Ascopiave

Earnings Release • May 8, 2025

G r u p p o A s c o p i a v e 3M 2025 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 8th May 2025

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

• → Ascopiave Group structure as of 31st March 2025
• → 3M 2025 consolidated income statement
• → Consolidated balance sheet as of 31st March 2025

Companies consolidated with full consolidation method

Disclaimer

Ascopiave Group structure as of 31st March 2025 3M 2025 CONSOLIDATED RESULTS

Gas distribution Gas and electricity sales Corporate services to subsidiaries and associates Water management services Renewable energy production ICT services

(Thousand of Euro)	3M 2025	3M 2024	Chg	Chg %
Revenues	54,790	47,440	7,350	+15%
(Purchase for materials) costs	(797)	(787)	(10)	+1%
for (Costs services)	(12,834)	(11,931)	(903)	+8%
(Costs for personnel)	(5,031)	(5,112)	81	-2%
(Other costs) management	(6,773)	(6,370)	(403)	+6%
Other income	274	83	191	+229%
EBITDA	29,630	23,325	6,306	+27%
(Amortizations and depreciation)	(12,208)	(12,450)	241	-2%
(Provisions)	-	-	-	n.a.
EBIT	17,422	10,875	6,547	+60%
Financial income / (expenses)	(4,027)	(4,467)	440	-10%
Profit share on investments accounted with equity method	-	2,779	(2,779)	-100%
EBT	13,395	9,187	4,208	+46%
(Income taxes)	(4,096)	(2,495)	(1,600)	+64%
Net income	9,300	6,692	2,608	+39%
Net income of minorities	(17)	(146)	129	-89%
income of the Group Net	9,283	6,546	2,737	+42%

Consolidated balance sheet as of 31st March 2025 3M 2025 CONSOLIDATED RESULTS

31/03/2025	31/12/2024	Chg	Chg %
			+1%
,	,
,	,	,	+0%
,	,	-	+0%
,	,		+2%
1 102 311 , ,	1 099 007 , ,	3 304 ,	+0%
136 089 ,	112 924 ,	23 164 ,	+21%
,	,	,	+34%
(66 465) ,	(64 412) ,	(2 053) ,	+3%
(70 732) ,	(56 007) ,	(14 725) ,	+26%
,	,	-	+0%
1 233 968 , ,	1 245 389 , ,	(11 422) ,	-1%
857 468	847 965	9 503	+1%
9 879 ,	9 823 ,	57	+1%
867 348 ,	857 788 ,	9 560 ,	+1%
			-5%
,	,	,
1 233 968 , ,	1 245 389 , ,	(11 422) ,	-1%
	162 828 789 093 105 472 44 917 (140 356) 202 389 , 366 620	161 897 787 419 105 472 44 219 (104 520) 202 389 , 387 602	931 1 674 699 (35 836) , (20 982)

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

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

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

3M 2025 CONSOLIDATED RESULTS

Companies consolidated with full consolidation method

(*) 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) (*)	3M 2025	3M 2024	Chg	Chg %
Gas distribution tariff revenues	42,301	33,806	8,495	+25%
Gas distribution tariff revenues	42,301	33,806	8,495	+25%

Increase of gas distribution tariff revenues: + Euro 8.5 mln

of which:

• ▪ revision of 2020-2024 tariff operating costs (ARERA Res. 87/2025/R/gas): + Euro 8.4 mln;
• other changes: + Euro 0.1 mln.

Revenues from RES

(Thousand of Euro) (*)	3M 2025	3M 2024	Chg	Chg %
Revenues from FER	4,650	6,153	(1,503)	-24%
Revenues from FER	4,650	6,153	(1,503)	-24%

(*) Economic data before elisions.

Other net operating costs

(Thousand of Euro)	3M 2025	3M 2024	Chg	Chg %
Other revenues	7,440	7,076	364	+5%
Other of raw materials and services costs	(19,730)	(18,599)	(1,131)	+6%
Cost of personnel	(5,031)	(5,112)	81	-2%
Other operating net costs	(17,320)	(16,634)	(686)	+4%

Increase of other net operating costs: - Euro 0.7 mln

of which:

• increase of gas distribution concession fees: - Euro 0.2 mln;
• decrease of cost of personnel: + Euro 0.1 mln;
• increase of costs for consultancy: - Euro 0.4 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 0.2 mln;
• increase of other non recurring costs: - Euro 0.4 mln;
• other variations: + Euro 0.1 mln.

(*) Economic data before elisions.

3M 2025 CONSOLIDATED RESULTS

Number of employees

(*) 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).

3M 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.

Financial debt

(Thousand of Euro) (*)	31/03/2025	31/12/2024	Chg	Chg %
Long term financial borrowings	216,311	229,824	(13,513)	-6%
Current position of long term financial borrowings	53,708	56,688	(2,980)	-5%
Long term bond loans	71,069	78,805	(7,736)	-10%
Current position of bond loans	7,607	7,606	1	+0%
Short term financial borrowings	14,081	10,817	3,264	+30%
Total financial debt	362,776	383,740	(20,964)	-5%
Fixed rate borrowings	168,806	157,954	10,852	+7%
Floating rate borrowings	193,970	225,786	(31,816)	-14%

3M 2025 average cost of debt: 3.12% (vs 12M 2024 rate: 3.39%)

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

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.