Distribuzione Elettrica Adriatica S.p.A. · MIL:DEA
Distribuzione Elettrica Adriatica — Investor Presentation (October 2026)
27 slides from Distribuzione Elettrica Adriatica's investor presentation, October 2026
Slide 1: National Strategic Infrastructure Investor Presentation
National Strategic Infrastructure Investor Presentation October 2026 1 1
Slide 2: Management Team & Presentation Speakers
Management Team & Presentation Speakers Experience Behind the Strategy Paolo Angelici Antonio Osimani Lucia Maceratini Giacomo Mancini Chairman CEO CFO & IR Manager Head of Electrical Services DEA Investor Presentation October 2026 2
Slide 3: Investment Case & Market Context
INVESTMENT CASE & MARKET CONTEXT DEA Investor Presentation October 2026 3
Slide 4: Investment Highlights
Investment Highlights A resilient, regulated infrastructure operator with a proven growth strategy GROWTH RESILIENCE RETURNS • Strategic consolidator in a • 100% regulated revenues, • Clear dividend policy (20– fragmented market isolated from commodity 40% payout) volatility • Proven Buy & Build • S
Slide 5: At the Heart of Disruption in the National Electricity System
At the Heart of Disruption in the National Electricity System Regulatory transformation and market consolidation are reshaping the ecosystem SECTOR IN TRANSFORMATION The Italian electricity distribution sector is entering a new regulatory phase. The 2025 Budget Law and ARERA’s resolution 392/2025 re
Slide 6: Company Profile & Industrial Model
COMPANY PROFILE & INDUSTRIAL MODEL DEA Investor Presentation October 2026 6
Slide 7: DEA at a Glance
DEA at a Glance A Pure-Play Regulated Infrastructure Operator Lombardia Other 3.7% Liguria 12.2% Marche Public Lighting Abruzzo DEA operates as a regulated electricity Serving over 20 municipalities across REVENUES distributor and manages long-term four Italian regions, DEA continues to (H1 2026) pu
Slide 8: From Local Operator to National Aggregator: DEA's Proven Growth Strategy
From Local Operator to National Aggregator: DEA’s Proven Growth Strategy A disciplined growth journey 3,009 PoD Km 3,004 +0.17% 2,819 +6.56% +34.3% 91,200 2,099 90,939 1,415 +48.3% 84,835 +0.30% +7.20% +67.1% +8.2% 1,308 50,777 +57.5% 29,896 32,235 +7.8% 2015 2016 1H 2023 2H 2023 2H 2024 2025 H1 202
Slide 9: DEA's Role in the Electricity System – Asset & Cashflow Positioning
DEA’s Role in the Electricity System – Asset & Cashflow Positioning Strategic Role in the Energy System – Infrastructure, Flow and Regulated Revenues DEA operates the last mile of the electricity distribution system (MV/LV), ensuring grid connection and energy delivery to municipalities and their Po
Slide 10: Revenue and Cost Structure – Focus on Key Counterparties
Revenue and Cost Structure – Focus on Key Counterparties A Diversified and Regulated Base of Customers and Suppliers as of H1 2026 Top 10 customers Top 10 suppliers 31.4% 63.8% 3.3% 2.0% 1.7% 1.2% 4.0% 5.4% 3.9% 11.8% 2.6% 2.6% 9.4% 2.3% 26.0% 3.1% 2.9% 3.0% 2.5% 10.6% 3.8% 2.8% • The customer base
Slide 11: Public Lighting as a Strategic Non-Regulated Lever for Value Creation
Public Lighting as a Strategic Non-Regulated Lever for Value Creation A high-margin, long-term business line with national scalability and strong cross-selling synergies Fully Integrated with DEA’s Infrastructure Platform CROSS-SELLING POTENTIAL STRATEGIC RATIONALE Lighting tenders follow power conc
Slide 12: ESG Commitments Embedded in Core Strategy
ESG Commitments Embedded in Core Strategy Targeted sustainability initiatives across Environment, Social, and Governance ENVIRONMENT SOCIAL GOVERNANCE • Achieved reduction in electricity • Partnerships with local schools • Board of Directors composed of 9 members, 3 consumption in the street lightin
Slide 13: Strategic Execution & Growth Track Record
STRATEGIC EXECUTION & GROWTH TRACK RECORD DEA Investor Presentation October 2026 13
Slide 14: Strategic Growth Roadmap: Three Pillars for Value Creation
Strategic Growth Roadmap: Three Pillars for Value Creation IPO proceeds and operational leverage to accelerate market consolidation and expand high-value services Deployment of IPO capital to acquire Surpassing the 100k PoD threshold Expansion of public lighting and entry ~20k PoD, reinforcing DEA’s
Slide 15: Technology & Future Trends
TECHNOLOGY & FUTURE TRENDS DEA Investor Presentation October 2026 15
Slide 16: Positioning for the Next Technological Upside
Positioning for the Next Technological Upside Leveraging IoT, AI, and automation to future-proof grid efficiency and value creation Advanced analytics, immersive training, and smart mobility solutions will optimize grid performance and operational efficiency ALGORITHMS FOR LOAD REMOTE SUPPORT & ELEC
Slide 17: Financial Profile & Value Creation
FINANCIAL PROFILE & VALUE CREATION DEA Investor Presentation October 2026 17
Slide 18: Financial Highlights – H1 2026
Financial Highlights – H1 2026 Continued revenue growth with solid financial profile REVENUES EBITDA NET INCOME €M +8.8% Margin +16.1% +17.0% 20.6 8.6 3.2 18.9 7.4 2.7 39.4% 42.0% H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 €M EQUITY NET DEBT TANGIBLE ASSETS +1.0% Net Debt/EBITDA +4.3% 86,7 Net
Slide 19: From Revenue Growth to a Stronger Core
From Revenue Growth to a Stronger Core 1H 2026 delivered revenue growth from public lighting, confirming electricity distribution as the cornerstone of the business model +8.8% YoY revenues growth €M +8.8% 4.0% 3.7% 20.6 12.2% 18.9 12.0% REVENUES REVENUES (H1 2025) (H1 2026) 84.0% 84.1% Revenues H1
Slide 20: From Revenues to Net Income
From Revenues to Net Income Top-line momentum continues with resilient performance in H1 2026 +8.8% +16.1% 20.6 20.6 8.6 7.4 18.9 -2.0 39.4% 42.0% -7.6 8.6 €M -0.3 1.7 H1 2025 Revenues EBITDA 5.6 -3.5 -0.3 5.0 H1 2026 +26.3% +17.0% -3.0 3.2 -0.7 % Margin 5.7 3.2 -1.7 4.5 Cost of Service Taxes Revenu
Slide 21: Solid Balance Sheet Supporting Long-Term Growth
Solid Balance Sheet Supporting Long-Term Growth H1 2026 results underline solid financial profile and resilient capital structure NET FINANCIAL POSITION KEY RATIOS 5.0 14.0 NFP/EBITDA NFP/EQUITY 27,2 Financial debt 0.3x 1.6x 0.06x 0.2x 18,5 (FY 2025) (H1 2026) (FY 2025) (H1 2026) TOTAL EQUITY 86.7 8
Slide 22: Shareholder Remuneration & Dividend Policy
Shareholder Remuneration & Dividend Policy Predictable returns driven by regulated cash flows DIVIDEND POLICY BUSINESS MODEL & RESILIENCE Output-based regulated tariff • CAPEX & OPEX remuneration regardless of economic cycle • Natural hedge against macroeconomic and market volatility Payout range 20
Slide 23: Annex
ANNEX Net Invested Asset and Total Liabilities Net Working Capital Annual Reports DEA Investor Presentation October 2026 23
Slide 24: Shareholding Structure & Governance
Shareholding Structure & Governance Clear shareholding structure and solid corporate governance SHAREHOLDING STRUCTURE DEA’S HOLDINGS BOARD OF DIRECTORS Paolo Angelici Matteo Andracco 13.3% Chairman Director 1.1% 2.9% Antonio Osimani Maria Serena Chiucchi 2.8% 38.3% CEO & Director Director 55.0% 77.
Slide 25: H1 2026 Income Statement
H1 2026 Income Statement €/000 H1 2025 H1 2026 Revenues from sales and services 18,628 20,222 Other revenues and income 276 338 Total Revenues 18,904 20,561 Raw, ancillary consumable materials (2,764) (1,968) Cost of services (7,339) (7,591) Leases and rentals (264) (299) Personnel expenses (3,391)
Slide 26: H1 2026 Balance Sheet
H1 2026 Balance Sheet €/000 FY2025 H1 2026 Net Intangible fixed assets 22,739 21,829 Net Tangible Fixed Assets 84,514 88,144 Equity investments and other financial fixed assets 482 482 Fixed Capital 107,735 110,456 Inventory 3,847 4,030 Trade receivables 10,651 9,719 Trade payables (11,122) (9,144)
Slide 27: Disclaimer
Disclaimer For the purposes of this disclaimer, this presentation (the “Presentation”) comprises the attached slides and any materials distributed at, or in connection with, the Presentation. The Presentation has been prepared by Distribuzione Elettrica Adriatica S.p.A. (the “Company”) solely for in
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