UNPRECEDENTED GROWTH OPPORTUNITY

Flexibility to Fully Fund Future Investments Significant investment over the coming years in order to achieve the ~6.4 GW target Capex (€ Bn) 0.6 0.4 1.0 0.8 2022 2023 2024 2025 Net Debt (€ Bn) 2.6 2.0 1.2 0.9 2022 2023 2024 2025 TERNA ENERGY High Capex investments secure long-term pipeline and sustained growth Headroom for leverage to grow to facilitate investment plan FINANCIAL OUTLOOK 24

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