Utilities | 2026 IIC: feedback from Italian utilities

Research evidence excerpt

Utilities | 2026 IIC: feedback from Italian utilities

Italian Investment Conference Feedback

22 May 2026

Emanuele Oggioni

Equity Research Analyst Utilities +39SimonaPaseroDTP+390202 8550 7231spasero@keplercheuvreux.com8550 7220

Italy

2026 IIC: feedback from Italian utilities

Speakers:

A2A (Renato Mazzoncini, CEO - Luca Moroni, CFO)

ACEA (Pier Francesco Ragni, Co- General Manager - Valentina Bracaglia, CFO)

ENEL (Paolo Germiniani, Head of Equity Investors)

ERG (Michele Pedemonete, CFO)

HERA (Cristian Fabbri, Executive Chairman - Orazio Iacono, CEO)

Italgas (Anna Maria Scaglia, Head of IR)

SNAM (Francesca Pezzoli, Director Investor Relations & Sustainability)

Summary

▪We attended seven meetings with Italian utilities (thus one meeting for each company) on the "utility day" of our IIC, covering

almost our entire coverage. We summarise the main takeaways from our meetings at the conference below (in alphabetical

order).

▪Overall, we deem the feedback to be neutral/positive and fully aligned with the latest news flow/guidance provided by the

management. The main topics were the new macro scenario, the risk of political intervention on the generation business to

increase the affordability of the energy bills, the development of data centres, the regulatory framework updates and the asset

rotation.

▪Based on the recent outperformance of the sector, and the lack of short-term positive catalysts, we see limited upside overall,

pending more clarity on the political interventions in the sector (mainly in generation).

A2A (Buy, EUR2.8 TP). Renato Mazzoncini, CEO - Luca Moroni, CFO.

▪Macro scenario. The new geopolitical scenario is benefiting the short-term realised price (for the unhedged part) and is not

modifying the business plan, which will be updated in November, as usual.