ACEA S p A : 2022 Half-Year Consolidated Financial Statements

2022 Consolidated Interim Financial

Statements ACEA Group

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2022 Consolidated Interim Financial

Statements ACEA Group

Index
Report on Operations
ACEA Organisational Model ..................................................................................................................................................................	3
Corporate bodies .....................................................................................................................................................................................	5
Summary of Results..................................................................................................................................................................................	6
Summary of operations and income, equity and financial performance of the Group ..............................................................	8
Summary of Results: economic performance .....................................................................................................................................	9
Summary of results: trends in financial position and cash flows ..................................................................................................	13
Reference context .................................................................................................................................................................................	20
Operating Segments..............................................................................................................................................................................	47
Trend of Operating segments .............................................................................................................................................................	48
Significant events during the period and afterwards ......................................................................................................................	99
Major risks and uncertainties ............................................................................................................................................................	102
Business outlook ..................................................................................................................................................................................	110
Consolidated Financial Statements
Form and Structure.............................................................................................................................................................................	111
Application of the IFRS 5 standard...................................................................................................................................................	113
Consolidation policies, procedures and scope..............................................................................................................................	114
Scope of consolidation........................................................................................................................................................................	116
Consolidated Income Statement ......................................................................................................................................................	119
Quarterly Consolidated Income Statement...................................................................................................................................	120
Consolidated Statement of Comprehensive Income ...................................................................................................................	121
Quarterly Consolidated Statement of Comprehensive Income................................................................................................	122
Consolidated Statement of Financial Position ...............................................................................................................................	123
Consolidated Cash Flow Statement ................................................................................................................................................	124
Consolidated Statement of Changes in Shareholders' equity.....................................................................................................	125
Notes to the Consolidated Income Statement .............................................................................................................................	126
Notes to the Consolidated Statement of Financial Position ......................................................................................................	135
Commitments and contingencies .....................................................................................................................................................	156
Business Combinations.......................................................................................................................................................................	157
Service Concession Arrangements ..................................................................................................................................................	161
Related Party Transactions................................................................................................................................................................	181
Update on major disputes and litigation .........................................................................................................................................	183
Annexes .................................................................................................................................................................................................	195

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2022 Consolidated Interim Financial

Statements ACEA Group

ACEA Organisational Model

ACEA is one of the major Italian multiutilities, and has been listed on the stock exchange since 1999.

ACEA adopts an operational model based on an organisational layout in line with the Strategic Business Plan consolidating its role to govern, guide and control the Holding not only with the current business portfolio focused on areas of greater value, but also on the strategic development of the Group in new business segments and territories. ACEA's macrostructure is based around the corporate functions and seven industrial areas - Environment, Commercial and Trading, Water, Energy Infrastructure, Engineering and Services, Generation and Overseas.

The activities of each business segment are described below.

Environment

The Acea Group is one of the leading national players with around 1.52 million tonnes of waste processed each year. At the various treatment and disposal plants operated in seven regions there is a main waste-to-energy plant and the largest anaerobic digestion and composting plant in Lazio region. The Group pays particular attention to the development of investments in the waste-to-energy and waste-recycling business, which is considered to have high potential, in line with the strategic objective of environmental and energy enhancement of waste, as well as its recovery and recycling in the plastics, paper and metals sectors and in the production of high- quality compost.

Commercial and Trading

The Acea Group is one of the leading Italian players in the sale of electricity and offers innovative and flexible solutions for the supply of electricity and natural gas with the objective of consolidating its positioning as a dual fuel operator. It operates on the market segments of medium-sized enterprises and households with the objective of improving the quality of the services offered with particular regard to web and social channels. It supervises the Group's energy management policies. The Segment also has the objective of developing and searching for innovations and start-ups to launch testing projects in the technological field.

Water

The Acea Group is the top Italian operator in the water sector serving 9 million people. The Group manages the integrated water service in Rome and Frosinone and in the respective provinces, as well as in other parts of Lazio, in Tuscany, Umbria, Campania and Molise. The Group is also present in Abruzzo as it has entered the natural gas distribution market in the Municipality of Pescara and in the province of L'Aquila.

Energy Infrastructure

The Acea Group is a major operator in Italy with about 9 TWh of electricity distributed in Rome. The Group also manages the public and artistic lighting of the capital for a total of more than 227,600 lights. The Acea Group is committed to energy efficiency projects and the development of new technologies, such as smart grids and electric mobility, through particularly innovative pilot projects.

Generation

The Acea Group is one of the main national operators in the field of generation from renewable sources and is involved in energy efficiency projects and energy solutions in the business segment, particularly focused on finding innovative approaches to managing production assets and implementing new production capacity that reduces the Group's carbon footprint.

Engineering and Services

The Acea Group has developed know-how at the forefront in the design, construction and management of integrated water systems: from the source to the pipelines, from distribution to the sewer network, and treatment. It develops applied research projects aimed at technological innovation in the water, environmental and energy sectors. Laboratory and engineering consultancy services are of particular importance. The Acea Group is also engaged in the design and creation of plants for the environment and for the treatment of water and waste.

Overseas

The Acea Group manages water activities in Latin America and its objective is to make the most of development opportunities in other businesses related to those already held in Italy. It is present in Honduras, Dominican Republic and Peru, serving a population of approximately 10 million inhabitants. The activities are carried out in partnership with local and international partners, including through staff training and the transfer of know-how to local entrepreneurs.

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2022 Consolidated Interim Financial

Statements ACEA Group

The Group structure, in the various business segments, comprises the following main companies.

The share capital of ACEA S.p.A. at 30 June 2022 was made up as follows:

5,45%

23,33%

20,22%

51,00%

Roma Capitale

Mercato

Suez

Caltagirone

*The above chart only shows equity investments of more than 3%, as confirmed by CONSOB data

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2022 Consolidated Interim Financial

Statements ACEA Group

Corporate bodies

Board of Directors
Michaela Castelli	Chairperson
Giuseppe Gola	Chief Executive Officer
Alessandro Caltagirone	Director
Massimiliano Capece Minutolo Del Sasso	Director
Gabriella Chiellino	Director
Giovanni Giani**	Director
Liliana Godino	Director
Giacomo Larocca	Director
Francesca Menabuoni*	Director
Massimiliano Pellegrini***	Director
Board of Statutory Auditors*
Maurizio Lauri	Chairperson
Claudia Capuano	Standing Auditor
Leonardo Quagliata	Standing Auditor
Rosina Cichello	Alternate Auditor
Vito Di Battista	Alternate Auditor
Executive Responsible
Fabio Paris
Auditing Firm
PricewaterhouseCoopers S.p.A.

• appointed by the Shareholders' Meeting on 27 April 2022 **resigned on 27 June 2022
  ***appointed by co-optation on 18 July 2022

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