Ascopiave — Interim / Quarterly Report 2026

May 7, 2026

emarket: edr storage
azzampa
azzampa

Ascopiave Group

3M 2026

CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, 7th May 2026

Gruppo ASCOPIAVE

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Ascopieve Group structure as of 31st March 2026

Telephone, distribution and commercial use through the Asco CONSOLIDATED

emarket: edr storage

Companies consolidated using the full consolidation method

Companies consolidated using the full consolidation method

Minority interests
The investment in Cogeide is consolidated using the equity method

Renewable energies

Gas Distribution

Water Service

ICT services

Multi-Utility

Notes: 1 AP Reti Gas North is consolidated starting from 1st July 2025; 2 Asco Clean Energy is consolidated starting from 1st August 2025; 3 AP Reti Gas Next Grids is consolidated starting from 31st December 2025.

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Change in the consolidation scope and participations disposals

Children's, distribution and commercial use

International

Association of

Asia

Asia

Asia

Asia

Asia

Asia

emarket

soft storage

resources

openrise

CHANGE IN THE CONSOLIDATION SCOPE

Acquisition of AP Reti Gas North as of 1st July 2025

Acquisition of Società Impianti Metano, now AP Reti Gas Next Grids, as of 31st December 2025

Acquisition of Reti Padova with payment of the purchase price on 31st March 2026 and effective date as of 1st April 2026

PARTICIPATIONS DISPOSALS

Sale of 25% of the share capital of Estenergy as of 24th June 2025

Sale of 3% of the share capital of Hera Comm as of 8th October 2025

No financial income relating to the two participations disposed was recognized in the income statement for the first quarter of 2025, as the companies distributed dividends after the end of the quarter

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3M 2026 consolidated income statement

Telephone, distribution and commercial use

2026

Asci

CONSOLIDATED

emarket

3M 2026

(Thousands of Euros)	3M 2026	3M 2025	Chg	Chg %
Revenues	70,781	54,790	15,991	+29%
(Raw materials, consumables, supplies and goods)	(1,169)	(797)	(372)	+47%
(Costs for services)	(21,293)	(12,834)	(8,460)	+66%
(Costs for personnel)	(5,731)	(5,031)	(701)	+14%
(Other management costs)	(6,995)	(6,773)	(223)	+3%
Other income	41	274	(234)	-85%
EBITDA	35,633	29,630	6,003	+20%
(Amortizations and depreciation)	(19,354)	(12,208)	(7,146)	+59%
(Provisions)	-	-	-	n.a.
EBIT	16,279	17,422	(1,143)	-7%
Financial income / (expenses)	(4,660)	(4,027)	(633)	+16%
EBT	11,620	13,395	(1,776)	-13%
(Income taxes)	(4,157)	(4,096)	(61)	+1%
Net income	7,463	9,300	(1,837)	-20%
Net income of minorities	2	(17)	19	-114%
Net income of the Group	7,465	9,283	(1,818)	-20%

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Consolidated balance sheet as of 31st March 2026

Telephone, distribution and commercial use

A

emarket

e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e

(Thousands of Euros)	31/03/2026	31/12/2025	Chg	Chg %
Tangible assets (1)	183,586	184,244	(658)	-0%
Non tangible assets (1)	1,318,158	1,316,890	1,268	+0%
Investments in associates (2)	54,947	56,526	(1,579)	-3%
Other fixed assets (3)	89,373	56,753	32,619	+57%
Fixed assets	1,646,064	1,614,413	31,651	+2%
Operating current assets	163,167	179,995	(16,828)	-9%
(Operating current liabilities)	(206,636)	(180,518)	(26,118)	+14%
(Operating non current liabilities)	(88,758)	(87,277)	(1,481)	+2%
Net working capital	(132,227)	(87,800)	(44,427)	+51%
Total capital employed	1,513,837	1,526,613	(12,776)	-1%
Group shareholders equity	918,943	912,401	6,542	+1%
Minorities	4	6	(2)	-37%
Shareholders equity	918,946	912,407	6,539	+1%
Net financial position	594,890	614,206	(19,315)	-3%
Total sources	1,513,837	1,526,613	(12,776)	-1%

Notes: 1 According to IFRIC 12, the infrastructures under concession are considered intangible assets; 2 Value of the associated companies consolidated with net equity consolidation method (pro-rata): Cogeide, Euro 7.7 mln (Euro 7.7 mln as of 31st December 2025). Other minority shareholdings: Acinque, Euro 20.7 mln (Euro 22.3 mln as of 31st December 2025); Herabit, Euro 26.5 mln (Euro 26.5 mln as of 31st December 2025); 3 Other fixed assets as of 31st March 2026 include the amount paid for the acquisition of the company Reti Padova for Euro 32.0 mln.

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Operating data

Telephone, distribution and commercial use

Article

Accu

CONSOLIDAT

emarket

edr storage

GENME

GAS DISTRIBUTION

Number of gas distribution users

Old consolidation scope

Volumes of gas distributed

(Million of standard cubic meters)

Change in the scope of consolidation

RENEWABLE ENERGIES

Volumes of electricity produced

(GWh)

Notes: 1 Volumes of gas distributed by AP Reti Gas North and AP Reti Gas Next Grids.

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Revenues

Telephone, distribution and commercial use among proHACs CONSOLIDATED

emarket: edr storage TECHNOLOGY

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Revenues bridge

(Thousand of Euro)

Gas distribution tariff revenues

(Thousands of Euros) (3)	3M 2026	3M 2025	Chg	Chg %
Gas distribution tariff revenues	57,569	42,301	15,268	+36%
Gas distribution tariff revenues	57,569	42,301	15,268	+36%

Change in the scope of consolidation (4): + Euro 22.9 mln

Decrease of gas distribution tariff revenues on a like-for-like basis:

• Euro 7.6 mln

of which:

• revision of 2020-2024 tariff operating costs (ARERA Res. 87/2025/R/gas): - Euro 8.4 mln;
• other changes: + Euro 0.8 mln.

Revenues from RES

(Thousands of Euros) (3)	3M 2026	3M 2025	Chg	Chg %
Revenues from FER	3,851	4,650	(798)	-17%
Revenues from FER	3,851	4,650	(798)	-17%

Notes: 1 Data related to AP Reti Gas North, AP Reti Gas Next Grids and Asco Clean Energy; 2 Tariff revenues include the tariff component for the recovery of the fee paid to local entities according to art. 46-bis DL 159/2007; 3 Economic data before elisions; 4 Data related to AP Reti Gas North and AP Reti Gas Next Grids.

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EBIT & net operating costs

Telephone, distribution and commercial use through Epochs, Asco, CONSOLIDATED

emarket

ecr storage

00000000000000000000000000000000000000000000000000000000000000000000000

EBIT bridge
(Thousand of Euro)

Net operating costs

(Thousands of Euros) (2)	3M 2026	3M 2025	Chg	Chg %
Other revenues	8,982	7,715	1,267	+16%
Costs of raw materials and services	(29,037)	(20,004)	(9,033)	+45%
Cost of personnel	(5,731)	(5,031)	(701)	+14%
Net operating costs	(25,787)	(17,320)	(8,467)	+49%

Change in the scope of consolidation (1): - Euro 8.8 mln

Decrease of net operating costs on a like-for-like basis:

• Euro 0.3 mln

of which:

• decrease of gas distribution concession fees: + Euro 0.1 mln;
• decrease of cost of personnel: + Euro 0.9 mln;
• increase of costs for consultancy: - Euro 0.3 mln
• decrease of other non recurring costs: + Euro 0,3 mln;
• other variations: - Euro 0.7 mln.

Notes: 1 Data related to AP Reti Gas North, AP Reti Gas Next Grids and Asco Clean Energy; 2 Economic data before elisions.

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Personnel

Telephone, distribution and commercial use through private asci

CONSOLIDATED

emarket

service

GENMEX

Number of employees

Employees at 31/03/2026

Cost of personnel
(Thousand of Euro)

Notes: ¹ Data related to AP Reti Gas North and AP Reti Gas Next Grids.

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Capex

Telephone, distribution and commercial use among private asco

CONSOLIDATED

emarket

service

openmire

Capex
(Thousand of Euro)

Capex at 31/03/2026

Change in the scope of consolidation (1): Euro 6,2 mln

On a like-for-like basis:

• Investments in gas distribution systems: Euro 9.7 mln
• Investments in gas meters: Euro 2.6 mln
• Investments in renewable energy: 2.1 mln
• Investments in land and buildings: Euro 0.1 mln
• Investments in hardware and software: Euro 0.7 mln
• Other: Euro 0.2 mln

Notes: Investments in intangible assets and in tangible assets (excluded realizations, investments in associated, investments related to the application of IFRS 16 accounting standard and network extension in new urbanized areas that according to IAS are considered as operating costs and not capital expenditures); 1 Investments carried out by AP Reti Gas North, AP Reti Gas Next Grids and Asco Clean Energy.

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Net financial position and cash flow

Telephone, distribution and commercial use through private sector

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ASSESSMENT

CONSOLIDATED

emarket

and

exchange

DEMONS

Net financial position and cash flow
(Thousand of Euro)

Notes: 1 Cash flow = net result + depreciation and amortization + provisions and losses on credits; 2 Investments in tangible and intangible assets; 3 Acquisition of Reti Padova: - Euro 32.0 mln; reassessment of the price adjustment related to the acquisition of AP Reti Gas North: + Euro 1.3 mln.

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Financial debt

Teleborsa: distribution and commercial use among professional

Acces

CONSOLIDATED

emarket

e-mail

e-mail

e-mail

e-mail

e-mail

Financial debt

(Thousands of Euros) (1)	31/03/2026	31/12/2025	Chg	Chg %
Long term financial borrowings	405,296	394,170	11,126	+3%
Current position of long term financial borrowings	63,745	63,279	466	+1%
Long term bond loans	138,305	146,078	(7,773)	-5%
Current position of bond loans	7,768	7,768	-	+0%
Short term financial borrowings (2)	(31,949)	(34,205)	2,256	-7%
Total financial debt	583,165	577,090	6,075	+1%
Fixed rate borrowings	281,184	292,465	(11,281)	-4%
Floating rate borrowings	301,981	284,625	17,356	+6%

3M 2026 average cost of debt: 3.07% (vs 12M 2025 rate: 3.11%)

Notes: 1 Relating only to companies consolidated with full consolidation method; 2 Positive cash balance available in the Group's current accounts.

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Disclaimer

Telephone, distribution and commercial use of this product is prohibited by law. The manufacturer is not responsible for any errors or omissions in the product's content.

emarket

and storage

in the United States

of America

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.

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