ACEA S p A : 2023 Half-Year Consolidated Financial Statements

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	2023 Consolidated Interim Financial
	Statements ACEA Group
Table of Contents
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
Net financial debt	17
Reference context	19
Trend of Operating segments	41
Operating Segments	42
Significant events during the period and afterwards	65
Main risks and uncertainties	68
Business outlook	76
Consolidated Financial Statements
Form and Structure	77
Consolidation policies, procedures and scope	79
Scope of consolidation	81
Accounting standards and measurement criteria	83
Consolidated Income Statement	84
Quarterly Consolidated Income Statement	85
Consolidated Statement of Comprehensive Income	86
Quarterly Consolidated Statement of Comprehensive Income	87
Consolidated Statement of Financial Position	88
Consolidated Cash Flow Statement	89
Consolidated Statement of Changes in Shareholders' equity	90
Notes to the Consolidated Income Statement	91
Notes to the Consolidated Statement of Financial Position	101
Commitments and contingencies	120
Business Combinations	121
Application of the IFRS 5 standard	126
Service Concession Arrangements	127
Related Party Transactions	157
Update on major disputes and litigation	159
Annexes	171

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2023 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 1.70 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 in Abruzzo, Molise and Campania, as it has entered the methane distribution market in the Municipality of Pescara, the Province of L'Aquila, the Provinces of Campobasso and Isernia and the Province of Salerno.

Energy Infrastructure

The Acea Group is a major operator in Italy with over 9.0 TWh of electricity distributed in Rome. The Group also manages the public and artistic lighting of the capital for a total of more than 230,000 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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2023 Consolidated Interim Financial

Statements ACEA Group

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

96%

Acea Ato2

100%

Acea Produzione

100%

Acea Ambiente

98%

Acea Ato5

100% Ecogena

100%

Demap

99%

Sarnese Vesuviano

49% Energia

90%

AS Recycling

37% Gori

100% Acea Renewable

80%

Iseco

100%

Acea Molise

100% Acea Solar

60%

Berg

99%

Ombrone

100% SF Island

80%

Cavallari

60%

Ferrocart

40% Acquedotto del Fiora

100% Acea Renawable2

60%

MEG

77%

Acque Blu Arno Basso

100% Fergas Solar 2

70%

Serplast

45% Acque

40% Acea Sun Capital

51%

Acque Industriali

75%

Acque Blu Fiorentine

86%

Aquaser

40% Publiacqua

70%

Tecnoservizi

48%

G.e.a.l.

100%

Italmacero

40%

Umbra Acque

100%

Acea International

80% Orvieto Ambiente

35%

Intesa Aretina

100%

DECO

100% Acea Dominicana

46% Nuove Acque

100% Ecologica Sangro

100% Acea Perù

58%

Gesesa

50% Ecomed

51%

Adistribuzionegas

61% Aguas de San Pedro

55% Notaresco Gas

100% Consorcio Acea-Acea Dom

45%

44% Consorcio Agua Azul

ASM Terni

99%

Umbria Due Servizi Idrici

51%

Aguazul Bogotà

40% Servizio Idrico Integrato

100%

Acea Energia

50% Umbria Energy

100% Acea Innovation

100%

Acea Energy Management

100%

Acea Elabori

100% Simam

100%

Technologies Water Services

44%

Ingegnerie Toscane

The share capital of ACEA S.p.A. at 30 June 2023 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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2023 Consolidated Interim Financial

Statements ACEA Group

Corporate bodies

Board of Directors*
Barbara Marinali	Chairperson
Fabrizio Palermo**	Chief Executive Officer
Antonella Rosa Bianchessi	Director
Alessandro Caltagirone	Director
Massimiliano Capece Minutolo Del Sasso	Director
Antonino Cusimano	Director
Thomas Devedjian	Director
Elisabetta Maggini	Director
Luisa Melara	Director
Angelo Piazza	Director
Alessandro Picardi	Director
Vincenza Patrizia Rutigliano	Director
Nathalie Tocci	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
Sabrina Di Bartolomeo***

*appointed by the Shareholders' Meeting on 18 April 2023 **appointed by the Board of Directors on 3 May 2023

***appointed by the Board of Directors on 23 June 2023

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