Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today that Ares Alternative Credit funds (“Ares Alternative Credit”) and other affiliated Ares funds have completed the acquisition of a 20% stake in Plenitude, a leader in energy transition controlled by Eni, for €2 billion at an implied enterprise value of over €12 billion.

“This closing underscores the Ares platform’s ability to deliver flexible capital at scale to high-quality, asset-focused businesses. We are excited to support Eni and Plenitude in their next phase of growth,” said Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares.

“We are pleased to complete our investment in Plenitude and look forward to partnering with Stefano and the rest of the Plenitude and Eni teams in this next chapter of growth,” said Stefano Questa, Partner and Co-Head of European Alternative Credit.

Stefano Goberti, CEO of Plenitude, said, “Today, Ares officially joins Plenitude’s shareholder base, alongside Eni and Energy Infrastructure Partners. The arrival of a new investor further confirms the appeal of our distinctive business model and highlights the value we have built over time. We are confident that, together, we will continue to pursue our shared growth path with determination.”

Plenitude operates in over 15 countries worldwide with a business model that integrates electricity generation from 4.8 GW of renewable sources, energy sales, and energy solutions across Europe. The company serves 10 million customers and manages a network of over 22,000 public charging points for electric vehicles. By 2028, Plenitude aims to reach 10 GW of renewable capacity globally.

Ares has supported Italian businesses and assets for over two decades, with total deployment in excess of €4 billion, and anticipates the acceleration of this activity following the opening of a Milan office in May 2025.

The Ares Alternative Credit strategy is a leading investor in asset-based finance, managing approximately $46.7 billion in assets under management as of September 30, 2025. The team invests across the capital structure in large, diversified portfolios across various sectors. Aligning Ares’ investment activities with its social impact, Ares and Ares Alternative Credit portfolio managers have committed to donate a portion of the performance fees from Ares Alternative Credit’s Pathfinder family of funds to support global health and education charities.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation's global platform had over $596 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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