Ascopiave

Investor Presentation • May 9, 2024

G r u p p o A s c o p i a v e 3M 2024 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 9th May 2024

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

• → Ascopiave Group structure as of 31st March 2024
• → 3M 2024 consolidated income statement
• → Consolidated balance sheet as of 31st March 2024

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 31st March 2024 3M 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)	3M 2024	3M 2023	Chg	Chg %
Revenues	47,440	40,719	6,721	+17%
(Purchase for other raw materials) costs	(787)	(803)	16	-2%
for (Costs services)	(11,931)	(11,929)	(2)	+0%
(Costs for personnel)	(5,112)	(5,377)	266	-5%
(Other costs) management	(6,370)	(6,550)	181	-3%
Other income	83	4,201	(4,117)	-98%
EBITDA	23,325	20,261	3,064	+15%
and depreciation) (Amortizations	(12,450)	(11,723)	(726)	+6%
(Provisions)	-	(160)	160	-100%
EBIT	10,875	8,378	2,497	+30%
Financial income (expenses) /	(4,467)	(2,654)	(1,813)	+68%
(*) Evaluation of with method companies equity net	2,779	567	2,212	+390%
EBT	9,187	6,291	2,896	+46%
(Income taxes)	(2,495)	(702)	(1,793)	+255%
Earnings after taxes	6,692	5,589	1,103	+20%
Net result from discontinued operations	-	44	(44)	-100%
Net income	6,692	5,633	1,058	+19%
Net income of minorities	(146)	188	(334)	-178%
of the Net income Group	6,546	5,821	725	+12%

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

Consolidated balance sheet as of 31st March 2024 3M 2024 CONSOLIDATED RESULTS

(Thousand of Euro)	31/03/2024	31/12/2023	Chg	Chg %
Tangible (*) assets	668 154	156 475	807) (1	-1%
(*) Non tangible assets	, 770 343 ,	, 766 353 ,	, 3 989 ,	+1%
(**) Investments in associates	311 840 ,	308 331 ,	3 510 ,	+1%
Other fixed assets	42 873 ,	42 780 ,	93	+0%
Fixed assets	279 724 1 , ,	273 939 1 , ,	785 5 ,	+0%
Operating current assets	182 881 ,	129 253 ,	53 629 ,	+41%
liabilities) (Operating current	(124 145) ,	(95 936) ,	(28 210) ,	+29%
(Operating liabilities) non current	(64 993) ,	(63 749) ,	(1 244) ,	+2%
Net working capital	(6 257) ,	(30 432) ,	24 175 ,	-79%
Total capital employed intended sale assets to	-	138	(138)	-100%
Total capital employed	1 273 467 , ,	1 243 645 , ,	29 822 ,	+2%
Group shareholders equity	851 668 ,	844 753 ,	6 915 ,	+1%
Minorities	9 639 ,	9 529 ,	110	+1%
Shareholders equity	861 307 ,	854 282 ,	025 7 ,	+1%
financial Net position	412 159 ,	389 363 ,	22 796 ,	+6%
Total sources	273 467 1 , ,	243 645 1 , ,	29 822 ,	+2%

(*) 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 206.3 mln (Euro 202.8 mln as of 31st December 2023); Cogeide, Euro 8.2 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

3M 2024 CONSOLIDATED RESULTS

Companies consolidated with full consolidation method

(*) 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) (*)	3M 2024	3M 2023	Chg	Chg %
Gas distribution tariff revenues	33,806	29,753	4,053	+14%
distribution tariff Gas revenues	33,806	29,753	4,053	+14%

Increase of gas distribution tariff revenues: + Euro 4.1 mln

of which:

• change of the remuneration rate on the net capital invested (WACC): + Euro 1.9 mln;
• ▪ monetary revaluation of capital costs: + Euro 0.9 mln;
• ▪ monetary revaluation of operating costs: + Euro 0.8 mln;
• other changes: + Euro 0.5 mln.

Revenues from RES

(Thousand of Euro) (*)	3M 2024	3M 2023	Chg	Chg %
from Revenues FER	6,153	2,410	3,743	+155%
Revenues from FER	6,153	2,410	3,743	+155%

(*) Economic data before elisions.

(Thousand of Euro)	3M 2024	3M 2023	Chg	Chg %
Other revenues	7,076	8,152	(1,075)	-13%
Other of raw materials and services costs	(18,599)	(14,677)	(3,922)	+27%
Cost of personnel	(5,112)	(5,377)	266	-5%
Other operating net costs	(16,634)	(11,902)	(4,732)	+40%

Increase of other net operating costs: - Euro 4.7 mln

of which:

• increase of gas distribution concession fees: - Euro 0.4 mln;
• increase of margin on energy efficiency tasks management: + Euro 0.1 mln;
• decrease of costs for consultancy: + Euro 0.1 mln;
• decrease of costs for gas and electricity: + Euro 0.4 mln;
• ▪ decrease of cost of personnel: + Euro 0.3 mln;
• ▪ decrease of revenues for service contracts: - Euro 1.0 mln;
• ▪ increase of gas meter reading costs: - Euro 0.4 mln;
• decrease of capital gains from the sale of assets and shareholdings: - Euro 4.1 mln;
• decrease of other non recurring costs: + Euro 0.7 mln;
• other variations: - Euro 0.4 mln.

3M 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).

3M 2024 CONSOLIDATED RESULTS

17

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

Net financial position and cash flow (2) 3M 2024 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/03/2024	31/12/2023	Chg	Chg %
financial borrowings Long term	180 950 ,	204 064 ,	(23 114) ,	-11%
Current of long financial borrowings position term	929 77 ,	80 642 ,	(2 713) ,	-3%
bond loans Long term	78 677 ,	86 347 ,	(7 670) ,	-9%
Current position of bond loans	7 603 ,	7 708 ,	(105)	-1%
Short financial borrowings term	64 149 ,	7 917 ,	56 232 ,	+710%
Total financial debt	409 308 ,	386 678 ,	22 630 ,	+6%
Fixed borrowings rate	206 435 ,	221 994 ,	(15 559) ,	-7%
Floating borrowings rate	202 873 ,	164 684 ,	38 189 ,	+23%

3M 2024 average cost of debt: 3.41% (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)	3M 2024	3M 2023
Revenues	377,233	387,075
(Purchase for other raw materials) costs	(238,788)	(408,536)
(Costs for services)	(102,918)	39,591
for personnel) (Costs	(3,827)	(3,808)
(Other costs) management	(191)	(106)
EBITDA	31,510	14,216
(Depreciations and amortizations) + (provisions)	(14,907)	(10,566)
EBIT	16,603	3,651
Financial income / (expenses)	(1,298)	(3,882)
EBT	15,305	(232)
(Income taxes)	(4,690)	54
Net income	10,615	(177)

(Thousand of Euro)	31/03/2024	31/12/2023
Tangible assets	5,425	5,522
Non tangible assets	624,398	627,170
Investments in associates	18,458	17,704
Other fixed assets	719	781
Fixed assets	649,000	651,177
Operating current assets	117,219	90,953
(Operating liabilities) current	(267,336)	(206,459)
(Operating liabilities) non current	(70,069)	(64,689)
working capital Net	(220,186)	(180,195)
Total capital employed	428,815	470,981
Shareholders equity	653,874	639,625
financial Net position	(225,060)	(168,644)
Total sources	428,815	470,981

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.
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