Ascopiave

Investor Presentation • Nov 3, 2022

^{G r u p p o A s c o p i a v e}9M 2022CONSOLIDATED RESULTS

Conference CallPieve di Soligo, 3rd November 2022

i i l h i h l i h F t g g n a n c a s …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… … .… …… …… …… …… …… …… ……	P g a	3
l d d h l l l d h d C i i i f i i t t t t o m p a n e s c o n s o a e c o n s o a o n m e o w u …… …… …… …… …… …… …… …… …… …… …… …	P g a	7
E t g s e n e r y …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .…	P g a	8 1
i l i D s c a m e r …… …… …… …… …… …… …… …… …… …… …… … .… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	P g a	2 0

• →Ascopiave Group structure as of 30th September 2022
• →9M 2022 consolidated income statement
• →Consolidated balance sheet as of 30th September 2022

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 30th September ²⁰²²

9M 2022 CONSOLIDATED RESULTS

Financial highlights

T ho d f Eu ) us an o ro	9 M 2 0 2 2	9 M 2 0 2 1	C hg	C hg %
Re ve nu es	1 2 0, 0 0 9	9 9, 6 8 6	2 0, 3 2 3	2 0 % +
( Pu ha fo he ia ls ) ts t te rc se co s r o r r aw m a r	( 1, 6 5 9 )	( 1, 1 9 5 )	( 4 6 4 )	3 9 % +
( Co fo ice ) ts s r s er v s	( 3 7, 6 1 7 )	( 2 8, 5 0 8 )	( 9, 1 0 9 )	3 2 % +
( Co fo l ) ts s r p er so nn e	( 1 4, 8 3 4 )	( 1 3, 6 1 9 )	( 1, 2 1 5 )	9 % +
O he ( ) t t c ts ag r m an em en os	2, 8 8 ( 1 4 )	3 6 ( 7, 4 )	0 2 ( 5, 5 )	6 8 % +
O he inc t r om e	1 5 5	2 5 7	3 2 ( 7 )	% -7 1
E B I T D A	5 3, 5 6 6	4 9, 4 5 5	4, 1 1 1	8 % +
Am iza ion d de ia ion ( ) t t t or s a n p re c	3 3, 3 6 ( 7 )	2 6, 3 9 ( 5 )	6, 8 2 8 ( )	2 6 % +
( Pr is ion ) ov s	-	-	-	n. a.
E B I T	2 0, 1 9 9	6 2 2, 9 1	( ) 2, 7 1 7	-1 2 %
F ina ia l inc / ( ) nc om e ex p en se s	8 1 9	2, 0 4 8	( 1, 2 2 8 )	-6 0 %
Ev lua ion f c ies i h i ho d ( *) t t t e ty t a o om p an w ne q u me	0, 0 3 1 5	0, 8 2 1 4	2 1	0 % +
E B T	3 1, 5 2 1	3 5, 4 4 5	( 3, 9 2 4 )	-1 1 %
( Inc ) ta om e xe s	( 7, 0 9 0 )	( 5, 7 4 7 )	( 1, 3 4 3 )	2 3 % +
in f Ea te ta g rn s a r xe s	2 3 4, 4 1	2 9, 6 9 8	( 2 6 ) 5, 7	8 % -1
Ne l fro d isc inu d ion t r t t t es u m on e op er a s	8 6 1	-	8 6 1	n. a.
Ne in t co me	2 2 9 2 5,	2 9, 6 9 8	( 0 6 ) 4, 4	% -1 5
Ne inc f m ino i ies t t om e o r	1 9 0	-	1 9 0	n. a.
in f he Gr Ne t t co me o ou p	2 8 2 5, 4	2 9, 6 9 8	( 2 ) 4, 1 7	% -1 4

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 10.1 mln (Euro 10.3 mln in 9M 2021); Cogeide, Euro 0.4 mln (Euro 0.2 mln in9M 2021).

Financial highlights

Consolidated balance sheet as of 30th September 2022

ho d f ( T Eu ) us an o ro	3 0 / 0 9 / 2 0 2 2	3 1 / 1 2 / 2 0 2 1	hg C	hg C %
b le Ta i ts ng as se ( *)	1 2 0, 4 4 5	5 8, 0 1 2	6 2, 4 3 3	1 0 8 % +
b le No i ta ts ( *) ng n as se	7 4 9, 1 1 2	6 4 7, 2 7 9	1 0 1, 8 3 3	1 6 % +
Inv in ia ( **) tm ts te es en as so c s	5 5 0, 6 7 3	5 2 1, 3 5 9	2 9, 3 1 4	6 % +
O he f d ixe t ts r as se	7 7, 7 5 5	3 6 9 5, 1	2, 8 6 4 5	2 % 1 1 +
d F ixe ts as se	1, 4 9 7, 9 8 4	1, 2 6 1, 8 1 9	2 3 6, 1 6 5	1 9 % +
Op ing t t a ts er a c ur re n sse	1 0 0, 7 6 9	6 2, 1 5 9	3 8, 6 1 0	6 2 % +
( Op ing l ia b i l i ies ) t t t er a c ur re n	( 7 7, 7 0 5 )	( 5 9, 7 2 7 )	( 1 7, 9 7 7 )	3 0 % +
l b l ( Op ing ia i i ies ) t t t er a n on c ur re n	( 5 9, 5 9 4 )	( 4 8, 2 5 9 )	( 1 1, 3 3 5 )	2 3 % +
Ne k in i l t w ta or g ca p	( 3 6, 5 3 0 )	( 4 5, 8 2 8 )	9, 2 9 8	-2 0 %
l c l e loy d To i ta ta ap m p e	1, 4 6 1, 4 5 4	1, 2 1 5, 9 9 1	2 4 5, 4 6 3	2 0 % +
ha ho l de Gr i ty ou p s re rs eq u	9 0 0, 3 2 1	8 6 8, 5 4 4	3 6 8 1, 7	% 4 +
M ino i ies t r	6 8 4 1, 7	( 3 8 )	8 0 6 4 1,	0 9 0 6 3 % -1
ha ho l de S i ty re rs eq u	9 4 2, 0 7 9	8 6 8, 5 0 5	7 3, 5 7 4	8 % +
Ne f in ia l p i ion t t an c os	5 1 9, 3 7 4	3 4 7, 4 8 5	1 7 1, 8 8 9	4 9 % +
l s To ta ou rc es	1, 4 6 1, 4 5 4	1, 2 1 5, 9 9 1	2 4 5, 4 6 3	2 0 % +

(*) 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 463.4 mln (Euro 434.4 mln as of 31st December 2021); Hera Comm, Euro 54.0 mln (Euro 54.0 mln as of 31st December 2021); Acsm-Agam, Euro 24.9 mln (Euro 24.9 mln as of 31st December 2021); Cogeide, Euro 8.3 mln (Euro 8.1 mln as of 31st December 2021).

6

Companies consolidated with full consolidation method

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

New consolidation area

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

11

(*) Further details on page ¹² of the current presentation.

( T ho d o f Eu ) ( *) us an ro	9 M 2 0 2 2	9 M 2 0 2 1	hg C	hg C %
Ga d is i bu ion i f f r tr t ta s r ev en ue s	8 4, 4 9 4	8 1, 5 6 5	2, 9 2 8	+4 %
Ga d is i bu ion i f f r tr t ta s r ev en ue s	8 9 4, 4 4	8 6 1, 5 5	2, 9 2 8	% 4 +
( T ho d o f Eu ) us an ro	9 M 2 0 2 2	9 M 2 0 2 1	C hg	C hg %
he O t r r ev en ue s	3 4, 3 1 9	1 6, 9 7 7	1 7, 3 4 2	+1 0 2 %
he f r ls d s O ia ice t ts te r c os o aw m a r an er v s	( 5 0, 4 1 2 )	( 3 5, 4 6 8 )	( 1 4, 9 4 5 )	+4 2 %
Co f p l t o s er so nn e	( 8 3 ) 1 4, 4	( 3, 6 9 ) 1 1	( 2 ) 1, 1 5	+9 %
he O ing t t o t ts r n e p er a c os	( 3 0, 9 2 8 )	( 3 2, 1 1 1 )	1, 1 8 3	-4 %

Change of the consolidation area: - Euro 0.8 mln

Decrease of other net operating costs of equal consolidation area: ⁺ Euro 1.9 mln

of which:

• decrease of gas distribution concession fees: + Euro 0.3 mln;
• decrease of margin on energy efficiency tasks management: - Euro 0.4 mln;
• increase of costs for consultancy: - Euro 1.1 mln;
• increase of costs for gas and electricity users: - Euro 1.2 mln;
• increase of revenues toward the Estenergy Group and Amgas Blu due to the early termination of some service contracts: + Euro 6.5 mln;
• increase of provisions for risks: - Euro 0.5 mln;
• increase of non recurring costs: - Euro 1.5 mln;
• other variations: - Euro 0.2 mln.

(*) Economic data before elisions

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 accountingprinciple).

(*) Cash flow ⁼ net income ⁺ amortizations and depreciation; (**) Net investments in tangible and intangible assets; (***) Price paid: - Euro 110.1 mln; Net Financial Position acquired: - Euro 39.1 mln.

Net financial position and cash flow (2) 9M 2022 CONSOLIDATED RESULTS

( T ho d f Eu ) ( *) us an o ro	3 0 / 0 9 / 2 0 2 2	3 1 / 1 2 / 2 0 2 1	hg C	hg C %
Lo f ina ia l bo ing ( 1 2 hs ) te t ng rm nc rro w s > m on	2 4 4, 3 0 2	1 6 1, 4 8 8	8 2, 8 1 4	5 1 % +
Cu i io f lon f ina ia l bo ing t p t te g rre n os n o rm nc rro w s	7 6, 2 7 1	6 0, 6 3 1	1 5, 6 4 0	2 6 % +
Bo d loa n ns	9 4, 0 7 4	2 4, 1 8 1	6 9, 8 9 3	2 8 9 % +
S ho f ina ia l bo ing ( 1 2 hs ) t te t r rm nc rro s m on w <	1 0 3, 5 2 2	9 6, 4 6 2	7, 0 6 0	7 % +
To l f in ia l de b ta t an c	5 1 8, 1 6 9	3 4 2, 7 6 2	1 7 5, 4 0 7	5 1 % +
d bo F ixe ing te ra rro w s	2 6, 2 2 1 4	2 3 9 5, 1 1	8, 8 9 ( 1 5 )	-8 %
loa bo F ing ing t te ra rro w s	3 0 9 1, 4 5	0 6 3 1 7, 4	9 3 0 2 1 4,	8 % 1 1 +

9M 2022 average cost of debt: 0.86% (vs 12M 2021 rate: 0.46%)

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

Companies consolidated with full consolidation method

• Estenergy
• →Financial highlights

Income statement (*) Balance sheet (*)

( T ho d f Eu ) us an o ro	9 M 2 0 2 2	9 M 2 0 2 1
Re ve nu es	5 3 1, 3 0 9	2 7 9, 8 6 6
ha fo he ls ( Pu ia ) ts t te rc se co s r o r r aw m a r	( 4 4 5, 9 6 4 )	( 1 4 7, 0 1 4 )
fo ( Co ice ) ts s r s er v s	( 5 2, 3 0 0 )	( 9 8, 8 5 2 )
( Co fo l ) ts s r p er so nn e	( 5, 6 2 2 )	( 5, 7 1 9 )
( O he ) t t c ts ag r m an em en os	( 4 7 0 )	( 4 5 1 )
A E B I T D	2 6, 9 2 5	2 8 3 0 7,
( De ia ion d a iza ion ) ( is ion ) t t t p re c s a n mo r s + p rov s	( 1 2, 3 0 0 )	( 1 2, 9 6 8 )
E B I T	6 2 1 4, 5	8 6 2 1 4,
F ina ia l inc / ( ) nc om e ex p en se s	6 2 7	5 6 4
E B T	1 5, 2 7 9	6 1 5, 4 2
( Inc ) ta om e xe s	( 4, 4 1 9 )	( 4, 2 7 3 )
Ne in t co me	1 0, 8 6 1	1 1, 1 5 3

( T ho d f Eu ) us an o ro	3 0 / 0 9 / 2 0 2 2	3 1 / 1 2 / 2 0 2 1
Ta i b le ts ng as se	2, 0 2 1	2, 2 6 8
i b le No ta ts n ng as se	3 0 6, 4 8 9	3 1 1, 3 0 0
Inv in ia tm ts te es en as so c s	8, 3 8 6	8, 5 4 0
O he f ixe d a t ts r sse	( 5, 8 5 7 )	1 1 7
d F ixe ts as se	3 1 1, 0 4 0	3 2 2, 2 2 5
Op ing t t a ts er a cu rre n sse	2 2 0, 7 1 8	1 7 6, 0 2 8
( Op ing l ia b i l i ies ) t t t er a cu rre n	( 1 4 6, 7 6 0 )	( 1 7 1, 8 8 9 )
( Op ing l ia b i l i ies ) t t t er a n on cu rre n	( 3 9, 3 3 7 )	( 2 5, 9 1 2 )
k l Ne ing i t w ta or c ap	3 6 2 2 4,	( 2 ) 1, 7 7 4
l c l e loy d To i ta ta ap mp e	3 4 5, 6 6 1	3 0 0, 4 5 1
S ha ho l de i ty re rs eq u	3 8 1, 2 7 5	3 5 1, 9 5 1
f ina ia l p i ion Ne t t nc os	( 3 6 ) 5, 1 4	( 0 0 ) 5 1, 5
l s To ta ou rc es	3 4 5, 6 6 1	3 0 0, 4 5 1

(*) Pro-rata amounts, i.e. proportional to the Ascopiave's capital stake in Estenergy (48%).

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 forwardlooking statements and in this respect they involve some risks and uncertainties. ^Anumber of important factors could cause actual results to differ materially fromthose 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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