In a complex, uncertain macroeconomic environment still influenced by geopolitical tensions, the main risk factors for the Group’s performance relate to the volatility of gas and electricity energy commodity prices, as well as potential inflationary effects and a corresponding increase in interest rates.

Another area of focus for 2026 will be regulatory risk, i.e., the possibility of the introduction of European or national regulations aimed at controlling energy prices.

In 2026, the Group plans to make investments totalling almost one billion euros, in line with the strategic plan approved in November 2025. These investments will be focused on the ‘regulated’ sectors and primarily on the Networks BU, with the aim of enhancing the resilience of the electricity distribution networks, as well as on the integrated water service, for the construction of new wastewater treatment plants and the modernisation of infrastructure to enable more efficient management and a consequent reduction in water losses.

In the Waste Management BU, investments will be focused on improving the quality of the waste collection service, with the aim of increasing separate waste collection, as well as on completing the construction of an organic fraction (OFMSW) treatment plant.

In the energy value chain (Energy and Market BU), technical investments are focused on expanding the district heating network, installing air heaters at gas-fired generation plants to increase their availability even in periods of drought, developing new photovoltaic plants, and maintaining the customer base.

For 2026, an improvement in financial results compared to 2025 is expected, driven by both organic growth in the regulated sectors and the implementation of the ongoing efficiency plan. We expect the result for the energy chain to be up on last year, driven by higher photovoltaic volumes thanks to the commissioning of new plants and the extension of the district heating network and the contribution of the capacity market, which will be partly offset by lower margins in supply activities due to increased market competition.

With regard to debt, the Group’s target is to maintain the current net financial debt/EBITDA ratio at approximately 3.1x.