THE ENERGY TRANSITION NUMBERS

Rimini, February 23, 2026 – In an increasingly volatile world, energy security is a central issue, along with new network vulnerabilities resulting from critical raw material shortages, extreme climate events, and cyber risks. Global demand for energy is growing: in the World Energy Outlook 2025, the IEA (International Energy Agency) noted a rise of almost 60% since 2000 with a significant increase in emerging markets and developing economies. By 2035, this demand could increase to over 50%. Although 2025 was the third hottest year ever with a disappointing outcome of the Belém COP30, it was also the year in which - in the first six months - renewables exceeded coal.

SCENARIO – Wood Mackenzie's Energy Transition Outlook 2025-2026 considers the objectives of the Paris Agreement to be a long way off, identifying the need for a 30% increase in annual investments ($4.3 trillion per year until 2060) in order to contain the increase in the Earth’s average temperature to within 2° C. China is increasingly ahead in the energy transition rankings with a new challenge linked to Artificial Intelligence: it is estimated that data centres could consume 3,500 TWh in 2050, but at the same time, this technology could be crucial for optimising energy systems. Although lower and not on par with the COP28 commitment, in the Renewables 2025 report, IEA forecasts indicate that global renewable energy capacity will double by 2030, increasing by 4,600 GW, with solar power representing almost 80% of the growth. Also by 2030, variable renewables will generate almost 30% of global electricity supply (double that of today).

According to Ember's European Electricity Review, in 2025 wind and solar power overtook fossil fuels for the first time in electricity production in 14 EU countries, reaching a record share of 30% compared to 29% for fossil fuels. Renewables in general produced 48% of the EU's electricity.

In Italy, according to Terna, wind and photovoltaic energy production has grown by over 50% in the last six years compared to a decline (-13.5%) in coal production. The rate of growth of the country's renewable capacity is now more than 7 GW per year (it was 1 GW in 2021). Considering all renewables, in 2025 the overall capacity increased by 7,191 MW reaching 83,519 MW of power (43,513 MW of solar and 13,629 MW of wind), exceeding the objective of the Eligible Areas decree for the 2021-2025 five-year period with 57.1 GW installed between solar and wind. In 2025, renewables covered 41% of demand (compared to 42% in 2024).

From a regulatory point of view, 2025 was the year of the Energy Release mechanism update, recently revised by Brussels, which currently provides for energy release at a controlled price for the industrial sectors that make high use of it as long as they commit to build renewable plants with double the power compared to that assigned. At the deadline for submitting expressions of interest in March 2025, the GSE had received 559 requests involving 3,400 energy-intensive entities for a total requested volume of electricity in excess of 70 TW. The mechanism would create a new renewable capacity of over 5 GW. Furthermore, on 28 February 2025, the transitional FerX decree came into force. As of 15 September, the first competitive procedures received 870 requests for registration for a total of almost 12 GW of power (818 for 10,093 MW of photovoltaic systems and 52 for 1,672 MW of wind plants).

FOCUS ON SOLAR POWER – The IEA's World Energy Outlook 2025 declares photovoltaic power the cheapest technology in the history of energy in terms of competitiveness, speed of installation and widespread access, predicting a doubling of capacity in the next five years. A scenario confirmed by Ember, according to which, in the first three quarters of 2025, solar production increased by 498 TWh (+31%) exceeding the total production for all of 2024. China contributed more than half to this growth with 280 TWh (+44%), ahead of the United States (+71 TWh, +30%) and the EU (+52 TWh, +20%). In the Renewables 2025 report, the IEA estimates that, in the next five years, new photovoltaic power installed globally should reach 3.6 TW, led by rooftop systems. According to Solar Power Europe’s EU Solar Market Outlook 2025-2030, in 2025 the EU solar market decreased for the first time in the last decade (-0.7%) with 65.1 GW compared to 65.7 GW in 2024. A deceleration destined to continue in 2026 and 2027: despite Europe having already achieved and exceeded the 2022 target of 400 GW – reaching 406 GW of new installations – and in June 2025 solar becoming the main source of electricity for the first time ever with an annual share of supply exceeding 13%, researchers believe it is unlikely that the target of 750 GW by 2030 will be achieved. Despite a growth in industrial-scale installations, which accounted for more than half of new capacity in 2025, the residential market weakened, going from 28% in 2023 to 14% in 2025.

Ember's European Electricity Review found a growth of more than a fifth (+20.1%) for the fourth consecutive year of solar in Europe, which reached a record share of 13%: in Hungary, Cyprus, Greece, Spain and the Netherlands, photovoltaic covered over a fifth of electricity, while in Italy the share rose by 24% in one year, reaching 17%. According to Terna, in Italy in 2025, photovoltaic production achieved a new record, reaching 44.3 TWh, up 25.1% compared to 2024. The figure for new connected power decreased (6.4 GW, -5% compared to 2024). Overall, at the end of 2025. Italy had around 2.1 million plants with a power of 43.5 GW.

On the agrivoltaics front, according to analyses by Althesys for AIAS, the aim is to reach 7.7 GW of advanced agrivoltaic systems by 2030. In Italy, in the first nine months of 2025, 11.5 GW of projects were developed, of which 1.4 GW were high. The sector is also growing rapidly in the rest of Europe, which, according to Solar Power Europe, currently has over 200 projects in at least ten countries for a total capacity of over 15 GW. France is the most mature market with an expected growth of approximately 1-2 GW of new capacity per year starting from 2026.

FOCUS ON WIND POWER – In its Renewables 2025 report, the IEA forecasts that, despite supply chain challenges, rising costs and permit delays, global wind capacity will double to more than 2,000 GW by 2030. Offshore will face the greatest critical issues with growth forecasts for the next five years revised downwards due to the change in political scenario in the United States and project cancellations or delays in Europe, Japan and India. In the 2025-2030 period, onshore wind capacity will increase by 45%, reaching 732 GW. Offshore capacity will reach 140 GW, more than doubling the growth of the previous five years, with the annual market going from 9.2 GW in 2024 to over 37 GW by 2030. China will account for almost 50% of this increase. In Europe alone, the annual market will reach 14.6 GW by 2030. Supply chains of rare earth elements for wind turbines, as well as solar PV, will remain heavily concentrated in China, highlighting supply chain security risks. The country already dominates rare earth mining (60%) and refining (90%) with around 90% of magnet production located there. According to IEA forecasts, mining and refining will remain highly concentrated in China until 2030. According to WindEurope, Europe currently has 291 GW of wind capacity, of which 254 GW onshore and 37 GW offshore. The EU-27 countries alone have 236 GW (215 GW onshore and 21 GW offshore). 22 GW of new wind farms are expected per year from 2025 to 2030 with a cumulative installed capacity of 344 GW (of which 298 GW onshore and 46 GW offshore), against a target of 425 GW by 2030. In the first six months of 2025, a gross 6.8 GW of new wind capacity was installed in Europe, of which 5.3 GW in the EU-27 with onshore representing 89% for a total of 6 GW. With 2.2 GW installed, Germany was the country with the greatest increase, followed by Spain (889 MW) and the United Kingdom (760 MW). Italy installed 322 MW onshore. According to Ember’s latest European Electricity Review, wind power was the EU’s second electricity source in 2025 at 17%. Throughout 2025, Terna data revealed a slight decrease (-3.3%) in production from wind sources in Italy.

FOCUS ON ENERGY EFFICIENCY – The IEA's Energy Efficiency 2025 report estimates an overall progress in global energy efficiency of around 1.8% in 2025, up from 2024, but still a long way off the COP28 target of 4% per year by 2030. Global investments in energy efficiency technologies and measures were estimated at around $800 billion in 2025, including interventions in the industrial, buildings and transport sectors, up 6% compared to 2024 and more than 70% compared to 2015. Energy efficiency actions taken since 2000 have reduced household energy bills in advanced economies by up to 20% and improved corporate competitiveness with industries now producing 20% ​​more value per unit of energy consumed than in 2000. In 2025, governments implemented more than 250 new or updated policies in countries around the world, which alone account for more than 85% of global energy demand. At a European level, energy efficiency continues to be a cornerstone: the Commission has adopted directives and action plans and the European Investment Bank (EIB) has approved 17.5 billion euros of financing in the three-year period 2025-2027 to support the energy efficiency of over 350,000 small and medium-sized enterprises with the aim of mobilising a total of more than 65 billion euros. From the point of view of construction, by May 2026, EU member states will be obliged to implement the EPBD directive, which provides for a drop of at least 55% in average primary energy consumption through the renovation of 43% of the worst performing residential buildings. By 2030, the reduction in average primary energy consumption must reach 16% compared to 2020 and -20/22% in 2033. The study entitled “The Italian road to the Green Homes Directive” conducted by the Italian Surveyor Foundation’s Study Centre, found that, thanks to interventions carried out between 2020 and 2024 through the 110% Superbonus and other tax deductions, Italy has already recorded a -9.1% drop in consumption. The country, according to the latest data released by the Polytechnic University of Milan, ranks fifth in Europe for energy efficiency with a better value than the European average of around 16%. Furthermore, between 2023 and 2024, final energy consumption in the residential sector decreased by approximately 8% per capita, demonstrating progress in increasing domestic consumption efficiency.

FOCUS ON STORAGE – In its Renewables 2025 report, the IEA considered the speed with which new grids, storage systems and other sources of electricity system flexibility are deployed as crucial to electricity security. Investment in electricity generation had increased by almost 70% since 2015, but annual spending on the grid increased by less than half, reaching $400 billion. Annual battery storage system additions reached more than 75 GW in 2024. McKinsey predicts storage demand will reach between 450 and 620 GW by 2030 for an estimated turnover of between $120 and $150 billion. BloombergNEF estimates an annual energy storage capacity installed worldwide in 2025 of around 92 GW of power and 247 GWh of capacity with a growth of around 20% compared to 2024 and a considerable prevalence in grid-scale systems (around 85% of new installations). In Europe, according to Solar Power Europe, the cumulative capacity will be between 66 and 183 GW by 2029, mainly from utility scale plants. Germany is a key market and will lead European installations, which should reach 7 GW by 2034, covering all segments, but with the risk of infrastructure bottlenecks. Italy confirms its status as one of the most dynamic markets.

Terna's latest data show an increase in operational nominal power in the country in 2025 of 1,743 MW, of which 723 MW utility scale, for a total of 884,404 installations (17,920 MWh of capacity and 7,362 MW of nominal power), with a prevalence of large-scale plants. Furthermore, in September 2025, the first MACSE (Electricity Storage Capacity Procurement Mechanism) auction was held, assigning 10 GWh of capacity (100% of the requirement).

According to Ember's European Electricity Review, Italy is the EU leader in batteries concentrating around 20% (1.9 GW) of the operational capacity of large-scale storage across the entire Union.

FOCUS ON HYDROGEN – The Global Hydrogen Compass 2025 report by the Hydrogen Council and McKinsey & Company found total global investments in hydrogen development to be more than $110 billion with over 500 projects already under construction, operational or beyond final investment decision: an increase of $35 billion in just one year, confirming the average growth of 50% since 2020. China is the most active country with $33 billion in investments, more than 50% of global renewable hydrogen capacity, 65% of the world's installed electrolyser capacity and almost 60% of the production capacity. Europe, with $19 billion, is in third place, but represents almost two thirds of the global demand expected by 2030. According to IEA’s World Energy Outlook 2025, global production of green hydrogen should reach 4.2 million tonnes per year by 2030. In the Global Hydrogen Review 2025, the Agency also highlights how global demand for hydrogen reached almost 100 million tonnes in 2024 with an increase of 2% compared to the previous year. However, growth continues to be concentrated in traditional sectors, such as oil refining and chemical production. Although demand from new applications is growing, it still represents less than 1% of total demand. In Europe, ACER's European Hydrogen Markets Monitoring Report 2025 shows how the hydrogen market is a growing sector, although still a long way from the target of 40 GW by 2030. Electrolyser capacity installed in the Union increased by 51% in 2024, reaching 308 MW with a further 1.8 GW currently under construction. As regards consumption, total hydrogen demand in the EU stood at 7.4 million tonnes in 2024. According to Hydrogen Europe's Clean Hydrogen Monitor 2025, European objectives would require an annual growth of 149% to be achieved compared to the current 42%. The report forecasts that, by 2030, only around 10% of the target (0.3 GW) of 2.7 GW of electrolysers will be installed in Italy. According to H2IT, however, the Regions are making an effort: for example, Lombardy, with its hydrogen train project, unique at European level, and Puglia, are among the first Regions to adopt a hydrogen strategy.

FOCUS ON ELECTRIC MOBILITY – According to IEA's Renewables 2025 report, renewable energy will increase its global share of energy demand in the transport sector from the current 4% to 6% in 2030, mainly in China and Europe. Electric vehicles are expected to represent more than 15% of the vehicle fleet by 2030 and their share in new car sales will be between 40% and 50% by 2035. Ember found that more than 25% of new cars sold in 2025 worldwide were electric with growth driven by emerging markets: 39 countries achieved a sales share above 10%, a third of which outside Europe. China surpassed the 50% mark for the first time. For Europe, the end of 2025 marked a crucial moment after Brussels made its farewell to the total abandonment of internal combustion engines in 2035 official. The new objective foresees a 90% reduction in emissions from vehicles placed on the market from 2035, leaving room for other technologies as well, such as biofuels and e-fuels. According to ACEA, the European Association of Automobile Manufacturers, in 2025 Germany made the largest contribution to the growth of electric vehicle registrations in Europe with over 434,600 new registrations, one of the strongest growth rates in the Union (+39.4% on an annual basis). Spain recorded the most marked increase (89.7%), Italy recorded +26.5%.

The Italian PNIEC (National Integrated Plan for Energy and Climate) has set a target of 6.6 million rechargeable battery vehicles in circulation by 2030 with a 34.2% share of renewable energy in the transport sector. In 2025, according to Motus-E data updated to January 2026, there were 365,091 electric cars circulating in Italy, with 94,230 full electric registrations (+46.14% compared to 2024) and a market share of 6.2%. At a regional level, Lombardy leads the way with 23,768 vehicles (+42.68% compared to 2024), followed by: Lazio (+55.09% with 12,244 registrations), Veneto (+33.64% with 7,595 vehicles), Trentino Alto-Adige (+69.83% and 7,430 vehicles), Emilia-Romagna (+37.52%) and Piedmont (+29.57%). At a European level, 2025 saw an increase in the market share of BEVs in all major countries with the Netherlands (36.85%) and Belgium (33.96%) in the lead, followed by the United Kingdom, France, Germany, Spain and Italy. As of 30 September 2025, 70,272 public charging points were installed in Italy (an increase of 29,933 units) and 1,274 on motorways, of which 86% were fast direct current charging points and 63% had over 150 kW of power. The record was held by Lombardy (14,242 points installed, +2,255 in 12 months), followed by Lazio (7,447 points), Piedmont (6,777), Veneto (6,408) and Emilia-Romagna (5,489). The provincial ranking sees Rome in the lead, followed by Milan, Naples, Turin and Brescia.

FOCUS ON SUSTAINABLE CITY – Over half of the world's population now lives in urban areas with Europe counting around 340 million (75%). By 2050, more than 70% of the world’s population will live in cities. At a global and European level, the Cities in Motion Index 2025, published by the IESE Business School, ranked London, New York and Paris as the most sustainable cities in the world; Tokyo, Berlin, Copenhagen, Oslo, Singapore and San Francisco were also in the top ten. In Italy, the NRRP has encouraged the redevelopment of degraded areas, the conversion of public buildings and the development of new infrastructure. According to Legambiente’s Urban Ecosystem report, the average sustainability score of Italy’s 106 provincial capitals stood at 54.24%, down by approximately 3.8% compared to 2023, with considerable territorial disparities: Trento and Mantua are the best performing cities, Reggio Calabria is at the bottom of the ranking.

FOCUS ON RENEWABLE ENERGY COMMUNITIES – In November 2025, the Ministry for the Environment and Energy Security (MASE) reduced the financial allocation for Renewable Energy Communities foreseen by the PNRR by 64%, going from 2.2 billion to 795.5 million euros, of which 772.5 million had already been requested as of 20 November 2025 for approximately 1,760 MW of power, exceeding the target of 1,730 MW. As of 31 December 2025, according to the latest GSE data, the overall installed capacity reached 174.5 MW with 1,805 operational configurations and 18,263 members. At a regional level, Piedmont is in the lead (288 configurations and 49 MW), followed by Lombardy (261 configurations and 17 MW), Veneto (199 configurations and 18 MW), and Sicily (169 configurations and 11 MW). During the year, 1,055 plants became operational (up from about 500 in 2024) with approximately 68 MW installed (a slight decrease compared to 69.2 MW) and 9,245 members. 43% of Italian CERs had a power between 0 and 10 kW while about 20% achieved 20 kW.

FOCUS ON GREEN JOBS & SKILLS – Employment in the energy sector is one of the world’s major sources of job growth. The IEA's World Energy Employment 2025 shows that it is growing at double the rate of the overall economy. In 2024, employment in the sector reached 76 million globally, contributing 2.4% of all net jobs created over the past five years. Solar PV is the key driver, but the greater electrification of other sectors is also reshaping employment trends with an increase of nearly 800,000 jobs in electric vehicle and battery manufacturing. At the same time, the supply of new skilled workers is not keeping pace with market needs and this shortage, together with an aging workforce, is a major concern for companies. To prevent the gap from worsening further, the number of new skilled workers in the energy sector globally needs to increase by 40% by 2030. Moreover, re-skilling workers could help to fill skilled labour gaps. According to LinkedIn's latest Global Climate Talent Stocktake, sustainable skills are rapidly becoming fundamental for companies: the search for talent in the green sector grew in 2025 at double the rate (8%) compared to the supply (4%). Again according to LinkedIn, in its Green Skills Report 2025, profiles with green skills have a 43.7% higher than average hiring rate. In Italy, the share of workers with at least one green skill on LinkedIn went from 15.8% in 2021 to 17.5% in 2025. The skills that recorded the most significant growth are sustainable business strategies, conservation issues, and operational efficiency. The most active sectors in green hiring include agriculture and livestock with 39.33% of new contracts linked to sustainability, followed by services and construction. Lastly, data from the Unioncamere-Excelsior information system, based on the Unioncamere - Ministry of Labour and Social Policies Forecast Report (2025-2029), revealed an overall requirement of 4 million workers with green skills for the 2025-2029 five-year period destined to involve as many as two thirds of the country's employment needs.

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This press release contains forecast elements and estimates that reflect the management´s current opinions (´forward-looking statements´), particularly regarding future management performance, realization of investments, cash flow trends and the evolution of the financial structure. For their very nature, forward-looking statements have a component of risk and uncertainty, as they depend on the occurrence of future events. The effective results may differ (even significantly) from those announced, due to numerous factors, including, only by way of example: food service market and tourist flow trends in Italy, gold and jewellery market trends, green economy market trends; the evolution of raw material prices; general macroeconomic conditions; geopolitical factors and evolutions in the legislative framework. Moreover, the information contained in this release, doe not claim to be complete, and has not been verified by independent third parties. Forecasts, estimates and objectives contained herein are based on the information available to the Company as at the date of this release.