Ascopiave

Investor Presentation • Jul 31, 2025

G r u p p o A s c o p i a v e 6M 2025 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 31st July 2025

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

Financial highlights

• → Ascopiave Group structure as of 30th June 2025
• → 6M 2025 consolidated income statement
• → Consolidated balance sheet as of 30th June 2025

Companies consolidated with full consolidation method

Disclaimer

Ascopiave Group structure as of 30th June 2025 6M 2025 CONSOLIDATED RESULTS

(Thousand of Euro)	6M 2025	6M 2024	Chg	Chg %
Revenues	107 939 ,	99 091 ,	8 847 ,	+9%
(Purchase for materials) costs	(1,152)	(1,082)	(70)	+6%
(Costs for services)	(30 394) ,	(25 830) ,	(4,564)	+18%
(Costs for personnel)	(10 946) ,	(10 ,448)	(498)	+5%
(Other costs) management	(14,548)	(13 ,156)	(1,393)	+11%
Other income	26 ,729	136	26 ,593	+19593%
EBITDA	77,627	48 ,711	28 916 ,	+59%
(Amortizations and depreciation)	(24 346) ,	(24 998) ,	652	-3%
(Provisions)	(63)	(2)	(61)	+3498%
EBIT	53 219 ,	23 ,711	29 ,508	+124%
Financial income / (expenses)	19 ,457	(4,039)	23 ,496	-582%
Profit share on investments accounted with equity method	316	4,848	(4,532)	-93%
EBT	72 992 ,	24 ,521	48 ,471	+198%
(Income taxes)	(7,887)	(5,993)	(1,893)	+32%
income Net	65 ,105	18 ,527	46 ,578	+251%
Net income of minorities	5	(683)	688	-101%
of the Net income Group	65 ,110	17,845	47,266	+265%

Consolidated balance sheet as of 30th June 2025 6M 2025 CONSOLIDATED RESULTS

30/06/2025	31/12/2024	Chg	Chg %
			+3%
			+1%
			+3%
471,654	44,219	427,435	+967%
1,542,872	1,099,007	443,865	+40%
100,306	112,924	(12,619)	-11%
(100,210)	(104,520)	4,309	-4%
(66,967)	(64,412)	(2,555)	+4%
(66,871)	(56,007)	(10,864)	+19%
-	202,389	(202,389)	-100%
1,476,001	1,245,389	230,612	+19%
			+5%
8	9,823	(9,815)	-100%
886,213	857,788	28,425	+3%
589,788	387,602	202,187	+52%
1,476,001	1,245,389	230,612	+19%
	166,048 796,927 108,243 886,205	161,897 787,419 105,472 847,965	4,150 9,508 2,772 38,240

(*) 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): Cogeide, Euro 8.5 mln (Euro 8.2 mln as of 31st December 2024). Other minority shareholdings: Hera Comm, Euro 52.4 mln (Euro 53.3 mln as of 31st December 2024); Acinque, Euro 21.6 mln (Euro 21.6 mln as of 31st December 2024); Herabit, Euro 25.7 mln (Euro 22.3 mln as of 31st December 2024);

(***) Other fixed assets as of 30/06/2025 include the amount paid for the acquisition of the company AP Reti Gas North for Euro 430.0 mln;

(****) Shareholding in Estenergy S.p.A.

Financial highlights

Financial highlights

Companies consolidated with full consolidation method

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

Disclaimer

6M 2025 CONSOLIDATED RESULTS

(*) 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.

Gas distribution tariff revenues

(Thousand of Euro) (*)	6M 2025	6M 2024	Chg	Chg %
Gas distribution tariff revenues	77,406	68,560	8,846	+13%
Gas distribution tariff revenues	77,406	68,560	8,846	+13%

Increase of gas distribution tariff revenues: + Euro 8.8 mln

of which:

• revision of 2020-2024 tariff operating costs (ARERA Res. 87/2025/R/gas): + Euro 8.4 mln;
• other changes: + Euro 0.4 mln.

Revenues from RES

(Thousand of Euro) (*)	6M 2025	6M 2024	Chg	Chg %
Revenues from FER	11,473	15,718	(4,244)	-27%
from Revenues FER	11,473	15,718	(4,244)	-27%

Other net operating costs

(Thousand of Euro)	6M 2025	6M 2024	Chg	Chg %
Other revenues	18,250	14,004	4,246	+30%
Other of raw materials and services costs	(44,936)	(39,123)	(5,813)	+15%
Cost of personnel	(10,946)	(10,448)	(498)	+5%
Other operating net costs	(37,632)	(35,567)	(2,065)	+6%

Increase of other net operating costs: - Euro 2.1 mln

of which:

• decrease of gas distribution concession fees: + Euro 0.8 mln;
• increase of cost of personnel: - Euro 0.5 mln;
• increase of costs for consultancy: - Euro 4.3 mln;
• increase of costs for gas and electricity: - Euro 0.3 mln;
• decrease of directors and statutory auditors fees: + Euro 0.2 mln;
• decrease of gas meter reading costs: + Euro 0.4 mln;
• increase of revenues from cost recharges to AP Reti Gas North, not consolidated as of 30/06/2025: + Euro 2.3 mln;
• other variations: - Euro 0.7 mln.

(*) Economic data before elisions.

6M 2025 CONSOLIDATED RESULTS

Number of employees

Companies consolidated with full consolidation method

▪ Other: Euro 0.6 mln

(*) 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).

6M 2025 CONSOLIDATED RESULTS

(*) 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;

(***) Acquisition of AP Reti Gas North for Euro 430.0 mln + acquisition of a 9.8% stake in Asco Power for Euro 12.0 mln + acquisition of a 1.6% stake in Herabit for Euro 3.4 mln; (****) Proceeds from the sale of the 25% stake in EstEnergy.

Companies consolidated with full consolidation method

Financial debt

(Thousand of Euro) (*)	30/06/2025	31/12/2024	Chg	Chg %
Long term financial borrowings	368,506	229,824	138,682	+60%
Current position of long term financial borrowings	57,773	56,688	1,085	+2%
Long term bond loans	146,053	78,805	67,248	+85%
Current position of bond loans	7,619	7,606	13	+0%
Short term financial borrowings	5,999	10,817	(4,818)	-45%
Total financial debt	585,950	383,740	202,210	+53%
Fixed rate borrowings	242,302	157,954	84,348	+53%
Floating rate borrowings	343,648	225,786	117,862	+52%

6M 2025 average cost of debt: 3.08% (vs 12M 2024 rate: 3.39%)

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

Financial highlights

Companies consolidated with full consolidation method

Disclaimer

• ❑ 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.