A2A Spa Ord

Good afternoon, ladies and gentlemen. Welcome to A2A's first half 2026 Consolidated Results. At this time, all participants are in a listen-only mode. However, if you wish to ask a question, please dial pound key then five on your telephone keypad to enter the queue. Please be advised that today's conference is being recorded. Now, I would like to hand the conference over to our host, Marco Porro, Head of Investor Relations. Please go ahead.

Good afternoon, everyone, and thank you for joining us. Today, our CEO, Renato Mazzoncini, and our CEO, CFO, Luca Moroni, will present our first of 2026 results, which confirm the group's operational and financial strength and the progress of our strategic investment. We will be happy to take your question at the end of the presentation. Let me leave the floor to Renato.

Okay, thank you Marco and good afternoon everyone and thank you also from my side for you for joining us. So reacting effectively to change delivers a result today, challenging change over time is what builds sustainable results tomorrow. It is what distinguishes short-term responses from long-term value creation. and I think this perfectly encapsulates the first half of 26482A continuing to deliver today while building the foundations for tomorrow's growth and to illustrate this let me start with some of the key achievements delivered during the first half of 26 across both our two pillars of energy transition and the circular economy. On renewables, we further scaled our REST platform, adding 35 megawatts of wind capacity and bringing its total capacity in wind from resources to over 300 megawatts. We also continued to develop our PPA platform. This is really key for me. with agreements signed with Sosteneo and Politecnico of Milano, so large customers, as well as the launch of our first A2A Open PPA designed to support the small business enterprises through long-term contracts. Through these initiatives, A2A promotes the development of renewables by making green energy more widespread, more accessible, and less exposed to market dynamics. This is also a concrete example of how PTAs enable the integration of renewable sources into industrial consumption, promoting long-term procurement models that provide greater stability and sustainability. And today, really, H2A is the only energy company that try to change this paradigm of renewable with products for every kind of customers long term. So the PPA mass market, 120,000 contracts signed, more or less 260 gigawatt hours sold with this kind of PPAs. Of course, PPA classical B2B. and now also this small business enterprise that is a kind of customer super-interesting but without standard PPAs can't really arrive to a change of paradigm of renewables. also in this case the duration of the contract is 10 years or 20 years depending on the negotiation and so we are really very happy to have in our market let's say a product PPA for every kind of customers At the same time, we increased our role as a strategic infrastructure operator. Some examples of the 250 construction sites that we have in this moment active. For example, Montfalcone construction site is running, you know, is a CGT super large 870 megawatt of thermal capacity. is running at full capacity supported by extended shift partner with commercial operation confirmed for next year. Our network capacity increased by 5% reaching 9,300 megavolt ampere and two new wastewater treatment plants had the treatment capacity for the equivalent of 30,000 inhabitants. In this context, grid capacity is not just a technical metric, you know, it is what makes the transition executable. By reinforcing our networks, we create the condition to connect more renewable energy, support new electric uses, so the demand, and ensure continuity and quality services for the community that we serve. As water resources, come under increasing pressure also in this month in Italy, wastewater treatment plays a key role in protecting water quality and increase the resilience of integrated water cycles. But delivering today's results is only a part of the story. At the same time, we are advancing a number of strategic initiatives that underpin long-term value creation. So let's start at slide number three, talking about our data center platform. So let me now turn in this, in one of the areas where our industrial approach can unlock a significant future potential, exactly the data center. Today the sector is benefiting, you know, very well from a number of favorable structural trends. Growing attention to data sovereignty and digital infrastructure resilience is driving demand for domestic and European data center capacity, making digital infrastructure an increasingly strategic asset. At the same time, Lombardy, our Korea area, an area which A2A is incumbent for both generation and network, offers a particularly supportive environment for deployment and development, promoting brownfield redevelopment and heat recovery solutions to areas that are fully aligned with A2A's industrial footprint and long-term strategy. Against this backdrop, we believe A2A is a unique position to capture this opportunity. and our approach is based on energy efficient power shell solution developed on 8-way owned sites near our electrical production generation. We will connect them behind the meter leveraging our generation assets. This enables us to offer faster time to market, lower energy cost, and reduce environmental footprint. And so let's say also looking the NIMBY syndrome, this is a key point. On our data center platform, we are well on track with our strategic roadmap. You remember the 12th of November with the update of industrial plan we launched our platform. Where we are now? Two sides, La Marmora in Brescia is designed for around 20 megawatts of IT capacity, so 30 megawatts, electrical megawatt, serving IE workloads and co-location services with a behind-the-meter connection to our waste-to-energy plants. Our waste-to-energy plant in Brescia is around 70-80 MW, so it is ready to feed this new data center. And proximity to our DCTT network, that means to have a data center with a PUE super low and a WE approximately to zero. Cassano, Cassano d'Adda, province of Milano. is also moving forward with preliminary design already completed beside our site once again a site in our property for at least 80 megawatt IAT at least is designed to support the AE workloads with potential for modular densification. It will benefit from a behind the meter connection to the Alicent CGT plant, once again more or less 800 megawatt of CGT plant and from the availability of existing gas picker as backup power, 110 megawatt of picker that can work as backup power, providing potential advantages in term of permitting timelines that means no environment impact assessment required. So in this case the time to market for this plant is really incredible because we have a connection in high voltage, we have a generation to feed the base load the plant and we have a backup and we don't need the environment impact assessment. Okay, in slide four we underline our strategic partnership with Equinix. Because as our data center platform continues to progress, we are of course also advancing our role as an energy partner. And our partnership with Equinix is a clear example of this. We are near Milano, once again, Settimo Milanese, and we will transform the heat produced by servers hosted at Equinix campus in Settimo Milanese into the energy resources for local communities. The model is straightforward and effective. It generates as a byproduct of data center workloads is captured by Equinix and transported to 8-way energy center where 8-way upgrades with 72 megawatts of large-scale heat pumps, because the temperature coming out from the data center is not enough, backed by water storage, 6000 cubic meters of thermal storage. The heat is then delivered into the Milan district heating networks. To understand the dimension of only one data center like this, the expected contribution is incredible, up to 225 GWh of recovered thermal energy per year. enabling further network expansion and increasing decarbonized heat distributed in Milano around 20%, so more 20% of distributed heating in Milano. That is also, let's say, the only way really to decarbonize Milano because it's not easy with the typology of building that we have in Milano to substitute the thermal plant with heat pumps in every kind of building. It is a pioneering partnership with Equinix that illustrates how strategical collaboration can pave the way for future opportunity. Looking at slide number five, let me now turn off our first half results. These results, despite the different trends across our businesses, highlight the value of A2A's diversified industrial platform, enabling us to mitigate external pressure while capturing opportunities across our portfolio. The BDA remained broadly stable at 1.2 billion, despite higher concession fees for Hydro. and less favorable energy price environment. Excluding this effect, group BDA would have a growth by around 2% year-on-year. This was supported by the natural edge in hydro generation, in particular in this case between Northern and Southern Italy, and by continued BDA growing electricity distribution driven by ongoing investment, because in this alpha, the production The relative production in the southern Italy hydro was much much higher than the average level of the last year. In the north we had a reduction due to less snow in the winter in the mountain. So strong financial discipline with net financial position to a BDA ratio at 2.6 in line with our target supported the resilience results and continuous strategic evolution. So look at slide number six. So to our investment program in the first half, we continue to execute on our strategic roadmap with CAPEX reaching in this alpha 718 million up to 5% year-on-year. This was mainly driven by the ramp up of investment at the Monfalcone CET expected to be completed next year with an EBDA contribution of 120 million once fully operational. So imagine the second alpha of 27. The development of New Cortelona Waste to Energy Plant, province of Pavia, Lombardy, expected to be commissioned in 2028 with a full run rate BDA of 40 million and a continued investment in electricity distribution and regulated assets and I want to underline that we reach 4 billion of RAB, considering the RAB coming from power grid, the most important, gas grid, and water cycles. Development capex increased by 17%, confirming the progress of the projects that will drive our future growth. Importantly, 59% of our future FIT investment are aligned with the EU taxonomy, confirming the strong sustainability profile of our growth plan. With that, let me turn to Luca for a more detailed analysis of our results. Please, Luca.