In a complex and uncertain macroeconomic environment, 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, such as the recent publication of the ‘2026 Utility Bill Decree’.

In 2026, the Group plans to make investments totalling almost one billion euro, 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 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.

Under the current scenario and compared with the 2025 results, financial performance for 2026 is expected to increase, driven by organic growth in regulated businesses as well as the ongoing efficiency programme. We expect the energy sector’s results to be in line with 2025 due to higher photovoltaic volumes, partly driven by the commissioning of new plants and the expansion of the district heating network; these factors will be offset by a reduction in margins in supply activities, due to increased market competition.

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