Ascopiave

Investor Presentation • Jul 30, 2024

G r u p p o A s c o p i a v e 6M 2024 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 30th July 2024

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 19
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 21

• → Ascopiave Group structure as of 30th June 2024
• → 6M 2024 consolidated income statement
• → Consolidated balance sheet as of 30th June 2024

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 30th June 2024 6M 2024 CONSOLIDATED RESULTS

Gas distribution Gas and electricity sales Corporate services to subsidiaries and associates Water management services Renewable energy production ICT services

(Thousand of Euro)	6M 2024	6M 2023	Chg	Chg %
Revenues	99.091	83.897	15.194	+18%
(Purchase for other raw materials) costs	(1.082)	(989)	(94)	+9%
(Costs for services)	(25.830)	(24.848)	(982)	+4%
(Costs for personnel)	(10.448)	(11.216)	768	-7%
(Other costs) management	(13.156)	(12.792)	(363)	+3%
Other income	136	4.130	(3.994)	-97%
EBITDA	48.711	38.182	10.529	+28%
(Amortizations and depreciation)	(24.998)	(23.431)	(1.567)	+7%
(Provisions)	(2)	(253)	252	-99%
EBIT	23.711	14.498	9.213	+64%
Financial income / (expenses)	(4.039)	489	(4.528)	-926%
(*) Evaluation of with method companies equity net	4.848	794	4.054	+510%
EBT	24.521	15.781	8.739	+55%
(Income taxes)	(5.993)	(2.309)	(3.685)	+160%
Earnings after taxes	18.527	13.473	5.055	+38%
result from discontinued operations Net	-	56	(56)	-100%
Net income	18.527	13.529	4.998	+37%
income of minorities Net	(683)	(1.458)	775	-53%
the Net income of Group	17.845	12.071	5.773	+48%

(*) Result of the companies consolidated with net equity consolidation method (pro-rata): Estenergy Group and Cogeide.

Consolidated balance sheet as of 30th June 2024 6M 2024 CONSOLIDATED RESULTS

(Thousand of Euro)	30/06/2024	31/12/2023	Chg	Chg %
Tangible (*) assets	155 405	156 475	(1 069)	-1%
(*) tangible Non assets	773 885	766 353	531 7	+1%
(**) Investments in associates	305 010	308 331	(3 321)	-1%
Other fixed assets	41 889	42 780	(891)	-2%
Fixed assets	1 276 189	1 273 939	2 250	+0%
Operating current assets	137 409	129 253	8 156	+6%
(Operating liabilities) current	(101 837)	(95 936)	(5 901)	+6%
liabilities) (Operating non current	(63 983)	(63 749)	(234)	+0%
working capital Net	(28 410)	(30 432)	2 021	-7%
Total capital employed
intended sale assets to	-	138	(138)	-100%
Total capital employed	1 247 778	1 243 645	4 133	+0%
Group shareholders equity	832 057	844 753	(12 696)	-2%
Minorities	10 117	9 529	588	+6%
Shareholders equity	842 173	854 282	(12 109)	-1%
Net financial position	405 605	389 363	16 242	+4%
Total sources	1 247 778	1 243 645	4 133	+0%

(*) According to IFRIC 12, the infrastructures under concession are considered intangible assets.

(**) Value of the associated companies consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 199.3 mln (Euro 202.8 mln as of 31st December 2023); Cogeide, Euro 8.4 mln (Euro 8.2 mln as of 31st December 2023). Other minority shareholdings: Hera Comm, Euro 53.3 mln (Euro 53.3 mln as of 31st December 2023); Acinque, Euro 21.6 mln (Euro 21.6 mln as of 31st December 2023); Acantho, Euro 22.3 mln (Euro 22.3 mln as of 31st December 2023).

Financial highlights

Companies consolidated with full consolidation method

• → Operating data
• → Revenues bridge
• → EBIT bridge
• → Gas distribution tariff revenues and revenues from RES
• → Other net operating costs
• → Personnel
• → Capex
• → Net financial position and cash flow

Estenergy

6M 2024 CONSOLIDATED RESULTS

(*) Tariff revenues include the tariff component for the recovery of the fee paid to local entities according to art. 46-bis DL 159/2007.

(*) Further details on page 13 of the current presentation.

Gas distribution tariff revenues

(Thousand of Euro) (*)	6M 2024	6M 2023	Chg	Chg %
Gas distribution tariff revenues	68.560	60.039	8.521	+14%
distribution Gas tariff revenues	68.560	60.039	8.521	+14%

Increase of gas distribution tariff revenues: + Euro 8.5 mln

of which:

• change of the remuneration rate on the net capital invested (WACC): + Euro 3.7 mln;
• ▪ monetary revaluation of capital costs: + Euro 1.7 mln;
• ▪ monetary revaluation of operating costs: + Euro 1.5 mln;
• other changes: + Euro 1.6 mln.

Revenues from RES

(Thousand of Euro) (*)	6M 2024	6M 2023	Chg	Chg %
Revenues from FER	15.718	8.041	7.677	+95%
Revenues from FER	15.718	8.041	7.677	+95%

(*) Economic data before elisions.

(Thousand of Euro)	6M 2024	6M 2023	Chg	Chg %
Other revenues	14.004	15.008	(1.004)	-7%
Other of raw materials and services costs	(39.123)	(33.689)	(5.434)	+16%
Cost of personnel	(10.448)	(11.216)	768	-7%
Other operating net costs	(35.567)	(29.897)	(5.670)	+19%

Increase of other net operating costs: - Euro 5.7 mln

of which:

• increase of gas distribution concession fees: - Euro 1.4 mln;
• increase of margin on energy efficiency tasks management: + Euro 0.1 mln;
• decrease of costs for consultancy: + Euro 0.2 mln;
• decrease of costs for gas and electricity: + Euro 0.3 mln;
• ▪ decrease of cost of personnel: + Euro 0.8 mln;
• ▪ decrease of revenues for service contracts: - Euro 1.1 mln;
• ▪ increase of gas meter reading costs: - Euro 0.3 mln;
• decrease of capital gains from the sale of assets and shareholdings: - Euro 4.1 mln;
• decrease of other non recurring costs: + Euro 0.6 mln;
• other variations: - Euro 0.8 mln.

6M 2024 CONSOLIDATED RESULTS

Number of employees

Companies consolidated with full consolidation method

(*) Excluding network extension in new urbanized areas that according to IAS are considered as operating costs and not capital expenditures.

(**) Investments in intangible assets and in tangible assets (excluded realizations, investments in associated and investments relative to the application of IFRS 16 accounting principle).

6M 2024 CONSOLIDATED RESULTS

17

(*) Cash flow = net income + amortizations and depreciation; (**) Investments in tangible and intangible assets.

Net financial position and cash flow (2) 6M 2024 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	30/06/2024	31/12/2023	Chg	Chg %
Long financial borrowings term	202 839	204 064	(1 225)	-1%
Current position of long financial borrowings term	80 698	80 642	56	+0%
Long bond loans term	78 559	86 347	(7 788)	-9%
Current position of bond loans	720 7	708 7	12	+0%
Short financial borrowings term	32 775	7 917	24 858	+314%
Total financial debt	402 .591	386 678	15.913	+4%
Fixed borrowings rate	194 836	221 994	(27 158)	-12%
Floating borrowings rate	207 755	164 684	43 071	+26%

6M 2024 average cost of debt: 3.42% (vs 12M 2023 rate: 2.57%)

(*) Data refer to only companies consolidated with full consolidation method.

Companies consolidated with full consolidation method

• Estenergy
• → Financial highlights

Income statement (*) Balance sheet (*)

(Thousand of Euro)	6M 2024	6M 2023
Revenues	598.500	623.055
(Purchase for other raw materials) costs for (Costs services) (Costs for personnel) (Other costs) management	(364.294) (174.410) (8.075) (473)	(543.737) (40.685) (7.906) (600)
EBITDA	51.247	30.127
(Depreciations and amortizations) + (provisions)	(25.214)	(19.676)
EBIT	26.033	10.451
Financial income / (expenses)	(333)	(6.337)
EBT	25.700	4.114
(Income taxes)	(7.896)	(2.529)
Net income	17.804	1.585

(Thousand of Euro)	30/06/2024	31/12/2023
Tangible assets	5.514	5.522
tangible Non assets	622.007	627.170
Investments in associates	17.446	17.704
Other fixed assets	652	781
Fixed assets	645.619	651.177
Operating current assets	80.648	90.953
(Operating liabilities) current	(244.902)	(206.459)
(Operating liabilities) non current	(72.673)	(64.689)
working capital Net	(236.926)	(180.195)
Total capital employed	408.693	470.981
Shareholders equity	625.589	639.625
Net financial position	(216.896)	(168.644)
Total sources	408.693	470.981

(*) Data refers to 100% of Estenergy.

Companies consolidated with full consolidation method

Estenergy

• ❑ This presentation has been prepared by Ascopiave S.p.A. for information purposes only and for use in presentations of the Group's results and strategies.
• ❑ For further details on the Ascopiave Group, reference should be made to publicly available information, including the Quarterly Reports and the Annual reports.
• ❑ Statements contained in this presentation, particularly the ones regarding any Ascopiave Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward looking statement. Such factors include, but are not limited to: changes in global economic business, changes in the price of certain commodities including electricity and gas, the competitive market and regulatory factors. Moreover, forward looking statements are currently only at the date they are made.
• ❑ Any reference to past performance of the Ascopiave Group shall not be taken as an indication of the future performance.
• ❑ This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
• ❑ By attending the presentation you agree to be bound by the foregoing terms.