Ascopiave

Investor Presentation • May 11, 2023

G r u p p o A s c o p i a v e 3M 2023 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 11th May 2023

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 2023
• → 3M 2023 consolidated income statement
• → Consolidated balance sheet as of 31st March 2023

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 31st March 2023 3M 2023 CONSOLIDATED RESULTS

Financial highlights

(Thousand of Euro)	3M 2023	3M 2022	Chg	Chg %
Revenues	40,719	34,139	6,580	+19%
(Purchase for other raw materials) costs	(803)	(895)	92	-10%
(Costs for services)	(11,929)	(11,428)	(500)	+4%
(Costs for personnel)	(5,377)	(5,140)	(237)	+5%
(Other costs) management	(6,550)	(3,548)	(3,002)	+85%
Other income	4,201	36	4,165	+11571%
EBITDA	20,261	13,163	7,098	+54%
(Amortizations and depreciation)	(11,723)	(10,275)	(1,449)	+14%
(Provisions)	(160)	(2)	(157)	+7188%
EBIT	8,378	2,886	5,492	+190%
Financial income / (expenses)	(2,654)	(837)	(1,816)	+217%
(*) Evaluation of companies with equity method net	567	10,831	(10,264)	-95%
EBT	6,291	12,880	(6,588)	-51%
(Income taxes)	(702)	(916)	214	-23%
after Earnings taxes	5,589	11,963	(6,374)	-53%
Net result from discontinued operations	44	-	44	n.a.
Net income	5,633	11,963	(6,330)	-53%
Net income of minorities	188	221	(33)	-15%
income of the Group Net	5,821	12,184	(6,363)	-52%

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

Consolidated balance sheet as of 31st March 2023 3M 2023 CONSOLIDATED RESULTS

(Thousand of Euro)	31/03/2023	31/12/2022	Chg	Chg %
Tangible (*) assets	149 079	138 432	10 647	+8%
(*) Non tangible assets	, 776 733	, 759 743	, 16 990	+2%
(**) Investments in associates	, 426 640	, 436 287	, (9 646)	-2%
Other fixed assets	, 44 742 ,	, 43 877 ,	, 865	+2%
Fixed assets	397 194 1 , ,	378 339 1 , ,	18 855 ,	+1%
Operating current assets	178 327 ,	166 408 ,	11 919 ,	+7%
liabilities) (Operating current	(204 485) ,	(199 201) ,	(5 283) ,	+3%
(Operating liabilities) non current	(67 217) ,	(63 072) ,	(4 145) ,	+7%
Net working capital	(93 375) ,	(95 866) ,	2 490 ,	-3%
Total capital employed intended sale assets to	3 672 ,	15 790 ,	(12 118) ,	-77%
Total capital employed	1 307 491 , ,	1 298 262 , ,	9 228 ,	+1%
Group shareholders equity	855 130 ,	866 282 ,	(11 152) ,	-1%
Minorities	19 028 ,	20 123 ,	095) (1 ,	-5%
Shareholders equity	874 158 ,	886 405 ,	(12 247) ,	-1%
financial Net position	433 333 ,	411 857 ,	21 476 ,	+5%
Total sources	307 491 1 , ,	298 262 1 , ,	9 228 ,	+1%

(*) According to IFRIC 12, the infrastructures under concession are consedered intangible assets;

(**) Value of the associated companies consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 339.9 mln (Euro 349.5 mln as of 31st December 2022); Hera Comm, Euro 54.0 mln (Euro 54.0 mln as of 31st December 2022); Acinque, Euro 24.3 mln (Euro 24.3 mln as of 31st December 2022); Cogeide, Euro 8.5 mln (Euro 8.5 mln as of 31st December 2022).

Financial highlights

Companies consolidated with full consolidation method

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

Estenergy

3M 2023 CONSOLIDATED RESULTS

New consolidation area

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.

(Thousand of Euro) (*)	3M 2023	3M 2022	Chg	Chg %
distribution tariff Gas revenues	29,753	25,816	3,937	+15%
Gas distribution tariff revenues	29,753	25,816	3,937	+15%

Change of the consolidation area: + Euro 3.5 mln

Increase of gas distribution tariff revenues of equal consolidation area: + Euro 0.5 mln

(*) Economic data before elisions

(Thousand of Euro)	3M 2023	3M 2022	Chg	Chg %
Other revenues	10,561	7,941	2,620	+33%
Other of raw materials and services costs	(14,677)	(15,454)	778	-5%
of personnel Cost	(5,377)	(5,140)	(237)	+5%
Other operating net costs	(9,492)	(12,653)	3,161	-25%

Change of the consolidation area: - Euro 2.1 mln

Decrease of other net operating costs of equal consolidation area: + Euro 5.3 mln

of which:

• decrease of gas distribution concession fees: + Euro 0.1 mln;
• decrease of cost of personnel: + Euro 0.1 mln;
• decrease of costs for consultancy: + Euro 1.1 mln;
• increase of costs for gas and electricity users: - Euro 0.2 mln;
• capital gains from the disposal of Romeo 2 shares (100%): + Euro 4.0 mln;
• increase of other non recurring costs: - Euro 0.8 mln;
• other variations: + Euro 1.1 mln.

Number of employees

(*) Excluding network extension in new urbanized areas that according to IAS are considerated 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 2023 CONSOLIDATED RESULTS

(*) Cash flow = net income + amortizations and depreciation; (**) Net investments in tangible and intangible assets; (***) Sale of tangible and intangible fixed assets following the Romeo 2 operation; (****) Price paid: - Euro 38.5 mln; Net Financial Position acquired: + Euro 1.8 mln.

Net financial position and cash flow (2) 3M 2023 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/03/2023	31/12/2022	Chg	Chg %
Long financial borrowings (>12 months) term	164 829 ,	178 538 ,	(13 709) ,	-8%
Current position of long financial borrowings term	115 397 ,	119 280 ,	(3 883) ,	-3%
Bond loans	93 744 ,	94 033 ,	(289)	-0%
Short financial borrowings (<12 months) term	693 54 ,	(12 912) ,	67 605 ,	-524%
Total financial debt	428 663 ,	378 939 ,	49 724 ,	+13%
Fixed borrowings rate	281 208 ,	290 164 ,	(8 956) ,	-3%
Floating borrowings rate	147 455 ,	88 775 ,	58 680 ,	+66%

3M 2023 average cost of debt: 1.91% (vs 12M 2022 rate: 1.13%)

(*) 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 2023	3M 2022
Revenues	387,075	560,473
(Purchase for other raw materials) costs (Costs for services) (Costs for personnel) (Other costs) management	(408,536) 39,591 (3,808) (106)	(452,264) (65,055) (3,947) (258)
EBITDA	14,216	38,949
(Depreciations and amortizations) + (provisions)	(10,566)	(10,192)
EBIT	3,651	28,757
Financial income / (expenses)	(3,882)	625
EBT	(232)	29,382
(Income taxes)	54	(5,841)
Net income	(177)	23,541

(Thousand of Euro)	31/03/2023	31/12/2022
Tangible assets	4,037	4,100
Non tangible assets	633,103	634,106
Investments in associates	18,284	17,717
Other fixed assets	863	(19,658)
Fixed assets	656,287	636,265
Operating current assets	314,098	626,076
(Operating liabilities) current	(113,601)	(196,464)
liabilities) (Operating non current	(55,830)	(42,231)
Net working capital	144,667	387,380
Total capital employed	800,953	1,023,645
Shareholders equity	677,796	701,824
Net financial position	123,158	321,822
Total sources	800,953	1,023,645

(*) 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.