On 29 April 2025, the board of directors of CVA S.p.A. approved the update of the Strategic-Industrial Plan 2025-2029 (hereinafter the ‘Plan’).

The update of the Plan was necessary to be consistent with the new market environment as well as to include, inter alia, the modification of certain specific assumptions such as (i) time-schedule of wind and photovoltaic projects, (ii) success rate, (iii) EE prices, (iv) Capex plan and (v) assumptions on intercompany performance.

It is specified, in this regard, that this update was carried out on the three Business Units mainly impacted by the Plan's dynamics, i.e. the Other RES BU, the Hydro BU and the Energy Efficiency BU.

In particular, it should be noted that the Sales BU and the Distribution BU were excluded from the Plan update. The updating of the Plan of the Distribution BU will be completed in accordance with and according to the timing of the publication of the application rules on the renewal of electricity distribution concessions.

It is also noted that also the Hydroelectric BU may undergo important updates in the Plan forecasts in correlation with the evolution of the regulations on the renewal of concessions for large hydroelectric derivations.

Highlights Business Unit

• BU Other RES 
  Cumulative EBITDA 2025-2029: 844 million Euro
  EBITDA Forecast 2029: 243 million Euro

• Hydro BU
  Cumulative EBITDA 2025-2029: 1,115 million Euro
  EBITDA Forecast 2029: 239 million Euro

• BU Energy Efficiency
  Cumulative EBITDA 2025-2029: 65 million Euro
  EBITDA Forecast 2029: 15 million Euro

For more information, please refer to this link.