In a complex and highly uncertain macroeconomic environment caused by geopolitical tensions, the main risks with potential impact on the Group's results are two: interest rate trends linked to macroeconomic dynamics and commodity price volatility.

The second half of the year will be characterised by the continuation of the investments envisaged in the Business Plan, primarily aimed at improving the efficiency of the energy and water distribution networks, the development of waste collection activities, and generation capacity from renewable sources.

In the coming months, we also expect an increase in tariff revenues from regulated businesses supported by investments and a recovery in the marginality of waste treatment plants.

Expectations for the energy sector are for lower hydroelectric production compared to the extraordinary volumes recorded last year, partly offset by an increase in thermoelectric production. The margins of the Market BU are expected to be stable, even in a very challenging competitive environment, to which the Group is responding with a strategy of high-value customer retention.

The Group's overall results are expected to be in line with the forecasts already communicated with the presentation of the results for the first quarter of 2025.