Message from the CEO – End-of-year 2025

2025 was an exceptional year for Belenergia. We deployed significant industrial, human, and financial resources to decisively build our future. This commitment will not stop: it will continue in 2026 and in the years to come, with the same ambition and determination.

Belenergia's results are not the result of simple optimisation but of concrete and strategic progress:

• 10 industrial sites built or completely renovated, confirming our leadership in Italy and in the regions where we operate (in the second half of 2026, we will exceed 6,000 Sm³/h).
• Renewable energy: solar and agrivoltaic parks with a capacity of approximately 60 MW are under construction, and a portfolio of over 250 MW has already been secured with a tariff (FerX, Energy Release).
• Permitting: after seven years of rigorous work, several large-scale solar and wind projects have finally obtained all the necessary authorizations.

These results are not isolated incidents but pieces of a clear and consistent strategy: integrating permitting from the early stages, securing financing, and building and operating sustainably with responsibility and continuity. We are moving forward with a solid industrial and financial balance sheet and a vision for growth that focuses particularly on Spain.

We are not a B2C business, but it is useful to reiterate some essential points because the timing and context require it, because our partners consider it a welcome signal, and because our technological and organizational advantage deserves to be affirmed and recognized:

• Our role as a reference shareholder and industrial operator, sometimes overlooked in some articles on the latest auctions (Solar & Biomethane).
• Our ability to mobilize the banking system with five project finance agreements signed in December alone.
• Our ambition for 2026: to commission our new plants, start construction of the next ones, and continue consistently in the direction we have set out.

In 2026, we will achieve many more results through our commitment. We remain focused on our strengths, correct what needs to be improved, and move forward with serenity and determination.

A huge thank you to our employees, partners, banks, and shareholders for the trust they continue to place in us.

Belenergia, together towards 2026.