Ascopiave

Investor Presentation • Mar 11, 2022

G r u p p o A s c o p i a v e FY 2021 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 11th March 2022

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 17
Dividend ……………………………………………….……………………………….…………………………………………………………………………………………………………	Pag. 19
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 21

• → Ascopiave Group structure as of 31st December 2021
• → 12M 2021 consolidated income statement
• → Consolidated balance sheet as of 31st December 2021

Companies consolidated with full consolidation method

Estenergy

Dividend

Ascopiave Group structure as of 31st December 2021 FY 2021 CONSOLIDATED RESULTS

Financial highlights

FY 2021 CONSOLIDATED RESULTS

(Thousand of Euro)	12M 2021	12M 2020	Chg	Chg %
Revenues	134.911	163.896	(28.985)	-18%
(Purchase costs for other raw materials)	(2.063)	(1.782)	(281)	+16%
(Costs for services)	(38.728)	(36.776)	(1.952)	+5%
(Costs for personnel)	(17.017)	(17.132)	115	-1%
(Other management costs)	(11.293)	(44.511)	33.218	-75%
Other income	571	109	462	+422%
EBITDA	66.382	63.805	2.577	+4%
(Amortizations and depreciation)	(32.509)	(34.465)	1.956	-6%
(Provisions)	(34)	(189)	155	-82%
EBIT	33.838	29.151	4.688	+16%
Financial income / (expenses)	1.532	1.847	(314)	-17%
(*) Evaluation of companies with net equity method	19.892	18.310	1.582	+9%
EBT	55.263	49.308	5.955	+12%
(Income taxes)	(9.937)	9.394	(19.330)	-206%
Net income	45.326	58.701	(13.375)	-23%

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 19,5 mln (Euro 18,3 mln in 12M 2020); Cogeide, Euro 0,4 mln (Euro 0,0 mln in 12M 2020).

Financial highlights

Consolidated balance sheet as of 31st December 2021 FY 2021 CONSOLIDATED RESULTS

(Thousand of Euro)	31/12/2021	31/12/2020	Chg	Chg %
(*) Tangible assets	58.012	33.443	24.569	+73%
(*) Non tangible assets	647.279	626.685	20.594	+3%
(**) Investments in associates	521.359	515.729	5.629	+1%
Other fixed assets	35.169	34.276	893	+3%
Fixed assets	1.261.819	1.210.134	51.685	+4%
Operating current assets	62.159	128.046	(65.887)	-51%
(Operating liabilities) current	(59.727)	(98.759)	39.031	-40%
(Operating liabilities) non current	(48.259)	(47.071)	(1.188)	+3%
Net working capital	(45.828)	(17.784)	(28.044)	+158%
Total capital employed	1.215.991	1.192.350	23.641	+2%
Shareholders equity	868.505	853.903	14.602	+2%
financial Net position	347.485	338.447	9.039	+3%
Total sources	1.215.991	1.192.350	23.641	+2%

(*) 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 434,4 mln (Euro 429,0 mln as of 31st December 2020); Hera Comm, Euro 54,0 mln (Euro 54,0 mln as of 31st December 2020); Acsm-Agam, Euro 24,9 mln (Euro 24,9 mln as of 31st December 2020); Cogeide, Euro 8,1 mln (Euro 7,8 mln as of 31st December 2020).

Financial highlights

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

Dividend

Number of gas distribution users

Volumes of gas distributed

(Million of standard cubic meters)

(*) 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 11 of the current presentation.

Gas distribution tariff revenues and other net operating costs FY 2021 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	12M 2021	12M 2020	Chg	Chg %
Gas distribution tariff revenues	108.852	109.108	(256)	-0%
Gas distribution tariff revenues	108.852	109.108	(256)	-0%
(Thousand of Euro)	12M 2021	12M 2020	Chg	Chg %
Other revenues	24.532	53.264	(28.732)	-54%
Other of raw materials and services costs	(49.986)	(81.436)	31.449	-39%
Cost of personnel	(17.017)	(17.132)	115	-1%
Other operating net costs	(42.471)	(45.303)	2.832	-6%

Decrease of other net operating costs: + Euro 2,8 mln

of which:

• decrease of cost of personnel: + Euro 0,1 mln;
• increase of margin on energy efficiency tasks management: + Euro 2,1 mln;
• increase of gas distribution concession fees: - Euro 0,8 mln;
• decrease of CSEA contributions for security incentives: - Euro 0,8 mln;
• increase of costs for consultancy: - Euro 0,5 mln;
• decrease of provisions for risks: + Euro 0,8 mln;
• decrease of non recurring costs: + Euro 1,8 mln;
• other variations: + Euro 0,1 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 accounting principle).

(*) Cash flow = net income + amortizations and depreciation; (**) Net investments in tangible and intangible assets; (***) Purchase of own shares: + Euro 0,0 mln; dividends distributed to Ascopiave shareholders: - Euro 34,7 mln; (****) Price paid: - Euro 14,4 mln; Net Financial Position acquired: - Euro 10,3 mln.

Net financial position and cash flow (2) FY 2021 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/12/2021	31/12/2020	Chg	Chg %
financial borrowings (>12 months) Long term	161.488	195.999	(34.511)	-18%
Current of long financial borrowings position term	60.631	40.024	20.607	+51%
Bond loans	25.000	-	25.000	n.a.
Short financial borrowings (<12 months) term	96.462	104.023	(7.561)	-7%
Total financial debt	343.581	340.046	3.535	+1%
Fixed borrowings rate	235.119	219.273	15.846	+7%
Floating borrowings rate	108.462	120.773	(12.311)	-10%

12M 2021 average cost of debt: 0,46% (vs 12M 2020 rate: 0,34%)

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

Companies consolidated with full consolidation method

Estenergy

→ Financial highlights

Dividend

Disclaimer

Estenergy

Income statement (*) Balance sheet (*)

(Thousand of Euro)	12M 2021	12M 2020
Revenues	459.393	363.109
(Purchase for other raw materials) costs	(274.676)	(178.821)
(Costs for services)	(133.759)	(136.770)
(Costs for personnel)	(7.622)	(7.578)
(Other costs) management	(628)	(877)
EBITDA	42.708	39.062
(Depreciations and amortizations) + (provisions)	(17.089)	(14.019)
EBIT	25.619	25.043
Financial income / (expenses)	828	(167)
EBT	26.446	24.877
(Income taxes)	(6.693)	(5.639)
Net income	19.753	19.237

(Thousand of Euro)		31/12/2021	31/12/2020
	Tangible assets Non tangible assets Investments in associates Other fixed assets Fixed assets Operating current assets liabilities) (Operating current (Operating liabilities) non current Net working capital Total capital employed Shareholders equity financial Net position Total sources	2.268	1.812
		311.300	314.141
		8.540	8.424
		117	1.683
		322.225	326.061
		176.028	139.482
		(171.889)	(93.126) (51.913)
		(25.912)
		(21.774)	(5.557)
		300.451	320.504
		351.951	348.864
		(51.500)	(28.360)
		300.451	320.504

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

Estenergy

Companies consolidated with full consolidation method

Estenergy

Dividend

→ Dividend proposal

20

	2021	2020	2019	2018	2017	2016	2015	2014
	(Proposal)
(*) Dividends paid (Thousand of Euro)	35.757	34.663	47.770	75.334	40.016	40.016	33.347	33.332
Group Net Income (Thousand of Euro)	45.326	58.701	493.216	44.625	47.135	53.635	43.014	35.583
ratio Payout	79%	59%	10%	169%	85%	75%	78%	94%
Dividends per share (Euro)	0,165	0,160	0,2133	0,3383	0,180	0,180	0,150	0,150

(*) Dividends to be paid estimated on the base of the outstanding shares at the end of the financial year.

Dividend

Companies consolidated with full consolidation method

Estenergy

Dividend

• ❑ 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.