In a complex and highly uncertain macroeconomic environment, caused by geopolitical tensions, there are three main risks with a potential impact on the Group's results: interest rate trends linked to macroeconomic dynamics, commodity price volatility and climate effects.

The year 2025 will be characterised by the continuation of the investments envisaged in the Business Plan and primarily intended for the efficiency upgrading of energy and water distribution networks, the development of waste collection and treatment plants, and the development of renewable generation capacity. It will also be characterised by the earlier consolidation of the EGEA Group, with respect to 2026 envisaged in the Plan.  To support the major investment plan, two Green Bonds totalling 1 billion euro were issued in 2024 and a 500 million euro Hybrid Bond in early 2025. These instruments make it possible to further strengthen and diversify the Group's financial structure while improving liquidity ratios.

The 2025 financial results are expected to increase compared to those of 2024 due to the organic growth of regulated businesses supported by the investments made in the previous financial years, the improved profitability of waste treatment plants, the commissioning of the photovoltaic plant in Noto, the maintenance of the customer base in a more competitive scenario, as well as the early consolidation of the EGEA Group.

The Group confirms its development trend in respect of financial sustainability as envisaged in the Business Plan.