Ascopiave

Investor Presentation • Mar 25, 2025

A s c o p i a v e G r o u p STAR CONFERENCE Milan, 26th March 2025

Summary

•	Business overview	Pag. 3
•	Dividend policy and Group strategic guidelines	Pag. 11
•	Ascopiave gas distribution business	Pag. 14
•	Estenergy	Pag. 22
•	Cogeide	Pag. 26
•	Renewable energies	Pag. 28
•	Sustainability goals	Pag. 30
•	Strategy	Pag. 34
•	Annex: gas distribution: sector overview	Pag. 57
•	Annex: the energy transition	Pag. 66
•	Annexes: Ascopiave financial data	Pag. 73
•	Disclaimer	Pag. 92

Ascopiave Group – STAR Conference – 26 2

th March 2025

Business overview

• Group business activities	Pag. 4
• Ascopiave shareholders	Pag. 6
• Group structure as of 31st December 2024	Pag. 7
• Main financial data	Pag. 8
• Financial debt	Pag. 10

Ascopiave Group – STAR Conference – 26 3

th March 2025

Ascopiave is a leading operator in the Italian natural gas distribution sector. The Group also holds valuable assets in other business activities: renewable energy production, power and energy retail, energy services and water management services.

CORE BUSINESSES

Gas distribution

Operation, maintenance and development of local pipelines, connecting the transport national pipelines to the end consumers.

Activity carried out by the companies on the basis of concessions awarded by municipalities. Regulation provided both by the local municipalities and by the Italian Regulatory Authority for Energy, Networks and Environment (ARERA).

The subsidiaries Asco Power operate in the renewable energy field through 29 hydroelectric and wind power stations (84.1 MW).

OTHER BUSINESS ACTIVITIES

Gas and power retail

Supply of gas and power to the end customers (free market).

Activity carried out by associated companies (minority stakes): EstEnergy (25%), Hera Comm (3%).

In 2025, the stake in EstEnergy will be sold to the Hera Group (exercise of the PUT option).

Energy services

District heating and energy efficiency services.

Activity carried out by the controlled company Asco Power.

The subsidiary Cart Acqua is shareholders and technological partner of Cogeide, company active in the integrated urban water management services.

Ascopiave is listed on the STAR segment of Borsa Italiana's equity market. The company complies with strict requirements concerning transparency, disclosure, liquidity and corporate governance, in line with international standards.

Increased voting right in general shareholders meeting pursuant to Art. 127-quinquies, paragraph 1, of the TUF (i.e. the main italian law governing the financial sector): two votes for each share held for a 24-month uninterrupted period.

Ascopiave Shareholders as of 31st December 2024 (*)

Asco Holding S.p.A. directly controls the capital of Ascopiave S.p.A. (capital stake: 51.900%). Asco Holding S.p.A. is owned by 77 municipalities mainly located in the province of Treviso (public shareholders) and 9 private company.

-

(*) Internal processing based on information received from Ascopiave S.p.A.

Ascopiave Group – STAR Conference – 26 7 th March 2025

CONSOLIDATED BALANCE SHEET ACCORDING TO IFRS (*)

BALANCE SHEET	31/12/2024	31/12/2023
Tangible assets	161 897 ,	156 475 ,
Intangible assets	787 419 ,	766 353 ,
Investments in associates	105 472 ,	308 331 ,
Other fixed assets	44 219 ,	42 780 ,
working capital Net	(56 007) ,	(30 432) ,
Net invested capital held for sale assets	202 389 ,	138
TOTAL CAPITAL EMPLOYED	245 389 1 , ,	243 645 1 , ,
Shareholders equity	857 788 ,	854 282 ,
financial position Net	387 602 ,	389 363 ,
Financial leverage	0 45	0 46
Capital mainly invested in the renewable energy business and in and gas retail business	gas distribution associates	business, in active in the power
Solid financial structure

Capital mainly invested in the gas distribution business, in the renewable energy business and in associates active in the power and gas retail business

INTANGIBLE ASSETS	31/12/2024
Goodwill	61 727 ,
Assets under concession	710 473 ,
Other intangible assets	15 219 ,
Intangible assets	787 419 ,

INVESTMENTS IN ASSOCIATES	31/12/2024
Hera Comm	53 331 ,
Other	52
participations	141
(**)	,
Investments	105
in	472
associates	,

NET INVESTED CAPITAL ASSETS HELD FOR SALE	31/12/2024
Estenergy	202 389 ,
invested capital Net held for sale assets	202 389 ,

Solid financial structure

(*) Thousands of Euros; (**) Other participations: Acantho (Euro 22.3 mln), Acinque (Euro 21.6 mln) and Cogeide (Euro 8.2 mln).

Ascopiave Group – STAR Conference – 26 8 th March 2025

CONSOLIDATED INCOME STATEMENT ACCORDING TO IFRS (*)

INCOME STATEMENT	2024	2023
Revenues	204 958 ,	180 794 ,
EBITDA	103 424 ,	94 526 ,
EBITDA margin (%)	50 5%	52 3%
EBIT	51 642 ,	45 990 ,
EBIT margin (%)	25 2%	25 4%
financial Net income	(2 314) ,	(4 365) ,
Income taxes	(12 828) ,	(5 005) ,
from Net income discontinued operations	0	56
income Net	36 500 ,	36 677 ,

NET FINANCIAL INCOME	2024
Estenergy Group and Cogeide	7 892 ,
Dividends	4 251 ,
Net financial charges	(14 457) ,
financial Net income	(2 314) ,

Operating results referred mainly to the regulated gas distribution business and renewable energy business

(*) Thousands of Euros.

Financial debt

(*)	2024	2023	Chg	Chg %
Long financial borrowings term Current position of long financial borrowings term Long bond loans term Current position of bond loans Short financial borrowings term	229 824 , 56 688 , 78 805 , 7 606 , 10 817 ,	204 064 , 80 642 , 86 347 , 7 708 , 7 917 ,	25 760 , (23 954) , (7 542) , (102) 2 900 ,	12 6% -29 7% -8 7% -1 3% 36 6%
Total	383	386	(2	-0
financial	740	678	938)	8%
debt	,	,	,
Fixed	157	221	(64	-28
borrowings	954	994	040)	8%
rate	,	,	,
Floating	225	164	61	37
borrowings	786	684	102	1%
rate	,	,	,

Short term credit lines available (31.12.2024): Euro 88,9 mln

FY 2024 average cost of debt: 3.39% (vs FY 2023 rate: 2.57%)

(*) Thousands of Euros; (**) Contractual deadlines distributed by year

Ascopiave Group – STAR Conference – 26 10 th March 2025

Dividend policy and Group strategic guidelines

Ascopiave Group – STAR Conference – 26 11 th March 2025

• Dividend policy Pag. 12

Dividend policy (1/2)

Dividend payment sustainable with high return to shareholders

Sustainability of the dividend policy:

• stable cash flow
• stable business profitability
• well-balanced financial structure

Dividend yield at the top of the listed italian utility companies

DIVIDEND	2023	2022	2021	2020	2019	2018	2017	2016	2015
Dividend (Thousand of Euro)	30 339 ,	28 172 ,	35 757 ,	34 663 ,	47 442 ,	75 163 ,	40 016 ,	40 016 ,	33 347 ,
Group Net Income (Thousand of Euro)	36 176 ,	32 665 ,	45 326 ,	58 701 ,	493 216 ,	44 625 ,	47 135 ,	53 635 ,	43 014 ,
Payout ratio	84%	86%	79%	59%	10%	168%	85%	75%	78%
Dividend per share (Euro)	0 1400	0 1300	0 1650	0 1600	0 2133	0 3383	0 1800	0 1800	0 1500
DIVIDEND	2014	2013	2012	2011	2010	2009	2008	2007	2006
Dividend (Thousand of Euro)	33 332 ,	26 666 ,	24 484 ,	0	22 557 ,	20 349 ,	19 442 ,	19 890 ,	19 833 ,
Group (Thousand of Net Income Euro)	35 583 ,	38 678 ,	27 865 ,	6 266 ,	31 174 ,	25 288 ,	18 452 ,	21 764 ,	16 381 ,
Payout ratio	94%	69%	88%	0%	72%	80%	105%	91%	121%
Dividend per share (Euro)	0 1500	0 1200	0 1100	0 0000	0 1000	0 0900	0 0850	0 0850	0 0850

TOTAL DIVIDENDS DISTRIBUTED FROM STOCK EXCHANGE LISTING TO DATE Euro 551.5 mln

2025-2028 expected dividend distribution

2025-2028 PROSPECTS

An attractive and sustainable dividend distribution is expected for the 2025-2028 period.

Dividend growing from 15.0 Eurocents per share in 2024 to 19.0 Eurocents per share in 2028 (+26.7%)

(*) Dividend to be approved and distributed during 2029 with reference to the year 2028.

Ascopiave gas distribution business

• Market positioning	Pag. 15
• Stability of the economic results and low risk profile	Pag. 17
• Acquisition of the gas distribution assets from A2A Group	Pag. 18
• Market positioning after A2A gas distribution's assets acquisition	Pag. 21

Ascopiave Group – STAR Conference – 26 14 th March 2025

The gas distribution is carried out by subsidiary companies controlled by Ascopiave

Ascopiave Gas Distribution Business 2024 key figures

No. of managed concessions	301
Length of the gas distribution network (km)	14,719
No. of Users (PDR)	871,410
Volume of gas distributed (scm/mln)	1,456
RAB (Euro/mln)	834

Ascopiave Group current distribution activities

The operated networks are located in Northern Italy (73% of the gas end users in Veneto, 17% in Lombardy, 5% in Friuli Venezia Giulia and 5% in other regions)

Ascopiave Group has been among the protagonist of the consolidation of the sector Since 2000 Ascopiave has completed 13 company acquisitions

Currently 5 th largest national operator in the sector and regional leader in Veneto

	Group	Users (*)	%	Network (km) (*)	%
1	Italgas	231 922 7 , ,	33%	72 528 ,	27%
2	2i Rete Gas	4 860 123 , ,	22%	71 909 ,	27%
3	A2A	1 817 381 , ,	8%	13 448 ,	5%
4	Hera	425 495 1 , ,	7%	963 17 ,	7%
5	Ascopiave	874 377 ,	4%	14 727 ,	5%
6	Iren	712 780 ,	3%	7 926 ,	3%
7	Estra	657 490 ,	3%	9 095 ,	3%
8	Erogasmet	277 898 ,	1%	3 856 ,	1%
	Others	4 032 534 , ,	18%	59 458 ,	22%
	Total	21 890 000 , ,	100%	270 910 ,	100%

Ascopiave Group – STAR Conference – 26 16 th March 2025

Gas distribution is a regulated business, characterised by a stable profitabilty and low risk profile

YEAR	EBITDA (Euro/mln)	EBITDA/user (Euro)	Investments (Euro/mln)
2024	92.0	106	61.8
2023	75.9	87	61.6
2022	64.9	75	58.0
2021	70.2	90	50.3
2020	69.8	90	41.9
2019	48.3	82	31.4
2018	48.6	99	27.8
2017	47.8	102	22.5
2016	35.0	88	19.7
2015	35.8	90	20.7

• Increase in EBITDA supported by the growth in the customer base served over the years
• Increase of economic results (EBITDA/end user) and cash flows guaranteed by the stability of regulation
• Ascopiave achieves excellent profitability on operational management

Recovery of the capital invested at the expiry of concessions (compensation to be cashed from the newcoming operators in case of exit)

In December 2024, Ascopiave signed a preliminary purchase agreement to acquire a significant compendium of gas distribution assets from A2A Group.

Deal's timeline

The growth of the core business of gas distribution outlined in the plan has its concrete premises in the transaction that will be finalized during 2025 with the A2A Group for the acquisition of 100% of the shares of a corporate vehicle (Newco A2A Assets) that will hold, at closing, a going concern comprising a portfolio of assets in the Lombardy region.

The preliminary purchase agreement (signing) was signed in December 2024 and the closing is expected in July 2025.

Transaction's purpose

The deal will allow Ascopiave to significantly increase its user base (+56%) and strengthen its territorial presence in Northern Italy, becoming the 2nd/ 3rd operator at national level(*) .

(*) The ranking takes into account the Italgas/2iReteGas acquisition; (**) 2024 actual data

The transaction will be primarily financed through the divestment of the minority interest in EstEnergy and, for the remaining part, through bank financing

(*) Enterprise Value at Closing = Price base (Euro 430 mln) + price adjustment estimated by Ascopiave (Euro 30 mln); (**) Centralized RAB is included (A2A assets: Euro 22 mln; Total: Euro 62 mln); (***) 2024 actual data

Acquisition of the gas distribution assets from A2A Group (3/3)

The acquisition of the gas distribution assets from the A2A Group will allow the Group to strenghten its territorial presence in the Lombardy region

Main territorial areas of current presence of the Ascopiave Group: the provinces of Treviso, Padua, Rovigo, Vicenza, Udine, and Bergamo. Minor presence in other provinces of Lombardy, Piedmont, and Emilia-Romagna

Main territorial areas of new presence following the acquisition of A2A's assets: the provinces of Brescia, Bergamo, Cremona, Pavia, and Lodi

Regional distribution of Ascopiave's users after the acquisition of A2A(*) assets

(*) Ascopiave elaboration on MISE 12.31.2012 data and other sector sources

Gas distribution concession must be awarded through public tenders.

The future tenders must be called to assign concessions for the management of the service in wide geographical areas, grouping neighbouring municipalities (ATEM).

Municipalities belonging to a single ATEM must appoint a local entity to act as unique contracting authority.

Ascopiave's positioning inside the ATEMs

Ascopiave is currently the main operator in 10 ATEM with more than 50% market share in terms of end users served. The current end users in these ATEM amount to over 66% of the total end users served by the Group

Ascopiave has also a significant market share in other ATEM located in Veneto, Lombardy and Friuli Venezia Giulia

ATEM	Gas users(*)	%	Market share(**)
Padova 1	166 957 ,	12%	77%
Brescia 3	162 741 ,	12%	84%
Treviso 2	149 024 ,	11%	93%
3 Vicenza	87 655 ,	6%	85%
Bergamo 4	81 250 ,	6%	69%
Treviso 1	79 488 ,	6%	58%
2 Venezia	69 033 ,	5%	34%
Pavia 2	58 665 ,	4%	93%
Cremona 3	51 203 ,	4%	80%
Brescia 4	36 011 ,	3%	27%
Rovigo	35 382 ,	3%	36%
Udine 3	35 041 ,	3%	58%
Bergamo 5	32 730 ,	2%	34%
Bergamo 1	31 201 ,	2%	41%
Cremona 2	29 554 ,	2%	57%
Vicenza 4	29 381 ,	2%	45%
Other ATEM	234 185 ,	17%	n.a.
Total	369 501 1 , ,	100%

(*) 2023 data (source: Ascopiave); (**) Ascopiave processing on MISE data

• The strategic repositioning of Ascopiave finalized on December 2019

Ascopiave Group – STAR Conference – 26 22 th March 2025

• Put option of Ascopiave on Estenergy shares

Pag. 23 Pag. 24

On 19th December 2019 Ascopiave and Hera finalized a complex operation

The two parties established a partnership in the energy sales business through the company Estenergy.

Estenergy acquired:

• the shareholdings held by the Ascopiave Group in the companies active in the natural gas and electricity sale business (except for Amgas Blu)
• the sales activities operated by the Hera Group in Triveneto

The purchase by Ascopiave from the Hera Group of a series of gas distribution concessions covering 188.000 users in Veneto and Friuli Venezia Giulia.

Primary strategic goals matched by Ascopiave

Reinforcing the gas distribution core business, consolidating the leadership position in the Veneto Region

Giving greater value to the sales activities, through the partnership with a valid player in the market

On 19th December 2019

Put Option of Ascopiave on Estenergy shares 2022-2023

Put option of Ascopiave exercisable:

• in all or in part, by the latter on its entire stake in Estenergy, within 7 years from the closing of the transaction
• at a price (strike price) that will be the highest of:
  • 1. Fair Market Value, calculated on the basis of an evaluation method agreed between the parties
  • 1. Purchase price at the entry, plus an annual return equal to 4%, minus all the distributed dividends from the closing date until the date of the exercise
  • 1. Purchase price at entry

In December 2022 and in November 2023, Ascopiave partially exercised its put on its stake in Estenergy, transferring an 23% share of the company's capital to the Hera Group, collecting Euro 216.7 mln

On 6th March 2025

Defined

Put Option of Ascopiave on Estenergy shares 2024, that will be exercised in 2025

As previously mentioned, the acquisition of assets from the A2A Group will be partially financed by the divestment in EstEnergy

• Put option exercise announced in December 2024;
• strike price 1 235m€ • Transfer of shares and collection of the price: 2025;
  • Expected dividend collection approved with the 2024 financial statement,

Reinvestment of the proceeds from the sale to finance part of the acquisition of the gas distribution assets from the A2A Group

Cogeide

December 2020 - Entry into the water management service through the acquisition of Cart Acqua, investor and technological partner of Cogeide, manager of the integrated water service in 15 municipalities in the Province of Bergamo

Ascopiave Group – STAR Conference – 26 27 th March 2025

Ascopiave Group – STAR Conference – 26 28 th March 2025

• Renewable energies Pag. 29

• December 2021 Entry into the field of renewable energy production through the acquisition from EVA Group of 6 hydroelectric plants located in Lombardy and Piedmont.
• January 2022 Acquisition of the 79.74% stake in Eusebio Energia S.r.l. (now Asco Power S.p.A.), owner of a portfolio of 21 hydroelectric plants in Lombardy and Veneto and 1 wind farm in Campania.
• January 2022 Establishment of a partnership with the Renco Group to develop new power generation plants from renewable sources through the acquisition of the 60% stake in Salinella Eolico S.r.l. (now Asco Wind & Solar S.r.l.). At the end of 2023, Ascopiave acquired the entire capital of the company.
• January 2024 Entry in of the wind farm in Calabria built by Salinella Eolico S.r.l (now Asco Wind & Solar S.r.l.) with operationa nominal capacity of 21.6 MW.

Renewable energies key figures	2024
Number of plants in operation	29
Installed capacity (MW)	84.1
Energy produced (GWh) of which about 39 GWh incentivized	218
EBITDA (Euro/mln)	18.8

Sustainability goals

• Sustainability of Ascopiave
• Environmental sustainability

Ascopiave Group – STAR Conference – 26 30 th March 2025

• Social sustainability

Pag. 31
Pag. 32
Pag. 33

Ascopiave Group initiatives aim to combine sustainability and industrial growth, focusing on the optimisation of ESG objectives with a view to creating value for all stakeholders

The Ascopiave Group is actively committed to environmental protection through the identification, management, control and reduction of its own environmental impacts, through actions aimed at reducing CO2 emission, producing clean energy, saving energy and also through initiatives for the reduction of plastic and paper consumption at corporate offices.

Ascopiave supports the improvement of social quality standards through initiatives and policies that promote social values in compliance with the principles of non-discrimination and equal opportunities within its organization, the importance of sustainable development, and cooperation with the local community, with an awareness of social responsibility towards its stakeholders.

Ascopiave, as a listed company, is aligned with sector best practices in the composition of its Board of Directors and Board of Statutory Auditors, complying, for example, with the regulations on gender equality. Documents such as the Articles of Association, the Code of Ethics, the Remuneration Policy, and the Management and Coordination Guidelines provide sustainable success as a key principle.

Sustainable Finance

ESG linked loan: credit lines with rate linked to the achievement of specific targets of some ESG indicators.

• 2023: loan with Intesa Sanpaolo S.p.A. for a total amount of 100m€, of which 80m€ term loan with 5-year term and 20m€ RCF with 3-years term, with rate indexed to ESG parameters.
• 2024: loan with Crédit Agricole Italia S.p.A. for a total amount of 30 m€ with a 5-year term and with rate indexed to ESG parameters.
• 2024: loan with UniCredit S.p.A. for a total amount of 100m€ with a term of 5 years and with rate indexed to ESG parameters.
• 2024: loan with Mediobanca S.p.A. for a total amount of 50m€ with a term of 5 years and with rate indexed to ESG parameters.

The Ascopiave Group has always paid great attention and commitment to environmental issues, with the aim of minimizing the impact of its activities

Energy from renewable sources: Ascopiave has entered the renewable energy generation business, investing in the hydroelectric (27 plants for an installed capacity of 48.5MW) and wind power (2 farms for an installed capacity of 35.6MW). At the company headquarters there is a 380 kW photovoltaic plant and a geothermal plant that guarantee a significant reduction in pollution and consumption.

Reduction of CO2 and CH4 emissions: we have long been implementing the best technologies for constant consumption monitoring and implementing sustainable behaviors. This includes also the adoption of a technology, called Picarro Surveyor, which represents one of the most innovative systems for preventive pipeline monitoring and gas leakage detection, based on the CRDS technology.

TEE management: through its subsidiary Asco Power (ESCo certified), Ascopiave manages the procurement of the Group's energy efficiency certificates in the most effective way.

Extent of corporate green space: the main headquarters is equipped with multiple green spaces covering a total area of approximately 28,000 sq.m., featuring a smart irrigation system not connected to the water service network. The green space per employee ratio is over 164 sq.m.

Canteen Service: the Ascopiave Group demonstrates its commitment to the environment daily through its canteen service, contributing to the promotion of a culture based on the value of food, the reduction of food waste, and proper nutrition, favouring supply chains with low environmental impact, and using as much as possible organic, typical, traditional, and locally sourced products.

The Ascopiave Group promotes the involvement of its stakeholders in a context of mutual trust and collaboration to achieve its economic and social sustainability targets

Supply chain: the Group gives preference to suppliers who hold certifications in environmental, quality and health & safety areas, and who operate in line with the Group's sustainability choices. The prevalence of local suppliers contributes to maintaining the level of employment in the territory.

Sustainability Report: during 2024, the Company continued the approach of communicating its social and environmental performance through the Non-Financial Statement, in addition to the Sustainability Report responding to the strategic goal of developing and safeguarding relationships with the Stakeholder community over time.

Training: the Group promotes the professional growth of its employees. In order to enhance staff skills, continuous training and development activities are carried out. In 2024, the average training hours per employee were 28.9.

Inclusiveness: the Group promotes the principles of inclusion, non-discrimination and equal opportunities, both in personnel selection and career development, as set out in the Code of Ethics and the personnel selection policy.

Work-life balance: the Group pays a special attention to the work-life balance of its employees: specifically, with a 2nd level national contractual agreement, the company allows employees to have flexible hour schedules that allows them to alter their workday and decide/adjust their start and finish times. The Group also offers the possibility to use the company canteen service even with part-time working hours contracts.

Parenthood: : the Group allows employees to work part-time and/or have a work schedule that better suits the employee's specific needs until the child reaches the age of fourteen.

•	Strategic pillars	Pag. 36
•	Growth strategy – gas distribution	Pag. 37
•	Growth strategy through M&A - gas distribution	Pag. 38
•	2025-2028 cumulative capex in the current perimeter	Pag. 39
•	ATEM tenders and partnerships	Pag. 40
•	Diversification strategy – renewable energies and green
	hydrogen	Pag. 41
•	Diversification strategy – green hydrogen	Pag. 43
•	Potential areas and sectors of development	Pag. 44
•	Efficiency strategy	Pag. 45
•	Efficiency targets	Pag. 46
•	Efficiency initiatives	Pag. 47

Ascopiave Group – STAR Conference – 26 34 th March 2025

continued on the next page…

continued from the previous page…

•	Innovation strategy	Pag. 49
•	Innovation initiatives	Pag. 50
•	Sustainability commitments	Pag. 51
•	Economic and financial targets	Pag. 52
•	2025-2028 Group planned investments	Pag. 53
•	Overall economic results	Pag. 54
•	Key prospective data	Pag. 55

Ascopiave Group – STAR Conference – 26 35 th March 2025

The Ascopiave Group's strategy is based on four fundamental pillars and aims to achieve a sustainable business profitability, by developing the resources and skills needed to capture trends effectively in the reference markets

Ascopiave's current positioning and expertise in gas distribution provide a solid foundation to support the growth of the managed activities' perimeter in a consolidating sector

External growth in the core business of gas distribution considered in the financial projections includes only the acquisition of assets from the A2A Group

The planned investments within the current perimeter are focused on the development of the distribution network.

Capex on current network's maintenance and development, related measurement infrastructure, efficiency and innovation

• Network and facilities maintenance:
• ~199 km of network, makeover of ~13.0k UDS(*) and
• ~178 FRG(**) and cabins interventions

▪ Network and facilities development: ~41 km of new pipelines and ~2,5k new UDS(*)

• Measurement equipment and infrastructure: installation of ~255.3k meters
• Network digitalization, efficiency and innovation
• Other capex: centralized capex, including capex for process digitalization

(*) User derivation system; (**) Final Reduction Groups

The Group intends to consolidate its position within the sector through the participation in future tenders for service contracts and the establishment of partnerships

The Group has identified several ATEM tenders in which it intends to compete, defining their level of priority and interest.

The tender participation strategy identifies Northern Italy as the geographical focus.

Its implementation depends on the publication's timing and the tender notices.

Available experiences suggest that the timeframes for awarding the service may be quite long, also due to the legal disputes that generally accompany the awarding decisions.

Ascopiave is considering the possibility of establishing partnerships to participate in ATEM tenders or to seize new opportunities in the M&A field.

Through partnerships, the Group seeks to increase its competitive chances and diversify financial and operational risks by participating in the results of a broader portfolio of concessions.

Given the complexity of the underlying evaluations - also due to their uncertainty and transformative nature - the plan does not provide any estimate of the possible economic and financial impacts of such additional growth options.

Ascopiave's current positioning and expertise in gas distribution provide a solid foundation to support the growth of the managed activities' perimeter in a consolidating sector

The economic and financial projections foresee the completion of ongoing projects for the construction of photovoltaic plants and a green hydrogen production and distribution plant EBITDA at full capacity c. 1.5-2.0m€ 2025-2028 cumulative capex Impact on EBITDA in 2028 Operating KPIs Current perimeter @2028 Perimeter ^{2028 ∆} 84 +38 122 Total installed capacity – RES (MW) 222 +46 268 Production – RES (GWh) - +87 87 Production – hydrogen (kton)

Ascopiave Group – STAR Conference – 26 42 th March 2025

Ascopiave is developing an integrated project along the entire green hydrogen supply chain, starting from its «production» with the use of electricity from photovoltaic systems

Based on the evolving market environment, regulatory framework and technological advancement, Ascopiave has identified additional areas and sectors of development have been identified

SYNTHETIC GAS and HYDROGEN

Development of pilot projects for the production and injection into the network of synthetic gas produced from emissions captured through carbon capture and storage technologies (CCS).

Implementation of additional projects for the use of hydrogen in distribution networks, as well as investments remunerated or incentivized for this purpose.

OTHER NETWORK SERVICES

Entry into other businesses related to the management of network/infrastructure services:

• electricity distribution,
• water service,
• other services.

This will allow the Group to leverage its expertise and achieve synergies.

The assessment of the investment in these sectors will take into account the potential synergies with the Group current activities, considering the specific operational risk profile and the financial sustainability

Improving operational and economic efficiency is at the core of Ascopiave's management policies, which aims to build on the excellent results achieved in recent years

Corporate policies and practices supporting efficiency

• ➢ Continuous monitoring of process efficiency through operational systems and dedicated organizational resources
• ➢ Incentive-based remuneration for personnel, based on economic and managerial efficiency indicators

Interventions on areas and tools subject to potential improvement

• ➢ Innovative technological solutions/digitalization
• ➢ Streamlining of internal organizational processes
• ➢ Optimized management of existing relationships with external suppliers

Plan

• ✓ Reduction of general and industrial cost incidence
• ✓ Maintenance of a lean and flexible cost structure

Ascopiave has achieved significant results in managerial efficiency by implementing organizational and technological solutions tailored to this goal and will continue its commitment in this direction

Beginning in 2016, the Group has initiated a reorganization process of distribution activities which has led to:

• renewal and reengineering of systems and procedures;
• rationalization of operational and logistical locations across the territory;
• centralized and integrated management of all major processes;
• adoption of new state-of-the-art information systems for workforce management and distribution business services.

This has enabled optimization in the use of resources, allowing many activities contracted to third parties to be internalized in order to reduce operating costs and increase the possibility of making investments.

Reorganization of activities Post acquisition integration and corporate semplification

• Ascopiave has a solid experience in integrating companies post-acquisition, achieving management improvements with costs reductions and increased service quality.
• Since January 2025, the Group's company structure has been rationalized with the unification of the companies operating in distribution in two legal entities, each with a definied territorial presence, in order to further streamline processes and achieve consequential organizational and management synergies.

A2A Assets' integration

• The integration of A2A assets will further improve the Group's economic efficiency standards, thanks also to the complementarity of the new acquisitions with the current Ascopiave Group's organization.
• Ascopiave and A2A are collaborating in the pre-closing phase to guarantee the best starting conditions for the activities of the Newco receiving the assets, with the aim of working from the beginning with the systems and organizational modalities adopted by the Ascopiave Group and of enhancing the skills and professionalism of Newco's human resources.

(*) Unit costs related to distribution activities (net of revenues from services not remunerated in the tariff) expressed in monetary values of 2023 based on the FOI inflation index of ISTAT

Ascopiave Group – STAR Conference – 26 46 th March 2025

Ascopiave plans to increase its operational and economic efficiency through the digitalization of networks and metering infrastructure

SMART METERS INSTALLATION NETWORK DIGITALIZATION

• The Ascopiave Group was among the first companies to experiment with the installation of mass market smart meters.
• The installation activity of smart meters is almost entirely internalized, in compliance with the targets set by the Authority and with the aim of planning these interventions in the most appropriate way.
• Identifying the right mix between Radio Frequency and P2P(*) meters, and the economies of scale generated by covering large areas of territory, allows for significant optimization of operating costs.

• The Group aims to install sensors capable of detecting, recording, transmitting, and executing commands, creating a digital twin of the physical infrastructure in order to:
  • ➢ optimise network monitoring in terms of pressure and odorization;
  • ➢ acquire real-time data and simulate plant conditions;
  • ➢ adapt the network for the injection of biomethane and, in the future, other «green» gases.

(*) Point-to-Point

Ascopiave plans to increase its operating and economic efficiency through the digitalization of processes

• The Ascopiave Group has developed a remote site management system that allows for the monitoring, verification, and validation of site activities assigned to external companies. This application enables the client and the executing company to interact in real-time, optimising the control and validation activities of works.
• The system facilitates the verification phase of the works by using image recognition techniques supported by AI.
• The Group plans to develop a new remote command and control platform to manage IoT devices that enable the digitalization of gas networks.
• This digitalization will allow for complete remote management of the main processes and facilities of the network, improving efficiency, flexibility, and facilitating the management of renewable gases and the reduction of emissions.
• The Group is creating a predictive maintenance system, based on Machine Learning and AI algorithms, which, using the data of the innovative Picarro technology, is able to identify critical network segments based on the analysis of fugitive emissions and detected leakages.
• The goal is to anticipate extraordinary maintenance on the most critical network segments, thereby optimising investment management, improving overall safety, and reducing methane gas emissions.

Staff training: target of 29 hours/year of training per employee by enriching the e-learning training offer available to Group employees, and by further implementing a dedicated training platform.

Average age: the Group intends to maintain the current average age of about 47 years, ensuring uniformity in the distribution of the different employee age groups.

Welfare: further expansion of the services available on the platform, ranging from education and training, social security and health benefits, to the purchase of other goods, while maintaining the current scope of 100% employees involvment.

Employee safety: the Group considers the workers protection to be of primary importance, setting itself the goal of maintaining high levels of safety, promoting the integration of safety in all company activities and focusing on continuous staff training. Therefore, by 2025, the Group is committed to certifying all companies with operating personnel to the Occupational Health and Safety Management System (ISO45001) (by the end of 2024, 97% of Group personnel will already be certified).

Sustainable vehicles: corporate fleet renewal according to the highest sector standards. By 2028, the electric/hybrid car fleet target is 22.5% (13.5% at 2024).

Waste: the Group is committed to maintaining the already achieved standards of sending more than 99% of special waste for recovery.

Renewable power: photovoltaic power installed at the company's headquarters that will save more than 1.3 ktons, in terms of tons of CO² avoided from 2024 to 2028.

Renewal of gas distribution assets: replacement of aging networks to reduce fugitive emissions of natural gas. Network's digitalization and renovation in order to facilitate the introduction of renewable gases (biomethane, hydrogen-methane blending, etc.).

Renewal of domestic meter fleet: selection of meters capable of receiving the new gas mixtures and made of recyclable material. Gradual replacement of meters with GPRS communication technology in favor of NB-IOT will allow a the number of spent batteries for disposal.

Reduction of CO² and CH⁴ emissions: through the implementation of energy efficiency measures for the preheating cycle in REMI cabins and the adoption of innovative methods to search for CH⁴ leakage in the networks.

The plan projections have been formulated and defined, taking into account the ongoing and realistically achievable growth and diversification initiatives

Reasonable forecasts

▪ The projections reflect reasonably achievable goals for the Group

Growth driven by the regulated gas distribution core business

• The growth in capital invested in the core business of gas distribution is due to the acquisition of assets from the A2A Group (which is expected to be completed in July 2025) and to the execution of a significant capital expenditure plan on the plants currently managed. Capex in the renewable energy and green hydrogen segment relate to the completion of ongoing projects.
• No further development initiatives are reflected in the projections

Uncertainty about the start of ATEM tenders

▪ Due to the uncertainty about the timing of the launch and awarding of ATEM tenders, no scenario has been developed to quantify the potential effects of their allocation

The plan includes the implementation of a significant amount of capex, which leads to an increase in invested capital in the relevant sectors both organically and through external growth

Group capex (*)	2025-2028	%
Gas distribution current perimeter	224	26%
Enterprise Value A2A assets	460	53%
Capex on A2A assets	120	14%
Gas distribution	803	92%
Renewable energy	51	6%
Corporate	17	2%
Total investments	871	100%
Net equity divestments (**)	-288
Total net investments	583

2025-2028 capex

€ 871 mln

CAPEX IN GAS DISTRIBUTION related to:

• Current network's maintenance and development and related measurement infrastructure
• Acquisition of assets from the A2A Group and subsequent development and maintenance of the acquired network
• Efficiency & innovation

CAPEX IN RENEWABLE ENERGY related to:

• development of new photovoltaic plants
• development of a project for the production and distribution of green hydrogen

CAPEX IN CORPORATE related to:

▪ capex in new corporate headquarters and other centralized capex

(*) Data in Euro/mln; (**) Divestments in non-fully consolidated subsidiaries (EstEnergy / Hera Comm): exercise of put options.

The plan's implementation results in growing economic outcomes

(Euro/mln)	2024 (*)	2028	Δ 2024-2028	cagr %
EBITDA	103	161	58	12%
EBIT	52	81	29	12%
Financial income (**)	13	2	-11	-38%
Net profit	37	41	5	3%
Net invested capital	1,245	1,602	356	6%
Net equity	858	912	54	2%
Net financial position	388	690	302	15%
Financial leverage	0.45	0.76	0.30	14%

(*) 2024 actual data; (**) Financial income mainly consists of dividends/income from minority interests. In 2024, financial income includes the pro-rata result of the interests in EstEnergy for only the first nine months of the year (7.7m€) because, following the exercise of the put option, the company is no longer consolidated using the equity method but as an asset held for sale.

Gas distribution

The growth prospects, both through internal and external expansion, will lead to a further consolidation of the Group in the gas distribution sector

(Euro/mln)	2024 (*)	2028	Δ 2024-2028	cagr %
Connected gas users (k)	871	1,355	484	12%
Gas distribution network (kKm)	15	20	5	8%
RAB	834	1,463	628	15%

Renewable energy production

The diversification strategy will also allow the Ascopiave Group to increase its presence in the renewable energy sector

(Euro/mln)	2024 (*)	2028	Δ 2024-2028	cagr %
Installed power (MW)	84	123	39	10%
Electricity production (GWh)	218	268	50	5%

(*) 2024 actual data

Ascopiave Group – STAR Conference – 26 55 th March 2025

Gas distribution: sector overview

• Gas distribution: legal framework	Pag. 58
• Gas distribution: sector key figures	Pag. 59
• Public tenders for the assigning of concessions	Pag. 60
• Regulation of the call of tenders	Pag. 61
• Compensation to be paid to the outgoing distributor	Pag. 62
• Tariff regulation	Pag. 63

Ascopiave Group – STAR Conference – 26 57 th March 2025

• Gas distribution is currently a local monopolistic activity managed under concessions granted by municipalities.
• Italian gas distribution sector was liberalized in 2000 according to the European Union Rules
• The law established a mechanism of competition for the market: concession must be awarded only through public tenders.
• The distributor is responsible for the operation, the development and the maintenance of the distribution network (operational expenses and investments), according to the concessional agreement signed between the operator and the municipality
• The Italian Regulatory Authority for Energy, Networks and Environment (ARERA)
  • ✓ sets the tariffs to be applied to cover the cost of capital and for the operations of the service
  • ✓ provides rules regarding the minimum standard service levels.
• The distributor gives access to any requiring gas sales company that has the right to use the network to supply gas to its customers (third party access).

Gas distribution: sector key figures

Gas distribution key figures (*)	2023
No. of operators in Italy	186
Municipalities served	7,359
Volumes of gas distributed (bln/scm)	25.6
No. of users served (mln)	21.9
Length of the gas distribution network (km)	271,211
Regulatory asset base (RAB) (Euro/bln) (**)	19

Since 2000 gas distribution operators have been reduced to less than a third.

Currently gas distribution sector is strongly concentrated:

• about 55% of RAB (**) is held by Italgas and F2i, the only operators with a national rank
• about 30% of RAB (**) is held by 15 medium size operators (RAB > Euro 100 mln), with a regional relevance
• about 15% of RAB (**) is held by small size operators

(*) ARERA data; (**) Ascopiave estimate.

• In order to improve the economic efficiency of the sector, since 2007 the legislation has established that the tenders must be called to assign concessions for the management of the service in wide geographical areas, grouping neighbouring municipalities (ATEM).
• The national government constituted 177 ATEM nationwide.
• Municipalities belonging to a single ATEM must appoint a local entity to act as contracting authority for the ATEM.
• The law established the deadline by which each ATEM contracting authority must call the tenders.
• In 2011 the national government issued some decrees establishing the general contents of the call for tenders, that must be fulfilled on the base of the local needs for investments to be defined by the local contracting authority. The standardization was aimed at encouraging competition and assuring transparency and effectiveness in the tender process.

The current rules governing the incoming tender processes will probably cause a further restructuring of the distribution sector.

A significant reduction in the number of operators is expected, as the participation to the public tenders requires from the potential competitors strong financial capability and important economic, organizational and technical skills.

Tenders process is currently slowed down by procedural difficulties. All the contracting stations failed in publishing the call for tenders respecting the deadlines provided by the law.

Standards to evaluate economic and technical offers

• A - Economic offer (maximum score: 28)
• Discount on gas distribution tariffs
• Discount on prices for specific services provided by the distributor to end users
• Fee to be paid to municipalities awarding the concession (cap on the fee level: 10% of the capital cost components of VRT (Total Revenues Constraint) = 10% x ( CI x rd + AMM ))
• Obligation to extend the distribution network (meters of pipes per end user that imply the obligation to connect new potential end-users)
• Investments to improve energy efficiency
• B - Offer concerning safety and service quality (maximum score: 27)
• Network inspections in order to prevent gas leaks (percentage of gas network annually checked)
• Performance of the emergency service and of the gas odorization service
• Improving the level of other quality standards set by the Authority

C - Offer concerning the development and the maintenance of the network (maximum score: 45)

• Appropriateness of the network operation analysis
• Investment plan for the extension and the increase of the capacity of the distribution network; the evaluation concerns: the tangible benefits expected by the investment proposed, the accuracy of the technical projects as well as the quantities of new pipes to be made
• Investment plan for the maintenance
• Technological innovation

In the event that the public tender should not be awarded to Ascopiave, the winner must pay to the Group, as the current owner of the networks, a compensation:

• (a) the compensation must be calculated in accordance with the terms of the agreement implementing the concession or direct award (as the case may be), provided that the agreement was signed before 11th February 2012
• (b) or, if this is not provided for, the compensation must be calculated in accordance with the Guidelines set by the Ministry of Economic Development (Decree 22nd May 2014)
• (c) contributions paid by private users in the past for the construction of part of the network must be deducted (valuation of these are in accordance with the tariff regulation) (*)
• (d) the Energy National Authority (i.e. ARERA) must verify whether the compensation has been evaluated in accordance with the law
• (e) the organizer of the tender bid must take into account the observations issued by the ARERA.

(*) In the evaluation of RAB contributions paid by private users are currently deducted.

Tariff regulation for the incoming ATEM concessions

Difference between Compensation and RAB

At the starting date of the new concession:

• if the winner of the public tender is the current incumbent operator, the new RAB is equal to the previous one;
• if the winner of the public tender is a newcomer, the new RAB is equal to the compensation paid by the newcomer to the outgoing operator.

Compensation at the end date of the ATEM concession

The compensation is calculated as the sum of (a) the value of the stock of capital existing at the start date of the concession, that is equal to the initial compensation properly updated to take into account the depreciation occurred during the concessional period, and (b) the value of the investments made during the concessional period, calculated as the average between the effective costs of the assets and the regulatory value of the assets.

Regulatory evolution

With the consultation document 615/2021/R/com, ARERA has proposed a gradual introduction of a tariff regulation for Expence and Service Objectives (ROSS), oriented to the total efficiency of the service (from 2026):

• integrated recognition of operational costs and efficient capital costs;
• parametric determination of the components recognized in the tariff;
• application of average useful lives for the recognition of the depreciation component;
• revision of the incentive mechanism;
• selectivity of recognizable investments, to be justified with cost-benefit analysis;

Recently Arera (with the Res. 29/2025/R/EEL) has started insights to simplify the procedures for activating the Z-factor, in order to intercept the incremental operating costs mainly linked to investments for the energy transition.

The paradigm shift will support the rationalization of the sector:

• opportunity for efficient and more innovative companies to improve their profitability;
• risk of under-remuneration of capital for inefficient companies;
• incentives for aggregations.

The energy transition

•	The European and Italian decarbonisation goals	Pag. 67
•	The role of the gas sector in the energy transition	Pag. 68
•	The new infrastructure grid	Pag. 69
•	Dynamics of the renewable energy sector in Italy	Pag. 70

Ascopiave Group – STAR Conference – 26 66 th March 2025

Both the European Union and Italy have based their growth targets for the next decade on the transition to a sustainable economy model

- 19.6 b€ > total expenditure

With the aim of facing the challenges of climate change, the European Union has created the European Green Deal, which is a pact between countries that aims to achieve «carbon neutrality» by 2050. For this purpose, the EU has allocated nearly 660b€ in the 2021-2027 budget, creating numerous support tools to facilitate the energy transition.

With the PNRR's revision, the Government has increased the plan amount from approximately 191 bln€ to around 194 bln€, raising the share allocated to the energy transition from 37.5% to 39% thanks to the development of various initiatives, including those related to «green» gases, energy efficiency, circular economy, and renewable sources.

European

In the last two years, gas supplies in Europe have been characterized by increasing volatility, which is expected to remain in the future. The volatility is mainly due to i) the reduction of Russian gas imports into Europe; (ii) the consequent greater role of liquefied natural gas imports in meeting European demand.

A solution proposed by the European Commission to reduce the European Union's energy dependence on Russian gas supplies is the RePower EU plan, which is part of the EU's initiatives to support the energy transition.

(*) Compared to 1990 levels; (**) Compared to estimated 2030 energy consumption (based on the 2020 reference scenario); (***) Compared to Fit for 55 data

In the energy transition process, gas represents a key source that will ensure the shift from a fossil fuel-based energy model to a low-emission one

(*) Biomethane and hydrogen; (**) Scenarios developed in 2024 by leading national operators in the gas transportation and electricity transmission sectors.

Ascopiave Group – STAR Conference – 26 68 th March 2025

The gas network will require technological and infrastructural adjustments to facilitate the introduction and transport of «green» gases to decarbonize the system

Renewable energy sector in Italy has shown substantial growth over the past 10 years, with a total installed capacity of ~ 70GW

(*)

However, in order to achieve the national decarbonization targets at 2030, it will be necessary to install in Italy about +60GW of new RES capacity not only by stimulating new production, but also by preserving the existing one and, where possible, increasing it by promoting the revamping and repowering of plants which are potentially still competitive.

(*) Terna; PNIEC 2024

Italy's renewable mix is characterized by a general growth trend, emphasized by measures implemented at the EU level to address the Russian-Ukrainian crisis. By 2040, 65% of the projected installed renewable capacity will consist of photovoltaic

Ascopiave Group – STAR Conference – 26 71 th March 2025

2020-2024 financial comparison FY 2024 financial results

Ascopiave Group – STAR Conference – 26 73 th March 2025

Pag. 74 Pag. 78

2020-2024 financial comparison

Ascopiave Group – STAR Conference – 26 74 th March 2025

• Income statement
• Balance sheet
• Cash flows statement

Pag. 75 Pag. 76 Pag. 77

(Thousands of Euros)		2024	2023	2022	2021	2020
Revenues		204 958 ,	180 794 ,	163 651 ,	134 911 ,	163 896 ,
(Cost of materials raw (Cost of (Cost of (Other operating Other operating	and consumables) services) personnel) costs) income	(2 939) , (53 228) , (18 185) , (27 688) , 506	(2 265) , (50 474) , (20 914) , (29 580) , 16 965 ,	(2 876) , (50 968) , (20 550) , (21 647) , 10 319 ,	(2 063) , (38 728) , (17 017) , (11 293) , 571	(1 782) , (36 776) , (17 132) , (44 511) , 109
EBITDA		103 424 ,	94 526 ,	77 930 ,	66 382 ,	63 805 ,
(Depreciations and (Provisions)	amortizations)	(51 781) , -	(48 232) , (305)	(45 975) , (44)	(32 509) , (34)	(34 465) , (189)
EBIT		51 642 ,	45 990 ,	31 911 ,	33 838 ,	29 151 ,
Financial income / Evaluation of companies	(expenses) with method equity	(10 206) , 7 892 ,	(7 931) , 3 566 ,	(1 811) , 7 871 ,	1 532 , 19 892 ,	1 847 , 18 310 ,
EBT		49 329 ,	41 626 ,	37 972 ,	55 263 ,	49 308 ,
(Income	taxes)	(12 828) ,	(5 005) ,	(6 999) ,	(9 937) ,	9 394 ,
Earnings after	taxes	36 500 ,	36 621 ,	30 974 ,	45 326 ,	58 701 ,
Net income (loss) from discontinued operations		-	56	1 466 ,	-	-
Net income		36 500 ,	36 677 ,	32 440 ,	45 326 ,	58 701 ,
(Net income of	minorities)	(677)	(501)	225	-	-
income of Net	the Group	35 824 ,	36 176 ,	32 665 ,	326 45 ,	58 701 ,

Balance sheet

(Thousands of Euros)	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Tangible assets Non tangible assets Investments in associates Other fixed assets	161,897 787,419 105,472 44,219	156,475 766,353 308,331 42,780	138,432 759,743 436,287 43,877	58,012 647,279 521,359 35,169	33,443 626,685 515,729 34,276
Fixed assets	1,099,007	1,273,939	1,378,339	1,261,819	1,210,134
Operating current assets (Operating current liabilities) (Operating non current liabilities)	112,924 (104,520) (64,412)	129,253 (95,936) (63,749)	166,408 (199,201) (63,072)	62,159 (59,727) (48,259)	128,046 (98,759) (47,071)
Net working capital	(56,007)	(30,432)	(95,866)	(45,828)	(17,784)
Net invested capital assets held for sale	202,389	138	15,790	-	-
Total capital employed	1,245,389	1,243,645	1,298,262	1,215,991	1,192,350
Group shareholders equity	847,965	844,753	866,282	868,544	853,903
Minorities	9,823	9,529	20,123	(38)	-
Net financial position	387,602	389,363	411,857	347,485	338,447
Total sources	1,245,389	1,243,645	1,298,262	1,215,991	1,192,350

Cash flows statement

(Thousands of Euros)	2024	2023	2022	2021	2020
Self financing	80 329 ,	63 521 ,	56 473 ,	53 205 ,	71 172 ,
Change in working capital (operating activities) net Change working capital (fiscal in activities) net	(18 177) , 38 194 ,	(45 959) , (15 624) ,	145 299 , (19 719) ,	31 702 , (2 670) ,	(7 014) , (21 553) ,
Change working capital in net	20 017 ,	(61 583) ,	125 580 ,	29 032 ,	(28 566) ,
Capex in tangible and intangible assets Capex in companies acquisitions	(81 069) , -	(87 577) , 113 412 ,	(86 901) , (149 227) ,	(52 862) , (24 652) ,	431) (44 , (68 598) ,
Capex	(81 069) ,	25 835 ,	(236 127) ,	(77 514) ,	(113 029) ,
Change in shareholders' equity	(17 516) ,	(5 279) ,	(10 298) ,	(13 763) ,	(55 042) ,
financial change Net position	1 761 ,	22 494 ,	(64 372) ,	(9 039) ,	(125 465) ,

Ascopiave financial data

FY 2024 financial results

• FY 2024 consolidated income statement	Pag. 79
• Consolidated balance sheet as of 31st December 2024	Pag. 80
• Operating data – gas distribution & renewable energies	Pag. 81
• Revenues bridge	Pag. 83
• EBIT bridge	Pag. 84
• Gas distribution tariff revenues and revenues from RES	Pag. 85
• Other net operating costs	Pag. 86
• Number of employees & cost of personnel	Pag. 87
• Capex	Pag. 88
• Net Financial Position and cash flow	Pag. 89
• Financial debt and cost of debt	Pag. 90
• Estenergy Group financial highlights	Pag. 91

Ascopiave Group – STAR Conference – 26 78 th March 2025

(Thousand of Euro)	12M 2024	12M 2023	Chg	Chg %
Revenues	204,958	180,794	24,164	+13%
(Purchase for materials) costs	(2,939)	(2,265)	(674)	+30%
(Costs for services)	(53,228)	(50,474)	(2,754)	+5%
(Costs for personnel)	(18,185)	(20,914)	2,730	-13%
(Other costs) management	(27,688)	(29,580)	1,891	-6%
Other income	506	16,965	(16,459)	-97%
EBITDA	103,424	94,526	8,897	+9%
(Amortizations and depreciation)	(51,781)	(48,232)	(3,550)	+7%
(Provisions)	-	(305)	305	-100%
EBIT	51,642	45,990	5,652	+12%
Financial income / (expenses)	(10,206)	(7,931)	(2,275)	+29%
Profit share on investments (*) accounted with method equity	7,892	3,566	4,326	+121%
EBT	49,329	41,626	7,703	+19%
(Income taxes)	(12,828)	(5,005)	(7,823)	+156%
Earnings after taxes	36,500	36,621	(120)	-0%
Net income from held assets for sale of effect net tax	-	56	(56)	-100%
income Net	36,500	36,677	(177)	-0%
of Net income minorities	(677)	(501)	(176)	+35%
the Net income of Group	35,824	36,176	(353)	-1%

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

Consolidated balance sheet as of 31st December 2024

(Thousand of Euro)	31/12/2024	31/12/2023	Chg	Chg %
Tangible (*) assets	161 897 ,	156 475 ,	5 423 ,	+3%
(*) tangible Non assets	787 419 ,	766 353 ,	21 066 ,	+3%
(**) Investments in associates	105 472 ,	308 331 ,	(202 859) ,	-66%
Other fixed assets	44 219 ,	42 780 ,	1 438 ,	+3%
Fixed assets	1 099 007 , ,	1 273 939 , ,	(174 932) ,	-14%
Operating current assets	112 924 ,	129 253 ,	(16 328) ,	-13%
(Operating liabilities) current	(104 520) ,	(95 936) ,	(8 584) ,	+9%
liabilities) (Operating non current	(64 412) ,	(63 749) ,	(663)	+1%
working capital Net	(56 007) ,	(30 432) ,	(25 575) ,	+84%
Net invested capital held for sale assets	202 389 ,	138	202 251 ,	+146559%
Total capital employed	245 389 1 , ,	243 645 1 , ,	1 744 ,	+0%
Group shareholders equity	847 965 ,	844 753 ,	3 212 ,	+0%
Minorities	9 823 ,	9 529 ,	294	+3%
Shareholders equity	857 788 ,	854 282 ,	3 506 ,	+0%
Net financial position	387 602 ,	389 363 ,	(1 761) ,	-0%
Total sources	1 245 389 , ,	1 243 645 , ,	1 744 ,	+0%

(*) 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 0.0 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).

Operating data – gas distribution & renewable energies (1/2)

Ascopiave Group – STAR Conference – 26 81 th March 2025

Operating data – gas distribution & renewable energies (2/2)

Ascopiave Group – STAR Conference – 26 82 th March 2025

(*) 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 86 of the current presentation.

Gas distribution tariff revenues

(Thousand of Euro) (*)	12M 2024	12M 2023	Chg	Chg %
Gas distribution tariff revenues	139,453	124,084	15,369	+12%
Gas distribution tariff revenues	139,453	124,084	15,369	+12%

Increase of gas distribution tariff revenues: + Euro 15.4 mln

of which:

• change of the remuneration rate on the net capital invested (WACC): + Euro 7.4 mln;
• ▪ monetary revaluation of capital costs: + Euro 3.4 mln;
• ▪ monetary revaluation of operating costs: + Euro 3.1 mln;
• other changes: + Euro 1.5 mln.

Revenues from RES

(Thousand of Euro) (*)	12M 2024	12M 2023	Chg	Chg %
Revenues from FER	28,103	19,376	8,728	+45%
Revenues from FER	28,103	19,376	8,728	+45%

(*) Economic data before elisions.

(Thousand of Euro)	12M 2024	12M 2023	Chg	Chg %
Other revenues	35,786	35,716	70	+0%
Other of raw materials and services costs	(81,734)	(63,735)	(17,999)	+28%
Cost of personnel	(18,185)	(20,914)	2,730	-13%
Other net operating costs	(64,132)	(48,933)	(15,199)	+31%

Increase of other net operating costs: - Euro 15.2 mln

of which:

• increase of gas distribution concession fees: - Euro 2.3 mln;
• increase of margin on energy efficiency tasks management: + Euro 0.4 mln;
• decrease of CSEA contributions for security incentives: - Euro 2.4 mln;
• decrease of cost of personnel: + Euro 2.7 mln;
• ▪ decrease of revenues for service contracts: - Euro 1.1 mln;
• decrease of capital gain from the sale of a 15% stake in EstEnergy: - Euro 15.3 mln;
• decrease of other non recurring costs: + Euro 3.7 mln;
• other variations: - Euro 0.9 mln.

(*) Economic data before elisions.

Number of employees & cost of personnel

(*) 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).

Net financial position and cash flow

(*) Cash flow = net result + depreciation and amortization + losses from asset disposals - income from equity investments - the result of companies consolidated using the equity method; (**) Investments in tangible and intangible assets.

(Thousand of Euro) (*)	31/12/2024	31/12/2023	Chg	Chg %
Long term financial borrowings	229,824	204,064	25,760	+13%
Current position of long term financial borrowings	56,688	80,642	(23,954)	-30%
Long term bond loans	78,805	86,347	(7,542)	-9%
Current position of bond loans	7,606	7,708	(102)	-1%
Short term financial borrowings	10,817	7,917	2,900	+37%
Total financial debt	383,740	386,678	(2,938)	-1%
Fixed rate borrowings	157,954	221,994	(64,040)	-29%
Floating rate borrowings	225,786	164,684	61,102	+37%

12M 2024 average cost of debt: 3.39% (vs 12M 2023 rate: 2.57%)

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

Income statement (*) Balance sheet (*)

(Thousand of Euro)	9M 2024	12M 2023
Revenues	840,109	1,123,300
(Purchase for raw materials) costs	(498,443)	(909,400)
(Costs for services)	(255,371)	(127,995)
(Costs for personnel)	(11,168)	(15,080)
(Other costs) management	(853)	(1,453)
EBITDA	74,274	69,373
(Depreciations and amortizations) + (provisions)	(31,552)	(44,729)
EBIT	42,722	24,644
Financial income / (expenses)	4,847	(7,240)
EBT	47,569	17,404
(Income taxes)	(13,634)	(5,830)
Net income	33,935	11,573

(Thousand of Euro)	30/09/2024	31/12/2023
Tangible assets	5,259	5,522
Non tangible assets	617,040	627,170
Investments in associates	17,694	17,704
Other fixed assets	611	781
Fixed assets	640,605	651,177
Operating current assets	185,884	90,953
(Operating current liabilities)	(206,795)	(206,459)
(Operating non current liabilities)	(75,324)	(64,689)
Net working capital	(96,235)	(180,195)
Total capital employed	544,369	470,981
Shareholders equity	637,945	639,625
Net financial position	(93,575)	(168,644)
Total sources	544,369	470,981

(*) Data refers to 100% of Estenergy.

Ascopiave Group – STAR Conference – 26 91 th March 2025

Ascopiave Group – STAR Conference – 26 92 th March 2025

• ❑ 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.
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