Ascopiave

Investor Presentation • Nov 11, 2021

G r u p p o A s c o p i a v e 9M 2021 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 12th November 2021

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

• Ascopiave Group structure as of 30th September 2021
• 9M 2021 consolidated income statement
• Consolidated balance sheet as of 30th September 2021

Companies consolidated with full consolidation method

Estenergy

9M 2021 consolidated	income statement				9M 2021 CONSOLIDATED RESULTS
	(Thousand of Euro)	9M 2021	9M 2020	Chg	Chg %
	Revenues	99.686	129.347	(29.661)	-23%
	(Purchase costs for other raw materials)	(1.195)	(1.313)	118	-9%
	(Costs for services) (Costs for personnel)	(28.508) (13.619)	(27.585) (13.748)	(923) 129	+3% -1%
	(Other management costs)	(7.436)	(41.622)	34.186	-82%
	Other income	527	39	488	+1250%
	EBITDA	49.455	45.118	4.337	+10%
	(Amortizations and depreciation)	(26.539)	(25.105)	(1.435)	+6%
	EBIT	22.916	20.014	2.902	+14%
	Financial income / (expenses) Evaluation of companies with net equity method (*)	2.048 10.482	2.298 11.250	(250) (768)	-11% -7%
	EBT (Income taxes)	35.445 (5.747)	33.562 (4.756)	1.884 (991)	+6% +21%
	Net income	29.698	28.805	893	+3%

Consolidated balance sheet as of 30th September 2021 9M 2021 CONSOLIDATED RESULTS

Consolidated balance sheet as of 30th September 2021				9M 2021 CONSOLIDATED RESULTS
(Thousand of Euro)	30/09/2021	31/12/2020	Chg	Chg %
() Tangible assets Non tangible assets () (**) Investments in associates Other fixed assets	34.036 634.295 511.022 34.396	33.443 626.685 515.729 34.276	593 7.610 (4.707) 119	+2% +1% -1% +0%
Fixed assets	1.213.748	1.210.134	3.615	+0%
Operating current assets (Operating current liabilities) (Operating non current liabilities)	86.841 (68.046) (46.955)	128.046 (98.759) (47.071)	(41.205) 30.712 116	-32% -31% -0%
Net working capital	(28.160)	(17.784)	(10.376)	+58%
Total capital employed	1.185.588	1.192.350	(6.761)	-1%
Shareholders equity	851.589	853.903	(2.314)	-0%
Net financial position	333.999	338.447	(4.447)	-1%
Total sources	1.185.588	1.192.350	(6.761)	-1%

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

Number of gas distribution users

Volumes of gas distributed

(Million of standard cubic meters)

(Thousand of Euro) (*)	9M 2021	9M 2020	Chg	Chg %
Gas distribution tariff revenues	81.565	81.555	11	+0%
Gas distribution tariff revenues	81.565	81.555	11	+0%
(Thousand of Euro)	9M 2021	9M 2020	Chg	Chg %
Other revenues	16.977	46.676	(29.699)	-64%
Other costs of raw materials and services Cost of personnel	(35.468) (13.619)	(69.364) (13.748)	33.897 129	-49% -1%
			4.326

• decrease of cost of personnel: + Euro 0,1 mln;
• (*) Economic data before elisions increase of margin on energy efficiency tasks management: + Euro 2,1 mln;
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  • increase of margin on distributor services: + Euro 0,7 mln;
  • other variations: + Euro 0,8 mln.

Personnel (1) 9M 2021 CONSOLIDATED RESULTS

Companies consolidated with full consolidation method

principle).

Companies consolidated with full consolidation method

Net financial position and cash flow (2)				9M 2021 CONSOLIDATED RESULTS
(Thousand of Euro) (*)	30/09/2021	31/12/2020	Chg	Chg %
Long term financial borrowings (>12 months)	164.474	195.999	(31.525)	-16%
Current position of long term financial borrowings	43.386	40.024	3.362	+8%
Short term financial borrowings (<12 months)	126.920	104.023	22.897	+22%
Total financial debt	334.780	340.046	(5.266)	-2%
Fixed rate borrowings	195.860	219.273	(23.413)	-11%

9M 2021 average cost of debt: 0,27% (vs 12M 2020 rate: 0,34%)

Companies consolidated with full consolidation method

• Estenergy
• Financial highlights

(Thousand of Euro)	9M 2021	9M 2020
Revenues	279.866	249.910
(Purchase costs for other raw materials) (Costs for services)	(147.014) (98.852)	(124.887) (94.583)
(Costs for personnel) (Other management costs)	(5.719) (451)	(5.509) (415)
EBITDA	27.830	24.516
(Depreciations and amortizations) + (provisions)	(12.968)	(10.099)
EBIT	14.862	14.417
Financial income / (expenses)	564	594
EBT	15.426	15.011
(Income taxes)	(4.273)	(2.960)
Net income	11.153	12.050

Financial highlights			9M 2021 CONSOLIDATED RESULTS
Income statement (*)			Balance sheet (*)
(Thousand of Euro)	9M 2021	9M 2020	(Thousand of Euro)	30/09/2021	31/12/2020
Revenues	279.866	249.910	Tangible assets Non tangible assets	1.571 313.310	1.812 314.141
(Purchase costs for other raw materials) (Costs for services)	(147.014) (98.852)	(124.887) (94.583)	Investments in associates Other fixed assets	8.299 166	8.424 1.683
(Costs for personnel) (Other management costs)	(5.719) (451)	(5.509) (415)	Fixed assets	323.346	326.061
EBITDA (Depreciations and amortizations) + (provisions)	27.830 (12.968)	24.516 (10.099)	Operating current assets (Operating current liabilities) (Operating non current liabilities)	97.565 (103.821) (26.406)	139.482 (93.126) (51.913)
EBIT	14.862	14.417	Net working capital	(32.662)	(5.557)
Financial income / (expenses)	564	594	Total capital employed	290.684	320.504
EBT (Income taxes)	15.426 (4.273)	15.011 (2.960)	Shareholders equity	341.769	348.864
Net income	11.153	12.050	Net financial position	(51.085)	(28.360)

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.

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