for district heating; \- Non-green electricity purchased for resale. 178 A2A Report on Operations 2025 5\. Sustainability Statement The calculation methodology considers fossil fuels, electricity purchased for own consumption, grid losses of electricity sold on third-party grids, non-green electricity purchased and sold to third parties, grid losses of electricity purchased for own consumption and distributed on third- party grids, and End of Waste biomass and virgin biomass used as fuels as activity data. The emission factors used were sourced from DEFRA GHG Conversion Factors 2025 – Full Set, AIB European Residual Mixes 2024 Results, Ecoinvent version 3.12, and ISPRA 2025, referring to the ex-post emission factor for 2023. • Category 4: Upstream transportation and distribution - Emissions associated with the transportation of goods and services purchased by the company, carried out using non- owned vehicles. The calculation methodology considers the accounted/expensed as activity data. The source of the emission factors used was CEDA. • Category 5: Waste generated in operations - Emissions generated by the treatment at third- party plants of waste produced by the Group. The calculation methodology considers the tonnes of waste produced as activity data. The sources of the emission factors used were ECOINVENT and DEFRA. It should be noted that compared to last year, the calculation of this indicator has been updated following a technical improvement of the calculation software. • Category 6: Business travel - Emissions associated with business trips made by staff, i.e. the impact generated by the means of transport used (excluding company vehicles) to travel to a customer, supplier or event. Overnight stays are also included. The calculation methodology considers the kilometres travelled, the number of overnight stays and the CO 2 emissions calculated by the supplier of the “travel” service. The source of the emission factors used was DEFRA. • Category 7: Employee commuting - Emissions from employee home-work trips. The methodology used is based on the Standard Framework defined by the GHG Protocol, but differs from the one adopted last year with regard to the source of the emission coefficients: in fact, instead of the ISPRA factor database, the DESNZ factor database (i.e. the UK Department for Energy Security and Net Zero) was used, which offers a broader and more informative factor inventory and is becoming the standard for European reporting. • Category 8: Upstream leased assets - Emissions related to assets under management whose consumption has not already been reported in Scope 1 or Scope 2. The calculation methodology considers fossil fuel consumption, electricity consumption and CO 2 calculated by the leasing company (Acerra waste-to-energy plant) as activity data. The sources of the emission factors used were ISPRA and UNFCCC inventory. • Category 9: Downstream transportation and distribution - Not applicable. The A2A Group does not transport goods sold by the company with third party vehicles (not owned by the company). • Category 10: Processing of sold products - Not applicable. The A2A Group does not produce intermediate products sold by third parties. • Category 11: Use of sold products - Emissions from the use of sold products. For the Group, they refer to the use of gas sold. The calculation methodology considers m3 of gas sold as activity data. The source of the emission factors used was DEFRA. • Category 12: End-of-life treatment of sold products - Not applicable. The A2A Group is not involved in the sale of products. • Category 13: Downstream leased assets - Not applicable. The A2A Group does not own any assets sold to third parties under leases. 179 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • Category 14: Franchises - Not applicable. The A2A Group does not engage in Franchises. • Category 15: Investments - Emissions generated by the companies in its investment portfolio. The emissions generated by the assets of investment are re-proportioned according to the share of capital invested. The calculation methodology takes as activity data the emission data declared by the companies in which there are investments, multiplied by the shareholding. The calculation includes the indirect emissions of the Acinque Group implemented for the relevant categories. Compared to last year, Scope 3 indirect emissions associated with category 11 “Use of sold products” decreased in line with the reduction in gas sold to third parties. The increase in category 3 “Fuel and energy-related activities” is due to the increased consumption of fuel for the production of electricity by thermoelectric plants and the increase in non-green electricity sold to third parties. Finally, it should be noted that compared to last year, categories 1 (Purchased goods and services), 2 (Capital goods) and 4 (Upstream transport and distribution) were implemented, for which the calculation was in the processing phase. [AR46g] Primary data obtained from suppliers or other partners along the value chain and estimates for category 1 “Purchased goods and services”, category 6 “Business travel” and category 15 “Investments” was used to calculate Scope 3 indirect emissions. More specifically, as reported in the ESRS 2 BP-1 disclosure requirement, estimates and, in particular, a hybrid quantification method were used to calculate category 1 (purchased goods and services) of Scope 3 emissions. 18% of emissions were determined on the basis of actual emissions reported by suppliers during 2024 and subsequently re-proportioned to 2025 purchase volumes, while the remaining share was calculated according to a spend-based approach. [AR46h] It should be noted that, in the calculation of Scope 3, indirect emissions associated with the companies included in the A2A Group’s scope of consolidation are accounted for, as well as direct emissions of ERGOSUD S.p.A. falling under Category 15 and the assets under management without operational control by the Group, falling under Category 8, such as the Acerra Waste-to-Energy Plant and the Caivano STIR plant.) For the calculation of indirect emissions falling under Scope 3, the following are used: • Primary data: activity data (e.g. fuel consumption, electricity consumption, quantity of gas sold), expensed/accounted (e.g. purchase of services and goods) and supplier carbon footprint; • Secondary data: emission factors obtained from regulations, literature or databases. [AR46j] It should be noted that there are no biogenic CO 2 emissions from the combustion or biodegradation of biomass that occur in the value chain separately from gross Scope 3 GHG emissions. 180 A2A Report on Operations 2025 5\. Sustainability Statement [AR 41] Total emissions broken down by Business Unit The following table shows the breakdown of GHG emissions of Scope 1, 2 and 3 for the Acinque Group and by Business Unit of the A2A Group: Business u.m. Scope 1 Scope 2 location- based Scope 2 market- based Scope 3 Total location- based emissions Total market- based emissions Circular Economy BU tCO 2 eq 1,919,292 46,142 4,684 1,494,981 3,460,415 3,418,957 Smart Infrastructures BU tCO 2 eq 65,805 133,135 114,844 116,780 315,720 297,429 Generation and Trading BU tCO 2 eq 2,932,955 52,159 5,295 905,624 3,890,738 3,843,874 Market BU tCO 2 eq 475 18 2 9,857,510 9,858,003 9,857,987 Corporate tCO 2 eq 1,356 1,343 136 56,051 58,750 5 7,5 4 3 Acinque Group tCO 2 eq 127,408 15,223 2,577 764,269 906,900 894,254 Total tCO 2 eq 5,047, 2 9 1 248,020 127,538 13,195,215 18,490,526 18,370,044 It should be noted that for the Smart Infrastructures Business Unit, indirect Scope 2 emissions include not only emissions associated with electricity purchased for its own consumption, but also emissions related to electricity distribution losses. [AR 52] Total emissions broken down along the value chain The table reports GHG emissions disaggregated by Scope 1, 2 and 3, broken down along the value chain. Stage value chain u.m. Scope 1 Scope 2 location- based Scope 2 market- based Scope 3 Total location- based emissions Total market- based emissions Upstream tCO 2 eq - - - 7,169,994 6,615,719 6,615,719 Own operations tCO 2 eq 5,047, 2 9 1 248,020 127,538 - 5,295,311 5,174,829 Downstream tCO 2 eq - - - 6,025,221 6,025,221 6,025,221 Total tCO 2 eq 5,047, 2 9 1 248,020 127,538 13,195,215 18,490,526 18,370,044 • Upstream: includes the following indirect Scope 3 emissions: \- Category 1 - Goods and services purchased. \- Category 2 - Capital goods. \- Category 3 - Fuel and energy-related activities (not included in Scope 1 or 2). - Category 4 Upstream transport and distribution. \- Category 5 - Waste generated by the Group and managed in third-party facilities. \- Category 6 - Business Trips. \- Category 7 - Home-work commute of employees. \- Category 8 - Leased assets (upstream). 181 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • Own operations: includes direct Scope 1 emissions and indirect Scope 2 emissions (market-based electricity consumption emissions plus grid electricity distribution losses). • Downstream: includes the following indirect Scope 3 emissions: \- Category 11 - End use of products sold. \- Category 15 - CapEx. ESRS E1-7 GHG removals and GHG mitigation projects financed through carbon credits GHG removal and storage [56a, 58a, AR58f, 58b, AR60, AR58e] The A2A Group does not carry out GHG removal and storage projects as part of its operations or in the value chain, except in non-material quantities and mainly related to specific initiatives of an experimental nature. Carbon credits [56b] The Group uses carbon credits to offset the CO 2 equivalent emissions associated with major corporate events. The Group’s events are organised with attention to sustainability aspects and with the aim of containing the associated greenhouse gas emissions, also with reference to optimising participants’ travel. For emissions that cannot be avoided, the Group implements offsetting through the purchase of carbon credits. [59a, AR61] In 2025, the Group used carbon credits to offset major corporate events, financing the Mai Ndombe REDD+ project. The project, located in the Democratic Republic of the Congo, aims to protect and preserve the second most important rainforest in the world after the Amazon. Through the management of former timber concessions and the implementation of sustainable land use practices, the project aims to reduce legal and illegal deforestation, which is a major cause of biodiversity loss and greenhouse gas emissions. Forest conservation also contributes to the reduction of greenhouse gas concentrations in the atmosphere by sequestering atmospheric carbon in trees and soil. The initiative not only reduces the loss of forest and biodiversity but contributes to the prosperity of the local community through investments in infrastructure and education. The project is certified according to the international Verified Carbon Standard. Verified and cancelled carbon credits [AR62] u.m. Quantity Type Standard Corresponding adjustment Mai Ndombe REDD+ project tCO 2 eq 7 7.0 9 Removal Biological well Verified Carbon Standard No [59b] Outside the value chain, the Group plans to annually cancel carbon credits in quantities corresponding to the CO 2 equivalent emissions related to corporate events. [60] For the neutralisation of residual emissions useful for achieving the net zero target, see the paragraph “Locked-in emissions” in the E1-1 disclosure. 182 A2A Report on Operations 2025 5\. Sustainability Statement ESRS E1-8 Internal carbon pricing [63a] The internal carbon price applied by the Group is €75/tCO 2 eq, and is a shadow price that is used in investment decisions and Risk Management activities. The carbon price presented refers to the annual average of 2025. [63b] Decision-making processes, where necessary and relevant, take into account these reference values and involve the Group’s business processes and activities exposed to this variable. The methodology is therefore homogeneous. EUA prices are used for operational activities related to covering the needs of the industrial portfolio. These are used for risk management and investment decisions. [63c] The A2A Group uses an unambiguous method for setting the internal carbon price that is aligned to the market quotations of the Emission Trading Scheme - EUA, expressed in €/Ton CO 2 using the most recent market settlements as a reference and through the acquisition of data from the markets and stock exchanges. Daily data curves are received and aggregated by the systems in the company’s application map, with daily updates allowing operators to identify the carbon price to be applied that day. That being said, it should be noted that in the year 2025, the quotas issued by the group correspond to approximately 3.360 mln tonnes (data at 31.12.2025). The process described here is regulated in the internal document 209.0020/00 – “Optimisation of the Industrial Portfolio”. [AR65] The volume of GHG emissions covered by carbon pricing schemes coincides with the emissions subject to the Emission Trading Scheme. [63d] The volume of GHG emissions covered by carbon pricing schemes coincides with the emissions subject to the Emission Trading Scheme, and is therefore equal to 66.46% of Scope 1 emissions. 183 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.2.2 ESRS E2 Pollution Material impacts Type Stage Time horizon Generation of non-GHG pollutant emissions with consequent effects on air quality levels Negative Actual OO; P; R; I BP; MP; LP Potential damage to the environment due to incorrect waste disposal management resulting in dispersion and contamination of the surrounding area Negative Potential P; OO; R BP Material risks Stage Time horizon Waste recovery/disposal process: potential impacts on the image of A2A Ambiente and the Group as a whole resulting from any non-compliance - real or presumed - with regulations and/or authorisations or consequent to any environmental damage caused by incorrect management of transport, recovery, storage, shipping, recovery/disposal of waste. R, Transversal along the value chain BP; MP; LP Environmental compliance: potential impacts on the Group’s overall image and economic-financial situation as a result of possible non-compliance - real or alleged - with regulations and/or authorisations or possible environmental damage caused by accidents and/or the incorrect management of the Group’s activities. Transversal along the value chain BP; MP; LP Water cycle - anomalous discharges into the sewer: potential impacts on the Group’s overall image, in its relations with local authorities and communities as a result of possible malfunctions in the purification process due to abnormal discharges of pollutants into the sewers that carry waste to the purification systems. I BP; MP; LP Water cycle – Purification: potential impacts on the Group’s overall image, in relations with local authorities and communities as a result of any complaints of insufficiently purified water discharges into the receiving water bodies. OO BP; MP; LP New Urban Waste Water Treatment Directive: potential impacts on the Group’s overall image, in relations with local authorities and communities as well as economic and financial impacts as a result of possible critical issues in compliance with the new Directive on Urban Waste Water, the text of which is currently being finalised at a European level (COM(2022)541) and will have to be implemented in Italy. I MP; LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 184 A2A Report on Operations 2025 5\. Sustainability Statement Impact, risk and opportunity management ESRS 2 IRO-1 Description of the processes to identify and assess pollution-related impacts, risks and opportunities [11a, 11b, AR9] During 2025, the A2A Group updated and improved the Double Relevance analysis process, analysing its assets, activities and business model to identify relevant pollution- related impacts, risks and opportunities, in its own operations and in the upstream and downstream value chain. In fact, the reporting and information discussed in the following paragraphs refer to activities that can generate significant effects by directly affecting the environment and natural resources. E2-1 Policies related to pollution The A2A Group’s policies related to pollution are presented below. For a complete description of the set of policies of the A2A Group, scope and implementation responsibilities, please refer to the general information provided in ESRS 2 MDR-P. [14, 15a, 15c] HSEQ Policy In 2025, A2A published the new HSEQ Policy, which places pollution prevention at the centre of its actions, with particular attention to air and water quality. Pollution prevention is managed in operational activities in accordance with current legislation and authorisations, which prescribe limits on the concentrations and methods of monitoring the main substances emitted in fumes and wastewater, as well as specific procedures within the sites where the Group operates. Atmospheric emissions, which mainly originate from thermoelectric power plants and waste and biomass utilisation plants, are contained at the lowest possible levels thanks to combustion technologies and pollution reduction systems; macro-pollutants, in particular nitrogen oxides, sulphur oxides, dust and hydrochloric acid, are monitored by means of automatic continuous systems, while micro-pollutants are detected through sampling and analysis conducted according to monitoring plans that guarantee emissions below the permitted thresholds. Fugitive emissions (e.g. of natural gas from pipelines or refrigerant gases) are mitigated by maintenance programmes and leak detection equipment. All industrial waste water is purified before being reused or discharged into water bodies in order to comply with the maximum permitted concentrations of pollutants. The Group’s activities do not generate ground emissions. Emergency situations that may result in the release of pollutants, both on soil and in other environmental areas, are identified and included in site-specific emergency plans. The A2A Group conducts an assessment of environmental risks also related to emissions into water and air, according to a methodology, which provides for the adoption of specific actions to reduce the risks assessed as medium and high. A system for reporting and analysing any environmental incidents is also implemented, with the aim of analysing their causes, verifying the correct handling of the event and identifying improvement actions to ensure that the event does not recur. The Acinque Group does not currently have a policy that complies with ESRS standards, aimed at managing impacts, risks and opportunities related to pollution. However, the Group has embarked on a process of adapting its policies to the CSRD that will involve the various corporate structures involved in sustainability reporting. For more information, refer to the Acinque Group Sustainability Statement. 185 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group E2-2 Actions and resources related to pollution Procedures for pollution management The various companies in the Group that manage the plants included in the scope of application of Regulation 166/2006 have formally established operating procedures aimed at controlling pollution. In particular, with regard to atmospheric emissions, these procedures define aspects such as the management of abnormal emission values, checks on the continuous emission monitoring system, the management of malfunctions of the continuous monitoring system, the execution of discontinuous measurements, the maintenance of equipment at emission points and the responsibilities in the various processes. With regard to water discharges, the existing procedures provide, among other aspects, guidelines for water sampling and analysis. The A2A Group guarantees compliance with emission limits, both in the atmosphere and in the water, thanks to the use of high-performance technologies and pollutant reduction systems, with the aim not only of complying with authorisation requirements, but also of reducing emissions as far as possible to values well below authorised limits. All waste-to-energy plants are equipped with innovative emission treatment systems that lower the content of pollutants by various degrees from the combustion chamber to the point of emission into the chimney. The fumes are purified using specific technologies depending on the substances to be treated: • DeNO x systems that act on the concentration of nitrogen oxides, transforming them into natural air components such as nitrogen and water; • bag filter systems that retain dust and particulate matter; • fume scrubbing systems or systems for the dry injection of reagents for the transformation and chemical “capture” of other compounds. At combined cycle thermoelectric plants, NO x emissions are minimised thanks to the use of “primary” combustion techniques, i.e. DLN (Dry Low NO x ) burners with low nitrogen oxide emissions and, at some plants, secondary systems (DeNO x ). At the San Filippo del Mela power plant, which is powered by fuel oil, the following systems are in operation: • a system for pre-cleaning the fumes and a system for adding limestone diluted with water that reacts with the sulphur dioxide (SO 2 ) contained in the fumes, with the formation of gypsum (CaSO 4 ) that is filtered, centrifuged, placed in a warehouse and subsequently sent to recycling facilities; • a system for adding ammonia to the boiler outlet and a catalyst for reducing nitrogen oxide emissions (DeNO x ). The “Boos” type combustion method also contributes to the containment of emissions. • electrostatic precipitators (ESP), consisting of chambers placed on the fume ducts, with an internal system of wires and electrified plates, which have the task of capturing the particulate present in the fumes. In addition, it should be noted that in 2025 a total of 91 elementary internal audits relating to the environmental component were carried out. Actions in the field of air pollution Revamping of the Monfalcone Power Plant: the project, which began in 2023, aims to convert the plant from coal to natural gas, modernising it with combined cycle technology to improve its efficiency and environmental impact. The new Combined Cycle Gas Power Plant (CCGT) in the project is located within the perimeter of the existing Thermoelectric Power Plant located in the territory of the Municipality of Monfalcone 186 A2A Report on Operations 2025 5\. Sustainability Statement (GO). The plant will consist of a latest-generation CCGT with a nominal power of approximately 860 MWe, consisting of a gas turbine of about 579 MWe of class “H”, a recovery steam generator and a steam turbine of about 280 MWe, in a “Multi-shaft” configuration, i.e. with two separate electricity generation units: a generator coupled to the gas turbine and a generator coupled to the steam turbine. One particular feature of the plant, peculiar to the generation of Class H gas turbines, is the considerable flexibility of operation, 1\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For further details, please refer to note 1) of the explanatory notes to the consolidated financial statements. 2\. Minimum Technical Environmental Load: minimum process power compatible with the operation of the plant in steady state, while maintaining stable combustion and NO x emissions below legal limits. both in terms of speed of entry into operation and load variation, and in terms of maintaining environmental performance even in low power conditions. The projected power plant, with a net electrical power of 2.7 times the current one, will result in substantially lower emissions into the atmosphere, with a reduction of about 80% of the annual NO x emissions in combined cycle operation, and the substantial elimination of SO 2 , dust and other micropollutants associated with the operation of the coal-fired power plant. millions of euro Quantification of the action 1 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 111 102 - - NO x Emission Reduction Project Piacenza Plant: The Piacenza Thermoelectric Power Plant is an 865 MW CCGT that uses only natural gas and integrates advanced pollutant reduction systems, including low-NO x combustion and SCR (Selective Catalytic Reduction) catalytic denitrification. The introduction of more restrictive emission limits from 2021 highlighted critical issues in the start-up phases and in the first hour of operation, with a consequent increase in the quantities of substances emitted and the potential need to shut down the plant. The project, launched in 2024, involves the Group’s own operations and includes two types of interventions: • low-cost software and regulatory changes, with immediate benefits on NO x reduction and CMTA 2 ; • structural interventions on the hot flue gas outlet, i.e. the duct that conveys the high- temperature exhaust flue gas from the gas turbine to the recovery steam generator (the second turbine). The intervention is scheduled for completion in 2027 and will enable better environmental performance, ensuring reduced impacts and full compliance with current and future environmental regulations. District heating from data centres Qarnot: A2A has inaugurated a new data centre designed by the French company Qarnot at the Lamarmora power station. Thanks to an advanced liquid cooling system, it allows thermal energy to be recovered at high temperatures, up to 65 °C, to be fed directly into the district heating network to bring heat to buildings. The project represents one of the first applications in Italy of heat recovery from data centres, the first in a city network with innovative liquid cooling technology, and responds to a global energy challenge: harnessing the waste heat of digital infrastructures, which are constantly expanding and highly energy-intensive, to produce useful thermal energy for cities. At full capacity, it will meet the thermal needs of over 1,350 apartments, avoiding the emission into the atmosphere of pollutants and 3,500 tons of CO 2 per year. 187 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Retelit: A2A, in collaboration with Retelit and DBA Group, is developing a heat recovery project at the “Avalon 3” data centre in Milan. The heat generated by the servers is fed into the urban district heating network, transforming an energy cost into a clean thermal resource, with significant environmental benefits expected in early 2026, reducing CO 2 and pollutant emissions and replacing heat generation from fossil fuels. Actions in the field of water pollution Maintenance of A2A Ciclo Idrico terminals: investments to eliminate untreated sewage terminals (i.e. sewage network that discharges wastewater directly into surface water bodies or into the subsoil, without purification treatment) still present on the network, to build new purification plants and upgrade undersized ones. 3\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For further details, please refer to note 1) of the explanatory notes to the consolidated financial statements. 4\. It should be noted that these amounts are included in the investment item of the Company’s financial statements. For further details, please refer to note 1) of the explanatory notes to the consolidated financial statements. millions of euro Quantification of the action 3 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 37 37 - - Investments for wastewater treatment in the Plan: In the strategic plan to 2035, the group plans to adapt the plants to European regulations, improve environmental quality, introduce innovative circular economy technologies and strengthen and modernise sewage networks and treatment plants. millions of euro Quantification of the action 4 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 54 181 8 43 To finance the aforementioned action plan, A2A plans to allocate both part of the cash flows generated (self-financing) and contributions made by public funding (mainly the NRRP), as well as sustainable debt instruments, such as Green Bonds, including European Green Bonds, Blue Bonds and green financing. Sustainable Finance is considered a fundamental lever to support the implementation of the Group’s strategic plan, as described in detail in the “Sustainable Finance” section. 188 A2A Report on Operations 2025 5\. Sustainability Statement Metrics and objectives E2-3 Objectives related to pollution [22, 23] Below are the KPIs of the A2A Sustainability Plan related to the topic of pollution. The objective related to this topic is included in the pillar of the “Circular Economy” Plan and refers to the area of action “District heating: helping to reduce the environmental impact of cities, paying particular attention to air quality by implementing district heating and district cooling”. For more details on the KPI calculation methodology, see the “Appendix” section. In fact, as also pointed out in the projects mentioned previously, district heating helps reduce the environmental impact by offering an alternative that cuts down on the emissions produced by combustion for heat production that deteriorate air quality. The target given in the table below refers to all Group companies and only includes directly managed activities in the scope, thus excluding the upstream and/or downstream value chain. [25] Finally, it should be noted that the targets set by the group are voluntary, but guided by European regulations. KPIs u.m. 2025 target 2025 2028 2030 2035 NO x emissions avoided thanks to district heating t cumulative data (1,295) (183) (742) (1,130) (2,104) From 2025, a new Group methodology for the calculation of avoided emissions is applied, therefore the KPI and the related target trajectory has been updated considering 2025 as the base year. In addition, as of this year, the reporting scope has been expanded to include the company Sesto Energia. E2-4 Pollution of air, water and soil Data on the pollutants emitted by the Group (Regulation EC No. 166/2006 of the European Parliament and of the Council, E-PRTR register) are provided below. [30b] In accordance with current permits, pollutants in fumes and waste water are monitored by continuously certified control systems or by regular sampling and analysis according to approved methods. As far as atmospheric emissions are concerned, the declared substances were monitored at site level, in accordance with the sector’s BREFs (BAT Reference Documents, i.e. reference documents aimed at disseminating and increasing awareness of the best technologies available). In particular, the concentrations of nitrogen oxides and carbon monoxide, relating to the thermal power plants and waste- to-energy plants, and the concentrations of hydrochloric acid, relating only to the waste- to-energy plants, were measured continuously through Emission Monitoring Systems (EMS), managed according to sector standards; the equipment constituting the EMS is subject to control, calibration and maintenance activities in accordance with the authorisations in force and according to the UNI EN 14181:2015 standard. Reported water emissions were monitored through regular sampling and analysis, carried out by accredited laboratories according to internationally standardised methods. Bulk pollutant values are calculated by the facilities in charge, from the measured concentrations multiplied by the volume of fumes or water discharged. 189 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [30c] Mass pollutant values are determined at site level by the relevant facilities. Subsequently, specifically authorised personnel enter the quantities for each site of the Group into the dedicated data collection software where they undergo a control and validation process. Values above the thresholds that are set by Regulation 166/2006 are aggregated at Group level in order to determine the indicators to be reported in this document. [31] Bulk pollutant values are calculated by the facilities in charge, from the measured concentrations multiplied by the volume of fumes or water discharged. [28a] Air pollutants u.m. 2025 2024 Chlorine and inorganic compounds (expressed as HCl) kg 11,740 12,650 Nickel (Ni) and compounds kg 105 96 Carbon monoxide (CO) kg 547, 5 1 6 - Nitrogen oxides (NO x /NO z ) kg 1,146,472 1,017,717 Total kg 1,705,833 1,030,463 Substances with an effect on global warming are not reported in this section because they are included in the value of Scope 1 GHG. It should be noted that the value of nickel has been estimated. [30a] In 2025, NO x and CO emissions into the air increased in relation to increased thermoelectric production and differences in operating mode. In particular, it should be noted that the CO emissions for 2024 are zero as no plant had exceeded the emission threshold. [28a] Pollutants in water u.m. 2025 2024 Total nitrogen kg 177,000 182,000 Total organic carbon (TOC) (as total C or COD\/3) kg 168,667 179,667 Chlorides kg 2,753,000 2,592,000 Total phosphorus kg 13,000 14,000 Copper (Cu) and compounds kg 56 202 Zinc (Zn) and compounds kg 941 1,303 Total kg 3,112,664 2,969,172 [30a] There is a general decrease in the volume of treated water. In 2025, emissions to water remained almost constant, confirming that the performance of the purification plants was maintained. 190 A2A Report on Operations 2025 5\. Sustainability Statement Pollutants in water in areas at water risk [AR23c] u.m. 2025 2024 Total emissions of pollutants to water in water risk areas kg - - Total pollutant emissions to water occurring in areas of high water stress kg 3,112,664 2,969,172 5 Total water pollutants kg 3,112,664 2,969,172 5 Percentage of total pollutant emissions to water in areas at water risk % - - Percentage of total pollutant emissions to water in areas of high water stress % 100 100 Water risk areas have been identified based on the mapping of the Aqueduct Water Risk Atlas, which ranks geographical areas according to different levels of water risk. The levels are assigned by evaluating a broad set of indicators, which include quantitative, qualitative and regulatory criteria. The reporting scope includes plants that fall into areas classified as high and extremely high risk. Water stress areas are identified, again according to the Aqueduct Water Risk Atlas, based on the ratio of total water consumption to the availability of renewable water resources. The reporting scope includes plants that fall into areas classified as high and extremely high risk. E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities [40b] During 2025, the only significant pollution incident was the fire caused by self-combustion at the Buccinasco plant. The accident resulted in operating costs of 211,000 euro and investments of 275,000 euro. Expected financial effects due to material risks from pollution-related impacts and dependencies [40b] u.m. 2025 2024 Operating expenses (OpEx) in relation to deposits and serious accidents (pollution) mln euros 0.2 0.2 Capital Expenditure (CapEx) in relation to deposits and serious accidents (pollution) mln euros 0.3 0.3 5. It should be noted that the data relating to the emissions of pollutants in water 2024 has been restated following subsequent checks on its correctness. For the previously published data, please refer to the A2A Group Report on Operations for 2024. 191 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.2.3 ESRS E3 Water and marine resources Material impacts Type Stage Time horizon Impact on water resource availability as a result of abstraction activities and network losses during water supply services Negative Actual OO; I MP; LP Impact on water resource availability as a result of water use in own production processes Negative Actual OO; P; R BP; MP; LP Contribution to the responsible use of water and the extension of its life cycle through collection and treatment Positive Actual I BP; MP; LP Discharges or spills of contaminated water or at a temperature different from that of the receiving water body, due to incorrect management of water from production processes or malfunctioning of purification plants Negative Potential OO; I BP Material risks Stage Time horizon Water cycle – quality of distributed water: potential reputational damage for the Company and the Group as a result of initiatives by local communities which, also on the basis of non-accredited and recognised procedures, erroneously certify the presence of pollutants with concentrations above the limits established by law in the drinking water distributed by A2A Ciclo Idrico, as well as the introduction of more restrictive regulations that render the water distributed non-compliant. OO BP; MP; LP Hydraulicity: possibility that favourable changes in climatic conditions (e.g. changes in water availability for some of the main hydroelectric plants) could have a negative impact on the profitability of the Group’s hydroelectric plants. EE BP; MP; LP Water Cycle - water scarcity: potential reputational and economic impacts for A2A Ciclo Idrico and the Group related to the possible scarcity of water resources for treatment and distribution to users served. Transversal along the value chain, I BP; MP; LP Water cycle – Purification: potential impacts on the Group’s overall image, in relations with local authorities and communities as a result of any complaints of insufficiently purified water discharges into the receiving water bodies. OO BP; MP; LP A2A Ciclo Idrico – risks associated with the water supply chain: the distribution of water for human consumption that does not respect the quality and quantity characteristics associated with drinking water distribution could have repercussions on people’s health as well as impacts of an economic nature due to the need to interrupt production activities, and impacts on the Group’s overall image in its relations with local authorities and communities. OO BP; MP; LP New Urban Waste Water Treatment Directive: potential impacts on the Group’s overall image, in relations with local authorities and communities as well as economic and financial impacts as a result of possible critical issues in compliance with the new Directive on Urban Waste Water, the text of which is currently being finalised at a European level (COM(2022)541) and will have to be implemented in Italy. I MP; LP 192 A2A Report on Operations 2025 5\. Sustainability Statement Impact, risk and opportunity management ESRS 2 IRO-1 Description of the processes to identify and assess water and marine resources-related impacts, risks and opportunities [8a] During 2025, the A2A Group updated and improved the Double Relevance analysis process, analysing its assets, activities and business model to identify relevant water and marine resource-related impacts, risks and opportunities, in its own operations and in the upstream and downstream value chain. In fact, the reporting and information discussed in the following paragraphs refer to activities that can generate significant effects by directly affecting the environment and natural resources. The activities of the A2A Group and some of its businesses (e.g. activities related to hydroelectric power plants and the integrated water cycle management service) depend significantly on the availability of water resources. The main dependencies and risks derive from a possible acute or chronic lack of water resulting from potential changes in the precipitation event regime in the short and medium/long term due to climate change. The production of electricity from hydroelectric plants, whether reservoir or flowing water, depends to a large extent to annual and seasonal rainfall patterns. Less accumulated precipitation events throughout the year result in less water availability for the power plants. In particular, low snowfall events result in lower water reserves that accumulate during the winter and that become available during the normally less rainy summer season. The way in which rainfall is distributed over the months, is also important for hydropower production, as rainfall events with a more uniform pattern throughout the year mean a better chance of exploitation compared to more intense rainfall concentrated in short periods. The resulting risk for the A2A Group is both a reduced availability of resources for hydroelectric production and the need to release greater quantities of water from reservoirs to make it available for other uses, e.g., agriculture, due to the increased demands and the needs of other stakeholders. The Group companies operating in the integrated water service are exposed to the risk of interruptions in the drinking water distribution service caused by the potential scarcity of water resources mainly as a result of any prolonged periods of drought, which could lead to the depletion of sources of supply that are more sensitive to seasonal fluctuations and rainfall patterns, normally located in mountainous municipalities. The consequences of this risk for the Group are represented by possible reputational impacts in relation to a possible lowering of the level of public satisfaction, as well as economic impacts for possible penalties in case of non-compliance with the service quality indicators established by the Authority. Finally, acute or chronic water shortages resulting from any changes in the rainfall event regime in the short and medium/long term also entail minor risks for other businesses and activities of the A2A Group, including district heating, thermoelectric production, biomass plants and waste treatment plants. 193 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group No material opportunities were identified. [8b] The involvement of the areas and communities affected by the Group’s activities and on which these may have an impact is one of the key elements of the A2A Group’s Stakeholder Engagement model. Since 2015, the Group has been carrying out a programme of listening and dialogue with local stakeholders, as described in the ESRS 2 SBM-2 disclosure requirement, seeking to understand the specific characteristics of local communities and to create debate on the most relevant topics for the development of A2A and its stakeholders, including those related to water resources. For example, to respond to the impacts related to the water resource in Calabria, the Group, a concessionaire of hydroelectric plants in the Region, has constantly collaborated with the institutional bodies in charge in order to guarantee and meet the irrigation and drinking water needs, as the regional territory is often affected by serious water crises. In fact, the Region of Calabria has set up a permanent Control Room in which A2A has guaranteed its willingness to respond to emergencies, actively contributing to the search for solutions with all the stakeholders present. In 2025, A2A Ciclo Idrico acquired approximately 70% of the share capital of Novito Acque, a company active in the operational management of purification plants and sewage networks in seven municipalities of Locride. The acquisition was made with the aim of enhancing the plants already present in the area and increasingly optimising the management of the service. Among the various interventions, the improvement of sludge treatment and enhancement processes is also planned. In addition, a study was presented, carried out together with the Association for the Development of Industry in the South (SVIMEZ), entitled “A supply chain perspective for the protection of water in Calabria”, which illustrates the advantages of a virtuous collaboration between public and private for a more sustainable management of water resources. Based on the study, a project was launched with Unical and YES Europe that involved students from the Department of Mechanical, Energy and Management Engineering in the formulation of policy proposals for water protection. The final papers were presented at the annual conference of the AEIT association in Amantea (CS) in September 2025. ESRS E3-1 Policies related to water and marine resources The A2A Group’s policies related to water and marine resources are presented below. For a complete description of the set of policies of the A2A Group, scope and implementation responsibilities, please refer to the general information provided in ESRS 2 MDR-P. [11] HSEQ Policy Water resource issues are addressed by the HSEQ Policy adopted by the A2A Group, which has among its principles the care of water assets, minimising consumption, waste and safeguarding the quality and quantity of the resource. The HSEQ Policy, revised in 2025, is based on compliance with applicable national and international regulations and industry best practices to ensure the protection of People’s Health and Safety, the Environment, and the maintenance of high Quality standards. [12a, 13] The policy defines the commitment to minimise the consumption and waste of water resources, as well as the commitment to prevent water pollution. Each company manages its processes in accordance with these guiding principles. [12b] It is specified that the policy does not directly address the design of products and services, as these aspects are managed by individual companies in relation to their own objectives. [12c] The commitment stated in the HSEQ Policy applies to all territories, including areas at water risk, even if not explicitly mentioned. The Acinque Group does not currently have a policy that complies with ESRS standards, aimed at managing impacts, risks, and opportunities 194 A2A Report on Operations 2025 5\. Sustainability Statement related to water and marine resources. However, the Group has embarked on a process of adapting its policies to the CSRD that will involve the various corporate structures involved in sustainability reporting. For more information, refer to the ACinque Group Sustainability Statement. ESRS E3-2 Actions and resources related to water and marine resources [19] The protection of water resources is a value for the entire A2A Group, which for years has carried out actions aimed at managing them in the best possible way, also by virtue of the strategic value that water assumes for its own activities and for the well-being of the ecosystems. For all the Group’s sites and plants, the assessment of the level of water risk and water stress associated with the areas in which they are located was carried out using the Aqueduct Water Risk Atlas tool. The projects listed below refer to plants located mainly in areas with a “medium-high” water risk level and a “high” and “extremely-high” water stress level. [17] Actions in the field of water consumption Wet abatement system for acid gases with recovery of the moisture contained in the flue gases: between 2023 and 2024, a wet system for the abatement of acid gases and the recovery of moisture from the flue gases was installed at the Brescia waste-to-energy plant. The process involves wet washing, pH control and heat recovery through condensation, with energy transfer to the district heating network. The water obtained from condensation is treated in the new CWT plant to produce demineralised and osmotised water, without water discharges. The system guarantees two environmental benefits: absence of discharges and reduction of the use of well/aqueduct water. Aquarius project – application of new continuous monitoring technologies to control water leaks: the Aquarius project involves the installation of sensors (noise loggers) capable of detecting the ‘noise’ of a leak from a pipe in real time, thereby changing the paradigm of water network management: in fact, the system takes an average of a week to analyse the data and report possible water leakage, thus ensuring active and continuous monitoring of the condition of the water infrastructure, compared to what normally happens with traditional leak detection activities. This project, which started in September 2019 in the Brescia-Mompiano area and was later extended in autumn 2020 to the historic centre of Brescia with a total of 221 sensors, led to the monitoring of 60 km of network and the detection of 83 leaks by the end of 2020. Subsequently, the number of sensors gradually increased to 1,800, thanks in part to the funds made available by the NRRP-funded project “Intervention M2C4-I4.2_193 – digitalisation and reduction of water losses in the networks of the province of Brescia managed by A2A Ciclo Idrico”, of which A2A Ciclo Idrico is a second-level implementing body (project in the final stages). The monitored areas include part of the municipality of Brescia and some municipalities involved in the aforementioned project (such as Gavardo, Vobarno, Rodengo Saiano). In these areas, the network monitored using this technology is about 495 km and the leaks repaired on public land to date are 271 since the start of the project. The initiative has contributed to a reduction in losses; constant and continuous over the years. 195 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group millions of euro 1\. It should be noted that these amounts are included in the operating costs and investments items of the Company’s financial statements. For further details, please refer to notes 1) and 31) of the explanatory notes to the consolidated financial statements. Quantification of the action 1 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 29 123 5 18 Rainwater recovery: a project to optimise the rainwater recovery process has been launched at the Gissi thermoelectric power plant. In particular, the rainwater collected at the plant is conveyed to the first rain tank, which collects the first water, typically dirtier after long periods of drought, and to the second rain tank, where generally cleaner water flows. In the past, the plant configuration did not allow the recovery of all the water and in some situations the water was returned to the Sinello river. The project was born from this need for improvement, with the aim of making rainwater recovery more efficient, timely and sustainable, minimising waste and maintaining compliance with the environmental requirements of the AIA authorisation. Predictive models on the Group’s hydroelectric plants: the initiative aims to test a new approach to flow forecasting by integrating forecast meteorological data, operational time series, and, in development, satellite data. The first phase, carried out in 2024, showed the predictive model’s good capabilities, but also the typical limitations of early AI applications in real hydrological contexts: heterogeneous datasets, limited granularity, and the absence of continuous retraining. The second phase, in 2025, initiated a structural evolution of the project: • extension of the predictive platform licence, • systematic performance monitoring, • periodic realignment of the models, • design of a new version of the algorithm with integration of high-resolution satellite data. The project, in detail, concerned the development and validation of an AI-based predictive platform for forecasting inflows into hydroelectric basins with a time horizon of at least 24 hours. One of the objectives is to optimise energy production, maximising the use of water resources. To finance the aforementioned action plan, A2A plans to allocate both part of the cash flows generated (self-financing) and contributions made by public funding (mainly the NRRP), as well as sustainable debt instruments, such as Green Bonds, including European Green Bonds, Blue Bonds and green financing. Sustainable Finance is considered a key lever to support the realisation of the Group’s strategic plan, as described in detail in the ‘Sustainable Finance’ section. 196 A2A Report on Operations 2025 5\. Sustainability Statement Metrics and targets ESRS E3-3 Targets related to water and marine resources Below are the KPIs of the A2A Sustainability Plan related to the topic of water and marine resources. All the objectives related to this topic are included in the “Circular Economy” pillar of the Plan and refer to the “Water: implement actions to reduce water consumption in capture and distribution processes, reduce water dispersion and improve the quality of water returned to the environment” action area. For further details on the methodology used to calculate the KPIs, please refer to the “Appendix” section. KPIs u.m. 2025 target 2025 2028 2030 2035 Reduction of water consumption from aqueducts in electricity distribution - Unareti perimeter % reduction compared to 2020 consumption (331 m 3 ) (43%) (54%) (68%) (75%) (75%) Linear water losses - A2A Ciclo Idrico perimeter m 3 /km/day (average) 15.6 15.4 15.4 14.9 13.9 Number of intelligent sensors installed for water service - cumulative figure n (cumulative data) 6,506 3,226 3,595 3,685 3,910 Percentage of new generation water service meters installed % 67% 47% 64% 71% 88% Districting of the A2A Ciclo Idrico aqueduct network % 56% 64% 67% 70% 80% With reference to the KPI “Reduction of water consumption from aqueducts in electricity distribution”, the 2025 target has been largely exceeded. The plan’s targets have also been revised upwards, from -59% by 2030 defined last year to a reduction of -75%. As for “linear water losses”, the target defined last year can be considered achieved. The plan objectives have been slightly revised downwards, but these are minimal adjustments, not considered material. With regard to the two indicators “Percentage of new generation water service meters installed” and “Number of intelligent sensors installed for water service – cumulative data”, both the final and forecast data have been updated following a process of harmonisation of calculation methods between the different Group companies. For this reason, the 2025 target is not comparable with the final value. Finally, for the KPI “Districting of the aqueduct network”, the achievement of the 2025 target is confirmed and there are no material changes to the plan targets. [23a, 23c] All the above objectives have been defined with the aim of implementing actions to reduce water consumption in capture and distribution processes, reduce water dispersion and improve the quality of water returned to the environment. [25] Finally, it should be noted that the targets set by the group are voluntary, but guided by European regulations. 197 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group ESRS E3-4 Water consumption [28e] Water consumption indicators report the quantities of water resources withdrawn for use in processes and sanitation. This is water that is partly reused within the sites (in 2025, 21% of the total volume withdrawn was reused) and partly discharged, after purification treatment in the cases provided for by law and permits. The indicator does not include water withdrawn for hydroelectric production and cooling water, which is entirely returned to the environment. Compared to 2024, water consumption is almost unchanged. The following management methods for the efficient use of water resources are highlighted: • installation of water recovery systems at the Piacenza thermoelectric plant; • oily and meteoric water recovery systems at the San Filippo del Mela thermoelectric plant; • removal of transformers with water exchangers as part of the electricity distribution in Milan, installing air exchangers. No comparison with 2024 is provided for the above data, as direct measurements were not available. The extent of water losses from the Brescia Heat Distribution has decreased by 7% compared to 2024, resulting in a reduction in water withdrawals for replenishment. A volume of 230 million cubic metres of water stored in hydropower reservoirs in 2025 was recorded. This value was obtained through indirect processing based on level measurements of the reservoirs of the hydroelectric basins of the Generation and Trading BU. Compared to previous years, there was a reduction in the quantities of water stored due to the emptying of the Truzzo reservoir in Valchiavenna, in order to allow for some maintenance activities, and to the decrease in the volumes stored in Calabria, due to a long period of drought that affected the reporting year, as described above. Data on total water consumption, including in water-risk areas and the percentages of recycled and reused water, is collected by the business structures on the basis of actual consumption recorded during the year or the quantities reported on utility bills. Instead, the volumes of stored water and the related volume variations are based on indirect processing based on level measurements. 198 A2A Report on Operations 2025 5\. Sustainability Statement Water consumption u.m. 2025 2024 Total water withdrawals 2 [AR 32] m 3 3,656,461,.415 - 3 Total water discharges 4 [AR 32] m 3 3,659,433,533 - 5 Total water consumption [28a] m 3 8,074,702 8,002,241 Total water consumption in areas at water risk, including areas of high-water stress [28b] m 3 1,549,652 1,700,505 6 Total recycled and reused water [28c] m 3 1,681,325 1,510,220 Total volume of stored water [28d] m 3 229,950,000 257,000,000 Volume changes [28d] m 3 (34,850,000) (39,900,000) [AR29] Below is the share of consumption obtained through direct measurement: • Water consumption: 6,999,063 m 3 (86.68%); • Water consumption in water risk areas: 1,522,512 m 3 (98%): • Recycled and reused water: 835,748 m 3 (49.71%): • Stored water and volume changes: 0% For these data, there is no comparison to 2024 as no direct measurements were available. Shown below in tabular form is the A2A Group’s water intensity, calculated as total water consumption in its operations on the Group’s net revenues. Water intensity u.m. 2025 2024 Total water consumption m 3 8,074,702 8,002,241 Net revenue millions of euro 13,882 12,699 Water intensity [29] cubic metres/ millions of euros 581.68 630.15 For the calculation of water intensity, the total consolidated revenues net of Acerra, Caivano and Scandale were taken into consideration. 2\. The “Total water withdrawals” indicator includes all the water entering the Group’s perimeter, i.e. that reported in the “Total water consumption” indicator together with the water withdrawn for hydroelectric production and for cooling the plants, which is entirely returned to the environment. 3\. The figure was not reported in the 2024 reporting year. 4\. The “Total water discharges” indicator includes all the water leaving the plant, both wastewater and water used for hydroelectric production and for cooling the plants, which is entirely returned to the environment. Water leaving urban wastewater treatment plants and water treated as part of remediation processes are also considered; these types of discharges, together with meteorological inputs, determine the main reason why the total volume of water discharged is greater than the total volume of withdrawals. 5. The figure was not reported in the 2024 reporting year. 6. Following methodological refinements that expanded the reporting scope for 2025, for greater comparability, the 2024 figure has been restated to also consider the new plants introduced by the update. 199 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.2.4 ESRS E4 Biodiversity and ecosystems Material impacts Type Stage Time horizon Habitat alteration and soil loss due to production sites, waste treatment sites and distribution networks Negative Actual OO; EE; P; C; R; I BP; MP; LP Impacts on freshwater ecosystems due to the activities of hydroelectric plants and the use of water resources Negative Actual OO; EE; P; C; R; I BP; MP; LP Disturbance of flora and fauna deriving from the Group’s activities, with particular reference to areas of significant value for biodiversity Negative Actual OO; EE; P; C; R; I BP; MP; LP Protection of animal and plant species in areas with significant biodiversity value and protection of existing ones, including through the development of collaborations and synergies with scientific and institutional partners Positive Actual OO BP; MP; LP Material risks Stage Time horizon Environmental compliance: potential impacts on the Group’s overall image and economic-financial situation as a result of possible non-compliance - real or alleged - with regulations and/or authorisations or possible environmental damage caused by accidents and/or the incorrect management of the Group’s activities. Transversal along the value chain BP; MP; LP Water cycle - anomalous discharges into the sewer: potential impacts on the Group’s overall image, in its relations with local authorities and communities as a result of possible malfunctions in the purification process due to abnormal discharges of pollutants into the sewers that carry waste to the purification systems. I BP; MP; LP Material opportunities Stage Time horizon Reduction of impacts on river ecosystem for hydroelectric production: potential economic-financial and reputational benefits in connection with the inclusion of measures to contain environmental impacts and biodiversity in hydroelectric system efficiency projects prepared for the purpose of reallocating concessions, with a consequent increase in the probability of obtaining the same. EE MP, LP Biodiversity Action Plan: potential image and economic-financial benefits in connection with the definition of a Biodiversity Action Plan with consequent improvement of the group’s positioning on this issue, which is of interest to financial analysts and territorial stakeholders, as well as consequent improvement of the culture and internal awareness of the interactions between business activities and biodiversity and increased resilience of the business towards biodiversity. Transversal along the value chain LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 200 A2A Report on Operations 2025 5\. Sustainability Statement Strategy E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model [13a] A2A’s strategy and business model are assessed in terms of resilience to risks and opportunities related to biodiversity and ecosystems, as part of the Enterprise Risk Management (ERM) process. This process integrates the risks and opportunities related to dependence on natural resources and dependence on ecosystem services, considering the evolution of the climate, regulatory, economic and energy context. The analysis of risks and opportunities takes into account the main risk drivers, including the tightening of the regulatory framework (e.g. European Green Deal), changes in ecosystem conditions that may affect the availability of natural resources (in particular water and soil), the social acceptability of plants as well as reputational risks and risks along the value chain. At the same time, the opportunities arising from the integration of biodiversity protection into corporate strategies and the design of new plants are considered, with the consequent improvement of the Group’s positioning on this issue, as well as those arising from the improvement of the culture and internal awareness of the interactions between business activities and biodiversity. A2A’s Biodiversity and Nature Action Plan, described in the action information, represents the basis for the drafting, in the future, of a specific transition plan on Nature and supports the evolution of the corporate strategy towards a progressive alignment with public policy objectives on biodiversity and ecosystems, helping to strengthen the resilience of the business model in the medium to long term. [13b] The resilience analysis covers both the Group’s own operations and the upstream and downstream value chain. With regard to direct operations, the analysis considers in particular the interference of the Group’s plants and sites with sensitive areas from a naturalistic point of view, the management of water resources, land use and compliance with regulatory requirements on the protection of biodiversity. With reference to the value chain, the analysis takes into account the main impacts, risks and dependencies related to the supply of raw materials, critical services and the use and end- of-life phases of infrastructures and assets. The analysis highlighted some gaps whose hedging actions will be implemented in the coming years, based on priority. [13c] The analysis of the resilience of the strategy and business model with respect to biodiversity and ecosystems takes into account some key assumptions, including: • a progressive strengthening of policies and regulations at European and national level on the protection of biodiversity and the restoration of ecosystems; • the increased interconnection between climate change and biodiversity loss, with potentially amplified effects on ecosystem services relevant to the Group; • the possibility of integrating mitigation measures and, where necessary, biodiversity compensation, in accordance with the mitigation hierarchy (avoid, reduce, restore, compensate); • the increasing availability of technological and nature-based solutions that reduce impacts and improve the environmental performance of existing and future assets. 201 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group With reference to the aforementioned hypotheses, the analysis highlighted some improvement actions that form an integral part of the Action Plan for Biodiversity and Nature. [13d] In line with the Enterprise Risk Management methodology and the A2A Strategic Plan, which has a 2035 horizon, the risks and opportunities related to biodiversity and ecosystems are analysed according to three time horizons: • short term, coinciding with the budget year; • medium-term, beyond the budget year and up to five years; • long-term, over five years and up to 2035. The definition of these horizons derives from the scenario analysis of the climatic, economic, energy and regulatory context of reference and makes it possible to assess the consistency and resilience of strategic choices over time, as well as to identify any assets or paths at risk of “lock- in” with respect to changes in biodiversity and ecosystems. [13e] The results of the analysis indicate that A2A’s strategy and business model are overall resilient to risks related to biodiversity and ecosystems, thanks also to the maturity of the environmental management and pollution prevention systems that the Group has in place. E4 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model [16a] Identifying the potential interactions of the A2A Group’s activities with biodiversity and the environment is essential in order to define the actions to be taken to prevent and reduce associated effects. For this reason, in accordance with the Biodiversity Policy, analyses of potential interferences of the Group’s activities with the system of protected areas continued, with a view to extending them to the new sites in the areas. The system in question concerns areas belonging to the Natura 2000 Network (SCI/ SAC and SPA) identified at a community level, nationally protected areas (EUAP), wetlands listed as internationally important and IBAs (Important Bird and Biodiversity Areas), areas considered to be important habitats for the conservation of wild bird populations. From the mapping phase, it emerged that out of a total of 453 Group sites and networks analysed, 185 have potential interference with the system of protected areas, which not only takes into account criteria of adjacency or overlap, but also wider areas of possible influence. Of these, 37 are located within protected areas, of which 18 are sites and 19 are networks (including underground parts). It is specified that: • from the assessments carried out, there is no evidence of activities that negatively affect sensitive areas in terms of biodiversity; • with reference to the analysis of the impacts and dependencies on the ecological status of the areas, carried out through the WWF biodiversity risk filter tool, it is reported that most of the assets fall into contexts with non- critical ecological conditions; only one asset is located in an area with high ecosystem integrity, for which there is a higher potential reputational risk, without however evidence of direct negative impacts by the Group; • the analysis conducted shows 75 protected areas affected (see the following table). 202 A2A Report on Operations 2025 5\. Sustainability Statement For specific information on the Acinque Group, refer to the Acinque Group Sustainability Statement. Relevant sites/ networks Activities performed Interaction assessment Type of protected area ID of protected areas AMB47 Waste management Direct interference National network EUAP0224 AMB50 Waste management Direct interference Natura 2000 Network IT1332614 AMB74 Energy production from biomass Direct interference IBA IBA178 AMB82 Energy production from biomass Direct interference IBA IBA197 EOL11 Wind energy production Direct interference Natura 2000 Network ITA050009 FVT20 Energy production from photovoltaics Direct interference Natura 2000 Network National network ITA070005, EUAP1155 IDR01 Hydroelectric power generation Direct interference IBA IBA048 IDR03 Hydroelectric power generation Direct interference Natura 2000 Network National network IBA IT2040044, EUAP0017, IBA041 IDR09 Hydroelectric power generation Direct interference Natura 2000 Network National network IBA IT9320302, IT9310069, EUAP0550 IBA149 IDR10 Hydroelectric power generation Direct interference National network EUAP0550 IEL03 A Electricity distribution systems Direct interference Natura 2000 Network National network IBA IT2070021, IT2070402, IT2070016, IT2070018, EUAP0193, EUAP0338, EUAP0281, IBA058 IEL03 B Electricity distribution systems Direct interference Natura 2000 Network IBA IT2070402, IBA058 IEL04 Electricity distribution systems Direct interference Natura 2000 Network National network IBA IT2070301, EUAP0305, IBA045 IEL06 Electricity distribution systems Direct interference National network EUAP0736 IGAS02 Gas distribution systems Direct interference Natura 2000 Network National network IT2050002, EUAP0734 IGAS03 Gas distribution systems Direct interference IBA IBA012 IGAS06 Gas distribution systems Direct interference IBA IBA012 IGAS07 Gas distribution systems Direct interference IBA IBA019 ILL01 Public lighting network Direct interference Natura 2000 Network National network IT2050001, EUAP0202 ILL03 Public lighting network Direct interference Natura 2000 Network National network IBA IT1150001, EUAP0218, IBA018 ILL04 Public lighting network Direct interference Natura 2000 Network IBA IT1140017, IBA207 Follow >> 203 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Relevant sites/ networks Activities performed Interaction assessment Type of protected area ID of protected areas ILL05 Public lighting network Direct interference Natura 2000 Network National network IBA IT2080301, EUAP0195, IBA018 ILL07 Public lighting network Direct interference Natura 2000 Network National network IT2060012, EUAP0192 ARCQ02 Aqueduct network Direct interference Natura 2000 Network National network IT2070018, EUAP0332, EUAP0281, REL02 Electricity distribution network Direct interference National network EUAP0202 REL03 Electricity distribution network Direct interference Natura 2000 Network National network IBA IT2070021, IT2070402, IT2070015, IT2070016, IT2070006, IT2070019, IT2070018, EUAP0735, EUAP0193, EUAP0338, EUAP0332, EUAP0281, EUAP0719, IBA045, IBA058 REL04 Electricity distribution network Direct interference Natura 2000 Network National network IBA IT2070301, EUAP0305, IBA045 REL06 Electricity distribution network Direct interference Natura 2000 Network National network IBA IT2010014, IT2050001, IT2050005, IT2050006, IT2050009, IT2050010, IT2080002, IT2080301, EUAP0736, EUAP0195, EUAP0288, EUAP0333, IBA018 RFOG02 Sewer network Direct interference Natura 2000 Network National network IT2070018, EUAP0281 RGAS01 Gas distribution network Direct interference Natura 2000 Network National network IT2050001, EUAP0736 RGAS02 Gas distribution network Direct interference Natura 2000 Network National network IT2050002, IT2050004, EUAP0899, EUAP0734 Follow >> << Continue 204 A2A Report on Operations 2025 5\. Sustainability Statement Relevant sites/ networks Activities performed Interaction assessment Type of protected area ID of protected areas RGAS03 Gas distribution network Direct interference Natura 2000 Network IBA IT2060004, IT2060401, IT2060005, IBA012 RGAS04 Gas distribution network Direct interference Natura 2000 Network National network IT2020008, EUAP0290 RGAS06 Gas distribution network Direct interference Natura 2000 Network National network IBA IT2060004, IT2060401, IT2060012, EUAP0192, IBA012 RGAS07 Gas distribution network Direct interference Natura 2000 Network National network IBA Ramsar IT2070020, EUAP0334, EUAP0329, IBA019, RAMSAR295 RGAS08 Gas distribution network Direct interference National network EUAP0736 RGAS11 Gas distribution network Direct interference Natura 2000 Network National network IBA Ramsar IT2070020, IT3120120, EUAP0334, IBA019, RAMSAR295 [16b] To assess the impacts of the Group’s activities on the soil (degradation, desertification and waterproofing), an analysis was conducted based on the following indicators: • Soil condition (WWF Biodiversity Risk Filter, indicator 2.1): the indicator assesses the chemical and biological status of the soil and the related physical risk in relation to the dependencies of the operational and production activities of the assets. Based on the geographical location of the assets interfering with protected areas and the industrial sector to which they belong, no impacts or dependencies on soil conditions emerge. • Desertification (Aqueduct Water Risk Atlas): the indicator provides an integrated assessment of the risk of desertification, considering the availability and variability of water resources, the state of aquifers and exposure to extreme events. The analysis shows that 3 assets fall into high-risk areas and 10 into very high-risk areas. • Soil sealing: the estimate is based on the sealed surface of the assets interfering with protected areas. The analysis shows a total of 18 hectares of sealed soil in protected areas. [16c] In order to assess the influences on threatened species from the Group’s operations, protected areas that are directly impacted by the Group were analysed. The protected areas analysed include the Natura 2000 ones, which are home to numerous animal and plant species - including some of those listed on the World Conservation Union’s (IUCN) “Red List” - belonging to various endangered categories and whose conservation is considered a priority. A total of 135 species are present in the areas directly impacted by the Group’s sites and networks and listed on the IUCN Red List. Specifically, there are 130 species of birds, 2 species of plants, 2 species of mammals and 1 species << Continue 205 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group of amphibian, belonging to the following categories: • 7 in critical danger (CR); • 14 in danger (EN); • 24 vulnerable (VU); • 19 near threatened (NT); • 71 of least concern (LC). It should be noted, however, that there is no evidence of direct impact of the Group’s activities on threatened species on the IUCN Red List. Management of impacts, risks and opportunities ESRS 2 IRO-1 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities [17a, 17b, 17c, 17d] During 2025, the A2A Group updated and improved the Double Relevance analysis process, analysing its assets, activities and business model to identify relevant biodiversity-related impacts, risks and opportunities, in its own operations and in the upstream and downstream value chain. As part of the Group’s enterprise risk management process and the related periodic assessments carried out, no critical issues were found related to any physical, transitional or systemic dependencies or risks within biodiversity, ecosystems and related services, at its sites and along the value chain. The risk issues identified refer to the possibility that, due to accidental causes, pollution may be generated that could impact on the loss of biodiversity and damage ecosystems, with reputational and/or economic-financial effects for the Group. This refers in particular to the following material risks: • Environmental compliance: potential impacts on the Group’s overall image and economic- financial situation as a result of possible non- compliance - real or alleged - with regulations and/or authorisations or possible environmental damage caused by accidents and/or the incorrect management of the Group’s activities. • Water cycle – abnormal discharges into the sewer system: potential impacts on the Group’s overall image, in relations with local authorities and communities resulting from any potential impacts on the Group’s overall image, and on its relationships with local authorities and communities, resulting from any malfunctions in the purification process resulting from potential anomalous discharges of pollutants into the sewers leading to the purification plants. • Malfunctions of the purification process as a result of possible anomalous discharges of pollutants into the sewers that convey to the purifiers. As part of the same ERM process, the following biodiversity-related opportunities were identified: • Reduction of impacts on river ecosystems for hydroelectric production: potential economic-financial and reputational benefits in connection with the inclusion of measures to contain environmental impacts and biodiversity in projects. • Biodiversity Action Plan: potential image and economic-financial benefits in connection with the definition of a Biodiversity Action Plan (see DP below) with consequent improvement of the Group’s positioning on this issue, which is of interest to financial analysts and territorial stakeholders, as well as consequent improvement of the culture and internal awareness of the interactions between business activities and biodiversity and increased resilience of the business towards biodiversity. [17e] The A2A Group keeps the mapping of its sites with respect to protected areas up to date; this analysis consists of verifying the positioning of plants and networks with respect to protected areas, in order to identify any overlaps, or direct interference, and also identify indirect interference that takes into account a wider area of influence than the plant site. 206 A2A Report on Operations 2025 5\. Sustainability Statement The protected areas considered in the analysis are those belonging to the Natura 2000 network (SCI and SPA), IBA Important Bird and Biodiversity Areas, Ramsar areas, relating to the protection of wetlands, as well as national natural parks. This analysis is in addition to the specific site assessments conducted in other areas, starting with the authorisation area, and provides useful information to identify further areas of intervention and to prioritise the interventions themselves. During 2025, a Biodiversity and Nature Action Plan was developed, from which the opportunity emerged to expand and deepen mapping activities, to identify interactions with sensitive sites, impacts and material dependencies related to nature. This improvement action will be developed from 2026. With regard to risks to Nature and Biodiversity, each company conducts an assessment of the environmental risks relating to both the processes managed directly and those managed through contractors; for all the environmental aspects analysed, attention is also paid to the interest on the subject by stakeholders. [13f, 17eii] The involvement of the communities affected by the Group’s activities and the situations on which they may have an impact is one of the key elements of the Group’s Stakeholder Engagement model. Since 2015, A2A has been carrying out a programme of listening and dialogue with local stakeholders. In particular, as described in the ESRS 2 SBM-2 disclosure requirement, in 2024, engagement activity focused on two topic streams, one of which is devoted to the protection of biodiversity. For each territory, local stakeholders who are aware of the critical issues and areas for improvement in the territory on this topic were selected and invited to participate in working tables. This comparison revealed the need to implement information programmes and awareness campaigns, as the main obstacle to the protection of biodiversity is linked to the lack of awareness on the part of citizens. Secondly, it has emerged that the current level of knowledge of ecosystems is still rather limited, so mapping fragile ecosystems can represent a concrete action to provide a crucial knowledge base for designing targeted and effective conservation and restoration interventions. Based on this evidence, initiatives were developed during 2025 to try to respond to the demands that emerged from the dialogue with stakeholders: • as part of the educational activities carried out for schools, the topic was introduced in 13 workshops of the national project “Futuro in circolo” (Future continuous) (more details can be found in the disclosure requirement under ESRS S3-4) and 2 webinars were dedicated to the topic; • the Group participated in the 2025 edition of Futuramente, the annual event of the Giffoni Innovation Hub that brings together young people, companies, universities and institutions in a space for listening, discussion and co-design. On this occasion, the young participants were involved in an open dialogue on the importance of protecting biodiversity, the role of companies and the communication of this commitment; • as a main partner, the production of the documentary “Missione Amazzonia” (Mission: the Amazon), filmed in the largest rainforest in the world and produced in collaboration with 3BMeteo, was supported. Through photos, videos, data collection and direct testimonies of those who live in this area, which is vital for the entire world, the aim was to document and testify to the effects of climate change and human activity on nature in order to raise public awareness; • in September 2025, in cooperation with the Verdeacqua Association, in the area of the Gulf of Tigullio, viewers were positioned to allow everyone to explore the sea beds and underwater biodiversity of the area; • between January and May 2025, in collaboration with the Catholic University of Milan, a project was carried out in which 207 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group students developed a communication campaign on biodiversity, based on the needs that emerged from one of the 2024 forums; • financial support was provided to the Anton Dohrn zoological station and the University of Catania for the monitoring of the Kentish plover – a protected endangered species – in relation to anthropic activities, which led to the identification of 10 specimens in Calabria and 13 in Molise; • financial support was provided to the Lipu association (Pavia section) for the environmental restoration of two wetlands at the Bosco Giuseppe Negri nature reserve, through the planting of hygrophilous vegetation and shrub species, the construction of a relief irrigation well to maintain water levels during drought periods and the creation of bird observation points. Finally, Territorial Sustainability Reports are published for each territory involved in the Multistakeholder Forums. Within these documents, actions carried out to protect biodiversity are also reported, particularly in areas where there are facilities and services that can have the greatest impact. [18] During 2025, the Group did not make use of the scenario analysis concerning biodiversity and ecosystems scenario analysis to inform the identification and assessment of material risks and opportunities over short-, medium- and long- term time horizons. [19 a, 19b] The Group has sites located in or near biodiversity-sensitive areas. The identification of assets that directly interfere with biodiversity- sensitive areas is a key step in implementing measures to identify, prevent, mitigate and monitor any associated negative impacts. To date, there has been no evidence of a significant negative influence from the Group’s activities on these protected areas. For new projects, the possible need for mitigation measures is assessed by the competent authorities as part of the authorisation procedures. E4-2 Policies related to biodiversity and ecosystems The A2A Group’s policies related to biodiversity and ecosystems are presented below. For a complete description of the set of policies of the A2A Group, scope and implementation responsibilities, please refer to the general information provided in ESRS 2 MDR-P. Biodiversity Policy [22] The A2A Group’s Biodiversity new policy on Biodiversity affirms the Group’s commitment to integrating nature conservation into its strategic and operational decisions, ensuring that company activities preserve ecosystems, species and natural resources. [23a, 24a] In particular, the Policy includes the following topics: • maintaining a geo-referenced mapping of all assets and services in relation to areas of high biodiversity; • in order to avoid significant impacts on flora and fauna, implement a mitigation hierarchy that favours operational solutions with low or no impact and, if not sufficient, consider design alternatives; • using the Biodiversity and Nature Action Plan as a planning, monitoring and management tool to guide and strengthen its conservation actions; • paying particular attention to natural forest capital, taking measures to minimise the impacts of its activities in wooded areas; • creating partnerships with stakeholders to develop conservation, monitoring and environmental reporting projects, with the aim of strengthening a shared commitment to sustainability; • investing in scientific knowledge and stakeholder awareness, ensuring transparent communication on the results achieved. 208 A2A Report on Operations 2025 5\. Sustainability Statement [23b] In the Policy, A2A undertakes to monitor impacts and dependencies on natural resources. The document provides for the adoption of the Biodiversity and Nature Action Plan as a planning, monitoring and management tool to guide and strengthen its conservation actions. The Plan was developed from the analysis of dependencies, impacts, risks and opportunities in relation to biodiversity and nature. [23c] In addition, it undertakes to monitor impacts and dependencies on natural resources, to adopt the recommendations of the TNFD (Taskforce on Nature-related Financial Disclosures) and integrate them into its reporting processes, in order to transparently communicate the management of nature-related risks and opportunities. [23d, 23e, 24d] It is specified that A2A, aware of the possible indirect risks of deforestation connected to the running of its activities, is committed to favouring the procurement of recycled cellulose and wood materials or materials from certified forests (FSC – Forest Stewardship Council/PEFC – Program for the Endorsement of Forest Certification Schemes) and avoiding the use of goods derived from raw materials originating from areas at high risk of deforestation, with the aim of achieving zero impact and not contributing to global deforestation (Zero Net Deforestation). [AR 17] The biodiversity policy does not refer to third- party standards of conduct. [23f] A2A is committed to creating partnerships with stakeholders to develop conservation, monitoring and environmental reporting projects, with the aim of strengthening a shared commitment to sustainability. In order to promote knowledge and awareness of biodiversity, the Group carries out information, training and education initiatives aimed at its stakeholders and ensures transparent reporting, annually monitoring the progress and actions taken to protect the environment. [24b] The theme of sustainable agricultural practices has been assessed in the Biodiversity and Nature Action Plan and will be monitored in line with the revisions of the Plan. E4-3 Actions and resources related to biodiversity and ecosystems [27] In 2025, the A2A Group drew up its Action Plan for Biodiversity and Nature , marking a new approach in the management of the Nature topic. The main purpose of the Plan is to systematically integrate the protection of biodiversity and nature into the strategic and operational decisions of the entire Group, based on the assessment of impacts, dependencies, risks and opportunities related to nature, throughout the value chain. The definition of the Plan took place in several phases: • analysis of biodiversity strategies adopted by the most comparable peers and industry leaders, to identify best practices and opportunities for alignment; • mapping of business units and key activities to assess sensitivity and vulnerability to sectoral impacts and dependencies on natural resources with the ENCORE tool; • identification of gaps with respect to CSRD, TNFD (Task Force on Nature-related Financial Disclosures) and SBTN (Science Based Target Networks) standards, with prioritisation of interventions based on the type of activity; • identification of priority areas for improvement. The priority areas for improvement identified concern both the strategic and operational areas and are: • defining a governance structure, identifying processes, roles and responsibilities to integrate nature and biodiversity assessments into corporate strategies; • defining ambitions and objectives with the relevant internal stakeholders, to better integrate the activities to be carried out and the perimeter of the value chain to be analysed; 209 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • expand the mapping and assessment phase, applying the LEAP approach proposed by the TNFD, to identify interactions with sensitive sites, impacts and material dependencies related to nature; • based on the assessment of impacts and dependencies, identify relevant risks and opportunities related to nature, and then reflect the results within existing risk management procedures; • define a transition plan and review A2A’s existing nature-related commitments and initiatives accordingly, to align with the new strategy. In this process, both implementation and disclosure will be considered. In line with these guidelines, the first actions have been identified, to be launched in 2026: • application of the LEAP approach and mapping of operational sites to identify priority assets on which to carry out site-specific investigations; • selection of the most effective site-specific mitigation measures for each Business Unit; • updating risks and opportunities for a comprehensive and strategic vision; • definition of targets and metrics at the Corporate level and specific to the Business Units; • establish dedicated governance and roles for the Group and each Business Unit; • define a biodiversity transition plan and integrate it into the strategy; • involvement of internal stakeholders to increase knowledge and awareness; • involvement of external stakeholders to share the Biodiversity and Nature Action Plan. From 2026 onwards, actions in the field of biodiversity and ecosystems will be organically structured and planned within the Plan. For 2025, the main initiatives and projects already underway or under development by the Group are therefore listed below. Actions in the area of factors with a direct impact on biodiversity loss Biodiversity assessment conducted at the A2A Olgettina site: at the A2A Smart City site in via Olgettina (Milan), a biodiversity assessment was conducted through the XNatura platform of 3Bee Srl, aimed at providing an objective and verifiable framework to support business decisions, guiding mitigation and ecological regeneration priorities. The study aimed to assess: • impacts on the biodiversity of the site; • dependencies on ecosystem services; • climate and natural risks to which the site is subject; • suggest opportunities for mitigating impacts and risks. The methodological structure adopted is aligned with the requirements of the CSRD Directive, the ESRS standards and the LEAP approach of the TNFD framework, ensuring traceability, comparability and integration with corporate risk management processes. The activity was divided into two phases: a first part of collecting environmental indicators through remote sensing, and a second phase of field monitoring with IoT sensors dedicated to pollinators and air quality (PM2.5 and PM10). The analysis showed that land use is the main cause of biodiversity loss. The proposed mitigation actions follow the Mitigation Hierarchy (avoid, reduce, repair, regenerate) and include on-site interventions, such as planting nectariferous species, shrub bands and refuges for pollinators, and off-site, such as participation in conservation and environmental regeneration projects. Actions related to Impacts on the extent and condition of ecosystems Protection and enhancement of wetlands in the Bosco Negri Nature Reserve: this is an environmental intervention within the Bosco Giuseppe Negri Nature Reserve, in the Lombardy Regional Park of the Ticino Valley, in an area owned by the Municipality of Pavia located in the 210 A2A Report on Operations 2025 5\. Sustainability Statement municipal territory of San Martino Siccomario and managed through agreements by Lipu ODV. The project, funded by A2A together with the Cariplo Foundation within the Cariplo Join Nature call, concerns two wetlands of 300 and 600 square metres respectively, located on the western edge of the Nature Reserve and connected by a system of ditches that feed them. This habitat plays an important role in the reproduction of amphibians, particularly the Lataste frog, and is located near a grey heron rookery, consisting of about 50 nests. However, the discontinuity of the water inflow during the year partially compromises its ecological functionality. For this reason, the main objective of the project is to improve the quality of wetlands in favour of species linked to aquatic environments, counteracting the excessive lowering of the water level during drought periods. A further aim is to promote knowledge of the marsh fauna and flora, making the areas usable for visitors and schoolchildren of the Nature Reserve, within the management activities conducted by Lipu. To achieve these objectives, various actions will be implemented, including the construction of a relief irrigation well, located at a central point of the hydraulic system, to ensure the maintenance of water levels during periods of drought. The planting of non-invasive marsh vegetation along the banks is planned, while to support public use, three screens with slits and an educational panel will be installed to facilitate the observation of aquatic birds and limit disturbance by visitors. Finally, the species present will be monitored through the use of camera traps and the verification of the presence of the Lataste frog during the breeding season. A2A Nautilus: the project concerns the study and development of an advanced robotic system for the removal of sediments from hydroelectric basins, with the aim of overcoming the limits of current technologies and reducing the operational and environmental impact of dredging. The project aims to develop an innovative, efficient and sustainable robotic system for dredging sediments, capable of revolutionising the management of hydroelectric basins. More specifically, the project aims to: • Reduce silting and recover useful capacity of the basins, improving hydroelectric production and reservoir safety; • Limit environmental impact, reducing disturbances to ecosystems and minimising the use of invasive techniques; • Increase the frequency and efficiency of maintenance interventions, thanks to autonomous or semi-autonomous robotic systems; • Ensure operation in critical conditions, through robust mechanics, advanced sensors, self- diagnosis and self-restoration systems; • Optimise management costs, reducing extraordinary maintenance, plant downtime and complex traditional dredging operations; • Build a scalable and replicable technological platform in the Group’s other reservoirs and in the national and international hydroelectric market. Actions related to impacts on the status of species Monitoring activities of the Kentish plover species in relation to anthropic activities: A2A has supported the monitoring of the Kentish plover species on the coasts of the Calabria, Campania and Molise regions, aimed at assessing the impacts of seaside tourism on this species in decline worldwide. The monitoring of nesting areas has made it possible to initiate safety measures and assess reproductive success; thanks to the rings, it will be possible to verify the survival of adult breeders by defining their longevity over time and it will also be possible to study the behaviour of this species in greater depth. Installation of apiaries in the Group’s power plants: bees represent an element of fundamental importance for our ecosystem which, however, is increasingly being put at risk by the use of pesticides and climate change. The Generation & Trading Business Unit has two projects underway for the protection of pollinators. Thanks to the “Urban Bee-keeping” project, it has decided to actively help bees, dedicating special spaces to them within the power plants. Currently, in fact, at the sites of Brindisi, Sermide (with a forecast of future expansion from 2 to 6 hives), 211 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Cassano, Somplago, and the Calabria nucleus, 20 hives have been installed for a total of about one million protected bees. These installations will aim to protect pollinators through periodic checks and analysis of the pollen transported and, consequently, the ecosystem that surrounds them. At the Gissi plant, with the support of local bee-keepers, about 40 hives are installed that house about 2 million bees a year. [28b] With respect to the actions implemented during 2025, the A2A Group did not use biodiversity offsets. 1\. In 2024, the calculation method for the interference of hydropower sites with protected natural areas was updated: the current indicator only considers the physical area occupied by individual structures (dams, works, buildings, sealed areas, guardhouses; reservoirs are not taken into account) as interference. The previous methodology considered the portion of the catchment area subtended by plants and dams that fall within protected areas. Metrics and targets E4-4 Objectives related to biodiversity and ecosystems [31] With the definition of the Biodiversity and Nature Action Plan, targets will be defined in line with the points defined therein. The following are the targets associated with biodiversity currently present in the Group’s sustainability plan. KPIs u.m. 2025 target 2025 2028 2030 2035 Plants monitored with respect to potential interference with biodiversity (protected areas, Natura 2000 and others) 1 % 100% 100% 100% 100% 100% Initiatives aimed at protecting/improving biodiversity are started and developed 1 n - - 4 4 4 E4-5 Impact metrics related to biodiversity and ecosystems change [35] The data in the following table are derived from the analysis of potential interferences, understood as the overlap or proximity of the Group’s sites to protected areas, regardless of the negative impact these may have. To date, there is no evidence of a significant negative influence from the activities of the Group’s sites on protected areas. [38] There is no evidence that A2A directly contributes to the impact factors of land use change, freshwater use change and/or sea use change. In the next period, a methodology will be developed to specifically assess the impacts related to priority sites, in order to perform an in-depth analysis according to a step-by-step approach. Sites in biodiversity-sensitive areas 1 u.m. 2025 2024 Number of sites n 37 41 Site area ha 385 179 212 A2A Report on Operations 2025 5\. Sustainability Statement 5.2.5 ESRS E5 Resource use and circular economy Material impacts Type Stage Time horizon Use of natural resources resulting in a reduction in their availability Negative Actual OO; EE; P; GN BP; MP; LP Potential environmental damage related to the generation of hazardous and non-hazardous waste and its improper disposal Negative Potential EE; P; C; OO; R; GN; I BP; MP; LP Contributing to the country’s energy self-sufficiency and maintenance of energy security through efficient resource management and investment in waste and agricultural and food production waste valorisation practices Positive Actual OO BP; MP; LP Contribution to the responsible use of raw materials and extension of product life cycle through collection, treatment and recovery of municipal waste Positive Actual OO; R BP; MP; LP Material risks Stage Time horizon Optimisation and development of the Waste BU: the Group’s business plan entails, for A2A Ambiente, a development in certain business areas such as the materials recovery segment, OFMSW initiatives, new WTE, hazardous waste treatment plants, and M&A transactions. There is a risk that these business development objectives will not be achieved, with potential economic and image impacts at Group level. R, transversal along the value chain BP; MP; LP Supply times and resource criticality: potential economic/financial impacts for the A2A Group deriving from possible delays in the provision of a service or in the purchase of raw materials or assets following high market instability or shortages. Transversal along the value chain BP; MP; LP Waste recovery/disposal process: potential impacts on the reputation of A2A Ambiente and the Group as a whole resulting from any breaches – actual or alleged – of legislation and/or authorisations, or resulting from any environmental damage caused by the improper management of waste transport, recovery, storage, dispatch, and recovery/disposal activities. R, cross- cutting across the value chain BP; MP; LP 213 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Impact, risk and opportunity management ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities [11a] During 2025, the A2A Group updated its double materiality analysis process in accordance with the requirements of the ESRS standard, analysing its assets, activities and business model to identify material impacts, relevant risks and opportunities related to the use of resources and the circular economy, in its own operations and in the upstream and downstream value chain. In fact, the reporting and information discussed in the following paragraphs refer to activities that can generate significant effects by directly affecting the environment and natural resources. [11b] In areas where the environmental hygiene service is provided, surveys are periodically carried out to assess the degree of citizen satisfaction and gather any feedback regarding the impact of A2A on the communities involved in this activity. Following a process of continuous improvement, A2A regularly collects data useful for understanding the needs, observations and suggestions of citizens, verifying the effectiveness of services, and identifying the need to start new services or improve existing ones. These surveys aim to assess customer satisfaction, measure the gap between expected and perceived quality, map strengths and weaknesses and identify new needs. The surveys are carried out by accredited research institutes on statistically representative samples and are often aimed at both domestic and non-domestic users, in order to investigate the satisfaction of the service offered as accurately as possible. The surveys are carried out annually and every two years, allowing for an analysis of trends compared to previous surveys. For 2025, the average CSI (Customer Satisfaction Index) in the areas where the Group provides its environmental hygiene service was 69.2 (scale from 1 to 100). [56] For the disclosure requirements of the ESRS covered by the Reporting and in particular the list of information elements referred to in the cross-cutting and thematic principles deriving from other EU legislative acts, please refer to the tables in the appendix. 214 A2A Report on Operations 2025 5\. Sustainability Statement [59] With reference to the Impacts, Risks and Opportunities found to be material as a result of the materiality analysis process, set out in ESRS 2 IRO-2 and SBM-3, the Group discloses information in accordance with the disclosure requirements (including application requirements) related thereto in the corresponding ESRS topics. ESRS E5-1 Policies related to resource use and circular economy The A2A Group’s policies related to resource use and the circular economy are presented below. For a complete description of the set of policies of the A2A Group, scope and implementation responsibilities, please refer to the general information provided in ESRS 2 MDR-P. [14] Topics related to the use and procurement of resources and waste management are addressed and managed by the HSEQ Policy and the Responsible Procurement Policy adopted by the A2A Group. HSEQ Policy In 2025, A2A published the new HSEQ Policy, with which it undertakes to enable the circular economy to preserve the planet’s resources and protect the environment, accelerating the recovery of materials and energy from waste, and to prioritise the use of electricity from renewable sources at its plants and sites to reduce the environmental impact of its activities. In sourcing products, services and solutions, it is also committed to making socially and environmentally sustainable choices. [AR 9a, AR 9b] The HSEQ Policy declares the commitment to enable the circular economy, accelerating the recovery of material and energy from waste. Responsible Procurement Policy In 2025, A2A also published the update to the Responsible Procurement Policy, whereby it undertakes to ensure that the purchase of goods and services takes place in an ethical, sustainable manner and in line with the Group’s social and environmental values, integrating the principles of the Sustainable Development Goals and the United Nations Global Compact in the management of the supply chain. The document defines the Group’s commitment to generating sustainable and shared value through selection processes and collaboration with suppliers based on environmental, social and governance criteria. [15a] By means of these policies, the Group is committed to reducing its environmental footprint related to the procurement of materials, products and services, focusing in particular on the themes of Circular Economy and Energy Transition. In particular, it favours the sourcing of recycled cellulose and wood materials or materials from certified forests (FSC - Forest Stewardship Council/PEFC - Program for the Endorsement of Forest Certification Schemes), as also provided for in the Biodiversity Policy. In the future, the company intends to progressively increase the use of recycled secondary resources and gradually reduce the use of virgin resources. [15b] The Group aims to purchase materials, products and services by assessing their whole life cycle impacts, focusing on the principles of reduction, reuse and recovery and in particular on the zero waste to landfill philosophy. With specific reference to the fight against climate change, in the process of selecting purchasing materials, the Group is committed to structuring a process to assess the carbon and environmental footprint of what it procures. With the 2025 update, A2A is committed to promoting the use of recycled materials and reducing Scope 3 emissions. The companies of the Acinque Group have specific environmental policies, published on the parent company’s website in the “Sustainability \- Policy and certifications” section. For more information, refer to the Acinque Group Sustainability Statement. 215 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group ESRS E5-2 Actions and resources related to resource use and circular economy [19] Waste-related actions Conversion of agricultural installations to biomethane production: in 2024, the first projects for the conversion to biomethane production of biogas plants fed exclusively with agricultural and/or agro-industrial matrices were started. In particular, conversion authorisations have been obtained for the 1\. It should be noted that these amounts are included in the operating costs and investments items of the Company’s financial statements. For further details, please refer to notes 1) and 31) of the explanatory notes to the consolidated financial statements. Livorno Ferraris, S. Fiorano, Scalenghe, S. Quirico, Iumagas, Giuliana and Biomax plants (the latter acquired in 2024). The conversion was completed in December 2025 for the Livorno Ferraris, S. Fiorano and Scalenghe plants, and the construction sites of the other plants were started during 2025 (S. Quirico, Iumagas, Giuliana and Biomax). Authorisation was also obtained for the Marsica and Torre Zuina plants, with construction sites started in 2025, with completion expected in 2026. Finally, conversion authorisation was requested for the Vittoria, Sesto and Santa Maria a Monte plants. million euro Quantification of the action 1 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 51 40 - 78 New robotic WEEE treatment line inside the Second Prison in Bollate: in October 2024, the new robotic line was inaugurated at the Waste Electrical and Electronic Equipment (WEEE) treatment plant, managed by Amsa inside the Second Prison of Bollate. The new treatment line, developed in collaboration with Hiro Robotics, a start-up company specialising in advanced robotics, uses artificial intelligence and collaborative robotics for the treatment and recovery of special electronic waste, Flat Panel Displays. Revamping the Muggiano plastic sorting plant: the project, which forms part of the actions to develop the circular economy provided for in the A2A Ambiente Business Plan, involved the installation of a series of machines and structures for the storage, transport and sorting of different types of plastic and metal materials, to supplement and complete the existing ones, including belts, optical readers and automation systems and supervision software, as well as the preparation of areas and auxiliary services for the forthcoming installation of quality control systems using Artificial Intelligence, i.e. scanners capable of processing thousands of images per minute to “learn” to recognise the shape of certain types of plastic packaging. The results achieved in 2025 are: • full compliance with the new provisions of the plastic waste and packaging sorting contract; • increased selection yields of PET-based products; • increased number of selectable plastic polymers; • increased iron and aluminium sorting yields; • increased plant flexibility. Participation in the Alliance for the Circular Economy: A2A continued to take part in the Alliance for the Circular Economy, a joint initiative of 9 Italian companies aimed at promoting circularity in business strategies. In October 2025, the Alliance for the Circular Economy launched a “call4Circular Solutions” aimed at startups and small and medium-sized enterprises in order to identify and support innovative projects in the following areas: • technologies for the recovery of Critical Raw Materials from end-of-life products; 216 A2A Report on Operations 2025 5\. Sustainability Statement • digital solutions for traceability along the supply chain; • innovative models for the management and enhancement of underutilised real estate assets, with a view to environmental, social and tourism regeneration. The most interesting ideas will be evaluated to activate pilot projects and collaborations. District heating from data centres: as already described in the actions related to pollution (E2-2), A2A has inaugurated a new data centre designed by the French company Qarnot at the Lamarmora power station. Thanks to an advanced liquid cooling system, it allows thermal energy to be recovered at high temperatures, up to 65 °C, to be fed directly into the district heating network to bring heat to buildings. To finance the aforementioned action plan, A2A plans to allocate both part of the cash flows generated (self-financing) and contributions made by public funding (mainly the NRRP), as well as sustainable debt instruments, such as Green Bonds, including European Green Bonds and green financing. Sustainable Finance is considered a key lever to support the realisation of the Group’s strategic plan, as described in detail in the ‘Sustainable Finance’ section. Metrics and targets ESRS E5-3 Objectives related to resource use and circular economy [23] Below are the KPIs of the A2A Sustainability Plan related to the topic of resource use and the circular economy. All the objectives related to this topic are included in the “Circular Economy” pillar of the Plan and refer to the areas of action “Waste recovery and treatment: improving the recovery process of collected waste (including through its transformation into energy) and promoting separate waste collection” and “Policies to reduce waste production: reducing waste production through a policy of prevention, reduction and reuse”. For more details on the KPI calculation methodology, see the “Appendix” section. KPIs u.m. 2025 target 2025 2028 2030 2035 Rate of separate collection of urban waste in all municipalities served % 71% 71% 72% 73% 75% Rate of separate waste collection city of Milan % 64.2% 64% 66% 67% 69% % municipal waste collected for disposal % <1% 0.9% <1% <1% <1% Per capita undifferentiated waste reduction kg/ inhabitant 135 133 126 120 108 Waste sent for material recovery Kt 1,252 1,164 1,305 1,434 1,669 Territories where waste prevention and reduction actions are active % of total inhabitants served 91% 91% 91% 92% 91% No. of partnerships launched for circular economy initiatives n 33 33 36 38 38 217 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The 2025 and plan targets of the two KPIs relating to the separate collection rate remain unchanged compared to last year. The target for the percentage of municipal waste sent for disposal was also achieved, remaining below the previously defined threshold (<1%). The KPI on the reduction of undifferentiated per capita maintains a positive trend: the 2025 target has already been reached and the revisions of the 2030 and 2035 targets are minimal, leading to a slight downward adjustment of the plan targets. As regards waste sent for material recovery, the 2025 target has not been fully achieved, but the deviation is limited. In this case too, the forecast targets have been slightly revised downwards. Both 2025 targets relating to waste reduction policies have been met. [24c, 24d, 24e, 24f] As reported within the ESRS E3-3 disclosure requirement, the Group is committed to decreasing water use by reducing water consumption from waterworks in the distribution of electricity and linear water losses that occur in the course of its operations. Furthermore, the targets in the ESRS E1-4 disclosure requirement to increase the share of energy production from renewable sources implicitly involves a lower use of fuel and thus of raw materials. Each of the aforementioned targets is connected to waste management, which is an incoming resource for the A2A Group. Actions aimed at waste recovery and treatment seek to incentivise separate waste collection as much as possible in order to recover the waste collected through the preferable solution of material recovery and residual use of energy recovery, but above all to limit landfill disposal as much as possible. [27] Finally, it should be noted that the targets set by the group are voluntary, but guided by European regulations. ESRS E5-4 Resource inflows [27] For 2025, the main resource inflows are, in addition to energy resources, waste, water, chemicals and inert materials used in landfills and plants, machinery and materials used. Waste is treated at the Group’s plants for material recovery, energy recovery and disposal of the residual fraction that cannot be further optimised. In 2025, the waste and biomass entering the Group’s plants will amount to 4.2 million tonnes, of which 1.8 million tonnes will be treated in material recovery plants, where they are transformed into new material or sorted and prepared for subsequent recycling in other plants. Non-recoverable waste sent to waste-to-energy plants is an energy resource, considered in the disclosure along with fuels in the ESRS E1-5 disclosure requirement. For details of water consumption, however, please refer to the discussion of the ESRS E3 disclosure requirement. The table below shows the indicators relating to the different types of chemicals, materials, equipment and relevant goods entering during the reference year. Chemicals include mineral acids, water treatment additives, ammonia solution and urea for denitrification, flue gas purification reagents, odorants used in the transport and distribution of natural gas, oils and lubricants. Aggregates for filling landfills and fluidised bed waste-to-energy plants, waste collection containers, photovoltaic panels, electrical and electronic equipment (electricity and gas meters, electrical cables, transformers and electrical panels), as well as couplings and pipes, are also reported. 218 A2A Report on Operations 2025 5\. Sustainability Statement [31] Resource inflows u.m. 2025 2024 Overall total weight of materials used t 243,145 131,001 Overall total weight of products and technical materials used during the reporting period [31a] t 243,145 131,001 Overall total weight of biological materials (and biofuels used for non- energy purposes) [31] t - - The percentage of biological materials (and biofuels used for non-energy purposes) used to manufacture the undertaking’s products and services that is sustainably sourced [31b] % - - Total weight of reused or recycled secondary components and intermediate secondary products and materials [31c] t 765 - Percentage of reused or recycled secondary components and intermediate secondary products and materials [31c] % 0.31 - In 2025, the A2A Group reported not only the consumption of chemicals and inert materials, but also other significant incoming materials, such as: containers for waste collection, photovoltaic panels, electrical and electronic equipment, joints and pipes. The expansion of the materials considered determines the non-comparability of the data with the previous year. The materiality was defined with different criteria for each type of material: for waste collection containers, the quantitative materiality was considered, for photovoltaic panels the materiality in terms of environmental sustainability, for electrical and electronic equipment, joints and pipes the economic relevance on the purchases of the Smart Infrastructures BU. In addition, the consumption of inert materials increased compared to the quantity in 2024, mainly due to the work in progress for the final capping of the Cavaglià landfill, which was closed in 2023, and for the final coverage of the Corteolona landfill. The Group purchases biological materials (e.g. wood chips and straw) in order to supply its biomass plants, therefore in order to produce electricity and heat as reported in the disclosure requirement E1-5. [32] The chemicals and materials used are recorded by the business facilities on the basis of the actual consumption recorded during the year or the quantities on the purchase documents. It should be noted that the weights of the materials and equipment have been estimated considering the typical weight (from specification) of each material/equipment for the quantity of materials/ equipment purchased. [AR25] The data collection system provides for the assignment of responsibilities at the site level, so the data is entered into the collection application by people specifically appointed for the sites under their responsibility. ESRS E5-5 Resource outflows [37] Performance data related to the quantities of waste produced by the A2A Group’s own operations are presented below. [40] The quantities of waste produced are recorded by business facilities on the basis of waste registration documents (waste identification forms, loading and unloading registers). 219 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 2024 Waste generated u.m. Hazardous Non- hazardous Total Hazardous Non- hazardous Total Waste diverted from disposal through preparation for re-use [37bi] t - - - - - - Waste diverted from disposal through recycling [37bii] t 45,146 413,710 458,856 41,255 379,.909 421,164 Waste diverted from disposal through other recovery operations [37biii] t 552 40,887 41,439 1 28,206 28,207 Amount of waste not for disposal [37b] t 45,698 454,597 500,295 41,256 408,115 449,371 Waste for disposal through incineration [37ci] t 512 2,508 3,020 351.00 2,287 2,638 Waste for disposal through landfill [37cii] t 12,274 1,237 13,511 14,040 3,437 1 7,47 7 Waste for disposal through other disposal operations [37ciii]* t 97,1 0 3 2 2 7,55 2 324,655 96,384 202,851 299,235 Total direct waste for disposal [37c] t 109,889 231,297 341,186 110,775 208,575 319,350 Total waste generated [37a] t 155,587 685,894 841,481 152,031 616,690 768,721 Non-recycled waste [37d] t 110,441 272,184 382,625 110,776 236,781 347,557 Percentage of non-recycled waste [37d] % 70.98 39.68 45.47 72.86 38.40 45.21 *The other disposal operations are preliminary storage, chemical-physical treatment and biological treatment. 220 A2A Report on Operations 2025 5\. Sustainability Statement [38a] The waste leaving the Group’s sites has very different compositions depending on the many processes by which it is generated. At the treatment plants, incoming waste, if not converted into new material, is transformed into waste that can be recovered by further plants; these types consist mainly of plastics, dry fraction of municipal waste, metals. In the energy recovery sector, mainly slag and ash from combustion, residual dust from flue gas treatment and ferrous metals recovered from ash treatment are produced. Similarly, in the energy production sector, waste is generated such as ash and residues from fuel combustion, as well as waste from the management of used mineral oils. In the wastewater treatment sector, the characteristic waste is sewage sludge, waste from filtration and screening, and residues from sewer cleaning. Clarification sludge and spent activated carbon are also generated in drinking water production. In other specific sectors, such as composting, the main waste is the soil improver, while in biomass digestion, chlorinated emulsions are produced. Landfills mainly generate leachate and digestate is produced in the OFMSW treatment plants. Finally, in the gas and electricity distribution sector, infrastructure maintenance and renewal activities mainly generate waste such as WEEE, as well as metal and plastic materials from the replacement of network components. [38b] The materials present in the main waste streams generated by the Group’s activities vary by business sector and process type and include: • ash and slag resulting from combustion and containing mainly inert materials, minerals and sometimes traces of heavy metals depending on the type of fuel used; • sewage sludge containing organic and inorganic substances and metals; • soil and rock, inert waste from excavation and maintenance work, mainly consisting of sand, gravel, clay and rock; • WEEE containing plastics, metals and sometimes rare metals; • metallic and plastic materials from infrastructure maintenance or the decommissioning of industrial equipment; • spent mineral oils, used for lubricating and cooling machinery, which contain chemical additives, heavy metals and hydrocarbons. [39] Hazardous and radioactive waste u.m. 2025 2024 Total hazardous waste t 155,587 152,031 Of which radioactive waste t - - 221 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.3 Social Information ESRS S1 Own workforce Material impacts Type [14b] Negative: generalised / systemic, [14c] Positive: description of activity Stage Time horizon Increased dissatisfaction and therefore turnover, due to a salary that does not meet employee expectations Negative Actual Generalised OO BP; MP Increased employee satisfaction and psycho- physical well-being through well-being and work- life balance practices and initiatives Positive Actual Initiatives to promote the well-being of employees and awareness in the field of health and safety OO BP; MP; LP Occurrence of accidents at work, with consequent risks to the health and safety of employees, during the course of company activities Negative Actual Generalised OO BP Occurrence of pathologies and diseases due to the performance of work activities Negative Actual Generalised OO BP; MP; LP Respect for diversity and promotion of an inclusive and meritocratic corporate climate through company activities and initiatives that combat discrimination, including equal pay for women and men Positive Actual Activities related to D&I declaration and UNI/PDR 125 certification OO BP; MP; LP Cases of discrimination and failure to include and integrate vulnerable groups Negative Actual Generalised OO BP; MP; LP Development of skills through training and professional development activities (e.g. digital skills, sustainability), job rotation, general and technical programs, also linked to personalized growth and evaluation objectives (e.g. career development plans) Positive Actual Training activities and career development plans OO BP; MP; LP Violation of fundamental workers’ rights, such as the right to freedom of association and collective bargaining, privacy, child labour, forced or compulsory labour Negative Actual Generalised OO BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 222 A2A Report on Operations 2025 5\. Sustainability Statement Material risks [14d] impact or dependency related/ connected to the risk Stage Time horizon Safety risk: potential repercussions for the Group’s image as a result of serious or very serious injuries involving internal and/or external personnel of third-party companies working at its premises and operating sites as well as visitors and third parties and/or any actual or alleged failures to comply with safety regulations. The scenario also considers the risks to people’s well-being from weather and climate factors. Risk arising from impact Transversal along the value chain BP; MP; LP Availability of managerial skills and technical profiles: potential economic and financial impacts for the A2A Group in connection with possible difficulties in sustaining its growth plans or successfully achieving the sustainable growth process that has been started as a result of the exit of “management” and/or “technical profile” level resources as well as possible difficulties in acquiring new human resources. - OO BP; MP Health risk: potential reputational and economic impacts for the A2A Group as a result of any allegations of work- related ill health and/or real or alleged non-compliance by the company in relation to health and health surveillance regulations, involving personnel working for the Group, in the event of media coverage. - Transversal along the value chain BP; MP; LP A2A Energiefuture - Industrial reconversion of the San Filippo site: potential reputational impacts for the company and the Group resulting from the possible incomplete relocation of the resources currently employed in the plant, when the essentiality regime ceases to exist. Furthermore, the market scenario, considering the dynamics with the Tyrrhenian Link infrastructure (2027-28), identifies a non- incentivised plant as increasingly unsustainable. - EE, Transversal along the value chain BP; MP; LP Maturity Diversity Management A2A: potential impacts of a reputational nature for the A2A Group in connection with the partial failure to implement the diversity management policies that the company intends to develop with the effect of generating lower competitiveness as well as lower attractiveness of high-potential resources in the coming years. Risk arising from an impact OO BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 223 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Material risks [14d] impact or dependency related/ connected to the risk Stage Time horizon Operational Technology security: possible sanction impacts from lack of compliance/image (‘National cybersecurity perimeter’ and ‘NIS Directive’) and operational impacts resulting from potential disruptions, business continuity and security problems of the production sites, networks and infrastructures of the A2A Group’s companies as a result of issues affecting the OT (Operational Technology) systems and networks that are managed by the respective Business Units. - Transversal along the value chain BP; MP; LP GDPR - EU Regulation 2016/679: potential impacts of an economic-financial nature as well as reputational for the A2A Group as a result of the company’s possible failure to comply with the obligations and fulfilments required by Privacy Law, pursuant to EU Regulation 2016/679 on the protection of personal data. Risk arising from impact OO BP; MP; LP Corteolona and Giussago major accident: potential image repercussions for A2A Ambiente and the Group as a result of the occurrence of a major accident involving internal staff or the land. Risk arising from an impact R BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste I: water cycle GN: natural gas P: oil BP: short term MP: medium term LP: long term 224 A2A Report on Operations 2025 5\. Sustainability Statement Strategy S1 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model [13a, 13b] The impacts, risks and opportunities that emerged from the double materiality analysis are directly related to the Group’s strategy and, more specifically, to the Sustainability Strategy described in disclosure S1-4. With reference to the workforce, the analysis of impacts, risks and opportunities was developed taking into account a number of specific dimensions, relevant for the correct identification and assessment of IROs, as described below. [14, 14a] The different types of workers considered are described below: • ‘Employees’ means workers hired under one of the types of contract that, pursuant to the provisions of Legislative Decree No. 81/2015, configure the employment relationship: open- ended contract, fixed-term contract and apprenticeship contract. • Interns: individuals placed on an alternation training pathway between study and work, aimed at vocational guidance and training. If it serves the purpose of obtaining a formally recognized degree, the internship is defined as curricular. In all other cases, the internship is extra-curricular; • Self-employed workers: these are providers of works or services who are given assignments, of varying duration depending on the subject of the assignment, carried out with discretion as to the manner in which the activity is to be performed, with predominantly their own work and without being subordinate to the principal; • Temporary workers: persons who work in the company under a contract of employment. This is a contract, of indefinite or fixed term, by which an authorized recruitment agency places one or more of its employees at the disposal of the user, who, for the duration of the assignment, carry out their work in the interest of and under the direction and control of the user. In that case, the employer is the agency and the subordination bond remains with it. [15] The analysis took into account the different types of activities carried out by workers. All the tasks performed by the Group’s own workers are carefully analysed and a Risk Assessment Document (DVR) is prepared for each one, in order to prevent and contain work-related accidents and ill health. All risks associated with the activities of the company’s own workers are also managed by the Enterprise Risk Management process, from which the necessary mitigation measures are derived to reduce the risks and/or the probability of occurrence. Finally, all Group plants have internal procedures to structure processes, limit errors and reduce risks. [14e] In addition, IROs related to the implementation of the Transition Plan were considered. In line with the Strategic Plan and with the country’s ecological transition, a number infrastructural interventions are planned on some of the Group’s sites, aimed at maximising operational efficiency and, in particular cases, reconverting the site itself to the production of electricity from less polluting sources. These interventions can generate temporary negative impacts on the workforce, in particular in terms of reducing the hours worked during the construction phases of the works and the need to adapt professional skills, in the face of the introduction of new technologies and processes. In relation to these dynamics in the risk assessment, two material risks emerged: • Possible economic and financial impacts for the A2A Group in connection with possible difficulties in sustaining its growth and successfully achieving the process of sustainable growth, in the absence of resources with adequate “digital” skills or in the presence of resources that do not achieve and maintain adequate digital literacy; 225 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • Potential reputational and economic and financial impacts for A2A Energiefuture and the Group resulting from the failure to convert the current fuel oil plant into another industrial plant that also allows current employment levels to be maintained. [16] This last risk, which concerns the conversion of the San Filippo del Mela thermoelectric plant, derives from the impacts and dependencies on workers and refers to a specific group of people. [14f, 14g] Finally, the areas exposed to the greatest risk of violation of workers’ human rights were considered. In the specific areas of activity of the A2A Group, there are no operations that, due to type or geographical area of reference, expose its workforce to a high risk of forced, compulsory or child labour. Regardless of the geographical areas and segments in which it operates, the A2A Group undertakes to promote the effective elimination of all forms of forced or compulsory labour, as defined by ILO Convention no. 29, as well as all forms of exploitation of workers, including any form of abuse, coercion or psychological and physical violence, both with respect to its own employees and to workers employed along the supply chain, and strongly condemns the trafficking and exploitation of human beings in all its forms. The A2A Group also rejects the use of child labour, as defined by the legislation in force in the country where the activities are carried out, and, in any case, in compliance with the minimum age of 15 years established by ILO Convention no. 138. Impact, risk and opportunity management S1-1 Policies related to own workforce [19] The A2A Group’s policies related to the workforce are presented below. These policies define the principles and commitments regarding the protection of employee rights, working conditions, health and safety, professional development and inclusion. For a complete description of the set of policies of the A2A Group, the relevant governance procedures and application criteria, please refer to the general information provided in ESRS 2 MDR-P. Human Rights Policy [20, 20a] The A2A Group’s commitment as a Life Company has led to the adoption by the Board of Directors of A2A S.p.A., and the subsequent implementation by the respective Administrative Bodies of the companies in the Group, of a specific Human Rights Policy to: • promote the recognition and safeguarding of the dignity, freedom and equality of human beings and fair and decent working conditions, including respect for trade union freedoms and the protection of health and safety at work; • firmly reject any kind of discrimination, corruption, forced or child labour and exploitation of human beings, including any form of abuse, coercion or psychological violence; • ensure respect for the rights of the communities concerned, promoting their development, as well as those of consumers and end-users. The Human Rights Policy, in addition and complementary to the Code of Ethics: • [21] reaffirms the commitment of all companies in the A2A Group to promoting and supporting the values and fundamental principles affirmed by international institutions and conventions, including, in particular: the United Nations International Bill of Human Rights, the International Labour Organization (ILO) Fundamental Conventions, the United Nations (UN) Guiding Principles on Business and Human Rights and the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises; • provides for constant compliance with applicable law and the voluntary standards and initiatives the A2A Group has decided to follow, 226 A2A Report on Operations 2025 5\. Sustainability Statement as well as precise compliance with all company rules and regulations; • identifies potential risks of human rights violations and promotes a commitment to respect them in all professional relationships. [22] The A2A Group’s Human Rights Policy explicitly addresses human trafficking, forced or compulsory labour and child labour. [AR10] In December 2025, the Board of Directors of A2A S.p.A. approved an update of the Human Rights Policy that further strengthens the A2A Group’s focus on stakeholder engagement as well as on people who, also due to their particular vulnerability, are likely to be most impacted by the company’s activities (including workers employed in the provision of labour-intensive services or in particularly long supply chains, local communities and residents in the A2A Group’s areas of operation, users and consumers at risk of unequal access to essential resources and services). With specific reference to its own workforce, the updated Human Rights Policy also reaffirms the A2A Group’s commitment to adopting behaviour inspired by the principles of legality and integrity in compliance with social security legislation, ensuring the timely fulfilment of the related obligations and adopting the utmost transparency and loyal collaboration in the management of relations with the social security authorities, in the awareness of the importance of these obligations for employees. To this end, the Group identifies and regulates the roles and responsibilities of the parties involved, as well as the prevention, control and monitoring of risks relating to the social security management process. [20b] With particular reference to own workers: • managers and those with supervisory and coordination responsibilities are required to monitor compliance with the Human Rights Policy by the people they work with and to take appropriate measures to prevent, identify and report potential violations; • employees are required to adapt their actions and behaviour to the principles, objectives and commitments set out in the Human Rights Policy. [20c] With the intention of constantly monitoring its, actual and potential, impacts on the human rights, both in respect of its own workers and along the value chain, but also with respect to any impacted communities and consumers and end users, the A2A Group, committing itself at the same to improving the effectiveness of its preventive actions and any remedial action, has adopted various specific tools, including the whistleblowing channels described in disclosure S1-3. Health & Safety, Environmental, Quality Policy [23] The HSEQ Policy, updated in November 2025, is a reference and guideline for all Group Companies, which will define roles and responsibilities for its implementation, in order to translate the strategy into concrete actions. Through the policy, the A2A Group is committed to protecting health and safety as a fundamental right, promoting the continuous improvement of standards and a culture of prevention with the aim of reducing accidents and work-related ill health throughout the value chain. In the document, People are defined as the A2A Group’s first investment and are actively involved in the processes of change through listening, transparency and organisational discussion. The company strengthens awareness of risks and opportunities in terms of environment, health, safety and quality and places importance on the role of Contractors, recognised as key players for the quality of the A2A Group’s services and products. The company promotes partnerships aimed at aligning environmental, health, safety and quality performance with its own standards. In addition, the Group adopts certified management systems, both according to ISO 45001 on health and safety and ISO 39001 on road safety (for higher risk companies). 227 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Policies relating to diversity, equity and inclusion [24a] The Group’s approach to diversity, equity and inclusion is based on the principles of integrity and protection of the person in the workplace, ensured through: Code of Ethics, Human Rights Policy, DE&I Declaration of Commitment, Inclusive Language Manifesto, Policy for the prevention and combating of violence, harassment and discrimination in the workplace, Social Transition Policy and Digital Accessibility Policy. Through these documents, A2A undertakes to guarantee its employees a climate of mutual respect for the dignity, and reputation of each individual, guaranteeing and promoting freedom of expression, preventing insulting, discriminatory or defamatory attitudes and openly condemning any mobbing, harassment of any kind or unjustified attempts to hinder the professional prospects of others. [24b] In particular, A2A admits no form of direct or indirect, multiple and interconnected discrimination in relation to gender, belonging to the LGBTQI+ community, age, disability, neurodiversity, state of health, ethnic origin, nationality, political opinions, social category of belonging, religious faith. [24d] To ensure the implementation of the commitments defined in the policies related to diversity, equity and inclusion issues, the A2A Group: • instituted in 2021 the organisational structure Diversity, Equity & Inclusion, which aims to foster and encourage a culture that values the full expression of individual characteristics and an increasingly inclusive work environment, through the coordination of DE&I initiatives in the different areas (Gender, Disability, Generation, Culture, Sexual Orientation and Gender Identity); • assigned specific responsibilities to the department managers, who have the task of verifying that no acts of discrimination occur in the work environment in which they operate, identifying cultural, organisational and relational obstacles that prevent full work inclusion, creating a climate open to the expression of each person and raising awareness in their team of compliance with company policies and the content created on the theme of diversity and inclusion; • [24c] has set up Inclusion teams, voluntary working groups of more than 100 colleagues, which aim to promote initiatives to foster and encourage an inclusive culture on the 5 DE&I topics: Gender, Generations, LGBTQI+, Cultures and Disabilities; • introduced the role of the Trusted Advisor, a professional expert in the assessment and management of cases of violence, harassment and gender discrimination in the workplace. This figure is responsible for providing a welcoming environment, listening, support and advice to A2A People who believe they are victims or witnesses of conduct that may constitute violence, harassment or gender discrimination at work. In addition, to ensure the concrete realization of the objectives set out in its policies, the A2A Group envisages: • indicators to measure the effectiveness of Diversity, Equity & Inclusion actions; • comparison with international ratings and best practices to identify and assess any “gaps” on the objectives of Diversity, Equity & Inclusion policies with a view to continuous improvement; • specific procedures to regulate certain business processes (e.g. the personnel selection process); • training and awareness-raising initiatives on the subject of diversity and the dissemination of an inclusive culture, which values the principle of equal treatment of all employees based on professional skills and abilities. For more information, refer to the disclosure requirement S1-4. [AR17d] Moreover, it has made all necessary and prescribed changes to the physical environment to ensure the health and safety of workers, customers and other visitors. 228 A2A Report on Operations 2025 5\. Sustainability Statement [AR17b] The commitments to diversity, equity and inclusion are also reflected at a managerial level: in the MBOs of directors, individual targets against the KPIs of percentage Gender Balance BoD, percentage of women employees net of operatives and percentage of women managers are included, in order to ensure consistency in policies aimed at employment equality. [AR17c] In addition to those mentioned above, the Group has also introduced a target for the indicator related to the completion, by the entire company population with employee, middle management and executive status, of compulsory courses in the area of Governance, including those related to the “Being a Life Company” path, which covers topics related to the reflection on possible biases within company processes, knowledge of the “DE&I and Harassment Policy” and the one related to “Human Rights”. The company has also adopted a management system for gender equality and has defined a Diversity, Equity & Inclusion Steering Committee, composed of the first company lines that are directly involved in DE&I initiatives and for which they operate in coordination with the DE&I department, which has the following responsibilities: ensuring the effective adoption, application and continuous updating of the DE&I Declaration of Commitment, supporting and enhancing its dissemination; sponsoring and supervising initiatives aimed at enhancing Diversity and Inclusion and ensure the implementation, annual review and continuous and effective application of the gender equality management system, consistent with the People Strategy guidelines. [24c] Finally, over the years, the A2A Group has signed the following voluntary commitments: • Charter for Equal Opportunities and Equality at Work promoted by the Sodalitas Foundation; • Manifesto for female employment - Valore D, a programmatic document in nine points to promote female employment and gender equity as a factor of innovation and growth for companies, by monitoring the presence of women within the organization; • “Patto Utilitalia - La Diversità fa la Differenza” to promote inclusion and value diversity; • WEPs, or Women’s Empowerment Principles: seven principles established by the United Nations Global Compact and UN Women, to promote female employment and gender equity as a factor of innovation and growth for companies; • “Elis Business School System”, which aims to orient girls and boys to the professions of the future and break gender stereotypes. For more information, refer to S1-4. Below is the set of policies adopted by the A2A Group on diversity, equity and inclusion: DE&I Declaration of Commitment The Declaration is intended to be the founding element of the Group’s commitment to Diversity, Equity & Inclusion issues, to achieve an inclusive and innovative climate, based on respect, ethics and equal opportunities, free from any cultural stereotype, and aimed at opposing any form of physical, verbal, digital abuse in the workplace. Inclusive Language Manifesto The Inclusive Language Manifesto defines five guiding principles to foster respectful and inclusive communication. The document represents a shared commitment of the Group to value the uniqueness of people, recognising language as a fundamental lever to promote responsible behaviour and a corporate culture oriented towards respect and inclusion. 229 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Policy for the prevention and combating of violence, harassment and gender discrimination in the workplace In 2025, the new Policy for the prevention and combating of violence, harassment and gender discrimination in the workplace was introduced, which strengthens the protection of people, clarifies reporting channels and introduces the figure of the Trusted Advisor, responding to the needs that emerged from the harassment survey. Social Transition Policy The A2A Group has adopted a specific policy to remove obstacles that may hinder social transition, making it easier for the corporate environment to recognise the perceived gender identity (gender of choice) of each person. The initiatives described in the document concern: name of choice; pronoun of choice; gender- free toilets; psychological counselling; specific training and awareness-raising on gender transition. Digital Accessibility Policy The objective of the policy is to define guidelines and rules aimed at ensuring that both A2A Group employees and end customers, regardless of physical, cognitive or sensory abilities, can access and use the Group’s digital content, services and technologies in a fair and autonomous manner. S1-2 Processes for engaging with own workers and workers’ representatives about impacts Involvement of own workers [27, 27a, 27b, 27c, 27e] Since 2021, internal communication has played an increasingly central role within the organization, becoming a tool not only to inform, but also to involve, monitor, and bring people closer to the company, allowing them to feel that they are the protagonists of a single narrative. The Group has also set up a multi-channel communication strategy, with an editorial plan focusing on information relevant to the company, the Group’s business and the employees themselves. In particular, since 2022, the Group has been providing an anonymous annual Engagement Survey, managed by the Polytechnic University of Milan and addressed to all employees, which has been growing steadily since its introduction and whose latest redemption, in 2024, was 64%, with more than 8,000 responses received. This tool is essential to understand the level of involvement and satisfaction of the employees, who are also engaged through infopoints organized in the locations with the most staff. The Engagement Survey is an instrument designed to investigate: • the individual dimension, i.e. how employees perceive their daily work, • the relational dimension, i.e. relations between colleagues and managers, • the organizational dimension, i.e. how employees perceive company policies, • the value dimension, i.e. how much employees feel aligned with the Group’s values; and • general well-being at an internal level i.e. engagement, commitment and job satisfaction. In the last reporting period, more than 50 meetings were held with the managers in charge of the various organizational structures and, following what emerged and was shared with the business areas, a number of Focus Groups were set up to explore the needs from a generational and/or business-specific point of view. Suggestions and ideas are collected from the people involved and serve as the basis for planning mitigation actions, focused directly on the needs of internal staff. Throughout the process, from engagement to the return of results, a robust communication campaign is carried out through various channels. 230 A2A Report on Operations 2025 5\. Sustainability Statement In 2025, a new, more advanced engagement survey tool was identified to measure engagement, consistent with the needs of a diverse corporate population and a changing environment. The tool was tested on a pilot perimeter of more than 2,000 people, recording many benefits of use: • high level of participation, a sign of strong interest and willingness on the part of the people; • positive feedback on the user experience, thanks to the simplicity of the app, the visual compilation mode and the short time (less than 10 minutes); • better usability by the blue-collar population, without the need for significant support in the field. The positive outcome of the pilot and the feedback from the participants led to the decision to proceed with the scale-up of the tool, extending its use to the entire company population in 2026. In terms of involvement, the use of the A2A Talk tool was also confirmed in 2025. This is a streaming event dedicated to everyone in the Group, conceived as a time for updating and discussion during which the CEO and the Chairman, together with the Top Management, share the Group’s results, strategic objectives and main initiatives, also giving a voice to the experiences of the people and the regions in which we operate. In 2025, two A2A Talks were held, which recorded a total participation of more than 4,500 colleagues. At the end of the events, Q&A sessions were held to gather questions and answer everyone’s questions, encouraging a direct and open dialogue with the entire company population. In addition, information and training courses were activated on all the main initiatives carried out by the Group through specific communication and support campaigns. Further internal engagement tools are news and online communications, used to keep people in touch and directly involved in news and information from A2A daily work. Involvement of workers’ representatives As regards the process of involving workers’ representatives, the company has an ‘Industrial Relations’ function, which is responsible for defining and implementing company policies on labour relations in all Group companies. Depending on the issues being discussed with the trade unions, the dialogue may be limited to information/consultation only or may be conducted by negotiation and conclude with the drafting of minutes. This involvement takes place through both formal, institutionalized and more informal channels. As far as the former are concerned, the modalities and timing of involvement are primarily defined by national collective agreements. The rules of dialectics are further extended, at company level, where the issues to be discussed, as well as the subjects entitled to participate, are set out in the 2019 Industrial Relations Protocol, which identifies a series of issues (e.g. welfare, safety, equal opportunities) whose governance is entrusted to bilateral commissions, composed of the company and trade union sides, which meet periodically. Formal and institutionalized ways of involving workers’ representatives also include information and/or meetings carried out pursuant to legal provisions. Reference is made, for example, to the procedures pursuant to Article 47 of Law No. 428/1990, which generally end with a report of completion of the procedure; the procedures pursuant to Article 24 of Law No. 223/1991; the annual report on the number of contracted workers; the biannual report to the RSU on the situation of male and female staff. With regard to informal channels of contact with workers’ representatives, these do not constitute fulfilment of contractual agreements or legal provisions, but fall within the ordinary activity of informing and sharing with the trade union solutions concerning issues not subject to 231 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group company bargaining or application of provisions deriving from CCNL (national collective labor agreement) or second-level bargaining (e.g. meeting for the management of employee meals when canteens are closed, etc.). [27d] Company bargaining, in its various forms, reaffirms and reinforces the concepts of respect and guarantee of the worker in the workplace and the protection of their rights. [28] For more information on the engagement of own workers belonging to more vulnerable categories, please refer to disclosure requirements S1-1 and S1-4 in the sections on the Group’s approach to diversity, equity and inclusion. S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns [32a] The A2A Group’s approach to managing and remedying negative impacts related to its own workers is mainly based on what is defined by: • the Human Rights Policy, with reference to the evaluation and monitoring of its human rights impacts and commitment to improving the effectiveness of its actions to prevent the risk of incurring practices that violate human rights, as well as to ensure the effective management and mitigation of any negative impacts it may have contributed to causing in the course of its business; • Organisation, Management and Control Model adopted by the companies of the A2A Group pursuant to Legislative Decree 231 (Model 231) 1 in order to prevent the negative impacts of any unlawful conduct, including on their workforce. 1\. As at 31 December 2025, 78 companies of the A2A Group (including A2A S.p.A. and companies of strategic importance) are equipped with Model 231, 25 companies (mostly recently acquired/established) will adopt it during 2026 and/or 2027, while for two companies the adoption of Model 231 is not currently planned, as they are inactive. In addition, the A2A Group makes use of organizational tools aimed at empowering, involving and raising the awareness of its staff on social issues, such as, for example, specific information at company offices, on its website and through internal communication tools, as well as training and sharing events at various company levels. Finally, its human rights risks are identified and assessed as part of the Enterprise Risk Management (“ERM”) process implemented according to the “Guidelines for the Internal Control and Risk Management System”. Channels available for reporting concerns [32b, 32c, 32d] The main channel for reporting is the Whistleblowing system, which is described in disclosure requirement G1-1. In addition to Whistleblowing, the A2A Group provides its workers with other ways to communicate their concerns and complaints. The main means of signalling are listed below: • in case of suggestions or complaints to facts or events occurred in the workplace and found to be in contrast with the social responsibility principles of the SA8000 standard (child labour, forced or compulsory labour, health and safety, freedom of association and right to collective bargaining, discrimination, disciplinary practices, working hours, remuneration, management system), any worker and/or interested party may transmit them, also in written and anonymous form, by hand delivery directly to the SA8000 Workers’ Representatives on the Social Performance Team, by e-mail to sa8000.a2aspa@a2a.it, ordinary mail to A2A SpA Corso di Porta Vittoria, 4 20122 Milan. It should be noted that this is a tool only introduced in some Group companies, but with a plan for gradual extension to other companies; 232 A2A Report on Operations 2025 5\. Sustainability Statement • in the event of informal reports of any kind, the worker may always contact the relevant HR Business Partners, who will assess the seriousness and complexity of the report and, consequently, put in place corrective actions and/or activate the channels mentioned above; • another informal channel is the manager, who has been specially trained to collect reports and suggest ways to address the critical issue found. [AR 30] In addition, the ‘Industrial Relations’ function, by its very nature, is the preferred channel for collecting any reports. In fact, with the Group Industrial Relations Protocol, dedicated spaces were then institutionalized, namely Group and individual Area Observatories (Energy and Environment) on the following topics: Economic Scenarios, Industrial Strategies, Employment Policies, Security, Training, Diversity, Equal Opportunities & Ageing Management, Welfare. These Observatories, made up of representatives of the company and the workers, are also configured as moments within which any critical issues concerning the specific topics 2 can be brought to light. For the handling of complaints, ownership and process responsibilities have been appropriately defined, identifying dedicated resources by role and competence. As an example, within the framework of the social responsibility policy, the so-called Social Performance Team (SPT) has been set up with the aim of: • identifying and assessing risks related to the SA8000 international standard by liaising with stakeholders; • allowing and pursuing possible corrective actions; 2\. It should be noted that for the scope of AEB Group companies, behaviours inspired by the rules of dialogue defined for the Group are active. • periodically verifying the effectiveness of the SA8000 policy and management system; • facilitating the conduct of audits by verifying their results and promoting corrective action where necessary; • managing ‘non-conformities’, promoting and verifying the actions necessary to correct or prevent them; • managing reports and claims; • maintaining and defining contacts with interested parties. In order to raise awareness among workers about the availability of these channels, the A2A Group is committed to grounding training tools and communication strategies that are accessible to all. Awareness of the use of the various channels is measured and consolidated over time. [32e, 33, AR29] The monitoring of these reports and any resulting corrective actions is ensured and tracked by the relevant structures, especially where a structured tracking process is in place, as for the whistleblowing channels and SA8000. Refer to disclosure requirement G1-1 for further details. S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions Process of identifying and monitoring the effectiveness of actions [39] The identification of action in response to the impacts, risks and opportunities identified in human resources derives from data-driven observations, from insights of HR resources by expertise or through the active involvement of 233 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group employees or their proxies. [AR48] In addition to the HR Director, all areas of the HR Department are equally responsible for identifying and monitoring the actions introduced, each for its area of expertise. In particular, the Group adopts the following approaches to define the actions to be implemented: • benchmark analysis: comparison of internal results and trends with what is happening in the market, in order to identify points of improvement and terms of comparison; • analysis of internal data (historical and trends): elaboration of analyses focused on specific phenomena (e.g. voluntary turnover) and consequent identification of critical trends that require further investigation and possible targeted actions for their mitigation; • performance indicators (KPIs): monitoring of key HR KPIs and comparison with relevant targets and historical trends for trend analysis and identification of specific patterns; • internal audits: analysis of ‘non-conformities’ for a better understanding of critical issues; • top-down and/or bottom-up ideas that emerge from internal Group brainstorming moments based on the analysis of real and potential situations, both among senior figures and among HR department resources specialized and competent in the matter; • analysis of reports collected from workers through specific channels (e.g. whistleblowing, etc.); • needs emerging from relations with workers’ representatives: within the framework of the company Observatories (Safety, Equal Opportunities, Training) - bilateral bodies composed of workers’ and company representatives - any needs emerging from the trade union side can be collected and actions subsequently assessed; • corporate events (e.g. team building) as an opportunity to gather needs and ideas for improvement in the management of resources and labour relations. [38d] Once the action has been defined and implemented, the functions involved are responsible for monitoring the effects of the initiatives introduced through: • surveys: dissemination of surveys to gather feedback and insights from Group employees and highlight more or less critical evidence to prioritize and focus on; • exit interviews: to intercept the exit motivations of Group employees and identify new retention levers; • engagement survey (for more details, see disclosure requirement S1-2); • quarterly reporting tools containing a selection of HR KPIs with the aim of highlighting key trends; • plenary meetings to share and compare the objectives of the initiatives and the expected and actual results. [41] Whatever actions or initiatives are put in place to implement the strategy, the Group shall ensure that its practices do not cause or contribute to significant negative impacts on the workforce by safeguarding workers’ rights, preventing risks and ensuring welfare and safety. [38a, 38b, 38c, 40a, 40b, 43] Actions in the field of working conditions – welfare, well-being and healthcare A2A Life Sharing Widespread Share Ownership Plan: the Plan - intended for workers with permanent or apprenticeship contracts - is divided into three cycles (in 2025, 2026 and 2027), during which participants will be assigned, without any financial outlay, ordinary A2A shares for an individual equivalent monetary value of 1,500 euro over the three-year period. All employees participating in the program will be able to purchase other ordinary shares in compliance with the minimum and maximum investment thresholds, benefiting from additional shares (so-called “matching shares”) that A2A will allocate to them with a logic inversely proportional to their corporate role (more 234 A2A Report on Operations 2025 5\. Sustainability Statement favourable conditions for the categories with lower classifications) based on the established criteria. Allocated shares will be subject to a three-year non-transferability restriction, while purchased shares will be subject to a one-year 3\. It should be noted that these amounts are included in the operating costs of the Company’s Consolidated Financial Statements 2025. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. 4\. It should be noted that these amounts are included in the operating costs of the Company’s Consolidated Financial Statements 2025. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. restriction. For the 2025 cycle, 86% of those eligible decided to join the Plan, and 54% chose to purchase additional shares. From 2026, the programme will also be extended to the AEB company. million euro Quantification of the action 3 [37] CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period - - 10 20 Contribution for Supplementary Health Care: the coverage has been designed to provide an immediate and concrete response to Group employees and their families, offering supplementary benefits beyond the National Healthcare Service. In its sixth year now, the initiative has involved some 7,000 member employees and their families. million euro Quantification of the action 4 [37] CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period - - 8 93 Grants: the Group, in cooperation with the trade unions, again for 2025 made the Solidarity Fund available that employees can access, in order to have a useful subsidy to cope with serious and/or exceptional health situations. Productivity bonus: the possibility of converting all or part of the Productivity Bonus to supplementary pension funds and/or obtaining a Welfare Credit was also confirmed for 2025, taking advantage of an additional share by the company on the converted amount (of about 15%). Support for caregivers: a space for reception, listening and practical help is available to all Group employees in order to facilitate the management of the care work of another person, such as a child, a frail parent or a person who is not self-sufficient and/or has a disability, but also to take care of themselves. Regular webinars are also organised on the topic. 235 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Actions in the field of working conditions – fair remuneration Activities to comply with the Pay Transparency Directive: the European Pay Transparency Directive (EU 2023/970) was created with the aim of guaranteeing equal pay for men and women for work of equal value. It must be implemented by the Member States by 2026, with a compliance obligation for companies from 2027. The Directive introduces a number of obligations for companies: it will no longer be possible to ask candidates for their salary history, and advertisements will have to indicate the expected pay range, using gender-neutral language. In addition, employees will have the right to know their own pay and the average for clusters of equal value. Companies with more than 100 employees will be required to report 7 KPIs, including the Gender Pay Gap and, if a difference of more than 5% emerges that is not justified by legitimate differentiation factors, within clusters of jobs of equal value, it will be necessary to initiate a joint assessment with trade union representatives and take corrective measures. A2A has initiated several work streams to ensure compliance with the Directive. In particular, the process of reviewing job advertisements, which already provided for neutral language, has already begun, and will progressively discontinue requests for candidates’ starting salaries. A round table has also been set up to define clusters of jobs of equal value with the identification of positions of equal value starting from the Idenitita2a Professional Model in order to identify homogeneous clusters for reporting the Gender Pay Gap KPI. A Change Management process has also been launched with training and information programmes for the various stakeholders (employees, managers, HR, trade unions). 5. It should be noted that these amounts are included in the operating costs of the Company’s Consolidated Financial Statements 2025. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. Actions in the field of working conditions – work-life balance A2A Life Caring parenting programme: a structured programme resulting from an important agreement with trade union representatives, recognising that parenting involves material and immaterial challenges, especially in terms of time management and the use of economic resources. The plan takes into account all dimensions of parenting and is developed along three lines: • Time: the agreement provides for an additional month of 100% paid maternity leave for all mothers and a month of 100% paid leave for all new fathers. • Financial support: a financial support plan is provided for the reimbursement of expenses incurred for care, education and conciliation differentiated by age group and up to the age of eighteen. • Culture: awareness-raising courses for new parents and their managers on issues related to care, fertility and procreation and the importance of making informed choices. million euro Quantification of the action 5 [37] CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period - - 5 102 Psychological counselling service: service designed to offer Group members the support they need to take care of themselves and their well-being, face moments of difficulty or change, gain awareness of experiences and emotions and enhance resources and strengths, in every sphere and phase of their lives. The initiative is completed with the possibility of periodic webinars dedicated to the topic of Psychological Well-being. 236 A2A Report on Operations 2025 5\. Sustainability Statement Smart working: where required by the job, smart working agreements have been defined, on a monthly or bimonthly basis, which provide for a range from 20% to 60% depending on the role and location. It is possible to work remotely even for half a day, throughout Italy, while work from abroad must be authorised on a case-by-case basis. Blue Collar Flexibility: A pilot project was launched at a Group thermoelectric plant to introduce new forms of working time flexibility. The project is aimed at all plant personnel (regardless of qualification) and provides for differentiated forms of flexibility by cluster according to the needs of the existing structures (“short Friday”, flexibility in entry for shift workers and smart working for those who travel) with the aim of improving well-being and productivity. The project was structured with a view to co- construction with the people involved, starting from listening directly to their needs for a work- life balance. Actions in the field of working conditions – employment New graduates project: the attraction and retention of young people is one of the priorities for A2A. An initial analysis was carried out on the profiles of under-30 graduates and non- graduates hired by the Group in the last three years. In 2026, remuneration analyses will be carried out on these profiles in line with the Pay Transparency Directive, in relation to the clusters of work of equal value identified, in order to assess internal competitiveness against specific external benchmarks. Within this target, the specific cluster of recent graduates (graduates hired in the last 3 years with less than 12 months’ professional experience) was identified, with the aim of identifying strategies and concrete actions dedicated to them. Turnover prevention project: the project, which will be completed in 2025, aims to build the A2A Group’s turnover prediction model, using machine learning techniques and algorithms. The main objectives of the project are: to anticipate the likelihood of staff leaving in the short/medium term, to identify the main aspects that make the person more likely to leave, and to start a process of integrating advanced analytics techniques within the HR world. The model was designed not only as a forecasting tool, but as a lever for strategic reading of the phenomenon, with interpretable outputs and to support the daily decision-making process. Strategic workforce planning: in 2025, a project was launched to build and design the Strategic Workforce Planning model with the aim of aligning the workforce with the company strategy in the medium to long term, anticipating future needs in terms of skills and quantity of resources and being an activator of HR processes such as hiring, development, reskilling, etc., making the interaction between processes more fluid and organic. To facilitate the development of the new model, a pilot was conducted on some HR roles with the aim of understanding and quantifying the impact that artificial intelligence will have on roles over the plan, verifying the rate of automation and augmentation of individual jobs in order to support the company in identifying a series of AI use cases towards processes/roles with greater potential and managing the impacts of these use cases on the workforce in terms of upskilling and re-employment of resources. 237 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [AR43] Planned investments for the relaunch of the San Filippo del Mela site: A2A is transforming the San Filippo power plant into an integrated energy hub, replacing the current fuel oil supply with a high-efficiency natural gas plant, supported by electrochemical storage systems and the expansion of photovoltaics. At the same time, the site will be equipped with new facilities dedicated to the circular economy, including an OFMSW plant to produce biomethane and compost, which has already been authorised, and a plant for sorting plastics. In addition to the objective of reducing emissions, the intervention aims to ensure continuity of employment. 6. It should be noted that these amounts are included in the operating costs of the Company’s financial statements. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. million euro Quantification of the action 6 [37] CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 0.5 200 - - Actions in the field of working conditions - industrial relations Recreational clubs: the procedure for the recognition of legal personality to the Supplementary Social Assistance Fund - FIDAS has been completed, in order to extend its application to all employees at CCNL (national collective labor agreement) Environmental Services, with the consequent start of the redesign of services so that all employees included in the new perimeter can become beneficiaries. At the same time, the process of adapting the CRA2A Statute was completed in order to allow the use of certain services also by non-members and to adapt the rules to the new needs that emerged in the first years of the new single club. Health and safety actions HSEQ organizational model: to prevent impacts, mitigate risks, and at the same time pursue opportunities related to environmental protection and employee management, the A2A Group has adopted Health & Safety, Environmental, Quality (HSEQ) management systems, in addition to the Gender Equality Reference Practice and the Social Responsibility SA8000 standard. In addition, through the workforce KPIs of the Sustainability Plan, the progress of managing the impacts of risks and opportunities is monitored. The Group has defined an HSEQ organisational model that also involves those who in various capacities collaborate with the Group’s companies and aims to protect the environment and the health and safety of workers and their well-being, by identifying risks, identifying corrective actions and preventive actions, and ensuring adequate education, information and training. The organizational model: • identifies HSEQ roles and responsibilities in positions close to risk sources to ensure effective management; • identifies, at the various levels, figures and corporate structures responsible for guidance, coordination and control tasks and others to support the business in the pursuit of strategies and corporate goals; • guarantees systematic and documented verification of compliance with the applicable regulations and with the requirements and standards adopted; • guarantees the traceability of activities and documents relating to relevant Environmental, Health, Safety and Quality processes. Safe4Life supervisors: new training on proximity leadership and active prevention, with a focus on observation and operational coaching. Safety culture: a safety culture assessment was carried out in 2025, in collaboration with VIE, a spin-off of the University of Genoa, to assess the state of the Safety Culture in A2A and identify actions for improvement. It involved 17 plants of the Circular Economy Business Unit (Waste-to- 238 A2A Report on Operations 2025 5\. Sustainability Statement Energy Plants and Treatment Plants, B2B supply chain and Agripower). The research was carried out through face-to-face focus groups in the various plants (21 focus groups in 17 locations, about 150 participants), followed by a survey of all plant personnel (about 1,200 people). The analysis of the collected data allows us to define the A2A culture as an intermediate level: there is a great deal of attention to procedures and rules and in many cases this attention can be considered internalised and oriented towards proactive safety. This approach, however, is not pervasive and cross-cutting. Although the average level is high, there are specific situations and local cases where a reactive orientation is observed. The reporting culture is one of the most relevant themes emerging from the analyses, along with that of operational pressure. The definition of actions to be put in place as a result of the research is underway. Training and skills development actions Mentoring project: this is a development methodology that fosters professional and personal growth through the exchange of experiences between mentors (managers and senior leaders) and mentees (talents identified in talent reviews). The course lasts about 6 months, with 5 mentor/mentee meetings. The goal is to increase awareness of one’s own areas of development, define growth trajectories and action plans, and encourage networking. Launched in 2021, the programme has so far involved more than 270 mentees and about 140 trained mentors, including members of the Executive Committee. New manager training course: the programme has been redesigned for new managers (about 70 people) and includes three editions per year. The structure includes an online kick- off to present objectives and goals and three days, each dedicated to the areas of the A2A model: People, Relationships and Business. The common thread is the use of the language of art to make training engaging and practical. The design and conduct include interactive methodologies (role play, exercises, self-cases) and follow-up to consolidate learning (check-lists, practical missions, videos and readings). Performance Management Process: the process is aimed at enhancing individual contribution and encouraging behaviour consistent with the Life&Me behavioural skills model. It is divided into several stages: definition of the individual contribution, self-assessment, manager assessment, possible additional assessment, distribution of assessments and feedback and development interview. The assessment is carried out on three levels (Partial, Complete, Excellent) for both contribution and skills. In addition to the specific assessment, each person enters two strengths and two areas for improvement, with the possibility of also indicating professional aspirations and development actions. IT and digital skills development: Copilot training: Copilot training involved more than 2,500 people in in-house training and practical workshops. The content covered the art of the prompt, the use of Copilot in Teams and advanced applications on Microsoft tools. The initiative is part of the AI Adoption plan, with change management and sustainable digital culture objectives. [AR43] Upskilling training course for hydroelectric units, thermoelectric plants and A2A Energia Contact Centre: from the end of 2023, an upskilling initiative was launched aimed at increasing skills in the Group’s most operational areas, ensuring continuous updating and employability over time. The first wave of the programme provided for the provision of at least 28 hours of training per capita (20 transversal hours + 8 hours of choice) on knowing the company, digitisation, soft skills and technical modules. The delivery methods were mixed: in-person, webinars and e-learning. About 600 people were involved for the generation plants, while more than 200 were involved for the contact centre. 239 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Digital Empowerment programme dedicated to all A2A managers: the course dedicated to the approximately 1,200 managers of the Group ended in 2025 and was divided into 5 stages (assessment, onboarding, WHY, HOW, WHAT) to train digital mindset and AI skills. The total duration was 12 hours. Other training activities: the training courses provided by A2A cover various cross-cutting topics: courses on cybersecurity, Office 365, problem solving but also Italian language for foreigners. In addition, specific projects were activated for the world of data analysis but also Finance on the Coursera and Linkedin Learning platforms. Actions in the field of diversity and equal treatment UNI/PdR 125:2022 certification: in 2025, for the third consecutive year, the Group obtained gender equality certification for 25 companies 7 , reaching a coverage of more than 90% of employees working in certified companies. The course, developed in accordance with the standards set by UNI/PdR 125:2022, included: • Mapping of HR processes with respect to gender equity criteria; • Analysis of remuneration, promotional and access to roles of responsibility data; • Implementation of annual improvement actions; • Continuous monitoring through dedicated KPIs. Raising awareness of gender-based violence: A2A addresses the issue of gender-based violence in a systemic way, recognising the crucial role of organisations in prevention and awareness-raising. The path built over the years is based on listening, training, awareness and concrete initiatives such as red benches, illuminated venues, webinars and information materials with the number 1522. In 2025, the new Policy for the prevention and combating of violence, harassment and gender discrimination 7. A2A SpA, A2A Energia S.p.A., Amsa S.p.A., Aprica S.p.A., A2A Gencogas S.p.A., Unareti S.p.A., A2A Ambiente S.p.A., A2A E-mobility S.r.l., A2A Ciclo idrico S.p.A., A2A Calore e servizi S.r.l., A2A Smart City S.p.A., A2A Illuminazione Pubblica S.r.l. and A2A Services & Real Estate S.p.A., Yada S.r.l, Gelsia S.r.l, Agripower S.p.A., Acinque S.p.A., Acinque Energia S.r.l., Acinque Ambiente S.r.l., Acinque Tecnologie S.p.A., Acinque Innovazione S.r.l., Lereti S.p.A., Reti Valtellina Valchiavenna S.r.l., Acinque Farmacie S.r.l., AGESP Energia S.r.l. in the workplace was introduced, which strengthens the protection of people, clarifies reporting channels and introduces the figure of the Trusted Advisor, responding to the needs that emerged from the harassment survey conducted last year. In addition, instinctive and psychophysical self-defence courses based on the Wilding method, which combines Psychology and Prevention, have been launched. This commitment was recognised with the award of the 1st Assolombarda Large Companies Award for Gender Equality 2025. A2A has distinguished itself for a systemic and structured approach, which integrates equity and inclusion in all business phases, from governance to training and the enhancement of female talent, through policies that promote work-life balance and empowerment. The company was rewarded for its cross-cutting commitment to promoting gender equality and for the organic enhancement of women’s skills. STEM women’s testimonies in schools – ELIS Project: For years, A2A has been committed to promoting equal access and participation of the female population in STEM fields. Since 2018, the Group has been involved in the Elis Sistema Scuola Impresa project, with specific attention to girls and their access to professions in male- dominated sectors. The main objectives include: • countering the gender stereotypes that still limit women’s access to technical and scientific courses; • offering positive and concrete models to students; • encouraging informed career choices, valuing female talent even in the most traditionally male sectors. The Buddy Programme: with 60 Buddies trained and matched with 83 Buddees. This initiative aims to provide a senior support figure (Buddy) for greater support and initial guidance to newly hired people (Buddees). The aim is to make new people feel like an integral part 240 A2A Report on Operations 2025 5\. Sustainability Statement of the Life Company right away, thanks to the contribution of colleagues with different ages and experiences. Inclusion Team: to promote an increasingly inclusive work environment, A2A has set up the Inclusion Team, an Employee Resource Group (ERG) consisting of more than 100 colleagues who have volunteered in response to a Call to Action. The Inclusion Team is divided into five thematic teams: Gender, Generations, LGBTQI+, Cultures and Disabilities. Each team is led by an HR figure and a Co-Leader from different business areas and supported by sponsors of the Steering Committee, with a view to full integration with the company strategy. The teams develop awareness-raising projects, training initiatives, listening sessions and actions to improve processes, contributing to concrete and participatory cultural change. The Inclusion Team identified an action plan consisting of more than 30 actions started in 2024 and 2025. Over the past year, among the various initiatives, 7 awareness-raising webinars were held on the occasion of International DE&I Days, a monthly podcast column and a “Be a Life Partner - Diversity, Equity and Inclusion” event, to enhance the relationship with the supply chain and to build together an increasingly responsible, inclusive and value-oriented ecosystem. In addition, the Call for Inclusion was created, an initiative open to everyone in the A2A Group, designed to collect ideas and concrete projects on the themes of Diversity, Equity & Inclusion. Training and awareness in the field of diversity and inclusion: to promote a culture of equity and respect, A2A invests every year in training courses and awareness initiatives aimed at all the people of the Group, with diversified formats for targets and objectives. The main activities include: • Thematic webinars on the occasion of international days, such as the International Coming Out Day on 11 October or the A2A Generation Day Celebration, which highlights the generational diversity that characterises the Group; • Mandatory training on DE&I topics. Official opening of the Room of Silence: as part of the initiatives to promote multiculturalism within our Group, the Inclusion Team Culture inaugurated the Room of Silence, a space created to offer all our people a place of contemplation where they can find a moment of peace and quiet during the working day. But that is not all: regardless of religious belief and culture, the room can also be used as a place of prayer, meditation or personal reflection. “New Energies” project: the objective of the project is to define, starting from the mapping of the “needs” of the most “fragile” workers, a model of disability management aimed at facilitating the involvement of people with disabilities in business processes. During 2025, the administration continued of special survey questionnaires to both managers and workers with disabilities, followed by individual interviews by external consultants, from the analysis and synthesis of which a number of intervention areas emerged and, consequently, the 2026 action plan in support of persons with disabilities. In addition, A2A has initiated improvement actions, such as mapping the tools and equipment needed by fragile colleagues for full inclusion in company processes and initiatives. Disability Manager and Digital Accessibility Manager: in 2025, new corporate roles were introduced – the Disability Manager and the Digital Accessibility Manager – to support the development of an inclusive culture towards disability within the group. 241 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Multicultural calendar and podcast: to discover the cultural richness within the Group, every month colleagues talk about some of the most heartfelt and experienced holidays in their countries of origin; Refugee integration: in continuity with the previous two years, the project to integrate refugees and asylum seekers into AMSA continued in 2025, following the provision of Italian language courses and the obtaining of a driving licence, two essential requirements for recruitment. The initiative provides for a gradual entry through an initial 3-month paid internship, recruitment with a 6-month fixed- term contract that can be extended for a further 6 months and, subject to a positive assessment, conversion of the contract into a permanent one. Compared to the 9 people who participated in the first round of the project in 2023, 7 obtained a permanent contract; at the end of 2024 and 2025, a further 14 and 21 people were involved, respectively. Metrics and targets S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [47a, 47b, 47c] The Targets of the Sustainability Plan relating to the area of human resources are aligned with the internal targets that the Group sets itself in the A2A People Strategy. Through this tool, the HR Department defines challenges and Targets for the following years, expressing its priorities and points for improvement in which to invest. The Targets of the People Strategy are defined on the basis of the needs of A2A own employees, ideas for improvement and market trends, with the ultimate aim of improving the People Journey at A2A. In most cases, the Targets and related actions have a perimeter of applicability consisting of the entire Group, i.e. the staff structures of the subsidiaries, and cover a time period consistent with that of the Strategic Plan, with the Targets of elevating the People Strategy to an enabling factor for the grounding of the Plan and the achievement of the Group’s strategic objectives. It is also added that the rolling monitoring of the objectives set through dedicated KPIs is complemented by any other data sources, constructed ad hoc to gather the views of employees on the effects and effectiveness of the actions grounded (e.g. focus groups, surveys, etc.). For further details on how the KPIs are calculated, please refer to the “Appendix” section. Targets in the field of working conditions KPI u.m. 2025 target 2025 2028 2030 2035 Gender pay gap % <1% <1% <1% <1% <1% Employees involved in pulse survey on climate (A2A and AEB, excluding companies in the Acinque Group) % - 8 - 9 100% 100% 100% 8\. The figure referring to 2025 is absent as it was decided not to carry out the engagement survey. 9. The figure referring to 2025 is absent as it was decided not to carry out the engagement survey. 242 A2A Report on Operations 2025 5\. Sustainability Statement Health and safety targets KPIs u.m. 2025 target 2025 2028 2030 2035 Number of accesses to health promotion initiatives (A2A and AEB, excluding companies in the Acinque Group) % 86% 100% 95% 100% 100% Accident Frequency Index (fi) with gate on Severity Index (si) calculated taking into account only the first prognoses Contents 15.87 (0.25) 14.4 (0.13) 13.61 (0.25) 12.28 (0.25) 9.91 (0.20) Targets in the field of training and skills development KPIs u.m. 2025 target 2025 2028 2030 2035 Employees involved in a performance management process involving the assignment of targets % 50% 53% 90% 100% 100% Reskilling and upskilling of thermoelectric power plant employees (A2A and AEB, excluding companies in the Acinque Group) % 66% 99% 73% 81% 100% Digital employee reskilling and upskilling % 36% 59% 45% 51% 66% Share of employees involved in non- mandatory safety courses % of employees involved 60% 97% 60% 60% 60% Average hours of training in non- compulsory safety courses average hours per capita 10 24 15 15 15 Activate at least 2 training projects per year on compliance topics N 1 1 2 2 2 Employees trained in privacy matters in the last two years % >80% 82% >80% >80% >80% Employees trained on Italian Legislative Decree 231/2001, Code of Ethics, Anti- Corruption Policy and Whistleblowing System in the last two years % >80% 82% >80% >80% >80% Employees trained on the Human Rights Policy in the last two years % >80% 65% >80% >80% >80% It should be noted that in 2025, a single new training initiative was launched, dedicated to operational staff and covering several subjects (Legislative Decree 231/2001, Code of Ethics, Anti-Corruption Policy, Whistleblowing System, Privacy and Human Rights Policy) to facilitate access and maximise the use of resources that, for the first time, have been fully equipped with technological means for distance/asynchronous training. As for the data on training on the Human Rights Policy in the last two years (2024 and 2025), the course for operational staff was only launched in 2025 and for this reason the percentage is affected by this circumstance. 243 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Targets in the field of diversity and equal treatment KPIs u.m. 2025 target 2025 2028 2030 2035 Women in positions of responsibility % 27% 29% 32% 35% 40% BoD Gender Balance % 68% 75% 83% 96% 100% Gender pay gap % <1% <1% <1% <1% <1% Female white collar employees as a percentage of total white collar employees (A2A and AEB, excluding companies in the Acinque Group) % n/a new >=50% >=50% >=50% Female blue collar employees as a percentage of total blue collar employees (A2A and AEB, excluding companies in the Acinque Group) % n/a new 8% 9% 14% Number of open positions (with diversified instruments pursuant to Law 68/99) on the number of reserve quotas (A2A and AEB, excluding companies in the Acinque Group) % n/a new >=7% >=7% >=7% 10. [50f] Refer to the total number of employees in the Consolidated Note in paragraph 32. The growth in the average number of employees in 2025 compared to the previous year led to a proportional increase in the Group’s personnel costs. The further increase in labour costs is mainly due to the increases in minimum wage rates recognized by contractual renewals and wage policy interventions. Staff costs 2025 also reflect the effect of some new initiatives in the Welfare area, for which the Group has decided on a significant economic investment; S1-6 Characteristics of the Undertaking’s Employees [50e] A2A people are those who live the Life Company every day, directing daily choices towards the achievement of sustainability goals. Taking care of people’s quality of life is a great responsibility. That is why the Group puts dialogue, well-being and attention first in managing its people: towards them, towards citizens, and above all, towards the environment. Because people are the value that creates a Life Company. Since 2022, the Life&Me skills model has been defining behaviours to be inspired by and put into practice in our daily work. The model is based on Three Pillars - Business, People and Relationships - and focuses on the concept of sustainability as a synthesis of all the behaviours. As at 31 December 2025, the A2A Group had 14,959 employees (+1.2% compared to 31 December 2024), of whom 22% were women. Job stability remains a prerogative of the Group: 96.8% of employees have a permanent contract. [50d] Employee figures refer to headcount at the end of the reporting period (31 December 2025). 2025 2024 [50a] Employees by gender u.m. Women Men Total Women Men Total Total employees n 3,295 11,664 14,959 10 3,116 11,661 14,777 Breakdown of employees by gender % 22 78 100 21 79 100 244 A2A Report on Operations 2025 5\. Sustainability Statement 2025 2024 [50a] Employees by gender and country u.m. Women Men Total Women Men Total Italy n 3,293 11,657 14,950 3,115 11,656 14,771 Belgium n 2 4 6 1 2 3 England n - 3 3 - 3 3 Total n 3,295 11,664 14,959 3,116 11,661 14,777 2025 2024 [50b] Employees by gender and contract u.m. Women Men Total Women Men Total [50bi] Permanent employees n 3,191 11,282 14,473 2,810 11,625 14,435 [50bii] Fixed-term employees n 104 382 486 306 36 342 [50biii] non-guaranteed hours employees n - - - - - - Total n 3,295 11,664 14,959 3,116 11,661 14,777 2025 2024 [50c] Employee turnover u.m. Women Men Total Women Men Total Employees who left the company 11 n 172 822 994 169 818 987 Total employees n 3,295 11,664 14,959 3,116 11,661 14,777 Employee turnover rate 12 % 5.22 7.0 5 6.64 5.42 7.0 1 6.68 2025 2024 Employees by gender and working time u.m. Women Men Total Women Men Total [52a] Full-time employees n 2,990 11,629 14,619 3,053 11,383 14,436 [52b] Part-time employees n 305 35 340 63 278 341 Total n 3,295 11,664 14,959 3,116 11,661 14,777 11\. It should be noted that in 2025, 236 employees left due to the termination of the Ascopiave branch of the company. In line with the requirements of the ESRS Standards, these outputs are not counted in this table. 12\. The employee turnover rate was calculated as the ratio between the number of employees (by gender and total) who left the company and the number of employees present at 31.12 (by gender and total). 245 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 2024 [51 Employees by region u.m. Women Men Total Women Men Total Abruzzo n 6 37 43 6 38 44 Calabria n 6 145 151 6 142 148 Campania n 21 205 226 20 208 228 Emilia-Romagna n 11 61 72 10 70 80 Friuli-Venezia Giulia n 7 89 96 6 96 102 Lazio n 8 13 21 7 12 19 Liguria n 26 209 235 24 208 232 Lombardy n 3,158 10,489 13,647 2,988 10,484 13,472 Piedmont n 31 132 163 31 125 156 Puglia n 4 82 86 4 79 83 Sardinia n - 3 3 - 3 3 Sicily n 4 144 148 4 149 153 Trentino-Alto Adige n 3 13 16 3 13 16 Valle d’Aosta n 3 33 36 0 27 27 Veneto n 5 2 7 6 2 8 Abroad n 2 7 9 1 5 6 Total n 3,295 11,664 14,959 3,116 11,661 14,777 246 A2A Report on Operations 2025 5\. Sustainability Statement S1-7 13\. The only employees not covered by collective bargaining are 3 employees of the company Sistema Ecodeco UK Ltd Characteristics of non-employee workers in the undertaking’s own workforce [55bii] The Group includes among its non-employee workers, workers with temporary, internship and self-employed contracts, as well as so-called atypical contracts. The metrics for these resources are expressed in headcount as at 31 December 2025. 2025 2024 [55a] Non-employee workers u.m. Women Men Total Women Men Total Non-employee workers n 80 156 236 89 172 261 [AR61] With regard to both employees and non-employees, the A2A Group adopts a uniform approach that is consistent with its principles, i.e., inclusive and responsible employment, undertaking to ensure that all workers, regardless of their type of contract, are treated fairly, respecting their rights and promoting their well-being (e.g., clear and transparent contracts, recognition of fundamental rights, fairness, responsible agency selection, etc.). S1-8 Collective bargaining coverage and social dialogue [60a, 60c] The relationships of all employees of the Italian companies of the A2A Group are covered by collective bargaining, equal to 99.98% 13 . By 2024, however, all employees were covered. [63a] Instead, the number of workers covered under the Unitary Trade Union Representation model is 14,784, covering 98.83% of the total, whereas in the previous year the coverage rate stood at 99.13%. [63b] It is also specified that there are currently no agreements with their employees for representation by an EWC, SE or SCE committee. 247 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group S1-9 Diversity Metrics 2025 2024 [66a] Employees at top management level by gender u.m. Women Men Total Women Men Total Number of employees by number of people at top management level n 39 79 118 29 75 104 Gender distribution of employees at top management level % 33.05 66.95 100 2 7. 8 8 72.12 100 [AR71] The A2A Group considers the managers in charge of first- and second-level organizational structures, who represent the top figures in the subsidiaries and staff departments, to be part of top management. 2025 2024 [66b] Employees by age group u.m. Women Men Total Women Men Total Number of employees under 30 n 547 1,368 1,915 403 1,143 1,546 Number of employees aged 30-50 n 1,773 5,636 7,4 0 9 1,673 5,475 7,1 4 8 Number of employees over 50 n 975 4,660 5,635 1,040 5,043 6,083 Total number of employees n 3,295 11,664 14,959 3,116 11,661 14,777 Percentage of employees under 30 % 16.60 11.73 12.80 12.93 9.80 10.46 Percentage of employees aged between 30 and 50 % 53.81 48.32 49.53 53.69 46.95 48.37 Percentage of employees over 50 % 29.59 39.95 3 7.6 7 33.38 43.25 41.17 S1-10 Adequate wages [69] All A2A Group employees are paid an adequate wage, in line with national regulations and applicable national collective bargaining agreements. The Group sets its remuneration policy with full respect for internal fairness and external competitiveness. In the definition of interventions, it scrupulously complies with Italian law and the relevant national collective agreements, excluding any kind of discrimination. The remuneration policies and processes focus on acknowledging and optimizing the commitment, constant achievement of results, skills and behaviours of employees in line with the Group’s Managerial Model and with external benchmarks. In 2025, a project was launched to understand the aspects and potential impacts of the European Pay Transparency Directive: first of all, an internal assessment was carried out to evaluate strengths and areas for improvement in the possible areas affected (e.g. reward, recruiting, reporting and people analytics, change management, people management, etc.), then a roadmap of the related interventions was created. The first diagnostics aimed at identifying positions of equal value and enhancing the Total Reward have been developed for HR use only. 248 A2A Report on Operations 2025 5\. Sustainability Statement S1-11 Social protection [74a, 74b, 74c, 74d, 74e] All Group employees are covered by social protection against loss of income due to any of the following events: sickness, unemployment starting from when the own worker is working for the undertaking, employment injury and acquired disability, parental leave and retirement. Italian law provides for measures for all the aforementioned cases, which are regularly applied by the Group. In addition to the provisions of the applicable national collective bargaining agreements, the Group has introduced specific measures at company level to further strengthen the social protection system. In particular, through the “A2A Life Caring” trade union agreement, a month of parental leave was introduced in addition to the legal available, which can be taken by both mothers and fathers, paid at 100%. Workers can also choose whether to take the additional month or opt for its monetisation. In addition, with the level II company bargaining, further improved conditions were introduced to encourage adherence to supplementary pension schemes for pension purposes, through the adoption of further incentive measures. S1-12 Persons with disabilities 2025 2024 [79, 80] Employees with disabilities u.m. Women Men Total Women Men Total Employees with disabilities n 150 357 507 146 370 516 Total employees n 3,295 11,664 14,959 3,116 11,661 14,777 Share of employees with disabilities % 4.55 3.06 3.39 4.69 3.17 3.49 [AR 76] Disabled persons under L.68/99 are persons with a disabling condition of a physical, psychic, intellectual or sensory nature recognized by a special medical commission (e.g.: persons with civil invalidity of more than 45%, persons with labour invalidity of more than 33%, blind and deaf persons, persons with war invalidity, civil war invalidity and invalidity for reasons of service). On the other hand, persons belonging to certain special categories who can access the jobs that companies with more than 50 employees are obliged to reserve (e.g. orphans and surviving spouses of persons who have died as a result of work, war or service-related causes or as a result of the aggravation of the disability suffered as a result of such causes; repatriated Italian refugees; victims of terrorism, organized crime and duty; witnesses to justice, etc.) are considered as protected categories pursuant to Article 18 of Law 68/99. 249 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group S1-13 Training and skills development metrics 2025 2024 [83a] Employees that participated in regular performance and career development reviews u.m. Women Men Total Women Men Total Employees that participated in regular performance and career development reviews n 2,760 4,892 7,6 5 2 2,559 4,751 7,310 Percentage of employees that participated in regular performance and career development reviews % 83.76 41.94 51.15 82.28 41.20 49.93 2025 2024 [84] Employees that participated in regular performance and career development reviews Number % Number % Managers 205 99 190 93 Middle Managers 976 97 923 95 White-collar workers 6,471 93 6,197 92 Blue-collar workers - - - - Total 7,65 2 51 7,310 50 2025 2024 [83b] Average number of training hours by gender u.m. Women Men Total Women Men Total Total of training hours offered and completed h 122,903 364,098 487,001 122,122 345,034 4 67,1 5 6 Average number of hours of training by employee hours per capita 37.30 31.22 32.56 39.19 29.59 31.61 2025 2024 [84] Training hours by category Total number Average number Total number Average number Managers 8,054 38.91 10,505 51.29 Middle Managers 48,203 47.9 6 53,884 55.43 White-collar workers 292,914 42.08 275,836 40.85 Blue-collar workers 137,831 20.31 126,870 18.90 Total 487,001 32.56 4 67,09 5 31.91 250 A2A Report on Operations 2025 5\. Sustainability Statement S1-14 Health and safety metrics [88a, 90, AR 81] Health and Safety Management Systems certified according to ISO 45001 cover 97% of employees and 96% of non-employees, all activities and all workplaces of the Group. The management system of the companies certified according 14\. The number refers to calendar days lost through injury. Commuting accidents are excluded. to standard ISO 45001 was audited for certification by a independent, Accredia qualified third party entity. In 2025, 100% of the companies that were already ISO45001-certified as at 31 December 2024 are confirmed to have maintained this certification, subject to scope changes, such as mergers or company transfers. 2025 2024 [88b] Fatalities as a result of work-related injuries and work-related ill health u.m. Employees Non- employees Total Employees Non- employees Total Number of fatalities as a result of work-related injuries and work-related ill health n - - - 1 - 1 In addition, note that in 2025, there were no fatalities of value chain workers working at company sites. 2025 2024 [88c] Recordable Work-related accidents u.m. Employees Employees Number of recordable Work-related accidents n 355 381 Total number of hours worked n 24,398,287 23,850,807 Rate of recordable Work-related accidents % 14.55 15.97 [88e] Days lost 14 due to occupational injuries, accidents and fatalities (employees) u.m. 2025 2024 Number of days lost to work-related injuries and fatalities from work- related accidents, work-related ill health and fatalities from ill health n 11,308 12,759 During 2025, 23 Work-related disease complaints were registered by workers in force. Of these 10 are related to the musculoskeletal system, 7 to the respiratory system, 3 to the auditory system and 1 to the urogenital system. For two complaints of Work-related illness, the diagnosis was not reported in the first certificate. 251 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [88d] Work-related ill health u.m. 2025 2024 Number of recordable cases of work-related ill health n 23 19 During 2025, 10 Work-related ill health complaints were registered by workers no longer in the workforce. Of these 3 are related to the musculoskeletal system, 6 to the respiratory system and 1 to the urogenital system. [AR94] Work-related ill health among the previous workforce u.m. 2025 2024 Number of recordable cases of work-related ill health detected among the former workforce n 10 3 S1-15 Work-life balance metrics 2025 2024 [93b] Family-related leave u.m. Women Men Total Women Men Total Employees who took family-related leave n 949 2.463 3.412 870 2.356 3.226 Employees entitled to take family- related leave n 3,295 11,664 14,959 3,110 11,531 14,641 Percentage of employees who took family-related leave % 28.80 21.12 22.81 2 7.97 20.43 22.03 [94] All A2A Group employees are entitled to family-related leave by virtue of the provisions of the law, the national collective agreements applied, and supplementary company agreements that provide for more favourable leave arrangements. 252 A2A Report on Operations 2025 5\. Sustainability Statement S1-16 15\. The following are considered: a) fixed remuneration over 12 months considering full-time working hours (including the General Manager) b) number of average annual working hours by qualification c) the gross annual remuneration on an hourly basis is equal to the ratio between a and b. 16. For the calculation of the indicators, the assumptions and terminations during the year (2025) and personnel with foreign and apprenticeship contracts were not taken into account. For the perimeter thus defined, the value of the social security taxable amount was taken into account. 17. The following are considered: a) the taxable social security income of the Chief Executive Officer/General Manager b) the median social security taxable income for the remaining population over 12 months considering full-time working hours c) the pay ratio is equal to the ratio between a and b. 18\. The following are considered: a) fixed remuneration over 12 months considering full-time working hours (including the GM) b) number of average annual working hours by qualification c) gross annual remuneration on an hourly basis is: a/b by role For the calculation of the KPIs, the assumptions and terminations during the year (2025) and personnel with foreign and apprenticeship contracts were not taken into account. Remuneration metrics (pay gap and total remuneration) [97a] Gender pay gap 15 u.m. 2025 2024 Average gross hourly remuneration of female employees € 21.50 20.58 Average gross hourly remuneration of male employees € 19.54 18.88 Gender pay gap % (10.03) (9.00) [97b] Total annual remuneration ratio 16 u.m. 2025 2024 Total annual remuneration of the person with the highest salary € 834,817.00 836,162.56 Median annual total remuneration (excluding the person with the highest salary) € 42,780.02 39,467.00 Ratio of annual total remuneration of the person with the highest salary to the median annual total remuneration 17 - 19.51 21.19 2025 2024 [98] Average gross hourly wage by job category and gender (ordinary basic wage) 18 Women Men Gender gap (%) Women Men Gender gap (%) Managers 64.15 6 7. 2 0 4.54 64.35 65.31 1.47 Middle Managers 34.37 36.16 4.95 33.26 35.27 5.70 White-collar workers 19.84 21.41 7. 3 3 19.00 20.63 7.9 0 Blue-collar workers 13.90 15.13 8.13 13.67 14.83 7. 8 2 253 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group S1-17 Incidents, complaints and severe human rights impacts [103d] SA8000 In order to quantify the number of complaints of discrimination and serious human of rights violations submitted through its own and official channels made available to employees, data were collected through the Whistleblowing channel. It should be noted that the number of reports pertaining to 2025 does not concern cases of proven serious human rights violations. 2025 2024 Incidents, complaints and severe human rights impacts Number Fines (€) [103c] Number Fines (€) [103c] [103a] Incidents of discrimination 5 - 3 - [103b] Number of complaints filed through channels for people in the undertaking’s own workforce to raise concerns 4 - 10 - Total 9 - 13 - It is confirmed that no complaints have been submitted to the national contact points for OECD multinational companies, regarding the A2A Group. [104a] No severe cases of human rights violations were reported. 254 A2A Report on Operations 2025 5\. Sustainability Statement 5.3.2 ESRS S2 Workers in the value chain Material impacts Type [11c] Negative: systemic or related to individual incidents 1 [11d] 2 Positive: activity description Stage Time horizon Occurrence of accidents at work, with consequent risks to the health and safety of value chain workers, during the course of activities Negative, Actual Related to individual incidents EE, GN, R, C, P, I BP Disparity in the working conditions of workers in the value chain compared to direct employees, which does not guarantee the necessary safeguards in terms of stable and regular employment, working hours, pay, freedom of association and equal opportunities. Negative, Actual Related to individual incidents EE, GN, R, C, P, I BP, MP, LP Violation of human rights along the value chain, such as the right to freedom of association and collective bargaining, child labour, forced or compulsory labour Negative, Potential Related to individual incidents EE, P BP, MP, LP 1\. The main negative impacts to which the workers of the Group’s value chain are potentially subject concern mainly accidental events limited to the plants in which they operate. 2\. Since the A2A Group has not identified any material positive impacts on workers in the value chain, this data point is not reported. Material risks [11e] Impact or dependence linked/ connected to the risk Stage Time horizon Safety risk: Potential repercussions for the Group’s image as a result of serious or very serious accidents involving internal and/or external staff of third-party companies operating at the premises and operational sites, as well as visitors and third parties. Any actual or assumed safety failures by the company. The scenario also considers the risks to people’s well-being from weather and climate factors. Risk arising from impact transversal along the value chain BP; MP; LP Health risk: Potential reputational and financial impacts for the A2A Group resulting from any disputes regarding work-related ill health diseases and/or real or alleged non-compliance in terms of health and health surveillance, involving personnel working for the Group, in the event of media coverage. - transversal along the value chain BP; MP; LP Ethical requirements of suppliers: Potential image impacts for the A2A Group if, in the case of a supplier or sub-supplier, critical issues emerge from an ethical point of view (acts of corruption, contribution irregularities or other illegal conduct or conduct contrary to ESG principles of the company or its directors). - OO, transversal along the value chain BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 255 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Strategy S2 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model [11, 11a] The main types of workers in the value chain that could be significantly impacted by A2A’s own operations or the value chain can be categorised as follows 1 : • workers who carry out their activity at the company’s headquarters but who are not part of its own workforce (governed by ESRS S1); • workers working for entities in the value chain upstream of the undertaking; • workers working for entities in the value chain downstream of the undertaking. The A2A Group has identified five value chains linked to its businesses, to which is added the value chain relating to fuel oil procurement processes. The five value chains are: electricity, heat, natural gas, waste management and water management (see page 14-15). The types of workers in the identified value chains are mainly workers of contractors carrying out work on the Group’s road construction sites and plants (electricity and natural gas value chain), on the water and district heating networks (water and heat management value chain) or involved in the management of the waste collection service (waste management value chain). These are types of labour intensive activities, carried out mainly on company sites or on behalf of the 1\. Note that the following categories are expressly listed in the disclosure requirement of ESRS S2.ESRS 2 SBM-3. Group and which are subject to the greatest risks, together with disabled workers or workers falling within protected categories under Italian Law 68/99. Over the years, the A2A Group has worked to protect its employees and workers in the value chain: for example, the two management companies of the urban hygiene service, AMSA and Aprica, have been engaged in programmes to include workers from disadvantaged social backgrounds in their workforce and often rely on contractors carrying out similar activities for years. With regard to workers in the natural gas value chain, the Group currently has no visibility of upstream activities such as exploration and production, and midstream activities such as gathering, processing, liquefaction and regasification. Natural gas is bought on European financial markets similarly to the other commodities, and there is no direct business relationship with upstream players. [11b] The Group operates within the Italian national context, which is why there is no risk of child, forced or compulsory labour among workers in the value chain. With regard to the workers in the natural gas value chain, the Group is aware of the critical issues related to the working conditions of workers in companies in the fossil fuel extraction sector; purchasing them on the financial markets, as previously mentioned, we do not have business relations with these companies and have no direct and concrete knowledge of the workers’ conditions. As for the supply of fuel oil, it is purchased on site, from a refining plant located near the Group’s thermoelectric plant. 256 A2A Report on Operations 2025 5\. Sustainability Statement [12] The types of workers in the identified value chains that may be subject to greater risks are mainly workers of contractors carrying out “labour-intensive” activities. Examples are: workers operating on road construction sites and on the Group’s plants (electricity value chain), on water and district heating networks (water and heat management value chain) or those involved in the management of the waste collection service (waste management value chain) or workers of social cooperatives (cleaning contracts or management of treatment plants). [13] The risks identified by the Group, arising from impacts and dependencies in relation to its workers in the value chain, do not involve specific workers in the value chain but all workers in the value chain considered for the purposes of this standard and identified in this disclosure requirement. Impact, risk and opportunity management S2-1 Policies related to value chain workers The A2A Group’s policies related to value chain workers are presented below. These policies define the principles and commitments regarding the protection of human and labour rights, fair working conditions and the prevention of non- compliant practices along the supply chain. For a complete description of the set of policies of the A2A Group, the relevant governance procedures and application criteria, please refer to the general information provided in ESRS 2 MDR-P. [16] The management of material impacts, risks and opportunities related to workers in the value chain is regulated and addressed by the Human Rights Policy and the Responsible Procurement Policy. Human Rights Policy [17, 17a, 17b, 17c] In addition to what is already reported within the ESRS S1-1 and G1-1 disclosure requirement, through the Human Rights Policy, the A2A Group is committed to ensuring respect for Human Rights throughout the value chain. To this end, policies for selecting suppliers and business partners are adopted based on fair, transparent processes that respect applicable laws, as well as on criteria that consider and value environmental and social sustainability. With this in mind, the A2A Group’s suppliers and business partners: • are selected by evaluating aspects relating to health and safety, environment, human rights and ethics, as well as technical, economic- financial, legal and integrity aspects; • must formally commit to complying with the principles set out in the Human Rights Policy, the Anti-Corruption Policy and the A2A Group Code of Ethics; • are required to ensure compliance with applicable laws, in particular those of a labour nature (including rules on child labour and combating the exploitation of workers) and on occupational health and safety; • must make themselves available and cooperate in audits and inspections by the A2A Group, aimed at ascertaining compliance with the established obligations. The above obligations extend to any parties (e.g. sub-contractors, consultants and agents) that suppliers and business partners use to carry out activities for the A2A Group and whose work the same suppliers and business partners are required to supervise. Responsible Procurement Policy [16] The Responsible Procurement Policy aims to ensure that the purchase of goods and services takes place in an ethical, sustainable manner and in line with the Group’s social and environmental values, integrating the principles of the Sustainable Development Goals and the United 257 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Nations Global Compact in the management of the supply chain. The document defines the Group’s commitment to generating sustainable and shared value through selection processes and collaboration with suppliers based on environmental, social and governance criteria. [AR 12] During 2025, the Responsible Procurement Policy was revised. The update includes the obligation for all suppliers to sign the Integrity Pact, the strengthening of the environmental and social commitment and the implementation of a monitoring and continuous improvement plan. The Responsible Procurement policy does not apply to the Acinque Group. The Acinque Group has its own Sustainable Procurement policy that applies to all Group companies and involves the functions and parties involved in procurement processes and supply chain management, both internal and external, including directors, managers, employees, as well as suppliers, subcontractors and business partners. For more details, refer to the Acinque Group Sustainability Statement. Supplier Code of Conduct [18] The company has also adopted a code of conduct for suppliers, called the ‘Integrity Pact’. All A2A Group suppliers and collaborators must sign this document and comply with strict standards on health and safety, the environment, human rights and business ethics, inspired by the above policies. The integrity pact enshrines respect for ethical principles and responsible conduct. Specifically, by signing this agreement, suppliers undertake to comply with all applicable rules and principles of the Group A2A Code of Ethics, among which are expressly mentioned: • fight against corruption and the infiltration of organized crime; • environmental protection and efficient use of energy sources; • occupational health and safety protection; • respect for workers’ and children’s rights; • freedom of association and collective bargaining; • protection of competition. [AR15, 19] The Human Rights Policy and the Responsible Procurement Policy incorporate and promote compliance with the principles established by international human rights conventions and charters (in particular, those of the UN and the ILO), the Sustainable Development Goals and the United Nations Global Compact (UNGC), the OECD and international standards and frameworks on the subject (such as those defined by GRI and ISO). Policies protecting workers in the value chain explicitly address human trafficking, forced or bonded labour and child labour. For more information on compliance with internationally recognised instruments relevant to the above- mentioned workers and on reporting any instances of non-compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational Enterprises, please see disclosure requirement S1-1. S2-2 Processes for engaging with value chain workers about impacts [22] The A2A Group considers the demands and views of workers in the value chain to guide decisions and activities aimed at managing the main impacts to which workers are subjected. [22a, 22b] The involvement of workers in the value chain takes place through direct engagement with suppliers and through the control and monitoring of their activities. During the Multi-stakeholder Forums (described in disclosure ESRS 2 SBM-2), supplier representatives present in the various territories in which the Group operates are regularly invited to the Forums in order to gather their views on 258 A2A Report on Operations 2025 5\. Sustainability Statement the Group’s activities and the main issues being addressed. Supplier engagement occurs once a year per territory (as per the calendar defined for the Forums) and consists of a round table discussion during which stakeholders are invited to discuss various topics. The suppliers involved are local companies that have established business relations with the Group. As described in the Disclosure Requirement ESRS 2 SBM-2, in 2025, the programme was mainly aimed at the Group’s suppliers (and other SMEs in the regions) with the aim of supporting them in the process of adapting to the ESG requests of the main customers and credit institutions. In the operational sphere, inspection visits to construction sites result in moments of engagement and discussion with contractors. In particular, the controls carried out during the inspection are reported and tracked by means of special check-lists in which any anomalies are formalised and classified according to their severity. The results are analysed with the construction site personnel and, In the case of blocking or serious anomalies, the project manager and the customer are promptly informed in order to adopt the corrective actions required together with the contractors involved. In addition, the Group provides employees of third-party companies with training courses specific to the scope of the contract they are involved in. In particular, health and safety issues are the issues that are most addressed across the board. [22c] Operationally, all activities related to Multi-stakeholder Forums are the responsibility of the corporate Sustainability Stakeholder Engagement structure within the Sustainability Development structure. [22d] To date, the A2A Group has not signed any Global Framework Agreements or other agreements with global trade union federations related to respect for the human rights of workers in the value chain. It should be noted that most of the Group’s suppliers are based in Italy, with almost total coverage of workers with collective labour agreements CCNL (national collective labor agreement). [22e] As of 2025, there is no structured mechanism to track and evaluate the effectiveness of engagement with workers in the value chain. However, at the end of each Multi- stakeholder Forum the participants, including representatives of the Group’s suppliers, are asked to fill out a survey on their satisfaction with the initiative. Thanks to this tool, it is possible to deepen the perspective of each stakeholder category engaged and assess the effectiveness of that which was presented at the event: in particular, the average satisfaction score and the percentage of stakeholders taking part in the event who believe that these initiatives improve relations with A2A are measured. [23] Currently, the A2A Group has not taken any specific measures to better understand the views of workers in the value chain. S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns [27a] A2A is supported by the methodology of EcoVadis in supplier due diligence through a structured and rigorous process of assessing ESG aspects, which is articulated in several stages. First, companies must provide supporting documents, such as policies, certificates and KPIs, demonstrating the maturity of their sustainability management system. An international team of experts 259 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group examines the documents provided and checks whether there is sufficient evidence to approve the companies’ claims. In addition, EcoVadis integrates thousands of external sources, such as NGOs, trade unions, international organisations and local authorities, to gather information on the assessed company. This monitoring is continuous, thereby making it possible to detect any violations and update the supplier’s sustainability rating. The due diligence carried out by EcoVadis supports A2A with respect to potential negative impacts on human rights and the environment through the determination of a score for each pillar of sustainability. Each indicator is assigned a score from 0 to 100, reflecting the supplier’s performance in the relative area. This evaluation system allows A2A to identify and correct any non-conformities, promoting continuous improvement in supplier performance. In summary, with its evidence-based assessment methodology and 360° monitoring, EcoVadis is able to provide accurate supplier due diligence based on recognised international sustainability standards (e.g. UNGC). Channels available for reporting concerns [27b, 27d] At present, the A2A Group does not have communication channels specifically dedicated to workers in the value chain that offer the opportunity to communicate their concerns or needs and receive assistance in this regard. However, workers or collaborators of external companies that provide goods or services or carry out works in favour of A2A Group Companies, may, through a specific channel (known as the Whistleblowing system adopted by the company pursuant to Italian Legislative Decree 24/2023 implementing Directive (EU) 2019/1937 of the European Parliament and of the Council, to communicate, even anonymously, information concerning violations, even suspected violations, of regulatory provisions and principles enshrined in policies adopted by the Company. The aforementioned reporting channel is made available by the A2A Group through a special IT platform and guarantees the confidentiality of the identity of the whistleblowers, the other persons involved and the content of the reports. [AR 24] For more information on the Whistleblowing system and the related control and monitoring processes, please see the disclosure requirement G1-1. [27c] In addition, the suppliers of A2A Group Companies are given notice, through the Responsible Procurement Policy (published on the A2A Group website) and the Code of Ethics (also published on the A2A Group website, and explicitly referred to in the Integrity Pact that all A2A Group suppliers are required to sign) of the possibility to report, including anonymously, through the current reporting channels, any breach or suspected breach of the Policy and the Code of Ethics. [28; AR25] Finally, reference is made to what is stated within disclosure requirement G1-1, regarding: • the degree to which workers in the value chain are aware of the existence of the communication and reporting channel mentioned above; • the implementation of policies to protect persons using such options from retaliation; • the confidential treatment and protection of the data contained in the reports received; • the use of anonymous channels for workers in the value chain to raise concerns or needs. 260 A2A Report on Operations 2025 5\. Sustainability Statement Metrics and targets S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions [31, 32a, 32b, 32c, 32d, 32a, 33b, 32d, 33a, 33b, 35] The main action plans and resources allocated by the A2A Group during 2025 to manage impacts, risks and opportunities related to workers in the value chain are listed below. Ecovadis Rating: the Group has implemented a structured supplier evaluation process using the EcoVadis methodology, which assesses labour practices and human rights as fundamental pillars. Suppliers are assigned a rating based on their environmental and social performance: relative to the score obtained, the Group activates specific actions in order to work with the supplier to act on the main areas of improvement. Suppliers are informed about the sustainability programme through continuous communication campaigns, and an ESG clause is included in contracts requiring suppliers to obtain their EcoVadis ESG score within six months of the contract’s awarding. Suppliers with an ESG score below 37/100 at the time of the evaluation are placed on an ESG watch list and will have to improve within 12 months. This evaluation mechanism aims to incentivise virtuous behaviour and care for workers throughout the supply chain. Suppliers are engaged on an individual basis, but the human rights assessment can be used as a credible proxy to gain insight into actual working conditions along the supply chain. The supplier qualification process includes the verification of company and financial data, technical and professional capabilities, environmental and safety requirements, and injury indices. In particular, a reputational audit of the supplier is carried out in some cases. When evidence of potential risk (including human rights impacts) is identified, A2A takes a structured approach to remediate them. The supplier is placed on a watchlist or blacklist depending on the severity of the evidence. The watchlist is used to monitor suppliers with financial, reputational, HSE (health, safety and environment), ESG or negative performance risks. If the evidence is serious, the supplier may be suspended or blacklisted, preventing it from participating in future tenders. This management system ensures that suppliers maintain high ethical and operational standards, protecting workers in the value chain and minimising risks for A2A. As of July 2022, the Acinque Group has also started a collaboration with two specialised partners, Ecovadis and Synesgy, with the aim of assessing the environmental and social performance of suppliers. For more information, refer to the Acinque Group Sustainability Statement. ISO 45001 Certification and on-site audits: to strengthen the protection of workers along the entire value chain, A2A implements specific initiatives, including safety programmes for contractors and regular audits at construction sites. In addition, all Group sites have achieved ISO 45001 certification, which covers 96% of employees and extends safety requirements to contractors. SA8000 certification: the objective of SA8000 certification is to implement prevention and protection measures for the environment and to protect and guarantee the health and integrity of personnel, and to manage activities with respect for workers’ rights by drawing inspiration from national and international labour protection standards, conventions and resolutions of bodies such as the International Labour Organisation (ILO) and the United Nations (UN). It applies to all workers in the Group’s value chain and, in particular, to the employees of contractors working at A2A sites and construction sites. 261 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group HSE for Procurement: thanks to the project launched in 2020, appropriate safeguards have been identified and implemented to ensure that activities are entrusted to and managed by contractors with HSE performance in line with Company standards, even for those activities with a high risk potential. The project identified the following mitigation measures: • identification of Merchandise Classes (MC) with HSE relevance; • definition of specific procedures for HSE- relevant purchases in normal, urgent and emergency situations; • HSE technical visa for purchase requests on HSE-relevant MCs; • drafting special contract conditions and inclusion of specific contract clauses on HSE issues (e.g. request and analysis of the DUVRI - Single Document for the Evaluation of Interference Risks and analysis of accident index trends); • definition of a list of safety documentation to be required from suppliers above and beyond what is defined by the applicable regulations to ensure HSE compliance; • minimum rating on supplier Injury Frequency Index to be added to the tender Vendor List; • information flow to Procurement and procedure of activities to be implemented in the event of a serious incident/severe HSE non-compliance with watchlist/blacklist definition and provision of operational spot checks and/or regulatory/ process compliance audits; • tenders awarded on the basis of the economically most advantageous offer, with scoring based on quality scores with more weight than price scores offered, and definition of a minimum technical score for access; • administration of a Customer Satisfaction questionnaire to the business with HSE elements and scoring system; • definition of shared tools with suppliers that reward and/or raise awareness of HSE issues (e.g: Safety Pact, Safety Walk, HSE Awards, etc.); • HSE documentation management through the use of an IT application for document management/VITP; • specific awareness-raising campaign on basic safety behaviour in all plants of the Generation and Trading BU and in 8 plants of the Waste BU with the involvement of the contractor personnel present in the plant. “Contractors days” project: the project aims to raise awareness among colleagues and staff of third-party companies on the value of the culture of prevention. The aim is to enhance the sharing of HSEQ aspects, creating a common vision and “alliances and collaborations” between the Client and Contractors to achieve the same standards in the HSEQ field and the “zero accidents” objective also for the activities contracted out. The project involves the establishment of days during the year during which, at selected plants or sites, specific initiatives are implemented to promote the culture of workplace safety and raise awareness of risk prevention, involving both plant personnel and those of third-party companies. [36] No serious human rights issues and incidents have been reported in the value chain. [38] The A2A Group allocates with various types of resources, both monetary and non-monetary, to prevent these impacts from occurring. In particular, the Procurement Excellence and Governance Department is responsible for promoting, planning and coordinating the implementation of all initiatives aimed at pursuing the operational excellence of procurement processes and ensuring the evolution of Vendor Management in line with the Group’s sustainability and risk management objectives. The Department is responsible for managing the supplier evaluation process managed through Ecovadis. 262 A2A Report on Operations 2025 5\. Sustainability Statement S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [41] Below are the KPIs of the A2A Sustainability Plan related to the topic of value chain workers. The targets related to this topic are included in the “People Innovation” pillar of the Plan and refer to the “Responsible Procurement: develop initiatives aiming to spread the culture of health and safety at work amongst contractors and other suppliers. Develop Green Procurement policies. For more details on the methodology for calculating KPIs, see the “Appendix” section. KPIs u.m. 2025 target 2025 2028 2030 2035 Incidence of sustainability criteria in the vendor rating process % 30% 30% 30% 30% 30% Average ESG score on orders score 51 67 64 68 70 Orders assigned to suppliers with implemented D&I policies % 30% 50% 52% 57% 70% Orders assigned to suppliers evaluated with ESG integrated scoring % NA 87% 86% 90% 90% Corrective actions taken following unsuccessful audits 2 % NA 96% 96% 97% 97% Inspections of road sites (number/year) 2 n - 7, 4 5 0 7,550 7,760 8,130 2\. Please note that companies belonging to the Acinque Group are not included in this KPI. All the 2025 plan targets have been met and, in some cases, amply exceeded. As regards the data on the number of inspections carried out on road construction sites, as of this year the reporting scope has also been extended to the company Duereti. Conversely, the target for corrective actions will include Duereti within its scope from 2026. Although inspections and related corrective actions have already been initiated in 2025, a structured reporting tool from which to derive this information is not yet available. With the update of the Sustainability Plan, it was decided to replace the KPI “Percentage of the order to Suppliers evaluated with ESG indicator (Infoprovider Ecovadis)” with the new indicator “Order assigned to suppliers evaluated with ESG integrated scoring”. [42a, 42b, 42c] Currently, the A2A Group does not have a mechanism for directly engaging workers in the value chain in order to set targets, define a monitoring system and establish improvement actions. 263 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.3.3 ESRS S3 Affected communities Material impacts Type [9b] Negative: generalised / systemic, [9c] Positive: description of activity Stage Time horizon Increased awareness of the community served in relation to sustainability topics by promoting information and training initiatives Positive Actual Educational projects, teaching tools and training courses for schools; multi-channel project with Factanza to make reporting accessible to Gen Z Contribution to the News from Planet Earth podcast, produced by LifeGate OO; EE; C BP; MP; LP Contribution to the social development of the areas where the Group operates by creating professional and social inclusion opportunities Positive Actual Induction and training course for ecological operators for refugees and non-EU citizens Responsible investments in the community Projects developed by the Group Foundations OO BP; MP; LP Increased cohesion of the communities of reference thanks to listening to and involving them in the Group’s projects Positive Actual Multi-stakeholder Forums: A2A dialogues with local stakeholders to develop shared projects consistent with the Strategic Plan OO BP; MP; LP Interruption of water supply service to communities following system failures or inefficiencies Negative Actual Systemic towards the communities served OO; I BP; MP; LP Negative impact on the quality of life of communities, attributable to the Group’s activities, in particular the visual impact of infrastructure, odour emissions from waste collection and treatment and noise pollution generated by urban services Negative Actual Generalised EE; P; GN; R; I BP; MP; LP Contributing to and supporting the development of Smart Cities in the territories where the Group operates through new innovative and digital business models Positive Actual The Minnovo, One City and Smart Water Metering projects improve the quality of life of citizens OO; EE; C; I BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 264 A2A Report on Operations 2025 5\. Sustainability Statement Material risks [9d] impact or dependency related/ connected to the risk Stage Time horizon Physical Security Asset Risk – A2A Group Plants and Site: physical security risks can compromise the safety of people, the integrity of assets and business continuity, generating negative consequences for the company and its stakeholders. At a methodological level, the level of physical security risk of the assets is identified on the basis of the probability and impact figures, mitigated by the security measures in place. - transversal along the value chain BP; MP; LP Operational Technology Security: possible sanction impacts from lack of compliance/image (‘National cybersecurity perimeter’ and ‘NIS Directive’) and operational impacts resulting from potential disruptions, business continuity and security problems of the production sites, networks and infrastructures of the A2A Group’s companies as a result of issues affecting the OT (Operational Technology) systems and networks that are managed by the respective Business Units. - transversal along the value chain BP; MP; LP Service interruption: potential reputational impacts for the Group arising from possible prolonged disruptions to waste collection and street cleaning services and/or waste disposal at the Group’s main waste-to-energy plants. - R, transversal along the value chain BP; MP; LP A2A Ambiente - fire risk: potential impacts of a reputational and economic-financial nature for A2A Ambiente and the Group connected to the possible occurrence of fires affecting recovery plants, WTE plants and landfills, with repercussions for personnel and internal structures and the surrounding environment. - R BP; MP; LP Corteolona and Giussago major accident: potential image repercussions for A2A Ambiente and the Group as a result of the occurrence of a major accident involving internal staff or the land. Risk arising from impact R BP; MP; LP A2A Ciclo Idrico – risks associated with the water supply chain: the distribution of water for human consumption that does not respect the quality and quantity characteristics associated with drinking water distribution could have repercussions on people’s health as well as impacts of an economic nature due to the need to interrupt production activities, and impacts on the Group’s overall image in its relations with local authorities and communities. Risk arising from impact OO BP; MP; LP Interruption of the electricity distribution service: potential interruptions of the electricity distribution service, such as to cause possible impacts on the overall image of the Company and the Group and economic damages for failure to achieve the objectives set by ARERA. - EE BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 265 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Material opportunities [9d] Impact or dependence linked/ connected to the opportunity Stage Time horizon Works and/or infrastructure for the benefit of the territories where the electricity generation plants are located: potential image benefits for the A2A Company for the A2A Group deriving from the construction of works and/or infrastructures useful to the territory in which the Company’s plants are located. - EE LP Strategy S3 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model [9] Within the scope of its activities, the Group is committed to contributing to the development and well-being of the community in which it operates, guaranteeing respect for the needs of the territory, with the aim of interpreting its needs also in terms of attention to employment levels, and investing in the research and development of efficient and advanced technologies that enable it to provide services according to the highest standards of sustainability from an environmental and energy point of view. In particular, the experience gained in serving local communities and the awareness that the Group’s activities involve a high degree of territorial, social and environmental interaction have enabled A2A to consolidate a relationship with communities based on listening, continuous dialogue and the active engagement of its stakeholders, a source of valuable information and ideas for incorporating the territories’ needs and responding to them effectively, anticipating any critical issues. The variety of stakeholder categories involved in the Company’s initiatives encourages the sharing of different experiences and points of view, in order to improve the services offered to communities and the quality of life in the territories where the Group is present. [9a] As emerged from the results of the dual materiality analysis, the communities potentially impacted by the Group’s activities are those living near the Group’s sites and plants or those served by the essential services provided by A2A Companies. [10] As highlighted in disclosure requirement ESRS 2 SBM-2, the A2A Group uses the stakeholder management platform to map the territorial communities in which it operates and analyse specificities and any problems, so as to implement engagement activities tailored to the situation in question. [11] Among the material risks, those listed below are specific to certain groups of communities and do not extend to all areas affected by the Group’s activities and services: • The occurrence of fires at recovery plants, waste-to-energy plants and landfills would put the safety of staff and surrounding communities at risk, with potential reputational and economic-financial impacts. • The Giussago Lacchiarella and Corteolona plants are classified as being at risk of a major accident, which could involve personnel and/or the population outside the plants. • The distribution of drinking water for human consumption that does not meet the required quality and quantity characteristics could have repercussions on the health of the people to whom the service is provided. Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 266 A2A Report on Operations 2025 5\. Sustainability Statement Impact, risk and opportunity management S3-1 Policies related to affected communities The A2A Group’s policies related to affected communities are presented below. For a complete description of the set of policies of the A2A Group, scope and implementation responsibilities, please refer to the general information provided in ESRS 2 MDR-P. [14, AR9, AR11] The A2A Group manages its impacts, risks and opportunities on the communities affected by its services and activities through three documents, which are publicly available on the Group’s website in both Italian and English, and therefore easily accessible to all: the Code of Ethics and the Human Rights Policy approved by the Board of Directors, and the Stakeholder Engagement Policy approved by the ESG and Territory Relations Committee and the CEO. In 2025, the above-mentioned policies were updated to meet the requirements defined by the MDR-P of the ESRS, and in order to renew the Group’s commitment to these issues, with the aim of always taking into account the evolution of the surrounding context. Code of Ethics With specific reference to the provisions of the Policies adopted by the Group in relation to communities, through the Code of Ethics, the Group ensures: • respect for the rights of local communities, working in close interaction with the territories and institutions, promoting listening, collaboration and institutional dialogue; • the adoption of operating models based on efficiency, technological innovation and environmental and energy sustainability; • transparent information management and constructive dialogue with the competent authorities; • as well as the strict application of legislation and internal safeguards to guarantee transparency, fairness and the prevention of conflicts of interest and corruption, including potential ones. Stakeholder Engagement Policy With the Stakeholder Engagement Policy, the Group defines how stakeholders are prioritised and how engagement activities and their outputs are managed. In particular, according to the policy, A2A’s stakeholder engagement process is based on the principles of: • inclusiveness, considering the views of the most pertinent stakeholders to identify material issues and their effects; • materiality, identifying and prioritising the most relevant issues impacting A2A and its stakeholders; • responsiveness, recognising material issues and their effect on A2A’s decision-making and operations; • impact, monitoring, measuring and evaluating the effects of A2A’s activities on stakeholders. With the update of the policy in December 2025, the Group also undertakes to ensure the existence of communication channels with its stakeholders, as well as the search for new avenues of dialogue with a view to continuous improvement. Based on the characteristics of each stakeholder category, as well as their influence and the relationships A2A maintains with them, the Group identifies the appropriate method to foster stakeholder engagement and periodically evaluates its effectiveness. Specifically, the Group is committed to implementing annual multi-stakeholder engagement initiatives to gather input from local communities, discuss, and engage in dialogue on key issues related to the ecological transition, identified on a case-by- case basis while always taking into account the evolving context. Finally, A2A is committed to disclosing its implemented stakeholder engagement initiatives, as well as their results and impact on the Group and its stakeholders, in specific documents, 267 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group and to updating the Sustainability Plan on the company website with the performance of the reporting year, which also identifies objectives related to stakeholder engagement activities. Human Rights Policy [16a] Within the Human Rights Policy (presented in disclosure requirement S1-1), the topics related to affected communities are addressed, such as their respect, protection and engagement, environmental protection, digital inclusion and access to innovation. [16b] The experience gained in serving the territory and the awareness that the A2A Group’s activities entail a high level of local, social and environmental interaction have enabled it to consolidate a relationship with the affected communities and its customers based on listening, continuous dialogue and active stakeholder engagement, as a source of valuable information and ideas for incorporating territories’ needs and responding to them effectively, anticipating any critical issues. Moreover, dialogue with public or private institutions that represent the collective interests of several local entities ensures the greatest understanding of the end-customer’s interests, and more generally, that of the local community, and allows for the identification of initiatives that align with A2A Group principles, and which would gel with the communities hosting them. [16c, 17] As for mechanisms to remedy human rights impacts and reports of non-compliance with internationally recognised principles or standards, see disclosures S1-1, S1-3 and G1-1. Currently, the Acinque Group has not yet adopted a formalised policy that complies with ESRS standards for the management of impacts, risks and opportunities related to the communities concerned. For more information, refer to the Acinque Group Sustainability Statement. S3-2 Processes for engaging with affected communities about impacts [21, 21a, 21b] For information on how the views of communities guide the Group’s decisions and activities to manage impacts, how communities or their representatives are engaged, and the stages and frequency of engagement, please see disclosure requirement ESRS 2 SBM-2. [21c] From an operational perspective, all stakeholder engagement activities, as well as the stakeholder mapping process described in disclosure requirement S3 ESRS 2 SBM-3, are the responsibility of the corporate Sustainability Stakeholder Engagement structure within the Sustainability Development structure. Periodically, the structure reports the results of community dialogue initiatives to the ESG and Territory Relations Committee in order to identify follow-up actions with respect to the emerging evidence. [21d] In 2024, two complementary research studies were launched to assess the impact of the Group’s stakeholder engagement activities. The results were published in 2025 in the paper “Creating value through stakeholder engagement”, which is public and accessible to anyone interested on the company website. This first trial allowed the Group to measure the value generated on the business by integrating stakeholder engagement into the corporate strategy, as a lever to increase trust and consensus among stakeholders and to activate participatory processes in order to generate shared value. 268 A2A Report on Operations 2025 5\. Sustainability Statement To assess the value generated by stakeholder engagement within the company, the Engagement Business Value Index (EBVI) was developed in collaboration with TEHA. The indicator captures reputational value generated based on three strategic variables: • the evolution of the relationship between the company and its stakeholders over time, • lchanges in the company’s commitment dedicated to stakeholder engagement over time, • lthe influence of context on the outcomes. The model was tested in the field by applying it to two key territories selected on the basis of their characteristics and the representativeness of the different types of relationships that the company maintains with its stakeholders and those involved by A2A through the Multi-stakeholder Forum programme: South Lombardy and Liguria. The pilot project was carried out in three phases: an initial assessment of local perceptions prior to the engagement activity; a second assessment at the end of the activity; and a focus group involving all key Group representatives responsible for organising and delivering the engagement, to gather internal perceptions. On the other hand, to measure its social impact, in collaboration with SDA Bocconi, the Engagement Social Value Index (ESVI) was developed, which captures the value generated by engagement based on three strategic variables: • the quality of the engagement activity, • the effectiveness of the engagement activity, • the degree of empowerment generated. The model has been tested in the field by applying it to seven territories engaged by A2A through its Multi-stakeholder Forum 2025 programme: Piedmont, Friuli Venezia Giulia, Liguria, Bergamo, Apulia, Brescia, Southern Lombardy. The experimentation was carried out in two stages: initially, a questionnaire assessing the quality and effectiveness of the event was administered to all stakeholders present at the end of the in-person meetings. Subsequently, after a few months, a second questionnaire was administered to the respondents who made themselves available, via CATI telephone interviews conducted by SWG to investigate how the perception of the effectiveness of the event and the level of perceived empowerment had changed. In some cases, follow-up telephone interviews were conducted to further explore the collaborations, reflections and projects that arose or were strengthened as a result of this meeting. These initial experiments yielded positive results in terms of creating reputational value and facilitating new collaborations between the various company departments and external stakeholders. At the same time, there is a positive relationship between the Group’s stakeholder engagement activities and the creation of value for stakeholders in terms of empowerment: 80% of respondents have applied the knowledge provided during the meeting or plan to do so, and about 67% have resumed or consolidated contacts with other participants or intend to do so. In some cases, these elements made it possible to initiate reflections and collaborations for the implementation of projects focused on the integration of sustainability in business after just a few months. Thanks to the evidence resulting from both trials, six operational actions were identified, with related practical indications, to be implemented to effectively design and manage stakeholder engagement activities, maximising their impact on the business and the territories. In addition, eight priorities for the future of stakeholder engagement have been outlined, which are fundamental for those wishing to initiate or participate in engagement programmes and contribute to the evolution of knowledge in this area. The two models tested are a starting point for assessing the impacts generated by stakeholder engagement activities internally and externally, laying the foundations for a structured and scalable methodology across all territories, as well as replicable from year to year. 269 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In particular, in addition to monitoring the effectiveness of engagement activities with a view to continuous improvement, the ESVI also ensures transparency, continuity and consistency in the reporting of the impacts generated on the territories involved. In this first phase of experimentation, the indicator obtained an overall score of 69 out of 100, recording results of 86 out of 100 for the quality of the event, 70 out of 100 for effectiveness and 52 out of 100 for the empowerment generated. These data confirm the soundness of the initiatives implemented and highlight a positive correlation between engagement and empowerment, offering useful operational insights to further enhance the impact generated in future editions. [22] In addition, through the Energy Bank Foundation described within disclosure requirement S3-4, projects related to combating energy poverty are implemented for vulnerable households throughout the country. The interventions, supported together with a network of companies, voluntary associations and institutions, provide for the payment of the bills of any energy operator, training on the conscious use of energy, energy efficiency interventions in the homes and offices of the entities involved and the creation of Renewable and Solidarity Energy Communities. The project beneficiaries are helped indirectly through other non-profit organisations in the third sector which are active in the country and selected on the basis of criteria of reliability and consolidated experience, to which the Energy Bank disburses the funds. These entities also identify the beneficiaries and define the modalities of intervention to combat poverty and vulnerability in their territories. In some cases, on the other hand, a shared planning process on specific territories or types of action identified by the Foundation itself at the instigation of its partners, through the involvement of reliable and well-established local bodies and associations, has been set in motion. S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns [27a] With respect to processes to remediate or help remediate a negative impact which the A2A Group causes, or contributes to causing, reference is made, as applicable, to disclosure requirement as per paragraphs S1-1, S1-3 and G1-1. Channels available for reporting concerns [27b, 27c S3 AR 19, AR20] A2A makes many channels available for its stakeholders to express criticism and concerns in relation to its activities and services offered, and more specifically: • social media caring flows to promptly intercept the needs and reports to be transmitted to the customer care channels: overall, more than 24,000 requests received from users of the social platforms have been taken care of. Moreover, the activity allows to understand and gather the main topics discussed on the web, taking cues to design new services and products. • Group website, where the e-mail addresses of the Company’s Press Office, Investor Relations and Sustainability Development Managers are listed, thus enabling anyone to have direct contact with Company management, as well as to request clarifications and raise issues in relation to their area of responsibility. In particular, the Group has a dedicated e-mail address for sustainability-related matters (sostenibilita@a2a.it). This email address is also included in all the Territorial Sustainability Reports (for more details, please refer to the disclosure requirement in paragraph S3-4), published in the dedicated section of the company website. 270 A2A Report on Operations 2025 5\. Sustainability Statement • Multi-stakeholder Forums are a direct channel of communication with the Group, as they allow the stakeholders involved, representatives of local communities, to express any problems and critical issues directly to the corporate functions present. There are no channels operated by third parties. [27d] Evidence gathered through these channels is transferred to the most appropriate corporate structure to be handled according to the competence and subject matter of the concern raised. The assessment of the effectiveness of the actions implemented by the various business areas, as a response to the needs and requirements gathered through the corporate structures and dedicated channels described above, is designed and carried out by the competent corporate area, based on the characteristics of the action itself and its recipients. [28, AR21] The social channels and contacts mentioned are indicated on the Company website, and are thereby easily accessible to any category of user wishing to get in touch with the Group. In addition, all Group companies also have dedicated websites with “Contacts” sections that contain reference email addresses, toll-free numbers and Customer Areas, used for the management of stakeholder reports. For further details, please refer to the disclosure requirement in paragraphs G1-10a and G1-10c. The Acinque Group has set up several contact channels to enable interested communities to express reports, concerns or needs and to receive assistance. These include the Whistleblowing platform, accessible directly from the corporate website in the reporting section, and the “Contacts” section of the corporate website, through which requests are handled by the Communication and External Relations department and then forwarded to the relevant departments according to the nature of the report. In line with this approach, all Group companies also have dedicated websites with “Contacts” sections that contain reference e-mail addresses, toll-free numbers and Customer Areas, used for the management of stakeholder reports, customer relations and operational aspects related to supplies. For more information, refer to the Acinque Group Sustainability Statement. Metrics and targets S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions [31, 32a, 32b, 32c, 32d, 33a, 33b, 33c, 34a, 34b, 35, AR27] The main actions implemented by the A2A Group during 2025 to manage impacts, risks and opportunities related to communities are listed below. 2025 Multi-stakeholder Forums: A2A carries out a structured programme of listening and maintaining a dialogue with local stakeholders, through working groups and periodic public meetings, aiming to create debate on the most relevant issues for the development of the Group and the local areas, and contribute to the implementation of ideas and projects with shared value and in line with the Strategic Plan. For more information on the 2025 Multi-stakeholder Forum program, please refer to ESRS 2-SBM 2. 271 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Local Sustainability Statements: a local Sustainability Statement is published for each area involved in the listening and dialogue activities through the work groups. These are easy-to-consult documents in which the Group’s performance in the economic, environmental and social spheres in a specific territory is reported on an annual basis and with reference to the UN Sustainable Development Goals (SDGs), providing stakeholders with a means for understanding and knowing A2A’s impacts on the territory. The main and most significant actions carried out in the different territories are reported annually within the local Sustainability Statements, using dedicated KPIs and associating the SDG supported with each initiative. These reports therefore represent tools for communicating the Group’s commitment to stakeholders and monitoring its impacts over time, giving everyone the opportunity to assess its performance and raise any critical issues, and giving corporate structures the opportunity to plan accordingly to develop activities over time on the basis of the results and evidence that emerge. The local Sustainability Statements are presented during Multi-stakeholder Forums and are then published on the website, where they remain accessible to all even in subsequent years. Therefore, these documents allow the Group to be accountable to stakeholders with respect to the impacts and value generated for each territory, providing everyone with an opportunity to have discussions based on concrete and comparable data from year to year. “Patto con Milano” roadshow: in February 2025, the “Patto con Milano” roadshow was also held, a series of structured meetings with municipalities, stakeholders and local institutions, with the aim of presenting A2A’s Strategic Plan in the city, promoting the sustainable transition of the territory and strengthening dialogue with citizens. The meetings saw significant involvement of institutional and non-institutional participants, including 24 municipal councillors, assessors, municipal presidents and municipal council presidents, and 55 territorial stakeholders, for a total of over 100 attendees. During the initiative, more than 900 direct contacts were made with local stakeholders, with more than 50 interventions in the Q&A sessions, thus launching a new communication channel with the city for constructive discussion. City Vision Roadshow: for two years, A2A has been participating in this discussion that touches on different Italian regions and is aimed at stimulating dialogue on the key issues of urban regeneration and sustainability. Each stage involves the participation of institutional representatives, public administrators and companies for a structured discussion between public administrations, companies, start-ups and associations. For the A2A Group, the roadshow represents a concrete opportunity to network and strengthen institutional relations, with a view to tackling the challenges of energy transition and innovation together with the regions. In 2025, in addition to the traditional Roadshow, an ad hoc stage was organised in Modica to provide in-depth information and training on the issues of energy transition, energy efficiency and how the public-private partnership tool can support administrations in making their territories increasingly sustainable and energy efficient. Finally, one of the Roadshow stops was held at the Gissi thermoelectric power plant and involved local administrators, businesses, representatives of the innovation system and civil society actors. The aim of the meeting was to bring out common projects, visions and trajectories for more sustainable, digital and participatory territorial development. The meeting was followed by one of the events of the Multi-stakeholder Forums, according to the Life Talks format, during which the local Sustainability Statement of Abruzzo was presented and a debate was held on the ecological transition and the strategic levers for the sustainable development of the territory with local representatives of companies, institutions and Confindustria. A2A Life Talk: as part of the Forum in Acerra (NA), the first A2A Life Talk was held in the Campania region, a moment of discussion and dialogue with local stakeholders to explore the strategic levers for the sustainable development of the region, with particular attention to the 272 A2A Report on Operations 2025 5\. Sustainability Statement issues of employment and the evolution of the world of work. On this occasion, the first results of the project for youth employment training in Campania were reported (more information in the dedicated paragraph). A2A also promoted the nationwide dissemination of the issues covered through a dedicated communication plan with social media content and a podcast. During the day, audio contributions were collected from participants, which were used in a special episode of the News from Planet Earth podcast, produced by Lifegate, entitled “From the jobs of the future to the future of work”. Project for youth training and employment in Campania: in collaboration with Generation Italy, an initiative was launched dedicated to the qualified employment of young people in the Campania region and in particular in the 9 municipalities of Acerra, Afragola, Caivano, Cardito, Casandrino, Crispano, Frattamaggiore, Frattaminore and Grumo Nevano. The aim of the project is to train NEETs and unemployed people between the ages of 18 and 39 through free courses built around the needs of businesses in the sales, digital and energy sectors (e.g. courses for photovoltaic panel installers and on cyber security). Launched in 2025 at the Morano Institute in Caivano, it includes 7 courses in the two-year period 2025-2026 for 140 young people. In 2025, 97 people participated in the courses and 33 were hired. Education projects: A2A supports schools by promoting the values of sustainability amongst the younger generations through educational projects, teaching tools and training courses. The aim is to inspiration children and youth to become active , agents of sustainable change in the areas in which they live. At the heart of the educational offer are the teachers, who are key to transmitting the skills and knowledge of the Group’s companies to the students. In 2025, A2A involved more than 183,000 students and teachers in initiatives dedicated to sustainability and environmental education, thanks also to collaboration with partners and institutional stakeholders, in particular: • “Futuro in Circolo-In Movimento per il nostro Pianeta”, the national educational project that invited schools of all levels in Italy to join the A2A Movement to protect the planet. Through the project, the topics of energy transition, circular economy and smart grids were explored. Thereafter, the classes participated in a creative contest, inviting them to implement sustainable actions at home, at school and in their local area and tell their stories through photos, videos, articles and class journals. The project involved more than 107,000 students and teachers; • collaboration with the Professor of La Fisica Che Ci Piace, Vincenzo Schettini, which led to the creation of content on social and digital channels, dedicated to sustainability. In particular, the Professor amplified the visibility of the national educational project “Futuro in Circolo - In Movimento per il nostro Pianeta”, carried out four educational visits to A2A’s plants, producing content for each on digital channels, and gave four lectures to students in the Brindisi, Milan, Brescia and Acerra areas. In total, the initiatives carried out together with Vincenzo Schettini involved 605 students and teachers; • collaboration with Deascuola: in the 2024-25 school year, the free webinar training cycle “Pianeta Green: Educare al Futuro” was held for teachers and students of lower and upper secondary schools and dedicated to the themes of the 2030 Agenda and the orientation towards the green professions of the future. The course, structured in a cycle of 12 webinars, reached more than 17,000 students and teachers, and allowed participating teachers to obtain recognised training credits. In addition, the Group gives schools the opportunity to participate in guided tours of its plants, which allow students and teachers to interact with experts and technicians in the sector and discover the infrastructures present in their territories committed daily to making the country’s future more sustainable. During 2025, more than 13,000 students and teachers visited the Group’s plants. In addition, virtual tours are available in some facilities, for which more than 117,000 users have visited the dedicated page, generating more than 533,000 views. 273 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Gen Z Project on Sustainability Reporting: a multi-channel initiative aimed at making Sustainability Reporting accessible to the younger generation through their active involvement. The project was divided into three phases (a survey with over 2,000 respondents, a master-class with more than 35 university students and the production of social media content) and is part of a structured and ongoing process to spread a new culture of sustainability based on innovative communication languages. The project was carried out in 3 phases: the first involved the launch of a survey, conveyed through Factanza’s channels, to which more than 2,000 users responded, to understand the level of knowledge of the document and identify the priority ESG issues for the new generations. Subsequently, a master-class was organised, facilitated by Factanza Academy, in which more than 35 young university students took part in a participatory process, with the aim of creating communicable outputs from extracts of technical sections of A2A’s Sustainability Statement concerning: Energy Transition, Circular Economy, Affected Communities, Employees. After analysing the extracts, the students presented ideas, insights and opinions on the communicative effectiveness of certain sections of the statement to A2A’s communication and sustainability teams. Each of the four groups selected a particularly significant initiative to rewrite in order to make it more effective from a communication point of view and transform it into “social media” communication content. Based on the findings of the survey and the master-class, two posts were published on Factanza’s channels, with the aim of reaching a wider audience and providing a concise guide on how and why to read a company’s Sustainability Statement. The project is part of a structured process, launched years ago to spread a new culture of sustainability among young people, based on the solid foundations of sustainability reporting, working together to define innovative languages and communication methods. For more information, please consult the dedicated page on the Group website. Employer Branding activities: in 2025, with employer branding events at schools and universities, over 140 people from the Group, mostly from the Business Units, met over 25,000 students nationwide with the aim of telling them about their role within the company and their work experiences. In addition, through online communication on social media channels, more than 6 million unique users were reached: two sections were created, one of which was entitled “Our professions” to show young people skills, growth paths and concrete opportunities, as well as to guide, inspire and amplify the positions open within the Group. Collaboration with the University of Calabria, SVIMEZ and YES Europe to raise awareness on the subject of water: students of the Faculty of Engineering were involved in awareness-raising activities on water protection in the Calabria region. The project included an initial brainstorming session on the topic of water conservation; participants also had the opportunity to visit the Satriano hydroelectric power station; finally, the students prepared a paper with policy proposals for water conservation and a virtuous approach throughout the supply chain, which was presented at the AEIT Association’s International Conference in September 2025. Inclusion project for the visually impaired: in support of the Municipality of Milan, the A2A Group company Illuminazione Pubblica has created a remote-controlled path that promotes the autonomy of the blind and visually impaired, thanks to 31 LETISmart sensors donated by the Italian Union of the Blind and Visually Impaired ETS-APS of Milan, the Institute of the Blind Foundation of Milan and the Lions club. The devices, installed at traffic light intersections and at the entrance to the Palestro station of the M1, communicate with a microcomputer in the handle of the white stick or with a small pocket device: in this way, the user obtains directional voice prompts and sound signals that guide them safely and precisely along the route, interacting with the surrounding space. The pilot route 274 A2A Report on Operations 2025 5\. Sustainability Statement connects the metro station to the headquarters of the Italian Blind Union of Milan and the Institute of the Blind Foundation, so that it can be reached independently. Road safety: Aprica, a Group company that deals with urban sanitation, carried out an in-depth analysis of passive road accidents and an awareness-raising activity for repeat offenders, in order to increase their awareness. It has also developed a safety communication campaign using special postcards on health and safety in the workplace and road safety. AMSA, a Group company that deals with urban sanitation, has renewed its vehicle fleet with the entry of 300 new vehicles. The new vehicles will guarantee ever greater quality, safety and reliability, as in addition to complying with the European 2144/2019 General Safety Regulation, and other reference standards, including “UNI EN 1501 - General and safety requirements for waste collection vehicles”, they will have extra equipment to ensure the safety of workers and road users. In particular, the vehicles are equipped with a rear camera, side radar on the blind side, pedestrian and cyclist presence detectors on the side of the vehicle, automatic transmission, “lowered cab” and folding/rotating door to ensure drivers have better visibility while driving and can get in and out of the vehicle safely. Waste fire risk monitoring: in order to enhance the monitoring of fire triggers of bulky waste stored in bulk, generated mainly by the presence of WEEE and batteries, a trial is being implemented at the Fombio and Castenedolo plants of A2A Ambiente, which involves the installation of innovative thermal imaging cameras. These offer a 180° super wide-angle view, thus reducing the number of installations, and thanks to software with an advanced AI algorithm, they are able to track even the smallest temperature changes in real time, unlike normal static threshold systems, allowing any fire triggers to be quickly isolated. In addition, the installation of these thermal imaging cameras makes it possible to ensure coverage of the monitoring of ignition phenomena even outside working hours. City Plug Lamp Project: A2A Illuminazione Pubblica, in collaboration with A2A E-mobility, launched the “City Plug Lamp” pilot project in Brescia at the beginning of 2025, integrating charging stations for electric vehicles into eight public lighting poles installed in one of the busiest car parks in the city’s metro area. These structures guarantee high-efficiency lighting, thanks to 14 LED light centres, and also offer the possibility of low-power charging of electric vehicles via 16 City Plug sockets. The integration of charging stations into public lighting poles is an advantageous solution in several respects: it optimises existing resources, as using existing poles in the city avoids the need to build new infrastructure, which translates into more efficient use of urban space and a reduced environmental impact; in addition, this solution helps to contain operating costs for local authorities, making the installation of these charging stations more sustainable. Phononic Vibes: In cooperation with Phononic Vibes, a spin-off of the Milan Polytechnic Institute, in which the Group invested through a Corporate Venture Capital initiative, an innovative solution to significantly reduce noise during glass collection was developed and successfully tested. This process proves to be economically viable and has no negative impact on the activities of operators, making it a benefit for the entire population. During testing, the solution more than halved the sound level. The operating principle is to dampen the incident sound wave by macroscopic geometric structures in the sheet metal forming the recycling bins. To protect this innovation, a patent application for an industrial invention was filed on behalf of A2A and Phononic Vibes. 275 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group To minimise the inconvenience due to the noise emissions generated by the glass collection service, AMSA, a Group company that deals with the urban sanitation service in the Metropolitan City of Milan, will ensure by 2030 that all vehicles ensure the noise level indicated by Directives 2000/14/EC and 2005/88/EC, in particular by using: • trucks equipped with soundproofing kits, or a lining of the tank in sound-absorbing material, which muffles the noise of the glass during loading, avoiding direct contact with the sheet metal of the tank itself; • compactor trucks with body linings in sound- absorbing material and equipped with additional measures, capable of limiting the noise of the glass delivered in the body itself. During the year, the application of the same technology was also evaluated for the reduction of noise emissions from BESS systems. In collaboration with Phononic Vibes, two main operational phases of the project were carried out in 2025: numerical modelling with preliminary analyses and the development and validation of solutions. The activities carried out made it possible to confirm the effectiveness of the proposed solutions and to have models, prototypes and experimental results useful for future application on a real scale. A2A Smart City projects: in 2025, A2A Smart City, a Group company that develops innovative and digital business models for cities, carried out 1\. It should be noted that these amounts are included in the operating costs of the Company’s Consolidated Financial Statements 2025. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. several projects that improve the quality of life for citizens in various ways, including: • Minnovo, which provided for the supply and installation of: \- More than 2,500 video surveillance systems for security, mobility and environmental monitoring in use by law enforcement agencies; \- Over 240 SOS columns in public parks for citizens to report assistance; \- 50 Bodycams, stand-alone cameras and backpack cameras for demonstrations, supplied to the Local Police for the Public Order service; \- video surveillance cameras and cameras for monitoring waste abandonment in different areas. • One City: a Data Analytics software platform that offers concrete tools to manage, in an intelligent and data-driven way, complex issues such as traffic, pollution, illegal parking, traffic in limited traffic areas and public transport under pressure. • Smart water metering: A2A Smart City manages IoT infrastructures for smart metering, covering the entire remote reading chain. The proprietary and cloud-native platform acquires data from heterogeneous technologies (LoRaWAN, W-MBus, Walk-by/Drive-by, NB-IoT), ensuring continuity of service, security and simple integration with billing systems. million euro Quantification of the action 1 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 14 235 - - [E1-1 - 29cii] 23% of the 2025 CapEx refer to activity 7.3 aligned with the EU Taxonomy. A2A does not have CapEx plans in place according to Commission Delegated Regulation (EU) 2021/2178. 276 A2A Report on Operations 2025 5\. Sustainability Statement Responsible investments in the Community: to contribute to the development of the areas in which the Group operates and generate positive impacts, A2A has implemented numerous initiatives to give back to the territories. The main social-institutional initiatives that the A2A Group has decided to join in national territory include: • Partnerships with Global Compact, Milan Urban Food Policy Pact 2025, the Ischia Journalism Award and the 15th edition of the UNICIG Forum. In support of the younger generation, the Young Innovators Business Forum of the National Association of Young Innovators, the Happiness on tour event and the Making Future in Brescia - an initiative dedicated to the orientation of primary and secondary school children, with the aim of bringing young people closer to STEM disciplines - were supported. • At territorial level, in line with the Group’s focus on D&I topics, A2A was a sponsor of ‘Milano Pride’ and ‘Napoli Pride’. In addition, multiple initiatives were supported in the territories of Brescia, Pavia, Valtellina-Valchiavenna, Veneto, Calabria, Campania and Sicily. • In the sports field, the collaboration with the Milan-Cortina Foundation for the 2026 Olympic and Paralympic Winter Games and with the PalaleonessaA2A in Brescia continues through the naming of the arena. The Group also increased its presence in the world of basketball by strengthening its support for Basket Brescia; while Napoli Basket, Dinamo Sassari and New Basket Brindisi were reconfirmed. Also this year, partnerships continued with the Lega Basket Serie A for the Italian Cup Final Eight and the Supercup, and the partnership with Atlantide Pallavolo di Brescia and Stramilano. For the first time, A2A signed a sponsorship agreement with the newly formed Brescia football team Union Brescia, which plays in Serie C. A2A supported other initiatives such as the “Stai Sano” Project of the University of Milan and further initiatives in the regions of Calabria, Friuli-Monfalcone, Pavia and Valtellina-Valchiavenna. • In the cultural field, the partnership with the Franco Parenti Theatre continued through the naming of the recently built hall; collaborations continued with the “La Milanesiana” cultural festival, the I.S.E.O. Summer School project and support for the Alleanza per la Cultura Project, promoted by the Brescia Musei Foundation, has resumed. Other cultural initiatives involved the regions of Piedmont, Pavia, Calabria, Puglia and Sicily. • Finally, with regard to environmental issues, participation in the 6th Regional Forum for Sustainable Development promoted by the Lombardy Region was repeated and support for the Net Zero Milan trade fair and the Energy Festival was signed. As for previous years, in Sicily, the initiatives ‘Sicilia Carbon Free’ and ‘Sicilia Munnizza Free’ organised by Legambiente and ETS Rete Associativa were sponsored. Routine and extraordinary maintenance of AMSA collection vehicles: A2A has planned an overall enhancement of the management of collection vehicles, strengthening both routine and extraordinary maintenance. The new service contract for the city of Milan introduces a renewed and more modern fleet, supported by 277 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group digital systems, which allow real-time monitoring and management of controls, maintenance and operational activities, improving vehicle efficiency and reliability. The company thus aims 2\. It should be noted that these amounts are included in the operating costs of the Company’s Consolidated Financial Statements 2025. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. 3\. It should be noted that these amounts are included in the operating costs of the Company’s Consolidated Financial Statements 2025. For further details, please refer to note 31) of the explanatory notes to the consolidated financial statements. to reduce downtime, increase operational safety and ensure continuity of service through newer vehicles, advanced technologies and more structured maintenance processes. million euro Quantification of the action 2 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 41 129 - - Ordinary and extraordinary maintenance of the Acerra and Silla 2 waste-to-energy plants: A2A guarantees the management of maintenance shut-downs of the Acerra waste-to-energy plant, also taking care of alternative waste destinations when the lines are out of service. For Silla 2, maintenance is integrated into a system of technical controls that verifies the performance of the plant after extraordinary interventions, ensuring operational continuity and environmental compliance. million euro Quantification of the action 3 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 7 136 - - To finance the aforementioned actions, A2A plans to allocate both part of the cash flows generated (self-financing) and contributions made by public funding (mainly the NRRP), as well as sustainable debt instruments, such as Green Bonds, including European Green Bonds and green financing. Sustainable Finance is considered a fundamental lever to support the implementation of the Group’s strategic plan, as described in detail in the “Sustainable Finance” section. 278 A2A Report on Operations 2025 5\. Sustainability Statement The foundations To encourage listening to the regions and meet the needs of communities, the A2A Group Foundations support social projects, promote cultural initiatives and support sustainable development through scientific research and training. The protection of historical memory and tension towards the future come together in a coherent and wide-ranging project within the territorial context of the Group’s presence. In particular: • The Energy Bank Foundation implements projects related to combating energy poverty. Founded in Lombardy in 2016 by A2A and its Foundations, from 2022 it has extended its Governance to other companies: Edison, Eni Plenitude Benefit Corporation and Iren joined the Foundation’s Board of Directors. In 2025, Nicola Monti, Edison’s CEO, was appointed Deputy Chairman of the Energy Bank by the Board of Directors: a further strengthening of the commitment of the Foundation and its members to a just energy transition in line with the values that guide its work. For this year too, the Energy Bank achieved its goal of expanding its partner network and increasing the initiatives launched. In 2025, the Foundation was able to consolidate its Mission with the implementation of numerous new projects throughout the country, also thanks to the adhesion of new signatories to the Manifesto “Together to fight energy poverty”, which this year reached more than 100 signatories, including companies, third sector organisations, research bodies and institutions. The “Energy in the Periphery” initiative, created to support energy-vulnerable households, was also replicated in 2025 in more than 20 Italian regions: a thousand vulnerable households were able to benefit from financial aid to pay their electricity and/or gas bills issued by any energy operator and from specific training sessions by TEDs (Domestic Energy Tutors) aimed at raising awareness of energy saving and consumption optimisation. The Energy Bank’s objectives and interventions also include supplementing income support activities with energy efficiency measures: during the year, about 10 new projects were launched which, in addition to financial support, involved the implementation of small energy efficiency measures with the replacement of energy- intensive household appliances to the benefit of reduced energy consumption and greater general well-being of the most vulnerable households. For example, as part of the efficiency of the offices of third sector entities, in 2025 a new lighting system was inaugurated for the Centro Spazio Autismo in Bergamo which, thanks to the partnership of Banco dell’energia and Signify, made it possible to carry out a substantial relamping of the association’s headquarters, which is attended every day by children and young people with autism spectrum disorder and their families, with particular attention to the use of light for the visual well-being of the young people. In 2025, 4 Renewable and Solidarity Energy Communities (CERS) were funded. Among the projects implemented and inaugurated is the CERS established at the Borgo Ragazzi Don Bosco Centre in Rome, a Salesian organisation that for more than 75 years has been committed to serving young people and families, with particular attention to those living in situations of disadvantage and social exclusion, and the Sun Power project that made it possible to install a 78 kWp photovoltaic system on the roof surfaces of the buildings of Opera Cardinal Ferrari, which in Milan, for more than a century, has been offering hospitality and support to people in conditions of serious marginalisation. These interventions will give the organisations the opportunity to free up resources for the benefit of the important social activities they carry out on a daily basis. Since it was established, the Energy Bank Foundation has collected and donated 13 million euro, which has guaranteed support to more than 17,000 beneficiaries through 160 projects distributed throughout the country in 15 different regions. 279 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The Energy Bank’s objective remains to consolidate its role as a national touchstone on the issue of fighting energy poverty, with the aim of becoming a best practice that can also be replicated Europe-wide for the development of innovative, ever more effective projects in synergy with all strategic partners. For more information and to view the Social Report of the Energy Bank Foundation, please visit www.bancodellenergia.it. • AEM Foundation has been preserving and enhancing AEM’s historical memory and corporate culture since 2007. The Foundation focuses on environmental education, the protection and enhancement of AEM historical heritage, training, scientific research, proximity welfare and support for social and cultural projects in the areas of Milan and Valtellina. The headquarters of the AEM Foundation have been home to AEMuseum since 2022, the corporate museum dedicated to its immense heritage. It was enriched in 2023 by a second area for exhibits, with the founding principle being the use of historical heritage to understand the present and project visitors into the future, including through the Sustainable Development Goals of the UN 2030 Agenda. In 2025, the AEMuseum hosted around 2,000 visitors. It has been expanded with a new section dedicated to sculptural heritage and has hosted several exhibitions on its heritage, such as “Pataflai Ciumba! Bimbi in colonia” and “La febbre dello sport. Competizione e diletto dall’Archivio Storico Fotografico AEM”, and on social issues, in collaboration with the Kayros Association, the photographic exhibition “Spavaldi e fragili”. One of the most significant initiatives is the cycle ‘Meetings with History’, consisting of annual appointments promoted in collaboration with the Corriere della Sera Foundation, aimed to focus on the challenges of the contemporary world, drawing on AEM history and cultural heritage to interpret the transformations taking place today in the fields of culture and society. This year’s meetings focused on the different narratives of Milan, its role as an inclusive city and the importance of sport in terms of politics and identity. In this new cycle, experts and celebrity guests discussed the complexities of the contemporary world with Ferruccio De Bortoli, Alberto Martinelli and A2A Chair Roberto Tasca. A spin-off event was dedicated to the film “La grande Ambizione” by Andrea Segre. The meetings were once again a great success with the public, selling out in the AEM Foundation Auditorium and reaching 1 million views with Corriere.it streaming. • ASM Foundation is a philanthropic organisation that was established in 1999 and has been fully operational since 2000, supporting cultural and social projects in the Brescia and Bergamo areas. The Foundation is an active partner in numerous initiatives promoted by voluntary associations, social enterprises and other foundations and institutions. It seeks answers to the specific needs of each institution with the threefold objective of supporting organisations in their activities and pursuing their strengthening and growth; promoting greater awareness of each with respect to objectives, responsibilities, rights and duties aimed at a more marked role in the planning of social policies and in the relationship with the public body; enhancing a relational and collaborative approach that favours forms of common action. In 2025, the ASM Foundation launched the first edition of “Autumnalia. Dialogues for future welfare”, a series of three meetings promoted by the ASM Foundation to reflect on a new season of social policies, between changing scenarios, emerging needs and a renewed role for the Third Sector. The three meetings discussed co-programming, longevity and nudging. 2025 also saw the publication of “Storia dell’Azienda Servizi Municipalizzati di Brescia. Volume II. From reconstruction to the eve of 280 A2A Report on Operations 2025 5\. Sustainability Statement the energy crisis (1945-1971)”, the second of the three volumes planned to document and trace an organic history of the Azienda Servizi Municipalizzati di Brescia (ASM) up to the birth of A2A S.p.A.. • The LGH Foundation, established in 2021, is a point of reference for the southern Lombardy region, with particular regard to Pavia, Crema, Cremona, Lodi and the West of Brescia. Its action focuses mainly on the promotion of scientific research through the adoption of innovative technologies and the development of projects related to the energy transition, bioenergy, the circular economy, agritech, food supply chains and biotechnologies applied to agriculture. The Foundation evaluates innovative projects and promotes project scouting, scientific training and technology transfer initiatives, with a focus on the territorial impact and sustainable development of the areas served. With this in mind, numerous collaborations have been established with universities, research institutes and consortia, including the L. Spallanzani Institute, the SmartAgriFood Observatory of the Politecnico di Milano, Reindustria, the CIB–Consorzio Italiano Biogas and Consorzio.it, giving rise to initiatives with positive repercussions on the areas of reference and strengthening ties with the local ecosystem. In 2025, 9 scientific projects were funded, for a total value of 692 thousand euro in the reference territories. In addition, the Foundation has also played an important role in the cultural and social field, as evidenced by the many initiatives supported, namely 32, for a value of about 180 thousand euro in the territories. Thanks to the solid relationships developed in recent years with local stakeholders and the desire to strengthen both the LGH Foundation and the connections with its ecosystem, the Roadshow “Incontri con la scienza” (Meetings with Science), created in collaboration with the Corriere della Sera, was also proposed again for 2025. The three new stages involved the territories of Crema, Lodi and Cremona. LGH Foundation is also among the co- founding members of Banco dell’energia and has promoted and financed, in the reference territories, the “Energia in Periferia” project: a nationwide initiative that offers concrete support to families living in conditions of energy poverty, both in the suburbs of Italian cities and in small municipalities. The project was carried out in Cremona in 2023, reached Pavia and Lodi in 2024 and, in 2025, was also launched in Crema and in the West of Brescia, with a budget of 50,000 euro allocated for each area. The LGH Foundation also financed a 63 kW photovoltaic system at the ETS Community House in Lodi with 50,000 euros; the project will allow an estimated annual saving of 27,000 euros, intended for social initiatives for vulnerable people. The action supports the Lodi Solar Energy Community and promotes the autonomy of the third sector. [36] To date, there are no official and structured channels for reporting serious human rights problems and incidents in relation to the communities concerned. Through the engagement and dialogue tools with the communities currently in place, no incidents of human rights violations have come to light. 281 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Metrics and targets S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities [41] Below are the KPIs of the A2A Sustainability Plan related to the topic of affected communities. The targets related to this topic are included in the “People Innovation” and “Digital” pillars of the Plan and refer to the following areas of action: • Transparency and Stakeholder Engagement: to develop integrated reporting and an adequate information system for planning and control. Develop external stakeholder engagement activities, strengthening the relationship with the territory. • Education: consolidate and, where possible, improve the environmental education and promote the awareness of risks associated with climate change in public opinion. • Vulnerable groups: identify new needs and development of related interventions to enable the most inclusive access to energy possible. • Smart City Support the development of the smart city in the territory in which the Group operates, including through new business models that exploit the technological component (Smart Grids and big data). • Innovation and R&D: develop capital expenditures in research and development, increasing the number of partnerships with international research centres and universities. Develop new technologies, patents for technological innovation. For further details on how the KPIs are calculated, please refer to the “Appendix” section. Targets related to the reduction of negative impacts on affected communities KPIs u.m. 2025 target 2025 2028 2030 2035 Territories engaged in multi stakeholder engagement initiatives no./year 16 16 16 18 20 Impact assessment on the areas of competence cumulative 7 9 12 13 15 282 A2A Report on Operations 2025 5\. Sustainability Statement Targets related to enhancing positive impacts on affected communities KPIs u.m. 2025 target 2025 2028 2030 2035 Sponsorships with initiatives to raise awareness of SDGs issues % 64% 60% 60% 62% 65% Teachers registered in the education portal n 3,700 3,912 4,200 4,400 4,900 Stakeholders involved in Environmental Education initiatives n 104,000 192,862 154,000 158,000 168,000 Accesses to environmental culture initiatives % 88% 78% 95% 100% 100% Number of projects activated by the Energy Bank and its Manifesto partners to tackle energy poverty (cumulative figure) n 22 24 59 79 129 Funds raised by the Energy Bank to fight energy poverty (cumulative figure) k€ 2,700 2,850 4,750 5,150 6,150 Jobs supported through investment in early stage start-ups n 2,044 2,150 3,000 3,750 6,350 Targets related to the management of risks and opportunities relevant for affected communities KPIs u.m. 2025 target 2025 2028 2030 2035 Publishing content for the Group’s growth in ESG brand reputation value of reputational return on digital channels 38% 47% 31% 31% 31% 2nd ele cabins and IP poles enabling 5G, FWA - A2A Smart City k 5.1 5.1 5.6 6.2 9.2 Data analytics projects for municipalities and utilities in the field of safety, mobility and air quality - A2A Smart City n 4 4 41 74 189 283 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [42a] During the definition of the Strategic Plan 2024-2035 and its 2025 update, in order to regularly monitor all sustainability implications of the identified goals, the CEO, the Strategy, Sustainability Development functions and the Business Units were in constant contact with each other. Sustainability indicators are in fact an integral and qualified part of the Strategic Plan, and the process for defining and monitoring them, as well as for drafting the integrated document, involves all the Departments and the Group’s BUs. This continuous sharing between the various Group structures in the process of defining objectives also made it possible to collect and take into account the needs and requests that emerged from stakeholders during the various engagement activities carried out during the year. [42b] With reference to target monitoring, the stakeholder forums described in the document, such as Multi-stakeholder Forums and direct interviews with the Regional Affairs function, represent a forum for discussion on the methods for monitoring the Group’s targets and on the improvement actions to be implemented following target achievement: the performance of the reporting year, as well as the interim targets, are in fact reported on the corporate website, thus being easily accessible to all. The Territorial Sustainability Reports are a further tool for assessing the Company’s environmental, social and economic performance in each territory through easy-to- understand KPIs, which are reported annually so that everyone can compare them with previous years and verify that the results are in line with expectations. Each of these documents also contains the email address of the Sustainability Development team, to which anyone can write for proposals, suggestions or to raise aspects to focus on. [42c] Finally, all stakeholders can make use of the channels described in disclosure requirement S3-3 to suggest ways for monitoring targets to be implemented and possible improvement actions with respect to achieved targets. 284 A2A Report on Operations 2025 5\. Sustainability Statement 5.3.4 ESRS S4 Consumers and end-users Material impacts Type [10b] Negative: generalised / systemic, [10c] Positive: description of activity Stage Time horizon Privacy and confidentiality violations in processing customers’ personal data Negative Potential Generalised OO BP; MP Negative effects on the recipients of corporate communications caused by misleading, non- transparent and discriminatory commercial and/or institutional communications Negative Potential Specific commercial relations OO BP Possible health and safety impacts on customers as a result of receiving services that do not meet required standards due to inefficiencies, malfunctions or control failures Negative Actual Generalised OO; EE; R; I BP; MP; LP Inaccessibility of services for customers in social, territorial or vulnerable conditions, due to disruptions, lack of infrastructure or absence of dedicated solutions Negative Actual Generalised OO; EE; C; R; I BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 285 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Material risks [9d] impact or dependency related/ connected to the risk Stage Time horizon Water cycle – quality of the water supplied: potential reputational damage for the Company and the Group as a result of initiatives by local communities which, also on the basis of non-accredited and recognised procedures, erroneously certify the presence of pollutants with concentrations above the limits established by law in the drinking water distributed by A2A Ciclo Idrico, as well as the introduction of more restrictive regulations that render the water distributed non-compliant. Risk arising from impact OO BP; MP; LP GDPR – EU Regulation 2016/679: potential impacts of an economic-financial nature as well as reputational for the A2A Group as a result of the company’s possible failure to comply with the obligations and fulfilments required by Privacy Law , pursuant to EU Regulation 2016/679 on the protection of personal data. Risk arising from impact OO BP; MP; LP A2A Energia – relations with the relevant authorities: potential negative impacts on the image or of an economic- financial nature for A2A Energia deriving from the risk of unfavourable outcome of investigations, inquiries and requests for information from the reference bodies (Privacy Authority, Competition and Market Authority - AGCM, ARERA) regarding some specific issues of the Company; the scenario includes the risk of incurring episodes of “unfair commercial practices” (PCS) by indirect sales channels during the execution of Mass Market commercial campaigns. - OO BP; MP; LP Customer satisfaction level: potential negative impact in terms of image for Yada and A2A Energia resulting from ineffective customer satisfaction management. - EE, GN BP; MP; LP Safety risk: potential repercussions for the Group’s image as a result of serious or very serious injuries involving internal and/or external personnel of third-party companies working at its premises and operating sites as well as visitors and third parties and/or any actual or alleged failures to comply with safety regulations. The scenario also considers the risks to people’s well-being from weather and climate factors. Risk arising from impact Transversal along the value chain BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 286 A2A Report on Operations 2025 5\. Sustainability Statement Material opportunities [9d] Impact or dependence linked/ connected to the opportunity Stage Time horizon ISO 55001 certification in Risk-Based Asset Management: obtaining Risk-Based Asset Management certification for the company Unareti. This introduces Best Practices to optimise the Asset Management System, implementing a Risk & Opportunity Management process that allows prioritising interventions on cabins and networks based on performance, costs and associated risks, aimed at ensuring optimal service quality for end users and all stakeholders involved. - EE, Transversal along the value chain BP; MP; LP Strategy S4 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model [10, 10a] The scope of the disclosure includes all consumers and/or end-users who may be affected by the Company. The Group’s Business Units that may have impacts, risks and opportunities with regard to consumers and end- users are: • Market BU: with reference to the entire customer base served, which includes domestic customers, small businesses, self-employed workers, condominiums, SMEs, large service and industrial companies, and bodies and subjects of the public administration; • Circular Economy BU: with reference to the consumers and end users of A2A Ciclo Idrico and A2A Calore e Servizi for the type of business they provide. The waste management business is therefore considered excluded; • Smart Infrastructures BU: with reference to electricity and gas distribution users and charging station users. [10c] Activities related to positive impacts For the Market BU, A2A Energia has developed initiatives aimed at generating significant positive impacts for consumers and end- users, with particular attention to the issues of accessibility, inclusion and equal access to services. These include the integration of the Pedius platform – an innovative application designed to enable deaf or hard of hearing people to make phone calls independently, directly and securely – and the introduction of the accessible digital bill, which makes it easier to read consumption and expenditure information, enabling even users with visual or cognitive impairments or limited digital literacy to fully understand the content. On the other hand, the Smart Infrastructures BU generates significant positive impacts on consumers and end users through the management and development of electricity and gas distribution infrastructures, reliable, safe and widespread charging infrastructures, which guarantee the continuity of an essential service for the communities served. In particular, investments in network resilience, digitalisation (e.g. remote control and smart metering systems) and preventive maintenance contribute to reducing the frequency and duration of service interruptions, with direct benefits for the health, Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 287 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group safety and well-being of end-users. Further positive impacts stem from initiatives to improve the accessibility and quality of information provided to consumers, including timely and multi-channel communications on planned outages, emergencies and plant safety. These activities are particularly relevant for vulnerable consumers, such as the elderly, people with disabilities, users with electro-medical equipment and economically vulnerable households. The positive impacts are mainly in the territories and regions where the company operates as a distribution network operator (Lombardy). Electricity networks in particular are in fact enablers of the energy transition and their development is fundamental to the integration of renewable sources in the territory, for the reduction of the use of fossil fuels, with a positive impact on users. [11] Users most exposed to risks With specific reference to the customers of the Market BU, those identified by the sector regulations as people or families who present conditions that place them at a disadvantage compared to other consumers are considered “vulnerable”. For gas, the following customers are considered vulnerable: • over 75 years of age; • in an economically disadvantaged position; • with disabilities within the meaning of Italian Law no. 104/92; • with utilities located in emergency housing following calamitous events. For electricity, in addition to these categories, the following customers are added: • who use the supply to recharge life-saving medical equipment; • located on smaller, non-interconnected islands. With reference to the Circular Economy BU and in particular for the Water Cycle, vulnerable customers are: • citizens/households with an ISEE indicator not exceeding 9,796 euro; • citizens/households with at least 4 dependent children (large family) and an ISEE indicator not exceeding 20,000 euro; • citizens/households holding citizenship income or citizenship pension. These customers are entitled to the Social Water Bonus, which guarantees a reduction in their bill. In these cases, the potential significant impact concerns economic, health, information and operational aspects, with greater exposure to the risk of interruptions, payment difficulties or poor understanding of conditions and consumption. In these sectors, there are also specific protection mechanisms – energy, gas and water bonuses – to which A2A contributes in full compliance with sector regulations. The reinforced safeguards also apply to users of critical public services such as hospitals, schools, nursing homes, prisons and military facilities. Alongside these categories, there is the type of non-domestic customers in Safeguarding, which can be subject to significant impacts. These are companies that have temporarily been left without a supplier in the free market, for reasons such as termination of the contract, bankruptcy of the previous seller or arrears. The Safeguarding service, regulated by ARERA as a last resort regime, ensures continuity of supply but provides for standard conditions and generally higher prices than market offers, thus representing a potential significant financial impact for these parties. Overall, the set of relevant consumers and end-users therefore includes both traditional customers, who need clear and accessible information and reliable services, and potentially vulnerable groups and customers in Safeguarding, characterised by economic, social or operational conditions that require dedicated protection measures. These categories are fully included in the scope of the disclosure pursuant to ESRS 2. In the context of the activities of the Smart Infrastructures BU, with regard to consumers and end-users, the company specifically considers the categories potentially most vulnerable to the impacts deriving from service interruptions, network emergencies or information deficiencies, such as the elderly, 288 A2A Report on Operations 2025 5\. Sustainability Statement people with disabilities, users with electro- medical equipment and households in conditions of economic vulnerability. The understanding of these exposures is also developed through the analysis of complaints and reports, the comparison with local authorities and regulatory bodies, as well as the integration of these considerations in the processes of intervention planning, emergency management and communication to the stakeholders concerned. In the provision of their respective services, the Circular Economy and Market BU companies use some sensitive data related to end-users (e.g., personal data, address, consumption data, payment data, etc.). This data is processed in accordance with all applicable regulations to protect the confidentiality and privacy rights of users. The products or services for which exact and accessible information is needed to avoid potentially harmful use are only those infrastructural elements accessible to end-user customers, e.g. electricity, gas and heat meters and charging stations. These elements are installed, operated and maintained according to the technical and safety regulations in force. [12] It is specified that with regard to risks and opportunities arising from impacts, none were identified that were restricted to specific groups of consumers and/or end-users. Impact, risk and opportunity management S4-1 Policies related to consumers and end-users The A2A Group’s policies related to consumers and end users are presented below. These policies define the principles and commitments regarding the protection of customer rights and the protection of personal data. For a complete description of the set of policies of the A2A Group, the relevant governance procedures and application criteria, please refer to the general information provided in ESRS 2 MDR-P. [15] The A2A Group recognises the centrality of consumer and end-user protection and ensures that the processing of personal data related to the provision of products and services takes place according to high standards of compliance, transparency and responsibility. The Privacy Organisational Model (POM), updated in 2025, represents the reference framework through which the Group guarantees a structured, consistent and monitored approach to the protection of personal data in relations with customers, former customers and prospects, further strengthening the governance system compared to the previous year. Privacy Policy The Privacy Policy for consumers and end users is implemented through the POM and the Privacy Operating Manual, which govern the principles of lawfulness, fairness, transparency, minimisation, accuracy, limitation of storage, integrity and security, together with the principle of accountability. The policy is based on the GDPR (EU 2016/679) and Legislative Decree 196/2003 as amended, as well as on guidelines and measures of the EDPB and the Guarantor for Personal Data Protection. Below are the innovations introduced during 2025: • introduction of the external Group DPO (Data Protection Officer), a first-level specialist in BUs or companies with relevant processing, and activation of the Internal Privacy Committee for the management of Authority inspections; • presentation of a half-yearly report to the Board of Directors of A2A S.p.A. by the DPO, strengthening coordination with the control bodies and increasing the third-party nature of the supervision; • specialist Privacy Office/Privacy Officer function, dedicated to BUs, companies or structures characterised by particularly complex processing, guaranteeing an advanced level of technical regulatory support; 289 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • activation of the Internal Privacy Committee, an ad hoc body in the event of inspections by the Guarantor Authority, ensures structured coordination between all the privacy figures and the functions involved. In addition to the general principles, the Group has adopted specific operational safeguards aimed at customers, consumers and prospects, which remain fully valid in 2025: • information on the processing of personal data: a mandatory document pursuant to Articles 13 and 14 of the GDPR, addressed to customers, former customers and prospects; it is published on the Group’s website and accessible to all; • internal data management procedures: these include operational flows, risk analysis, protection measures and periodic updating of processing; • privacy management in communication campaigns: - collection and recording of privacy consents through dedicated scripts; - processing of identification, contact and image data in compliance with lawfulness and correctness; - communication of data to companies that provide IT services, social media management, marketing and archiving; - possible dissemination through the press, websites, intranets and social channels only with prior consent; - transfer of data limited to the EEA, unless justified and subject to the use of appropriate safeguards; - retention period: data are kept for the period necessary for the intended purposes or legal obligations; for marketing, up to 24 months from collection. These elements ensure that the processing methods take full account of the rights and legitimate expectations of consumers. The Privacy Policy, together with procedures, standards and operational references, is made available to company structures via the Group intranet. Information addressed to customers and consumers is public and freely accessible from the Group’s website, constituting the main channel of transparency towards data subjects. Human Rights Policy [16, 16a, 17, AR9, AR13] The Human Rights Policy, presented within disclosure requirement ESRS 2 MDR-P and S1-1, with reference to consumers and end-users, deals with the topics of: • Digital inclusion: the A2A Group promotes digital inclusion and supports the dissemination of new technologies. In this context, the Group promotes innovation, developed in partnership with universities, research centres and start-up, in order to continuously develop new services that are useful and functional to improve the quality of life of people. • Privacy: the A2A Group respects the right to confidentiality and, in general, to the protection of stakeholder information, undertaking to process personal data in accordance with the provisions of current legislation, respecting fundamental rights and freedoms as well as the dignity of the data subjects. The 2025 update of the Policy further strengthens the A2A Group’s focus on consumers and end customers, with particular reference to protecting their health and safety and supporting the values of the free market and the principles of fair competition. The A2A Group is also committed to responsible marketing practices, promoting its products and services through authentic, clear, transparent and complete methods and forms of communication, in full respect of consumers’ freedom of choice and without any manipulative or misleading purpose. The Acinque Group does not currently have a policy that complies with ESRS Standards aimed at managing impacts, risks, and opportunities related to consumers and/or end users, both considered as a whole and in relation to specific groups. However, the Group undertakes to draft the Privacy Policy during 2026, aimed at defining the general principles, responsibilities and methods through which Acinque guarantees the correct and secure management of personal data processed as part of its activities. For more information, refer to the Acinque Group Sustainability Statement. 290 A2A Report on Operations 2025 5\. Sustainability Statement [16b] In relation to the engagement of consumers and/or end-users, please see what is stated within disclosure requirement S3-1 on the subject of continuous listening and dialogue to best understand end-user interests. In addition, the Group adopts initiatives aimed at preserving a high level of trust and good relations with consumers and with the organisations responsible for protecting their interests, addressing critical situations also through mechanisms for the out-of-court settlement of disputes and committing to the prevention of unfair commercial practices. [16c] As for mechanisms to remedy human rights impacts and reports of non-compliance with internationally recognised principles or standards, see disclosure requirement S1-1, S1-3 and G1-1. S4-2 Processes for engaging with consumers and end-users about impacts [20] The A2A Group operates in regulated sectors where independent authorities, such as ARERA and AGCM, guarantee competition and protection of consumers and users. The Group monitors risks and adapts its strategies considering the constraints and opportunities of the national and community regulatory framework, favouring constant dialogue with the Authorities. Discussions with territories, civil society and consumer associations help to understand the needs and expectations of stakeholders and to direct investments, guiding the decisions and activities carried out to manage the relevant impacts. The activities in which the Group operates, being regulated activities, are subject to the consumer protection system provided by the Authority. The system of protections for the empowerment and resolution of disputes of customers and users of the regulated sectors is characterised by two macro-areas, relating to information/ assistance and the resolution of disputes. In particular, the basic level of protection belongs to the first macro-area, which is substantiated in a single information point of contact, for customers and users, at the national level, while the activation of a conciliation procedure belongs to the second macro-area – as a second-level tool, in the event of failure to solve the problem by means of a complaint to the operator or manager. ARERA has also provided for the strengthening of Alternative Dispute Resolution (ADR) tools for customer/end-user disputes, also in accordance with the new EU provisions on the subject and enhancing local experiences. The protection system, operational since 1 January 2017 for the energy sectors, has also been effective, at full capacity, for the water and district heating sectors since 30 June 2023, and will also be extended to the waste sector from 2025. All Group companies therefore constantly work to ensure the protection of consumers and users in accordance with the regulations and legislation in force, directing their decisions and activities aimed at managing the actual and potential material impacts on them. In particular, A2A maintains a continuous and fruitful relationship with the Consumer Associations that act as a link with users, promoting discussion, training and sharing of practices and information. The protection of consumers, to guarantee them efficient, quality and sustainable services, passes through the activity of the ARERA regulator. Starting from the 2022-2025 Strategic Framework, ARERA has embarked on a process of reflection between regulation and the SDGs and the targets of the UN 2030 Agenda. In 2025, A2A promoted a research project together with the CESISP study centre of the University of Milan Bicocca, with the aim of exploring how regulation is crucial in promoting sustainability within utilities. The research set itself the goal of determining the most relevant SDGs for regulation through an analysis of the regulator’s acts and decisions, identifying evaluation metrics in order to verify how the same acts that influence the provision of public services are relevant with respect to the sustainability plans and strategies of companies. To this end, meetings, interviews and questionnaires were also organised with 291 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group various companies and utilities. The project is currently still ongoing and will be completed in 2026. [20a] All Group companies constantly work to ensure the protection of consumers and users in accordance with current regulations and legislation, directing their decisions and activities aimed at managing the actual and potential significant impacts on them. The Group companies are therefore directly involved with the consumers/end users concerned. In particular, A2A maintains a continuous and fruitful relationship with the Consumer Associations that act as a link with users, promoting discussion, training and sharing of practices and information. In 2025, consumer associations were involved in the presentation of A2A local Sustainability Statements throughout the country, as part of the Multi-stakeholder Forums and ‘Energy Exchange’ events organised by Acinque Spa in the territories of Sondrio, Monza and Varese. In continuity with the activation of the toll-free number dedicated exclusively to consumer associations, A2A Energia has also provided an online form dedicated specifically to them in order to provide information and support on commercial practices for consumers. [20b] Engagement activities with consumer associations are based on transparency and mutual collaboration. With constant dialogue throughout the year, the types of engagement foreseen are adaptable to the subject matter of the consumer association, as is the frequency of the engagement itself. This dialogue is based on constant listening and synergy with national and territorial consumer associations, and also includes the implementation of proposals and projects to mitigate any negative impact on territories as well as to provide additional services to consumers. A2A acts as a promoter of discussion, actively participating in the numerous campaigns that the associations propose to raise awareness in the community on the issues of conscious consumption, ecological transition and sustainable development. The Group always offers a significant technical contribution and corporate know-how within the framework of such initiatives, taking part in conferences, meetings and training events. Each year A2A organises training and information meetings for consumer associations on various topics of common interest in the areas of energy, environment, water and waste. Through these activities, the Group develops and consolidates profitable relationships with consumer associations, local movements and citizens’ committees every year, with the parallel aim of protecting the consumer in relation to all the Group’s areas of interest, at both national and territorial level. The current articulation of the relationship with these associations includes structured activities which arise from the collaboration with some particular consumer associations, and occasional events, organised annually according to need. [20c, AR15] The operational and ultimate responsibility for such engagement with the Consumers’ Associations falls on a specific role within the Group which is part of a broader function. In fact, each activity is periodically monitored by the Regulatory Affairs structure, and in some specific cases is also reported to the CEO. As far as the municipal sanitation operating companies are concerned, the process of updating the Service Quality Charters continued, which involved - on the one hand - the municipalities as territorially competent bodies and - on the other - consumer associations. The Group’s commitment in this sector has also been substantiated in the contributions offered, individually or as an association, to the definition of the standard tender scheme for the assignment of the urban waste management service. The companies of the Smart Infrastructures BU mainly operate in regulated sectors where efficiency and service quality levels are defined and monitored by sector authorities (typically through compensation systems to users or collected at system level in the event of performance not meeting defined objectives) 292 A2A Report on Operations 2025 5\. Sustainability Statement and/or contractually established within the scope of concession and entrusting agreements. The consumer’s perspective is monitored based on the provisions and service levels laid down in the sector regulations and agreements to which the BU companies refer and which guide their actions and investments. [20d] In relation to the above-mentioned structured engagement activities, their use and effectiveness are periodically monitored. [21] During 2025, a series of meetings were held in the area with Consumer Associations on relevant issues. These meetings are aimed at better understanding the point of view of consumers and/or end users who may be particularly vulnerable to impacts and/or marginalised. A first meeting focused on District Heating and the Arera regulation with the support of A2A Calore & Servizi, a further meeting focused on the new regulation of the Bill with the participation of A2A Energia and finally a last meeting on the Arera regulation of waste with the support of Aprica SpA. S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns [25a] The Group has a structured process designed to identify potential negative impacts, manage them and remediate them. In accordance with ARERA’s consumer protection regulations, the various Group companies work to protect consumers’ rights, providing information and tools to resolve disputes and promoting transparency in contracts and bills. Companies are required to comply with the commercial quality indicators defined by ARERA for the respective energy, water and waste sectors. The aim is to ensure maximum efficiency and timeliness in both the handling of complaints and the rectification of billing errors. In the event of non-compliance with certain standards (known as specific standards), the supplier is obliged to pay the customer financial compensation, subject to the cases of exclusion of the right to automatic compensation. Group companies have activated appropriate assistance systems for all customers/users and directly manage each request. Users have the possibility to contact the providers through various channels to meet their needs, in accordance with the provisions of the Authority. For users in situations of economic hardship, social bonuses for electricity, water and waste are also active in application of the measures defined by ARERA. On 1 December 2016, the A2A Group voluntarily signed a Reconciliation Protocol between A2A Energia SpA, Aspem Energia S.p.A., Unareti S.p.A., A2A Ciclo Idrico S.p.A., A2A Calore e Servizi S.p.A., ASVT S.p.A., Varese Risorse S.p.A., Linea Più S.p.A., Linea Reti e Impianti S.p.A., LD Reti S.p.A. with the following 17 consumer associations: Acu, Adiconsum, Adoc, Adusbef, Altroconsumo, Assoutenti, Casa del consumatore, Cittadinanzattiva, Codacons, Codici, Confconsumatori, Coniacut, Federconsumatori, Lega Consumatori, Movimento Consumatori, Movimento Difesa del Cittadino and Unione Nazionale Consumatori. In 2021, the companies of the Acinque Group and the consumer association UDICON joined the Protocol. As of 2023, the companies of the AEB Group have also joined. Since 2021, the Single Protocol signed with the aforementioned Consumer associations and the Joint Bodies of Acea, Enel, Edison – Eni Plenitude – Iren and E-On has also been active. As an alternative to Joint Conciliation, it is possible to carry out the mandatory attempt at dispute conciliation in the energy, water, district heating and waste sectors at the Customer Conciliation Service set up by ARERA. 293 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In 2025, the Conciliation Secretariat of the A2A- Consumer Associations ADR Body received 50 requests on behalf of gas and electricity customers, all concerning A2A Energia and related to consumption metering, billing and alleged unilateral changes to contracts. In relation to conciliation practices at the Single Buyer 1 , in 2025 608 practices were received against A2A Energia, 191 from Unareti, 27 from A2A Ciclo Idrico and 4 from A2A Calore e Servizi. The respect for customers’ privacy is an issue to which all the Group’s commercial companies pay particular attention: the protection of the personal data of the people with whom the companies come into contact for various reasons remains one of the A2A Group’s main objectives. In particular, in compliance with the principle of accountability, companies dedicate particular care to providing transparent and clear information to their customers, to adopting adequate security measures to protect data, and to guaranteeing the exercise of data subjects’ rights. Channels available for reporting concerns [25b] The Group companies have activated appropriate assistance systems for all customers/users who want to communicate concerns and directly manage each request. Users have the possibility to contact the managers through various channels to meet their needs, in accordance with the provisions of the Authority. The methods of contact for users and the methods of response are in fact regulated by ARERA with a view to guaranteeing users maximum transparency and availability of information. All assistance and complaint handling channels are clearly advertised on the Group companies’ websites as well as in billing documents. The main channels are: telephone (call centres and SMS messaging services), digital (email, webforms, reserved areas on company websites, virtual assistants, WhatsApp) and physical (customer counters). 1\. A public company that manages the tools related to the Energy and Environment Consumer Desk service set up by ARERA to provide information and assistance to end customers of electricity and gas, to consumers-producers of electricity, to users of the integrated water service and district heating and cooling (district heat) and waste. The main channel, established so that consumers and/or end-users can communicate their concerns or needs directly to the Company and receive assistance therewith, is through the Company’s Consumer Association Relations function. Both the contact persons of the various Business Units of the Group and the contact persons of the associations can report to this function. In addition, the Anti-Fraud toll-free number has been in operation since 2012 and the A2A Energia toll-free number has been available to consumer associations since October 2023. Furthermore, thanks to the always open and collaborative dialogue with the associations, an SMS reminder of contract renewals was implemented in 2024 as a voluntary measure. With the aim of strengthening the listening and dialogue phase with its customers, alongside the toll-free number dedicated exclusively to consumer associations activated in 2024, a form via a web channel has been provided for information requests. Alternatively, users can contact the Authority’s Energy and Environment Consumer Desk, a tool created to inform and protect consumers of electricity and gas, as well as users of the integrated water service, district heating and waste management throughout Italy. This is a free service through which end customers, associations and their representatives can receive assistance and support in resolving disputes that have not been resolved through a complaint to the company concerned. Group companies must be accredited by following specific procedures at the Desk and respond to user requests. The tools made available by the Desk are: • Conciliation Service: through an online procedure, which is mandatory for the electricity, gas, water and district heating sectors, it helps the parties (customer/end user and operator/manager), with the intervention of an expert conciliator, to find an agreement to resolve a dispute that has not been resolved with the complaint, before resorting to legal proceedings; 294 A2A Report on Operations 2025 5\. Sustainability Statement • Contact Centre: answers telephone and written questions on consumer rights in the areas of competence of the Authority and on the methods of providing services, as well as providing useful information for the management of any disputes with its supplier or manager; • Smart Service: currently active only for the electricity and gas sectors, it allows users to quickly obtain information or resolve disputes on specific issues such as the failure to provide the social bonus, double billing, the return to the previous supplier by non-domestic customers, the payment of arrears, automatic compensation not paid by the supplier and information on the electricity and gas supplier; • Water Bonus Complaints: supports users in resolving problems related to the water social bonus; • Waste sector complaints: the service supports users in resolving problems relating to the integrated urban waste management service; • Reporting service: the report is a written, non-anonymous communication, other than a request for information and a complaint, which reports disruptions or critical issues detected on the services received in the energy and environment sectors considered of particular importance; • Help Desk Service: provides qualified assistance on the regulation of the Energy and Environment sectors and is dedicated exclusively to the branches of domestic and non-domestic Consumer Associations that are part of qualified projects supported by the Authority. [25c] The service level of these contact channels is in many cases set by the regulators and is all the higher the more critical the service is: for example, the emergency call centre for electricity, gas and water distribution services is active 24 hours a day and subject to a Service Level Agreement (SLA) on operator response times. In some cases, the time taken to process requests received is also subject to SLAs, in particular for the response to information requests and written complaints. [25d] In order to increase the effectiveness of the systems set up by the Consumer Association Relations function and promote their use among potential users, periodic verification meetings are planned at both the Group level and with stakeholders at association level. In the regulated sectors, any negative consequences caused to end-users by inefficiencies in the services provided (i.e. non-compliance with the defined SLAs) are generally subject to user compensation mechanisms at the expense of the service provider. The service provider is obliged to report on the level achieved with respect to the SLA for each individual service provided. The operators’ monitoring and reporting systems are subject to verification by the sectoral authorities. Companies constantly monitor the performance of services and the payment of any compensation, in order to identify and implement possible remedial actions as quickly as possible. [26] The contact channels and complaint systems made available by the companies are well publicised and widely used by the end-users of the services provided. In most cases, the presence and accessibility of such mechanisms responds to regulatory requirements, compliance with which is monitored by the sectoral authorities. With regard to possible retaliation against users who report problems and inefficiencies, it should be reiterated that the response to requests for information and complaints and the generality of the services provided are subject to SLAs, with compensation payable by the operator in the event of non-compliance, and that the above-mentioned out-of-court settlement tools established at system and Group level exist. S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions [30, 31a, 31b, 31c] In relation to the material impacts, risks and opportunities, the A2A Group has planned a series of actions to 295 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group mitigate negative impacts and/or generate positive ones. The actions concern the Group’s businesses that interface with the end users of the services: Market Business Unit, Circular Economy Business Unit with regard to water cycle and district heating activities, and Smart Infrastructures Business Unit. Actions related to the activities of the Market Business Unit Complaints management: the Group has consolidated a structured set of safeguards to protect consumers. These include ongoing dialogue with Consumer Associations through dedicated activities, structured complaint management through specific indicators that guarantee timeliness, fairness and compliance with regulatory obligations, the channel dedicated to protecting the privacy of end customers and the use of joint conciliation mechanisms and the Single Buyer Service for the out-of-court settlement of disputes. These permanent initiatives form the basis of the customer relationship model and represent a stable safeguard for the management of impacts, risks and stakeholder expectations. In 2025, new actions designed to further strengthen the quality of service, transparency and the company’s ability to accompany the customer in a clearer and more direct way are grafted onto this consolidated system. In particular: • Caring process: launched in February 2025. The project provides that, in addition to the written response to the complaint, the customer is contacted by telephone to receive a clear and complete explanation of the reasons provided. The initiative applies to all types of complaints, both in the free market and in the protected market, and aims to improve understanding, customer experience and retention. Effectiveness will be monitored in the medium term, in line with the nature of the project. • Event dedicated to Consumer Associations: in June 2025, A2A Energia organised a meeting dedicated to Consumer Associations to illustrate the changes introduced by Bill 2.0, the new electricity and gas billing format provided for by ARERA resolution 315/2024/R/ com. The event was a moment of discussion and transparency, with the aim of: explaining the characteristics of the new bill, promoting understanding of regulatory changes and implications for end customers, households and SMEs, and strengthening dialogue with associations, sharing useful tools to support consumers in the transition to the new communication model. • Development of the new Customer Satisfaction organisational structure and set up of the new operating model: the new Customer Satisfaction function, operational from 1 October 2025, has the mandate to ensure an integrated, objective and continuous view of the customer experience across all company touchpoints. The Customer Satisfaction department was created as the control room of the listening system and as a point of coordination between all the structures involved in the management of the customer experience. Its goal is to transform the feedback collected into strategic insights and concrete, measurable and monitorable improvement actions over time. To support this change, A2A Energia has launched the Customer Satisfaction Operating Model Setup project, which is divided into three phases and will be finalised in 2026. 296 A2A Report on Operations 2025 5\. Sustainability Statement • Development of the new Business Compliance, Contracts & Training structure: established in 2025, it represents a single and integrated oversight for all compliance, contracts, commercial quality and training issues. The structure is divided into four main operational areas: Compliance Business Processes and Privacy, Customer Contracts and Business Partners, Business Quality and Training Hub. For A2A Energia, the creation of this structure represents a fundamental turning point, as all key issues such as compliance, privacy, contracts, quality and training have been linked and overseen by a single responsibility centre. This organisational choice strengthens A2A Energia’s ability to oversee the most sensitive and strategic issues for the business in a structured and transversal way, ensuring effective control and solid governance over all commercial processes and relationships with partners. • Adaptation to new EU ETS2 regulations and authorisations: A2A Energia, together with NEN and ASM Energia, has applied for – and is in the process of obtaining – authorisation to emit greenhouse gases in accordance with the provisions of the proposed new EU legislation, which also extends the ETS principle to widespread sectors. In line with the deadlines set by the European Union and implemented at national level, the emissions monitoring phase has already been launched as of 2025, which provides for the quantification and reporting of emissions attributable to the combustion of fossil fuels in the sectors covered by the ETS2 system. This process will ensure transparency, data reliability and full compliance with regulatory obligations, putting A2A Group companies at the forefront of responsible emissions management. Obtaining authorisation and complying with the new rules are fundamental preventive measures to avoid negative impacts, ensuring regulatory compliance and protecting collective interests. • Monitor Cerved analysis 2025 (electricity and gas): through the Cerved Analysis tool, the customer satisfaction and performance of the main operators in the energy and gas market are analysed in depth. Through structured interviews with domestic and business customers, the Energy and Gas Monitor provides objective and comparable indicators, useful for assessing competitive positioning and identifying areas for improvement in the services offered. • Safeguards in ICT and cybersecurity: the Group adopts a series of ICT and cybersecurity safeguards to ensure secure data management, specifically: \- drafting and continuously updating the Group ICT Security Procedure for crisis management; \- implementation of ICT infrastructure and systems to protect against cyber threats and to protect sensitive data; \- certification of the information management system according to ISO 27001. 297 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group million euro 2\. It should be noted that these amounts are included in the operating costs and investments items of the Group’s Consolidated Financial Statements 2025. For further details, please refer to notes 1) and 31) of the explanatory notes to the consolidated financial statements Quantification of the action 2 CapEx 2025 CapEx over the plan period OpEx 2025 OpEx over the plan period 0.7 8 0.7 14 [31d] The effectiveness of the actions taken by A2A Energia to protect consumers and end-users is monitored through a structured set of dedicated tools and processes. Specific control indicators are defined for each relevant initiative, project or issue, which allow for the continuous assessment of the impact of the measures adopted and their ability to prevent or mitigate any negative effects. Monitoring is modulated according to the materiality of the topic and the complexity of the action, providing more in-depth safeguards for the areas with greater materiality. The control system uses integrated methodologies that include analysis of operational and qualitative KPIs, customer listening and feedback mechanisms, internal and external audits, checks with business partners, review of reports and complaints, as well as competitive benchmarks and feedback deriving from engagement activities with stakeholders and from relations with regulatory authorities. These elements make it possible to promptly identify any areas for improvement and to activate the necessary corrective actions. [34] A2A Energia prevents negative impacts through a coordinated series of actions: continuous monitoring of the quality of business partners and sales channels, the application of penalties and remediation plans in the event of non-compliant behaviour, periodic internal and external audits, verification of contracts through structured validation processes, control of contact policies and privacy procedures, as well as technical and commercial training activities for operators. These tools make it possible to promptly identify any deviations from the expected standards and to activate corrective actions before negative effects are generated for customers. [35] Through the channels currently available to consumers and end-users from the various Group companies, no severe human rights issues and incidents related to these subjects have come to light. Actions related to the activities of the Circular Economy Business Unit Water cycle Bollett@mail: in June 2025, the new interactive bill was put into operation, replacing the bollett@mail, which only provided for the sending of the bill in pdf format by email. The interactive bill is the free service that allows you to receive bills by email as soon as the Revenue Agency’s Interchange System confirms their correctness. By clicking on the link in the email, you can access the interactive version of the bill and the user will be guided in reading its most relevant data: amount to be paid, deadline, water consumption, payment methods and contact channels. You can also download a copy of the bill in pdf format. The service can also be activated by users who do not have a direct debit. Heat and services Bollett@mail: also in 2025, the free and fast service that allows you to receive the bill by email directly to the customer’s email address (condominium or domestic administrator) was used, helping to reduce carbon dioxide emissions, water use, fuel consumption and even the felling of trees. Service communication: in the event of a service interruption, an automatic service is provided to send SMS messages addressed to the mobile numbers associated with the PODs subject to interruption. In particular, a communication campaign was carried out in all areas, aimed exclusively at condominium administrators, to request a mobile phone contact in order to complete the contact details. The service was promoted using the cover of the paper bill and online, through the call centre service and by 298 A2A Report on Operations 2025 5\. Sustainability Statement e-mail to be sent to customers. In addition, a communication campaign was carried out to promote the self-reading tool, thus preventing possible complaints related to onerous advances and allowing customers to know the new channels on which it is possible to communicate their consumption. The service was promoted using the cover of the paper bill and online, through the call centre service and by email to customers. Digital counters: customers of the district heating and cooling service in Brescia and Cremona can book a video call with an A2A operator to manage their paperwork. This service was communicated through various channels: the cover of the paper and online bill, posters posted at the physical counter in Brescia, the dedicated web page on the A2A Calore e Servizi website and, finally, through an email sent to customers with a summary of all the contact channels. During 2025, the service was extended to all areas, modifying the dedicated section on the site and making it usable by every A2A Calore e Servizi customer. Actions related to the activities of the Smart Infrastructures Business Unit Strengthening inspections on the underground gas network and reducing repair times: in line with Regulation 1787/2024, the frequency of inspections is expected to increase to 200% per year for the underground network and repair times are expected to be reduced from 180 to 5 days. These are actions that directly affect the safety and continuity of the network (to avoid unscheduled interruptions and disruptions) as well as a reduction in methane emissions with a positive impact on the environment. The interventions will impact the area of competence of Unareti for gas, namely the ATEM MI1 and the implementations started in 2025, will continue in 2026 and the effects will be evident as early as 2027. At least a doubling of the operating costs incurred for this activity is expected. Enhancement of the electricity network: through the construction of new (or revamping) Primary Cabins (and related interventions). The actions are linked to the broader Unareti and Duereti Development Plan communicated to ARERA and to users that have an impact in Lombardy, in the area of competence of the two electricity distributors. The interventions will make it possible to renew the medium voltage network, making it more resilient, to reduce network losses and the impact of any failures on users and to increase the power available for new active and passive connections, enabling the continuation of the energy transition now widely underway. Mitigation of effects and risks of flooding/ bad weather: Unareti and Duereti have set up Emergency Response teams for the prompt resolution of critical issues arising from exogenous factors, such as flooding and bad weather. Any interruptions are in any case communicated to users through a real- time search tool available on the companies’ websites. Unareti has put in place the search for technological solutions that make it possible to avoid the occurrence of disruptions. In particular, the actions identified are: Compact substation installation: watertight, underground and flood-resistant cabins. The prototype was tested at the Unareti Smart Lab and the installation of 10 units is planned for the two-year period 2025–2026. Tritone Project: the initiative integrates process analysis, engineering planning and technological experimentation, with the aim of reducing the impact of flooding events, improving the quality and timeliness of interventions and enhancing the system’s ability to prevent critical events. Through the improvement of information flows, the definition of prevention plans and the scouting of new technologies, the project promotes collaboration with the main stakeholders, such as technological partners and municipal administrations, aimed at identifying, prioritising and planning initiatives to prevent and mitigate the effects in terms of disruptions to the electricity service. 299 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Metrics and targets S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities For further details on the KPI calculation methodology, see the “Appendix” section. KPIs u.m. 2025 target 2025 2028 2030 2035 Digitalization of Customer Care: digital contacts of total % 27% 25% 33% 39% 67% CSI Call Centre A2A Energia Contents > sector national average > national average > national average > national average > national average Customer Satisfaction Amsa (Milan/ Municipalities) Contents 7.70 7.4 6 7. 4 6 7.46 7.4 6 Customer Satisfaction Aprica Contents 75.5 72 76.1 76.5 78.5 Interventions on Group sites for evolved interactivity n 80 95 130 145 195 Number of active supplies bollett@ mail - MARKET BU n - in thousands 2,260 2,318 2,797 3,208 4,376 It should be noted that for the KPI relating to Customer Care Digitalisation from 2025, ASM Energia is also included, and that the target for the current year (27%) has not been reached. Aprica’s 2025 target on customer satisfaction was also not met for 2025 (75.5). 300 A2A Report on Operations 2025 5\. Sustainability Statement 5.4 Governance information 5.4.1 ESRS G1 Business conduct Material impacts Type Stage Time horizon Anti-competitive conduct, monopolistic practices, corruption with negative repercussions on the economy and markets Negative Potential OO BP; MP Awareness and dissemination of ethical corporate culture, based on the principles of integrity, fairness, non-discrimination and respect for human rights, as well as the protection of whistleblowers, by management, employees, business partners and stakeholders Positive Actual OO BP Advocacy activities towards institutions on sustainability topics Positive Actual OO BP; MP; LP Contribution to the improvement of suppliers’ sustainability performance, also thanks to qualification and selection policies that include the integration of sustainability criteria Positive Actual OO; EE; C; R; I; P MP; LP Negative impacts on the economy of communities, caused by over- delayed payment practices that can cause difficulties for SMEs Negative Potential OO MP; LP Negative impact for small and medium-sized enterprises in the supply chain that fail to adapt to the required sustainability requirements, with consequent weakening of the business relationship Negative Actual OO; EE; C; R; I; P BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 301 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Material risks [9d] impact or dependency related/ connected to the risk Stage Time horizon Corruption risk in Group activities: Potential image and economic-financial impacts for the Group arising from possible bribery or ethically incorrect conduct by the Group or its employees and which could also have 231 relevance. Risk arising from impact OO MP; LP Ethical requirements of suppliers: Potential image impacts for the A2A Group if, in the case of a supplier or sub-supplier, critical issues emerge from an ethical point of view (acts of corruption, contribution irregularities or other illegal conduct or conduct contrary to ESG principles of the company or its directors). - OO, Transversal along the value chain BP; MP; LP Sustainability in Governance: Potential impacts of a reputational and economic-financial nature for the A2A Group as a result of any ineffective synthesis between profitability and sustainability objectives, entailing for example failure to comply with sustainability targets, involvement in investigations and/or criminal proceedings for non-compliance or misconduct by management and/or employees, the making of choices that are not based on the principles of sustainability and the SA8000 standard, with a potential loss of competitiveness in the long term, all in consideration of the A2A positioning as a Life Company. Risk arising from impact OO BP; MP; LP Material opportunities [9d] Impact or dependence linked/ connected to the opportunity Stage Time horizon ISO 55001 certification in Risk-Based Asset Management: Obtaining Risk-Based Asset Management certification for the company Unareti. This introduces Best Practices to optimise the Asset Management System, implementing a Risk & Opportunity Management process that allows prioritising interventions on cabins and networks based on performance, costs and associated risks, aimed at ensuring optimal service quality for end users and all stakeholders involved. - EE, Transversal along the value chain BP; MP; LP Legend: OO: own operations EE: electricity C: heat R: waste management I: water management GN: natural gas P: oil BP: short term MP: medium term LP: long term 302 A2A Report on Operations 2025 5\. Sustainability Statement G1-1 Business conduct policies and corporate culture [7] The A2A Group’s policies related to business conduct are presented below. The main elements of the A2A Group’s approach to defining and promoting its principles of conduct and business culture, and to ensuring compliance with them, are set out in the Group’s policies, in particular in the Code of Ethics, the Anti-Corruption Policy and the Human Rights Policy. For a complete description of the set of policies of the A2A Group, the relevant governance procedures and application criteria, please refer to the general information provided in ESRS 2 MDR-P. Code of Ethics The Code of Ethics, to be considered an integral part of the Organizational, Management and Control Model adopted by A2A S.p.A. and the other companies of the A2A Group pursuant to Legislative Decree 231/2001, is aimed at establishing the fundamental ethical principles, rules of conduct and responsibilities that the A2A Group recognises, respects and adopts as indispensable and compulsory values for all Code recipients. The Code outlines the basis for ensuring that the A2A Group’s activities are carried out in compliance with the principles of fairness, transparency, diligence, honesty, mutual respect, loyalty and good faith, rejecting all forms of discrimination, corruption, forced and child labour. The aim is to protect the interests of stakeholders and to promote an efficient, reliable and regulatory-compliant business model. The Supervisory Boards of A2A S.p.A. and each Group Company, established pursuant to Legislative Decree no. 231/2001, oversee compliance with and implementation of the Code of Ethics. Through the correct implementation of the Code, the Group is committed to complying with the principles of the Universal Declaration of the Human Rights, the fundamental treaties of the ILO (International Labour Organization) and the OCSE Guidelines for Multinational Companies. The Code also takes into account the commitments made by the A2A Group through its adherence to the UN Global Compact, as well as the UN 2030 Agenda for Sustainable Development and the Paris Agreement. Anti-Corruption Policy The Anti-Corruption Policy aims to create a structured framework to counter corrupt phenomena and promote the principles and regulations necessary to prevent all forms of corruption, whether direct, indirect, active or passive, including incitement. It also aims to ensure compliance with the applicable anti- corruption laws and the relevant provisions of the Code of Ethics. A2A S.p.A. adheres to the Global Compact and, through the proper implementation of the Anti-Corruption Policy, undertakes to ensure compliance with international conventions, as well as with Italian regulations and those of the countries in which it operates or could operate in the future. If the provisions of the local legislation of one of the countries in which it operates are more stringent than those provided for in the Anti- Corruption Policy, the A2A Group undertakes in any case to comply with these provisions. Human Rights Policy The Human Rights Policy, adopted to supplement and complete the Code of Ethics, aims to ensure the respect and promotion of human rights in the activities of the A2A Group and throughout the value chain. It aims to prevent any violation of these rights by promoting fair, respectful and non- discriminatory working conditions, both in internal operations and in relations with suppliers, partners and other stakeholders. [9] The A2A Group, also by means of internal regulatory instruments, promotes the fundamental values of the main international and European conventions and declarations on human rights, undertaking, also through the adoption of the “Charter for equal opportunities and equality at work”, to the achievement of the 303 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group objectives of equal opportunities, dignity and equality, and to the fight against all forms of discrimination. In addition, the A2A Group has adhered to the “Utilitalia Pact - Diversity makes a Difference” and the Manifesto promoted by “Valore D”, which aims to encourage female employment and gender equity as a lever for innovation and corporate growth. The Code of Ethics, the Anti-Corruption Policy and the Human Rights Policy apply to all staff of A2A Group companies, including members of the administrative and control bodies, and to all those who work for the same companies (including suppliers and their workers, agents, consultants and business partners). It is the responsibility of the directors and managers of the A2A Group companies to put the principles and contents of the aforementioned policies into practice, acting as an example and point of reference through their behaviour. People with supervisory and coordination responsibilities are also responsible for ensuring that their employees comply with the policies, by adopting the necessary measures to prevent, detect and report any violations. Employees are required to adapt their actions and behaviour to the principles, objectives and commitments set out in the policies. The A2A Group is committed to ensuring the correct dissemination and understanding of the Code of Ethics, the Anti-Corruption Policy and the Human Rights Policy, ensuring that these policies are adequately communicated to the interested parties. For this purpose, appropriate channels are used, such as publication on the company intranet for employees and on the A2A Group website for all stakeholders. In addition, in order to encourage a complete understanding of the policies, to maintain a high level of awareness of the principles and values they contain, and to emphasise the importance of compliance with the regulations they refer to, there is a specific and appropriate training programme in this regard, which all A2A Group personnel are required to complete within six months of being hired. With regard to training initiatives, see also paragraph 10 g below. The principles and rules set out in the aforementioned texts are incorporated into the company procedures that describe and regulate the processes that personnel must comply with in carrying out their activities, including the Organisational, Management and Control models adopted pursuant to Legislative Decree 231/2001 by the companies of the A2A Group. Reporting mechanisms [10a] All stakeholders can report concerns about violations, even suspected violations, of the A2A Group’s Human Rights Policy through a specific channel ([11] the so-called Whistleblowing system pursuant to Legislative Decree 24/2023 implementing Directive (EU) 2019/1937 of the European Parliament and of the Council). The same channel can also be used by the recipients of the A2A Group’s Code of Ethics and Anti- Corruption Policy to report concerns about violations, even suspected violations, of these policies. The channel is made available by the A2A Group through a dedicated IT platform that allows reports to be sent anonymously and guarantees the confidentiality of the identity of the whistleblowers, the other people involved and the content of the reports. The IT platform of the Whistleblowing system is accessible to anyone through the A2A Group website. Workers in A2A Group companies are also made aware of the whistleblowing system through specific internal communications, including posters on company notice boards to further promote awareness of it among operational staff. The awareness of the existence of this tool on the part of its workforce is evidenced by the high participation in the training course on the Whistleblowing system, as well as in other courses referring to the same tool. 304 A2A Report on Operations 2025 5\. Sustainability Statement In addition, the use of the channel is assessed by the A2A Group on the basis of the reports prepared, in aggregate form, by the Whistleblowing Committee and made available to the Board of Directors of A2A S.p.A., the administrative bodies of strategically important A2A Group companies and the respective Supervisory Boards through the Internal Audit Director (a member of the Whistleblowing Committee) as part of the Half- Yearly and Annual Internal Audit Reports. With reference to the remaining companies of the A2A Group, the Whistleblowing Committee shall, on a half-yearly basis, inform the respective administrative bodies and Supervisory Bodies of any reports concerning such companies that the Committee has received and managed. [10c] No form of retaliation or discriminatory measure, even attempted or threatened, is permitted or tolerated against the whistleblower, and these protections extend to any person connected to the whistleblower, such as facilitators (i.e., persons assisting the whistleblowers in the whistleblowing process), persons in the same work environment as the whistleblower and linked to them by a stable emotional or family relationship and entities owned by the whistleblower, for whom the whistleblower works or who operate in the same work context. The processing of the personal data of the persons involved and/or mentioned in the reports, as well as of the whistleblowers, is carried out in accordance with the provisions of Legislative Decree 24/2023, EU Regulation No. 679 of 27 April 2016 (GDPR), Legislative Decree 196/2003, as subsequently amended and integrated (Privacy Code) and Legislative Decree 201/2018. In relation to worker training, please refer to the information in point 10g below. [10e] For reports concerning conduct, acts or omissions that harm the public interest or the integrity of the public administration or A2A Group companies, of which the whistleblower has become aware in the course of their work and which concern unlawful conduct as referred to in Legislative Decree 24/2023, the investigation is managed by a special, autonomous collegial body, the Whistleblowing Committee, chaired by a member from outside the A2A Group, who receives the report in the first instance and then forwards it to the other two members. The Whistleblowing Committee checks, on a preliminary basis, whether the report is admissible. If, also following discussion with the Supervisory Board of the company to which the report refers, it is assessed that the facts reported fall within the scope of application of Legislative Decree 231/2001, the report is forwarded to the competent Supervisory Board, which is entrusted with carrying out the relevant investigation. If the report turns out to be admissible and does not concern (or concerns only in part) facts that are relevant under Legislative Decree 231/2001, the Whistleblowing Committee starts the investigation phase. At the end of the investigation, if there are no grounds to close the report, the Whistleblowing Committee informs the competent corporate bodies of the outcome: • of the adoption of the measures and/or actions that in the specific case may be necessary to protect the A2A Group Company, including the possible involvement of the competent authorities also in criminal proceedings; • of the implementation of any improvement actions identified; • of the initiation of management measures within its competence, including, if the prerequisites are met, the exercise of disciplinary action. The Whistleblowing Committee shall provide timely feedback to the whistleblower on the outcome of the investigation and on any measures taken. The Whistleblowing Committee also monitors the proper implementation of improvement actions. Reports that do not fall within the cases described above are forwarded by the Whistleblowing Committee to the competent departments of the A2A Group, for the purpose of taking charge and related management. [10g] It should be noted that, with reference to Italian Legislative Decree 231/2001 and the Models 231, Code of Ethics, Anti-bribery Policy and whistleblowing system, 97% of A2A Group non-operational staff and 64% of operational staff have completed a training course in the last two years (a total of 82% of staff). In the same 305 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group period, 98% of non-operational staff and 63% of operational staff completed a training course on privacy (a total of 82% of staff) and 99% of non-operational staff and 26% of operational staff completed a training course on the Human Rights Policy (a total of 65% of staff). It should be noted that the training course on the Human Rights Policy dedicated to operational staff was launched in 2025. [10h, 21b] The Anti-corruption Policy identifies a number of activities in ‘sensitive’ areas that, even if only in the abstract, may facilitate corrupt practices, namely: • promotional and entertainment expenses; • sponsorships; • donations • relations with the public administration; • relations with third parties (suppliers, customers, consultants, business partners); • extraordinary transactions (for example: acquisitions, mergers and disposals); • management of financial resources and bookkeeping; • personnel recruitment and hiring; • management of litigation and out-of-court disputes. The functions operating within the aforementioned areas, being more exposed to the risk of corruption, are required to operate with particular attention in compliance with the safeguards set out in the company’s regulatory documents, as well as in the organisational, management and control models adopted pursuant to Legislative Decree no. 231/2001. For more information about the Acinque Group’s policies, refer to its Sustainability Statement. G1-3 Prevention and detection of corruption and bribery [18a] The A2A Group’s Anti-Corruption Policy, in addition to applicable national and international laws and regulations, constitutes the reference for carrying out its activities in compliance with the principles aimed at preventing and repressing corruption in all its forms. As specified in the minimum disclosure requirement on policies contained in ESRS 2, the document aims to provide a systematic framework of reference in the fight against corruption, to disseminate within the A2A Group, as well as to all those who operate for or on behalf of companies belonging to it, the principles and rules to be followed to exclude corrupt conduct of any kind, direct and indirect, active and passive, including in the form of instigation, as well as, more generally, to ensure compliance with the provisions of the Group’s Code of Ethics and the applicable Anti-Corruption regulations. All recipients of the Policy shall be responsible - to the extent their job duties require - for complying with the same. Furthermore, persons in a supervisory and coordination role shall be responsible for supervising compliance with the policy on the part of its own associates, and to implement measures for preventing, identifying, and reporting potential violations. With regard to the procedures to prevent the identification and addressing of allegations or cases of active and passive bribery, reference should be made to the whistleblowing system in the G1-1 disclosure requirement, [18b] where specific information is also provided on how to handle reports, and [18c] on information flows to the administrative, management and supervisory bodies. [20, 21a] The specific anti-corruption training programmes provided by the Group are addressed to all A2A Group employees and are carried out in both e-learning and in person modes. The training courses are differentiated for operational and non-operational personnel in order to ensure an adequate degree of depth in view of the tasks performed by the recipients, as well as to transfer knowledge through a concrete approach, including practical examples of 306 A2A Report on Operations 2025 5\. Sustainability Statement situations that might occur in the performance of day-to-day activities. In order to verify the correct comprehension of the illustrated contents, all e-learning courses include a final test, the passing of which is a necessary condition for the certification of the training. [21b] 100% of the company’s workforce, and consequently all the staff who perform tasks considered to be at risk of corruption, receive training on anti-corruption matters since it is mandatory training for every type of employee of the A2A Group. [21c] Members of the administrative, management and supervisory bodies who are among the staff of A2A Group companies participate in the same training programmes. In addition, specific training opportunities are periodically provided for the members of these bodies, also by the relevant Supervisory Boards. G1-4 Incidents of corruption or bribery [24a, 24b, 25a, 25b, 25c] In the reporting year 2025, there were no cases of proceedings concerning corruption and bribery. The amount of fines imposed for violations of laws against corruption and bribery is therefore zero, just as no follow-up action was taken on corruption cases, as no proceedings concerning corruption cases occurred during the year. [25d] With reference to criminal proceedings concerning corruption allegations engaging A2A Group companies and/or their employees, it should be noted that: • in 2019, we became aware of a proceeding that involved the company Linea Ambiente Srl: the trial, borne by the director of the company at the time of the facts, relates to the issuing, by the Province of Taranto, of the authorization to expand of the landfill managed by the company itself and was concluded in first instance in 2022 with a ruling from the Court of Taranto ruling against the natural person. The sentence did not become final as a result of multiple appeals, including that of the public prosecutor. At the hearing held on 18 June 2025, the Court of Appeal of Taranto declared the immediate trial order to be null and void and, consequently, annulled the first- instance ruling, ordering that the case files be remitted to the Public Prosecutor, thereby returning the proceedings to the preliminary investigation stage. The Public Prosecutor’s Office of Taranto, after appealing to the Court of Cassation against the ruling of the Court of Appeal, re-notified the conclusion of the investigations. In the separate proceedings against the company for the corruption crimes referred to in art. 25 paragraph 2 of Legislative Decree no. 231/2001 Linea Ambiente S.r.l. was remanded for trial. The proceedings are pending before the Court of Taranto with the next hearing set for 18 February 2026; • in 2019, there was news of a proceeding concerning a hypothesis of corruption contested by the Milan Prosecutor’s Office, in relation to some tenders announced by AMSA S.p.A. The company (as well as A2A Calore & Servizi S.r.l., which in the same proceedings was found to be a party aggrieved by the collusive conduct of companies that participated in tenders), joined the civil action. In 2021, the judge acquitted one defendant and granted the 307 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group plea bargaining request of other defendants, who were ordered to pay AMSA S.p.A. costs. Ruling 13661 of 2 October 2023, the grounds for which were filed on 18 January 2024, rejected the claims of former employees and entrepreneurs for conduct ascribed to them during their participation in A2A Group tenders. Appeals were lodged. At the hearing on January 15, 2026, the Court of Appeal upheld the acquittal at first instance; • in 2021, two proceedings became known that initially also included corruption hypotheses, but were subsequently pending for crimes other than corruption involving top management of A2A Group companies. One proceeding concerns a hypothesis of corruption for facts dating back to the period 2015-2017 in relation to some tenders announced by Gelsia Ambiente Srl, which was a civil party in the two proceedings that resulted. The trial before the Court of Monza, in fact, was split into two: an abridged procedure that was defined on appeal at the hearing of 8 April 2024 where the Court, in reforming the first instance ruling (the first instance ruling had acquitted the former general manager of the charges of the crime of bribery and had found him guilty of other contested violations), pronounced a ruling of acquittal for not having committed the deed in relation to all the charges, and an ordinary procedure that was defined at first instance at the hearing of 11 November 2024 with a ruling of conviction against another defendant, who then appealed. The other proceeding concerns the aggregation operation between AEB S.p.A. and A2A S.p.A. and an alleged over-valuation of the assets contributed by the latter. In November 2023, the Public Prosecutor of Monza requested indictment for offences other than bribery for six people, including the then chair of AEB S.p.A. At the preliminary hearing on 15 November 2024, the Preliminary Hearing Judge of the Court of Monza remanded all 6 defendants before the Court of Monza for offences other than corruption. The trial is ongoing. G1-5 Political influence and lobbying activities [29a] The development and strengthening of institutional relations is a strategic objective of the A2A Group which, as Europe’s leading multi-utility, has the responsibility to give voice to the sector. The aim is to put the experience that A2A has gained in its plants and in the local areas served at the service of the institutions, also thanks to continuous engagement exercises with the local communities in which it operates. The representation offices in Rome and Brussels therefore represent a bridge for the transmission of experience gained in the local areas and the anticipation of regulatory developments that mark political and legislative life in Italy and Europe. Dialogue and consultation work is also developed through relations with national, European and local trade associations, encouraging advocacy activities on issues of priority importance to the Group on these tables as well. Relations with Entities, Institutions and Associations are managed in accordance with the A2A Code of Ethics, in full compliance with current regulations and with strict adherence to the highest international standards of transparency. In particular, A2A and its representatives have signed the Code of Conduct of the Transparency Register established by the European Commission, European Parliament and Council. The frequently updated online portal details all advocacy activities and the Group’s commitment to serving institutions. The Chair of the Board of Directors has the following responsibilities: • jointly with the Chief Executive Officer, take care of institutional relations and external/media relations related thereto, with the Authorities, institutional bodies and organisations, including international ones, making use of the competent corporate functions; • in coordination with the Chief Executive Officer, represent the Company vis-à-vis relations with international and supranational organisations, Ministries, Regions and other local and regional 308 A2A Report on Operations 2025 5\. Sustainability Statement authorities in general, as well as vis-à-vis relations with public or private entities; • represent, in coordination with the Chief Executive Officer, the company in association and institutional relations. [29b] In compliance with its Code of Ethics and the related Anti-Corruption Policy, the A2A Group does not make any contributions directly or indirectly to any political party, movement, political and trade union organisation and committee, nor to their representatives or candidates, in Italy and abroad, apart from contributions due in accordance with specific regulations. [29c] The Group participates transparently in public consultations and joint procedures with institutional representatives at national and European level in compliance with Legislative Decree no. 231 of 8 June 2001, and in compliance with the code of ethics provided for in the Interinstitutional Agreement of 20 May 2021 between the European Parliament, the Council of the European Union and the European Commission on a mandatory Transparency Register. Institutional dialogues primarily concern legislation governing the Group’s various core businesses, including environmental and waste management services; energy generation, sale and distribution; and management of the integrated water cycle and alternative charging infrastructure. [29d] Since 24 February 2021, the A2A Group has been enrolled in the Transparency Register (registration no. 409032241540-04) updated by the Interinstitutional Agreement of 20 May 2021 between the European Parliament, the Council of the European Union and the European Commission on a mandatory Transparency Register and has signed the Code of Ethics annexed thereto. At national level, the Representatives of the A2A Group are duly enrolled in the Register of Interest Representatives of the Chamber of Deputies established by the resolution of the Presidency Bureau of 8 February 2017 (“Discipline of interest representation activities in the offices of the Chamber of Deputies”). [30] It is specified that the Group has no members of the administrative, management and supervisory bodies who held comparable positions in the public administration in the previous two years. [AR 12a] In the 2025, A2A spent 372,600 euro on lobbying, legislative monitoring, and the creation and presentation of studies and in-depth analyses. In addition, the A2A Group incurred association expenses of 2.5 million euro in 2025. Contributions to political parties and trade associations Euro 2025 2024 Politicians and political parties - - Trade associations* 2,516,000 2,346,000 Other Associations/Organisations (promotion and dissemination of sustainability. Research and sector/thematic studies) 372,600 326,000 Total 2,888,600 2,672,000 * the 2024 figure has been modified following a methodological change. 309 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [AR 13] The A2A Group is associated, directly or through other associations, with more than 200 local, national and European associations, including, as some of the most important: Direct registrations to national associations: • Airu • Assoambiente • Local Confindustria • Elettricità Futura • Utilitalia Direct membership of European associations, with active participation in parties: • Fead • Eurogas • European Energy Forum Indirect registrations: • Cedec • Cewep • Eurelectric • Eureau In addition, A2A is associated with the following national think tanks: • Kyoto Club • Italian Committee of the World Energy Council (WEC Italy) • IFEC - Italian Forum on Energy Communities (WEC Italy initiative) It should be noted that the Group is not required by law to join the aforementioned associations. G1-2 Management of relationships with suppliers [15a] As of 2021, A2A and all Group companies have adopted the Responsible Procurement policy to make purchasing management more sustainable. The aim is to create a responsible supply chain that integrates sustainability criteria at every stage, from selection to evaluation of supplier performance. The company also promotes the use of fair and transparent procurement processes that foster competition and cooperation between the different parties involved. The A2A Group’s commitment is realised through projects and initiatives of a different nature illustrated in the following paragraphs. [14] It should also be noted that there are currently no specific policies for the prevention of late payments. [15b] Qualification and screening of A2A suppliers: integrated approach to risk management and sustainability in the supply chain The supplier qualification and evaluation process adopted by A2A S.p.A. and the Group companies is a fundamental tool to ensure the selection of reliable partners, both from a technical and financial point of view, and in relation to the systematic integration of environmental, social and governance (ESG) principles throughout the entire life cycle of the supply relationship. This process has recently been updated to meet the needs of a constantly evolving regulatory and market environment, strengthening sustainability criteria and the management of reputational, financial, HSE (Health, Safety & Environment), cybersecurity and human rights risks. Principles and objectives of the qualification process The qualification and screening procedure is mandatory for all suppliers involved in the procurement processes and is based on the principles of: • Technical, reputational and financial adequacy: verification of compliance with technical-quality standards, financial soundness and reputation, including through Risk Rating and Performance Rating tools. • Transparency and objectivity: transparent and impartial management of evaluations, ensuring continuous updating of the Supplier Register and the information collected. • Sustainability and social responsibility: evaluation of suppliers also in relation to health 310 A2A Report on Operations 2025 5\. Sustainability Statement and safety, environment, human rights and business ethics, in line with the Sustainable Development Goals and the United Nations Global Compact. • Constant monitoring: periodic updating of supplier data and performance. Risk-based approach and customisation of requirements A2A applies a differentiated qualification model, calibrated to the level of risk associated with the supplier’s sector and the criticality of the product or service requested. This differentiation is reflected: • in the type and extent of documentation required (including but not limited to: ISO certifications, SOA certifications, ESG questionnaires, accident rates); • in the frequency and depth of monitoring and verification activities, with particular attention to critical product categories. Each supplier is required to fill out customised questionnaires and submit documentation and certifications that vary according to the parameters described above, thus ensuring effective monitoring of the main risk factors. Integration of social and environmental criteria in supplier selection Social and environmental criteria are an integral part of the supplier selection and evaluation process. In particular, detailed information on quality, environment, safety, social responsibility and sustainability is requested. With regard to social sustainability, suppliers interested in joining the A2A supplier register are required to explicitly indicate that they hold SA8000 certification. For product categories that are significant in terms of safety and the environment, specific questionnaires and checks are provided, including the validity of the required certifications and authorisations, and some special cases are subject to further supplementary checks (e.g. Cooperative Companies). Although the AEB and A2A systems were not yet integrated as of 31 December 2025, the processes and policies supporting relations with the supply chain were the same and shared. From 1 January 2026, thanks to the convergence of the company systems towards A2A, the AEB Group will also be fully aligned with the supplier qualification and evaluation process. [15b] Responsible Procurement Project A2A’s Responsible Procurement project aims to systematically integrate ESG (Environmental, Social, Governance) criteria into supplier selection, evaluation and monitoring processes. With more than 2,300 partners evaluated and 87% of the order entrusted to suppliers with ESG scores, the achievement of the challenging objectives set is confirmed. The supplier assessment is conducted through the data provider EcoVadis (hereinafter ESG Infoprovider), adopting a methodology that complies with international standards such as UNGC, GRI, ISO and ILO. The process includes 21 indicators grouped into four main pillars: Environment, Labour and Human Rights, Ethics and Sustainable Procurement. Each parameter contributes to the definition of an overall score, calculated using an algorithm that takes into account the industry, the country and the size of the company being assessed. This approach allows the questionnaire to be customised for each supplier, highlighting both areas of excellence and opportunities for improvement. The entire programme is subject to a six-monthly review by top management, thus ensuring constant strategic alignment, accountability and updating with respect to the constantly evolving ESG standards. This monitoring ensures that the initiative is fully integrated into the Group’s broader sustainability and risk management framework. In addition, for the entire management of the Procurement function, sustainability is integrated into the remuneration system (MBO): it represents a component that can reach up to 25% of the total. 311 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The integration of sustainability principles is guaranteed throughout the entire life cycle of the relationship with the supplier. When entering into a contract, A2A includes an ESG clause that requires the supplier to obtain an ESG score within a set period of time from the start of the contract. Since 2023, A2A’s vendor rating system has assigned 30% of the overall rating to the ESG rating, incentivising the suppliers most committed to sustainability. Compliance with sustainability requirements can also take place during the execution of the contract through random checks and, in the presence of serious non-conformities, corrective actions are activated. [15b] Capacity building The Responsible Procurement project aims to encourage continuous improvement in suppliers’ ESG performance. The intention is twofold: on the one hand, to increase the share of suppliers subject to evaluation, thus expanding the percentage of orders assigned to vendors with an ESG score; on the other hand, to progressively raise their performance, monitored through the growth of the overall average ESG score. This result is pursued through targeted development actions and specific improvement plans (Corrective Action Plan), characterised by clear and well-defined priorities and areas of intervention. As of 2023, post-assessment follow-up procedures have been introduced that provide not only for the inclusion in a watch-list of all suppliers that have obtained ESG scores considered insufficient, but also for the obligation for the latter to implement corrective actions within a maximum period of twelve months. During the year, A2A’s supply base reached and exceeded the target set for the average ESG score, achieving a value of 67 points, with an increase of 4 points compared to the previous year. The ESG Infoprovider adopted provides an e-learning platform (called the ESG Academy), containing a selected set of training courses designed to support companies in understanding the main sustainability issues. The ESG Academy is structured in such a way as to offer courses consistent with the specific areas for improvement identified after the screening of individual suppliers. In summary, through the ESG Academy, A2A supports the continuous improvement of supplier sustainability standards and offers targeted training opportunities to those with ESG ratings that are not in line with A2A’s requirements and expectations. During 2025, two communication campaigns were managed to promote the use of the Academy by all evaluated suppliers. In addition to training, A2A promotes benchmarking among suppliers, allowing them to compare their ESG performance with that of other operators in the sector, both nationally and internationally. This approach provides concrete insights for innovation and continuous improvement. All suppliers that showed negative impacts in the ESG assessments were supported in the implementation of improvement plans, reaching 100% coverage with respect to the cases identified. [15b] Engagement and communication Diversified Supplier Relationship Management (SRM) actions are a key element of A2A’s approach to Responsible Procurement. Through dedicated communications, training activities, webinars, capacity building programmes and workshops, A2A transforms compliance into collaboration, promoting systemic sustainability throughout the supply chain. At the end of 2024, after covering 79% of the expenditure with over 1,700 partners evaluated, an important engagement event was organised: the Supplier Call. During the webinar, the Chief Procurement Officer outlined the key points of the sustainability strategy, highlighting ambitious goals for diversity, inclusion and decarbonisation throughout the value chain. The Group’s emission 312 A2A Report on Operations 2025 5\. Sustainability Statement reduction targets were shared and the crucial role of supplier engagement was explained. More than 700 suppliers attended the event and the Q&A session led to the publication of an FAQ document on the Group’s website. As part of the Group’s engagement activities, in 2023, the ‘Sustainable Supply Chain’ project was launched, designed with the primary objective of supporting small and medium-sized enterprises (SMEs) in the A2A supply chain in improving their sustainability performance. In particular, three training documents, collected in a ‘Vademecum’, were developed to support SMEs in drafting their own Code of Ethics, formulating Environmental and Human Rights Policies, and providing the necessary tools to integrate sustainable practices into their activities. At the same time, dissemination and awareness-raising events were organised to effectively disseminate and apply the material produced, ensuring continuous support for the sustainable growth of partner SMEs. The 2025 edition of the multi-stakeholder forum roadshow featured the Procurement function in 14 key areas to foster dialogue and support the ecological transition, with a focus on sustainable supply chains, ESG compliance and practical tools for competitiveness. The Procurement department was actively involved in organising practical training courses on sustainability reporting and the calculation and reduction of greenhouse gas emissions for local SMEs. Finally, A2A launched the Be a Life Partner initiative: a strategic series of high-impact in- person events designed to engage the supplier base and build a more virtuous business ecosystem. The programme covered three key areas – Health and Safety, Cybersecurity and Diversity, Equity & Inclusion – each addressed through a dedicated event that saw strong supplier participation. With these initiatives, A2A aims to strengthen the skills of strategic partners, consolidating shared values and fostering a resilient supply chain. 1\. source: GHG Protocol [15b] Scope 3 Project In 2024, the Scope 3 project was launched, aimed at calculating and reducing supply chain- related CO₂ emissions in line with the Group’s Strategic Plan to 2035. Scope 3 emissions include those from the production of purchased goods and services, waste collection and transport, the construction and maintenance of networks and facilities, and the end-of-life management of products. The calculation methodology adopted is a “hybrid 1 ” one, combining spend-based and supplier-specific data, with the aim of increasing the accuracy and traceability of emissions. Through a Pareto-based supplier segmentation strategy, the so-called “Key Contributors” representing a significant share of the Group’s Scope 3 emissions were identified. The onboarding strategy provided for a targeted engagement approach for each supplier segment. More than 40 meetings were organised to refine the primary data provided by suppliers and discuss their reduction commitments. These Supplier Relationship Management activities will continue over the years to achieve the challenging supply chain emission reduction targets. Starting in 2025, A2A has introduced an additional strategic objective relating to the carbon maturity of suppliers. This new goal assesses the presence of decarbonisation policies, the ability of suppliers to calculate their emissions and the definition of reduction targets over short, medium and long time horizons. The ESG Infoprovider analyses a set of specific parameters related to these three dimensions to assign each supplier a carbon maturity level ranging from “Insufficient” to “Leader”. In line with the vision of an increasingly sustainable supply chain, A2A aims to progressively increase the share of orders placed with suppliers with medium-high carbon maturity, having reached 51% in 2025 and aiming to reach at least 90% by 2035. This path further strengthens the company’s commitment to a resilient supply chain and a leading role in the ecological transition. 313 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group [15b] Diversity, Equity & Inclusion The Procurement function oversees the “Social” aspects of ESG in a structured and continuous manner, with particular attention to the promotion of Diversity, Equity & Inclusion (DE&I) throughout the supply chain. Thanks to the integration of the data provided by the ESG Infoprovider, A2A is able to monitor key indicators such as the gender balance and the gender pay gap of the supply base, ensuring transparency and traceability of progress. In line with the Group’s Strategic Plan, challenging targets have been set in the area of DE&I: in 2025, the coverage of orders placed with suppliers with DE&I policies has already reached 50%, confirming the path towards the target of 70% by 2035. This systemic approach strengthens A2A’s role as a promoter of inclusive values and an increasingly responsible and sustainable supply chain. In 2023, the Acinque Group introduced the “Sustainable Procurement Policy”, which was subsequently revised and updated in December 2025. The update included the integration of specific safeguards relating to the management of suppliers, the handling of reports and complaints, as well as the consequences of non-compliance. The policy update aims to guide procurement processes towards more sustainable criteria and to promote responsible behaviour throughout the supply chain, encouraging the spread of practices that enhance not only the technical quality of supplies, but also the environmental, social and ethical aspects of relations with business partners. For more information, refer to the Acinque Group Sustainability Statement. 314 A2A Report on Operations 2025 5\. Sustainability Statement G1-6 Payment Practices [33a] For 2025, the Group calculated an average payment time of 53 days, taking into account all contractual cases. [33b] The standard payment terms in number of days by main supplier category are shown below: Standard payment terms Number of days Carriage 38 Trading BU 22 With purchase order 90 Without purchase order 61 Agents, Agencies and Telesellers 40 The total number of payments made during the year by the A2A Group was 742,237. The percentage of payments that meet the standard terms is 97%. For payments that do not meet the standard terms, it should be noted that the average number of days late is 2. It should be noted that within the total number there are: • 11,824 payments that do not have a standard term as they are, by way of example and not limited to, disbursements to public administrations, employees, insurance companies and notaries. • 48,480 payments related to the Acinque perimeter. For further details on this matter, please refer to the Acinque Group’s Sustainability Statement. [33d] The above figures exclude payments made for the following companies: La Castilleja Energia S.l., Sistemes Energetics Conesa S.I., Global Onega S.l., Respeto Al Medio Ambiente S.l., CR Rinnovabili Cutro 1 S.r.l. (company acquired on 13 November 2025), AREN04 S.r.l. (company acquired on 16 December 2025), Novito Acque S.r.l, ASM Energia S.p.A, A2A Montenegro d.o.o. and A2A Alfa S.r.l. in liquidation. These companies are managed by external accountants and given their low significance at Group level, no further analysis was carried out. [33c] It is reported that during 2025 only one legal proceeding was found due to late payments. In the last quarter of 2025, the Acinque Group recorded a pending monitoring procedure (notification of injunction) initiated by a supplier due to unpaid invoices for breach of contract exceptions. The amount is approximately 7,500 euros. Acinque SpA is handling the proceedings with a sort of counterclaim for damages suffered due to the breach of contract exceptions. 315 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 316 A2A Report on Operations 2025 5\. Sustainability Statement 5.5 Appendix Share of turnover from products or services associated with eligible and taxonomy- aligned economic activities million euro 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A. Taxonomy eligible activities A.1\. Environmentally sustainable activities (Taxonomy-aligned) Treatment of hazardous waste PPC 2.2 76 0.54% N/EL N/EL N/EL Y N/EL N/EL Y Y Y Y Y Y Y 0.61% Production of biogas and biofuels for use in transport, and of bioliquids CCM 4.13 4 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Transmission and distribution networks for renewable and low-carbon gases CCM 4.14 33 0.24% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.19% District heating/ cooling distribution CCM 4.15 135 0.96% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.00% Installation and operation of electric heat pumps CCM 4.16 0 0.00% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Electricity generation using solar photovoltaic technology CCM 4.1 81 0.58% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.62% Cogeneration of heat/ cool and power from bioenergy CCM 4.20 8 0.06% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.06% Production of heat/ cool using waste heat CCM 4.25 1 0.01% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Electricity generation from wind power CCM 4.3 47 0.34% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.44% Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 317 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A. Taxonomy eligible activities A.1\. Environmentally sustainable activities (Taxonomy-aligned) Treatment of hazardous waste PPC 2.2 76 0.54% N/EL N/EL N/EL Y N/EL N/EL Y Y Y Y Y Y Y 0.61% Production of biogas and biofuels for use in transport, and of bioliquids CCM 4.13 4 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Transmission and distribution networks for renewable and low-carbon gases CCM 4.14 33 0.24% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.19% District heating/ cooling distribution CCM 4.15 135 0.96% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.00% Installation and operation of electric heat pumps CCM 4.16 0 0.00% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Electricity generation using solar photovoltaic technology CCM 4.1 81 0.58% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.62% Cogeneration of heat/ cool and power from bioenergy CCM 4.20 8 0.06% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.06% Production of heat/ cool using waste heat CCM 4.25 1 0.01% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Electricity generation from wind power CCM 4.3 47 0.34% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.44% Follow >> 318 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Electricity generation from hydropower CCM 4.5 556 3.96% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 6.16% Electricity generation from bioenergy CCM 4.8 88 0.63% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.62% Transmission and distribution of electricity CCM 4.9 409 2.91% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.32% E Landfill gas capture and utilisation CCM 5.10 3 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Anaerobic digestion of sewage sludge CCM 5.6 5 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Infrastructure enabling low-carbon road transport and public transport CCM 6.15 4 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% E Installation, maintenance and repair of energy efficiency equipment CCM 7.3 221 1.57% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.44% E Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 1 0.01% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.01% E Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings CCM 7.5 2 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% E Installation, maintenance and repair of renewable energy technologies CCM 7.6 12 0.09% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.04% E << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 319 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Electricity generation from hydropower CCM 4.5 556 3.96% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 6.16% Electricity generation from bioenergy CCM 4.8 88 0.63% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.62% Transmission and distribution of electricity CCM 4.9 409 2.91% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.32% E Landfill gas capture and utilisation CCM 5.10 3 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Anaerobic digestion of sewage sludge CCM 5.6 5 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Infrastructure enabling low-carbon road transport and public transport CCM 6.15 4 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% E Installation, maintenance and repair of energy efficiency equipment CCM 7.3 221 1.57% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.44% E Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 1 0.01% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.01% E Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings CCM 7.5 2 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% E Installation, maintenance and repair of renewable energy technologies CCM 7.6 12 0.09% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.04% E Follow >> 320 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Professional services related to energy performance of buildings CCM 9.3 0 0.00% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% E Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 50 0.36% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.33% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 41 0.29% N N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.27% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.2 0.00% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.03% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 7 0.05% Y N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Collection and transport of non hazardous waste in source segregated fractions CCM 5.5/ CE 2.3 415 2.95% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 2.71% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 48 0.34% N N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.35% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 68 0.49% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.51% Anaerobic digestion of bio-waste CCM 5.7/ CE 2.5 9 0.06% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.07% Composting of bio-waste CCM 5.8/ CE 2.5 1 0.01% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.01% Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 2327 16.56% 15.38% 0.00% 0.29% 0.54% 0.34% 0.00% 16.85% of which enabling 650 4.62% 4.62% 0.00% 0.00% 0.00% 0.00% 0.00% 2.83% of which transitional 0 0.00% 0.00% 0.00% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 321 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Professional services related to energy performance of buildings CCM 9.3 0 0.00% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% E Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 50 0.36% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.33% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 41 0.29% N N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.27% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.2 0.00% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.03% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 7 0.05% Y N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Collection and transport of non hazardous waste in source segregated fractions CCM 5.5/ CE 2.3 415 2.95% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 2.71% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 48 0.34% N N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.35% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 68 0.49% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.51% Anaerobic digestion of bio-waste CCM 5.7/ CE 2.5 9 0.06% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.07% Composting of bio-waste CCM 5.8/ CE 2.5 1 0.01% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.01% Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 2327 16.56% 15.38% 0.00% 0.29% 0.54% 0.34% 0.00% 16.85% of which enabling 650 4.62% 4.62% 0.00% 0.00% 0.00% 0.00% 0.00% 2.83% of which transitional 0 0.00% 0.00% 0.00% Follow >> 322 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL Transmission and distribution of renewable and low-carbon gases CCM 4.14 0 0,00% N/EL N/EL N/EL N/EL N/EL N/EL District heating/cooling distribution CCM 4.15 30 0.21% EL N/EL N/EL N/EL N/EL N/EL 1.00% Electricity generation from fossil gaseous fuels CCM 4.29 1104 7.85% EL N/EL N/EL N/EL N/EL N/EL 7.75% High-efficiency co generation of heat/cool and power from fossil gaseous fuels CCM 4.30 161 1.15% EL N/EL N/EL N/EL N/EL N/EL 1.18% Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system CCM 4.31 77 0.55% EL N/EL N/EL N/EL N/EL N/EL 0.55% Transmission and distribution of electricity CCM 4.9 7 0.05% EL N/EL N/EL N/EL N/EL N/EL 1.32% Landfill gas capture and utilisation CCM 5.10 0.01 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.02% Data processing, hosting and related activities CCM 8.1 0.4 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.01% Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 48 0.34% EL N/EL EL N/EL N/EL N/EL 0.44% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.7 0.00% EL N/EL EL N/EL N/EL N/EL 0.01% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 323 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL Transmission and distribution of renewable and low-carbon gases CCM 4.14 0 0,00% N/EL N/EL N/EL N/EL N/EL N/EL District heating/cooling distribution CCM 4.15 30 0.21% EL N/EL N/EL N/EL N/EL N/EL 1.00% Electricity generation from fossil gaseous fuels CCM 4.29 1104 7.85% EL N/EL N/EL N/EL N/EL N/EL 7.75% High-efficiency co generation of heat/cool and power from fossil gaseous fuels CCM 4.30 161 1.15% EL N/EL N/EL N/EL N/EL N/EL 1.18% Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system CCM 4.31 77 0.55% EL N/EL N/EL N/EL N/EL N/EL 0.55% Transmission and distribution of electricity CCM 4.9 7 0.05% EL N/EL N/EL N/EL N/EL N/EL 1.32% Landfill gas capture and utilisation CCM 5.10 0.01 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.02% Data processing, hosting and related activities CCM 8.1 0.4 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.01% Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 48 0.34% EL N/EL EL N/EL N/EL N/EL 0.44% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.7 0.00% EL N/EL EL N/EL N/EL N/EL 0.01% Follow >> 324 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 1 0.01% EL N/EL N/EL N/EL EL N/EL 0.01% Turnover of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 1430 10.18% 10.18% 0.00% 0.35% 0.00% 0.01% 0.00% 10.59% Turnover of Taxonomy eligible activities (A1+A2) 3757 26.74% 26.19% 0.00% 1.05% 0.54% 3.86% 0.00% 27.43 % B. Taxonomy non-eligible activities Turnover of Taxonomy non-eligible activities 10295 73.26% Total 14052 100.00% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 325 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code Turnover Turnover share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of Turnover aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 1 0.01% EL N/EL N/EL N/EL EL N/EL 0.01% Turnover of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 1430 10.18% 10.18% 0.00% 0.35% 0.00% 0.01% 0.00% 10.59% Turnover of Taxonomy eligible activities (A1+A2) 3757 26.74% 26.19% 0.00% 1.05% 0.54% 3.86% 0.00% 27.43 % B. Taxonomy non-eligible activities Turnover of Taxonomy non-eligible activities 10295 73.26% Total 14052 100.00% 326 A2A Report on Operations 2025 5\. Sustainability Statement Share of operating expenditure arising from products or services associated with eligibleand taxonomy-aligned economic activities million euro 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T A. Taxonomy eligible activities A.1\. Environmentally sustainable activities (Taxonomy-aligned) Treatment of hazardous waste PPC 2.2 9 2.30% N/EL N/EL N/EL Y N/EL N/EL Y Y Y Y Y Y 1.51% Storage of electric energy CCM 4.10 0.0001 0.00% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.00% E Storage of thermal energy CCM 4.11 0.3 0.09% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.05% E Production of biogas and biofuels for use in transport, and of bioliquids CCM 4.13 0.4 0.11% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.00% Transmission and distribution networks for renewable and low-carbon gases CCM 4.14 8 2.07% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 1.86% District heating/cooling distribution CCM 4.15 1 0.38% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.25% Installation and operation of electric heat pumps CCM 4.16 0.1 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.02% Electricity generation using solar photovoltaic technology CCM 4.1 3 0.89% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.77% Cogeneration of heat/cool and power from bioenergy CCM 4.20 0.6 0.15% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.16% Production of heat/ cool using waste heat CCM 4.25 0.07 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.01% Electricity generation from wind power CCM 4.3 5 1.31% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 1.07% Electricity generation from hydropower CCM 4.5 11 2.90% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 2.47% Electricity generation from bioenergy CCM 4.8 7 1.79% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 2.44% Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 327 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Share of operating expenditure arising from products or services associated with eligibleand taxonomy-aligned economic activities 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T A. Taxonomy eligible activities A.1\. Environmentally sustainable activities (Taxonomy-aligned) Treatment of hazardous waste PPC 2.2 9 2.30% N/EL N/EL N/EL Y N/EL N/EL Y Y Y Y Y Y 1.51% Storage of electric energy CCM 4.10 0.0001 0.00% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.00% E Storage of thermal energy CCM 4.11 0.3 0.09% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.05% E Production of biogas and biofuels for use in transport, and of bioliquids CCM 4.13 0.4 0.11% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.00% Transmission and distribution networks for renewable and low-carbon gases CCM 4.14 8 2.07% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 1.86% District heating/cooling distribution CCM 4.15 1 0.38% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.25% Installation and operation of electric heat pumps CCM 4.16 0.1 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.02% Electricity generation using solar photovoltaic technology CCM 4.1 3 0.89% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.77% Cogeneration of heat/cool and power from bioenergy CCM 4.20 0.6 0.15% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.16% Production of heat/ cool using waste heat CCM 4.25 0.07 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.01% Electricity generation from wind power CCM 4.3 5 1.31% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 1.07% Electricity generation from hydropower CCM 4.5 11 2.90% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 2.47% Electricity generation from bioenergy CCM 4.8 7 1.79% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 2.44% Follow >> 328 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Transmission and distribution of electricity CCM 4.9 27 7.1 5 % Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 3.28% E Capture and utilisation of landfill gas CCM 5.10 0.8 0.20% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.19% Anaerobic digestion of sewage sludge CCM 5.6 0.5 0.12% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.06% Infrastructure enabling low-carbon road transport and public transport CCM 6.15 0.8 0.21% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.13% E Installation, maintenance and repair of energy efficiency equipment CCM 7.3 38.2 9.96% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 6.45% E Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 0.1 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.03% E Installation, maintenance and repair of renewable energy technologies CCM 7.6 0.5 0.13% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.15% E Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 2.7 0.71% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y 0.62% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 2.2 0.58% N N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y 0.38% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.02 0.01% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y 0.08% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 329 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Transmission and distribution of electricity CCM 4.9 27 7.1 5 % Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 3.28% E Capture and utilisation of landfill gas CCM 5.10 0.8 0.20% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.19% Anaerobic digestion of sewage sludge CCM 5.6 0.5 0.12% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.06% Infrastructure enabling low-carbon road transport and public transport CCM 6.15 0.8 0.21% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.13% E Installation, maintenance and repair of energy efficiency equipment CCM 7.3 38.2 9.96% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 6.45% E Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 0.1 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.03% E Installation, maintenance and repair of renewable energy technologies CCM 7.6 0.5 0.13% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 0.15% E Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 2.7 0.71% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y 0.62% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 2.2 0.58% N N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y 0.38% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.02 0.01% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y 0.08% Follow >> 330 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Collection and transport of non hazardous waste in source segregated fractions CCM 5.3/ WTR 2.2 0.6 0.16% Y N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y 0.04% Collection and transport of non hazardous waste in source segregated fractions CCM 5.5/ CE 2.3 36 9.47% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 7.26% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 3 0.70% N N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.49% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 3 0.69% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.50% Anaerobic digestion of bio-waste CCM 5.7/ CE 2.5 2 0.65% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.65% Composting of bio-waste CCM 5.8/ CE 2.5 0.3 0.09% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.08% Opex of environmentally sustainable activities (Taxonomy-aligned) (A.1) 164 42.88% 39.30% 0.00% 0.58% 2.30% 0.70% 0.00% 30.99% of which enabling 67 17.55% 17.55% 0.00% 0.00% 0.00% 0.00% 0.00% 10.09% of which transitional 0.00 0.00% 0.00% 0.00% A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL Hydrogen production CCM 3.10 0.01 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.00% Transmission and distribution of renewable and low-carbon gases CCM 4.14 0 0,00% N/EL N/EL N/EL N/EL N/EL N/EL District heating/cooling distribution CCM 4.15 0.8 0.20% EL N/EL N/EL N/EL N/EL N/EL 0.22% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 331 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Collection and transport of non hazardous waste in source segregated fractions CCM 5.3/ WTR 2.2 0.6 0.16% Y N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y 0.04% Collection and transport of non hazardous waste in source segregated fractions CCM 5.5/ CE 2.3 36 9.47% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 7.26% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 3 0.70% N N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.49% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 3 0.69% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.50% Anaerobic digestion of bio-waste CCM 5.7/ CE 2.5 2 0.65% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.65% Composting of bio-waste CCM 5.8/ CE 2.5 0.3 0.09% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y 0.08% Opex of environmentally sustainable activities (Taxonomy-aligned) (A.1) 164 42.88% 39.30% 0.00% 0.58% 2.30% 0.70% 0.00% 30.99% of which enabling 67 17.55% 17.55% 0.00% 0.00% 0.00% 0.00% 0.00% 10.09% of which transitional 0.00 0.00% 0.00% 0.00% A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL Hydrogen production CCM 3.10 0.01 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.00% Transmission and distribution of renewable and low-carbon gases CCM 4.14 0 0,00% N/EL N/EL N/EL N/EL N/EL N/EL District heating/cooling distribution CCM 4.15 0.8 0.20% EL N/EL N/EL N/EL N/EL N/EL 0.22% Follow >> 332 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Electricity generation using solar photovoltaic technology CCM 4.1 0.01 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.00% Electricity generation from fossil gaseous fuels CCM 4.29 22 5.82% EL N/EL N/EL N/EL N/EL N/EL 5.25% High-efficiency co-generation of heat/ cool and power from fossil gaseous fuels CCM 4.30 13 3.30% EL N/EL N/EL N/EL N/EL N/EL 2.17% Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system CCM 4.31 4 1.07% EL N/EL N/EL N/EL N/EL N/EL 0.60% Electricity generation from wind power CCM 4.3 0.7 0.20% EL N/EL N/EL N/EL N/EL N/EL 0.14% Transmission and distribution of electricity CCM 4.9 0.4 0.11% EL N/EL N/EL N/EL N/EL N/EL 0.33% Landfill gas capture and utilisation CCM 5.10 0.02 0.01% EL N/EL N/EL N/EL N/EL N/EL 0.01% Data processing, hosting and related activities CCM 8.1 0.5 0.13% EL N/EL N/EL N/EL N/EL N/EL 0.16% Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 3.4 0.89% EL N/EL EL N/EL N/EL N/EL 0.78% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.1 0.03% EL N/EL EL N/EL N/EL N/EL 0.04% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 0.3 0.08% EL N/EL N/EL N/EL EL N/EL 0.03% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 333 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Electricity generation using solar photovoltaic technology CCM 4.1 0.01 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.00% Electricity generation from fossil gaseous fuels CCM 4.29 22 5.82% EL N/EL N/EL N/EL N/EL N/EL 5.25% High-efficiency co-generation of heat/ cool and power from fossil gaseous fuels CCM 4.30 13 3.30% EL N/EL N/EL N/EL N/EL N/EL 2.17% Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system CCM 4.31 4 1.07% EL N/EL N/EL N/EL N/EL N/EL 0.60% Electricity generation from wind power CCM 4.3 0.7 0.20% EL N/EL N/EL N/EL N/EL N/EL 0.14% Transmission and distribution of electricity CCM 4.9 0.4 0.11% EL N/EL N/EL N/EL N/EL N/EL 0.33% Landfill gas capture and utilisation CCM 5.10 0.02 0.01% EL N/EL N/EL N/EL N/EL N/EL 0.01% Data processing, hosting and related activities CCM 8.1 0.5 0.13% EL N/EL N/EL N/EL N/EL N/EL 0.16% Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 3.4 0.89% EL N/EL EL N/EL N/EL N/EL 0.78% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.1 0.03% EL N/EL EL N/EL N/EL N/EL 0.04% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 0.3 0.08% EL N/EL N/EL N/EL EL N/EL 0.03% Follow >> 334 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Opex of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 45 11.84% 11.84% 0.00% 0.91% 0.00% 0.08% 0.00% 10.12% Opex of Taxonomy eligible activities (A1+A2) 210 54.72% 52.42% 0.00% 2.37% 2.30% 11.68% 0.00% 41.11% B. Taxonomy non-eligible activities Opex of Taxonomy non-eligible activities 174 45.28% Total 384 100% Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 335 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code OpEx OpEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE Minimum safeguards criteria Portion of OpEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N % E T Opex of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 45 11.84% 11.84% 0.00% 0.91% 0.00% 0.08% 0.00% 10.12% Opex of Taxonomy eligible activities (A1+A2) 210 54.72% 52.42% 0.00% 2.37% 2.30% 11.68% 0.00% 41.11% B. Taxonomy non-eligible activities Opex of Taxonomy non-eligible activities 174 45.28% Total 384 100% 336 A2A Report on Operations 2025 5\. Sustainability Statement Share of capital expenditure from products or services associated with eligible and taxonomy-aligned economic activities million euro 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A. Taxonomy eligible activities A.1\. Environmentally sustainable activities (Taxonomy-aligned) Treatment of hazardous waste PPC 2.2 12 0.68% N/EL N/EL N/EL Y N/EL N/EL Y Y Y Y Y Y Y 0.78% Storage of electric energy CCM 4.10 10 0.56% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.80% E Storage of thermal energy CCM 4.11 0.1 0.01% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.03% E Production of biogas and biofuels for use in transport, and of bioliquids CCM 4.13 1 0.07% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Transmission and distribution networks for renewable and low-carbon gases CCM 4.14 63 3.60% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 3.11% District heating/cooling distribution CCM 4.15 67 3.83% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 2.91% Installation and operation of electric heat pumps CCM 4.16 3 0.16% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.03% Electricity generation using solar photovoltaic technology CCM 4.1 79 4.52% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 5.61% Cogeneration of heat/cool and power from bioenergy CCM 4.20 0.7 0.04% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.04% Production of heat/cool using waste heat CCM 4.25 3 0.18% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.11% Electricity generation from wind power CCM 4.3 43 2.46% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.62% Electricity generation from hydropower CCM 4.5 31 1.79% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.43% Electricity generation from bioenergy CCM 4.8 10 0.56% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.84% Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 337 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Share of capital expenditure from products or services associated with eligible and taxonomy-aligned economic activities 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A. Taxonomy eligible activities A.1\. Environmentally sustainable activities (Taxonomy-aligned) Treatment of hazardous waste PPC 2.2 12 0.68% N/EL N/EL N/EL Y N/EL N/EL Y Y Y Y Y Y Y 0.78% Storage of electric energy CCM 4.10 10 0.56% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.80% E Storage of thermal energy CCM 4.11 0.1 0.01% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.03% E Production of biogas and biofuels for use in transport, and of bioliquids CCM 4.13 1 0.07% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% Transmission and distribution networks for renewable and low-carbon gases CCM 4.14 63 3.60% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 3.11% District heating/cooling distribution CCM 4.15 67 3.83% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 2.91% Installation and operation of electric heat pumps CCM 4.16 3 0.16% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.03% Electricity generation using solar photovoltaic technology CCM 4.1 79 4.52% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 5.61% Cogeneration of heat/cool and power from bioenergy CCM 4.20 0.7 0.04% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.04% Production of heat/cool using waste heat CCM 4.25 3 0.18% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.11% Electricity generation from wind power CCM 4.3 43 2.46% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.62% Electricity generation from hydropower CCM 4.5 31 1.79% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.43% Electricity generation from bioenergy CCM 4.8 10 0.56% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.84% Follow >> 338 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Transmission and distribution of electricity CCM 4.9 345 19.88% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 29.17% E Landfill gas capture and utilisation CCM 5.10 0.4 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.08% Anaerobic digestion of sewage sludge CCM 5.6 1 0.07% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.22% Infrastructure enabling low-carbon road transport and public transport CCM 6.15 15 0.85% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.57% E Installation, maintenance and repair of energy efficiency equipment CCM 7.3 26 1.50% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.42% E Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 6 0.35% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% E Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings CCM 7.5 5 0.29% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% E Installation, maintenance and repair of renewable energy technologies CCM 7.6 4 0.25% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.14% E Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 27 1.58% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.44% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 21 1.21% N N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.27% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 339 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Transmission and distribution of electricity CCM 4.9 345 19.88% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 29.17% E Landfill gas capture and utilisation CCM 5.10 0.4 0.02% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.08% Anaerobic digestion of sewage sludge CCM 5.6 1 0.07% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.22% Infrastructure enabling low-carbon road transport and public transport CCM 6.15 15 0.85% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.57% E Installation, maintenance and repair of energy efficiency equipment CCM 7.3 26 1.50% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 1.42% E Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 6 0.35% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% E Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings CCM 7.5 5 0.29% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00% E Installation, maintenance and repair of renewable energy technologies CCM 7.6 4 0.25% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.14% E Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 27 1.58% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.44% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 21 1.21% N N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.27% Follow >> 340 A2A Report on Operations 2025 5\. Sustainability Statement << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.1 0.01% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 16 0.94% Y N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5/ CE 2.3 48 2.75% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 2.71% Material recovery from non-hazardous waste CCM 5.9/ E 2.7 10 0.57% N N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.35% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 3 0.18% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.51% Construction of new buildings CCM 7.1/ CE 3.1 67 3.87% Y N/EL N/EL N/EL N N/EL Y Y Y Y Y Y Y 0.00% Anaerobic digestion of bio-waste CCM 5.7/ CE 2.5 3 0.16% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.07% Composting of bio waste CCM 5.8/ CE 2.5 0.7 0.04% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.01% Renovation of existing buildings CCM 7.2/ CE 3.2 0.2 0.01% Y N/EL N/EL N/EL N N/EL Y Y Y Y Y Y Y 0.00% T Capex of environmentally sustainable activities (Taxonomy-aligned) (A.1) 921 53.01% 50.55% 0.00% 1.21% 0.68% 0.57% 0.00% 55.36% of which enabling 412 23.70% 23.70% 0.00% 0.00% 0.00% 0.00% 0.00% 32.14% of which transitional 0.2 0.01% 0.01% 0.07% 341 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 0.1 0.01% Y N/EL N N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 16 0.94% Y N/EL Y N/EL N/EL N/EL Y Y Y Y Y Y Y 0.02% Collection and transport of non-hazardous waste in source segregated fractions CCM 5.5/ CE 2.3 48 2.75% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 2.71% Material recovery from non-hazardous waste CCM 5.9/ E 2.7 10 0.57% N N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.35% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 3 0.18% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.51% Construction of new buildings CCM 7.1/ CE 3.1 67 3.87% Y N/EL N/EL N/EL N N/EL Y Y Y Y Y Y Y 0.00% Anaerobic digestion of bio-waste CCM 5.7/ CE 2.5 3 0.16% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.07% Composting of bio waste CCM 5.8/ CE 2.5 0.7 0.04% Y N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 0.01% Renovation of existing buildings CCM 7.2/ CE 3.2 0.2 0.01% Y N/EL N/EL N/EL N N/EL Y Y Y Y Y Y Y 0.00% T Capex of environmentally sustainable activities (Taxonomy-aligned) (A.1) 921 53.01% 50.55% 0.00% 1.21% 0.68% 0.57% 0.00% 55.36% of which enabling 412 23.70% 23.70% 0.00% 0.00% 0.00% 0.00% 0.00% 32.14% of which transitional 0.2 0.01% 0.01% 0.07% Follow >> 342 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL Transmission and distribution of renewable and low-carbon gases CCM 4.14 0 0,00% N/EL N/EL N/EL N/EL N/EL N/EL \ District heating/cooling distribution CCM 4.15 2 0.09% EL N/EL N/EL N/EL N/EL N/EL 0.20% Electricity generation using solar photovoltaic technology CCM 4.1 0.1 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.00% Electricity generation from fossil gaseous fuels CCM 4.29 163 9.36% EL N/EL N/EL N/EL N/EL N/EL 9.84% High-efficiency co- generation of heat/ cool and power from fossil gaseous fuels CCM 4.30 54 3.12% EL N/EL N/EL N/EL N/EL N/EL 0.89% Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system CCM 4.31 10 0.57% EL N/EL N/EL N/EL N/EL N/EL 0.61% Electricity generation from wind power CCM 4.3 0.02 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.02% Transmission and distribution of electricity CCM 4.9 4 0.23% EL N/EL N/EL N/EL N/EL N/EL 1.93% Capture and utilisation of landfill gas CCM 5.10 0.0 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.01% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 343 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL EL; N / EL Transmission and distribution of renewable and low-carbon gases CCM 4.14 0 0,00% N/EL N/EL N/EL N/EL N/EL N/EL \ District heating/cooling distribution CCM 4.15 2 0.09% EL N/EL N/EL N/EL N/EL N/EL 0.20% Electricity generation using solar photovoltaic technology CCM 4.1 0.1 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.00% Electricity generation from fossil gaseous fuels CCM 4.29 163 9.36% EL N/EL N/EL N/EL N/EL N/EL 9.84% High-efficiency co- generation of heat/ cool and power from fossil gaseous fuels CCM 4.30 54 3.12% EL N/EL N/EL N/EL N/EL N/EL 0.89% Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system CCM 4.31 10 0.57% EL N/EL N/EL N/EL N/EL N/EL 0.61% Electricity generation from wind power CCM 4.3 0.02 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.02% Transmission and distribution of electricity CCM 4.9 4 0.23% EL N/EL N/EL N/EL N/EL N/EL 1.93% Capture and utilisation of landfill gas CCM 5.10 0.0 0.00% EL N/EL N/EL N/EL N/EL N/EL 0.01% Follow >> 344 A2A Report on Operations 2025 5\. Sustainability Statement 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Data processing, hosting and related activities CCM 8.1 0.6 0.04% EL N/EL N/EL N/EL N/EL N/EL 0.01% Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 25 1.44% EL N/EL EL N/EL N/EL N/EL 1.57% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 21 1.23% EL N/EL EL N/EL N/EL N/EL 0.52% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 0.6 0.03% EL N/EL N/EL N/EL EL N/EL 0.03% Renovation of existing buildings CCM 7.2/ CE 3.2 1 0.07% EL N/EL N/EL N/EL EL N/EL 0.00% Capex of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 281 16.19% 16.19% 0.00% 2.67% 0.00% 0.10% 0.00% 16.34% Capex of Taxonomy eligible activities (A.1+A.2) 1202 69.20% 68.52% 0.00% 6.41% 0.68% 7.6 9 % 0.00% 71.69% B. Taxonomy non-eligible activities Capex of Taxonomy non eligible activities 535 30.80% Total 1737 100.00% << Continue Legend: CCM: Climate change mitigation CCA:Climate change adaptation WTR: Water PPC: Pollution prevention and control CE: Circular economy BIO: Biodiversity 345 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2025 Substantial contribution criteria DNSH criteria (Does not significantly harm) Economic Activity Code CapEx CapEx share CCM CCA WTR PPC CE BIO CCM CCA WTR PPC CE BIO Minimum safeguards criteria Portion of CapEx aligned (A.1.) or eligible (A.2.) to EU Taxonomy 2024 Enabling activity Transitional activity % Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y; N; N / EL Y / N Y / N Y / N Y / N Y / N Y / N Y / N % E T Data processing, hosting and related activities CCM 8.1 0.6 0.04% EL N/EL N/EL N/EL N/EL N/EL 0.01% Construction, extension and operation of water collection, treatment and supply systems CCM 5.1/ WTR 2.1 25 1.44% EL N/EL EL N/EL N/EL N/EL 1.57% Construction, extension and operation of waste water collection and treatment CCM 5.3/ WTR 2.2 21 1.23% EL N/EL EL N/EL N/EL N/EL 0.52% Material recovery from non-hazardous waste CCM 5.9/ CE 2.7 0.6 0.03% EL N/EL N/EL N/EL EL N/EL 0.03% Renovation of existing buildings CCM 7.2/ CE 3.2 1 0.07% EL N/EL N/EL N/EL EL N/EL 0.00% Capex of Taxonomy- eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 281 16.19% 16.19% 0.00% 2.67% 0.00% 0.10% 0.00% 16.34% Capex of Taxonomy eligible activities (A.1+A.2) 1202 69.20% 68.52% 0.00% 6.41% 0.68% 7.6 9 % 0.00% 71.69% B. Taxonomy non-eligible activities Capex of Taxonomy non eligible activities 535 30.80% Total 1737 100.00% 346 A2A Report on Operations 2025 5\. Sustainability Statement CapEx Alignment by objective Eligibility by objective CCM 50.55% 68.52% CCA 0.00% 0.00% WTR 2.15% 6.41% PPC 0.68% 0.68% CE 3.70% 7.6 9 % BIO 0.00% 0.00% OpEx Alignment by objective Eligibility by objective CCM 39.30% 52.42% CCA 0.00% 0.00% WTR 0.74% 2.37% PPC 2.30% 2.30% CE 11.60% 11.68% BIO 0.00% 0.00% Turnover Alignment by objective Eligibility by objective CCM 15.38% 26.19% CCA 0.00% 0.00% WTR 0.34% 1.05% PPC 0.54% 0.54% CE 3.85% 3.86% BIO 0.00% 0.00% 347 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Nuclear and fossil gas related activities Nuclear related activities The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. No The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. No The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. No Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. Yes The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. Yes The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. Yes Turnover Taxonomy-aligned economic activities (denominator) million euro Economic activity CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 14,052 100% 14,052 100% \- 0% Total 14,052 100% 14,052 100% \- 0% 348 A2A Report on Operations 2025 5\. Sustainability Statement Taxonomy-aligned economic activities (numerator) million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 2,327 100% 2,327 100% \- 0% Total 2,327 100% 2,327 100% \- 0% Taxonomy-eligible but not taxonomy-aligned economic activities million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels 1,104 77% 1,104 77% \- 0% 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels 161 11% 161 11% \- 0% 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system 77 5% 77 5% \- 0% Total other activities 88 6% 88 6% \- 0% Total 1,430 100% 1,430 100% \- 0% 349 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Taxonomy non-eligible economic activities million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 10,295 100% \- 0% \- 0% Total 10,295 100% \- 0% \- 0% CapEx Taxonomy-aligned economic activities (denominator) million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 1,737 100% 1,737 100% \- 0% Total 1,737 100% 1,737 100% \- 0% 350 A2A Report on Operations 2025 5\. Sustainability Statement Taxonomy-aligned economic activities (numerator) million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 921 100% 921 100% \- 0% Total 921 100% 921 100% \- 0% Taxonomy-eligible but not taxonomy-aligned economic activities million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels 163 58% 163 58% \- 0% 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels 54 19% 54 19% \- 0% 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system 10 4% 10 4% \- 0% Total other activities 55 19% 55 19% \- 0% Total 281 100% 281 100% \- 0% 351 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Taxonomy non-eligible economic activities million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co-generation of heat/ cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 535 100% \- 0% \- 0% Total 535 100% \- 0% \- 0% OpEx Taxonomy-aligned economic activities (denominator) million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 384 100% 384 100% \- 0% Total 384 100% 384 100% \- 0% 352 A2A Report on Operations 2025 5\. Sustainability Statement Taxonomy-aligned economic activities (numerator) million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 164 100% 164 100% \- 0% Total 164 100% 164 100% \- 0% Taxonomy-eligible but not taxonomy-aligned economic activities million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels 22 49% 22 49% \- 0% 4.30 - High-efficiency co- generation of heat/cool and power from fossil gaseous fuels 13 28% 13 28% \- 0% 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system 4 9% 4 9% \- 0% Total other activities 6 14% 6 14% \- 0% Total 45 100% 45 100% \- 0% 353 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Taxonomy non-eligible economic activities million euro Economic activities CCM+CCA CCM CCA Amount % Amount % Amount % 4.29 - Electricity generation from fossil gaseous fuels - - - - - - 4.30 - High-efficiency co-generation of heat/ cool and power from fossil gaseous fuels - - - - - - 4.31 - Production of heat/cool from fossil gaseous fuels in an efficient district heating and cooling system - - - - - - Total other activities 174 100% 174 100% \- 0% Total 174 100% 174 100% \- 0% 354 A2A Report on Operations 2025 5\. Sustainability Statement ESRS 2 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement [56] List of datapoints in cross-cutting and topical standards that derive from other EU legislation Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation (EU) 2020/1816, Annex II Not subject to materiality Page 94 ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) Delegated Regulation (EU) 2020/1816, Annex II Not subject to materiality Page 94 ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 Not subject to materiality Page 105 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i Indicators number 4 Table #1 of Annex 1 Article 449a of Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453, Table 1 - Qualitative Information on Environmental Risk and Table 2 - Qualitative Information on Social Risk Delegated Regulation (EU) 2020/1816, Annex II Not subject to materiality Page 107 ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1818(7), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not subject to materiality Not applicable Follow >> 355 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv Annex I, table 1, indicator no. 14 Article 12, paragraph 1, of Delegated Regulation (EU) 2020/1818 and Annex II of Delegated Regulation (EU) 2020/1816 Not subject to materiality Not applicable ESRS 2 SBM-1 Involvement in activities related to tobacco cultivation and production, paragraph 40, paragraph d), point iv Article 12, paragraph 1, of Delegated Regulation (EU) 2020/1818 and Annex II of Delegated Regulation (EU) 2020/1816 Not subject to materiality Not applicable ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 Regulation (EU) 2021/1119, Article 2 (1) Material Page 141 ESRS E1-1 Undertakings excluded from Paris- aligned Benchmarks paragraph 16 (g) Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2 Material Page 141 Follow >> << Continue 356 A2A Report on Operations 2025 5\. Sustainability Statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS E1-4 GHG emission reduction targets, paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 6 Material Page 167 ESRS E1-5 Energy consumption from fossil fuels disaggregated by source (high climate impact sectors only), paragraph 38 Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 Material Page 171 ESRS E1-5 Energy consumption and mix, paragraph 37 Indicator number 5 Table #1 of Annex 1 Material Page 171 ESRS E1-5 Energy intensity associated with activities in high climate impact sectors, paragraphs 40 to 43 Indicator number 6 Table #1 of Annex 1 Material Page 171 ESRS E1-6 Gross Scope 1, 2, 3 and total GHG emissions, paragraph 44 Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) Material Page 172 Follow >> << Continue 357 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 8(1) Material Page 172 ESRS E1-7 GHG removals and carbon credits, paragraph 56 Regulation (EU) 2021/1119, Article 2(1) Material Page 181 ESRS E1-9 Exposure of the benchmark portfolio to climate- related physical risks paragraph 66 Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II Material Disclosure subject to phase-in ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk. Material Disclosure subject to phase-in Follow >> << Continue 358 A2A Report on Operations 2025 5\. Sustainability Statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy- efficiency classes paragraph 67 (c). Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property \- Energy efficiency of the collateral Material Disclosure subject to phase-in ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 Delegated Regulation (EU) 2020/1818, Annex II Material Disclosure subject to phase-in ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 Material Page 188 ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 Material Page 193 ESRS E3-1 Dedicated Policy, paragraph 13 Indicator number 8 Table 2 of Annex 1 Material Page 193 Follow >> << Continue 359 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Not material - ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1 Material Page 197 ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29 Indicator number 6.1 Table #2 of Annex 1 Material Page 197 ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not subject to materiality Page 206 ESRS 2 IRO-1 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not subject to materiality Page 206 ESRS 2 IRO-1 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not subject to materiality Page 206 ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) Indicator number 11 Table #2 of Annex 1 Material Page 207 ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) Indicator number 12 Table #2 of Annex 1 Not material \- ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 Material Page 207 ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 Material Page 218 ESRS E5-5 Hazardous Waste and Radioactive Waste, paragraph 39 Indicator number 9 Table #1 of Annex 1 Material Page 218 Follow >> << Continue 360 A2A Report on Operations 2025 5\. Sustainability Statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS 2 – SBM3 – S1 Risk of incidents of forced labour paragraph 14 (f) Indicator number 13 Table #3 of Annex I Material Page 224 ESRS 2 - SBM3 - S1 Risk of incidents of child labour paragraph 14 (g) Indicator number 12 Table #3 of Annex I Material Page 224 ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I Material Page 225 ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 Delegated Regulation (EU) 2020/1816, Annex II Material Page 225 ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22 Indicator number 11 Table #3 of Annex I Material Page 225 ESRS S1-1 workplace accident prevention policy or management system paragraph 23 Indicator number 1 Table #3 of Annex I Material Page 225 ESRS S1-3 grievance/ complaints handling mechanisms paragraph 32 (c) Indicator number 5 Table #3 of Annex I Material Page 231 ESRS S1-14 Number of fatalities and number and rate of work\- related accidents paragraph 88 (b) and (c) Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Material Page 250 ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Indicator number 3 Table #3 of Annex I Material Page 250 Follow >> << Continue 361 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS S1-16 Unadjusted gender pay gap, paragraph 97, (a) Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Material Page 252 ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Material Page 252 ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I Material Page 253 ESR S1-17 Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a) Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) Material Page 253 ESRS 2 SBM-3 - S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) Indicators number 12 and n. 13 Table #3 of Annex I Material Page 255 ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 Material Page 256 ESRS S2-1 Policies related to value chain workers paragraph 18 Indicator number 11 and n. 4 Table #3 of Annex 1 Material Page 256 ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Material Page 256 Follow >> << Continue 362 A2A Report on Operations 2025 5\. Sustainability Statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 Delegated Regulation (EU) 2020/1816, Annex II Material Page 256 ESRS S2-4 Human rights issues and incidents in its upstream and downstream value chain, paragraph 36 Indicator number 14 Table #3 of Annex 1 Material Page 260 ESRS S3-1 Human rights policy commitments, paragraph 16 Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 Material Page 266 ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17 Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Material Page 266 ESRS S3-4 Human Rights Issues and Incidents, paragraph 36 Indicator number 14 Table #3 of Annex 1 Material Page 270 ESRS S4-1 – Policies related to consumers and end-users, paragraph 16 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 Material Page 288 Follow >> << Continue 363 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU climate law reference Material/ Non- material Reference Page ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Material Page 288 ESRS S4-4 Human Rights Issues and Incidents, paragraph 35 Indicator number 14 Table #3 of Annex 1 Material Page 294 ESRS G1-1 United Nations Convention against Corruption, paragraph 10, (b) Indicator number 15 Table #3 of Annex 1 Material Not applicable ESRS G1-1 Protection of whistle- blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 Material Not applicable ESRS G1-4 Fines for violation of anti- corruption and anti-bribery laws paragraph 24 (a) Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II) Material Page 306 ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b) Indicator number 16 Table #3 of Annex 1 Material Page 306 << Continue 364 A2A Report on Operations 2025 5\. Sustainability Statement Circular economy Objective KPIs Method BU Service/Business Stakeholders Waste recovery and treatment Rate of separate collection of urban waste in all municipalities served (%) Ratio of sorted waste to total waste total published in the MUD at Group level Circular Economy Waste collection Community Institutions Rate of separate waste collection city of Milan (%) Ratio of sorted waste to total waste total published in the MUD at Group level Circular Economy Waste collection Community Institutions Rate of municipal waste collected for disposal (%) Ratio of collected waste for disposal to total collected waste Circular Economy Waste collection and treatment Community Institutions Per capita unsorted waste reduction (kg/inhabitant) Ratio of unsorted waste collected to total inhabitants served Circular Economy Waste collection Community Institutions Waste sent for material recovery (kt) Circular Economy Waste treatment Community Institutions District heating Thermal storage capacity for district heating (m 3 ) Circular Economy TLR Customers Energy from thermal waste / renewables for the TLR (TWht) Circular Economy TLR Customers Community Share of heat from renewables and waste recovery Circular Economy TLR Customers Community CO 2 emissions avoided thanks to district heating (t/year) Difference between CO 2 emissions of the reference thermal scenario and CO 2 emissions of the A2A district heating system Circular Economy TLR Community Institutions NOx emissions avoided thanks to TLR (t) Cumulative figure referring to the period 2026–2035 Circular Economy TLR Community Institutions Water Reduction of water consumption from aqueducts in electricity distribution (%) \- Unareti perimeter % reduction compared to 2020 consumption Circular Economy Integrated water service Community Linear water losses (cubic metres/km/ days) - average Circular Economy Integrated water service Community Number of intelligent sensors installed for water service - cumulative figure Cumulative figure referring to the period 2021-2035. Circular Economy Integrated water service Community Percentage of new generation water service meters installed Ratio of the number of new generation meters to the total number of meters Circular Economy Integrated water service Community Percentage of districting of the A2A Ciclo Idrico aqueduct network Ratio of cumulative district km/total km of the distribution network Circular Economy Integrated water service Community Policies to reduce waste production Areas where waste prevention and reduction actions are active Ratio of inhabitants resident in areas where waste prevention and reduction actions are active out of total inhabitants served Circular Economy Circular economy Community Institutions No. of partnerships launched for circular economy initiatives Circular Economy Circular economy Customers Institutions 365 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Circular economy Objective KPIs Method BU Service/Business Stakeholders Waste recovery and treatment Rate of separate collection of urban waste in all municipalities served (%) Ratio of sorted waste to total waste total published in the MUD at Group level Circular Economy Waste collection Community Institutions Rate of separate waste collection city of Milan (%) Ratio of sorted waste to total waste total published in the MUD at Group level Circular Economy Waste collection Community Institutions Rate of municipal waste collected for disposal (%) Ratio of collected waste for disposal to total collected waste Circular Economy Waste collection and treatment Community Institutions Per capita unsorted waste reduction (kg/inhabitant) Ratio of unsorted waste collected to total inhabitants served Circular Economy Waste collection Community Institutions Waste sent for material recovery (kt) Circular Economy Waste treatment Community Institutions District heating Thermal storage capacity for district heating (m 3 ) Circular Economy TLR Customers Energy from thermal waste / renewables for the TLR (TWht) Circular Economy TLR Customers Community Share of heat from renewables and waste recovery Circular Economy TLR Customers Community CO 2 emissions avoided thanks to district heating (t/year) Difference between CO 2 emissions of the reference thermal scenario and CO 2 emissions of the A2A district heating system Circular Economy TLR Community Institutions NOx emissions avoided thanks to TLR (t) Cumulative figure referring to the period 2026–2035 Circular Economy TLR Community Institutions Water Reduction of water consumption from aqueducts in electricity distribution (%) \- Unareti perimeter % reduction compared to 2020 consumption Circular Economy Integrated water service Community Linear water losses (cubic metres/km/ days) - average Circular Economy Integrated water service Community Number of intelligent sensors installed for water service - cumulative figure Cumulative figure referring to the period 2021-2035. Circular Economy Integrated water service Community Percentage of new generation water service meters installed Ratio of the number of new generation meters to the total number of meters Circular Economy Integrated water service Community Percentage of districting of the A2A Ciclo Idrico aqueduct network Ratio of cumulative district km/total km of the distribution network Circular Economy Integrated water service Community Policies to reduce waste production Areas where waste prevention and reduction actions are active Ratio of inhabitants resident in areas where waste prevention and reduction actions are active out of total inhabitants served Circular Economy Circular economy Community Institutions No. of partnerships launched for circular economy initiatives Circular Economy Circular economy Customers Institutions 366 A2A Report on Operations 2025 5\. Sustainability Statement Energy transition Objective KPIs Method BU Service/Business Stakeholders Renewables Total installed RES capacity (GW) Generation BU - Italy perimeter Sum of hydroelectric, photovoltaic and wind power capacities Generation & Trading Energy production Community Institutions Percentage of renewable energy out of the total – Generation BU Ratio between net production from hydroelectric, photovoltaic and wind power plants and the total net production of the Generation BU, net of the Scandale plant Generation & Trading Energy production Community/Customers Total installed RES capacity (GW) BUMER Sum of installed RES capacity of the Market BU Market Energy production Customers Total net production (GWh) solar BUMER Energy sold by the plants of the Market BU to A2A Generazione Market Energy production Customers Emissions Scope 1 + Scope 2 emission factor (gCO 2 eq/kWh) Ratio of the Group’s total stationary emissions to total electricity production A2A Group - Community Scope 2 emissions (ktCO 2 eq) – energy purchased Scope 2 emissions calculated according to the market-based approach A2A Group - Community Scope 3 emissions - Upstream energy carriers (Base year 2023) The following carriers are considered: coal, natural gas and petroleum A2A Group - Suppliers Scope 3 emissions - Products sold (Base year 2023) Product of the volumes of fossil gas sold and the associated emission factor A2A Group - Customers Total methane emissions avoided from distribution networks - cumulative figures with respect to 2015 (tCO₂eq) - Unareti perimeter Quantity of methane emissions avoided multiplied by the methane emission factor Smart Infrastructures - Community Sustainable mobility Emoving charging service contracts (number) Number of contracts signed for the Group’s Emoving recharging services Market Electric mobility Customers Avoided emissions from A2A columns Product of GWh supplied by the columns and a coefficient determined on the basis of the average distance (km/kWh, source: EV Database) and kgCO₂ avoided per km travelled (source: ISPRA, Passenger cars) Market Electric mobility Community Number of electric charging points - cumulative 21-35 (k) - Market Electric mobility Institution Community Average specific emissions (kg/year) of the service vehicle fleet (excluding special vehicles) calculated using WLTP criteria Emissions calculated according to the WLTP (Worldwide Harmonized Light Vehicles Test Procedure) A2A Group Electric mobility People Number of low environmental impact collection and street sweeping vehicles (%) (Euro 6 vehicles, methane gas, electric) Ratio of the number of electric, methane and Euro 6 waste collection vehicles to the total number of collection vehicles Circular Economy Waste collection Community 367 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Energy transition Objective KPIs Method BU Service/Business Stakeholders Renewables Total installed RES capacity (GW) Generation BU - Italy perimeter Sum of hydroelectric, photovoltaic and wind power capacities Generation & Trading Energy production Community Institutions Percentage of renewable energy out of the total – Generation BU Ratio between net production from hydroelectric, photovoltaic and wind power plants and the total net production of the Generation BU, net of the Scandale plant Generation & Trading Energy production Community/Customers Total installed RES capacity (GW) BUMER Sum of installed RES capacity of the Market BU Market Energy production Customers Total net production (GWh) solar BUMER Energy sold by the plants of the Market BU to A2A Generazione Market Energy production Customers Emissions Scope 1 + Scope 2 emission factor (gCO 2 eq/kWh) Ratio of the Group’s total stationary emissions to total electricity production A2A Group - Community Scope 2 emissions (ktCO 2 eq) – energy purchased Scope 2 emissions calculated according to the market-based approach A2A Group - Community Scope 3 emissions - Upstream energy carriers (Base year 2023) The following carriers are considered: coal, natural gas and petroleum A2A Group - Suppliers Scope 3 emissions - Products sold (Base year 2023) Product of the volumes of fossil gas sold and the associated emission factor A2A Group - Customers Total methane emissions avoided from distribution networks - cumulative figures with respect to 2015 (tCO₂eq) - Unareti perimeter Quantity of methane emissions avoided multiplied by the methane emission factor Smart Infrastructures - Community Sustainable mobility Emoving charging service contracts (number) Number of contracts signed for the Group’s Emoving recharging services Market Electric mobility Customers Avoided emissions from A2A columns Product of GWh supplied by the columns and a coefficient determined on the basis of the average distance (km/kWh, source: EV Database) and kgCO₂ avoided per km travelled (source: ISPRA, Passenger cars) Market Electric mobility Community Number of electric charging points - cumulative 21-35 (k) - Market Electric mobility Institution Community Average specific emissions (kg/year) of the service vehicle fleet (excluding special vehicles) calculated using WLTP criteria Emissions calculated according to the WLTP (Worldwide Harmonized Light Vehicles Test Procedure) A2A Group Electric mobility People Number of low environmental impact collection and street sweeping vehicles (%) (Euro 6 vehicles, methane gas, electric) Ratio of the number of electric, methane and Euro 6 waste collection vehicles to the total number of collection vehicles Circular Economy Waste collection Community Follow >> 368 A2A Report on Operations 2025 5\. Sustainability Statement << Continue Objective KPIs Method BU Service/Business Stakeholders Green energy and end-use nergy efficiency Green energy sold to the market (TWh) Electricity sold from renewable sources Market Energy sales Customers CO 2 -free gas sold to the segment Both biomethane and decarbonised gas through carbon credits are included in the calculation scope Market Gas Sales Customers Loyal customers with energy efficiency services (Customers with a service/ product in addition to the commodity) Customers with a service/product purchased in addition to the electricity and/ or gas commodity. From 2025, adoption of the cumulative figure and determination of unique loyalty products using the same coefficient used for the estimation of unique customers from supply points. Market Energy Efficiency Customers Cumulative avoided emissions 21-35 - VAS products (HVAC, PV systems) (t) Sum of cumulative avoided emissions from 2021 through the sale of VAS products calculated as MWh delivered by new plants multiplied by the national EU ETS standard emission factor Market Energy Efficiency Customers Cumulative avoided emissions 21-35 - Energy efficiency b2b - ESCo (t) Cumulative amount of the Group’s avoided emissions calculated on the basis of the Energy Efficiency Certificates as communicated by the GES. Market Energy Efficiency Customers Cumulative avoided emissions 21-35 - VAS products for condominiums and commercial buildings (t) Sum of cumulative avoided emissions from 2021 onwards on the grounding of: sales contracts, integrated building and plant upgrades, thermal plant capex and photovoltaic capex Market Energy Efficiency Customers Smart Grid Percentage of users with 2G electricity smart meter Ratio of users with 2G electricity smart meter to users served Smart Infrastructures Network Management Community User interruptions in LV - SAIFI (#/year/ POD) Average number of power outages per year for each supply point. From 2025, extension of the perimeter to Duereti and Retipiù Smart Infrastructures Network Management Community Installed capacity of the electricity grid (GVA) - Smart Infrastructures Network Management Community Number of primary substations installed - Smart Infrastructures Network Management Community 369 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Objective KPIs Method BU Service/Business Stakeholders Green energy and end-use nergy efficiency Green energy sold to the market (TWh) Electricity sold from renewable sources Market Energy sales Customers CO 2 -free gas sold to the segment Both biomethane and decarbonised gas through carbon credits are included in the calculation scope Market Gas Sales Customers Loyal customers with energy efficiency services (Customers with a service/ product in addition to the commodity) Customers with a service/product purchased in addition to the electricity and/ or gas commodity. From 2025, adoption of the cumulative figure and determination of unique loyalty products using the same coefficient used for the estimation of unique customers from supply points. Market Energy Efficiency Customers Cumulative avoided emissions 21-35 - VAS products (HVAC, PV systems) (t) Sum of cumulative avoided emissions from 2021 through the sale of VAS products calculated as MWh delivered by new plants multiplied by the national EU ETS standard emission factor Market Energy Efficiency Customers Cumulative avoided emissions 21-35 - Energy efficiency b2b - ESCo (t) Cumulative amount of the Group’s avoided emissions calculated on the basis of the Energy Efficiency Certificates as communicated by the GES. Market Energy Efficiency Customers Cumulative avoided emissions 21-35 - VAS products for condominiums and commercial buildings (t) Sum of cumulative avoided emissions from 2021 onwards on the grounding of: sales contracts, integrated building and plant upgrades, thermal plant capex and photovoltaic capex Market Energy Efficiency Customers Smart Grid Percentage of users with 2G electricity smart meter Ratio of users with 2G electricity smart meter to users served Smart Infrastructures Network Management Community User interruptions in LV - SAIFI (#/year/ POD) Average number of power outages per year for each supply point. From 2025, extension of the perimeter to Duereti and Retipiù Smart Infrastructures Network Management Community Installed capacity of the electricity grid (GVA) - Smart Infrastructures Network Management Community Number of primary substations installed - Smart Infrastructures Network Management Community 370 A2A Report on Operations 2025 5\. Sustainability Statement People Innovation Objective KPIs Method BU Service/Business Stakeholders Responsible Procurement Incidence of sustainability criteria in the vendor rating process Score on a 100-point scale integrated into the Vendor Rating algorithm, which considers the presence of certifications (SA8000, ISO 14001, ISO 45001/BS OHSAS 18001) in product categories sensitive to ESG topics A2A Group - Supply chain Average ESG score on orders placed Average ESG score (scale 1-100) of suppliers weighted on ordered Procurement A2A Group - Supply chain Orders assigned to suppliers with implemented D&I policies Sum of the amounts of orders assigned to suppliers that have implemented D&I policies on the total sum of order amounts A2A Group - Supply chain Orders assigned to suppliers with carbon maturity % of suppliers that have achieved at least the “intermediate” score level, which is equivalent to reporting their carbon footprint (Scope 1+2+3). A2A Group - Supply chain Orders to suppliers evaluated with ESG integrated scoring (%) Total amount of orders assigned to suppliers evaluated with integrated ESG scoring / Total amount of orders assigned. A2A Group - Supply chain Corrective actions taken following unsuccessful audits Weighted average of corrective actions taken on total inspections Smart Infrastructures Circular Economy - Supply chain Inspections of road sites (number/year) Number of inspections carried out in the year of analysis Smart Infrastructures Circular Economy - Supply chain 371 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group People Innovation Objective KPIs Method BU Service/Business Stakeholders Responsible Procurement Incidence of sustainability criteria in the vendor rating process Score on a 100-point scale integrated into the Vendor Rating algorithm, which considers the presence of certifications (SA8000, ISO 14001, ISO 45001/BS OHSAS 18001) in product categories sensitive to ESG topics A2A Group - Supply chain Average ESG score on orders placed Average ESG score (scale 1-100) of suppliers weighted on ordered Procurement A2A Group - Supply chain Orders assigned to suppliers with implemented D&I policies Sum of the amounts of orders assigned to suppliers that have implemented D&I policies on the total sum of order amounts A2A Group - Supply chain Orders assigned to suppliers with carbon maturity % of suppliers that have achieved at least the “intermediate” score level, which is equivalent to reporting their carbon footprint (Scope 1+2+3). A2A Group - Supply chain Orders to suppliers evaluated with ESG integrated scoring (%) Total amount of orders assigned to suppliers evaluated with integrated ESG scoring / Total amount of orders assigned. A2A Group - Supply chain Corrective actions taken following unsuccessful audits Weighted average of corrective actions taken on total inspections Smart Infrastructures Circular Economy - Supply chain Inspections of road sites (number/year) Number of inspections carried out in the year of analysis Smart Infrastructures Circular Economy - Supply chain Follow >> 372 A2A Report on Operations 2025 5\. Sustainability Statement Objective KPIs Method BU Service/Business Stakeholders Transparency and Stakeholder Engagement CO 2 -free Group events (offset through credits) with economic value >30k - A2A Group - Community Sponsorships with initiatives to raise awareness of SDGs issues Percentage calculated on the number of sponsorships and not on expenditure A2A Group - Community Institutions Areas involved in multi stakeholder engagement initiatives / year Number of areas involved annually in stakeholder engagement initiatives A2A Group - Community Institutions Impact assessment on the relevant areas (cumulative) Cumulative number of impact assessments carried out in the relevant areas since 2021 A2A Group - Community Institutions Publishing content for the Group’s growth in ESG brand reputation (value of reputational return on digital channels) - A2A Group - Customers Meetings organised on innovative regulatory and sustainability issues related to the Business Plan between A2A top management and one or more relevant regulatory stakeholders - A2A Group - Institutions People Education Teachers registered in the education portal - A2A Group - People Community Stakeholders involved in Environmental Education initiatives - A2A Group - People Community Number of accesses to environmental culture initiatives Calculated as a percentage of accesses to environmental culture initiatives in year “n” with respect to the number of companies with an active service contract at 31 December of year “n-2” A2A Group - People Community Vulnerable groups Number of projects activated by the Energy Bank and its Manifesto partners to tackle energy poverty (cumulative data) - A2A Group - Community Funds raised by the Energy Bank to fight energy poverty (€ k, cumulative data) - A2A Group - Community Health and Safety Percentage of accesses to health promotion initiatives The number of accesses to individual company initiatives is considered and not the number of people who access them A2A Group - People Accident Frequency Index (If) with gate on Severity Index (Ig) calculated taking into account only the first prognoses Frequency index (FI) calculated as: (no. of work-related accidents with first prognosis ≥ 1 day/hours worked) × 1,000,000 A2A Group - People MbO and Performance Management Employees involved in a performance management process involving the assignment of targets Number of employees with targets (including MBO and management cards) / total number of employees A2A Group - People << Continue 373 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Objective KPIs Method BU Service/Business Stakeholders Transparency and Stakeholder Engagement CO 2 -free Group events (offset through credits) with economic value >30k - A2A Group - Community Sponsorships with initiatives to raise awareness of SDGs issues Percentage calculated on the number of sponsorships and not on expenditure A2A Group - Community Institutions Areas involved in multi stakeholder engagement initiatives / year Number of areas involved annually in stakeholder engagement initiatives A2A Group - Community Institutions Impact assessment on the relevant areas (cumulative) Cumulative number of impact assessments carried out in the relevant areas since 2021 A2A Group - Community Institutions Publishing content for the Group’s growth in ESG brand reputation (value of reputational return on digital channels) - A2A Group - Customers Meetings organised on innovative regulatory and sustainability issues related to the Business Plan between A2A top management and one or more relevant regulatory stakeholders - A2A Group - Institutions People Education Teachers registered in the education portal - A2A Group - People Community Stakeholders involved in Environmental Education initiatives - A2A Group - People Community Number of accesses to environmental culture initiatives Calculated as a percentage of accesses to environmental culture initiatives in year “n” with respect to the number of companies with an active service contract at 31 December of year “n-2” A2A Group - People Community Vulnerable groups Number of projects activated by the Energy Bank and its Manifesto partners to tackle energy poverty (cumulative data) - A2A Group - Community Funds raised by the Energy Bank to fight energy poverty (€ k, cumulative data) - A2A Group - Community Health and Safety Percentage of accesses to health promotion initiatives The number of accesses to individual company initiatives is considered and not the number of people who access them A2A Group - People Accident Frequency Index (If) with gate on Severity Index (Ig) calculated taking into account only the first prognoses Frequency index (FI) calculated as: (no. of work-related accidents with first prognosis ≥ 1 day/hours worked) × 1,000,000 A2A Group - People MbO and Performance Management Employees involved in a performance management process involving the assignment of targets Number of employees with targets (including MBO and management cards) / total number of employees A2A Group - People Follow >> 374 A2A Report on Operations 2025 5\. Sustainability Statement Objective KPIs Method BU Service/Business Stakeholders Training Reskilling and upskilling of thermoelectric power plant employees Number of employees who have participated in at least one course in the field of “Role training” or “digital campaigns” in the last three years / Total staff excluding those who have left (only thermoelectric plants, selected by workplace) in the reference year A2A Group - People Digital employee reskilling and upskilling Number of employees trained in the “IT or digital” or “digital campaigns” category/ Total staff excluding those who have left (all companies in the scope) - annual A2A Group - People Share of employees involved in non- mandatory safety courses Number of participants in NON-mandatory safety courses/total staff including those who have left A2A Group - People Average hours of training in non- compulsory safety courses Total hours provided in non-mandatory safety courses / no. of participants in non- mandatory courses counted only once A2A Group - People Organisation Wellness Digitalisation of regulatory documents Number of digitised regulatory documents out of the total number of regulatory documents in force A2A Group - People Internal Engagement Employees involved in pulse survey on climate (% of the total) Employees involved in pulse survey on climate (% of the total) A2A Group - People Welfare, diversity and equal opportunities Women in positions of responsibility (% of total managers) Ratio of the number of female managers to the total number of managers A2A Group - People BoD Gender Balance Calculates the companies – among those managed by the Corporate Secretariat and for which we hold more than 30% of shares with the right to appoint a single A2A representative – that comply with the criterion of 1/3 female members, considering only our members. Excludes foundations, the Energy Bank, companies with AU, and companies in liquidation. A2A Group - People Gender Pay Gap The indicator measures the distance between the average percentage deviation of expected and actual wages between men and women using a statistical regression method A2A Group - People White collar women in the Group Number of women in white collar positions out of the total number of white collar positions (only employees and managerial employees) A2A Group - People Blue-collar women in the Group Number of women in blue collar force out of total blue collar (employees only) A2A Group - People Disability positions Number of open positions (with diversified instruments pursuant to Law no. 68/99) on the number of reserve quotas A2A Group - People << Continue 375 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Objective KPIs Method BU Service/Business Stakeholders Training Reskilling and upskilling of thermoelectric power plant employees Number of employees who have participated in at least one course in the field of “Role training” or “digital campaigns” in the last three years / Total staff excluding those who have left (only thermoelectric plants, selected by workplace) in the reference year A2A Group - People Digital employee reskilling and upskilling Number of employees trained in the “IT or digital” or “digital campaigns” category/ Total staff excluding those who have left (all companies in the scope) - annual A2A Group - People Share of employees involved in non- mandatory safety courses Number of participants in NON-mandatory safety courses/total staff including those who have left A2A Group - People Average hours of training in non- compulsory safety courses Total hours provided in non-mandatory safety courses / no. of participants in non- mandatory courses counted only once A2A Group - People Organisation Wellness Digitalisation of regulatory documents Number of digitised regulatory documents out of the total number of regulatory documents in force A2A Group - People Internal Engagement Employees involved in pulse survey on climate (% of the total) Employees involved in pulse survey on climate (% of the total) A2A Group - People Welfare, diversity and equal opportunities Women in positions of responsibility (% of total managers) Ratio of the number of female managers to the total number of managers A2A Group - People BoD Gender Balance Calculates the companies – among those managed by the Corporate Secretariat and for which we hold more than 30% of shares with the right to appoint a single A2A representative – that comply with the criterion of 1/3 female members, considering only our members. Excludes foundations, the Energy Bank, companies with AU, and companies in liquidation. A2A Group - People Gender Pay Gap The indicator measures the distance between the average percentage deviation of expected and actual wages between men and women using a statistical regression method A2A Group - People White collar women in the Group Number of women in white collar positions out of the total number of white collar positions (only employees and managerial employees) A2A Group - People Blue-collar women in the Group Number of women in blue collar force out of total blue collar (employees only) A2A Group - People Disability positions Number of open positions (with diversified instruments pursuant to Law no. 68/99) on the number of reserve quotas A2A Group - People 376 A2A Report on Operations 2025 5\. Sustainability Statement Digital Objective KPIs Method BU Service/Business Stakeholders Quality Digitalisation of Customer Care: digital contacts of total KPI calculated as the ratio between digital contacts (e-mail, chat, social, WhatsApp) and total contacts (digital, branches and call centres) A2A Group Customer support Customers CSI Call Centre A2A Energia A2A Energia Call Centre service customer satisfaction index The exact data will be published in 2026. Market Customer support Customers Customer Satisfaction Amsa – (Milan/ Municipalities) Average between the customer satisfaction index of the Municipality of Milan and the satisfaction index deriving from the customer satisfaction surveys carried out by A2A in the municipalities in which Amsa operates Circular Economy Customer support Customers Community Customer Satisfaction Aprica Average of the satisfaction indices deriving from the customer satisfaction surveys carried out in the areas where Aprica operates Circular Economy Customer support Customers Community Interventions on Group sites for evolved interactivity - number/year Sum of all interventions for evolved interactivity carried out on the Group’s sites in the reporting period A2A Group Customer support Customers Community Number of active supplies bollett@mail \- Market BU Total number of supplies for which the bollett@mail service is active Market Customer support Customers Innovation and R&D Investment in Digital & Innovation initiatives with positive impact on emissions Cumulative number of millions of euros invested in Digital & Innovation initiatives with a positive impact on emissions (millions of euros) A2A Group - Shareholders and financial stakeholders Jobs supported through investment in early stage start-ups (no.) - A2A Group - Community Smart City 2nd ele cabins and IP poles enabling 5G, FWA (k) - A2A Group - Community Data analytics projects for municipalities and utilities in the field of safety, mobility and air quality - A2A Group - Community 377 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Digital Objective KPIs Method BU Service/Business Stakeholders Quality Digitalisation of Customer Care: digital contacts of total KPI calculated as the ratio between digital contacts (e-mail, chat, social, WhatsApp) and total contacts (digital, branches and call centres) A2A Group Customer support Customers CSI Call Centre A2A Energia A2A Energia Call Centre service customer satisfaction index The exact data will be published in 2026. Market Customer support Customers Customer Satisfaction Amsa – (Milan/ Municipalities) Average between the customer satisfaction index of the Municipality of Milan and the satisfaction index deriving from the customer satisfaction surveys carried out by A2A in the municipalities in which Amsa operates Circular Economy Customer support Customers Community Customer Satisfaction Aprica Average of the satisfaction indices deriving from the customer satisfaction surveys carried out in the areas where Aprica operates Circular Economy Customer support Customers Community Interventions on Group sites for evolved interactivity - number/year Sum of all interventions for evolved interactivity carried out on the Group’s sites in the reporting period A2A Group Customer support Customers Community Number of active supplies bollett@mail \- Market BU Total number of supplies for which the bollett@mail service is active Market Customer support Customers Innovation and R&D Investment in Digital & Innovation initiatives with positive impact on emissions Cumulative number of millions of euros invested in Digital & Innovation initiatives with a positive impact on emissions (millions of euros) A2A Group - Shareholders and financial stakeholders Jobs supported through investment in early stage start-ups (no.) - A2A Group - Community Smart City 2nd ele cabins and IP poles enabling 5G, FWA (k) - A2A Group - Community Data analytics projects for municipalities and utilities in the field of safety, mobility and air quality - A2A Group - Community 378 A2A Report on Operations 2025 5\. Sustainability Statement Governance Objective KPIs Method BU Service/Business Stakeholders Biodiversity Plants monitored with respect to potential interference with biodiversity (protected areas, Natura 2000 and others). This includes new plants acquired during the reporting year, the monitoring of which is planned within that year. (Maintaining full coverage of sites and activities as the company’s perimeter is expanded) (%) - Circular Economy Generation & Trading Smart Infrastructures Customer support Customers Initiatives aimed at protecting/ improving biodiversity are started and developed (no.) - Circular Economy Generation & Trading Smart Infrastructures Customer support Customers Compliance/Business Ethics Activate at least 2 training projects per year on compliance topics - A2A Group - People Employees trained in privacy matters in the last two years (reference year and previous year) - A2A Group - People Employees trained on Italian Legislative Decree no. 231/2001, Code of Ethics, Anti-Corruption Policy and Whistleblowing System in the last two years (reference year and previous year) - A2A Group - People Employees trained on the Human Rights Policy in the last two years - A2A Group - People 379 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Governance Objective KPIs Method BU Service/Business Stakeholders Biodiversity Plants monitored with respect to potential interference with biodiversity (protected areas, Natura 2000 and others). This includes new plants acquired during the reporting year, the monitoring of which is planned within that year. (Maintaining full coverage of sites and activities as the company’s perimeter is expanded) (%) - Circular Economy Generation & Trading Smart Infrastructures Customer support Customers Initiatives aimed at protecting/ improving biodiversity are started and developed (no.) - Circular Economy Generation & Trading Smart Infrastructures Customer support Customers Compliance/Business Ethics Activate at least 2 training projects per year on compliance topics - A2A Group - People Employees trained in privacy matters in the last two years (reference year and previous year) - A2A Group - People Employees trained on Italian Legislative Decree no. 231/2001, Code of Ethics, Anti-Corruption Policy and Whistleblowing System in the last two years (reference year and previous year) - A2A Group - People Employees trained on the Human Rights Policy in the last two years - A2A Group - People 380 A2A Report on Operations 2025 5\. Sustainability Statement TNFD recommendations TNFD Pillar TNFD Disclosure ESRS Governance a) Describe the board’s oversight of nature-related dependencies, impacts, risks and opportunities. ESRS 2 GOV-1, GOV-2, GOV-3, GOV-5 b) Describe management’s role in assessing and managing nature-related dependencies, impacts, risks and opportunities. ESRS 2 GOV-1, GOV-2, IRO-1 ESRS 2 MDR-P c) Describe the organisation’s human rights policies and engagement activities, and oversight by the board and management, with respect to Indigenous Peoples, Local Communities, affected and other stakeholders, in the organisation’s assessment of, and response to, nature- related dependencies, impacts, risks and opportunities. ESRS 2 GOV-2, GOV-4, SBM-2, SBM-3, IRO-1 (E2, E3, E4, E5) ESRS 2 MDR-P ESRS E4-2, E4-3 ESRS S3 ESRS G1-5 Strategy a) Describe the nature-related dependencies, impacts, risks and opportunities the organisation has identified over the short, medium and long term. ESRS 2 SBM-3 ESRS 2 IRO-1 b) Describe the effect nature-related dependencies, impacts, risks and opportunities have had on the organisation’s business model, value chain, strategy and financial planning, as well as any transition plans or analysis in place. ESRS 2 SBM-3 (E1, E4) ESRS 2 MDR-P, MDR-A, MDR-T ESRS E1-1, E1-2, E1-3, E1-4 ESRS E2-1, E2-2, E2-3, E2-6 ESRS E3-1, E3-2, E3-3, E3-5 ESRS E4-1, E4-2, E4-3, E4-4, E4-6 ESRS E5-1, E5-2, E5-3, E5-6 ESRS S3-4 ESRS G1-2 c) Describe the resilience of the organisation’s strategy to nature-related risks and opportunities, taking into consideration different scenarios. ESRS 2 SBM-3 (E1, E4) ESRS 2 MDR-A ESRS E1-3 ESRS E2-2, E2-6 ESRS E3-2 ESRS E4-1, E4-3 ESRS E5-2 d) Disclose the locations of assets and/or activities in the organisation’s direct operations and, where possible, upstream and downstream value chain(s) that meet the criteria for priority locations. ESRS 2 SBM-1 40aiii ESRS 2 SBM-3 (E4) ESRS 2 IRO-1 (E2, E3, E4) Follow >> 381 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group TNFD Pillar TNFD Disclosure ESRS Risk & Impact Management a) (i) Describe the organisation’s processes for identifying, assessing and prioritising nature-related dependencies, impacts, risks and opportunities in its direct operations. ESRS 2 IRO-1 (E1, E2, E3, E4, E5) a) (ii) Describe the organisation’s processes for identifying, assessing and prioritising nature-related dependencies, impacts, risks and opportunities in its upstream and downstream value chain(s). ESRS 2 SBM-1 ESRS 2 IRO-1 (E1, E2, E3, E4, E5) b) Describe the organisation’s processes for monitoring nature-related dependencies, impacts, risks and opportunities. ESRS 2 IRO-1 (E1, E2, E3, E4, E5) ESRS E2-1 ESRS E3-1 ESRS E4-2 ESRS E5-1 c) Describe how processes for identifying, assessing, prioritising and monitoring nature-related risks are integrated into and inform the organisation’s overall risk management processes. ESRS 2 IRO-1 Metrics & Targets a) Disclose the metrics used by the organisation to assess and manage material nature-related risks and opportunities in line with its strategy and risk management process. ESRS 2 MDR-M ESRS E2-6 b) Disclose the metrics used by the organisation to assess and manage dependencies and impacts on nature. ESRS 2 MDR-M, MDR-P, MDR-A ESRS 2 SBM-3 ESRS E2-4 ESRS E3-4 ESRS E4-5 ESRS E5-4, E5-5 c) Describe the targets and goals used by the organisation to manage nature-related dependencies, impacts, risks and opportunities and its performance against these. MDR-T ESRS E1-1 ESRS E2-3 ESRS E3-3 ESRS E4-4 ESRS E5-3 << Continue 382 A2A Report on Operations 2025 5\. Sustainability Statement Certification of sustainability reporting pursuant to Article 81-ter, paragraph 1, of Consob Regulation no. 11971 of 14 May 1999, as amended and supplemented The undersigned, Renato Mazzoncini, as CEO of A2A S.p.A., and Luca Moroni, as Financial Reporting Manager of A2A S.p.A., also considering the provisions of Article 154-bis, paragraph 5-ter, of Legislative Decree no. 58 of 24 February 1998, as amended, hereby attest that the Sustainability Statement included in the report on operations has been prepared: - in accordance with the reporting standards applied pursuant to Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013, and Legislative Decree no. 125 of 6 September 2024; - with the specifications adopted in accordance with Article 8(4) of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020. Milan, 17 March 2026 Renato Mazzoncini Luca Moroni (CEO) (Financial Reporting Manager) 5.6 Certification of sustainability reporting pursuant to Article 81-ter, paragraph 1, of Consob Regulation no. 11971 of 14 May 1999, as amended and supplemented 383 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 5.7 Independent auditor’s report on the limited assurance of the Sustainability Statement (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative.) A2A Group 2025 Sustainability statement (with independent auditors’ report thereon) KPMG S.p.A. 30 March 2026 384 A2A Report on Operations 2025 5\. Sustainability Statement KPMG S.p.A. Revisione e organizzazione contabile Via Giovanni Battista Pirelli, 38 20124 MILANO MI Telefono +39 02 6763.1 Email it-fmauditaly@kpmg.it PEC kpmgspa@pec.kpmg.it Ancona Bari Bergamo Bologna Bolzano Brescia Catania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona Società per azioni Capitale sociale Euro 10.415.500,00 i.v. Registro Imprese Milano Monza Brianza Lodi e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Giovanni Battista Pirelli, 38 20124 Milano MI ITALIA KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Limited, società di diritto inglese. (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative.) Independent auditors’ limited assurance report on the sustainability statement pursuant to article 14-bis of Legislative decree no. 39 of 27 January 2010 To the shareholders of A2A S.p.A. Conclusion Pursuant to articles 8 and 18.1 of Legislative decree no. 125 of 6 September 2024 (the “decree”), we have been engaged to perform a limited assurance engagement on the 2025 sustainability statement of the A2A Group (the “group”) prepared in accordance with article 4 of the decree, presented in the specific section of the report on operations (the “sustainability statement”). Based on the procedures performed, nothing has come to our attention that causes us to believe that: • the group’s 2025 sustainability statement has not been prepared, in all material respects, in accordance with the reporting standards endorsed by the European Commission pursuant to Directive 2013/34/EU (the European Sustainability Reporting Standards, “ESRS”); • the information presented in paragraph 5.2 “Environmental information \- EU Taxonomy” of the sustainability statement has not been prepared, in all material respects, in accordance with article 8 of Regulation (EU) 852 of 18 June 2020 (the “taxonomy regulation”). Basis for conclusion We have performed the limited assurance engagement in accordance with the Standard on Sustainability Assurance Engagements \- SSAE (Italia). The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our responsibilities under that standard are further described in the “Auditors’ responsibilities for the sustainability assurance engagement” section of our report. We are independent in accordance with the ethics and independence rules and standards applicable in Italy to sustainability assurance engagements. Our firm applies International Standard on Quality Management 1 (ISQM Italia 1) and, accordingly, is required to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal 385 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 2 A2A Group Independent auditors’ report 31 December 2025 and regulatory requirements. We believe that the evidence we have acquired is sufficient and appropriate to provide a basis for our conclusion. Other matters The sustainability statement presents the corresponding figures included in the 2024 sustainability statement for comparative purposes, on which other auditors performed a limited assurance engagement and expressed their unqualified conclusion on 31 March 2025. Responsibilities of the directors and board of statutory auditors (“Collegio Sindacale”) of A2A S.p.A. (the “parent”) for the sustainability statement The directors are responsible for designing and implementing the procedures to identify the information included in the sustainability statement in accordance with the ESRS (the “materiality assessment process”) and for the description of these procedures in paragraph 5.1 “General disclosures \- Description of the processes to identify and assess material impacts, risks and opportunities” of the sustainability statement. The directors are also responsible for the preparation of a sustainability statement in accordance with article 4 of the decree, which contains the information identified through the materiality assessment process, including: • compliance with the ESRS; • compliance of the information presented in paragraph 5.2 “Environmental information \- EU Taxonomy” with article 8 of the taxonomy regulation. Moreover, the directors are responsible, within the terms established by the Italian law, for designing, implementing and maintaining such internal controls as they determine is necessary to enable the preparation of a sustainability statement in accordance with article 4 of the decree that is free from material misstatement, whether due to fraud or error. They are also responsible for selecting and applying appropriate methods to produce disclosures and formulating assumptions and estimates about specific information on sustainability matters that are reasonable in the circumstances. The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, compliance with the decree’s provisions. Inherent limitations in preparing the sustainability statement For the purpose of disclosing forward-looking information in accordance with the ESRS, the directors are required to prepare such information based on assumptions, described in the sustainability statement, regarding future events and the group’s actions that are not necessarily expected to occur. Actual results are likely to be different from the forecast sustainability information since anticipated events frequently do not occur as expected and the variation could be material. The disclosures provided by the group about Scope 3 emissions are subject to more inherent limitations than those on Scope 1 and Scope 2 emissions, given the lack of availability and relative precision of information used for determining both qualitative and quantitative value chain Scope 3 emissions information. 386 A2A Report on Operations 2025 5\. Sustainability Statement 3 A2A Group Independent auditors’ report 31 December 2025 Auditors’ responsibilities for the sustainability assurance engagement Our objectives are to plan and perform procedures in order to obtain limited assurance about whether the sustainability statement is free from material misstatement, whether due to fraud or error, and to issue an assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of intended users taken on the basis of the sustainability statement. As part of a limited assurance engagement in accordance with SSAE (Italia), we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities include: • considering risks to identify disclosures where a material misstatement is likely to occur, whether due to fraud or error; • designing and performing procedures to address disclosures where a material misstatement is likely to occur. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • directing, supervising and performing the sustainability limited assurance engagement and assuming full responsibility for the conclusion on the sustainability statement. Summary of the work performed A limited assurance engagement involves carrying out procedures to obtain evidence as a basis for our conclusion. The procedures performed are based on our professional judgement and include inquiries, primarily of the parent’s personnel responsible for the preparation of the information presented in the sustainability statement, documental analyses, recalculations and other evidence gathering procedures, as appropriate. We have performed the following main procedures: • we gained an understanding of the group’s business model, strategies and its environment with regard to sustainability matters; • we gained an understanding of the process adopted by the group to identify and assess material sustainability-related impacts, risks and opportunities (IROs), based on the double materiality principle. Moreover, on the basis of the information acquired, we evaluated any emerging inconsistencies that may indicate the presence of sustainability matters not addressed by the group in its materiality assessment process. Specifically, mostly through inquiries, observations and inspections, we gained an understanding of how the group: - considered the interests and views of the stakeholders involved; 387 A2A Report on Operations 2025 5\. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 4 A2A Group Independent auditors’ report 31 December 2025 - identified its sustainability-related IROs, assessing their consistency with our knowledge of the group and its sector; - defined and assessed material IROs by analysing the qualitative and quantitative materiality thresholds it determined, assessing their consistency with the outcomes of the ERM process; • we gained an understanding of the processes underlying the generation, recording and management of the qualitative and quantitative information disclosed in the sustainability statement, including of the reporting boundary, through inquiries and discussions with the group’s personnel and performance of limited procedures on documentation; • we identified the disclosures associated with a risk of material misstatement, whether due to fraud or error; • we designed and performed procedures, based on our professional judgement, to respond to identified risks of material misstatement, including: - for information gathered at group level: • with reference to qualitative information and, in particular, the sustainability-related policies, actions, objectives, governance, strategy and management of impacts, risks and opportunities, we held inquiries and performed limited procedures on documentation; • with reference to quantitative information, we carried out analytical procedures, inspections and recalculations on a sample basis; - for information gathered at level of the Brescia waste-to-energy plant, Malpensa cogeneration plant and Gissi thermoelectric power plant, which we selected on the basis of their business and contribution to the metrics of the sustainability statement, we interviewed the personnel involved in the reporting process and obtained documentary evidence supporting the application of the procedures and calculation of the metrics; - for information gathered at the Acinque sub-group level, which we selected on the basis of its business and contribution to the metrics at consolidated level, we involved the sub-group’s auditors and: • with reference to qualitative information and, in particular, the sustainability-related policies, actions and objectives, we held inquiries and performed limited procedures on documentation; • with reference to quantitative information, we carried out inspections and recalculations on a sample basis; • we gained an understanding of the process adopted by the group to determine taxonomy-eligible economic activities and whether they were aligned under the taxonomy regulation and checked the related disclosures presented in the sustainability statement, also involving Acinque sub-group’s auditors; • we checked the consistency of the disclosures contained in the sustainability statement with those included in the group’s consolidated financial statements pursuant to the applicable financial reporting framework, the underlying accounting records or management accounts; 388 A2A Report on Operations 2025 5\. Sustainability Statement 5 A2A Group Independent auditors’ report 31 December 2025 • we checked the compliance of the structure and presentation of disclosures included in the sustainability statement with the ESRS; • we obtained the representation letter. Milan, 30 March 2026 KPMG S.p.A. (signed on the original) Luisa Polignano Director of Audit 389 A2A Report on Operations 2025 5. Sustainability Statement Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A Report on Operations 2025 6. Sustainable Finance A2A Report on Operations 2025 6. Sustainable Finance Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 6 Sustainable Finance 392 A2A Report on Operations 2025 6\. Sustainable Finance 6.1 1 Sources: ICMA Quarterly Report Q1 2026; ICMA Quarterly Report Q1 2025 2 Source: Sustainable debt 2026 forecast: Transition in focus : Environmental Finance Sustainable Finance Over the past few years, a very strong relationship has been consolidated between Finance and Sustainability. Not only have new financial instruments been created (e.g. Green, Social, Blue, Sustainable, Sustainability-Linked Bond, Green, Sustainability-Linked Loan, EIB subsidized investments), which also include sustainability impacts in their logics, but the assets managed according to sustainable and responsible investment strategies have increased exponentially. In 2025, despite geopolitical tensions and the backlash in the US, the volumes of assets under management (AUM) showed remarkable resilience globally, with a solid performance in Europe, also supported by a continuous drive for innovation that fuels the optimism of the sector. As far as the Bond market is concerned, the volumes of issues with ESG characteristics increased by 5% in 2025 compared to the previous year; Green Bonds continued to be the preferred product by investors, representing 59% of issues with an ESG label. 1 The “European Green Bond” (EuGB) label provided for in Regulation (EU) 2023/2631, which entered into force on December 21, 2024, had a surprisingly strong start in 2025, since its first issue, made by A2A in January. In fact, this label, considered the “gold standard” of Green Bonds, has gained an 8% share of the European market in 2025, including a wide variety of issuers, among which banks, sovereign governments, corporates and development banks. 2 In addition, 2025 was rich in innovations in the field of Sustainable Finance as both the International Capital Market Association (ICMA) and the Loan Market Association (LMA) published new guidelines dedicated to finance instruments for the transition, in particular Transition Bonds and Transition Loans. The ICMA’s Climate Transition Bond Guidelines define a specific label for Use of Proceeds instruments intended to finance climate transition strategies and projects, especially in high-emitting sectors. The LMA’s Transition Loans Guide is based on principles similar to those of the Transition Bonds, emphasising the need for transition funding to support a credible path towards decarbonization. Finally, the ICMA published the Sustainable Bonds for Nature guide: A Practitioner’s Guide extending the principles of Sustainable Bonds to finance projects related to biodiversity and nature, introducing the Nature Bond label to clearly identify these instruments. Group esg targets and the sustainable finance framework In 2025, A2A reaffirmed its position as a leader and innovator in Sustainable Finance, a crucial lever for realising the two pillars of the Group’s strategy: Energy Transition and Circular Economy. With the update of the Strategic Plan in November 2025, the targets of reaching over 90% of sustainable debt on total gross debt by 2030 and 100% by 2035 were confirmed. Moreover, the Group was the first ever to issue a European Green Bond in January and to structure the first Blue Bond in Italy in October. 393 A2A Report on Operations 2025 6\. Sustainable Finance Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group In June, A2A was awarded by Global Capital, one of the main sources of financial information, during the Bond Awards 2025 ceremony held in London, an event that annually celebrates the most relevant transactions and operators in the international Bond markets. The two awards obtained, Most Innovative Corporate Borrower and Most Impressive Corporate Green, Social or Sustainable Bond Issuer, confirm our role as innovators in the capital market and in Sustainable Finance and the solidity of the choices made in recent months, with the first EMTN Programme approved in Italy and the first European Green Bond on the market. In addition, in December our first European Green Bond was selected by Global Capital as Corporate ESG Bond of the year. Lastly, this year and for the second consecutive year, A2A won the Best Sustainable Treasury Solution category at the Adam Smith Awards 2025 thanks to the various Sustainable Finance instruments that have been issued over the past few years. To achieve the ambitious goals of the sustainable debt share, in 2019, A2A adopted the Green Financing Framework, which was subsequently transformed in 2021 into a Sustainable Finance Framework, which, for the first time in Italy, combines two approaches: Green/ Use of Proceeds and Sustainability-Linked. With its integrated Framework, issuers are granted maximum flexibility, ensuring complete transparency concerning the allocation of the proceeds for specific short-term projects (with the Use of Proceeds component) and enabling a comprehensive understanding of the Group’s broader strategic vision by linking debt instruments to one or more of the Group’s sustainability targets (with the Sustainability- Linked component). The Framework was subsequently updated in 2022, July 2024 and December 2025. In September 2025, A2A adopted the Blue Finance Addendum to the Sustainable Finance Framework to strengthen its presence in Sustainable Finance, adding the Blue financing component to the Use of Proceeds instruments, covering Blue Bonds, loans and other Blue financing instruments, the proceeds of which will be allocated exclusively to the category of projects for the Sustainable management of water and wastewater. S&P issued an integrated Second-party Opinion, replacing and supplementing the Second-party Opinion of the Sustainable Finance Framework of July 2024, with the further purpose of confirming the alignment of the Addendum with the ICMA Green Bond Principles and Sustainability-Linked Bond Principles, as well as with the LMA Green Loan Principles and Sustainability-Linked Loan Principles and the Guidelines for Blue Finance Version 2.0 published by the International Finance Corporation (IFC) in September 2025. In December 2025, A2A updated the Sustainable Finance Framework to align it with the Strategic Plan and integrate the Blue component, reaffirming its commitment to an integrated Framework. The main changes compared to the 2024 version of the Framework are: • Use of Proceeds section: Ž the addition of the Blue component linked to projects for the protection and enhancement of water resources; Ž the expansion of the types of Green projects with the inclusion of data centres; Ž the inclusion of fixed assets as an eligible category for allocation; Ž the extension of the look-forward period from 2 to 4 years to better align with the Strategic Plan; Ž the expansion of the financing instruments covered. 394 A2A Report on Operations 2025 6\. Sustainable Finance • Sustainability-Linked Section: Ž The targets of the 3 KPIs have been updated to align them with the Strategic Plan. The Framework has been developed in accordance with relevant guidelines and regulations, including the most recent versions of the ICMA Green Bond Principles and the Sustainability-Linked Bond Principles, as well as the LMA Green Loan Principles and the Sustainability-Linked Loan Principles, and the IFC Guidelines for Blue Finance Version 2.0. Moreover, A2A commits to detailing in each Allocation Report the portion of the net proceeds allocated to projects that are fully aligned with the EU Taxonomy Regulation, including the technical screening criteria for substantial contribution, the Do No Significant Harm (DNSH) criteria, and the minimum social safeguards (MSS). Sustainable Fitch has issued a Second Party Opinion confirming the soundness of the Sustainable Finance Framework and certifying its alignment with the ICMA, LMA, and IFC guidelines. For both the Use of Proceeds and Sustainability- Linked sections, the agency also assigned an “Excellent” rating (on a scale from “Not aligned” to “Excellent”). In order to strengthen its commitment, identify and develop Sustainable Finance instruments, ensure the correct management of the project selection and fund allocation process, and monitor the positive impact on environmental metrics, A2A has created an inter-functional Green Financing Committee since 2019. This Committee, later renamed the Sustainable Finance Committee, is chaired by the Finance department and includes the Planning and Control, Sustainability Development, Strategy, and Investor Relations departments. European Green Bond Factsheets On the occasion of the issuance of its inaugural European Green Bond in January, A2A published the first Factsheet, concerning the single issuance. At the same time, A2A published the pre-issuance external review, issued by Sustainable Fitch. Sustainable Fitch expressed a positive opinion on the Factsheet, confirming the alignment with Regulation (EU) 2023/2631 for the transaction and with Regulation (EU) 2020/852 for the use of proceeds considered fully aligned with the EU Taxonomy. Then, in February, Sustainable Fitch released the updated external review, also confirming the alignment of the transaction with the ICMA Green Bond Principles. Coinciding with the issue of its second European Green Bond in November, A2A published its second Factsheet, covering the single issuance. At the same time, A2A published the pre-issuance external review, again issued by Sustainable Fitch. Fitch expressed a positive opinion on the Factsheet, confirming the alignment with Regulation (EU) 2023/2631 and the ICMA Green Bond Principles for the transaction and with Regulation (EU) 2020/852 for the use of proceeds considered fully aligned with the EU Taxonomy. In December, A2A published its Programmatic Factsheet, a pre-issuance document detailing the characteristics of future European Green Bonds that will be issued from 2026, in accordance with Regulation (EU) 2023/2631\. These Bond issuances may only finance or refinance projects aligned with the European Taxonomy, classified in one or more of the twenty-seven Taxonomy activities listed. Sustainable Fitch issued an external review, expressing a positive opinion on the Programmatic Factsheet and therefore, confirming the alignment with Regulation (EU) 2023/2631 and the ICMA Green Bond Principles for future transactions and with Regulation (EU) 2020/852 for the use of proceeds considered fully aligned with the EU Taxonomy. Main operations of 2025 Based on the Sustainable Finance Framework, during 2025, A2A structured the following main operations within the scope of Sustainable Finance: • January 2025: A2A issued its inaugural European Green Bond with a nominal value of 500 million euros, the first on the market for this 395 A2A Report on Operations 2025 6\. Sustainable Finance Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group new instrument, structured based on the recent Regulation (EU) 2023/2631\. This issuance drew substantial interest, receiving orders from investors for a total of 2.2 billion euros, approximately 4.4 times the amount offered. In accordance with Regulation (EU) 2023/2631, the net proceeds from the issuance will be used to finance or refinance projects as specified in the Factsheet verified by Sustainable Fitch, without resorting to the use of the flexibility pocket. The selected projects will be fully aligned with the European Taxonomy, central to executing the Group’s Strategic Plan in the framework of the Energy Transition and the Circular Economy, such as the development of electricity grids and renewable energy sources, energy efficiency, and waste collection. • October 2025: A2A launched a 5-year Bond issue in a private placement format of 155 million euros. This is the first Bond issued in Italy with a “Blue” label, the proceeds of which will be used to protect and enhance water resources by financing “Eligible Blue Projects”. The projects that will be financed or refinanced fall under the “Sustainable water and wastewater management” category of the Sustainable Finance Framework, concerning the management and development of the water network (aqueducts and sewers) and purification plants. • November 2025: second European Green Bond issued, the proceeds of which will be allocated to projects fully aligned with the European Taxonomy. The Bond, with a nominal value of 500 million euros, has a tenor of 6.5 years and maturity May 24, 2032, and has attracted strong interest from the market, with total requests amounting to approximately 2.4 times the amount offered. The net proceeds of the issue will be used to finance projects detailed in the Factsheet verified by Sustainable Fitch. All projects, in line with the Group’s Strategic Plan to 2035, will be 100% aligned with the European Taxonomy without resorting to the use of the flexibility pocket. The initiatives financed will cover key areas of the energy transition and the circular economy, from the development of electricity networks and renewable sources to energy efficiency and waste management. • During 2025: six Green guarantees were issued on behalf of A2A, in addition to the seven issued in 2024, based on an agreement signed with Intesa at the end of 2024. This agreement allows to use the existing credit line of 575 million euros to issue Green guarantees, obtaining a discount on the related fees applied. Guarantees can be classified as Green if the underlying projects meet the eligibility criteria of the A2A’s Sustainable Finance Framework and the guidelines of the Green Loan Principles administered by the LMA. In December 2025, A2A published its fifth Green Bond Allocation Report relating to the allocation of the Green Bond issued in 2023, the 2024 Hybrid Green Bond and the January 2025 European Green Bond for the amount of 849 billion euros. For the second year in a row, an Excel document has been prepared that summarizes the Allocation Reporting published to date. In addition, this year, A2A also published an additional Allocation Report specific to the European Green Bond. The proceeds collected through the Green Bonds have been entirely utilised to finance Eligible Green Projects that are either eligible or aligned with the EU Taxonomy of sustainable activities. Furthermore, the two reports have been verified by a qualified external provider, and the verifier’s reports are published on the A2A’s website. A2A also has a solid and long-standing relationship with the European Investment Bank (EIB) to support the Group’s investment program. The European Institute finances specific investment projects that meet particular sustainability requirements, applying generally more advantageous economic conditions than the most common forms of financing. The EIB periodic appraisal and monitoring process includes requests for information, including technical and financial information, and the possibility of inspecting the sites/plants concerned by the projects financed. As of December 31, 2025, the total value of the multiple loans the Group secured with the EIB was approximately 665.6 million euros. 396 A2A Report on Operations 2025 6\. Sustainable Finance Thanks to the actions carried out in recent years in the field of funding, as of December 31, 2025, the share of debt in ESG format out of the total gross debt is 83%. Proportion of ESG debt in relation to total gross debt as of December 31, 2025 In 2025, A2A also maintained its existing KPI- linked insurance policies, which include: • the General Civil Liability policy linked to achieving six sustainability targets related to health and safety in the workplace; • the Pollution policy linked to the achievement of six sustainability targets related to environmental risk management; • the Accident Insurance policy for employees, featuring a sustainability target connected to the trend of workplace accidents. Finally, over the years, A2A has signed two KPI-linked Revolving Credit Facilities (RCF), both linked to ESG targets and a donation mechanism to the Banco dell’Energia Foundation, a philanthropic organization. Thanks to contributions in recent years (2023-2025), A2A has financed the following initiatives for a total amount of about 187 thousand euros: 1\. “Sun Power” in Milan: the project was launched in 2022 as part of the “Alternative” call for bids promoted by the Cariplo Foundation, as a first step towards the establishment of a Renewable and Solidarity Energy Community (CERS) that unites local organizations in the sharing of locally produced energy. The initiative saw the installation of a 77.83 KWp photovoltaic plants on the roofs of the buildings of the Milan headquarters of Opera Cardinal Ferrari, which produces over 77,500 kWh each year, of which about 95% is self-consumed. A concrete and strategic choice, which will allow Opera Cardinal Ferrari to reduce costs in the bills, freeing up over 22,000 euros per year, which translates into a positive social impact on the people assisted in the context of the free essential services provided. Thanks to the savings achieved, a significant increase in the services offered is expected: about 2,000 meals, in addition to 160 new places in the Day Centre. 2\. “RESTAnzi” Social and Solidarity Renewable Energy Community, in Anzi (PZ): the project, promoted by Legambiente Basilicata, aims to create a Social and Solidarity Renewable Energy Community (CERSS) in the Municipality of Anzi (Potenza), with the involvement of other neighbouring municipalities, rural areas with a high rate of depopulation and an ageing population trend above the national average. The main actions planned under the initiative are: \- Installation of two photovoltaic plants, respectively of 15.54 KWp and 8.88 KWp for a total power of 35.52 KWp on surfaces made available by the Parish of San Donato di Anzi. \- Involvement of at least 18 vulnerable families in the Municipality of Anzi and promotion of awareness-raising initiatives aimed at both the Anzi area and neighbouring municipalities 28% 44% FY 2020 FY 2021 FY 2022 FY 2023 +5% vs. FY 2024 FY 2024 FY 2025 2030 2035 Actual Target 58% 70% 78% 83% 90% 100% 397 A2A Report on Operations 2025 6\. Sustainable Finance Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group with the aim of encouraging the growth of the socio-economic level of the area. 3\. Solidarity Community of Renewable Energy “SOL_Solari e Solidali” in Baranzate (MI): the project of the Solidarity Community of Renewable Energy (CSER), promoted by the La Rotonda Association of Baranzate, was created with the aim of creating a real model of support for the territory where what is saved through renewable energy production plants can feed an economic fund to support the fragility of the territory. For the construction of the CSER, a photovoltaic plant with a minimum peak power of 86.92 KWp was installed on two sites connected to La Rotonda: the Spazio InOltre, home to the Association, the Fondazione Inoltre and the Emporio della Solidarietà di Baranzate and the Porta di Baranzate, home to the Spazio 14:17 anni dedicated to the inclusion of teenagers. In addition to the significant reduction in La Rotonda energy costs, the innovative element of the CSER is the promotion of “Energy Volunteering”: members choose to give up part of the incentives deriving from energy sharing to allocate them to a solidarity fund that supports vulnerable individuals and families in the area. 4\. “Energia alle Donne”: a national project developed in collaboration with Una Nessuna Centomila, a foundation committed to preventing and combating violence against women, aimed at providing energy support to anti-violence centres throughout the country through the payment of energy bills, issued by any operator, the provision of high- efficiency appliances to optimize the centres’ consumption and training on the efficient use of energy resources for the operators of the centres involved. 28 anti-violence centres benefited from this initiative. 5. “L’energia giusta, il giusto benessere, una proposta per aiutare i soggetti più fragili”, in Rome: the project promoted by the CERS “A Otto Minuti dal Sole” in the Roman district of Tor Fiscale, provides for the improvement of the energy efficiency of 7 homes in which 10 vulnerable families live who do not participate directly in the CERS but who live in the context in which the CERS operates, identified through the local Caritas and the dense network of relationships in the area. The actions planned under the initiative are: \- Installation of a mechanical ventilation system to reduce the humidity level of homes by 50%. \- Installation of ceiling fans without blades to improve summer cooling. \- Installation of plug & play photovoltaic plants (350W), to be placed on balconies or on the ground, which allow a reduction in energy costs for families. More than 700 people benefited from these initiatives. Update on target for Sustainability-Linked Bond XS2364001078 In relation to the Sustainability-Linked Bond XS2364001078, issued in 2021 with a tenor of 10 years and a KPI concerning the Scope 1 CO 2 emission factor, at December 31, 2025, this KPI stood at 288 gCO 2 /kWh, exceeding the target of 296 gCO 2 /kWh. As a result, the coupon of the Bond remains unchanged. In recent years, A2A has significantly strengthened its commitment to decarbonization, mainly thanks to the increase in the share of renewable sources and the completion of the phaseout of coal in 2023. In addition, in December A2A presented its first Climate Transition Plan that defines targets, operational levers and financial instruments to guide the Group’s decarbonization path towards the Net Zero target by 2050. The Group’s strategy revolves around two pillars: 1\. Electrification of consumption, supported by a strong increase in renewable sources and the contribution of natural gas in high-efficiency thermoelectric plants in the short to medium term; 2\. Circular economy, through the valorisation of waste and scrap as material or energy, thus contributing to a significant reduction in the country’s emissions. 398 A2A Report on Operations 2025 6\. Sustainable Finance The ultimate goal is a reduction of at least 90% of the Group’s carbon footprint by 2050 compared to 2023, with only residual emissions offset by certified removal credits. The Plan also confirms: \- 50% reduction in direct emissions by 2035 and 80% by 2040 (compared to 2017); \- 61% reduction in emission intensity (gCO₂e/ kWh) by 2035 (baseline 2017); \- zero Scope 2 emissions related to energy purchases by 2026; \- reduction of Scope 3 emissions along the supply chain (-30%), in the upstream activities of energy carriers (-60%) and in the use of gas by customers (-22%) by 2035 (baseline 2023). Engagement with stakeholders A2A believes it is crucial to engage with all relevant stakeholders, including investors, banking partners, legislators, and companies within its sector, for discussion and sharing of best market practices to accelerate concrete actions aimed at market development. With this approach in mind, A2A has continued to be part of the Corporate Forum on Sustainable Finance (CFSF) since 2019, joined the Nasdaq Sustainable Bond Network (NSBN) in 2023, and the International Capital Market Association (ICMA) in 2024. The CFSF, composed of 25 members, aims to support and develop Sustainable Finance as a means of combating climate change and promoting a more sustainable economy through innovative financing instruments. Over the recent years, the CFSF has responded to the most important consultations organised by the European Union, including EU taxonomy, EU Green Bond standards, and European climate benchmarks. The NSBN is, on the other hand, a platform on Sustainable Finance that brings together investors, issuers, investment banks and specialized organizations, that allows the Group to have more visibility on ESG Bond reporting. Finally, ICMA acts as the trade association fostering the development of the capital and securities market, and also serves as the Secretariat for the Principles: the Green Bond Principles, the Social Bond Principles, the Sustainability Bond Guidelines, and the Sustainability-Linked Bond Principles. The ICMA membership enables the Group to reinforce its commitment to continuous improvement and Sustainable Finance, accelerating tangible initiatives towards the development of innovative financial instruments and supporting the Group’s sustainability- focused strategy. It also offers the opportunity to engage directly with a broad network of financial stakeholders to identify new opportunities and contribute to the development of market guidelines. A2A is currently part of several ICMA working groups, including the working groups: (i) on Use of Proceeds Bond Impact Reporting, (ii) on Climate Transition Finance, (iii) on Fintech, Digitalization and Sustainable Finance, (iv) on AI in Capital Markets and (v) on Commercial Paper, and has been selected as a corporate member for the Advisory Council, a body tasked with increasing market awareness of the Principles and promoting their uptake. Finally, A2A is part of the Corporate Issuer Forum, the Women’s Network and the Future Leaders Network. Esg indices and ratings A2A has been confirmed in six ESG indices: MIB ESG, FTSE4Good Index, ECPI All-World ESG Equity, EURO STOXX Sustainability Index, Solactive Climate and Energy Transition Index and Euronext Equileap Gender Equality Eurozone 100. Additionally, A2A participates in the following assessments: CDP Climate Change/Water, FTSE ESG Rating, ISS ESG, MSCI, LSEG (formerly Refinitiv), S&P CSA, Sustainalytics, Vigeo Eiris, Corporate Knights, EthiFinance ESG ratings (formerly Gaia research), Bloomberg ESG and ICI \- ESG Identity Corporate Index (formerly IGI). 399 A2A Report on Operations 2025 6\. Sustainable Finance Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 7 Evolution of legislation and impacts on the Business Units of the A2A Group 402 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group 7.1 Generation and Trading Business Unit The capacity market: compensation mechanism for production capacity availability The capacity market is an EU-approved market mechanism designed to ensure the adequacy of the electricity system in the face of sudden spikes in demand or supply shortages. In Italy, the instrument is configured as a one-way contract for differences (CfD) entered into by producers selected by Terna S.p.A. and awarded following a tender in which winners acquire the right to receive a bonus (in €/MW/year) with respect to the obligation to offer all the capacity committed in the MGP and the capacity not accepted as a result of the energy markets on MSD, returning to Terna S.p.A. the difference - if positive - between the market benchmark prices and a strike price (in €/MWh). As of the delivery year 2025, the capacity market legal framework has undergone a number of innovations including: the elimination of contractual termination for non-fulfilment of supply obligations and the provision for prolonged non-fulfilment (that which occurs for three months, even if non-consecutive, or for a minimum number of hours and a minimum portion of capacity even in only one of the critical summer months); the introduction of an additional derating rate for power plants that are unavailable at the most critical times of the system in 2022 in the event of a failure to declare retrofitting measures; the provision for a 20% derating for new CCGT with water-cooled systems; the possibility of mutual relief between existing and new capacity, with the obligation, however, to bid/ nominate 100% of the new capacity on relevant units and the return of the difference in premium between the value of the new capacity and that of the existing capacity in case of fulfilment through existing capacity; the introduction of a penalty for delayed entry into operation of new plants; the possibility also given to the successful bidders of new capacity for the 2022, 2023 and 2024 deliveries to adhere to the new Regulation. On July 25, 2024, in the auction for 2025 delivery (cap at premium of 45,000 €/MW/year for existing capacity and 85,000 €/MW/year for new capacity), A2A S.p.A. secured approximately 4.6 GW of existing capacity at the cap and 500 MW of foreign capacity at a premium of 4,788 €/MW/ year. In the auction for the 2026 delivery (cap on the premium equal to 46,000 €/MW/year for existing capacity and 86,000 €/MW/year for new capacity), held on December 18, 2024, A2A S.p.A. contracted about 4.4 GW of existing capacity at the cap and 520 MW of foreign capacity, of which 500 MW in the North and 20 MW in the Centre-South at an average premium of about 11,000 €/MW/year. In the auction for the 2027 delivery (cap on the premium equal to 47,000 €/MW/year for existing capacity and 86,000 €/MW/year for new capacity), held on February 26, 2025, A2A S.p.A. contracted about 4.6 GW of existing capacity and 28 MW of new capacity at the cap, as well as 520 MW of foreign capacity, of which 500 MW in the North and 20 MW in the Centre-South at an average premium of 7,000 €/MW/year. The auction for the 2028 delivery is expected in 2026. 403 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The MACSE: Mechanism for the Procurement of Electricity Storage Capacity The MACSE, introduced by art. 18 of Legislative Decree 210/2021, is a market mechanism that incentivises the development of new electricity storage systems to integrate renewable sources into the system, stabilise the grid and ensure flexibility, storing excess energy to release it when needed. Operators developing new storage systems offer, through competitive auctions, their storage capacity to Terna S.p.A., which makes it available to third parties in the time shifting market, managed by the GME. Terna S.p.A. pays the auction assignees a fixed annual premium for the entire duration of the contract (15 years for electrochemical batteries - BESS - and 30 years for hydroelectric pumping). The dispatching of the assets contracted to MACSE on the energy markets is operated by Terna S.p.A. while on MSD it is up to the operator who has the obligation to return 80% of the margins achieved and any differences with respect to the strike price. On September 30, the first MACSE auction for 2028 delivery was held, where 10 GWh of BESS were contracted at an average price of approximately 13,000 €/MWh/year. The A2A Group participated in the auction but none of the BESS offered was awarded. San Filippo del Mela: essentiality regime The San Filippo del Mela power plant of A2A Energiefuture S.p.A. has also been included in the cost reintegration scheme for 2025 pursuant to Resolution 185/2025/R/eel. Following the request for the decommissioning of Group 5, the plant structure concerned only Groups 1, 2 and 6 (with reference to Group 1 connected to 150 kV, the reintegration scheme has been in effect since February 4, 2025). During 2025, with Resolutions 319/2025/R/eel, 327/2025/R/eel, 431/2025/R/eel and 494/2025/R/ eel, ARERA approved several economic items relating to the years 2020, 2022, 2023 and 2024\. These measures resulted in a total net cash outflow for A2A Energiefuture S.p.A. of approximately 53 million euro. Resolution 570/2025/R/eel also confirmed the inclusion of the plant in the cost reintegration scheme for 2026, with the plant structure unchanged compared to 2025. Brindisi power plant: forward procurement of resources for voltage regulation In 2019, the Brindisi power plant of A2A Energiefuture S.p.A., pursuant to Resolution 675/2018/R/eel and the subsequent tender procedure initiated by Terna S.p.A., was awarded a ten-year contract to supply 286 MVAr of reactive energy at a weighted average price of 28,098 €/MVAr/year. The total for 2025 amount is about 11 million euro. 404 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Electricity Dispatch Reform (Integrated Text of Electricity Dispatch - TIDE) On January 1, 2025, the new Integrated Text of Electricity Dispatch (TIDE) came into effect. It consolidates dispatching regulations into a single, comprehensive framework, ensuring compatibility with EU regulations and promoting integration into the distributed resources market. The reform is implemented according to the following phases: – transitional phase from January 1, 2025 to January 31, 2026: ensuring a gradual transition with a streamlined implementation, while introducing the 15-minute Imbalance Settlement Period (ISP) and the quarter-hourly products in the energy markets across Europe starting from October 2025, as well as the nomination platform with separation between programmes and the commercial position of individual units. In this phase, units already enabled for MSD will automatically become enabled as UAS, maintaining the alignment between Balance Service Party (BSP) and Balance Responsible Party (BRP); – consolidation phase starting February 1, 2026: Near-total implementation achieved, except for the market procurement of the Frequency Containment Reserve, initiated on a trial basis with additional requirements beyond current supply obligations. Additionally, BSP/ BRP separation remains; – the consolidation phase date will be determined by Terna S.p.A. at a later time The TIDE is applied through the amendments to the Integrated Text of the Electricity Market Regulations and related Technical Operating Provisions of the GME, as well as through the updates to the Regulation of the Forward Energy Accounts Platform and related Technical Operating Provisions of the GME and the amendments to the Network Code of Terna S.p.A., as approved by ARERA. In this context, Resolution 364/2025/R/eel approved the amendments to the Network Code functional to the reconnection of Italy to the European PICASSO platform for the exchange of aFRR (automatic Frequency Restoration Reserve), effective from November 25, 2025. These amendments constitute the regulatory prerequisite for full integration with European platforms, also pursuant to Resolutions 227/2025/R/eel, 423/2025/R/eel and 566/2025/R/eel. Exceeding the demand-side Single National Price (PUN) Decree Law No. 181 dated December 9, 2023, now Law No. 11 from February 2, 2024, stipulates that zonal pricing will apply to end users beginning January 1, 2025, with a transitional period introducing an equalisation mechanism to compensate for the differences between the zonal price and the reference price (i.e. GME PUN Index) calculated in continuity with the PUN. The criteria for implementation were detailed in the MASE Ministerial Decree of April 18, 2024 and in Resolution 304/2024/R/eel, where ARERA decided that the equalisation component should be applied by the GME directly to purchase transactions, and that any assessments concerning the surpassing of equalisation should be deferred, ensuring a minimum of 24 months’ notice for any measures implemented. Energy Release: regulatory evolution and implementation of the measure Legislative Decree 181/2023 introduced the Energy Release mechanism with the aim of developing new renewable sources and stabilising the costs of energy-intensive companies. This mechanism provides for the advance of energy in the availability of the GSE for 3 years and its subsequent return in 20 years through the construction of new RES plants, capable of producing at least twice the 405 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group anticipated energy, through the stipulation of a two-way CfD with the GSE at a price of 65 €/ MWh. The expressions of interest exceeded the available supply, i.e. requests for more than 70 TWh compared to about 24 TWh made available by the GSE, leading to the pro-rata allocation. With the publication of the European Commission’s Comfort Letter in June 2025, the mechanism was revised, introducing two fundamental changes: a competitive procedure for the selection of plants and a claw back mechanism, where the balance between advance and return of energy is measured in economic value and no longer in energy terms, also providing for the possibility of extending the obligation to return up to a further 20 years, in the event that the benefit received in the advance phase is not returned. In order to implement these changes, MASE adopted Directorial Decree no. 72/2025 which, by approving Operating Rules and contractual schemes, allows the start of the procedures. At the end of November, the GSE announced the volumes allocated, starting the contract signing phase by January 31, 2026. The subsequent MASE Directorial Decree no. 104/2025 further updated the Operating Rules and contractual schemes, integrating requirements, obligations and guarantees. The A2A Group participated in the mechanism as an aggregator, providing an integrated service designed to eliminate operational complexities and minimise technical, financial and procedural burdens for customers (about 200, many supplied by A2A Energia S.p.A., for about 500 GWh/year allocated). Participation took place through the signing of mandates that guaranteed full compliance with the rules of the GSE and regulated the economic conditions between the parties. The new RES capacity, subject to the return, may be developed directly by the A2A Group or through a delegated third party, to which, as per the Regulations, the obligation may be transferred, in whole or in part, by signing a subsequent addendum contract. Law Decree no. 4 of January 27, 2022, converted into Law no. 25 of March 28, 2022 (“Sostegni ter” LD) Art. 15 bis of Sostegni ter LD, as amended by art. 11 of LD August 9, 2022, no. 115 (Aiuti bis LD converted into Law no. 142 of September 21, 2022), introduced a two-way compensation mechanism on the price of electricity fed into the grid for plants fuelled by renewable sources incentivised through the energy account and for all plants fuelled by renewable sources that are not incentivised and that entered into operation by January 2010. The mechanism establishes the economic regulation with the GSE of the differences, in the period from February 1, 2022 to June 30, 2023, between a reference price and the market price in the manner provided for in the LD. Economic regulation was kicked off in 2023, then suspended due to a legal dispute, and subsequently resumed following the ruling of the Court of Justice of the European Union on February 6, 2025. The impact of the measure at A2A Group level amounted to a total of approximately 93 million euro, settled in the first half of 2025. 406 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Application of REMIT 1 : ARERA report on MGP 2023-2024 and DSAI 14/2025/eel initiating sanctioning proceedings against A2A S.p.A. Resolution 302/2025/R/eel approved the Report on the results of the day-ahead electricity market in the two-year period 2023-2024, of a general and cognitive nature, launched by ARERA pursuant to the REMIT and aimed at analysing the supply strategies of producers on MGP. The Report is based on an interpretation of REMIT that, in a context of perfect competition, producers’ offers on the market should reflect the short-term marginal costs of production units. On the basis of this approach, ARERA, with the help of the GME, conducted what-if analyses, comparing the prices offered on MGP with an estimate of the so-called “fair price”, identified as a proxy for the short-term marginal cost. The Report revealed systematic inconsistencies between actual prices offered and estimated costs, interpreted by ARERA as potential economic capacity withholdings, detected not only for CCGT but also for wind and photovoltaic plants. 1 EU Regulation no. 1227/2011 on the integrity and transparency of wholesale energy markets. Law no. 161/2014 (art. 22) conferred on ARERA supervisory, investigative and sanctioning powers for the application of the REMIT in Italy. A2A S.p.A. appealed to the Lombardy Regional Administrative Court (TAR) against Resolution 302/2025/R/eel and similar appeals were filed by other operators. DSAI 14/2025/eel initiated a specific sanctioning procedure against A2A S.p.A. for alleged violation of art. 5 of REMIT (i.e. market manipulation), with reference to a single month of 2022, the Northern Zone and CCGT plants. According to the Authority, the contested conduct would have resulted in an increase in the market price estimated by what-if analyses similar to those used in the 2023-2024 Report. A2A S.p.A. did not submit commitments, in line with the appeal against Resolution 302/2025/R/ eel but filed a defensive technical-economic memorandum, pursuant to art. 18 of Annex A to Resolution 598/2023/E/com (i.e. ARERA Regulation on sanctioning proceedings), and appealed to the Lombardy TAR against DSAI 14/2025/eel. The sending of the Communication of the Results of Investigations (CRI) is expected by mid-March 2026, while the conclusion of the procedure is currently expected by July 2026, unless the deadlines are suspended. Incentives for the production of electricity from renewable sources and the status of authorizations At December 31, 2025, the incentives paid by the GSE to the A2A Group’s plants powered by renewable sources amounted to 54 million euro. GSE incentive type (million euro) Feed-in tariff 16 All-inclusive tariff (TO) and Dedicated withdrawal (RID) 6 Energy account (FV) 32 Total 54 407 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The Ministerial Decree of December 30, 2024 (so-called DM FER X Transitional) approved the new support scheme for the construction of mature renewable energy plants (photovoltaic, wind power, hydroelectric, waste gas) with generation costs close to market competitiveness. The measure, in force until December 31, 2025, allocates incentives through direct access to plants up to 1 MW (until the 3 GW quota is exhausted) and through competitive procedures to plants over 1 MW. For plants with a capacity of up to 1 MW, the price is defined by ARERA, while for those over 1 MW, the award price is based on the discount offered in the auction compared to the higher operating prices defined by MASE in the Ministerial Decree and equal to 95 €/MWh for photovoltaic and wind power, indexed to inflation between the entry into force of the Ministerial Decree (February 2025) and the issuance of the tenders. For photovoltaic and wind power, the inflationary update subsequently set the auction base at 90.689 €/MWh. On September 12, 2025, the first procedure relating to the Ministerial Decree FER X Transitional was closed: 870 requests were submitted for 11,765.6 MW (of which 10,093.2 MW only for photovoltaics). No tenders were opened for hydroelectric plants or those powered by residual gases from purification processes, due to the absence of expressions of interest. The auction allocated 7,697.6 MW of photovoltaic and 939.4 MW of wind power at an average price of 56.825 €/MWh and 72.851 €/ MWh, respectively. A subsequent Ministerial Decree, which amended the Ministerial Decree of December 30, 2024, provided for a second competitive procedure reserved for photovoltaic plants with a capacity > 1 MW that meet specific criteria on the origin of components (modules, cells, inverters and at least one other main component of non-Chinese origin) in line with the objectives of the Net-Zero Industry Act (NZIA). This second procedure made available a quota of 1.6 GW at a base auction price, updated to inflation until October, equal to 91.804 €/MWh. The table below shows the new photovoltaic projects of the A2A Group that were awarded in both procedures of the MD FER X Transitional. Company Territory Priority criteria Power permitted Tariff obtained Procedure FER X 188 Cr Renewables Cutro 1 Cutro (KR) Suitable area 7,7 9 5 Kw 56.993 €/Mwh FER X Transitional 377 Aren01 Srl Mantova (MN) Suitable area 8,500 Kw 69.992 €/Mwh FER X Transitional 78 Green Frogs Correggio Srl Correggio (RE) Suitable area 5,255 Kw 72.10 €/Mwh FER X NZIA 427 Spvsun1 S.r.l. (AEB Group) Fiorano Modenese (MO) Asbestos removal 2,200 Kw 98.94 €/Mwh FER X Transitional With regard to the Regulations for the identification of surfaces and areas suitable for the installation of renewable energy plants, the regulatory framework was consolidated following two fundamental rulings: after Ruling no. 9155 of the Lazio Regional Administrative Court, the Constitutional Court, with Ruling no. 184/2025, sanctioned the illegality of the Regional Law of Sardinia no. 20/2024\. The Council reaffirmed the principle that the classification of an area as “unsuitable” cannot result in a general and automatic ban on the construction of renewable energy plants, censuring regional regulations that sought to retroactively cancel permits already issued. Law Decree no. 175 of November 21, 2025 (DL Transizione 5.0) repealed art. 20 of Legislative Decree 199/2021, merging the regulation of the so-called Suitable Areas in the Consolidated 408 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Law on Renewable Sources(TU FER – Legislative Decree 190/2024). The new articles introduced (articles 11-bis et seq.) define more restrictive eligibility criteria than those already in force, clarifying the right of the Regions to identify additional eligible areas with their own law, without derogating from state principles. However, when it was converted into law, a number of amendments were introduced, including a safeguard clause to protect plants with procedures in progress at the date of entry into force of the DL. The same Consolidated Law on Renewable Energy Sources was amended by Legislative Decree November 26, 2025, no. 178 (so-called Correttivo - Amendment TU FER) with the aim of streamlining the authorisation regimes. The Amendment extends the application of the regulations to storage systems and electrolysers and introduces an accelerated procedure for repowering with power increases of up to 15%, which halves the procedural time and limits the EIA to the differential impact only. The measure also sets ceilings for territorial and environmental compensation in the Single Authorisation, clarifies the relationship between verification of subjection to EIA and the start of the Single Authorisation, recalibrates the PAS in restricted areas and establishes the out-of-court settlement of disputes with “Acquirente Unico”. Extraordinary modulation of renewable generation In order to manage the critical issues caused by over-generation situations (and due to the concerns that emerged downstream of the blackout in Spain and Portugal), Terna S.p.A. is introducing numerous measures aimed at wind and photovoltaic producers for better management of generation from non- programmable renewable sources and to safely operate the electricity system. It is, in fact, necessary for the plants to be equipped with systems both to monitor and transmit power data to the network operator in real time and to limit their production on external command. In particular, Resolution 385/2025/R/ eel, as amended by Resolution 564/2025/R/ eel, updates the provisions for operators and distributors for the implementation of the so- called RIGEDI Procedure, which concerns the reduction/disconnection of generation from new and existing photovoltaic and wind power plants with P ≥ 100 kW and connected in MV. For this cluster of systems, there is an obligation to install the Central Plant Controller (CCI) with activation of the PF2 function (for remote power limitation with external control of the network operator). The adaptation of existing plants, for which a flat-rate contribution is envisaged, must take place within the following timeframe: December 31, 2026 for plants with P>1MW, December 31, 2027 for plants with power between 500 kW and 1 MW and by March 31, 2028 for plants with power between 100 kW and 500 kW. In the event of delay or non-compliance, the Balance Responsible Parties must pay Terna S.p.A. a fee equal to the product (if positive) between the energy fed in and the P MGP (if the plant is in agreement with the GSE, the latter suspends its supply until compliance has been achieved). 409 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 7. 2 2 Legislative Decree 210/2021 defined as vulnerable domestic customers with one of the following conditions: • are in an economically disadvantaged condition or have a serious health condition requiring the use of electricity-powered medical/therapeutic equipment (or where persons in such a condition are present); • are at least 75 years old; • are persons with disabilities within the meaning of Article 3 of Law 104/1992; • have utilities in an emergency housing facility following calamitous events; • have utilities on a smaller, non-interconnected island. Market Business Unit Removal of the increased electricity protection service for non-vulnerable domestic customers and option for vulnerable domestic customers to return to the Gradual Protection Service (STG) As of July 1, 2024, as required by Resolution 362/2023/R/eel and subsequent amendments, non-vulnerable domestic customers who do not have a free market offer are automatically served in the STG until March 31, 2027. The STG operators were chosen through an auction by Acquirente Unico S.p.A. The lots were awarded based on the lowest price offered, expressed in €/POD/year, to cover marketing and imbalance costs not yet recognised by ARERA. Out of a total of 26 lots, A2A Energia S.p.A. was awarded the South Area 2 (Cagliari, Naples, Municipality of Oristano, South Sardinia) with an offer of approximately 29.4 €/POD/year and the South Area 10 (Agrigento, Caltanisetta, Palermo and Trapani) with an offer of approximately 6.4 €/ POD/year. At the end of the STG supply period, customers who have not yet chosen an offer on the free market may be re-supplied by the same company awarded the service with the application of the most convenient free market offer. Even after July 1, 2024, vulnerable domestic customers 2 will continue to be supplied by the current providers under the greater protection service until the vulnerability protection service becomes active, which will take place after the end of the STG as provided for in the “Bollette DL”. In light of the favourable economic conditions that have emerged in the STG, the Competition Law 2024 has introduced the option for vulnerable domestic customers to request the activation of the STG by June 30, 2025, according to the methods defined by Resolution 10/2025/R/eel. Award of the Last Resort Gas Supply (FUI) service for the period October 1, 2025 – September 30, 2027 The FUI is a service regulated by ARERA that guarantees the continuity of the gas supply to customers who remain without a seller for reasons beyond their control (such as the bankruptcy or withdrawal of their supplier). It is activated automatically, assigning the customer to a specific supplier chosen through a tender. A2A Energia S.p.A. was awarded the FUI for the period October 1, 2025 – September 30, 2027, winning 3 lots (lot 1, lot 8 and lot 9) for approximately 32,000 PdR and committing to supply a total of 375 million Scm of gas for the entire duration of the service. The award value (parameter ß in terms of price variation with respect to the variable part of the component 410 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group relating to the marketing of the QVD retail sale referred to in art. 8 of the TIVG) was equal to: 6.94 c€/Scm for lot 1 (Valle d’Aosta, Piedmont and Liguria), 9.96 c€/Scm for lot 8 (Campania), 9.31 c€/Scm for lot 9 (Sicily and Calabria). Vendor list in the natural gas sector Ministerial Decree MASE no. 95 of May 19, 2025 established the Vendors List in the natural gas sector, defining the requirements (technical, financial and honourableness) for registration, permanence and exclusion from the List. Companies that on the date of entry into force of the Regulation (July 4, 2025) were included in the previous list established by the MASE are provisionally registered, subject to the need to formalise the registration by December 31, 2025. All A2A Group companies authorised to sell gas have completed the registration process. Components to cover marketing costs on the electricity protected market and on gas protection Resolutions 276/2025/R/eel and 126/2025/R/ gas updated, respectively, the PCV components (period: July 1, 2025 – June 30, 2026) and QVD components (period: April 1, 2025 – March 31, 2026). There was a slight increase in the RCV fee (which covers the costs incurred by the operator of the greater electricity protection). PCV Euro/POD/year Jul 1, 2024 - Jun 30, 2025 Jul 1, 2025 - Jun 30, 2026 Domestic POD* 40.00 43.50 * From July 1, 2024, only vulnerable domestic customers are covered by the greater protection service. RCV Euro/POD/year Jul 1, 2024 - Jun 30, 2025 Jul 1, 2025 - Jun 30, 2026 C-North C-South C-North C-South RCV 37. 8 9 40.05 38.35 43.15 RCVsm * 60.37 62.30 60.70 61.37 RCVi 30.31 32.04 30.68 34.52 * Remuneration for marketing the sale of minor separate companies (≤ 10 MIO POD). QVD Euro/PoR/year Apr 1, 2024 - Mar 31, 2025 Apr 1, 2025 - Mar 31, 2026 euro/PoR/ year ceuro/ mc euro/PoR/ year ceuro/ mc Domestic PDR* 58.93 0.7946 57. 4 3 0.7946 * From January 1, 2024, only vulnerable domestic customers are covered by the gas protection service. 411 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Additional mechanisms to cover efficient costs on the protected market With reference to the additional cost compensation mechanisms for the electricity greater protection service, the following is noted: • in September 2025, A2A Energia S.p.A. submitted a request for access to the mechanism to compensate for arrears of end customers, aimed at recognizing any charges related to arrears exceeding the unpaid ratio already considered by the RCV component (art. 19 of the TIV), for an amount equal to about 35,000 euro, which was paid in December 2025; • in July 2025, A2A Energia S.p.A. submitted a request for access to the incentive mechanism for greater dissemination of bills in dematerialised format (art. 21.6 TIV) and in the fourth quarter of 2025 CSEA paid the company an amount equal to approximately 119,000 euro. Consumer protection measures During 2025, ARERA approved, also on government advice, some provisions aimed at improving the comparability of offers and guaranteeing customers, mainly domestic, a greater degree of protection. Specifically, it amended: • the Code of Commercial Conduct (Resolutions 156/2025/R/com and 386/2025/R/com) introducing measures aimed at fully implementing the provisions on transparency and comparability of offers as provided for in article 5 of the “Bollette DL”. In particular, the intervention focused on: i) rationalisation of fees for electricity and gas offers for domestic customers, ii) new information obligations in the pre-contractual phase, iii) guidelines for the drafting of supply contracts and iv) strengthening of communications to amend contractual conditions; • the structure of the bill (Resolution 315/2024/R/ com): as of July 1, 2025, the new regulation introduced: i) a mandatory first page (so-called unified cover page) with the same structure for all sellers, ii) a second page (so-called energy receipt) with details of the amounts invoiced and an offer box containing the information necessary to verify the consistency between what was signed and invoiced iii) the essential elements (the information to manage the supply); • the regulation of the quality of electricity and gas sales services (TIQV): as of January 1, 2026, Resolution 399/2025/R/com revised the scope of the regulation (exclusion of medium-voltage customers), the methods of handling complaints (new online complaint submission function and new standard response structure) and adjusted the basic amount of automatic compensation in the absence of a response (30 euro instead of 25). 412 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group 7.3 Circular Economy Business Unit Activities of ARERA in the regulation and control of the integrated waste cycle Waste Pricing Method for the second regulatory period 2022- 2025 (MTR-2) Resolution 389/2023/R/rif updated the MTR-2 for the period 2024-2025, while Resolution 7/2024/R/ rif defined the WACC for the period 2022-2025, setting them at 6.3% for the municipal hygiene service and 6.6% for the treatment service. Resolution 397/2025/R/rif approved MTR-3 for the period 2026-2029, confirming the general structure of the method and coordinating it with the standard scheme of the Call for Tenders (as per Resolution 596/2024/R/rif in force as of January 1, 2026). Resolution 480/2025/R/rif determined the WACC for the period 2026-2029, setting them at 5.9% for the municipal hygiene service and 6.1% for the treatment service. With reference to the urban hygiene service, the companies of the Group presented updated “raw PEF” for the years 2024-2025, which were subsequently approved by the Territorially Competent Entities (ETC) and sent by them to ARERA for final approval (not yet done). In most cases, in the presence of assignments obtained after tenders, ETC availed itself of the option of preserving any efficiencies already achieved, applying the value envisaged by the previous contracts (if lower than the maximum value of the MTR-2) subject to compliance with the economic-financial balance of operations. Treatment regulation: identification of “minimum” and “additional” plants ARERA has introduced an asymmetric regulation for treatment plants, providing that the plants are qualified as “minimum”, “additional” or “integrated” by the competent bodies (the Regions or entities delegated by them), taking into account the degree of integration of the Operator and the structure of the reference market. Therefore, only “minimum” or “integrated” plants are subject to tariff regulation, while “additional” plants operate on the free market and are subject to transparency obligations. In accordance with the criteria indicated in the National Waste Management Plan (PNGR), “minimum” plants are those considered essential insofar as they offer capacity in a market with structural rigidity, characterised by a strong and stable excess of demand and a limited number of operators. The ‘minimum’ or ‘additional’ plant qualification is valid for two years. The table shows the decisions taken by the competent bodies and relevant to the Group’s plants. Region Resolution deed Decision Lombardy Regional Council Resolution XII/2373 of May 20, 2024 Treatment plants for the mixed fraction and OFMSW are "additional" with the exclusion of integrated plants Piedmont Note from the Environment, Energy and Territory Directorate, Environmental Services Sector of May 24, 2024 Treatment plants for the mixed fraction and OFMSW are "additional" Campania Resolution of the Regional Council no. 313 of June 24, 2024 The Region has identified the 'minimum' cycle closure plants and 'intermediate' plants. The Acerra WTE plant is listed under the ‘minimum’ category, while the Caivano Mechanical Biological Treatment (MBT) falls under the ‘intermediate’ classification, with both facilities operated by A2A Ambiente S.p.A. 413 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Regulation of contractual quality for the municipal hygiene service (TQRIF) and regulation of technical quality in the municipal waste sector (RQTR) Resolution 15/2022/R/rif has approved the ‘Consolidated text for the regulation of the quality of the municipal waste management service’ (TQRIF), providing from January 1, 2023 a set of minimum and uniform contractual and technical quality obligations for all managements related to the municipal hygiene service phase, accompanied by quality indicators and related general standards differentiated by regulatory schemes, identified in relation to the actual initial quality level determined by the ETC based on the performance foreseen in the Service Contract and/or in the Quality Charter. The majority of Municipalities managed by the A2A Group were assigned to Scheme I. The reporting on the quality obligations and standards for 2024 was concluded on May 31, 2025. Resolution 387/2023/R/rif introduced instead a first set of indicators on the efficiency and quality of separate collection as well as the reliability of treatment plants with the forecast of their monitoring starting from 2024. Resolution 374/2025/R/rif approved the regulation of technical quality in the municipal waste sector (RQTR), supplementing the provisions of the aforementioned Resolution 387/2023/R/rif, as well as updating the TQRIF. The calculation and monitoring of numerous indicators is planned, as well as the establishment of three macro-indicators (R1, R2 and R3) that aim to measure: • R1: Effectiveness of the start-up of packaging recycling; • R2: Effectiveness of the start-up of organic fraction recycling; • R3: Technical-environmental efficiency of overall municipal waste management (from 2028). The R1 and R2 macro-indicators will also have an impact on the determination of certain tariff components envisaged by MTR-3. Establishment of equalisation systems and social bonus also in the waste sector From January 1, 2024, Resolution 386/2023/R/ rif introduced equalisation systems also in the waste sector, providing for the payment by users of components applied to the TARI (waste tax): • UR1 to cover the costs of managing waste accidentally fished out of the sea and waste voluntarily collected, amounting to 0.10 euro/user; • UR2 to cover the benefits recognised for exceptional and calamitous events, amounting to 1.50 euro/user. From January 1, 2025, Resolution 133/2025/R/ rif, in implementation of article 57-bis of DL 124/2019 and the Prime Ministerial Decree (DPCM) no. 24 of January 21, 2025, introduced a third equalisation component (UR3), equal to 6 euro/user, to cover the benefits granted to beneficiaries of the waste social bonus. Resolution 355/2025/R/rif subsequently defined the operating procedures for the disbursement of the bonus that is granted to households with an ISEE level below the threshold of 9,530 euro/year (extended to 20,000 euro for households with at least 4 dependent children). The social waste bonus will be quantified at 25% of the TARI/tariff corresponding to the year of the benefit and will be paid as a discount on the TARI/tariff of the following year. The 2025 bonuses must therefore be paid to those entitled by June 30, 2026. 414 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Biomethane production incentive framework The MiTE Decree of September 15, 2022 introduced a new incentive mechanism for the production of biomethane to be used not only in transport but also in other uses. The instrument is characterised by allocation limits and competitive procedures organised by the GSE, involving a two- way CfD that considers the difference between the tariff resulting from the tenders and the average monthly methane price (including the guarantee of origin). Projects also receive a capital grant of up to 40% of the costs, using NRRP funds. Commencing with the third competitive procedure, the maximum eligible tariffs and costs have been adjusted for inflation, as stipulated by DL 57/2023\. During this procedure, the A2A Group secured the incentive tariff for 3 biomethane plants, all projects involving the conversion of biogas plants: San Fiorano (LO) and Livorno Ferraris (VC) of Agripower S.p.A. and Scalenghe Biogas Società Agricola (TO). The total capacity of the 3 projects amounts to 1,400 Scm/h. During the fourth competitive procedure, the A2A Group was awarded the incentive tariff and capital contribution for an additional 4 projects to convert existing agricultural biogas plants. The projects will be located in the municipalities of Sissa Trecasali (PR), Cortona (AR), Suno (NO), and Coriano (RN), for a total combined capacity of 1,800 Scm/h. With reference to the fifth competitive procedure, the A2A Group was admitted to the ranking list for 2 additional projects relating to the reconversion of existing agricultural biogas plants, located in Celano (AQ) and Torviscosa (UD). However, due to the large number of participants, resources were not available; in particular, for projects ranked between positions 149 and 298 (including the two ones by the A2A Group), the granting of the capital contribution depended on obtaining additional NRRP funds. Subsequently, with the green light for the revision of the NRRP, 2.2 billion euro were reallocated to the “Biomethane Development” measure, as well as granting the conclusion of the works to all the initiatives included in the calls of the MD of September 15, 2022, even after June 30, 2026. The biomethane production plants of Lacchiarella, Cavaglià, Corteolona and Castelleone are, on the other hand, included in the previous incentive scheme referred to in the MD MiSE (Ministry of Economic Development) of March 2, 2018, which provided for the issuance of CIC (Certificates of Release to Consumption) by the GSE for the purpose of their use by fossil fuel suppliers to fulfil the obligations to release sustainable fuels. Introduction of Guaranteed Minimum Prices (PMG) for biogas and biomass plants Resolutions 132/2024 and 305/2024 have defined the PMG to be recognised for electricity by plants powered by biomass and biogas, with incentives expiring by December 31, 2027, or for those which renounce the remaining incentive period by this date. This measure, provided for in Legislative Decree 199/2021, implementing the RED II Directive, seeks to incorporate revenues for these plants, ensuring comprehensive coverage of operating costs that is challenging to achieve through market remuneration alone. With the approval of the application procedures of the GSE, the provision came into effect in September 2024. Three A2A Group biomass- fired plants (Rodengo, Lodi, and S. Agata di Puglia) have renounced previous incentives and have obtained retroactive application of the PMG starting from January 2024. Directive 1892/2025 amending Directive 2008/98/EC on waste Directive 1892/2025, which entered into force on October 16, 2025, is a relevant regulation for the circular economy; the act amends the Waste Framework Directive (2008/98/EC) and introduces binding targets to reduce food and textile waste, implementing Extended Producer Responsibility (EPR) for the textile sector and pushing towards recycling and waste prevention. Member States must implement it by June 2027. 415 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Law no. 147 of October 3, 2025, converting into law, with amendments, DL no. 116 of August 8, 2025, containing urgent provisions for combating illegal activities in the field of waste, for the reclamation of the area called Terra dei Fuochi, as well as for assistance to the population affected by calamitous events Law 147/2025 (converting DL 116/2025, so-called “Terra dei Fuochi”), in force since October 8, 2025, radically reforms the environmental sanctioning system, making it more strict and integrated: it tightens the penalties for crimes of illegal waste management, amends the Consolidated Environmental Law (Legislative Decree 152/06) and the Criminal Code, introduces deferred arrest in flagrante delicto, extends the liability of entities (Legislative Decree 231/01); in particular, it expands the environmental offences relating to the management of non-hazardous waste by tightening the sanctioning system with amendments to art. 25-undieces of Legislative Decree 231/01. Ministerial Decree MASE 59/2023: the new National Electronic Register for Waste Traceability (RENTRI) RENTRI has introduced new obligations for obligated parties, aimed at ensuring more effective traceability of waste management processes, through the progressive digitalisation and standardisation of procedures. The Ministerial Decree has provided for numerous obligations as early as February 2025, including: the obligation to register, the keeping of digital records to be signed with a specific digital signature, the transmission of data to RENTRI through the use of the interoperability system, and the management of corrections. In addition to the redefinition of the related processes, the aforementioned activities involved the implementation of specific conversions aimed at transposing the new classification standards introduced. Of particular importance will be the introduction, as of February 13, 2026, of the Waste Identification Form (FIR) in digital form, intended to progressively replace the corresponding paper document for those involved in waste transport and management. This innovation entails procedural, organisational and technological adjustments, including the adoption of suitable IT tools also for mobile management and the use of digital signatures by the operators involved. While the introduction of the digital FIR will allow greater transparency, traceability and data sharing along the supply chain, it will also make management procedures much stricter for all stakeholders, in particular for transporters. Activities of ARERA in the regulation and control of the Integrated Water Service (SII) Approval of the Water Tariff Method for the fourth regulatory period 2024-2029 ARERA Resolution 639/2023/R/idr approved the water tariff method for the period 2024-2029 (MTI-4), confirming the general approach with some novelties: • extension of the regulatory period from 4 to 6 years with a view to greater stability and certainty; • determination of the tariff treatment applicable to project financing by third parties for projects that cannot be further postponed and for which the awarded Operator has no competence; • update of the coverage rate for financial and tax expenses to 6.13% (vs. 4.8%). All A2A Group companies secured tariff approvals for the 2024-2025 two-year period from the appropriate Area Governing Bodies (EGAs) by October 31, 2024: • A2A Ciclo Idrico S.p.A. - Brescia Area: +8.00% for both annuities; • Lereti S.p.A. - Como Area: +7.45% for both annuities; • Lereti S.p.A. - Varese Area: +6.50% for 2024 and +5.47% for 2025. 416 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group The SII (integrated water service) accounting method in the balance sheet provides for the recognition of the Revenue Constraint (VRG) calculated for the year, also including any amounts above the tariff cap , with an adjustment (i.e. adjusted value) for electricity costs only. Company VRG adjusted 2025 (million euro) RAB 2025* (million euro) A2A Ciclo Idrico S.p.A. 124.5 445 Lereti S.p.A. – Como 15.4 50.3 Lereti S.p.A. – Varese 18.4 70 *RAB net of non-repayable grants (CFP) considering investments up to 2023. Resolution 582/2025/R/idr defined the criteria for the first biennial tariff update, confirming the general structure of the method and coordinating it with the standard scheme of the Call for Tenders (pursuant to Resolution 347/2025/R/ idr in force since January 1, 2026). The measure also updates the coverage rate for financial and tax expenses to 6.06% (plus an extra 1% for new investments). ASVT S.p.A.: transfer of overdue operations to Acque Bresciane S.r.l. in the area of Brescia With Resolution no. 22 of December 20, 2024, the EGA of Brescia approved the additional MTI- 4 adjustments specified in letter b) of article 31 of Annex A to Resolution 639/2023/R/ IDR in favour of ASVT S.p.A., amounting to approximately 200,000 euro, consequently releasing the portion retained as a guarantee by Acque Bresciane S.r.l. amounting to 3.2 million euro. On February 21, 2025, ASVT S.p.A. notified an appeal against Resolution no. 22, arguing that the adjustments of financial and tax charges contained in the Residual Value (RV) had not been calculated correctly: the EGA would not, in fact, have considered the charges relating to all the investments included in the asset book until the date of Acque Bresciane S.r.l.’s takeover (May 31, 2023), but only those relating to new investments that came into operation during the management period from January 1, 2022 to May 31, 2023, leading to a lower quantification of adjustments for a total of approximately 3.6 million euro. The Brescia Regional Administrative Court (TAR) has set the hearing to discuss the appeal for January 14, 2026. On December 19, 2025, the takeover of Acque Bresciane S.r.l. in the management of ASVT S.p.A. was completed and on December 31, 2025, the company’s activities in the SII ceased. Lereti S.p.A.: status of litigation regarding previous batches in the Como area Lereti S.p.A. appealed to the Regional Administrative Court against Resolution No. 52/2021 of the EGA of Como, which acknowledged 15.3 million euro as past items for the two-year period 2010-2011 but did not approve the recognition of these items for the period 2001- 2009 nor their monetary revaluation. With Ruling no. 1708/2023, the Regional Administrative Court affirmed the right of Lereti S.p.A.: a) to the application of the deflator and default interest on 2010-2011 past due items. With Resolution No. 13/2024, the EGA of Como had, in fact, approved only the application of default interest at the statutory rate from November 2020 until the final settlement, amounting to 933 thousand euro. The Company also challenged this measure on the grounds that it did not properly comply with the provisions of the Ruling; b) to the economic-financial rebalancing of the cost/revenue differential for the period 2001- 2009 upon application to be submitted to the Area Governing Body pursuant to art. 29 of the Agreement regulating the relations between the Area Office and Lereti S.p.A. The EGA of Como, with Resolution no. 44/2024, concluded that there was no indication of an economic- financial imbalance for the period analysed from 2001 to 2009. 417 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Ruling no. 10181/2024 of the Council of State upheld the appeal filed by the EGA of Como, effectively dismissing the initial appeal made by Lereti S.p.A. against Resolution no. 52/2021, and did not consider the company’s appeal concerning the economic-financial rebalancing of the cost-revenue differential for the 2001- 2009 period as worthy of acceptance. Lereti S.p.A. challenged the aforementioned Ruling by means of an appeal for revocation before the same Council of State, for an error resulting from the acts carried out by the same Council of State. For this appeal, the hearing was held on December 11, 2025 and with a provision of January 7, 2026, the Council of State pronounced a sentence revoking Ruling no. 10181/2024, ordering with a separate order – to be issued – the preliminary reference to the EU Court of Justice. With regard to the items relating to the years 2010-2011, following Ruling no. 526/2025, the Regional Administrative Court of Milan appointed ARERA, as Court Technical Advisor (CTU), to verify whether the EGA of Como had correctly applied the provisions of Resolution 643/2013/R/ idr. The CTU filed its verification report on May 19, 2025. By Ruling no. 3259 of October 13, 2025, the Regional Administrative Court ordered that Lereti S.p.A. be entitled to the monetary revaluation of the previous items. With Resolution No. 54/2025, the EGA complied with the TAR sentence, without acquiescing, recognising the monetary revaluation of the value of the previous items up to the date of actual collection, in addition to the application of legal interest. A further EGA Resolution is expected to establish the operating procedures and the extent of the actual recovery. However, on January 9, 2026, the Area Office notified the appeal against the ruling. Lereti S.p.A.: transfer of the expiring operations to Como Acqua S.r.l. in the Como area With Resolution no. 17/2024, the EGA of Como approved the final RV, as of December 31, 2022, of the expired operation of the Municipality of Cernobbio, quantifying it at about 4 million euro, inclusive of both the investment portion and the additional adjustment items provided for in letter b) of article 31 of Annex A to Resolution 639/2023/R/idr, including financial and tax charges incurred up to the date of sale. Como Acqua S.r.l., on May 5, 2025, paid to Lereti S.p.A. the last part of the adjusted balances of the RV of Cernobbio relating to financial and tax charges, for an amount of 279 thousand euro. Lereti S.p.A. submitted to the EGA and the Municipality of Brunate a proposal to bring forward the expiry of the concession, scheduled for December 31, 2028, aligning it with that of the Municipality of Como scheduled for December 31, 2026. The determination of the provisional RV as at December 31, 2024 of both Municipalities by the Area Office is in progress. Lereti S.p.A.: transfer of the expiring operations to Alfa S.r.l. in the Varese area Lereti S.p.A. started the procedures for the sale to the Operator Alfa S.r.l. of the four municipalities that expired on December 31, 2024 in the province of Varese (Azzate, Luvinate, Casciago and Barasso) and submitted to the EGA the proposal for the valuation of the RV. By Resolution of the Board of Directors no. 43 of November 27 2025, the EGA of Varese determined the RV of the assets realised by Lereti S.p.A. in the four expired municipalities, quantifying it as equal to 3,577,842 euro. However, following the difficulties highlighted by Alfa S.r.l. regarding the takeovers, on December 1, 2025 Alfa S.r.l. and Lereti S.p.A. sent the Varese Area Office a joint proposal to converge on a single takeover date (i.e. December 31, 2032) for all 34 concessions currently under safeguard, including those of the four Municipalities that have already expired. By Resolution of the Board of Directors no. 46 of December 29, 2025, the EGA of Varese expressed a favourable opinion with respect to the proposal shared by the two Managers to transfer all the municipalities managed by Lereti S.p.A. to Alfa S.r.l. in a single solution to 2032. 418 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Incentive mechanism of technical and contractual quality Resolutions 225/2025/R/idr and 277/2025/R/ idr approved the results of the “bonuses and penalties” incentive mechanism of the technical and contractual quality regulation for the two- year period 2022-2023 based on the values assumed by the following indicators: • Technical quality indicators: M1: water leaks; M2: service interruptions; M3: quality of water supplied; M4: adequacy of the sewerage system; M5: landfill disposal of sludge; M6: quality of purified water; • Contractual quality indicators: MC1: start and termination of the contractual relationship; MC2: management of the contractual relationship and accessibility to the service. The bonus mechanism is financed by the equalisation component applied to bills and referred to as UI2: for bonuses accrued in the two-year period 2022-2023, the Authority 3 Italian Legislative Decree 102/2014 transposing Directive 2012/27/EC on energy efficiency had already attributed in Articles 9, 10 and 16 specific powers to the Authority also in the district heating/cooling sector, albeit on non-tariff aspects, including the preparation of measures on connection and disconnection from the networks, right of withdrawal, commercial and technical quality of the service, and the manner in which the operators make public the prices of heat supply. The Authority is also entrusted with the task of implementing the provisions on metering, billing, access to consumer data in order to increase customer awareness and change consumer behaviour. allocated a total of about 26.3 million euro for contract quality and about 155 million euro for technical quality. The A2A Group companies received a total of about 780,000 euro. A2A Ciclo Idrico SpA was excluded from the reward mechanism for macro-indicators M4, M5 and M6 due to the lack of prerequisites for the years 2022 and 2023, due to European infringements regarding wastewater collection and sewerage treatment, and for indicator M2 due to a request to modify the data and/or documents submitted after the publication of the methodological note. Lereti S.p.A. was excluded from the reward mechanism for macro-indicators M1, M2, MC1 and MC2 due to incompleteness or inconsistencies in the data or documentation provided (the company does not participate in the mechanism for macro-indicators M4, M5 and M6 as it only holds the concession for the aqueduct service). Operator Contractual quality - RQSII Technical quality - RQTI Bonuses (euros) Penalties (euros) Bonuses (euros) Penalties (euros) A2A Ciclo Idrico S.p.A. 237,174 - 534,719 44 Lereti S.p.A. – Como - - - 3,590 Lereti S.p.A. – Varese - - - 7, 4 1 8 Resolutions 579/2025/R/idr and 581/2025/R/idr updated, respectively, the regulation of the contractual quality and the technical quality of the SII. Activities of ARERA in the regulation and control of district heating Upon the conversion into law of Legislative Decree no. 13 dated February 24, 2023, an amendment was included altering article 10, paragraph 17, letter e), of the Legislative Decree 102/2014, extending ARERA competences over the district heating sector by introducing cost- reflective tariff regulation 3 . Resolution 638/2023/R/tlr has approved the transitional tariff method TLR for the calendar year 2024, based on defining a revenue constraint calculated for methanised areas according to the principle of the avoided cost of a gas boiler, updated monthly according to ARERA parameters. For heat generated from sources other than methane (i.e. heat from waste-to-energy) a cap of 10 €/GJ has been 419 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group defined on the gas component. Finally, there is a safeguard clause that limits the possible return of revenues exceeding the constraint to 10% of the recalculated conventional revenues. With regard to Group companies, the comparison between actual revenues and the revenue constraint was finalised and submitted to ARERA by June 30, 2025: most networks are below the revenue constraint. The refund of the excess value in the event the constraint is exceeded will be deducted from the 2026 constraint (year t+2), according to methods defined by the Authority. Resolution 597/2024/R/tlr extended the transitional district heating tariff method to 2025, introducing some changes: regarding the avoided cost of methane gas areas, an environmental bonus has been established, calculated as the difference between the CO 2 emissions of a gas boiler with standard efficiency (225 kg/MWh) and the emissions of each district heating network, valued at €65/ton CO 2 but with a cap of €9/MWh at the maximum environmental benefit. The provisional 2025 data also indicate that most of the A2A Group’s networks comply with the revenue constraint. Resolution 580/2025/R/tlr extends the TLR transitional tariff method also to 2026, confirming the gas avoided cost approach but introducing the following changes: • overcoming the ban on price increases with the possibility of increasing tariffs by up to 2% for networks qualified as efficient under the current rules; • interim checks of the revenue constraint: obligation to monitor and adjust for each update of tariff parameters (and at least quarterly) the constraint through a new parameter σ to minimise the deviations between the constraint and actual revenues; • method of managing surpluses recorded in year t-2: any revenues exceeding the constraint recorded in year t-2 will be deducted from the constraint of year t; • changes to the safeguard clause: possibility of submitting a request to the Authority for the modification of the pre-regulation price reduction coefficient, set at 0.9 in continuity with the previous methods, up to a maximum value of 1. Resolution 546/2025/R/tlr updated the following integrated texts of the regulation: TIMT (Integrated Text on District Heating Measurement), TUAR (Consolidated Text on Connections and Withdrawals), TUD (Consolidated Dimensional Text), RQCT (Commercial Quality Regulation of District Heating). The resolution confirms the main contents of the aforementioned texts (which were due to expire on December 31, 2025), making slight updates with negligible economic impacts for the Group. 420 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group 7.4 Smart Infrastructures Business Unit 2025 Interim reference rates for natural gas distribution and metering service Resolution 274/2025/R/gas approved the 2025 provisional reference tariffs. RAB GAS value underlying 2025 provisional reference tariffs millions of euro Unareti S.p.A. LD Reti S.r.l.* ASVT S.p.A. RetiPiù S.r.l. Gruppo Acinque** Total Centralised Capital 42.43 5.55 1.20 13.12 11.86 74.16 RAB Distribution 863.32 89.96 13.12 163.77 154.61 1,284.78 RAB Metering 9 7.46 10.03 1.52 35.97 28.82 173.80 Total 1,003.21 105.54 15.84 212.86 195.29 1,532.74 * Includes 50% of the RAB, i.e. the one underlying the revenues for the period January 1 – June 30, 2025 before the transfer of the gas BU to third parties. ** Includes Lereti S.p.A. and Reti Valtellina Valchiavenna S.r.l.. The RAB values of Lereti S.p.A. are expressed net of the four locations (Varese, Brinzio, Casciago and Lozza) where the assets are owned by the municipalities. The 2025 rates were calculated by applying a weighted average cost of capital (WACC) of 5.9%, as required by Resolution 513/2024/R/com for the year 2025, as well as the capital appreciation index as defined by Resolution 130/2025/R/com, which led to the deflator being replaced by a more stable inflation indicator (HICP Italy). The 2025 rates are affected by the redetermination of the revenues allowed to cover the operating expenses of gas distribution carried out by Resolution 87/2025/R/gas detailed below. Tariff regulation for the natural gas distribution and metering service 2020-2025 and its extension for the two- year period 2026-2027 Resolution 570/2019/R/gas containing the tariff regulation of gas distribution and metering for the period 2020-2025 was the subject of a long dispute with the operators, which ended with the cancellation of its parts relating to the setting of the initial level (and subsequent updating) of the unit parametric fees of the revenues allowed to cover the operating expenses of distribution and their replacement, following a specific procedure and related consultation, with new measures consistent with the indications of the administrative judge. Resolution 87/2025/R/gas consequently increased the unit parametric tariff fees for the years 2020-2025, correcting a material calculation error detected during the trial and modifying the approach of differentiating these fees based on the size of the operators and the density of the territory served, generating a positive impact on the eligible revenues of the Group’s gas distributors totalling approximately 28 million euro, regulated during 2025 with CSEA for the years 2020-2023, while the years 2024-2025 will be managed under the normal equalisation mechanism. Resolution 532/2025/R/gas extended the tariff provisions in force also for the two-year 421 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group period 2026 and 2027, modifying some tariff parameters such as the X-Factor (set at 0% for both distribution and metering and marketing), the standard unit cost recognised for gas smart meters and the modulation factors used for the release of the stock of contributions so-called “frozen”. In addition, some initial measures have been adopted to recognise the operating costs related to the obligations introduced by Regulation (EU) 2024/1787 (methane emissions). Based on the regulation thus defined and taking into account that the WACC applicable for 2026 is, as for 2025, equal to 5.9% (pursuant to Resolution 476/2025/R/com), Resolution 574/2025/R/gas approved the mandatory tariffs applicable to customers for 2026. Pilot projects in the natural gas distribution sector Resolution 590/2023/R/gas approved the ranking of pilot projects eligible for the incentive provided for by Resolution 404/2022/R/gas, which had allocated 35 million euro to finance experiments in gas distribution lasting up to three years and falling within the following project areas: • methods and tools for optimised network management (green gas development, reduction of fugitive emissions); • innovative uses of existing infrastructure (green gas development); • innovation interventions on the regulated infrastructures of the natural gas supply chain (increasing energy efficiency, digitalizing networks). The table shows the 3 pilot projects approved for the distributors of the A2A Group, while the one relating to LD Reti S.r.l. (creation of a so- called Bi.ReMi station for the introduction of biomethane) was sold to a third-party operator as part of the reorganisation of the Group’s activities in the gas distribution sector, concluded at the end of the first half of 2025. The total contributions exceed 3.7 million euro, of which 2.2 million euro already disbursed by CSEA in 2024 (30% advance – Resolution 147/2024/R/gas) and 2025 (40% advance – Resolution 433/2025/R/gas). Project Company Project description Tariff contribution allowed Smart Grid project: Dynamic pressure management Unareti Reduction of fugitive methane emissions by varying the operating pressure of the network according to demand trends, optimizing characteristic parameters 925,328 € Energy recovery: Macconago turboexpanders Unareti Integration with turboexpanders with the rolling lines of the Remi di Macconago station, to recover the energy dissipated during gas decompression 1,031,182 € RetiPiù Smart Less CO 2 RetiPiù Reduction of fugitive emissions from underground pipelines of methane gas distribution systems by their preventive detection using cathodic protection and vibro-acoustic analysis (for PE sections) 1,776,519 € 422 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Regulatory framework for natural gas metering Over the last few years, the regulation of natural gas metering has undergone a considerable evolution aimed at incentivising, through a complex system of obligations and penalties for operators, the improvement of performance, understood as an increase in the availability and granularity of real metering data on which to base the commercial processes of the sector (billing of the distribution service, sale to end customers, gas settlement). ARERA intervened in the following areas: • Transport: metering at the interconnection points between transport networks and distribution networks (so-called citygate) as well as customers directly connected to transport networks (Resolution 512/2021/R/ gas – RTMG): the current regulation defines the responsibilities and scope of metering and meter reading activities, the minimum and optimal plant requirements, performance and maintenance requirements, as well as commercial quality levels of metering. This regulation increases the responsibility of metering system owners and those responsible for meter reading through a complex system of penalties and compensation (revised several times), managed by the major transport company and aimed at providing an adequate price signal for failure to comply with service quality levels and encouraging interventions to adapt metering systems, with consequent improvement in performance. • Distribution: \- Metering at end customers connected to natural gas distribution networks (Resolution 292/2022/R/gas): the current regulation provides: (i) a fixed time limit (90 days) beyond which the gas smart metre installed is considered in any case to be in service (i.e. remotely read and controlled) and, therefore, (ii) applicability to them of the monthly reading obligations, (iii) stringent deadlines for sending metering data to the Acquirente Unico SII, (iv) an articulated system of compensation in favour of both end customers and distribution users and (v) mechanisms for mitigating the burden on distributors for the recognition of such indemnifications aimed at taking into account the actual technical limitations of the remote reading and management systems, managed within the framework of the natural gas metering revenue equalisation mechanism. \- Mechanism to incentivise the reduction of the so-called Delta IN-OUT Resolution 386/2022/R/gas): mechanism to hold distribution companies accountable for limiting the difference between gas injected into the distribution network, metered at the Re.Mi station (citygate), and gas withdrawn at end-customer points of sale/interconnection points with other networks (so-called Delta IO), aimed at identifying the most manifest and macroscopic inefficiency. The mechanism is based on the comparison, for each citygate, between the minimum and maximum admissible reference values of the Delta IO calculated for homogeneous groups of plants and the actual Delta IO value of the specific citygate and on the consequent valorisation of the result by means of a reference price of gas should the actual value fall outside the “exemption band” determined by the minimum and maximum admissible values; the calculation excludes gas quantities relating to localised losses and fraudulent withdrawals detected and appropriately quantified by the distributors. In view of the interventions concerning the plant engineering of the infrastructures managed and aimed at improving the quantity and quality of metering data available for transport and distribution, ARERA also intervened on the process, of a more commercial nature, based on said metering and aimed at correctly attributing the quantities of gas to transport and distribution users: • Settlement Gas Process (Resolution 555/2022/R/gas): the regulation provides, among other things, a mechanism, repeatedly modified (in particular, Resolution 383/2025/R/ gas with reference to the sessions relating to the years 2020-2023) managed by the SII Manager with the support of the CSEA and aimed at encouraging the rapid correction, by distributors, of the metering data of the withdrawals that have 423 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group not passed the consistency check carried out as part of the balancing or adjustment sessions on the basis of specific technical criteria laid down by the SII itself in implementation of the relevant regulatory provisions (so-called sterilisations). This mechanism imposes an annual penalty, net of the deductible for the same year, calculated by valuing the number of sterilisations executed by the SII using a differentiated unit amount according to the calibre of the metre installed at the PdR. Revenue allowed for the natural gas transport and metering service 2025-2026 Resolution 139/2023/R/gas approved the tariff regulation for natural gas transportation activities for the sixth regulatory period 2024-2027, introducing the principles of ROSS - Regulation by Expenditure and Service Objectives defined by Resolution 497/2023/R/com. Since the final eligible revenues under the new mechanism may differ from the reference revenues for the calculation of the tariff fees, the Authority has adopted some provisions aimed at minimising these differences through a mechanism of advances/adjustments between updated eligible revenues and the reference revenues used for the definition of the tariff fees applied to transport users. Resolution 215/2025/R/gas approved the tariff fees for the activity of gas transport and metering for 2026 and redetermined those for 2025. To this end, it applied a WACC equal to 5.5% as well as the capital appreciation index as defined by Resolution 130/2025/R/com, which led to the deflator being replaced by a more stable inflation indicator (HICP Italy). The already approved 2025 and 2026 reference revenues will be affected by the ex post application of the new ROSS tariff logics. In particular, for the purpose of calculating the final admissible revenues, the following will be used instead of estimated data: (i) the actual Fast Money of year t, resulting from dividing the actual total expenditure (opex+capex) of year t with the regulatory capitalisation rate and (ii) the actual Slow Money of year t-1, resulting from dividing the total expenditure (opex+capex) of year t-1 with the regulatory capitalisation rate. On the contrary, for 2024, the Authority, following the submission of the 2024 Separate Annual Accounts containing, among other things, the 2024 operating costs recognisable for tariff purposes, was able to calculate and approve, by Resolution 556/2025/R/gas, the eligible revenues for that year and consequently define the adjustments to be settled between operators and CSEA and equal to about 87,000 euro for the Group operator. Value of the RAB of Retragas S.r.l. underlying the reference revenues for the calculation of the 2025 and 2026 tariff fees millions of euro 2026 Tariffs 2025 Tariffs RAB Transport 61.3 59.2 RAB Metering 2.4 1.7 Total RAB 63.7 60.9 424 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Some news on electricity distribution concessions Pursuant to art. 9 of Legislative Decree 79/99 (Bersani Decree), electricity distribution is provided under a thirty-year concession issued for the territory of each municipality by the Ministry of Economic Development (now MASE). This Decree established, among other things, a transitional regime for distributors already operating on that date, granting them the option to continue providing the service under concessions issued by March 31, 2001, and valid until December 31, 2030. At the end of the transitional period, the Legislative Decree provides for the issuance of new concessions through tenders to be held no later than five years prior to the expiration date, for areas no smaller than the municipal territory and no more than a quarter of all end customers. The procedures, including the remuneration of the investments made to be recognised to the outgoing concessionaire, will be established with a specific MASE Regulation. The 2025 Budget Law (art. 1, paragraphs 50- 53) has addressed the matter by requiring that MASE, in agreement with the Ministry of Economy and Finance (MEF), on ARERA proposal and with prior agreement concerning the aspects of their competence in the Unified Conference as per article 8 of Legislative Decree 281/97, and after receiving the opinion of the appropriate parliamentary commissions, draft, by June 2025, a MD to define the terms and procedures for the submission by concessionaires of extraordinary multi- year investment plans to improve security, resilience, and quality of service, as well as to enable increasing integration of renewable energy. The MD must also contain criteria for the evaluation and approval of such plans. If MASE, after consulting ARERA and MEF, gives a positive opinion on the operator’s proposal, the concession, upon payment of a fee that will be counted in the capital investment and valued at the same rate defined for investments, can be adjusted for a period of no more than 20 years, (thus postponing the expiration to 2050 at the latest). Resolution 392/2025/R/eel approved the proposal to be submitted to the MASE, which provides that the extraordinary multi-year investment plans have a duration of 5 years and can be presented in two time windows: a) within 90 days after 5 months from the approval of the decree; b) in January 2028. The extraordinary nature must be assessed by considering the average increase in investments over the plan compared to the baseline, calculated on the average of investments in the period 2020- 2024\. The required increase is modulated on the basis of a specific “investment level” indicator calculated as the ratio between the amount of annual investments and the annual depreciation rate: if this indicator is greater than 1, the required increase will be equal to +10/20%, otherwise, instead, to +20/35% and the remodulation period equal to at least 10 years starting from 2030 equal for all distributors. ARERA also requested to eliminate or, in any case, minimise the burden to be paid to the MEF in the face of the remodelling of the concession to protect users and maximise the resources of operators to support new investments. At the moment, MASE has not yet adopted the MD required by the 2025 Budget Law as at June 30, 2025. Definition of the regulatory framework applicable to Duereti S.p.A. During the first half of 2025, the regulatory framework applicable to the new distributor, Duereti S.r.l. was defined. This corporate vehicle was acquired by e-distribuzione S.p.A. and will benefit from the transfer of electricity distribution and metering activities in numerous municipalities belonging to the provinces of Milan (west-southeast Milan area) and Brescia (Valtrompia). In particular: • Tariffs: the Authority postponed the deadline for the approval of the provisional 2025 reference tariffs to the end of June in order to have an adequate period of time to collect and process the necessary data consistent with the new scope (Resolution 259/2025/R/eel); [](https://onelegale.wolterskluwer.it/normativa/10LX0000114903ART9?pathId=032b9459b09f5) 425 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group • Technical quality: it was necessary to define the scope of the new territorial areas managed by Duereti S.r.l. and to redefine those under the responsibility of e-distribuzione S.p.A. in order to calculate, in both cases, the new objectives for the duration and number of outages indicators applicable for 2025. Resolution 187/2025/R/eel, following the processing of data on the number and duration of outages for the period 2020-2024 with the appropriate granularity to carry out new aggregations, approved Duereti S.r.l. 2025 targets; • Development Plan: the company obtained an extension from ARERA of the timeframe for the preparation and public consultation of the Plan, in order to have a reasonable amount of time to involve interested stakeholders . Resolution 112/2025/R/eel postponed the deadline for submitting the pre-consultation Plan from March 30 to May 31 and the deadline for submitting and publishing the post-consultation Plan from June 30 to September 30. Following this extension, the deadline for submitting applications for admission to the incentive mechanism for investments included in the Development Plan and deemed priority pursuant to Article 80 of the TIQD has also been postponed to September 30, 2025. 2025 Interim reference rates for electricity distribution and metering service Resolution 217/2025/R/eel approved the 2025 interim reference rates for all operators (except for Duereti S.r.l. and e-distribuzione S.p.A., which were approved by Resolution 259/2025/R/eel). RAB ELECTRICITY value underlying 2025 provisional tariffs millions of euro Unareti S.p.A. Duereti S.r.l. LD Reti S.r.l. RetiPiù S.r.l. Reti Valtellina Valchiavenna S.r.l. Total RAB Distribution 1,058.7 438.1 67.5 31.3 26.2 1,621.8 RAB Measure (BT only, excluding 2G) 24.1 1.3 0.8 0.6 0.7 2 7. 5 Total RAB (excluding 2G) 1,082.8 439.4 68.3 31.9 26.9 1,649.3 The interim rates were calculated by applying a weighted average cost of capital (WACC) of 5.6%, as updated for 2025 by Resolution 513/2024/R/com, as well as the capital appreciation index as defined by Resolution 130/2025/R/com, which led to the deflator being replaced by a more stable inflation indicator (HICP Italy). The 2025 provisional tariffs have been established within the new ROSS-base framework (Regulation for Expenditure and Service Objectives), approved in its common terms also for gas transport and electricity transmission by Resolution 163/2023/R/eel, subsequently better defined in its general criteria by Resolution 497/2023/R/eel and, finally, specifically outlined for the electricity distribution and metering activity by Resolution 630/2023/R/ eel approving the regulatory framework in tariff matters (TIT, TIME and TIC) for the period 2024- 2027. The tariffs for the years 2026 and 2027 will also be affected by the further changes introduced by Resolution 390/2025/R/eel regarding the calculation of the regulatory capitalisation rate and the definition of the Z-Factor, as well as the gradual transition to the ROSS-Integral (initially mandatory for Terna S.p.A., for e-distribuzione S.p.A. and for natural gas transport companies), which provides for specific mechanisms to incentivise the correct planning and execution of investments. 426 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group The ROSS-base covers all distributors with more than 25,000 POD and its main features are: (i) to be focused on the individual legal entity and (ii) on the total annual spending actually incurred (operating costs + investments) as well as (iii) to consider new parameters such as the regulatory capitalisation rate and the operating cost baseline, both set for a two-year period ex-ante by the Authority for the specific operator. The regulatory capitalisation rate allows the actual total spending to be divided into (i) Slow Money and (ii) Fast Money. Slow Money represents the portion of total expenditure related to the year’s investments considered for tariff purposes, which subsequently increases the regulatory invested capital. This capital is then amortised over the regulatory useful lives and annually adjusted with the gross investment deflator, resulting in the generation of the remuneration portion (through WACC) and the amortisation portion within the admitted revenues. The Slow Money portion may, potentially, differ from the amount of investments actually recorded in the year. The Fast Money, instead, represents the part of revenues allowed to cover the actual operating costs eligible for regulatory purposes, excluding those not made efficient (so-called “on top”, the subject of full recognition). In addition, in order to encourage efficiency, the ROSS-base provides ‘menu regulation’, which allows the operator to access, for a pre-defined period, a low or high potential incentive scheme (respectively SBP and SAP) according to which they can retain a more or less high portion (50% or 75% in the 3 years following the first, where the retention is 100%) of any extra-efficiency (or, symmetrically, sustain a more or less high portion of any extra-inefficiency) that arises from the annual comparison between the actual total expenditure and the baseline spending defined by the regulator, all of which is currently attributed to the Fast Money portion and which is updated using the annual inflation rate and an efficiency rate (0 for the SBP and 0.5% for the SAP). In order to consider the potential incremental costs from new investments not present in the actual operating expenses considered for the baseline definition, there is a specific parameter called the Z-Factor, which can be activated by the distributor’s request and is subject to approval by ARERA. Unareti S.p.A. submitted such an application for both 2024, which was approved in 2025, and 2025, which is currently being evaluated. Based on the regulation thus defined and further updated by Resolution 390/2025/R/com, taking into account that the WACC applicable for 2026 is, as for 2025, equal to 5.6% (pursuant to Resolution 476/2025/R/com), Resolution 575/2025/R/eel approved the mandatory tariffs applicable to customers for 2026. Incentives for aggregations between electricity distributors Resolution 630/2023/R/eel (TIT 2024-2027) provides, in articles 40 and 41, specific provisions to encourage aggregation between electricity distribution companies. Unareti S.p.A., as a result of the incorporation as of July 1, 2025 of Camuna Energia S.r.l. (distributor with < 25,000 POD under the parametric tariff regime) and LD Reti S.r.l. (operator with < 100,000 POD under the ROSS scheme), submitted a request for admission to these incentive mechanisms requesting, for the perimeter of the former Camuna Energia S.r.l., the recognition of the RAB underlying the last approved reference tariffs, in addition to 30% of the recognised operating costs, and, for the perimeter of the former LD Reti S.r.l., the recognition of 50 €/POD for each POD managed by the same. The total amount of this incentive is estimated at approximately 2.3 million euro and will be approved by a Resolution that should be adopted in the first months of 2026 and subsequently disbursed by CSEA. 427 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Commercial and technical quality of electricity distribution activities Resolution 617/2023/R/eel approved the new regulation of the commercial and technical quality of the electricity distribution business as set out, respectively, in the TIQC and TIQD 2024- 2027. While for the commercial aspects the novelties are essentially related to updating the amounts of automatic compensation to account for inflation, the technical regulation provides numerous innovations aimed at accentuating, in line with the new ROSS method, the focus of the incentive regulation on the (annual) performance of the individual operator compared to their historical track record for the managed territorial areas, with an improving impact for the areas in penalty (and conversely, with a worsening impact for the areas in reward) compared to the previous method. Resolution 543/2024/R/eel has determined the target levels for the two-year period 2024- 2025 in relation to the number and duration of interruptions, distinguished by the tertile to which each area belongs (Best | Intermediate | Worst). A similar Resolution (187/2025/R/eel) was adopted for the new distributor Duereti S.r.l. and for 2025 only. Based on this regulatory framework, Resolution 511/2025/R/eel approved the bonuses and penalties for the continuity of service for 2024, the net value of which, as regards the Group, is equal to -1.7 million euro (of which 2.3 million euro of penalty for duration and number indicators and 0.6 million euro of bonus for areas with the best continuity of service) regulated with CSEA by the end of 2025. 4 During the initial application phase, the eligible investment total is 15% of the complete investment amount outlined in the 2023 Development Plan, while once fully operational, the three-year cap is set at 85 €/POD* multiplied by the number of POD serviced by the operator as of December 31, 2024. In both cases, the cap on the incentive achievable from the single intervention is equal to the lesser of, on one hand, the monetary value of 2 years’ gross benefits generated by the intervention and, on the other hand, 13% of the lesser value between the expected and the actual investment. The new TIQD also introduces a new incentive mechanism for development interventions on electricity distribution networks deemed to be a priority, carried out by distributors with more than 100,000 POD and, therefore, subject to the preparation of the Development Plan (see Resolution 296/2023/R/eel), to be submitted to public consultation and subject to publication and disclosure obligations to the Authority and the MASE. The new mechanism has provided for an initial application phase (which includes investments starting from January 1, 2024), and a fully operational phase, outlined in Resolution 472/2024/R/eel for investments initiated between January 1, 2025 and December 31, 2027. During both phases, the incentive amount will be based on the value of the benefits derived from eligible investments, with a cap system applicable to both the total eligible investments and the incentive obtainable from each eligible intervention 4 . The total incentive that can be generated by the application submitted by Unareti S.p.A. for 2024, approved with Resolution 186/2025/R/eel, is equal to approximately 0.5 million euro, while for the one relating to 2025, also submitted by the new operator Duereti S.r.l., the related evaluation is still pending. Unareti S.p.A. MiNDFlex pilot project for the procurement of local ancillary services Resolution 197/2025/R/eel updated the 2025 MiNDFlex pilot project for the procurement of local ancillary services by Unareti S.p.A., introducing: extension of the procurement area to the cities of Milan and Rozzano, reduction of the minimum participation thresholds, simplification of the requirements for flexibility resources, and increase in the remuneration awarded to the winners. 428 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group During 2025, Unareti S.p.A. held six auctions for the forward procurement of flexibility, with total volumes allocated equal to 112.8 MW. The company plans to continue the trial also for the year 2026, subject to ARERA approval. Energy efficiency certificates and tariff contribution recognised to distributors The MASE Ministerial Decree of July 21, 2025 updated the regulation of white certificates, defining the new energy saving obligations for the period 2025-2030 for electricity and natural gas distributors with at least 50,000 end customers. ARERA Resolution 06/2025-DSME of October 30, 2025 set the obligations for the year 2025: with regard to the distributors of the A2A Group, the total for 2025 amounts to 97,602 TEE (of which 54,996 for Unareti S.p.A., 25,522 for Duereti S.r.l., 9,209 for Lereti S.p.A., 7,875 for RetiPiù S.r.l.). Resolution 303/2025/R/efr established the tariff contribution at 247.35 €/TEE to cover distributors’ costs for acquiring energy efficiency certificates for the 2024 obligation year, with the additional fee set to zero. The contribution is below the cap of 250 €/TEE provided for by the Ministerial Decree of March 31, 2021. According to the new Ministerial Decree of July 21, 2025, ARERA will define the tariff contribution, to cover the costs incurred by distributors for the purchase of certificates relating to the 2025 obligation year, within a maximum recognition value. 429 A2A Report on Operations 2025 7. Evolution of legislation and impacts on the Business Units of the A2A Group Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 7.5 Antitrust measures A2A Calore & Servizi S.r.l. acquires exclusive control of Sesto Energia S.r.l. (C12704) On February 4, 2025, the notification form relating to the acquisition by A2A Calore & Servizi S.r.l. of the entire quota capital – and, with it, sole control – of Sesto Energia S.r.l., a newly established company wholly owned by Edison S.p.A., to which the business unit relating to the cogeneration thermoelectric power plant located in Sesto San Giovanni had previously been transferred, was filed with the Italian Antitrust Authority (AGCM). With decision C12704 of March 10, 2025, AGCM decided not to initiate an investigation, considering that the notified transaction would not significantly impede effective competition in the markets concerned, nor would it lead to the creation or strengthening of a dominant position. AGCM A577 investigation initiated against A2A E-Mobility S.r.l., A2A Energia S.p.A. and A2A S.p.A. for abuse of a dominant position in the electric charging services sector On December 16, 2025, the AGCM resolved to initiate the A577 investigation procedure against A2A E-Mobility S.r.l., A2A Energia S.p.A. and the parent company A2A S.p.A. aimed at ascertaining the violation of art. 3 of Law 287/1990 and art. 102 of the TFEU, with reference to a hypothesis of abuse of a dominant position to the detriment of competition in the sector of the offer of electric charging services through infrastructures located in public places or open to the public. According to the AGCM, A2A E-Mobility S.r.l. occupies a dominant position in the local electric charging market and, as a CPO (Charging Point Operator), charges MSP (Mobility Service Providers) wholesale prices for access to the charging stations that are higher than the retail prices charged by A2A Energia S.p.A. as MSP to its end customers for the charging service. The Authority therefore assumes that the pricing policies adopted by the Group are configured as a margin squeeze practice, capable of preventing or limiting the possibility for non-vertically integrated competing MSP to replicate offers to end users in an economically sustainable manner. Such conduct, if confirmed in the proceedings, would be likely to produce exclusionary effects in the market for electric mobility services, negatively affecting the competitive capacity of downstream operators, particularly in urban areas characterised by a significant presence of the Group’s charging stations. The procedure is expected to be closed by June 30, 2027. A2A Report on Operations 2025 8. Risks and uncertainties A2A Report on Operations 2025 8. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 8 Risks and uncertainties 432 A2A Report on Operations 2025 8\. Risks and uncertainties 8.1 Risks and uncertainties The A2A Group has a risk assessment and reporting process which is based on the Enterprise Risk Management method of the Committee of Sponsoring Organizations of the Treadway Commission (CoSO report) and best risk management practice and is in compliance with the Corporate Governance Code by Consob, which states: “…Each issuer shall adopt an internal control and risk management system consisting of policies, procedures and organizational structures aimed at identifying, measuring, managing and monitoring the main risks.... “. The Group has also adopted a specific procedure that defines in detail the roles, responsibilities and methodologies for the Enterprise Risk Management (ERM) process. This process requires a risk model to be set up that takes account of the Group’s characteristics, its multi-business vocation and the sector to which it belongs. This model is subject to periodic revision consistent with the evolution of the Group, and the context in which it operates. The methodology adopted is characterized by the regular identification of the risks to which the Group is exposed. In this context, an assessment process is carried out which, through the involvement of all its structures, allows the Group to identify the most important risks and establish the relative controls and mitigation plans. At this stage, the involvement of Risk Owners is essential as responsible for the identification, assessment and update of risk scenarios (specific events in which risk can materialize) related to activities of its competence and Focal Points that facilitate the continuous monitoring of risks, guaranteeing a timely flow of information to Risk Management. This phase is carried out with the support and coordination of the Group Risk Management organizational structure through operating methods that allow clearly identifying risks, the related causes and management methods. The methodology adopted is modular and leverages on the fine-tuning of the experience gained and methods of analysis used: on the one hand, it aims to develop the risk assessment further with specific reference to the consolidation of the mitigation process and on the other to develop and integrate risk management activities in business processes. This evolution is carried out consistent with the gradual increase in the awareness of management and the business structures about risk management issues, achieved among other things through the use of specific training support provided by Group Risk Management. The ERM Organizational Structure also supports the process for maintaining certifications as well as the activities preparatory to the adoption of new certification frameworks. Set out below is a description of the main risks and uncertainties to which the Group is exposed. International geopolitical tensions In a Middle Eastern context characterized by escalating tensions that have persisted for years, we are witnessing a military escalation, with joint US–Israel strikes on Iranian targets and the risk of further retaliation. Against this backdrop, in early March, the prices of the main energy commodities experienced a sharp upward trend, particularly in relation to spot and 2026 forward prices, less marked on forward 2027 prices, in a market that had not yet factored in the effects of a possible new war. Certain systemic factors, such as reduced stock availability and supply shocks caused by unforeseen disruptions to LNG production or transport systems, could exacerbate a phenomenon that currently appears to be limited in duration. The duration and extent of the pressures on oil, gas and, consequently, electricity prices cannot currently be predicted. 433 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The rise in the prices of the main energy commodities could lead to a consequent general increase in inflation, with impacts on all goods and services, as well as tensions on financial markets and on the solvency of certain counterparties. A further adverse effect, linked to the potential shortage of raw materials and semi-finished products due to delays or the unavailability of the main shipping routes, could affect the timing of material procurement to support operations and development initiatives. Achievement of the objectives defined in the business plan Reference is made to the risks connected with failure to achieve or partial achievement of the development and profitability objectives outlined in the Business Plan, which could have both an economic and financial impact as a result of lower growth in the Group’s margins and a reputational impact as a result of failing to meet the expectations of stakeholders with regard to sustainability commitments. The Business Plan, on the one hand, confirms the ambitious growth targets outlined in previous years through the improvement of network efficiency, the expansion of renewable energy production and the path of electrification and decarbonisation of energy consumption, on the other hand, outlines new areas of growth (e.g. Data Centres) with the aim of evolving from the role of energy partner to an integrated development platform, enhancing assets, know-how and innovation capacity. The main risk factors affecting the various areas of development include: possible critical issues related to authorisations and adverse territorial contexts, the presence of significant competitors capable of hindering the achievement of market shares in domestic and foreign markets, commercial risks in connection to the targets for increasing the customer base defined in the adopted Plan, and uncertainties on the legislative and regulatory evolution (at national or European level) concerning both regulated businesses and those in the free market. In this context, at the level of European institutions, the shift of the Parliament and the Commission towards more conservative positions, which tend to be critical of current climate-neutral energy transition policies, is having a significant impact on the redefinition of the contents of the so-called Green Deal In addition, international crises and ongoing geopolitical and commercial tensions could lead to both difficulties in the procurement of certain materials used in the ordinary operation and maintenance of plants and at the construction sites of development initiatives, and a potential further general increase in prices linked, for example, to the rise in energy commodity prices in the markets and shipping transport costs (increases in insurance costs and rerouting by shipowners). Global supply chains are subject to potential disruptions in the main supply routes, particularly those by sea. With this in mind, the Group has adopted a policy of hedging risks by entering into long- term supply agreements at fixed prices or with indexing formulas that limit volatility, diversifying suppliers, evaluating new purchasing strategies, and analysing and exploring new markets. With reference to development in the Data Centre area, the risks already mentioned (permitting, social acceptance, regulatory uncertainty, presence of competitors, etc.) are accompanied by further elements of uncertainty, including operational and environmental ones attributable to the resilience of the electricity grid, the high consumption of energy, soil and water resources; technological issues related to the rapid obsolescence of plants and components and, finally, scenario risks deriving from a possible weakening of the growth trends of the data economy. 434 A2A Report on Operations 2025 8\. Risks and uncertainties The main measure to mitigate development risks and best support the implementation of the initiatives are primarily organisational in nature: the presence of company structures focused on the analysis of the reference markets, the market positioning of the Group, competitors and the evolution of the sector in the medium/ long term. These structures are also responsible for coordinating the strategic planning process and supporting senior management in decision- making to ensure a structured growth process, including external expansion. The presence of structures dedicated to risk measurement and monitoring is also highlighted, alongside those focused on managing relations with the relevant Authorities, ensuring effective and timely information on the evolution of the regulations. Of note is the recruitment of professionals with strong scientific-technological (STEM) skills. Finally, to support the path of sustainable growth, numerous ongoing training initiatives have been launched for personnel using specific external infrastructures and platforms; Focal Points have been identified to support the increasing integration of sustainability principles in business processes, contribute to defining the objectives of the Sustainability Plan and promote and enhance new projects in the field. Legislative and regulatory risks The A2A Group operates in sectors that are strongly regulated by the provisions of independent administrative authorities and deals with a multiplicity of stakeholders at various institutional levels. Regulation impacts not only on traditional natural monopoly sectors (such as transport energy infrastructure and the integrated water cycle) but also on free market sectors (in terms of market design and continuous enforcement of consumer protection). Since 2018, the Regulatory Authority for Energy Networks and Environment (ARERA) has taken over the regulation and control responsibilities for the integrated waste cycle, and since 2023, also for setting heat transfer prices in district heating. Considering the significant contribution of regulated activities to overall margins, the Group has adopted a policy of monitoring and managing regulatory risk in order to mitigate, as far as possible, its effects through a multi- layered control, which primarily involves collaborative dialogue with institutions (including the most important: ARERA, Autorità Garante della Concorrenza e del Mercato or AGCM, Autorità per le Garanzie nelle Comunicazioni, Autorità di Regolazione dei Trasporti, Ministero dell’Ambiente e della Sicurezza Energetica) and with the sector’s technical bodies/entities (Gestore dei Servizi Energetici S.p.A., Gestore dei Mercati Energetici S.p.A., Terna S.p.A. and Snam S.p.A.) as well as active participation in trade associations. The Regulatory Affairs and Competition organizational structure works in close liaison with the Business Units and implemented constantly updated monitoring and control tools (including the Regulatory Review produced every six months or the Regulatory Agenda drawn up at the time of the Budget/Plan) in order to consider the potential impacts of the regulation on various companies. The organizational structure also oversees regulatory risk for the Acinque and AEB Groups by managing their impacts in a coordinated manner. It should also be mentioned that a new Procedure for managing Operational Compliance for individual companies is in force from 2025, according to which Regulatory Affairs and Competition: 1\. gathers feedback regarding the grounding of the operational requirements that emerged from the mandates issued by the sectoral authorities; 2\. organizes 10 second-tier compliance checks each year regarding the methods companies have chosen for the implementation of regulatory requirements. The main topics involved in current changes in regulations and legislation, with major potential effects on the Group, are as follows: • the rules governing reallocations of large-scale hydroelectric concessions following Law no. 435 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 12/2019 which, in article 11-quater, provided for an overall reorganization of the subject, giving the Regions an increasingly important role (for the Lombardy Region, reference is made to the Regional Law no. 5/2020 as amended by subsequent Regional Law no. 19/2021) 1 ; • the annual renewal of the essentiality regime with reinstatement of costs for the San Filippo del Mela fuel oil power plant, which does not allow a medium-term vision of the site’s future; • the effects of potential delays related to the commissioning of the new Monfalcone CCGT scheduled for 2026 and, at the moment, postponed by a year. The plant benefits from the capacity market and a number of extensions for potential commissioning delays; • the effects of the numerous administrative acts that MASE, on one hand, and the individual Regions, on the other hand, are adopting to regulate the ‘suitable areas’ for the construction of production plants powered by renewable sources which, if excessively restrictive, could slow down the development targets set by the A2A Group in this sector; • the termination of the water service concessions and their transfer for consideration to the Single Area Operator (with particular reference in the immediate term to the municipalities that have expired and/or are being managed on a transitional basis by A2A Ciclo Idrico S.p.A. and those close to expiry of Lereti S.p.A. in the Como and Varese areas); • the possible inclusion of waste-to-energy plants treating municipal waste in the Emission Trading System from 2028 and, potentially, for those treating special waste from the treatment of municipal waste, earlier than said expiry (see transitional climate risks); • the extension of concessions for the distribution of electricity after the 2030 deadline, as the MASE Ministerial Decree – provided for by the 2025 Budget Law as at June 30, 2025 – has not yet been adopted; 1 With reference to the Resio (BS) concession, owned by Linea Green S.p.A. (a wholly-owned subsidiary of A2A S.p.A.), the Lombardy Region announced with DGR 1602 of December 18, 2023, the start of the reallocation procedure, with the publication of the notice on April 22, 2024. The appeals lodged by Linea Green S.p.A., A2A S.p.A., and Elettricità Futura concerning this procedure, in which Linea Green S.p.A. itself and five other operators (one of which is foreign) took part, remain under consideration. The tender procedure is still underway. • the expected consequences of the conclusions of the Report on the results of the day-ahead electricity market in the two-year period 2023- 2024, published by ARERA with reference to the supply strategies of operators on the electricity market: ARERA, through what-if analyses carried out with the support of the GME, found inconsistencies between prices (Day Ahead Market) and short-term marginal costs, a symptom of possible economic capacity withholding, a conduct censured by the so-called REMIT Regulation as it brings market prices to an “apparently” artificial level; • the closure of the specific sanctioning proceedings initiated against A2A S.p.A. for alleged violation of art. 5 of REMIT (i.e. market manipulation), with reference to a single month of 2022, the Northern Zone and CCGT plants. According to the Authority, the contested conduct would have resulted in an increase in the market price estimated by what-if analyses similar to those used in the 2023-2024 Report; • the initiation of preliminary investigation proceedings by AGCM against A2A E-Mobility S.r.l., A2A Energia S.p.A. and the parent company A2A S.p.A. (A577) in order to ascertain the possible existence of violations of the rules on abuse of a dominant position in electric mobility services. On February 23, 2026, the 2026 Energy Decree was published in the Official Journal of the Italian Republic. This decree sets out a series of measures aimed at the energy market, with the primary objective of reducing energy prices by focusing on the mechanism for setting the marginal price of electricity. For the A2A Group, should the decree be converted into law, this would have repercussions in terms of electricity price trends and the need to adapt the way in which the Group operates on the energy market. Among measures that appear to be less critical in application, such as those relating to the variable components of gas transport and/or those relating to the “liquidity 436 A2A Report on Operations 2025 8\. Risks and uncertainties service” in the wholesale gas market, there are others that are difficult to apply with reference to European law regulations such as: • the amendment to the ETS framework, which requires action and approval by the EU. This is also highly complex in terms of timing (the ETS regulations would already apply from 2027); • the introduction by ARERA (an independent authority) of one or more measures to assess conduct involving the economic withholding of capacity on wholesale markets, which would require a new interpretation of REMIT, a European regulation. As of today, the impacts of these legislative provisions are difficult to quantify, given that they are still awaiting conversion into law and that the text of the legislation may still undergo significant amendments. In any event, the A2A Group will monitor the possible impacts on margins. Finally, it should be noted that in view of the numerous interventions of the AGCM on the sectors in which the A2A Group operates (in terms of initiating investigations for abuse of a dominant position and agreements, as well as fact-finding investigations, requests for information and moral suasion, particularly on the consumer protection side for alleged unfair commercial practices in the retail sale of electricity and gas, also in view of the completion of deregulation) the Board of Directors of A2A S.p.A. approved in 2019 the adoption of the Antitrust Compliance Program with the consequent appointment of a Person Responsible for its implementation. In 2020, the Antitrust Code of Conduct and an Antitrust Guideline were adopted, which regulates the rules of conduct that Group employees must observe in order to avoid antitrust violations (document available on the company Intranet). In the meantime, training sessions continued for the personnel of the various Business Units, and a specific training tool was activated and disseminated to all Group personnel on an e-learning platform. For a more detailed discussion of these risks, reference should be made to the section Evolution of legislation and impacts on the Business Units of the A2A Group. Financial risks Liquidity risks Liquidity risk is the risk that the Group is unable to meet its obligations in a timely manner or that it is able to do so under unfavourable economic conditions due to situations of tension or systemic crisis or to the changed perception of its riskiness by the market. To manage this risk, the Group guarantees the maintenance of adequate financial resources, understood as liquid assets and committed and uncommitted credit lines, sufficient to meet unexpected commitments over a given time horizon. At December 31, 2025, the Group had cash resources equivalents totalling 1,879 million euro, as well as committed and unused credit lines totalling 1,845 million euro. The Group also manages liquidity risk through a Bond Issuance Program (Euro Medium Term Note Program), featuring a base prospectus approved by the National Commission for Companies and the Stock Exchange (CONSOB). The size, substantial enough to allow the Group timely access to the capital market, is 7 billion euro. As at December 31, 2025, 1,395 million euro was available. The Group’s ability to obtain loans in the banking or financial markets depends, among other things, on prevailing market conditions and the Group’s rating at the time of the need for financing. Risks associated with compliance with debt covenants This risk exists if the loan agreements provide for the option by the lender, upon the occurrence of certain events, to request early repayment of 437 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group the loan, thus entailing a potential liquidity risk for the Group. In the section “Other information 5) Financial risk management – g) Risk relating to covenant non-compliance”, the Interim financial report details these risks pertaining to the A2A Group. The same section also lists the loans that contain financial covenants. Interest rate risks Interest rate risk is related to the uncertainty associated with the trend in interest rates, changes in which can result in, given a certain amount and composition of debt, an increase in net financial expenses. The exposure to interest rate risk arises mainly from the variability of financing conditions, in the event of taking out new debt, and from the variability of cash flows related to the interest produced by the variable- rate portion of debt. The volatility of financial expenses associated with the performance of interest rates is therefore monitored and mitigated through a policy of interest rate risk management aimed at identifying a balanced mix of fixed-rate and floating-rate loans and the valuation of the use of derivatives (hedging and pre-hedging) that limit the effects of fluctuations in interest rates. To provide a better understanding of the risks of interest rate fluctuations to which the Group is subjected every six month at December 31 and June 30, a sensitivity analysis was conducted of net financial expenses and valuation items of derivative financial contracts as a result of interest rate fluctuations. The section “Other Information 5) Financial risk management – b) Interest rate risk” of the Interim financial report illustrates the effects on the change in financial charges and in the fair value of derivatives resulting from a change in the forward curve of interest rates of +/- 50 bps. Risks associated with industrial and business activities Context risks The Group’s activities are sensitive to economic cycles and general economic conditions. A slowing economy could lead to, for example, a drop in consumption and/or industrial production, resulting in a negative effect on the demand for electricity and other carriers and services offered by the Group, thereby affecting the results and the implementation of planned development strategies. The year 2025 was characterised by the persistence of the complex global geopolitical and trade framework: on the one hand, there were no further particular tensions on the price levels of energy commodities, even though crisis situations are still in place in the Middle East and Eastern Europe; on the other hand, the effects of uncertainty caused by the continuous proclamations of the implementation of protectionist trade policies by the US Administration have determined, at a global level, a slowdown in trade, although the impact has been limited by the redefinition of trade flows. Finally, it should be noted that the current international context is confirming or bringing out critical issues and uncertainties in some specific areas: reference is made, in particular, to the supply times and purchase prices of specific product categories rather than to the possible blocking of the recovery activity of plastic sorting plants for the greater economic convenience in the use of virgin plastic. It cannot be ruled out that, in the short and medium term, further global crisis scenarios may arise that could once again lead to increases in energy commodity prices and affect trade between countries, thereby undermining global growth prospects. 438 A2A Report on Operations 2025 8\. Risks and uncertainties Risks related to commodity and energy prices Given the features of the sectors in which it operates, the A2A Group is exposed to energy scenario risk, namely the risk linked to changes in the price of energy raw materials (electricity, natural gas) and the prices of CO 2 emissions allowances (EUA). Significant, unexpected and/ or structural changes in commodity prices, especially in the medium term, may result in a reduction in the Group’s operating margins and cash flows. To mitigate these risks, the Group has approved an Energy Risk Policy that regulates the procedures by which commodity risk is monitored and managed, or the highest level of variability to which the result is exposed with reference to the trend of prices of energy commodities. Consistent with the provisions of the Policy, the commodity risk limits of the Group are defined and approved annually by the Board of Directors. Market risk is mitigated by constantly monitoring the total net exposure of the Group’s portfolio and addressing the main factors affecting the trend. Appropriate hedging strategies are defined, where necessary, designed to maintain this risk within the established limits, typically through hedging at 36 and 48 months. The objective of stabilizing the cash flows generated by the asset portfolio and outstanding contracts is thus pursued through the management of physical contracts and derivative financial instruments, limiting to the extent possible, the volatility of the Group’s economic and financial results following changes in commodity prices. Social-environmental context risk Possible opposition (the so-called “NIMBY - Not In My Back Yard” phenomenon) to the presence of plants promoted by certain stakeholders and amplified through the use of social media, due to a negative perception of certain activities (such as waste recovery and disposal or the installation of photovoltaic and wind farms) in the areas served, could hinder the regular operation of existing plants as well as the authorization process for new plants and therefore, the growth planned by the Group in some business areas. To mitigate this risk, the Group has set up organizational structures dedicated to monitoring institutional relations, with local communities and the territory, in order to establish and maintain collaborative dialogue with the various stakeholders. Within this framework, the Group, in order to build consensus around its initiatives, participates in technical round tables with institutional counterparts, especially at local level, as well as through the organization of multi-Stakeholder forums designed to promote dialogue with the local community. The forum was established with the aim of identifying solutions that can respond in a targeted and effective manner to the needs and expectations of stakeholders and that allow promoting the environmental, economic and social sustainability activities carried out by the Company and the Group and services provided in the territory. For the management of this risk, the Group has also adopted an IT platform for stakeholder and relationship mapping, which is useful for carrying out a gap analysis and supporting the planning of Stakeholder Engagement and improvement activities. Risks related to climate change The A2A Group has in place a system for identifying, assessing and managing risks related to climate change that is an integral part of the Group’s Enterprise Risk Management process and is subject to the requirements of the Corporate Sustainability Reporting Directive (CSRD). 439 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The climate risks identified for the A2A Group are the result of the analysis carried out considering: • the ESRS E1 Climate Change standard prepared under the Corporate Sustainability Reporting Directive (CSRD); • climate-related hazards as classified by the EU Taxonomy and delegated acts issued in implementation of the EU Regulation 2020/852 on Green capital expenditures; • the businesses operated and services offered by the Group; • the recommendations issued by the Task-force on Climate-related Financial Disclosure (TCFD). The analysis of physical climate risks is also supported by a platform that provides a geo- referenced assessment of the exposure of business activities to climate hazards; the assessment is based on forecast climate indicators for the SSP1-2.6, SPP2-4.5 and SSP5- 8.5 scenarios in the short, medium, long and very long term future horizons (up to 2100) 2 . Further information on climate risk management and assessment is published in the Sustainability Statement. Physical climate risks The A2A Group has identified the following main physical climate risks: • changes in the water resource available for hydroelectric production (hydraulicity), as a result of potential changes in precipitation volumes and distribution throughout the year, as well as a potential reduction in the water reserve accumulated in the form of snow pack (Snow Water Equivalent) - due to rising average and maximum air temperatures. To ensure optimum exploitation of water resources available for energy, the Group has established organizational structure dedicated to the development of analyses and engineering models to support the planning, both medium and short-term, of hydroelectric plants; production planning also makes use 2 A Shared Socioeconomic Pathway (SSP) climate scenario is a projection of the future that combines assumptions about global socio-economic developments (such as population growth, technological development, energy use and production, and environmental policies) with climate models to estimate the trend of greenhouse gas emissions and their effects on the climate. of the support of weather forecasts and the presence of expert people within the Group; moreover, investments are planned to optimize the use of the available and derived water resources for hydroelectric purposes. • The resilience of electricity distribution networks, which may manifest as service disruptions (blackouts) primarily caused by: \- peaks in demand for summer air conditioning \- heat waves \- flooding caused by heavy rains \- greater energy demand as a result of the electrification of services (electric cars, development of public transport, heating) \- increased energy requirements for the deployment of data centres. In order to mitigate this risk, in addition to the usual maintenance activities, the Group planned and launched the strengthening of the interventions to rationalize the meshing of the grids, the construction and commissioning of new primary and secondary substations, as well as the expansion of remote asset management systems. There are also remote operational controls, advanced technical safety tools, emergency intervention teams as well as specific safeguards for infrastructure, which are more exposed to risks of interruption in the delivery of services. The “Management of the effects of extreme rainfall” Working Group was set up, responsible for coordinating the prevention and management of disruptions and the related communication activities in the event of flooding of the secondary cabins. • Scarcity of drinking water resources: risk of failure to continuously supply drinking water in the event of prolonged periods of drought and/ or changes in the hydrogeological regime. In order to guarantee, even in the long term, the supply of drinking water on a continuous basis, the A2A Group monitors and maps leaks from the water mains and intervenes with investments to reduce them (e.g., installation of sensors - noise loggers - on the Brescia water mains, capable of detecting in real time the “noise” of a leak leaking from a pipe, 440 A2A Report on Operations 2025 8\. Risks and uncertainties guaranteeing a high level of operation and maintenance of the water mains, reducing intervention times and excavation and inconvenience to the road network and pedestrians); the Group also has an investment program in place for the interconnection of aqueducts and the search for new water supply sources, including through the use of innovative technologies. • Extreme weather events: these are risks to the Group’s assets and business continuity as a result of risks arising from acute physical weather hazards (e.g., floods, heavy rainfall - “water bombs” -, hail, tornadoes, landslides) which affect the Group’s plants and infrastructure. The risk is mitigated by the presence of insurance that covers direct and indirect damage in the event of a natural event. In addition, to mitigate this risk in the medium and long term, the Group is also assessing its assets in a timely manner with the use of a geo-referenced platform to identify those most exposed and/or vulnerable in different climate scenarios in order to strengthen their adaptation. Other identified physical weather risks include: • increase in average autumn and winter temperatures: potential risk of decreased heat and gas sales. With reference to the reduction of thermal energy demand by end users compared to what was planned, the Group, through the Business Plan, implements the following risk reduction strategies: a) development of district heating networks and increase in the number of customers; b) optimization of energy costs with thermal waste recovery projects and revamping of existing plants. In addition, the Group monitors investment support policies for the development and extension of TLR networks, including in the area of efficient district heating, carries out studies on technological alternatives for heating, and participates in round tables with local authorities on environmental objectives. Transitional weather hazards The identified transition risks include: • ETS Directive Review: risk concerning the application of the Emissions Trading Scheme to the Group’s waste-to-energy facilities following the revision of the EU Directive. • The variability in the cost of CO 2 emission permits (EU Allowances) can constitute both a risk and an opportunity. The Group’s electricity production is indeed diverse in terms of energy sources, and any fluctuations in the cost of the EUA, linked to the national energy price, could lead to the A2A Group experiencing lower or higher margins than those projected in the Plan. With the 2025-2035 Business Plan, the Group has committed to decarbonizing its own activities and its supply chain. The achievement of decarbonization targets is subject to the following main sources of uncertainty: • possible geopolitical, market or climatic situations that could lead to an increase in the demand for energy from fossil sources, either to meet a possible higher domestic demand for energy or to compensate for any lower production from renewable sources (mainly hydroelectric) and/or any lower imports; • changes in the context in which the Group operates, such as regulatory changes that adversely impact the development of renewable energy sources; • insufficient technological development, which may not adequately support the replacement of fossil production and/or the removal of carbon (“carbon removal”) from processes that are inherently “carbon intensive” (hard-to-abate). 441 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group To mitigate these uncertainties, the Group has implemented multiple monitoring activities, such as: • monitoring of the emission trajectory; • inclusion, in the investment evaluation process, of alignment with the European Taxonomy and the contribution to avoided emissions; • experiments and investments in carbon capture; • process of defining the Group Transition Plan. Climate change and health, safety and environment The Group also takes into account the possible effects of climate change on people as well as the environment and land. Collection and urban hygiene activities, those for network services and at plants and construction sites involve workers being outdoors, who are particularly exposed to heat waves or intense weather events. The Group has identified this risk, which can affect both individual well-being and the risk of injury, and has implemented mitigation measures, such as the choice of light-weight fabrics in tenders for the supply of clothing, and awareness-raising and information to its employees, including through the activation of an alert system in the event of expected sharp rises in temperature. Acute phenomena such as heavy rainfall and ‘water bombs’ can lead to flooding in plants and/ or the overflowing of containment tanks placed to protect against any spills, with the risk of potential pollution of the soil or nearby water bodies. To mitigate this risk, the Group modified the capacity of the containment systems in the most critical situations. Operating risks due to the ownership and operation of electricity generation, cogeneration, waste treatment and recovery plants and distribution networks and plants The Group manages production sites, infrastructure, and services that are operationally and technologically complex (power plants, renewable energy production plants, dams, waste recovery, treatment and disposal plants, heat cogeneration plants, electricity, gas and heat distribution networks, waste collection and urban hygiene services, integrated service for drinking water supply and wastewater treatment, etc.). Ageing and obsolescence, machinery breakdowns, infrastructural failures, fires or explosions, possible terrorist attacks, theft of material and equipment from production sites and labour unrest could result in damage to assets and, in the worst cases, compromise the Group’s production capacity, as well as the possibility of guaranteeing the continuity of services provided. Added to this, with specific reference to the current context, is the potential difficulty in procuring materials and supplies for routine maintenance of plants and infrastructure. An increasingly significant issue is the potential effects of the current electricity network’s age on the continuity of electricity distribution in the Milan metropolitan area. There is a risk that the Group may not be able to support and fulfil its multi-year plan for modernising and expanding its electricity network within the established timeframes, resulting in significant recurring blackouts affecting the Milan metropolitan area. The issue of risk assumes an even more significant importance in the prospect that the Group’s electricity distribution companies will become important players in the data centre business. 442 A2A Report on Operations 2025 8\. Risks and uncertainties In response to this issue, it is important to highlight that a number of mitigating measures have been enacted: a strategy to prioritise the maintenance/replacement of the oldest network parts aimed at stopping the ageing of assets, the gradual replacement of the most problematic network components with new ones that are technologically advanced and more reliable, and the creation of an algorithm designed to prioritise interventions to optimise emergency management. In this context, the Group launched the “Risk-Based Asset Management” project in 2024 with the aim of optimizing and prioritizing interventions on stations and networks, taking into account the criticalities encountered, performance, costs, and associated risks. At the end of 2025, Unareti obtained ISO 55001 certification on asset management with a risk- based approach. Finally, there is the risk of possible damage to the Group’s image as a result of potential disruptions or deterioration in the level of urban hygiene and city decorum services provided during the next Winter Olympic Games, which will be held in Milan in 2026. To address this issue, it should be noted that the Group companies concerned have equipped themselves to be able to provide incremental collection and disposal services during the Games, managing the peak of activities by optimising the use of their own personnel and the use of cooperatives. To cover residual risks, the Group has taken out an All Risks insurance policy to protect against direct and indirect damages that could occur as a result of various events impacting its assets. As part of the optimisation of the transfer of risks to the insurance market, Loss Prevention and Risk Engineering inspections are carried out periodically on the plants with the aim of analysing the risks and management methods, describing the existing safeguards (both in terms of prevention and protection) and identifying any improvement measures aimed at safeguarding the assets. In addition, in 2025 the Operational Risk Management project was launched, which provides for a mapping of the operational risks to which the Group’s assets are subject. The objective is to ensure an alignment between risk profiles and the insurance programme, reviewing the parameters of the policies with a critical approach based on concrete underlyings, to strengthen the effectiveness of the transfer of risk to the insurance market and consequently protect the interests of the A2A Group. Information technology and operational technology risks The A2A Group’s activities are managed through ICT (Information & Communication Technology) and OT (Operational Technology) systems and networks that support the main business processes, whether operational, administrative, or commercial. In particular, the Group uses IT systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with regulatory, legal and tax requirements. In addition, the Group collects and stores sensitive data at data centres (physical or ‘cloud-based’), including intellectual property, commercial information, and personal information of customers, service providers, and employees. The functioning of these information and technology systems and networks, as well as the processing and storage capacity of this data in a secure manner, are fundamental to the Group’s activities. In order to comply with legal obligations and to raise the level of safeguards, an action plan has been established that includes both organisational and technical measures to comply with the European NIS 2 directive (A2A with some group companies represents an entity defined as an Essential Services Operator – OSE). This legislation, among others, imposes control responsibilities on board members with the direct task of approving cyber security risk management measures and overseeing their implementation. NIS 2 introduces a principle of personal responsibility for management bodies, which may be held directly liable in the event of serious negligence or non-compliance. 443 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The A2A Group’s action plan aims to implement a resilient security framework, which should not be limited to perimeter protection, but should integrate incident management and supply chain security. Compliance with NIS 2 is not only a regulatory obligation but a strategic lever to mitigate operational and reputational risks, ensuring the continuity of essential services provided, in a constantly evolving landscape of cyber threats. Failure to comply with these precepts exposes the organisation to significant administrative fines, comparable to those provided for by the GDPR, entailing the need for continuous monitoring and timely reporting to the competent authorities (NCA). The increase in threats to the security of the IT infrastructure, due on the one hand to the increasingly pervasive use of personal digital devices as a result of the shift to remote working, and on the other hand, to the increase in the probability of cyber-attacks, including state-sponsored ones, as well as increasingly sophisticated forms of organized crime, that exploit artificial intelligence for their own ends and are increasingly focused on making a profit through extortion, represents a risk to the security of the Group’s systems and networks and to the confidentiality, availability, and integrity of its data. A security breach could expose the Group, its customers, service providers and employees to risks of misuse of information or systems, compromise and fraudulent use of confidential information, loss of financial resources, data manipulation and destruction as well as operational disruption. All of these factors could adversely affect the Group’s reputation, competitive position, business and results; security violations of information systems could also result in litigation, fines and disqualification penalties, as well as operational and other costs. To mitigate this risk, numerous actions are in place in the Group: outline of internal policies and procedures, issuing of specific policies that provide a cyber risk analysis and management model integrated with company processes, tools for segregating access to information, progressive adoption of measures aimed at increasing security by requiring additional factors to verify the user (Multi Factor Authentication), procedures relating to the use of mobile devices, assessments and remediation measures concerning the vulnerability of systems and applications, identity security platforms that provide end-to-end protection of human identities and machines, specific software for the prevention and detection of malware and ransomware attacks, specific training activities and tests to increase employee awareness (e.g. phishing email simulations), periodic IT Security risk assessment activities to identify the most critical applications, internal audits focused on the resilience of the systems and effectiveness of the measures taken and finally a project aimed at identifying a structured process of application and infrastructure patching or replatforming for the most obsolete platforms. It is highlighted that an IT/OT treatment program has been defined and agreed upon among the organizational structures in charge of risk management, which monitors ongoing activities together with the mitigation initiatives which will be implemented in the coming years: thus, the Group’s roadmap on cyber resilience has been organically divided into different sites, which in turn accommodate numerous initiatives per area of intervention. Furthermore, we highlight the continuous improvement of the Security Operations Centre in order to increase the effectiveness of threat monitoring, as well as specific interventions to mitigate emerging risks, also following the consistent use of remote working methods. Lastly, it should be noted that in 2022, the Company achieved ISO 27001 certification, an international standard for information security: with this in mind, the scope of the aforementioned standard will be extended, in order to achieve and standardize, at Group level, operating and management methods in the field of IT security. 444 A2A Report on Operations 2025 8\. Risks and uncertainties Any inadequacies, fragmentations, unavailability and/or malfunctioning of the applications could compromise the Group’s ability to operate within the set times and methods. These factors could result in a loss of reputation with customers as well as economic and financial impacts. To mitigate this risk, activities to renew and/or replace existing platforms, as well as plans to rationalize the application systems in use, are underway. Furthermore, a new ‘Software Asset Management’ tool has been introduced at the Group level, which enables the continuous monitoring of the obsolescence and vulnerability of applications in use, as well as the development of the most appropriate action plans for their renewal. The initiatives listed above are aimed at achieving a gradual de-obsolescence of the Group’s IT architecture with a view to streamlining operational activities as well as increasing the robustness of processed data against external threats. However, a strategy (Cloud Transformation) has been outlined and initiated, aimed at moving the majority of the Group’s systems and applications to the cloud over the next few years in order to make information systems more accessible and resilient. Finally, it should be noted that the new applications and platforms adopted in the corporate environment are developed directly “in cloud” or through “Software as a Service (SaaS)” solutions, which offer advantages such as reduced initial costs, scalability, flexibility, and access to data from anywhere with an internet connection. There is also the risk of possible relevant and prolonged interruptions to information systems and company infrastructures as a result of potential events (natural or otherwise) affecting them, with potentially even critical consequences on the Group’s ability to maintain the continuity of its systems. To mitigate this risk, the Group has implemented its Disaster Recovery (DR) plan, which provides for the recovery of the most critical applications and related enablers within specific time frames, periodic back-up and duplication of data. The DR plan can today rely on the presence, among other things, of data centres equipped with high levels of security in terms of service continuity; tests are periodically carried out to verify compliance with the continuity requirements of the systems, which involve firstly the ability to restart the systems following their accidental shutdown and secondly compliance with the recovery times (i.e. “RTO - Recovery Time Objective”). With reference to the Business Continuity Plan, critical processes were identified on the basis of evidence from the Business Impact Analysis and a Business Continuity Management System (SGCO) was arranged. Thanks also to the presence of the Disaster Recovery Plan mentioned above, some Group companies obtained the ISO 22301 (Business Continuity Management) certification. The processes and technical issues concerning Business Continuity (BC), Disaster Recovery (DR) and Business Impact Analysis (BIA) are key elements for effectively managing the risk of business continuity of services and must be subject to re-evaluation, making continuous improvements in terms of effectiveness and pervasiveness in the digital sphere. This ensures not only the protection of critical assets, but also the safeguarding of corporate reputation and compliance with the latest European standards (such as the NIS 2 Directive) that identify, in business continuity, a requirement for the resilience of the country’s system and critical infrastructures. The compliance issues to which A2A is subject are addressed, in particular a new Organisational Structure called “Security and Digital Transition Compliance” has been established. The structure ensures regulatory compliance in the areas of cyber, physical security and digital transition, defining governance tools and monitoring developments and non-conformities. The level of attention to the potential impacts deriving from the use of “Artificial Intelligence- based” application systems to support the businesses operated by the Group is very high. In line with the provisions of the AI Act (European legislation of May 2024), the A2A Group is continuously carrying out census and application cataloguing activities to identify the AI risk class and evaluate any specific “remediation” plans for “high-risk” applications. The policy on the 445 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group use of Generative AI in the company has also been drafted and published, regulating, among other things, the control activities for the use of AI. High-level training initiatives were delivered to small groups of company personnel, and governance of risk management was formalized for various areas of intervention. This structure mitigates data leakage threats and ensures that digital innovation remains aligned with the Group’s compliance requirements and business continuity objectives. The process of compliance with the European Accessibility Act (Legislative Decree 82/2022) has also been formalised to ensure the inclusiveness of digital services. The initiative, based on the principle of accessibility by design, aims to mitigate the sanctioning, legal and reputational risks arising from non-compliance with usability requirements for users with disabilities. Health and safety risks The occurrence of such risks may occur both in the event of accidents or serious or very serious injuries affecting employees and workers of contractors and/or third parties and in the event of road accidents involving the Group’s vehicles while carrying out activities in the territory, as well as in the event of occupational illnesses. These risks are related to the Group’s activities such as, for example, those related to operational services in the territory and the performance of operating and maintenance processes at the plants. Health and safety risks include any non-compliance, real or alleged, with the relevant legislation. The occurrence of such risks may lead to the loss of reputation, as well as criminal, civil and/ or administrative proceedings for violations of regulations, and/or sanctions, costs for compensation and/or increase in insurance premiums and, in the worst cases, interruption of plant operations, with consequent negative economic and financial impacts for the Group. In order to mitigate these risks, the Group has set up organizational structures dedicated to the management of Health and Safety aspects at the parent company as well as at the Business Units, the individual companies and the main plants. The Group also maintains Health and Safety Management Systems certified in accordance with ISO 45001 for the parent company A2A and most of its Subsidiaries. The Group’s main companies operating in the municipal collection and hygiene sector, which are particularly exposed to the risk of road accidents, are certified according to the ISO 39001 standard on road safety. In addition to the compulsory training plans specific to each company role and assignment, bespoke initiatives were directed towards its own personnel, as well as the personnel of companies contracting services and works, such as the “Contractor Days”, which took place at A2A Ambiente’s plants to raise awareness of the importance of the culture of prevention, and the “Induction Cantieri”, where workers from the companies contracting for Unareti, A2A Illuminazione Pubblica, A2A Calore & Servizi, and A2A Ciclo Idrico took part in training courses at the Building System Bodies in Brescia or Milan. The aim of this initiative is raising awareness and monitoring HSE performances of suppliers on road construction sites. Moreover, potential suppliers to the A2A Group, in order to access the vendor lists for tenders, are also evaluated based on accident frequency and severity indices, with a threshold score to determine eligibility. Finally, for some group companies, certification under the SA8000 Standard has been obtained, which enables the organization to correctly manage and constantly monitor all activities and processes relating to workers’ conditions (human rights, development, valorisation, training and professional growth of people, health and safety of workers, non-discrimination, employment of minors and young people), with the requirements also extended to suppliers and subcontractors. 446 A2A Report on Operations 2025 8\. Risks and uncertainties Environmental risks The emergence of such risks may occur as a result of accidents in production processes and of the particular characteristics of the business carried out by the Group, which may lead to reactions by the public opinion about presumed repercussions on the environment and/or on the health of resident populations. These risks are related, for example, to the disposal of production residues, emissions from production processes, the management of waste collection, storage, treatment and disposal activities, sewerage treatment, the management of the emptying and maintenance of water reservoirs for electricity production, fires, etc. All these factors can potentially lead to loss of reputation, criminal, civil and administrative proceedings, penalties, environmental reclamation and restoration costs and, in the worst cases, interruption of plant operations with consequent negative economic and financial impacts for the Group. It is also noted that any amendments to the existing legislation could entail possible sanctions linked to the delayed implementation of the aforementioned changes, incremental and unforeseen costs and investments to ensure compliance with the new requirements as well as operational and/or profitability impacts on certain industrial activities. In order to mitigate these risks, the Group, in addition to implementing technical and technological systems for the prevention and reduction of pollution at the various industrial sites in compliance with sector regulations and in accordance with the best available techniques, has set up organizational structures dedicated to the management of environmental aspects at the parent company as well as at the Business Units, individual companies and the main plants. The Group also keeps the Environmental Management Systems certified according to the ISO 14001 standard active for the parent company A2A and for the main companies. For some sites, there are also registrations under the European EMAS Regulation. With specific reference to the management of the Group’s landfills, including those under post- operational management, it should be noted that monitoring of the values of pollutants in the water table is carried out on a regular basis and summary reports are sent to the relevant bodies. There are frequent checks carried out by ARPA, as well as the execution of internal audits and by external certifiers for the maintenance, among others, of compliance with the UNI EN ISO 14001 standard. The A2A Group has taken out insurance cover against damage arising from both accidental and gradual pollution in order to cover any residual environmental risk, i.e. against events caused by a sudden and unpredictable fact, and against the environmental damage inherent in continuing operations. The Group is also active in monitoring the regulations in progress (in particular, a working group is active, involving both staff structures and business units across the board, to monitor the regulatory provisions relating to the European Green Deal) and is also present on the technical panels set up by the associations in order to highlight any critical issues related to regulatory developments. 447 A2A Report on Operations 2025 8\. Risks and uncertainties Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group A2A Report on Operations 2025 9. Other Information A2A Report on Operations 2025 9. Other Information Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 9 Other Information 450 A2A Report on Operations 2025 9. Other Information 9.1 Essential Intangible Assets A2A acknowledges human capital as a crucial strategic asset for the company’s success and sustainability. For this reason, it has adopted a range of initiatives aimed at enhancing the skills, experience, and motivation of employees, while promoting innovation and the continual improvement of business processes. Innovation and Employee Engagement Channels for Disseminating an Innovation Culture In 2021, A2A launched the first edition of the Call For Ideas, an initiative aimed at engaging the Group’s colleagues to foster entrepreneurial spirit and value the skills developed, addressing the challenges of the ecological transition. The initiative engaged more than 3,000 colleagues and gathered 540 innovative proposals. In light of the success, in 2022, the second edition, the Call For Sustainability, focused on the challenges of Climate Tech, with the participation of over 3,000 colleagues, the presentation of 342 ideas, and the selection of 10 finalist projects. Thanks to an internal team and the support of external innovative organizations, the most promising projects followed a path of acceleration and enhancement, utilizing the Open Innovation model to transform ideas into tangible projects. Following the two editions of the Call For Ideas, during 2025 a new internal challenge was launched focused on the future-fit city theme, called the Call For Urban Future, aiming to cultivate internal talent to help make our cities more innovative and sustainable. In line with the A2A Urban Sustainability Report conducted in collaboration with Ambrosetti and the paper on the future of European competitiveness, the challenge will, therefore, concentrate on the themes of technological innovation, decarbonisation, and quality of life, elements that enable cities to become “future-fit”. To stimulate creativity with targeted and transversal challenges across all business sectors of the Group, five clusters have been identified: Energy, Waste, Water, Mobility, and Quality of Life. The Programme offers a structured path that supports applicants throughout all stages of development of their contribution, from the conception of the Idea to its evolution into a tangible project proposal. Each phase is designed to provide methodological and operational support, fostering collaboration between applicants and involving contributors for the enrichment of ideas. With this initiative, the aim is therefore to promote greater awareness regarding the main challenges linked to sustainable urbanization and the role A2A can play as a Life Company, stimulating creativity, the ideation and development of ideas through Generative AI tools. This approach guarantees continuity to cultural innovation initiatives, encouraging the uptake of an entrepreneurial and innovative mindset, and boosting inclusivity by engaging all colleagues through new touchpoints. Furthermore, another goal of the internal challenge is the promotion of the Corporate Venture Building (CVB) programme as one of the entrepreneurial idea development programmes. This programme was launched in February 2024 to support the creation of new businesses from ideas inside and outside the Group. The CVB is therefore structured as a strategic instrument to enhance the skills and experience of colleagues, contributing to the achievement of the objectives of the A2A Strategic and Sustainability Plan. 451 A2A Report on Operations 2025 9. Other Information Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group Two examples of projects stemming from the programme are PeaX and Materia. PeaX is an innovative, compact customer substation patented by A2A, which combines thermal storage using phase-change materials (PCMs) with a back-up electric heating element, enabling a peak demand reduction of up to 65% and allowing new customers to be connected even on congested grids. Materia is a digital solution that provides industrial companies with complete visibility of their waste streams, from production to final treatment, thanks to A2A’s proprietary algorithm and direct data from the plants themselves, which is used to track the actual inputs and outputs of the sorting and treatment centres that manage the waste. In addition to these initiatives to promote a culture of innovation, in mid-2024, A2A also launched Innovation On Air internally, a corporate vodcast that delves into various aspects of innovation, highlighting opportunities, perspectives, and the company’s strategic vision. This initiative, which continued throughout 2025, seeks to encourage innovative thought, disseminate best practices, and strengthen the sense of belonging to company values. Protection of Intellectual Property To support the protection and maximisation of innovations generated by the Group’s activities, an intellectual property management unit was developed within A2A between 2023 and 2024. This unit works in synergy with the legal area and business structures to ensure the proper management of intellectual property generated through innovation and research activities. Thanks to these activities and a structured approach to intellectual property management, in 2025 the portfolio of intellectual property generated by innovation and research initiatives was further strengthened, with a total of 7 patent applications filed to protect the innovative solutions developed. In parallel, a company policy on intellectual property management was published, aimed at establishing a structured and shared framework to promote best practices and strengthen the governance of IP rights. Training and Skills Development A2A invests in the professional growth and skills development of its employees. The Research and Development (R&D) team plays a key role in this field, integrating business strategies with highly qualified training pathways. Throughout 2025, teaching programmes within PhD courses continued in collaboration with universities, focusing on strategic topics such as the electricity market, energy transition, the circular economy, research and digital innovation, as well as the principles and drivers of sustainability. The team engaged in educational initiatives values their skills and renews the Group’s contribution to the training of future professionals, thereby returning value to the region. These paths are complemented by technology transfer initiatives that aim to accelerate the adoption of new technologies and encourage integration between academic research and the industrial sector. 452 A2A Report on Operations 2025 9. Other Information Beginning in 2022, A2A has actively participated in research hubs supported by the NRRP, such as the National Centre for Sustainable Mobility (MOST) and the Multilayered Urban Sustainability Action (MUSA) Innovation Ecosystem, to promote collaboration among universities, businesses, and start-ups and foster the development of new skills and the transfer of knowledge among different innovation stakeholders. Establishment of A2A Life Ventures As part of the Group’s initiatives to strengthen its pool of expertise and innovative capabilities, A2A Life Ventures, the Group’s new company dedicated to developing and leveraging technologies and solutions to support the Business Plan, was launched in October 2025. The initiative was launched with the aim of consolidating the role of innovation as a strategic lever for the Group’s competitiveness and sustainable growth, in line with the key international developments in the field of industrial innovation and with the recommendations of the Draghi Report on the central importance of technological competitiveness for Europe. Among the pillars on which the company is founded are the development of digital and artificial intelligence solutions to support the Group’s technological transformation, with applications aimed at optimizing industrial assets and improving operational processes, as well as the prototyping, testing and exploitation of technological assets developed as part of innovation programs, with the aim of promoting their adoption within the Business Units and leveraging them in market contexts to help accelerate the ecological transition. A structured and shared model With the initiatives outlined above, A2A demonstrates a concrete commitment to the active involvement of its employees, offering innovative tools to enhance their skills, creativity, and contribution to corporate goals. The suite of initiatives, including the Corporate Venture Builder Programme, Call For Ideas, training programmes, and intellectual property management, outlines a structured and interconnected framework. This approach fosters employees’ creativity and strengthens their motivation to actively contribute to the company’s future. With this vision, A2A not only develops its intellectual capital but also establishes an environment where innovation is driven by individuals, reinforcing a business ecosystem grounded in sharing, continual growth, and ongoing improvement. 453 A2A Report on Operations 2025 9. Other Information Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group 9.2 Other information Audit of the financial statements and disclosures pursuant to article 149-duodecies of the Consob Issuers’ Regulations The annual financial statements of A2A S.p.A. have been subject to a full audit by KPMG S.p.A. on the basis of the appointment conferred by the general shareholders’ meeting of April 28, 2023 for the nine-year period 2025-2033. The following table provides a summary of the fees paid for audit work performed within the Group during 2025. (values in thousands of euro)| | ---|---|--- Description | Leading Auditor | Other auditors from the lead auditor’s Network A2A S.p.A. | | Audit of annual financial statements | 196| Audit of consolidated financial statements | 29| Periodic tests of accounting | 19| Limited review of sustainability reporting (CSRD)| 150| Limited review of half-year report | 58| Audit of the separate annual accounts for ARERA | 15| Total | 467| Subsidiaries, associates and joint ventures| | Audit of annual financial statements | 1,250| 40 Periodic tests of accounting | 168| 2 Limited review of half-year report | 215| 7 Audit of the separate annual accounts for ARERA | 99| Total| 1,732| 49 Other consolidated groups (ACINQUE and AEB) | | Audit of annual financial statements | 331| Periodic tests of accounting | 50| Limited review of half-year report | 87| Limited review of sustainability reporting (CSRD)| 50| Audit of the separate annual accounts for ARERA| 29| Total | 547| Total A2A Group | 2,746 | 49 In addition to the audit activities referred to above, it should be noted that, during the 2025 financial year, other services were performed by companies belonging to the KPMG network for total fees of 66 thousand euro, including 6 thousand euro relating to other KPMG network auditors. These services mainly concerned activities falling within the statutory auditor’s remit, as provided for by the applicable legislation. 454 A2A Report on Operations 2025 9. Other Information Treasury shares At December 31, 2025, A2A S.p.A. held 4,147,087 treasury shares (no treasury shares at December 31, 2024), representing 0.1324% of the share capital consisting of 3,132,905,277 shares. Secondary offices The company does not have secondary offices. Related parties and tax consolidation Details of related party transactions are provided in note 37 to the Consolidated financial statements and note 41 to the Separate financial statements. Consob communication no. Dem/6064293 of July 28, 2006 For the reconciliation between the parent company’s equity and Equity attributable to the owners of the parent, as required by Consob Communication no. DEM/6064293 of July 28, 2006, please refer to note 16.2) Other reserves in the Notes to the Consolidated Financial Statements. *** Renewable energy generation plants Below is a summary of the installed capacity of the Group’s renewable energy generation plants: Technology Installed capacity [MW] Location Wind 273.00 of which Italy 243.00 Italy of which Spain 30.00 Spain Solar 413.09 of which Italy 403.29 Italy of which Spain 9.80 Spain Hydroelectric 1,944.81 Italy Biomass 30.10 Italy Biogas 27.10 Italy 455 A2A Report on Operations 2025 9. Other Information Letter to Shareholders and Stakeholders 1 Key figures of the A2A Group 2 Consolidated results and report on operations 3 Scenario and market 4 Analysis of main sectors of activity 5 Sustainability Statement 6 Sustainable Finance 8 Risks and uncertainties 9 Other Information Corporate bodies 7 Evolution of legislation and impacts on the Business Units of the A2A Group The information on corporate governance and ownership structures required by article 123-bis of Legislative Decree no. 58/1998, as amended, is contained in a separate document ‘Report on Corporate Governance and Ownership Structures for the year ended December 31, 2025’ which forms an integral part of the financial statements documentation. In compliance with the requirements of the “Regulation on provisions relating to related party transactions” adopted by Consob with Resolution no. 17221 of March 12, 2010 and subsequently amended by Resolution no. 17389 of June 23, 2010, by way of a resolution of November 11, 2010 the Management Board approved, following the favourable opinion of the Internal Control Committee, the prescribed procedure for identifying the rules and controls designed to ensure the transparency and substantial and procedural correctness of the related party transactions carried out by A2A S.p.A. directly or through its subsidiaries. The aforementioned Procedure was applied effective January 1, 2011 and subsequently amended on August 1, 2012, November 7 and December 18, 2013 and June 22, 2015. Following a periodic review, the Procedure was subsequently amended/supplemented and approved by the Board of Directors on June 20, 2016, subject to the favourable opinion of the Audit and Risks Committee and then updated on June 22, 2017, in view of Consob Resolution no. 19925 of March 22, 2017 and on December 16, 2019, in view of the amendments to art. 192-quinquies of Legislative Decree no. 58 of February 24, 1998 (“TUF”) (art. 4 of Legislative Decree no. 49 of May 10, 2019). Following the Board of Directors’ decision on June 25, 2021, and with the approval of the Related Parties Committee established by the resolution on May 13, 2021, the Procedure was revised—effective from July 1, 2021—to align with the Related Parties Regulation, as altered by Consob Resolution no. 21624 on December 10, 2020, in accordance with the so-called ‘Shareholders’ Rights II’ Directive. Lastly, the Procedure was amended and supplemented on July 30, 2024 by the Board of Directors, effective from August 1, 2024, following a periodic review and with the approval of the Related Parties Committee, established by board resolution on May 11, 2023. The aforementioned procedure can be found on the website www.gruppoa2a.it. The Company has availed itself of the possibility permitted by article 70, paragraph 8 and article 71, paragraph 1-bis of the Issuers’ Regulations, and hence of derogating from the requirement to make an information document available to public in the event of significant mergers, spin-offs, share capital increases by means of the contribution of assets in kind, acquisitions and disposals. Relazione sulla Gestione Relazione sulla Gestione Bilancio Consolidato 2025 Consolidated financial statements Bilancio Consolidato Its branches extend outward, creating strong networks and connections, drawing on the sun, the wind, and water to power life. Oak 2025 Consolidated financial statements this report is available in website gruppoa2a.it 2 A2A Consolidated financial statements 2025 1.a.1 Consolidated statement of financial position 6 1.a.2 Consolidated income statement 8 1.a.3 Consolidated statement of comprehensive income 9 1.a.4 Consolidated statement of cash-flows 10 1.a.5 Consolidated statement of changes in equity 12 1.a Consolidated financial statements 1.b.1 Consolidated statement of financial position pursuant to Consob Resolution no. 15519 of July 27, 2006 16 1.b.2 Consolidated income statement pursuant to Consob Resolution no. 15519 of July 27, 2006 18 1.b.3 Consolidated statement of cash flows pursuant to Consob resolution no. 15519 of July, 27 2006 19 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2.1 General information 24 2.2 Basis of presentation 24 2.3 Changes in International Financial Reporting Standards 27 2.4 Scope of consolidation 30 2.5 Transactions as per IFRS 3 revised 34 2.6 Basis of consolidation 39 2.7 Basis of preparation 44 2.8 Business Units 72 2.9 Results sector by sector 73 2.10 Notes to the statement of financial position 77 2.11 Net financial debt 117 2.12 Notes to the income statement 119 2.13 Earnings per share 131 2.14 Note on related party transactions 132 2.15 Significant non-recurring events and transactions, pursuant to Consob Communication No. DEM/6064293 of July 28, 2006 137 2.16 Guarantees and commitments with third parties 138 2.17 Other information 139 2 Explanatory notes Contents 3 A2A Consolidated financial statements 2025 205 4 Independent Auditors’ Report 3.1 List of companies included in the consolidated financial statements 194 3.2 Equity-accounted investments 200 3.3 List of holdings in other companies 201 3.4 Certification of the consolidated financial statements pursuant to article 154-bis, paragraph 5 of legislative Decree no. 58/98 202 3 Attachments to the notes to the Consolidated financial statements This is a translation of the Italian original “Bilancio consolidato 2025” and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail. The Italian original is available at the website gruppoa2a.it 1.a Consolidated financial statements 6 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a.1 Consolidated statement of financial position (1) Assets millions of euro | Note | 12.31.2025 | 12.31.2024 Restated(*) ---|---|---|--- Non-current assets| | | Property, plant and equipment | 1 and 4| 8,135| 7,5 8 3 Intangible assets | 2 and 4| 3,103| 2,937 Goodwill | 3 and 4| 1,509| 1,512 Equity-accounted investments| 5| 52| 25 Other non-current financial assets| 5| 167| 88 Deferred tax assets | 6| 439| 420 Non-current derivatives | 7| 2| 2 Other non-current assets | 7| 120| 128 Total non-current assets| | 13,527| 12,695 Current assets| | | Inventories | 8| 311| 318 Trade receivables | 9| 4,454| 3,643 Current derivatives | 10| 641| 866 Other current assets | 10| 424| 430 Current financial assets | 11| 24| 32 Current tax assets | 12| 123| 45 Cash and cash equivalents | 13| 1,879| 1,549 Total current assets| | 7,856| 6,883 Assets held for sale | 14| -| 405 Total assets | | 21,383| 19,983 7 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Equity and liabilities millions of euro | Note | 12.31.2025 | 12.31.2024 Restated(*) ---|---|---|--- Equity| | | Share capital | 15| 1,629| 1,629 (Treasury shares) | 16| (10)| - Reserves | 16| 3,548| 3,041 Group net profit | 17| 750| 864 Equity attributable to the owners of the parent | | 5,917| 5,534 Non-controlling interests | 18| 573| 558 Total equity | | 6,490| 6,092 Liabilities| | | Non-current liabilities| | | Non-current financial liabilities | 19| 6,216| 6,317 Deferred tax liabilities | 20| 29| - Employee benefits | 21| 196| 214 Provisions for risks, charges and liabilities for landfills | 22| 748| 787 Non-current derivatives | 23| 36| 19 Other non-current liabilities | 23| 154| 328 Total non-current liabilities | | 7,37 9| 7,665 Current liabilities| | | Provisions for risks, charges and liabilities for landfills, current portion| 22| 91| 67 Trade payables | 24| 4,691 | 3,682 Current derivatives | 25| 691 | 767 Other current liabilities | 25| 960| 624 Current financial liabilities | 26| 1,044| 955 Current tax liabilities | 27| 37| 120 Total current liabilities | | 7,51 4| 6,215 Total liabilities | | 14,893| 13,880 Liabilities directly associated with assets held for sale | 28| -| 11 Total equity and liabilities | | 21,383| 19,983 (*) Figures as at December 31, 2024 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation. (1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of related party transactions in the consolidated financial statements are highlighted in the accounting statements and commented on in Note 41. Significant non-recurring events and transactions in the consolidated financial statements are provided in Note 42 pursuant to Consob Communication DEM/6064293 of July 28, 2006. 8 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a.2 Consolidated income statement (1) millions of euro| Note | 01.01.202512.31.2025| 01.01.202412.31.2024 ---|---|---|--- Revenue| | | Revenue from sales and services | | 13,739| 12,570 Other income | | 324| 287 Total revenue | 30| 14,063| 12,857 Operating expenses| | | Expenses for raw materials and services | | 10,507| 9,218 Other operating expenses | | 346| 419 Total operating expenses | 31| 10,853| 9,637 Personnel expenses | 32| 918| 892 Gross operating profit (loss) - EBITDA | 33| 2,292| 2,328 Depreciation, amortization and impairment losses | 34| 968| 898 Impairment losses on trade receivables | 34| 70| 82 Other provisions for risks | 34| 19| 31 Operating profit (loss) - EBIT | 35| 1,235| 1,317 Finance income and expenses| | | Finance income | | 52| 113 Finance expenses | | 223| 221 Share of profit (loss) of equity-accounted investees | | 28| 2 Net finance income (expenses) | 36| (143)| (106) Profit (loss) before taxes | | 1,092| 1,211 Income taxes | 37| 310| 319 Profit (loss) after taxes from continuing operations | | 782| 892 Profit (loss) from discontinued/held for sale operations| | -| - Profit (loss) for the year | | 782| 892 Group net profit | 39| 750| 864 (Profit) loss for the year attributable to non-controlling interests| 38| 32| 28 Earnings per share (in euro):| | ---|---|--- \- basic | 0.2395| 0.2759 \- basic from continuing operations | 0.2395| 0.2759 \- basic from discontinued operations| -| - \- diluted | 0.2395| 0.2759 \- diluted from continuing operations | 0.2395 | 0.2759 \- diluted from discontinued operations| -| - (1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of related party transactions in the consolidated financial statements are highlighted in the accounting statements and commented on in Note 41\. Significant non- recurring events and transactions in the consolidated financial statements are provided in Note 42 pursuant to Consob Communication DEM/6064293 of July 28, 2006. 9 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 1.a.3 Consolidated statement of comprehensive income millions of euro | 12.31.2025 | 12.31.2024 ---|---|--- Profit (loss) for the year (A) | 782| 892 Net actuarial gains (losses) | 12| 15 Related tax | (3)| (6) Post-tax net actuarial gains (losses) (B) | 9| 9 Effective portion of net gains (losses) on cash flow hedges| 9| (13) Related tax | (4) | 4 Post-tax net gains (losses) on cash flow hedges (C) (*)| 5| (9) Fair value gains (losses) on financial assets | (1)| 9 Related tax | 1| (3) Post-tax fair value gains (losses) on financial assets (D)| -| 6 Comprehensive income (expense) (A)+(B)+(C)+(D) | 796| 898 Comprehensive income attributable to:| | Group | 764| 870 Non-controlling interests | 32| 28 * the effects of these items will be transferred to the Income Statement in the following years. 10 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a.4 Consolidated statement of cash flows (1) millions of euro | 12.31.2025| 12.31.2024 Restated (**) ---|---|--- Cash flows from operating activities| | Profit (loss) for the year | 782| 892 Adjustments for:| | Income tax expense | 310| 319 Net finance (income) expense | 171| 117 (Gains) losses on sales | (38)| (3) Depreciation, amortization and impairment losses | 968| 907 Provisions | 89| 113 Share of (profit) loss of equity-accounted investees | (28)| (2) Interest and other finance income received | 55 | 65 Interest and other finance expense paid | (171)| (173) Dividends received from equity-accounted investees and other investees | 1| - Income taxes paid | (402)| (304) Dividends paid | (332)| (320) Change in trade receivables | (878)| (169) Change in trade payables | 1,005| (435) Change in inventories | 8| 10 Other changes | 236| 122 Net cash flows from (used in) operating activities | 1,776| 1,139 Cash flows from investing activities| | Investments in property, plant and equipment | (1,166)| (1,051) Investments in intangible assets | (515)| (461) Purchases of other equity investments and securities(*)| (10)| (2) Acquisition of subsidiaries (or business units), net of cash acquired | (38)| (1,309) Proceeds from the sale of property, plant and equipment, intangible assets and other equity investments| 20| 4 Sales of business units | 445| Net (increase) decrease in other investing activities | 2| 6 Other changes | (5)| - Net cash flows from (used in) investing activities | (1,267)| (2,813) Free cash flow | 509| (1,674) Follow >> 11 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report | 12.31.2025| 12.31.2024 Restated (**) ---|---|--- Cash flows from financing activities| | Change in financial liabilities| | Proceeds from borrowings/issue of bonds | 2,903| 1,942 Repayment of borrowings/redemption of bonds | (2,980)| (1,031) Payment of lease liabilities | (49)| (50) Other changes | -| - Total change in financial liabilities(*)| (126)| 861 Equity instruments| | Repurchase of treasury shares | (15)| - Proceeds from issue of perpetual hybrid bonds| -| 742 Interest paid on perpetual hybrid bonds | (38)| (9) Equity instruments | (53)| 733 Net cash flows from (used in) financing activities | (179)| 1,594 Net increase (decrease) in cash and cash equivalents| 330| (80) Cash and cash equivalents at the beginning of the year| 1,549| 1,629 Cash and cash equivalents at the end of the year | 1,879| 1,549 (*) Net of balances recognized through equity and other statement of financial position items. (**) Figures as at December 31, 2024 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation. (1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of related party transactions in the consolidated financial statements are highlighted in the accounting statements and commented on in Note 41. Significant non-recurring events and transactions in the consolidated financial statements are provided in Note 42 pursuant to Consob Communication DEM/6064293 of July 28, 2006. << Continue 12 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a.5 Consolidated statement of changes in equity millions of euro| | | | | | | | | ---|---|---|---|---|---|---|---|---|--- | Share capital| Treasury shares| Hedging reserve| Reservefor equityinstruments –perpetual hybridbond| Otherreservesand retained earnings (losses carriedforward)| Group net profit| Total equityattributable to the owners of the parent| Non-controlling interests| Total equity Equity at December 31, 2023| 1,629| -| (2)| -| 1,954 | 659| 4,240| 562 | 4,802 Allocation of 2023 profit| | | | | 659| (659)| | | - Distribution of dividends| | | | | (300)| | (300)| (20)| (320) Net actuarial gains (losses) (IAS 19) (*)| | | | | 9| | 9| | 9 Net gains (losses) on cash flow hedges (*)| | | (9)| | | | (9)| | (9) Fair value gains (losses) on financial assets (*)| | | | | 6| | 6| | 6 Change in consolidation scope| | | | | | | -| (13)| (13) Change in perpetual hybrid bonds| | | | 742| | | 742| | 742 Interest paid on perpetual hybrid bonds| | | | | (9)| | (9)| | (9) Other changes| | | | | (9)| | (9)| 1| (8) Group and non-controlling interests net profit| | | | | | 864| 864| 28| 892 Equity at December 31, 2024 Restated (**)| 1,629| -| (11)| 742| 2,310| 864| 5,534| 558 | 6,092 | Share capital| Treasury shares| Hedging reserve| Reservefor equityinstruments –perpetual hybridbond| Otherreservesand retained earnings (losses carriedforward)| Group net profit| Total equityattributable to the owners of the parent| Non-controlling interests| Total equity ---|---|---|---|---|---|---|---|---|--- Equity at December 31, 2024 Restated (**)| 1,629| -| (11)| 742| 2,310| 864| 5,534| 558 | 6,092 Allocation of 2024 profit| | | | | 864| (864)| -| | - Distribution of dividends| | | | | (313)| | (313)| (19) | (332) Net actuarial gains (losses) (IAS 19) (*)| | | | | 9| | 9| | 9 Net gains (losses) on cash flow hedges (*)| | | 5| | | | 5| | 5 Fair value gains (losses) on financial assets and liabilities (*)| | | | | | | -| | - Change in consolidation scope| | | | | | | -| 2| 2 Repurchase of treasury shares| | (15)| | | | | (15)| | (15) Interest paid on perpetual hybrid bonds| | | | | (38)| | (38) | | (38) Other changes| | 5| | | (20) | | (15)| | (15) Group and non-controlling interests net profit| | | | | | 750| 750| 32| 782 Equity at December 31, 2025| 1,629| (10)| (6)| 742| 2,812| 750| 5,917| 573 | 6,490 (*) Included in other comprehensive income (expense). (**) Figures as at December 31, 2024 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation. 13 A2A Consolidated financial statements 2025 1.a Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 16 A2A Consolidated financial statements 2025 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 1.b.1 Consolidated statement of financial position pursuant to Consob resolution no. 15519 of July 27, 2006 Assets millions of euro 12.31.2025 of which Related Parties (note 41) 12.31.2024 Restated* of which Related Parties (note 41) Non-current assets Property, plant and equipment 8,135 7,583 Intangible assets 3,103 2,937 Goodwill 1,509 1,512 Equity-accounted investments 52 52 25 25 Other non-current financial assets 167 4 88 4 Deferred tax assets 439 420 Non-current derivatives 2 2 Other non-current assets 120 128 Total non-current assets 13,527 12,695 Current assets Inventories 311 318 Trade receivables 4,454 117 3,643 111 Current derivatives 641 866 Other current assets 424 430 1 Current financial assets 24 2 32 1 Current tax assets 123 45 Cash and cash equivalents 1,879 1,549 Total current assets 7,856 6,883 Assets held for sale - 405 Total assets 21,383 19,983 17 A2A Consolidated financial statements 2025 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Equity and liabilities millions of euro 12.31.2025 of which Related Parties (note 41) 12.31.2024 Restated* of which Related Parties (note 41) Equity Share capital 1,629 1,629 (Treasury shares) (10) - Reserves 3,548 3,041 Group net profit 750 864 Equity attributable to the owners of the parent 5,917 5,534 Non-controlling interests 573 558 Total equity 6,490 6,092 Liabilities Non-current liabilities Non-current financial liabilities 6,216 6,317 Deferred tax liabilities 29 - Employee benefits 196 214 Provisions for risks, charges and liabilities for landfills 748 787 8 Non-current derivatives 36 19 Other non-current liabilities 154 328 Total non-current liabilities 7,3 79 7,665 Current liabilities Provisions for risks, charges and liabilities for landfills, current portion 91 67 Trade payables 4,691 22 3,682 30 Current derivatives 691 767 Other current liabilities 960 624 2 Current financial liabilities 1,044 955 Current tax liabilities 37 120 Total current liabilities 7,5 1 4 6,215 Total liabilities 14,893 13,880 Liabilities directly associated with assets held for sale - 11 Total equity and liabilities 21,383 19,983 (*) Figures as at December 31, 2024 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation. 18 A2A Consolidated financial statements 2025 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 1.b.2 Consolidated income statement pursuant to Consob resolution no. 15519 of July 27, 2006 millions of euro 01.01.2025 12.31.2025 of which Related Parties (note 41) 01.01.2024 12.31.2024 of which Related Parties (note 41) Revenue Revenue from sales and services 13,739 577 12,570 552 Other income 324 287 Total revenue 14,063 12,857 Operating expenses Expenses for raw materials and services 10,507 39 9,218 31 Other operating expenses 346 27 419 45 Total operating expenses 10,853 9,637 Personnel expenses 918 2 892 2 Gross operating profit (loss) - EBITDA 2,292 2,328 Depreciation, amortization and impairment losses 968 898 Impairment losses on trade receivables 70 82 Other provisions for risks 19 31 Operating profit (loss) - EBIT 1,235 1,317 Finance income and expenses Finance income 52 1 113 Finance expenses 223 221 Share of profit (loss) of equity-accounted investees 28 28 2 2 Net finance income (expenses) (143) (106) Profit (loss) before taxes 1,092 1,211 Income taxes 310 319 Profit (loss) after taxes from continuing operations 782 892 Profit (loss) from discontinued/held for sale operations - - Profit (loss) for the year 782 892 Group net profit 750 864 (Profit) loss for the year attributable to non-controlling interests 32 28 19 A2A Consolidated financial statements 2025 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 1.b.3 Consolidated statement of cash flows pursuant to Consob resolution no. 15519 of July 27, 2006 millions of euro 12.31.2025 of which Related Parties (note 41) 12.31.2024 Restated** of which Related Parties (note 41) Cash flows from operating activities Profit (loss) for the year 782 892 Adjustments for: Income tax expense 310 319 Net finance (income) expense 171 117 3 (Gains) losses on sales (38) (3) Depreciation, amortization and impairment losses 968 907 Provisions 89 113 Share of (profit) loss of equity-accounted investees (28) (27) (2) (2) Interest and other finance income received 55 65 Interest and other finance expense paid (171) (173) Dividends received from equity-accounted investees and other investees 1 - Income taxes paid (402) (304) Dividends paid (332) (320) Change in trade receivables (878) (6) (169) 47 Change in trade payables 1,005 (8) (435) (51) Change in inventories 8 10 Other changes 236 (9) 122 20 Net cash flows from (used in) operating activities 1,776 1,139 Cash flows from investing activities Investments in property, plant and equipment (1,166) (1,051) Investments in intangible assets (515) (461) Purchases of other equity investments and securities ( * ) (10) (2) Acquisition of subsidiaries (or business units), net of cash acquired (38) (1,309) Proceeds from the sale of property, plant and equipment, intangible assets and other equity investments 20 4 4 Sales of business units 445 - Net (increase) decrease in other investing activities 2 (1) 6 8 Other changes (5) - Net cash flows from (used in) investing activities (1,267) (2,813) Free cash flow 509 (1,674) Follow >> 20 A2A Consolidated financial statements 2025 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 12.31.2025 of which Related Parties (note 41) 12.31.2024 Restated** of which Related Parties (note 41) Cash flows from financing activities Change in financial liabilities Proceeds from borrowings/issue of bonds 2,903 1,942 Repayment of borrowings/redemption of bonds (2,980) (1,031) Payment of lease liabilities (49) (50) Other changes - - Total change in financial liabilities ( * ) (126) 861 Equity instruments Repurchase of treasury shares (15) - Proceeds from issue of perpetual hybrid bonds - 742 Interest paid on perpetual hybrid bonds (38) (9) Equity instruments (53) 733 Net cash flows from (used in) financing activities (179) 1,594 Net increase (decrease) in cash and cash equivalents 330 (80) Cash and cash equivalents at the beginning of the year 1,549 1,629 Cash and cash equivalents at the end of the year 1,879 1,549 (*) Net of balances recognized through equity and other statement of financial position items. (**) Figures as at December 31, 2024 reflect the conclusion of Duereti S.r.l. Purchase Price Allocation. << Continue 21 A2A Consolidated financial statements 2025 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2 Explanatory Notes 24 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.1 General information A2A S.p.A. is a company with legal personality organized under the laws of the Italian Republic which operates, also through its subsidiaries (“Group”), both in Italy and abroad. A2A S.p.A. is based in Italy, in Brescia, at Via Lamarmora 230 and is listed on the Milan Stock Exchange. There were no changes in the company name during 2025. The A2A Group mainly operates in the following sectors: • the production, sale and distribution of electricity even from renewable resources; • the sale and distribution of gas; • the production, distribution and sale of heat through district heating networks; • waste management (from collection and sweeping to disposal) and the construction and management of integrated waste disposal plants and systems, also making these available for other operators; • integrated water cycle management; • technical consultancy relating to energy efficiency certificates. With regard to the fees received by the independent auditor, please refer to the specific section ‘9.2 Other information’ in the Report on Operations. 2.2 Basis of presentation The Consolidated financial statements of the A2A Group at December 31, 2025 has been prepared: • in compliance with Legislative Decree 58/1998 (art. 154-ter) as amended and with the Issuers’ Regulations published by Consob; • in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB) and approved by the European Union. IFRS means all the revised International Accounting Standards (IAS) and all the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC); • in accordance with European Commission Regulation 815/2019 (the European Single Electronic Format – ESEF) in xHTML format, marking the A2A Group’s consolidated annual report (statements and notes) according to the Inline XBRL specifications contained in the basic taxonomy issued by the EMSA (“European Securities and Markets Authority”). In preparing the Consolidated financial statements, the same principles used in the preparation of the Consolidated financial statements at December 31, 2024 were applied, other than the principles and interpretations described in detail in the paragraph below “Changes in International Financial Reporting Standards” adopted for the first time on January 1, 2025. 25 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The directors assessed the applicability of the going concern assumption in the preparation of the Consolidated financial statements, concluding that this assumption is appropriate as it was verified that there were no financial, managerial or other indicators that could indicate critical issues regarding the Group’s ability to meet its obligations in the foreseeable future and in particular in the next 12 months. The Consolidated financial statements has been prepared using the historical cost method, with the exception of the financial statement items that according to IFRS are recognized at fair value, as indicated in the valuation criteria of the individual items, and non-current assets and disposal groups classified as held for sale that are measured at the lower of carrying amount and fair value net of selling costs. The preparation of the Consolidated financial statements required the use of estimates by management; the areas characterized by valuations and assumptions of particular significance, together with those with significant effects on the reported situations, are reported in the section “Use of estimates and judgement by management”. The currency used by the Group for the presentation of the Consolidated financial statements is the euro, the functional currency of the Parent Company A2A S.p.A.; all values are expressed in millions of euro, unless otherwise indicated. The Consolidated financial statements consists of: • Consolidated Statement of financial position: provides for the distinction of assets and liabilities by maturity, separating between current and non-current; • Consolidated income statement: presented in scalar form with the individual items analysed by nature. The form chosen, in accordance with the presentation methods of the leading operators in the sector and in line with international practice, is considered the most suitable to represent the company results; • Consolidated statement of components of the comprehensive income statement: presented in a separate table, it shows the components of the result suspended in equity; • Consolidated statement of cash flows: prepared using the indirect method, with separate presentation of cash flow from operating activities, investment activities and financing activities. More specifically, the Statement of cash flows is presented on a gross basis and does not include non- monetary transactions. In particular, although the Group does not deviate from the provisions of IAS 7 in the classification of items, the following is specified: \- in addition to cash flows from ordinary operations, cash flows from operating activities include interest on loans granted and obtained, dividends and advances on dividends paid to shareholders of the Parent Company and third parties, as well as dividends received from associated companies or joint ventures; \- investment activities include investments in property, plant and equipment and intangible assets (including any capitalized financial expenses) and related disposals; investments and disposals in assets deriving from contracts with customers relating to agreements for concession services; the effects of business combinations in which the Group acquires or loses control of companies and other minor investments; \- cash flows from financing activities include cash flows arising from liability management and lease transactions, as well as the effects of transactions on third-party interests that do not change the control status of the companies concerned; 26 A2A Consolidated financial statements 2025 2\. Explanatory notes • Consolidated statement of changes in equity: in addition to the components of the comprehensive income statement, it also shows the transactions with shareholders; • Explanatory notes. Section 1.b Accounting tables of the Consolidate financial statements in accordance with Consob Resolution No. 15519 of July 27, 2006 – presents the consolidated Statement of Financial Position, the consolidated Income Statement and the consolidated Statement of Cash Flows, highlighting transactions with related parties, the definition of which is provided in paragraph 2.14 "Note on related party transactions". The financial statements presented herein are the same as those used to prepare the Consolidated financial statements at December 31, 2024, with the exception of the following changes that management has adopted to ensure better representation and comparability. With regard to the Statement of financial positions, the following steps were taken: • disaggregate the financial statement line relating to “Intangible assets and goodwill” through two new lines, respectively “Intangible assets” and “Goodwill”; • separate current/non-current asset/liability derivatives from the respective other current/non-current assets/liabilities; • separate the disbursement expected within the following 12 months from provisions for risks and charges, classifying it as a current liability. With regard to the Income Statement, the following steps were taken: • separate the item “depreciation, amortization, provisions and impairment losses” by nature: “Depreciation, amortization and impairment losses”, “Impairment losses on trade receivables”, “Other provisions for risks”; • reconcile the income and expenses recorded in the "Result from non-recurring transactions" to their own item according to nature for greater clarity. As regards the Consolidated Statement of Cash Flows, the following steps were taken: • separate the line “net interest paid” into “interest received” and “interest paid”; • include the information relating to related parties. The Group also renamed certain lines in the financial statements with respect to the statements published at December 31, 2024, and accounted for industrial environmental certificates among inventories. The changes relating to the values at December 31, 2024 are not considered relevant for the economic and equity size of the Group. Finally, it should be noted that the Group carried out a restatement at December 31, 2024 to reflect the effects of the purchase price allocation for the acquisition of Duereti, which took place in the previous reporting period using the anticipated acquisition method, as further detailed in section "2.5 Transactions – IFRS 3 Revised". In this file, use has been made of some alternative indicators of performance (AIP) that are different from the financial indicators expressly provided for by the IFRS international accounting standards adopted by the Group; for details of these indicators, please see the specific paragraph “Alternative Indicators of Performance (AIP)” in the file of the “Report on Operations”. The Consolidated financial statements at December 31, 2025 was approved on April 5, 2016 by the Board of Directors, which authorized publication, and has been audited by KPMG in accordance with their appointment by the Shareholders’ Meeting of March 17, 2026 for the nine years from 2025-2033. 27 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.3 Changes in International Financial Reporting Standards Accounting standards, amendments and interpretations applicable by the group as of January 1, 2025 Effective from January 1, 2025, the amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates,” issued by the IASB on August 15, 2023, came into force to regulate the procedures to be followed in the event of a lack of exchangeability between currencies. The amendment introduces requirements to determine when a currency is convertible into another currency and when it is not and requires an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. The amendment had no impact on the consolidated annual report as at December 31, 2025. Accounting standards, amendments and interpretations endorsed by the European Union but not yet mandatorily applicable and not early adopted by the Group 1\. Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) On May 27, 2025, the amendments to IFRS 9 and IFRS 7 regarding “Amendments to the Classification and Measurement of Financial Instruments,” issued in 2024, were endorsed, with entry into force scheduled for January 1, 2026. These amendments clarify the classification of financial assets with environmental, social and governance (ESG) features and similar ones, as well as the settlement of financial liabilities through electronic payment systems. They also introduce disclosure requirements aimed at enhancing transparency for investors in relation to investments in equity instruments measured at fair value through other comprehensive income statement and in financial instruments with contingent features, such as features linked to ESG goals. • The amendments to IFRS 9 clarify the circumstances under which a financial asset or liability is recognised and derecognised. According to the amendments, a company generally derecognizes its financial liability on the settlement date. Normally, this is the date when the payment is completed. The amendments also introduce an exception, permitting the company to derecognizes its financial liability prior to the settlement date, which is the date when the payment is initiated and cannot be cancelled. The exception is available when the company uses an electronic payment system that satisfies all of the following criteria: \- no practical way to withdraw, stop, or cancel the payment instruction; \- no practical means to access the money needed for the settlement as a result of the payment instruction; \- the settlement risk connected with the electronic payment system is insignificant. 28 A2A Consolidated financial statements 2025 2\. Explanatory notes • The amendments also provide more precise criteria for determining when a financial asset can be classified as “measured at amortized cost” or “at fair value.” This helps companies to treat complex instruments consistently, such as loans with prepayment options or variable clauses (e.g. instruments linked to ESG indices or non-standard variable rates). The amendments further clarify how to measure such instruments, with the aim of ensuring that the measurement better reflects the actual economic risk. • The amendment to IFRS 7 provides for an additional disclosure for financial assets and liabilities with contractual terms referencing a potential event, including those associated with ESG factors, as well as for equity instruments classified at fair value through other comprehensive income statement elements. The Group is currently assessing the impacts of these amendments, but no significant effects are expected. 2\. Nature-dependent electricity contracts (Amendments to IFRS 9 and IFRS 7) On June 30, 2025, the amendments to IFRS 9 and IFRS 7 regarding nature-dependent electricity contracts (power purchase agreements) were endorsed. These amendments will enter into force on January 1, 2026. The amendments clarify the requirements for applying the “own-use exemption,” define the rules for using these agreements as hedging instruments in a hedge accounting relationship, and introduce disclosure obligations to enable investors to understand the effects of such agreements on the company financial performance and future cash flows. The Group is currently assessing the impacts of these amendments, but no significant effects are expected. 3\. Annual Improvements to IFRS Accounting Standards—Volume 11 On July 9, 2025, the annual improvements “Annual Improvements to IFRS Accounting Standards – Volume 11” were endorsed as part of the ordinary improvement process, with entry into force scheduled for January 1, 2026. The annual improvements aim to streamline and clarify existing standards by resolving any inconsistencies identified in the IFRS Accounting Standards or by providing terminological clarifications. 4\. IFRS 18 Presentation and disclosure in financial statements On February 13, 2026, IFRS 18, issued by the IASB in April 2024, was endorsed, replacing IAS 1 "Presentation of Financial Statements". IFRS 18 introduces new requirements for the presentation of the income statement, including specific totals and subtotals. In addition, entities will have to classify all costs and revenues within the income statement into five categories: operating, investing, financing, income tax expense and discontinued operations, where the first three categories are new. 29 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The standard also requires disclosure on the basis of the new definition of management-defined performance measures (MPM), subtotals of costs and revenues, and includes new provisions for the aggregation and disaggregation of financial information on the basis of the identified roles of the Primary Financial Statements (PFS) and the notes. In addition, amendments have been made to IAS 7 Statement of Cash Flows, which include the change in the starting point for determining operating cash flows on the basis of the indirect method; from profit or loss to operating profit or loss and the removal of the option to classify cash flows from dividends and interest. In addition, consequential changes were made to several other accounting standards. IFRS 18, and the amendments to the other standards, are effective for financial years beginning on or after January 1, 2027. However, early application is permitted unless disclosed. IFRS 18 will apply retrospectively. The Group is currently working, also with the support of external professionals, to identify the impacts that the changes will have on its financial statements and notes to the financial statements, on information systems and on agreements and contracts (e.g. employee benefits and financing contracts/covenants). Accounting standards, amendments and interpretations not yet endorsed by the European Union and applicable from subsequent financial years Document title | Date of entry into force of the IASB document ---|--- New IFRS accounting standards| IFRS 19 Subsidiaries without public accountability: disclosures| January 1, 2027 Translation to a hyper-inflationary presentation currency (amendments to IAS 21)| January 1, 2027 30 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.4 Scope of consolidation The Consolidated financial statements of the A2A Group at December 31, 2025 includes the figures of the parent A2A S.p.A. and those of the subsidiaries over which A2A S.p.A. exercises either direct or indirect control. In addition, companies in which the parent exercises joint control with other entities (joint ventures) and those over which it has a significant influence are consolidated using the equity method. Subsidiaries and associates whose size is immaterial are excluded from consolidation and measured at fair value. For the financial year 2025, the only company in this category is the Consorzio Umbria Energia. Changes in the scope of consolidation The following changes to the scope of consolidation of the A2A Group are reported: • acquisition by A2A Rinnovabili S.p.A. of 100% of AREN01 S.r.l., AREN03 S.r.l., AREN 04 S.r.l., AREN05 S.r.l., AREN06 S.r.l., Green Frogs Correggio S.r.l. and Cutro 1 S.r.l.; • acquisition by A2A Calore & Servizi S.r.l. of 100% of Sesto Energia S.r.l.; • acquisition by Ambiente Energia Brianza S.p.A. of 100% of 2B S.r.l.; • acquisition by Acinque Innovazione S.r.l. of 100% of Integra Impianti S.r.l.; • acquisition by A2A Ciclo Idrico S.p.A. of 69.24% of Novito Acque S.r.l.; • acquisition by A2A Storage S.r.l. of 100% of the company S2SE Cinque S.r.l.; • establishment of the company A2A Life Venture S.r.l. 100% owned by A2A S.p.A.; • establishment of A2A Solar 1 S.r.l., A2A Solar 2 S.r.l., A2A Solar 3 S.r.l., A2A Solar 4 S.r.l. and A2A Dome S.r.l., all 100% owned by A2A Rinnovabili S.p.A.; • establishment of the company AP Reti Gas North S.r.l. held by Unareti S.p.A. for 50% and by LD Reti S.r.l. for 50%, and subsequently sold on July 1 to Ascopiave S.p.A.; • establishment of AST 1 S.r.l. and AST 2 S.r.l., all 100% owned by A2A Storage S.r.l.. 31 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Breakdown of statement of financial position showing the effect of the first-time consolidation of the 2025 acquisitions millions of euro| | | | | | | | | | ---|---|---|---|---|---|---|---|---|---|--- | Notes | Consolidated at 12.31.2024 Restated| A2ARinnovabili Group| 2B S.r.l.| SESTOENERGIAS.r.l.| NOVITOACQUE S.r.l.| INTEGRA IMPIANTIS.r.l.| Total first-timeconsolidation effect acquisitions2025| Changes | Consolidated at 12.31.2025 Assets| | | | | | | | | | Non-current assets| | | | | | | | | | Property, plant andequipment| 1 and4| 7,5 83| 4| 6| 13| -| -| 23| 529| 8,135 Intangible assets | 2 and 4| 2,937| 4| 3| 12| 3| -| 22| 144| 3,103 Goodwill | 3 and 4| 1,512| -| -| 10| -| 2| 12| (15)| 1,509 Equity-accountedinvestments | 5| 25| -| -| -| -| -| -| 27| 52 Other non-currentfinancial assets | 5| 88| -| -| -| -| -| -| 79| 167 Deferred tax assets | 6| 420| -| -| 2| -| -| 2| 17| 439 Non-current derivative assets | 7| 2| | | | | | | -| 2 Other non-current assets| 7| 128| -| -| -| -| -| -| (8)| 120 Total Non-Current Assets| | 12,695| 8| 9| 37| 3| 2| 59| 773| 13,527 Current assets| | | | | | | | | | Inventories | 8| 318| -| -| 1| -| -| 1| (8)| 311 Trade receivables | 9| 3,643| -| -| -| 3| -| 3| 808| 4,454 Current derivative assets| 10| 866| | | | | | | (225)| 641 Other current assets | 10| 430| 1| -| -| -| -| 1| (7)| 424 Current financial assets| 11| 32| -| -| -| -| -| -| (8)| 24 Current tax assets | 12| 45| -| -| -| -| -| -| 78| 123 Cash and cashequivalents | 13| 1,549| -| -| -| 4| -| 4| 326| 1,879 Total current assets| | 6,883| 1| -| 1| 7| -| 9| 964| 7,856 Assets held for sale | 14| 405| -| -| -| -| -| -| (405)| - Total assets| | 19,983| 9| 9| 38| 10| 2| 68| 1,332| 21,383 Follow >> 32 A2A Consolidated financial statements 2025 2\. Explanatory notes | Notes | Consolidated at 12.31.2024 Restated| A2ARinnovabili Group| 2B S.r.l.| SESTOENERGIAS.r.l.| NOVITOACQUE S.r.l.| INTEGRA IMPIANTIS.r.l.| Total first-timeconsolidation effect acquisitions2025| Changes| Consolidated at 12.31.2025 ---|---|---|---|---|---|---|---|---|---|--- Liabilities| | | | | | | | | | Non-current liabilities| | | | | | | | | | Non-current financialliabilities | 19| 6,317| 1| -| -| -| -| 1| (102)| 6,216 Deferred tax liabilities | 20| -| -| 1| 3| -| -| 4| 25| 29 Employee benefits | 21| 214| -| -| -| -| -| -| (18)| 196 Provisions for risks,charges and liabilities for landfills | 22| 787| -| -| 4| -| -| 4| (43)| 748 Non-current derivative liabilities | 23| 19| | | | | | | 17| 36 Other non-currentliabilities | 23| 328| -| -| -| -| -| -| (174)| 154 Total non-currentliabilities | | 7,665| 1| 1| 7| -| -| 9| (295)| 7, 37 9 Current liabilities| | | | | | | | | | Provisions for risks,charges and liabilities for landfills - current portion| 22| 67| | | | | | -| 24| 91 Trade payables | 24| 3,682| -| -| -| 4| -| 4| 1,005| 4,691 Current derivative liabilities| 25| 767| | | | | | | (76)| 691 Other current liabilities | 25| 624| 4| -| 2| -| -| 6| 330| 960 Current financial liabilities| 26| 955| -| -| -| -| -| -| 89| 1,044 Current tax liabilities | 27| 120| -| -| -| -| -| -| (83)| 37 Total current liabilities | | 6,215| 4| -| 2| 4| -| 10| 1,289| 7,514 Total liabilities | | 13,880| 5| 1| 9| 4| -| 19| 994| 14,893 Liabilities directlyassociated to assets held for sale | 28| 11| -| -| -| -| -| -| (11)| - Liabilities | | 13,891| 5| 1| 9| 4| -| 19| 983| 14,893 << Continue 33 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Breakdown of the economic effect of the consolidation of new acquisitions 2025 millions of euro | Notes| A2A Rinnovabili Group| 2BS.r.l.| SESTOENERGIAS.r.l.| NOVITOACQUE S.r.l.| INTEGRA IMPIANTIS.r.l.| Totalconsolidation effect newacquisitions 2025| Oldperimeter at12.31.2025| Consolidated at 12.31.2025| Consolidated at 12.31.2024 ---|---|---|---|---|---|---|---|---|---|--- Revenue| | | | | | | | | | Revenue from the salesand services | | -| 1| 18| 1| 1| 21| 13,718| 13,739| 12,570 Other income| | -| -| -| -| -| -| 324| 324| 287 Total revenue | 30| -| 1| 18| 1| 1| 21| 14,042| 14,063| 12,857 Operating expenses| | | | | | | | | | Expenses for raw materialsand services| | -| -| 17| 1| 1| 19| 10,488| 10,507| 9,218 Other operating expenses| | -| -| -| -| -| -| 346| 346| 419 Total operating expenses| 31| -| -| 17| 1| 1| 19| 10,834| 10,853| 9,637 Personnel expenses | 32| -| -| 1| -| -| 1| 917| 918| 892 Gross operating profit | | | | | | | | | | (loss) - EBITDA | 33| -| 1| -| -| -| 1| 2,291| 2,292| 2,328 Depreciation, amortization | | | | | | | | | | and impairment losses | 34| -| -| 1| -| -| 1| 967| 968| 898 Impairment losses on trade | | | | | | | | | | receivables | 34| -| -| -| -| -| -| 70| 70| 82 Other provisions for risks| 34| -| -| -| -| -| -| 19| 19| 31 Operating profit (loss) -| | | | | | | | | | EBIT | 35| -| 1| (1)| -| -| -| 1,235| 1,235| 1,317 Finance income and expenses| | | | | | | | | | Finance income | | -| -| -| -| -| -| 52| 52| 113 Finance expenses | | -| -| -| -| -| -| 223| 223| 221 Share of profit (loss) of equity-accounted investees | | -| -| -| -| -| -| 28| 28| 2 Net finance income (expenses) | 36| -| -| -| -| -| -| (143)| (143)| (106) Profit (loss) before taxes | | -| 1| (1)| -| -| -| 1,092| 1,092| 1,211 Income taxes | 37| -| -| -| -| | -| 310| 310| 319 Profit (loss) aftertaxes from continuingoperations| | -| 1| (1)| -| -| -| 782| 782| 892 Profit (loss) fromdiscontinued/held for sale operations| | -| -| -| -| -| -| -| -| - Profit (loss) for the year| | -| 1| (1)| -| -| -| 782| 782| 892 34 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.5 Transactions as per IFRS 3 revised Business combinations were accounted for on the basis of the valuations conducted by management in relation to the fair value measurement of assets, liabilities and contingent liabilities, taking as reference the information on facts and circumstances available at the acquisition date. The following table shows a summary of the equity effects deriving from the valuation of the transactions at the acquisition date. It should be noted that for the company Integra Impianti S.r.l. the values recorded are to be considered provisional as in accordance with IFRS 3 revised, the Purchase Price Allocation process has not yet been completed, but will be finalized within 12 months of the acquisition, as required by the standard. In 2025, the A2A Group completed the following acquisitions of investments, which fall within the provisions of IFRS 3: • acquisition by A2A Calore & Servizi S.p.A. of 100% of Sesto Energia S.r.l., a company owning a cogeneration plant located in the Municipality of Sesto San Giovanni; • acquisition by Acinque Innovazione S.r.l. of 100% of the company Integra Impianti S.r.l., a company operating in the energy efficiency and photovoltaic systems sector. The transactions summarized above are classified as business combinations in accordance with IFRS 3 “Business Combinations”; the Group consolidated the companies on a line-by-line basis through the application of the acquisition method prescribed by IFRS 3, by virtue of the control obtained on the entities acquired. IFRS 3 requires all business combinations to be accounted for using the acquisition method within twelve months from acquisition. The acquirer must therefore recognize all the identifiable assets, liabilities and contingent liabilities relating to the acquisition at their fair values at the acquisition date and highlight the any recognition of goodwill. The consideration transferred in a business combination is determined at the date of acquisition of control and is equal to the fair value of assets and liabilities transferred, and any equity instruments issued by the acquirer. Costs directly attributable to the transaction are recognized in the income statement when incurred. At the date of acquisition of control, the equity of the investee is determined by attributing to individual assets and liabilities their fair value, except in cases where the IFRS provide a different valuation criterion. Any residual difference with respect to the purchase cost, if positive, is recognized under the item “Goodwill” (hereinafter also goodwill); if negative, it is recognized in the income statement. 35 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Details of the amounts of the transactions carried out during the year are shown below: millions of euro| | ---|---|--- Assets and liabilities acquired| Sesto Energia| Integra Impianti Total non-current assets | 27.8| \- Total current assets | 0.5 | 0.5 Total assets (A) | 28.3| 0.5 Total non-current liabilities | 6.7 | \- Total current liabilities | 2.3 | 0.3 Total liabilities (B) | 9.0| 0.3 Net assets acquired (A-B) | 19.3| 0.3 % of competence | 100%| 100% Net assets pertaining to A2A (C)| 19.3| 0.3 Purchase price (D) | 29.3| 1.9 Goodwill (D-C) | 10.0| 1.6 Business combination Sesto Energia S.r.l. On March 31, 2025, A2A Calore & Servizi S.p.A., a company wholly owned by A2A S.p.A., acquired 100% of the investment in Sesto Energia S.r.l., a company owning a cogeneration plant located in the Municipality of Sesto San Giovanni. The acquisition was completed for a consideration of 29 million euro and resulted in goodwill of 18 million euro. This goodwill was re-expressed (pursuant to IFRS 3) through the Purchase Price Allocation process which, at the conclusion of the analysis, allocated 11.5 million euro to intangible assets for the valuation of the authorization, 3 million euro to deferred tax liabilities and 10 million euro to goodwill allocated to the Heat CGU. Business combination Integra Impianti S.r.l. On July 1, 2025, Acinque Innovazione S.r.l. acquired 100% of Integra Impianti S.r.l., a company operating in the energy efficiency and photovoltaic systems sector. The acquisition was completed for a consideration of 2 million euro and resulted in goodwill of the same amount. At December 31, 2025, the Purchase Price Allocation has not yet been completed, which will be completed in the timing envisaged by the standard. It should also be noted that during the year, the PPA processes relating to the acquisition of the companies Duereti S.r.l. and Biomax Società Agricola a r.l. that took place in the previous year were completed. 36 A2A Consolidated financial statements 2025 2\. Explanatory notes Business combination Duereti S.r.l. On December 31, 2024, A2A SpA acquired 90% of Duereti S.r.l., a company operating in the distribution of electricity in several municipalities situated in the provinces of Milan and Brescia. The acquisition was concluded for 1,229 million euro. The purchase price was fully settled at the closing of the transaction and resulted in goodwill of 890 million euro. During 2025, the Group also paid a further instalment of 24 million euro as a price adjustment. As at December 31, 2025, the Purchase Price Allocation process was completed. The valuation, carried out by an independent expert, is based on projections of the business plans and the assumption of realization of such plans. In order to identify the assets and liabilities involved in the transaction, the criteria for identifying intangible assets provided for respectively in IAS 38, as well as IFRS 13 that provides the definition of fair value of an asset as the price for the sale of an asset or payable for the transfer of a liability in a regular transaction in the main market (or the most advantageous) at the measurement date, at current market conditions (i.e. a closing price) regardless of whether said price is directly observable or estimated using another market technique. Assets and liabilities identified following compliance with the above criteria, were measured using methods that correlate the capital value of the asset to the ability to generate cash flows for the remuneration of third-party lenders and shareholders. Property, plant and equipment were measured considering the value of the Regulatory Asset Base (RAB) as a reference, while the fair value of the concession was measured using the Multi Period Excess Earnings method (MPEE), a residual method, which is based on the principle that since the entire income of the acquired company must be allocated to the assets identified in the PPA, the income pertaining to the dominant strategic asset can be obtained by difference by deducting the ordinary remuneration of all other assets from the total income. In view of the regulatory uncertainty surrounding the valuation of the concession, alternative scenarios were considered with regard to the possible renewal of the concession. The Purchase Price Allocation process resulted in the reallocation of the recorded goodwill to the following assets and liabilities: • Electricity grids (recognized under property, plant and equipment) for 66 million euro; • concessions on electricity networks (recognized under intangible assets) for 393 million euro; • deferred tax liabilities for 129 million euro. The accounting for the business combination using the anticipated acquisition method also resulted in a change in Equity of 89 million euro and the recognition of goodwill amounting to 649 million euro. For further information, please refer to paragraph 2.6 Consolidation procedures, point c) Options on the shares of Duereti S.r.l.. 37 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Below the table with the amounts identified during the Purchase Price Allocation process: millions of euro| ---|--- Fair value of the Consideration paid (90%) | 1,253 Liabilities for Put/Call options | 127 Total consideration (anticipated acquisition method)| 1,380 Non-controlling interests | \- (A) Total consideration | 1,380 (B) Net value of assets acquired | 731 Goodwill | 649 Below is the statement of financial position with the effects of the Purchase Price Allocation that determined the Restated values as at December 31, 2024 with respect to the data published on the same date. Assets Consolidated statement of financial position | Financial Statements at 12.31.2024| PPA| Value at 12.31.2024 Restated ---|---|---|--- Non-current assets| | | Property, plant and equipment | 7,5 1 7| 66| 7,5 8 3 Intangible assets | 2,544| 393| 2,937 Goodwill | 1,753 | (241)| 1,512 Equity-accounted investments | 25| -| 25 Other non-current financial assets | 88| -| 88 Deferred tax assets | 549 | (129)| 420 Non-current derivative assets | 2| -| 2 Other non-current assets | 128| -| 128 Total non-current assets | 12,606| 89 | 12,695 Current assets| | | Inventories | 318| -| 318 Trade receivables | 3,643| -| 3,643 Current derivative assets | 866| -| 866 Other current assets | 430| -| 430 Current financial assets | 32| -| 32 Current tax assets | 45| -| 45 Cash and cash equivalents | 1,549| -| 1,549 Total current assets | 6,883| -| 6,883 Assets held for sale | 405| -| 405 Total assets | 19,894| 89| 19,983 Equity and liabilities| | | Equity| | | Share capital | 1,629| -| 1,629 Treasury shares | -| -| - Reserves | 2,952| 89 | 3,041 Group net profit | 864| -| 864 Equity attributable to the owners of the parent | 5,445| 89| 5,534 Non-controlling interests | 558| -| 558 Total equity | 6,003| 89 | 6,092 38 A2A Consolidated financial statements 2025 2\. Explanatory notes Liabilities Consolidated statement of financial position | Financial Statements at 12.31.2024| PPA| Value at 12.31.2024 Restated ---|---|---|--- Non-current liabilities| | | Non-current financial liabilities | 6,317| -| 6,317 Employee benefits | 214| -| 214 Provisions for risks, charges and liabilities for landfills| 787| -| 787 Non-current derivative liabilities | 19| -| 19 Other non-current liabilities | 328| -| 328 Total non-current liabilities | 7,665| -| 7,665 Current liabilities| | | Provisions for risks, charges and liabilities for landfills - current portion| 67| -| 67 Trade payables | 3,682| -| 3,682 Current derivative liabilities | 767| -| 767 Other current liabilities | 624| -| 624 Current financial liabilities | 955| -| 955 Current tax liabilities | 120| -| 120 Total current liabilities | 6,215| -| 6,215 Total liabilities | 13,880| -| 13,880 Liabilities directly associated to assets held for sale| 11| -| 11 Total equity and liabilities | 19,894| 89| 19,983 Business combination Biomax Società Agricola a r.l. On July 18, 2024, Agripower S.p.A., a company wholly owned by A2A Ambiente S.p.A., acquired 100% of Biomax Società Agricola a r.l., a company operating in the production of electricity from biogas. The acquisition was completed for a consideration of 7 million euro, resulting in goodwill of 5 million euro. During 2025, the Purchase Price Allocation process was finalised, leading to the allocation of 9 million euro of goodwill to intangible assets, the recognition of deferred tax liabilities of 3 million euro, and the recognition of a badwill amounting to 1 million euro, which was recognized in the Income Statement under the item "Other income". Disposal Group On December 19, 2024, an agreement was signed for the sale to Ascopiave of certain ATEM Gas relating to gas distribution. Following the agreement, in the financial statements at December 31, 2024, the assets and liabilities of the business unit were treated as a Disposal Group pursuant to IFRS 5. However, since the Group was still active in the gas distribution business, the business sold did not meet the definition of Discontinued Operations; therefore: • in the statement of financial position at December 31, 2024, the balances relating to the BU being sold are shown under Assets and Liabilities held for sale; • in the income statement and in the statement of cash flows, the representation of the contribution to the Group’s figures is included under Continuing Operations. The Disposal Group was then sold with effect from 1 July 2025. 39 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.6 Basis of consolidation The financial statements of the subsidiaries, associates and joint ventures consolidated by the A2A Group are prepared at the end of each reporting period using the same accounting policies as the parent. Any items recognized by using different accounting standards are adjusted during the consolidation process to bring them into line with Group accounting policies. Subsidiaries Subsidiaries are those companies over which the parent company, A2A S.p.A., exercises control, also by virtue of shareholders’ agreements, and has the power, as defined by IFRS 10, to manage decisions regarding relevant activities. For more details on the definition of control, please refer to the paragraph “Assessment of the existence of the control requirements” in note 2.6.2 “Use of estimates and judgement by management”. Although the Group holds a stake of less than 50.01%, it controls the companies Acinque S.p.A., Ambiente Energia Brianza S.p.A. and ASM Energia S.p.A. by virtue of specific shareholders’ agreements. Subsidiaries are consolidated from the date on which the Group effectively acquires control and cease to be consolidated on a line-by-line basis from the date on which control is lost. In preparing the Consolidated financial statements the assets, liabilities, income and expenses of the companies being consolidated are included in their entirety on a line-by-line basis, with the portion of equity and profit or loss for the year attributable to non-controlling interests being stated separately in the statement of financial position and income statement. All intra-group balances and transactions, including any unrealized profits arising from transactions between Group companies, are fully eliminated. Changes in the share of ownership in subsidiaries that do not involve the loss of control are recognized as capital transactions by adjusting the portion attributable to the shareholders of the Parent Company and that to third parties to reflect changes in their relative ownership interests. Any difference between the amount to which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity. When the Group loses control over a subsidiary, any residual equity investment in the previously controlled company is remeasured at fair value on the date on which control is lost, recognizing any gain or loss deriving from the loss of control in the Income Statement. Furthermore, the portion of the OCI referring to the subsidiary of which control is lost is accounted for as if the Group had directly disposed of the related assets or liabilities. 40 A2A Consolidated financial statements 2025 2\. Explanatory notes Associates, joint ventures, joint operations Associates are those in which the Group exercises significant influence, i.e., the power to participate in determining decisions about the financial and operating policies of the investee without exercising control or joint control over those policies. In general, it is assumed that the Group has significant influence when it holds a stake of at least 20% if the company is not listed or 10% in the case of a listed company. According to IFRS 11, a joint arrangement is an arrangement in which two or more parties have joint control. Joint control exists only when the unanimous consent of the parties sharing control is required for decisions on the relevant activities. A joint arrangement may be structured as a joint venture or a joint operation. A joint venture is a jointly controlled arrangement in which the parties with joint control have rights to the net assets of the arrangement. In contrast, a joint operation is a joint arrangement in which the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. With the adoption of IFRS 11, the Group must classify investments in joint arrangements as either joint ventures (if the Group has rights to the net assets of the arrangement) or joint operations (if the Group has rights to the assets, and obligations for the liabilities, relating to the arrangement). In order to determine the existence of significant influence or control, management’s judgement is required to evaluate all facts and circumstances. The Group reviews the existence of significant influence or control when facts and circumstances indicate that there has been a change in one or more of the elements considered for the test. Investments in associates, namely those in which the A2A Group has a considerable interest and is able to exercise significant influence are accounted for using the equity method. Gains and losses attributable to the Group are recognized in the financial statements from the date on which significant influence or joint control commences. In the event that the share of losses attributable to the Group exceeds its interest in the associate or joint venture/joint operation, the investment is cancelled and further losses are set aside and recognized as a liability only to the extent that the Group has contracted legal or implicit obligations towards the investee or, in any case, has made payments on its behalf. In the particular case of its investments in the joint arrangements Ergosud S.p.A. and PremiumGas S.p.A. – operating in the Generation and Trading Business Unit – Netcity S.r.l. and Metamer S.r.l. – operating in the Market Business Unit – and Bergamo Pulita S.r.l. – operating in the Circular Economy Business Unit – the A2A Group considers that these fall under the category of joint ventures as far as their legal form and the nature of the contractual agreements are concerned. In particular, as regards the investment in PremiumGas S.p.A. in liquidation, the Group has rights exclusively linked to the results achieved by the company. Ergosud SpA is 50% owned by A2A gencogas and the remaining 50% by EP Produzione. The company is active in the management of the Scandale thermoelectric plant. The company’s operating model is governed by a tolling contract through which Ergosud, as the owner of the plant, makes available to each Toller, the industrial partners A2A SpA and EP Produzione, the percentage of its own production capacity, receiving in return a fixed fee in relation to the availability of the plant and a variable fee to cover the cost of the maintenance of the gas turbine. 41 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report It should be noted that, despite the existence of a tolling agreement for the financial years 2024 to 2026, the energy dispatching activity is carried out by EP Produzione, and the investee could dispatch energy autonomously, thereby ensuring business continuity also at the end of the agreement. In addition, the A2A Group does not appoint any of the company’s key management. On the basis of the above considerations, the A2A Group has accounted for the investments using the equity method, continuing the treatment used in previous years. Lastly, it should be noted that the Group co-owns the Ponti sul Mincio Thermoelectric Plant, which is considered a joint operation and consolidated on a pro-rata basis (45%) both financially and economically. Latest available summarized figures for joint ventures (measured at equity) (values in millions of euros)| | | | | ---|---|---|---|---|--- Key figures at December 31, 2025| Bergamo Pulita 50%| PremiumGas 50%| Metamer 50%| Ergosud 50%| Netcity 49% Income statement| | | | | Revenue from sales and services| 0.06| 0.00| 43.3| 46.3 | 11.7 Gross operating profit (loss) - EBITDA| (0.40)| 0.00| 2.8| 13.3| 1.7 % of net revenues | n.s.| n.s.| 6.4%| 28.8%| 14.3% Depreciation, amortization and impairment losses| 0.0 | 0.00| 1.2| 7.3| 0.9 Operating profit (loss) - EBIT| (0.40)| 0.00| 1.5| 6.0| 0.7 Profit (loss) for the year | (0.39)| 0.00| 0.8| 1.1| 0.1 Statement of financial position| | | | | Total assets | 2.40| 1.5| 16.6| 133.0| 8.1 Equity | (0.27)| 1.5| 3.7| 72.5| 1.8 Net financial position (debt) | 2.10| 1.0| (1.1)| (4.4)| 0.6 Dividends received | 0.0| 0.0| 0.5| 0.0| 0.0 (values in millions of euros)| | | | | ---|---|---|---|---|--- Key figures at December 31, 2024 | Bergamo Pulita 50%| PremiumGas 50%| Metamer 50%| Ergosud 50%| Netcity 49% Income statement| | | | | Revenue from sales and services| 0.05| 0.00| 36.5| 40.8| 20.7 Gross operating profit (loss) - EBITDA| (0.25)| 0.00| 1.1| 12.3| 4.5 % of net revenues | n.s.| n.s.| 3.0%| 30.1%| 21.5% Depreciation, amortization and impairment losses| 0.2 | 0.00| 0.5| 9.2| 1.4 Operating profit (loss) - EBIT| (0.05)| 0.00| 0.5| 3.1| 3.1 Profit (loss) for the year | (0.46)| 0.00| 0.1| 1.9| 1.2 Statement of financial position| | | | | Total assets | 2.61| 2.3| 14.8| 134.3| 12.1 Equity | (0.13)| 2.3| 3.0| 71.4| 2.4 Net financial position (debt) | 2.35| 1.8| (4.4)| (18.4)| 1.5 Dividends received | 0.0| 0.0| 0.1| 0.0| 0.7 42 A2A Consolidated financial statements 2025 2\. Explanatory notes Potential voting rights If the A2A Group holds call options on shares or other equity instruments that represent capital (warrants) that are convertible into ordinary shares or similar instruments having the potential, if exercised or converted, to give the Group voting rights or reduce the voting rights of third parties (“potential voting rights”), such potential voting rights are taken into consideration when assessing whether or not the Group has the power to manage decisions regarding the relevant activities of another company. Treatment of put options on the shares of subsidiaries Generally speaking, IAS 32, paragraph 23, establishes that a contract that contains an obligation to acquire shares in exchange for cash or other financial assets gives rise to a financial liability for the present value of the exercise price of the option. In the absence of specific instructions in the related international financial reporting standards, the A2A Group: (i) considers the shares involving put options to have already been purchased, including in cases in which the risks and rewards connected with ownership of the shares remain with the non- controlling interests and they remain exposed to equity risk (“anticipated acquisition method”); (ii) records a corresponding entry among equity reserves for the liability resulting from the obligation and any subsequent changes. Effect on the consolidation procedures of certain agreements involving the shares or quotas of Group companies a) Earn-out on the purchase of the equity investments made by A2A Rinnovabili S.p.A. During 2025, new investments were acquired, for which earn-outs were recognized and recorded for a total approximately 1 million euro. It should be noted that with reference to acquisitions made in previous years, there are contractual price adjustments and earn-outs, of non-significant amounts, both in favour of the seller and the buyer upon the occurrence of certain conditions. Given the uncertainty and insignificance of the amounts, the Group has not recorded these amounts. 43 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report b) Options on the shares of Agesp Energia S.r.l. On January 3, 2024, Acinque S.p.A. acquired 70% of the company Agesp Energia S.r.l.. As a result of the shareholders’ agreement entered into between Acinque S.p.A. and Agesp S.p.A. (seller), there is a put option granted by Acinque S.p.A. to Agesp S.p.A. on the remaining 30% share that can be exercised until the expiry of the 3rd (third) year from the date of signing of the Notary Deed. Therefore, the Group has recognized as a liability the present value of the estimated outlay of 11 million euro which it will not be able to avoid if the option is exercised. c) Options on the shares of Duereti S.r.l. On December 31, 2024, A2A S.p.A. acquired 90% of Duereti S.r.l.. As a result of the shareholders’ agreement entered into between A2A S.p.A. and E-Distribuzione S.p.A. (the seller), a put option has been granted by A2A S.p.A. to E-Distribuzione S.p.A. concerning the remaining 10% stake, exercisable starting March 2026 until December 31, 2027. Therefore, the Group has recognized as short-term liability the present value of the estimated outlay of 144 million euro which it will not be able to avoid if the option is exercised. d) Options on the shares of A2A Trezzo Ambiente S.r.l. On May 14, 2024, A2A Trezzo Ambiente S.r.l. was established, with A2A Ambiente S.p.A. holding an 86% interest and A2A Calore & Servizi S.r.l. for 4%. The shareholders’ agreement entered into at the time of establishment between the A2A Group companies and Termokimik S.p.A. (which holds the remaining 10% stake) provides for the possibility for Termokimik S.p.A. to exercise, starting from the completion of the refurbishment works on the waste- to-energy plant under concession, a put option towards the controlling interest A2A Ambiente S.p.A. for a stake up to a maximum equal to its investment, reduced by one percentage point. Therefore, the Group has recognized as a liability the present value of the estimated outlay of 10 million euro which it will not be able to avoid if the option is exercised. 44 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.7 Basis of preparation 2.7.1 Material accounting policies Translation of foreign currency items Items denominated in currencies other than the functional currency, whether monetary (cash and cash equivalents, assets and liabilities that will be collected or paid in fixed or determinable amounts of money, etc.) or non-monetary (advances to suppliers of goods and/or services, goodwill, intangible assets, etc.), are initially recognized at the exchange rate in effect on the date the transaction is executed. Subsequently, monetary items are converted into the functional currency on the basis of the exchange rate on the reporting date, and differences arising from the conversion are recorded in the income statement. Non-monetary items are maintained at the conversion rate of the transaction. Property, plant and equipment Assets for business use are recorded under “Property, plant and equipment” while non-business assets are classified as “Investment properties” if necessary. Property, plant and equipment are measured at cost, including any additional charges directly attributable to bringing the asset into an operating condition (e.g. transport, customs duty, installation and testing costs, notary and land registry fees and any non-deductible VAT), increased when material and where there are obligations by the present value of the estimated cost of restoring the location from an environmental point of view or dismantling the asset. Borrowing costs, where directly attributable to the purchase or construction of an asset, are capitalized as part of the cost of the asset if the type of asset so warrants. If important components of Property, plant and equipment have different useful lives, they are accounted for separately using the “component approach”, assigning to each component its own useful life for the purpose of calculating depreciation (the component approach). Land, whether occupied by residential or industrial buildings or devoid of construction, is not depreciated as it has an unlimited useful life, except for land used in production activities that is subject to deterioration over time (e.g. landfills, quarries). Ordinary maintenance costs are fully expensed to the income statement in the year they are incurred. Costs for maintenance carried out at regular intervals are attributed to the assets to which they refer and are depreciated over the specific residual possibility of use of such. Property, plant and equipment are stated net of accumulated depreciation and any impairment losses. Depreciation is charged from the year in which the individual asset enters service on a straight-line basis over the estimated useful life of the asset for the business. The estimated realizable value which is deemed to be recoverable at the end of an asset’s useful life is not depreciated. The useful life of each asset is reviewed annually and any changes, if needed, are made with a view to showing the correct value of the asset. Depreciation of landifills, property, plant, and equipment was calculated based on economic and technical useful lives, considered representative of their residual useful life. 45 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Depreciation of property, plant and equipment has been calculated on the basis of economic and technical useful lives, which are deemed to be representative of the residual possibility of use and useful life thereof. The main economic-technical useful lives used are as follows: • Buildings 10 - 60 years • Production plants \- Hydroelectric plants 3 - 50 years \- Thermoelectric plants 18 - 30 years \- Wind power plants 15 - 30 years \- Solar power plants 15 - 25 years • Transmission lines 10 - 45 years • Transformation stations 5 - 50 years • Distribution networks \- Cables 5 - 40 years \- Connections 35 years \- Meters 5 - 15 years \- Stations 5 - 40 years • Fiber-optic networks 10 - 20 years • Landfills based on % of filling • Sundry equipment 10 years • Furniture and fittings 5 - 10 years • Electric and electronic office machines 5 years • Means of transport 8 - 10 years • E-moving 10 years • Other assets 3 - 5 years • Capital goods of less than 516 euro 1 year The useful life of improvements to third-party assets is determined on the basis of the duration of the lease contract. Land is not depreciated as it has an unlimited useful life. If specific indicators suggest an impairment loss, property, plant, and equipment are subjected to an impairment test as described in the following paragraph “Impairment of Non-Financial Assets.” Any impairment losses may be subject to subsequent reversals if the underlying reasons no longer apply. When an asset is disposed of or if future economic benefits are no longer expected from using an asset, it is removed from the statement of financial position and any gain or loss (being the difference between the disposal proceeds and the carrying amount) is recognized in the income statement in the year of the derecognition. 46 A2A Consolidated financial statements 2025 2\. Explanatory notes Rights-of-use assets The Group determines whether the contract is, or contains, a lease by applying the definition provided by IFRS 16, which is satisfied when the contract transfers the right to control the use of an underlying asset for a period of time in exchange for a fee. Right-of-use assets, recorded in a specific item among property, plant and equipment, are recognized at the lease inception date, i.e. the date on which the underlying asset is available for use. Rights-of-use assets are measured at cost, net of accumulated depreciation and impairment losses, and adjusted for any restatement of lease liabilities. The cost of rights-of-use assets of use includes the amount of lease liabilities recognized and lease payments made on or before the commencement of the lease. Rights-of-use assets of use are depreciated on a straight-line basis from the effective date to the end of the useful life of the asset consisting of the rights-of-use assets or at the end of the lease term, whichever is earlier. If the lease transfers ownership of the underlying asset to the lessee at the end of the term of the contract or if the cost of the asset consisting of the rights-of-use assets reflects the fact that the lessee will exercise the purchase option, the asset consisting of the rights-of-use assets is depreciated from the effective date until the end of the useful life of the underlying asset. Lease liabilities are recognized as financial liabilities (current or non-current depending on the due date of the payments) at the present value of the lease payments not yet paid at the reporting date. Lease payments also include the exercise price of a purchase option if it is reasonably certain that the option will be exercised. The Group applies the exception to the recognition envisaged for short-term leases to its contracts with a duration equal to or less than 12 months from the effective date. It also applies the exception to the recognition provided for leases in which the underlying asset is of “modest value” and whose amount is estimated as not significant. For example, the Group leases some office equipment (i.e. PCs, printers and copiers) that is considered to be of low value. Payments due for short-term leases and for leases in which the underlying asset is of modest value are recognized as a cost on a straight-line basis for the duration of the lease. Intangible assets In accordance with IAS 38, intangible assets are identifiable, non-physical assets controlled by the Group, for which it is probable that future economic benefits will be generated from their use and the cost of which can be reliably determined. Identifiability is normally satisfied when: (i) the intangible asset is attributable to a legal or contractual right, or (ii) the asset is separable, in other words it can be sold, transferred, rented or exchanged individually and not as an integral part of other assets. Control by the enterprise consists of the right to enjoy the future economic benefits flowing from the asset and to restrict the access of others to those benefits. 47 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Intangible assets are recorded in the financial statements at purchase or production cost, including incidental costs, determined using the same methods indicated for property, plant and equipment. Internally generated intangible assets are recognized only when the Group can demonstrate the technical feasibility, intention and availability of resources to complete the asset and have the ability to use or sell it, alternatively the costs incurred are recognized in the income statement in the year in which they arose. The Group also includes among intangible assets the costs for obtaining contracts with customers, capitalised in accordance with IFRS 15, only if: • the costs are incremental, in the sense that they are directly attributable to an identified contract and would not have been incurred by the Group if the contract had not been obtained; • the Group expects to recover them through reimbursement (direct recoverability) or margins (indirect recoverability). In particular, the Group normally capitalises the sales commissions paid to agents if the capitalization criteria are met. The capitalized costs for obtaining contracts with customers are systematically amortised, in line with the transfer model of the goods or services to which they refer, and are subject to impairment tests to detect any impairment losses to the extent that the carrying amount of these assets exceeds the related recoverable value. The Group amortizes the costs for obtaining contracts with customers capitalized on a straight-line basis over the period of benefit expected from the contract (i.e. the average duration of the relationship with the customer); any changes in the amortization criteria are recognized prospectively. Intangible assets with definite useful life are recognized net of accumulated amortization and any impairment losses determined using the same methods previously described for property, plant, and equipment. Changes in the expected useful life or in the ways in which the future economic benefits of an intangible asset are achieved by the Company are accounted for by suitably adjusting the period or method of amortization, treating them as changes in accounting estimates. The amortization of intangible fixed assets with a definite useful life is charged to income statement in the cost category that reflects the function of the intangible asset concerned. If specific indicators of impairment exist, intangible assets are subject to impairment testing according to the procedures described in the following section “Impairment of non-financial assets.” Any impairment losses may be subject to subsequent reversals if the reasons for their impairment losses no longer apply. Intangible assets with indefinite useful life and those not yet available for use are subject to impairment testing at least annually, regardless of the presence of specific indicators of impairment, according to the procedures described in the following section “Impairment of non-financial assets.” Amortization of intangible assets was calculated on the basis of economic-technical useful lives, considered representative of the residual possibility of use and the useful life thereof. 48 A2A Consolidated financial statements 2025 2\. Explanatory notes The useful lives applied are as follows: • Industrial patents and intellectual property rights 3 - 5 years • Concessions, licenses and trademarks \- Software 3 \- 5 years \- Service concession agreements 8 - 60 years • Other intangible assets \- Customer list 4 - 20 years \- Other intangible assets 3 - 25 years “Other intangible assets” include surface rights and easements, whose useful life is determined on the basis of the duration of the contract. Gains or losses on the disposal of an intangible asset are calculated as the difference between the disposal proceeds and the carrying amount of the asset and recognized in the Income Statement at the time of the disposal. Service concession arrangements Service concession arrangements are contracts in which a public administration (the grantor) entrusts a private entity (the concessionaire) with the management and provision of public services. If the concessions have certain characteristics, including in particular: • Service Obligations: The concessionaire is required to provide public utility services using the infrastructure granted; • Return of infrastructure: upon expiry of the agreement, the concessionaire must return the infrastructure to the grantor in a predetermined condition; • Control of the grantor: the grantor retains control over which services must be provided and under what conditions. fall within the scope of IFRIC 12. Revenues for services performed are recognised in accordance with IFRS 15 by allocating the fees between the various services provided. If the concessionaire provides construction or improvement services, the consideration it has received or will receive must be recognised as: • Financial assets: if the concessionaire has the unconditional contractual right to receive cash or another financial asset from the grantor for construction services; • Intangible assets: if the concessionaire has obtained the right (license) to charge users of the public service. If the concessionaire is paid for construction services partly with a financial asset and partly with an intangible asset, each component of the concessionaire’s consideration must be accounted for separately. The amortization of concessions is calculated on the basis of the provisions of the respective agreements and in particular: i) on a constant basis for the shorter period between the economic- technical life of the assets granted and the duration of the concession itself, if at the expiry of the same no compensation value is recognised to the outgoing operator (Residual industrial value or Vir); ii) based on the economic-technical life of the individual assets if, at the expiry of the concessions, the outgoing operator is granted an indemnity value (Vir). 49 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report In the event that the concessions provide for the obligation to maintain the infrastructure at a certain level of functionality or to return the infrastructure to a certain condition before returning it to the grantor upon expiry, the Group will allocate specific funds in accordance with the provisions of IAS 37. Conversely, in circumstances in which the concession service agreements provide that the infrastructures used in the exercise of the concessions do not comply with the requirements of IFRIC 12 and, in particular, are owned and available to the concessionaire or have an indefinite maturity, the carrying amount of the assets attributable to these concessions is recorded under the item “Property, plant and equipment” and accounted for in accordance with the provisions of IAS 16. In order to assess the applicability of these provisions for the Group as a concessionaire, management conducted a careful analysis of existing concessions. Based on these analyses, the service concessions relevant under IFRIC 12 for the Group were as follows: • gas distribution network intangible asset; • water cycle - water distribution, purification and sewerage services intangible asset; • district heating network intangible asset. • public lighting financial asset; • management of votive lamps financial asset; Fair value measurement For all fair value measurements and related disclosures, as required or permitted by international accounting standards, the Group applies IFRS 13. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (“exit-price”). The fair value measurement assumes that the sale of the asset or the transfer of the liability takes place in the principal market, i.e. the market where the greatest volume and level of transactions for the asset or liability takes place. In the absence of a principal market, it is assumed that the transaction takes place in the most advantageous market to which the Group has access, i.e. the market that maximizes the results of the sale of the asset or minimizes the amount to be paid to transfer the liability. The fair value of an asset or liability is determined using the assumptions that market participants would take into account to define the price of the asset or liability, assuming that they act in their best economic interest. Market participants are independent, well-informed buyers and sellers who are able to conclude a transaction for the asset or liability and are interested, but not obliged or otherwise induced to complete the transaction. In measuring fair value, the Group considers the characteristics of the specific assets or liabilities and uses measurement techniques appropriate to the circumstances and for which sufficient data are available to measure the fair value itself, maximizing the use of observable inputs and minimizing the use of unobservable inputs. 50 A2A Consolidated financial statements 2025 2\. Explanatory notes Fair value hierarchy IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the quality of the input source used to calculate the fair value. In particular, IFRS 7 and IFRS 13 set out three levels of fair value: • level 1: this level consists of financial assets and liabilities for which fair value is based on (unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter markets; • level 2: this level consists of financial assets and liabilities for which fair value is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly; • level 3: this level consists of financial assets and liabilities for which fair value is based on unobservable market data. This level includes instruments measured on the basis of internal estimates made using proprietary methods based on best sector practice. Business combinations and goodwill The Group recognises business combinations in accordance with IFRS 3. Any difference between the sum of the consideration transferred, measured at fair value at the acquisition date and the amount of any non-controlling interest and any interest in the acquired company previously held by the Group (in a business combination carried out in several stages), with respect to the net value of the amounts of identifiable assets acquired and liabilities incurred or assumed, measured at fair value, is classified as goodwill if positive and in the income statement among other income if negative (badwill). If the fair values of the assets, liabilities and contingent liabilities are determined provisionally, the business combination is recognised using these provisional values. Any adjustments resulting from the completion of the valuation process are recognised within 12 months of the acquisition date, restating the comparative figures. A2A S.p.A. bases its allocations on available information and, for the more significant business combinations, on external appraisals. Goodwill arising from the acquisition of subsidiaries is recognised separately and allocated, from the acquisition date, to each CGU, or group of CGU, which is expected to benefit from the synergies of the combination. After initial recognition, it is not subject to amortization but to impairment test, at least annually as described in the following section "Impairment of non-financial assets." For the purposes of determining goodwill or the negative differential, the cost of the transaction also includes the measurement of the present value, at the acquisition date, of the presumed outlay relating to the put options granted to non-controlling shareholders on their investments, as well as any contingent consideration, including those related to future results (earn-out), resulting from the business combination contract. Therefore, the Group uses the anticipated acquisition method. Costs directly attributable to the acquisition, other than the consideration transferred, are instead recognized in the income statement. 51 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report If the business combination is carried out in stages, at the time of acquisition of control, the equity investments previously held in the acquired company are remeasured at fair value and any difference (positive or negative) is recognized in the income statement. Goodwill relating to investments in associates and joint ventures is included in the carrying amount of these assets. Impairment of non-financial assets At each financial statement date, the Group verifies whether there are any indications that non- financial assets (property, plant and equipment, intangible assets and goodwill) may have suffered an impairment loss. To this end, the Group considers both internal and external sources of information. With regard to internal sources, the following are considered: the obsolescence or physical deterioration of the asset, any significant changes in the use of the asset and the economic performance of the asset with respect to what was expected. With regard to external sources, on the other hand, the following are considered: the trend in the market prices of the assets, any technological, market or regulatory discontinuities, the trend in market interest rates and the cost of capital used to measure investments and finally if the carrying amount of the Group’s net assets is higher than the market capitalization. If, on the basis of this verification, it emerges that the non-financial assets may have suffered an impairment loss, the Group estimates their recoverable value by carrying out an impairment test. Goodwill impairment testing is carried out at least once a year or, more frequently, whenever there is an indication that the asset may have suffered an impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit (‘CGU’) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows generated by other assets or groups of assets. The CGUs identified by Management at December 31, 2025 coincide with the individual companies belonging to the A2A Group. Intangible assets acquired through business combinations are allocated to the individual CGU, except in cases where it can be demonstrated that the entire CGU Group benefits from the synergies deriving from the newly acquired business. Goodwill is allocated to groups of CGU when it is believed that the entire Group of CGU can benefit from the synergies deriving from the newly acquired business and their recoverability is monitored by management at this level. These CGU Groups are no longer broader than the operating sectors identified in accordance with IFRS 8 (before their possible aggregation). If the carrying amount of a CGU (or group of CGU) exceeds its recoverable amount, an impairment loss is recognized in the income statement, which is first recognized as a reduction in the carrying amount of any goodwill and only subsequently to the other assets of the CGU (group of CGU) in proportion to their carrying amount up to the amount of the recoverable amount. The recoverable amount of a CGU (or group of CGU) is the higher of its fair value, less disposal costs, and its value in use. The value in use is the present value of estimated future cash flows, based on pre- tax business plans prepared by management, applying a pre-tax discount rate that reflects current market assessments of the time value of money and the specific risks of the assets comprising the 52 A2A Consolidated financial statements 2025 2\. Explanatory notes CGU (or group of CGU). The long-term growth rate used to estimate the terminal value of the unit (or group of units), where present, is assumed not to exceed the average long-term growth rate of the sector, country or market in which the unit (or group of units) operates. In the case of CGU/Groups of CGU relating to the gas network, the recoverable value is determined on the basis of the VIR estimate, considering as a starting point the value of the RAB (Regulatory Asset Base). Future cash flows are estimated by reference to the current conditions of the cash-generating unit and, therefore, do not include the benefits arising from future restructuring for which the Group has not yet committed, nor future investments to improve or optimize the unit. For the purposes of impairment testing, the carrying amount of a CGU is determined in line with the criterion used to determine the recoverable amount of the cash-generating unit, excluding surplus assets (i.e. financial assets, deferred tax assets and net non-current assets held for sale). After carrying out the impairment test of the CGU (or group of CGU), a second level of impairment test is carried out, also including those centralised assets with auxiliary functions (corporate assets) that cannot be allocated according to a reasonable and consistent criterion to the individual units and those assets that do not generate positive result flows. At this second level, the recoverable amount of all CGU (or groups of CGU) is compared with the carrying amount of all CGU (or groups of CGU), including corporate assets. Impairment losses on goodwill cannot be reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortization, if no impairment loss had been recognized. Environmental certificates The Group is subject to the various environmental regulations that require compliance with the constraints set through the use of certificates or securities, in particular companies operating in regulated sectors (e.g. energy) buy and sell shares on organised markets, and these transactions have characteristics similar to those of goods intended for sale or consumption in the operating cycle. The Group therefore records the environmental certificates among the Inventories. In the absence of a specific IAS/IFRS reference standard, the accounting treatment adopted by the Group complies with the general rules included in the body of applicable IAS/IFRS accounting standards and in line with international best practice. The valuation of the securities is carried out in relation to the destination attributed to them. Securities held to meet business needs are recorded among assets at cost, while those traded for trading purposes are measured at fair value with an impact on the income statement defined with reference to any sales contracts, including forward contracts, already signed at the reporting date and, on a residual basis, at market prices. Certificates assigned free of charge are only registered at the time of transfer to third parties. 53 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report If the requirement exceeds the units/certificates in the portfolio at the balance sheet date (“deficit”), the cost necessary to meet the residual obligation is allocated to the statement of financial position, estimated on the basis of any purchase contracts, including forward contracts, already signed at the balance sheet date and, residually, market prices, and a specific provision for risks and charges is recognized. Long term construction contracts in progress Construction contracts with durations exceeding one year in progress are valued in accordance with IFRS 15. When the outcome of a project can be reliably estimated, multi-year construction contracts in progress are valued based on contractual fees accrued with reasonable certainty, according to the percentage of completion criterion and the “cost-to-cost” methodology, so as to attribute the revenues and economic results of the project to the individual years in proportion to the stage of completion of the work. In addition to the contractual fees, contract revenues include variants, price revisions and incentive awards to the extent that it is probable that they represent actual revenues that can be reliably determined. When the outcome of a contract cannot be reliably estimated, the revenue attributable to the relevant contract is recognized only to the extent of the contract costs incurred that are likely to be recovered. Contract costs are recognized as expenses in the year in which they are incurred. When it is probable that total contract costs will exceed contract revenues, the expected loss is immediately recognized as a cost. Any difference, positive or negative, between the value of the contracts and advances received is recognized as an asset or a liability respectively. Inventories Inventories are stated at the lower of purchase cost and estimated net realizable value. The method used to determine cost is the weighted average cost, including directly attributable ancillary costs (for example, ship freight, customs duties, insurance, laytime and demurrage on fuel purchases). Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs to realize the sale or, where applicable, the replacement cost. Gas inventories held for trading purposes, stored at facilities separate from gas used for industrial purposes, are measured at fair value at the reporting date, with a balancing entry in the income statement, as required by IAS 2, paragraph 3, letter b. Inventories are constantly monitored and, where necessary, obsolete stocks are written down with a charge to the Income Statement. 54 A2A Consolidated financial statements 2025 2\. Explanatory notes Materials and other consumables (including energy commodities) held for use in production are not written down if it is expected that the final product into which they will be incorporated will be sold at a price sufficient to enable recovery of the cost incurred. Spare parts and equipment necessary for maintenance are recorded in inventories and their cost is recognized in the income statement when they are used. Plant spare parts are recorded under property, plant and equipment and depreciated on the basis of the useful life of the plant to which they refer if they have significant value, multi-year use, constitute equipment necessary for the operation of plant and machinery and are likely to generate future economic benefits. Power Purchase Agreements Power Purchase Agreements (PPA) that involve the physical delivery of energy and that do not meet the requirements of IFRS 10 for the existence of control, IFRS 11 for the existence of joint control over a company or an asset, or IFRS 16 for the recognition of a lease, but that meet the definition of a derivative in IFRS 9, are accounted for under the own-use exemption rules when the relevant conditions are met. The Power Purchase Agreements (PPA) signed by the group to date, both for purchase and sale, are mainly accounted for under the own-use exemption rules, in addition to some Virtual PPA accounted for as hedging derivatives under IFRS 9 because they were signed for the purpose of hedging the cash flows of highly probable transactions. Financial instruments Financial instruments are recognized and measured in accordance with IAS 32 (Financial Instruments: Presentation) and IFRS 9 (Financial Instruments). Financial assets and liabilities are recognized at the time that the contractual rights and obligations forming part of the instrument arise. Cash and cash equivalents This category includes deposits available on demand or at very short notice, as well as short-term and highly liquid financial investments readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Financial assets other than cash and cash equivalents They include investments (excluding investments in subsidiaries, jointly controlled entities, and associates); receivables, loans, and other non-current financial assets; trade receivables and other receivables arising from the company’s operations, as well as other current financial assets. Financial assets are initially measured at fair value, adjusted, in the case of assets not subsequently measured at fair value, for transaction costs directly attributable to their acquisition or issue. Trade receivables that do not have a significant financing component are measured at the transaction price. All equity instruments - both listed and unlisted - are measured at fair value. 55 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Financial assets are classified as: • financial assets at amortized cost; • financial assets at fair value through other comprehensive income \- with recycling of accumulated gains and losses (debt instruments) \- without recycling of accumulated gains and losses upon derecognition (equity instruments); • financial assets at fair value in the Income Statement. Classification is carried out on the basis of an entity’s business model and the contractual cash flow characteristics of the financial asset. Financial assets at amortized cost This category includes assets not represented by derivative instruments and not listed on an active market that meet the following requirements: the entity’s business model requires that the financial asset be held for the collection of contractual cash flows (held-to-collect) and the characteristics of the contractual cash flows of the asset correspond solely to the payment of principal and interest. This category mainly includes trade receivables, other receivables and financial receivables. These are valued using the effective interest method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified, or adjusted for impairment. Financial assets at fair value through other comprehensive income (FVOCI) Financial assets not classified as financial assets measured at amortized cost may be classified and subsequently measured at their fair value recognized in the Income Statement or in the Other Comprehensive Income Statement. The determination depends on whether this financial asset is a debt or equity instrument. Debt instruments A financial asset representing a debt instrument, other than a derivative, shall be measured at fair value through other comprehensive income if both of the following conditions are met: • The asset is held as part of a business model whose objective is to hold financial assets for the purpose of collecting contractual cash flows and selling financial assets; • The contractual terms of the asset provide for certain maturities of the cash flows represented solely by payments of principal and interest on the amount of the principal to be repaid. When the financial assets do not meet the two conditions above, they are classified as measured at fair value through profit or loss, which is therefore a residual classification method. 56 A2A Consolidated financial statements 2025 2\. Explanatory notes Changes in fair value are recognized directly in equity until the actual sale, at which time they are transferred to the income statement. Impairment losses, exchange gains and losses and interest calculated using the effective interest method are instead recorded directly in the Income Statement when they occur. Losses recognized directly in equity are reversed and recognized in the income statement even if the financial asset has not been derecognized when there is objective evidence that the asset has suffered an impairment loss. Equity instruments A financial asset representing an equity instrument may be measured at Fair Value recognized in Other Comprehensive Income if both of the following conditions are met: • The asset is not held for trading; • The company avails itself of the irrevocable option to designate this asset as measured at FVOCI. When the financial assets do not meet the two conditions above, they are classified as measured at fair value through profit or loss, which is therefore a residual classification method. Gains and losses on these financial assets will never be recycled to the income statement. The Group may transfer the cumulative gain or loss within equity. This category includes equity investments in other companies irrevocably designated as such at the time of initial recognition. Equity instruments designated at fair value through the Other comprehensive income are not subject to impairment. Dividends on such investments are recognized in the income statement unless they clearly represent a recovery of part of the cost of the investment. Financial assets measured at fair value through the income statement This is a residual category that includes: • financial assets with cash flows that are not represented solely by principal and interest payments, regardless of the business model; • financial assets held for trading as purchased or held primarily for the purpose of being sold or repurchased within a short period of time; • derivative instruments, including embedded derivatives, held for trading or not designated as effective hedging instruments; • contingent fees. Financial instruments at fair value with changes recognized in the income statement are recognized in the statement of financial position at fair value, and the gains and losses resulting from changes in fair value are subsequently recognized in the income statement. This category also includes equity investments in companies that the Group has not irrevocably designated at fair value through OCI. Dividends on these investments are also recognized among other income in the Income Statement when the right to payment is established. 57 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Derecognition A financial asset is derecognized when: • the rights to receive cash flows from the asset no longer apply; • the company has transferred to a third party the right to receive cash flows from the asset or has assumed a contractual obligation to transfer them. In substance, the transfer is completed when: the company has transferred all the risks and rewards of ownership of the asset or has transferred control of the asset while maintaining the related risks and rewards. In cases where the Group has transferred the rights to receive cash flows from an asset or signed an agreement under which it retains the contractual rights to receive the cash flows from the financial asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass- through), it assesses whether and to what extent it has retained the risks and rewards of ownership. In the cases in which it has neither transferred nor retained substantially all of the risks and rewards or has not lost control of the asset, it continues to be recognized in the financial statements of the Group to the extent of its continuing involvement in the asset. In this case, the Group also recognizes an associated liability. The transferred asset and the associated liability are valued to reflect the rights and obligations that remain with the Group. When the entity’s continuing involvement is a guarantee of the transferred asset, involvement is measured on the basis of the lower of the amount of the asset and the maximum amount of consideration received that the entity might have to repay. Financial liabilities The Group’s financial liabilities include trade payables and other liabilities, loans and borrowings, including current account overdrafts and derivative financial instruments. Financial liabilities are initially measured at fair value, adjusted, in the case of liabilities not subsequently measured at fair value, for transaction costs directly attributable to their acquisition or issue. The subsequent evaluation depends on the classification of the main instrument: • financial liabilities at fair value in the Income Statement, typically of a trading nature (settlement and transfer in the short term). This category includes financial derivatives held for trading (speculative); • loans and receivables: valued at amortized cost using the effective interest method. Gains and losses are recognized in the Income Statement when the liability is settled, as well as through amortization. A financial liability is derecognized when the obligation underlying the liability is settled or cancelled. When an existing financial liability is replaced by another to the same creditor on substantially different terms, or the terms of an existing liability are substantially modified, such replacement or modification is treated as derecognition of the original liability and recognition of a new liability. The difference between the respective carrying amounts is recognized in the Income Statement. 58 A2A Consolidated financial statements 2025 2\. Explanatory notes Derivative financial instruments Derivative instruments are classified as financial assets or liabilities depending on the positive or negative fair value and are classified as “held for trading” within “Other business models” and measured at fair value in the Income Statement, with the exception of those designated as effective hedging instruments. All derivatives held for trading are classified as current assets and liabilities. Derivatives not held for trading, but measured at fair value through profit or loss as they do not qualify for hedge accounting, and derivatives designated as effective hedging instruments are classified as current or non-current based on their maturity date and the Group’s intention to hold or not hold such instruments to maturity. These are initially recognized at fair value on the date the contract is signed and the subsequent measurement is also at fair value. To classify a derivative as a hedge, the company formally designates and documents the hedging relationship, its risk management objectives and the strategy pursued by identifying: a) the hedging instrument b) the nature of the risk being hedged c) the way in which the company will assess the effectiveness of the hedge. The hedging relationship is effective if: • there is an economic relationship between the hedged item and the hedging instrument; • the effect of the credit risk does not prevail over the changes in value resulting from the aforementioned economic relationship; • the hedging ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge this quantity of hedged item. Transactions that meet the above criteria are accounted for as follows: Fair value hedges If a derivative financial instrument is designated as a hedge against exposure to changes in the fair value of an asset or liability attributable to a specific risk, the gain or loss resulting from subsequent changes in fair value of the hedging instrument is recognized in the Income Statement. The gain or loss resulting from the fair value adjustment of the hedged item, for the portion attributable to the hedged risk, changes the carrying amount of that item and is recognized in the income statement under the same line item. Cash flow hedges If a derivative financial instrument is designated to hedge the exposure to the variability of the cash flows of an asset or a liability recognized in the Financial Statements or of a highly probable transaction, the effective portion of the resulting profits or losses deriving from the fair value adjustment of the derivative instrument is recognized in a specific equity reserve. The cumulative profit or loss is reversed from the equity reserve and recorded in the Income Statement in the same years in which the effects of the hedged transaction are recognized in the Income Statement. The gain or loss associated with that part of the ineffective hedge is recognised in the Income Statement immediately. If the hedged transaction is no longer considered probable, the unrealized gains or losses recognized in the equity reserve are immediately recognized in the Income Statement. 59 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report If, on the other hand, the derivative instrument is sold and therefore no longer qualifies as an effective risk hedge against which the transaction was entered into, the portion of the “Reserve for derivative instruments measured at fair value” relating to it is maintained until the economic effects of the underlying contract are manifested. Commodity derivatives With reference to commodity derivatives, operations are managed through the stipulation of OTC \- over the counter financial instruments (index swaps), derivative instruments traded on regulated platforms, as well as through brokerage contracts that provide for the physical delivery of the underlying asset at a future settlement date (so-called physical contracts). From an operational point of view, a commercial industrial portfolio has been identified, which includes physical and financial contracts signed for the management of procurement, and a trading portfolio, which includes physical and financial contracts signed from a speculative perspective, based on pure position taking logic whenever it is believed there is a market opportunity, always within the risk limits defined by the Parent Company’s Board of Directors. The accounting treatment of these contracts differs according to the following criteria: 1\. Contracts that provide for physical delivery The accounting treatment varies according to their purpose: a) Contracts relating to procurement activities (“industrial portfolio”) that meet the criteria defined by IFRS 9 for own-use exemption are considered executive contracts and therefore are recognized on an accrual basis only at the time of actual delivery. Said criteria are: \- The contracts are signed with the aim of physically delivering the underlying commodity, in line with the Company’s expectations of use; \- Contracts cannot be closed net through cash and cash equivalents. The Group analyses contracts for the purchase or sale of non-financial assets on an ongoing basis, with particular attention to forward purchases or sales of electricity and energy commodities, in order to determine whether they should be classified and treated in accordance with IFRS 9 or whether they have been signed for “own use exemption”. b) Contracts signed with reference to price risk or volume risk management (“trading portfolio”) are recognized as follows: \- from initial recognition to physical delivery, these contracts represent non-hedging derivatives, measured at fair value in the income statement; \- at the time of physical delivery, the revenue or full cost deriving from the sale or purchase of commodities, respectively, is recognized. With regard to these contracts included in the trading portfolio, the company applies the accounting policy election provided by IAS 1 and IFRS 9 to present both impacts described above on a net basis for each individual commodity within the item “Revenue from sales and services” (if the net balance is positive) or among the costs for “Raw materials and consumables” (if the net balance is negative). 60 A2A Consolidated financial statements 2025 2\. Explanatory notes 2\. Contracts that do not provide for physical delivery a) Contracts in the industrial portfolio are accounted for as hedging derivatives (cash flow hedges) measured at FVOCI, if they meet the criteria set out in IFRS 9 described above. b) Trading portfolio contracts represent non-hedging derivatives, recorded at fair value in the income statement in accordance with IFRS 9. Embedded derivatives The embedded derivative contained in a non-derivative hybrid contract, in a financial liability or in a principal non-financial contract, is separated from the principal contract and accounted for as a separate derivative, if: its economic characteristics and the risks associated with it are not closely correlated with those of the principal contract; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value in the Income Statement. Embedded derivatives are measured at fair value, with changes in fair value recognized in the Income Statement. A restatement occurs only when there is a change in the terms of the contract that significantly changes the cash flows otherwise expected or a reclassification of a financial asset to a category other than fair value in the Income Statement. An embedded derivative included in a hybrid contract that contains a financial asset is not separated from the host contract. The financial asset together with the embedded derivative is classified entirely as a financial asset at fair value in the Income Statement. Instruments classified under equity Instruments for which, based on the substance of the contract, there is no contractual obligation to deliver cash or other financial assets to the counterparty are classified within Equity. These instruments include the perpetual bond issued in 2024, for which the Group has no contractual obligation to repay either the principal or the interest. Employee benefits Post-employment benefits (TFR) and pension provisions are determined using actuarial methods; the rights accrued by employees during the year are recognized in the Income Statement as “personnel expenses”, whereas the figurative financial expense that the company would have to bear if it were to ask the market for a loan of the same amount as the TFR is recognized as part of the “net financial income (expenses)”. Actuarial gains and losses arising from changes in actuarial assumptions are recognized in income statement taking into account the residual average working life of the employees. Following the introduction of Finance Law no. 296 of December 27, 2006, only the portion of accrued post-employment benefits that remained in the company has been measured in accordance with IAS 19, as amounts are now paid over to a separate entity as they accrue (either to a supplementary pension scheme or to funds held by INPS). As a result of these payments the company no longer has any obligations in connection with the services employees may render in the future. Guaranteed employee benefits paid on or after the termination of employment through defined benefit plans (energy discount, health care or other benefits) or long-term benefits (loyalty bonuses) are recognized in the period when the right vests. 61 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The liability for defined benefit plans, net of any plan assets, is determined by independent actuaries on the basis of actuarial assumptions and recognized on an accrual basis in line with the work performed to obtain the benefits. Gains and losses arising from actuarial calculations are recognized in a specific equity reserve. Share-based payments The Group compensates its employees through an equity-settled share-based payment plan accounted for in accordance with IFRS 2. The theoretical benefit attributed to the interested parties is quantified by measuring the fair value of the instrument assigned through financial valuation techniques on the grant date, including in the valuation any market conditions and the estimate regarding the accrual of dividends. The benefit is charged to the income statement over the term of the plan with a counterpart in a specific equity reserve (IFRS2 Reserve). At each financial statement date, the number of rights that are deemed to be assigned is adjusted by recalculating and adjusting the cost recognised in previous years on the basis of the previous percentages. Provisions and liabilities for landfills The provisions regard costs of a determinate nature and of certain or probable existence which at year-end are uncertain in terms of timing or amount. Provisions are recognized when there is a legal or constructive present obligation arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits, and it is possible to make a reasonable estimate of the obligation. Provisions are recognized at the best estimate of the amount that the company would have to pay to settle the liability or to transfer it to third parties at the reporting date. If the discounting effect on the value of money is significant, the provisions are calculated by discounting expected future cash flows at a pre-tax discount rate that reflects the current market assessment of the time value of money. If discounting is used the increase in the provision due to the passage of time is recognized as financial expense. If the liability relates to property, plant, and equipment (e.g., site dismantling and restoration), the initial provision is recognized as a balancing entry to the assets to which it refers; the expense is recognized in the income statement through the depreciation process of the asset to which it refers. Treasury shares Treasury shares are accounted for as a deduction from equity. In particular, treasury shares are recognized as a negative equity reserve. Grants Grants, both from public entities and from third party private entities, are measured at fair value when there is the reasonable certainty that they will be received and that the Group will be able to comply with the terms and conditions for obtaining them. 62 A2A Consolidated financial statements 2025 2\. Explanatory notes Grants received for specific assets whose value is recognized as property, plant, and equipment or intangible assets are recognized as a direct reduction of the assets themselves and credited to the income statement over the depreciation period of the assets to which they relate. Revenue grants (given to provide the company with immediate financial support or as compensation for expenses or losses incurred in a previous accounting period) are recognized in their entirety in the income statement as soon as the conditions for recognizing the grants are met. Revenues and expenses The recognition of revenues is based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations, represented by the contractual promises to transfer goods and/or services to a customer; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations identified on the basis of the stand-alone sale price of each good or service; (v) recognition of the revenue when the relative performance obligation is satisfied, i.e. when the promised good or service is transferred to the customer; the transfer is considered completed when the customer obtains control of the good or service, which can occur continuously over time diluted and extended or at a point in time. Depending on the type of transaction, revenues are recognized on the basis of the following specific criteria: Market Business Unit and Smart Infrastructures Business Unit: • revenues from the sale and transport of electricity and gas represent an “on demand” supply service and are therefore recognized “over time”. The company avails itself of the practical expedient provided for in IFRS 15.B16 (“as invoiced practical expedient”) as it is entitled to a fee whose amount corresponds directly to the value of the services completed up to the date considered. Thanks to this practical expedient, the company recognizes revenue for the amount it is entitled to invoice. Therefore, revenues are recognized at the time that the energy is supplied or the service rendered, even if invoicing has not yet taken place, and are determined by adding estimates of consumption to amounts resulting from pre- established meter-reading schedules. Where applicable, these revenues are based on the tariffs and related tariff restrictions in force during the year prescribed by the law and the Regulatory Authority for Energy, Networks and the Environment and similar foreign bodies; Smart Infrastructures Business Unit: • connection contributions paid by users, if not for costs incurred to extend the network, are recognized in the income statement on collection and presented as “revenues from services”; • the revenues billed to users for an extension of the gas network are accounted for as a reduction in the carrying amount of property, plant and equipment and are recognized in the income statement as a reduction in the depreciation charged over the useful life of the cost capitalized to extend the network; Generation Business Unit: • the revenues and expenses involved in withdrawing quantities that are higher or lower than the Group’s share are measured at the prices envisaged in the related purchase or sale contract; All Business Units: • revenues from the provision of services are recognized according to the stage of completion based on the same criteria as for contract work in progress. If it is impossible to calculate revenues on a reliable basis they are recognized up to the amount of the costs incurred providing they are expected to be recovered; • revenues from the sale of certificates are recognized at the time of sale. 63 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Revenues are stated net of returns, discounts, allowances and rebates, as well as directly related taxes. As mentioned in the paragraph “Commodity derivatives”, the result of the trading portfolio included in the item “Revenues” is accounted for according to IFRS 9 and not according to IFRS 15. Expenses relate to goods or services sold or consumed during the year or as a result of systematic allocation; if no future use is envisaged they are recognized directly in the income statement. Financial income and expenses Financial income is recognized when interest income arises using the effective interest method, i.e. at the rate that exactly discounts expected future cash flows over the expected life of the financial instrument. Financial expense is recognized in the Income Statement on an accrual basis and are recorded in the amount of effective interest. Dividends Dividend income is recognized when it is established that the shareholders have a right to receive payment, and is recognized as financial income in the Income Statement. Income taxes Current taxes Current income taxes are based on an estimate of taxable income in compliance with tax regulations in force or substantially approved at the reporting date, bearing in mind any exemptions or tax assets due. Account is also taken of the fact that the Group now files for tax on a consolidated basis. Deferred tax assets and liabilities Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount of assets and liabilities and their tax bases, with the exception of goodwill which is not deductible for tax purposes and any differences resulting from investments in subsidiaries which are not expected to reverse in the foreseeable future. The tax rates used are those expected to apply to the period when the temporary differences reverse. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the tax benefit will be realized. The measurement of deferred tax assets takes account of the period for which business plans are available. When transactions are recognized directly in equity, any related current or deferred tax effects are also recognized directly in equity. Deferred taxes on the undistributed profits of Group companies are only provided for if there is the real intention to distribute such profits and, in any case, if the taxation is not offset as the result of filing a Group tax return. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Taxes are only offset when they are levied by the same tax authority, when there is the legal right of set-off and when settlement of the net balance is expected. 64 A2A Consolidated financial statements 2025 2\. Explanatory notes Non-current assets held for sale, disposal groups and discontinued operations – IFRS 5 Non-current assets held for sale, disposal groups and discontinued operations whose carrying amount will be recovered principally through sale rather than continuous use are measured at the lower of their carrying amount and fair value less costs to sell. A disposal group is a group of assets to be disposed of together as a group in a single transaction together with the liabilities directly associated with those assets that will be transferred in that transaction. Discontinued operations on the other hand consist of a significant component of the Group such as a separate major line of business or a geographical area of operations or a subsidiary acquired exclusively with a view to resale. In accordance with IFRS, the figures for non-current assets held for sale, disposal groups and discontinued operations are shown on two specific lines in the statement of financial position: non- current assets held for sale and liabilities directly associated with non-current assets held for sale. Assets held for sale also include any portion of goodwill allocated to the CGU or group of CGU to which the disposal group belongs. This allocation is made on the basis of the relative value of the disposal group compared to that of the CGU/Group of CGU. Non-current assets held for sale are not depreciated or amortized and are measured at the lower of carrying amount and fair value less costs to sell; any difference between carrying amount and fair value less costs to sell is recognized in the income statement as an impairment losses. The net profit or loss arising from discontinued operations, and only discontinued operations, pending the disposal process, any gains or losses on disposal and the corresponding comparative figures for the previous year or period are recognized in a specific line of the Income Statement: “Profit (loss) from discontinued operations”. 2.7.2 Use of estimates and judgement by management Preparing the financial statements and notes requires the use of estimates and assumptions in determining certain assets and liabilities and measuring contingent assets and liabilities. The actual results could differ from such estimates. Estimates have been used in assessing the recoverability of assets, to determine certain sales revenue, in provisions for risks and charges, in loss allowances and other provisions for impairment losses, amortization and depreciation, the measurement of derivatives, employee benefits and taxes. The underlying estimates and assumptions are regularly reviewed and the effect of any change is immediately recognized in the income statement. 65 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The Group believes climate change risks are an implicit element in the application of the methodologies and models used to make estimates, evaluations and measurements of certain items in the financial statements. Management believes that the main areas of the consolidated financial statements at December 31, 2025, the valuation of which is subject to the use of estimates and judgement by management, also with reference to climate change risks, are those subject to impairment tests (property, plant and equipment, intangible assets and goodwill) and the provisions for risks, with specific reference to decommissioning provisions, and contingent liabilities. For further details, please refer to the specific paragraph “ESRS E1 - Climate change” contained in the Sustainability Statement in the Report on Operations, as well as the paragraph on the Impairment test contained in Note 4 of the Explanatory Notes. The following is a brief description of the accounting policies that, in relation to the Group, require more subjectivity on the part of the directors in the preparation of estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on the financial data. Impairment of non-financial assets Property, plant and equipment, intangible assets and goodwill are impaired when their carrying amount exceeds their recoverable amount, which is the higher of their fair value less costs to sell and their value in use. With the exception of the gas network businesses, the recoverable amount is determined, in terms of value in use, by discounting the cash flows expected from the use of the asset (‘Discounted Cash Flow’), of a CGU or a Group of CGU, over the explicit duration of the plan, as well as the value expected from its disposal at the end of its useful life or its terminal value. In the case of the gas networks, the recoverable amount is also determined using the VIR criterion, calculated on the basis of the RAB value. Impairment tests on these assets are carried out in accordance with the criteria set out in IAS 36 and described in more detail in Note 4, ‘Impairment test of non financial assets’. The impairment test requires a high degree of judgement by management with regard to the following aspects: • Identification of Cash Generating Units (CGU); • Allocation of goodwill to CGU or Groups of CGU; • Identification of impairment indicators for assets or CGU that do not include goodwill; • Forecasts of future cash flows, which are based on the updated 2024–2035 Strategic Plan approved by the Directors; • Determination of the normalized cash flows or the realizable value of the assets used to estimate the terminal value; • Determination of the long-term growth rates and discount rates applied to the forecasts of future cash flows; • In the case of the Reti Gas CGU Groups, the estimate of the Residual Industrial Value. 66 A2A Consolidated financial statements 2025 2\. Explanatory notes The forecasts contained in the Strategic Plan are sensitive to future trends and volatility in energy markets and macroeconomic scenarios, as well as to adverse weather events, potential changes in regulations, and new authorisation and legislative measures. To address the uncertainties inherent in the estimate, in compliance with the requirements of the ESMA Recommendation of October 14, 2025, concerning the focus on consistency between financial reporting and sustainability reporting (CSRD/ESRS), sensitivity analyses were carried out on the forecast values used for the assessment of the recoverable value of the CGU Groups. These analyses, conducted internally, concerned three plan variables identified as significant for the most impacted CGU Groups, such as: the variability of hydroelectric production, the inclusion of Waste To Energy in the Emissions Trading System and the variability of the PUN. These risks, and their estimated impact at the EBITDA level, were used as a basis to assess the potential impact they may have on the results of the impairment test. Moreover, for the purpose of preparing the impairment test, the company avails itself of the support of an expert external to the A2A Group which has, among other things: • analyzed the relevant components and assumptions of the economic-financial projections drawn up by the Group's management, carried out comparisons and checks regarding the correctness of the sources and assumptions used, developed the assumptions regarding the growth rate beyond the Plan horizon for the determination of the normalized flows up to the end of the useful life of the plants; • estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation practice and in line with last year's impairment testing in order to reflect current market valuations with reference to the present value of money, country risk and the specific risks associated with the asset; • provided assistance in preparing specific sensitivity analyses that considered the risks previously mentioned. Management is of the opinion that the estimates of the recoverable amounts are reasonable, albeit subject to changes in the factors underlying the estimates on which these recoverable amounts have been calculated could produce different measurements. For further details on the way in which impairment testing was carried out and the results of such testing, reference is made to the specific paragraph. 67 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Useful lives of non-financial assets Depreciation and amortization charges are a significant cost for the company. Non-current assets are depreciated or amortized on a straight-line basis over the useful lives of the assets. The useful lives of the company’s non-current assets are established by the directors, with the assistance of expert appraisers, when they are purchased. The company periodically reviews technological and sector changes, dismantling/closure charges and the recovery amount of assets to update their residual useful lives. This periodic update could lead to a change in the period of depreciation or amortization and hence also in the depreciation or amortization charge in future years. Revenue recognition Revenues from sales include the estimate of accrued revenues related to gas and electricity consumed by customers and not yet subject to periodic reading at December 31, 2025 and the estimate of revenues accrued for gas and electricity consumed by customers and not yet billed at December 31, 2025, in addition to the revenues already billed to customers based on the periodic consumption readings made during the year. The processes and methods for evaluating and determining these estimates are based on sometimes complex assumptions that by their nature imply recourse to the opinion of the directors, in particular with regard to recognition of accrued revenues, as the methods used by the A2A Group to estimate the quantities of consumption between the date of the last reading and December 31, and therefore to value the revenues accrued during the year, are based on assumptions and complex calculation algorithms that concern various information systems. Furthermore, the estimate of consumption not subject to periodic reading is made by taking as reference the historical profile of each user, adjusted on the basis of climatic correction factors provided by the Regulatory Authority for Energy, Networks and the Environment (also “ARERA”), to incorporate other variables that can have an impact on consumption. Expected credit losses The assessment of the existence of impairment losses is made at each reporting date, using different criteria depending on the characteristics of the receivables being analysed in relation to the reference business, the nature of the counterparty and the value. In accordance with IFRS 9, the approach adopted is forward-looking, focusing on the probability of future losses, even in the absence of events that would suggest the need to write down a credit position (Expected Losses) and is based on assumptions regarding the risk of default and the measurement of expected losses. In making these assumptions and selecting the inputs to calculate the expected loss, management uses its professional judgement, based on the Company’s past experience, current market conditions, as well as forward-looking estimates at the end of each reporting date. In particular, receivables that are individually significant are expected to be subject to a specific analysis aimed at assessing their recoverability, while the write-down of receivables not subject to specific valuation is determined by applying the specific unpaid ratio of the business. 68 A2A Consolidated financial statements 2025 2\. Explanatory notes Provisions for lawsuits In certain circumstances it is not easy to identify whether a legal or constructive present obligation exists. The directors assess these situations case by case, together with an estimate of the economic resources required to settle the obligation. Estimating such provisions is the result of a complex process that involves subjective judgements on the part of company management. When the directors are of the opinion that it is only possible that a liability could arise, the risks are disclosed in the section on commitments and contingent liabilities without making any provision. Liabilities for landfills The liabilities for landfills provision represents the amount set aside to meet the costs which will be incurred for the management of the period of closure and post-closure of landfills currently in use. The future outlays, calculated for each landfill by a specific appraisal updated annually, were discounted in accordance with the provisions of IAS 37. Decommissioning provisions The decommissioning provision represents the amount allocated to meet the dismantling and restoration costs that will have to be incurred for the reclamation of the sites on which some plants are located, as required by individual concessions, surface right contracts or specific laws. The obligation, based on financial and engineering assumptions, is calculated by discounting the expected future cash flows that the Group believes it must pay against the various obligations assumed. This liability is quantified by management on the basis of the technology existing at the valuation date and is reviewed, at least every three years, taking into account the development in the techniques of storage, dismantling and restoration of the site, as well as the continuous evolution of existing laws on health protection and environmental protection. The value of the obligation is discounted at each closing in accordance with the provisions of IAS 37. Determination of the fair value of derivative financial instruments The fair value of financial instruments, both on interest rates and on exchange rates, is derived from market quotations. In the absence of quoted prices in active markets, forecast price curves based on simulation models developed internally by the company are used. The fair value of commodity contracts is determined using directly observable market inputs where available. The method used to calculate the fair value of the instruments in question includes the assessment of non-performance risk if deemed relevant. However, the actual results of derivatives could differ from the measurements made. 69 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Employee benefits Some of the Group’s employees benefit from pension plans that offer social security benefits based on their remuneration history and their years of service. Some employees also benefit from the coverage of other post-retirement benefit plans. The calculations of costs and liabilities associated with these plans are based on estimates made by actuarial consultants, who use a combination of statistical-actuarial factors, including statistical data relating to past years and forecasts of future costs. Estimates also include mortality and retirement rates, assumptions regarding future discount rates, wage growth rates, inflation rates, and an analysis of healthcare cost trends. These estimates can differ significantly from the actual results owing to changes in economic and market conditions, increases or decreases in pension rates and the lifespan of participants, as well as changes in the effective cost of medical care. These differences may have a significant impact on the quantification of social security expenditure and other related charges. The full effects of any changes in these actuarial assumptions are recognized in a specific equity reserve. For further details on the main actuarial assumptions adopted, please refer to note 21 “Employee benefits”. Leasing Given the complexity required for the valuation of leasing contracts, combined with their long-term duration, the application of IFRS 16 requires significant recourse to professional judgement. In particular, this was necessary to: • apply the definition of leasing to cases typical of the sectors in which the Group operates; • identify the service component in leasing contracts; • evaluate any renewal and termination options provided for in the contracts in order to terminate the duration of the contracts, jointly examining the probability of exercising these options and any significant improvement on the underlying assets; • identify any variable payments that depend on indices or rates to determine whether changes in the latter may have an impact on future lease payments as well as on the amount of the asset consisting of the right-of-use asset; • identify the implicit interest rate of the lease when this cannot be easily determined: the Group uses the Incremental Borrowing Rate (IBR) at the lease start date (estimated on a quarterly basis), to calculate the present value of the payments due. In the absence of observable inputs, the Group estimates the IBR on the basis of the Group’s average financing rate that reflects the duration and contractual conditions of the lease, using the risk-free rate adjusted for the credit spread. 70 A2A Consolidated financial statements 2025 2\. Explanatory notes Business combinations The recognition of business combination transactions implies the valuation of assets and liabilities acquired at fair value, according to the most up-to-date valuation techniques (Multi-Period Excess Earnings, Discounted Cash Flow, etc.). This valuation includes the making of complex estimates by management, which mainly concern future forecasts related to the acquired businesses (business plans, regulatory and regulatory developments, macroeconomic scenarios, etc.), the valuation of any financial instruments included in the business combinations (e.g. put or earn-out) and discount rates. Current taxes and future recovery of deferred tax assets The uncertainties that exist regarding the way of applying certain tax regulations have led the company to taking an interpretative stance when providing for current taxes in the financial statements; such interpretations could be overturned by official clarifications on the part of the tax authorities. Deferred tax assets are accounted for on the basis of the taxable profit expected to be available in future years. Assessing the expected taxable profit for the purpose of accounting for deferred taxation depends on factors that can vary over time, and may lead to significant effects on the measurement of deferred tax assets. Assessment of the existence of control requirements According to the provisions of IFRS 10, control is obtained when the Group is exposed to variable returns, or holds rights to such returns, arising from the relationship with the investee company and has the ability to affect those returns, through the exercise of its power over the investee company. Power is defined as the current ability to direct the relevant activities of the investee by virtue of existing substantive rights. The existence of control does not depend solely on the possession of the majority of voting rights, but rather on the substantial rights of each investor in the investee company. Consequently, management’s judgement is required to assess specific situations that determine substantive rights that give the Group the power to direct the relevant activities of the investee company in order to influence its returns. For the purposes of assessing the control requirement, management analyses all the facts and circumstances, including any agreements with other investors, also with reference to the vote or the appointment of directors, the rights deriving from other contractual agreements, potential voting rights (call options, warrants, put options assigned to non- controlling interests, etc.) and other legal provisions. These other facts and circumstances may be particularly relevant in the context of this assessment, especially in cases where the Group holds less than the majority of the voting rights, or similar rights, of the investee company. In addition, even if it holds more than half of the voting rights of another company, the Group considers all relevant facts and circumstances in assessing whether it controls the investee company. The Group reviews the existence of the conditions of control over an investee company when the facts and circumstances indicate that there has been a change in one or more elements considered for the verification of the existence of control. 71 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Application of “IFRIC 12 - Service Concession Arrangements” The Group, as a concessionaire, applies IFRIC 12 to “public-to-private” service concession arrangements, in which a public authority (i.e. the grantor) transfers to a concessionaire the right to manage the infrastructure used to provide public services. In particular, management assesses whether the agreements for “public-to-private” concession services are within the scope of IFRIC 12 based on the following: • the grantor controls or regulates which services the concessionaire must provide with the infrastructure, to whom it must provide them and at what price; and • the grantor controls, through ownership, or otherwise, any significant residual interest in the infrastructure at maturity. Hedge accounting Hedge accounting is applied to derivatives in order to reflect the effects of the Group’s risk management strategies in the financial statements. To this end, the Group documents at the inception of the transaction, the relationship between the hedging instrument and the hedged item, as well as the risk management objectives and strategy. In addition, the Group assesses, both at the inception of the report and on a systematic basis, whether hedging instruments are highly effective in offsetting changes in the fair value or cash flows of hedged items. Based on management’s judgement, the assessment of effectiveness based on the existence of an economic relationship between the hedging instruments and the hedged items, the dominance of credit risk in changes in value and the hedge ratio, as well as the measurement of ineffectiveness, are assessed by means of a qualitative assessment or a quantitative calculation, depending on the specific facts and circumstances and the characteristics of the hedging instruments and the hedged items. With respect to cash flow hedges of future transactions, management assesses and documents that they are highly probable and present an exposure to changes in cash flows that impacts the Income Statement. 72 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.8 Business Units The A2A Group operates in the production, sale and distribution of gas and electricity, district heating, environmental services and the integrated water cycle. These sectors are in turn attributable to the “Business Units” specified in the following diagram, identified following the reorganization carried out by management with the establishment of the new Circular Economy Business Unit, into which, in addition to the former Waste operating segment, the Integrated Water Cycle, District Heating and Heat Management businesses – previously included within the Smart Infrastructures operating segment – have been merged. This reorganization made it possible to optimize their integration and to adopt new solutions to make further progress on the path to decarbonization. As a result of this reorganization, the figures for the financial year 2024 have been consistently pro forma. The reorganization of the Circular Economy Business Unit had no impact on the impairment testing process, as the Integrated Water Cycle and District Heating businesses were, and remain, separate CGU and CGU Groups, respectively, for the purposes of the assessment. Generation and Trading • Thermoelectric, hydroelectric and other renewable plants • Energy management Market • Sale of electricity and natural gas • Energy Efficiency • Electric mobility Circular Economy • Waste collection and street sweeping • Processing • Disposal and energy recovery • Integrated water cycle • District heating services • Heat management services Smart Infrastructures • Electricity grids • Gas networks • Development and management of technology infrastructures for integrated digital services • Public lighting Corporate • Corporate services This breakdown into Business Units reflects the organization of financial reports regularly analysed by management and the Board of Directors in order to manage and plan the Group’s business. 73 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.9 Results sector by sector million euro| | | | | | | ---|---|---|---|---|---|---|--- 12.31.2025 | Generation and Trading| Market| Circular Economy| Smart Infrastructures| Corporate | Eliminations | Income statementReported | 01.01.25 | 01.01.25 | 01.01.25| 01.01.25| 01.01.25| 01.01.25| 01.01.25 | 31.12.25 | 31.12.25| 31.12.25| 31.12.25| 31.12.25| 31.12.25| 31.12.25 Revenue| 9,009 | 7,219 | 2,280| 1,168| 383 | (5,996)| 14,063 \- of which inter-sector| 4,763 | 149 | 357 | 371 | 356 | (5,996)| Operating expenses| (8,176) | (6,679)| (1,231)| (514)| (249)| 5,996 | (10,853) \- of which inter-sector| (517)| (4,930)| (438)| (108)| (3)| 5,996 | Personnel expenses| (105)| (76)| (445) | (96)| (196)| | (918) Gross Operating Profit (Loss) - EBITDA| 728 | 464 | 604| 558| (62)| | 2,292 % of revenues| 8.1%| 6.4%| 26.5% | 4 7. 8 %| (16.2%)| | 16.3% Depreciation of Property, plant and equipment and amortization of intangible assets| (253)| (105)| (270)| (242)| (85)| | (955) Impairment losses of fixed assets | | (1)| (3) | (7)| (2)| | (13) Other provisions for risks | (19)| (1)| 1 | 1 | (1)| | (19) Impairment losses on trade receivables| | (68)| (2)| | | | (70) Operating Profit (Loss) - EBIT | 456 | 289| 330 | 310| (150)| | 1,235 % of revenues| 5.1%| 4.0%| 14.5% | 26.5%| (39.2%)| | 8.8% Net financial income (expenses)| | | | | | | (143) Profit (loss) before taxes| | | | | | | 1,092 Income taxes| | | | | | | (310) Profit (loss) after taxes from continuing operations| | | | | | | 782 Profit (loss) from discontinued/held for sale operations| | | | | | | Non-controlling interests| | | | | | | (32) Group net profit of the year| | | | | | | 750 Gross capex (1)| 341 | 119 | 516 | 535 | 173 | (3)| 1,681 (1) See the items “Capex” in the schedules on Property, plant and equipment and Intangible assets presented in Notes 1 and 2 to the balance sheet. 74 A2A Consolidated financial statements 2025 2\. Explanatory notes million euro 12.31.2024 | Generation and Trading| Market| Circular Economy| Smart Infrastructures| Corporate | Eliminations | Income statement Reported ---|---|---|---|---|---|---|--- | 01.01.24 | 01.01.24 | 01.01.24| 01.01.24| 01.01.24| 01.01.24| 01.01.24 | 31.12.24 | 31.12.24| 31.12.24| 31.12.24| 31.12.24| 31.12.24| 31.12.24 Revenue| 8,519 | 6,670 | 2,149 | 852 | 353 | (5,686)| 12,857 \- of which inter-sector| 4,529 | 145 | 335 | 352 | 324| (5,685)| Operating expenses| (7,428)| (6,135)| (1,135)| (387)| (238)| 5,686 | (9,637) \- of which inter-sector| (470)| (4,701)| (395)| (104)| (16)| 5,686 | Personnel expenses| (105)| (73)| (432)| (86)| (196)| | (892) Gross Operating Profit (Loss) - EBITDA| 986 | 462 | 582 | 379 | (81)| | 2,328 % of revenues| 11.6%| 6.9%| 2 7.1 %| 44.5%| (22.9%)| | 18.1% Depreciation of Property, plant and equipment and amortization of intangible assets| (253)| (85)| (267)| (201)| (78)| | (884) Impairment losses of fixed assets | (1)| | (11)| (1)| (1)| | (14) Other provisions for risks | (30)| 11 | (12)| 3 | (3)| | (31) Impairment losses on trade receivables| | (80)| (3)| (1)| 2 | | (82) Operating Profit (Loss) - EBIT | 702 | 308 | 289 | 179 | (161)| | 1,317 % of revenues| 8.2%| 4.6%| 13.4%| 21.0%| (45.6%)| | 10.2% Net financial income (expenses)| | | | | | | (106) Profit (loss) before taxes| | | | | | | 1,211 Income taxes| | | | | | | (319) Profit (loss) after taxes from continuing operations| | | | | | | 892 Profit (loss) from discontinued/held for sale operations| | | | | | | Non-controlling interests| | | | | | | (28) Group net profit of the year| | | | | | | 864 Gross capex (1)| 370 | 115 | 460 | 456 | 112 | (1)| 1,512 (1) See the items “Capex” in the schedules on Property, plant and equipment and Intangible assets presented in Notes 1 and 2 to the balance sheet. 75 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report million euro 12.31.2025 | Generation and Trading| Market| Circular Economy| Smart Infrastructures| Corporate | Eliminations and adjustments| Total Group ---|---|---|---|---|---|---|--- | 31.12.2025 | 31.12.2025 | 31.12.2025| 31.12.2025 | 31.12.2025| 31.12.2025 | 31.12.2025 Capital Employed| | | | | | | Net fixed capital | 3,013| 495 | 3,860| 4,390 | 6,512| (6,035) | 12,235 \- Property, plant andequipment| 2,745| 57| 2,711| 2,295| 364| (37)| 8,135 \- Intangible assets andgoodwill| 403| 449 | 1,403| 2,218| 141| (2) | 4,612 \- Shareholdings and other non-currentfinancial assets| 44| 7| 30| \- | 6,054| (6,000)| 135 \- Other non-current assets/liabilities| 28| (14)| 24| (76)| 14| 2| (22) \- Deferred tax assets/liabilities| 210| 21| 124| (7)| 61| 1| 410 \- Provisions for risks, charges and liabilities for landfills| (402)| (16)| (383)| (13)| (26)| 1| (839) \- Employee benefits| (15)| (9)| (49)| (27)| (96)| \- | (196) Net Working Capital and Other Current Assets/Liabilities| (614)| 546| 65| (329)| 64| (3)| (271) Net Working Capital:| (572)| 678| 125| (18)| (116)| (23)| 74 \- Inventories | 181| 1| 57| 71| 2| (1)| 311 \- Trade receivables| 2,597| 1,734| 653| 257| 91| (878)| 4,454 \- Trade payables| (3,350)| (1,057)| (585)| (346)| (209)| 856 | (4,691) Other current assets/liabilities:| (42)| (132)| (60)| (311)| 180| 20| (345) \- Other current assets/liabilities:| (51)| (132)| (57)| (290)| 79| 20| (431) \- Net current tax assets/liabilities| 9| \- | (3)| (21)| 101| \- | 86 Assets/Liabilities held for sale| \- | \- | \- | \- | \- | \- | \- Total capital employed| 2,399| 1,041 | 3,925| 4,061| 6,576| (6,038) | 11,964 76 A2A Consolidated financial statements 2025 2\. Explanatory notes million euro 12.31.2024 | Generation and Trading| Market| Circular Economy| Smart Infrastructures| Corporate | Eliminations and adjustments| TotalGroup ---|---|---|---|---|---|---|--- | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 Capital employed| | | | | | | Net fixed capital | 2,874| 447 | 3,522 | 4,218 | 5,986 | (5,630) | 11,417 \- Property, plant andequipment| 2,635| 56| 2,459 | 2,180| 296| (43) | 7,583 \- Intangible assets andgoodwill| 408| 436| 1,314| 2,171| 120| \- | 4,449 \- Shareholdings and other non-currentfinancial assets| 15| 8| 37| \- | 5,630| (5,590)| 100 \- Other non-current assets/liabilities| 17| (52)| 23| (76)| 19| 2| (67) \- Deferred tax assets/liabilities| 218| 20| 134| (12)| 60| 1| 420 \- Provisions for risks, charges and liabilities for landfills| (402)| (13)| (395)| (15)| (30)| 1| (854) \- Employee benefits| (17)| (8)| (50)| (30)| (109)| \- | (214) Net Working Capital and Other Current Assets/Liabilities| (228)| 607| (15)| (171)| (69) | (8) | 116 Net Working Capital:| (404)| 711| 68| 15| (79)| (32)| 279 \- Inventories | 202| \- | 55| 58| 5| (2)| 318 \- Trade receivables| 1,830| 1,947| 609| 242| 79| (1,064)| 3,643 \- Trade payables| (2,436)| (1,236)| (596)| (285)| (163)| 1,034| (3,682) Other current assets/liabilities:| 176| (104)| (83)| (186)| 10| 24| (163) \- Other current assets/liabilities:| 158| (98)| (77)| (186)| 91| 24| (88) \- Net current tax assets/liabilities| 18| (6)| (6)| \- | (81) | -| (75) Assets/Liabilities held for sale| \- | \- | \- | 394| \- | \- | 394 Total capital employed| 2,646| 1,054| 3,507 | 4,441| 5,917 | (5,638) | 11,927 77 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.10 Notes to the statement of financial position It should be noted that the scope of consolidation at December 31, 2025, has changed compared to December 31, 2024, as already described in the section “Scope and Criteria of Consolidation” to which reference should be made for further details. In 2025, the A2A Group completed the Purchase Price Allocation (hereinafter “PPA”) following the acquisition of 90% of Duereti S.r.l. acquired at December 31, 2024. As a result of the completion of the PPA, the Group restated the figures at December 31, 2024. For further details of the transaction and the consequent statement of financial position and income statement effects on the figures restated at December 31, 2024, reference is made to Note 2.5 (Transactions IFRS 3 Revised) in the paragraph “General Information” of the Consolidated Financial Statements. 78 A2A Consolidated financial statements 2025 2\. Explanatory notes Assets Non-current assets 1) Property, plant and equipment millions of euro| | | | | | | | | ---|---|---|---|---|---|---|---|---|--- | Balance at 12.31.2024 restated| First-time consolidation acquisitions2025| Changes | Balance at 12.31.2025 | Capex| Other changes| Disposals and sales| Impairment losses/Reversal| Deprec.| Total changes Land | 162| 10| 7| | | (2)| | 5| 177 Buildings | 591| 5| 29| 23| (1)| (1)| (36)| 14| 610 Plant and | | | | | | | | | machinery | 5,235| 7| 384| 221| (9)| (1)| (451)| 144| 5,386 Industrial and commercial equipment| 71| | 20| (1)| | | (14)| 5| 76 Other assets| 178| | 35| 58| | | (42)| 51| 229 Landfills | 10| | | 3| | | (2)| 1| 11 Assets under construction and payments on account | 1,006| 1| 665| (343)| (1)| (2)| | 319| 1,326 Leasehold improvements| 158| | 26| (69)| (9)| | (13)| (65)| 93 Right-of-use assets | 172| | | 101| | | (46)| 55| 227 Total | 7,583| 23| 1,166| (7)| (20)| (6)| (604)| 529| 8,135 of which:| | | | | | | | | Historical cost| 17,029| 23| 1,166| 45| (137)| | | 1,074| 18,126 Accumulated depreciation | (8,598)| | | (52)| 117| | (604)| (539)| (9,137) Impairment losses | (848)| | | | | (6)| | (6)| (854) Changes during the period include the first-time consolidation effect of 23 million euro, following the acquisitions of the companies Sesto Energia S.r.l., 2B S.r.l., Cr Rinnovabili Cutro 1 S.r.l., Aren03 S.r.l., Aren05 S.r.l., S2SE Cinque S.r.l., Aren01 S.r.l. and Novito Acque S.r.l.. The other changes in the period recorded an increase of 529 million euro as follows: • increase of 1,166 million euro for capex in the year as further described below; • decrease of 604 million euro for the depreciation charge for the year; 79 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report • decrease of 20 million euro arising from disposals in the year, net of accumulated depreciation; • a net decrease for other changes of 7 million euro, attributable to an increase of 101 million euro in rights-of-use asset in accordance with IFRS 16, a decrease of 69 million euro due to reclassifications to other items in the financial statements, a decrease of 40 million euro due to grants on investments from previous reporting periods, a decrease of 8 million euro due to tax assets for investments in new capital goods pursuant to Article 1, paragraph 1051, of Italian Law No. 178/2020, an increase of 6 million euro for decommissioning, and an increase of 3 million euro due to environmental landfills; • decrease of 6 million euro as a result of impairment losses made during the year on assets no longer considered functional to the A2A Group's business. Capex may be analyzed as follows: • for the Circular Economy Business Unit, capex amounted to 390 million euro and mainly concerned: 190 million euro for work on the Group’s waste treatment and disposal plants; 122 million euro for the development of district heating networks; 34 million euro for the acquisition and equipping of mobile waste collection vehicles; 33 million euro for work on the Group’s waste treatment and conversion plants into biogas; • for the Smart Infrastructures Business Unit, investments totaled 349 million euro and primarily included: 312 million euro for the development and maintenance of electricity distribution systems, the expansion and renovation of the medium and low voltage grid, and the installation of new electronic meters; 18 million euro for interventions on the electric vehicle charging network; • for the Generation and Trading Business Unit, the increase was 328 million euro and primarily included: 190 million euro for investments in thermoelectric power plants; 96 million euro for investments in renewable energy plants; 29 million euro for investments in hydroelectric power plants; and 11 million euro for design costs, primarily due to the development of new renewable energy and telecommunications plants. • for the Corporate Business Unit, investments totaled 90 million euro, primarily consisting of 80 million euro in building renovations, primarily in the Milan, Bergamo, Brescia, and Rome areas, and 10 million euro in telecommunications equipment. • for the Market Business Unit, the increase was 9 million euro related to the customer energy efficiency plan and improvements to the electric vehicle charging network. 80 A2A Consolidated financial statements 2025 2\. Explanatory notes Property, plant and equipment “Rights-of-use asset” totaling 227 million euro (172 million euro at December 31, 2024), recognized in accordance with IFRS 16 and for which the outstanding payable to lessors at December 31, 2025 amounted to 231 million euro (175 million euro at December 31, 2024). Below is a breakdown of “Rights-of-use asset” deriving from operating and financial leases at December 31, 2025: millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024 restated| First-time consolidation acquisitions2025| | Changes| | Balance at 12.31.2025 | Other changes| Deprec.| Total changes Land | 44| -| 2| (6)| (4)| 40 Buildings | 58| -| 8| (16)| (8)| 50 Plant and machinery| 13| -| 76| (6)| 70| 83 Industrial, commercial equipment and other goods| 11| -| 2| (5)| (3)| 8 Vehicles | 46| -| 13| (13)| -| 46 Total | 172| -| 101| (46)| 55| 227 2) Intangible assets millions of euro| | | | | | | | ---|---|---|---|---|---|---|---|--- | Balance at 12.31.2024 restated| First-timeconsolidation acquisitions2025| | | Changes| | | Balance at 12.31.2025 | Capex| Recl./Otherchanges| Disposals/SalesImpairment losses| Amort.| Total changes Industrial patent and intellectual property rights| 42| -| 14| 2| - -| (22)| (6)| 36 Concessions, licences, trademarks and similar rights | 2,267| 20| 337| 81| (3) (6)| (243)| 166| 2,453 Assets under development| 181| 1| 96| (98)| (1) (1)| -| (4)| 178 Other intangibleassets | 447| 1| 68| 6| - -| (86)| (12)| 436 Total intangible assets | 2,937| 22| 515| (9)| (4) (7)| (351)| 144| 3,103 “Intangible assets” changed due to the effect of first-time consolidation of 22 million euro, following the acquisitions of the companies Sesto Energia S.r.l., 2B S.r.l., Novito Acque S.r.l., Cr Rinnovabili Cutro 1 S.r.l., Aren01 S.r.l., Aren03 S.r.l., Aren04 S.r.l., Aren05 S.r.l., Aren06 S.r.l., Green Frogs S.r.l. and S2SE Cinque S.r.l.. The other changes in the period recorded an increase totaling 144 million euro as follows: • increase of 515 million euro for Capex made in the period as further described below; • a decrease of 351 million euro for the amortization charge for the period; 81 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report • net decrease of 9 million euro due to other changes, due to a 13 million euro decrease following grants on investments from previous years and a 4 million euro increase due to reclassifications from other financial statements items; • decrease of 7 million euro following impairment tests performed during the year; • decrease of 4 million euro arising from disposals in the period, net of accumulated amortization. Capex of “Intangible assets” relate to the following: • for the Smart Infrastructures BU, capex amounts to 185 million euro and concerns: 127 million euro for development and maintenance work on the gas distribution plants and the replacement of low and medium pressure underground piping; 58 million euro for the implementation of information systems; • for the Circular Economy BU, capex amounting to 123 million euro was allocated as follows: 105 million euro for work on the water transport and distribution network, sewer networks, and purification plants, and 17 million euro for the implementation of information systems; • for the Market BU, the increase is 110 million euro: 66 million euro for the capitalization of costs incurred for managing contracts with customers following the application of the IFRS 15 and 44 million euro for the implementation of information systems; • for the Corporate Business Unit, capex of 83 million euro in the related to the implementation of information systems; • for the Generation and Trading Business Unit, the increase was 14 million euro and related to the implementation of information systems and design costs, mainly due to the development of new renewable energy and telecommunications facilities. The item “Other intangible assets” amounted to 436 million euro at December 31, 2025 (447 million euro at December 31, 2024) and includes: • 317 million euro for Customer lists related to the acquisition of customer portfolios by Group companies. These values are amortized based on an estimate of the benefits that will arise in future years, taking into account indicators such as the retention rate and churn rate relating to specific types of customers. • 87 million euro deriving from acquisitions of Companies operating in the photovoltaic business: the increase in value is linked to the existing agreement with the Energy Services Manager, which allows the affiliated companies to benefit from incentive tariffs for a period of 20 years, which are considerably higher than those existing on the market; • 30 million euro relating mainly to deferred charges and costs and surface rights and/or easements; • 2 million euro for acquisitions of the Agripower Group: the increase in value is linked to the existing agreement with the Energy Services Manager, which allows the affiliated companies to benefit from incentive tariffs, which are considerably higher than those existing on the market. 82 A2A Consolidated financial statements 2025 2\. Explanatory notes 3) Goodwill At December 31, 2025, goodwill amounted to 1,509 million euro, as following table: millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024 restated| First-time consolidation acquisitions2025| | Changes | Balance at 12.31.2025 PPA Effect | Reclassifications/Other Changes| Other changes CGU groups:| | | | | | A2A Reti Elettriche| 649| | | | \- | 649 A2A Ambiente| 473| | | | \- | 473 A2A Reti Gas| 41| | | (10)| (10)| 31 A2A Vendita Gas| 81| | | | \- | 81 A2A Calore | 27| | 10| | 10 | 37 A2A Vendita Energia Elettrica | 9| | | | \- | 9 A2A Generazione Rinnovabili | 227| | | | \- | 227 Total | 1,507 | \- | 10 | (10)| \- | 1,507 First-time consolidation effect| | | | | | Biomax a.r.l | 5| | | (5)| (5)| - Sesto Energia S.r.l.| | 10| (10)| | -| - Integra impianti S.r.l.| | 2| | | 2| 2 Total | 5 | 12 | (10)| (5)| (3)| 2 Total Goodwill | 1,512 | 12 | -| (15)| (3)| 1,509 It should be noted that the goodwill amounts recognized in the financial statements published at December 31, 2024 have been restated following the completion of the PPA process for the acquisition of Duereti S.r.l., which took place on December 31, 2024. 83 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The effects of the changes on the value of goodwill with respect to the financial statements published at December 31, 2024 are detailed below: millions of euro| | | ---|---|---|--- | Balance at 12.31.2024| PPA Effect | Balance at 12.31.2024 restated CGU groups: | | | A2A Reti Elettriche | | 649 | 649 A2A Ambiente | 473| | 473 A2A Reti Gas | 41| | 41 A2A Vendita Gas | 81| | 81 A2A Calore | 27| | 27 A2A Vendita Energia Elettrica| 9| | 9 A2A Generazione Rinnovabili| 227| | 227 Total | 858 | 649 | 1,507 First-time consolidation effect| | | Due Reti S.r.l. | 890 | (890)| - Biomax a.r.l. | 5 | | 5 Total | 895 | (890)| 5 Total Goodwill | 1,753 | (241)| 1,512 For changes that occurred during the reporting period, please refer to the section ‘General information’ 2.5 Transactions IFRS 3 Revised. During the year 2025, the A2A Group completed the following transactions: • acquisition by A2A Calore & Servizi S.p.A. of 100% of Sesto Energia S.r.l., a company owning a cogeneration plant located in the Municipality of Sesto San Giovanni. The acquisition of the investment resulted in the recognition of goodwill for 18 million euro. This goodwill was re-expressed (pursuant to IFRS 3) through the Purchase Price Allocation process which, at the conclusion of the analysis, allocated 11.5 million euro to intangible assets for the valuation of the authorization, 3 million euro to deferred tax liabilities and 10 million euro to goodwill allocated to the Heat CGU; • acquisition by Acinque Innovazione S.r.l. of 100% of the company Integra Impianti S.r.l., a company operating in the energy efficiency and photovoltaic systems sector. The acquisition of the investment resulted in the recognition of goodwill for 2 million euro. This acquisition is part of the provision of IFRS 3 and at December 31, 2025, the Purchase Price Allocation has not yet been completed, but will be completed in the timing envisaged by the standard. In relation to the provisions of IFRS 3, with reference to the previous year acquisition of Duereti S.r.l., a company operating in electricity distribution, the Group completed the Purchase Price Allocation process, as further described in paragraph 2.5 (Transactions IFRS 3 Revised) of the ‘General information’ section of the Consolidated Financial Statements. 84 A2A Consolidated financial statements 2025 2\. Explanatory notes During the financial year, the Purchase Price Allocation was also concluded related to the acquisition made in the previous financial year by Agripower S.p.A. of 100% of Biomax Società Agricola a r.l., a company operating in the production of electricity from biogas, as described in more detail in paragraph 2.5 (Transactions IFRS 3 Revised) of the paragraph ‘General information’ of the Consolidated Financial Statements. During the year, the Group finalized a non-recurring transaction for the sale of certain municipalities belonging to the Gas Networks CGU, resulting in a reduction in the scope of the concession. In accordance with IAS 36, following the disposal of part of a CGU to which goodwill had been allocated, the Group allocated to the disposed portion a share of the goodwill originally allocated to that CGU, amounting to 11 million euro. 4) Impairment test of non-financial assets (property, plant and equipment, intangible assets and goodwill) The update to the 2024–2035 Strategic Plan, which forms the basis for the impairment tests, was approved by the Board of Directors on November 11, 2025. The methodology and results of the impairment tests were approved by the Board of Directors at its meeting held on March 17, 2026. The update to the Strategic Plan maintains the Group’s industrial growth objectives as set out in the March 2024 Plan. In particular, the Plan is based on two main trends, Circular Economy and Energy Transition, to which all the Group's Business Units contribute. The main targets identified by the update of the 2024-2035 Strategic Plan are: • 23 billion euro of investments, of which: - 16 billion euro for Energy Transition; - 7 billion euro for the Circular Economy; • EBITDA: 2.4 billion euro by 2028 and 3.6 billion euro at the end of the Plan period; • Ordinary profit equal to 0.7 billion euro in 2028 and more than 1.1 billion euro by 2035; • NFP/EBITDA always less than 2.8x over the plan; • the Group's commitment to maintain its current credit rating is confirmed. For the sole purpose of the impairment test, the 2024-2035 Strategic Plan, in line with the provisions of IAS 36, has been appropriately amended to exclude the impact of future improvements and optimizations, as described in more detail below. In particular, the calculation of value in use excluded EBITDA and CAPEX amounts related to non-recurring transactions, M&A and developments in the pipeline. Based on the nature of the businesses involved, management deemed it reasonable to use an explicit plan horizon coinciding with the approved Strategic Plan (10 years). The technical support for the impairment test was entrusted to an external expert who estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation practice and in line with last year's impairment test in order to reflect current market valuations with reference to the current value of money, country risk and the specific risks associated with the asset. The discount rate of unlevered cash flows was estimated as the Weighted Average Cost of Own Capital (WACC), representing the expected return from the company's lenders and shareholders for use of own capital. 85 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report With the exception of the electricity and gas network businesses, as detailed below, the recoverable amount is determined, in terms of value in use, by discounting the cash flows expected from the use of the asset (‘Discounted Cash Flow’), of a CGU or a Group of CGU, over the explicit duration of the plan, as well as the value expected from its disposal at the end of its useful life or its terminal value. In the case of the electricity and gas networks, the recoverable amount is also determined using the VIR criterion, calculated on the basis of the RAB value. In compliance with the requirements of the ESMA Recommendation of October 14, 2025, concerning the focus on consistency between financial reporting and sustainability reporting (CSRD/ESRS), sensitivity analyses were carried out on the forecast values used for the assessment of the recoverable value of the CGU Groups. These analyses, conducted internally, concerned three plan variables identified as significant for the most impacted CGU Groups, such as: the variability of hydroelectric production, the inclusion of Waste To Energy in the Emissions Trading System and the variability of the PUN. These risks, and their estimated impact at the EBITDA level, were used as a basis to assess the potential impact they may have on the results of the impairment test. The recoverable amount of each CGU/Group of CGU was then compared with the corresponding Net Invested Capital. In the hypothesis in which the recoverable value is lower than the carrying amount, the latter is written down to the extent applicable. Management is of the opinion that the estimates of such recoverable amounts are reasonable, albeit subject to changes in the factors underlying the estimates on which these recoverable amounts have been calculated could produce different measurements. For further details on the way in which impairment testing was carried out and the results of such testing, reference is made to the specific paragraph. Property, plant and equipment and intangible assets Property, plant and equipment, whether owned or leased, generally have highly specialized characteristics and are used almost exclusively for the production of products in the various operating segments in which the Group operates. Intangible assets primarily consist of software licences, intangible assets related to IFRIC 12 concessions, and intangible assets identified and measured in the context of business combinations. These intangible assets may belong to a single CGU or to groups of CGU, as described above. When preparing the financial statements for the year ended December 31, 2025, management verified whether there were any indications that the CGU to which property, plant, and equipment and intangible assets are allocated may have suffered an impairment loss. The analyses conducted did not reveal any indicators of impairment, with the exception of the “Thermoelectric Generation” Cash Generating Unit, which had been impaired in previous years. The activity of the Thermoelectric Generation" Cash Generating Unit is aimed at the production of electricity from gas-fired thermoelectric power plants (CCGT). The A2A Group operates CCGT plants with a total installed capacity of 6.9 GW. The value in use of this CGU was determined from a single indefinite useful life scenario. For the purposes of the impairment test the Enterprise Value of the assets (Value in Use) was compared with the relative Carrying Amount at December 31, 2025. No impairment loss was identified during the impairment test as the recoverable value is higher than the net capital employed. 86 A2A Consolidated financial statements 2025 2\. Explanatory notes In this context, it is noteworthy that the CGU has not been subject to reversals of impairment losses, as a detailed analysis revealed that the surplus value is entirely attributable to the Monfalcone CCGT plant, which is currently under construction. CGU 12.31.2025 | Recoverable Value| WACC 2025 post tax (1)| Balance WACC (2) ---|---|---|--- Thermoelectric Generation CGU| Value in use| 6.2%| 8.8% CGU 12.31.2024 | Recoverable Value| WACC 2024 post tax (1)| Balance WACC (2) Thermoelectric Generation CGU| Value in use| 6.7%| 9.6% (1) Nominal post-tax discount rate applied to future cash flows. (2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts subjected to impairment testing. Goodwill and corporate assets It is important to point out that, when compared to the total amount recognised in the financial statements, the goodwill resulting from the acquisitions of Sesto Energia S.r.l. and Integra Impianti S.r.l. has not been subjected to testing, as these acquisitions took place in the 2025 financial year. The goodwill identified following business combination transactions has been allocated to the following CGU groups. 87 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The following table shows the tested goodwill values. CGU Groups with Goodwill| Value in millions of euro at 12.31.2025| Recoverable Value| WACC 2025post-tax(1)| Growth rate g 2025| Balance WACC (2) ---|---|---|---|---|--- A2A Reti Elettriche| 649| Value in use| 5.5%| 2.0%| 5.7% A2A Ambiente| 473| Value in use| 6.2%| 2.0%| 11.9% A2A Reti Gas| 31| Value in use| n.d.| 0.0%| n.d. A2A Vendita Gas | 81| Value in use| 6.0%| 0.0%| 50.0% A2A Generazione Rinnovabili| 227 | Value in use| 5.6%| 0.0%| 14.0% A2A Calore| 27| Value in use| 5.0%| 0.0%| 6.0% A2A Vendita Energia Elettrica| 9| Value in use| 6.0%| 0.0%| 12.0% Total | 1,497| | | | (1) Nominal post-tax discount rate applied to future cash flows. (2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts subjected to impairment testing. CGU Groups with Goodwill| Value in millions of euro at 12.31.2024| Recoverable Value| WACC 2024post-tax(1)| Growth rate g 2024| Balance WACC (2) ---|---|---|---|---|--- A2A Ambiente| 473| Value in use| 6.8%| 0.0%| 11.8% A2A Reti Gas| 41| Value in use| n.d.| 0.0%| n.d. A2A Vendita Gas | 74| Value in use| 6.7%| 0.0%| 54.7% A2A Generazione Rinnovabili| 227 | Value in use| 5.9%| 0.0%| 13.9% A2A Calore| 24| Value in use| 5.6%| 0.0%| 5.7% A2A Vendita Energia Elettrica| 7| Value in use| 6.7%| 0.0%| 12.5% Total | 846| | | | (1) Nominal post-tax discount rate applied to future cash flows. (2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts subjected to impairment testing. In addition to the discount rate sensitivity analyses, following the ESMA recommendations of October 14, 2025, the consistency between financial and sustainability reporting was enhanced in the forward- looking assumptions used to measure the recoverable amount of the CGU Groups. To this end, three sensitivity analyses were carried out: the impact of the variability of hydroelectric generation, the inclusion of WTE in the Emissions Trading System, and the impact of the variability of the PUN. As can be seen from the sections below, no impairment loss was recognized for the individual CGU Groups. 88 A2A Consolidated financial statements 2025 2\. Explanatory notes “A2A Reti Elettriche” Cash Generating Unit Group The “A2A Reti Elettriche” CGU Group includes the Group's electricity distribution and metering activities. In particular, it deals with the design and construction of electricity networks, their operation and maintenance, as well as the management of requests for connection and quality control and continuity of service. At December 31, 2025, the goodwill associated with this CGU Group amounts to 649 million euro and relates to A2A S.p.A.’s acquisition of 90% of Duereti S.r.l., which received the transfer from e-distribuzione S.p.A. of the business unit responsible for electricity distribution in 128 municipalities (110 in the province of Milan and 18 in Valtrompia, Brescia). This goodwill was allocated to the CGU Group at the end of the Purchase Price Allocation process carried out during the reporting period. The recoverable value of the goodwill attributed to the “A2A Reti Elettriche” CGU was determined using a “Discounted cash flow” multi-scenario, considering both finite useful life scenarios and indefinite useful life scenarios, in which it is assumed that the underlying concessions will be renewed. The discount rate used was derived on the basis of regulatory parameters consistent with the most recent parameters set by the Authority. No impairment loss was noted during the impairment testing as the recoverable value exceeds the net capital employed including the value of goodwill recorded. "A2A Ambiente" Cash Generating Unit Group The "A2A Ambiente" Cash Generating Unit Group operates in the solid urban waste segment and in the special and hazardous waste segment, performs collection and street sweeping activities in the municipalities of Milan, Brescia, Bergamo, Lodi and Como and is the owner of waste-to-energy and industrial plants (in the municipalities of Milan, Brescia, Bergamo, Filago, Corteolona, Cremona, Parona, Como and Crotone) and manages the Acerra and Trezzo waste-to-energy plants. It also has several waste treatment plants and a number of landfills. The A2A Group’s Consolidated Financial Statements at December 31, 2025 include goodwill of 473 million euro associated with this CGU Group. Of this goodwill, 227 million euro arises from the acquisition of the Ecodeco Group which took place between 2005 and 2008 (the former Ecodeco Cash Generating Unit) and 5 million euro from the merger between ASM Brescia S.p.A. (subsequently incorporated into AEM S.p.A., with simultaneous change of its name into A2A S.p.A.) and BAS S.p.A., 30 million euro as the residual value of the goodwill of the former LGH Group at the end of the PPA process for the then acquisition of 51% of the Group, 2 million euro to the allocation to the CGU in 2019 of a residual portion of the goodwill recorded following the consolidation of the Acinque Group and 5 million euro as residual goodwill at the conclusion of the PPA activity for the acquisition of the company Electrometal S.r.l. (merged at December 31, 2023 into A2A Ambiente S.p.A.) and 204 million euro as goodwill recognized upon completion of the PPA process for the acquisition of Tecnoa S.r.l. (merged at December 31, 2023 into A2A Ambiente S.p.A.). In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite useful life scenario was considered. For this CGU Group, a sensitivity analysis was prepared that considers the impact of the variability of CO₂ emissions on cash flows, resulting from the tons of waste treated by municipal waste-to-energy plants. This sensitivity analysis confirms that the recoverable amount exceeds the carrying amount. 89 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying amounts. "A2A Reti Gas" Cash Generating Unit Group The "A2A Reti Gas" CGU Group includes the Group's gas distribution and metering activities. In particular, it deals with the design and construction of gas networks, their operation and maintenance, as well as the management of requests for connection and quality control and continuity of service. The goodwill associated with the "A2A Reti Gas" CGU Group, amounting to 31 million euro, derives primarily from various acquisitions made by Unareti S.p.A. in recent years, involving companies operating as gas distributors (the business is primarily concentrated in Lombardy and Piedmont). The recoverable amount of the net invested capital was calculated by adding to the RAB (calculated by applying a premium of 10% to the Residual Industrial Value) the net working capital values at December 31, 2025, net of the tax effect. This methodology provides a better approximation of the expected cash flows from gas distribution assets. "A2A Vendita Gas" Cash Generating Unit Group The goodwill arising from the consolidation of the "A2A Vendita Gas" CGU Group, amounting to 81 million euro, refers to the area involved in selling gas to end customers (residential and business) and was impairment tested. It should be noted that the "A2A Vendita Gas" CGU Group consists of the portion of goodwill arising from the merger between BAS S.p.A. and A2A S.p.A. for 7 million euro, for 31 million euro to the allocation to the CGU of a portion of the goodwill recorded following the consolidation of the Acinque Group and for 43 million euro of a portion of goodwill allocated to the CGU Group following the consolidation of the AEB Group. In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite useful life scenario was considered. In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying amounts. 90 A2A Consolidated financial statements 2025 2\. Explanatory notes "A2A Calore" Cash Generating Unit Group The goodwill arising from the consolidation of the "A2A Calore" CGU Group, amounting to 27 million euro, is held by a number of companies of the A2A Group active in the production, distribution and sale of district heating. Specifically, this goodwill is primarily comprised of 21 million euro from the merger between BAS S.p.A. and A2A S.p.A., 4 million euro for the allocation to the CGU Group in 2019, of a portion of the goodwill recognized as a result of the consolidation of the Acinque Group, and 2 million euro for the allocation to the CGU Group of the goodwill generated from the acquisition of Termica Cologno S.r.l. in the previous year. In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite useful life scenario was considered. In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying amounts. It is noted that the reorganisation of the Business Units during the reporting period, which saw district heating and heat management services transferred to the ‘Circular Economy’ Business Unit, had no impact on the impairment analyses, as the CGU retained its autonomy. "Generazione Rinnovabili’’ Cash Generating Unit Group The activity of the "Generazione Rinnovabili"’ CGU Group relates to the management of the Group's hydroelectric, photovoltaic and wind power plants and the consequent production of electricity. The total installed capacity is about 2.6 GW. The goodwill allocated to the "Generazione Rinnovabili’’ CGU Group, amounting to 227 million euro, refers for 65 million euro to the allocation of goodwill generated from the acquisition of the Octopus Renewables portfolio, for 17 million euro to the allocation of goodwill for the acquisition of the Rovere portfolio, for 144 million euro to the goodwill allocated for the acquisition of the Ellisse portfolio, and for the remaining part to the allocation of a portion of the goodwill recognized as a result of the consolidation of the Acinque Group. The recoverable value of the goodwill attributed to the CGU Group during the impairment test, was determined by considering a finite useful life scenario. At the end of the plan explicit period, the liquidation value of the net capital employed was taken into account. 91 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Two sensitivity analyses were prepared for this CGU Group: the first considers the impact on cash flows of the variability in hydroelectric production resulting from fluctuations in hydroelectric production volumes based on historical data series; the second sensitivity analysis considers the impact on cash flows of the variability in plan prices resulting from fluctuations in energy prices over the plan period, estimated using a Monte Carlo simulation. These sensitivity analyses confirm recoverable values that are higher than the carrying amounts. In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying amounts. "Vendita Energia Elettrica" Cash Generating Unit Group The “Vendita Energia Elettrica” CGU Group is active in the retail sale of electricity to end customers (residential and industrial). The goodwill arising from the consolidation of the "Vendita Energia Elettrica" CGU Group, amounting to 9 million euro, refers, for 7 million euro, to the allocation to the CGU Group of a portion of the goodwill recognized following the consolidation of the AEB Group, the results of which were consolidated in 2020, and, for 2 million euro, to the goodwill generated by the acquisition of a company belonging to the Acinque Group. In determining the value in use, calculated using the Discounted Cash Flow method, an indefinite useful life scenario was considered. In conclusion, in addition to the sensitivity analyses highlighted in the previous tables focused on equilibrium scenarios, further analyses were conducted, which demonstrated that, keeping all other factors constant, a 0.25% increase in WACC confirms recoverable values higher than the carrying amounts. Finally, the recoverable amount of all CGU/Groups of CGU was compared with the carrying amount of all CGU/Groups of CGU, including corporate assets. This comparison did not reveal any need to recognize a second-level impairment loss. 92 A2A Consolidated financial statements 2025 2\. Explanatory notes 5) Equity-accounted investments and other non-current financial assets millions of euro| | | | | ---|---|---|---|---|--- | Balance at12.31.2024 restatedFirst-time consolidation effect acquisitions 2025| Changes | Balance at12.31.2025| of which included in the NFP | 12.31.2024 restated| 12.31.2025 Equity-accounted investments | 25 -| 27 | 52 | \- | \- Other non-current financial assets | 88 -| 79 | 167 | 13 | 84 Total Equity-accounted investments and other non-current financial assets | 113 -| 106 | 219 | 13 | 84 The following table provides details of the changes in the value of "Equity-accounted investments": Equity-accounted investments millions of euro| ---|--- | Total Balance at 12.31.2024 | 25 First-time consolidation effect acquisitions 2025| Changes: | \- acquisitions and capital increases | \- measurement at equity | \- impairment losses | \- reversals | 28 \- dividends received from equity-accounted investments | (1) \- sales and decreases | \- other changes | \- reclassifications | Total changes | 27 Balance at 12.31.2025 | 52 The value of "Equity-accounted investments" amounted to 52 million euro, up 27 million euro from the previous year as a result of the reversals for 28 million euro mitigated by the collection of dividends of 1 million euro. The reversals for the reporting period, amounting to 28 million euro, mainly relate to the reversal of the impairment loss recognized on Ergosud for an amount of 25 million euro and the measurement at equity of the investments in Metamer, Geco and Fratelli Omini for a total amount of 2 million euro. With regard to this item, no critical issues arose, and there are no elements that constitute an impairment indicator such as to require specific checks on the recoverability of the assets. 93 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report During the financial year, the Group performed an impairment test on the investment in Ergosud in accordance with the provisions of IAS 36. The analysis was conducted with the technical support of an external expert on the basis of the cash flows of the update of the approved 2024-2035 Strategic Plan. For the sole purpose of the impairment test, the Strategic Plan, in line with the provisions of IAS 36, has been appropriately amended to exclude the impact of future improvements and optimizations. In particular, the calculation of value in use excluded Ebitda and Capex amounts related to non- recurring transactions, M&A and developments in the pipeline. At the end of the explicit period of the plan (2035), a terminal value of perpetuity close to zero was included. In view of the characteristics of the business and the approved plan, it was considered reasonable to consider an explicit plan period of more than 5 years. The technical support for the impairment test was entrusted to an external expert who estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation practice and in line with last year's impairment test in order to reflect current market valuations with reference to the present value of money, country risk and the specific risks associated with the asset. The following are the methods and main assumptions used in estimating the recoverable value of the equity investments. Investment| Recoverable amount| WACC 2025 post tax | WACC 2024 post tax| g-rate ---|---|---|---|--- Ergosud | Value in use| 6.20%| 6.70%| - Based on the analyses carried out, the estimated recoverable amount for the 50% investment in Ergosud is 25 million euro. For other investments recorded in this item, no critical issues have emerged and there are no elements that constitute an impairment indicator such as to require specific verifications on the recoverability of assets. The details of the investments are provided in annex no. 2 "List of Equity-accounted investments". "Other non-current financial assets" showed a balance of 167 million euro at December 31, 2025, and mainly refer to investments made in innovative start-ups through Corporate Venture Capital projects and advances paid on equity investments for future development projects of renewable energy power plants. At December 31, 2025, "Other non-current financial assets" include, in addition to the aforementioned items, 15 million euro in respect of the request to deposit in a special current account the sums seized by the Court of Taranto as part of the ongoing proceedings against the subsidiary Linea Ambiente S.r.l.; 2 million euro in respect of investments in other companies, for details of which see Annex 3, "List of investments in other companies." 94 A2A Consolidated financial statements 2025 2\. Explanatory notes 6) Deferred tax assets millions of euro| | | | ---|---|---|---|--- | Balance at12.31.2024restated| First-time consolidation effectacquisitions 2025| Changes | Balance at12.31.2025 Deferred tax assets| 420 | 2 | 17 | 439 "Deferred tax assets" amounted to 439 million euro (420 million euro at December 31, 2024), a net increase of 19 million euro, of which 17 million euro refers to the change for the year and 2 million euro refers to first-time consolidations. The item includes the net effect, as detailed in the table below to which reference is made, of deferred tax liabilities and deferred tax assets for IRES on changes and provisions made solely for tax purposes. The recoverability of "Deferred tax assets" recorded in the financial statements is considered likely, as the future plans envisage taxable income sufficient to use the deferred tax assets. At December 31, 2025, the amounts relative to deferred tax assets/deferred tax liabilities have been expressed as net (“offsetting”) as per IAS 12 standards. The following table sets out the main deferred tax assets and liabilities. 95 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The following table sets out the main deferred tax assets and liabilities. Detail of deferred tax (assets and liabilities) | Balance at12.31.2024 restated| First-timeconsolidation effect Acquisitions 2025 | Provisions (A)| Uses(B)| Other(D)| Total(A+B+C+D)| Adjustment to Equity | Otherchanges /Reclass.| Balance at12.31.2025 restated ---|---|---|---|---|---|---|---|---|--- Deferred tax liabilities | | | | | | | | | Changes in property, plant andequipment | 305| -| -| (29)| -| (29)| 2| (4)| 274 Application of the financial instrument standard (IFRS 9) | -| | -| -| -| -| 1| -| 1 Measurementdifferences ofintangible assets | 147| -| -| (12)| 3| (9)| -| (23)| 115 Post-employment benefits (TFR)| 2| | -| -| | -| -| -| 2 Goodwill | 4| -| -| -| | -| -| -| 4 Other deferred taxliabilities | 3| 1| -| (1)| (2)| (3)| 2| -| 3 Total deferred taxliabilities (A) | 461| 1| -| (42)| 1| (41)| 4| (27)| 398 Deferred tax assets| | | | | | | | | Taxed riskprovisions | 156| -| 16| (9)| (1)| 6| -| -| 162 Changes in property, plant andequipment | 430| 2| 10| (28)| -| (18)| -| (11)| 403 Application of the financial instrument standard (IFRS 9) | -| -| -| -| -| -| 4| -| 4 Bad debts provision | 43| -| 20| (19)| -| 1| -| -| 44 Changes in intangible assets | 7| -| -| -| | -| -| -| 7 Grants | 15| -| -| (1)| -| (1)| -| -| 14 Goodwill | 172| -| -| (12)| -| (12)| -| -| 160 Other deferred taxassets | 58| -| 4| (19)| 1| (14)| (1)| -| 43 Total deferred taxassets (B) | 881| 2| 50| (88)| -| (38)| 3| (11)| 837 Net effect deferredtax assets/liabilities (B-A) | 420| 1| 50| (46)| (1)| 3| (1)| 16| 439 96 A2A Consolidated financial statements 2025 2\. Explanatory notes 7) Derivatives and other non-current assets millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at12.31.2024 restated| First-time consolidation effectacquisitions 2025| Changes | Balance at12.31.2025| of which included in the NFP | 12.31.2024 restated| 12.31.2025 Other non-current assets| 128 | \- | (8)| 120 | \- | \- Non-current derivative assets| 2 | \- | \- | 2 | 2 | 2 Total derivatives and other non-current assets | 130 | \- | (8)| 122 | 2 | 2 "Other non-current assets" were down by 8 million euro compared to December 31, 2024. The change for the reporting period, amounting to 8 million euro, primarily comprises: • for 9 million euro the increase in security deposits; • for 16 million the decrease in tax credits for tax facilitations provided by construction bonuses expiring beyond the following year; • for 7 million euro the decrease in receivables for prior-year items related to the water business; • for 6 million euro the increase in deferred assets. "Non-current derivative assets" amounted to 2 million euro and refer to interest rate hedging instruments. 97 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Current assets 8) Inventories millions of euro| | | | ---|---|---|---|--- | Balance at12.31.2024 restated| First-time consolidation effectacquisitions 2025| Changes | Balance at12.31.2025 \- Materials | 147 | 1 | 11 | 159 \- Material obsolescence provision| (27)| | (2)| (29) Total materials | 120 | 1 | 9 | 130 \- Fuel | 194 | | (25)| 169 \- Others | 4 | | 8 | 12 Raw and ancillary materials and consumables| 318 | 1 | (8)| 311 Third-party fuel | \- | -| \- | \- Total inventories | 318 | 1 | (8)| 311 “Inventories” amounted to 311 million euro (318 million euro at December 31, 2024), net of the relative obsolescence provision for 29 million euro (27 million euro at December 31, 2024). The inventories reflect an overall reduction of 8 million euro, which includes a 1 million euro increase due to first-time consolidation effects and a reduction of 9 million euro owing to changes during the year, as outlined below: • 9 million euro related to the increase in inventories of materials, including the allocation to the material obsolescence provision; • 25 million euro attributable to the decrease in fuel inventories due to the seasonality effect (inventories include the inventories of fuels for the production of electricity and the inventories of gas for the sales and storage activities thereof); • 8 million euro mainly attributable to the increase in CO 2 quotas. The industrial portfolio gas inventory is considered recoverable based on the price underlying the signed contracts and with delivery in the period in which the relevant supply is expected. 98 A2A Consolidated financial statements 2025 2\. Explanatory notes 9) Trade receivables millions of euro| | | | ---|---|---|---|--- | Balance at12.31.2024 restated| First-time consolidation effectacquisitions 2025| Changes | Balance at12.31.2025 Trade receivables – invoices issued| 1,773| 2| (92)| 1,683 Trade receivables – invoices to be issued| 2,146| 1| 896| 3,043 (Impairment losses on trade receivable)| (276)| -| 4| (272) Total trade receivables | 3,643| 3| 808| 4,454 At December 31, 2025, these items show an increase of 808 million euro, net of the effect of the first- time consolidations for the period, amounting to 3 million euro. In detail, the changes of the period were as follows: • for 807 million euro, the increase in trade receivables from customers, net of the positive effect of the first-time consolidations in the period amounting to 3 million euro. Trade receivables from customers at December 31, 2025 amounted to 4,363 million euro (3,552 million euro at December 31, 2024); • for 3 million euro the decrease in receivables from associates. At December 31, 2025, this item had a balance of 7 million euro (10 million euro at December 31, 2024); • for 4 million the increase in receivables from the municipalities of Milan and Brescia. At December 31, 2025, receivables from the municipalities of Milan and Brescia amounted to 84 million euro (80 million euro at December 31, 2024). The change in trade receivables is mainly attributable to the increased activity of the trading portfolio in the last quarter of the year. The "Impairment losses on trade receivable", calculated in compliance with IFRS 9, is equal to 272 million euro (276 million euro at December 31, 2024) and shows a decrease of 4 million euro. This provision is considered adequate to cover the risks to which it relates. The changes in the Impairment losses on trade receivable are outlined in the following table: millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at12.31.2024restated| First-time consolidation effect acquisitions 2025| Provisions| Uses| Other changes| Balance at12.31.2025 Impairment losses on trade | | | | | | receivable | 276| \- | 69| (73)| -| 272 Provisions for the year amounted to 69 million euro, a decrease of 13 million euro compared to the previous year (82 million euro at December 31, 2024) due to a lower credit exposure to customers. Different criteria are applied in evaluating the existence of impairment losses on trade receivables, depending on the characteristics of the receivables under consideration. 99 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The following is the aging of trade receivables: millions of euro| | ---|---|--- | 12.31.2025 | 12.31.2024 Trade receivables of which: | 4,454| 3,643 Current | 1,043| 1,091 Past due of which: | 646 | 682 Past due up to 30 days | 85| 111 Past due from 31 to 180 days| 91| 137 Past due from 187 to 365 days| 97| 105 Past due over 365 days | 367| 329 Invoices to be issued | 3,043| 2,146 Impairment losses on trade receivable| (272)| (276) 10) Derivatives and other current assets millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at12.31.2024restated| First-time consolidation effect acquisitions 2025| Changes | Balance at12.31.2025| of which included in the NFP 12.31.2024restated| 12.31.2025 Current derivative assets (commodity derivatives)| 866 | \- | (225)| 641 | 1 | 1 Other current assets of which: | 430 | 1 | (7)| 424 | -| - \- receivables from Cassa per i Servizi Energetici e Ambientali | 82 | | 10 | 92 | | \- advances to suppliers| 12 | | 12 | 24 | | \- tax receivables | 132 | 1 | 22 | 155 | | \- receivables related to future years/periods| 59 | | (14)| 45 | | \- water cycle BU receivables | 18 | | (18)| \- | | \- receivables from social security entities| 3 | | (1)| 2 | | \- Ecobonus credit| 6| | 9| 15 | | \- receivables for security deposits | 43 | | (39)| 4 | | \- receivables for RAI fee| 5 | | -| 5 | | \- other sundry receivables| 70| | 12| 82| | Total derivatives and other current assets | 1,296 | 1 | (232)| 1,065 | 1 | 1 100 A2A Consolidated financial statements 2025 2\. Explanatory notes “Derivatives and Other current assets” showed a balance of 1,065 million euro compared to 1,296 million euro at December 31, 2024, a decrease of 231 million euro, net of the first-time consolidation effect for 1 million euro. "Current derivatives assets" amounted to 641 million euro (866 million euro at December 31, 2024), a decrease of 225 million euro due to a reduction in fair value measurement due to a lower average difference between subscription prices and market prices. Receivables from Cassa per i Servizi Energetici e Ambientali, amounting to 92 million euro (82 million euro at December 31, 2024), mainly refer to receivables for equalizations pertaining to both the period 2025 and to outstanding receivables for equalizations pertaining to previous years and receivables for tariff components, net of collections made in the current year. Tax receivables, equal to 155 million euro (132 million euro at December 31, 2024), mainly relate to receivables from the tax authorities for withholding taxes (mainly referring to tax credits for Ecobonus) and excise duties. Receivables related to future years amounted to 45 million euro (59 million euro at December 31, 2024) and mainly refer to the advance payment of water derivation fees, software licence fees and insurance premiums. The Ecobonus receivable, amounting to 15 million euro (6 million euro at December 31, 2024), relates to receivables accrued but not yet recorded in the tax account. Receivables for security deposits amounted to 4 million euro (43 million euro at December 31, 2024). 11) Current financial assets millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at12.31.2024 restated| First-time consolidation effectacquisitions 2025| Changesof the year| Balance at12.31.2025| of which included in the NFP12.31.2024 restated12.31.2025 Other financial assets | 32 | \- | (8)| 24 | 32 | 24 Total current financial assets| 32 | \- | (8)| 24 | 32 | 24 “Current financial assets” amounted to 24 million euro (32 million euro at December 31, 2024). This item mainly refers to financial receivables from third parties. 12) Current tax assets millions of euro| | | | ---|---|---|---|--- | Balance at12.31.2024 restated| First-time consolidation effectacquisitions 2025| Changesof the year| Balance at12.31.2025 Current tax assets| 45 | -| 78 | 123 At December 31, 2025, this item amounted to 123 million euro (45 million euro at December 31, 2024) and refers to current IRES and IRAP credits, to IRES and IRAP credits for amounts requested for reimbursement on payments from previous years and to the residual credit for Robin Tax, paid in previous years. 101 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 13) Cash and cash equivalents millions of euro| | | | | ---|---|---|---|---|--- | Balance at12.31.2024restated| First-time consolidation effectacquisitions 2025| Changesof the year| Balance at12.31.2025| of which included in the NFP12.31.2024 restated12.31.2025 Cash and cash equivalents| 1,549 | 4 | 326 | 1,879 | 1,549 1,879 "Cash and cash equivalents" at December 31, 2025 represent the sum of the Group’s bank and postal asset balances. The effect of the first-time consolidation of acquisitions in 2025 amounted to 4 million euro. The increase of 326 million euro for the year is mainly due to the issuance in 2025 of three bonds with a nominal value of 1,155 million euro and the disbursement of a bank loan with the European Investment Bank with a nominal value of 200 million euro, partially offset by the repayment of a 300 million euro bond and the 600 million euro syndicated loan for the acquisition of Enel electricity grids. This item includes term current accounts, in the amount of 16 million euro, related to trading on commodity derivative platforms. 14) Assets held for sale millions of euro| | | | | ---|---|---|---|---|--- | Balance at12.31.2024restated| First-time consolidation effectacquisitions 2025| Changesof the year| Balance at12.31.2025| of which included in the NFP12.31.2024 restated12.31.2025 Assets held for sale| 405 | -| (405)| \- | At December 31, 2024, “Assets held for sale” referred to the reclassification, in accordance with IFRS 5, of the value of the assets and credit items of certain ATEM related to gas distribution, which were acquired by Ascopiave under a preliminary purchase agreement signed on December 19, 2024 and closed on July 1, 2025. Reference should be made to the section ‘Significant events during the period’ for further details. 102 A2A Consolidated financial statements 2025 2\. Explanatory notes Equity and liabilities Equity Equity, which amounted to 6,490 million euro at December 31, 2025 (6,092 million euro at December 31, 2024), is set out in the following table: millions of euro| | | ---|---|---|--- | Balance at 12.31.2024restated| Changes| Balance at 12.31.2025 Equity attributable to the owners of the parent:| | | Share capital | 1,629| -| 1,629 Treasury shares | -| (10)| (10) Reserves | 3,041| 507| 3,548 Group Net Profit | 864| (114)| 750 Total Equity attributable to the owners of the parent| 5,534| 383| 5,917 Non-controlling interests | 558| 15| 573 Total equity | 6,092| 398| 6,490 The change of the Equity was overall positive for 398 million euro. The profit of the year had a positive effect of 750 million euro, offset by the dividend distribution of 313 million euro and an increase in non-controlling interests amounting to a total of 15 million euro. Finally, there is a net positive change in Cash flow hedge derivatives and IAS 19 reserves for a total of 14 million euro, as well as an increase in the Treasury Share for a total of 10 million euro as a result of the implementation of the Distributed Shareholding Plan approved by the Shareholders’ Meeting of A2A S.p.A. on April 29, 2025. 15) Share capital “Share capital” amounted to 1,629 million euro and consists of 3,132,905,277 ordinary shares each of nominal value 0.52 euro. 16) Reserves 16.1) Treasury shares The “Treasury shares” at December 31, 2025 amounted to 10 million euro, no value at December 31, 2024, and refers to 4,147,087 treasury shares purchased in support of the 2025-2027 “A2A LIFE Sharing” distributed shareholding plan and for current management purposes (including investment and liquidity management) and for industrial projects consistent with the strategic lines that the Group intends to pursue in relation to which the opportunity of stock exchange is realized. 103 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 16.2) Other reserves millions of euro| | | | ---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-time consolidation of 2025 acquisitions| Changes| Balance at 12.31.2025 Reserves | 3,041| 44| 463| 3,548 of which: | | | | Change in the hedging reserve | (15)| -| 9| (6) Tax effect | 4| -| (4)| - Hedging reserves | (11)| -| 5| (6) Change in the IAS 19 reserves - Employee Benefits | (55)| -| 12| (43) Tax effect | 12| -| (3)| 9 IAS 19 reserves - Employee Benefits| (43)| -| 9| (34) Change in fair value reserve | 9| | (1)| 8 Tax effect | (3)| -| 1| (2) Fair value reserves | 6| -| -| 6 Reserves, which amounted to 3,548 million euro (3,041 million euro at December 31, 2024), consist of the legal reserve, extraordinary reserves, and the retained earnings carried forward of subsidiaries. This item also includes the negative cash flow hedge reserve of 6 million euro, which refers to the period-end measurement of derivatives qualifying for hedge accounting, net of the tax effect. The balance also includes negative reserves of 34 million euro arising from the adoption of IAS 19 "Employee Benefits" which requires actuarial profits and losses to be recognized directly in an equity reserve. Included within this item is the fair value reserve of financial assets, net of the associated tax effect, totalling 6 million euro. The item includes the equity reserve deriving from the first application of IFRS 9 equal to 32 million euro, and in particular the impairment of trade receivables according to the expected losses model. The reserve related to the first hybrid subordinated perpetual bond issuance in Green use of proceeds format, with a nominal value of 750 million euro, amounts to 742 million euro, net of issuance expenses and the tax effect on them. The bond, placed at an issue price of 99.460% and characterized by a non-call period of 5.25 years, will have a perpetual maturity. This bond will pay a fixed annual coupon of 5.000% until the first reset date on September 11, 2029. However, the nature of the instrument allows A2A to defer the payment of interest over time at any point. From that date, unless early redemption has taken place, the security will accrue interest per annum equal to the five-year Euro Mid Swap reference rate increased by an initial margin of 225.8 basis points, increased by a further margin of 25 basis points from September 11, 2034 and by a subsequent increase of a further 75 basis points from September 11, 2049. 104 A2A Consolidated financial statements 2025 2\. Explanatory notes The reserves also include the reserve related to the payment of the first and second tranches of coupons for 47 million euro, net of the tax effect of 11 million euro. Reconciliation between A2A S.p.A. Net Profit for the year and the Group Net Profit millions of euro| | ---|---|--- | 12.31.2025 | 12.31.2024 Profit (loss) for the year of A2A S.p.A. | 644| 788 Contribution from subsidiaries | 712| 558 Derecognition of gains and intragroup margins | 9| 3 Derecognition of infra-group dividends | (589)| (468) Equity valuation of shareholdings in associates and joint ventures| 2| 2 Other changes | 4| 9 Profit (loss) for the year | 782| 892 Non-controlling interests | 32| 28 Group Net Profit | 750| 864 Reconciliation between the equity of A2A S.p.A. and Equity attributable to the owners of the parent millions of euro| | ---|---|--- | 12.31.2025| 12.31.2024 Equity pertaining to A2A S.p.A. | 5,319| 5,017 Contribution of subsidiaries to Group SE | 1,240| 1,156 Derecognition of gains and intragroup margins | (108)| (104) Equity valuation of shareholdings in associates and joint ventures| 7| 6 Other changes | 32| 16 Consolidated equity | 6,490| 6,092 Minorities' share | (573)| (558) Equity attributable to the owners of the parent | 5,917| 5,534 Dividends Dividends distributed are stated net of the portions attributable to treasury shares held in the portfolio on the respective record dates. The Group waived the collection of these amounts, which were allocated to the ‘Retained earnings’ reserve. The dividend for the 2024 financial year, amounting to 0.10 euro per share, for a total of 313 million euro, was approved by the Shareholders’ Meeting held on April 29, 2025. During the reporting period, coupons totalling 38 million euro were paid to holders of perpetual hybrid bonds. 105 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Capital management The objectives identified by the Group in relation to capital management are to ensure business continuity, to create value for stakeholders, and to support the Group’s development. In particular, the Group aims to maintain an adequate level of capitalization that enables it to generate a satisfactory financial return for shareholders and to secure access to external sources of financing, including by achieving an appropriate credit rating. In this context, the Group manages its capital structure and makes adjustments to it if changes in economic conditions so require. There were no material changes to the objectives, policies or processes during 2025. 17) Group net profit Positive result for 750 million euro. 18) Non-controlling interests millions of euro| | | ---|---|---|--- | Balance at 12.31.2024restated| Changes| Balance at 12.31.2025 Non-controlling interests| 558| 15| 573 “Non-controlling interests” amounted to 573 million euro at December 31, 2025 (558 million euro as at December 31, 2024) and represent the portions of capital, reserves and profit/loss attributable to non-controlling interests, mainly relating to the other shareholders of Acinque S.p.A. for 276 million euro (of which 10 million euro relates to profit/loss for the year) and of Ambiente Energia Brianza S.p.A. for 252 million euro (of which 20 million euro relates to profit/loss for the year). 106 A2A Consolidated financial statements 2025 2\. Explanatory notes Liabilities Non-current liabilities 19) Non-current financial liabilities millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-time consolidation of 2025 acquisitions| Changes | Balance at 12.31.2025| of which included in the NFP | 12.31.2024restated| 12.31.2025 Non-convertible bonds| 4,503| -| 543| 5,046| 4,503| 5,046 Payables to banks| 1,525| -| (701) | 824| 1,525| 823 Financial payables for rights of use| 133| 1| 56| 190| 133| 191 Payables to other lenders| 156| -| -| 156| 156| 156 Total non-current financial liabilities| 6,317| 1| (102)| 6,216| 6,317| 6,216 “Non-current financial liabilities” amounted to 6,216 million euro (6,317 million euro at December 31, 2024), a decrease of 102 million euro, net of the first-time consolidation effect of the year for 1 million euro. “Non-convertible bonds” amounting to 5,046 million euro (4,503 million euro at December 31, 2024) relate to the following bonds, which are accounted for at amortized cost: • 299 million euro, maturing in October 2027 and coupon of 1.625%, the nominal value of which is equal to 300 million euro; • 76 million euro, Private Placement in yen maturing in August 2036 and fixed rate of 5.405%, the nominal value of which is equal to 14 billion yen; • 398 million euro, maturing in July 2029 and coupon of 1.00%, the nominal value of which is equal to 400 million euro; • 497 million euro, maturing in July 2031 and coupon of 0.625%, the nominal value of which is equal to 500 million euro; • 496 million euro, maturing in October 2032 and coupon of 0.625%, the nominal value of which is equal to 500 million euro; • 496 million euro, maturing in November 2033 and coupon of 1%, the nominal value of which is equal to 500 million euro; • 498 million euro, maturing in March 2028 and coupon of 1.5%, the nominal value of which is equal to 500 million euro; • 645 million euro, maturing in September 2030 and coupon of 4.5%, the nominal value of which is equal to 650 million euro; Includes the change in the fair value of the portion of the bond loan hedged by Fix-to-Float derivatives; 107 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report • 495 million euro, maturing in February 2034 and coupon of 4.375%, the nominal value of which is equal to 500 million euro; • 498 million euro, maturing in January 2035 and coupon of 3.625%, the nominal value of which is equal to 500 million euro. Includes the change in the fair value of the portion of the bond loan hedged by Fix-to-Float derivatives; • 154 million euro, maturing in October 2030 and coupon of 2.875%, the nominal value of which is equal to 155 million euro; • 494 million euro, maturing in May 2032 and coupon of 3.25%, the nominal value of which is equal to 500 million euro. The increase in the non-current component of “Non-convertible bonds”, equal to 543 million euro compared to December 31, 2024, is essentially due to the reclassification to the item “Current financial liabilities” of the bond maturing in 2026 (600 million euro), the decrease in the EURJPY exchange rate applied to the Private Placement in yen and the issue of three bonds: • Blue bond of 155 million euro issued in October 2025, maturing in October 2030 and coupon of 2.875%; • Bond of 500 million euro issued in November 2025, maturing in May 2032 and coupon of 3.25%; • Bond of 500 million euro issued in January 2025, maturing in January 2035 and coupon of 3.625%. “Payables to banks” amounted to 824 million euro. This item recognized the principal portion of loans granted by the European Investment Bank in the amount of 597 million euro and by various credit institutions in the amount of 227 million euro. The decrease of 701 million euro compared to the previous year is mainly attributable to the repayment of a syndicated loan with a nominal value of 600 million euro for the acquisition of Enel electricity grids and the reclassification of capital portions maturing in the next twelve months to current liabilities, partially offset by the disbursement of a loan from the European Investment Bank with a nominal value of 200 million euro. "Non-current Financial payables for rights of use" amounted to 190 million euro. This item increased by 56 million euro compared to December 31, 2024, net of the 1 million euro impact of initial consolidation. "Payables to other lenders" amounted to 156 million euro (156 million euro at December 31, 2024) and primarily refer to a loan granted by Cassa Depositi e Prestiti with a nominal value of 150 million euro. For an analysis of the maturity dates of each item of these payables, please refer to the special detailed table in the "Other information" section in chapter 6) Financial Risk Management in paragraph d. Liquidity risk, while for further analysis of the division between fixed-rate and variable-rate payables, please refer to the special detailed table in paragraph b. Interest rate risk. 108 A2A Consolidated financial statements 2025 2\. Explanatory notes The following table shows the comparison, for each long-term debt category, between the book value and the fair value, as well as the portion maturing in the following 12 months, as better described in note 26) Current financial liabilities. For listed debt instruments, the fair value is determined using the market price, while for unlisted securities the fair value is determined using valuation models for each category of financial instrument and using market data relating to the closing date of the financial period, including the credit spreads of the A2A Group. Please note that this table does not contain the valuation of financial payables for rights of use. in millions of euro| | | | | ---|---|---|---|---|--- | Nominal value| Carrying amount| Current portion| Non-current portion| Fair value Bonds | 5,703 | 5,714| 668| 5,046| 5,470 Loans from banks and other lenders| 1,311| 1,316| 336| 980| 1,182 Total | 7,014| 7,0 3 0| 1,004| 6,026| 6,652 20) Deferred tax liabilities millions of euro| | | | ---|---|---|---|--- | Balance at12.31.2024restated| Effect of first-time consolidation of 2025 acquisitions| Net changes in the year| Balance at 12.31.2025 Deferred tax liabilities| -| 4| 25| 29 "Deferred tax liabilities" amounted to 29 million euro at December 31, 2025 (zero at December 31, 2024), an increase of 25 million euro, net of the 4 million euro impact of the first-time consolidations of the year. This item reflects the net effect of deferred tax liabilities and deferred tax assets for IRAP, which cannot be offset against the related deferred tax assets. 109 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 21) Employee benefits At December 31, 2025, the balance of this item amounted to 196 million euro (214 million euro at December 31, 2024) with changes as follows: millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-time consolidation of 2025 acquisitions| Provisions | Uses| Other changes| Balance at 12.31.2025 Post-employment benefits (TFR)| 95| -| 43| (11)| (41)| 86 Employee benefits| 119| -| -| (6)| (3)| 110 Total employee benefits| 214| -| 43| (17)| (44)| 196 In addition to post-employment benefits (TFR), employee benefits include the calculation of the electricity and gas discount, additional monthly payments, length-of-service bonuses, and the pension supplement paid by the Premungas pension fund to eligible employees. The change during the year is attributable for 43 million euro to provisions for the year, for 17 million euro to the decrease due to disbursements for the year and for 44 million euro to the net decrease mainly related to payments for the year to pension funds. In addition, actuarial valuations for the year include the decrease resulting from actuarial gains/losses for 13 million euro. Technical valuations were carried out on the basis of the following assumptions: millions of euro| | ---|---|--- | 2024| 2025 Discount rate | from +2.69% to +3.38% | from +2.52% to +3.96% Annual inflation rate | 2.0%| 2.0% Annual seniority bonus increase rate | 2.0%| 2.0% Annual rate of increase in tariff concessions| 0.5%| 0.5% Annual additional months increase rate| 0.0%| 0.0% Annual cost of electricity increase rate| 2.0%| 2.0% Annual cost of gas increase rate | 0.0%| 0.0% Annual salary increase rate | from 1.0% to 2.5%| from 1.0% to 2.5% Annual post-employment benefits increase rate| 3.0%| 3.0% Average annual increase rate of supplementary pensions| 1.125%| 1.13% Annual turnover frequencies | from 4.0% a 5.0%| from 4.0% a 5.0% Annual post-employment benefits advance frequencies| from 2.0% a 2.5%| from 2.0% a 2.5% It is noted that: • the annual discount rate used to determine the present value of the bond has been derived, in line with paragraph 83 of IAS 19, from the Iboxx Corporate AA index recognized at the measurement date. For this purpose, the yield with duration comparable to the duration of the work group evaluated was chosen; 110 A2A Consolidated financial statements 2025 2\. Explanatory notes • the annual rate of salary increase applied exclusively to companies with fewer than 50 employees on average in 2006 was determined on the basis of the reference data communicated by Group companies; • the annual rate of Post-employment benefits increase, according to art. 2120 of the Civil Code, is equal to 75% of inflation plus 1.5 percentage points; • the annual advance and turnover frequencies are derived from historical experiences of the Group and the frequencies arising from the experience of the Actuary on a significant number of similar companies; • for the demographic technical bases, it is noted that: \- for “death”, the tables TG62 (Premungas), AS62 (Electricity and gas discount) and RG48 (other plans) were used; \- for "inability", the INPS tables divided by age and gender were used; \- for “retirement”, the 100% parameter was used upon reaching the requirements of AGO (Obligatory General Insurance) in accordance with LD no. 04/2019; \- for the “probability of leaving the family”, the table in the INPS model was used for projections to 2010 updated; \- for the "frequency of the various structures of surviving nuclei and average age of members", the table in the INPS model was used for projections to 2010. Below is a sensitivity analysis illustrating the effects on the defined-benefit actuarial liability resulting from changes, reasonably possible at the end of the reporting period, to each individual material actuarial assumption used in estimating the aforementioned liability. millions of euro| | | | | | | | ---|---|---|---|---|---|---|---|--- | | | 2025| | | 2024| | Electricity Discount| Gas Supply Discount| Additional months| Post-employment benefits (TFR)| Electricity Discount| Gas Supply Discount| Additional months| Post-employment benefits (TFR) Mortality rate increased by 10%| 83 | 1 | | | 94 | 1 | | Mortality rate decreased by 10%| 78 | 1 | | | 89 | 1 | | Turnover rate +1.00%| | | | 86 | | | | 96 Turnover rate -1.00%| | | | 86 | | | | 96 Inflation rate +0.25% | | | | 86 | | | | 97 Inflation rate -0.25% | | | | 85 | | | | 95 Discount rate +0.25%| 78 | 1 | 5 | 85 | 88 | 1 | 6 | 95 Discount rate -0.25%| 83 | 1 | 6 | 87 | 94 | 1 | 6 | 97 Inflation rate +0.5%| | | | 2 | | | | 2 Inflation rate -0.5%| | | | 2 | | | | 2 Discount rate +0.5%| | | | 2 | | | | 2 Discount rate -0.5%| | | | 2 | | | | 2 The sensitivity analysis presented above was carried out using a methodology that extrapolates the effect on the defined benefit actuarial liability resulting from a reasonable change in a single assumption, while keeping all other assumptions unchanged. 111 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 22) Provisions for risks, charges and liabilities for landfills millions of euro| | | | ---|---|---|---|--- | Balance at 12.31.2024 restated| Balance at 12.31.2025| Non-current portionCurrent portionTotal Non-current portion| Current portion| Total Decommissioning provisions| 287 37 324| 290| 39 | 328 Landfill closing and post-closing expense provisions | 159 30 189| 147| 35 | 182 Tax provisions | 37 - 37| 25| - | 25 Personnel lawsuits and disputes provisions | 48 - 48| 45| - | 45 Other risk provisions | 256 - 256| 242| 17 | 259 Provisions for risks, charges and | | | | liabilities for landfills | 787 67 854| 748| 91 | 839 millions of euro| | | | | | | ---|---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-time consolidation of 2025 acquisitions| Provisions | Releases | Uses| Other changes| Balance at 12.31.2025 Decommissioning provisions| 324| 4| 4| (2)| (21)| 19| 328 Landfill closing and post-closing expense provisions| 189| -| 7| (9)| (13)| 8| 182 Tax provisions | 37| -| 1| (10)| -| (3)| 25 Personnel lawsuits and disputes provisions| 48| -| 3| (1)| (6)| 1| 45 Other risk provisions| 256| -| 35| (9)| (16)| (7)| 259 Provisions for risks, charges and liabilities for landfills| 854| 4| 50| (31)| (56)| 18| 839 "Provisions for risks, charges, and liabilities for landfills" amounted to 839 million euro at December 31, 2025, a decrease of 19 million euro, net of the 4 million euro contribution from the first consolidations of the year. The "Decommissioning provisions," which amounted to 328 million euro, include expenses for the dismantling and restoration of production sites. Changes during the year included utilizations of 21 million euro to cover expenses incurred during the year under review, provisions of 4 million euro, surpluses of 2 million euro, and other increases of 19 million euro, attributable to updated appraisals and changes in inflation and discount rates. The “Landfill closing and post-closing expense provisions”, which amounted to 182 million euro, refer to all the costs that will have to be incurred in the future for the sealing of the landfills in cultivation at the reporting date and for the subsequent post-operative management, as required by current regulations. Changes at December 31, 2025 included utilizations of 13 million euro, which represent actual disbursements during the year, net allocations of 2 million euro related to adjustments to the provisions for landfills following the update of the appraisals and inflation and discount rates, as well as other increases of 8 million euro. 112 A2A Consolidated financial statements 2025 2\. Explanatory notes "Tax provisions", which amounted to 25 million euro, refer to provisions for pending litigation with the tax authorities or territorial entities for direct and indirect taxes, levies and excises. The decrease of 12 million euro is attributable to the settlement of a dispute that is no longer ongoing. "Personnel lawsuits and disputes provisions", which totalled 45 million euro, refer to litigation with third parties for 37 million euro and employees for 4 million euro to cover liabilities that may arise from pending litigation, and lawsuits with Social Security Institutions for 4 million euro related to social security contributions that the Group believes it will not be required to pay and are the subject of specific disputes. “Other risk provisions”, which amounted to 259 million euro, refer to provisions relating to public water derivation fees for 162 million euro, to the mobility provision for the costs arising from the corporate restructuring plan for 11 million euro, as well as other provisions for 86 million euro. The main components of these provisions are net allocations of 26 million euro, of which 27 million euro related to additional charges for hydroelectric derivation surcharges, uses of 16 million euro, as well as other decreases of 7 million euro. 23) Derivatives and other non-current liabilities millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-timeconsolidation of 2025 acquisitions| Changes | Balance at 12.31.2025| of which included in the NFP12.31.2024restated12.31.2025 Non-current derivative liabilities| 19| -| 17| 36| 19| 36 Other non-current liabilities| 328| -| (174)| 154| 133| 12 Total derivatives and other non-current liabilities| 347| -| (157)| 190| 152| 48 At December 31, 2025, this item decreased by 157 million euro compared to the balance at the end of the previous year. “Other non-current liabilities”, which showed a balance of 154 million euro, refer to security deposits from customers, for 123 million euro, to liabilities pertaining to future years for 14 million euro, as well as other non-current liabilities for 17 million euro. “Non-current derivative liabilities” amounted to 36 million euro (19 million euro at December 31, 2024) and refer to the fair value measurement of the hedging derivative relating to the yen bond maturing in 2036. 113 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Current liabilities 24) Trade payables millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-timeconsolidation of 2025 acquisitions| Changes| Balance at 12.31.2025| of which included in the NFP12.31.2024restated12.31.2025 Advances and payables to customers| 43| -| (17)| 26| | Payables to suppliers | 3,639| 4| 1,022| 4,665| | Total trade payables | 3,682| 4| 1,005| 4,691| -| - "Trade payables" amounted to 4,691 million euro and compared to the closing of the previous year, showed an increase of 1,005 million euro, excluding the changes related to the first-time consolidations for 4 million euro. The increase in payables to third-party suppliers is mainly attributable to the increase in commodity trading transactions with bilateral counterparties. 114 A2A Consolidated financial statements 2025 2\. Explanatory notes 25) Derivatives and other current liabilities millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-timeconsolidation of 2025 acquisitions| Changes| Balance at 12.31.2025| of which included in the NFP12.31.2024restated12.31.2025 Current derivative liabilities(commodity derivatives)| 767| -| (76)| 691| -| - Other current liabilities of which: | 624| 6| 330| 960| 8| 155 Payables to personnel | 135| -| 7| 142| | Payables to pension and social security institutions| 56| -| 3| 59| | Payables to Cassa per i Servizi Energetici e Ambientali | 160| -| 186| 346| | Tax payables | 125| -| -| 125| | Payables to customers for work to be performed| 47| 1| (6)| 42| | Payables to customers for interest on security deposits| 4| -| -| 4| | Payables for liabilities of competence of following years | 9| 1| 2| 12| | Payables for collections to be allocated | 12| -| 3| 15| | Payables for RAI fee | 7| -| 1| 8| | Payables to insurance companies | 3| -| 4| 7| | Payables for environmental compensation | 5| -| -| 5| | Sundry payables | 61| 4| 130| 195| 8| 155 Total derivatives and other current liabilities | 1,391| 6| 254| 1,651| 8| 155 “Current derivative liabilities” amounted to 691 million euro (767 million euro at December 31, 2024) and refer to the fair value valuation of commodity derivatives. The decrease is mainly attributable to a decrease in fair value valuation due to a lower average difference between subscription prices and market prices. 115 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report "Other current liabilities" mainly refer to: • payables to Cassa per i Servizi Energetici e Ambientali for 346 million euro (160 million euro at December 31, 2024), regarding the payable for the tariff components, invoiced and not yet paid, as well as the payable for equalization liabilities related both to prior years and the year in question; • payables to employees for 142 million euro (135 million euro at December 31, 2024), relating to payables to employees for the productivity bonus accrued during the year, as well as the expense for holidays accrued but not taken at December 31, 2025; • Tax payables for 125 million euro, unchanged from the previous year, refer to excise duties, withholdings, and VAT; • payables to social security institutions of 59 million euro, an increase of 3 million euro compared to December 31, 2024, and relate to the Group's debt position with social security institutions; • payables to customers for work to be performed during the next financial year in the amount of 42 million euro (42 million euro at December 31, 2024); • payables for collections to be allocated for 15 million euro (12 million euro at December 31, 2024); • payables for liabilities associated with subsequent financial years totaling 12 million euro (9 million euro at December 31, 2024); • payables for RAI license fees of 8 million euro (7 million euro at December 31, 2024); • payables for insurance of 8 million euro (3 million euro at December 31, 2024); • payables for environmental compensation of 5 million euro (5 million euro at December 31, 2024). 26) Current financial liabilities millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-timeconsolidation of 2025 acquisitions| Changes | Balance at 12.31.2025| of which included in the NFP12.31.2024restated12.31.2025 Non-convertible bonds| 354| -| 314| 668 | 354| 668 Payables to banks | 554| -| (221)| 333 | 554| 333 Financial payables for rights of use| 42| -| (2)| 40| 42| 40 Payables to other lenders| 5| -| (2)| 3| 5| 3 Total current financial liabilities| 955| -| 89| 1,044 | 955| 1,044 “Current financial liabilities” amounted to 1,044 million euro (955 million euro at December 31, 2024) and showed a net increase of 89 million euro. “Non-convertible bonds” amounted to 668 million euro and show an increase of 314 million euro. During the year, a bond maturing in June 2026 with a nominal value of 600 million euro was reclassified from “Non-current financial liabilities”, partially offset by the redemption at maturity of a bond with a nominal value of 300 million euro in February 2025. At December 31, 2025, the calculation of interest coupons amounted to 69 million euro (54 million euro at December 31, 2024). 116 A2A Consolidated financial statements 2025 2\. Explanatory notes Current “Payables to banks”, which amount to 333 million euro, comprise the principal portion of loans granted by the European Investment Bank, for 68 million euro, by various credit institutions, for 261 million euro, and accrued interest, net of the amortized cost of 4 million euro. The reduction of 221 million euro compared to the end of the previous year is mainly related to the portions repaid in the year and the reduction in the use of “Hot money” lines, partly offset by the reclassification from “Non-current financial liabilities” of residual loans maturing in the next twelve months. “Current financial payables for rights of use” amounted to 40 million euro, a decrease of 2 million euro compared to the previous year. Current “Payables to other lenders” amounted to 3 million euro, a decrease of 2 million euro compared to the previous financial year, mainly attributable to the accrued interest on the loan granted by Cassa Depositi e Prestiti for a nominal value of 150 million euro. 27) Current tax liabilities millions of euro| | | | ---|---|---|---|--- | Balance at 12.31.2024 restated| Effect of first-time consolidation of 2025 acquisitionsChanges| | Balance at 12.31.2025 Current tax liabilities| 120| - | (83)| 37 “Current tax liabilities” amounted to 37 million euro (120 million euro at December 31, 2024) representing a decrease of 83 million euro compared to the previous year-end. 28) Liabilities directly associated with assets held for sale in millions of euro| | | | | | ---|---|---|---|---|---|--- | Balance at 12.31.2024restated| Effect of first-timeconsolidation of 2025 acquisitions| Changes in the year| Balance at 12.31.2025| of which included in the NFP | 12.31.2024restated| 12.31.2025 Liabilities directly associated with assets held for sale| 11 | \- | (11)| \- | -| \- At December 31, 2025, "Liabilities directly associated with assets held for sale" had a value of zero. At December 31, 2024, this item amounted to 11 million euro and included the value of debts and liabilities related to certain gas distribution ATEM, acquired by Ascopiave. 117 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.11 Net financial debt (pursuant to Communication ESMA/32-382-1138) 29) Net financial debt (pursuant to Communication ESMA/32-382-1138 The following table provides details of net debt: millions of euro| | | | | ---|---|---|---|---|--- | Notes | 12.31.2024restated| Effect of first-time consolidation of 2025 acquisitions| Change| 12.31.2025 Bonds - non-current portion | 19| 4,503| - | 543| 5,046 Bank loans - non-current portion | 19| 1,525| -| (701)| 824 Non-current payables to other lenders | 19| 156| -| -| 156 Non-current financial payables for rights of use| 19| 133| 1 | 56| 190 Other non-current liabilities (*) | 23| 152| -| (104)| 48 Total medium/long-term debt| | 6,469| 1| (206)| 6,264 Other non-current assets (**) | 7| (2)| - | -| (2) Total medium/long-term financial receivables| | (2)| - | -| (2) Total non-current net debt | | 6,467| 1 | (206)| 6,262 Bonds - current portion | 26| 354| - | 314| 668 Bank loans - current portion | 26| 554| -| (221)| 333 Current amounts due to other providers of finance| 26| 5| - | (2)| 3 Current financial payables for rights of use| 26| 42| -| (2)| 40 Other current liabilities | 25| 8| -| 147| 155 Total short-term debt | | 963| -| 236| 1,199 Financial assets – related parties | 11| (1)| - | -| (1) Other current financial assets | 11| (31)| -| 8| (23) Other current assets (**) | 10| (1)| - | 1| - Total short-term financial receivables| | (33)| - | 9| (24) Cash and cash equivalents | 13| (1,549)| (4) | (326)| (1,879) Total current net debt | | (619)| (4)| (81)| (704) Net financial debt as per ESMA communication| | 5,848| (3) | (287)| 5,558 Non-current financial assets | 5| (9)| -| (71)| (80) Non-current financial assets - related parties| 5| (4)| -| -| (4) Net financial debt | | 5,835| (3)| (358)| 5,474 (*) include hedging financial derivatives for 36 million euro; 19 million euro as of December 31, 2024.| | (**) refer to financial derivatives hedging interest rates on loans.| | | | 118 A2A Consolidated financial statements 2025 2\. Explanatory notes The Group net financial position was 5,474 million euro. Insofar as the disclosure about indirect financial debt is concerned, the Group has identified financial commitments due within one year in connection with employee benefits, decommissioning provisions and liabilities for landfills, tax disputes and reverse factoring, amounting to 112 million euro. Pursuant to IAS 7 “Statement of Cash Flows”, the following are the changes in financial assets and liabilities: | | | Non-cash Flow| | ---|---|---|---|---|--- | 12.31.2024 restated| Cash flow First-time consolidation effect| Change in fair value| Other changes| 12.31.2025 Bonds | 4,857 | 736 | -| (13)| 134| 5,714 Financial payables | 2,415| (1,033) | 1| -| 163| 1,546 Other liabilities in NFP| 160| - | -| 38| 5| 203 Financial assets including IFRS 16| (45)| 46 | -| -| (109) | (108) Other assets in NFP | (3)| 11 | -| 1| (11)| (2) Net liabilities deriving from financing activities| 7,384 | (240) | 1| 26| 182| 7, 3 5 3 Cash and cash equivalents| (1,549)| (326) | (4)| -| -| (1,879) Net financial debt | 5,835 | (566) | (3)| 26 | 182| 5,474 119 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.12 Notes to the income statement For changes in the scope of consolidation as at December 31, 2025, please refer to the section “Scope and Criteria of Consolidation”. Moreover, the economic figures at December 31, 2025 are not consistent with the previous year due to the following extraordinary transactions in 2024: • acquisition by A2A S.p.A. of 90% of the Duereti S.r.l., a company operating in electricity distribution, with consequent line-by-line consolidation; • acquisition in May 2024 by A2A Rinnovabili S.p.A. of 70% of the company Parco Solare Friulano 2 S.r.l. with consequent line-by-line consolidation; • acquisition in September 2024 by Agripower S.p.A. of 100% of Biomax Società Agricola a r.l., a company operating in the production of electricity from biogas, with consequent line-by-line consolidation; • incorporation of the company A2A Trezzo Ambiente S.r.l. held 86% by A2A Ambiente S.p.A. and 4% by A2A Calore & Servizi S.r.l. with consequent a line-by-line consolidation of the company; • incorporation in July 2024 of TEXELERA S.c. a r.l., held 51% by A2A S.p.A., with consequent line-by- line consolidation of the company. 30) Revenue Revenue for the year amounted to 14,063 million euro (12,857 million euro at December 31, 2024), which was therefore an increase of 1,206 million euro (9.4%). Details of the more significant items are as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Total industrial portfolio revenues | 12,165 | 11,089 | 1,076 | 9.7% Total trading portfolio revenues | 41 | 52 | (11)| (21.2%) Total revenue from services | 1,533 | 1,429 | 104 | 7.3% Total revenue from sales and services | 13,739 | 12,570 | 1,169 | 9.3% Other income | 324 | 287 | 37 | 12.9% Total revenue | 14,063 | 12,857 | 1,206 | 9.4% The change is mainly due to the increase in electricity sales volumes in the retail segment, as well as the contribution from the consolidation of the company Duereti. 120 A2A Consolidated financial statements 2025 2\. Explanatory notes Further details of the main items are as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Sales and distribution of electricity ind.| 8,041 | 7,1 5 4 | 887 | 12.4% Sale and distribution of gas ind. | 3,551 | 3,436 | 115 | 3.3% Sale of heat | 274 | 268 | 6 | 2.2% Sale of water | 99 | 95 | 4 | 4.2% Sale of materials | 69 | 62 | 7 | 11.3% Sale of environmental certificates ind. | 82 | 44 | 38 | 86.4% Connection contributions | 49 | 30 | 19 | 63.3% Total industrial portfolio revenue | 12,165 | 11,089 | 1,076 | 9.7% Total trading portfolio revenue | 41 | 52 | (11)| (21.2%) Total revenue from services | 1,533 | 1,429 | 104 | 7. 3% Total revenue from sales and services | 13,739 | 12,570 | 1,169 | 9.3% Reintegration of costs – S. Filippo del Mela plant (Essential Unit plant)| 58 | 66 | (8)| (12.1%) Damage compensation | 14 | 13 | 1 | 7.7 % Contributions - Cassa Servizi Energetici ed Ambientali| 14 | 6 | 8 | n.s. Incentives for production from renewable sources (feed-in tariff)| 46 | 66 | (20)| (30.3%) Rents receivable | 6 | 6 | \- | 0.0% Other revenue | 186| 130| 56| 43.1% Other income | 324 | 287 | 37 | 12.9% Total revenue | 14,063 | 12,857 | 1,206 | 9.4% The item “Other income” increased by 37 million euro, mainly due to the gain related to the sale of certain gas distribution ATEM to Ascopiave. Further details on the reasons for the performance of revenues relating to the various Business Units can be found in the paragraph “Result by sector”. It is also noted that revenues from the industrial portfolio include 683 million euro of revenues generated abroad in the European Community. 121 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 31) Operating expenses “Operating expenses” amounted to 10,853 million euro (9,637 million euro at December 31, 2024), representing an increase of 1,216 million euro. The main components of this item are as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Total expenses for raw materials and consumables industrial portfolio | 7,772 | 6,947 | 825 | 11.9% Total trading portfolio expenses| 7 | 4 | 3 | 75.0% Total expenses for services | 2,728 | 2,267 | 461 | 20.3% Total expenses for raw materials and services | 10,507 | 9,218 | 1,289 | 14.0% Total other operating expenses | 346 | 419 | (73)| (17.4%) Total operating expenses | 10,853 | 9,637 | 1,216 | 12.6% “Total expenses for raw materials and services” amounted to 10,507 million euro (9,218 million euro at December 31, 2024), increasing by 1,289 million euro. This increase was mainly due to the combined effect of the following factors: • increased purchases of raw materials and consumables in the industrial portfolio by 825 million euro, attributable to the increase in costs for energy and fuel purchases of 714 million euro, the increase in expenses related to the purchase of environmental certificates of 73 million euro, the increase in purchases of materials of 10 million euro, and the increase in inventories of fuels and materials of 26 million euro; • increased trading portfolio expenses of 3 million euro; • increased expenses for transport, maintenance and repairs, and other services of 461 million euro. 122 A2A Consolidated financial statements 2025 2\. Explanatory notes For further information, the following table sets out details of the more significant components: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Purchases of power and fuel | 7,222 | 6,508 | 714 | 11.0% Purchases of materials | 202 | 192 | 10 | 5.2% Purchases of water | 3 | 3 | -| - Hedging losses on operating derivatives| 2 | 1 | 1 | 100.0% Hedging gains on operating derivatives| (4)| (5)| 1 | (20.0%) Purchases of emission certificates and allowances | 322 | 249 | 73 | 29.3% Change in inventories of fuel and materials| 25 | (1)| 26 | n.s. Total expenses for raw materials and consumables industrial portfolio | 7,7 7 2 | 6,947 | 825 | 11.9% Total trading portfolio expenses | 7 | 4 | 3 | 75.0% Delivery and transmission expenses | 1,733 | 1,303 | 430 | 33.0% Maintenance and repairs | 212 | 232 | (20)| (8.6%) Other services | 783 | 732| 51| 7.0 % Total expenses for services | 2,728 | 2,267 | 461 | 20.3% Total expenses for raw materials and services | 10,507 | 9,218 | 1,289 | 14.0% Leasehold improvements | 76 | 90 | (14)| (15.6%) Contributions to territorial entities, consortia and ARERA | 15 | 15 | -| - Taxes and duties | 45 | 41 | 4 | 9.8% Damages and penalties | 16 | 11 | 5 | 45.5% Other expenses | 194| 262| (68) | (25.9%) Total other operating expenses | 346 | 419 | (73)| (17.4%) Total operating expenses | 10,853 | 9,637 | 1,216 | 12.6% The item "Other services" totalling 783 million euro includes, among others, communication costs of 46 million euro (in the previous year, they amounted to 47 million euro). 123 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Trading margin The following table sets out the results arising from the trading portfolio; these figures relate to trading in electricity, gas and environmental certificates. millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Revenue | 10,987| 5,811| 5,176| 89.1% Operating expenses| (10,953)| (5,763)| 5,190| 90.1% Total trading margin | 34| 48| (14)| (29.2%) of which net revenue| 41| 52| (11)| (21.2%) of which net expenses| (7)| (4)| (3)| 75.0% Total trading margin | 34| 48| (14)| (29.2%) The trading margin was positive for 34 million euro, a decrease of 14 million euro compared to December 31, 2024. During 2025, the energy market continued its path of progressive normalization, supported by a stable availability of LNG, climatic conditions that limited demand peaks, and structurally lower volatility than in the three-year period 2022–2024. In this context, the smaller amplitude of price excursions reduced the overall profit capture opportunities typical of trading activity. Despite this, the continuity of brokerage operations, price quotation and market making activities allowed the portfolio to achieve a positive economic result, albeit within a less favorable context than in the years with higher volatility. 32) Personnel expenses Net of capitalized expenses, personnel expenses at December 31, 2025 amounted to 918 million euro (892 million euro at December 31, 2024). “Personnel expenses” may be analysed as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Wages and salaries | 708| 671| 37| 5.5% Social security charges | 234| 223| 11| 4.9% Post-employment benefits (TFR)| 43| 41| 2| 4.9% Other costs | 60| 77| (17)| (22.1%) Total personnel expenses before capitalizations| 1,045| 1,012| 33| 3.3% Capitalized personnel expenses | (127) | (120)| (7) | 5.8% Total personnel expenses | 918| 892| 26| 2.9% 124 A2A Consolidated financial statements 2025 2\. Explanatory notes Personnel expenses, amounting to 918 million euro, increased by approximately 26 million euro (+2.9%). The change is due to the higher number of FTE (Full-Time Equivalent) in 2025 compared to the previous year, as a result of recruitment during 2025 to support business development and the integration of the Duereti workforce. The remainder of the increase is attributable to the combined effect of salary increases for contractual renewals, merit increases, and lower charges for mobility and redundancy incentives. The table below shows the average number of employees by category: | 12.31.2025| 12.31.2024 | Changes ---|---|---|--- Managers | 206| 201| 5 Middle Managers | 998| 951| 47 White-collar workers | 6,895| 6,593| 302 Blue-collar workers | 6,780| 6,640| 140 Total | 14,879| 14,385| 494 At December 31, 2025, the average per capita labour cost, excluding the effects of the consolidation of the company Duereti, which took place on December 31, 2024, amounted to 61.95 thousand euro. In the previous year, it was 62.01 thousand euro. At December 31, 2025, the Group had 14,959 employees. At December 31, 2024, the Group had 14,777 employees. Other personnel expenses include approximately 1 million euro (12 million euro at December 31, 2024) in costs related to the overall cost of the corporate restructuring plan related to future employee redundancies, and 5 million euro (4 million euro at December 31, 2024) in provisions related to the new corporate welfare plan for Group employees called "A2A Life Caring," aimed at supporting parenting through the recognition of contributions for employees' children up to 18 years of age in the areas of education, training, and work-life balance. 33) Gross operating profit (loss) - EBITDA As a result of the above changes, consolidated “Gross operating profit (loss) - EBITDA” at December 31, 2025 amounted to 2,292 million euro (2,328 million euro at December 31, 2024). For further information, please refer to the description in the paragraph "Analysis of the main business sectors" in the Report on Operations. 125 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 34) Depreciation, amortization, provisions and impairment losses "Depreciation, amortization, provisions and impairment losses" totalled 1,057 million euro (1,011 million euro at December 31, 2024), representing an increase of 46 million euro. The following table provides details of the individual items: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Amortization of intangible assets | 351| 304| 47| 15.5% Depreciation of property, plant and equipment | 604| 580| 24| 4.1% Net impairment losses of fixed assets| 13| 14| (1)| (7.1%) Total amortization, depreciation and impairment losses of non-current assets| 968| 898| 70| 7. 8% Provisions for risks | 19| 31| (12)| (38.7%) Impairment losses on trade receivables| 70| 82| (12)| (14.6%) Total depreciation, amortization, provisions and impairment losses | 1,057| 1,011| 46| 4.5% “Depreciation, amortization and impairment losses” totalled 968 million euro (898 million euro at December 31, 2024), representing an overall increase of 70 million euro. "Amortization of intangible assets" amounted to 351 million euro (304 million euro at December 31, 2024). The item includes higher amortization of 47 million euro, of which 26 million euro relates to the integrated water service, gas distribution and metering, the implementation of information systems, and new customer lists, and 21 million euro relates to the consolidation of Duereti S.r.l.. "Depreciation of property, plant and equipment" showed an increase of 24 million euro compared to December 31, 2024 and included: • higher depreciation of 29 million euro, mainly relating to the investments which went into production after December 31, 2024; • higher depreciation of 28 million euro for the consolidation of the Duereti company; • lower depreciation of 40 million euro due to revision of useful life of plants; • higher depreciation of 7 million euro for rights of use. Impairment losses for the year amounted to 13 million euro (14 million euro at December 31, 2024) and mainly related to the cancellation of projects no longer in the core business and the impairment losses of assets no longer considered functional to the Group’s activities. “Provisions for risks” had a net effect of 19 million euro (net effect of 31 million euro at December 31, 2024) due to the provisions for the year of 49 million euro relating to the provision for derivation fees public water for 28 million euro, to provisions for closure and post-closure costs of landfills and decommissioning for 11 million euro and to other provisions for 10 million euro, adjusted by surpluses mainly following the release of tax provisions, closure and post-closure expense provisions on landfills and other provisions for 30 million euro. For further information, reference is made to note 22) Provisions for risks, charges and liabilities for landfills. 126 A2A Consolidated financial statements 2025 2\. Explanatory notes The "Impairment losses on trade receivable" amounted to 70 million euro (82 million euro at December 31, 2024). There were lower provisions for bad debts, amounting to 12 million euro, mainly relating to the gradual protection segment, which includes micro-enterprises and households. 35) Operating profit (loss) - EBIT “Operating profit (loss) - EBIT” amounted to 1,235 million euro (1,317 million euro at December 31, 2024). 36) Finance income and expenses The “Finance income and expenses” amount to 143 million euro (net expense of 106 million euro at December 31, 2024). Details of the more significant items are as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Finance income | 52| 113| (61)| (54.0%) Finance expenses | (223)| (221)| (2)| 0.9% Portion of income and expenses when shareholdings are carried at equity| 28| 2| 26| n.s. Net finance income (expenses) | (143)| (106)| (37)| 34.9% “Finance income” amounted to 52 million euro (113 million euro at December 31, 2024) and may be analyzed as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Bank income | 29| 47| (18)| (38.3%) Realized on financial derivatives | -| 5| (5)| (100.0%) Capital gains on disposal of financial assets | -| 1| (1)| (100.0%) Other finance income | 23| 60| (37)| (61.7%) Total finance income | 52| 113| (61)| (54.0%) The decrease of 18 million euro in income from credit institutions is mainly attributable to a fall in the interest rates applied, resulting from the effects of the European Central Bank’s monetary policy decisions. 127 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report “Finance expenses”, which amounted to 223 million euro, increased by 2 million euro compared to December 31, 2024, and may be analyzed as follows: millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Interest on bond loans | 125| 112| 13| 11.6% Interest charged by banks | 52| 50| 2| 4.0% Interest on Cassa Depositi e Prestiti loans| 6| 4| 2| 50.0% Decommissioning costs | 11| 10| 1| 10.0% Other finance expenses of which: | 32| 46| (14) | (30.4%) Discounting charges | 15| 13| 2| 15.4% Finance expenses (IFRS16) | 6| 4| 2| 50.0% Foreign exchange losses | -| -| -| Other expenses | 11| 29| (18)| (62.1%) Total finance expenses before capitalizations| 226| 222| 4| 1.8% Capitalized finance expenses | (3)| (1)| (2)| n.s. Total finance expenses | 223| 221| 2| 0.9% The increase in bond interest of 13 million euro was mainly attributable to higher expenses for the issuance of the 500 million euro European Green Bond with a coupon of 3.625% issued in January 2025, for the issuance of the 155 million euro Blue Bond in a private placement format with a coupon of 2.875% issued in October 2025, and for the issuance of the 500 million euro European Green Bond with a coupon of 3.25% issued in November 2025, partially offset by lower expenses due to the maturity of two bonds of 300 million euro each (in March 2024 and February 2025). The increased interest payable to credit institutions, amounting to 2 million euro, is mainly attributable to the loan from the European Investment Bank with a nominal value of 200 million euro, disbursed in July. The Portion of income and expenses when shareholdings are carried at equity amounted to 28 million euro (2 million euro at December 31, 2024) and relates, for 25 million euro, to the write-back of the shareholding in Ergosud S.p.A. following an impairment test, and, for 3 million euro, to the positive valuation of the shareholdings held in certain associated companies. 128 A2A Consolidated financial statements 2025 2\. Explanatory notes 37) Income taxes millions of euro| | | | ---|---|---|---|--- | 12.31.2025 | 12.31.2024 | Changes | Percentage change Current IRES | 258| 349| (91)| (26.1%) Current IRAP | 57| 71| (14)| (19.7%) Effect of differences - taxes of previous years | (1)| (6)| 5| (83.3%) Total current taxes | 314| 414| (100)| (24.2%) Deferred tax assets IRES | 34| (17)| 51| n.s. Deferred tax assets IRAP | 4| (3)| 7| n.s. Deferred tax assets | 38| (20)| 58| n.s. Deferred tax liabilities IRES | (38)| (68)| 30| (44.1%) Deferred tax liabilities IRAP | (4)| (7)| 3| (42.9%) Deferred tax liabilities | (42)| (75)| 33| (44.0%) Total taxes | 310| 319| (9)| (2.8%) “Income taxes” for the year amounted to 310 million euro (319 million euro at December 31, 2024) and the breakdown is as follows: • for 258 million euro current IRES for the year; • for 57 million euro current IRAP for the year; • for -1 million euro taxes of previous years; • for 38 million euro deferred tax assets; • for -42 million euro deferred tax liabilities. Pursuant to Article 162-bis of Presidential Decree no. 917/1986, the parent company A2A in the 2024 financial year qualifies as a so-called "non-financial holding company". Accordingly, A2A determined the total amount of IRAP for the 2025 financial year by adding to the net production value, determined in accordance with the provisions specific to joint-stock companies (pursuant to Articles 5 and 11 of Legislative Decree no. 446/1997), the difference between: • interest and similar income • interest and similar expense according to the provisions contained in Art. 6, paragraph 9 of Legislative Decree no. 446/1997. The production value thus calculated was subject to the average IRAP rate of 5.56%. 129 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The reconciliation between the tax burden posted in the Consolidated Financial Statements and theoretical tax liabilities, calculated on the basis of theoretical rates applicable in Italy, is as follows: Reconciliation between the tax burden posted in the Financial Statements and theoretical tax liabilities | 2025 | Rate % | 2024 | Rate % ---|---|---|---|--- Pre-tax result | 1,092 | | 1,211 | Theoretical rates based on applicable tax rates(1)| 262| 24.0%| 291| 24.0% Adjustment of prior year taxes| | | (6)| (0.5%) Exemptive revaluation (Decree-Law 185/2008)| | | (37)| (3.1%) PEX effect Disposal of investment | (10)| (0.9%)| | Permanent differences | 17| 1.6%| 3| 1.0% Other differences | (16)| (1.5%)| 8| 0.7% Total taxes charged to Income statement (excluding IRAP) | 253| 23.2% | 259| 21.4% Current IRAP | 57| 5.2%| 60| 5.0% Total taxes charged to Income statement | 310| 28.4%| 319| 26.3% (1) Taxes have been calculated considering a theoretical IRES rate of 24%, Global Minimum Tax The A2A Group falls within the scope of Directive (EU) 2022/2523, implemented in Italy through Legislative Decree No. 209 of 27 December 2023, which introduces the Global Anti-Base Erosion Rules (GloBE) set out in the “Pillar 2” of OECD. These rules, which came into force for tax periods beginning on or after January 1, 2024, provide for the application of a minimum effective tax rate of 15% to multinational groups with consolidated revenues of 750 million euro or more in at least two of the four preceding financial years. In order to determine any Top-up Tax, the GloBE rules require the calculation of an Effective Tax Rate (ETR) for each jurisdiction in which the Group operates, based on the ratio of the Adjusted Covered Taxes to the GloBE Income of the entities present in that jurisdiction. For the first years of application, the OECD has established specific simplification provisions known as the ‘Transitional Country-by-Country Reporting Safe Harbour’, which have been transposed into Italian law. 130 A2A Consolidated financial statements 2025 2\. Explanatory notes Under the rules of the simplified transitional regimes, the supplementary tax in a given jurisdiction can be considered zero if one of the following tests is met, based on the data from the Group’s qualified Country-by-Country Report and qualified financial statements: • De minimis test: total revenues of less than 10 million euro and pre-tax profit (loss) of less than 1 million euro in the jurisdiction; • Simplified ETR test: simplified effective tax rate equal to or higher than the transitional threshold (16% for the 2025 financial year and 17% for the 2026 and 2027 financial years); • Ordinary profit test: the pre-tax profit (loss) in the jurisdiction is equal to or less than the amount of the Substance-based Income Exclusion (SBIE). Application to the A2A Group The Group conducted a detailed analysis of all jurisdictions in which it operates for the purpose of applying the Pillar 2 provisions. For the current year ending December 31, 2025, the Group verified the applicability of the simplified transitional arrangements based on the data from the qualified Country- by-Country Report, prepared using qualified financial statements that comply with the requirements of the legislation. The analysis carried out showed that all jurisdictions in which the Group operates met the criteria of at least one of the simplified transitional regime tests. Therefore, the Top-up Tax for these jurisdictions was considered to be zero for the reporting period, in accordance with the transitional provisions set out in the GloBE legislation. The Group will continue to monitor developments in the regulatory framework and in the interpretative guidance issued by the OECD and the relevant tax authorities, in order to ensure full compliance with the Pillar 2 provisions in subsequent reporting periods. Finally, the Group has also applied the temporary exception introduced in May 2023 by the IASB through the ‘Amendments to IAS 12 Income Taxes: International Tax Reform – Pillar II Model Rules’, concerning the accounting requirements for deferred taxes under IAS 12; consequently, no information regarding deferred tax assets and liabilities arising from the application of the Pillar II legislation is provided here. 38) (Profit) loss for the year attributable to non-controlling interests The "(Profit) loss for the year attributable to non-controlling interests" is 32 million euro and mainly includes the portion attributable to minority interests of the Acinque Group and the AEB Group. In the previous year, the item showed a balance of 28 million euro. 39) Group net profit The “Group net profit” was positive for 750 million euro (positive for 864 million euro at December 31, 2024). 131 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.13 Earnings per share 40) Earnings per share | January 01, 2025December 31, 2025| January 1, 2024December 31, 2024 ---|---|--- Earnings (loss) per share (in euro)| | \- basic | 0.2395| 0.2759 \- basic from continuing operations | 0.2395| 0.2759 \- basic from assets held for sale | -| - \- diluted | 0.2395| 0.2759 \- diluted from continuing operations | 0.2395| 0.2759 \- diluted from assets held for sale | -| - Weighted average number of outstanding shares for the calculation of earnings (loss) per share| | \- basic | 3,131,499,128 | 3,132,905,277 \- diluted| 3,131,499,128| 3,132,905,277 132 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.14 Note on related party transactions 41) Note on related party transactions The definition of “related parties” is included in the international accounting standard describing the disclosures, which must be made for related party transactions in financial statements (revised IAS 24). Relationships with parent companies and their subsidiaries On October 5, 2007, the Municipalities of Milan and Brescia signed a Shareholders’ Agreement to regulate the ownership structure of A2A S.p.A.; this gave the Municipalities joint control over the company. Specifically, the merger effective January 1, 2008, regardless of the legal structure established, was considered a joint venture, whose joint control was exercised by the Municipalities of Milan and Brescia, each of which owned a share equal to 27.5%. On June 13, 2014, the Shareholders’ Meeting modified the company’s governance system, passing from the original two-tier system, adopted in 2007, to a “traditional” system of management and control through the appointment of the Board of Directors. In December 2014, the Municipalities of Milan and Brescia sold a total shareholding of 0.51% of A2A S.p.A., while in the first two months of 2015, the Municipalities of Milan and Brescia sold an additional shareholding of 4.5% of A2A S.p.A.. On October 4, 2016, the Municipalities of Milan and Brescia renewed for another three years, with effect from January 1, 2017, the Shareholders' Agreement signed on December 30, 2013, concerning 1,566,452,642 ordinary shares representing 50% plus two shares of the share capital of A2A S.p.A.. On May 20, 2016, the two Municipalities had proceeded to sign an appendix to the Agreement, which envisaged reducing from six months to three months the term of the agreement, during which it is possible to terminate the same. On October 26, 2016, the Municipality of Milan received from the Municipality of Brescia the proposal, approved by the Council of said Municipality on October 25, 2016, to partially amend the shareholders' agreement relating to A2A S.p.A. existing between the two Municipalities. In particular, said proposal requires the commitment of the two Municipalities to maintain syndicated and bound, in the new agreement, a number of shares held by them in equal measure, equal to 42% of the share capital of A2A S.p.A.. On November 4, 2016, the Council of the Municipality of Milan, after having favourably examined the proposal of the Municipality of Brescia of a partial amendment to the shareholders' agreement, submitted to the Municipal Council the proposal of the new shareholders' agreement for the final determinations of competence. 133 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report On January 23, 2017, the Milan City Council approved the new Shareholders' Agreement between the Municipality of Milan and the Municipality of Brescia regarding the shareholding in A2A S.p.A. and has undertaken the commitment not to proceed with the disposal of any shares owned by the Municipality of Milan. On August 2, 2019, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced that the aforementioned Shareholders' Agreement was not subject to termination. Consequently, the agreement is to be considered renewed with effect from February 1, 2020 to January 31, 2023. On August 2, 2022, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced that the aforementioned Shareholders' Agreement was not subject to termination. Consequently, the agreement is to be considered renewed with effect from February 1, 2023 to January 31, 2026. On August 4, 2025, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced that the aforementioned Shareholders' Agreement was not subject to termination. Consequently, the agreement is to be considered renewed with effect from February 1, 2026 to January 31, 2029. At the date of approval of these consolidated Financial Statements at December 31, 2025, each of the two shareholders hold 25% of the share capital plus one share (overall equal to 50% plus two shares), which allows the two municipalities to maintain control over the Company. The A2A Group companies and the Municipalities of Milan and Brescia routinely entertain commercial relationships related to the supply of electricity, gas, heat, and potable water, management of public lighting systems and street lights, management of water purification and sewers, garbage collection and street sweeping and video surveillance. Similarly, the A2A Group companies entertain commercial relationships with the companies controlled directly and indirectly by the Municipalities of Milan and Brescia, for example, Metropolitana Milanese S.p.A., ATM S.p.A., Brescia Mobilità S.p.A., Brescia Trasporti S.p.A. and Centrale del Latte di Brescia S.p.A., supplying them with electrical energy, gas, heat, water purification and sewer service at market rates appropriate to the supply conditions and providing the services required. Note that these companies are considered related parties in the preparation of the financial statement schedules pursuant to Consob Resolution 15519 of July 27, 2006. The relationships between the Municipalities of Milan and Brescia and the A2A Group, in relation to granting the services associated with public lighting, street lights, management and supply of electricity, gas, heat, and water purification and sewer service are regulated by special conventions and specific contracts. The relationships between the companies controlled by the Municipalities of Milan and Brescia, which refer to the supply of electricity, are at arm’s length conditions. 134 A2A Consolidated financial statements 2025 2\. Explanatory notes Relationships with subsidiaries and associates The parent company A2A S.p.A., operates like a centralized treasury for the majority of the subsidiaries. Relations between the companies are regulated through current accounts between the parent company and the subsidiaries, on which rates are applied, at market conditions, based on variable Euribor, with specific spreads for companies. For the financial year 2025, A2A S.p.A. and its subsidiaries have adopted the VAT procedure of the Group. Note that for IRES purposes, A2A S.p.A. files for tax on a consolidated basis, together with its main subsidiaries, in accordance with arts. 117-129 of DPR 917/86. To this end, with each of the subsidiaries joining, a special contract was drawn up to regulate the tax advantages/disadvantages transferred, with specific reference to the current entries. These contracts also govern the transfer of any excess of ROL as set forth by prevailing legislation. The parent company provides the subsidiaries and associates with administrative, fiscal, legal, management and technical services in order to optimize the resources available in the company and to use the existing expertise in terms of economic convenience. These services are governed by specific service contracts stipulated annually. A2A S.p.A. also makes office space and operating areas at its own premises available to subsidiaries and associates, as well as associated services. These are provided at market conditions. The company A2A gencogas S.p.A., for a monthly fee related to the actual availability of the thermoelectric plants, provide to the Parent Company the power generation service. As of July 1, 2018, the Acinque Group's related-party transactions with related parties of the A2A Group are shown as related parties. As of November 1, 2020, the AEB Perimeter's related-party transactions with related parties of the A2A Group are shown as related parties. *** The information on corporate governance and ownership structures required by article 123-bis of Legislative Decree no. 58/1998, as amended, is contained in a separate document 'Report on Corporate Governance and Ownership Structures for the year ended December 31, 2025' which forms an integral part of the financial statements documentation. In compliance with the requirements of the “Regulation on provisions relating to related party transactions” adopted by Consob with Resolution no. 15519 of July 27, 2006 and subsequently amended by Resolution no. 17389 of June 23, 2010, by way of a resolution of November 11, 2010 the Management Board approved, following the favourable opinion of the Internal Control Committee, the prescribed procedure for identifying the rules and controls designed to ensure the transparency and substantial and procedural correctness of the related party transactions carried out by A2A S.p.A. directly or through its subsidiaries. The aforementioned Procedure was applied effective January 1, 2011 and subsequently amended on August 1, 2012, November 7 and December 18, 2013 and June 22, 2015. Following a periodic review, the Procedure was subsequently amended/supplemented and approved by the Board of Directors on June 20, 2016, subject to the favourable opinion of the Audit and Risks 135 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Committee and then updated on June 22, 2017, in view of Consob Resolution no. 19925 of March 22, 2017 and on December 16, 2019, in view of the amendments to art. 192-quinquies of Legislative Decree no. 58 of February 24, 1998 (“TUF”) (art. 4 of Legislative Decree no. 49 of May 10, 2019). Following the Board of Directors' decision on June 25, 2021, and with the approval of the Related Parties Committee established by the resolution on May 13, 2021, the Procedure was revised— effective from July 1, 2021—to align with the Related Parties Regulation, as altered by Consob Resolution no. 21624 on December 10, 2020, in accordance with the so-called 'Shareholders’ Rights II' Directive. Lastly, the Procedure was amended and supplemented on July 30, 2024 by the Board of Directors, effective from August 1, 2024, following a periodic review and with the approval of the Related Parties Committee, established by board resolution on May 11, 2023. The aforementioned procedure can be found on the website www.gruppoa2a.it. A2A S.p.A has availed itself of the possibility permitted by article 70, paragraph 8 and article 71, paragraph 1-bis of the Issuers’ Regulations, and hence of derogating from the requirement to make an information document available to public in the event of significant mergers, spin-offs, share capital increases by means of the contribution of assets in kind, acquisitions and disposals. Below are the tables with detail of the related party transactions, in accordance with the Consob Resolution no. 15519 of July 27, 2006: millions of euro | | | of which with related parties| | | ---|---|---|---|---|---|--- SituationBalance sheet| Total12.31.2025| Companies associatedand subsidiaries ofassociatesCompanies relatedMunicipality ofMilan| Companies controlled directly andindirectlyMunicipality of MilanMunicipality ofBresciaCompanies controlled directly andindirectlyMunicipality of Brescia| People individualsrelated| Totalpartiesrelated| % effecton the itembalance sheet Total assets ofwhich: | 21,383 | 9 51 72 | 25 17 1 | \- | 175 | 0.8% Non-current assets | 13,527| 7 45 \- | \- 4 \- | \- | 56 | 0.4% Shareholdings | 52 | 7 45 \- | \- \- \- | | 52 | 100.0% Other non-current financial assets | 167 | \- - \- | \- 4 \- | \- | 4 | 2.4% Current assets | 7,856 | 2 6 72 | 25 13 1 | \- | 119 | 1.5% Trade receivables | 4,454 | 2 5 72 | 25 12 1 | \- | 117 | 2.6% Current financial assets | 24 | \- 1 \- | \- 1 \- | \- | 2 | 8.3% Total liabilities of which: | 14,893| 10 3 1 | 1 7 \- | \- | 22 | 0.1% Current liabilities | 7,5 1 4| 10 3 1 | 1 7 \- | \- | 22 | 0.3% Trade payables | 4,691 | 10 3 1 | 1 7 \- | \- | 22 | 0.5% 136 A2A Consolidated financial statements 2025 2\. Explanatory notes millions of euro | | | | | | | | ---|---|---|---|---|---|---|---|--- | | | | of which with related parties| | Income statementTotal12.31.2025| Companiesassociatedand subsidiaries ofassociates| Companiesrelated| MunicipalityofMilan| Companies controlleddirectly andindirectlyMunicipality of Milan| MunicipalityofBresciaMunicipalityofBrescia| Companies controlleddirectly andindirectlyMunicipality of BresciaMunicipalityofBrescia| Peopleindividualsrelated| Totalpartiesrelated% effecton the itembalance sheet Revenue14,063 | 11 | 23 | 338 | 148 | 49 | 8 | -| 577 4.1% Revenue from sales andservices13,739 | 11 | 23 | 338 | 148 | 49 | 8 | -| 577 4.2% Operating expenses10,853 | 15 | 21 | 12 | 10 | 8 | -| -| 66 0.6% Costs for rawmaterials and services10,507 | 8 | 21 | -| 10 | -| -| -| 39 0.4% Other operatingexpenses346 | 7 | -| 12 | -| 8 | -| -| 27 7.8% Personnel expenses918| -| -| -| -| -| -| 2 | 2 0.2% Net finance income (expenses)(143)| 1 | 27 | -| -| 1 | -| -| 29 (20.3%) Finance income52 | -| -| -| -| 1 | -| -| 1 1.9% Share of profit (loss) of equity-accounted investees28 | 1 | 27 | -| -| -| -| -| 28 100.0% For directors' emoluments, please refer to note 32 “Personnel expenses” of these Explanatory Notes. It should be noted that during the year, A2A S.p.A. made grants totalling 5 million euro to foundations that have been included on a voluntary basis among related parties. Specifically, these involve: Fondazione AEM, Fondazione ASM, Fondazione LGH E.T.S., Comitato Banco dell’Energia Onlus, Fondazione Brescia Musei, Associazione Centro Teatrale Bresciano and Fondazione Teatro alla Scala. * * * With regard to the compensation paid to the corporate governance bodies, reference shall be made to the document “Remuneration Report – 2026” available on the website www.gruppoa2a.it. 137 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.15 Significant non-recurring events and transactions (pursuant to Consob Communication No. DEM/6064293 of July 28, 2006) 42) Significant non-recurring events and transactions (pursuant to Consob Communication No. DEM/6064293 of July 28, 2006) On June 30, 2025, the A2A Group and Ascopiave S.p.A. executed the definitive agreement (closing) for the sale of certain ATEM assets related to gas distribution. The transaction became effective as of July 1, 2025. In relation to the above, the A2A Group recorded a non-recurring component of 40 million euro for the sale in question in the income statement under other revenues. During the financial year, the Group performed an impairment test on the 50%-owned investment in Ergosud S.p.A. in accordance with the provisions of IAS 36. Following the update of the impairment test, carried out on the basis of the recoverable value consistent with the assumptions of the update of the 2024 2035 Strategic Plan, a reversal of 50% of the investment emerged, which amounted to 25 million euro, and was recorded under the item share of income deriving from the accounting for investments using the equity method. It should be noted that during 2025, the Group did not enter into any atypical and/or unusual transactions, as defined by CONSOB Communication no. DEM/6064293 of July 28, 2006. 138 A2A Consolidated financial statements 2025 2\. Explanatory notes 2.16 Guarantees and commitments with third parties million euro| | ---|---|--- | 12.31.2025 | 12.31.2024 Guarantees received| 1,341| 1,146 Guarantees provided| 3,008| 2,433 Guarantees received Guarantees received amounted to 1,341 million euro (1,146 million euro at December 31, 2024) and included 541 million euro for sureties and security deposits issued by subcontractors to guarantee the proper execution of the work assigned and 713 million euro for sureties and security deposits received from customers to guarantee the regularity of payments and guarantees received by the ACINQUE Group for 63 million euro and guarantees received by the AEB Group for 24 million euro. Guarantees provided and commitments with third parties Guarantees provided amounted to 3,008 million euro (2,433 million euro at December 31, 2024), of which for obligations undertaken in the loan agreements of 6 million euro. These guarantees have been issued by banks for 1,962 million euro, insurance companies for 24 million euro and the parent company A2A S.p.A., as parent company guarantee, for 881 million euro and guarantees provided by the ACINQUE Group for 84 million euro and guarantees provided by the AEB Group for 57 million euro. 139 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 2.17 Other information 1) Significant events for the group after december 31, 2025 A2A – Share buyback program Since January 16, 2026, the share buyback program has continued pursuant to the resolution of the Ordinary Shareholders' Meeting held on April 29, 2025, always with the aim of providing the Company with the share capital necessary to implement the 2025-2027 Widespread Share Ownership Plan called "A2A LIFE Sharing" and to pursue current management objectives (including investment and liquidity management) and industrial projects consistent with the strategic lines that the Company intends to pursue in relation to which the opportunity for share exchanges materialize. A2A and Sosteneo: a power purchase agreement has been signed for the supply of 130 GWh/year of solar energy On February 9, 2026, A2A and Ramacca Energia S.r.l., a company belonging to the portfolio managed by Sosteneo SGR S.p.A. (part of the Generali Investments platform), signed a 12-year Power Purchase Agreement (PPA) for the supply of solar energy, equal to about 130 GWh/year, equivalent to the annual consumption of about 48,000 households and almost 60,000 tons of CO₂ avoided. The agreement establishes the purchase by A2A of the production of a 68 MW photovoltaic plant with an installed capacity that will be built in Sicily – in Ramacca (CT) – with commissioning scheduled for the second half of 2027. International geopolitical tensions and the Bills Decree As detailed in greater depth in the section ‘Risks and uncertainties’ of the Report on Operations, February 2026 was marked by two key events: the international geopolitical crisis and the Bills Decree. These events may have an impact on the Group, particularly in relation to the commodity price scenario. 2) Information on treasury shares At December 31, 2025, A2A S.p.A. held 4,147,087 treasury shares (no treasury shares at December 31, 2024), representing 0.1324% of the company’s share capital for a value of 9,706 thousand euro, purchased to support the 2025–2027 “A2A LIFE Sharing” distributed shareholding plan and for current management purposes (including investment and liquidity management) and for industrial projects consistent with the strategic lines that the company intends to pursue in relation to which the opportunity of stock exchange is realized. 3) Information on non-current assets and liabilities held for sale and discontinued operations (IFRS 5) The items “Non-current assets held for sale” and “Liabilities directly associated with non- current assets held for sale” had a nil balance at December 31, 2025. At December 31, 2024, they reflected the reclassification of certain assets and the related liabilities pertaining to gas distribution activities 140 A2A Consolidated financial statements 2025 2\. Explanatory notes relating to certain ATEM areas (in the Provinces of Brescia, Cremona, Bergamo, Pavia and Lodi), which were sold to Ascopiave S.p.A. with effect from July 1, 2025. 4) Rules on public funding (Compliance with art. 1, paragraphs 125 et seq. of Law 124/17) Pursuant to art. 1, paragraphs 125 and following Law 124/17, as reformulated by art. 35 of Decree Law 34/19, and considering that the Group companies have not received "subsidies, grants, advantages, contributions or aid, whether in cash or in kind, not general and with no consideration, remuneration or compensation", this note is negative. This is without prejudice to the fact that other information is (also in the wake of the principle pursuant to art. 18 L. 241/1990) available elsewhere, also by virtue of the criterion set forth in paragraph 127 of the same art. 1 L. 124/17, which prescribes to "avoid the accumulation of irrelevant information", as well as what is specified in paragraph 125 quinquies of the same art. 1 L. 124/17 by virtue of which "for State aid and de minimis aid contained in the National Register of State Aid referred to in article 52 of Law No. 234 of December 24, 2012, the registration of aid in the aforesaid system, with consequent publication in the transparency section provided therein, carried out by the entities granting or managing such aid pursuant to the relevant rules, takes the place of the publication obligations placed on the entities referred to in paragraphs 125 and 125-bis". It should also be noted that the companies of the A2A Group operate (for the most part) in regulated sectors. Therefore, some sums are recognized by public bodies, but not as subsidies/contributions, but as recognition of the activities they provide or as forms of compensation for costs incurred to meet specific regulatory obligations and in any case by virtue of a general regime. Also all these forms of payment have not been indicated: also in compliance with both the literal aspect of the regulations and with the interpretation criteria that the company has identified (see above). 5) Financial risk management The A2A Group operates in the electricity, natural gas and district heating industry and is exposed to various financial risks in performing its activity: • commodity risk; • interest rate risk; • exchange rate risk not related to commodities; • liquidity risk; • credit risk; • equity risk; • default and covenant non-compliance risk. The commodity price risk, related to the volatility of energy commodity prices (gas, electricity, fuel oil, coal, etc.) and prices of environmental securities (EUA/ETS emission rights, green certificates, white certificates, etc.), consists of the possible negative effects that a change in the market price of one or more commodities may have on the cash flows and income prospects of the company, including the exchange rate risk related to the same commodities. 141 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Interest rate risk is the risk of additional financial costs as the result of an unfavourable change in interest rates. Currency risk not related to commodities is the risk of higher costs or lower revenues because of an unfavourable change in exchange rates between currencies. Liquidity risk is the risk that financial resources will not be sufficient to meet established financial and business obligations in a timely manner. Credit risk is the exposure to potential losses deriving from non-performance of commitments by commercial, trading and financial counterparties. Equity risk is the possibility of incurring losses due to an unfavourable change in the price of shares. Default and covenant non-compliance risk represent the possibility that loan agreements or bond regulations to which one or more Group companies are party contain provisions allowing the counterparties, banks or bondholders, to ask the debtor for immediate reimbursement of the amounts lent if certain events take place. Details on the risks to which the A2A Group is exposed are provided below. a. Commodity risk a.1) Commodity price risk and exchange rate risk involved in commodity activities The Group is exposed to price risk, including the related currency risk, on all of the energy commodities that it handles, namely electricity, natural gas, heat, coal, fuel oil and environmental certificates; the results of production, purchases and sales are similarly affected by fluctuations in the prices of such energy commodities. These fluctuations act both directly and indirectly, through formulas and indexing in the pricing structure. To stabilize cash flows and to assure the Group’s economic and financial stability, A2A S.p.A. has an Energy Risk Policy that sets out clear guidelines to manage and control the above risks, based on guidance by the Committee of Chief Risk Officers Organizational Independence and Governance Working Group (“CCRO”) and the Group on Risk Management of Euroelectric. Reference was also made to the Accords of the Basel Committee on bank supervision and the requirements laid down in international accounting standards on how to recognize the volatility of commodity price and financial derivatives in the income statement and balance sheet. In the A2A Group, assessment of this kind of risk is centralized at the holding company, which has established a Group Risk Management Unit. This unit has the task to manage and monitor market and commodity risks, to create and evaluate structured products, to propose financial energy risk hedging strategies, and to support senior management in defining the Group’s energy risk management policies. Each year, the Board of Directors of A2A S.p.A. sets the Group’s commodity risk limits approving the PaR and VaR proposed (prepared in the Risk Committee) in conjunction with approval of the Budget/ Business Plan; Group Risk Management supervises the situation to ensure compliance with these limits and proposes to senior management the hedging strategies designed to bring risk within the set limits, if exceeded. 142 A2A Consolidated financial statements 2025 2\. Explanatory notes The activities that are subject to risk management include all of the positions on the physical market for energy products, both purchasing/production and sales, and all of the positions in the energy derivatives market taken by Group companies. For the purpose of monitoring risks, industrial and trading portfolios have been separated and are managed in different ways. The industrial portfolio consists of the physical and financial contracts directly relating to the Group’s industrial operations, namely where the objective is to enhance production capacity also through the wholesaling and retailing of gas, electricity and heat. The trading portfolio comprises all contracts, both physical and financial, entered into to supplement the profits made from the industrial activities, i.e. all contracts that are ancillary though not strictly necessary to the industrial activity. In order to identify trading activity, the A2A Group follows the Capital Adequacy Directive and the definition of assets held for trading provided by International Accounting Standard (IFRS) 9: namely assets held for the purpose of short-term profit taking on market prices or margins, without being for hedging purposes, and designed to create a high-turnover portfolio. Given that they exist for different purposes, the two portfolios have been segregated and are monitored separately with specific tools and limits. More specifically, the trading portfolio is subject to particular risk control and management procedures as laid down in Deal Life Cycle documents. Senior management is systematically updated on changes in the Group’s commodity risk by the Group Risk Management Unit, which controls the Group’s net exposure. This is calculated centrally on the entire asset and contract portfolio and monitors the overall level of economic risk assumed by the industrial and trading portfolios (Profit at Risk - PaR, Value at Risk - VaR, Stop Loss). a.2) Commodity derivatives, analysis of transactions Derivatives of the industrial portfolio considered hedges The hedging of price risk by means of derivatives focuses on protecting against the volatility of energy prices on the power exchange (IPEX-EEX), stabilizing electricity price margins on the wholesale market with particular attention being paid to fixed price energy sales and purchases and stabilizing price differences deriving from various indexing mechanisms for the pricing of gas and electricity. To that end, hedging contracts were executed during the year on electricity purchase and sale agreements and on contracts to hedge the fee for the use of electricity transport capacity between the areas of the IPEX market (CCC contracts); hedging contracts were also concluded for the purchase and sale of gas so as to protect sales margins and at the same time keep the risk profile to within the limits set by the Group’s Energy Risk Policy. As part of the optimization of the portfolio of greenhouse gas emission allowances (see Directive 2003/87/EC), the A2A Group has stipulated Future contracts on the ICE ECX (European Climate Exchange) price. Future contracts were also entered into on the EEX stock exchange price of the Guarantees of Origin (GO). These are considered hedging transactions from an accounting point of view in the event of demonstrable surplus/deficit quotas. The fair value at December 31, 2015 was 1.7 million euro (-11.2 million euro at December 31, 2024). Derivatives of the industrial portfolio not considered hedges Also with a view to optimizing the Industrial Portfolio, Option contracts have been entered into on the price of electricity with delivery in Italy, Futures and Forward contracts on the price of Gas and Futures contracts on the ICE ECX (European Climate Exchange) stock exchange price. These do not qualify as 143 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report hedging transactions from an accounting point of view as they fail to meet the requirement set out in the accounting standards. The fair value at December 31, 2015 was -0.4 million euro (-0.5 million euro at December 31, 2024). Derivatives of the Trading Portfolio As part of its trading activity, the A2A Group has taken out Future contracts on major European energy stock exchanges (EEX, ICE) and Forward, Swap and Option contracts on the price of electricity with delivery in Italy and neighbouring countries such as France, Germany and Switzerland. The Group has also entered into Future and Forward contracts on the ICE ECX (European Climate Exchange) stock exchange price and Future contracts on the EEX stock exchange price of the GO. Also as part of trading activities, Future, Forward and Option contracts were also stipulated for the market price of gas (ICE-Endex, CEGH, PEGAS). The fair value at December 31, 2015 was -51.9 million euro (110.2 million euro at December 31, 2024). a.3) Energy Derivatives, risk assessment of Industrial Portfolio derivatives PaR 1 or Profit at Risk, is used to assess the impact that fluctuations in the market price of the underlying have on the financial derivatives taken out by the A2A Group that are attributable to the industrial portfolio. It is the change in the value of a financial instruments portfolio within set probability assumptions as the result of a shift in the market indices. The PaR is calculated using the Montecarlo Method (at least 10,000 trials) and a 99% confidence level. It simulates scenarios for each relevant price driver depending on the volatility and correlations associated with each one, using as the central level the forward market curves at the balance sheet date, if available. By means of this method, after having obtained a distribution of probability associated with changes in the result of outstanding financial contracts, it is possible to extrapolate the maximum change expected over a time horizon given by the accounting period at a set level of probability. Based on this methodology, over the time horizon of the accounting period and in the event of extreme market movements and at a 99% confidence level, the expected maximum negative change in financial derivatives outstanding at December 31, 2025 was 55.997 million euro (100.380 million euro at December 31, 2024). The following are the results of the simulation with the related maximum variances: millions of euro| | ---|---|--- Profit at Risk (PaR)| 12.31.2025 | 12.31.2024 | Worst case Best case | Worst case Best case Confidence level 99%| (55.997)93.292| (100.380)139.448 The A2A Group therefore expects, with a 99% probability, not to have changes compared to the fair value at December 31, 2025 exceeding 55.997 million euro of its entire portfolio of financial instruments due to commodity price fluctuations in the 12 months following. If there are any negative changes in the fair value of hedge derivatives, these would be compensated by changes in the underlying physical. a.4) Energy Derivatives, risk assessment of Trading Portfolio derivatives VaR 2 (Value at Risk) is used to assess the impact that fluctuations in the market price of the underlying have on the financial derivatives taken out by the A2A Group that are attributable to the trading 1 Profit at Risk: statistical measurement of the maximum potential negative deviation of the margin of an asset portfolio in case of unfavourable market changes over a given time horizon and with a defined confidence interval. 2 Value at Risk: statistical measurement of the maximum potential drop in the fair value of an asset portfolio in the event of unfavourable movements in the market with a given time horizon and confidence level. 144 A2A Consolidated financial statements 2025 2\. Explanatory notes portfolio. It is the negative change in the value of a financial instruments portfolio within set probability assumptions as the result of an unfavourable shift in the market indices. VaR is calculated using the RiskMetrics method with a holding period of 3 days and a confidence level of 99%. Alternative methods are used for contracts where it is not possible to perform a daily estimate of VaR such as stress test analysis Based on this method, in the case of extreme market movements, with a confidence level of 99% and a holding period of 3 days, the maximum estimated loss on the derivatives in question was 1.359 million euro at December 31, 2025 (1.088 million at December 31, 2024). In order to ensure closer monitoring of activities, VaR and Stop Loss (the sum of VaR, P&L Realized and P&L Unrealized) limits are also set. The following are the results of the assessments: millions of euro| | | | ---|---|---|---|--- Value at Risk (VaR) | 12.31.2025 | 12.31.2024 | VaR| Stop Loss | VaR| Stop Loss Confidence level 99%, holding period 3 days | (1.359) (1.359) | (1.088)| (1.088) b. Interest rate risk The Group is exposed to the risk that changes in the interest rate curve result in changes in economic results, cash flows and the value of assets and liabilities measured at fair value. The volatility of financial expenses associated to the performance of interest rates is monitored and mitigated through a policy of interest rate risk management aimed at identifying a balanced mix of fixed-rate and variable rate loans and the use of derivatives that limit the effects of fluctuations in interest rates. The book value and type of gross debt at December 31, 2025 are shown in the table below: millions of euro| | | | | | ---|---|---|---|---|---|--- | | 12.31.2025| | | 12.31.2024| | Before hedging| After hedging| % after hedging| Before hedging| After hedging| % after hedging Fixed rate | 5,969 | 5,778 | 80% | 5,468| 5,714| 79% Variable rate| 1,291 | 1,482 | 20% | 1,804| 1,558| 21% Total| 7,260 | 7,260 | 100%| 7,272| 7,272| 100% At December 31, 2025, the following are the hedging instruments for interest rate risk: millions of euro| | | ---|---|---|--- Hedging instrument | Hedged asset | at 12.31.2025 at 12.31.2024Fair value Notional Fair value Notional IRS | Floating rate loan | 1.5 217.0 | 2.9 321.2 IRS | Fixed rate bonds | (1.7) 475.0| - - Total| | (0.2) 692.0 | 2.9 321.2 145 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report With reference to the accounting treatment, hedging derivatives for interest rate risk can be classified as follows: millions of euro | | | | | | | | | ---|---|---|---|---|---|---|---|---|--- Accounting treatment| Type of derivatives| Financial assets Financial liabilitiesNotional at Fair value at Notional at Fair value at | | 12.31.25 | 12.31.24 | 12.31.25 | 12.31.24 | 12.31.25| 12.31.24| 12.31.25 | 12.31.24 Cash flow hedge | IRS | -| -| -| -| 217.0 | 321.2| 1.5 | 2.9 Fair value hedge | IRS | -| -| -| -| 475.0 | -| (1.7) | - Total | | -| -| -| -| 692.0 | 321.2| (0.2)| 2.9 With reference to the accounting treatment of fair value hedge derivatives and the hedged item, the following table shows the net gains and losses recognized in the income statement for the part attributable to interest rate risk: millions of euro| | ---|---|--- | 2025Net profits/(losses)| 2024Net profits/(losses) Fair value hedge instruments| (1.7)| - Hedged item| 2.3| - 146 A2A Consolidated financial statements 2025 2\. Explanatory notes Derivatives on interest rates at December 31, 2025 in cash flow hedge refer to the following loans: Loan | Derivative | Accounting ---|---|--- ACINQUE variable rate bank loan, maturing on August 2029, has a remaining balance of 100 million euro at December 31, 2025.| IRS on 100% of the amount of the loan until December 2027.At December 31, 2025, the fair value was positive for 0.2 million euro.| The loan is measured at amortized cost. The IRS is a cash flow hedge, with 100% recognized in a specific equity reserve. VOLTA GREEN ENERGY variable rate bank loan, maturity December 2026, residual debt at December 31, 2025 of 0.3 million euro.| IRS on 100% of the amount of the loan until maturity thereof.At December 31, 2025, the fair value was positive for 0.0 million euro.| The loan is measured at amortized cost. The IRS is a cash flow hedge, with 100% recognized in a specific equity reserve. LA CASTILLEJA ENERGIA variable rate bank loan, maturity December 2034, residual debt at December 31, 2025 of 22.3 million euro.| IRS on 75% of the amount of the loan until December 2030.At December 31, 2025, the fair value was positive for 1.4 million euro.| The loan is measured at amortized cost. The IRS is a cash flow hedge, with 100% recognized in a specific equity reserve. A2A variable rate bank loan, maturity September 2031, residual debt at December 31, 2025 of 100 million euro.| IRS on 100% of the amount of the loan until October 2026.At December 31, 2025, the fair value was negative for 0.1 million euro.| The loan is measured at amortized cost. The IRS is a cash flow hedge, with 100% recognized in a specific equity reserve. Derivatives on interest rates at December 31, 2025 in Fair value hedge refer to the following bond: Bond | Derivative | Accounting ---|---|--- A2A fixed rate bond, maturity September 2030, residual debt at December 31, 2025 of 650 million euro.| IRS on 12% of the amount of the bond until maturity thereof.At December 31, 2025, the fair value was negative for 0.8 million euro.| The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity September 2030, residual debt at December 31, 2025 of 650 million euro.| IRS on 15% of the amount of the bond until maturity thereof.At December 31, 2025, the fair value was negative for 0.7 million euro.| The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity January 2035, residual debt at December 31, 2025 of 500 million euro.| IRS on 20% of the amount of the bond until maturity thereof.At December 31, 2025, the fair value was negative for 0.2 million euro.| The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity January 2035, residual debt at December 31, 2025 of 500 million euro.| IRS on 20% of the amount of the bond until maturity thereof.At December 31, 2025, the fair value was negative for 0.1 million euro.| The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity January 2035, residual debt at December 31, 2025 of 500 million euro.| IRS on 20% of the amount of the bond until maturity thereof.At December 31, 2025, the fair value was negative for 0.01 million euro.| The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. 147 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The Group performs sensitivity analysis by estimating the effects on the value of financial statement items relating to the portfolio of financial instruments deriving from changes in the level of interest rates. In particular, the sensitivity analysis measures the potential impact on the Income Statement and shareholders' equity of different market scenarios that would determine the change in fair value of derivative financial instruments and the change in financial expenses related to the portion of gross debt not hedged. These market scenarios are obtained by shifting the reference interest rate curve at the reporting date up and down in parallel. Keeping all other variables constant, the pre-tax result would be influenced by changes in the level of interest rates as follows: millions of euro| | | | ---|---|---|---|--- Effect on the Income Statement (before tax)| Effect on Equity (before tax) | -50 bps | +50 bps | -50 bps +50 bps Change in financial expenses on gross variable-rate debt after hedging | 4.4 | (4.4) | -| - Change in fair value of financial instruments at fixed rate after hedging | (14.9)| 14.9| -| - Change in fair value of derivative financial instruments classified as non-hedge | -| -| -| - Change in fair value of derivative financial instruments classified as hedge (excluding BCVA as per IFRS 13): | | | | Cash flow hedge | -| -| (1.2)| 1.0 Fair value hedge | 16.0| (15.3)| -| - c. Exchange rate risk not related to commodities The Group is exposed to the risk that changes in exchange rates with respect to the currency of account may lead to changes in its results of operations and cash flows. In relation to exchange rate risk other than that included in the price of commodities, the hedging instrument at December 31, 2025 is as follows: millions of euro| | | ---|---|---|--- Hedging instrument| Hedged asset | at 12.31.2025 | at 12.31.2024 | | Fair value Notional | Fair value Notional Cross Currency IRS | Fixed rate bond in foreign currency| (34.1) 98.0| (18.5) 98.0 Total| | (34.1) 98.0| (18.5) 98.0 With regard to the accounting treatment, it is specified that the hedging derivative above is in cash flow hedge with full recognition in the equity reserve. 148 A2A Consolidated financial statements 2025 2\. Explanatory notes In particular, the underlying of the Cross Currency IRS derivative refers to the bond at fixed rate of 14 billion yen with maturity 2036 bullet issued in 2006. A cross currency swap contract was stipulated for the entire duration of this bond, which converts the principal and interest payments from yen into euro. At December 31, 2025, the fair value of the hedge was negative for 34.1 million euro. It should be noted that a 10% positive shift in the EURJPY forward curve, with a consequent depreciation of the JPY, would result in a worsening of the fair value and, consequently, of the impact on shareholders' equity of 3.9 million euro. Conversely, a 10% negative shift in the EURJPY forward curve, resulting in an appreciation of the JPY, would result in an improvement in fair value of 9.8 million euro. This sensitivity analysis was performed with the aim of calculating the effect of changes in the forward curve of the euro/yen exchange rate on the fair value ignoring any impact on the adjustment due to the BCVA. d. Liquidity risk Liquidity risk is the risk that the Group is unable to meet its obligations in a timely manner or that it is able to do so under unfavourable economic conditions due to situations of tension or systemic crisis or to the changed perception of its riskiness by the market. This risk includes: i) the risk related to the company's inability to raise new funds (Funding Risk) and, ii) the risk related to the company's inability to liquidate assets on the market in a timely manner and at market conditions (Liquidity Market Risk). One of the main factors influencing the market's perceived riskiness is the creditworthiness of A2A assigned by rating agencies. This judgement plays a very important role because it influences the ability of A2A to access sources of financing as well as the related costs. A deterioration in creditworthiness could lead to a limitation of access to the capital market and/or financing costs with a negative impact on the economic, financial and equity situation. A2A has a medium- and long-term rating of BBB (stable outlook) with S&P and Baa2 (positive outlook) with Moody’s. The profile of the Group's gross debt maturities is as follows: millions of euro| | | | | | | | ---|---|---|---|---|---|---|---|--- | Accounting Balance| Portions maturing| Portions maturing| | Portions maturing by | | 12.31.2025 | within 12 months| beyond 12 months| 12/31/2027 | 12/31/2028 | 12/31/2029 | 31 December 2030 | after Bonds | 5,714 | 668 | 5,046 | 299 | 498 | 398 | 799 | 3,052 Financial payables for rights of use*| 230 | 40 | 190 | 24 | 22 | 17 | 13| 114 Loans from banks and other lenders| 1,316 | 336 | 980 | 117 | 113 | 97 | 74 | 579 Total | 7,260 | 1,044 | 6,216 | 440 | 633 | 512 | 886 | 3,745 It does not include fair value derivatives included in the net financial position. *Including finance leases 149 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The risk management policy, both in the short and medium/long term, is realized through (i) a debt management strategy diversified by funding sources with a balanced maturity profile, (ii) access to various sources of financing in terms of market and counterparty and (iii) maintenance of financial resources, consisting of both liquidity and committed credit lines, sufficient to meet expected and unexpected commitments over a given time horizon. At December 31, 2025, the Group had a total of 3,724 million euro, as follows: • committed revolving credit lines of the Parent Company of 1,780 million euro, of which: a) 800 million euro maturing in 2026, b) 200 million euro maturing in 2028 and c) 780 million euro maturing in 2030, unused; • revolving committed credit lines by Acinque S.p.A. for 65 million euro; • cash and cash equivalents totalling 1,879 million euro, including 1,711 million euro at the Parent Company level. A2A also maintains a Bond Issuance Programme (Euro Medium Term Note Programme), which includes a base prospectus approved by the National Commission for Companies and the Stock Exchange (CONSOB). The total size is 7 billion euro; at December 31, 2025, there are 1,395 million euro available. Over the years, A2A has undertaken a process of bond issuance with ESG characteristics, in the form of Green Bonds, European Green Bonds, Blue Bonds and Sustainability-Linked Bonds (SLB). For A2A, the failure to meet certain sustainability KPI (ESG) targets can lead to an increase in the financing costs of the SLB to which these KPIs are linked. Similarly, failure to realize investments financed with Green/Blue Bonds may result in a risk of lack of access to certain sources of financing. In relation to the Sustainability-Linked Bond, issued in 2021 with a term of 10 years and a KPI concerning the Scope 1 CO 2 emission factor, at December 31, 2025, this KPI has been exceeded. As a result, the coupon of the Bond remains unchanged. The following table represents the repayment schedule of financial liabilities (excluding payables for rights of use and including trade payables). The amounts shown in the table are future cash flows, nominal and non-discounted, determined with reference to the remaining contractual maturities, for the principal and interest portions. The undiscounted nominal flows of derivative contracts on interest rates are also included. Finally, any revocable financial lines used and current accounts payable are due within the next financial year. millions of euro| | | ---|---|---|--- Figures at 12.31.2025 | 1 to 3 months | 4 to 12 months | beyond 12 months Bonds | 50 | 680| 5,827 Loans from banks and other lenders| 15 | 333 | 1,168 Total financial flows | 65| 1,013 | 6,995 Payables to suppliers | 836| 42| 11 Total trade flows | 836| 42| 11 150 A2A Consolidated financial statements 2025 2\. Explanatory notes Figures at 12.31.2024 | 1 to 3 months| 4 to 12 months | beyond 12 months ---|---|---|--- Bonds | 337 67 | 5,093 Loans from banks and other lenders | | 18 172 | 1,818 Total financial flows | 355| 239 | 6,911 Payables to suppliers | 712| 40| 9 Total trade flows | 712| 40| 9 e. Credit risk Credit risk relates to the possibility that a counterparty, commercial or trading, may be in default, or fail to respect its commitment in the manner and timing provided by contract. This type of risk is managed by the Group through specific procedures (Credit Policy, Energy Risk Management procedure) and appropriate mitigation actions. This risk is overseen by both the Credit Management function allocated centrally (and the corresponding functions of the operating companies) and the Group Risk Management Organizational Unit responsible for supporting the Group companies with reference to both commercial and trading activities. Risk mitigation is through the prior assessment of the creditworthiness of the counterparty and the constant verification of compliance with exposure limit as well as through the request for adequate guarantees. The credit terms granted to customers as a whole have a variety of deadlines, in accordance with applicable law and market practice. In cases of delayed payment, default interest is charged as explicitly prescribed by the underlying supply contracts or by current law (application of the default rate as per Legislative Decree 231/2002). Trade receivables are stated in the balance sheet net of any write-downs; the amount shown is considered to be a correct reflection of the realizable value of the receivables portfolio. For the aging of trade receivables, reference is made to note 7 "Trade receivables". f. Equity risk The A2A Group is exposed to equity risk limited to the holding of treasury shares held by A2A S.p.A., which at December 31, 2025 amounted to 4,147,087 shares corresponding to 0.1324% of the share capital, which is made up of 3,132,905,277 shares. From an accounting standpoint, as provided by IAS/IFRS, the purchase cost of treasury shares is recorded as decrease in shareholders' equity and not even if transferred will the eventual positive or negative difference, with respect to the purchase cost, have effects on the income statement. g. Covenants non-compliance risk Bonds, loans, leases and committed revolving bank lines present terms and conditions in line with market practice for each type of instrument. In particular, they envisage: • negative pledge clauses whereby the parent company undertakes not to pledge its assets and those of its material subsidiaries (as defined in the relevant documentation from time to time), subject to certain exceptions and a maximum permitted threshold, specifically identified; 151 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report • cross-default clauses, whereby, in the event of an event of default (exceeding specific materiality thresholds) on a specific financial indebtedness of the parent company and, in some cases, its material subsidiaries (as defined in the relevant documentation from time to time), a default also occurs on other loans or financial debt of the parent company that may become immediately due; • pari passu clauses, whereby the parent company's bonds and financial obligations have the same level of seniority as its other present and future non-secured and non-subordinated bonds or financial obligations. The bonds issued by A2A S.p.A. include (i) senior unsecured bonds for a nominal amount of 5,605 million euro (book value at December 31, 2025 equal to 5,636 million euro) issued under the EMTN Programme, which provide investors with a Relevant Event Put option in the event of a change of control of the parent company (Change of Control) or loss of a relevant concession (Concession Event), which would result in a consequent downgrade of the rating to sub-investment grade within the following 180 days (if the company's rating were to return to investment grade within these 180 days, the option cannot be exercised); (ii) a privately placed yen-denominated bond maturing in 2036 for a nominal amount of 98 million euro (book value at December 31, 2025 of 78 million euro) which includes a put option in favour of the investor in the event that the parent company's rating is lower than BBB- or equivalent level (sub-investment grade). In June 2024, A2A S.p.A. issued its first "hybrid" subordinated perpetual bond with a nominal value of 750 million euro. This bond is characterized by its potentially perpetual duration (with the obligation to be redeemed only in the event of certain events, including, inter alia, the dissolution or liquidation of the company) and by its subordination, according to which the instrument is subordinated to all of the company's financial debts and has a level of "seniority" superior only to that of ordinary shares or other financial instruments qualifying as "equity". The loans stipulated by A2A S.p.A. with the European Investment Bank (EIB), for a total nominal debt of 581 million euro and a book value of 585 million euro, of which 277 million have a maturity of more than five years, include: i) a credit rating clause (if rated lower than BBB- or equivalent sub-investment grade) that provides for the obligation of A2A to inform EIB in the event of a rating downgrade and, in such circumstance, the right of EIB to request additional guarantees from A2A and, where such guarantees are not provided or are not satisfactory to EIB, the right to request early repayment of the loan, and ii) a change of control clause of the parent company, with the right for the bank to invoke, subject to notice to the company containing the reasons, early repayment of the loan. A loan of the subsidiary Agripower (formerly Fragea), whose residual debt at December 31, 2025 was 0.9 million euro, is secured by collateral on the property and plant financed. The committed revolving bank lines of A2A S.p.A., for a total of 1,780 million euro, provide a Change of Control clause which, in the event of a change of control of the parent company causing a Material Adverse Effect, allows the majority of banks lending the line to request the line to be extinguished and any amounts drawn down to be repaid. Some ACINQUE, and LA CASTILLEJA ENERGIA bank loans include financial covenants, as shown in the relevant table. 152 A2A Consolidated financial statements 2025 2\. Explanatory notes A2A Group - Financial covenants at December 31, 2025 Company | Lender | Level of reference | Level recognized| Date of recognition ---|---|---|---|--- ACINQUE EIB| Available cash flow/net financial debt >= 14.0%| 33.16%| 12/31/25 Financial debt/equity <= 75.0% | 50.50% | 12/31/25 Net financial debt/Ebitda <= 3.0 | 1.96x | 12/31/25 ACINQUECassa Centrale Banca - Credito Cooperativo Italiano S.p.A.| Net financial debt/Ebitda <= 4.0 | 1.96x | 12/31/25 Net financial debt/Equity <= 1.0 | 36.65% | 12/31/25 ACINQUE | Banca Sella | Net financial debt/Ebitda <= 4.0 | 1.74x | 12/31/25 ACINQUE | POOL 100 million euro| Net financial debt/Ebitda <= 4.0 | 1.97x | 12/31/25 ACINQUE | POOL ICCREA 30 million euro| Net financial debt/Ebitda <= 4.0 | 1.96x | 12/31/25 LA CASTILLEJA ENERGIA| CaixaBank| Debt Service Coverage Ratio >= 1.05x or not <1.10x for four consecutive Calculation Dates| 1.23x| 12/31/25 | | Senior Debt / Equity ratio <= 85% | 74% | 12/31/25 Analysis of forward transactions and derivatives Tests were performed to determine whether these transactions qualify for hedge accounting in accordance with International Accounting Standard IFRS 9. In particular: 1) transactions qualifying for hedge accounting under IFRS 9: can be analysed between transactions to hedge cash flows (cash flow hedges) and transactions to hedge fair value of assets and liabilities (fair value hedges). For the cash flow hedges, the accrued result is included in gross operating margin when realized on commodity derivatives and in the financial balance for interest rate and currency derivatives, whereas the future value is shown in equity. For fair value hedge transactions, the impacts in the income statement are recorded within the same line of the financial statements. 2) transactions not considered as hedges for the purposes of IFRS 9, can be: a. margin hedges: for all hedging transactions of cash flows or the market value in line with internal risk policies, the accrued result and future value are included in gross operating margin for commodity derivatives and in the financial balance for interest rate and currency derivatives; b. trading transactions: the accrued result and future value are recognized above gross operating margin for commodities transactions and in financial income and expense for interest rate and currency transactions. The use of derivatives in the A2A Group is governed by a coordinated set of procedures (Energy Risk Policy, Deal Life Cycle) which are based on industry best practices and designed to limit the risk of the Group being exposed to commodity price fluctuations, based on a cash flow hedging strategy. 153 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report The derivatives are measured at fair value based on the forward market curve at the balance sheet date, if the asset underlying the derivative is traded on markets with a forward pricing structure. In the absence of a forward market curve, fair value is measured on the basis of internal estimates using models that refer to industry best practices. The A2A Group uses “continuous-time” discounting to measure fair value. As a discount factor, it uses the interest rate for risk-free assets, identified in the Euro Overnight Index Average (EONIA) rate and represented in its forward structure by the Overnight Index Swap (OIS) curve. The fair value of the cash flow hedges has been classified on the basis of the underlying derivative contracts in accordance with IFRS 9. In compliance with the provisions of IFRS 13, the fair value of an over-the-counter (OTC) financial instrument is determined taking into account the non-performance risk. To quantify the fair value adjustment attributable to this risk, A2A has, in line with best market practices, developed a proprietary model called the “bilateral Credit Value Adjustment” (bCVA), which takes into account changes in the creditworthiness of the counterpart as well as the changes in its own creditworthiness. The bCVA has two addends, calculated by considering the possibility that both counterparties go bankrupt, known as the Credit Value Adjustment (CVA) and the Debit Value Adjustment (DVA): • the CVA is a negative component and contemplates the probability that the counterparty will default and at the same time that A2A has a receivable due from the counterparty; • the DVA is a positive component and contemplates the probability that A2A will default and at the same time that the counterparty has a receivable due from A2A. The bCVA is therefore calculated with reference to the exposure, measured on the basis of the market value of the derivative at the time of the default, the Probability of Default (PD) and the Loss Given Default (LGD). This latter item, which represents the non- recoverable portion of the receivable in the case of default, is measured on the basis of the IRB Foundation Methodology as stated in the Basel 2 accords, whereas the PD is measured on the basis of the rating of the counterparties (internal rating based where not available) and the historic probability of default associated with this and published annually by Standard & Poor’s. Applying the above method did not result in significant changes in fair value measurements. 154 A2A Consolidated financial statements 2025 2\. Explanatory notes Instruments outstanding at December 31, 2025 a) On interest and exchange rates The following analyses show the notional amounts of derivative contracts stipulated and not expired at the reporting date, by maturity: millions of euro | Notional value (a) | Value Balance sheet (b)| Progressive effect tothe Income statement at12.31.2025 (c) ---|---|---|--- | Due within 1 year | Due in 1 to 5 years | Due over 5 years | to be received| to be paid| averagerate| to be received| to be paid| averagerate| to be received| to be paid| averagerate Interest rate riskmanagement cash flow hedges as per IFRS 9| | 116| | | 93 | | | 8| | 1.5 | - Interest rate riskmanagement hedges as fair values| | -| | | 175| 2.35%| | 300| 2.86%| | (1.7) not consideredhedges as per IFRS 9 | | | | | | | | | | | Total derivatives oninterest rates| | 116| | | 268 | | | 308| | 1.5 | (1.7) Exchange rate risk management| | | | | | | | | | | considered hedges asper IFRS 9| | | | | | | | | | | \- on commercialtransactions| | | | | | | | | | | \- on non-commercial transactions| | | | | | | | 98.0| | (34.1)| not consideredhedges as per IFRS 9| | | | | | | | | | | \- on commercialtransactions| | | | | | | | | | | \- on non-commercial transactions | | | | | | | | | | | Total derivatives onexchange rates| -| -| | -| -| | -| 98.0| | (34.1)| - (a) Represents the sum of the notional value of the elementary contracts that derive from any dismantling of complex contracts. (b) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at fair value. (c) Represents the adjustment of derivatives to fair value recognized progressively over time in the Income Statement from stipulation of the contract until the current date. 155 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report b) On commodities The following is an analysis of the commodity derivative contracts outstanding at the balance sheet date set up for the purpose of managing the risk of the fluctuations in the market prices of commodities. Energy product price risk management| Unit of measurement | Volume by Maturity | Notional Value| Fair value ---|---|---|---|--- Due within 1 year| Due within twoyears| Due within five years| Due afterfive years| ValueBalance sheet (*)| Progressive effect toincome statement (**) Quantity | Millions of euro| Millions of euro| Millionsof euro A. Cash flow hedges as per| | | | | | | | IFRS 9, including:| | | | | | | 1.7 | - \- Electricity | TWh | 6.1| | 0.1| 0.1| 63.8| (0.5)| \- Oil | Bbl| | | | | | | \- Coal | Tonnes| | | | | | | \- Natural Gas | TWh| | | | | | | \- Natural Gas| Millions of cubic metres| | | | | | | \- Exchange rate| Millions of dollars| | | | | | | \- CO2 emission rights | Tonnes | 467,000| 271,000| | | 62.5| 2.2 | \- Guarantees of origin | TWh| | 1| | | 0.4| | B. considered fair valuehedges as per IFRS 9 | | | | | | | -| - C. not considered hedges asper IFRS 9 of which | | | | | | | (52.4)| (162.1) C.1 hedge margin | | | | | | | (0.4)| - \- Electricity | TWh| | | | | | | 0.4 \- Oil | Bbl| | | | | | | \- Natural Gas | Degrees day| | | | | | | \- Natural Gas | TWh | 0.8| | | | 26.4| (0.5)| (0.5) \- CO2 emission rights | Tonnes | 185,000| 7,000| | | 14.7| 0.1 | 0.1 \- Exchange rate | Millions of dollars| | | | | | | C.2 trading transactions | | | | | | | (52.0)| (162.1) \- Electricity | TWh | 63.0| 5.4| 1.1| 0.7 | 6,003.3| (26.3)| (71.2) \- Natural Gas | TWh | 141.3| 38.3| 14.0| | 6,009.2| (25.2)| (90.0) \- CO2 emission rights | Tonnes | 18,463,314 | 9,883,322 | 1,878,980| | 2,542.9| 3.4 | 3.0 \- Guarantees of origin | TWh| | 0.1| 0.6| 0.6| 5.2| (3.9)| (3.9) \- Environmental Certificates | Tep| | | | | | | Total | | | | | | | (50.7)| (162.1) (*) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at fair value. (**) Represents the adjustment of derivatives to fair value recognized over time in the Income Statement from stipulation of the contract to the present date. 156 A2A Consolidated financial statements 2025 2\. Explanatory notes Financial and operating results for derivative transactions at December 31, 2025 Effects on the balance sheet The following table shows the balance sheet figures at December 31, 2025, for derivative transactions. million euro| | ---|---|--- | Note| Assets | | Non-current assets | | 2 Non-current derivative assets | 7| 2 Current assets | | 641 Current derivative assets | 10| 641 Total assets | | 643 Liabilities | | Non-current liabilities| | 36 Non-current derivative liabilities| 23| 36 Current liabilities| | 691 Current derivative liabilities | 25| 691 Total liabilities | | 727 157 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Effect on the income statement The following table sets out the income statement figures at December 31, 2025 arising from the management of derivatives. million euro| | | | ---|---|---|---|--- | Note| Realised during the year (1)| Change in fair value during the year| Amounts recognized in the income Revenue | 30 | | | Revenue from sales and services | | | | Energy product price risk management And exchange rate risk management on commodities | | | | \- Considered hedges as per IFRS 9 | | 5| -| 5 \- Not considered hedges as per IFRS 9 | | 748| 971| 1,719 Total revenues from sales and services | | 753| 971| 1,724 Operating expenses | 31 | | | Expenses for raw materials and services | | | | Energy product price risk management And exchange rate risk management on commodities | | | | \- Considered hedges as per IFRS 9 | | (10)| -| (10) \- Not considered hedges as per IFRS 9 | | (293)| (1,133)| (1,426) Total costs for raw materials and services | | (303)| (1,133)| (1,436) Total recognized in gross operating income (*)| | 450| (162)| 288 Net finance income (expenses) | 36 | | | Finance income | | | | Interest rate risk management and equity risk management | | | | Income on derivatives | | | | \- Considered hedges as per IFRS 9 | | -| -| - \- Not considered hedges as per IFRS 9 | | -| -| - Total | | -| -| - Total finance income | | -| -| - Finance expenses | | | | Interest rate risk management and equity risk management | | | | Expenses on derivatives | | | | \- Considered hedges as per IFRS 9 | | 1| (2)| (1) \- Not considered hedges as per IFRS 9 | | 1| (2)| (1) Total | | 1| (2)| (1) Total finance expenses | | 1| (2)| (1) Total recognized in financial balance| | 1| (2)| (1) (1) Made without physical delivery. (*) The figures do not include the effect of the "net presentation" of the negotiation margin of trading activities 158 A2A Consolidated financial statements 2025 2\. Explanatory notes Classes of financial instruments To complete the analyses required by IFRS 7 and IFRS 13, the following table sets out the various types of financial instrument that are to be found in the various balance sheet items, with an indication of the accounting policies used and, in the case of financial instruments measured at fair value, an indication of where changes are recognized (income statement or equity). The last column of the table shows the fair value of the instrument at December 31, 2025, where applicable. million euro| | | | | | | ---|---|---|---|---|---|---|--- Type of financial instruments | Note| Financial instruments measured at fair value with changes recognized in:| Financial instruments measured atamortizedcost| Statement of Financial PositionValue| Fairvalue(*) | | Income statement| Shareholders'equity | | (1)| (2) | (3)| (4)| | Assets | | | | | | | Other non-current financial assets| | | | | | | Financial assets measured at fair value of which: | | | | | | | \- unlisted| | 2| | | | 2| n.d. \- listed| | | | | | | Financial assets held to maturity| | | | | | | Other non-current financial assets| | | | | 165| 165| 165 Total other non-current financial assets| 5| | | | | 167| Non-current asset derivatives| 7| | 2| | | 2| 2 Other non-current assets| 7| | | | 120| 120| 120 Trade receivables| 9| | | | 4,454| 4,454 | 4,454 Current asset derivatives| 10| 638| 3| | | 641| 641 Other current assets| 10| | | | 424| 424| 424 Current financial assets| 11| | | | 24| 24| 24 Cash and cash equivalents| 13| | | | 1,879| 1,879 | 1,879 Liabilities| | | | | | | Financial liabilities| | | | | | | Non-current and current bonds| 19 and 26| 1,143| 76| | 4,495| 5,714 | 5,714 Other non-current and current financial liabilities| 19 and 26| | | | 1,546| 1,546 | 1,546 Non-current liability derivatives| 23| 2| 34| | | 36| 36 Other non-current liabilities| 23| | | | 154| 154| 154 Trade payables| 24| | | | 4,691| 4,691| 4,691 Current liability derivatives| 25| 690| 1| | | 691| 691 Other current liabilities| 25| | | | 960| 960| 960 (*) The fair value has not been calculated for receivables and payables not related to derivative contracts and loans as the corresponding carrying amount is a good approximation to this. (1) Financial assets and liabilities measured at fair value with the changes in fair value recognized in the Income Statement. (2) Cash flow hedges. (3) Financial assets available for sale measured at fair value with profit/loss recognized in equity. (4) Loans and receivables and financial liabilities measured at amortized cost. 159 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Fair value hierarchy IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the quality of the input source used to calculate the fair value. In particular, IFRS 7 and IFRS 13 set out three levels of fair value: • level 1: this level consists of financial assets and liabilities for which fair value is based on (unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter markets; • level 2: this level consists of financial assets and liabilities for which fair value is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly; • level 3: this level consists of financial assets and liabilities for which fair value is based on unobservable market data. This level includes instruments measured on the basis of internal estimates made using proprietary methods based on best sector practice. An analysis of the assets and liabilities included in the three fair value levels is set out in the following fair value hierarchy table. million euro| | | | | ---|---|---|---|---|--- | Note| Level 1 | Level 2 | Level 3| Total Assets measured at fair value | 5| | 1 | | 1 Other non-current assets | 7| | 2 | | 2 Current derivative assets | 10| 595 | 0 | 46 | 641 Total assets | | 595 | 3 | 46 | 644 Non-current financial liabilities| 19 | 76 | 1,143 | | 1,219 Non-current derivative liabilities| 23| | 36 | | 36 Current derivative liabilities | 25| 689| 1 | 1 | 691 Total liabilities | | 765| 1,180 | 1 | 1,946 160 A2A Consolidated financial statements 2025 2\. Explanatory notes As required by IFRS 13, the following table shows, for financial instruments measured at level 3 of the hierarchy, opening and closing balances and changes during the year millions of euro| | | | | | | ---|---|---|---|---|---|---|--- | Fair value| Realized FV change| Unrealized FV change| Fair value change| | Transfers| Fair value | 12.31.2024| | | 12.31.2025 | Entrance | Outgoing | 12.31.2025 Commodity derivatives considered hedges as per IFRS 9 | (2.5)| 1.4 | 0.7 | 2.1 | \- | \- | (0.4) Commodity derivatives not considered hedges as per IFRS 9 | (6.6)| 20.0 | 32.0 | 52.0 | \- | -| 45.4 Total | (9.1)| 21.4 | 32.7 | 54.1 | \- | \- | 45.0 Sensitivity analysis for financial instruments included in level 3 As required by IFRS 13, the following table sets out the effects arising from changes in the unobservable parameters used in calculating fair value for financial instruments included in level 3 of the hierarchy. Financial instrument | Parameter | Parameter change| Sensitivity(millions of euro) ---|---|---|--- Commodity Derivatives| Probability of Default (PD)| 1%| (0.338) Commodity Derivatives| Loss Given Default (LGD)| 25%| (0.283) Commodity Derivatives| Price of underlying | 1%| (0.099) Commodity Derivatives| Volatility of underlying| 1%| (1.279) Commodity Derivatives| Correlation of underlying| 1%| (1.280) 161 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 6) Main regulatory provisions regarding concessions and agreements in the sectors of activity in which the A2A Group operates Large hydroelectric derivation concessions The national discipline on large derivation hydroelectric concessions (plants with a nominal power greater than 3 MW) originates from R.D. 1775/1933. This regulatory framework was subsequently amended first by electricity sector nationalization Law no. 1643/1962, which resulted in Enel taking over the majority 5 of hydroelectric concessions with the relative recognition of an unlimited duration, and then by the liberalization of the electricity market as a result of Legislative Decree 79/1999 (implementing Directive 96/92/EC), which introduced with art. 12 (and subsequent amendments) the principles of: • the temporariness of the concessions, establishing a validity period (2029) for concessions without expiration because they are owned by Enel and assigning the term of December 31, 2010 for concessions that have already expired or are expiring by that date; • contestability of concessions in the event of expiration, forfeiture or renunciation, providing the call for tenders by the competent administration (now the Region) for the allocation of the same for consideration. Article 11-quater of Law 12/2019 has partially further amended the regulation of large-scale hydroelectric concessions: the new rules provide that the Regions regulate with their own laws the methods, procedures and criteria for the allocation of concessions, which may be entrusted to economic operators identified through a tender, or to public/private joint ventures with selection of the private partner through a tender, or through forms of partnership under Legislative Decree 50/2016 and (now Legislative Decree 36/2023). Article 7 of Law 118/2022 (Annual Law for the Market and Competition 2021) established that the procedure for awarding the contract must be started within 2 years of the entry into force of the individual Regional Laws and, in any case, no later than December 31, 2023. The duration of the new concessions will have to be between 20 and 40 years, with the possible extension of the maximum period by a further 10 years depending on the complexity of the project proposal and the amount of investment. Article 11-quater cited (paragraph 1-quinquies), as part of the new process for reallocating expired concessions, stipulates that specific regional regulations (after consultation with ARERA) are established: • a State fee to be paid on a six-monthly basis to the Regions, comprising a fixed component linked to the average nominal power of the concession and a variable calculated as a percentage of normalized revenues; • the possible obligation for the concessionaires to supply annually and free of charge 220 kWh per kW of concession power for at least 50% destined to public services of the provincial territories involved in the derivation. 5 With the exception of derivations in the ownership of self-producers, municipal companies and local authorities. 162 A2A Consolidated financial statements 2025 2\. Explanatory notes In terms of compensation to outgoing operators, article 11-quater prescribes: • for wet works: the transfer without compensation of ownership to the Regions, except for the compensation only of investments not yet amortized; • for dry works, the recognition of a value derived from accounting records or certified appraisal. In the event of non-inclusion in the project of the incoming concessionaire, removal and disposal of movable property is envisaged at the expense of the latter, while immovable property remains the property of the entitled parties. Lombardy Region approved R.L. 5/2020 (as amended by Regional Law 19/2021), which regulates the modalities and procedures for assigning concessions for large hydroelectric derivations, as well as the preliminary recognition activity. Subsequently, the Lombardy Region adopted Regulation 3/2022 for the preliminary procedures for the assessment of the public interest in relation to the various uses of water, as well as Regulation 9/2022 regulating the timing and procedures for the allocation procedures, challenged with the Superior Court of Public Waters by a number of operators (the judgements are still pending). Most of A2A S.p.A. large-scale hydroelectric derivation concessions located in Valtellina (for a nominal concession power of around 215 MW) have expired; Lombardy Region with Regional Council Resolution XII/5597 of December 30, 2025 allowed, at certain conditions, the temporary continuation of its operation until December 31, 2026, or shorter term, should the reassignment procedures, not yet started, be concluded at an earlier date and, among other things, confirming the payment of an additional fee and the non-application of the partial exemption from the state fee on the Premadio 1, Grosio, Lovero and Stazzona plants. With reference to the Resio (BS) concession, owned by Linea Green S.p.A. (a wholly-owned subsidiary of A2A S.p.A.), the Lombardy Region announced with DGR 1602 of December 18, 2023, the start of the reallocation procedure, with the publication of the call for tender on April 22, 2024. The appeals lodged by Linea Green S.p.A., A2A S.p.A., and Elettricità Futura concerning this procedure, in which Linea Green S.p.A. itself and five other operators (one of which is foreign) took part, remain under consideration. The tender procedure is also underway and is expected to be completed in 2026. Other A2A S.p.A. concessions (plants in Mese in Lombardy, Friuli and Calabria for a total nominal concession capacity of about 348 MW) expire in 2029, as the Gravedona concession of Acinque Innovazione S.r.l. (Acinque Group), also with an expiry date of 2029. Concessions for thermoelectric power plants As far as concessions for thermoelectric power plants are concerned, the relevant regulations have evolved in a very heterogeneous manner. For example, with reference to concessions for the derivation of public water for industrial use, the discipline was initially defined by Law no. 2644/1884 and by Royal Decree 1775/1933 to subsequently have an outline on a more local basis also through agreements with specific consortia of reclamation and irrigation. The granting bodies may be identified alternatively in the Region and in the Province for concessions for the derivation of public water and for those relating to the occupation of state-owned areas and in the Port Authorities for concessions relating to the occupation of maritime state-owned areas. 163 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report A2A Energiefuture S.p.A. and A2A gencogas S.p.A. hold the following types of concessions for the operation of their own thermoelectric power plants: • concessions for the derivation of public water: (i) for the cooling of thermoelectric power plants; (ii) for industrial use; (iii) for other uses; • concessions for the occupation of: (i) state-owned areas; (ii) maritime state-owned areas. The duration and any renewal procedures are established by the relevant concession deeds and by the applicable statutory provisions. Natural gas distribution and metering service The regulations governing concessions for the distribution of natural gas through local networks, initially contained in the deeds of award stipulated with the municipalities in implementation of laws of principle dated back to the early 1900s, have been the subject of numerous amendments over the years. The main ones, introduced by Articles 14 and 15 of Legislative Decree 164/2000 (transposing Directive 98/30/EC), defined the criteria for standardizing the sector providing: (i) a maximum duration of 12 years for concessions, (ii) the award of the service by local authorities through a public tender and (iii) the relationship with the operator is regulated by a specific standard contract approved by ministerial decree containing, in particular, the procedures for performing the service, the quality objectives, the economic aspects and the conditions for early termination of the company for failure by the operator. The Ministerial Decree of January 19, 2011 defined the 177 Minimum Territorial Areas (ATEM) while the subsequent Ministerial Decree of October 18, 2011 identified the Municipalities belonging to each ATEM that will be the subject of a tender whose criteria have been defined by Ministerial Decree 226/2011. Over the years, the regulations have been subject to many innovations (inter alia, see the Annual Market and Competition Law 2021), especially with reference to the provisions for defining the redemption value to be recognized to the outgoing operator and the valorisation of the assets owned by the Conceding Entities, and the terms within which the tenders must be announced, extended several times, and the penalties originally envisaged for the Conceding Entities in the event of non-compliance have been eliminated. Finally, the same law referenced above required the responsible Ministry to conduct a review of tender evaluation criteria, incorporating considerations of technological innovation and sector development. As part of the reorganization process of the Group's infrastructure activities, the sale by Unareti S.p.A. and LD Reti S.r.l. of the business unit relating to the gas distribution activity (excluding ATEM Milano 1) to a newly established company, which was simultaneously sold to the Ascopiave Group, became effective from July 1, 2025. 6 . The concessions included in the divested BU therefore contributed to the financial statement values limited to the first 6 months of the year. The remaining natural gas distribution concessions are held by Azienda Servizi Valtrompia S.p.A., RetiPiù S.r.l. (AEB Group), in addition to Lereti S.p.A. and Reti Valtellina Valchiavenna S.r.l.. (two companies of the Acinque Group). As of December 31, 2025, the main contracts are awarded to the Milan 1 ATEM (where Unareti S.p.A. is the service provider following a tender issued pursuant to Ministerial Decree 226/2011) and the municipalities of Varese, Lecco, Sondrio, and Monza (as well as numerous municipalities in the same provinces and in those of Brescia, Bergamo, and Como). 6 The sale concerned the municipalities of Brescia, Bergamo, Lodi, Pavia and Cremona, along with other smaller ones located in the same provinces. 164 A2A Consolidated financial statements 2025 2\. Explanatory notes Concessions for electricity distribution Pursuant to art. 9 of Legislative Decree 79/1999 (Bersani Decree), electricity distribution is provided under a thirty-year concession issued for the territory of each municipality by the Ministry of Economic Development (now MASE). The Decree established, among other things, a transitional regime for distributors already operating on that date, granting them the option to continue providing the service under concessions issued by March 31, 2001, and valid until December 31, 2030. At the end of the transitional period, the Legislative Decree provides for the issuance of new concessions through tenders to be held no later than five years prior to the expiration date, for areas no smaller than the municipal territory and no more than a quarter of all end customers. The procedures, including the remuneration of the investments made to be recognised to the outgoing concessionaire, will be established with a specific MASE Regulation. The 2025 Budget Law (art. 1, paragraphs 50-53) has addressed the matter by requiring that MASE, in agreement with the Ministry of Economy and Finance (MEF), on ARERA proposal and with prior agreement concerning the aspects of their competence in the Unified Conference as per article 8 of Legislative Decree 281/97, and after receiving the opinion of the appropriate parliamentary commissions, draft, by June 2025, a MD to define the terms and procedures for the submission by concessionaires of extraordinary multi-year investment plans to improve security, resilience, and quality of service, as well as to enable integration of renewable energy. The MD must also contain criteria for the evaluation and approval of such plans. If MASE, after consulting ARERA and MEF, gives a positive opinion on the operator’s proposal, the concession, upon payment of a fee that will be counted in the capital investment and valued at the same rate defined for investments, can be adjusted for a period of no more than 20 years, (thus postponing the expiration to 2050 at the latest). ARERA Resolution 392/2025/R/eel approved the proposal to be submitted to the MASE, which provides that the extraordinary multi-year investment plans have a duration of 5 years and can be presented in two time windows: a) within 90 days after 5 months from the approval of the MD; b) in January 2028. The extraordinary nature must be assessed by considering the average increase in investments over the plan compared to a baseline, calculated on the average of investments in 2020-2024. The required increase is modulated on the basis of a specific "investment level" indicator calculated as the ratio between the amount of annual investments and the annual depreciation rate: if this indicator is greater than 1, the required increase will be equal to +10/20%, otherwise, instead, to +20/35% and the remodulation period equal to at least 10 years starting from 2030 equal for all distributors. ARERA also requested to eliminate or, in any case, minimize the burden to be paid to the MEF in the face of the remodelling of the concession to protect users and maximize the resources of operators to support new investments. At the moment, MASE has not yet adopted the MD required by the 2025 Budget Law as at December 31, 2025. As at December 31, 2025, following the process of reorganizing the Group's infrastructure activities, the concessions for the distribution and metering of electricity are held by Unareti S.p.A. 7 , Duereti S.r.l. 8 , RetiPiù S.r.l. (AEB Group) and Reti Valtellina Valchiavenna S.r.l. (Acinque Group) and concern the Municipalities of Milan, Brescia, Cremona Seregno and Sondrio (in addition to numerous municipalities in the province of Milano, Brescia and Sondrio). 7 From July 1, 2025, the merger of Camuna Energia S.r.l. and LD Reti S.r.l. became effective (only the business unit relating to the distribution and metering of electricity) in Unareti S.p.A.. The Ministry has ordered the consequent transfers of the two ministerial concession decrees in favour of Unareti S.p.A.. 8 On March 9, 2024, e-distribuzione S.p.A. and A2A S.p.A. signed an agreement that provides for the transfer to the newly established company Duereti S.r.l. of the business unit owned by e-distribuzione S.p.A., comprising assets for operating the medium- and low-voltage power distribution network in the provinces of Milan (with the exception of some municipalities in the northern belt) and Brescia (Valtrompia municipalities), starting from January 1, 2025. The Ministry issued the relevant concession decree in favor of Duereti S.r.l.. 165 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Integrated Water Service (SII) In accordance with the provisions of Legislative Decree 152/2006, the SII is organized on the basis of Optimal Territorial Ambits (ATO) defined by the Regions and, as a rule, coinciding with the provincial territory. In compliance with the scope plan and the principle of a single management, the Ambit Government Entity (EGA) decides on the form of management (award by tender, mixed public-private company and in house providing) and, consequently, provides for the award, for 30 years, of the SII in compliance with national regulations on the organization of local public services to networks of economic importance. The direct award may be made to entirely public companies that meet the requirements of European law and are in any case owned by the local authorities covered by the ATO. LD 201/2011 (so-called 'Salva Italia') entrusted ARERA with the regulatory and control competences in the SII. The Authority has introduced significant innovations, providing for Consolidated Texts on tariff preparation, technical and contractual quality, user fee structure, arrears, social bonus and metering rules. The SII is applied art. 34 of Law Decree 179/2012 supplemented by Law 115/2015 (Article 8, paragraph 1), which establishes mandatory principles for local authorities for the award of services and regulates the transitional period of pre-existing awards validly absent. In particular, it is envisaged that the award of services provided by listed companies and subsidiaries of listed companies (such as those held by subsidiaries of A2A S.p.A.) will cease upon expiry of the service contract or other acts governing the relationship. LD 133/2014 (“Sblocca Italia” Decree) provided that, at the time of first application, the EGA, in order to ensure the achievement of the principle of single management within the ATO, provide for the award to the single operator of the area at the end of the existing management, operating on the basis of an award approved in accordance with the legislation pro tempore in force and not declared ceased pursuant to law. The legislator provided for certain exceptions to the establishment of the single operator by the EGA: in particular, in the event that the ATO coincides with the regional territory, it is allowed to award the SII in territorial areas, however, not less than the territory corresponding to the provinces or metropolitan cities. The Legislative Decree also applies to the SII. 201/2022, as it is a public network service. The A2A Group carries out the SII activities, through its subsidiaries and safeguarded companies in accordance with Legislative Decree 152/2006, in Brescia and in several municipalities of the province by means of A2A Ciclo Idrico S.p.A. 9 and Lereti S.p.A. (Acinque Group) in Varese and Como, along with several municipalities in the respective provinces 10 . 9 The Brescia EGA has begun the investigation process regarding the change in management of concessions previously granted to A2A Ciclo Idrico S.p.A. that have expired and/or been aggregated, following liquidation of their residual value, as defined in application of the ARERA Resolutions, to Acque Bresciane S.r.l., a fully public company established in 2017. There are 35 Municipalities involved. 10 In 2025, the Como ATO initiated the procedure for taking over the Single Area Manager in the safeguarded concessions in the municipalities of Como and Brunate. In the Varese ATO, the concessions of 4 municipalities (Azzate, Luvinate, Casciago and Barasso) expired on December 31, 2024. By Resolution of the Board of Directors no. 46 of December 29, 2025, the EGA of Varese expressed a favourable opinion with respect to the proposal shared by the two Managers to transfer – from Lereti S.p.A. to Alfa S.r.l. – all the Municipalities managed under safeguarding (34) on a single takeover date (2032). 166 A2A Consolidated financial statements 2025 2\. Explanatory notes District heating In Italy, there is no comprehensive legislative framework defining the way in which the district heating service is to be awarded, since neither the national legislator nor the administrative case-law in its rulings have unambiguously considered district heating as a local public service. However, applicable to the service is Legislative Decree 201/2022\. In Lombardy, an initial discipline is dictated by Regional Law 26/2003\. In such a poorly defined regulatory context, the local authority that considers this service a local public service regulates it using concession schemes and, within the limits set by Legislative Decree 201/2002 and, in previous years, by the legislation in force at the time, also authorization schemes. In other cases, the municipalities do not assume district heating as a public service and, therefore, regulate different aspects such as the use of the subsoil. When district heating is assumed as a public service, the relationship between the municipality and the operator is governed by agreements (also called service contracts) through which the granting body regulates the service it has entrusted to the municipality. This involves a fee paid to the granting body and clear rules for the provision of the service to users, typically for a long period of time, taking into account the underlying investments, and also granting an exclusive management right. Legislative Decree 102/2014 (implementing Directive 2012/27/EC on energy efficiency) granted specific regulatory and control powers to ARERA, including in the district heating/cooling sector, in Articles 9, 10, and 16. The subsequent amendment provided for by Article 47 bis of Law 41/2023 also introduced cost-reflective tariff regulation. ARERA Resolution 638/2023/R/tlr approved the TLR Tariff Method, which defines a transitional economic regulation for 2024, based on a constraint on actual revenues calculated using the avoided cost methodology (gas) for the end customer; subsequent Resolutions 597/2024/R/tlr and 580/2025/R/tlr extended the effectiveness of this method for 2025 and 2026, respectively. The Authority has also intervened, regulating various areas of the service, with the consequent obsolescence of the previous agreements and service charters where present, including: • price transparency through the definition of minimum contents of supply contracts and the introduction of information obligations for operators; • commercial quality by introducing specific obligations for operators (compliance with specific and general levels, compensation); • technical quality in relation to security and continuity and the quality of metering, introducing service obligations and quality standards for the metering of energy supplied to users. As far as the A2A Group is concerned, the service is managed by A2A Calore e Servizi S.r.l. and by Gelsia S.r.l. (AEB Group), and for the Acinque Group by Agesp Energia S.r.l., Acinque Tecnologie S.p.A. and Acinque Energy Greenway S.r.l. 11 The main municipalities that use the service are Bergamo, Brescia, Milan, Cremona (as well as some municipalities in the same provinces including Crema, Sesto San Giovanni, Cologno Monzese), Lodi, Varese, Como 12 , Lecco (here also in the municipalities of Valmadrera and Malgrate) 13 , Monza, Seregno and Giussano. 11 Gelsia S.r.l. and Agesp Energia S.r.l. operate district heating services not under a concession but under private initiatives. 12 As of August 1, 2025, the district heating service in the Municipality of Como was entrusted, following a public tender, to Acinque Tecnologie S.p.A.. Until July 31, 2025, the service was in any case managed by the Acinque Group through Comocalor S.p.A.. 13 The design, development, and management of district heating in the municipalities of Lecco, Malgrate, and Valmadrera is carried out by Acinque Energy Greenway S.r.l., a company owned by Acinque Tecnologie S.p.A. (70%) and Silea S.p.A. (30%). 167 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Public lighting The public lighting service includes the management of systems (operation, maintenance and periodic checks) as well as the supply of electricity to supply the lighting points, as well as the implementation of modernization and energy requalification interventions. Even for public lighting, as for district heating, there is no detailed regulatory framework. Local authorities that also identify this service as a local public service of economic importance must comply with Legislative Decree 201/2022 and, therefore, entrust the service in conformity with community principles, also availing itself of the provisions dictated by the Code of Public Contracts under Legislative Decree 36/2023. As highlighted by the Annex to Ministerial Decree of March 28, 2018 that disciplines the “Minimum environmental criteria of public lighting services” (CAM), in implementation of a general principle of the law, the duration of the service to be awarded must be commensurate with the activities included in the contract, the degree of economic exposure envisaged and, therefore, the time needed to amortize the investment plan. The A2A Group manages the public lighting service 14 through A2A Illuminazione Pubblica S.p.A. (AEB Group) in Milan, Brescia, Bergamo, and Treviso, as well as in numerous municipalities in the provinces of Lombardy, including Busto Arsizio, Seregno, and Cologno Monzese, along with locations in Piedmont and some regions of southern Italy. The service is overseen by Acinque Group companies in Monza and across multiple municipalities in the provinces of Milan, Monza-Brianza, Lecco, Varese, and Messina (Acinque Tecnologie S.p.A.), as well as in Sondrio and certain municipalities of that province (Reti Valtellina Valchiavenna S.r.l.). Management of the municipal hygiene service Environmental services are related to the case of local public services of economic importance and the procedures for awarding them are governed by art. 202 of Legislative Decree 152/2006 and Legislative Decree no. 201/2022. The services of collection, transport, sweeping and washing of roads, recovery and disposal of waste are regulated by a specific service contract with the Municipality aimed at defining the essential elements of the award including the duration of management, the economic aspects of the contractual relationship as well as the organizational and management methods of the service and the quantitative and qualitative levels of the services provided. In defining the contractual relationship, the Body takes into account the achievement of objectives of efficiency, effectiveness and cost-effectiveness of the service. Budget Law 2018 entrusted ARERA with the regulatory and control powers in the waste sector, including mixed, urban and assimilated waste: Resolution 389/2023/R/rif defined the criteria for the recognition of the efficient operating and investment costs of the integrated waste service for the period 2024-2025 (MTR-2), setting the criteria for defining the access tariffs to the treatment plants of mixed waste and OFMSW. With Resolution 397/2025/R/rif, the Authority approved the tariff method for the third regulatory period 2026-2029 (MTR-3). In addition, Resolution 15/2022/R/rif introduced the Consolidated Act for the regulation of the quality of municipal waste management for the period 2023-2025, providing for a set of contractual and technical quality obligations, minimum and homogeneous for all management. 14 Inclusive for some municipalities also the management of traffic lights and votive lamps. 168 A2A Consolidated financial statements 2025 2\. Explanatory notes Lombardy Region has organized integrated waste management using the provisions of art. 200, paragraph 7, of Legislative Decree 152/2006, i.e. without the establishment of any Optimal Territorial Ambit (ATO) and attributing to the Municipalities the competences for entrusting the service, which they exercise individually or in associated form. In addition, with Council Resolution XII/2373 of May 20, 2024 (in continuity with what it had already established), the Region complied with the provisions of ARERA Resolution no. 363/2021/R/rif, declaring the treatment plants for mixed waste and OFMSW to be 'additional' (i.e., whose access fees are not determined by ARERA). The Region has, however, strengthened the monitoring obligations of plant operators, reserving the possibility of revising said declaration during the biennial updating of tariffs and following any changes in market conditions and the adoption of the National Waste Management Plan. ARERA published Resolution no. 385/2023/R/rif on the adoption of the "Standard scheme of the service contract for the regulation of relations between entrusting bodies and managers of the municipal waste service", defining the minimum essential contents required by current legislation, without prejudice to the contractual autonomy of the Parties in regulating further contents, in compliance with current legislation and regulatory measures. Resolution 596/2024/R/rif also approved 'the standard framework for the call for tenders'. The urban hygiene service is provided by Amsa S.p.A. and by Aprica S.p.A., subsidiaries of A2A Ambiente S.p.A., by Gelsia Ambiente S.r.l. (AEB Group) and by Acinque Ambiente S.r.l. (Acinque Group). The main awards concern Lombardy (municipalities of Milan 15 , Brescia, Bergamo, Como, Cremona and Lodi with different deadlines based on the deeds governing the relationship with the individual municipalities) and East Liguria and in Valle d’Aosta 16 . 7) Update of the main legal and tax disputes still pending Adequate provisions are provided where necessary for the disputes and litigation described below. It is noted that if there is no explicit reference to the presence of a provision, the Group assessed the corresponding risk as possible without appropriating provisions in the financial statements. It should be noted that certain disputes illustrated in previous financial statements and still pending are not further reported due to the absence of updates or the modification of the previous risk situation. A2A S.p.A. Edison reorganization – compensation case for Carlo Tassara: lawsuit for damages against Transalpina dell’Energia and A2A S.p.A. On April 14, 2022, Carlo Tassara S.p.A. served a new summons on the Court of Milan, requesting that Transalpina Dell'Energia and A2A be ordered, jointly and severally with each other, to pay Carlo Tassara S.p.A. the damages that will be quantified in the course of the proceedings, after ascertaining and declaring the liability of the two companies for the breach of article 106 TUF (Total Tender Offer). 15 Following the award of the tender for the management of the urban hygiene service in the Municipality of Milan, Amsa S.p.A. is the holder of the new assignment commenced on September 28, 2024 for a duration of seven years and with the provision of an option to extend for a further two years. 16 Aprica S.p.A. was also awarded the tender launched by the CSEA Consortium (53 municipalities in the Province of Cuneo – Piedmont), with the start of the service scheduled for April 2026. 169 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report In the writ of summons, Carlo Tassara S.p.A. quantifies the damage caused by the write-down of the value of its equity investment in Edison at 316,843,562.97 euro, figure resulting from the theoretical value of the tender offer calculated by Carlo Tassara S.p.A. on the basis of: a) value of Edison shares recorded in the financial statements by TDE and A2A (1.5003 euro/share); b) value assigned by Edison in fair value appraisals (1.3 euro/share); c) highest edict value identified by Consob (0.95 euro/share); d) market value to be defined by the Court. The writ of summons provides a description of the facts related to the extraordinary transaction to be ascertained: (i) the avoidance and violation of article 106 of the TUF and (ii) the demonstration of the existence of an alleged pact between the two defendants to depress Edison’s value, prior to launching a takeover bid - with the consequent violation of the rule protecting minority shareholders of listed companies and non-achievement of the latter of: (i) control price and (ii) market price of the Edison shares held by Carlo Tassara S.p.A.. In anticipation of the first hearing set for January 11, 2023, A2A entered an appearance and illustrated the grounds for the rejection of the appeal. At the hearing, the judge declared the default of TDE (which did not enter an appearance and did not appear at the hearing) and, on January 12, 2023, with an order outside the hearing, adjourned the case for the definition of the conclusions to July 4, 2023, in order to allow the panel, before considering the merits of the deeded claims, to examine the procedural objections raised by A2A. After said hearing, the parties were able to file their pleadings. On March 1, 2024, a non-definitive sentence was filed, putting the case back on the register for the continuation of the preliminary investigation phase and rejecting the preliminary objections of inadmissibility of the claim, lack of passive legitimacy of A2A and lis pendens. In 2024, two hearings took place on March 12 and June 25. On June 26, 2024, an order was issued rejecting the preliminary inquiries of Carlo Tassara S.p.A., and the hearing for clarifying conclusions was set for March 18, 2025, then deferred with a further provision of March 13, 2025 to April 21, 2026. The Group, having fulfilled the requirements of the regulations in force, does not consider likely the risk for which it has not allocated any provisions. Shareholders’ Agreement between A2A S.p.A. and Pessina Costruzioni S.p.A. for the management of ASM NOVARA S.P.A. In March 2013, Pessina Costruzioni established arbitration proceedings against A2A S.p.A. to have the latter declared in breach of the shareholders’ agreement signed between the parties on August 4, 2007 with reference to the company ASM NOVARA S.p.A. (now extinct) and to order A2A S.p.A. to pay damages accordingly. With an award filed on June 30, 2015, the board of arbitrators, with the dissenting opinion of the arbitrator appointed by A2A S.p.A., found A2A S.p.A. liable for the breach of the shareholders’ agreement and, consequently, ordered it to pay damages, which were settled on an equitable basis. The Court of Appeal of Milan on November 23, 2016 with Sentence 4337/16 rejected the appeal of A2A S.p.A. for nullity of the award. The Court of Cassation, with Order 18220 filed on June 26, 2023, accepted the first reason of the appeal notified by A2A S.p.A., considered the remaining reasons absorbed and quashed with adjournment the sentence of the Court of Appeal of Milan. 170 A2A Consolidated financial statements 2025 2\. Explanatory notes The company A2A S.p.A. and also the company Pessina Costruzioni resumed the case in the Court of Appeal within the time limit. In the event that A2A S.p.A.’s claim for the nullity of the award is upheld and the Court makes a new decision on the merits of the dispute, by way of a conditional cross- appeal, Pessina has also made a claim for damages in the amount originally requested and greater than the amount recognized by the award in application of the principle of fairness. At the first hearing on May 22, 2024, the two cases were joined; at the end of the trial, the Court of Appeal, in July 2025, filed Judgement 2265/2025, which upheld the first judgement of the Court of Appeal, albeit for different reasons, and therefore dismissed both the appeal for reinstatement of A2A and that of Pessina Costruzioni, ordering A2A to pay the costs of the dispute. Derivations of public water for the production of hydroelectricity With reference to the expired concessions in Lombardy operated under the so-called temporary continuation regime (for A2A S.p.A., the concessions of Grosotto, Lovero, Stazzona, Grosio, and Premadio I are relevant, while for Linea Green S.p.A.-LG, the Resio concession is relevant), and, in particular, regarding the imposition of additional fees, the Court of Cassation ruled (February 2024, Ord. nos. 4800 and 4382), recognising the legitimacy of the provisional tariff (equal to 20 €/kW of nominal power) identified by Regional Council Resolution 5130/2016\. The relevant amounts, paid in March 2024, had, however, been fully provisioned as a matter of prudence. On the other hand, the case concerning the so-called final additional fee, instituted in February 2024 before the Superior Court of Public Waters (TSAP), is still pending. With regard to the expired concessions, the Lombardy Region increased the nominal concession power through its Regional Council Resolution no. 5597 of December 30, 2025, which A2A and LG have challenged before the TSAP. A2A also contested - as contrary to the pro-tempore regulations in force - the annulment of the partial exemption of the State fee ordered by the Lombardy Region for the expired concessions that benefited from it. The Court of Cassation dismissed the appeals relating to the Premadio I (Sent. no. 15990/2020) and Grosio (Ord. no. 4371/2024) concessions, while the judgements are still pending relating to the Lovero and Stazzona concessions, in which A2A has obtained 2nd instance rulings ( Superior Court of Public Waters-TSAP sent. nos. 171/2023 and 2/2024) in favour, challenged in Cassation by the Region. Also in Lombardy, imposed, in alleged implementation of art. 12 of Legislative Decree 79/1999 as amended by Law 12/2019, was the free transfer of electricity, in monetised form (220 kWh per kW of nominal power). The relevant measures were challenged by A2A and LG. In relation to the expired concessions, the Court of Cassation has definitively ruled that the subjection to the gratuitous transfer of energy is legitimate (see Order no. 15888/2024). For concessions that have not expired, litigation is still pending. The Lombardy Region also requested, in alleged implementation of art. 12 of Legislative Decree 79/1999, the payment of the so-called binomio State fee, consisting of a fixed and a variable component. A2A and LG initiated legal actions on the merits, which are still pending before the TSAP and the Court of Cassation. In December 2023, the Lombardy Region approved the resolution calling for the reassignment by tender of the Resio concession of LG; although the Company submitted a tender offer, it challenged the resolution in court both in defence of its rights and legitimate interests as outgoing concessionaire (making the assets available and enhancing their value), and raising profiles of unreasonableness and illegitimacy of the proceedings and the relevant regional regulation on expired concession reassignment. The subsequent invitation to tender was also judicially challenged. In Friuli Venezia Giulia, A2A holds concessions in force until 2029. Similarly to Lombardy, a judgment against the imposition of the free energy transfer was initiated, which is still pending at the TSAP on appeal, 171 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report after a negative first instance sentence ( Venice Regional Court of Public Waters sent. no. 2006/2023). An action was also brought against the imposition of the so-called Binomio state fee, still pending at TSAP. For all disputes relating to hydroelectric concession fees and similar charges, the companies have prudently recognised provisions in the risk fund in case of explicit and specific requests for payments by the public administration, the estimate of the amount to be paid conservatively is considered to be the full amount, whereas in the case of requests that have not yet been formalized but are merely ‘foreseeable’ in the year, even if the amount is uncertain (as is the case for outstanding adjustments relating to the increase in capacity), the amounts have been recorded on the basis of the best estimate made by the Directors. Public Prosecutor’s Office at the Court of Sondrio – Criminal proceedings R.G.N.R. 1067/2024 Preliminary investigations are underway against certain A2A S.p.A. employees following the death during working hours of an employee of the Company, as a result of an accident that occurred on November 24, 2023. At present, only known are the allegations made in notices of indictment and minutes of the ATS Montagna contesting violations of the Legislative Decree 81/08 and manslaughter (Article 589 of the Criminal Code). On January 8, 2025, ATS Montagna announced its acceptance to settle the alleged offences through administrative payment. Further developments are expected. A2A Energiefuture S.p.A. Inspection at Monfalcone Plant (RGNR 195/17 Public Prosecutor of Gorizia, then RG Court of Gorizia no. 492/2023) On March 8 and 9, 2017, following orders of the Public Prosecutor of Gorizia, the Monfalcone Plant of A2A Energiefuture S.p.A. was inspected during which surveys and samplings (on coal in stock, on the ashes, on fume treatment residues, emissions from the chimney) and documentary acquisitions (on the servers of the emissions monitoring system, on fuel analysis forms, etc.) were performed. On the same date, the guarantee information has been notified to three employees, regarding an investigation for the offences referred to in Article 452 bis of the Italian Criminal Code. Environmental pollution. The suspect employees appointed trusted defenders. Subsequently, between December 2017 and January 2018, and then in December 2018 and July 2020, the Public Prosecutor of Gorizia proceeded with the acquisition of additional documentation at the plant. On May 6, 2021 (and subsequently on June 4, 2021), the defenders of the former head of the plant (but not the other two employees who had received information of guarantee) were notified of the conclusion of the preliminary investigation pursuant to article 415 bis of the code of criminal procedure in relation to the crime of environmental disaster pursuant to article 452 quater, paragraph 1, no. 2 and paragraph 2 of the Criminal Code. From the same notification, it emerged that the company was charged with the offence referred to in article 25 undecies, paragraph 1, letter b), in relation to article 5, paragraph 1, letter a) of Legislative Decree 231/01. In said notice of conclusion of the investigations, it was contested that the seabed in the area in front of the power plant quay had been compromised by coal run-off, the air had been compromised by emissions from the power plant and the balance of the ecosystem had been altered by contamination with heavy metals. A similar notice was served on May 10, 2021 at the Monfalcone power plant. On July 29, 2021, the defence attorney of the former head of the plant was served with a decree scheduling a preliminary hearing for November 24, 2021 before the Preliminary Investigation Judge (GIP) of Gorizia. 172 A2A Consolidated financial statements 2025 2\. Explanatory notes At the hearing of November 24, 2021, the Company’s lawyer raised a preliminary objection of the nullity of the notice pursuant to article 415-bis of the Code of Criminal Procedure of the conclusion of the preliminary investigations since not duly notified. The exception was upheld by the Judge who referred the case back to the Public Prosecutor’s Office so that it could serve a new notice of conclusion of the preliminary investigations. As a result of this decision, the trial regressed to the preliminary investigation stage. On July 1, 2022, a new notice pursuant to article 415 bis of the Code of Criminal Procedure of the conclusion of preliminary investigations was served on the defence counsel of the former head of the plant and on the defence counsel of the company. The new notice no longer contemplates the offence referred to in article 452 quater of the Criminal Code, i.e. environmental disaster, but rather that referred to in articles 452 bis and 452 quinquies of the Criminal Code, i.e. environmental pollution/ unintentional crimes against the environment. Consequently, by virtue of the new and different predicate offences referred to by the Public Prosecutor, the charge against the company in relation to administrative liability has also been amended, which now concerns the offence referred to in article 25 undecies, paragraph 1(a) and (c) of Legislative Decree 231/01. Despite certain formal deficiencies, the notice of the pre-trial hearing set for October 31, 2023 was served to both the natural person and the Company on April 17, 2023. At that hearing, the Company asserted the notification flaws and the judge decided to renew the notification to the entity only and to continue the two proceedings against a natural person and a legal person as one. Therefore, a new pre-trial hearing was scheduled, which was first discussed on March 5, 2024, continued on March 12, 2024, and then on May 7, 2024. At that hearing, the Judge, with a well- reasoned judgement that became final on August 1, 2024, declared the unusability or nullity of a list of investigative documents against both the legal entity and the natural person. At the same hearing on May 7, 2024, the Judge pronounced a judgement of non-suit against the legal person (the grounds for which were filed on May 21, 2024) and set a hearing on the merits for September 20, 2024 for the natural person. At the hearing on September 20, 2024, both witness testimonies and documentary evidence were accepted. Following the conclusion of the discussion in which the defence counsel illustrated the reasons for an immediate declaration of non-punishment in consideration of the submitted documents and, alternatively, the partial statute of limitations, an adjournment was scheduled for February 28, 2025. At the hearing on February 28, 2025, the Court issued an order requesting further examination of the ARPA report (which was favourable to the defence) and postponed the case to the hearing on September 26, 2025. This hearing was then postponed ex officio to January 23, 2026. At the hearing on January 23, 2026, a witness for the Public Prosecutor was heard, so the Judge adjourned the hearing to July 17, 2026 to hear other witnesses for the Public Prosecutor. San Filippo del Mela power plant - Court of Messina - Criminal proceedings R.G.N.R. 678/2023 The Messina Public Prosecutor’s Office is conducting preliminary investigations under the case number 678/2023 RGNR against A2A Energiefuture S.p.A. and one of its employees, for assessments regarding the violation of Article 256 of the Legislative Decree 152/2006 (unauthorised waste management activities) and of Article 25-undecies paragraph 2 letter b) of Legislative Decree 231/2001, as well as towards the employee of Article 452 quaterdecies of the Criminal Code (organized illegal waste trafficking activities). Further developments are expected. 173 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Linea Ambiente S.r.l. – Grottaglie landfill Court of Taranto - Criminal Proceedings RGNR 2785/18 On March 14, 2019, an employee of A2A Ambiente S.p.A., seconded to Linea Ambiente S.r.l. as the company’s Chief Operating Officer, was remanded in custody as part of investigations into the offences referred to in articles 319 and 321 of the Italian Criminal Code with reference to an alleged bribery connected with the issue of Executive Decision no. 45 dated April 5, 2018 by the Province of Taranto for the orographic optimization of the Linea Ambiente S.r.l.’s Grottaglie landfill. On August 1, 2019, the Court of Taranto - Office of the Judge for Preliminary Investigation - at the request of the Prosecutor’s Office, ordered the immediate trial, i.e. without a preliminary hearing being held, of the defendants subject to pre-trial custody, including the employee of A2A Ambiente, against whom the measure of pre-trial custody in prison was replaced by house arrest and, subsequently, with the obligation to stay in the municipality of residence and, finally, with the prohibition of residence in the province of Taranto (even this last measure was later revoked by order of January 24, 2022), setting the first hearing for this purpose on November 4, 2019. The trial ended with the reading of the verdict at the hearing on November 16, 2022. Judgement 3459/2022 was filed on May 15, 2023. The A2A Ambiente employee was sentenced to eight years in prison plus disqualification penalties. No confiscation order was issued against them; confiscation was applied to another defendant, and part of this sum is attributed as partial consideration for the adoption of Resolution no. 45 of April 5, 2018. Taranto Court of Appeal 515/2023 R.G. App. The first Court of Appeal hearing to discuss all appeals submitted by the individual defendants and the Public Prosecutor is scheduled for May 14, 2024. The Public Prosecutor has lodged an appeal against the initial judgement for not confiscating from the individual defendants the proceeds from the crime amounting to 20,304,974.88 euro (as specified in the seizure decree dated May 18, 2021), and consequently, no conclusive judgement on the refusal of confiscation has been reached, and the Court of Appeal must now decide whether to uphold or amend the ruling of the Court of Taranto. The Court of Appeal, at the first hearing on February 21, 2024, due to profiles related to the composition of the Board, adjourned the case without hearing to a new Board at the hearing of May 14, 2024. Even at that hearing, due to persistent issues with the Board’s composition, the matter was postponed to November 19, 2024, and subsequently to April 1, 2025. The Court of Appeal then adjourned to June 18, 2025 for discussion of preliminary matters. At that hearing, the Court, upholding the objection raised, declared the immediate trial order issued in 2019 to be null and void and, consequently, annulled the first-instance judgement, ordering that the case files be remitted to the Public Prosecutor, thereby consequently returning the proceedings to the preliminary investigation stage. As a result of this decision by the Court of Appeal, the Taranto Public Prosecutor’s Office was placed in the position of having to choose whether to appeal the judgement to the Court of Cassation or to start again from the last act not affected by nullity and therefore issue a new notice of completion of the investigations pursuant to Article 415-bis of the Code of Criminal Procedure and then request the holding of a new preliminary hearing. 174 A2A Consolidated financial statements 2025 2\. Explanatory notes The Public Prosecutor’s Office of Taranto, after having lodged an appeal with the Court of Cassation, on December 3, 2025, served a new notice of completion of the investigations pursuant to Article 415-bis of the Code of Criminal Procedure. Subsequently, on February 3, 2026, the defence counsel received notice of the setting of the hearing in the Court of Cassation for March 24, 2026. Further developments are expected. Court of Taranto no. 5400/19 R.G. Administrative Responsibility Precautionary measures On May 7, 2020, the Guardia di Finanza notified Linea Ambiente S.r.l. of a preventive seizure order issued by the GIP of Taranto on March 12, 2020 in the context of Proceedings no. 2785/18 R.G.N.R. and 5400/19 R.G. Admin. Resp. and deed of execution of preventive seizure pursuant to art. 53 of Legislative Decree 231/01, also valid as guarantee information pursuant to art. 369 of the Italian Criminal Code. For the first time, Linea Ambiente was informed of the existence of Criminal Proceedings no. 5400/19 R.G. Admin. Resp. of Entities for bribery offences pursuant to article 25, paragraph 2, of Legislative Decree 231/01\. The preventive seizure, on May 7, 2020, was arranged up to the amount of 26,273,298 euro (equal to the presumed profit of the offence). On May 13, 2020 was the notification of appointment of a judicial administrator of the assets seized, including company shares and receivables. On May 21, 2020, Linea Ambiente proposed a request for review of the seizure order, which was discussed in the Council Chamber on June 9, 2020, and rejected. The cautionary requests have been confirmed. On June 11, 2020, a decree releasing the Linea Ambiente portions was notified. On September 10, 2020, the company was notified of the conclusion of the preliminary investigations pursuant to article 415-bis of the Code of Criminal Procedure. The notification was repeated, with partial changes, on January 21, 2021. On January 21, 2021, the Taranto Public Prosecutor’s Office notified the defence lawyer of Linea Ambiente of an order to release and return 95.004% of the shares in Lomellina Energia held by Linea Ambiente and already placed under preventive seizure. This was done on the basis of a new estimate of the value of the shares made by the judicial administrator and on the fact that after the seizures made by the Guardia di Finanza there remained sums equal to about 5% the value of said shares. On May 18, 2021, the Taranto Preliminary Investigation Judge (GIP), following the annulment by the Supreme Court of the preventive seizure order notified on May 7, 2020, issued a new preventive seizure order recalculating the “profit from the crime” as 20,304,974.88 euro (compared to the previous amount of 26,273,298.13 euro) by subtracting the “out-of-pocket costs” incurred by Linea Ambiente and quantified as 5,968,323.25 euro. In fact, the Supreme Court found that the original determination was erroneous of the alleged profit, identified by the Judge for Preliminary Investigation in the gross revenue that Linea Ambiente would have derived as a result of the landfill contributions made in the period April 2018 - February 2019, for a total amount of 26,273,398.13 euro. Consequently, the Supreme Court ordered the annulment of the decree and the return of the acts to the GIP of Taranto to comply with the principles of law dictated by the Supreme Court, according to which the profit is only the advantage of immediate and direct causal derivation of the crime. In the new seizure order notified on May 18, 2021, however, according to the Linea Ambiente defence, this principle was again disregarded and therefore on May 27, 2021, an appeal was filed with the Supreme Court against 175 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report the same, requesting its cancellation. At the hearing on November 10, 2021, the Court declared the appeal inadmissible due to lack of standing because, according to the Court of Cassation, Linea Ambiente should not have been considered as a party to the committal proceedings opened with the sentence of annulment pronounced by the Court of Cassation on the appeal brought by the company’s former Operating Director (in other words, according to the Court of Cassation, the judge of the Taranto Magistrate’s Court, as judge of the committal, could have ruled only against the original appellant, i.e. the former Operating Director, and not also against the other parties affected by the original decree). On June 29, 2021, the Linea Ambiente counsel was re-notified of the preventive seizure order issued on May 18, 2021 by the GIP and the minutes of the execution of the same by which it was ordered to release and return to Linea Ambiente 3.352% of the shares held by it in the company Lomellina Energia for an estimated value (by the Judicial Administrator) of 1,617,284.96 euro. In May 2021, the Group complied with the request of the Judicial Administrator to pay the amounts seized up to the amount of 14 million euro. Subsequently, with a measure notified on March 14, 2022, granting the petition filed by the company, the GIP of Taranto ordered that the preventive seizure of Linea Ambiente’s shareholding in Lomellina Energia still under seizure (1.644 %) be transferred to the corresponding sum of money (equal to 793,164.55 euro) to be paid to the indicated account. Once this payment had been made, in execution of the said decree, on May 17, 2022 the Guardia di Finanza released from seizure and returned to Linea Ambiente the 1.644 % of the shares it held in Lomellina Energia that had already been seized. The proceedings of merit On March 18, 2021, the Linea Ambiente S.r.l. counsel was served with the notice of the preliminary hearing scheduled for June 10, 2021 before the Taranto Preliminary Hearings Judge. In this preliminary hearing, the Municipality of Grottaglie filed a request to join the civil action. At the subsequent hearing on July 22, 2021, the defence of Linea Ambiente S.r.l. objected to the inadmissibility of the civil action of the Municipality of Grottaglie against Linea Ambiente S.r.l.. The Preliminary Hearings Judge (GUP) accepted the objection and consequently declared the inadmissibility of the constitution of a civil party of the Municipality of Grottaglie, also rejecting the request of the latter, carried out in the alternative, to authorize the summons of the company as civil liable party, postponing the proceeding to November 11, 2021 for the continuation of the preliminary hearing. At this hearing, the defence raised a number of preliminary issues and the Judge granted time to respond and adjourned the hearing until January 20, 2022. At the hearing on January 20, 2022, the judge rejected the preliminary objections and adjourned the hearing on March 31, 2022, then to May 31, 2022, for a decision on the preliminary motions; at that hearing, due to the impediment of the Magistrate’s Court judge, an adjournment to September 29, 2022 was ordered; at the subsequent hearing on November 17, 2022, the parties requested an adjournment to acquire the conclusions of the proceedings against the natural persons and a new schedule was set. At the hearing of December 22, 2022, the Public Prosecutor delivered their conclusions with a request for committal for trial against the entity, setting the subsequent hearings for the conclusions of the other parties for January 19 and 26 and February 2, 2023; a new hearing was then set for March 30, 2023 for the Public Prosecutor’s replies and possible taking of decisions on jurisdiction by the Judge. At the hearing on March 30, intended for the responses of the Public Prosecutor, after addressing matters related to another defendant, the Judge once again decided to adjourn the session until April 6, 2023, during which Judge Dr Misserini at the Preliminary Hearing Court in Taranto ordered the committal for trial of Linea Ambiente, in accordance with the Legislative Decree 231 of 2001, and of all other defendants in the proceedings in question, both natural and legal persons, before the Taranto Court sitting in a collegial composition – 1st criminal section, for September 13, 2023. 176 A2A Consolidated financial statements 2025 2\. Explanatory notes Several hearings have taken place since September 13, 2023, all of which have been postponed due to the incompatibility of some of the members of the board. After the reading at the hearing of February 12, 2024 of the order of the President of the Court concerning the composition of the new board, the Court set a first hearing for March 4, 2024 at which it decided on the constitution of the civil parties, accepted by ordinance a request of the Public Prosecutor to clarify one of the charges, and set a new hearing for October 7, 2024 for the examination of preliminary issues, and, subsequently, for December 2, 2024 and January 13, 2025. During that hearing, the discussion concerned the requests for evidence made by the Public Prosecutor. Consequently, the Court adjourned the matter to the hearing scheduled for April 7, 2025, to address the issues regarding the Public Prosecutor’s evidence requests, as well as those related to the defence’s evidence requests. There were then further postponements, again due to incompatibility issues of some members of the panel, to October 6, 2025, November 19, 2025 and, finally, February 18, 2026. At that hearing, the Court, having ruled on the preliminary issues, adjourned the proceedings to the hearing of 22 April 2026 for the commencement of the evidentiary phase of the trial, with the examination of the first witnesses indicated by the Public Prosecutor. Currently, in light of the events that occurred during 2023, the Company considers the risk of confiscation to be likely. The risk assessment considers several concurrent factors, such as: (i) the referral to court of the Company in Proceeding no. 5400/19 R.G. Admin. Resp.; (ii) the proceedings against the natural person; (iii) the appeal by the Public Prosecutor against Judgement 3459/2022, which had rejected the request for confiscation; (iv) the new value of the sum determined in the seizure decree notified on May 18, 2021, as the profit deriving from the alleged underlying offence. Should the Company be convicted, confiscation of the price or profit of the offence is anticipated. Currently, in light of the events that have occurred during 2023, the Company considers the risk of confiscation to be probable, even though it is unlikely that the first instance trial will be concluded during 2026, considering the current progression of the process. Linea Ambiente vs. Province of Taranto – Grottaglie Landfill In January 2021 (with reiteration in February 2022), the Province of Taranto sent a warning notice for the removal of the waste dumped during the period of validity of DD 45/18, which also constitutes a response to the requests that the company had made in previous years regarding the procedures for fulfilling the obligations resulting from the Sentence of the Council of State no. 5985/2019, which had annulled the substantial variation no. 45/2018\. The Province, according to as stated in the meagre communication of 2021, which does not give evidence of the provincial inquiry, does not open the required authorization procedure and indicates to the company: (i) to remove the waste delivered in excess of the authorized quantities, (ii) to restore the landfill profiles in accordance with authorization 426/08 and (iii) to activate the closure activities. On February 9, 2021, Linea Ambiente met with the Province, expressly reserving the right to challenge the warning, in order to outline a technical path necessary to take appropriate action; in particular, the company illustrated a preliminary investigation path from which all possible solutions could emerge, including a new request for a substantial variant of the current authorization in line with Council of State Sentence 5986/2019. In view of the flaws in the deed, the Company appealed to the Apulia Regional Administrative Court to have the warning cancelled and notified additional grounds against the February 2022 communication; the Apulia Regional Administrative Court set a hearing on the merits for February 12, 2026. The Company filed the declaration of loss of interest in the decision and the simultaneous 177 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report request for a declaration of inadmissibility of the appeal, in view of the issuance, on October 10, 2024, by the Apulia Region, of executive decision 560 issuing the Single Authorisation Provision, which essentially extinguished the litigation in question. We are awaiting the filing of the Regional Administrative Court’s decision concluding the proceedings. Lecce Public Prosecutor’s Office - Criminal Proceedings no. 6369/2019 R.G.N.R. On February 26, 2020, at the Rovato headquarters of Linea Ambiente S.r.l., the Brescia Finance Police executed the “Search and Seizure Warrant” issued on February 5, 2020 by the Lecce Public Prosecutor’s Office (Public Prosecutor Mignone) in relation to criminal proceedings no. 6369/2019 R.G.N.R.. The Finance Police then acquired a copy of the company’s Organisational Model and the deeds and documents relating to the information flows destined for the Linea Ambiente S.r.l. Supervisory Body from November 2014 to January 2019. The criminal proceedings have been filed against the company Linea Ambiente S.r.l. and the legal representative pro tempore for the offences referred to in articles 452 quaterdecies of the Italian Criminal Code (activities organised for the illicit waste trafficking) and 256 and paragraphs 1 and 3 of Legislative Decree 152/2006 (respectively waste collection, transport and disposal activities in the absence of the prescribed authorization/registration and the construction and management of unauthorized landfills) from which the company’s administrative liability derives pursuant to articles 24 and 25 undecies of Legislative Decree 231/2001 and this - the said measure states - “in order to have, with several operations and through the setting up of continuous and organized means and activities, managed and illegally disposed of large quantities of urban waste, creating an illegal landfill, in order to obtain an unfair profit”. These alleged offences were supposedly committed in “Rome and Grottaglie from November 1, 2014 to January 28, 2019 with permanence”. Together with the “Search and Seizure Warrant”, the Finance Police notified the company “Guarantee and on the right of defence information”, from which it emerges that the company AMA S.p.A. of Rome, “owner of the TMB Rocca Cencia and Salario plants in Rome”, was also entered in the same proceedings. The company has been informed that individuals who are legal representatives or directors of Linea Ambiente S.r.l. and AMA S.p.A. during the interested period have received only a first request to extend the preliminary investigations in the same proceedings. Amsa S.p.A. Court of Appeal of Milan – Criminal proceedings no. 33490/16 R.G.N.R. - 43494/19 R.G.N.R. – 27023/19 RGGIP 7485/2021 R.G. DIP On May 7, 2019, the Carabinieri investigative unit of Monza showed up at the Amsa S.p.A. headquarters to notify an order for the exhibition of documents issued by the Milan Public Prosecutor’s Office, relating to the documentation concerning three tenders launched by Amsa S.p.A. in 2017-2018, as well as the supplies made to it by a specific supplier. In relation to these proceedings, the Company’s Chief Operating Officer and other employees were investigated, as well as three members of a tender judging committee issued by Amsa S.p.A.. No dispute has been raised against Amsa S.p.A. on the basis of the regulations on the administrative liability of legal persons, as Amsa S.p.A. considers itself to be an “injured party” and, in fact, has filed a complaint with the Public Prosecutor’s Office through a trusted lawyer. 178 A2A Consolidated financial statements 2025 2\. Explanatory notes On December 23, 2019, lawyer of Amsa - as the injured party - was served notice for the setting of the preliminary hearing on February 17, 2020. As a result of this hearing, the Judge for Preliminary Investigation adjourned the hearing to May 25, 2020, setting a provisional schedule for its continuation. The measure in question does not cover the members of the tender committee, whose position has been withdrawn and closed. Filed as civil parties were Amsa S.p.A. and A2A Calore & Servizi S.r.l., as it was found to be an injured party in the same proceedings in relation to agreements made to its detriment by some companies competing in the district heating installation tenders, which tended to distort free competition. On January 18, 2021, the lawyer of Amsa S.p.A. was served notice of the setting of the preliminary hearing relating to the second line of investigation, registered under number 34213/19 R.G.N.R. - 21296/19 R.G.G.I.P. connected to the first. The preliminary hearing of this second matter was set for March 19, 2021 for the joining of the proceedings. Amsa also filed as civil party against some of the defendants and in respect of certain allegations in connection with this additional matter. The trial underwent a series of postponements and the discussion of the preliminary hearing ended at the hearing on July 15, 2021 in which the defendants were sent for trial and the first hearing was set for November 18, 2021. At the hearing of July 8, 2021, at the conclusion of the reconnaissance on the requests for alternative rites, the Judge also set the calendar for the treatment of alternative rites, scheduling numerous hearings between September and October 2021. At the hearing of October 21, 2021, set for the decision on alternative procedures, the Judge, as regards the positions of interest to AMSA, accepted the plea bargains requested by pronouncing a sentence of application of the penalty, while for a defendant who had requested an abbreviated trial, it pronounced a sentence of acquittal. At the hearing on November 18, 2021, the preliminary issues raised by the defence of the defendants on remand were discussed; at the end of the hearing, the Court reserved its decision and adjourned the proceedings until the hearing on December 10, 2021. At this hearing the Court, in order to withdraw its reservation, rejected the objections raised by the defence and then opened the hearing, inviting the parties to formulate their preliminary requests, on which it reserved the right to decide, adjourning the hearing until January 14, 2022. At this hearing, the Court granted the preliminary investigations, admitted the testimonial and documentary evidence requested and ordered the transcription of telephone and environmental interceptions. The case was postponed to March 14, 2022 for the commencement of the pre-trial investigation, and several hearings for the hearing of witnesses were scheduled until October 2, 2023, when the reading of the verdict is also expected. At the hearing on May 15, 2023, the Public Prosecutor presented their requests for conviction. At the hearing on October 2, 2023, the Court delivered the verdict, acquitting all individuals still under ordinary trial responsible for conduct causing harm to the two companies acting as civil claimants, because the alleged charges were found to be groundless. Sentence 13661/2023 of October 2, 2023 with reasons was filed on January 18, 2024. Appeals were lodged. The first hearing of the appeal has been arranged for May 29, 2025. At that hearing, the Attorney General at the Court of Appeal made his indictment requesting the acceptance of the appeal filed by the Prosecutor’s Office. The Court then scheduled the hearings of June 12, June 18 and September 18, 2025 for the conclusions of the defences. The trial was then postponed to October 16, 2025 and, subsequently, to December 5, 2025, and finally to January 15, 2026. At the hearing on January 15, 2026, the Court of Appeal confirmed the first-instance acquittal. 179 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Linea Green S.p.A. Brescia Public Prosecutor’s Office - GIP of Brescia - Criminal Proceedings no. 3891/2020 R.G.N.R. On September 22, 2020, the person in charge of the technical and operational management of the Isola hydroelectric plant on the Grigna stream in Barzio Inferiore was notified of a request for an extension of the preliminary investigation. The interested party thus learned of the existence of investigations involving the latter in relation to an alleged crime of environmental pollution in conjunction with the legal representative of the company that owns the plant, which does not belong to Linea Green, but to a third company with which Linea Green has signed a management contract. Subsequently, on March 26, 2021, the Carabinieri from the Forestry Department appeared at the Linea Green offices to acquire documentation and, on that occasion, invited the company’s legal representative to appoint a lawyer for the company, since, as shown in the report notified, it was “under investigation for the administrative offence depending on the crime referred to in article 25 undecies paragraph 1 letter a) of Legislative Decree 231/01”, i.e. in relation to the offence of environmental pollution referred to in article 452 bis of the Criminal Code. On October 23, 2024, both the natural person and the entity were notified of the completion of the preliminary inquiries as per Article 415 bis of the Code of Criminal Procedure, in relation to the alleged offences. A preliminary hearing was therefore scheduled before the Brescia Preliminary Investigation Judge for October 3, 2025, with subsequent postponement to January 16, 2026 for discussion of the request for indictment. At the end of that hearing, the Judge, having concluded the discussion, adjourned the hearing to January 23, 2026, for replies and a decision on the request for committal for trial. At the hearing on January 23, 2023, the Preliminary Hearings Judge in Brescia pronounced a judgement of non-suit against both the natural person and the Company because the offence did not exist. AEB S.p.A. Court of Monza – Criminal proceedings no. 1931/2021 R.G.N.R. On July 5, 2021, officers and agents of the Guardia di Finanza of Seregno showed up at the headquarters of AEB S.p.A. in Seregno to execute “personal and local search orders” and “request for delivery - local search order”. The proceedings, which in the initial phase was against unknown persons, arise from two complaints presented to the Prosecutor’s Office of Monza on November 25, 2019 and on February 10, 2020 by Tiziano Mariani, at the time Municipal Councillor of the Municipality of Seregno, who also filed an appeal with the TAR, now concluded. The “personal and local search decree”, which also contains the “guarantee information” pursuant to art. 369 Criminal Procedure Code to the person subjected to the investigation, concerned the Chair of the Board of Directors of AEB S.p.A. investigated, jointly with other persons not indicated, for the crimes referred to in the art. 353 bis Criminal Code (disturbance of the freedom of the procedure for choosing a contractor), 319 Criminal Code (bribery for an act contrary to the duties of office), 321 Criminal Code (penalties for the briber), committed between “October 2019 and in present permanency.”. At the same time, AEB was served with a “request for delivery and a local search decree” with which the Monza Prosecutor’s Office ordered the acquisition of documentation concerning the transaction. 180 A2A Consolidated financial statements 2025 2\. Explanatory notes Subsequently, on September 24, 2021, the Finance Police of Seregno, delegated by the Monza Prosecutor’s Office, appeared at the A2A Milan headquarters to serve, as part of Procedure no. 1931/2021 R.G.N.R. relating to the merger between the A2A and AEB Groups, a notice of non- repeatable technical checks on the IT supports previously seized. From the document in question, it emerged that the proceedings were pending not only against certain persons outside the A2A Group, but also against certain persons, other than the current directors of A2A S.p.A., who at the time of the events held positions in A2A S.p.A., Unareti S.p.A. and A2A Illuminazione pubblica S.r.l. in various capacities involved in the project in question. The notice of non-repeatable technical investigations also contained information on guarantees and the right of defence in relation to the investigation concerning the alleged offences under Articles 110 Criminal Code (conspiracy), 353 bis Criminal Code (disturbance of the freedom of the procedure for choosing a contractor), 319 Criminal Code (bribery for an act contrary to the duties of office), 321 Criminal Code (penalties for the corruptor). On July 5, 2023, the notice of conclusion of the preliminary investigation was served on only some of the natural persons subject to the notice of investigation, which was, moreover, announced in a press release issued by the Monza Prosecutor’s Office on July 7, 2023. As far as A2A is concerned, the notice was served on only one of the original addressees of the notice of investigation (the position of all the original addressees of the notice of investigation, but not of the notice of conclusion of the preliminary investigation, was then filed by decree issued by the Preliminary Hearings Judge and sent to the interested parties by the legal counsel on June 9, 2025). It appears from the notice that the alleged offences are different from those set out in the previous acts and relate to violations of Articles 353bis Criminal Code (Disturbance of the freedom of the procedure for choosing a contractor), and article 353 of the Criminal Code (Disturbance of the freedom of auctions). On November 22, 2023, the Monza Prosecutor’s Office issued a new press release announcing that it had filed a request for committal for trial against the same persons reached by the notice of conclusion of July 5, 2023 and for the aforementioned offences. The preliminary hearing before the Preliminary Hearing Judge at the Court of Monza was set for April 5, 2024. During this hearing, the constitutions of the civil parties took place: the Municipalities of Seregno, Limbiate and Bovisio Masciago and Mr Mariani. The Municipalities of Desio, Varedo, and Bovisio Masciago have requested an extension to review the proceedings and evaluate the opportunity to constitute a civil party. The Judge, also due to the need to notify the hearing schedule to all member Municipalities in their capacity as injured parties, postponed the hearing to June 28, 2024. During the hearing on June 28, the Municipalities of Varedo and Bovisio Masciago, which had already participated in the previous hearing, along with GSD (an in-house company of the Municipality of Desio) and three municipal councillors from Lissone, submitted an application to join the proceedings as a civil party. The Judge reserved their decision regarding the procedural exceptions raised by the defence lawyers for natural persons during the hearing on September 20, 2024, in which the Preliminary Hearings Judge rejected the objection of territorial incompetence and denied the request to exclude ‘public’ 181 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report civil parties (Municipalities, in-house companies, and municipal councillors from Lissone), while the former municipal councillor, Mariani, was removed from the proceedings, considering him not entitled to appear. The Public Prosecutor and the civil parties maintained their request for the case to proceed to trial, while the defence counsel for the Mayor of Seregno articulated the reasons they believed warranted a verdict of no-proceedings. The Judge then postponed the proceedings, confirming the schedule that was already known: October 18, 2024, November 8 and 15, 2024. At the hearing held on November 15, 2024, the Preliminary Hearings Judge committed all defendants to stand trial on March 17, 2025, before the Court of Monza. After discussion, the Court reserved its decision and set a new hearing for May 12, 2025. At the hearing on May 12, 2025, the Court rejected the preliminary issues raised by the defence and declared the hearing open, postponing the trial to September 22, 2025 to appoint an expert witness to the transcriber and set the hearing on January 12, 2026 for the start of the preliminary hearing. At the hearing on January 12, 2026, the Judge, in view of his imminent transfer to another court, decided to delegate the start of the preliminary investigation to the new Judge assigned to the case, scheduling the hearings for February 25, March 25 and May 20, 2026. On 25 February 2026, the scheduled hearing was held, during which the evidentiary phase of the trial began with the examination of a witness called by the Public Prosecutor. The trial was then adjourned to the hearing of 25 March 2026 for the examination of two further witnesses called by the Public Prosecutor. I 01351/2020 Procedure for determining fiscal liability before the Court of Auditors of the Lombardy Region On February 21, 2024, the former Chair of AEB received an invitation from the Lombardy Court of Auditors to provide information in accordance with Article 67 of Legislative Decree 174/16; the initial 45-day deadline was deferred to May 10, 2024. On that date, a memorandum was filed to contest the passive subjection and the charges. The contested facts, as outlined and documented in the file, are the same as those covered by proceedings 1931/2021\. The complaint lodged by the Prosecutor with the Court of Auditors concerns the financial damage caused to the local authorities affiliated with AEB. On October 14, 2024, the former Chair of AEB received a summons from the Public Prosecutor’s Office at the Court of Auditors in Milan for the hearing set for March 12, 2025, in anticipation of which they filed briefs and documents within the assigned deadline. At the hearing on March 12, 2025, the Board reserved the right to decide. By order notified to the defence attorneys on April 7, 2025, the Court instructed the CTU (Expert Technical Consultant) to evaluate the business units and the exchange value, and adjourned the hearing for 3 June 2025 for the CTU’s oath and the formulation of the question. At the hearing on June 3, 2025, the CTU formally took the assignment and the party-appointed consultants were appointed. The proceedings will resume after the filing of the CTU’s report, expected on June 19, 2026. Court of Milan Business Law Section R.g. 30445/2025 Compensation for damages R.g. 30445/2025 The Municipality of Lissone and thirteen other municipalities that are shareholders of AEB S.p.A. notified A2A S.p.A., Ambiente Energia Brianza S.p.A. and Unareti S.p.A. and the Chair of the Board of Directors of A2A S.p.A. and AEB S.p.A.. At the time of the facts, a writ of summons was filed before the Court of Milan, Business Law Section, to request, principally, the conviction of the three defendant companies pursuant to Articles 2395, 2043, 2049 of the Italian Civil Code (jointly and severally with the former Chairpersons) to pay compensation for damages arising from (i) the allegedly inconsistent determination of the exchange ratio, (ii) the lower profits received as a result of the allocation of a lower number of shares than due and (iii) the alleged curtailment of shareholders’ rights. In the alternative, the Municipalities request that only A2A S.p.A.be ordered to pay compensation for unjust enrichment. After the defendants’ entry of appearance filed on November 5, 2025, following the 182 A2A Consolidated financial statements 2025 2\. Explanatory notes preliminary checks pursuant to Article 171-bis of the Code of Civil Procedure, the Judge authorised the third-party summonses requested by some defendants, consequently deferring the date of the first hearing to September 15, 2026. Consequently, the parties may file supplementary briefs pursuant to Article 171-ter of the Code of Civil Procedure within the terms of July 6, July 24 and September 4, 2026. The summoned third parties must enter an appearance by June 5, 2026 and by June 19, 2026, the Court must carry out the preliminary checks again pursuant to Article 171-bis of the Code of Civil Procedure (a further postponement of the first hearing cannot be ruled out). The outcome of the trial seems to be conditioned by the criminal trial (and by the evidence taken and produced therein, some of which was also produced in the present civil trial) and by the accounting trial. No provisions have been allocated at present. A2A Ambiente S.p.A. Busto Arsizio Public Prosecutor’s Office - GIP of Busto Arsizio - Criminal proceedings no. 9079/2021 R.G.N.R. (formerly no. 24/2017 R.G.N.R.) and Criminal Proceedings no. 1961/2023 R.G.N.R. against unknown persons On February 18, 2021, the Carabinieri - forestry department showed up at the Gerenzano landfill site in execution of investigation activities delegated by the Public Prosecutor’s Office of Busto Arsizio within the framework of criminal proceeding no. 24/2017 R.G.N.R. Form 44 (i.e. against unknown persons), to acquire documentation on the plant, then notifying the person in charge of the plant and the head of A2A Ambiente’s “Impianti Lombardia” organizational structure of the proceedings for the alleged offences under articles 81 paragraph 2 (continuation), 110 (conspiracy), 452 quater (environmental disaster), 452 septies (obstruction of control) of the Italian Criminal Code. Gerenzano is a former quarry, later converted into a landfill, located in the territory of the municipality of the same name, which owns it, with an area of about 80 hectares. It is divided into two lots Gerenzano 1 and Gerenzano 2. Gerenzano 1 is the original unit, dating back to the mid-1960s when waste disposal activities began. At the end of the 1970s, 200 municipalities, including Milan, delivered waste there. In July 1980, the Municipality of Gerenzano and the municipal company of the Municipality of Milan (then AMNU) signed an agreement whereby AMNU exclusively took over the management of the landfill of waste from the Municipality of Milan and 69 other municipalities. AMNU then built a new controlled landfill and carried out environmental remediation and restoration works (with regional contributions). The cultivation of Gerenzano 1 by AMNU, later to become AMSA, continued until its final closure in 1988\. A new area was then identified where Gerenzano 2 was built and managed by AMSA from 1989 to 1991, the year in which conferring ceased. In the context of the obligations taken on with the management of the landfill for environmental recovery, AMSA carried out a series of interventions including the impermeable cover, the biogas collection and combustion plant, weir wells and groundwater purging, the treatment plant for emitted groundwater, leachate collection works, a leachate purifier, and environmental recovery interventions. The operation of the plants in application of the authorization measures will have to continue until the waste is mineralized, as far as biogas is concerned, and until the water table is back in good condition, as far as purging wells are concerned. 183 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report As regards the latter activity, AMSA took responsibility for a situation of degradation and pollution that existed prior to its taking over the management of the area, in relation to which it had no responsibility. In 2013, as part of the reorganization of the A2A Group’s environmental chain, A2A Ambiente took over from AMSA in the management of the Gerenzano landfill and in the service contract still in force as a result of technical extensions with the Municipality of Milan for the post-mortem management service of the landfill. On July 1, 2022, the conclusion of the preliminary investigations pursuant to article 415-bis of the Code of Criminal Procedure was notified. In the notice, the person in charge (at the time of the contested facts, i.e. from May 29, 2015 to November 13, 2020) of the Gerenzano Hub and the person in charge of the “Lombardy Plants” structure (the latter in current permanence) are charged with having caused an environmental disaster in the management of the plant (article 452 quater of the Criminal Code) by means of an unlawful dysfunction of the purification plant of the groundwater emitted by means of a hydraulic barrier so as not to carry out the containment of the contamination of the water table and by means of an unlawful dysfunction of the purification plant for the treatment of the polluting fluids before their discharge into the Bozzente stream and of having obstructed and eluded the environmental supervision and control activities by ARPA (article 452 septies Criminal Code from May 29, 2015 permanently for the person in charge of the facility and from November 21, 2016 for the person in charge of the Hub). No charges against the company under Legislative Decree 231/01 appear in the notice of conclusion of investigations. On November 10, 2022, the decree was served setting March 2, 2023 as the date of the preliminary hearing. At the preliminary hearing, the defence counsel raised objections concerning the invalidity of the request to proceed to trial due to defects in the notification of the conclusion of the preliminary investigations. The Preliminary Hearings Judge upheld and ordered the return of the documents to the Public Prosecutor, who served a new notice of conclusion of the preliminary investigation a few days later. At the hearing on February 1, 2024 called to decide on the plea bargaining request made by one of the two individuals, the Preliminary Hearings Judge did not accept it and referred the case back to the Public Prosecutor due to the tenuousness of the agreed penalty. On November 11, 2024, the decree was served to the defence counsel setting January 8, 2025 as the date of the preliminary hearing. In the decree in question, the offence of environmental pollution, as specified under art. 452 bis of the Criminal Code, was alleged. At the hearing on January 8, 2025, after discussion, the proceedings were deferred to February 26, 2025. At this hearing, the Judge pronounced a judgement of full acquittal. Concerning the other natural person for whom the Public Prosecutor requested the Preliminary Hearings Judge to close the case on January 13, 2025, the defence counsel submitted the filing order issued by the GIP. As for the legal entity, no legal challenge has been lodged against it in accordance with the Legislative Decree 231/01\. Moreover, following the case dismissal for one defendant and the acquittal of the other, no senior or non-senior individuals have been found to have committed the alleged predicate offence. As a result, the conditions for any potential action against the Company no longer exist. On February 16, 2024 and on June 20, 2024, police forces and an expert technical consultant carried out an inspection at the Gerenzano landfill site and acquired documentation relating to plant management/operation and emission control data, by delegation of the same Public Prosecutor in charge of the above proceedings, within the framework of new proceedings against unknown persons. 184 A2A Consolidated financial statements 2025 2\. Explanatory notes Milan Public Prosecutor’s Office – Criminal Proceedings concerning the injury of an employee of a contractor company R.G.N.R. 24347/2022 An injury (loss of two fingers, right thumb and left index finger) occurred on July 23, 2022 at the Novate Milanese plant (at the time owned by A2A Recycling, then A2A Ambiente from December 31, 2023) due to compression of the hands in the press binder to an employee of a contractor (EMAD SERVIZI S.r.l.). The Health Protection Agency (ATS) intervened for the necessary verifications. On January 30, 2023, ATS lifted the seizure of the machinery where the accident occurred and identified the delegated employer for the purpose of conducting the preliminary investigations related to the violation of the Legislative Decree 81/08\. On March 29, 2023, ATS notified the act of contravention and prescription to the defence counsel. ATS identified the existence of two contraventional offences due to the violation of Article 26, paragraphs 2 and 3 (obligations related to contracts for works or services) under Legislative Decree 81/2008\. On April 28, 2023, the appointed lawyer informed ATS that compliance with the requirements had been achieved. On May 25, 2023, ATS allowed the delegated employer to pay a penalty of 3 thousand euro, enabling the dismissal of the two contested occupational safety violations (Article 26, paragraphs 2 and 3, first sentence, of Legislative Decree 81/2008). On June 13, 2023, the lawyer also informed ATS of the payment of the penalty. On December 3, 2024, the employee of A2A Ambiente received the notice of conclusion of the preliminary investigations pursuant to article 415-bis of the Code of Criminal Procedure. According to the notice, the Public Prosecutor has alleged the charge of negligent personal injury (art. 590 para. 1 and 3 of the Criminal Code) against the legal representative of the contracting company and the employee of A2A Recycling (later known as A2A Ambiente) as a “delegated employer”; the latter was initially investigated solely for the contraventional offences noted in art. 26 paragraphs 2 and 3 of Legislative Decree 81/2008 concerning occupational safety, which were extinguished following compliance with ATS requirements and the payment of an administrative sanction. The notice also reveals that the Public Prosecutor has investigated the companies, including A2A Ambiente, for the offence stipulated under Article 25-septies of Legislative Decree 231/2001 in relation to the offence of negligent personal injury charged against natural persons. Further developments are expected. Public Prosecutor’s Office of Pavia – GIP of Pavia - Proceedings No. 7164/22 R.G.N.R. concerning the fatal accident in Parona On October 25, 2022, a fatal accident occurred at the Parona plant of Lomellina Energia, involving an employee of a contractor company (SIMIC). The Public Prosecutor ordered investigations into the matter, appointing both a forensic pathologist to determine the cause of death and two technical consultants. The expert report by CTU Prof. Chiandussi was submitted in the second half of October 2023, but the Public Prosecutor postponed the parties’ review until December 2023. On June 5, 2024, the Public Prosecutor requested a third extension of the preliminary investigations; the defence lawyer of one of the suspects opposed the request within the given timeframe. The Preliminary Hearings Judge rejected the opposition and confirmed the new extension of the investigation. On December 31, 2024, ATS Pavia notified the Company’s legal representative at the time of the incident and the works manager of an “information notice for criminal proceedings”. On February 27, 2025, ATS Pavia notified the Company of ongoing investigations against it concerning liability under Legislative Decree 231/01. 185 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report On March 5, 2025, pursuant to Article 415 bis of the Code of Criminal Procedure, the Public Prosecutor issued a notice marking the conclusion of the preliminary investigations, in which four employees of Lomellina Energia and the safety coordinator for the design and execution phases were investigated among others, for the offence under Article 589 of the Penal Code, as well as specific violations of the Legislative Decree 81/08, in consideration of the roles each has undertaken in terms of prevention and health at the workplace. Among others, the same notice was served to Lomellina Energia (which has been merged into A2A Ambiente since December 31, 2023) for the administrative offence mentioned in Article 5, paragraph 1, letter a), Article 25-septies, paragraph 3 of Legislative Decree 231/01\. On December 3, 2025, the preliminary hearing was held in which the Pavia GIP, having found the notice pursuant to Article 415 bis of the Code of Criminal Procedure to be null and void due to notification defects, referred the case to the Public Prosecutor so that the notice in question could be re-notified. A2A Calore & Servizi S.r.l. Court of Brescia, Business Law Section, RG 222/2025, request for refund of undue payment RG 222/2025 On December 31, 2024, Azienda Speciale Servizi Territoriali Spedali Civili di Brescia notified a writ of summons to the Ordinary Court of Brescia, with the specialised section for business matters, seeking to ascertain and declare, with consequent conviction: a) the nullity/non-existence of any contractual relationship between Spedali Civili and ACS from July 1, 2019 and, as a result, to ascertain and declare the right to the repayment of 35,292,513.18 euro as principal and 2,210,477.20 euro as interest (to which interest on the balance and monetary revaluation will be added); b) the undue nature of the payments made between January 1, 2014 and June 30, 2019, totalling 1,744,206.58 euro as principal and 175,057.05 euro as interest; c) the obligation to provide information concerning CAPEX and OPEX. Azienda Speciale Servizi Territoriali Spedali Civili di Brescia held a contract for the provision of the district cooling service commencing in 1998, which expired on 30 June 2019. Following its expiration, due to the essential nature of the service, which could not be interrupted for reasons of continuity of healthcare provision, A2A Calore & Servizi S.r.l. continued to perform the contract at the express request of Azienda Speciale Servizi Territoriali Spedali Civili di Brescia. Within the time limit granted, A2A Calore & Servizi S.r.l. filed a statement of appearance and defence with a counterclaim, asserting the existence of the contract extension, rejecting all ASST’s claims, and, in the alternative and in the further alternative, setting out the legal grounds for retaining the full consideration received over the years. Furthermore, it demonstrated the right to receive a remuneration not only for the past but also starting from January 1, 2024 until the end of the service, as well as claims for damages. After the entry of appearance and the filing of the counterclaim, on March 7, the Court scheduled a hearing for July 10, 2025. By the deadline of July 10, 2025, A2A Calore & Servizi S.r.l. notified ASST Spedali Civili di Brescia of an appeal pursuant to Articles 700 and 669-bis of the Code of Civil Procedure in the course of the case to request the termination of the service and, in the alternative, the sentencing of ASST to pay a monthly fee with a request for the issuance of a precautionary measure. 186 A2A Consolidated financial statements 2025 2\. Explanatory notes During the hearing on July 10, 2025, the judge invited the parties to consider the possibility of finding a conciliatory solution and for this reason postponed all proceedings to the council chamber set for the discussion of the precautionary procedure on July 22, 2025. In view of the advisability of verifying the conditions of a settlement, without prejudice to any rights, numerous postponements were arranged upon joint request, which allowed the parties to define on January 26, 2026 a final settlement agreement, to the satisfaction of the reciprocal claims, after having identified adequate remuneration, starting from July 1, 2019 and until the assumption of new determinations by the ASST Spedali Civili di Brescia, also in consideration of the new public tender procedure announced by the same on December 30, 2024. Agripower Court of Spoleto - Criminal proceedings RGNR 3329/2024 On January 20, 2025, the forestry police served a notice at the Agripower biogas plant in Castel Ritaldi (PG) to the director with special power of attorney for Agripower’s HSEQ and operations organisational structure, identifying him and informing him of investigations against him for the offences referred to in Articles 452 bis and 452 quinquies of the Criminal Code (environmental pollution – negligent crimes against the environment), Article 257, paragraph 1, of Legislative Decree 152/06 (failure to remediate, failure to report) allegedly committed between November 25, 2024 and December 9, 2024 for discharging wastewater into the “Fosso Avilo” watercourse near the Agripower plant. On November 3, 2025, the natural person’s defence counsel was served with a writ of summons for July 3, 2026. The decree in question also mentions the company Agripower for the administrative offence referred to in Article 25 undecies, paragraph 1, letter c), no. 3 of Legislative Decree 231/01 in relation to the offence of negligent pollution. However, the decree in question was never served on the Company’s lawyer, who never even received notice of the conclusion of the investigation. * * * The following information is provided in connection with the main litigation of a fiscal nature. A2A gencogas S.p.A. (formerly Abruzzoenergia S.p.A.) - General IRES/IRAP/ VAT audit for fiscal years 2011 and 2015 On January 19, 2016, the Finance Police - Chieti Unit commenced a general audit of A2A gencogas S.p.A. (formerly Abruzzoenergia S.p.A.) for fiscal years 2014 and 2015 for IRES, IREP and VAT purposes. This audit was completed on May 25, 2016. The company submitted comments to the formal notice of assessment by the inspectors. In December 2016, the Revenue Agency of Chieti issued notices of assessment for IRES, IRAP and VAT for the years 2011 and 2012 and, in August 2017, served notices of assessment for IRES, IRAP and VAT for the years 2013 and 2014. The company has proposed a timely appeal against all the deeds notified. The Provincial Tax Commission of Chieti and the Regional Tax Commission of Pescara issued unfavourable rulings for IRES and IRAP. The appeals against the VAT assessment notices for the years 2011-2014 were rejected by the Provincial Tax Commission of Chieti and upheld by the Regional Tax Commission of Pescara. On May 8, 2019, the Company filed an appeal with the Supreme Court for IRES 2011 and 2012. In February 2020, the Company filed an appeal with the Supreme Court for IRES 2013 and 2014 and IRAP 2011-2014 and a counter-appeal with the Supreme Court for VAT 2011 and 2012. On May 5, 2020, the Company filed a counter-appeal with the Supreme Court for 2013-2014 VAT. A risk provision of 2 million euro has been recognized. 187 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report A2A S.p.A. - Registration tax for transfer of business unit and sale of the investment Chi.na.co. S.r.l. On April 4, 2016, the Provincial Directorate I of Milan - Regional Office of Milan 1 - notified the invitation to appear to provide clarifications on a business transfer in the company Chi.na.co. S.r.l. and the subsequent sale of the investment held in it under control for registration tax purposes. The invitation was followed by a contradictory with the Office and subsequent notification by the latter of the notice of liquidation to the acquiring counterparty, which filed an appeal on September 28, 2016. The Provincial Tax Commission of Milan rejected the appeal with sentence filed on July 07, 2017. On February 13, 2018, the acquiring company filed an appeal, which was rejected by the Milan Regional Administrative Court. On April 8, 2019, the Company filed an appeal with the Supreme Court. On February 21, 2020, the Office filed a counter-appeal and a cross-appeal with the Supreme Court. The risks provision recognized for 1.4 million euro was fully used for the payment of the amounts requested with the liquidation notice. By order of November 21, 2025, the Court of Cassation upheld the Company's appeal. A2A S.p.A. (merging company of AMSA Holding S.p.A.) - VAT Tax assessments for tax years from 2001 to 2005 In early 2006, the Italian Finance Police – Lombardy Regional Unit, Milan – carried out a tax audit of AMSA Holding S.p.A. (now A2A S.p.A.) for VAT purposes for tax years 2001 to 2005. The audit ended with the issue of a final report contesting the legitimacy of the ordinary VAT rate, in place of the special rate applied by suppliers for waste disposal and plant maintenance, as well as the subsequent deduction made after the invoices issued for these services were duly paid. The report was followed by formal notices of assessment from the Tax Revenue Office (Milan 3 Office) for each year audited; appeals were then filed with the Provincial Tax Commission within the term provided by law. The appeals for 2001 and for 2004 and 2005 were discussed on January 25, 2010 and on February 17, 2010 respectively, with a favourable outcome for the company in all cases. The Tax Revenue Office appealed against the verdict of the first court. The Regional Tax Commission rejected this appeal for all three years, 2001, 2004 and 2005. For 2001, the Tax Revenue Office filed an appeal with the Supreme Court against which AMSA Holding S.p.A. (now A2A S.p.A.), filed a cross-appeal on November 9, 2012. At the hearing on December 12, 2018, the Company requested that the case be suspended in order to assess the facilitated settlement of the dispute. On May 24, 2019, the company filed an application for a facilitated settlement of pending tax disputes and definitively settled its tax claim. The outcomes of the 2002 and 2003 disputes were also favourable for the company but the Tax Revenue Office filed an appeal against both sentences. The appeal for 2002 was discussed on November 30, 2010, and by way of a sentence lodged on February 2, 2011 the Milan Regional Tax Commission overturned the sentence of the first court, upholding the Tax Revenue Office’s appeal on almost all counts with the exception of the hazardous waste category. The Company filed an appeal with the Supreme Court for 2002. The hearing was held on December 12, 2018 and the appeal was upheld and the judgement was adjourned to the Regional Technical Committee (CTR). On December 23, 2019, the Company filed an appeal for reinstatement in CTR and an appeal for revocation with the Supreme Court. For 2003 the appeal made by the Tax Revenue Office was discussed on November 7, 188 A2A Consolidated financial statements 2025 2\. Explanatory notes 2011 before the Regional Tax Commission which rejected it with a sentence filed on November 11, 2011. The Tax Revenue Office has not appealed to the Supreme Court for 2003, 2004 and 2005 and the sentence has become final, thereby closing the litigation. No provisions for risks have been recognized. A2A Ciclo Idrico S.p.A. – IMU assessment notices of Municipality of Montichiari for the years 2013-2018 On December 4, 2019, the Municipality of Montichiari (BS) issued notices of assessment for IMU purposes for the years from 2013 to 2018 regarding the purification plant located in the territory of the same municipality. On January 29, 2020, the Company filed an appeal with the Provincial Tax Commission, which rejected the appeal. On November 22, 2022, the company filed an appeal, which was rejected by the CGT II degree in Brescia. The company filed an appeal in cassation on January 27, 2025. A risk provision of 1.2 million euro has been recognized. Linea Ambiente S.r.l. - General IRES/IRAP/VAT audit for fiscal years 2017-2019 On October 13, 2022, the Finance Police - Brescia Economic-Financial Unit - opened a general audit for IRES, IRAP and VAT purposes against the company Linea Ambiente S.r.l. for the tax periods 2017- 2019. This audit was completed on October 28, 2022. The tax audit report disputed the deductibility of certain costs incurred by the company during the period audited. On the basis of the notice of assessment issued by the Brescia Finance Police and having unsuccessfully exhausted the attempts to adhere to it, the Brescia Revenue Agency/Provincial Directorate notified the Company (and, with regard to IRES, its consolidating company A2A S.p.A.) of six notices of assessment for IRES for the years 2017/2019, IRAP for the years 2017/2018 and VAT for the years 2017/2019. The company appealed to the competent bodies. A risk provision of 0.747 million euro has been recognized. A2A S.p.A. – Notice of assessment for VAT purposes for the 2018 tax period On December 27, 2024, Lombardy Regional Directorate notified a notice of contestation of penalties for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. On March 3, 2025, the company filed an appeal with the CGT I degree in Milan. No provisions for risks have been recognized. 189 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report A2A S.p.A. – Notice of assessment for VAT purposes for the 2019 tax period On December 24, 2025, the Lombardy Regional Directorate, Large Taxpayers Office, notified via certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In summary, the Revenue Agency considers that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. The company is assessing the consequent actions to be taken. No provisions for risks have been recognized. A2A S.p.A. – Notice of assessment for VAT purposes for 2018 tax period On March 17, 2025, Lombardy Regional Directorate notified a notice of assessment for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. On May 15, 2025, the company filed an appeal with the CGT I degree in Milan. No provisions for risks have been recognized. Unareti S.p.A. – Notices of assessment for IRES/IRAP purposes for 2018 and 2019 tax periods On March 14, 2025, the Lombardy Regional Directorate notified notices of assessment for IRES/ IRAP purposes relating to the 2018 and 2019 tax periods. On May 12, 2025, the company filed an appeal with the CGT I degree in Milan. The hearing was fixed for October 20, 2025. The Court of First Instance, in a judgement filed on November 17, 2025, dismissed the appeals, with compensation of costs. The Court did not accept the legal interpretation proposed by the Company, citing as its main motivation that the new rule was aimed at raising financial resources. The judgement is in contrast to a consolidated jurisprudential orientation that has always disregarded the simple need for tax revenue as sufficient to justify tax rules that produce harmful effects for the taxpayer. The rules, in fact, must always respect constitutional principles, first and foremost the ability to pay (Article 53 of the Constitution), substantive equality (Article 3 of the Constitution) and proportionality. Nevertheless, according to the Court, this purpose is equally suitable to legitimize a postponement of deductibility in future tax years and its application to all amortization rates and not only to those relating to Decree Law 225/2010. The company is assessing the action to be taken. No provisions for risks have been recognized. 190 A2A Consolidated financial statements 2025 2\. Explanatory notes A2A gencogas S.p.A. – Notice of assessment for VAT purposes for the tax period 2018 On December 27, 2024, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified via certified e-mail the notice of dispute regarding VAT penalties relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. On February 24, 2025, the company filed an appeal with the CGT I degree in Milan. To date, the amount disputed by the Revenue Agency in the assessment notice relating to 2018 stands at approximately 1 million euro. See the following section for an assessment of the likelihood of an unfavorable outcome. A2A gencogas S.p.A. – Notice of assessment for VAT purposes for the 2019 tax period On December 24, 2025, the Lombardy Regional Directorate (RD), Large Taxpayers Office, notified via certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In summary, the Revenue Agency considered that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. The company is assessing the action to be taken. The amount disputed by the Revenue Agency in the assessment notice for 2019 amounts to 2.9 million euro. 191 A2A Consolidated financial statements 2025 2\. Explanatory notes 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 3 Attachments to the notes to the Consolidated financial statements 194 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 3.1 List of companies included in the consolidated financial statements Company name Registered office Share capital (thousands of euro unless otherwise indicated) % of shareholding consolidated by Group at 12,31,2025 (line-by-line consolidation) Shareholding % Shareholder Area di consolidamento Unareti S.p.A. Brescia 965,250 100.00% 100.00% A2A S.p.A. Duereti S.r.l. Milan 125,000 90.00% 90.00% A2A S.p.A. A2A Calore & Servizi S.r.l. Brescia 150,000 100.00% 100.00% A2A S.p.A. A2A Smart City S.p.A. Brescia 3,448 100.00% 100.00% A2A S.p.A. A2A Energia S.p.A. Milan 3,000 100.00% 100.00% A2A S.p.A. A2A Ciclo Idrico S.p.A. Brescia 70,000 100.00% 100.00% A2A S.p.A. A2A Ambiente S.p.A. Brescia 250,000 100.00% 100.00% A2A S.p.A. A2A Montenegro d.o.o. Podgorica (Montenegro) 100 100.00% 100.00% A2A S.p.A. A2A Energiefuture S.p.A. Milan 50,000 100.00% 100.00% A2A S.p.A. A2A gencogas S.p.A. Milan 450,000 100.00% 100.00% A2A S.p.A. TEXELERA S.c. a r.l. Milan 10 51.00% 51.00% A2A S.p.A. A2A LIFE VENTURES S.r.l. Milan 8,010 100.00% 100.00% A2A S.p.A. Novito Acque S.r.l. Milan 4,170 69.24% 69.24% A2A Ciclo Idrico S.p.A. SESTO ENERGIA S.r.l. Milan 3,000 100.00% 100.00% A2A Calore & Servizi S.r.l. A2A Services & Real Estate S.p.A. Milan 1,050 100.00% 100.00% A2A S.p.A. (81.33%) Ambiente Energia Brianza S,p,A (8.38%) Acinque S.p.A. (10.29%) A2A Airport Energy S.p.A. Milan 5,200 100.00% 100.00% A2A Calore & Servizi S.r.l. Retragas S.r.l. Brescia 34,495 91.60% 91.60% A2A S.p.A. (87.27%) Unareti S.p.A. (4.33%) Continue >> 195 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Company name Registered office Share capital (thousands of euro unless otherwise indicated) % of shareholding consolidated by Group at 12,31,2025 (line-by-line consolidation) Shareholding % Shareholder A2A Alfa S.r.l. in liquidation Milan 100 70.00% 70.00% A2A S.p.A. Azienda Servizi Valtrompia S.p.A. Gardone Valtrompia (BS) 8,939 74.80% 74.80% A2A S.p.A. (74.55%) Unareti S.p.A. (0.25%) Yada Energia S.r.l. Milan 4,000 100.00% 100.00% A2A Energia S.p.A. LaboRAEE S.r.l. Milan 90 100.00% 100.00% Amsa S.p.A. Ecolombardia 4 S.p.A. Milan 13,515 68.78% 68.78% A2A Ambiente S.p.A. Sicura S.r.l. Milan 1,040 96.80% 96.80% A2A Ambiente S.p.A. Sistema Ecodeco UK Ltd Milton Keynes (UK) 250 (GBP) 100.00% 100.00% A2A Ambiente S.p.A. Nicosiambiente S.r.l. in liquidation Milan 50 99.90% 99.90% A2A Ambiente S.p.A. Bioase S.r.l. Sondrio 677 70.00% 70.00% A2A Ambiente S.p.A. Aprica S.p.A. Brescia 10,000 100.00% 100.00% A2A Ambiente S.p.A. Amsa S.p.A. Milan 10,000 100.00% 100.00% A2A Ambiente S.p.A. Bergamo Servizi S.r.l. Brescia 10 100.00% 100.00% Aprica S.p.A. A2A Integrambiente S.r.l. Brescia 10 100.00% 100.00% A2A Ambiente S.p.A. (74%) Aprica S.p.A. (1%) Amsa S.p.A. (25%) A2A Trezzo Ambiente S.r.l. Brescia 11,000 90.00% 90.00% A2A Ambiente S.p.A. (86%) A2A Calore & Servizi S.r.l. (4%) Continue >> << Follow 196 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements Company name Registered office Share capital (thousands of euro unless otherwise indicated) % of shareholding consolidated by Group at 12,31,2025 (line-by-line consolidation) Shareholding % Shareholder A2A Security S.c.p.a. Milan 55 99.82% 99.82% A2A S.p.A. (43.47%) Unareti S.p.A. (17.56%) A2A Ciclo Idrico S.p.A. (9.92%) Amsa S.p.A. (8.65%) A2A gencogas S.p.A. (3.73%) A2A Ambiente S.p.A. (4.10%) A2A Calore & Servizi S.r.l. (2.46%) A2A Energiefuture S.p.A. (1.82%) A2A Energia S.p.A. (0.18%) A2A Energy Solutions S.r.l. (0.18%) Linea Green S.p.A. (0.18%) Linea Ambiente S.r.l. (0.18%) A2A Smart City S.p.A. (0.18%) Acinque S.p.A. (0.18%) Aprica S.p.A. (0.37%) Retragas S.r.l. (0.18%) Lereti S.p.A. (0.18%) Azienda Servizi Valtrompia S.p.A. (0.18%) Acinque Energia S.r.l. (0.18%) Acinque Tecnologie S.p.A. (0.18%) Reti Valtellina Valchiavenna S.r.l. (0.18%) Acinque Farmacie S.r.l. (0.18%) AGRIPOWER S.p.A. (0.18%%) Ambiente Energia Brianza S.p.A. (0.18%) A2A Illuminazione Pubblica S.r.l. (0.18%) RetiPiù S.r.l. (0.18%) Gelsia S.r.l. (0.18%) Gelsia Ambiente S.r.l. (0.18%) VGE 05 S.r.l. (0.18%) renewA21 S.r.l. (0.18%) renewA22 S.r.l. (0.18%) renewA23 S.r.l. (0.18%) renewA24 S.r.l. (0.18%) renewA25 S.r.l. (0.18%) CS Solar2 S.r.l. (0.18%) A2A Rinnovabili S.p.A. (0.18%) Corelli Energia S.r.l. (0.18%) CERVETERI ENERGIA S.r.l. (0.18%) R2R S.r.l. (0.18%) VGE 01 S.r.l. (0.18%) VGE 02 S.r.l. (0.18%) VGE 06 S.r.l. (0.18%) A2A WIND S,r,l (0.18%) A2A Trezzo Ambiente S.r.l. (0.18%) Bioase S.r.l. (0.18%) A2A Airport Energy S.p.A. (0.18%) A2A Services & Real Estate S.p.A. (0.18%) Ecolombardia 4 S.p.A. (0.18%) Acinque Ambiente S.r.l.(0.18%) Duereti S.r.l.(0.18%) A2A E-mobility S.r.l. (0.18%) SESTO ENERGIA S.r.l. (0.18%) WALDUM TADINUM ENERGIA S.r.l. Gualdo Tadino (PG) 10 90.00% 90.00% A2A Ambiente S.p.A. A2A Energy Solutions S.r.l. Milan 4,000 100.00% 100.00% A2A S.p.A. A2A Rinnovabili S.p.A. Milan 50,000 100.00% 100.00% A2A S.p.A. Fair Renew S.r.l. Milan 10 60.00% 60.00% A2A Rinnovabili S.p.A. Continue >> << Follow 197 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Company name Registered office Share capital (thousands of euro unless otherwise indicated) % of shareholding consolidated by Group at 12,31,2025 (line-by-line consolidation) Shareholding % Shareholder renewA21 S.r.l. Milan 20 100.00% 100.00% A2A Rinnovabili S.p.A. renewA22 S.r.l. Milan 220 100.00% 100.00% A2A Rinnovabili S.p.A. renewA23 S.r.l. Milan 20 100.00% 100.00% A2A Rinnovabili S.p.A. renewA24 S.r.l. Milan 20 100.00% 100.00% A2A Rinnovabili S.p.A. renewA25 S.r.l. Milan 20 100.00% 100.00% A2A Rinnovabili S.p.A. Des Energia Tredici S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. CS Solar2 S.r.l. Milan 15 100.00% 100.00% A2A Rinnovabili S.p.A. Solar Italy V S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Cilea Energia S.r.l. Milan - 100.00% 100.00% A2A Rinnovabili S.p.A. Tosti Energia S.r.l. Milan - 100.00% 100.00% A2A Rinnovabili S.p.A. Corelli Energia S.r.l. Milan - 100.00% 100.00% A2A Rinnovabili S.p.A. Gash 1 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Gash 2 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Volta Green Energy S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Mogorella S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Juwi Development 12 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Juwi Development 13 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. A2A Storage S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. Parco Solare Friulano 2 S.r.l. Milan 10 70.00% 70.00% A2A Rinnovabili S.p.A. AREN01 S.r.l. Milan 1 100.00% 100.00% A2A Rinnovabili S.p.A. AREN03 S.r.l. Milan 1 100.00% 100.00% A2A Rinnovabili S.p.A. AREN04 S.r.l. Milan 1 100.00% 100.00% A2A Rinnovabili S.p.A. AREN05 S.r.l. Milan 1 100.00% 100.00% A2A Rinnovabili S.p.A. AREN06 S.r.l. Milan 1 100.00% 100.00% A2A Rinnovabili S.p.A. GREEN FROGS CORREGGIO S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. A2A SOLAR 1 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. A2A SOLAR 2 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. A2A SOLAR 3 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. A2A SOLAR 4 S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. A2A Dome S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. CR Rinnovabili Cutro 1 S.r.l. Milan 5 100.00% 100.00% A2A Rinnovabili S.p.A. VGE 01 S.r.l. Milan 10 70.00% 70.00% Volta Green Energy S.r.l. VGE 02 S.r.l. Milan 10 100.00% 100.00% Volta Green Energy S.r.l. VGE 03 S.r.l. Milan 10 100.00% 100.00% Volta Green Energy S.r.l. VGE 04 S.r.l. Milan 10 100.00% 100.00% Volta Green Energy S.r.l. VGE 06 S.r.l. Milan 10 100.00% 100.00% Volta Green Energy S.r.l. Continue >> << Follow 198 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements Company name Registered office Share capital (thousands of euro unless otherwise indicated) % of shareholding consolidated by Group at 12,31,2025 (line-by-line consolidation) Shareholding % Shareholder R2R S.r.l. Milan 10 60.00% 60.00% A2A Rinnovabili S.p.A. R2R 01 S.r.l. Milan 10 100.00% 100.00% R2R S.r.l. R2R 02 S.r.l. Milan 10 100.00% 100.00% R2R S.r.l. R2R 03 S.r.l. Milan 10 100.00% 100.00% R2R S.r.l. R2R 04 S.r.l. Milan 10 100.00% 100.00% R2R S.r.l. AST1 S.r.l. Milan 10 100.00% 100.00% A2A Storage S.r.l. AST2 S.r.l. Milan 10 100.00% 100.00% A2A Storage S.r.l. S2SE CINQUE S.r.l. Milan 2 100.00% 100.00% A2A Storage S.r.l. Linea Green S.p.A. Cremona 7,000 100.00% 100.00% A2A S.p.A. Linea Ambiente S.r.l. Rovato (BS) 1,400 100.00% 100.00% A2A Ambiente S.p.A. AGRIPOWER S.p.A. Milan 600 100.00% 100.00% A2A Ambiente S.p.A. DONNA RICCA BIOENERGIA S.r.l. SOCIETA' AGRICOLA Milan 10 51.00% 51.00% AGRIPOWER S.p.A. IUMAGAS BIOENERGY SOCIETÀ AGRICOLA A R,L, Milan 50 51.00% 51.00% AGRIPOWER S.p.A. MARSICA AGROENERGIA S.r.l. Milan 60 54.02% 54.02% AGRIPOWER S.p.A. PONZANO BIOENERGIA SOCIETÀ AGRICOLA A R,L, Milan 40 51.00% 51.00% AGRIPOWER S.p.A. ROBERTA BIOENERGIA S.r.l. Milan 10 51.00% 51.00% AGRIPOWER S.p.A. SAN QUIRICO BIOENERGIA SOCIETÀ AGRICOLA A R,L, Milan 160 100.00% 100.00% AGRIPOWER S.p.A. SCALENGHE BIOGAS SOCIETA' AGRICOLA S.r.l. Milan 10 87.00% 87.00% AGRIPOWER S.p.A. STROVINA BIOENERGIA SOCIETÀ AGRICOLA A R,L, Milan 40 51.00% 51.00% AGRIPOWER S.p.A. TORRE ZUINA SOCIETÀ AGRICOLA A R,L, Milan 10 51.00% 51.00% AGRIPOWER S.p.A. VITTORIA BIOENERGIA S.r.l. Milan 50 100.00% 100.00% AGRIPOWER S.p.A. Biomax Società Agricola a r,l, Coriano (RN) 102 100.00% 100.00% AGRIPOWER S.p.A. Asm Energia S.p.A. Vigevano (PV) 2,511 45.00% 45.00% A2A Energia S.p.A. Acinque S.p.A. Monza 197,344 41.54% 41.34% A2A S.p.A. Lereti S.p.A. Como 86,450 100.00% 100.00% Acinque S.p.A. << Segue Continue >> 199 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Company name Registered office Share capital (thousands of euro unless otherwise indicated) % of shareholding consolidated by Group at 12,31,2025 (line-by-line consolidation) Shareholding % Shareholder ComoCalor S.p.A. Como 3,516 51.00% 51.00% Acinque S.p.A. Reti Valtellina Valchiavenna S.r.l. Sondrio 2,000 100.00% 100.00% Acinque S.p.A. Acinque Energia S.r.l. Lecco 17,100 99.75% 99.75% Acinque S.p.A. Acinque Ambiente S.r.l. Varese 4,500 100.00% 100.00% Acinque S.p.A. Acinque Tecnologie S.p.A. Monza 6,000 100.00% 100.00% Acinque S.p.A. Acinque Innovazione S.r.l. Monza 21,800 100.00% 100.00% Acinque S.p.A. Acinque Farmacie S.r.l. Sondrio 100 100.00% 100.00% Acinque S.p.A. Agesp Energia S.r.l. Busto Arsizio (VA) 1,500 70.00% 70.00% Acinque S.p.A. Acinque Energy Greenway S.r.l. Monza 8,464 70.00% 70.00% Acinque Tecnologie S.p.A. Integra Impianti S.r.l. Erba (CO) 100 100.00% 100.00% Acinque Innovazione S.r.l. - già Aevv Impianti S.r.l. A2A E-MOBILITY S.r.l. Milan 1,000 100.00% 100.00% A2A S.p.A. Ambiente Energia Brianza S.p.A. Seregno (MB) 119,496 34.95% 33.52% A2A S.p.A. A2A Illuminazione Pubblica S.r.l. Brescia 19,000 100.00% 100.00% Ambiente Energia Brianza S.p.A. Gelsia S.r.l. Seregno (MB) 20,345 100.00% 100.00% Ambiente Energia Brianza S.p.A. RetiPiù S.r.l. Desio (MB) 110,000 100.00% 100.00% Ambiente Energia Brianza S.p.A. 2B S.r.l. Seregno (MB) 10 100.00% 100.00% Ambiente Energia Brianza S.p.A. VGE 05 S.r.l. Seregno (MB) 1,000 90.00% 90.00% Ambiente Energia Brianza S.p.A. Gelsia Ambiente S.r.l. Desio (MB) 4,671 100.00% 100.00% Ambiente Energia Brianza S.p.A. (70%) A2A Integrambiente S.r.l. (30%) CERVETERI ENERGIA S.r.l. Milan 21 100.00% 100.00% A2A Rinnovabili S.p.A. STCS S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. LA CASTILLEJA ENERGIA SL Madrid (ES) 4 100.00% 100.00% GLOBAL ONEGA SL SISTEMES ENERGETICS CONESA I SOCIEDAD LIMITADA Madrid (ES) 3 100.00% 100.00% RESPETO AL MEDIO AMBIENTE SL (50%) GLOBAL ONEGA SL (50%) GLOBAL ONEGA SL Madrid (ES) 10 100.00% 100.00% A2A Rinnovabili S.p.A. RESPETO AL MEDIO AMBIENTE SL Madrid (ES) 3 100.00% 100.00% A2A Rinnovabili S.p.A. A2A WIND S.r.l. Milan 10 100.00% 100.00% A2A Rinnovabili S.p.A. << Segue 200 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 3.2 List of Equity-accounted investments carried at equity thousands of euro Company name Registered office Share capital Shareholding % Shareholder Carrying amount at 12,31,2025 Equity-accounted investments carried at equity PremiumGas S.p.A. in liquidation Bergamo 120 50.00% A2A Alfa S.r.l. in liquidation \- Ergosud S.p.A. Rome 81,448 50.00% A2A gencogas S.p.A. 25,358 Metamer S.r.l. San Salvo (CH) 2,000 50.00% A2A Energia S.p.A. 3,188 NETCITY S.r.l. Pescara 500 49.00% A2A Energia S.p.A. 1,789 SET S.r.l. Toscolano Maderno (BS) 104 49.00% A2A S.p.A. 1,384 Messina in Luce S.c. a r.l. Monza 20 70.00% Acinque Tecnologie S.p.A. (55%) A2A Illuminazione Pubblica S.r.l. (15%) 11 Serio Energia S.r.l. Concordia sulla Secchia (MO) 1,000 40.00% A2A S.p.A. 275 Visano Soc, Trattamento Reflui S.c. a r.l. in liquidation Brescia 25 40.00% A2A S.p.A. \- Blugas Infrastrutture S.r.l. Mantova 14,300 2 7.51% A2A S.p.A. 4,603 ES Energy S.r.l. Jesi (AN) 10 50.00% A2A S.p.A. 436 COSMO Società Consortile a Responsabilità Limitata Brescia 100 52.00% A2A Calore & Servizi S.r.l. 140 Crit S.c. a r.l. Cremona 65 33.00% A2A S.p.A. 21 Bergamo Pulita S.r.l. Bergamo 10 50.00% A2A Ambiente S.p.A. \- Fratelli Omini S.p.A. Novate Milanese (MI) 260 30.00% A2A Ambiente S.p.A. 6,942 ASM Codogno S.r.l. Codogno (LO) 1,898 49.00% Aprica S.p.A. 2,894 Prealpi Servizi S.r.l. in liquidation Busto Arsizio (VA) 5,451 12.47% Acinque S.p.A. \- Società Agricola Mattioli Energia S.r.l. Finale Emilia (MO) 20 20.00% AGRIPOWER S.p.A. 480 G.Eco S.r.l. Treviglio (BG) 500 40.00% Aprica S.p.A. 4,017 Total shareholdings 51,538 201 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 3.3 List of holdings in other companies thousands of euro Company name Shareholding % Shareholder Carrying amount 31,12,25 Shareholdings held for sale: Casalasca Servizi S.p.A. 13.88% Aprica S.p.A. 121 Shareholdings in other companies: Immobiliare-Fiera di Brescia S.p.A. 0.91% A2A S.p.A. AQM S.r.l. 7.80% A2A S.p.A. AvioValtellina S.p.A. 0.18% A2A S.p.A. Banca di Credito Cooperativo dell'Oglio e del Serio s.c. n.s. A2A S.p.A. L.E.A.P. S.c. a r.l. 14.22% A2A S.p.A. Guglionesi Ambiente S.c. a r.l. 1.01% A2A Ambiente S.p.A. S,I,T, S.p.A. 0.19% Aprica S.p.A. Stradivaria S.p.A. n.s. A2A S.p.A. DI.T.N.E. S.c. a r.l. 1.79% A2A S.p.A. E.M.I.T. S.r.l. in liquidation 10.00% A2A S.p.A. COMIECO 4.32% A2A Ambiente S.p.A. CONAPI S.c. a r.l. 20.00% A2A Ambiente S.p.A. Confidi Toscana S.c. a r.l. n.s. Linea Ambiente S.r.l. Credito Valtellinese n.s. Linea Ambiente S.r.l. Futura S.r.l. 1.00% A2A Calore & Servizi S.r.l. Comodepur S.c.p.a. in liquidation 9.81% Acinque S.p.A. T.C.V.V.V. S.p.A. 0.25% Acinque S.p.A. Lago di Como Gal S.c. a r.l. 3.00% Acinque S.p.A. Cantù Arena S.p.A. 2.00% Acinque Innovazione S.r.l. CIAL-CONSORZIO IMBALLAGGIO ALLUMINIO 0.82% A2A Ambiente S.p.A. COREVE 0.78% A2A Ambiente S.p.A. COREPLA-CONSORZIO RECUPERO PLASTICA NAZIONALE 3.04% A2A Ambiente S.p.A. RICREA-CONSORZIO NAZIONALE RICICLO E RECUPERO IMBALLAGGI ACCIAIO n.s. A2A Ambiente S.p.A. CIC-CONSORZIO ITALIANO COMPOSTATORI n.s. A2A Ambiente S.p.A. Musa S.c. a r.l. 5.60% A2A S.p.A. Total investments in other companies 1,782 202 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 3.4 Certification of the consolidated financial statements pursuant to article 154-bis, paragraph 5 of Legislative Decree no. 58/98 Certification of the Consolidated Financial Statements pursuant to art. 154-bis, paragraph 5 of Legislative Decree 58/98 1. The undersigned, Renato Mazzoncini, as CEO of A2A S.p.A., and Luca Moroni, as Financial Reporting Manager of A2A S.p.A. also considering the provisions of article 154-bis, paragraphs 3 and 4, of Legislative Decree no. 58 of February 24, 1998, as amended, hereby attest: • the adequacy in relation to the characteristics of the company and • the effective application of administrative and accounting procedures for the preparation of financial statements in the year 2025. 2. It is also certified that: 2.1 the consolidated financial statements at December 31, 2025: a) have been prepared in accordance with International Financial Reporting Standards as endorsed by the European Community pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002; b) correspond to the information contained in the accounting ledgers and records; c) provide a true and fair representation of the equity, economic and financial situation of the issuer and the whole of the companies included in the scope of consolidation. 2.2 the Report on Operations includes reliable analysis on the performance, result of operations and the business of the issuer and of all entities included in the consolidated financial statements as well as description of principal risks and uncertainties to which they are exposed. Milan, 17 March 2026 Renato Mazzoncini Luca Moroni (Chief Executive Officer) (Financial Reporting Manager) 203 A2A Consolidated financial statements 2025 3\. Attachments to the notes to the Consolidated financial statements 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report Bilancio Consolidato Bilancio Consolidato 4 Independent Auditors’ Report 206 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative. ) A2A Group Consolidated f inancial statements as at and for the year ended 31 December 202 5 (with independent auditors ’ report thereon) KPMG S.p.A. 30 March 2026 207 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report KPMG S.p.A. Revisione e organizzazione contabile Via Giovanni Battista Pirelli, 38 20124 MILANO MI Telefono +39 02 6763.1 Email it-fmauditaly@kpmg.it PEC kpmgspa@pec.kpmg.it Ancona Bari Bergamo Bologna Bolzano Brescia Catania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona Società per azioni Capitale sociale Euro 10.415.500,00 i.v. Registro Imprese Milano Monza Brianza Lodi e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Giovanni Battista Pirelli, 38 20124 Milano MI ITALIA KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Limited, società di diritto inglese. (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative.) Independent auditors’ report pursuant to article 14 of Legislative decree no. 39 of 27 January 2010 and article 10 of Regulation (EU) no. 537 of 16 April 2014 To the shareholders of A2A S.p.A. Report on the audit of the consolidated financial statements Opinion We have audited the consolidated financial statements of the A2A Group (the “group”), which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated income statement and the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended and explanatory notes thereto, including material accounting policy information. In our opinion, the consolidated financial statements give a true and fair view of the financial position of the A2A Group as at 31 December 2025 and of its financial performance and cash flows for the year then ended in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board and endorsed by the European Union, as well as the Italian regulations implementing article 9 of Legislative decree no. 38/05. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit of the consolidated financial statements” section of our report. We are independent of A2A S.p.A. (the “parent”) in accordance with the ethics and independence rules and standards applicable in Italy to audits of financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other matters The group’s 2024 consolidated financial statements were audited by other auditors, who expressed their unqualified opinion thereon on 31 March 2025. 208 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 2 A2A Group Independent auditors’ report 31 December 2025 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Recoverability of property, plant and equipment, intangible assets and goodwill Notes to the consolidated financial statements: Notes 2.7.2 “Use of estimates and judgement by management” and 4 “Impairment test of non financial assets” Key audit matter Audit procedures addressing the key audit matter The group’s consolidated financial statements at 31 December 2025 include property, plant and equipment of €8,135 million, intangible assets of €3,103 million and goodwill of €1,509 million allocated to groups of cash-generating units (“CGUs”). The directors tested the above groups of CGUs for impairment in order to identify any impairment losses resulting from their carrying amount exceeding their recoverable amount. The recoverable amount was calculated using the discounted cash flow model, except for the Reti Gas CGU group, whose recoverable amount is based on the Regulatory Asset Base (RAB). Impairment testing is very complex and entails the use of estimates and assumptions which, by their very nature, are uncertain and subjective, in particular about: • forecasted future cash flows, based on the update to the 2024-2035 strategic plan approved by the Board of Directors on 11 November 2025 (the “updated strategic plan”); • estimated normalised cash flows or realisable value of the assets underlying the estimated terminal value; • discount rates applied to forecast future cash flows; • for the A2A Reti Gas CGU group, the estimated RAB. For the above reasons and due to the materiality of the relevant captions, we believe that the recoverability of property, plant and equipment, intangible assets and goodwill is a key audit matter. Our audit procedures, carried out partly by involving experts of the KPMG network, included the following: • understanding the process adopted to prepare the impairment test and the forecasts set out in the updated strategic plan and assessing the design and implementation of relevant controls; • analysing the criteria used to identify the CGUs and the groups of CGUs and trace their carrying amounts to the consolidated financial statements at 31 December 2025; • analysing the reasonableness of the key assumptions used to estimate cash flows, including through sector data analyses; • comparing the forecasts used for impairment testing to forecast figures in the updated strategic plan; • comparing actual figures to forecasts to assess any discrepancies and the reliability of the estimation process; • challenging the reasonableness of the discount (WACC) and long-term growth (g-rate) rates; • checking the mathematical accuracy of the model used to calculate the CGUs’ and groups of CGUs’ value in use; • comparing the CGUs’ and groups of CGUs’ carrying amount to the recoverable amount determined by impairment testing; • comparing market capitalisation to value in use for second-level impairment testing; • challenging management’s sensitivity analysis; • verifying that that the methods used to carry out the impairment test are in compliance with the relevant reporting framework; 209 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 3 A2A Group Independent auditors’ report 31 December 2025 Key audit matter Audit procedures addressing the key audit matter • assessing the appropriateness of the disclosures provided in the notes about the impairment test and its compliance with the requirements of IAS 36. Reporting-date estimated accruals for revenue from sales of electricity and gas Notes to the consolidated financial statements: Notes 2.7.2 “Use of estimates and judgement by management” Key audit matter Audit procedures addressing the key audit matter Revenue from sales of electricity and gas include sales invoiced on the basis of actual metering and the estimated commodities sold but not yet invoiced at the reporting date. The estimation processes are based on complex assumptions which, by their very nature, require management judgement. In particular, the group’s methods for estimating consumption between each customer’s latest periodic metering date and the reporting date are based on complex calculation processes that draw on multiple information systems. These processes take into account past consumption and each customer’s profile and are adjusted for variables that may affect consumption forecasts. Given the necessary judgement and the complex nature of the assumptions used to estimate accrued revenue, we believe that this issue is a key audit matter. Our audit procedures included the following: • understanding the process for the recognition of revenue from the supply of electricity and gas not yet invoiced and assessing the operating effectiveness of relevant controls; • checking the algorithms and data used in the information systems to calculate estimated volumes, including by involving our Cyber & Tech Risk specialists; • performing substantive procedures on the electricity and gas volumes considered in the estimation; • checking the accuracy of the selling prices used in the estimation; • comparing the estimates recognised in the consolidated financial statements with the subsequent actual figures; • assessing the appropriateness of the disclosures provided in the notes. Recognition of the acquisition of Duereti S.r.l. Notes to the consolidated financial statements: Notes 2.7.2 “Use of estimates and judgement by management” and 2.5 “Transactions as per IFRS 3 revised” Key audit matter Audit procedures addressing the key audit matter On 31 December 2024, the group acquired 90% of Duereti S.r.l., a company operating in the electricity distribution segment, for a total consideration of €1,253 million, including the price adjustment. The accounting for the acquisition in accordance with IFRS 3 was completed on 31 December 2025, resulting in the identification and measurement at acquisition- date fair value of the following assets and liabilities: Our audit procedures, carried out partly by involving experts of the KPMG network, included the following: • understanding the transaction’s main terms by analysing the related contractual documentation; • understanding the process adopted by the group to identify the assets acquired and the liabilities assumed and to allocate the consideration 210 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 4 A2A Group Independent auditors’ report 31 December 2025 Key audit matter Audit procedures addressing the key audit matter • electricity grids (recognised under property, plant and equipment) of €66 million; • concessions on electricity networks (recognised under intangible assets) of €393 million; • deferred tax liabilities of €129 million. Accounting for this acquisition using the anticipated acquisition method also resulted in the recognition of goodwill of €649 million. Considering the materiality of the recognised assets and liabilities and the subjectivity affecting the assumptions underlying the estimates used to identify the transferred assets and liabilities and to measure their fair value, we believe that this issue is a key audit matter. transferred as part of the acquisition and assessing the design and implementation of relevant controls; • analysing the appraisal of the expert engaged by management to assist it in measuring the fair value of the assets acquired and liabilities assumed; • checking the appropriateness of the valuation methodologies and parameters used to determine the acquisition-date fair value of the assets acquired and liabilities assumed; • checking the consistency of the accounting treatment applied to the acquisition with the IFRS Accounting Standards; • assessing whether comparative information has been appropriately restated following the finalisation of the business combination accounting; • assessing the appropriateness of the disclosures provided in the notes. Responsibilities of the parent’s directors and board of statutory auditors (“Collegio Sindacale”) for the consolidated financial statements The directors are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board and endorsed by the European Union, as well as the Italian regulations implementing article 9 of Legislative decree no. 38/05 and, within the terms established by the Italian law, for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The directors are responsible for assessing the group’s ability to continue as a going concern and for the appropriate use of the going concern basis in the preparation of the consolidated financial statements and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless the directors believe that the conditions for liquidating the parent or ceasing operations exist, or have no realistic alternative but to do so. The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the group’s financial reporting process. Auditors’ responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA Italia will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 211 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 5 A2A Group Independent auditors’ report 31 December 2025 As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control; • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors; • conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the group to cease to continue as a going concern; • evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation; • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance, identified at the appropriate level required by ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with the ethics and independence rules and standards applicable in Italy and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the measures taken to eliminate those threats or the safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current year and are, therefore, the key audit matters. We describe these matters in our auditors’ report. 212 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 6 A2A Group Independent auditors’ report 31 December 2025 Other information required by article 10 of Regulation (EU) no. 537/14 On 28 April 2023, the parent’s shareholders appointed us to perform the statutory audit of its separate and consolidated financial statements as at and for the years ending from 31 December 2025 to 31 December 2033. We declare that we did not provide the prohibited non-audit services referred to in article 5.1 of Regulation (EU) no. 537/14 and that we remained independent of the parent in conducting the statutory audit. We confirm that the opinion on the consolidated financial statements expressed herein is consistent with the additional report to the Collegio Sindacale, in its capacity as audit committee, prepared in accordance with article 11 of the Regulation mentioned above. Report on other legal and regulatory requirements Opinion on the compliance with the provisions of Commission Delegated Regulation (EU) 2019/815 The parent’s directors are responsible for the application of the provisions of Commission Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (ESEF) to the consolidated financial statements at 31 December 2025 to be included in the annual financial report. We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express an opinion on the compliance of the consolidated financial statements with Commission Delegated Regulation (EU) 2019/815\. In our opinion, the consolidated financial statements at 31 December 2025 have been prepared in XHTML format and have been marked up, in all material respects, in compliance with the provisions of Commission Delegated Regulation (EU) 2019/815. Opinion and statement pursuant to article 14.2.e)/e-bis)/e-ter) of Legislative decree no. 39/10 and article 123-bis.4 of Legislative decree no. 58/98 The parent’s directors are responsible for the preparation of the group’s reports on operations and on corporate governance and ownership structure at 31 December 2025 and for the consistency of such reports with the related consolidated financial statements and their compliance with the applicable law. We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to: • express an opinion on the consistency of the report on operations and certain specific information presented in the report on corporate governance and ownership structure required by article 123- bis.4 of Legislative decree no. 58/98 with the consolidated financial statements; • express an opinion on the compliance of the report on operations, excluding the section that includes the sustainability statement, and certain specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 with the applicable law; 213 A2A Consolidated financial statements 2025 4\. Independent Auditors’ Report 1.a Consolidated financial statements 1.b Consolidated financial statements pursuant to Consob Resolution no. 15519 of July 27, 2006 2\. Explanatory notes 3\. Attachments to the notes to the Consolidated financial statements 4\. Independent Auditors’ Report 7 A2A Group Independent auditors’ report 31 December 2025 • issue a statement of any material misstatements in the report on operations and certain specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98. In our opinion, the report on operations and the specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are consistent with the group’s consolidated financial statements at 31 December 2025. Moreover, in our opinion, excluding the section which includes the sustainability statement, the report on operations and the specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 have been prepared in compliance with the applicable law. With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10, based on our knowledge and understanding of the entity and its environment obtained through our audit, we have nothing to report. Our opinion on compliance with the applicable law does not extend to the report on operations’ section which includes the sustainability statement. Our conclusion on the compliance of this section with the legislation governing its preparation and with the disclosure requirements of article 8 of Regulation (EU) 2020/852 is included in the assurance report prepared in accordance with article 14-bis of Legislative decree no. 39/10. Milan, 30 March 2026 KPMG S.p.A. (signed on the original) Luisa Polignano Director of Audit Bilancio Consolidato Bilancio Consolidato Bilancio Separato 2025 Separate financial statements Bilancio Separato It draws lifeblood from flowing water, which returns clean to the cycle bringing new life, every day. Willow 2025 Separate financial statements these Financial Statements are available at the website gruppoa2a.it 2 A2A Separate financial statements 2025 1.a.1 Statement of financial position 14 1.a.2 Income statement 16 1.a.3 Statement of comprehensive Income 17 1.a.4 Statement of cash flows 18 1.a.5 Statement of changes in equity 20 1.a Separate financial statements 1.b.1 Statement of financial position pursuant to Consob resolution no. 15519 of July, 27 2006 24 1.b.2 Income Statement pursuant to Consob resolution no. 15519 of July, 27 2006 26 1.b.3 Statement of cash flows pursuant to Consob resolution no. 15519 of July, 27 2006 27 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2.1 General information on A2A S.p.A. 32 2.2 Changes in International Financial Reporting Standards 35 2.3 Basis of preparation 38 2.4 Notes to the statement of financial position 59 2.5 Net financial debt 86 2.6 Notes to the income statement 88 2.7 Note on related party transaction 104 2.8 Significant non-recurring events and transactions, pursuant to Consob Communication No. DEM/6064293 of July 28, 2006 109 2.9 Guarantees and commitments with third parties 112 2.10 Other information 113 2 Explanatory notes Contents 4 Overview of performance, financial conditions and net debt 3 A2A Separate financial statements 2025 3.1 1/a - Statement of changes in investments in subsidiaries 144 3.2 1/b Statement of changes in investments in affiliates 145 3.3 1/c Statement of changes in investments in other companies 146 3.4 2/a - List of investments in subsidiaries 147 3.5 2/b - List of investments in affiliates 148 3.6 Key data of the financial statements of the main subsidiaries and affiliates prepared according to IFRS (pursuant to art. 2429.4 of the Italian Civil Code) 150 3.7 Key data of the financial statements of the main subsidiaries and affiliates prepared according to ITALIAN GAAP (pursuant to art. 2429.4 of the Italian Civil Code) 154 3.8 Certification of the financial statements pursuant to article 154-bis, paragraph 5 of Legislative Decree no. 58/98 156 3 Attachments This is a translation of the Italian original “Bilancio separato 2025” and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail. The Italian original is available at the website gruppoa2a.it 159 4 Independent Auditors' Report 169 5 Report of the Board of Auditors 4 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt Overview of performance, financial conditions and net debt A2A S.p.A. The purpose of the analysis below is to present, for A2A S.p.A., the Company’s situation, performance and results of operations, supplementing as provided in the Report on Operations submitted with the A2A Group financial statements. The Parent Company is responsible for strategic vision, planning, control, financial management and coordination of the A2A Group activities. It also provides services to support the business and operating activities of Group companies (administrative, legal, supply, and personnel management services, information technology and communications) in order to optimize the resources available and use existing expertise in the most efficient manner. These services are governed by intercompany service agreements. Finally, A2A S.p.A. provides its subsidiaries with office space and operating areas, as well as related services. A2A S.p.A. owns a number of hydroelectric plants located in Valtellina and Valchiavenna in Lombardy, as well as in Calabria and Friuli. In addition, A2A S.p.A. is responsible for managing the Group’s generation plant portfolio, including the purchase and sale of electricity, gaseous and non-gaseous fuels, gaseous and non-gaseous fuels, and environmental certificates on domestic and international wholesale markets. To this end, the Company operates through bilateral contracts (OTC) on the major brokerage platforms but is also present on the major spot and forward exchanges organized in Italy and abroad. Results millions of euro Income Statement 12.31.2025 12.31.2024 Change Percentage change Revenue from the sales and services 9,226.8 8,700.0 526.8 6.1% Other income 43.3 52.8 (9.5) (18.0%) Total Revenue 9,270.1 8,752.8 5 1 7.3 5.9% Operating Expenses Expenses for raw materials and services (8,130.7) (7,304.3) (826.4) 11.3% Other operating expenses (542.8) (576.5) 33.7 (5.8%) Total Operating Expenses (8,673.5) (7,880.8) (792.7) 10.1% Personnel expenses (211.6) (206.3) (5.3) 2.6% Gross Operating profit (loss) - EBITDA 385.0 665.7 (280.7) (42.2%) Depreciation, amortization and impairment losses (17 7.5) (164.3) (13.2) 8.0% Accruals (28.0) (28.8) 0.8 (2.8%) Operating profit (loss) - EBIT 179.5 472.6 (293.1) (62.0) Finance income 705.0 651.7 53.3 8.2% Finance expenses (187.6) (172.2) (15.4) 8.9% Net finance income (expenses) 517.4 479.5 37.9 7.9 % Profit (loss) before taxes 696.9 952.1 (255.2) (26.8%) Income taxes (52.7) (163.7) 111.0 ( 67.8 % ) Profit (loss) after taxes from continuing operations 644.2 788.4 (144.2) (18.3%) Profit (loss) from discontinued/held for sale operations – – – Profit (loss) for the year 644.2 788.4 (144.2) (18.3%) 5 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors In the year in question A2A S.p.A. shows revenues for a total of 9,270.1 million euro (8,752.8 million euro in the previous year). Sales revenues (8,942.5 million euro) mainly refer to electricity sales to wholesalers, institutional operators, even on IPEX markets (Italian Power Exchange) and subsidiaries, sales of gas and fuels to third parties and subsidiaries and the sale of materials and environmental certificates. Revenues from services (284.3 thousand euro) mainly relate to provisions to subsidiaries of administrative, fiscal, legal, managerial and technical services, and revenues from the Municipality of Milan for the video surveillance service. The increase in sales revenues is mainly due to the increase in prices on the wholesale markets of both electricity and gas, as well as higher revenues from sales of CO 2 mainly due to the higher functioning of the thermoelectric plants managed by A2A S.p.A. through tolling contracts. Other income (43.3 million euro) have decreased compared to the previous year mainly due to both the lower revenues related to the feed-in tariff incentive mechanism and the lower consideration granted by EP Produzione as the assignee for dispatching of the Scandale plant for the year 2025. Operating expenses amounted to 8,673.5 million euro (7,880.8 million euro at December 31, 2024) and refer to costs for raw materials (7,658.1 million euro) related primarily to purchases of energy and fuels, both for electricity production and for resale to customers and wholesalers, as well as purchases of materials and environmental certificates; service costs (472.6 million euro), which refer to the logistics costs for the transport on the national network of natural gas, costs for maintenance and repairs related to both the plants and the information systems of the company, as well as costs for services from third parties and from subsidiaries and associates; to other operating costs (542.8 million euro), which refer to the contracting of the thermoelectric production plants tolling agreement of subsidiaries, the costs relating to the use of a portion of the electricity capacity of Ergosud S.p.A., as well as water derivation fees, damages and penalties. The increase in operating costs derives mainly from the increase in raw material costs, attributable both to the increase in unit procurement prices, due to the increase recorded in the reference scenario, and to the higher volumes purchased, to the higher purchases of environmental certificates, the increase in which is affected both by the higher purchases of CO 2 due to the higher volumes emitted related to the higher thermoelectric production and the higher unit procurement cost, by the increase in costs for the transport and storage of natural gas, partly offset by the decrease in maintenance costs and costs for the provision of IT services, communication and sponsorship. Personnel expenses amounted to 211.6 million euro (206.3 million euro at December 31, 2024). The increase for the year includes both the effect of contractual renewals and the effect of the increase in staff. Due to the dynamics mentioned above the Gross operating profit - EBITDA amounted to 385.0 million euro (665.7 million euro at December 31, 2024). “Amortization and depreciation, provisions and impairment losses” of the year amounted to 205.5 million euro (193.1 million euro at December 31, 2024) and include amortization, depreciation and impairment losses on non-current assets for 177.5 million euro (164.3 million euro at December 31, 2024) and provisions for 28.0 million euro (28.8 million euro at December 31, 2024), mainly related to provisions for risks. 6 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt “Operating profit - Ebit” was positive for 179.5 million euro (472.6 million euro at December 31, 2024). Net finance income and expenses reported a positive balance of 517.4 million euro (positive for 479.5 million euro at December 31, 2024). This item includes dividends from investees companies of 535.0 million euro (395.7 million euro at December 31, 2024), as well as net financial expense of 17.6 million euro (net financial income 83.8 million euro at December 31, 2024). The “Profit before taxes” was positive for 696.9 million euro (positive for 952.1 million euro at December 31, 2024). “Income taxes” amounted to 52.7 million euro (163.7 million euro at December 31, 2024) and refer to current taxes calculated on taxable income IRES and IRAP, partially offset by deferred tax assets and liabilities. The “Profit of the year” was positive for 644.2 million euro (788.4 million euro at December 31, 2024). *** Net year capex amounted to 606.8 million euro and included net investments in shareholdings, treasury shares, as well as interventions on hydroelectric plants, computer equipment and network devices, buildings, fixed assets in progress, and capex in the Group’s information systems and software. During the year, treasury shares were also purchased for 14,9 million euro. 7 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Statement of financial position millions of euro 12.31.2025 12.31.2024 Change Percentage change Capital employed Net non-current assets 6,886.9 6,440.1 446.8 6.9% \- Property. plant and equipment 870.0 873.0 (3.0) (0.3%) \- Intangible assets and goodwill 209.0 189.1 19.9 10.5% \- Shareholdings and other non-current financial assets (*) 5,966.3 5 ,5 47.6 418.7 7.5% \- Other non-current assets/liabilities (*) 28.6 24.2 4.4 18.2% \- Deferred tax assets/liabilities 111.0 99.4 11.6 11.7% \- Provisions for risks and charges (200.1) (183.6) (16.5) 9.0% \- Employee benefits ( 97.9 ) (109.6) 11.7 (10.7%) of which through equity (22.2) (19.1) (3.1) 16.2% Net Working Capital and Other Current Assets/ Liabilities (453.8) (138.5) (315.3) n.s. Net Working Capital: (557.8) (274.4) (283.4) n.s. Inventories 159.5 184.4 (24.9) (13.5%) Trade receivables 2,766.5 1,956.7 809.8 41.4% Trade payables (3,483.8) (2,415.5) (1,068.3) 44.2% Other current assets/liabilities: 104.0 135.9 (31.9) (23.5%) \- Other current assets/liabilities (*) (10.7) 208.2 (218.9) n.s. \- Current tax assets/liabilities 114.7 (72.3) 1 8 7.0 n.s. of which through equity 1.6 (11.3) 12.9 n.s. Assets/liabilities held for sale (*) – – – of which through equity Total capital employed 6,433.1 6,301.6 131.5 2.1% Sources of funds Equity 5,318.7 5,016.5 302.2 6.0% Net non-current financial position 5,603.7 5,634.9 (31.2) (0.6%) Net current financial position (4,489.3) (4,349.8) (139.5) 3.2% Total Net Financial Position 1,114.4 1,285.1 (170.7) (13.3%) of which through equity (9.3) (5.4) (3.9) 72.2% Total sources of funds 6,433.1 6,301.6 131.5 2.1% (*) Excluding balances included in the Net Financial Position. 8 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt The Statement of financial position of A2A S.p.A. includes, with respect to the situation at December 31, 2024, the effect of the following non-recurring transactions: • acquisition of the “Digital and Supply Chain” business unit from AEB S.p.A., effective as of January 1, 2025; • transfer of the “Project Service & PMO” business unit to A2A Services & Real Estate S.p.A., effective as of January 1, 2025; • transfer of the “Innovation and Corporate Venture Capital Activities” business unit to A2A Life Ventures S.r.l., effective as of October 1, 2025. At December 31, 2025, “Capital employed” totalled 6,433.1 million euro, partly covered by “Equity” in the amount of 5,318.7 million euro and net debt of 1,114.4 million euro; provided below are the main items that make up the Capital Employed. “Net non-current assets” amounted to 6,886.9 million euro, up 446.8 million euro compared to December 31, 2024. Changes are detailed below: • Property, plant and equipment decreased by 3.0 million euro due to: \- decrease of 112.0 million euro for the depreciation charge for the year; \- investments made during the year for a total of 106.8 million euro; \- other increases for 2.3 million euro resulting mainly from changes in contracts for rights of use; \- negative effect non-recurring transactions for 0.1 million euro; • Intangible assets and goodwill increased by 19.9 million euro compared to December 31, 2024, due to: \- investments made during the year for a total of 85.4 million euro; \- decrease of 65.5 million euro for the charge for the year; • Shareholdings and other non-current financial assets amounted to 5,966.3 million euro, up 418.7 million euro compared to December 31, 2024, attributable to: \- 400.0 million euro increase in the shareholding in A2A Rinnovabili S.p.A. following the capital contribution approved by the Board of Directors on May 13, 2025 for 350.0 million euro and the conversion of the third tranche of part of the financial receivable from the company into equity of the same for 50.0 million euro; \- increase in the shareholding in Unareti S.p.A. for 163.7 million euro following the merger by incorporation, on July 1, 2025, of the companies LD Reti S.r.l. (162.6 million euro) and Camuna Energia S.r.l. (0.9 million euro) and a simultaneous decrease in shareholdings in the merged companies. It should be noted that the value of the investment in Camuna Energia S.r.l. had increased during the year before the merger by 0.2 million euro for the acquisition of 25.5% of the share capital of the shareholding to bring the ownership stake of A2A S.p.A. to 100%; \- incorporation of the company A2A Life Ventures S.r.l. and subsequent transfer, for 41.6 million euro, of the “Innovation and Corporate Venture Capital Activities” business unit, effective October 1, 2025; \- increase of 6.8 million euro relating to the capital contribution subscribed in the investee company A2A E-MOBILITY S.r.l.; \- increase of 3.1 million euro for capital contribution subscribed in the company TEXELERA S.c. a r.l.; \- decrease of 0.2 million euro of the shareholding in Duereti S.r.l. for price adjustment; 9 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors \- total increase of 2.7 million euro in shareholdings in subsidiaries resulting from the distributed shareholding plan relating to shares allocated free of charge to employees of subsidiaries; \- effect of non-recurring transactions negative for 43.0 million euro relating to the transfer to A2A Life Ventures S.r.l. of the “Innovation and Corporate Venture Capital Activities” BU, referring to investments made in innovative start-ups through Corporate Venture Capital projects, which had increased by 7.5 million euro during the year; • Other Non-Current Assets and Liabilities increased by 4.4 million euro, mainly due to less non- current liabilities; • Deferred tax assets amounted to 111.0 million euro (99.4 million euro at December 31, 2024) and show an increase of 11.6 million euro, including the positive effect of non-recurring transactions, positive for 2.4 million euro; • Provisions for risks and charges recorded an increase of 16.5 million euro. The following should be noted: an increase resulting from net provisions for the year of 28.2 million euro, mainly related to public water derivation fees and lawsuits pending with third parties; utilisations for the year of 3.6 million euro, while other negative changes amounted to 8.1 million euro; • Employee benefits showed a decrease of 11.7 million euro, referring to actuarial valuations, disbursements for the year and payments to pension funds, partly offset by net provisions for the year and the positive effect of non-recurring transactions. Net Working Capital and Other Current Assets/Liabilities “Net Working Capital”, defined as the algebraic sum of trade receivables, closing inventories and trade payables, amounted to a negative 557.8 million euro, down by 283.4 million euro compared to December 31, 2024. Comments on the main items are given below: • “Inventories” amounted to 159.5 million euro (184.4 million euro at December 31, 2024), net of the relative obsolescence provision for 0.8 million euro, unchanged compared to the previous year. The decrease is mainly attributable to the decrease in gas inventories compared to the end of the previous year, which mainly reflects the lower volumes of gas in storage; • “Trade receivables” amounted to 2,766.5 million euro (1,956.7 million euro at December 31, 2024), with an increase of 809.8 million euro mainly due to the increase in tariffs for the sale of electricity and gas observed during the year in the reference scenario; The “Bad debts provision”, calculated in compliance with IFRS 9, amounted to 0.4 million euro and showed a net decrease of 0.3 million euro compared to December 31, 2024; • “Trade payables” amounted to 3,483.8 million euro and increased by 1,068.3 million euro as a result of an increase in commodity trading transactions with bilateral counterparties. “Other current assets/liabilities” recorded a net decrease of 31.9 million euro, mainly due to: • net decrease in derivative assets/liabilities for 149.1 million euro; • decrease in security deposits for 40.7 million euro; • net increase in current tax assets for 187.0 million euro; • net decrease in assets/liabilities for tax consolidation for 11.7 million euro; • other decreases in other current assets for 16.6 million euro. 10 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt Equity “Equity” amounted to 5,318.7 million euro and showed a positive change for a total of 302.2 million euro. The result for the year had a positive effect of 644.2 million euro, offset by the distribution of the dividend of 313.3 million euro, as well as the recognition of the second tranche of coupons, for 37.5 million euro and the related tax effect of 9.0 million euro, on the hybrid subordinated non-convertible bond issue; there was also a positive net effect in the valuation of cash flow hedge derivatives and IAS 19 reserves for 12.2 million euro. The “Net Financial Position” at December 31, 2025 amounted to 1,114.4 million euro (1,285.1 million euro at end 2024). The gross debt amounted to 7,193.7 million euro, up by 8.3 million euro compared to December 31, 2024. Cash and cash equivalents amounted to 1,710.7 million euro, an increase of 387.5 million euro. The other net financial assets/liabilities showed an active balance of 4,368.6 million euro with a net increase of 208.6 million euro as compared to December 31, 2024. 11 A2A Separate financial statements 2025 Overview of performance, financial conditions and net debt Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 1.a Separate financial statements 14 A2A Separate financial statements 2025 1.a Separate financial statements 1.a.1 Statement of financial position (1) amounts in euro Assets Note 12.31.2025 12.31.2024 Non-current assets Property, plant and equipment 1 870,008,247 872,997,315 Intangible assets 2 142,348,852 122,442,058 Goodwill 3 66,658,839 66,658,839 Shareholdings 4 5,965,177,731 5,511,097,534 Other non-current financial assets 4 283,117,168 401,643,203 Deferred tax assets 5 111,007,182 99,326,563 Non-current derivatives 6 - 1,040,616 Other non-current assets 6 28,681,524 27,661,294 Total non-current assets 7,466,999,543 7,102,867,422 Current assets Inventories 7 159,481,250 184,413,436 Trade receivables 8 2,766,450,563 1,956,695,628 Current derivatives 9 640,875,475 865,148,611 Other current assets 9 185,611,590 252,032,500 Current financial assets 10 4,122,617,708 4,229,639,783 Current tax assets 11 114,703,209 16,542,579 Cash and cash equivalents 12 1,710,651,370 1,323,166,285 Total current assets 9,700,391,165 8,827,638,822 Assets held for sale - - Total assets 17,167,390,708 15,930,506,244 (1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of relations with related party transactions in the separate financial statements are highlighted in the accounting statements and commented on in Note 35. Significant non-recurring events and transactions in the separate financial statements are provided in Note 36 pursuant to Consob Communication DEM/6064293 of July 28, 2006. 15 A2A Separate financial statements 2025 1.a Separate financial statements Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors amounts in euro Equity and liabilities Note 12.31.2025 12.31.2024 Equity Share capital 13 1,629,110,744 1,629,110,744 (Treasury shares) 14 (9,706,324) - Reserves 15 3,055,012,809 2,599,010,980 Profit (loss) for the year 16 644,234,085 788,384,491 Total equity 5,318,651,314 5,016,506,215 Liabilities Non-current liabilities Non-current financial liabilities 17 5,849,765,302 5,982,457,503 Employee benefits 18 97,871,891 109,634,645 Provisions for risks and charges 19 184,121,032 182,710,105 Non-current derivatives 20 36,006,715 18,540,323 Other non-current liabilities 20 100,863 3,454,934 Total non-current liabilities 6,167,865,803 6,296,797,510 Current liabilities Provisions for risks and charges, current portion 19 15,993,004 902,319 Trade payables 21 3,483,747,020 2,415,495,893 Current derivatives 22 691,546,049 766,696,916 Other current liabilities 22 145,679,993 142,292,914 Current financial liabilities 23 1,343,907,525 1,202,973,435 Current tax liabilities 24 - 88,841,042 Total current liabilities 5,680,873,591 4,617,202,519 Total liabilities 11,848,739,394 10,914,000,029 Liabilities directly associated with assets held for sale - - Total equity and liabilities 17,167,390,708 15,930,506,244 16 A2A Separate financial statements 2025 1.a Separate financial statements 1.a.2 Income statement (1) amounts in euro Note 01.01.2025 12.31.2025 01.01.2024 12.31.2024 Revenue Revenue from sales and services 9,226,751,842 8,700,014,382 Other income 43,330,589 52,802,126 Total revenue 26 9,270,082,431 8,752,816,508 Operating expenses Expenses for raw materials and services 8,130,740,375 7,304,341,257 Other operating expenses 542,753,922 576,500,085 Total operating expenses 27 8,673,494,297 7,880,841,342 Personnel expenses 28 211,561,806 206,233,576 Gross operating profit (loss) - EBITDA 29 385,026,328 665,741,590 Depreciation, amortization and impairment losses 30 177,564,869 164,271,698 Impairment losses on trade receivables 30 (238,533) (2,016,578) Other provisions for risks 30 28,190,378 30,865,342 Operating profit (loss) - EBIT 31 179,509,614 472,621,128 Finance income and expenses Finance income 705,013,564 651,696,159 Finance expenses 187,569,357 172,189,763 Net finance income (expenses) 32 517,444,207 479,506,396 Profit (loss) before taxes 696,953,821 952,127,524 Income taxes 33 52,719,736 163,743,033 Profit (loss) after taxes from continuing operations 644,234,085 788,384,491 Profit (loss) from discontinued/held for sale operations - - Profit (loss) for the year 34 644,234,085 788,384,491 (1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of relations with related party transactions in the separate financial statements are highlighted in the accounting statements and commented on in Note 35. Significant non-recurring events and transactions in the separate financial statements are provided in Note 36 pursuant to Consob Communication DEM/6064293 of July 28, 2006. 17 A2A Separate financial statements 2025 1.a Separate financial statements Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 1.a.3 Statement of comprehensive income amounts of euro 12.31.2025 12.31.2024 Profit (loss) for the year (A) 644,234,085 788,384,491 Net actuarial gains (losses) 9,744,734 12,503,100 Related tax (2,868,266) (5,019,053) Post-tax net actuarial gains (losses) (B) 6,876,468 7, 4 8 4 ,0 47 Effective portion of net gains (losses) on cash flow hedges 8,975,531 (12,068,264) Related tax (3,585,932) 3,190,002 Post-tax net gains (losses) on cash flow hedges (C) ( * ) 5,389,599 (8,878,262) Fair value gains (losses) on financial assets (9,007,576) 9,007,576 Related tax 2,663,540 (2,663,540) Post-tax fair value gains (losses) on financial assets (D) (6,344,036) 6,344,036 Comprehensive income (expense) (A)+(B)+(C)+(D) 650,156,116 793,334,312 * the effects of these items will be transferred to the Income Statement in the following years 18 A2A Separate financial statements 2025 1.a Separate financial statements 1.a.4 Statement of cash flows (1) amounts in euro 12.31.2025 12.31.2024 Cash flows from operating activities Profit (loss) for the year 644,234,085 788,384,491 Adjustments for: Income tax expense 52,719,736 163,743,033 Net finance (income) expense 17,385,803 (83,816,888) (Gains) losses on sales (3,114,748) (13,975) Depreciation, amortization and impairment losses 177,582,005 164,271,698 Provisions 27,9 5 1 , 8 4 5 28,848,764 Share of (profit) loss of shareholdings 204,200 10,329 Interest and other finance income received 213,580,633 249,378,152 Interest and other finance expense paid (167,891,580) (144,149,037) Dividends from shareholdings (535,034,210) (395,693,766) Dividends from shareholdings received 535,034,210 395,693,766 Income taxes paid (216,953,651) (146,095,574) Dividends paid (313,290,528) (300,132,326) Change in trade receivables (809,516,403) 225,199,003 Change in trade payables 1,068,251,127 (562,992,164) Change in inventories 24,932,187 (10,247,243) Other changes (***) 177,463,644 83,390,094 Net cash flows from (used in) operating activities 893,538,355 455,778,357 Cash flows from investing activities Investments in property, plant and equipment (106,783,269) (68,816,347) Investments in intangible assets (85,379,494) (72,771,363) Purchases of other equity investments and securities (*) (418,491,855) (1,311,874,782) Proceeds from the sale of property, plant and equipment, intangible assets and other shareholdings 3,856,186 886,430 Increase in other investing activities (**) (80,000,000) (109,000,000) Decrease in other investing activities (**) 305,135,318 790,002,972 Net cash flows from (used in) investing activities (381,663,113) (771,573,090) Free cash flow 511,875,240 (315,794,733) Follow >> 19 A2A Separate financial statements 2025 1.a Separate financial statements Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 12.31.2025 12.31.2024 Cash flows from financing activities Changes in financial assets Change in intercompany currency accounts (68,529,221) (1,254,517,713) Total changes in financial assets (*) (68,529,221) (1,254,517,713) Change in financial liabilities Change in intercompany currency accounts 77,574,803 (266,376,310) Proceeds from borrowings/issue of bonds 2,846,354,700 1,810,000,000 Repayment of borrowings/redemption of bonds (2,906,031,621) (849,509,881) Payment of lease liabilities (21,315,235) (20,399,783) Total change in financial liabilities (*) (3,417,353) 673,714,026 Equity instruments Repurchase of treasury shares (14,943,582) - Proceeds from issue of perpetual hybrid bonds - 741,812,350 Interest paid on perpetual hybrid bonds (37,500,000) (9,426,209) Equity instruments (52,443,582) 732,386,141 Net cash flows from (used in) financing activities (124,390,155) 151,582,454 Net increase (decrease) in cash and cash equivalents 387,485,085 (164,212,279) Cash and cash equivalents at the beginning of the year 1,323,166,285 1,487,378,564 Cash and cash equivalents at the end of the year 1,710,651,370 1,323,166,285 (*) Net of balances recognized through equity and other statement of financial position items (**) These mainly refer to loans granted to subsidiaries. (***) Primarily includes changes in the fair value of commodity derivatives. (1) As required by Consob Resolution no. 15519 of July 27, 2006, the effects of relations related party transactions in the separate financial statements are highlighted in the accounting statements and commented on in Note 35. Continue >> 20 A2A Separate financial statements 2025 1.a Separate financial statements 1.a.5 Statement of changes in equity amounts in euro Share capital Treasury shares Hedging reserve Reserve for equity instruments – perpetual hybrid bond Other reserves Profit (loss) for the year Total equity Note 13 Note 14 Note 15 Note 15 Note 15 Note 16 Equity at December 31, 2023 1,629,110,744 - (3,785,619) - 1,675,120,438 488,210,234 3,788,655,797 Allocation of 2023 profit 488,210,234 (488,210,234) - Distribution of dividends (300,132,326) (300,132,326) Fair value gains (losses) on financial assets (*) 6,344,036 6,344,036 Net actuarial gains (losses) (IAS 19) (*) 7,4 8 4 ,0 47 7, 4 8 4 ,0 4 7 Net gains (losses) on cash flow hedges (*) (8,878,262) (8,878,262) Change in perpetual hybrid bonds 741,812,350 741,812,350 Interest paid on perpetual hybrid bonds (9,426,209) (9,426,209) Other changes 2,262,291 2,262,291 Profit (loss) for the year 788,384,491 788,384,491 Equity at December 31, 2024 1,629,110,744 - (12,663,881) 741,812,350 1,869,862,511 788,384,491 5,016,506,215 Share capital Treasury shares Hedging reserve Reserve for equity instruments – perpetual hybrid bond Other reserves Profit (loss) for the year Total equity Note 13 Note 14 Note 15 Note 15 Note 15 Note 16 Equity at December 31, 2024 1,629,110,744 - (12,663,881) 741,812,350 1,869,862,511 788,384,491 5,016,506,215 Effect non-recurring transactions (236,756) (236,756) Allocation of 2024 profit 788,384,491 (788,384,491) - Distribution of dividends (313,290,528) (313,290,528) Fair value gains (losses) on financial assets and liabilities (*) (683,466) (683,466) Net actuarial gains (losses) (IAS 19) (*) 6,876,468 6,876,468 Net gains (losses) on cash flow hedges (*) 5,389,599 5,389,599 Interest paid on perpetual hybrid bonds (37,500,000) (37,500,000) Other changes 7,062,021 7,062,021 Repurchase of treasury shares (14,943,582) (14,943,582) Issuance of treasury shares 5,237,258 5,237,258 Profit (loss) for the year - 644,234,085 644,234,085 Equity at December 31, 2025 1,629,110,744 (9,706,324) (7,274,282) 741,812,350 2,320,474,741 644,234,085 5,318,651,314 (*) Included in other comprehensive income (expense). 21 A2A Separate financial statements 2025 1.a Separate financial statements Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 24 A2A Separate financial statements 2025 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 1.b.1 Statement of financial position pursuant to Consob resolution no. 15519 of July, 27 2006 amounts in euro Assets 12.31.2025 of which Related Parties (note 35) 12.31.2024 of which Related Parties (note 35) Non-current assets Property, plant and equipment 870,008,247 22,664,873 872,997,315 29,972,788 Intangible assets 142,348,852 122,442,058 Goodwill 66,658,839 66,658,839 Shareholdings 5,965,177,731 5,965,177,731 5,511,097,534 5,511,097,534 Other non-current financial assets 283,117,168 281,940,448 401,643,203 365,009,059 Deferred tax assets 111,007,182 99,326,563 Non-current derivatives - 1,040,616 Other non-current assets 28,681,524 2 7,0 3 1 27,661,294 2 7,031 Total non-current assets 7,466,999,543 7,102,867,422 Current assets Inventories 159,481,250 184,413,436 Trade receivables 2,766,450,563 902,657,710 1,956,695,628 987,650,961 Current derivatives 640,875,475 865,148,611 Other current assets 185,611,590 148,218,219 252,032,500 157,608,984 Current financial assets 4,122,617,708 4,104,633,262 4,229,639,783 4,201,803,096 Current tax assets 114,703,209 16,542,579 Cash and cash equivalents 1,710,651,370 1,323,166,285 Total current assets 9,700,391,165 8,827,638,822 Assets held for sale - - Total assets 17,167,390,708 15,930,506,244 25 A2A Separate financial statements 2025 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors amounts in euro Equity and liabilities 12.31.2025 of which Related Parties (note 35) 12.31.2024 of which Related Parties (note 35) Equity Share capital 1,629,110,744 1,629,110,744 (Treasury shares) (9,706,324) - Reserves 3,055,012,809 2,599,010,980 Profit (loss) for the year 644,234,085 788,384,491 Total equity 5,318,651,314 5,016,506,215 Liabilities Non-current liabilities Non-current financial liabilities 5,849,765,302 20,584,518 5,982,457,503 26,253,581 Employee benefits 97,871,891 109,634,645 Provisions for risks and charges 184,121,032 - 182,710,105 8,218,636 Non-current derivatives 36,006,715 18,540,323 Other non-current liabilities 100,863 3,454,934 Total non-current liabilities 6,167,865,803 6,296,797,510 Current liabilities Provisions for risks and charges current portion 15,993,004 902,319 Trade payables 3,483,747,020 323,408,963 2,415,495,893 313,093,195 Current derivatives 691,546,049 766,696,916 Other current liabilities 145,679,993 16,802,819 142,292,914 14,279,712 Current financial liabilities 1,343,907,525 397,670,969 1,202,973,435 322,408,212 Current tax liabilities - 88,841,042 Total current liabilities 5,680,873,591 4,617,202,519 Total liabilities 11,848,739,394 10,914,000,029 Liabilities directly associated with assets held for sale - - Total equity and liabilities 17,167,390,708 15,930,506,244 26 A2A Separate financial statements 2025 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 1.b.2 Income Statement pursuant to Consob resolution no. 15519 of July, 27 2006 amounts in euro 01.01.2025 12.31.2025 of which Related Parties (note 35) 01.01.2024 12.31.2024 of which Related Parties (note 35) Revenue Revenue from sales and services 9,226,751,842 5,296,868,222 8,700,014,382 4,988,816,350 Other income 43,330,589 6,675,156 52,802,126 5,725,889 Total revenue 9,270,082,431 8,752,816,508 Operating expenses Expenses for raw materials and services 8,130,740,375 495,064,474 7,304,341,257 493,935,833 Other operating expenses 542,753,922 396,895,907 576,500,085 375,594,552 Total operating expenses 8,673,494,297 7,880,841,342 Personnel expenses 211,561,806 1,784,000 206,233,576 1,760,162 Gross operating profit (loss) - EBITDA 385,026,328 665,741,590 Depreciation, amortization and impairment losses 177,564,869 6,509,527 164,271,698 6,728,531 Impairment losses on trade receivables (238,533) (2,016,578) Other provisions for risks 28,190,378 30,865,342 Operating profit (loss) - EBIT 179,509,614 472,621,128 Finance income and expenses Finance income 705,013,564 676,904,233 651,696,159 600,234,186 Finance expenses 187,569,357 7,397,345 172,189,763 11,906,806 Net finance income (expenses) 517,444,207 479,506,396 Profit (loss) before taxes 696,953,821 952,127,524 Income taxes 52,719,736 163,743,033 Profit (loss) after taxes from continuing operations 644,234,085 788,384,491 Profit (loss) from discontinued/held for sale operations - - Profit (loss) for the year 644,234,085 788,384,491 27 A2A Separate financial statements 2025 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 1.b.3 Statement of cash flows pursuant to Consob resolution no. 15519 of July, 27 2006 amounts in euro 01.01.2025 12.31.2025 of which Related Parties (note 35) 01.01.2024 12.31.2024 of which Related Parties (note 35) Cash flows from operating activities Profit (loss) for the year 644,234,085 788,384,491 Adjustments for: Income tax expense 52,719,736 163,743,033 Net finance (income) expense 17,385,803 (134,676,878) (83,816,888) (192,633,615) (Gains) losses on sales (3,114,748) (13,975) Depreciation, amortization and impairment losses 177,582,005 6,509,527 164,271,698 6,728,531 Provisions 27,9 5 1 , 8 4 5 28,848,764 Share of (profit) loss of shareholdings 204,200 204,200 10,329 Interest and other finance income received 213,580,633 165,301,709 249,378,152 203,044,533 Interest and other finance expense paid (167,891,580) (7,208,889) (144,149,037) Dividends from shareholdings (535,034,210) (535,034,210) (395,693,766) (395,693,766) Dividends from shareholdings received 535,034,210 535,034,210 395,693,766 395,693,766 Income taxes paid (216,953,651) (146,095,574) Dividends paid (313,290,528) (300,132,326) Change in trade receivables (809,516,403) 84,993,251 225,199,003 368,639,418 Change in trade payables 1,068,251,127 10,315,768 (562,992,164) (135,737,296) Change in inventories 24,932,187 (10,247,243) Other changes (***) 177,463,644 9,122,378 83,390,094 (22,318,127) Net cash flows from (used in) operating activities 893,538,355 455,778,357 Cash flows from investing activities Investments in property, plant and equipment (106,783,269) (68,816,347) Investments in intangible assets (85,379,494) (72,771,363) Purchases of other equity investments and securities (*) (418,491,855) (412,471,914) (1,311,874,782) (1,308,723,976) Proceeds from the sale of property, plant and equipment, intangible assets and other shareholdings 3,856,186 886,430 Increase in other investing activities (**) (80,000,000) (80,000,000) (109,000,000) (109,000,000) Decrease in other investing activities (**) 305,135,318 305,135,318 790,002,972 789,215,316 Net cash flows from (used in) investing activities (381,663,113) (771,573,090) Follow >> 28 A2A Separate financial statements 2025 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 01.01.2025 12.31.2025 of which Related Parties (note 35) 01.01.2024 12.31.2024 of which Related Parties (note 35) Free cash flow 511,875,240 (315,794,733) Free cash flow Cash flows from financing activities Change in intercompany currency accounts (68,529,221) (68,529,221) (1,254,517,713) (1,254,517,713) Total changes in financial assets (*) (68,529,221) (1,254,517,713) Change in financial liabilities Change in intercompany currency accounts 77,574,803 77,574,803 (266,376,310) (266,376,310) Proceeds from borrowings/issue of bonds 2,846,354,700 1,810,000,000 Repayment of borrowings/redemption of bonds (2,906,031,621) (849,509,881) Payment of lease liabilities (21,315,235) (5,278,903) (20,399,783) (6,614,708) Total change in financial liabilities (*) (3,417,353) 673,714,026 Equity instruments Repurchase of treasury shares (14,943,582) - Proceeds from issue of perpetual hybrid bonds - 741,812,350 Interest paid on perpetual hybrid bonds (37,500,000) (9,426,209) Equity instruments (52,443,582) 732,386,141 Net cash flows from (used in) financing activities (124,390,155) 151,582,454 Net increase (decrease) in cash and cash equivalents 387,485,085 (164,212,279) Cash and cash equivalents at the beginning of the year 1,323,166,285 1,487,378,564 Cash and cash equivalents at the end of the year 1,710,651,370 1,323,166,285 (*) Net of balances recognized through equity and other statement of financial position items (**) These mainly refer to loans granted to subsidiaries. (***) Primarily includes changes in the fair value of commodity derivatives. Continue >> 29 A2A Separate financial statements 2025 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 2 Explanatory notes 32 A2A Separate financial statements 2025 2 Explanatory notes 2.1 General information on A2A S.p.A. A2A S.p.A. is a company incorporated under the laws of the Italian Republic which operates, also through its subsidiaries (“Group”), both in Italy and abroad. In particular, as the “Parent Company”, A2A S.p.A. is responsible for the guiding strategy, administration, planning and control, financial management and coordinating the activities of the A2A Group. Therefore, Group companies benefit from administrative, tax, legal, personnel management, procurement and communication services, so as to optimize the resources that are available within the Group and to use the existing known how in a cost-effective way. A2A S.p.A mainly operates in the following sectors: • production and sale of electricity from hydroelectric plants located in Lombardy, Calabria and Friuli- Venezia Giulia, as well as management of the Group’s portfolio of generation plants; • trading of electricity, gas and CO₂ through bilateral contracts or on the markets; • provision of administrative, tax, legal, treasury, human resources management, procurement and communication services, in order to optimise the resources available within the Group and to efficiently leverage existing know-how in a cost-effective manner. The Separate Financial Statements of A2A S.p.A. (hereinafter “the Financial Statements”) at December 31, 2025 have been prepared: • in compliance with Legislative Decree 58/1998 (art. 154-ter) as amended and with the Issuers’ Regulations published by Consob; • in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB) and approved by the European Union. IFRS means all the revised International Accounting Standards (IAS) and all the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC). In preparing the Financial Statements, the same standards used at December 31, 2024 were applied, other than the principles and interpretations described in detail in the paragraph below “Changes in International Financial Reporting Standards” adopted for the first time on January 1, 2025. The directors assessed the applicability of the going concern assumption in the preparation of the Financial Statements, concluding that this assumption is appropriate as it was verified that there were no financial, managerial or other indicators that could indicate critical issues regarding the Company’s ability to meet its obligations in the foreseeable future and in particular in the next 12 months. 33 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The Financial Statements have been prepared using the historical cost method, with the exception of the financial statement items that according to IFRS are recognized at fair value, as indicated in the valuation criteria of the individual items, and non-current assets and disposal groups classified as held for sale that are measured at the lower of carrying amount and fair value net of selling costs. The Financial Statements required the use of estimates by management; the areas characterized by valuations and assumptions of particular significance, together with those with significant effects on the reported situations, are reported in the section “Use of estimates and judgement by management” at the end of this paragraph. The currency used for the presentation of the Financial Statements is the euro, the functional currency of the company; all values are expressed in thousands of euro, unless otherwise indicated. The Financial Statements consist of: • Statement of financial position: provides for the distinction of assets and liabilities by maturity, separating between current and non-current; • Income statement: presented in scalar form with the individual items analysed by nature. The form chosen, in accordance with the presentation methods of the major sector operators and in line with international practice, is considered the most suitable to represent the company results; • Statement of components of the comprehensive income statement: presented in a separate table, it shows the components of the result suspended in equity; • Statement of cash flows: prepared using the indirect method, with separate presentation of cash flow from operating activities, investment activities and financing activities. More specifically, the Statement of cash flows is presented on a gross basis and does not include non-monetary transactions. In particular, although the company does not deviate from the provisions of IAS 7 in the classification of items, the following is specified: – in addition to cash flows from ordinary operations, cash flows from operating activities include interest on loans granted and obtained, dividends and advances on dividends paid, as well as dividends received from associated companies or joint ventures; – investment activities include investments in property, plant and equipment and intangible assets (including any capitalized financial expenses) and related disposals; investments and disposals in assets deriving from contracts with customers relating to agreements for concession services and other minor investments; – cash flows from financing activities include cash flows arising from liability management and lease transactions; • Statement of changes in equity: in addition to the components of the comprehensive income statement, it also shows the transactions with shareholders; • Explanatory notes. 34 A2A Separate financial statements 2025 2 Explanatory notes In section 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 are reported Statement of financial position, Income statement and Statement of Cash flow with the effects of relations with related parties, witch are defined in the paragraph 2.7 “Note on related party transaction”. The financial statements presented herein are the same as those used to prepare the Financial Statements at December 31, 2024, with the exception of the following changes that management has adopted to ensure better representation and comparability. With regard to the statement of financial position, the following steps were taken: • disaggregate the financial statement line relating to “Intangible assets and goodwill” through two new lines, respectively “Intangible assets” and “Goodwill”; • separate current/non-current asset/liability derivatives from the respective other current/non-current assets/liabilities; • separate the disbursement expected within the following 12 months from the “Provisions for risks and charges”, classifying it as a current liability. With regard to the Income Statement, the following steps were taken: • separate the item “depreciation, amortization, provisions and impairment losses” by nature: “Amortization, depreciation and impairment losses of non-current assets”, “Provision for risks on Impairment losses on trade receivables”, “Other provisions for risks”; As regards the Statement of cash flows, the following steps were taken: • saparate the line “net interest paid” into “interest received” and “interest paid”; • include the information relating to related parties. The Company also renamed certain lines in the financial statements with respect to the statements published as at December 31, 2024, reclassified inventories of environmental securities relating to the industrial portfolio from “Intangible assets” to “Inventories”, and reclassified the portion within the financial year “Provisions for risks and charges”. The changes relating to the values at December 31, 2024 are not considered relevant for the economic and equity size of the Company. In this file, use has been made of some Alternative Performance Indicators that are different from the financial indicators expressly provided for by the IFRS international accounting standards adopted by the Company; for details of these indicators, please see the specific paragraph Alternative Performance Indicators in the Report on Operations. 35 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 2.2 Changes in International Financial Reporting Standards Accounting standards, amendments and interpretations applicable by the company as of January 1, 2025 Effective from January 1, 2025, the amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates,” issued by the IASB on August 15, 2023, came into force to regulate the procedures to be followed in the event of a lack of exchangeability between currencies. The amendment introduces requirements to determine when a currency is convertible into another currency and when it is not and requires an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. The amendment had no impact on the financial statements as at December 31, 2025. Accounting standards, amendments and interpretations endorsed by the European Union but not yet mandatorily applicable and not early adopted by the Company 1\. Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) On May 27, 2025, the amendments to IFRS 9 and IFRS 7 regarding “Amendments to the Classification and Measurement of Financial Instruments,” issued in 2024, were endorsed, with entry into force scheduled for January 1, 2026. These amendments clarify the classification of financial assets with environmental, social and governance (ESG) features and similar ones, as well as the settlement of financial liabilities through electronic payment systems. They also introduce disclosure requirements aimed at enhancing transparency for investors in relation to investments in equity instruments measurement at fair value through other comprehensive income statement and in financial instruments with contingent features, such as features linked to ESG goals. • The amendments to IFRS 9 clarify the circumstances under which a financial asset or liability is recognised and derecognised. According to the amendments, a company generally derecognizes its financial liability on the settlement date. Normally, this is the date when the payment is completed. The amendments also introduce an exception, permitting the company to derecognize its financial liability prior to the settlement date, which is the date when the payment is initiated and cannot be cancelled. The exception is available when the company uses an electronic payment system that satisfies all of the following criteria: – no practical way to withdraw, stop, or cancel the payment instruction; – no practical means to access the money needed for the settlement as a result of the payment instruction; – the settlement risk connected with the electronic payment system is insignificant. 36 A2A Separate financial statements 2025 2 Explanatory notes • The amendments also provide more precise criteria for determining when a financial asset can be classified as “measured at amortized cost” or “at fair value.” This helps companies to treat complex instruments consistently, such as loans with prepayment options or variable clauses (e.g. instruments linked to ESG indices or non-standard variable rates). The amendments further clarify how to measure such instruments, with the aim of ensuring that the measurement better reflects the actual economic risk. • The amendment to IFRS 7 provides for an additional disclosure for financial assets and liabilities with contractual terms referencing a potential event, including those associated with ESG factors, as well as for equity instruments classified at fair value through other comprehensive income statement elements. The Company is currently assessing the impacts of these amendments, but no significant effects are expected. 2\. Nature-dependent electricity contracts (Amendments to IFRS 9 and IFRS 7) On June 30, 2025, the amendments to IFRS 9 and IFRS 7 regarding nature-dependent electricity purchase contracts (power purchase agreements) were endorsed. These amendments will enter into force on January 1, 2026. The amendments clarify the requirements for applying the “own-use exemption,” define the rules for using these agreements as hedging instruments in a hedge accounting relationship, and introduce disclosure obligations to enable investors to understand the effects of such agreements on the company financial performance and future cash flows. The Company is currently assessing the impacts of these amendments, but no significant effects are expected. 3\. Annual Improvements to IFRS Accounting Standards—Volume 11 On July 9, 2025, the annual improvements “Annual Improvements to IFRS Accounting Standards – Volume 11” were endorsed as part of the ordinary improvement process, with entry into force scheduled for January 1, 2026. The annual improvements aim to streamline and clarify existing standards by resolving any inconsistencies identified in the IFRS Accounting Standards or by providing terminological clarifications. 37 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 4\. IFRS 18 Presentation and disclosure in financial statements On February 13, 2026, IFRS 18, issued by the IASB in April 2024, was endorsed, replacing IAS 1 ‘Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of the income statement, including specific totals and subtotals. In addition, entities will have to classify all costs and revenues within the income statement into five categories: operating, investing, financing, income taxes and discontinued operations, where the first three categories are new. The standard also requires disclosure on the basis of the new definition of management-defined performance measures (MPM), subtotals of costs and revenues, and includes new provisions for the aggregation and disaggregation of financial information on the basis of the identified roles of the “primary” financial statements (PFS) and the notes. In addition, amendments have been made to IAS 7 Cash Flow Statement, which include the change in the starting point for determining operating cash flows on the basis of the indirect method; from profit or loss to operating profit or loss and the removal of the option to classify cash flows from dividends and interest. In addition, consequential changes were made to several other accounting standards. IFRS 18, and the amendments to the other standards, are effective for financial years beginning on or after January 1, 2027. However, early application is permitted unless disclosed. IFRS 18 will apply retrospectively. The Group is currently working, also with the support of external professionals, to identify the impacts that the changes will have on its financial statements and notes to the financial statements, on information systems and on agreements and contracts (e.g. employee benefits and financing contracts/covenants). Accounting standards, amendments and interpretations not yet endorsed by the European Union and applicable from subsequent financial years Document title Date of entry into force of the IASB document New IFRS accounting standards IFRS 19 Subsidiaries without public accountability: disclosures January 1, 2027 Translation to a hyperinflationary presentation currency (amendments to IAS 21) January 1, 2027 The analyses of the potential impacts arising from the initial application of the above documents are still in progress. 38 A2A Separate financial statements 2025 2 Explanatory notes 2.3 Basis of preparation Translation of foreign currency items Items denominated in currencies other than the functional currency, whether monetary (cash and cash equivalents, assets and liabilities that will be collected or paid in fixed or determinable amounts of money, etc.) or non-monetary (advances to suppliers of goods and/or services, goodwill, intangible assets, etc.), are initially recognized at the exchange rate in effect on the date the transaction is executed. Subsequently, monetary items are converted into the functional currency on the basis of the exchange rate on the reporting date, and differences arising from the conversion are recorded in the income statement. Non-monetary items are maintained at the conversion rate of the transaction. Property, plant and equipment Assets for business use are recorded under “Property, plant and equipment” while non-business assets are classified as “Investment properties” if necessary. Property, plant and equipment are measured at cost, including any additional charges directly attributable to bringing the asset into an operating condition (e.g. transport, customs duty, installation and testing costs, notary and land registry fees and any non-deductible VAT), increased when material and where there are obligations by the present value of the estimated cost of restoring the location from an environmental point of view or dismantling the asset. Borrowing costs, where directly attributable to the purchase or construction of an asset, are capitalized as part of the cost of the asset if the type of asset so warrants. If important components of tangible assets have different useful lives, they are accounted for separately using the “component approach”, assigning to each component its own useful life for the purpose of calculating depreciation (the component approach). Land, whether occupied by residential or industrial buildings or devoid of construction, is not depreciated as it has an unlimited useful life, except for land used in production activities that is subject to deterioration over time (e.g. quarries). Ordinary maintenance costs are fully expensed to the income statement in the year they are incurred. Costs for maintenance carried out at regular intervals are attributed to the assets to which they refer and are depreciated over the specific residual possibility of use of such. Property, plant and equipment are stated net of accumulated depreciation and any impairment losses. Depreciation is charged from the year in which the individual asset enters service on a straight-line basis over the estimated useful life of the asset for the business. The estimated realizable value which is deemed to be recoverable at the end of an asset’s useful life is not depreciated. The useful life of each asset is reviewed annually and any changes, if needed, are made with a view to showing the correct value of the asset. Depreciation of property, plant, and equipment was calculated based on economic and technical useful lives, considered representative of their residual useful life. 39 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The main useful lives used are as follows: • non-industrial buildings 10-40 years • industrial buildings 10-60 years • production plants 10-50 years • distribution networks 10-50 years • miscellaneous equipment 3-16 years • furniture and fittings 6-16 years • electrical and electronic office machines - data processing systems 5-10 years • means of transport 10 years • other miscellaneous 3-12 years • fibre optic network 5-20 years • improvements to third-party assets - buildings 1-19 years If specific indicators suggest an impairment loss, property, plant, and equipment are subjected to an impairment test as described in the following paragraph “Impairment of Non-Financial Assets and shareholdings in controlled companies”. Any impairment losses may be subject to subsequent reversals if the underlying reasons no longer apply. When an asset is disposed of or if future economic benefits are no longer expected from using an asset, it is derecognized and any gain or loss (being the difference between the disposal proceeds and the carrying amount) is recognized in the income statement in the year of the derecognition. Right-of-use assets The Company determines whether the contract is, or contains, a lease by applying the definition provided by IFRS 16, which is satisfied when the contract transfers the right to control the use of an underlying asset for a period of time in exchange for a fee. Right-of-use assets, recorded in a specific item among property, plant and equipment, are recognized at the lease inception date, i.e. the date on which the underlying asset is available for use. Right-of-use assets are measured at cost, net of accumulated depreciation and impairment losses, and adjusted for any restatement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized and lease payments made on or before the commencement of the lease. Right-of-use assets are depreciated on a straight-line basis from the effective date to the end of the useful life of the asset consisting of the right-of-use assets or at the end of the lease term, whichever is earlier. If the lease transfers ownership of the underlying asset to the lessee at the end of the term of the contract or if the cost of the asset consisting of the right-of-use assets reflects the fact that the lessee will exercise the purchase option, the asset consisting of the right-of-use assets is depreciated from the effective date until the end of the useful life of the underlying asset. 40 A2A Separate financial statements 2025 2 Explanatory notes Lease liabilities are recognized as financial liabilities (current or non-current depending on the due date of the payments) at the present value of the lease payments not yet paid at the reporting date. Lease payments also include the exercise price of a purchase option if it is reasonably certain that the option will be exercised. The Company applies the exception to the recognition envisaged for short-term leases to its contracts with a duration equal to or less than 12 months from the effective date. It also applies the exception to the recognition provided for leases in which the underlying asset is of “modest value” and whose amount is estimated as not significant. For example, the Company leases some office equipment (i.e. PCs, printers and copiers) that is considered to be of low value. Payments due for short-term leases and for leases in which the underlying asset is of modest value are recognized as a cost on a straight- line basis for the duration of the lease. Intangible assets In accordance with IAS 38, intangible assets are identifiable, non-physical assets controlled by the Company, for which it is probable that future economic benefits will be generated from their use and the cost of which can be reliably determined. Identifiability is normally satisfied when: (i) the intangible asset is attributable to a legal or contractual right, or (ii) the asset is separable, in other words it can be sold, transferred, rented or exchanged individually and not as an integral part of other assets. Control by the enterprise consists of the right to enjoy the future economic benefits flowing from the asset and to restrict the access of others to those benefits. Intangible assets are recorded in the financial statements at purchase or production cost, including incidental costs, determined using the same methods indicated for property, plant and equipment. Internally generated intangible assets are recognized only when the Company can demonstrate the technical feasibility, intention and availability of resources to complete the asset and have the ability to use or sell it, alternatively the costs incurred are recognized in the income statement in the year in which they arose. Intangible assets with definite useful life are recognized net of accumulated amortization and any impairment losses determined using the same methods previously described for property, plant, and equipment. Changes in the expected useful life or in the ways in which the future economic benefits of an intangible asset are achieved by the Company are accounted for by suitably adjusting the period or method of amortization, treating them as changes in accounting estimates. The amortization of intangible fixed assets with a definite useful life is charged to income statement in the cost category that reflects the function of the intangible asset concerned. If specific indicators of impairment exist, intangible assets are subject to impairment testing according to the procedures described in the following section “Impairment of non-financial assets and Shareholdings in controlled companies”. Any impairment losses may be subject to subsequent reversals if the reasons for their impairment losses no longer apply. Intangible assets with indefinite useful life and those not yet available for use are subject to impairment testing at least annually, regardless of the presence of specific indicators of impairment, according to the procedures described in the following section “Impairment of non-financial assets and Shareholdings in controlled companies”. 41 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The main useful lives used are as follows: • industrial patents and intellectual property rights 3-5 years • concessions, licenses, trademarks and similar rights 1-10 years • other intangible assets 23-47 years Gains or losses on the disposal of an intangible asset are calculated as the difference between the disposal proceeds and the carrying amount of the asset and recognized in the Income Statement at the time of the disposal. Shareholdings Investments in subsidiaries, associates and joint ventures are measured using the cost method, adjusted, where applicable, for impairment losses, as described in greater detail in the following section, ‘Impairment of non-financial assets and shareholdings in subsidiaries. Fair value measurement For all fair value measurements and related disclosures, as required or permitted by international accounting standards, the Company applies IFRS 13. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (“exit-price”). The fair value measurement assumes that the sale of the asset or the transfer of the liability takes place in the principal market, i.e. the market where the greatest volume and level of transactions for the asset or liability takes place. In the absence of a principal market, it is assumed that the transaction takes place in the most advantageous market to which the Company has access, i.e. the market that maximizes the results of the sale of the asset or minimizes the amount to be paid to transfer the liability. The fair value of an asset or liability is determined using the assumptions that market participants would take into account to define the price of the asset or liability, assuming that they act in their best economic interest. Market participants are independent, well-informed buyers and sellers who are able to conclude a transaction for the asset or liability and are interested, but not obliged or otherwise induced to complete the transaction. In measuring fair value, the Company considers the characteristics of the specific assets or liabilities and uses measurement techniques appropriate to the circumstances and for which sufficient data are available to measure the fair value itself, maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value hierarchy IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the quality of the input source used to calculate the fair value. In particular, IFRS 7 and IFRS 13 set out three levels of fair value: • level 1: this level consists of financial assets and liabilities for which fair value is based on (unadjusted) prices for identical assets or liabilities quoted on active official or over-the-counter markets; • level 2: this level consists of financial assets and liabilities for which fair value is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly; • level 3: this level consists of financial assets and liabilities for which fair value is based on unobservable market data. This level includes instruments measured on the basis of internal estimates made using proprietary methods based on best sector practice. 42 A2A Separate financial statements 2025 2 Explanatory notes Impairment of non-financial assets and shareholdings in controlled companies At each financial statement date, the Company verifies whether there are any indications that non-financial assets (property, plant and equipment, intangible assets and goodwill) may have suffered an impairment loss. To this end, the Company considers both internal and external sources of information. With regard to internal sources, the following are considered: the obsolescence or physical deterioration of the asset, any significant changes in the use of the asset and the economic performance of the asset with respect to what was expected. With regard to external sources, on the other hand, the following are considered: the trend in the market prices of the assets, any technological, market or regulatory discontinuities, the trend in market interest rates and the cost of capital used to measure investments and finally if the carrying amount of the Company’s net assets is higher than the market capitalization. With specific reference to investments in subsidiaries, in addition to the indicators mentioned above, a check is carried out to determine whether the carrying amount of the shareholding exceeds the pro rata share of the investee’s carrying amount of shareholders’ equity. If, on the basis of this verification, it emerges that the non-financial assets, or investments in subsidiaries, may have suffered an impairment loss, the Company estimates their recoverable value by carrying out an impairment test. Goodwill impairment testing is carried out at least once a year or, more frequently, whenever there is an indication that the asset may have suffered an impairment loss. When it is not possible to estimate the recoverable amount of an individual asset or shareholding, the Company estimates the recoverable amount of the cash-generating unit (‘CGU’) to which the asset or the sherholding belongs. A CGU is the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows generated by other assets or groups of assets. The CGUs identified by Management at December 31, 2025 coincide with the individual companies belonging to the A2A Group. If the carrying amount of a CGU or a shareholding exceeds its recoverable amount, an impairment loss is recognized in the income statement, which is first recognized as a reduction in the carrying amount of any goodwill and only subsequently to the other assets of the CGU in proportion to their carrying amount up to the amount of the recoverable amount. The recoverable amount of a CGU or a shareholding is the higher of its fair value, less disposal costs, and its value in use. The value in use is the present value of estimated future cash flows, based on pre- tax business plans prepared by management, applying a post-tax discount rate that reflects current market assessments of the time value of money and the specific risks of the assets comprising the CGU or the shareholding. The long-term growth rate used to estimate the terminal value of the unit (or group of units), where present, is assumed not to exceed the average long-term growth rate of the sector, country or market in which the unit operates. In the case of CGUs or shareholdings relating to gas networks, the recoverable value is determined on the basis of the Residual Industrial Value (VIR) estimate, considering as a starting point the value of the RAB (Regulatory Asset Base). In the case of CGU or shareholdings relating to electricity networks, the recoverable value is determined by weighing scenarios with a definite useful life (with a liquidation value based on the RAB) and an indefinite useful life (applying a terminal value). Future cash flows are estimated by reference to the current conditions of the cash-generating unit and, therefore, do not include the benefits arising from future restructuring for which the Company has not yet committed, nor future investments to improve or optimize the unit. 43 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors For the purposes of impairment testing, the carrying amount of a CGU is determined in line with the criterion used to determine the recoverable amount of the cash-generating unit, excluding surplus assets (i.e. financial assets, deferred tax assets and net non-current assets held for sale). Impairment losses on goodwill cannot be reversed. For other assets and shareholdings, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortization, if no impairment loss had been recognized. Environmental certificates The Company is subject to the various environmental regulations that require compliance with the constraints set through the use of certificates or securities, in particular companies operating in regulated sectors (e.g. energy) buy and sell shares on organised markets, and these transactions have characteristics similar to those of goods intended for sale or consumption in the operating cycle. The Company therefore records the environmental certificates among the Inventories. In the absence of a specific IFRS reference standard, the accounting treatment adopted by the Company complies with the general rules included in the body of applicable IFRS accounting standards and in line with international best practice. The valuation of the securities is carried out in relation to the destination attributed to them. Securities held to meet business needs are recorded among assets at cost, while those traded for trading purposes are measured at fair value with an impact on the income statement defined with reference to any sales contracts, including forward contracts, already signed at the reporting date and, on a residual basis, at market prices. Certificates assigned free of charge are only registered at the time of transfer to third parties. If the requirement exceeds the units/certificates in the portfolio at the statement of financial position date (“deficit”), the cost necessary to meet the residual obligation is allocated to the statement of financial position, estimated on the basis of any purchase contracts, including forward contracts, already signed at the statement of financial position date and, residually, market prices, and a specific provision for risks and charges is recognized. Inventories Inventories are stated at the lower of purchase cost and estimated net realizable value. The method used to determine cost is the weighted average cost, including directly attributable ancillary costs (for example, ship freight, customs duties, insurance, laytime and demurrage on fuel purchases). Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs to realize the sale or, where applicable, the replacement cost. Gas inventories held for trading purposes, stored at facilities separate from gas used for industrial purposes, are measured at fair value at the reporting date, with a balancing entry in the income statement, as required by IAS 2, paragraph 3, letter b. Inventories are constantly monitored and, where necessary, obsolete stocks are written down with a charge to the Income Statement. 44 A2A Separate financial statements 2025 2 Explanatory notes Materials and other consumables (including energy commodities) held for use in production are not written down if it is expected that the final product into which they will be incorporated will be sold at a price sufficient to enable recovery of the cost incurred. Spare parts and equipment necessary for maintenance are recorded in inventories and their cost is recognized in the income statement when they are used. Plant spare parts are recorded under property, plant and equipment and depreciated on the basis of the useful life of the plant to which they refer if they have significant value, multi-year use, constitute equipment necessary for the operation of plant and machinery and are likely to generate future economic benefits. Power Purchase Agreements Power Purchase Agreements (PPA) that involve the physical delivery of energy and that do not meet the requirements of IFRS 10 for the existence of control, IFRS 11 for the existence of joint control over a company or an asset, or IFRS 16 for the recognition of a lease, but that meet the definition of a derivative in IFRS 9, are accounted for under the own-use exemption rules when the relevant conditions are met. The Power Purchase Agreements (PPA) signed by the Company to date, in purchase and sale, are mainly accounted for according to the rules of the own use exemption, in addition to some Virtual PPA accounted for as hedging derivatives for according to IFRS 9 because they are signed for the purpose of hedging cash flows from highly probable transactions. Financial instruments Financial instruments are recognized and measured in accordance with IAS 32 (Financial Instruments: Presentation) and IFRS 9 (Financial Instruments). Financial assets and liabilities are recognized at the time that the contractual rights and obligations forming part of the instrument arise. Cash and cash equivalents This category includes deposits available on demand or at very short notice, as well as short-term and highly liquid financial investments readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Financial assets other than cash and cash equivalents They include investments (excluding investments in subsidiaries, jointly controlled entities, and associates); receivables, loans, and other non-current financial assets; trade receivables and other receivables arising from the company’s operations, as well as other current financial assets. Financial assets are initially measured at fair value, adjusted, in the case of assets not subsequently measured at fair value, for transaction costs directly attributable to their acquisition or issue. Trade receivables that do not have a significant financing component are measured at the transaction price. All equity instruments - both listed and unlisted - are measured at fair value. 45 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Financial assets are classified as: • financial assets at amortized cost; • financial assets at fair value through other comprehensive income \- with recycling of accumulated gains and losses (debt instruments) \- without recycling of accumulated gains and losses upon derecognition (equity instruments); • financial assets at fair value in the Income Statement. Classification is carried out on the basis of an entity’s business model and the contractual cash flow characteristics of the financial asset. Financial assets at amortized cost This category includes assets not represented by derivative instruments and not listed on an active market that meet the following requirements: the entity’s business model requires that the financial asset be held for the collection of contractual cash flows (held-to-collect) and the characteristics of the contractual cash flows of the asset correspond solely to the payment of principal and interest. This category mainly includes trade receivables, other receivables and financial receivables. These are valued using the effective interest method and are subject to impairment. Gains and losses are recognized in the income statement when the asset is derecognized, modified, or adjusted for impairment. Financial assets at fair value through other comprehensive income (FVOCI) Financial assets not classified as financial assets measured at amortized cost may be classified and subsequently measured at their fair value recognised in the Income Statement or in the Other Comprehensive Income Statement. The determination depends on whether this financial asset is a debt or equity instrument. Debt instruments A financial asset representing a debt instrument, other than a derivative, shall be measured at fair value through other comprehensive income if both of the following conditions are met: • the asset is held as part of a business model whose objective is to hold financial assets for the purpose of collecting contractual cash flows and selling financial assets; • the contractual terms of the asset provide for certain maturities of the cash flows represented solely by payments of principal and interest on the amount of the principal to be repaid. When the financial assets do not meet the two conditions above, they are classified as measured at fair value through profit or loss, which is therefore a residual classification method. Changes in fair value are recognized directly in equity until the actual sale, at which time they are transferred to the income statement. Impairment losses, exchange gains and losses and interest calculated using the effective interest method are instead recorded directly in the Income Statement when they occur. 46 A2A Separate financial statements 2025 2 Explanatory notes Losses recognized directly in equity are reversed and recognized in the income statement even if the financial asset has not been derecognized when there is objective evidence that the asset has suffered an impairment loss. Equity instruments A financial asset representing an equity instrument may be measured at Fair Value recognized in Other Comprehensive Income if both of the following conditions are met: • the asset is not held for trading; • the company avails itself of the irrevocable option to designate this asset as measured at FVOCI. When the financial assets do not meet the two conditions above, they are classified as measured at fair value through profit or loss, which is therefore a residual classification method. Gains and losses on these financial assets will never be recycled to the income statement. The Company may transfer the cumulative gain or loss within equity. This category includes equity investments in other companies irrevocably designated as such at the time of initial recognition. Equity instruments designated at fair value through the other comprehensive income are not subject to impairment. Dividends on such investments are recognized in the income statement unless they clearly represent a recovery of part of the cost of the investment. Financial assets measured at fair value through the income statement This is a residual category that includes: • financial assets with cash flows that are not represented solely by principal and interest payments, regardless of the business model; • financial assets held for trading as purchased or held primarily for the purpose of being sold or repurchased within a short period of time; • derivative instruments, including embedded derivatives, held for trading or not designated as effective hedging instruments; • contingent fees. Financial instruments at fair value with changes recognized in the income statement are recognized in the statement of financial position at fair value, and the gains and losses resulting from changes in fair value are subsequently recognized in the income statement. This category also includes equity investments in companies that the Company has not irrevocably designated at fair value through OCI. Dividends on these investments are also recognized among other income in the Income Statement when the right to payment is established. 47 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Derecognition A financial asset is derecognized when: • the rights to receive cash flows from the asset no longer apply; • the company has transferred to a third party the right to receive cash flows from the asset or has assumed a contractual obligation to transfer them. In substance, the transfer is completed when: the company has transferred all the risks and rewards of ownership of the asset or has transferred control of the asset while maintaining the related risks and rewards. In cases where the Company has transferred the rights to receive cash flows from an asset or signed an agreement under which it retains the contractual rights to receive the cash flows from the financial asset but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass- through), it assesses whether and to what extent it has retained the risks and rewards of ownership. If the Company has neither transferred nor retained substantially all risks and benefits or has not lost control over it, the asset continues to be recognized in the Company’s financial statements to the extent of its continuing involvement in the asset. In this case, the Company also recognizes an associated liability. The transferred asset and the associated liability are valued to reflect the rights and obligations that remain with the Company. When the entity’s continuing involvement is a guarantee of the transferred asset, involvement is measured on the basis of the lower of the amount of the asset and the maximum amount of consideration received that the entity might have to repay. Financial liabilities The Company’s financial liabilities include trade payables and other liabilities, loans and borrowings, including current account overdrafts and derivative financial instruments. Financial liabilities are initially measured at fair value, adjusted, in the case of liabilities not subsequently measured at fair value, for transaction costs directly attributable to their acquisition or issue. The subsequent evaluation depends on the classification of the main instrument: • financial liabilities at fair value in the Income Statement, typically of a trading nature (settlement and transfer in the short term). This category includes financial derivatives held for trading (speculative); • loans and receivables: valued at amortized cost using the effective interest method. Gains and losses are recognized in the Income Statement when the liability is settled, as well as through amortization. A financial liability is derecognized when the obligation underlying the liability is settled or cancelled. When an existing financial liability is replaced by another to the same creditor on substantially different terms, or the terms of an existing liability are substantially modified, such replacement or modification is treated as derecognition of the original liability and recognition of a new liability. The difference between the respective carrying amounts is recognized in the Income Statement. 48 A2A Separate financial statements 2025 2 Explanatory notes Derivative financial instruments Derivative instruments are classified as financial assets or liabilities depending on the positive or negative fair value and are classified as “held for trading” within “Other business models” and measured at fair value in the Income Statement, with the exception of those designated as effective hedging instruments. All derivatives held for trading are classified as current assets and liabilities. Derivatives not held for trading, but measured at fair value through profit or loss as they do not qualify for hedge accounting, and derivatives designated as effective hedging instruments are classified as current or non-current based on their maturity date and the Company’s intention to hold or not hold such instruments to maturity. These are initially recognized at fair value on the date the contract is signed and the subsequent measurement is also at fair value. To classify a derivative as a hedge, the company formally designates and documents the hedging relationship, its risk management objectives and the strategy pursued by identifying: a) the hedging instrument b) the nature of the risk being hedged c) the way in which the company will assess the effectiveness of the hedge. The hedging relationship is effective if: • there is an economic relationship between the hedged item and the hedging instrument; • the effect of the credit risk does not prevail over the changes in value resulting from the aforementioned economic relationship; • the hedging ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge this quantity of hedged item. Transactions that meet the above criteria are accounted for as follows: Fair value hedges If a derivative financial instrument is designated as a hedge against exposure to changes in the fair value of an asset or liability attributable to a specific risk, the gain or loss resulting from subsequent changes in fair value of the hedging instrument is recognized in the Income Statement. The gain or loss resulting from the fair value adjustment of the hedged item, for the portion attributable to the hedged risk, changes the carrying amount of that item and is recognized in the income statement under the same line item. Cash flow hedges If a derivative financial instrument is designated to hedge the exposure to the variability of the cash flows of an asset or a liability recognized in the Financial Statements or of a highly probable transaction, the effective portion of the resulting profits or losses deriving from the fair value adjustment of the derivative instrument is recognized in a specific equity reserve. The cumulative profit or loss is reversed from the equity reserve and recorded in the Income Statement in the same years in which the effects of the hedged transaction are recognized in the Income Statement. The gain or loss associated with that part of the ineffective hedge is recognised in the Income Statement immediately. If the hedged transaction is no longer considered probable, the unrealized gains or losses recognized in the equity reserve are immediately recognized in the Income Statement. 49 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors If, on the other hand, the derivative instrument is sold and therefore no longer qualifies as an effective risk hedge against which the transaction was entered into, the portion of the “Reserve for derivative instruments measured at fair value” relating to it is maintained until the economic effects of the underlying contract are manifested. Commodity derivatives With reference to commodity derivatives, operations are managed through the stipulation of OTC \- over the counter financial instruments (index swaps), derivative instruments traded on regulated platforms, as well as through brokerage contracts that provide for the physical delivery of the underlying asset at a future settlement date (so-called physical contracts). From an operational point of view, a industrial portfolio has been identified, which includes physical and financial contracts signed for the management of procurement, and a trading portfolio, which includes physical and financial contracts signed from a speculative perspective, based on pure position taking logic whenever it is believed there is a market opportunity, always within the risk limits defined by the Company’s Board of Directors. The accounting treatment of these contracts differs according to the following criteria. 1\. Contracts that provide for physical delivery The accounting treatment varies according to their purpose: a) contracts relating to procurement activities (“industrial portfolio”) that meet the criteria defined by IFRS 9 for own-use exemption are considered executive contracts and therefore are recognized on an accrual basis only at the time of actual delivery. Said criteria are: • the contracts are signed with the aim of physically delivering the underlying commodity, in line with the Company’s expectations of use; • contracts cannot be closed net through cash and cash equivalents. The Company analyses contracts for the purchase or sale of non-financial assets on an ongoing basis, with particular attention to forward purchases or sales of electricity and energy commodities, in order to determine whether they should be classified and treated in accordance with IFRS 9 or whether they have been signed for “own use exemption”. b) Contracts signed with reference to price risk or volume risk management (“trading portfolio”) are recognized as follows: • from initial recognition to physical delivery, these contracts represent non-hedging derivatives, measured at fair value in the income statement; • at the time of physical delivery, the revenue or full cost deriving from the sale or purchase of commodities, respectively, is recognized. With regard to these contracts included in the trading portfolio, the company applies the accounting policy election provided for in IAS 1 and IFRS 9 to present both the above impacts on a net basis for each commodity within the item “Revenue from sales and services” (if the net balance is positive) or between costs for “Raw” (if the net balance is negative). 50 A2A Separate financial statements 2025 2 Explanatory notes 2\. Contracts that do not provide for physical delivery a) Contracts in the industrial portfolio are accounted for as hedging derivatives (cash flow hedges) measured at FVOCI, if they meet the criteria set out in IFRS 9 described above. b) Trading portfolio contracts represent non-hedging derivatives, recorded at fair value in the income statement in accordance with IFRS 9. Embedded derivatives The embedded derivative contained in a non-derivative hybrid contract, in a financial liability or in a principal non-financial contract, is separated from the principal contract and accounted for as a separate derivative, if: its economic characteristics and the risks associated with it are not closely correlated with those of the principal contract; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value in the Income Statement. Embedded derivatives are measured at fair value, with changes in fair value recognized in the Income Statement. A restatement occurs only when there is a change in the terms of the contract that significantly changes the cash flows otherwise expected or a reclassification of a financial asset to a category other than fair value in the Income Statement. An embedded derivative included in a hybrid contract that contains a financial asset is not separated from the host contract. The financial asset together with the embedded derivative is classified entirely as a financial asset at fair value in the Income Statement. Instruments classified in equity Instruments for which, based on the substance of the contract, there is no contractual obligation to deliver cash or other financial assets to the counterparty are classified within Shareholders’ Equity. These instruments include the perpetual bond issued in 2024, for which the Company has no contractual obligation to repay either the principal or the interest. Employee benefits Post-employment benefits (TFR) and pension provisions are determined using actuarial methods; the rights accrued by employees during the year are recognized in the Income Statement as “personnel expenses”, whereas the figurative financial expense that the company would have to bear if it were to ask the market for a loan of the same amount as the TFR is recognized as part of the “net financial income (expense)”. Actuarial gains and losses arising from changes in actuarial assumptions are recognized in statement of comprehensive income taking into account the residual average working life of the employees. Following the introduction of Finance Law no. 296 of December 27, 2006, only the portion of accrued post-employment benefits that remained in the company has been measured in accordance with IAS 19, as amounts are now paid over to a separate entity as they accrue (either to a supplementary pension scheme or to funds held by INPS). As a result of these payments the company no longer has any obligations in connection with the services employees may render in the future. 51 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Guaranteed employee benefits paid on or after the termination of employment through defined benefit plans (energy discount, health care or other benefits) or long-term benefits (loyalty bonuses) are recognized in the period when the right vests. The liability for defined benefit plans, net of any plan assets, is determined by independent actuaries on the basis of actuarial assumptions and recognized on an accrual basis in line with the work performed to obtain the benefits. Gains and losses arising from actuarial calculations are recognized in a specific equity reserve. Share-based payments The Company remunerates its employees through an equity-settled share-based payment plan accounted for in accordance with IFRS 2. The theoretical benefit attributed to the interested parties is quantified by measuring the fair value of the instrument assigned through financial valuation techniques on the grant date, including in the valuation any market conditions and the estimate regarding the accrual of dividends. The benefit is charged to the income statement over the term of the plan with a counterpart in a specific equity reserve (IFRS2 Reserve). At each financial statement date, the number of rights that are deemed to be assigned is adjusted by recalculating and adjusting the cost recognised in previous years on the basis of the previous percentages. Provisions for risks and charges The provisions regard costs of a determinate nature and of certain or probable existence which at year-end are uncertain in terms of timing or amount. Provisions are recognized when there is a legal or constructive present obligation arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits, and it is possible to make a reasonable estimate of the obligation. Provisions are recognized at the best estimate of the amount that the company would have to pay to settle the liability or to transfer it to third parties at the balance sheet date. If the effect of discounting is significant, provisions are calculated by discounting expected future cash flows at a pre-tax discount rate that reflects the current market assessment of the time value of money. If discounting is used the increase in the provision due to the passage of time is recognized as financial expense. If the liability relates to property, plant, and equipment (e.g., site dismantling and restoration), the initial provision is recognized as a balancing entry to the assets to which it refers; the expense is recognized in the income statement through the depreciation process of the asset to which it refers. Treasury shares Treasury shares are accounted for as a deduction from equity. In particular, treasury shares are recognized as a negative equity reserve. Grants Grants, both from public entities and from third party private entities, are measured at fair value when there is the reasonable certainty that they will be received and that the Group will be able to comply with the terms and conditions for obtaining them. 52 A2A Separate financial statements 2025 2 Explanatory notes Grants received for specific assets whose value is recognized as property, plant, and equipment or intangible assets are recognized as a direct reduction of the assets themselves and credited to the income statement over the depreciation period of the assets to which they relate. Revenue grants (given to provide the company with immediate financial support or as compensation for expenses or losses incurred in a previous accounting period) are recognized in their entirety in the income statement as soon as the conditions for recognizing the grants are met. Revenues and expenses The recognition of revenues is based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations, represented by the contractual promises to transfer goods and/or services to a customer; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations identified on the basis of the stand-alone sale price of each good or service; (v) recognition of the revenue when the relative performance obligation is satisfied, i.e. when the promised good or service is transferred to the customer; the transfer is considered completed when the customer obtains control of the good or service, which can occur continuously over time diluted and extended or at a point in time. Depending on the type of transaction, revenues are recognized on the basis of the following specific criteria: • the revenues and expenses involved in the sale of commodities are measured at the prices envisaged in the related purchase or sale contract; • revenues from the provision of services are recognized according to the stage of completion based on the same criteria as for contract work in progress. If it is impossible to calculate revenues on a reliable basis they are recognized up to the amount of the costs incurred providing they are expected to be recovered; • revenues from the sale of certificates are recognized at the time of sale. Revenues are stated net of returns, discounts, allowances and rebates, as well as directly related taxes. As mentioned in the paragraph “Commodity derivatives”, the result of the trading portfolio included in the item “Revenues” is accounted for according to IFRS 9 and not according to IFRS 15. Expenses relate to goods or services sold or consumed during the year or as a result of systematic allocation; if no future use is envisaged they are recognized directly in the income statement. Financial income and expenses Financial income is recognized when interest income arises using the effective interest method, i.e. at the rate that exactly discounts expected future cash flows over the expected life of the financial instrument. Financial expense is recognized in the Income Statement on an accrual basis and are recorded in the amount of effective interest. Dividends Dividend income is recognized when it is established that the shareholders have a right to receive payment, and is recognized as financial income in the Income Statement. 53 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Income taxes Current taxes Current income taxes are based on an estimate of taxable income in compliance with tax regulations in force or substantially approved at the reporting date, bearing in mind any exemptions or tax credits due. Account is also taken of the fact that the Group now files for tax on a consolidated basis. Deferred tax assets and liabilities Deferred tax assets and liabilities are calculated on the temporary differences between the carrying amount of assets and liabilities and their tax bases, with the exception of goodwill which is not deductible for tax purposes and any differences resulting from investments in subsidiaries which are not expected to reverse in the foreseeable future. The tax rates used are those expected to apply to the period when the temporary differences reverse. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the tax benefit will be realized. The measurement of deferred tax assets takes account of the period for which business plans are available. When transactions are recognized directly in equity, any related current or deferred tax effects are also recognized directly in equity. Deferred taxes on the undistributed profits of Group companies are only provided for if there is the real intention to distribute such profits and, in any case, if the taxation is not offset as the result of filing a Group tax return. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Taxes are only offset when they are levied by the same tax authority, when there is the legal right of set-off and when settlement of the net balance is expected. Use of estimates and judgement by management Preparing the financial statements and notes requires the use of estimates and assumptions in determining certain assets and liabilities and measuring contingent assets and liabilities. The actual results could differ from such estimates. Estimates have been used in assessing the recoverability of assets, to determine certain sales revenue, in provisions for risks and charges, in loss allowances and other provisions for impairment losses, amortization and depreciation, the measurement of derivatives, employee benefits and taxes. The underlying estimates and assumptions are regularly reviewed and the effect of any change is immediately recognized in the income statement. 54 A2A Separate financial statements 2025 2 Explanatory notes The Company believes climate change risks are an implicit element in the application of the methodologies and models used to make estimates, evaluations and measurements of certain items in the financial statements. Management believes that the main areas of the financial statements at December 31, 2025, the valuation of which is subject to the use of estimates and judgement by management, also with reference to climate change risks, are those subject to impairment tests (property, plant and equipment and intangibles assets, goodwill and shareholdings) and the provisions for risks, with specific reference to decommissioning provisions, and contingent liabilities. For further details, please refer to the specific paragraph “ESRS E1 - Climate change” contained in the Sustainability Statement in the Report on Operations. The following is a brief description of the accounting policies that, in relation to the Company, require more subjectivity on the part of the directors in the preparation of estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on the financial data. Impairment of non-financial assets Identification of Cash Generating Units (CGU) A CGU is the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows generated by other assets or groups of assets. Identification of impairment indicators At least annually, or more frequently in the event of indicators of impairment losses, to review the carrying amount of its non-financial assets and shareholdings, management reviews the carrying amount of its non-financial assets and shareholdings to see if there are any indications that they are impaired. At each reporting date, management verifies whether there is any indication that an asset may have suffered a loss in value (impairment indicator), with the exception of goodwill, which is annually subjected to mandatory impairment testing. Impairment indicators that may be considered include, among others: • external indicators, such as changes in the technological or regulatory environment, or changes in the duration of the concessions, with a negative impact on the asset or the Cash Generating Unit (CGU); • internal factors, such as the pro-rata value of the equity of a subsidiary being lower than the carrying amount of the related investment, physical damage of an asset (e.g., thermoelectric power plants), performance of CGUs/assets below the budget, and operating & maintenance costs higher than expected. Estimation of recoverable amount The recoverable amount is determined, in terms of value in use, by discounting the cash flows expected from the use of the asset, of a CGU or an investment over the explicit duration of the plan, as well as the value expected from its disposal at the end of its useful life or its terminal value. This process involves the use of estimates and assumptions, in particular with regard to: • forecasts of future cash flows, based on the updated 2024–2035 Strategic Plan approved by the Directors: • determination of the normalized cash flows or the realizable value of the assets underlying the estimate of the terminal value; 55 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors • determination of the long-term growth rates and the discount rates applied to the forecasts of future cash flows; • in the case of the Reti Elettriche and Reti Gas CGU, the estimate of the Residual Industrial Value. For the purpose of preparing the impairment test, the company avails itself of the support of an independent expert, external to the A2A Group which has, among other things: • analysed the relevant components and assumptions of the economic-financial projections drawn up by the Company’s management, carried out comparisons and checks regarding the correctness of the sources and assumptions used, developed the assumptions regarding the growth rate beyond the Plan horizon for the determination of the normalized flows up to the end of the useful life of the plants; • estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation practice and in line with last year’s impairment testing in order to reflect current market valuations with reference to the present value of money, country risk and the specific risks associated with the asset; • provided assistance in preparing specific sensitivity analyses, at the consolidated financial statement level, which considered three plan variables identified as significant for the most impacted CGU Groups, such as: the variability of hydroelectric production, the inclusion of Waste To Energy in the Emissions Trading System and the variability of the PUN. Management is of the opinion that the estimates of such recoverable amounts are reasonable, albeit subject to changes in the factors underlying the estimates on which these recoverable amounts have been calculated could produce different measurements. For further details on the way in which impairment testing was carried out and the results of such testing, reference is made to the specific paragraph. Useful lives of non-financial assets Depreciation and amortization charges are a significant cost for the company. Non-current assets are depreciated or amortized on a straight-line basis over the useful lives of the assets. The useful lives of the company’s non-current assets are established by the directors, with the assistance of expert appraisers, when they are purchased. The company periodically reviews technological and sector changes, dismantling/closure charges and the recovery amount of assets to update their residual useful lives. This periodic update could lead to a change in the period of depreciation or amortization and hence also in the depreciation or amortization charge in future years. Expected credit losses The assessment of the existence of impairment losses is made at each reporting date, using different criteria depending on the characteristics of the receivables being analysed in relation to the reference business, the nature of the counterparty and the value. In accordance with IFRS 9, the approach adopted is forward-looking, focusing on the probability of future losses, even in the absence of events that would suggest the need to write down a credit position (Expected Losses) and is based on assumptions regarding the risk of default and the measurement of expected losses. In making these assumptions and selecting the inputs to calculate the expected loss, management uses its professional judgement, based on the Company’s past experience, current market conditions, as well as forward-looking estimates at the end of each reporting date. 56 A2A Separate financial statements 2025 2 Explanatory notes In particular, receivables that are individually significant are expected to be subject to a specific analysis aimed at assessing their recoverability, while the write-down of receivables not subject to specific valuation is determined by applying the specific unpaid ratio of the business. Provisions for lawsuits In certain circumstances it is not easy to identify whether a legal or constructive present obligation exists. The directors assess these situations case by case, together with an estimate of the economic resources required to settle the obligation. Estimating such provisions is the result of a complex process that involves subjective judgements on the part of company management. When the directors are of the opinion that it is only possible that a liability could arise, the risks are disclosed in the section on commitments and contingent liabilities without making any provision. Decommissioning provisions The decommissioning provision represents the amount allocated to meet the dismantling and restoration costs that will have to be incurred for the reclamation of the sites on which some plants are located, as required by individual concessions, surface right contracts or specific laws. The obligation, based on financial and engineering assumptions, is calculated by discounting the expected future cash flows that the Company believes it must pay against the various obligations assumed. This liability is quantified by management on the basis of the technology existing at the valuation date and is reviewed, at least every three years, taking into account the development in the techniques of storage, dismantling and restoration of the site, as well as the continuous evolution of existing laws on health protection and environmental protection. The value of the obligation is discounted at each closing in accordance with the provisions of IAS 37. Determination of the fair value of derivative financial instruments The fair value of financial instruments, both on interest rates and on exchange rates, is derived from market quotations. In the absence of quoted prices in active markets, forecast price curves based on simulation models developed internally by the company are used. The fair value of commodity contracts is determined using directly observable market inputs where available. The method used to calculate the fair value of the instruments in question includes the assessment of non-performance risk if deemed relevant. However, the actual results of derivatives could differ from the measurements made. Employee benefits Some of the Company’s employees benefit from pension plans that offer social security benefits based on their remuneration history and their years of service. Some employees also benefit from the coverage of other post-retirement benefit plans. The calculations of costs and liabilities associated with these plans are based on estimates made by actuarial consultants, who use a combination of statistical-actuarial factors, including statistical data relating to past years and forecasts of future costs. Estimates also include mortality and retirement rates, assumptions regarding future discount 57 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors rates, wage growth rates, inflation rates, and an analysis of healthcare cost trends. These estimates can differ significantly from the actual results owing to changes in economic and market conditions, increases or decreases in pension rates and the lifespan of participants, as well as changes in the effective cost of medical care. These differences may have a significant impact on the quantification of social security expenditure and other related charges. The full effects of any changes in these actuarial assumptions are recognized in a specific equity reserve. For further details on the main actuarial assumptions adopted, please refer to note 18 “Employee benefits”. Leasing Given the complexity required for the valuation of leasing contracts, combined with their long-term duration, the application of IFRS 16 requires significant recourse to professional judgement. In particular, this was necessary to: • apply the definition of leasing to cases typical of the sectors in which the Company operates; • identify the service component in leasing contracts; • evaluate any renewal and termination options provided for in the contracts in order to terminate the duration of the contracts, jointly examining the probability of exercising these options and any significant improvement on the underlying assets; • identify any variable payments that depend on indices or rates to determine whether changes in the latter may have an impact on future lease payments as well as on the amount of the asset consisting of right-of-use assets; • identify the implicit interest rate of the lease when this cannot be easily determined: the Company uses the Incremental Borrowing Rate (IBR) at the lease start date (estimated on a quarterly basis), to calculate the present value of the payments due. In the absence of observable inputs, the Company estimates the IBR on the basis of the Group’s average financing rate that reflects the duration and contractual conditions of the lease, using the risk-free rate adjusted for the credit spread. Current taxes and future recovery of deferred tax assets The uncertainties that exist regarding the way of applying certain tax regulations have led the company to taking an interpretative stance when providing for current taxes in the financial statements; such interpretations could be overturned by official clarifications on the part of the tax authorities. Deferred tax assets are accounted for on the basis of the taxable profit expected to be available in future years. Assessing the expected taxable profit for the purpose of accounting for deferred taxation depends on factors that can vary over time, and may lead to significant effects on the measurement of deferred tax assets. Assessment of the existence of control requirements According to the provisions of IFRS 10, control is obtained when the Company is exposed to variable returns, or holds rights to such returns, arising from the relationship with the investee company and has the ability to affect those returns, through the exercise of its power over the investee company. Power is defined as the current ability to direct the relevant activities of the investee by virtue of existing substantive rights. The existence of control does not depend solely on the possession 58 A2A Separate financial statements 2025 2 Explanatory notes of the majority of voting rights, but rather on the substantial rights of each investor in the investee company. Consequently, management’s judgement is required to assess specific situations that determine substantive rights that give the Company the power to direct the relevant activities of the investee company in order to influence its returns. For the purposes of assessing the control requirement, management analyses all the facts and circumstances, including any agreements with other investors, also with reference to the vote or the appointment of directors, the rights deriving from other contractual agreements, potential voting rights (call options, warrants, put options assigned to non-controlling interests, etc.) and other legal provisions. These other facts and circumstances may be particularly relevant in the context of this assessment, especially in cases where the Company holds less than the majority of the voting rights, or similar rights, of the investee company. In addition, even if it holds more than half of the voting rights of another company, the Company considers all relevant facts and circumstances in assessing whether it controls the investee company. The Company reviews the existence of the conditions of control over an investee company when the facts and circumstances indicate that there has been a change in one or more elements considered for the verification of the existence of control. Hedge accounting Hedge accounting is applied to derivatives in order to reflect the effects of the Company’s risk management strategies in the financial statements. To this end, the Company documents the relationship between the hedging instrument and the hedged item at the inception of the transaction, as well as the risk management objectives and strategy. In addition, the Company assesses, both at the inception of the relationship and on a systematic basis, whether the hedging instruments are highly effective in offsetting changes in the fair value or cash flows of the hedged items. Based on management’s judgement, the assessment of effectiveness based on the existence of an economic relationship between the hedging instruments and the hedged items, the dominance of credit risk in changes in value and the hedge ratio, as well as the measurement of ineffectiveness, are assessed by means of a qualitative assessment or a quantitative calculation, depending on the specific facts and circumstances and the characteristics of the hedging instruments and the hedged items. With respect to cash flow hedges of future transactions, management assesses and documents that they are highly probable and present an exposure to changes in cash flows that impacts the Income Statement. 59 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 2.4 Notes to the statement of financial position The statement of financial position of A2A S.p.A. includes, with respect to the situation at December 31, 2025, the effect of the following non-recurring transactions: • acquisition of the “Digital and Supply Chain” business unit from AEB S.p.A., effective as of January 1, 2025; • transfer of the “Project Service & PMO” business unit to A2A Services & Real Estate S.p.A., effective as of January 1, 2025; • transfer of the “Innovation and Corporate Venture Capital Activities” business unit to A2A Life Ventures S.r.l., effective as of October 1, 2025. For details of the statement of financial position effects of non-recurring transactions in 2025, see note 36) Significant non-recurring events and transactions, pursuant to Consob Communication no. DEM/6064293 of July 28, 2006. Assets Non-current assets 1) Property, plant and equipment thousands of euro 12.31.2024 Effect of non- recurring transactions Changes 12.31.2025 Capex Other changes Disposals net of prov. Deprec. To t . Changes Land 26,773 - - - (485) - (485) 26,288 Buildings 147,119 - 3,911 1,894 (28) (8,449) (2,672) 144,447 Plant and machinery 474,558 - 3,137 15,545 (140) (79,172) (60,630) 413,928 Industrial and commercial equipment 4,294 - 471 101 (5) (899) (332) 3,962 Other assets 19,314 87 4,559 915 - (4,393) 1,081 20,482 Assets under construction and payments on account 141,574 (180) 94,245 (18,397) - - 75,848 2 1 7, 2 4 2 Leasehold improvements 2,417 - 460 - - (569) (109) 2,308 Right-of-use assets 56,948 - - 2,911 - (18,508) (15,597) 41,351 Total property, plant and equipment 872,997 (93) 106,783 2,969 (658) (111,990) (2,896) 870,008 Historical Cost 3,058,569 2,971 106,783 (262) (3,622) - 102,899 3,164,439 Accumulated depreciation (1,833,289) (3,064) - 3,231 2,964 (111,990) (105,795) (1,942,148) Impairment losses (352,283) - - - - - - (352,283) 60 A2A Separate financial statements 2025 2 Explanatory notes “Property, plant and equipment” at December 31, 2025 amounted to 870,008 thousand euro (872,997 thousand euro in the previous year) and show, net of the effect of negative non-recurring transactions for 93 thousand euro, a decrease of 2,896 thousand euro resulting from the following transactions: • capex for 106,783 thousand euro; • deprecation for the period for 111,990 thousand euro; • other positive changes of 2,969 thousand euro due to an increase of 2,911 thousand euro following the application of IFRS16 and, for 208 thousand euro, to the increase of the decommissioning provision, mainly for the Calabria area, offset by decreases of 84 thousand euro for reclassification to other financial statements items and 66 thousand euro for reclassification from property, plant and equipment to intangible assets; • disposal of assets, net of accumulated depreciation, for 658 thousand euro; Capex during the period refer to: • “Buildings” for a total amount of 3,911 thousand euro. In detail, they refer: for 2,057 thousand euro to various interventions on the buildings of the Lamarmora headquarters in Brescia; for 866 thousand euro to various interventions on the buildings of the Aprica headquarters in Via Codignole; for 349 thousand euro to various interventions on the buildings of the Valtellina Unit; for 349 thousand euro to various interventions on the buildings of the offices in Piazza Trento, Brescia, Sondrio, Vobarno and Bormio; for 290 thousand euro to various interventions on the buildings of the Calabria Unit; • “Plant and machinery” for 3,137 thousand euro. In particular, they refer: to interventions for 1,216 thousand euro on the hydroelectric power plants of the Calabria Unit; for 1,063 thousand euro on the power plants of the Mese and Udine Unit; for 589 thousand euro on the power plants of the Valtellina Unit; for 269 thousand euro to plant automation interventions; • “Industrial and commercial equipment” for 471 thousand euro; • “Other assets” for 4,559 thousand euro; in detail, 3,252 thousand euro refer to LAN and WAN network equipment and fixed and mobile telephony equipment; 834 thousand euro to charging infrastructure for electric vehicles in the Milan and Brescia offices; 277 thousand euro to furniture and furnishings; 66 thousand euro to goods worth less than 516 euro; 56 thousand euro to multimedia systems; 29 thousand euro to the datawan; and 45 thousand euro to other miscellaneous assets; • “Assets under construction and payments on account” for an amount of 94,245 thousand euro; • “Leasehold improvements” for 460 thousand euro. “Property, plant and equipment” include “Assets under construction and payments on account” for 217,242 thousand euro (141,574 thousand euro at December 31, 2024), presenting an increase of 75,848 thousand euro resulting from the counter effects of the following items: • the increase of 94,245 thousand euro is mainly attributable: for 72,793 thousand euro to works on buildings (mainly on the area of Piazza Trento in Milan, on the headquarters in via Lamarmora in Brescia, on the Calabria, Valtellina, Mese and Udine Units); for 20,637 thousand euro to interventions on plant and machinery, mainly on the hydroelectric plants of the Calabria Unit (7,850 thousand euro), on the hydroelectric plants of the Mese and Udine Unit (6,378 thousand euro), on the plants of the Valtellina Unit (6,216 thousand euro) and to the improvement of other plants (193 thousand euro); for 815 thousand euro to hardware corporate services; 61 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors • the decrease due to the entry into operation amounted to 18,323 thousand euro and is attributable for 15,612 thousand euro to interventions on the production plants (of which 8,137 thousand euro on the Mese and Udine plants, 5,305 thousand euro for the hydroelectric plants of Calabria, 2,070 thousand euro on the plants in Valtellina as well as 100 thousand euro on other minor plants), for 1,111 thousand euro to interventions on the buildings of the mountain resort of Bormio, for 745 thousand euro to the completion of works mainly relating to the buildings of the Calabria, Mese, Udine and Valtellina plants and for 855 thousand euro to other assets (of which 357 thousand euro for the self- driving street sweeper and 327 thousand euro for the WPT and IT&TLC convergence projects); • the decrease of 74 thousand euro to other reclassifications and other items of the financial statements; • the decrease of 180 thousand euro for non-recurring transactions, in particular for the sale of the “Innovation and Corporate Venture Capital” business unit to A2A Life Ventures S.r.l. for 329 thousand euro, partly offset by the acquisition of the “Digital and Supply Chain” business unit from AEB for 149 thousand euro. Property, plant and equipment include “Right-of-use assets” totaling 41,351 thousand euro (56,948 thousand euro at December 31, 2024), recognized in accordance with IFRS16 and for which the outstanding payable to lessors at December 31, 2025 amounted to 52,163 thousand euro (72,126 million thousand at December 31, 2024). Below is a breakdown of “Right-of-use assets” deriving from operating and financial leases at December 31, 2025. thousands of euro 12.31.2024 Effect of non- recurring transactions Changes during the period 12.31.2025 Increases Other changes Deprec. Total changes Land 1,267 - - 21 (7) 14 1,281 Buildings 20,688 - 505 697 (10,125) (8,923) 11,765 Plant and machinery 26,586 - - (1,077) (6,002) ( 7,079) 19,507 Industrial and commercial equipment 7 - - 1 (8) (7) - Vehicles 8,400 - 4,328 (1,564) (2,366) 398 8,798 Total 56,948 - 4,833 (1,922) (18,508) (15,597) 41,351 It is specified that the Company has made use of the option provided for in paragraph 6 of the standard not to apply the provisions of paragraphs 22 to 49 of the standard to the following categories: a) Short-term leases; b) Leases whose underlying assets are of low value. 62 A2A Separate financial statements 2025 2 Explanatory notes 2) Intangible assets thousands of euro 12.31.2024 Effect of non- recurring transactions Changes 12.31.2025 Capex Other changes Disposals net of prov. Impairment losses/ Reversal Amort. Tot. Changes Industrial patents and intellectual property rights 15,223 - 4,226 321 - - (9,165) (4,618) 10,605 Concessions, licences, trademarks and similar rights 82,870 1,140 59,508 16,863 - - (55,594) 20,777 104,787 Assets under development 22,212 (915) 21,437 (17,390) (98) (119) - 3,830 25,127 Other intangible assets 2,137 - 209 181 - - (697) (307) 1,830 Total intangible assets 122,442 225 85,380 (25) (98) (119) (65,456) 19,682 142,349 “Intangible assets” amounted to 142,349 thousand euro (122,442 thousand euro at December 31, 2024) and show, net of the effect of non-recurring transactions positive for 225 thousand euro, an increase of 19,682 thousand euro resulting from the following transactions: • capex for 85,380 thousand euro; • amortization for 65,456 accounted for in the period; • impairment losses for 119 thousand euro; • disposal of assets, net of accumulated depreciation, for 98 thousand euro; • other negative changes amounting to 25 thousand euro; More specifically, capex during the period refer to the following: • 59,508 thousand euro for “concessions, licences, trademarks and similar rights” related to the purchase of software; • 21,437 thousand euro for “Assets under development”; • 4,226 thousand euro for “industrial patents and intellectual property rights” mainly concerning the development of information technology projects; • 209 thousand euro for “other intangible assets”. Included in the total balance of “Intangible assets” are “Assets under development” for 25,127 thousand euro (22,212 thousand euro as at December 31, 2024), resulting in an increase of 2,915 thousand euro mainly due to the combined effect of the following items: • the increase of 21,437 thousand euro mainly relating to the development of new IT projects; • the decrease of 17,390 thousand euro due to the transition to use of software and computer applications; • the decrease of 915 thousand euro for non-recurring transactions, in particular 1,148 thousand euro for the sale of the “Innovation and Corporate Venture Capital” business unit to A2A Life Ventures S.r.l., partly offset by 233 thousand euro by the acquisition of the “Digital and Supply Chain” business unit from AEB. 63 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 3) Goodwill thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Capex Other changes Disp. net of prov. Impairment losses / Reversal Amort. Tot. Changes Goodwill 66,659 - - - - - - - 66,659 Total goodwill 66,659 - - - - - - - 66,659 Goodwill equal to 66,659 thousand euro, was formed as a result of non-recurring transactions with third parties. Goodwill has never been impaired in previous years. Said goodwill has been allocated to the following CGU, the value of which also includes investments in subsidiaries belonging to these CGU: • “Reti Gas” CGU for 5,215 thousand euro, including the shareholding in the company Unareti; • “Vendita gas” CGU for 6,800 thousand euro, including the shareholding in A2A Energia; • “Calore” CGU for 18,000 thousand euro, including the shareholding in A2A Calore & Servizi; • “Ambiente” CGU for 36,644 thousand euro, including the shareholding in A2A Ambiente. During the reporting period, the Company performed an impairment test on the non-financial assets in accordance with the provisions of IAS 36. For the Gas Sales, Heat and Waste CGU, the analysis was conducted on the basis of the cash flows set out in the updated 2024–2035 Strategic Plan (the ‘Strategic Plan’) approved by the Company’s Board of Directors on November 11, 2025. For the sole purpose of the impairment test, the Strategic Plan, in line with the provisions of IAS 36, has been appropriately amended to exclude the impact of future improvements and optimizations. In particular, the calculation of value in use excluded EBITDA and CAPEX amounts related to non- recurring transactions/M&A and developments in the pipeline. Based on the nature of the businesses involved, management deemed it reasonable to use an explicit plan horizon coinciding with the approved Strategic Plan (10 years). At the end of the explicit period of the plan (2035), a terminal value of perpetuity was included. The technical support for the impairment test was entrusted to an external expert who estimated the discount rate consistent with the cash flows considered, i.e. post-tax weighted average cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation practice and in line with last year’s impairment test in order to reflect current market valuations with reference to the current value of money, country risk and the specific risks associated with the asset. The discount rate of unlevered cash flows was estimated as the Weighted Average Cost of Own Capital (WACC), representing the expected return from the company’s lenders and shareholders for use of own capital. For the Gas Networks CGU, the recoverable amount was calculated by adding to the RAB (calculated by applying a premium of 10% to the Residual Industrial Value) the net working capital values at December 31, 2025, net of the tax effect. This methodology provides a better approximation of the expected cash flows from gas distribution assets. 64 A2A Separate financial statements 2025 2 Explanatory notes The recoverable amount of each CGU was then compared with the corresponding Net Invested Capital, represented by the value of the investment and the goodwill. The parameters used for the purposes of the Impairment test are as follows:” CGU Goodwill value in thousands of euro at 12.31.2025 Shareholding value in thousands of euro at 12.31.2025 Recoverable Value WACC 2025 post-tax (1) Growth rate g 2025 Balance scenario (2) WACC of reference Growth rate g A2A Ambiente 36,644 736,094 Value in use 6.20% 2.00% 11.90% 2.00% A2A Reti Gas 5,215 1,502,955 Value in use n.d. 0.00% n.d. n.d. A2A Gas 6,800 122,781 Value in use 6.00% 0.00% 50.0%, 0.00% A2A Calore 18,000 388,081 Value in use 5.00% 0.00% 6.00% 0.00% Total 66,659 2,749,911 (1) Nominal post-tax discount rate applied to future cash flows. (2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts subjected to impairment testing. Where the equilibrium rate is significantly higher than the WACC applied, “n.s.” is indicated. CGU Goodwill value in thousands of euro at 12.31.2024 Shareholding value in thousands of euro at 12.31.2024 Recoverable Value WACC 2024 post-tax (1) Growth rate g 2024 Balance scenario (2) WACC of reference Growth rate g A2A Ambiente 36,644 734,634 Value in use 6.8% 0.0% 14.6% 0.0% A2A Reti Gas 5,215 1,338,836 Value in use n.d. 0.0% n.d. n.d. A2A Gas 6,800 122,545 Value in use 6.7% 0.0% n.s 0.0% A2A Calore 18,000 387,950 Value in use 5.6% 0.0% 5.9% 0.0% Total 66,659 2,583,965 (1) Nominal post-tax discount rate applied to future cash flows. (2) Rates resulting from the sensitivity assessment made by the expert in order to achieve balance between the value in use and carrying amounts subjected to impairment testing. Where the equilibrium rate is significantly higher than the WACC applied, “n.s.” is indicated. Based on the analyses performed, no need to recognize impairment losses was identified. 4) Shareholdings and other non-current financial assets thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Shareholdings in subsidiaries 5,505,732 41,608 412,676 5,960,016 Shareholdings in affiliates 5,366 - (204) 5,162 Total shareholdings 5,511,098 41,608 412,472 5,965,178 Other non-current financial assets 401,643 (42,995) (75,531) 283,117 365,105 282,036 Total shareholdings and other non-current financial assets 5,912,741 (1,387) 336,941 6,248,295 365,105 282,036 65 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Shareholdings in subsidiaries The following table shows the changes in the item “Shareholdings in subsidiaries” during the year: thousands of euro Shareholdings in subsidiaries Total Balance at 12.31.2024 5,505,732 Effect of non-recurring transactions 41,608 Changes: \- acquisitions and capital increases 410,157 \- sales and decreases (173) \- other changes 2,692 Total changes 412,676 Balance at 12.31.2025 5,960,016 The value of shareholdings in subsidiaries show, net of the effect of non-recurring transactions for 41,608 thousand euro, a total increase of 412,676 thousand euro compared to the previous year-end due to: • 400,000 thousand euro increase in the shareholding in A2A Rinnovabili S.p.A. following the capital contribution approved by the Board of Directors on May 13, 2025 for 350,000 thousand euro and the conversion of the third tranche of part of the financial receivable from the company into equity of the same for 50,000 thousand euro; • increase in the shareholding in Unareti S.p.A. for 163,675 thousand euro following the merger by incorporation, on July 1, 2025, of the companies LD Reti S.r.l. (162,695 thousand euro) and Camuna Energia S.r.l. (980 thousand euro) and a simultaneous decrease in the shareholdings in the merged companies; it should be noted that the value of the shareholding in Camuna Energia S.r.l. had increased during the year before the merger by 240 thousand euro for the acquisition of 25.5% of the share capital of the shareholding to bring the stake of A2A S.p.A. to 100%; • incorporation of the company A2A Life Ventures S.r.l. with a payment of 10 thousand euro and subsequent transfer, for 41,608 thousand euro, of the “Innovation and Corporate Venture Capital Activities” business unit, effective October 1, 2025; • increase of 6,800 thousand euro relating to the capital contribution subscribed in the investee company A2A E-MOBILITY S.r.l.; • increase of 10 thousand euro relating to the capital contribution subscribed in the investee company A2A Energy Solution S.r.l.; • increase of 3,107 thousand euro for capital contribution subscribed in the company TEXELERA S.c. a r.l.; • decrease of 173 thousand euro of the shareholding in Duereti S.r.l. for price adjustment; • total increase of 2,692 thousand euro in shareholdings in subsidiaries resulting from the distributed shareholding plan relating to shares allocated free of charge to employees of subsidiaries; 66 A2A Separate financial statements 2025 2 Explanatory notes Further information regarding movements involving shareholdings in subsidiary companies may be found within annexes 1/a and 2/a to compare their book value and corresponding portions of net equity. Shareholdings in affiliates and joint ventures The following table shows the changes in the item “Shareholdings in affiliates and joint ventures”: thousands of euro Shareholdings in affiliates Total Balance at 12.31.2024 5,366 Changes: \- impairment losses (204) Total changes (204) Balance at 12.31.2025 5,162 The value of shareholdings in affiliated companies shows an overall decrease of 204 thousand euro and refers to the impairment lossess recognized of the shareholding in Crit S.c. a r.l. following the decrease in its share capital. Further details regarding shareholdings in affiliates may be found in annexes 1/b and 2/b. Impairment losses of shareholdings in subsidiaries, associates and joint ventures During the year, the Company assessed whether there were any indications of impairment of its investments, based on the criteria set out in the section entitled ‘Significant accounting standards’.” Based on this verification, it was determined that the following investments in subsidiaries needed to be tested for impairment, in accordance with the provisions of IAS 36: • A2A Energiefuture S.p.A., • E-Mobility S.r.l., • A2A Energy Solutions S.r.l., • Duereti S.r.l., • AEB S.p.A. • Acinque S.p.A.. With regard to the impairment test carried out on the shareholdings in A2A Energia S.p.A., Unareti S.p.A., A2A Calore & Servizi S.p.A. and A2A Ambiente S.p.A., please refer to the section ‘Goodwill’ above. 67 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The analysis was carried out with the support of an external expert, based on the cash flows set out in the updated 2024–2035 Strategic Plan (the ‘Strategic Plan’) approved by the Company’s Board of Directors on November 11, 2025. For the sole purpose of the impairment test, the Strategic Plan, in line with the provisions of IAS 36, has been appropriately amended to exclude the impact of future improvements and optimizations. In particular, the calculation of value in use excluded EBITDA and CAPEX amounts related to non-recurring transactions/M&A and developments in the pipeline. With regard to the aforementioned shareholdings, with the exception of Duereti S.r.l., based on the nature of the businesses involved – namely, capital-intensive infrastructure activities characterised by very long useful lives – management deemed it reasonable to use an explicit planning horizon of more than 5 years. At the end of the plan explicit period (2035), a perpetuity terminal value or a liquidation value equal to the remaining Net Invested Capital was included. Please refer to the table below for further details on the useful lives used. The discount rate was estimated with the support of an external expert in line with the cash flows considered, i.e. the post-tax weighted average cost of capital (WACC). In detail, the WACC rate used was estimated according to the criteria widely used in valuation practice and in line with last year’s impairment test in order to reflect current market valuations with reference to the current value of money, country risk and the specific risks associated with the asset. The discount rate of unlevered cash flows was estimated as the Weighted Average Cost of Own Capital (WACC), representing the expected return from the company’s lenders and shareholders for use of own capital. With regard to the shareholding in Duereti S.r.l., acquired at the end of 2024, a multi-scenario approach was used to reflect the regulatory uncertainties associated with the renewal and duration of the electricity network concessions, as well as the various scenarios for the terminal value. The discount rate was estimated with the support of an external expert in line with the cash flows considered, i.e. the post-tax weighted average cost of capital (WACC). In detail, the rate was estimated based on the pre-tax regulatory WACC for electricity grids as indicated by ARERA, to which the subsidiary’s specific tax rate was applied. The growth rate used to determine the terminal value was assumed to be 2%, in line with the long-term inflation rate. 68 A2A Separate financial statements 2025 2 Explanatory notes The following are the methods and main assumptions used in estimating the recoverable value of the shareholdings: Shareholding Recoverable amount Useful life WACC 2025 post tax WACC 2024 post tax g-rate A2A Energiefuture S.p.A. Value in use indefinite 6.2% 6.7% 0.0% E-Mobility S.r.l. Value in use indefinite 10.5% 11.0% 0.0% A2A Energy Solution S.r.l. Value in use finite 6.7% 6.8% 0.0% Duereti S.r.l. Value in use finite/indefinite 5.5% - 2% AEB S.p.A. (*) Value in use n.a. n.a. n.a. n.a. Acinque S.p.A. (*) Value in use n.a. n.a. n.a. n.a. (*) As this is an investment holding company, the method used for the valuation is the “sum-of-the-parts” approach. Therefore, the WACCs used are those specific to the businesses in which the sub-groups operate and are in line with those reflected in the consolidated financial statements. It should be noted that for the shareholdings in AEB S.p.A. and Acinque S.p.A., the headroom amounts to 23 million euro (14.5% of the carrying amount) and 107.7 million euro (56.6% of the carrying amount), respectively. Based on the tests carried out, it was not necessary to recognize any impairment loss on shareholdings. Other non-current financial assets “Other non-current financial assets” amounted to 283,117 thousand euro (401,643 thousand euro at December 31, 2024), of which: • for 276,374 thousand euro (357,952 thousand euro at December 31, 2024) to financial assets with related parties for interest-bearing inter-Group loans. The decrease is mainly due to the reclassification of the short-term portion of the aforementioned loans to “Current financial assets”, as well as repayments made during the year; • other securities for 96 thousand euro, unchanged compared to the year, relating to other government securities; • financial assets measured at fair value through profit or loss (FVTPL) for 1,081 thousand euro (1,065 thousand euro at December 31, 2024), relating to non-controlling interests, the increase of which, for 16 thousand euro, derives from the subscription of the capital increase of the investee Immobiliare- Fiera di Brescia S.p.A., now 0.91% owned; • financial assets related to right-of-use assets in accordance with IFRS 16 (subleases) from subsidiaries for 5,566 thousand euro (7,057 thousand euro at December 31, 2024); • other financial assets that amounted to zero, while at the end of the previous year they amounted to 35,473 thousand euro and referred to investments made in innovative start-ups through Corporate Venture Capital projects, an activity transferred to the company A2A Life Ventures S.r.l. in October 2025. 5) Deferred tax assets thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Deferred tax assets 99,327 2,370 9,310 111,007 The item, equal to 111,007 thousand euro, includes the net effect, as detailed in the table below to which reference is made, of deferred tax liabilities and deferred tax assets as per corporate income tax (IRES) and regional tax (IRAP) as well as provisions made solely for tax purposes, net of the negative effect of non-recurring transactions of 2,370 thousand euro. 69 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors For IRES purposes, the recoverability of “Deferred tax assets” recorded in the financial statements is considered likely, as the Strategic Plans 2024-2035 of the A2A Group envisage taxable income sufficient to use the deferred tax assets on a consolidated basis in accordance with articles 117-129 of Presidential Decree 917/1986, in which the Company acts as consolidating company. For IRAP purposes, the recoverability of “Deferred tax assets” recorded in the financial statements was assessed on the basis of the Company’s Strategic Plans: for the years of the plan between 2026 and 2030, IRAP taxable income is expected to be sufficient to absorb the IRAP temporary differences, and therefore the related IRAP deferred tax assets and liabilities were maintained. Deferred tax assets are calculated using the tax rate applicable at the time of repayment. At December 31, 2025, the amounts relative to deferred tax assets/deferred tax liabilities have been expressed as net (“offsetting”) as per IAS 12. This item is detailed within the table below: thousands of euro Balance at 12.31.2025 Balance at 12.31.2024 Changes in property, plant and equipment 2 7,04 0 40,432 Changes in intangible assets and goodwill 481 531 Other deferred tax liabilities 9,874 8,147 Deferred tax liabilities (A) 3 7,395 49,110 Taxed risk provisions 67,885 59,639 Amortization, depreciation and impairment losses 36,972 3 7,78 4 Bad debts provision 1,066 1,144 Post-employment benefits 16,473 16,473 Goodwill 24,077 25,388 Other deferred tax assets 1,929 8,009 Deferred tax assets (B) 148,402 148,437 Net effect deferred tax assets (B-A) 111,007 99,327 For further details and information, please refer to the item “Income taxes” on the income statement. 6) Derivatives and other non-current assets thousands of euro 12.31.2024 Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Non-current derivatives assets 1,041 (1,041) - 1,041 - Other non-current assets 27,661 1,021 28,682 - - Total derivatives and other non-current assets 28,702 (20) 28,682 1,041 - “Non-current derivatives assets” amounted to zero, while in the previous year they amounted to 1,041 thousand euro and referred to the fair value measurement of hedging derivatives on interest rate fluctuations. 70 A2A Separate financial statements 2025 2 Explanatory notes “Other non-current assets” amounted to 28,682 thousand euro (27,661 thousand euro at December 31, 2024) and refer to security deposits (24,248 thousand euro) from third parties, as well as receivables from the tax authorities for tax benefits under building bonuses due beyond one year (4,326 thousand euro). Current assets 7) Inventories thousands of euro 12.31.2024 Effect non-recurring transactions Changes 12.31.2025 \- Materials and spare parts 4,019 (2,648) 1,371 \- Material obsolescence provision (770) (40) (810) Total materials 3,249 - (2,688) 561 \- Fuel 179,907 (26,518) 153,389 \- Others 1,257 4,274 5,531 Total raw and ancillary materials and consumables 184,413 - (24,932) 159,481 Total inventories 184,413 - (24,932) 159,481 At December 31, 2025, inventories amounted to 159,481 thousand euro (184,413 thousand euro at December 31, 2024); changes for the period are negative for 24,932 thousand euro, and mainly refer to the decrease in gas inventories compared to the end of the previous year, which mainly reflects the lower volumes of gas in storage. Raw and ancillary materials and consumables consist of inventories of: • materials amounting to 561 thousand euro, net of relative provisions for obsolescence for 810 thousand euro; • fuels, amounting to 153,389 thousand euro, which include gas inventories arising from the sale and storage of gas, as well as inventories of fuels for the production of electricity; • others for 5,531 thousand euro relating to inventories of environmental certificates. The industrial portfolio gas inventory is considered recoverable based on the price underlying the signed contracts and with delivery in the period in which the relevant supply is expected. 8) Trade receivables thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Trade receivables – invoices issued 285,428 - ( 9 7,6 8 5 ) 187,743 Trade receivables – invoices to be issued 1,672,036 - 907,113 2,579,149 Bad debts provision (768) - 327 (441) Total trade receivables 1,956,696 - 809,755 2,766,451 At December 31, 2025, trade receivables amounted to 2,766,451 thousand euro (1,956,696 thousand euro at December 31, 2024) and increased by 809,755 thousand euro. These receivables include: • for 1,863,796 thousand euro receivables from customers (969,048 thousand euro at December 31, 2024); 71 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors • for 902,655 thousand euro receivables from subsidiaries, controlling entities and associates (987,648 thousand euro at December 31, 2024). The change in trade receivables is mainly attributable to the increase in tariffs for the sale of electricity and gas observed during the year in the reference scenario. It should be noted that the Company occasionally assigns receivables without recourse and has no revolving factoring programs in place. At December 31, 2025, the bad debt provision calculated in accordance with IFRS 9 amounted to 441 thousand euro, a decrease of 327 thousand euro. This provision is considered adequate to cover the risks to which it relates. The detailed changes in the provisions to adjust the values of receivables are outlined in the following table: thousands of euro 12.31.2024 Effect of non-recurring transactions Provisions Uses Other changes 12.31.2025 Bad debts provision 768 - (239) (88) - 441 The following is the aging of trade receivables: thousands of euro 12.31.2024 12.31.2025 Trade receivables of which: 1,956,696 2,766,451 Current 280,497 183,515 Past due of which: 4,931 4,228 Past due up to 30 days 2,062 2,847 Past due from 31 to 180 days 202 400 Past due from 181 to 365 days 143 172 Past due over 365 days 2,524 809 Invoices to be issued 1,672,036 2,579,149 Bad debts provision (768) (441) 72 A2A Separate financial statements 2025 2 Explanatory notes 9) Derivatives and other current assets thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Current derivatives assets 865,149 - (224,274) 640,875 - - Other current assets of which: 252,032 (2,065) (64,355) 185,612 - \- \- advances and prepayments to suppliers 387 - 472 859 \- receivables from employees 98 - 13 111 \- tax receivables 9,373 - (2,263) 7,110 \- receivables from subsidiaries for tax consolidation 155,476 - ( 7, 4 4 7 ) 148,029 \- receivables related to future years 22,277 - 2,783 25,060 \- receivables from social security entities 673 - (7) 666 \- receivables from stamp office 123 - - 123 \- receivables for damage compensation 1 - (1) - \- receivables for security deposits 41,826 - (40,660) 1,166 \- other sundry receivables 21,798 (2,065) (17,245) 2,488 Total derivatives and other current assets 1,117,181 (2,065) (288,629) 826,487 - - “Current derivatives assets” amounting to 640,875 thousand euro (865,149 thousand euro at December 31, 2024) refer to the fair value valuation of commodity derivatives at the end of the year under review. The decrease is mainly attributable to a decrease in fair value valuation due to a lower average difference between subscription prices and market prices. “Other current assets” presented a balance of 185,612 thousand euro (252,032 thousand euro at December 31, 2024), a decrease of 64,355 thousand euro with respect to the previous year, net of non-recurring transactions, negative for 2,065 thousand euro. “Advances to suppliers” of 859 thousand euro (387 thousand euro at December 31, 2024) refer to prepayments on professional services. “Tax receivables”, which amounted to 7,110 thousand euro (9,373 thousand euro at December 31, 2024), refer to receivables from the tax authorities for tax benefits under building bonuses due within one year (4,442 thousand euro), receivables from the tax authorities for excise duties (1,124 thousand euro), tax credits from the tax authorities for investments in new capital goods as provided for by Art. 1, paragraph 1051 - 1063 of L. 178/2020, as amended by Art. 1, paragraph 44 of Law 234/2021 (318 thousand euro), to a tax credit towards the Treasury for research and development activities recognized for the purposes provided for in Article 1, paragraphs 198 to 206, of Law no. 160 of December 27 2019, as amended, and by the Decree of May 26, 2020 issued by the Ministry of Economic Development (592 thousand euro), to VAT credits (284 thousand euro), to a tax credit towards the Treasury for sanitization and 73 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors the purchase of protective devices pursuant to Art. 125 of LD 34/2020 - Decreto Rilancio (Relaunch Decree) (26 thousand euro), as well as other receivables for 324 thousand euro. The decrease of 2,263 thousand euro compared to the previous year is mainly due to the utilisation of tax credits recognised at December 31, 2024 to offset IRES/IRAP advances paid during the year. “Receivables from subsidiaries for tax consolidation” and Group VAT amounted to 148,029 thousand euro (155,476 thousand euro at December 31, 2024). “Receivables related to future years”, which amount to 25,060 thousand euro (22,277 thousand euro at December 31, 2024), mainly refer to fees, licences, maintenance and software management costs relating to subsequent years. “Receivables for guarantee deposits” of 1,166 thousand euro (41,826 thousand euro at December 31, 2024) mainly refer to the deposit with the Electricity Market Operator (GSE) for operations on the electricity market, net of the amount collected during the financial year. “Other sundry receivables” relate to the sale of the shareholding in Ge.S.I. S.r.l.. 10) Current financial assets thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Other financial assets 27,836 - (9,851) 17,985 27,836 17,985 Other financial assets from related parties 4,201,803 - (97,1 7 0 ) 4,104,633 4,201,803 4,104,633 Total current financial assets 4,229,639 - (107,021) 4,122,618 4,229,639 4,122,618 “Current financial assets” amounted to 4,122,618 thousand euro (4,229,639 thousand euro at December 31, 2024), with a decrease of 107,021 euro and refer: • for 4,121,588 thousand euro to “Loans and receivables originated by HTC (Hold to Collect)” (4,228,580 thousand euro at December 31, 2024) of which: \- from subsidiaries 4,103,603 thousand euro (4,200,744 thousand euro at December 31, 2024) for both the balance of intra-group current accounts on which interest rates are applied, at market conditions, with a variable Euribor basis with specific spreads for companies and for the current portion of loans granted to subsidiaries; \- from third parties 17,985 thousand euro (27,836 thousand euro at December 31, 2024) related to financial receivables with third parties, in particular to credits for interest income accrued on bank deposits; • for 1,030 thousand euro “IFRS 16 financial receivables (subleases)” from subsidiaries (1,059 thousand euro at December 31, 2024). 11) Current tax assets thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Current tax assets 16,542 - 98,161 114,703 At December 31, 2025, this item amounted to 114,703 thousand euro (16,542 thousand euro at December 31, 2024) and refers to IRAP receivables (30,507 thousand euro), as well as to IRES receivables (82,897 thousand euro), both for current taxes and for amounts requested for 74 A2A Separate financial statements 2025 2 Explanatory notes reimbursement, as well as the remaining credit for Robin Tax (1,299 thousand euro) paid in previous years and that will be recovered in subsequent years. 12) Cash and cash equivalents thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Cash and cash equivalents 1,323,166 - 387,485 1,710,651 1,323,166 1,710,651 “Cash and cash equivalents” at December 31, 2025 amounted to 1,710,651 thousand euro (1,323,166 thousand euro at December 31, 2024), with an increase of 387,485 thousand euro compared with the end of the previous year. The increase in cash and cash equivalents is mainly due to the issuance during 2025 of three bond loans for a nominal value of 1,155,000 thousand euro and the disbursement of a bank loan with the European Investment Bank for a nominal value of 200,000 thousand euro, partially offset by the repayment of a bond loan for 300,000 thousand euro and the syndicated loan of 600,000 thousand euro for the acquisition of Enel electricity grids. This item includes term current accounts, in the amount of 16,159 thousand euro, related to trading on commodity derivative platforms. Bank deposits include accrued interest not yet credited by the end of the period. Equity and liabilities Equity Equity, which at December 31, 2025 amounted to 5,318,651 thousand euro (5,016,506 thousand euro at December 31, 2024), is detailed in the following table: thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Equity Share capital 1,629,111 - - 1,629,111 (Treasury share) - - (9,706) (9,706) Reserves 2,599,011 (237) 456,238 3,055,012 Profit (loss) for the year 788,384 - (144,150) 644,234 Total Equity 5,016,506 (237) 302,382 5,318,651 13) Share capital At December 31, 2025, the “Share capital” amounted to 1,629,111 thousand euro and is comprised of 3,132,905,277 ordinary shares with a unitary value of 0.52 euro each. 75 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 14) Treasury shares “Treasury shares” at December 31, 2025 amounted to 9,706 thousand euro, no value at December 31, 2024, and refer to 4,147,087 treasury shares equal to 0.1324% of the share capital purchased in support of the 2025-2027 “A2A LIFE Sharing” distributed shareholding plan and for current management purposes (including investment and liquidity management) and for industrial projects consistent with the strategic lines that the company intends to pursue in relation to which the opportunity of stock exchange is realized. 15) Reserves thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Reserves 2,599,011 (237) 456,238 3,055,012 Change in the hedging reserve (16,597) \- 8,976 (7,621) Tax effect 3,933 \- (3,586) 347 Hedging reserve (12,664) \- 5,390 (7,274) Change in the IAS 19 reserve - Employee Benefits (46,081) \- 9,745 (36,336) Tax effect 12,347 \- (2,868) 9,479 IAS 19 reserve - Employee benefits (33,734) \- 6,877 (26,857) Change in fair value reserve 9,008 \- (9,008) - Tax effect (2,664) \- 2,664 - Fair value reserves 6,344 - (6,344) - “Reserves”, which at December 31, 2025 amounted to 3,055,012 thousand euro (2,599,011 thousand euro at December 31, 2024), were positive for 456,238 thousand euro, net of the effect of non- recurring transactions negative for 237 thousand euro, due to the allocation of the profit for the year 2024, net of dividends distributed, as well as the payment of the coupon relating to the hybrid subordinated non-convertible bond issue issued in the previous financial year. The reserve related to the first hybrid subordinated perpetual bond issuance in Green use of proceeds format, with a nominal value of 750 million euro, amounts to 741,812 thousand euro, net of issuance expenses and the tax effect on them. The bond was placed at an issue price of 99.460% and characterized by a non-call period of 5.25 years, and shall have a perpetual term. This bond will pay a fixed annual coupon of 5.000% until the first reset date on September 11, 2029. However, the nature of the instrument allows A2A to defer the payment of interest over time at any point. From that date, unless early redemption has taken place, the security will accrue interest per annum equal to the five-year Euro Mid Swap reference rate increased by an initial margin of 225.8 basis points, increased by a further margin of 25 basis points from September 11, 2034 and by a subsequent increase of a further 75 basis points from September 11, 2049. The reserves also include the reserve related to the payment of the first and second tranches of coupons for 46,926 thousand euro, net of the tax effect of 11,262 thousand euro. 76 A2A Separate financial statements 2025 2 Explanatory notes thousands of euro 12.31.2025 Possibility of use Other Reserves 2,320,474 A, B, C Reserve for equity instruments - perpetual hybrid bonds 741,812 D Hedging reserve (7,274) D Total reserves 3,055,012 Key: A: For share capital increase B: For loss coverage C: For distribution to Shareholders - available for euro 2,066,884,293 (*) D: Reserves not available (*) Of which subject to moderate tax suspension for 124,783,022 euro and to tax suspension following the realignment of L.D. 104/20 for 227,529,561 euro. This item includes the following unavailable reserves: • for 47,276 thousand euro the reserve arising from the corporate separation occurred in 1999. Such reserve will be available for distribution in portions in the following years based on the amortization carried out by the receiving company on the higher values determining capital gains from contribution; • for 7,274 thousand euro, the negative hedging reserve including the fair value of hedging derivatives net of tax; • for 26,857 thousand euro, the negative reserve arising from the adoption of IAS 19 - Employee Benefits which requires actuarial profits and losses to be recognized directly in an equity reserve, net of the tax effect; • for 462 thousand euro, the negative available-for-sale reserve including the fair value of certain available-for-sale shareholdings net of the tax effect; • for 3,299 thousand euro, the IFRS 2 reserve relating to the A2A Life sharing widespread share ownership plan; • for 397,448 thousand euro, the legal reserve, whose increase of 39,419 thousand euro compared with the previous year derives from the allocation of profit for the previous year. It shall be noted that in 2021, the company opted, pursuant to L.D. 104/2020, for the realignment of differences between the higher statutory value and the lower tax value of property, plant and equipment via payment of a substitute tax equal to 3% of the realigned value in three annual installments. The company’s reserves are therefore subject to a tax suspension restriction amounting to 227,530 thousand euro, calculated as the difference between the realigned value and the substitute tax due. The distribution of these reserves or their allocation to uses other than loss coverage will result in taxation of the same. The additional reserves and the profits that in case of distribution must be considered as IRES tax suspension amounted to 8,887 thousand euro. It should be noted that during 2025, dividends amounting to 313,291 thousand euro corresponding to 0.10 euro per share were distributed, as approved by the shareholders’ meeting on April 29, 2025. 16) Profit (loss) for the year The profit for the year was 644,234 thousand euro. 77 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Liabilities Non-current liabilities 17) Non-current financial liabilities thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Non-convertible bonds 4,502,759 - 542,798 5,045,557 4,502,759 5,045,557 Payables to banks 1,279,867 - (660,945) 618,922 1,279,867 618,922 Payables to other lenders 149,875 - 27 149,902 149,875 149,902 Non-current financial payables for rights of use to third parties 23,704 - (8,904) 14,800 23,704 14,800 Non-current financial payables for rights of use to related parties 26,253 - (5,669) 20,584 26,253 20,584 Total non-current financial liabilities 5,982,458 - (132,693) 5,849,765 5,982,458 5,849,765 ”Non-current financial liabilities” amounted to 5,849,765 thousand euro (5,982,458 thousand euro at December 31, 2024), reflecting a decrease of 132,693 thousand euro. “Non-convertible bonds” amounting to 5,045,557 thousand euro (4,502,759 thousand euro at December 31, 2024) relate to the following bonds, which are accounted for at amortized cost: • 298,986 thousand euro, maturing in October 2027 and coupon of 1.625%, the nominal value of which is equal to 300,000 thousand euro; • 75,772 thousand euro, Private Placement in yen maturing in August 2036 and fixed rate of 5.405%, the nominal value of which is equal to 14 billion yen; • 397,502 thousand euro, maturing in July 2029 and coupon of 1.00%, the nominal value of which is equal to 400,000 thousand euro; • 497,412 thousand euro, maturing in July 2031 and coupon of 0.625%, the nominal value of which is equal to 500,000 thousand euro; • 495,611 thousand euro, maturing in October 2032 and coupon of 0.625%, the nominal value of which is equal to 500,000 thousand euro; • 496,036 thousand euro, maturing in November 2033 and coupon of 1%, the nominal value of which is equal to 500,000 thousand euro; • 497,923 thousand euro, maturing in March 2028 and coupon of 1.5%, the nominal value of which is equal to 500,000 thousand euro; • 645,229 thousand euro, maturing in September 2030 and coupon of 4.5%, the nominal value of which is equal to 650,000 thousand euro. Includes the change in the fair value of the portion of the bond loan hedged by Fix-to-Float derivatives; • 494,911 thousand euro, maturing in February 2034 and coupon of 4.375%, the nominal value of which is equal to 500,000 thousand euro; • 497,952 thousand euro, maturing in January 2035 and coupon of 3.625%, the nominal value of which is equal to 500,000 thousand euro. Includes the change in the fair value of the portion of the bond loan hedged by Fix-to-Float derivatives; 78 A2A Separate financial statements 2025 2 Explanatory notes • 153,929 thousand euro, maturing in October 2030 and coupon of 2.875%, the nominal value of which is equal to 155,000 thousand euro; • 494,294 thousand euro, maturing in May 2032 and coupon of 3.25%, the nominal value of which is equal to 500,000 thousand euro. The increase in the non-current component of “Non-convertible bonds”, equal to 542,798 thousand euro compared to December 31, 2024, is essentially due to the reclassification to the item “Current financial liabilities” of the bond maturing in 2026 (600,000 thousand euro), the decrease in the EURJPY exchange rate applied to the Private Placement in yen and the issue of three bonds: • 155,000 thousand euro issued in October 2025, maturing in October 2030 and coupon of 2.875%; • 500,000 thousand euro issued in November 2025, maturing in May 2032 and coupon of 3.25%; • 500,000 thousand euro issued in January 2025, maturing in January 2035 and coupon of 3.625%. Non-current “Payables to banks” amounted to 618,922 thousand euro (1,279,867 thousand euro at December 31, 2024). This item recognized the book value of loans granted by the European Investment Bank in the amount of 520,329 thousand euro and by various credit institutions in the amount of 98,593 thousand euro. The net decrease of 660,945 thousand euro at the end of the period is attributable to the repayment of a syndicated loan for a nominal value of 600,000 thousand euro for the acquisition of the Enel electricity grids and the reclassification under current liabilities of the principal amounts due within the next twelve months, partially offset by the disbursement of a loan from the European Investment Bank for a nominal value of 200,000 thousand euro. “Payables to other lenders” amounted to 149,902 thousand euro (149,875 thousand euro at December 31, 2024) and refer to the loan granted by the Cassa Depositi e Prestiti for a nominal value of 150,000 thousand euro. “Financial payables for non-current rights of use”, in application of IFRS 16 for leases previously classified as operating, both to third parties and related parties, amounted to 35,384 thousand euro, with a decrease of 14,573 thousand euro compared to the end of the previous year. For an analysis of the maturity dates of each item of these payables, please refer to the special detailed table in the “Other information” section in chapter 6) Financial Risk Management in paragraph d. Liquidity risk, while for further analysis of the division between fixed-rate and variable-rate payables, please refer to the special detailed table in paragraph b. Interest rate risk. The following table shows the comparison, for each long-term debt category, between the book value and the fair value, including the portion falling due in the next 12 months. For listed debt instruments, the fair value is determined using stock prices, while for unlisted securities the fair value is determined using valuation models for each category of financial instrument and using market data relating to the closing date of the financial year, including the credit spreads of A2A S.p.A.. 79 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors thousands of euro Nominal value Book value Current portion Non-current portion Fair value Bonds 5,703,000 5,713,999 668,442 5,045,557 5,470,178 Loans from banks and other lenders 1,031,178 1,036,239 2 67,4 1 5 768,824 940,613 Total 6,734,178 6,750,238 935,857 5,814,381 6,410,791 18) Employee benefits “Employee Benefits” amounted to 97,872 thousand euro (109,635 thousand euro at December 31, 2024) with changes as follows: thousands of euro 12.31.2024 Effect of non-recurring transactions Accruals Uses Other changes 12.31.2025 Post-employment benefits (TFR) 14.125 109 8.813 (1.853) (8.774) 12.420 Employee benefits 95.510 15 - (4.614) (5.459) 85.452 Total employee benefits 109.635 124 8.813 (6.467) (14.233) 97.87 2 In addition to post-employment benefits (TFR), employee benefits include the calculation of the electricity and gas discount, additional monthly payments, length-of-service bonuses, and the pension supplement paid by the Premungas pension fund to eligible employees. The change in the item, net of the effect of non-recurring transactions positive for 124 thousand euro, is attributable for 8,813 thousand euro to provisions for the period, for 6,467 thousand euro to the decrease due to the disbursements of the year and for 14,233 thousand euro to the net decrease referred to actuarial valuations, deriving from the combined effect of the increase for interest cost equal to 3,630 thousand euro, of the decrease for actuarial gains/losses equal to 9,745 thousand euro net of other negative changes for 8,118 thousand euro. Technical valuations were carried out on the basis of the following assumptions: 2024 2025 Discount rate from +2.69% to +3.38% from +2.52% to +3.96% Annual inflation rate 2.0% 2.0% Annual seniority bonus increase rate 2.0% 2.0% Annual additional months increase rate 0.0% 0.0% Annual cost of electricity increase rate 2.0% 2.0% Annual cost of gas increase rate 0.0% 0.0% Annual salary increase rate 1.0% 1.0% Annual post-employment benefits increase rate 3.0% 3.0% Average annual increase rate of supplementary pensions 1.125% 1,125% Annual turnover frequencies 5,0% 5,0% Annual post-employment benefits advance frequencies 2,0% 2,0% 80 A2A Separate financial statements 2025 2 Explanatory notes It is noted that: • the annual discount rate used to determine the present value of the bond has been derived, in line with paragraph 83 of IAS 19, by the Iboxx Corporate AA Index with duration 7-10 recognized on the measurement date; For this purpose, the yield with duration comparable to the duration of the work group evaluated was chosen; • the annual rate of post-employment benefits increase, according to art. 2120 of the Civil Code, is equal to 75% of inflation plus 1.5 percentage points; • the annual advance and turnover frequencies are derived from historical experiences of the Group and the frequencies arising from the experience of the Actuary on a significant number of similar companies; • for the demographic technical bases, it is noted that: \- for “death”, the tables TG62 (Premungas), AS62 (Electricity and gas discount) and ISTAT 2022 (TFR) tables were used; \- for “inability”, the INPS tables divided by age and gender were used; \- for “retirement”, the 100% parameter was used upon reaching the requirements of AGO (Obligatory General Insurance) in accordance with LD no. 04/2019; \- for the “probability of leaving the family”, the table in the INPS model was used for projections to 2010 updated; \- for the “frequency of the various structures of surviving nuclei and average age of members”, the table in the INPS model was used for projections to 2010. As required by IAS 19, the sensitivity for post-employment benefits obligations is outlined below: thousands of euro Turnover rate +1% Turnover rate -1% Inflation rate +0.25% Inflation rate -0.25% Discount rate +0.25% Discount rate -0.25% Post-employment benefits (TFR) 12,308 12,267 12,390 12,188 12,130 12,450 thousands of euro Discount rate +0.25% Discount rate -0.25% Mortality table increased by 10% Mortality table decreased by 10% Premungas 8,205 8,415 7, 8 8 4 8,783 Electricity and gas discount 72,428 76,655 76,810 72,417 Additional months 1,274 1,321 - - 81 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 19) Provisions for risks and charges thousands of euro 12.31.2024 12.31.2025 Non-current portion Current portion Total Non-current portion Current portion Total Decommissioning provisions 3,604 902 4,506 4,465 381 4,846 Tax provisions 1,435 - 1,435 1,436 - 1,436 Personnel lawsuits and disputes provisions 5,786 - 5,786 5,542 - 5,542 Other risk provisions 171,885 - 171,885 172,678 15,612 188,290 Total provisions for risks and charges 182,710 902 183,612 184,121 15,993 200,114 thousands of euro 12.31.2024 Effect of non- recurring transactions Provisions Releases Uses Other changes 12.31.2025 Decommissioning provisions 4,506 - - - - 340 4,846 Tax provisions 1,435 - 1 - - - 1,436 Personnel lawsuits and disputes provisions 5,786 - 545 (560) - (229) 5,542 Other risk provisions 171,885 - 28,559 (354) (3,619) (8,181) 188,290 Total provisions for risks and charges 183,612 - 29,105 (914) (3,619) (8,070) 200,114 “Decommissioning provisions”, which amounted to 4,846 thousand euro, include charges for costs of dismantling and recovery of production sites related to hydroelectric plants of Valtellina and Calabria. The changes in the item concerned the updating of the appraisals as well as the revision of the discount rates used for the estimate of future charges for 340 thousand euro. “Tax Provisions”, which amounted to 1,436 thousand euro, substantially unchanged compared to the previous year, refer to provisions for pending or potential litigation with the tax authorities or territorial entities for levies and direct and indirect taxes. The “Personnel lawsuits and disputes provisions” amounted to 5,542 thousand euro and refer to lawsuits pending with social security institutions, for contributions not paid for 998 thousand euro, to lawsuits with third parties for 4,067 thousand euro and with employees for 477 thousand euro, to cover the liabilities that could arise from litigations in progress. Changes during the period regard provisions of 545 thousand euro, releases of 560 thousand euro, and other decreases of 229 thousand euro. “Other risk provisions” of 188,290 thousand euro refer to provisions relating to public water derivation fees for 157,460 thousand euro, provisions for contractual expenses for 15,611 thousand euro, to the mobility provision for the costs arising from the corporate restructuring plan for 4,560 thousand euro, as well as other provisions for risks for 10,659 thousand euro. Changes during the period regard provisions of 28,559 thousand euro, uses of 3,619 thousand euro, releases of 354 thousand euro and other decreases of 8,181 thousand euro. 82 A2A Separate financial statements 2025 2 Explanatory notes 20) Derivatives and other non-current liabilities thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Non-current derivatives liabilities 18,540 - 1 7, 467 36,007 18,540 36,007 Other non-current liabilities 3,455 - (3,354) 101 - - Total derivatives and other non-current liabilities 21,995 - 14,113 36,108 18,540 36,007 “Non-current derivatives liabilities” amounted to 36,007 thousand euro (18,540 thousand euro at December 31, 2024) and refer to the fair value measurement of the hedging derivative relating to the yen bond maturing in 2036, the fair value of the cash flow hedge derivative relating to the bank loan maturing in 2031, and the fair value of the fair value hedge derivatives relating to two bonds maturing in 2030 and 2035 respectively. “Other non-current liabilities to third parties” amounted to 101 thousand euro (3,455 thousand euro at December 31, 2024) and refer to security deposits. In the previous year, this item included 3,354 thousand euro relating to payables linked to Long Term Service Agreements relating to plant maintenance. 83 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Current liabilities 21) Trade payables thousands of euro 12.31.2024 Effect of non- recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Advances and payables to suppliers 7 - - 7 Trade payables to third-party suppliers 2,102,404 - 1,057,959 3,160,363 Trade payables to related parties of which: 313,085 - 10,291 323,376 \- subsidiaries 293,982 19,072 313,054 \- joint ventures 19,004 (8,846) 10,158 \- associates - 4 4 \- Municipalities of Milan and Brescia 99 61 160 Total trade payables 2,415,496 - 1,068,250 3,483,746 - - “Trade payables” amounted to 3,483,746 thousand euro and include advances for 7 thousand euro, debt exposure to third-party suppliers for 3,160,363 thousand euro and trade payables to related parties for 323,376 thousand euro. The increase in payables to third-party suppliers is mainly attributable to the increase in commodity trading transactions with bilateral counterparties. 84 A2A Separate financial statements 2025 2 Explanatory notes 22) Derivatives and other current liabilities thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Current derivative liabilities 766,697 - (75,151) 691,546 Other current liabilities of which: 142,293 (837) 4,224 145,680 \- payables to social security institutions 16,455 - 1,172 17,627 \- payables to personnel 38,182 (597) 2,430 40,015 \- tax payables 61,470 - (11,131) 50,339 \- payables to ubsidiaries for Group VAT and tax consolidation 12,461 - 4,262 16,723 \- payables for tax transparency 1,770 - (1,770) - \- payables for liabilities of competence of following years 21 - 67 88 \- payables for collections to be allocated 5,801 - 656 6,457 \- sundry payables 6,133 (240) 8,538 14,431 Total derivatives and other current liabilities 908,990 (837) (70,927) 8 37,226 - - “Current derivative liabilities” amounted to 691,546 thousand euro (766,697 thousand euro at December 31, 2024) and refer to the fair value valuation of derivatives. The decrease is mainly attributable to a decrease in fair value valuation due to a lower average difference between subscription prices and market prices. “Other current liabilities” amounting to 145,680 thousand euro (142,293 thousand euro at December 31, 2024) mainly refer to: • “payables to social security institutions”, which amounted to 17,627 thousand euro and relate to the company’s debt position with social security and pension institutions, related to contributions of the month of December not yet paid; • “payables to subsidiaries for Group VAT and tax consolidation” for 16,723 thousand euro (12,461 thousand euro at December 31, 2024); • “payables to employees” for 40,015 thousand euro (38,182 million euro at December 31, 2024), relating to payables to employees for the productivity bonus accrued during the year, as well as the expense for holidays accrued but not taken at December 31, 2025; • “tax payables” amounting to 50,339 thousand euro (61,470 thousand euro at December 31, 2024) essentially regarding VAT payables, payables for water diversion fees, as well as payables to the tax authorities for withholding tax; • other sundry payables which include the advance collections of electricity and gas futures contracts the economic manifestation of which will be in the following year, as well as payables for insurance policies. 85 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 23) Current financial liabilities thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 of which included in the NFP 12.31.2024 12.31.2025 Non-convertible bonds 354,290 - 314,152 668,442 354,290 668,442 Payables to banks 508,516 - (243,478) 265,038 508,516 265,038 Payables to other lenders 3,480 - (1,103) 2,377 3,480 2,377 Financial payables to related parties 314,518 - 76,753 391,271 314,518 391,271 Current financial payables for rights of use to third parties 14,279 - (3,900) 10,379 14,279 10,379 Current financial payables for rights of use to related parties 7,890 - (1,490) 6,400 7,890 6,400 Total current financial liabilities 1,202,973 - 140,934 1,343,907 1,202,973 1,343,907 “Non-convertible bonds” amounted to 668,442 thousand euro and show a net increase of 314,152 thousand euro. During the year, a bond maturing in June 2026 with a nominal value of 600,000 thousand euro was reclassified from “Non-current financial liabilities”, partially offset by the redemption of a bond with a nominal value of 300,000 thousand euro that matured in February 2025. At December 31, 2025, the calculation of interest coupons amounted to 69,031 thousand euro (54,358 thousand euro at December 31, 2024). Current “Payables to banks”, which amounted to 265,038 thousand euro, mainly comprise the book value of loans granted by the European Investment Bank, for 60,805 thousand euro, the book value of loans granted by various credit institutions for 199,381 thousand euro, and accrued interest totalling 4,852 thousand euro. The year-on-year decrease of 243,478 thousand euro was mainly related to the portions repaid during the period. “Payables to other lenders” amounted to 2,377 thousand euro (3,480 thousand euro at December 31, 2024) and refer to the interest accrued net of amortized costs relating to a loan granted by the Cassa Depositi e Prestiti for a nominal value of 150,000 thousand euro. “Financial payables to related parties” amounted to 391,271 thousand euro with an increase of 76,753 thousand euro and relate to intra-group current accounts on which rates are applied at market conditions, with variable Euribor base with specific spreads for companies. “Financial payables for current rights of use”, in application of IFRS 16 for leases previously classified as operating, both to third parties and related parties, amounted to 16,779 thousand euro, with a decrease of 5,390 thousand euro compared to the end of the previous year. 24) Current tax liabilities thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Current tax liabilities 88,841 - (88,841) - At December 31, 2025, tax payables had no value, while in the previous year they amounted to 88,841 thousand euro and related to the recognition of current IRES and IRAP payables net of advances paid, which at December 31, 2025 had a credit balance. 86 A2A Separate financial statements 2025 2 Explanatory notes 2.5 Net financial debt (pursuant to Communication ESMA/32-382-1138) 25) Net financial debt (pursuant to Communication ESMA/32-382-1138) The following table provides details of net debt. thousands of euro 12.31.2024 Effect of non-recurring transactions Changes 12.31.2025 Bonds - non-current portion 4,502,759 - 542,798 5,045,557 Bank loans - non-current portion 1,279,867 - (660,945) 618,922 Non-current payables to other lenders 149,875 - 27 149,902 Non-current financial payables for rights of use 49,957 - (14,573) 35,384 Other non-current liabilities 18,540 - 1 7,467 36,007 Total medium/long-term debt 6,000,998 - (115,226) 5,885,772 Other non-current assets (1,041) - 1,041 - Total medium/long-term financial receivables (1,041) - 1,041 - Total non-current net debt 5,999,957 - (114,185) 5,885,772 Bonds - current portion 354,290 - 314,152 668,442 Bank loans - current portion 508,516 - (243,478) 265,038 Current amounts due to other providers of finance 3,480 - (1,103) 2,377 Current financial payables for rights of use 22,169 - (5,390) 16,779 Current financial payables to related parties 314,518 - 76,753 391,271 Total short-term debt 1,202,973 - 140,934 1,343,907 Other current financial assets (27,836) - 9,851 (17,985) Current financial assets - related parties (4,201,803) - 97,1 70 (4,104,633) Total short-term financial receivables (4,229,639) - 107,021 (4,122,618) Cash and cash equivalents (1,323,166) - (387,485) (1,710,651) Total current net debt (4,349,832) - (139,530) (4,489,362) Net financial debt as per ESMA communication 1,650,125 - (253,715) 1,396,410 Non-current financial assets - related parties (365,009) - 83,069 (281,940) Non-current financial assets (96) - - (96) Net financial debt 1,285,020 - (170,646) 1,114,374 87 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Pursuant to IAS 7 “Cash Flow Statement”, the following are the changes in financial assets and liabilities: thousands of euro 12.31.2024 Effect of non-recurring transactions Cash flow Change in fair value Other changes 12.31.2025 Bonds 4,857,049 - 746,890 (12,784) 122,844 5,713,999 Financial payables 2,328,382 - (907,951) - 59,242 1,479,673 Other liabilities 18,540 - 469 15,689 1,309 36,007 Financial assets (4,594,744) - 359,470 - (169,380) (4,404,654) Other activities (1,041) - - 1,041 - - Net liabilities deriving from financing activities 2,608,186 - 198,878 3,946 14,015 2,825,025 Cash and cash equivalents (1,323,166) - (387,485) - - (1,710,651) Net financial debt 1,285,020 - (188,607) 3,946 14,015 1,114,374 88 A2A Separate financial statements 2025 2 Explanatory notes 2.6 Notes to the income statement 26) Revenue thousands of euro 12.31.2025 12.31.2024 Change Percentage change Total industrial portfolio revenue 8,901,405 8,375,015 526,390 6.3% Total trading portfolio revenue 41,131 51,514 (10,383) (20.2%) Total revenues from services 284,216 273,485 10,731 3.9% Total revenue from sales and services 9,226,752 8,700,014 526,738 6.1% Other income 43,330 52,802 (9,472) (17.9%) Total Revenue 9,270,082 8,752,816 517,266 5.9% 89 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Details of the more significant items are as follows: thousands of euro 12.31.2025 12.31.2024 Change Percentage change Sales of electricity of which: 5,690,274 5,340,841 349,433 6.5% \- third-party customers 2,451,963 2,505,054 (53,091) (2.1%) \- subsidiaries 3,238,806 2,835,758 403,048 14.2% \- associates (495) 29 (524) n.s. Sales of gas and fuels of which: 2,917,243 2,793,561 123,682 4.4% \- third-party customers 1,431,528 1,151,295 280,233 24.3% \- subsidiaries 1,478,000 1,635,798 ( 1 57,7 9 8) (9.6%) \- associates 7,7 1 5 6,468 1,247 19.3% Sales of heat of which: 1,276 1,099 177 16.1% \- subsidiaries 1,276 1,099 177 16.1% Sales of materials and equipment of which: 15,834 9,106 6,728 73.9% \- third-party customers 26 1 25 n.s. \- subsidiaries 15,808 9,105 6,703 73.6% Sales of emission certificates and allowances of which: 276,778 230,408 46,370 20.1% \- third-party customers and inventory change 6,282 (11,244) 17,526 n.s. \- subsidiaries 270,496 241,650 28,846 11.9% \- associates - 2 (2) (100.0%) Total industrial portfolio revenues 8,901,405 8,375,015 526,390 6.3% Total trading portfolio revenues 41,131 51,514 (10,383) (20.2%) \- Services to third parties 2,244 1 7,6 47 (15,403) (87.3%) \- Services to subsidiaries 281,035 253,533 27,502 10.8% \- Services to associates 46 38 8 21.1% \- Services to parent companies 891 2,267 (1,376) (60.7%) Total revenue from services 284,216 273,485 10,731 3.9% Total revenue from sales and services 9,226,752 8,700,014 526,738 6.1% Total other income 43,330 52,802 (9,472) (17.9%) Total revenue 9,270,082 8,752,816 517,266 5.9% Sales revenues of the industrial portfolio, which amounted to 8,901,405 thousand euro and show a increase of 526,390 thousand euro compared to the previous year, mainly refer to the sale of electricity (5,690,274 thousand euro) to wholesalers and institutional operators (Gestore Mercato Elettrico S.p.A. and Terna S.p.A.), also through sales on the IPEX markets (Italian Power Exchange) as 90 A2A Separate financial statements 2025 2 Explanatory notes well as to subsidiaries and associates for a total of 27,076 million kWh (+15% compared to December 31, 2024 to the sale of gas and fuel to third parties and subsidiaries (2,917,243 thousand euro) from the commercialization of 5,242 million cubic meters of gas (+9% compared to the previous year); to the sale of heat (1,276 thousand euro), materials and plants to both third parties and subsidiaries (15,834 thousand euro) and to the sale of environmental certificates to third parties and subsidiaries (276,778 thousand euro). The increase in sales revenues is mainly due to the increase in prices on the wholesale markets of both electricity and gas, as well as higher revenues from sales of CO 2 due to the higher functioning of the thermoelectric plants managed by A2A S.p.A. through tolling contracts. It is also noted that revenues from the industrial portfolio include 671,999 thousand euro of revenues generated abroad in the European Community. Revenues from services amount to 284,216 thousand euro and mainly relate to revenues from provisions to subsidiaries of administrative, fiscal, legal, managerial and technical services, and revenues from the Municipality of Milan for the video surveillance service. “Other income”, amounting to 43,330 thousand euro (52,802 thousand euro at December 31, 2024), decreased compared to the previous year mainly due to both the lower revenues related to the feed-in tariff incentive mechanism and the lower consideration granted by EP Produzione as the assignee for dispatching of the Scandale plant for the year 2025. 27) Operating expenses thousands of euro 12.31.2025 12.31.2024 Change Percentage change Total expenses for raw materials and consumables industrial portfolio 7,651,395 6,822,061 829,334 12.2% Total trading portfolio expenses 6,788 3,823 2,965 7 7.6 % Total expenses for services 472,557 478,458 (5,901) (1.2%) Total expenses for raw materials and services 8,130,740 7,304,342 826,398 11.3% Other operating expenses 542,754 576,500 (33,746) (5.9%) Total operating expenses 8,673,494 7,880,842 792,652 10.1% 91 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The following table sets out details of the more significant components: thousands of euro 12.31.2025 12.31.2024 Change Percentage change Purchases of electricity of which: 4,104,235 3,574,376 529,859 14.8% \- third-party suppliers 3,673,347 3,148,630 524,717 16.7% \- subsidiaries 423,082 416,948 6,134 1.5% \- associates 7,806 8,798 (992) (11.3%) Purchases of gas of which: 3,222,247 3,035,160 187,087 6.2% \- third-party suppliers 3,216,020 3,030,505 185,515 6.1% \- subsidiaries 6,227 4,655 1,572 33.8% Purchases of fuel of which: 1,118 5,243 (4,125) (78.7%) \- third-party suppliers 1,118 5,236 (4,118) (78.6%) \- subsidiaries - 7 (7) (100.0%) Change in inventories of fuel 35,365 (12,678) 48,043 n.s. Purchases of heat of which: 688 549 139 25.3% \- subsidiaries 688 549 139 25.3% Purchases of water of which: 192 129 63 48.8% \- third-party suppliers 77 54 23 42.6% \- subsidiaries 115 75 40 53.3% Purchases of materials of which: 14,260 13,597 663 4.9% \- third-party suppliers 14,195 13,590 605 4.5% \- subsidiaries 65 7 58 n.s. Change in inventories of materials 2,688 (2,686) 5,374 n.s. Hedging losses on operating derivatives 2,324 1,148 1,176 n.s. Hedging gains on operating derivatives (2,868) (4,889) 2,021 (41.3%) Purchases of emission certificates and allowances of which: 271,146 212,112 59,034 2 7.8% \- third-party suppliers 266,734 205,443 61,291 29.8% \- subsidiaries 4,412 6,669 (2,257) (33.8%) Total expenses for raw materials and consumables industrial portfolio 7,651,395 6,822,061 829,334 12.2% Total trading portfolio expenses 6,788 3,823 2,965 7 7.6% Delivery and transmission expenses of which: 288,394 254,855 33,539 13.2% \- third-party suppliers 263,283 230,168 33,115 14.4% \- subsidiaries 25,111 24,687 424 1.7% Maintenance and repairs 23,015 28,411 (5,396) (19.0%) Services of which: 161,148 195,192 (34,044) (17.4%) \- third-party suppliers 134,357 164,270 (29,913) (18.2%) \- subsidiaries 26,791 30,922 (4,131) (13.4%) Total expenses for services 472,557 478,458 (5,901) (1.2%) Total expenses for raw materials and services 8,130,740 7,304,342 826,398 11.3% Leaseholds of which: 419,382 394,028 25,354 6.4% \- third-party suppliers 23,890 21,070 2,820 13.4% \- subsidiaries 388,536 347,666 40,870 11.8% \- associates 6,956 25,292 (18,336) (72.5%) Other operating expenses 123,372 182,472 (59,100) (32.4%) Total other operating expenses 542,754 576,500 (33,746) (5.9%) Total operating expenses 8,673,494 7,880,842 792,652 10.1% 92 A2A Separate financial statements 2025 2 Explanatory notes Expenses for raw materials and consumables industrial portfolio amounted to 7,651,395 thousand euro and refer to costs for purchases of electricity, fuel and heat (7,238,288 thousand euro) from third parties and subsidiaries for both electricity production and for resale to customers and wholesalers, the increase of which mainly derives from the increase in procurement unit prices following the growth of the reference scenario, as well as to greater volumes purchased; the change in inventories of fuels (35,365 thousand euro); the gains/losses from hedging derivatives (-544 thousand euro); the purchase of materials and water (17,140 thousand euro including the change in inventories); and the purchase of environmental certificates (271,146 thousand euro), the increase of which is affected both by the greater purchases of CO 2 due to the greater volumes emitted, correlated to greater thermoelectric production, and by the higher unit cost of supply. Service expenses amounted to 472,557 thousand euro and relate to the logistics costs for transport on the natural gas network (288,394 thousand euro), costs for maintenance and repairs (23,015 thousand euro) related to both the plants and information systems of the company, as well as costs for services from third parties and subsidiaries and associates (161,148 thousand euro) that include costs for administrative and technical professional services, costs for certification activities, gas storage costs, expenses for insurance, monitoring, banking and other services. The decrease compared to the previous year is mainly due to lower costs for IT services, related to the development of new projects, lower costs for communication and sponsorship, and lower costs for maintenance, partly offset by higher costs for the transportation and storage of natural gas. “Other operating expenses” amounted to 542,754 thousand euro (576,500 thousand euro at December 31, 2024). This item includes the use of third-party assets for 419,382 thousand euro mainly relating to the contracting of thermoelectric production plants “tolling agreement” owned by the subsidiary A2A gencogas S.p.A. and costs related to the use of part of a portion of the electricity capacity of Ergosud S.p.A.. Other expenses amounted to 123,372 thousand euro and refer to public water derivation fees, damages and penalties and contingent liabilities. During the year, the Company paid 3,600 thousand euro in donations to the AEM, ASM and LGH Foundations. Trading margin The following table sets out the results arising from the Trading Portfolio, including the effect of changes in derivative instruments; these figures relate to trading in electricity, gas and environmental certificates. thousands of euro 12.31.2025 12.31.2024 Change Percentage change Trading margin Revenue 10,987,391 5,811,050 5,176,341 89.08% Operating expenses (10,953,048) (5,763,359) (5,189,689) 90.05% Total trading margin 34,343 47,6 9 1 (13,348) (28.0%) of which net revenue 41,131 51,514 (10,383) (20.2%) of which net expenses (6,788) (3,823) (2,965) 77.56% Total trading margin 34,343 47,6 9 1 (13,348) (28.0%) The trading margin was positive for 34,343 thousand euro, a decrease of 13,348 thousand euro compared to December 31, 2024. 93 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors During 2025, the energy market continued its path of progressive normalization, supported by a stable availability of LNG, climatic conditions that limited demand peaks, and structurally lower volatility than in the three-year period 2022–2024. In this context, the smaller amplitude of price excursions reduced the overall profit capture opportunities typical of trading activity. Despite this, the continuity of brokerage operations, price quotation and market making activities allowed the portfolio to achieve a positive economic result, albeit within a less favourable context than in the years with higher volatility. 28) Personnel expenses At December 31, 2025, Personnel expenses, net of capitalized costs, totalled 211,562 thousand euro (206,233 thousand euro as at December 31, 2024), the increase for the year includes both the effect of an increase in personnel and the effect of contract renewals. Personnel expenses may be analysed as follows: thousands of euro 12.31.2025 12.31.2024 Change Percentage change Wages and salaries 143,399 133,422 9,977 7.5% Social security charges 45,553 42,130 3,423 8.1% Post-employment benefits (TFR) 8,813 8,113 700 8.6% Other expenses 22,086 29,193 (7,107) (24.3%) Total Personnel expenses before capitalizations 219,851 212,858 6,993 3.3% Capitalized personnel expenses (8,289) (6,625) (1,664) 25.1% Total personnel expenses 211,562 206,233 5,329 2.6% The table below shows the average number of employees during the period, broken down by category: 12.31.2025 12.31.2024 Change Managers 117 113 4 Middle Managers 446 430 16 White-collar workers 1,394 1,311 83 Blue-collar workers 143 143 - Total 2,100 1,997 103 At December 31, 2025, A2A S.p.A. employees totalled 2,104, while at December 31, 2024, they were equal to 2,079. The item also includes the remuneration paid by A2A S.p.A. to the members of the Board of Directors in the period for a total of 1,800 thousand euro; for further details, reference is made to the specific file “Remuneration Report - 2026”. 94 A2A Separate financial statements 2025 2 Explanatory notes “Other personnel expenses” amounting to 22,086 thousand euro (29,193 thousand euro at December 31, 2024). They show a decrease compared to the previous year, mainly due to the reduction in expenses related to the overall expense of the corporate restructuring plan related to future employee leaving for mobility, partially offset by the recognition of costs related to the shares assigned free of charge to employees in relation with the widespread share ownership plan promoted by the Company. 29) Gross operating profit (loss) - EBITDA In light of the dynamics explained above, the “Gross operating profit (loss) - EBITDA” was positive for 385,026 thousand euro (positive for 665,741 thousand euro at December 31, 2024). 30) Depreciation, amortization, provisions and impairment losses The following table provides details of the individual items: thousands of euro 12.31.2025 12.31.2024 Change Percentage change Amortization of intangible assets 65,456 57,1 7 3 8,283 14.5% Depreciation of property, plant and equipment 111,990 106,606 5,384 5.1% Net impairment losses of non-current assets 119 492 (373) (75.8%) Total amortization, depreciation and impairment losses of non-current assets 177,565 164,271 13,294 8.1% Impairment losses on trade receivables (239) (2,016) 1,777 (88.1%) Other provisions for risks 28,191 30,865 (2,674) (8.7%) Total depreciation, amortization, provisions and impairment losses 205,517 193,120 12,397 6.4% In particular, “Depreciation and Amortization” totalled 177,446 thousand euro (163,779 thousand euro at December 31, 2024). The increase compared to December 31, 2024 results from the combined effect of higher depreciation and amortization for capital expenditures, net of the decrease associated with disposals during the period and fixed assets that completed their depreciation and amortization process in the prior year. Depreciation is calculated on the basis of technical and economic rates considered representative of the remaining useful life of the related tangible assets. At December 31, 2025, impairment losses of fixed assets amounted to 119 thousand euro (492 thousand euro at December 31, 2024) and mainly refer to assets no longer functional to the company’s activity. The “Bad debt provision on receivables recognized as current assets” showed a positive balance of 239 thousand euro (positive for 2,016 thousand euro at December 31, 2024) and is related to the exceedance recorded during the year under review. The balance of “Other provisions for risks” shows a net effect of 28,191 thousand euro (30,865 thousand euro at December 31, 2024) due to allocations of 29,105 thousand euro, offset by the 914 thousand euro of risk provisions made in previous years and released in the current year since the original disputes have ceased to exist. The provisions, after accounting for the releases for the year, pertained to “Other provisions for risks” primarily related to public water derivation fees. For further details, reference is made to note 19) Provisions for risks and charges. 95 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 31) Operating profit (loss) - EBIT The “Operating profit (loss) - EBIT” is positive by 179,509 thousand euro (472,621 thousand euro at December 31, 2024). 32) Finance income and expenses The “Finance income and expenses” showed a positive balance of 517,444 thousand euro (positive for 479,506 thousand euro at December 31, 2024), and the breakdown is as follows: thousands of euro 12.31.2025 12.31.2024 Change Percentage change Finance income 705,013 651,696 53,317 8.2% Finance expenses 187,569 172,190 15,379 8.9% Net finance income (expenses) 517,444 479,506 37,938 7.9 % Finance income thousands of euro 12.31.2025 12.31.2024 Change Percentage change Income on derivatives: - 4,701 (4,701) (100.0%) \- realized on financial derivatives - 4,701 (4,701) (100.0%) Gains on disposals of financial assets - 6 (6) (100.0%) Income from financial assets: 705,013 646,989 58,024 9.0% Income from dividends: 535,034 395,694 139,340 35.2% \- subsidiaries 534,709 395,398 139,311 35.2% \- associates 325 296 29 9.8%, Income on receivables/securities recorded as current assets: 169,918 251,236 (81,318) (32.4%) \- subsidiaries 141,785 204,371 (62,586) (30.6%) \- associates 85 170 (85) (50.0%) \- third parties of which: 28,048 46,695 (18,647) (39.9%) \- on bank accounts 2 7, 2 3 8 45,667 (18,429) (40.4%) \- on other receivables 810 1,028 (218) (21.2%) Foreign exchange gains 61 59 2 3.4% Total finance income 705,013 651,696 53,317 8.2% “Finance income” totalled 705,013 thousand euro (651,696 thousand euro at December 31, 2024) and refers to: • income from dividends in the amount of 535,034 thousand euro (395,694 thousand euro at December 31, 2024) related to dividends distributed by subsidiaries for 534,709 thousand euro, and associates for 325 thousand euro; • income from receivables/securities recognized under current assets for 169,918 thousand euro (251,236 thousand euro at December 31, 2024). This primarily regards interest to subsidiaries 96 A2A Separate financial statements 2025 2 Explanatory notes accrued on current accounts and intra-group loans totalling 141,785 thousand euro, financial income from associates of 85 thousand euro, interest on bank deposits and interest on sundry receivables of 28,048 thousand euro; • foreign exchange gains for 61 thousand euro (59 thousand euro at December 31, 2024). In the previous year, financial income included 4,701 thousand euro relating to the positive “realized” results for the year. Finance expenses thousands of euro 12.31.2025 12.31.2024 Change Percentage change Impairment losses of financial assets: 204 10 194 n.s. \- third parties 204 10 194 n.s. Expenses on financial assets: 187,365 172,180 15,185 8.8% \- subsidiaries 7,190 11,905 (4,715) (39.6%) \- associates 3 2 1 50.0% \- third parties of which: 180,172 160,273 19,899 12.4% \- interest on bond loans 124,620 111,850 12,770 11.4% \- interest charged by banks 48,166 39,020 9,146 23.4% \- decommissioning charges 133 138 (5) (3.6%) \- discounting charges 3,662 3,996 (334) (8.4%) \- financial expenses IFRS16 501 588 (87) (14.8%) \- other expenses 2,974 4,555 (1,581) (34.7%) \- foreign exchange losses 116 126 (10) (7.9%) Total finance expenses before capitalizations 187,569 172,190 15,379 8.9% Total finance expenses 187,569 172,190 15,379 8.9% “Finance expenses” amounted to 187,569 thousand euro (172,190 thousand euro in 2024) and referred to: • impairment losses financial fixed assets for 204 thousand euro (10 thousand euro at December 31, 2024), which refer to the write-down of the shareholding in the company Crit S.c.a.r.l. following the decrease in its share capital; • other expenses from financial liabilities amounting to 187,365 thousand euro (172,180 thousand euro at December 31, 2024), broken down as follows: \- interest charged by subsidiaries in the amount of 7,190 thousand euro (11,905 thousand euro at December 31, 2024) for financial expenses accrued on intra-group accounts; \- interest charged by associates for 3 thousand euro (2 thousand euro at December 31, 2024); \- other financial expenses in the amount of 180,172 thousand euro (160,273 thousand euro at December 31, 2024), which essentially relate to interest on bonds and interest on loans and on the revolving credit lines used with various banks and other financial expenses. The nature and content of derivatives are described in the section “Other information”. 97 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 33) Income taxes thousands of euro 12.31.2025 12.31.2024 Change Percentage change Current IRES 57,3 6 1 143,271 (85,910) (60.0%) Current IRAP 11,239 30,981 (19,742) (63.7%) Effect of differences - taxes of previous years (460) (1,777) 1,317 (74.1%) Total current taxes 68,140 172,475 (104,335) (60.5%) Deferred tax assets IRES (1,757) 4,847 (6,604) n.s. Deferred tax assets IRAP (921) 4,317 (5,238) n.s. Deferred tax assets (2,678) 9,164 (11,842) n.s. Deferred tax liabilities IRES (12,733) ( 1 7, 8 75 ) 5,142 (28.8%) Deferred tax liabilities IRAP (10) (21) 11 (52.4%) Deferred tax liabilities (12,743) (17,896) 5,153 (28.8%) Total income taxes 52,719 163,743 (111,024) (67. 8% ) It is noted that for IRES purposes, the company filed for tax on a consolidated basis, together with its main subsidiaries, in accordance with articles 117-129 of Presidential Decree 917/86. To this end, a contract has been entered into with each of the subsidiaries to regulate the tax benefits and burdens transferred, with specific reference to current items. The deferred tax assets and liabilities calculated when determining the subsidiaries’ taxable income, again only for IRES purposes, are not transferred to the parent company, A2A S.p.A., but are recognized in the income statement of the individual subsidiary each time there is an effective divergence between net income calculated for tax reporting purposes and net income calculated for financial reporting purposes due to any temporary differences. The deferred tax assets and liabilities shown in the income statement of A2A S.p.A. are therefore calculated exclusively on the divergences between its income for taxable purposes and income for financial reporting purposes. Current income tax (IRES) of A2A S.p.A. is calculated on its own positive taxable income. The “income/expense related to consolidation” constitute the remuneration/counter-entry for the transfer to the parent company A2A of a tax loss or taxable income. The total amount of IRAP was determined based on the net value of production, suitably adjusted by the increases and decreases required by tax legislation. In compliance with Article 4(2) of Legislative Decree No. 446, IRAP was calculated on the basis of the territorial distribution of the taxable base according to the region of production: Lombardy, Calabria, Lazio, Piedmont, Abruzzo, Apulia and Sardinia (rate 5.57%), Campania (rate 5.72%), Friuli-Venezia Giulia, Emilia-Romagna, Sicily and Autonomous Province of Trento (rate 4.65%). 98 A2A Separate financial statements 2025 2 Explanatory notes The deferred tax assets and liabilities for IRAP purposes are booked to the income statement so as to show the total tax charge for the year, taking into account the tax effects of temporary differences. The recoverability of the “IRES deferred tax assets” recorded in the financial statements is considered probable, as the future plans provide for IRES taxable income sufficient for the absorption of the temporary differences that will be reversed; on the other hand, deferred tax assets and liabilities recorded for IRAP purposes are those considered adequate with respect to the best forecast of absorption from future taxable income. No items have been excluded from the calculation of deferred taxation for IRES or IRAP purposes, with the exceptions highlighted above, and deferred tax liabilities and assets are recognized according to the balance sheet method. At December 31, 2025, income taxes for the year (IRES and IRAP), amounted to 52,719 thousand euro (163,743 thousand euro at the end of the previous year) and were made up as follows: • 53,383 thousand euro in current IRES of the period; • -3,964 thousand euro for remuneration for the transfer of interest payable to the tax consolidation system; • 8,943 thousand euro for transfer to Equity reserve of part of IRES income taxes; • -1,001 thousand euro for the recognition of tax receivables on “art bonus” disbursements; • 11,239 thousand euro in current IRAP of the period; • -460 thousand euro related to taxes of previous years; • -12,733 thousand euro for deferred tax liabilities for IRES purposes; • -10 thousand euro for deferred tax liabilities for IRAP purposes; • -1,757 thousand euro in deferred tax assets for IRES purposes; • -921 thousand euro in deferred tax assets for IRAP purposes. The main temporary increases for IRES purposes include: • reversals for non-deductible amortization for 40,964 thousand euro; • reversals for non-deductible provisions for risks for 33,276 thousand euro; • the recovery equal to 1/5 of the amount of the tax capital gain realized on the sale of the properties located in Milan in Corso di Porta Vittoria (Signora), in Via Gonin and in Via Balduccio da Pisa (Orobia), which were sold in the month of February 2022, for 34,470 thousand euro. The main permanent increases for IRES purposes include the reversals for expenses for cars, telephone costs and fines non-deductible for 2,641 thousand euro. Among the main decreases are: • the change for the non-taxable portion (95%) of dividends received during the year in the amount of 508,282 thousand euro; • the decreases relating to the depreciation of assets for tax purposes, related to symmetrical increases in previous years due to the allocation in the financial statements of statutory depreciation rates higher than those allowed for tax purposes in application of the limits set forth in Art. 102, paragraph 2 of the TUIR, for 27,602 thousand euro. 99 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Reconciliation between the statutory tax rate and the effective tax rate for IRES and IRAP purposes are presented in the statements below. IRES - Reconciliation Between Statutory and Effective Taxation 2025 2024 Amount Rate % Amount Rate % Profit (loss) before taxes 696,953 952,128 Theoretical tax expense 24.00 % 167,269 24.0% 228,511 24.0% Reversal of prior year temporary differences (700) (0.1%) (1,696) (0.2%) Permanent differences - dividends (121,988) (17.5%) (90,218) (9.5%) Other permanent differences (3,062) (0.4%) (5,305) (0.6%) Other differences 653 0.1% (2,745) (0.3%) Total IRES tax - Income statement 42,172 6.1% 128,547 13.5% Current IRAP and defferred 10,547 1.5% 35,196 3.7% Total taxes to Income statement 52,719 7.6 % 163,743 1 7. 2 % 100 A2A Separate financial statements 2025 2 Explanatory notes Details are provided below on the analytic situation of the deferred tax assets and liabilities which, as required by international accounting standards, also shows the changes in equity reserves. IRES - Deferred tax assets and liabilities for the year Taxable temporary differences Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax liabilities Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Value differences of Property, Plant and Equipment 168,356,922 - 168,356,922 24% 40,405,661 - 24% - 55,800,305 24% 13,392,073 112,556,617 24% 27,013,588 112,556,617 24% 27,013,588 - 24% - - 24% - 112,556,617 24% 27,013,588 Value differences of Intangible assets 1,866,268 - 1,866,268 24% 447,904 - 24% - 371,875 24% 89,250 1,494,393 24% 358,654 1,494,393 24% 358,654 204,209 24% 49,010 - 24% - 1,698,602 24% 4 07,6 6 4 Other deferred tax liabilities 28,991,774 (9,007,576) 19,984,198 24% 4,796,207 - 24% - 698,947 24% 1 67,7 47 22,897,291 24% 5,495,350 22,897,291 24% 5,495,350 - 24% - 12,482,332 24% 2,995,760 35,379,624 24% 8,491,110 Total 199,214,965 (9,007,576) 190,207,388 45,649,773 - - 56,871,127 13,649,070 136,948,302 32,867,592 136,948,302 32,867,592 204,209 49,010 12,482,332 2,995,760 149,634,843 35,912,362 Deductible temporary differences Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax assets Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxed risk provisions 286,676,676 (22,915) 286,653,762 24% 68,796,903 732,584 24% 175,820 17,724,767 24% 4,253,944 269,661,579 24% 64,718,779 269,661,579 24% 64,718,779 33,275,847 24% 7,986,203 - 24% - 302,937,426 24% 72,704,982 Amortization, depreciation and impairment losses 157,052,740 - 157,052,740 24% 37,692,658 - 24% - 22,489,437 24% 5,397,465 134,563,303 24% 32,295,193 134,563,303 24% 32,295,193 19,206,498 24% 4,609,560 - 24% - 153,769,802 24% 36,904,752 Application of the financial instrument standard (IAS 39) 17,499,708 - 17,499,708 24% 4,199,930 - 24% - - 24% - 17,499,708 24% 4,199,930 17,499,708 24% 4,199,930 - 24% - 16,730,115 24% 4,015,228 34,229,823 24% 8,215,158 Bad debts provision 4,768,316 - 4,768,316 24% 1,144,396 (43) 24% (10) 327,162 24% 78,519 4,441,111 24% 1,065,867 4,441,111 24% 1,065,867 - 24% - - 24% - 4,441,111 24% 1,065,867 Goodwill 101,445,362 - 101,445,362 24% 24,346,887 - 24% - 5,463,383 24% 1,311,212 95,981,979 24% 23,035,675 24% 23,035,675 - 24% - - 24% - 95,981,979 24% 23,035,675 Other deferred tax assets 1,829,294 - 1,829,294 24% 439,030 138,449 24% 33,228 554,000 24% 132,960 1,413,743 24% 339,298 1,413,743 24% 339,298 525,542 24% 126,130 (22,730,126) 24% (5,455,230) (20,790,842) 24% (4,989,802) Total 569,272,095 (22,915) 569,249,181 136,619,803 870,991 209,038 46,558,749 11,174,100 523,561,423 125,654,741 523,561,423 125,654,741 53,007,887 12,721,893 (6,000,011) (1,440,003 ) 570,569,299 136,936,632 101 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax liabilities Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Value differences of Property, Plant and Equipment 168,356,922 - 168,356,922 24% 40,405,661 - 24% - 55,800,305 24% 13,392,073 112,556,617 24% 27,013,588 112,556,617 24% 27,013,588 - 24% - - 24% - 112,556,617 24% 27,013,588 Value differences of Intangible assets 1,866,268 - 1,866,268 24% 447,904 - 24% - 371,875 24% 89,250 1,494,393 24% 358,654 1,494,393 24% 358,654 204,209 24% 49,010 - 24% - 1,698,602 24% 4 07,6 6 4 Other deferred tax liabilities 28,991,774 (9,007,576) 19,984,198 24% 4,796,207 - 24% - 698,947 24% 1 67,7 47 22,897,291 24% 5,495,350 22,897,291 24% 5,495,350 - 24% - 12,482,332 24% 2,995,760 35,379,624 24% 8,491,110 Total 199,214,965 (9,007,576) 190,207,388 45,649,773 - - 56,871,127 13,649,070 136,948,302 32,867,592 136,948,302 32,867,592 204,209 49,010 12,482,332 2,995,760 149,634,843 35,912,362 Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax assets Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxed risk provisions 286,676,676 (22,915) 286,653,762 24% 68,796,903 732,584 24% 175,820 17,724,767 24% 4,253,944 269,661,579 24% 64,718,779 269,661,579 24% 64,718,779 33,275,847 24% 7,986,203 - 24% - 302,937,426 24% 72,704,982 Amortization, depreciation and impairment losses 157,052,740 - 157,052,740 24% 37,692,658 - 24% - 22,489,437 24% 5,397,465 134,563,303 24% 32,295,193 134,563,303 24% 32,295,193 19,206,498 24% 4,609,560 - 24% - 153,769,802 24% 36,904,752 Application of the financial instrument standard (IAS 39) 17,499,708 - 17,499,708 24% 4,199,930 - 24% - - 24% - 17,499,708 24% 4,199,930 17,499,708 24% 4,199,930 - 24% - 16,730,115 24% 4,015,228 34,229,823 24% 8,215,158 Bad debts provision 4,768,316 - 4,768,316 24% 1,144,396 (43) 24% (10) 327,162 24% 78,519 4,441,111 24% 1,065,867 4,441,111 24% 1,065,867 - 24% - - 24% - 4,441,111 24% 1,065,867 Goodwill 101,445,362 - 101,445,362 24% 24,346,887 - 24% - 5,463,383 24% 1,311,212 95,981,979 24% 23,035,675 24% 23,035,675 - 24% - - 24% - 95,981,979 24% 23,035,675 Other deferred tax assets 1,829,294 - 1,829,294 24% 439,030 138,449 24% 33,228 554,000 24% 132,960 1,413,743 24% 339,298 1,413,743 24% 339,298 525,542 24% 126,130 (22,730,126) 24% (5,455,230) (20,790,842) 24% (4,989,802) Total 569,272,095 (22,915) 569,249,181 136,619,803 870,991 209,038 46,558,749 11,174,100 523,561,423 125,654,741 523,561,423 125,654,741 53,007,887 12,721,893 (6,000,011) (1,440,003 ) 570,569,299 136,936,632 102 A2A Separate financial statements 2025 2 Explanatory notes IRAP - Deferred tax assets and liabilities for the year Taxable temporary differences Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax liabilities Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Value differences of Property, Plant and Equipment 479,051 - 479,051 5.57% 26,683 - 5.57% - - 5.57% - 479,051 5.57% 26,683 479,051 5.57% 26,683 - 5.57% - - 5.57% - 479,051 5.57% 26,683 Value differences of Intangible assets and goodwill 1,491,813 - 1,491,813 5.57% 83,094 218 5.57% 12 371,875 5.57% 20,713 1,120,155 5.57% 62,393 1,120,155 5.57% 62,393 204,209 5.57% 11,374 - 5.57% - 1,324,364 5.57% 73,767 Other deferred tax liabilities 21,341,702 (9,007,576) 12,334,126 5.57% 687,011 - 5.57% - - 5.57% - 12,334,126 5.57% 687,011 12,334,126 5.57% 687,011 - 5.57% - 12,482,332 5.57% 695,266 24,816,458 5.57% 1,382,277 Total 23,312,566 (9,007,576) 14,304,989 796,788 218 12 371,875 20,713 13,933,332 776,087 13,933,332 776,087 204,209 11,374 12,482,332 695,266 26,619,873 1,482,727 Deductible temporary differences Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax assets Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxed risk provisions 192,321,403 (11,015) 192,310,388 5.57% 10,711,689 720,685 5.57% 40,142 17,164,767 5.57% 956,078 175,866,306 5.57% 9,795,753 175,866,306 5.57% 9,795,753 33,275,847 5.57% 1,853,465 - 5.57% - 209,142,153 5.57% 11,649,218 Amortization, depreciation and impairment losses 1,635,081 - 1,635,081 5.57% 91,074 - 5.57% - 554,903 5.57% 30,908 1,080,179 5.57% 60,166 1,080,179 5.57% 60,166 118,965 5.57% 6,626 - 5.57% - 1,199,144 5.57% 66,792 Goodwill 18,688,104 - 18,688,104 5.57% 1,040,927 - 5.57% - - 5.57% - 18,688,104 5.57% 1,040,927 18,688,104 5.57% 1,040,927 - 5.57% - - 5.57% - 18,688,104 5.57% 1,040,927 Other deferred tax assets (591,483) - (591,483) 5.57% (32,946) 138,449 5.57% 7,7 1 2 - 5.57% - (453,034) 5.57% (25,234) (453,034) 5.57% (25,234) - 5.57% - (22,730,126) 5.57% (1,266,068) (23,183,161) 5.57% (1,291,302) Total 212,053,106 (11,015) 212,042,090 11,810,744 859,134 47, 85 4 17,719,670 986,986 195,181,555 10,871,613 195,181,555 10,871,613 33,394,812 1,860,091 (22,730,126) (1,266,068) 205,846,241 11,465,636 34) Profit (loss) for the year Profit (loss) for the year, amounted to 644,234 thousand euro (788,384 thousand euro at December 31, 2024). 103 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax liabilities Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Value differences of Property, Plant and Equipment 479,051 - 479,051 5.57% 26,683 - 5.57% - - 5.57% - 479,051 5.57% 26,683 479,051 5.57% 26,683 - 5.57% - - 5.57% - 479,051 5.57% 26,683 Value differences of Intangible assets and goodwill 1,491,813 - 1,491,813 5.57% 83,094 218 5.57% 12 371,875 5.57% 20,713 1,120,155 5.57% 62,393 1,120,155 5.57% 62,393 204,209 5.57% 11,374 - 5.57% - 1,324,364 5.57% 73,767 Other deferred tax liabilities 21,341,702 (9,007,576) 12,334,126 5.57% 687,011 - 5.57% - - 5.57% - 12,334,126 5.57% 687,011 12,334,126 5.57% 687,011 - 5.57% - 12,482,332 5.57% 695,266 24,816,458 5.57% 1,382,277 Total 23,312,566 (9,007,576) 14,304,989 796,788 218 12 371,875 20,713 13,933,332 776,087 13,933,332 776,087 204,209 11,374 12,482,332 695,266 26,619,873 1,482,727 Case description amounts in euro Previous year Non- recurring transactions Deferred taxes previous year Adjustments (+/-) Uses in current year Sub-total Changes in tax rate Increases for the year Equity Total deferred tax assets Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxable amount Rate Ta x Taxed risk provisions 192,321,403 (11,015) 192,310,388 5.57% 10,711,689 720,685 5.57% 40,142 17,164,767 5.57% 956,078 175,866,306 5.57% 9,795,753 175,866,306 5.57% 9,795,753 33,275,847 5.57% 1,853,465 - 5.57% - 209,142,153 5.57% 11,649,218 Amortization, depreciation and impairment losses 1,635,081 - 1,635,081 5.57% 91,074 - 5.57% - 554,903 5.57% 30,908 1,080,179 5.57% 60,166 1,080,179 5.57% 60,166 118,965 5.57% 6,626 - 5.57% - 1,199,144 5.57% 66,792 Goodwill 18,688,104 - 18,688,104 5.57% 1,040,927 - 5.57% - - 5.57% - 18,688,104 5.57% 1,040,927 18,688,104 5.57% 1,040,927 - 5.57% - - 5.57% - 18,688,104 5.57% 1,040,927 Other deferred tax assets (591,483) - (591,483) 5.57% (32,946) 138,449 5.57% 7,7 1 2 - 5.57% - (453,034) 5.57% (25,234) (453,034) 5.57% (25,234) - 5.57% - (22,730,126) 5.57% (1,266,068) (23,183,161) 5.57% (1,291,302) Total 212,053,106 (11,015) 212,042,090 11,810,744 859,134 47, 85 4 17,719,670 986,986 195,181,555 10,871,613 195,181,555 10,871,613 33,394,812 1,860,091 (22,730,126) (1,266,068) 205,846,241 11,465,636 34) Profit (loss) for the year Profit (loss) for the year, amounted to 644,234 thousand euro (788,384 thousand euro at December 31, 2024). 104 A2A Separate financial statements 2025 2 Explanatory notes 2.7 Note on related party transaction 35) Note on related party transaction The definition of “related parties” is included in the international accounting standard describing the disclosures, which must be made for related party transactions in financial statements (revised IAS 24). Relationships with parent companies and their subsidiaries On October 5, 2007, the Municipalities of Milan and Brescia signed a Shareholders’ Agreement to regulate the ownership structure of A2A S.p.A.; this gave the Municipalities joint control over the company. Specifically, the merger effective January 1, 2008, regardless of the legal structure established, was considered a joint venture, whose joint control was exercised by the Municipalities of Milan and Brescia, each of which owned a share equal to 27.5%. On June 13, 2014, the Shareholders’ Meeting modified the company’s governance system, passing from the original two-tier system, adopted in 2007, to a “traditional” system of management and control through the appointment of the Board of Directors. In December 2014, the Municipalities of Milan and Brescia sold a total shareholding of 0.51% of A2A S.p.A., while in the first two months of 2015, the Municipalities of Milan and Brescia sold an additional shareholding of 4.5% of A2A S.p.A.. On October 4, 2016, the Municipalities of Milan and Brescia renewed for another three years, with effect from January 1, 2017, the Shareholders’ Agreement signed on December 30, 2013, concerning 1,566,452,642 ordinary shares representing 50% plus two shares of the share capital of A2A S.p.A.. On May 20, 2016, the two Municipalities had proceeded to sign an appendix to the Agreement, which envisaged reducing from six months to three months the term of the agreement, during which it is possible to terminate the same. On October 26, 2016, the Municipality of Milan received from the Municipality of Brescia the proposal, approved by the Council of said Municipality on October 25, 2016, to partially amend the shareholders’ agreement relating to A2A S.p.A. existing between the two Municipalities. In particular, said proposal requires the commitment of the two Municipalities to maintain syndicated and bound, in the new agreement, a number of shares held by them in equal measure, equal to 42% of the share capital of A2A S.p.A.. On November 4, 2016, the Council of the Municipality of Milan, after having favourably examined the proposal of the Municipality of Brescia of a partial amendment to the shareholders’ agreement, submitted to the Municipal Council the proposal of the new shareholders’ agreement for the final determinations of competence. On January 23, 2017, the Milan City Council approved the new Shareholders’ Agreement between the Municipality of Milan and the Municipality of Brescia regarding the shareholding in A2A S.p.A. and has undertaken the commitment not to proceed with the disposal of any shares owned by the Municipality of Milan. On August 2, 2019, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced that the aforementioned Shareholders’ Agreement was not subject to termination. Consequently, the agreement is to be considered renewed with effect from February 1, 2020 to January 31, 2023. 105 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors On August 2, 2022, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced that the aforementioned Shareholders’ Agreement was not subject to termination. Consequently, the agreement is to be considered renewed with effect from February 1, 2023 to January 31, 2026. On August 4, 2025, the Municipality of Milan, also on behalf of the Municipality of Brescia, announced that the aforementioned Shareholders’ Agreement was not subject to termination. Consequently, the agreement is to be considered renewed with effect from February 1, 2026 to January 31, 2029. At the date of approval of these Financial Statements at December 31, 2025, each of the two shareholders hold 25% of the share capital plus one share (overall equal to 50% plus two shares), which allows the two municipalities to maintain control over the Company. The A2A Group companies and the Municipalities of Milan and Brescia routinely entertain commercial relationships related to the supply of electricity, gas, heat, and potable water, management of public lighting systems and street lights, management of water purification and sewers, garbage collection and street sweeping and video surveillance. Similarly, the A2A Group companies entertain commercial relationships with the companies controlled directly and indirectly by the Municipalities of Milan and Brescia, for example, Metropolitana Milanese S.p.A., ATM S.p.A., Brescia Mobilità S.p.A., Brescia Trasporti S.p.A. and Centrale del Latte di Brescia S.p.A., supplying them with electrical energy, gas, heat, water purification and sewer service at market rates appropriate to the supply conditions and providing the services required. Note that these companies are considered related parties in the preparation of the financial statement schedules pursuant to Consob Resolution 17221 of March 12, 2010. The relationships between the Municipalities of Milan and Brescia and the A2A Group, in relation to granting the services associated with public lighting, street lights, management and supply of electricity, gas, heat, and water purification and sewer service are regulated by special conventions and specific contracts. The relationships between the companies controlled by the Municipalities of Milan and Brescia, which refer to the supply of electricity, are at arm’s length conditions. Relationships with subsidiaries and associates The parent company A2A S.p.A., operates like a centralized treasury for the majority of the subsidiaries. Relations between the companies are regulated through current accounts between the parent company and the subsidiaries, on which rates are applied, at market conditions, based on variable Euribor, with specific spreads for companies. For the financial year 2025, A2A S.p.A. and its subsidiaries have adopted the VAT procedure of the Group. Note that for IRES purposes, A2A S.p.A. files for tax on a consolidated basis, together with its main subsidiaries, in accordance with arts. 117-129 of DPR 917/86. To this end, with each of the subsidiaries joining, a special contract was drawn up to regulate the tax advantages/disadvantages transferred, 106 A2A Separate financial statements 2025 2 Explanatory notes with specific reference to the current entries. These contracts also govern the transfer of any excess of ROL as set forth by prevailing legislation. The parent company provides the subsidiaries and associates with administrative, fiscal, legal, management and technical services in order to optimize the resources available in the company and to use the existing expertise in terms of economic convenience. These services are governed by specific service contracts stipulated annually. A2A S.p.A. also makes office space and operating areas at its own premises available to subsidiaries and associates, as well as associated services. These are provided at market conditions. The company A2A gencogas S.p.A., for a monthly fee related to the actual availability of the thermoelectric plants, provide to the Parent Company the power generation service. As of July 1, 2018, the Acinque Group’s related-party transactions with related parties of the A2A Group are shown as related parties. As of November 1, 2020, the AEB Perimeter’s related-party transactions with related parties of the A2A Group are shown as related parties. * * * The information on corporate governance and ownership structures required by article 123-bis of Legislative Decree no. 58/1998, as amended, is contained in a separate document ‘Report on Corporate Governance and Ownership Structures for the year ended December 31, 2025’ which forms an integral part of the financial statements documentation. In compliance with the requirements of the “Regulation on provisions relating to related party transactions” adopted by Consob with Resolution no. 17221 of March 12, 2010 and subsequently amended by Resolution no. 17389 of June 23, 2010, by way of a resolution of November 11, 2010 the Management Board approved, following the favourable opinion of the Internal Control Committee, the prescribed procedure for identifying the rules and controls designed to ensure the transparency and substantial and procedural correctness of the related party transactions carried out by A2A S.p.A. directly or through its subsidiaries. The aforementioned Procedure was applied effective January 1, 2011 and subsequently amended on August 1, 2012, November 7 and December 18, 2013 and June 22, 2015. Following a periodic review, the Procedure was subsequently amended/supplemented and approved by the Board of Directors on June 20, 2016, subject to the favourable opinion of the Audit and Risks Committee and then updated on June 22, 2017, in view of Consob Resolution no. 19925 of March 22, 2017 and on December 16, 2019, in view of the amendments to art. 192-quinquies of Legislative Decree no. 58 of February 24, 1998 (“TUF”) (art. 4 of Legislative Decree no. 49 of May 10, 2019). Following the Board of Directors’ decision on June 25, 2021, and with the approval of the Related Parties Committee established by the resolution on May 13, 2021, the Procedure was revised – effective from July 1, 2021 – to align with the Related Parties Regulation, as altered by Consob Resolution no. 21624 on December 10, 2020, in accordance with the so-called ‘Shareholders’ Rights II’ Directive. Lastly, the Procedure was amended and supplemented on July 30, 2024 by the Board of Directors, effective from August 1, 2024, following a periodic review and with the approval of the Related Parties Committee, established by board resolution on May 11, 2023. The aforementioned procedure can be found on the website www.gruppoa2a.it. 107 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors A2A S.p.A. has availed itself of the possibility permitted by article 70, paragraph 8 and article 71, paragraph 1-bis of the Issuers’ Regulations, and hence of derogating from the requirement to make an information document available to public in the event of significant mergers, spin-offs, share capital increases by means of the contribution of assets in kind, acquisitions and disposals. Section 2 of this document contains the full schedules pursuant to Consob Resolution No. 17221 of March 12, 2010: thousands of euro of which with related parties Statement of financial position Total 12.31.25 Subsidiaries Associated/ related companies and subsidiaries of associates Municipality of Milan Companies controlled directly and indirectly Municipality of Milan Municipality of Brescia Companies controlled directly and indirectly Municipality of Brescia Relates parties individuals Total related parties % effect on the Statement of financial position Total assets of which: 17,167,391 11,417,732 7, 434 77 3 73 \- \- 11,425,319 66.6% Non-current assets 7,467,000 6,264,630 5,162 18 \- \- \- \- 6,269,810 84.0% Property, plant and equipment 870,008 22,665 22,665 2.6% Shareholdings 5,965,178 5,960,016 5,162 5,965,178 100.0% Other non-current financial assets 283,117 281,940 281,940 99.6% Other non-current assets 28,682 9 18 27 0.1% Current assets 9,700,391 5,153,102 2,272 59 3 73 \- \- 5,155,509 53.1% Trade receivables 2,766,451 900,251 2,272 59 3 73 902,658 32.6% Other current assets 185,612 148,218 148,218 79.9% Current financial assets 4,122,618 4,104,633 4,104,633 99.6% Total liabilities of which: 11,848,739 748,032 10,162 160 33 \- \- 80 758,467 6.4% Non-current liabilities 6,167,866 20,584 \- \- \- \- \- \- 20,584 0.3% Provisions for risks and charges 5,849,765 20,584 20,584 0.4% Current liabilities 5,680,873 727,448 10,162 160 33 \- \- 80 737,883 13.0% Trade payables 3,483,746 313,054 10,162 160 33 323,409 9.3% Other current liabilities 145,680 16,723 80 16,803 11.5% Current financial liabilities 1,343,907 3 9 7,6 7 1 397,6 7 1 29.6% 108 A2A Separate financial statements 2025 2 Explanatory notes thousands of euro of which with related parties Income statement Total 12.31.25 Subsidiaries Associated/ related companies and subsidiaries of associates Municipality of Milan Companies controlled directly and indirectly Municipality of Milan Municipality of Brescia Companies controlled directly and indirectly Municipality of Brescia Relates parties individuals Total related parties % effect on the Income statement Revenue 9,270,082 5,291,957 10,553 824 \- 193 \- 16 5,303,543 57. 2 % Revenue from sales and services 9,226,752 5,285,421 10,539 824 67 16 5,296,867 5 7.4 % Other income 43,330 6,536 14 126 6,676 15.4% Operating expenses 8,673,494 875,115 14,762 1,316 375 \- 17 375 891,960 10.3% Expenses for raw materials and services 8,130,740 486,491 7,806 375 17 375 495,064 6.1% Other operating expenses 542,754 388,624 6,956 1,316 396,896 73.1% Personnel expenses 211,562 \- \- \- \- \- \- 1,784 1,784 0.8% Depreciation, amortization, provision and impairment losses 205,517 6,510 \- \- \- \- \- \- 6,510 3.2% Total amortization, depreciation and impairment losses of non-current assets 177,565 6,510 6,510 3.7% Finance income and expenses 517,444 669,304 203 \- \- \- \- \- 669,507 n.s. Finance income 705,013 676,494 410 676,904 96.0% Finance expenses 187,569 7,190 207 7,397 3.9% For directors’ emoluments, please refer to note 28 “Personnel expenses” of these Explanatory Notes. It should be noted that during the year, A2A S.p.A. made grants totalling 5,187 thousand euro to foundations that have been included on a voluntary basis among related parties. Specifically, these involve: Fondazione AEM, Fondazione ASM, Fondazione LGH E.T.S., Comitato Banco dell’Energia Onlus, Fondazione Brescia Musei, Associazione Centro Teatrale Bresciano e Fondazione Teatro alla Scala. * * * With regard to the compensation paid to the corporate governance bodies, reference shall be made to the document “Remuneration Report – 2026” available on the website www.gruppoa2a.it. 109 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 2.8 Significant non-recurring events and transactions, pursuant to Consob Communication No. DEM/6064293 of July 28, 2006 36) Significant non-recurring events and transactions, pursuant to Consob Communication No. DEM/6064293 of July 28, 2006 The year in question has seen the following non-recurring transactions: • acquisition of the “Digital and Supply Chain” business unit from AEB S.p.A., effective as of January 1, 2025; • transfer of the “Project Service & PMO” business unit to A2A Services & Real Estate S.p.A., effective as of January 1, 2025; • transfer of the “Innovation and Corporate Venture Capital Activities” business unit to A2A Life Ventures S.r.l., effective as of October 1, 2025. Detail of non-recurring transactions Acquisition of the “Digital and Supply Chain” business unit from AEB S.p.A. Transfer of the “Project Service & PMO” business unit to A2A Services & Real Estate S.p.A. Transfer of the “Innovation and Corporate Venture Capital Activities” business unit to A2A Life Ventures S.r.l. Effect of non- recurring transactions 2025 amounts in euro Notes Effective as of January 1, 2025 Effective as of January 1, 2025 Effective as of October 1, 2025 Total Assets Non-current assets Property, plant and equipment 1 235,356 (328,508) (93,152) Intangible assets 2 1,372,336 (1,147,829) 224,507 Goodwill 3 - Shareholdings 4 41,608,283 41,608,283 Other non-current financial assets 4 (42,994,745) (42,994,745) Deferred tax assets 5 (4,698) 2,375,173 2,370,475 Non-current derivatives 6 - Other non-current assets 6 - Total non-current assets 1,607,692 (4,698) (487,626) 1,115,368 Continue >> 110 A2A Separate financial statements 2025 2 Explanatory notes Detail of non-recurring transactions Acquisition of the “Digital and Supply Chain” business unit from AEB S.p.A. Transfer of the “Project Service & PMO” business unit to A2A Services & Real Estate S.p.A. Transfer of the “Innovation and Corporate Venture Capital Activities” business unit to A2A Life Ventures S.r.l. Effect of non- recurring transactions 2025 amounts in euro Notes Effective as of January 1, 2025 Effective as of January 1, 2025 Effective as of October 1, 2025 Total Current assets Inventories 7 - Trade receivables 8 - Current derivatives 9 - Other current assets 9 (2,065,000) (2,065,000) Current derivatives 10 - Current tax assets 11 - Cash and cash equivalents 12 - Total current assets (2,065,000) - - (2,065,000) Assets held for sale - Total assets (457,308) (4,698) (487,626) (949,632) Equity and liabilities Equity Share capital 13 - (Treasury share reserve) 14 - Reserves 15 (704,202) 4 6 7,4 4 7 (236,755) Profit (loss) for the year 16 - Total equity (704,202) 467, 4 47 - (236,755) Liabilities Non-current liabilities Non-current financial liabilities 17 - << Follow Continue >> 111 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Detail of non-recurring transactions Acquisition of the “Digital and Supply Chain” business unit from AEB S.p.A. Transfer of the “Project Service & PMO” business unit to A2A Services & Real Estate S.p.A. Transfer of the “Innovation and Corporate Venture Capital Activities” business unit to A2A Life Ventures S.r.l. Effect of non- recurring transactions 2025 amounts in euro Notes Effective as of January 1, 2025 Effective as of January 1, 2025 Effective as of October 1, 2025 Total Deferred tax liabilities 5 - Employee benefits 18 138,612 (1,446) (12,840) 124,326 Provisions for risks and charges 19 - Non-current derivatives 20 - Other non-current liabilities 20 - Total non-current liabilities 138,612 (1,446) (12,840) 124,326 Current liabilities Provisions for risks and charges \- current portion 19 - Trade payables 21 - Current derivatives 22 - Other current liabilities 22 108,282 (470,699) (474,786) (837,203) Current financial liabilities 23 - Current tax liabilities 24 - Total current liabilities 108,282 (470,699) (474,786) (837,203) Total liabilities 246,894 (472,145) (487,626) (712,877) Liabilities directly associated with assets held for sale - Total equity and liabilities (457,308) (4,698) (487,626) (949,632) It should be noted that during 2025, the Company did not enter into any atypical and/or unusual transactions, as defined in CONSOB Communication No. DEM/6064293 of July 28, 2006. << Follow 112 A2A Separate financial statements 2025 2 Explanatory notes 2.9 Guarantees and commitments with third parties thousands of euro 12.31.2025 12.31.2024 Guarantees received 493,222 396,129 Guarantees provided 442,585 355,423 Guarantees received Guarantees received amounted to 493,222 thousand euro (396,129 thousand euro at December 31, 2024) and include 73,799 million euro for sureties and security deposits issued by subcontractors to guarantee the proper execution of the work assigned and 419,423 thousand euro for sureties and security deposits received from customers to guarantee the regularity of payments. Guarantees provided and commitments with third parties The amount of guarantees provided is equal to 442,585 thousand euro (355,423 thousand euro at December 31, 2024) and refers to bank sureties. 113 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 2.10 Other information 1) Significant events after december 31, 2025 A2A – Share buyback program Since January 16, 2026, the share buyback program has continued pursuant to the resolution of the Ordinary Shareholders’ Meeting held on April 29, 2025, always with the aim of providing the Company with the share capital necessary to implement the 2025-2027 Widespread Share Ownership Plan called “A2A LIFE Sharing” and to pursue current management objectives (including investment and liquidity management) and industrial projects consistent with the strategic lines that the Company intends to pursue in relation to which the opportunity for share exchanges materialize. A2A and Sosteneo: a power purchase agreement has been signed for the supply of 130 gwh/year of solar energy On February 9, 2026, A2A and Ramacca Energia S.r.l., a company belonging to the portfolio managed by Sosteneo SGR S.p.A. (part of the Generali Investments platform), signed a 12-year Power Purchase Agreement (PA) for the supply of solar energy, equal to about 130 GWh/year, equivalent to the annual consumption of about 48,000 households and almost 60,000 tons of CO₂ avoided. The agreement establishes the purchase by A2A of the production of a 68 MW photovoltaic plant with an installed capacity that will be built in Sicily – in Ramacca (CT) – with commissioning scheduled for the second half of 2027. International geopolitical tensions and the Bills Decree As detailed in greater depth in the section ‘Risks and uncertainties’ of the Report on Operations, February 2026 was marked by two key events: the international geopolitical crisis and the issuance of the Bills Decree, which has not yet been converted into law. These events may have an impact on the Group, particularly in relation to the commodity price scenario. 2) Information on treasury shares At December 31, 2025, A2A S.p.A. held 4,147,087 treasury shares (no treasury shares at December 31, 2024), representing 0.1324% of the company’s share capital for a value of 9,706 thousand euro, purchased to support the 2025–2027 “A2A LIFE Sharing” distributed shareholding plan and for current management purposes (including investment and liquidity management) and for industrial projects consistent with the strategic lines that the company intends to pursue in relation to which the opportunity of stock exchange is realized. 114 A2A Separate financial statements 2025 2 Explanatory notes 3) Rules on public funding (Compliance with art. 1, paragraphs 125 et seq. of Law 124/17) Pursuant to art. 1, paragraphs 125 and following Law 124/17, as reformulated by art. 35 of Decree Law 34/19, and considering that A2A S.p.A. (and its subsidiaries) have not received “subsidies, grants, advantages, contributions or aid, whether in cash or in kind, not general and with no consideration, remuneration or compensation”, this note is negative. This is without prejudice to the fact that other information is (also in the wake of the principle pursuant to art. 18 L. 241/1990) available elsewhere, also by virtue of the criterion set forth in paragraph 127 of the same art. 1 L. 124/17, which prescribes to “avoid the accumulation of irrelevant information”, as well as what is specified in paragraph 125 quinquies of the same art. 1 L. 124/17 by virtue of which “for State aid and de minimis aid contained in the National Register of State Aid referred to in article 52 of Law No. 234 of December 24, 2012, the registration of aid in the aforesaid system, with consequent publication in the transparency section provided therein, carried out by the entities granting or managing such aid pursuant to the relevant rules, takes the place of the publication obligations placed on the entities referred to in paragraphs 125 and 125-bis”. It should also be noted that the companies of the A2A Group operate (for the most part) in regulated sectors. Therefore, some sums are recognized by public bodies, but not as subsidies/contributions, but as recognition of the activities they provide or as forms of compensation for costs incurred to meet specific regulatory obligations and in any case by virtue of a general regime. Also all these forms of payment have not been indicated: also in compliance with both the literal aspect of the regulations and with the interpretation criteria that the company has identified (see above). 4) Financial risk management The Parent Company, A2A S.p.A., provides centralized risk management for Group companies. The A2A Group operates in the electricity, natural gas and district heating industry and is exposed to various financial risks in performing its activity: • commodity risk; • interest rate risk; • exchange rate risk not related to commodities; • liquidity risk; • credit risk; • equity risk; • default and covenant non-compliance risk. The commodity price risk, related to the volatility of energy commodity prices (gas, electricity, fuel oil, coal, etc.) and prices of environmental securities (EUA/ETS emission rights, green certificates, white certificates, etc.), consists of the possible negative effects that a change in the market price of one or more commodities may have on the cash flows and income prospects of the company, including the exchange rate risk related to the same commodities. Interest rate risk is the risk of additional financial costs as the result of an unfavourable change in interest rates. 115 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Currency risk not related to commodities is the risk of higher costs or lower revenues because of an unfavourable change in exchange rates between currencies. Liquidity risk is the risk that financial resources will not be sufficient to meet established financial and business obligations in a timely manner. Credit risk is the exposure to potential losses deriving from non-performance of commitments by commercial, trading and financial counterparties. Equity risk is the possibility of incurring losses due to an unfavourable change in the price of shares. Default and covenant non-compliance risk represent the possibility that loan agreements or bond regulations to which one or more Group companies are party contain provisions allowing the counterparties, banks or bondholders, to ask the debtor for immediate reimbursement of the amounts lent if certain events take place. Details on the risks to which A2A S.p.A. is exposed are provided below. a. Commodity risk a.1) Commodity price risk and exchange rate risk involved in commodity activities A2A S.p.A. is exposed to price risk, including the related exchange rate risk, on all of the energy commodities that it handles, namely electricity, natural gas, heat, coal, fuel oil, and environmental certificates; the financial performance of production, purchasing and sales activities is affected by the related price fluctuations. These fluctuations act both directly and indirectly, through formulas and indexing in the pricing structure. To stabilize cash flows and to assure the Group’s economic and financial stability, A2A S.p.A. has an Energy Risk Policy that sets out clear guidelines to manage and control the above risks, based on guidance by the Committee of Chief Risk Officers Organizational Independence and Governance Working Group (“CCRO”) and the Group on Risk Management of Euroelectric. Reference was also made to the Accords of the Basel Committee on bank supervision and the requirements laid down in international accounting standards on how to recognize the volatility of commodity price and financial derivatives in the income statement and balance sheet. In the A2A Group, assessment of this kind of risk is centralized at the holding company, which has established a Group Risk Management Unit.This unit has the task to manage and monitor market and commodity risks, to create and evaluate structured products, to propose financial energy risk hedging strategies, and to support senior management in defining the Group’s energy risk management policies. Each year, the Board of Directors of A2A S.p.A. sets the Group’s commodity risk limits approving the PaR and VaR proposed (prepared in the Risk Committee) in conjunction with approval of the Budget/ Business Plan; Group Risk Management supervises the situation to ensure compliance with these limits and proposes to senior management the hedging strategies designed to bring risk within the set limits, if exceeded. 116 A2A Separate financial statements 2025 2 Explanatory notes The activities that are subject to risk management include all of the positions on the physical market for energy products, both purchasing/production and sales, and all of the positions in the energy derivatives market taken by Group companies. For the purpose of monitoring risks, industrial and trading portfolios have been separated and are managed in different ways. The industrial portfolio consists of the physical and financial contracts directly relating to the Group’s industrial operations, namely where the objective is to enhance production capacity also through the wholesaling and retailing of gas, electricity and heat. The trading portfolio comprises all contracts, both physical and financial, entered into to supplement the profits made from the industrial activities, i.e. all contracts that are ancillary though not strictly necessary to the industrial activity. In order to identify trading activity, the A2A Group follows the Capital Adequacy Directive and the definition of assets held for trading provided by International Accounting Standard (IFRS) 9: namely assets held for the purpose of short-term profit taking on market prices or margins, without being for hedging purposes, and designed to create a high-turnover portfolio. Given that they exist for different purposes, the two portfolios have been segregated and are monitored separately with specific tools and limits. More specifically, the trading portfolio is subject to particular risk control and management procedures as laid down in Deal Life Cycle documents. Senior management is systematically updated on changes in the Group’s commodity risk by the Group Risk Management Unit, which controls the Group’s net exposure. This is calculated centrally on the entire asset and contract portfolio and monitors the overall level of economic risk assumed by the industrial and trading portfolios (Profit at Risk - PaR, Value at Risk - VaR, Stop Loss). a.2) Commodity derivatives, analysis of transactions • Derivatives of the industrial portfolio considered hedges The hedging of price risk by means of derivatives focuses on protecting against the volatility of energy prices on the power exchange (IPEX-EEX), stabilizing electricity price margins on the wholesale market with particular attention being paid to fixed price energy sales and purchases and stabilizing price differences deriving from various indexing mechanisms for the pricing of gas and electricity. To that end, hedging contracts were executed during the year on electricity purchase and sale agreements and on contracts to hedge the fee for the use of electricity transport capacity between the areas of the IPEX market (CCC contracts); hedging contracts were also concluded for the purchase and sale of gas so as to protect sales margins and at the same time keep the risk profile to within the limits set by the Group’s Energy Risk Policy. As part of the optimization of the portfolio of greenhouse gas emission allowances (see Directive 2003/87/EC), A2A S.p.A. has stipulated Future contracts on the ICE ECX (European Climate Exchange) price. Future contracts were also entered into on the EEX stock exchange price of the Guarantees of Origin (GO). These are considered hedging transactions from an accounting point of view in the event of demonstrable surplus/deficit quotas. The fair value at December 31, 2025 was 1,683 thousand euro (-11,239 thousand euro at December 31, 2024). 117 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors • Derivatives of the industrial portfolio not considered hedges Also with a view to optimizing the Industrial Portfolio, A2A S.p.A. has entered into Option contracts on the price of electricity with delivery in Italy, Futures and Forward contracts on the price of Gas and Futures contracts on the ICE ECX (European Climate Exchange) stock exchange price. These do not qualify as hedging transactions from an accounting point of view as they fail to meet the requirement set out in the accounting standards. The fair value at December 31, 2025 was -428 thousand euro (-469 thousand euro at December 31, 2024). • Derivatives of the Trading Portfolio As part of its trading activities, A2A S.p.A. has entered into futures contracts on the main European energy exchanges (EEX, ICE) and forward, swap and options contracts on the price of electricity with delivery in Italy and neighboring countries, such as France, Germany and Switzerland. A2A S.p.A. has also entered into Future contracts on the ICE ECX (European Climate Exchange) stock exchange price and Future contracts on the EEX stock exchange price of the GO. Also as part of trading activities, Future, Forward and Option contracts were also stipulated for the market price of gas (ICE-Endex, CEGH, PEGAS). The fair value at December 31, 2025 was -51,925 thousand euro (110,160 thousand euro at December 31, 2024). a.3) Energy Derivatives, risk assessment of Industrial Portfolio derivatives PaR 1 (Profit at Risk) is used to assess the impact that fluctuations in the market price of the underlying have on the financial derivatives taken out by A2A S.p.A. that are attributable to the industrial portfolio. It is the change in the value of a financial instruments portfolio within set probability assumptions as the result of a shift in the market indices. The PaR is calculated using the Montecarlo Method (at least 10,000 trials) and a 99% confidence level. It simulates scenarios for each relevant price driver depending on the volatility and correlations associated with each one, using as the central level the forward market curves at the balance sheet date, if available. By means of this method, after having obtained a distribution of probability associated with changes in the result of outstanding financial contracts, it is possible to extrapolate the maximum change expected over a time horizon given by the accounting period at a set level of probability. Based on this methodology, over the time horizon of the accounting period and in the event of extreme market movements and at a 99% confidence level, the expected maximum negative change in financial derivatives outstanding at December 31, 2025 was 55,997 thousand euro (100,380 thousand euro at December 31, 2024). The following are the results of the simulation with the related maximum variances: Values expressed in thousands of Euro 12.31.2025 12.31.2024 Profit at Risk (PaR) worst case best case worst case best case Confidence level 99% (55,997) 93,292 (100,380) 139,448 This means that with a 99% probability, A2A S.p.A. expects not to have changes in fair value exceeding 55,997 thousand euro in the fair value of its entire portfolio of financial instruments at December 31, 2025 due to commodity price fluctuations in the 12 months following. If there are any negative changes in the fair value of hedge derivatives, these would be compensated by changes in the underlying physical. 1 Profit at Risk: statistical measurement of the maximum potential negative deviation of the margin of an asset portfolio in case of unfavourable market changes over a given time horizon and with a defined confidence interval. 118 A2A Separate financial statements 2025 2 Explanatory notes a.4) Energy Derivatives, risk assessment of Trading Portfolio derivatives VaR 2 (Value at Risk) is used to assess the impact that fluctuations in the market price of the underlying have on the financial derivatives taken out by A2A S.p.A. that are attributable to the trading portfolio. It is the negative change in the value of a financial instruments portfolio within set probability assumptions as the result of an unfavourable shift in the market indices. VaR is calculated using the RiskMetrics method with a holding period of 3 days and a confidence level of 99%. Alternative methods are used for contracts where it is not possible to perform a daily estimate of VaR such as stress test analysis. Under this method, in the case of extreme market movements, with a confidence level of 99% and a holding period of 3 days, the maximum estimated loss on the derivatives in question was 1,359 thousand euro at December 31, 2025 (1,088 thousand euro at December 31, 2024). In order to ensure closer monitoring of activities, VaR and Stop Loss limits are also set, understood as the sum of VaR, P&L Realized and P&L Unrealized. The following are the results of the assessments: Values expressed in thousands of Euro 12.31.2025 12.31.2024 Value at Risk (VaR) VaR Stop Loss VaR Stop Loss Confidence level 99%, holding period 3 days (1,359) (1,359) (1,088) (1,088) b. Interest rate risk The Group is exposed to the risk that changes in the interest rate curve result in changes in economic results, cash flows and the value of assets and liabilities measured at fair value. The volatility of financial expenses associated to the performance of interest rates is monitored and mitigated through a policy of interest rate risk management aimed at identifying a balanced mix of fixed-rate and floating rate loans and the use of derivatives that limit the effects of fluctuations in interest rates. At December 31, 2025, the book value of bank borrowings and other financing may be analyzed as follows: in millions of euro 12.31.2025 12.31.2024 No derivatives With derivatives % with derivatives No derivatives With derivatives % with derivatives Fixed rate 5,688 5,381 79% 5,332 5,556 80% Variable rate 1,114 1,421 21% 1,599 1,375 20% Total 6,802 6,802 100% 6,931 6,931 100% 2 Value at Risk: statistical measurement of the maximum potential drop in the fair value of an asset portfolio in the event of unfavourable movements in the market with a given time horizon and confidence level. 119 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors At December 31, 2025, the following is the hedging instrument for interest rate risk: millions of euro Hedging instrument Hedged asset at 12.31.2025 at 12.31.2024 Fair value Notional Fair value Notional IRS Floating rate loan (0.1) 100 1.0 200 IRS Fixed rate bonds (1.7) 475 - - Total (1.8) 575 1.0 200 With reference to the accounting treatment, the hedging derivative for interest rate risk can be classified as follows: millions of euro Accounting treatment Type of derivatives Financial assets Financial liabilities Notional at Fair value at Notional at Fair value at 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Cash flow hedge IRS - - - - 100 200 (0.1) 1.0 Fair value hedge IRS - - - - 475 - (1.7) - Total - - - - 575 200 (1.8) 1.0 With reference to the accounting treatment of fair value hedge derivatives and the hedged item, the following table shows the net gains and losses recognized in the income statement for the part attributable to interest rate risk: millions of euro 2025 Net profit (loss) 2024 Net profit (loss) Hedging instrument at fair value (1.7) - Hedged item 2.3 - Derivatives on interest rates at December 31, 2025 in cash flow hedge refer to the following loan: Loan Derivative Accounting A2A variable rate bank loan, maturity September 2031, residual debt at December 31, 2025 of 100 million euro. IRS on 100% of the amount of the loan until October 2026. At December 31, 2025, the fair value was negative for 0.1 million euro. The loan is measured at amortized cost. The IRS is a cash flow hedge, with 100% recognized in a specific equity reserve. 120 A2A Separate financial statements 2025 2 Explanatory notes Derivatives on interest rates at December 31, 2025 in Fair value hedge refer to the following bond: Bond Derivative Accounting A2A fixed rate bond, maturity September 2030, residual debt at December 31, 2025 of 650 million euro. IRS on 12% of the amount of the bond until maturity thereof. At December 31, 2025, the fair value was negative for 0.8 million euro. The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity September 2030, residual debt at December 31, 2025 of 650 million euro. IRS on 15% of the amount of the bond until maturity thereof. At December 31, 2025, the fair value was negative for 0.7 million euro. The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity January 2035, residual debt at December 31, 2025 of 500 million euro. IRS on 20% of the amount of the bond until maturity thereof. At December 31, 2025, the fair value was negative for 0.2 million euro. The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity January 2035, residual debt at December 31, 2025 of 500 million euro. IRS on 20% of the amount of the bond until maturity thereof. At December 31, 2025, the fair value was negative for 0.1 million euro. The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A fixed rate bond, maturity January 2035, residual debt at December 31, 2025 of 500 million euro. IRS on 20% of the amount of the bond until maturity thereof. At December 31, 2025, the fair value was negative for 0.0 million euro. The portion of the hedged bond is measured at fair value. The change in the fair value measurement of the IRS is recognized in the income statement. A2A performs sensitivity analysis by estimating the effects on the value of financial statement items relating to the portfolio of financial instruments deriving from changes in the level of interest rates. In particular, the sensitivity analysis measures the potential impact on the Income Statement and shareholders’ equity of different market scenarios that would determine the change in fair value of derivative financial instruments and the change in financial expenses related to the portion of gross debt not hedged. 121 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors These market scenarios are obtained by shifting the reference interest rate curve at the reporting date up and down in parallel. Keeping all other variables constant, the pre-tax result is impacted by changes in the level of interest rates as follows: in millions of euro Effect on the Income Statement (before tax) Effect on Equity (before tax) -50 bps +50 bps -50 bps +50 bps Change in financial expenses on gross variable-rate debt after hedging 4.0 (4.0) - - Change in fair value of financial instruments at fixed rate after hedging (14.9) 14.9 - - Change in fair value of derivative financial instruments classified as non-hedge - - - - Change in fair value of derivative financial instruments classified as hedge (excluding BCVA as per IFRS 13): Cash flow hedge - - (0.2) +0.2 Fair value hedge 16.0 (15.3) - - c. Exchange rate risk not related to commodities The Group is exposed to the risk that changes in exchange rates with respect to the currency of account may lead to changes in its results of operations and cash flows. In relation to exchange rate risk other than that included in the price of commodities, the hedging instrument at December 31, 2025 is as follows: millions of euro Hedging instrument Hedged asset at 12.31.2025 at 12.31.2024 Fair value Notional Fair value Notional Cross Currency IRS Fixed rate loan in foreign currency (34.1) 98.0 (18.5) 98.0 Total (34.1) 98.0 (18.5) 98.0 The accounting treatment of the derivative indicated above is as follows: millions of euro Accounting treatment Type of derivatives Financial assets Financial liabilities Notional at Fair value at Notional at Fair value at 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Cash flow hedge CCIRS - - - - 98.0 98.0 (34.1) (18.5) Total - - - - 98.0 98.0 (34.1) (18.5) In particular, the underlying of the Cross Currency IRS derivative refers to the bond at fixed rate of 14 billion yen with maturity 2036 bullet issued in 2006. 122 A2A Separate financial statements 2025 2 Explanatory notes A cross currency swap contract was stipulated for the entire duration of this bond, which converts the principal and interest payments from yen into euro. At December 31, 2025, the fair value of the hedge was negative for 34.1 million euro. It should be noted that a 10% positive shift in the EURJPY forward curve, with a consequent depreciation of the JPY, would result in a worsening of the fair value and, consequently, of the impact on shareholders’ equity of 3.9 million euro. Conversely, a 10% negative shift in the EURJPY forward curve, resulting in an appreciation of the JPY, would result in an improvement in fair value of 9.8 million euro. This sensitivity analysis was performed with the aim of calculating the effect of changes in the forward curve of the euro/yen exchange rate on the fair value ignoring any impact on the adjustment due to the bCVA. d. Liquidity risk Liquidity risk is the risk that the Group is unable to meet its obligations in a timely manner or that it is able to do so under unfavourable economic conditions due to situations of tension or systemic crisis or to the changed perception of its riskiness by the market. This risk includes: i) the risk related to the company’s inability to raise new funds (Funding Risk) and, ii) the risk related to the company’s inability to liquidate assets on the market in a timely manner and at market conditions (Liquidity Market Risk). One of the main factors influencing the market’s perceived riskiness is the creditworthiness of A2A assigned by rating agencies. This judgement plays a very important role because it influences the ability of A2A to access sources of financing as well as the related costs. A deterioration in creditworthiness could lead to a limitation of access to the capital market and/or financing costs with a negative impact on the economic, financial and equity situation. A2A has a medium- and long-term rating of BBB (stable outlook) with S&P and Baa2 (positive outlook) with Moody’s. The profile of the gross debt maturities of A2A for loans from banks and other lenders is summarized as follows: in millions of euro Accounting Balance Portions maturing Portions maturing Portions maturing by 12.31.25 within 12 m beyond 12 m 12.31.27 12.31.28 12.31.29 12.31.30 after Bonds 5,714 668 5,046 299 498 398 799 3,052 Loans 1,036 267 769 58 58 65 61 527 Total 6,750 935 5,815 357 556 463 860 3,579 The risk management policy is realized through (i) a debt management strategy diversified by funding sources and maturities, and (ii) maintenance of financial resources sufficient to meet scheduled and unexpected commitments over a given time horizon. 123 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors At December 31, 2025, the company had a total of 3,491 million euro, as follows: (i) committed revolving credit lines of 1,780 million euro, of which: a) 800 million euro maturing in 2026, b) 200 million euro maturing in 2028, and c) 780 million euro maturing in 2030, undrawn; (ii) liquid assets totaling 1,711 million euro. A2A also maintains a Bond Issuance Programme (Euro Medium Term Note Programme), which includes a base prospectus approved by the National Commission for Companies and the Stock Exchange (CONSOB). The total size is 7 billion euro; at December 31, 2025, there are 1,395 million euro available. Over the years, A2A has undertaken a process of bond issuance with ESG characteristics, in the form of Green Bonds, European Green Bonds, Blue Bonds and Sustainability-Linked Bonds (SLB). For A2A, the failure to meet certain sustainability KPI (ESG) targets can lead to an increase in the financing costs of the SLB to which these KPIs are linked. Similarly, failure to realize investments financed with Green/Blue Bonds may result in a risk of lack of access to certain sources of financing. In relation to the Sustainability-Linked Bond, issued in 2021 with a term of 10 years and a KPI concerning the Scope 1 CO 2 emission factor, at December 31, 2025, this KPI has been exceeded. As a result, the coupon of the Bond remains unchanged. The following table represents the repayment schedule of financial liabilities (excluding payables for rights of use and including trade payables). The amounts shown in the table are future cash flows, nominal and non-discounted, determined with reference to the remaining contractual maturities, for the principal and interest portions. The undiscounted nominal flows of derivative contracts on interest rates are also included. Finally, any revocable financial lines used and current accounts payable are due within the next financial year. Figures at 12.31.2025 (in millions of euro) 1 - 3 months 4 - 12 months beyond 12 months Bonds 50 680 5,827 Payables and other financial liabilities 12 276 940 Total financial flows 62 956 6,767 Payables to suppliers 216 14 3 Total trade payables 216 14 3 Figures at 12.31.2024 (in millions of euro) 1 - 3 months 4 - 12 months beyond 12 months Bonds 337 67 5,093 Payables and other financial liabilities 8 115 1,542 Total financial flows 345 182 6,635 Payables to suppliers 188 13 - Total trade payables 188 13 - 124 A2A Separate financial statements 2025 2 Explanatory notes e. Credit risk Credit risk relates to the possibility that a counterparty may be in default, or fail to respect its commitment in the manner and timing provided by contract. This type of risk is managed by the Group through specific procedures (Credit Policy, Energy Risk Management procedure) and appropriate mitigation actions. This risk is overseen by both the Credit Management function allocated centrally (and the corresponding functions of the operating companies) and the Group Risk Management Organizational Unit responsible for supporting the Group companies. Risk mitigation is through the prior assessment of the creditworthiness of the counterparty and the constant verification of compliance with exposure limit as well as through the request for adequate guarantees. The credit terms granted to customers as a whole have a variety of deadlines, in accordance with applicable law and market practice. In cases of delayed payment, default interest is charged as explicitly prescribed by the underlying supply contracts or by current law (application of the default rate as per Legislative Decree 231/2002). It should be noted that there are no significant credit exposures concentrated on one or a few customers. Trade receivables are recognized on the statement of financial position net of any impairment losses. It is felt that the amount shown provides and accurate representation of the fair value of the trade receivables portfolio. For the aging of trade receivables, reference is made to note 8) Trade receivables. f. Equity risk The Group is exposed to equity risk limited to the holding of treasury shares held by A2A S.p.A., which at December 31, 2025, amounted to 4,147,087 treasury shares equal to 0.1324% of the share capital, which is made up of 3,132,905,277 shares. As prescribed by IAS/IFRS, treasury shares do not constitute an equity risk as their purchase cost is deducted from equity, and even if they are sold any gain or loss on the purchase cost does not have any effect on income statement. g. Covenants non-compliance risk Bonds, loans, leases and committed revolving bank lines present terms and conditions in line with market practice for each type of instrument. In particular, they envisage: (i) negative pledge clauses as a result of which the parent company undertakes not to constitute collateral on its assets and those of its relevant subsidiaries (as defined from time to time in the related documentation), with the provision of some exceptions and a threshold maximum permitted specifically identified; (ii) cross default/ acceleration clauses that entail the obligation of immediate repayment of bonds and loans in the event of serious defaults; (iii) clauses that provide for the obligation of immediate repayment of bonds and loans in the event of insolvency or other insolvency proceedings of the parent company or its relevant subsidiaries. 125 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The bonds include (i) senior unsecured bonds for a nominal amount of 5,605 million euro (book value at December 31, 2025 equal to 5,636 million euro) issued under the EMTN Programme, which provide investors with a Relevant Event Put option in the event of a change of control of the parent company (Change of Control) or loss of a relevant concession (Concession Event), which would result in a consequent downgrade of the rating to sub-investment grade within the following 180 days (if the company’s rating were to return to investment grade within these 180 days, the option cannot be exercised); (ii) a privately placed yen-denominated bond maturing in 2036 for a nominal amount of 98 million euro (book value at December 31, 2025 of 78 million euro) which includes a put option in favor of the investor in the event that the parent company’s rating is lower than BBB\- or equivalent level (sub-investment grade). In June 2024, A2A S.p.A. issued its first “hybrid” subordinated perpetual bond with a nominal value of 750 million euro. This bond is characterized by its potentially perpetual duration (with the obligation to be redeemed only in the event of certain events, including, inter alia, the dissolution or liquidation of the company) and by its subordination, according to which the instrument is subordinated to all of the company’s financial debts and has a level of “seniority” superior only to that of ordinary shares or other financial instruments qualifying as “equity”. The loans stipulated with the European Investment Bank (EIB), for a total nominal debt of 581 million euro and a book value of 585 million euro, of which 277 million have a maturity of more than five years, include (i) a credit rating clause (if rated lower than BBB- or equivalent sub-investment grade) that provides for the obligation of A2A to inform EIB in the event of a rating downgrade and, in such circumstance, the right of EIB to request additional guarantees from A2A and, where such guarantees are not provided or are not satisfactory to EIB, the right to request early repayment of the loan, and ii) a change of control clause of the parent company, with the right for the bank to invoke, subject to notice to the company containing the reasons, early repayment of the loan. The committed revolving bank lines of A2A, for a total of 1,780 million euro, provide a Change of Control clause which, in the event of a change of control of the parent company causing a Material Adverse Effect, allows the majority of banks lending the line to request the line to be extinguished and any amounts drawn down to be repaid. At December 31, 2025, there was no non-compliance with the aforementioned covenants by A2A. 126 A2A Separate financial statements 2025 2 Explanatory notes Analysis of forward transactions and derivatives Tests were performed to determine whether these transactions qualify for hedge accounting in accordance with International Accounting Standard IFRS 9. In particular: 1) transactions qualifying for hedge accounting under IFRS 9, can be analyzed between transactions to hedge cash flows (cash flow hedges) and transactions to hedge fair value of assets and liabilities (fair value hedges). For the cash flow hedges, the accrued result is included in gross operating margin when realized on commodity derivatives and in the financial balance for interest rate and currency derivatives, whereas the future value is shown in equity. For fair value hedge transactions, the impacts in the Income Statement are recorded within the same line of the financial statements. 2) transactions not considered as hedges for the purposes of IFRS 9, can be: a. margin hedges: for all hedging transactions of cash flows or the market value in line with internal risk policies, the accrued result and future value are included in gross operating margin for commodity derivatives and in the financial balance for interest rate and currency derivatives; b. trading transactions: the accrued result and future value are recognized above gross operating margin; for commodities transactions and in financial income and expense for interest rate and currency transactions. The use of derivatives in the A2A Group is governed by a coordinated set of procedures (Energy Risk Policy, Deal Life Cycle) which are based on industry best practices and designed to limit the risk of the Group being exposed to commodity price fluctuations, based on a cash flow hedging strategy. The derivatives are measured at fair value based on the forward market curve at the balance sheet date, if the asset underlying the derivative is traded on markets with a forward pricing structure. In the absence of a forward market curve, fair value is measured on the basis of internal estimates using models that refer to industry best practices. 127 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors The A2A Group uses “continuous-time” discounting to measure fair value. As a discount factor, it uses the interest rate for risk-free assets, identified in the Euro Overnight Index Average (EONIA) rate and represented in its forward structure by the Overnight Index Swap (OIS) curve. The fair value of the cash flow hedges has been classified on the basis of the underlying derivative contracts in accordance with IFRS 9. In compliance with the provisions of IFRS 13, the fair value of an over-the-counter (OTC) financial instrument is determined taking into account the non-performance risk. To quantify the fair value adjustment attributable to this risk, A2A has, in line with best market practices, developed a proprietary model called the “bilateral Credit Value Adjustment” (bCVA), which takes into account changes in the creditworthiness of the counterpart as well as the changes in its own creditworthiness. The bCVA has two addends, calculated by considering the possibility that both counterparties go bankrupt, known as the Credit Value Adjustment (CVA) and the Debit Value Adjustment (DVA): • the CVA is a negative component and contemplates the probability that the counterparty will default and at the same time that A2A has a receivable due from the counterparty; • the DVA is a positive component and contemplates the probability that A2A will default and at the same time that the counterparty has a receivable due from A2A. The bCVA is therefore calculated with reference to the exposure, measured on the basis of the market value of the derivative at the time of the default, the Probability of Default (PD) and the Loss Given Default (LGD). This latter item, which represents the non- recoverable portion of the receivable in the case of default, is measured on the basis of the IRB Foundation Methodology as stated in the Basel 2 accords, whereas the PD is measured on the basis of the rating of the counterparties (internal rating based where not available) and the historic probability of default associated with this and published annually by Standard & Poor’s. Applying the above method did not result in significant changes in fair value measurements. 128 A2A Separate financial statements 2025 2 Explanatory notes Instruments outstanding at December 31, 2025 a) On interest and exchange rates The following analyses show the outstanding amounts of derivative contracts stipulated and not expired at the balance sheet date, by maturity. values in millions of euro Notional value (a) Value Balance sheet (b) Progressive effect to the Income statement (c) Due within 1 year Due in 1 to 5 years Due over 5 years to be received to be paid average rate to be received to be paid average rate to be received to be paid average rate Interest rate risk management cash flow hedges as per IFRS 9 100 - (0.1) Interest rate risk management fair value 175 2.35% 300 2.86% (1.7) not considered hedges as per IFRS 9 Total derivatives on interest rates - 100 - 175 - 300 (0.1) (1.7) Exchange rate risk management considered hedges as per IFRS 9 \- on commercial transactions \- on non-commercial transactions 98 (34.1) not considered hedges as per IFRS 9 \- on commercial transactions \- on non-commercial transactions Total derivatives on exchange rates - - - - - 98 (34.1) - (a) Represents the sum of the notional value of the elementary contracts that derive from any dismantling of complex contracts. (b) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at fair value. (c) Represents the adjustment of derivatives to fair value recognized progressively over time in the income statement from the stipulation of the contract to the present day. 129 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors b) On commodities The following is an analysis of the commodity derivative contracts outstanding at the balance sheet date set up for the purpose of managing the risk of the fluctuations in the market prices of commodities. Energy product price risk management Unit of measurement Volume by Maturity Notional Value Fair value Due within 1 year Due within two years Due within five years Due after five years Value Balance sheet (*) Progressive effect to income statement (**) Quantity Thousands of euro Thousands of euro Thousands of euro A. Cash flow hedges as per IFRS 9, including: 1,682.8 - \- Electricity TWh 6.1 0.1 0.1 63,788.3 (510.6) \- Oil Bbl \- Coal Tonnes \- Natural Gas TWh 40.7 (0.1) \- Natural Gas Millions of cubic metres \- Natural Gas Degrees day \- Exchange rate Millions of dollars \- CO 2 emission rights Tonnes 467,000 271,000 62,531.5 2,178.2 \- Guarantees of origin TWh 1 403.9 15.3 B. considered fair value hedges as per IFRS 9 - - C. not considered fair value hedges as per IFRS 9 of which: (52,353.4) (162,044.2) C.1 hedge margin (428.0) 41.4 \- Electricity TWh 429.6 \- Oil Bbl \- Natural Gas TWh 0.8 26,424.9 (486.1) (466.9) \- Natural Gas Millions of cubic metres \- CO 2 emission rights Tonnes 185,000 7,000 14,699.4 58.1 78.7 \- Exchange rate Millions of dollars C.2 trading transactions (51,925.4) (162,085.6) \- Electricity TWh 63.0 5.4 1.1 0.7 6,003,304.2 (26,319.6) (71,174.8) \- Natural Gas TWh 141.3 38.3 14.0 6,009,174.7 (25,145.7) (90,024.3) \- CO 2 emission rights Tonnes 18,463,314 9,883,322 1,878,980 2,542,860.2 3,415.4 2,989.0 \- Guarantees of origin TWh 0.1 0.6 0.6 5,178.5 (3,875.5) (3,875.5) \- Environmental Certificates Tep Total (50,670.6) (162,044.2) (*) Represents the net receivable (+) or payable (-) recognized in the balance sheet following the measurement of derivatives at fair value. (**) Represents the adjustment of derivatives to fair value recognized over time in the Income Statement from stipulation of the contract to the present date. 130 A2A Separate financial statements 2025 2 Explanatory notes c) On investments At December 31, 2025, there are no derivatives on shareholdings like in the previous year. Financial and operating effects for derivative transactions in 2025 Effects on the balance sheet The following table shows the balance sheet figures at December 31, 2025, for derivative transactions. thousands of euro Assets Note Non-current assets - Non-current derivative assets 6 - Current assets 640,875 Current derivative assets 9 640,875 Total assets 640,875 Liabilities Non-current liabilities 36,007 Non-current derivative liabilities 20 36,007 Current liabilities 691,546 Current derivative liabilities 22 691,546 Total liabilities 727,553 131 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Effect on the income statement The following table sets out the income statement figures at December 31, 2025 arising from the management of derivatives. thousands of euro Note Realised during the year (1) Change in fair value during the year Amounts recognized in the income statement Revenue 26 Revenue from sales and services Energy product price risk management and exchange rate risk management on commodities \- considered hedges as per IFRS 9 5,334 - 5,334 \- not considered hedges as per IFRS 9 7 47,5 8 2 971,332 1,718,914 Total revenue from sales and services 752,916 971,332 1,724,248 Operating expenses 27 Expenses for raw materials and services Energy product price risk management and exchange rate risk management on commodities \- considered hedges as per IFRS 9 (10,056) - (10,056) \- not considered hedges as per IFRS 9 (293,281) (1,133,376) (1,426,657) Total expenses for raw materials and service (303,337) (1,133,376) (1,436,713) Total recognized in gross operating income (*) 449,579 (162,044) 2 87,5 3 5 Finance income and expenses 32 Finance income Interest rate risk management and equity risk management Income on derivatives \- considered hedges as per IFRS 9 - - - \- not considered hedges as per IFRS 9 - - - Total - - - Total finance income - - - Finance expenses Interest rate risk management and equity risk management Expenses on derivatives \- considered hedges as per IFRS 9 469 - 469 \- not considered hedges as per IFRS 9 743 (1,777) (1,034) Total 1,212 (1,777) (565) Total finance expenses 1,212 (1,777) (565) Total recognized in finance income and expenses 1,212 (1,777) (565) (1) Made without physical delivery. (*) The figures do not include the effect of the “net presentation” of the negotiation margin of trading activities. 132 A2A Separate financial statements 2025 2 Explanatory notes Classes of financial instruments To complete the analyses required by IFRS 7 and IFRS 13, the following table sets out the various types of financial instrument that are to be found in the various balance sheet items, with an indication of the accounting policies used and, in the case of financial instruments measured at fair value, an indication of where changes are recognized (income statement or equity). The last column of the table shows the fair value of the instrument at December 31, 2025, where applicable. thousands of euro Criteria to measure the reported amount of financial instruments Note Financial instruments measured at fair value with changes recognized in: Financial instruments measured at amortized cost Statement of Financial Position Value Fair value (*) Type of financial instruments Income statement Shareholders’ equity (1) (2) (3) (4) Assets Other non-current financial assets: Financial assets measured at fair value of which: \- unlisted 1,081 1,081 n.a. \- listed - - Financial assets held to maturity 96 96 96 Other non-current financial assets 281,940 281,940 281,940 Total other non-current financial assets 4 283,117 Other non-current assets 6 28,682 28,682 28,682 Trade receivables 8 2,766,451 2,766,451 2,766,451 Current derivative assets 9 637,604 3,271 640,875 640,875 Other current assets 9 185,612 185,612 185,612 Current financial assets 10 4,122,618 4,122,618 4,122,618 Cash and cash equivalents 12 1,710,651 1,710,651 1,710,651 Liabilities Financial liabilities Non-current and current bonds 17 and 23 1,143,181 75,772 4,495,046 5,713,999 5,713,999 Other non-current and current financial liabilities 17 and 23 1,479,673 1,479,673 1,479,673 Non-current derivative liabilities 20 1,777 34,230 36,007 36,007 Other non-current liabilities 20 101 101 101 Trade payables 21 3,483,746 3,483,746 3,483,746 Current derivative liabilities 22 689,958 1,588 691,546 691,546 Other current liabilities 22 145,680 145,680 145,680 (*) The fair value has not been calculated for receivables and payables not related to derivative contracts and loans as the corresponding book value comes close to it. (1) Financial assets and liabilities measured at fair value with the changes in fair value recognized in the Income Statement. (2) Cash flow hedges. (3) Financial assets available for sale measured at fair value with profit/loss recognized in equity. (4) Loans and receivables and financial liabilities measured at amortized cost. 133 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Fair value hierarchy IFRS 7 and IFRS 13 require that fair value classification of financial instruments to be based on the quality of the input source used to calculate the fair value. In particular, IFRS 7 and IFRS 13 set out three levels of fair value: • Level 1: this level includes the financial assets and liabilities for which fair value is based on (unmodified) prices quoted for similar instruments on active official or over-the-counter markets; • Level 2: this level includes the financial assets and liabilities for which fair value is based on directly observable market inputs other than Level 1 inputs; • Level 3: this level includes the financial assets and liabilities for which fair value is calculated using inputs not based on observable market data. This level includes instruments measured on the basis of internal estimates made using proprietary methods based on best sector practice. An analysis of the assets and liabilities included in the three fair value levels is set out in the following fair value hierarchy table. thousands of euro Note Level 1 Level 2 Level 3 Total Assets measured at fair value 4 1,081 1,081 Current derivative assets 9 594,727 16 46,132 640,875 Total assets 594,727 1,097 46,132 641,956 Non-current financial liabilities 17 75,772 1,143,181 1,218,953 Non-current derivative liabilities 20 36,007 36,007 Current derivative liabilities 22 689,550 860 1,136 691,546 Total liabilities 765,322 1,180,048 1,136 1,946,506 As required by IFRS 13, the following table shows, for financial instruments measured at level 3 of the hierarchy, opening and closing balances and changes during the year. thousands of euro Fair Value Realized FV change Unrealized FV change Fair value change Transfers Fair Value 12.31.2024 12.31.2025 Entrance Outgoing 12.31.2025 Commodity derivatives considered hedges as per IFRS 9 (2,524.8) 1,357.3 692.3 2,049.6 \- - (475.2) Commodity derivatives not considered hedges as per IFRS 9 (6,568.8) 20,037.1 32,002.9 52,040.0 \- \- 45,471.2 Total (9,093.6) 21,394.4 32,695.2 54,089.6 \- \- 44,996.0 134 A2A Separate financial statements 2025 2 Explanatory notes Sensitivity analysis for financial instruments included in level 3 As required by IFRS 13, the following table sets out the effects arising from changes in the unobservable parameters used in calculating fair value for financial instruments included in level 3 of the hierarchy. Financial instrument Parameter Parameter change Sensitivity (thousands of euro) Commodity Derivatives Probability of Default (PD) 1% ( 3 3 7.5) Commodity Derivatives Loss Given Default (LGD) 25% (282.9) Commodity Derivatives Price of underlying 1% (99.1) Commodity Derivatives Volatility of underlying 1% (1,279.3) Commodity Derivatives Correlation of underlying 1% (1,280.0) 5) Main regulatory provisions regarding concessions and agreements in the sectors of activity in which the company operates Large hydroelectric derivation concessions The national discipline on large derivation hydroelectric concessions (plants with a nominal power greater than 3 MW) originates from R.D. 1775/1933. This regulatory framework was subsequently amended first by electricity sector nationalization Law no. 1643/1962, which resulted in Enel taking over the majority 3 of hydroelectric concessions with the relative recognition of an unlimited duration, and then by the liberalization of the electricity market as a result of Legislative Decree 79/1999 (implementing Directive 96/92/EC), which introduced with art. 12 (and subsequent amendments) the principles of: • the temporariness of the concessions, establishing a validity period (2029) for concessions without expiration because they are owned by Enel and assigning the term of December 31, 2010 for concessions that have already expired or are expiring by that date; • contestability of concessions in the event of expiration, forfeiture or renunciation, providing the call for tenders by the competent administration (now the Region) for the allocation of the same for consideration. Article 11-quater of Law 12/2019 has partially further amended the regulation of large-scale hydroelectric concessions: the new rules provide that the Regions regulate with their own laws the methods, procedures and criteria for the allocation of concessions, which may be entrusted to economic operators identified through a tender, or to public/private joint ventures with selection of the private partner through a tender, or through forms of partnership under Legislative Decree 50/2016 and (now Legislative Decree 36/2023). Article 7 of Law 118/2022 (Annual Law for the Market and Competition 2021) established that the procedure for awarding the contract must be started within 2 years of the entry into force of the individual Regional Laws and, in any case, no later than December 31, 2023. The duration of the new concessions will have to be between 20 and 40 years, with the possible extension of the maximum period by a further 10 years depending on the complexity of the project proposal and the amount of investment. 3 With the exception of derivations in the ownership of self-producers, municipal companies and local authorities. 135 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Article 11-quater cited (paragraph 1-quinquies), as part of the new process for reallocating expired concessions, stipulates that specific regional regulations (after consultation with ARERA) are established: • a State fee to be paid on a six-monthly basis to the Regions, comprising a fixed component linked to the average nominal power of the concession and a variable calculated as a percentage of normalized revenues; • the possible obligation for the concessionaires to supply annually and free of charge 220 kWh per kW of concession power for at least 50% destined to public services of the provincial territories involved in the derivation. In terms of compensation to outgoing operators, article 11-quater prescribes: • for wet works: the transfer without compensation of ownership to the Regions, except for the compensation only of investments not yet amortized; • for dry works, the recognition of a value derived from accounting records or certified appraisal. In the event of non-inclusion in the project of the incoming concessionaire, removal and disposal of movable property is envisaged at the expense of the latter, while immovable property remains the property of the entitled parties. Lombardy Region approved R.L. 5/2020 (as amended by Regional Law 19/2021), which regulates the modalities and procedures for assigning concessions for large hydroelectric derivations, as well as the preliminary recognition activity. Subsequently, the Lombardy Region adopted Regulation 3/2022 for the preliminary procedures for the assessment of the public interest in relation to the various uses of water, as well as Regulation 9/2022 regulating the timing and procedures for the allocation procedures, challenged with the Superior Court of Public Waters by a number of operators (the judgements are still pending). Most of A2A S.p.A. large-scale hydroelectric derivation concessions located in Valtellina (for a nominal concession power of around 215 MW) have expired; Lombardy Region with Regional Council Resolution XII/5597 of December 30, 2025 allowed, at certain conditions, the temporary continuation of its operation until December 31, 2026, or shorter term, should the reassignment procedures, not yet started, be concluded at an earlier date and, among other things, confirming the payment of an additional fee and the non-application of the partial exemption from the state fee on the Premadio 1, Grosio, Lovero and Stazzona plants. With reference to the Resio (BS) concession, owned by Linea Green S.p.A. (a wholly-owned subsidiary of A2A S.p.A.), the Lombardy Region announced with DGR 1602 of December 18, 2023, the start of the reallocation procedure, with the publication of the call for tender on April 22, 2024. The appeals lodged by Linea Green S.p.A., A2A S.p.A., and Elettricità Futura concerning this procedure, in which Linea Green S.p.A. itself and five other operators (one of which is foreign) took part, remain under consideration. The tender procedure is also underway and is expected to be completed in 2026. Other A2A S.p.A. concessions (plants in Mese in Lombardy, Friuli and Calabria for a total nominal concession capacity of about 348 MW) expire in 2029, as the Gravedona concession of Acinque Innovazione S.r.l. (Acinque Group), also with an expiry date of 2029. 136 A2A Separate financial statements 2025 2 Explanatory notes 6) Update of the main legal and tax disputes still pending Adequate provisions are provided where necessary for the disputes and litigation described below. It is noted that if there is no explicit reference to the presence of a provision, the Company assessed the corresponding risk as possible without appropriating provisions in the financial statements. It should be noted that certain disputes illustrated in previous financial statements and still pending are not further reported due to the absence of updates or the modification of the previous risk situation. A2A S.p.A. Reorganization of Edison - compensation cases Carlo Tassara: lawsuit for damages against Transalpina dell’Energia and A2A S.p.A. On April 14, 2022, Carlo Tassara S.p.A. served a new summons on the Court of Milan, requesting that Transalpina Di Energia and A2A be ordered, jointly and severally with each other, to pay Carlo Tassara S.p.A. the damages that will be quantified in the course of the proceedings, after ascertaining and declaring the liability of the two companies for the breach of article 106 TUF (Total Tender Offer). In the writ of summons, Carlo Tassara S.p.A. quantifies the damage caused by the write-down of the value of its equity investment in Edison at 316,843,562.97 euro, figure resulting from the theoretical value of the tender offer calculated by Carlo Tassara S.p.A. on the basis of: • Value of Edison shares recorded in the financial statements by TDE and A2A (1.5003 euro/share); • Value assigned by Edison in fair value appraisals (1.3 euro/share); • Highest edict value identified by Consob (0.95 euro/share); • Market value to be defined by the Court. The writ of summons provides a description of the facts related to the non-recurring transaction to be ascertained: (i) the avoidance and violation of article 106 of the TUF and (ii) the demonstration of the existence of an alleged pact between the two defendants to depress Edison’s value, prior to launching a takeover bid - with the consequent violation of the rule protecting minority shareholders of listed companies and non-achievement of the latter of: (i) control price and (ii) market price of the Edison shares held by Carlo Tassara S.p.A.. In anticipation of the first hearing set for January 11, 2023, A2A entered an appearance and illustrated the grounds for the rejection of the appeal. At the hearing, the judge declared the default of TDE (which did not enter an appearance and did not appear at the hearing) and, on January 12, 2023, with an order outside the hearing, adjourned the case for the definition of the conclusions to July 4, 2023, in order to allow the panel, before considering the merits of the deeded claims, to examine the procedural objections raised by A2A. After said hearing, the parties were able to file their pleadings. On March 1, 2024, a non-definitive sentence was filed, putting the case back on the register for the continuation of the preliminary investigation phase and rejecting the preliminary objections of inadmissibility of the claim, lack of passive legitimacy of A2A and lis pendens. In 2024, two hearings took place on March 12 and June 25. On June 26, 2024, an order was issued rejecting the preliminary inquiries of Carlo Tassara S.p.A., and the hearing for clarifying conclusions was set for March 18, 2025, then deferred with a further provision of March 13, 2025 to April 21, 2026. The company, having fulfilled the requirements of the regulations in force, does not consider likely the risk for which it has not allocated any provisions. 137 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors Shareholders’ Agreement between A2A S.p.A. and Pessina Costruzioni S.p.A. for the management of ASM NOVARA S.P.A. In March 2013, Pessina Costruzioni established arbitration proceedings against A2A S.p.A. to have the latter declared in breach of the shareholders’ agreement signed between the parties on August 4, 2007 with reference to the company ASM NOVARA S.p.A. (now extinct) and to order A2A S.p.A. to pay damages accordingly. With an award filed on June 30, 2015, the board of arbitrators, with the dissenting opinion of the arbitrator appointed by A2A S.p.A., found A2A S.p.A. liable for the breach of the shareholders’ agreement and, consequently, ordered it to pay damages, which were settled on an equitable basis. The Court of Appeal of Milan on November 23, 2016 with Sentence 4337/16 rejected the appeal of A2A S.p.A. for nullity of the award. The Court of Cassation, with Order 18220 filed on June 26, 2023, accepted the first reason of the appeal notified by A2A S.p.A., considered the remaining reasons absorbed and quashed with adjournment the sentence of the Court of Appeal of Milan. The company A2A S.p.A. and also the company Pessina Costruzioni resumed the case in the Court of Appeal within the time limit. In the event that A2A S.p.A.’s claim for the nullity of the award is upheld and the Court makes a new decision on the merits of the dispute, by way of a conditional cross- appeal, Pessina has also made a claim for damages in the amount originally requested and greater than the amount recognized by the award in application of the principle of fairness. At the first hearing on May 22, 2024, the two cases were joined; at the end of the trial, the Court of Appeal, in July 2025, filed Judgement 2265/2025, which upheld the first judgement of the Court of Appeal, albeit for different reasons, and therefore dismissed both the appeal for reinstatement of A2A and that of Pessina Costruzioni, ordering A2A to pay the costs of the dispute. Derivations of public water for the production of hydroelectricity With reference to the expired concessions in Lombardy operated under the so-called temporary continuation regime (for A2A S.p.A., the concessions of Grosotto, Lovero, Stazzona, Grosio, and Premadio I are relevant, while for Linea Green S.p.A.-LG, the Resio concession is relevant), and, in particular, regarding the imposition of additional fees, the Court of Cassation ruled (February 2024, Ord. nos. 4800 and 4382), recognising the legitimacy of the provisional tariff (equal to 20 €/kW of nominal power) identified by Regional Council Resolution 5130/2016\. The relevant amounts, paid in March 2024, had, however, been fully provisioned as a matter of prudence. On the other hand, the case concerning the so-called final additional fee, instituted in February 2024 before the Superior Court of Public Waters (TSAP), is still pending. With regard to the expired concessions, the Lombardy Region increased the nominal concession power through its Regional Council Resolution no. 5597 of December 30, 2025, which A2A and LG have challenged before the TSAP. A2A also contested - as contrary to the pro-tempore regulations in force - the annulment of the partial exemption of the State fee ordered by the Lombardy Region for the expired concessions that benefited from it. The Court of Cassation dismissed the appeals relating to the Premadio I (Sent. no. 15990/2020) and Grosio (Ord. no. 4371/2024) concessions, while the judgements are still pending relating to the Lovero and Stazzona concessions, in which A2A has obtained 2nd instance rulings ( Superior Court of Public Waters-TSAP sent. nos. 171/2023 and 2/2024) in favour, challenged in Cassation by the Region. 138 A2A Separate financial statements 2025 2 Explanatory notes Also in Lombardy, imposed, in alleged implementation of art. 12 of Legislative Decree 79/1999 as amended by Law 12/2019, was the free transfer of electricity, in monetised form (220 kWh per kW of nominal power). The relevant measures were challenged by A2A and LG. In relation to the expired concessions, the Court of Cassation has definitively ruled that the subjection to the gratuitous transfer of energy is legitimate (see Order no. 15888/2024). For concessions that have not expired, litigation is still pending. The Lombardy Region also requested, in alleged implementation of art. 12 of Legislative Decree 79/1999, the payment of the so-called binomio State fee, consisting of a fixed and a variable component. A2A and LG initiated legal actions on the merits, which are still pending before the TSAP and the Court of Cassation. In December 2023, the Lombardy Region approved the resolution calling for the reassignment by tender of the Resio concession of LG; although the Company submitted a tender offer, it challenged the resolution in court both in defence of its rights and legitimate interests as outgoing concessionaire (making the assets available and enhancing their value), and raising profiles of unreasonableness and illegitimacy of the proceedings and the relevant regional regulation on expired concession reassignment. The subsequent invitation to tender was also judicially challenged. In Friuli Venezia Giulia, A2A holds concessions in force until 2029. Similarly to Lombardy, a judgment against the imposition of the free energy transfer was initiated, which is still pending at the TSAP on appeal, after a negative first instance sentence ( Venice Regional Court of Public Waters sent. no. 2006/2023). An action was also brought against the imposition of the so-called Binomio state fee, still pending at TSAP. For all disputes relating to hydroelectric concession fees and similar charges, the companies have prudently recognised provisions in the risk fund in case of explicit and specific requests for payments by the public administration, the estimate of the amount to be paid conservatively is considered to be the full amount, whereas in the case of requests that have not yet been formalized but are merely ‘foreseeable’ in the year, even if the amount is uncertain (as is the case for outstanding adjustments relating to the increase in capacity), the amounts have been recognised on the basis of the best estimate made by the directors. Public Prosecutor’s Office at the Court of Sondrio – Criminal proceedings R.G.N.R. 1067/2024 Preliminary investigations are underway against certain A2A S.p.A. employees following the death during working hours of an employee of the Company, as a result of an accident that occurred on November 24, 2023. At present, only known are the allegations made in notices of indictment and minutes of the ATS Montagna contesting violations of the Legislative Decree 81/08 and manslaughter (Article 589 of the Criminal Code). On January 8, 2025, ATS Montagna announced its acceptance to settle the alleged offences through administrative payment. Further developments are expected. * * * The following information is provided in connection with the main litigation of a fiscal nature. 139 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors A2A S.p.A. - Registration tax for transfer of business unit and sale of the investment Chi.na.co. S.r.l. On April 4, 2016, the Provincial Directorate I of Milan - Regional Office of Milan 1 - notified the invitation to appear to provide clarifications on a business transfer in the company Chi.na.co. S.r.l. and the subsequent sale of the investment held in it under control for registration tax purposes. The invitation was followed by a contradictory with the Office and subsequent notification by the latter of the notice of liquidation to the acquiring counterparty, which filed an appeal on September 28, 2016. The Provincial Tax Commission of Milan rejected the appeal with sentence filed on July 07, 2017. On February 13, 2018, the acquiring company filed an appeal, which was rejected by the Milan Regional Administrative Court. On April 8, 2019, the Company filed an appeal with the Supreme Court. On February 21, 2020, the Office filed a counter-appeal and a cross-appeal with the Supreme Court. The risks provision recognized for 1.4 million euro was fully used for the payment of the amounts requested with the liquidation notice. By order of November 21, 2025, the Court of Cassation upheld the Company’s appeal. A2A S.p.A. (merging company of AMSA Holding S.p.A.) - VAT Tax assessments for tax years from 2001 to 2005 In early 2006, the Italian Finance Police – Lombardy Regional Unit, Milan – carried out a tax audit of AMSA Holding S.p.A. (now A2A S.p.A.) for VAT purposes for tax years 2001 to 2005. The audit ended with the issue of a final report contesting the legitimacy of the ordinary VAT rate, in place of the special rate applied by suppliers for waste disposal and plant maintenance, as well as the subsequent deduction made after the invoices issued for these services were duly paid. The report was followed by formal notices of assessment from the Tax Revenue Office (Milan 3 Office) for each year audited; appeals were then filed with the Provincial Tax Commission within the term provided by law. The appeals for 2001 and for 2004 and 2005 were discussed on January 25, 2010 and on February 17, 2010 respectively, with a favourable outcome for the company in all cases. The Tax Revenue Office appealed against the verdict of the first court. The Regional Tax Commission rejected this appeal for all three years, 2001, 2004 and 2005. For 2001, the Tax Revenue Office filed an appeal with the Supreme Court against which AMSA Holding S.p.A. (now A2A S.p.A.), filed a cross-appeal on November 9, 2012. At the hearing on December 12, 2018, the Company requested that the case be suspended in order to assess the facilitated settlement of the dispute. On May 24, 2019, the company filed an application for a facilitated settlement of pending tax disputes and definitively settled its tax claim. The outcomes of the 2002 and 2003 disputes were also favourable for the company but the Tax Revenue Office filed an appeal against both sentences. The appeal for 2002 was discussed on November 30, 2010, and by way of a sentence lodged on February 2, 2011 the Milan Regional Tax Commission overturned the sentence of the first court, upholding the Tax Revenue Office’s appeal on almost all counts with the exception of the hazardous waste category. The Company filed an appeal with the Supreme Court for 2002. The hearing was held on December 12, 2018 and the appeal was upheld and the judgement was adjourned to the Regional Technical Committee (CTR). On December 23, 2019, the Company filed an appeal for reinstatement in CTR and an appeal for revocation with the Supreme Court. For 2003 the appeal made by the Tax Revenue Office was discussed on November 7, 140 A2A Separate financial statements 2025 2 Explanatory notes 2011 before the Regional Tax Commission which rejected it with a sentence filed on November 11, 2011. The Tax Revenue Office has not appealed to the Supreme Court for 2003, 2004 and 2005 and the sentence has become final, thereby closing the litigation. No provisions for risks have been recognized. A2A S.p.A. – Notice of assessment for VAT purposes for the 2018 tax period On December 27, 2024, Lombardy Regional Directorate notified a notice of contestation of penalties for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. On March 3, 2025, the company filed an appeal with the CGT I degree in Milan. No provisions for risks have been recognized. A2A S.p.A. – Notice of assessment for VAT purposes for the 2019 tax period On December 24, 2025, the Lombardy Regional Directorate, Large Taxpayers Office, notified via certified e-mail the notice of dispute regarding VAT penalties relating to the 2019 tax period. In summary, the Revenue Agency considers that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. The company is assessing the consequent actions to be taken. No provisions for risks have been recognized. A2A S.p.A. – Notice of assessment for VAT purposes for 2018 tax period On March 17, 2025, Lombardy Regional Directorate notified a notice of assessment for VAT purposes relating to the 2018 tax period. In summary, the Revenue Agency considered that the transactions relating to the provision of emission and fuel allowances from the toller to the tollee constituted – respectively – transfers of intangible rights and transfers of raw materials, thus qualifying as taxable transactions for VAT purposes, subject to invoicing. On May 15, 2025, the company filed an appeal with the CGT I degree in Milan. No provisions for risks have been recognized. 141 A2A Separate financial statements 2025 2 Explanatory notes Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 7) Contingent assets arising from Environmental Certificates At December 31, 2025, A2A S.p.A. had a surplus of environmental certificates. 8) Auditors’ fees In accordance with Article 2427, paragraph 16-bis, of the Italian civil code, it is hereby reported that the company paid KPMG S.p.A. total fees for the legally required auditing of the annual accounts and for other services provided during the year in the amount of 467 thousand euro of which 150 thousand euro relates to the Limited Review of Sustainability Reporting (CSRD). In addition to the audit work, companies belonging to the KPMG network also performed other engagements in 2025 for fees amounting in total to 50 thousand euro, which mainly related to activities as the Company’s legal auditor as specified by current legislation. 9) Dividend distribution With regard to the allocation of net profit for the 2025 financial year, please refer to the paragraph ‘Proposal for the allocation of profit for the year at December 31, 2025 and the distribution of a dividend’ in the Report on Operations. 10) Registered office The registered office of the company is in Brescia in Via Lamarmora 230. 3 Attachments 144 A2A Separate financial statements 2025 3 Attachments 3.1 1/a - Statement of changes in investments in subsidiaries thousands of euro Shareholdings Balance at financial statements 12.31.2024 Changes Balance at financial statements 12.31.2025 % held Effect of non-recurring transactions Increases Decreases Other changes Financial assets Subsidiaries: Unareti S.p.A. 1,338,836 163,675 444 1,502,955 100.00% Duereti S.r.l. 1,228,780 (173) 1,228,607 90.00% A2A Ambiente S.p.A. 734,634 1,460 736,094 100.00% A2A gencogas S.p.A. 606,817 76 606,893 100.00% A2A Rinnovabili S.p.A. 100,050 400,000 500,050 100.00% A2A Calore & Servizi S.r.l. 387,950 131 388,081 100.00% Acinque S.p.A. 190,422 190,422 41.34% A2A Energiefuture S.p.A. 189,730 69 189,799 100.00% A2A Ciclo Idrico S.p.A. 167,000 93 167,093 100.00% Ambiente Energia Brianza S.p.A. 158,638 158,638 33.52% A2A Energia S.p.A. 122,545 236 122,781 100.00% A2A Life Ventures S.r.l. 41,608 10 41,618 100.00% Retragas S.r.l. 30,105 30,105 87. 2 7 % Linea Green S.p.A. 24,806 3 24,809 100.00% A2A E-MOBILITY S.r.l. 9,210 6,800 9 16,019 100.00% A2A Energy Solution S.r.l. 14,575 10 14,585 100.00% A2A Smart City S.p.A. 14,456 40 14,496 100.00% A2A Services & Real Estate S.p.A. 10,854 120 10,974 81.33% Azienda Servizi Valtrompia S.p.A. 10,758 10,758 74.55% TEXELERA S.c.a r.l. 2,005 3,107 5,112 51.00% A2A Montenegro d.o.o. 102 102 100.00% A2A Security S.c.p.A. 24 1 25 43.47% A2A Alfa S.r.l. in liquidation – – 70.00% LD Reti S.r.l. 162,695 (162,695) – Camuna Energia S.r.l. 740 (980) 240 – Total subsidiaries 5,505,732 41,608 410,157 (173) 2,692 5,960,016 145 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 3.2 1/b. Statement of changes in investments in affiliates thousands of euro Shareholdings Balance at financial statements 12.31.2024 Changes Balance at financial statements 12.31.2025 % held Increases Decreases Impairment losses Disposal Reclassifications Affiliates: Blugas Infrastrutture S.r.l. 4,269 4,269 2 7. 5 1 % SET S.p.A. 467 467 49.00% Serio Energia S.r.l. 400 400 40.00% Crit S.c. a r.l. 225 (204) 21 33.00% ES Energy S.r.l. 5 5 50.00% Visano Società Trattamento Reflui S.c.ar.l. in liquidation – – 40.00% Total affiliates 5,366 – – (204) – 5,162 146 A2A Separate financial statements 2025 3 Attachments 3.3 1/c - Statement of changes in investments in other companies thousands of euro Company Name Shareholding % Shareholder Carrying amount at 12.31.2025 Available-for-sale financial assets MUSA-Multilayered Urban Sustainability Action S.c. a r.l. 5.60% A2A S.p.A. 307 Immobiliare-Fiera di Brescia S.p.A. 0.91% A2A S.p.A. 296 Others: AQM S.r.l. 7.80% A2A S.p.A. AvioValtellina S.p.A. 0.18% A2A S.p.A. Banca di Credito Cooperativo dell'Oglio e del Serio s.c. n.s. A2A S.p.A. L.E.A.P. S.c.a. r.l. 14.22% A2A S.p.A. E.M.I.T. S.r.l. in liquidation 10.00% A2A S.p.A. Stradivaria S.p.A. n.s. A2A S.p.A. DI.T.N.E. S.c.a r.l. 1.79% A2A S.p.A. Total other financial assets 478 Total available-for-sale financial assets 1,081 147 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors ¹ Figures of the financial statements at December 31, 2023 latest available financial statements. 3.4 2/a - List of investments in subsidiaries thousands of euro Company Name Registered office Share capital at 12.31.2025 Equity at 12.31.2025 Result at 12.31.2025 % held Pro-rata amount (a) Balance at financial statements (b) Delta (a-b) Subsidiaries: Unareti S.p.A. Brescia 965,250 1,661,743 159,193 100.00% 1,661,743 1,502,955 158,788 Duereti S.r.l. Milano 125,000,000 418,971 42,769 90.00% 377,074 1,228,606 (851,532) A2A Ambiente S.p.A. Brescia 250,000 620,471 148,059 100.00% 620,471 736,093 (115,622) A2A gencogas S.p.A. Milano 450,000 761,190 76,820 100.00% 761,190 606,893 154,297 A2A Calore & Servizi S.r.l. Brescia 150,000 423,180 18,480 100.00% 423,180 388,081 35,099 Acinque S.p.A. Monza 197,344 454,995 26,451 41.34% 188,095 190,422 (2,327) A2A Energiefuture S.p.A. Milano 50,000 158,186 (21,765) 100.00% 158,186 189,799 (31,613) A2A Ciclo Idrico S.p.A. Brescia 70,000 233,650 16,102 100.00% 233,650 167,093 66,557 Ambiente Energia Brianza S.p.A. Seregno (MB) 119,496 432,328 17,010 33.52% 144,916 158,638 (13,722) A2A Energia S.p.A. Milano 3,000 285,689 171,080 100.00% 285,689 122,781 162,908 A2A Rinnovabili S.p.A. Milano 50,000 478,156 9,147 100.00% 478,156 500,050 (21,894) Retragas S.r.l. Brescia 34,495 40,677 1,735 8 7. 2 7 % 35,499 30,105 5,394 A2A Life Ventures S.r.l. Milano 8,010 40,836 (471) 100.00% 40,836 41,618 (782) Linea Green S.p.A. Cremona 7,000 22,601 6,345 100.00% 22,601 24,809 (2,208) A2A Energy Solutions S.r.l. Milano 4,000 7,6 7 7 (1,016) 100.00% 7,6 7 7 14,586 (6,909) A2A Smart City S.p.A. Brescia 3,448 12,774 1,290 100.00% 12,774 14,496 (1,722) A2A Services & Real Estate S.p.A. Milano 1,050 13,960 6,420 81.33% 11,354 10,974 380 Azienda Servizi Valtrompia S.p.A. Gardone Val Trompia (BS) 8,939 20,912 296 74.55% 15,590 10,758 4,832 A2A E-MOBILITY S.r.l. Milano 1,000 2,641 (5,210) 100.00% 2,641 16,019 (13,378) TEXELERA S.c.a r.l. Milano 10 4,798 (292) 51.00% 2,447 5,112 (2,665) A2A Montenegro d.o.o. Podgorica (Montenegro) 100 7 (30) 100.00% 7 102 (95) A2A Security S.c.p.A. Milano 55 645 39 43.74% 282 25 257 A2A Alfa S.r.l. in liquidation¹ Milano 100 7 4 70.00% 5 - 5 148 A2A Separate financial statements 2025 3 Attachments 3.5 2/b - List of investments in affiliates thousands of euro Company Name Registered office Share capital at 12.31.2024 (*) Equity at 12.31.2024 (*) Result at 12.31.2024 (*) % held Pro-rata amount (a) Balance at financial statements (b) Delta (a-b) Blugas Infrastrutture S.r.l. Mantova 14,300 16,733 196 2 7. 5 1 % 4,603 4,269 334 SET S.p.A. Toscolano Maderno (Bs) 104 3,325 783 49.00% 1,629 466 1,163 Serio Energia S.r.l. Concordia sulla Secchia (Mo) 1,000 687 - 40.00% 275 400 (125) Crit S.c. a r.l. Cremona 548 65 (144) 33.00% 21 21 \- ES Energy S.r.l. Jesi (AN) 10 788 168 50.00% 394 5 389 Visano Società Trattamento Reflui S.c. a r.l. in liquidation Brescia 25 12 \- 40.00% 5 \- 5 (*) Figures of the financial statements at December 31, 2023 latest available financial statements. 149 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 150 A2A Separate financial statements 2025 3 Attachments 3.6 Key data of the financial statements of the main subsidiaries and affiliates prepared according to IFRS (pursuant to art. 2429.4 of the Italian Civil Code) thousands of euro Subsidiaries Unareti S.p.A. Duereti S.r.l. A2A Ambiente S.p.A. A2A gencogas S.p.A. A2A Calore & Servizi S.r.l. Acinque S.p.A. A2A Energiefuture S.p.A. A2A Ciclo Idrico S.p.A. Ambiente Energia Brianza S.p.A. % held: A2A S.p.A. 100.00% A2A S.p.A. 90.00% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 41.34% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 33.52% Share capital: Euro 965,250,000 Euro 125,000,000 Euro 250,000,000 Euro 450,000,000 Euro 150,000,000 Euro 197,343,794 Euro 50,000,000 Euro 70,000,000 Euro 119,495,575 Description 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Revenue 675,364 569,986 220,042 - 910,516 917,900 447,005 361,500 395,311 354,063 24,524 22,054 165,055 170,638 128,834 118,158 13,951 1 7, 37 7 Gross operating profit (loss) - EBITDA 339,669 273,290 92,614 (1,283) 313,813 319,499 147,780 118,948 88,231 89,221 (7,234) (8,611) 4,943 (2,875) 64,939 56,095 (1,811) (239) Operating profit (loss) - EBIT 183,657 128,243 59,201 (455) 221,021 194,140 7 7, 8 2 3 48,025 36,780 43,928 (13,881) (15,315) (17,672) (33,027) 34,728 29,082 (4,710) (3,284) Profit (loss) before taxes 204,128 98,422 59,570 (455) 203,862 192,445 94,001 33,106 25,622 31,113 24,049 18,027 (26,724) (33,850) 23,376 14,876 16,749 1 7,37 3 Profit (loss) for the year 159,193 69,891 42,769 (428) 148,059 185,993 76,820 24,370 18,480 24,040 26,451 21,428 (21,765) (18,014) 16,102 9,803 17,010 17,902 Assets 2,739,962 2,759,487 628,158 412,813 1,970,752 1,868,673 1,308,210 1,251,482 1,127,003 1,042,027 808,529 822,298 747,028 656,208 702,386 626,484 472,004 471,425 Liabilities 1,078,219 1,353,055 209,187 36,698 1,350,281 1,213,500 547,020 544,320 703,823 615,525 353,534 377,102 588,842 476,422 468,736 400,077 39,676 44,685 Equity 1,661,743 1,406,432 418,971 376,115 620,471 655,173 761,190 707,162 423,180 426,502 454,995 445,196 158,186 179,786 233,650 226,407 432,328 426,740 Net financial position (524,931) (828,203) 55,737 (1,380) (629,424) (629,424) (204,522) (239,908) (528,828) (440,943) (63,566) (79,333) (59,020) (59,020) (400,333) (343,332) (26,897) (32,532) 151 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 3.6 Key data of the financial statements of the main subsidiaries and affiliates prepared according to IFRS (pursuant to art. 2429.4 of the Italian Civil Code) thousands of euro Subsidiaries Unareti S.p.A. Duereti S.r.l. A2A Ambiente S.p.A. A2A gencogas S.p.A. A2A Calore & Servizi S.r.l. Acinque S.p.A. A2A Energiefuture S.p.A. A2A Ciclo Idrico S.p.A. Ambiente Energia Brianza S.p.A. % held: A2A S.p.A. 100.00% A2A S.p.A. 90.00% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 41.34% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 33.52% Share capital: Euro 965,250,000 Euro 125,000,000 Euro 250,000,000 Euro 450,000,000 Euro 150,000,000 Euro 197,343,794 Euro 50,000,000 Euro 70,000,000 Euro 119,495,575 Description 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Revenue 675,364 569,986 220,042 - 910,516 917,900 447,005 361,500 395,311 354,063 24,524 22,054 165,055 170,638 128,834 118,158 13,951 1 7, 37 7 Gross operating profit (loss) - EBITDA 339,669 273,290 92,614 (1,283) 313,813 319,499 147,780 118,948 88,231 89,221 (7,234) (8,611) 4,943 (2,875) 64,939 56,095 (1,811) (239) Operating profit (loss) - EBIT 183,657 128,243 59,201 (455) 221,021 194,140 7 7, 8 2 3 48,025 36,780 43,928 (13,881) (15,315) (17,672) (33,027) 34,728 29,082 (4,710) (3,284) Profit (loss) before taxes 204,128 98,422 59,570 (455) 203,862 192,445 94,001 33,106 25,622 31,113 24,049 18,027 (26,724) (33,850) 23,376 14,876 16,749 1 7,37 3 Profit (loss) for the year 159,193 69,891 42,769 (428) 148,059 185,993 76,820 24,370 18,480 24,040 26,451 21,428 (21,765) (18,014) 16,102 9,803 17,010 17,902 Assets 2,739,962 2,759,487 628,158 412,813 1,970,752 1,868,673 1,308,210 1,251,482 1,127,003 1,042,027 808,529 822,298 747,028 656,208 702,386 626,484 472,004 471,425 Liabilities 1,078,219 1,353,055 209,187 36,698 1,350,281 1,213,500 547,020 544,320 703,823 615,525 353,534 377,102 588,842 476,422 468,736 400,077 39,676 44,685 Equity 1,661,743 1,406,432 418,971 376,115 620,471 655,173 761,190 707,162 423,180 426,502 454,995 445,196 158,186 179,786 233,650 226,407 432,328 426,740 Net financial position (524,931) (828,203) 55,737 (1,380) (629,424) (629,424) (204,522) (239,908) (528,828) (440,943) (63,566) (79,333) (59,020) (59,020) (400,333) (343,332) (26,897) (32,532) 152 A2A Separate financial statements 2025 3 Attachments thousands of euro Affiliates A2A Energia S.p.A. A2A Rinnovabili S.p.A. Retragas S.r.l. Linea Green S.p.A. A2A Energy Solution S.r.l. A2A Smart City S.p.A. Azienda Servizi Valtrompia S.p.A. A2A E-MOBILITY S.r.l. A2A Security S.c.p.a. % held: A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 87.27% Unareti S.p.A. 4.33% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 74.55% Unareti S.p.A. 0.25% A2A S.p.A. 100.00% A2A S.p.A. 43.74% Unareti S.p.A. 17.46% A2A Ciclo Idrico S.p.A. 9.96% Amsa S.p.A. 8.68% Altre società 20.16% Share capital: Euro 3,000,000 Euro 50,000,000 Euro 34,494,650 Euro 7,000,000 Euro 4,000,000 Euro 3,448,276 Euro 8,938,941 Euro 1,000,000 Euro 55,000 Description 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Revenue 6,442,997 5,904,012 47,4 5 9 52,377 9,410 8,264 16,493 23,187 33,757 30,481 52,040 47,138 14,925 15,082 8,769 6,065 1,883 1,813 Gross operating profit (loss) - EBITDA 388,925 393,746 38,841 40,528 5,975 5,464 12,429 18,771 3,466 1,549 14,060 10,972 1,816 1,437 (2,089) (1,401) 440 437 Operating profit (loss) - EBIT 254,400 278,787 18,723 15,354 2,554 2,221 9,373 15,556 (166) (1,637) 3,616 2,921 496 137 (5,559) (3,820) 60 43 Profit (loss) before taxes 244,617 275,372 10,489 (14,673) 2,680 2,466 8,939 14,701 (1,315) (4,985) 1,906 573 319 (526) (6,559) (4,892) 39 33 Profit (loss) for the year 171,080 199,764 9,147 (18,729) 1,735 1,651 6,345 10,424 (1,016) (5,067) 1,290 724 296 (322) (5,210) (4,001) 39 20 Assets 1,989,322 2,209,847 858,723 878,672 46,054 49,261 50,532 50,339 86,483 83,319 96,380 89,067 28,975 32,481 49,610 33,231 1,190 1,241 Liabilities 1,703,633 1,896,485 380,567 809,663 5,377 8,820 2 7,931 23,701 78,806 74,653 83,606 77,649 8,063 11,907 46,969 32,196 545 640 Equity 285,689 313,362 478,156 69,009 40,677 40,441 22,601 26,638 7,67 7 8,666 12,774 11,418 20,912 20,574 2,641 1,035 645 601 Net financial position (494,359) (500,539) (356,926) (779,924) 848 6,690 (16,364) (8,726) (63,750) (62,386) (50,182) (48,638) 11,721 (5,220) (34,483) (26,407) 252 107 153 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors thousands of euro Affiliates A2A Energia S.p.A. A2A Rinnovabili S.p.A. Retragas S.r.l. Linea Green S.p.A. A2A Energy Solution S.r.l. A2A Smart City S.p.A. Azienda Servizi Valtrompia S.p.A. A2A E-MOBILITY S.r.l. A2A Security S.c.p.a. % held: A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 87.27% Unareti S.p.A. 4.33% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 100.00% A2A S.p.A. 74.55% Unareti S.p.A. 0.25% A2A S.p.A. 100.00% A2A S.p.A. 43.74% Unareti S.p.A. 17.46% A2A Ciclo Idrico S.p.A. 9.96% Amsa S.p.A. 8.68% Altre società 20.16% Share capital: Euro 3,000,000 Euro 50,000,000 Euro 34,494,650 Euro 7,000,000 Euro 4,000,000 Euro 3,448,276 Euro 8,938,941 Euro 1,000,000 Euro 55,000 Description 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Revenue 6,442,997 5,904,012 47,4 5 9 52,377 9,410 8,264 16,493 23,187 33,757 30,481 52,040 47,138 14,925 15,082 8,769 6,065 1,883 1,813 Gross operating profit (loss) - EBITDA 388,925 393,746 38,841 40,528 5,975 5,464 12,429 18,771 3,466 1,549 14,060 10,972 1,816 1,437 (2,089) (1,401) 440 437 Operating profit (loss) - EBIT 254,400 278,787 18,723 15,354 2,554 2,221 9,373 15,556 (166) (1,637) 3,616 2,921 496 137 (5,559) (3,820) 60 43 Profit (loss) before taxes 244,617 275,372 10,489 (14,673) 2,680 2,466 8,939 14,701 (1,315) (4,985) 1,906 573 319 (526) (6,559) (4,892) 39 33 Profit (loss) for the year 171,080 199,764 9,147 (18,729) 1,735 1,651 6,345 10,424 (1,016) (5,067) 1,290 724 296 (322) (5,210) (4,001) 39 20 Assets 1,989,322 2,209,847 858,723 878,672 46,054 49,261 50,532 50,339 86,483 83,319 96,380 89,067 28,975 32,481 49,610 33,231 1,190 1,241 Liabilities 1,703,633 1,896,485 380,567 809,663 5,377 8,820 2 7,931 23,701 78,806 74,653 83,606 77,649 8,063 11,907 46,969 32,196 545 640 Equity 285,689 313,362 478,156 69,009 40,677 40,441 22,601 26,638 7,67 7 8,666 12,774 11,418 20,912 20,574 2,641 1,035 645 601 Net financial position (494,359) (500,539) (356,926) (779,924) 848 6,690 (16,364) (8,726) (63,750) (62,386) (50,182) (48,638) 11,721 (5,220) (34,483) (26,407) 252 107 154 A2A Separate financial statements 2025 3 Attachments 3.7 Key data of the financial statements of the main subsidiaries and affiliates prepared according to ITALIAN GAAP (pursuant to art. 2429.4 of the Italian Civil Code) thousands of euro Subsidiaries A2A Services & Real Estate S.p.A. Texelera S.c. a r.l. A2A Life Ventures S.r.l. % held: A2A S.p.A. 81.33% A2A S.p.A. 51.00% A2A S.p.A. 100.00% Share capital: Euro 1,050,000 Euro 10,000 Euro 8,010,000 Description 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Revenue 73,850 52,878 1,233 - 1,513 - Gross operating profit (loss) - EBITDA 7,9 8 4 (4,079) (423) - (703) - Operating profit (loss) - EBIT 9,164 (5,163) (423) - (790) - Profit (loss) before taxes 9,404 (5,292) (391) (27) (794) - Profit (loss) for the year 6,420 (4,144) (292) (27) (471) - Assets 48,442 33,696 12,446 2,189 49,341 - Liabilities 34,482 26,277 7,6 4 8 206 8,506 - Equity 13,960 7, 4 1 9 4,798 1,983 40,836 - Net financial position 16,548 6,367 4,129 2,008 4,129 - thousands of euro Affiliates Blugas Infrastrutture S.r.l. Società Elettrica di Toscolano Maderno S.r.l. Serio Energia S.r.l. Crit S.c. a r.l. ES Energy S.r.l. Visano Società Trattamento Reflui S.c. a r.l. % held: A2A S.p.A. 27.51% A2A S.p.A. 49.00% A2A S.p.A. 40.00% A2A S.p.A. 33.00% A2A S.p.A. 50.00% A2A S.p.A. 40.00% Share capital: Euro 14,300,000 Euro 104,000 Euro 1,000,000 Euro 548,400 Euro 10,000 Euro 25,000 Description 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 Revenue 2,399 2,216 1,600 1,191 1,280 2,922 342 323 8,652 10,221 455 22 Gross operating profit (loss) - EBITDA 1,687 1,706 1,192 902 93 199 (60) (71) 236 186 - - Operating profit (loss) - EBIT 737 814 1,044 751 2 (58) (130) (156) 236 186 - - Profit (loss) before taxes 298 245 1,085 767 2 (134) (144) (169) 236 186 - - Profit (loss) for the year 196 83 783 557 - (134) (144) (169) 168 109 - - Assets 31,270 35,567 3,597 3,364 785 1,388 722 823 1,467 1,692 26 32 Liabilities 14,537 19,030 272 422 98 701 657 614 679 872 14 6 Equity 16,733 16,537 3,325 2,942 687 687 65 209 788 820 12 26 Net financial position 9,905 (12,588) 1,742 814 221 672 N,D, N,D, 789 907 22 5 155 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors (pursuant to art. 2429.4 of the Italian Civil Code) thousands of euro Subsidiaries A2A Services & Real Estate S.p.A. Texelera S.c. a r.l. A2A Life Ventures S.r.l. % held: A2A S.p.A. 81.33% A2A S.p.A. 51.00% A2A S.p.A. 100.00% Share capital: Euro 1,050,000 Euro 10,000 Euro 8,010,000 Description 12.31.25 12.31.24 12.31.25 12.31.24 12.31.25 12.31.24 Revenue 73,850 52,878 1,233 - 1,513 - Gross operating profit (loss) - EBITDA 7,9 8 4 (4,079) (423) - (703) - Operating profit (loss) - EBIT 9,164 (5,163) (423) - (790) - Profit (loss) before taxes 9,404 (5,292) (391) (27) (794) - Profit (loss) for the year 6,420 (4,144) (292) (27) (471) - Assets 48,442 33,696 12,446 2,189 49,341 - Liabilities 34,482 26,277 7,6 4 8 206 8,506 - Equity 13,960 7, 4 1 9 4,798 1,983 40,836 - Net financial position 16,548 6,367 4,129 2,008 4,129 - thousands of euro Affiliates Blugas Infrastrutture S.r.l. Società Elettrica di Toscolano Maderno S.r.l. Serio Energia S.r.l. Crit S.c. a r.l. ES Energy S.r.l. Visano Società Trattamento Reflui S.c. a r.l. % held: A2A S.p.A. 27.51% A2A S.p.A. 49.00% A2A S.p.A. 40.00% A2A S.p.A. 33.00% A2A S.p.A. 50.00% A2A S.p.A. 40.00% Share capital: Euro 14,300,000 Euro 104,000 Euro 1,000,000 Euro 548,400 Euro 10,000 Euro 25,000 Description 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 12.31.24 12.31.23 Revenue 2,399 2,216 1,600 1,191 1,280 2,922 342 323 8,652 10,221 455 22 Gross operating profit (loss) - EBITDA 1,687 1,706 1,192 902 93 199 (60) (71) 236 186 - - Operating profit (loss) - EBIT 737 814 1,044 751 2 (58) (130) (156) 236 186 - - Profit (loss) before taxes 298 245 1,085 767 2 (134) (144) (169) 236 186 - - Profit (loss) for the year 196 83 783 557 - (134) (144) (169) 168 109 - - Assets 31,270 35,567 3,597 3,364 785 1,388 722 823 1,467 1,692 26 32 Liabilities 14,537 19,030 272 422 98 701 657 614 679 872 14 6 Equity 16,733 16,537 3,325 2,942 687 687 65 209 788 820 12 26 Net financial position 9,905 (12,588) 1,742 814 221 672 N,D, N,D, 789 907 22 5 156 A2A Separate financial statements 2025 3 Attachments 3.8 Certification of the Financial Statements pursuant to art. 154-bis, paragraph 5 of Legislative Decree 58/98 Certification of the Financial Statements pursuant to art. 154-bis, paragraph 5 of Legislative Decree 58/98 1. The undersigned, Renato Mazzoncini, as CEO of A2A S.p.A., and Luca Moroni, as Financial Reporting Manager of A2A S.p.A. also considering the provisions of article 154-bis, paragraphs 3 and 4, of Legislative Decree no. 58 of February 24, 1998, as amended, hereby attest: • the adequacy in relation to the characteristics of the company and • the effective application of administrative and accounting procedures for the preparation of financial statements in the year 2025. 2. It is also certified that: 2.1 the annual financial statements at December 31, 2025: a) have been prepared in accordance with International Financial Reporting Standards as endorsed by the European Community pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002; b) correspond to the information contained in the accounting ledgers and records; c) provide a true and fair representation of the equity, economic and financial situation of the issuer; 2.2 the report on operations includes reliable analysis on the performance, result of operations and the business of the issuer, as well as description of principal risks and uncertainties to which is exposed. Milan, 17 March 2026 Renato Mazzoncini Luca Moroni (Chief Executive Officer) (Financial Reporting Manager) 157 A2A Separate financial statements 2025 3 Attachments Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 4 Independent Auditors’ Report 160 A2A Separate financial statements 2025 4 Independent Auditors’ Report (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative. ) A2A S.p.A. Separate f inancial statements as at and for the year ended 31 December 202 5 (with independent auditors ’ report thereon) KPMG S.p.A. 30 March 2026 161 A2A Separate financial statements 2025 4 Independent Auditors’ Report Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors KPMG S.p.A. Revisione e organizzazione contabile Via Giovanni Battista Pirelli, 38 20124 MILANO MI Telefono +39 02 6763.1 Email it-fmauditaly@kpmg.it PEC kpmgspa@pec.kpmg.it Ancona Bari Bergamo Bologna Bolzano Brescia Catania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona Società per azioni Capitale sociale Euro 10.415.500,00 i.v. Registro Imprese Milano Monza Brianza Lodi e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Giovanni Battista Pirelli, 38 20124 Milano MI ITALIA KPMG S.p.A. è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Limited, società di diritto inglese. (This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative.) Independent auditors’ report pursuant to article 14 of Legislative decree no. 39 of 27 January 2010 and article 10 of Regulation (EU) no. 537 of 16 April 2014 To the shareholders of A2A S.p.A. Report on the audit of the separate financial statements Opinion We have audited the separate financial statements of A2A S.p.A. (the “company”), which comprise the statement of financial position as at 31 December 2025, the income statement and the statements of comprehensive income, changes in equity and cash flows for the year then ended and explanatory notes thereto, including material accounting policy information. In our opinion, the separate financial statements give a true and fair view of the financial position of the A2A S.p.A. as at 31 December 2025 and of its financial performance and cash flows for the year then ended in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board and endorsed by the European Union, as well as the Italian regulations implementing article 9 of Legislative decree no. 38/05. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the “Auditors’ responsibilities for the audit of the separate financial statements” section of our report. We are independent of the company in accordance with the ethics and independence rules and standards applicable in Italy to audits of financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other matters The company’s 2024 separate financial statements were audited by other auditors, who expressed their unqualified opinion thereon on 31 March 2025. 162 A2A Separate financial statements 2025 4 Independent Auditors’ Report 2 A2A S.p.A. Independent auditors’ report 31 December 2025 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the separate financial statements of the current year. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Recoverability of shareholdings in subsidiaries and goodwill Notes to the separate financial statements: “Use of estimates and judgement by management”, notes 3 “Goodwill” and 4 “Shareholdings and other non-current financial assets” Key audit matter Audit procedures addressing the key audit matter The separate financial statements at 31 December 2025 include shareholdings in subsidiaries and goodwill of €5,960 million and €67 million, respectively. The directors tested the carrying amount of the shareholdings in subsidiaries and goodwill, allocated to different cash-generating units (CGUs), for impairment in order to identify any impairment losses resulting from their carrying amount exceeding their recoverable amount. The recoverable amount was calculated using the discounted cash flow model, except for the A2A Reti Gas CGU, whose recoverable amount is based on the Regulatory Asset Base (RAB). Impairment testing is very complex and entails the use of estimates and assumptions which, by their very nature, are uncertain and subjective, in particular about: • forecast future cash flows, based on the update to the 2024-2035 strategic plan approved by the Board of Directors on 11 November 2025 (the “updated strategic plan”); • estimated normalised cash flows or realisable value of the assets underlying the estimated terminal value; • discount rates applied to forecast future cash flows; • for the A2A Reti Gas CGU, the estimated RAB. For the above reasons and due to the materiality of the relevant captions, we believe that the recoverability of shareholdings in subsidiaries and goodwill is a key audit matter. Our audit procedures, carried out partly by involving experts of the KPMG network, included the following: • understanding the process adopted to prepare the impairment test and the forecasts set out in the updated strategic plan and assessing the design and implementation of relevant controls; • analysing the criteria used to identify the CGUs and trace their carrying amounts to the separate financial statements at 31 December 2025; • inquiries with the management concerning possible impairment indicators for shareholdings in subsidiaries; • analysing the reasonableness of the key assumptions used to estimate cash flows, including through sector data analyses; • comparing the forecasts used for impairment testing to forecast figures in the updated strategic plan; • comparing actual figures to forecasts to assess any discrepancies and the reliability of the estimation process; • challenging the reasonableness of the discount (WACC) and long-term growth (g-rate) rates; • checking the mathematical accuracy of the model used to calculate the CGUs' and shareholdings' value in use; • comparing the CGUs’ and the shareholdings’ carrying amount to the recoverable amount determined by impairment testing; • challenging management's sensitivity analysis; • verifying that that the methods used to carry out the impairment test are in compliance with the relevant reporting framework; • assessing the appropriateness of the disclosures provided in the notes about the impairment test and its compliance with the requirements of IAS 36. 163 A2A Separate financial statements 2025 4 Independent Auditors’ Report Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 3 A2A S.p.A. Independent auditors’ report 31 December 2025 Responsibilities of the company’s directors and board of statutory auditors (“Collegio Sindacale”) for the separate financial statements The directors are responsible for the preparation of separate financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board and endorsed by the European Union, as well as the Italian regulations implementing article 9 of Legislative decree no. 38/05 and, within the terms established by the Italian law, for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The directors are responsible for assessing the company’s ability to continue as a going concern and for the appropriate use of the going concern basis in the preparation of the separate financial statements and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless the directors believe that the conditions for liquidating the company or ceasing operations exist, or have no realistic alternative but to do so. The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the company’s financial reporting process. Auditors’ responsibilities for the audit of the separate financial statements Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA Italia will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements. As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control; • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors; 164 A2A Separate financial statements 2025 4 Independent Auditors’ Report 4 A2A S.p.A. Independent auditors’ report 31 December 2025 • conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the company to cease to continue as a going concern; • evaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance, identified at the appropriate level required by ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with the ethics and independence rules and standards applicable in Italy and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the measures taken to eliminate those threats or the safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the separate financial statements of the current year and are, therefore, the key audit matters. We describe these matters in our auditors' report. Other information required by article 10 of Regulation (EU) no. 537/14 On 28 April 2023, the company's shareholders appointed us to perform the statutory audit of its separate and consolidated financial statements as at and for the years ending from 31 December 2025 to 31 December 2033. We declare that we did not provide the prohibited non-audit services referred to in article 5.1 of Regulation (EU) no. 537/14 and that we remained independent of the company in conducting the statutory audit. We confirm that the opinion on the separate financial statements expressed herein is consistent with the additional report to the Collegio Sindacale, in its capacity as audit committee, prepared in accordance with article 11 of the Regulation mentioned above. Report on other legal and regulatory requirements Opinion on the compliance with the provisions of Commission Delegated Regulation (EU) 2019/815 The company’s directors are responsible for the application of the provisions of Commission Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (ESEF) to the separate financial statements at 31 December 2025 to be included in the annual financial report. We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express an opinion on the compliance of the separate financial statements with Commission Delegated Regulation (EU) 2019/815. 165 A2A Separate financial statements 2025 4 Independent Auditors’ Report Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 5 A2A S.p.A. Independent auditors’ report 31 December 2025 In our opinion, the separate financial statements at 31 December 2025 have been prepared in XHTML format in compliance with the provisions of Commission Delegated Regulation (EU) 2019/815. Opinion and statement pursuant to article 14.2.e)/e-bis)/e-ter) of Legislative decree no. 39/10 and article 123-bis.4 of Legislative decree no. 58/98 The company’s directors are responsible for the preparation of the reports on operations and on corporate governance and ownership structure at 31 December 2025 and for the consistency of such reports with the related separate financial statements and their compliance with the applicable law. We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to: • express an opinion on the consistency of the report on operations and certain specific information presented in the report on corporate governance and ownership structure required by article 123- bis.4 of Legislative decree no. 58/98 with the separate financial statements; • express an opinion on the compliance of the report on operations, excluding the section that includes the sustainability statement, and certain specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 with the applicable law; • issue a statement of any material misstatements in the report on operations and certain specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98. In our opinion, the report on operations and the specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are consistent with the company's separate financial statements at 31 December 2025. Moreover, in our opinion, excluding the section which includes the sustainability statement, the report on operations and the specific information presented in the report on corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 have been prepared in compliance with the applicable law. With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10, based on our knowledge and understanding of the entity and its environment obtained through our audit, we have nothing to report. Our opinion on compliance with the applicable law does not extend to the report on operations’ section which includes the sustainability statement. Our conclusion on the compliance of this section with the legislation governing its preparation and with the disclosure requirements of article 8 of Regulation (EU) 2020/852 is included in the assurance report prepared in accordance with article 14-bis of Legislative decree no. 39/10. Milan, 30 March 2026 KPMG S.p.A. (signed on the original) Luisa Polignano Director of Audit 166 A2A Separate financial statements 2025 4 Independent Auditors’ Report 167 A2A Separate financial statements 2025 4 Independent Auditors’ Report Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 5 Report of the Board of Auditors 170 A2A Separate financial statements 2025 5 Report of the Board of Auditors 1 REPORT OF THE BOARD OF STATUTORY AUDITORS TO THE SHAREHOLDERS’ MEETING (pursuant to Article 2429(2) of the Italian Civil Code and Article 153 of Italian Legislative Decree 58/1998) Dear Shareholders, the Board of Statutory Auditors of A2A S.p.A. (hereinafter also "A2A" or the "Company") is required to report to the Shareholders' Meeting called to approve the financial statements for the year ended December 31, 2025, with respect to the supervisory activities performed and any reprehensible facts or omissions found, pursuant to Article 153 of Legislative Decree no. 58/1998 (hereinafter also “Consolidated Law on Finance” or “TUF”) and Article 2429, paragraph 2 of the Italian Civil Code. Pursuant to Article 149 of the Consolidated Law on Finance, the Board of Statutory Auditors is also called upon to supervise, inter alia, compliance with the law, the Memorandum of Association and the Articles of Association, the principles of proper administration, the adequacy of the administrative and accounting system and the reliability of the latter to represent management events, the internal control and risk management system, the system of delegation of powers and control in respect of subsidiaries, to ensure that the latter provide all the information necessary to fulfil the required reporting obligations. The Board of Statutory Auditors is also called upon to make any proposals regarding the annual financial statements and their approval, for those aspects falling within its remit. The activities performed by the Board of Statutory Auditors during the year 2025 and up to the date of today's Report are reported below, also with reference to the requirements of CONSOB 171 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 2 Communication no. DEM/1025564 of April 6, 2001 and subsequent amendments and/or additions. The draft annual financial statements, the consolidated financial statements and the report on operations, including the sustainability report, were approved by the Company's Board of Directors on March 17, 2026 and, together with the relevant Annexes, were made available within the time limits set forth in Articles 154-bis and 154-ter of the Consolidated Law on Finance. Appointment and operation of the Board of Statutory Auditors. The current Board of Statutory Auditors was appointed by the Shareholders' Meeting of A2A on April 28, 2023 and will remain in office until the Shareholders' Meeting that will be called to approve the financial statements for the year ending December 31, 2025\. The following were appointed as Standing Auditors: Ms. Silvia Muzi (Chair), Mr. Maurizio Dallocchio (Standing Auditor) and Ms. Chiara Segala (Standing Auditor). In addition, Ms. Patrizia Lucia Maria Riva and Mr. Vieri Chimenti were appointed as Alternate Auditors. After the appointment of the Corporate Bodies, the Board of Statutory Auditors verified, every year, with a positive outcome, the fulfilment of the requirements of professionalism, honourableness and independence envisaged by Article 148 of the Consolidated Law on Finance and Article 2399 of the Italian Civil Code, as well as verified the compliance with the limits on the accumulation of offices envisaged by Article 144-terdecies of the Issuers' Regulation and the compliance with the criteria of competence and fairness, envisaged both by the laws in force and by Article 30, paragraphs .2 and .3 of the Articles of Association. The same assessment was again carried out with a positive outcome in January 2026, also in compliance with the procedure provided for by the Rules of Conduct of the Board of Statutory Auditors of listed companies issued by the National Council of Chartered Accountants and Accounting Experts. 172 A2A Separate financial statements 2025 5 Report of the Board of Auditors 3 During the financial year 2025, the Board of Statutory Auditors performed its duties in accordance with the Italian Civil Code, the Consolidated Law on Finance, the indications provided by CONSOB on the subject, as well as the Rules of Conduct for the Board of Statutory Auditors of Listed Companies issued by the National Council of Chartered Accountants and Accounting Experts. The supervisory activity was also carried out in accordance with the provisions of the Corporate Governance Code (January 2020 edition), to which A2A adheres, and last but not least, in accordance with the provisions of Legislative Decree No. 39 of 2010, as subsequently amended and supplemented, i.e. the function that the Board of Statutory Auditors performs with regard to its role as the Internal Control and Auditing Committee (CCIRC), which is responsible for further specific control and monitoring functions in terms of financial reporting, statutory auditing and sustainability reporting. 1. Compliance with the law and the Articles of Associations. The Company acted in accordance with the provisions of the Italian Civil Code and the rules and regulations applicable to Issuers with listed shares, as well as the provisions of the Corporate Governance Code. The Annual Report on Corporate Governance and Ownership Structure was approved by the Board of Directors at its meeting on March 17, 2026\. It fully illustrates all the provisions of Article 123-bis of the Consolidated Law on Finance, as well as the recommendations issued by the Chair of the Corporate Governance Committee, most recently published on December 18, 2025 and brought to the attention of both the Board of Statutory Auditors and the Board of Directors, to the extent of their responsibilities. The Board of Statutory Auditors also monitored compliance with the provisions of the law and the Articles of Association, as well as any other relevant regulatory provisions, also through its participation in the Board of Directors' meetings and in the Internal Board Committees. The Shareholders' Meeting of April 28, 2023 also appointed the current Board of Directors, 173 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 4 which is composed of a total of 12 members, 10 of whom are Independent pursuant to the Consolidated Law on Finance, and 8 of whom are also Independent pursuant to the Corporate Governance Code. The Chief Executive Officer also has the title of General Manager. The Board of Statutory Auditors verified the correct application of the criteria and the assessment procedure adopted by the Board of Directors to evaluate the independence requirements of its members. The Control Body also verified that the Board had carried out its annual self-assessment process, with positive results, both in terms of its qualitative and quantitative composition and its functioning. The board review process was also carried out with the assistance of an external advisor, and the findings are set out in the Report on Corporate Governance and Ownership Structure. These findings were also assessed by this Board of Statutory Auditors, which was likewise involved in the board review process in relation to the matters falling within its remit. Following the appointment of the Board, the Internal Board Committees were also set up, namely: the Control and Risk Committee, the Remuneration and Appointments Committee, the ESG and Territory Relations Committee and the Related Parties Committee. The Board of Statutory Auditors also met with the Supervisory Board, which held a total of 13 meetings in the year 2025, receiving from the former the information referred to in Legislative Decree no. 231/2001 and also taking note of the specific information reported in the Half-Yearly Reports by the same Board. On the merits, it is noted that the Board of Directors adopted the latest updated OMM, in its general part and in the special parts, by a Board resolution dated December 18, 2025, taking into account both legislative and organisational changes that occurred after the date of the last revision (September 24, 2024). The Board of Statutory Auditors also noted that A2A S.p.A. has adopted the Code of Ethics (last updated in December 2025) and the Anti-Corruption Policy (last updated in December 2025) on a voluntary basis. Both documents are published on the Company's website. During the course of the year, the Board of Statutory Auditors also maintained a continuous 174 A2A Separate financial statements 2025 5 Report of the Board of Auditors 5 exchange of information flows with the control bodies of the Group companies. Overall, from the audits completed to date and the information flows also received from management, the organisational structure and the internal procedures adopted appear to be compliant. Therefore, no violations of the Law, the Articles of Association or relevant regulations are to be reported. The Board of Statutory Auditors also points out that there have been no reports pursuant to Articles 25-octies and 25-novies of Legislative Decree no. 14 of January 12, 2019. During the year, the Company did not receive any requests for information from Consob pursuant to the Consolidated Law on Finance. 2. Observations on compliance with the principles of proper administration. In 2025, the Board attended all the meetings of the Board of Directors, for a total of 13 sessions, during which it was informed about the activities carried out and the most significant transactions made by the Company and its subsidiaries. In this context, the Board of Statutory Auditors received from the Chair and CEO the information regarding the exercise of the respective proxies. During the 2025 financial year, the Board of Statutory Auditors held 19 meetings, at which, among others, representatives of the independent auditors (for matters falling within their remit), the Officer in Charge of Financial Reporting, the Internal Audit function, the owners of the Risk, Compliance, Legal and Human Resources functions, and the Directors of the operational BUs were invited to attend, in order to verify and ascertain the correctness of the transactions approved or to be approved, and to ensure that there were no elements of imprudence or that could jeopardise the company’s assets or its going concern status. The Board of Statutory Auditors has obtained from the Chief Executive Officer, with the frequency required by the regulations and on the occasion of Board meetings, the due information on the activities carried out and on the most significant economic, financial and equity transactions resolved and implemented during the year, carried out by the Company as 175 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 6 well as, pursuant to Article 150, paragraph 1 of the Consolidated Law on Finance, on those implemented by subsidiaries, as adequately represented in the Report on Operations to which reference is made, as well as on the general performance and its foreseeable evolution, in this regard the Board of Statutory Auditors has no issues to report. The Board of Statutory Auditors also attended 13 meetings of the Control and Risk Committee, 12 meetings of the Remuneration and Appointments Committee, 9 meetings of the Related Parties Committee, and 9 meetings of the ESG and Territory Relations Committee, thereby gaining knowledge of the work they performed during the year, as well as 9 induction and training sessions. The Control Body also participated in the Shareholders' Meeting of April 29, 2025. In 2026, to date, the Board of Statutory Auditors has attended 4 meetings of the Board of Directors, 3 meetings of the Control and Risk Committee, 5 meetings of the Remuneration and Appointments Committee, 4 meetings of the Related Parties Committee, 3 meetings of the ESG and Territory Relations Committee, and has held 7 meetings of the Board of Statutory Auditors. The Board of Statutory Auditors actively participated in the aforementioned meetings and acknowledges the significant work carried out by the Internal Board Committees in their advisory and proactive role vis-à-vis the Board of Directors. Furthermore, the activities carried out by the Board Committees are reported in detail to the full Board of Directors at each Board meeting. The Board of Statutory Auditors has acquired adequate information necessary and functional for the performance of its control and supervisory duties, including the most important financial and asset-related information. In light of this information, it has no observations to make with regard to compliance with the principles of proper administration. 3\. Most significant transactions with regard to the Company’s financial position, results of operations and cash flows. The most significant economic, financial and equity transactions and events that took place in 176 A2A Separate financial statements 2025 5 Report of the Board of Auditors 7 2025 were as follows: - issuance of the first European Green Bond of 500 million euro with a duration of 10 years; - adoption of a three-year Employee Share Ownership Plan (2025–2027) called 'A2A LIFE Sharing' and the associated funding arrangements through the use of treasury shares subject to buy-back; - approval by the Shareholders' Meeting of April 29, 2025 of the financial statements and the proposal formulated by the Board of Directors to distribute a dividend per ordinary share of 0.10 euro; - signing of the final deed (closing) for the sale to Ascopiave S.p.A. of 100% of the shares in AP RETI GAS Norf S.r.l., a special-purpose vehicle that owns the business units comprising a portfolio of assets consisting of approximately 490,000 gas distribution delivery points (PDRs) relating to the Local Gas Distribution Networks (ATEMs) in the provinces of Brescia, Cremona, Bergamo, Pavia and Lodi; - issuance of the first 'Blue' Bond, with a nominal value of 155 million euro, to be used to protect and enhance water resources by financing 'Eligible Blue Projects'; - approval of the updated 2024–2035 Strategic Plan; - issuance of the second European Green Bond, with a nominal value of 500 million euro, to be allocated to projects fully aligned with the European Taxonomy. Details of all transactions having a significant impact on the Company's profitability, assets and liabilities or financial position are provided in the "Significant events during the year" section of the Report on Operations, to which reference should be made. Significant events after December 31, 2025 include the continuation of the treasury shares buyback programme, the objective of which is to provide the Company with the necessary share capital to implement the “A2A LIFE Sharing” Employee Share Ownership Plan. The Board of Statutory Auditors received from the Directors and management, with due periodicity, information on the activities carried out and transactions of major economic, 177 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 8 financial and equity importance carried out by the Company and its subsidiaries. In addition to what is presented in this Report, please refer to the Report on Operations and the Consolidated Notes to the Financial Statements for a full description of the most significant transactions. With respect to the aforementioned transactions, the Board of Statutory Auditors acquired adequate information that allowed it to reasonably believe that the aforementioned transactions complied with the law, the Articles of Association and the principles of proper administration. The management decisions were not imprudent, risky or in conflict with the resolutions passed by the Shareholders' Meeting or in any case such as to compromise the integrity of the Company's assets. There were no atypical and/or unusual transactions, nor were there any conflicts of interest. Transactions with related parties have been subject to the transparency procedures provided for by current legislation and which we will detail in the following section. The Directors have also set out in the Report on Operations information on significant events occurring after the end of the financial year and on the outlook for operations. 4. Atypical and/or unusual transactions, carried out with third parties, intragroup or related parties. The Board of Statutory Auditors has not found or received any indications from the Board of Directors, the Independent Auditors or the Head of Internal Audit regarding the existence of atypical and/or unusual transactions, as defined by Consob communication DEM/6064293 of July 28, 2006, carried out with third parties, related parties or intragroup. In the Notes to the Financial Statements, the Directors reported on ordinary transactions carried out during the year with Group companies and related parties, to which reference should be made, also with regard to the characteristics of the transactions and their economic effects. Their examination did not reveal any critical issues with regard to their suitability, congruity or correspondence to the interests of the Company. The Board of Statutory Auditors verified the actual implementation and functioning of the 178 A2A Separate financial statements 2025 5 Report of the Board of Auditors 9 Procedure for Transactions with Related Parties adopted by the Company, most recently supplemented on August 1, 2024, including periodic information from the Board of Directors in the event of such transactions being carried out. 5. Supervisory activities on the Statutory Audit and Sustainability reporting. On March 30, 2026, the Independent Auditors KPMG S.p.A. issued their Report pursuant to Article 14 of Legislative Decree no. 39 of January 27, 2010, and no. 10 of Regulation (EU) no. 537 of April 16, 2014, in which the Independent Auditors certify that in their opinion: - the annual and consolidated financial statements of A2A S.p.A. provide a true and fair view of the financial position and results of operations of the Company and the A2A Group at December 31, 2025, of the economic results and cash flows for the year ended on said date, in accordance with the IFRS issued by the International Accounting Standards Board and adopted by the European Union, as well as the measures issued in implementation of Article 9 of Legislative Decree no. 38/05; - the Report on Operations – excluding the section relating to sustainability reporting, for which the conclusions regarding compliance with the regulations governing the criteria for its preparation and with the disclosure requirements set out in Article 8 of Regulation (EU) 2020/852 are formulated by KPMG S.p.A. in a specific separate attestation report, which is acknowledged below – and the specific information contained in the report on corporate governance and ownership structure indicated in Article 123-bis, paragraph 4, of Legislative Decree no. 58/98 are consistent with the annual and consolidated financial statements of the Company and the A2A Group at December 31, 2025 and have been prepared in accordance with the law; - the annual financial statements as at December 31, 2025 have been prepared in XHTML format in accordance with the provisions of Delegated Regulation (EU) 2019/815; - the consolidated financial statements as at December 31, 2025 have been prepared in XHTML format and have been marked in all significant aspects in accordance with the 179 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 10 provisions of Delegated Regulation (EU) 2019/815. - there is nothing to report with reference to the statement referred to in Article 14, paragraph 2, letter e-ter) of Legislative Decree no. 39/10, issued on the basis of the knowledge and understanding of the Company and the relative context acquired during the audit. On March 30, 2026, the Independent Auditors KPMG S.p.A. also issued their Additional Report pursuant to Article 11 of Regulation (EU) no. 537/14, which, among other things, confirms that, during the audit of the Company's annual financial statements and the Group's consolidated financial statements for the year ended December 31, 2025, no significant deficiencies were identified in the internal control system in relation to the financial information, The Independent Auditor's Reports highlight the key aspects of the audit, to which reference should be made. On April 30, 2026, the independent auditors KPMG S.p.A. issued their report pursuant to article 14-bis of Legislative Decree no. 39 of 27 January 2010, in which the auditing firm certifies: - the compliance, in all material respects, of the A2A Group’s sustainability reporting with the reporting principles adopted by the European Commission pursuant to Directive (EU) 2013/34/EU (European Sustainability Reporting Standards) and of the information contained in section 5.2 ‘Environmental information – European Taxonomy’ thereof with Article 8 of Regulation (EU) No 852 of 18 June 2020; - that the information in the Sustainability Report is consistent with the information in the Group's consolidated financial statements; - that the structure and presentation of the information included in the sustainability reporting are compliant with the ESRs. 6. Complaints pursuant to Article 2408 of the Italian Civil Code and filing of petitions. Initiatives undertaken by the Board of Statutory Auditors and related outcomes. In 2025, no complaints were received pursuant to article 2408 Civil Code. 180 A2A Separate financial statements 2025 5 Report of the Board of Auditors 11 7. Appointment of the Independent Auditors and related costs. With the audit of the financial statements for the year ended December 31, 2024, the audit engagement awarded to EY S.p.A. came to an end. The annual financial statements of A2A S.p.A. and therefore its subsidiaries have been subject to a full audit by KPMG S.p.A. on the basis of the appointment conferred by the Shareholders' Meeting for financial years 2025 to 2033. The following table provides a summary of the fees paid to KPMG S.p.A. for audit work performed within the Group during 2025: (values in thousands of euro) Description Leading Auditor Other auditors from the lead auditor's network A2A S.p.A. Audit of annual financial statements 196 Audit of consolidated financial statements 29 Periodic tests of accounting 19 Limited review of sustainability reporting (CSRD) 150 Limited review of half-year report 58 Audit of the separate annual accounts for ARERA 15 Total 487 Subsidiaries, associates and joint ventures Audit of annual financial statements 1,250 40 Periodic tests of accounting 168 2 Limited review of half-year report 215 7 Audit of the separate annual accounts for ARERA 99 Total 1,732 49 Other consolidated groups (ACINQUE and AEB) Audit of annual financial statements 331 Periodic tests of accounting 50 Limited review of half-year report 87 Limited review of sustainability reporting (CSRD) 50 Audit of the separate annual accounts for ARERA 29 Total 547 Total A2A Group 2,746 49 The Board of Statutory Auditors has been informed by the Company that the following additional fees paid to companies or professional firms connected to the international network 181 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 12 of KPMG S.p.A. in relation to the assignments specified below have been recorded (amounts in euro): Company Subject of the assignment Amount La Castilleja AUP Spanish entities as of June, 30 2025 3,000 La Castilleja AUP Spanish entities as of December, 31 2025 3,000 A2A S.p.A. Comfort letter on bond issue 25,000 A2A S.p.A. Comfort letter on the renewal of the EMTN Programme to Consob 25,000 TOTAL 56,000 The above-mentioned assignments fall under the Company's procedure “Management of relations with Independent Auditors”. It is also reported that this Board monitors on a monthly basis the maximum threshold provided for by the procedure adopted for the award of permitted engagements other than the audit and certification of the financial statements, as also required by Article 4 of EU Regulation No 537/2014. As part of the supplementary report, the Board of Statutory Auditors received from KPMG S.p.A. a statement on independence, in accordance with the provisions of Article 6, paragraph 2, point (a), of Regulation (EU) No 537/2014 and the requirements of paragraph 17, point (a), of International Standard on Auditing (ISA Italy) No 260, from which no situations emerge that could compromise its independence. 8\. Main audits and opinions issued by the Board of Statutory Auditors in accordance with current legislation. In 2025, the Board of Statutory Auditors, in particular: - examined and positively assessed the approval of the 2025 Audit Plan prepared by the Head of the Internal Audit function and approved by the Board of Directors; 182 A2A Separate financial statements 2025 5 Report of the Board of Auditors 13 - examined and positively assessed the adoption of the three-year Distributed Shareholding Plan 2025–2027, called “A2A LIFE Sharing”, approved by the Shareholders’ Meeting on April 29, 2025; - issued a favourable opinion, pursuant to Article 19, first paragraph, letter e) of Legislative Decree no. 39 of January 27, 2010 and article 5 of European Community Regulation no. 537 of April 16, 2014, in relation to the assignment of "non audit services" to the independent auditors. Furthermore, it verified: - that each member of the Board of Statutory Auditors meets the requirements of independence, integrity and professionalism; - the correct application by the Board of Directors of the criteria and procedures for assessing the independence of its members pursuant to the new Corporate Governance Code; The Board of Statutory Auditors was consulted with respect to the remuneration of the Chief Executive Officer, the reporting of short\- and long-term objectives, and, more generally, the remuneration policy applied to directors holding particular offices pursuant to Article 2389, paragraph 3, of the Italian Civil Code. Subsequent to the end of the financial year and up to the date of this Report, the Board of Statutory Auditors also examined and positively assessed the 2026 Audit Plan prepared by the Head of the Internal Audit function and approved by the Board of Directors, as well as the 2026– 2028 Long-Term Incentive Plan, which will be submitted for approval to the Shareholders’ Meeting convened for 28–29 April 2026. 9. Observations on the adequacy of the organizational structure. The Board of Statutory Auditors constantly gathered information, through discussions with management, with respect to the organizational structure of the Company and its changes. 183 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 14 In light of what has been verified, the Board of Statutory Auditors believes that the organizational structure of the Company, the procedures, expertise and responsibilities are adequate in relation to the size of the Company and the type of activity performed. The Board of Statutory Auditors also verified the adequacy of the organizational structure of subsidiaries with strategic importance of A2A S.p.A., with particular reference to the internal control and risk management system, pointing out areas for improvement where necessary, but not finding any exceptions at present. 10. Adequacy of the Internal Control and Risk Management System. The Board of Statutory Auditors monitored the adequacy of the Internal Control and Risk Management System of A2A S.p.A. and its strategically important subsidiaries, by means of: a) Regularly gathering information, including at meetings of the Control and Risk Committee, as well as through meetings with: Ø the Supervisory Board, obtaining its periodic reports (as at 30 June 2025 and 31 December 2025) required by Italian Legislative Decree No 231/2001, which, among other things, summarise the activities carried out during the financial year; Ø the A2A Group Data Protection Officer (DPO), including a review of the 2025 annual report; Ø the Manager in charge, the Head of the Internal Audit function, the Head of the Group Compliance function, the Group Risk Officer, the Head of Digital and Innovation, the Head of Group Security & Cyber Defence, and the Heads of other functions concerned from time to time, on the activities carried out, the mapping of risks relating to ongoing activities, the verification programmes and the projects for implementing the internal control system, with the acquisition of the related documentation; b) the regular participation, in addition to the meetings of the Board of Directors, in the work of the Internal Board Committees; c) examination of the periodic Reports of the Control and Risk Committee; 184 A2A Separate financial statements 2025 5 Report of the Board of Auditors 15 d) examination of the Reports of the Head of the Internal Audit function, concerning the checks in the various Company areas, both at peripheral and corporate level, on the functioning of the Group's Internal Control and Risk Management System and the monitoring of the implementation of the corrective actions identified as a result of the audit activity. The Board of Statutory Auditors constantly reviewed the audit reports, thus assessing the process of their formation, compliance with the audit plans defined for the monitoring and containment of risks in line with the strategic objectives of containment and efficiency, as well as the conclusions of the Head of the Internal Audit function with respect to the suitability of the internal control and risk management system of the Company and its subsidiaries of strategic importance, with respect to the characteristics of the business and the risk profile. The Board of Statutory Auditors also verified that the Company has an Organizational, Management and Control Model consistent with the principles contained in Legislative Decree no. 231/01 and last updated by the Board of Directors on December 18, 2025, in order to take into account: a. the new offences introduced in Legislative Decree 231/2001; b. the legislative amendments affecting certain predicate offences already present in Legislative Decree 231/2001 and the Model (formal amendments to headings or descriptions of offences); c. organisational updating; d. the streamlining and revision of the descriptions of certain sensitive activities already included in the Model. In addition to Model 231, a number of procedures were implemented, in particular, by way of example, the procedure for the disbursement of contributions, credit policy, extraordinary finance, relations with the Independent Auditors and the procedure on litigation. The Board of Statutory Auditors also took note of the launch of a structured process to ensure the A2A Group's full compliance with the obligations set out in the NIS2 Directive, which introduces new responsibilities in the area of network and information system security, and is 185 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 16 monitoring its progress through regular meetings and information exchanges with the Digital and Innovation and Group Security & Cyber Defence functions. For the purposes of exchanging information on, among other things, compliance with the directives issued by the parent company, the characteristics of the internal control system, risk management, the governance system and the operations of these systems, the Board of Statutory Auditors then met with representatives of the Boards of Statutory Auditors of the following A2A subsidiaries: AEB S.p.A., A2A Energiefuture S.p.A., A2A Gencogas S.p.A., A2A Energia S.p.A., Aprica S.p.A., , A2A Ambiente S.p.A., Amsa S.p.A., A2A Calore & Servizi S.r.l., Unareti S.p.A., A2A Airport Energy S.p.A., A2A Energy Solutions S.r.l., A2A Services & Real Estate S.p.A., A2A Smart City S.p.A., Retragas S.r.l. e A2A E-Mobility S.r.l., A2A Airport Energy S.r.l., Sicura S.r.l., A2A Security S.c.p.a., Duereti S.r.l., Yada Energia S.r.l., Bioase S.r.l., Ecolombardia 4 S.p.A. In addition, the Board of Statutory Auditors requested that the Boards of Statutory Auditors of 21 other Group companies provide a written report on their activities, drawn up in accordance with a pre-established format defined by the Board of Statutory Auditors itself. With regard to the above-mentioned activities, the Board of Statutory Auditors: a) has not identified any critical situations or facts in relation to the financial year 2025 that could lead to the conclusion that the Company's Internal Control and Delegation System with respect to its subsidiaries is inadequate, pursuant to Article 114, paragraph 2 of the Consolidated Law on Finance, in order to comply with the disclosure obligations provided for by law; b) having regard to the information provided by the Chair of the Supervisory Board and the above-mentioned Reports, the Board of Statutory Auditors has noted that no reprehensible facts or violations of the Model emerged during financial year 2025; c) noted the positive assessment expressed by the Enterprise Risk Management and Internal Audit functions and the consequent approvals also by the Board of Directors in relation to the adequacy and effective functioning of the Internal Control and Risk 186 A2A Separate financial statements 2025 5 Report of the Board of Auditors 17 Management System for the financial year 2025. The Board of Statutory Auditors constantly monitored the events during the financial year regarding ongoing tax, administrative, civil and criminal litigation involving the Company and the Group, including through the regular flow of information received from the Legal department, both during the audits carried out and during the meetings of the Control and Risk Committee, for which reference is made to what is detailed in the 2025 Consolidated Annual Report, Section 2) “Other Information”, paragraph 7) “Update on the main legal and tax disputes currently pending”. 11\. Adequacy of the administrative-accounting system and its reliability. The Board of Statutory Auditors, to the extent of its competence, monitored the adequacy of the administrative-accounting system and its reliability in correctly representing operating events as well as the activities carried out and the sustainability reporting, under the coordination of the Head of Financial Reporting, for the purposes of compliance with Law 262/05 "Provisions for the protection of savings and the regulation of financial markets" and subsequent amendments and additions, by means of Legislative Decree No: 125/2024 "Implementation of Directive 2022/2464/EU of the European Parliament and of the Council of 14 December 2022 amending Regulation 537/2014/EU, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU as regards corporate sustainability reporting", through: a) the acquisition of information from the Financial Reporting Manager as well as from the Heads of other Company functions, also in the context of participation in the work of the Control and Risk Committee; b) the acquisition of information on the procedures adopted and instructions issued by A2A S.p.A. for the preparation of the Annual Report of the Group at December 31, 2025 and the Half-Year Report of the Group at June 30, 2025; c) examination of the periodic reports of the Head of Financial Reporting, as well as the reports of the Internal Audit Function on the actual application of the administrative and accounting 187 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 18 procedures pursuant to Law 262/05 and on the outcome of the related tests carried out, drawn up in execution of the mandate entrusted by the Head of Financial Reporting; d) meetings with the Independent Auditors, sustainability reporting and analysis of the results of their work; e) examination of Company documents. The Board of Statutory Auditors also noted that, following the favourable opinion issued by the Control and Risk Committee, in accordance with the recommendations made by the European Securities and Markets Authority (“ESMA”) on January 21, 2013, the joint document Bank of Italy/Consob/ISVAP no. 4 of March 3, 2010 and Consob Communication no. 3907 of January 19, 2015, on March 17, 2026, the Board of Directors, autonomously and prior to the approval of the annual financial statements, approved the impairment test procedures applied by the Company in preparing the financial statements at December 31, 2025 and the impairment test procedures to be applied to the annual financial statements of the companies of the A2A Group. In the course of carrying out the activity described above, the Board of Statutory Auditors did not identify any critical situations or facts that might lead to the conclusion, in relation to financial year 2025, that the administrative-accounting system of A2A S.p.A. is inadequate and/or unreliable. 12\. Any relevant aspects relating to meetings with Auditors. The Board of Statutory Auditors met with the Independent Auditors in relation to the Annual Report at December 31, 2025: a) to exchange information on the verifications carried out by the latter pursuant to Article 19(1) of Legislative Decree no. 39/2010 and Article 150, paragraph 3 of the Consolidated Law on Finance, on the regular accounting and correct reporting of events in the accounting records. During these meetings, there were no reports of problems or abnormalities; b) for the examination and evaluation of the preparation process, including the evaluation of the correct application of accounting standards and homogeneity of the same, of the Half-Year 188 A2A Separate financial statements 2025 5 Report of the Board of Auditors 19 Report of the Group at June 30, 2025 and the Annual Report of the Group at December 31, 2025, as well as the outcomes of the audit and evaluation of these documents. In particular, the Board of Statutory Auditors: - analyzed the work carried out by the Independent Auditors, and in particular, the methodological framework, the audit approach used for the various significant areas of the financial statements and the planning of the audit work; - shared with the Independent Auditors issues related to business risks, thus being able to appreciate the adequacy of the response planned by the Independent Auditors with the structural and risk profiles of the Company and the Group. In general, the information flow between the Independent Auditors and the Board of Statutory Auditors was constant throughout the 2025 financial year, as well as in the phases prior to the completion of the drafting of this report. The Board of Statutory Auditors has also: a) received, pursuant to Article 11 of Regulation (EU) no. 537/14, the Additional Report of the Independent Auditors, also illustrating the key issues arising from the statutory audit and any significant deficiencies found in the internal control system for financial reporting, from which no significant deficiencies were identified; b) took note of the statement on the independence of KPMG S.p.A. pursuant to Article 6 of Regulation (EU) no. 537/14, contained in the Additional Report, from which no situations emerge that could compromise its independence; c) discussed, pursuant to Article 6, paragraph 2, letter b) of Regulation (EU) no. 537/14, with the Independent Auditors the risks relating to the independence of the same and the measures adopted by the Independent Auditors to mitigate said risks; d) took note of and discussed with the Independent Auditors the management letter and any suggestions contained therein with a view to continuously improving the efficiency of processes. 189 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 20 13\. Adherence to the Corporate Governance Code of listed companies. The Company adheres to the 2020 edition of the Corporate Governance Code of listed companies effective January 1, 2021. The Board of Statutory Auditors therefore supervised, pursuant to Article 149, paragraph 1, letter c-bis) of the Consolidated Law on Finance, the procedures for the concrete implementation of the rules of corporate governance provided for by the Corporate Governance Code, with particular regard to: - the correct application of the ascertainment criteria and procedures adopted by the Board of Directors to assess the independence of its members; - the manner in which the self-assessment activities of the Board of Directors and its Internal Board Committees were carried out, including that relating to the requirements for Independent Directors; - the Company's Corporate Governance structure. The Board of Statutory Auditors also acknowledges that the Board of Directors, at its meeting of January 29, 2026, examined the recommendations of the Corporate Governance Committee contained in the letter of December 18, 2025 addressed by the Chair of the Committee to the Chairs of the Boards of Directors of Italian listed companies and, for information, to the relative Chief Executive Officers and Chairs of the control bodies, in order to make the necessary decisions in this regard. The Board of Statutory Auditors supervised the activities carried out by the Control and Risk Committee, the Remuneration and Appointments Committee, the ESG and Territory Relations Committee and the Related Parties Committee, also in relation to the activities envisaged by the Corporate Governance Code. **** In addition to the above, the Board of Statutory Auditors: - assessed the compliance of its composition with the provisions of the law on gender portions, as well as its adequacy in terms of policies on diversity of age and diversity of 190 A2A Separate financial statements 2025 5 Report of the Board of Auditors 21 educational and professional experience; - confirmed the correctness and effectiveness of its functioning, also taking into account the requirements of professionalism, competence and experience of its members, compliance with the regulatory provisions on the accumulation of offices of the Statutory Auditors, the availability of time in the performance of their duties, as well as the functionality and quality of information flows with the Board of Directors, the Control and Risk Committee, the Independent Auditors and other control functions; - successfully carried out the periodic verification regarding compliance with the criteria of independence with regard to each of its members, pursuant to the regulatory provisions and the Corporate Governance Code. The outcome of said audits is outlined in the Annual Report on Corporate Governance and Ownership Structure prepared for the year 2025; - drafted the summary sheets of the control activities carried out by the Board of Statutory Auditors in 2025 according to as provided in CONSOB Communication no. 1025564 of April 6, 2001. 14\. Sustainability reporting. The Board of Statutory Auditors, in the performance of the functions assigned to it, has supervised compliance with the provisions contained in Legislative Decree No. 125/2024. In particular, with reference to: - the appropriate organisational structure, directives and operating practices aimed at drafting the sustainability report; - the reporting and drafting process and the contents of the Sustainability Report, prepared by A2A. The Board of Directors approved the sustainability report for the 2025 financial year at its meeting on March 17, 2026, and it was made available to the Control Body within the statutory time limits; - compliance with the reporting disclosure requirements as set out in Article 6 of Legislative Decree no. 125/2024 and Conduct Standard no. 3.8 last issued in December 2024 by the 191 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 22 National Council of Chartered Accountants and Accounting Experts. In this regard, having examined the attestation issued by the Independent Auditors, the Board found no evidence of non-compliance and/or violation of the relevant regulations. The Board of Statutory Auditors notes that the Company, in its capacity as Parent Company, has prepared the Sustainability Report as required by Legislative Decree No. 125/2024. The Board of Statutory Auditors monitored compliance with the provisions set forth in Legislative Decree no. 125 of 2024, ascertaining that the sustainability report allows for an understanding of the Group's activities, its performance, results and impacts produced, and that the such document reports on environmental, social, personnel-related, human rights and governance issues, as well as on any related risks. The Board of Statutory Auditors discussed with the Independent Auditors the auditing activities it had performed on the sustainability report and received confirmation that these did not reveal any critical issues to be reported. The Board of Statutory Auditors also verified the issuance, on 30 March 2026, by the independent auditors of the ‘limited assurance’ on the A2A Group’s Sustainability Report relating to the year ended 31 December 2025, certifying compliance: (i) of its preparation, in all material respects, with the reporting principles adopted by the European Commission pursuant to Directive (EU) 2013/34/EU (European Sustainability Reporting Standards) and (ii) of the information contained in section 5.2 ‘Environmental information – European Taxonomy’ of the same with Article 8 of Regulation (EU) No 852 of 18 June 2020. CONCLUSIONS Having regard to the foregoing, and having, in the year under consideration: - monitored compliance with the law and the Articles of Association, principles of proper administration, and in particular the adequacy of the administrative and accounting organization structure adopted by the Company and proper functioning thereof; - monitored observance of information obligations regarding privileged information; 192 A2A Separate financial statements 2025 5 Report of the Board of Auditors 23 - monitored the functioning and effectiveness of the internal control and risk management system and the administrative-accounting system, in order to assess their suitability to Company requirements, as well as their reliability for the representation of management events; - monitored compliance with the provisions of law relating to the process of preparing, controlling, approving and publishing the Company's statutory financial statements and the process of preparing, controlling and publishing the Group's consolidated financial statements and reports on operations for the year 2025, including through direct checks and information obtained from the independent auditors, and also ascertained the adequacy, from the point of view of the method, of the impairment test process; - verified that, in accordance with Regulation (EC) no. 1606/2002 and Legislative Decree no. 38/2005, the Financial Statements of A2A S.p.A. and the Consolidated Financial Statements of the Group at December 31, 2025 are prepared in accordance with IAS/IFRS international accounting standards approved by the European Commission, supplemented by the related interpretations issued by the International Accounting Standards Board (IASB); - monitored compliance with the procedure for the preparation and presentation of the annual financial statements to the Shareholders' Meeting also with reference to the ESEF format in accordance with the provisions of Delegated Regulation (EU) 2019/85; - monitored, pursuant to Article 19, paragraph 1 of Legislative Decree no. 39/2010, the financial reporting process and effectiveness of internal control, internal audit and risk management systems and informed the Board of Directors on the outcome of the statutory audit; - monitored compliance with the provisions established by Legislative Decree no. 125/2024, regarding sustainability reporting. Providing the foregoing, the Board of Statutory Auditors states that, during the supervision activities described above, no reprehensible facts, omissions, or irregularities arose. 193 A2A Separate financial statements 2025 5 Report of the Board of Auditors Overview of performance, financial conditions and net debt 1.a Separate financial statements 1.b Financial Statements pursuant to Consob resolution no. 15519 of July, 27 2006 2 Explanatory notes 3 Attachments 4 Independent Auditors' Report 5 Report of the Board of Auditors 24 In view of the above, the Board of Statutory Auditors kindly requests that you approve the financial statements at December 31, 2025 presented by the Board of Directors along with the Report on Operations and the proposal to the Shareholders’ Meeting therein. *** Dear Shareholders, With the approval of the financial statements for the year ending on 31 December 2025, the term of office of the current Board of Statutory Auditors, appointed by the Shareholders’ Meeting on 28 April 2023, will expire; you are therefore required to appoint the new Board of Statutory Auditors for the next three years, in accordance with the law and the Articles of Association. In this regard, it should be noted that, in accordance with Conduct Standard Q.1.5 most recently issued by the National Council of Chartered Accountants and Accounting Experts in December 2024, the outgoing Board of Statutory Auditors has provided guidance on the composition and remuneration of the new Board of Statutory Auditors. We wish to take this opportunity to thank you for your trust during these years of mandate. Milan, 30 March 2026 THE BOARD OF STATUTORY AUDITORS (Signed Silvia Muzi) – Chair (Signed Maurizio Dallocchio) – Statutory Auditor (Signed Chiara Segala) – Statutory Auditor Bilancio Separato Bilancio Separato