Ascopiave — Investor Presentation 2019

May 14, 2019

1stQ 2019 CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, 14th may 2019 # Financial highlights

• →Ascopiave Group structure as of 31st march 2019
• →1stQ 2019 consolidated income statement
• →Consolidated balance sheet as of 31st march 2019

Operating data

Revenues and EBITDA

Gross margin on gas and electricity sales and other net operating costs

Personnel

Capex

Net financial position and cash flow

Disclaimer

CONFERENCE CALL

1stQ 2019 consolidated income statement

) ho d f Eu us an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
Re ve nu es	2 2 4. 0 8 7	2 0 0. 6 4 8	2 3. 4 4 0	1 1, 7 % +
Co ( f ra ia ls d c b les ) t o te s w ma r an on su ma	( 1 4 0. 4 6 3 )	( 1 1 7. 4 5 8 )	( 2 3. 0 0 5 )	1 9, 6 % +
( Co f s ice ) t o s erv s	( 3 2 4 6 ) 7.	( 3 1. 4 ) 7 7	( 4 9 9 ) 5.	1 3 % 7, +
Co ( f p l ) t o s ers on ne	( 6. 3 0 7 )	( 6. 1 4 9 )	( 1 5 9 )	2, 6 % +
( O ) he ing t t ts r o p era co s	( ) 7. 7 3 4	( ) 9. 4 5 7	1. 7 2 2	-1 8, 2 %
O he ing inc t t r o p era om e	3 3	2 2	1 1	4 9, 9 % +
E B I T D A	3 2. 3 0 7	3 5. 8 6 0	( 3. 4 9 0 )	-9 % 7 ,
( ) De ia ion d a iza ion t t t p rec s a n mo r s	( ) 6. 0 5 0	( ) 5. 6 5 0	( ) 3 9 9	7, 1 % +
( ) Pr is ion ov s	( ) 4 0 8	( ) 3 4 5	( ) 6 2	1 8, 1 % +
E B I T	2 5. 9 1 2	2 9. 8 6 4	( 3. 9 5 2 )	-1 3, 2 %
/ ( ) F ina ia l inc nc om e ex p en se s	( ) 2 3 6	( ) 1 8 7	( ) 4 9	2 6, 5 % +
( *) Ev lua ion f c ies i h n ho d t t t a ts t a o om p an w e ss e me	3. 3 4 9	3. 8 3 7	( 4 3 4 )	-1 1, % 5
E B T	2 9. 0 2 5	3 3. 4 6 0	( 4. 4 3 5 )	-1 3, 3 %
( Inc ) tax om e es	( ) 7. 2 6 7	( ) 8. 4 6 1	1. 1 9 4	-1 4, 1 %
Ne inc t om e	2 1. 7 5 8	2 4. 9 9 9	( ) 3. 2 4 2	-1 3, 0 %
( Ne inc f m ino i ies ) t t om e o r	( 1. 1 9 ) 5	( 1. 4 9 ) 7	3 0 2	-2 0, 2 %
Ne inc f he Gr t t om e o ou p	2 0. 5 6 2	2 3. 5 0 2	( ) 2. 9 4 0	-1 2, 5 %

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-rata): sale companies, Euro 2,9 mln (Euro 3,1 mln in 1stQ 2018); distribution companies, Euro 0,2 mln (Euro 0,2 mln in 1stQ 2018); Sinergie Italiane, Euro 0,3 mln (Euro 0,5 mln in 1stQ 2018).

Consolidated balance sheet as of 31st march 2019

T ho d f Eu ) us an o ro	3 1 / 0 3 / 2 0 1 9	3 1 / 1 2 / 2 0 1 8	C h g	C h % g
T i b l t ( *) a n g e a s s e s	3 4. 8 8 2	3 2. 7 2 4	2. 1 5 9	6, 6 % +
N i b l t t ( *) o n a n g e a s s e s	4 3 3. 9 7 7	4 3 2. 6 3 7	1. 1 4 3	0, 3 % +
I i i t t t ( **) n v e s m e n s n a s s o c a e s	7 1. 4 3 8	6 8. 3 5 7	3. 0 8 2	4, 5 % +
O h f i d t t e r e a s s e s x	2 3. 5 6 1	2 3. 4 0 1	1 6 0	0, 7 % +
F i d t x e a s s e s	5 6 3. 6 6 1	5 5 7. 1 1 8	5 6. 4 3	1, 2 % +
O i t t t p e r a n g c r r e n a s s e s u	2 7 5. 1 6 1	2 1 9. 6 6 0	5 5. 5 0 1	2 5, 3 % +
( O ) i l i b i l i i t t t p e r a n g c u r r e n a e s	( 2 2. 8 8 1 ) 5	( 1 6 0. 1 4 6 )	( 9 2. 3 ) 7 5	9 % 5 7, +
( O i l i b i l i i ) t t t p e r a n g n o n c u r r e n a e s	( ) 5 1. 3 2 0	( ) 5 1. 2 4 5	( ) 7 5	0, 1 % +
i i N k l t t e w o r n g c a p a	( ) 2 9. 0 4 0	8. 2 6 8	( ) 3 7. 3 0 9	-4 5 1, 2 %
T l i l l d t t o a c a p a e m p o e y	5 3 4. 6 2 0	5 6 5. 3 8 6	( ) 3 0. 7 6 6	-5 4 % ,
G h h l d i t r o u p s a r e o e r s e q u y	5 4 6 3. 9 9	5 4 4 3. 6 7	2 0. 4 2 8	4, 6 % +
i i i M t n o r e s	5. 4 5 3	4. 3 0 3	1. 1 5 1	2 6, 7 % +
N f i i l i i t t e n a n c a p o s o n	6 5. 1 1 7	1 1 5 1 7. 7	( 5 2. 3 4 5 )	-4 4, 5 %
T l t o a s o u r c e s	5 3 4. 6 2 0	5 5. 6 3 8 6	( ) 3 0. 7 6 6	-5 4 % ,

(*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with net equity consolidation method: sale companies, Euro 49,7 mln (Euro 46,8 mln as of 31st December 2018); distribution companies, Euro 21,8 mln (Euro 21,5 mln as of 31st December 2018).

Financial highlights

Operating data

• →Volumes of gas distributed
• →Volumes of gas sold
• →Volumes of electricity sold

Revenues and EBITDA

Gross margin on gas and electricity sales and other operating costs

Personnel

Capex

Net financial position and cash flow

Disclaimer

Pieve di Soligo, 14th may 2019	1stQ 2019 consolidated results	CONFERENCE CALL
--------------------------------	-----------------------------------	-----------------

Financial highlights

Operating data

Revenues and EBITDA

• →Revenues bridge
• →EBITDA bridge
• →EBITDA breakdown

Gross margin on gas and electricity sales and other net operating costs

Personnel

Capex

Net financial position and cash flow

Disclaimer

1stQ 2019 CONFERENCE CALL consolidated results Pieve di Soligo, 14th may 2019

11

12

(*) Sinergie Italiane excluded. Data are considered pro-rata.

EBITDA breakdown Companies consolidated with full consolidation method

(Thousand of Euro)

T ho d f Eu ) us an o ro		3	M 2 0 1 9	3 M 2 0 1 8	Va r	Va % r
	E B I T D A		3 2. 3 0 7	3 5. 8 6 0	( 3. 4 9 0 )	-9 % 7 ,
E	Sa B I T D A le -		2 3. 1 6 3	2 5. 4 4 1	( ) 2. 2 7 8	-9 0 % ,
E B I T	D A D is i bu ion tr t -	1	0. 0 1 4	1 1. 1 8 6	( 1. 1 1 ) 7	-1 0, % 5
E B I T	D A As iav co p e -		( ) 8 0 8	( ) 7 6 8	( ) 4 1	5, 3 % +
	E B I T	2	5. 9 1 2	2 9. 8 6 4	( ) 3. 9 5 2	-1 3, 2 %
	E B I T Sa le -	2	2. 2 7 6	2 4. 5 3 3	( ) 2. 2 5 7	-9 2 % ,
E B I	T D is i bu ion tr t -		4. 9 6 7	6. 5 2 6	( ) 1. 5 6 0	-2 3, 9 %
E B	I T As iav co p e -	(	) 1. 3 3 1	( ) 1. 1 9 6	( ) 1 3 5	1 1, 3 % +

1stQ 2019 CONFERENCE CALL consolidated results Pieve di Soligo, 14th may 2019

EBITDA breakdown Companies consolidated with net equity consolidation method (*) (ThousandofEuro)

(*) Sinergie Italiane excluded. Data are considered pro-rata.

16

Financial highlights Operating data Revenues and EBITDA

Gross margin on gas and electricity sales and other net operating costs

• →Gross margin on gas sales
• →Gross margin on trading gas sales
• →Gross margin on electricity sales
• →Gas distribution tariff revenues
• →Other net operating costs

Personnel

Capex

Net fincancial position and cash flow

Disclaimer

1stQ 2019 CONFERENCE CALL consolidated results Pieve di Soligo, 14th may 2019

T ho d f Eu ) ( *) us an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
Re fro les ve nu es m g as sa	1 1. 6 6 7 7	1 9. 4 6 8 5	1 2. 1 9 8	6 % 7, +
( Ga ha ) ts s p urc se co s	( 1 0 3 0 0 ) 5.	( 9 1. 0 1 ) 5	( 1 4. 2 4 9 )	1 6 % 5, +
( Ga d is i bu ion ) tr t ts s co s	( 3 8. 1 3 ) 7	( 3 8. 0 9 ) 5	( 2 0 4 )	0, % 5 +
in ( ) Gr les A os s ma rg on g as s a
Co l i da d i h fu l l te t mp an co ns o y w	2 6 5 4 7.	2 9. 9 0 8	( 2. 2 5 4 )	5 % -7 ,
l i da ion ho d t t co ns o m e

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method, equal to - Euro 2,3 mln, is both due to lower volumes of gas sold and lower unit profit margins.

( *) ( T ho d f Eu ) us an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
Gr in les ( B ) os s ma rg on g as sa Co l i da d i h n i te t t e ty mp an y co ns o w e q u ( **) l i da ion ho d t t co ns o m e	5. 5 5 6	5. 8 7 8	( ) 3 2 1	-5 5 % ,
in ( ) Gr les A+ B os s ma rg on g as s a	3 3. 2 1 0	3 5. 7 8 5	( ) 2. 5 7 5	-7 2 % ,

Gross margin on trading gas sales

ho d f Eu ) ( *) us an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
Re fro d ing les tra ve nu es m g as sa	1. 5 6 4	3. 2 8 2	( ) 1. 7 1 8	-5 2, 3 %
( Tr d ing ha ) ts a g as p urc se co s	( ) 1. 5 1 2	( ) 3. 1 6 9	1. 6 5 7	-5 2, 3 %
( Tr d ing / c i ) tra t ty ts a g as ns p or ap ac co s	( ) 4 3	( ) 3 0	( ) 1 3	4 1, 4 % +
( ) Gr in d in les A tra os s ma rg on g g as s a Co fu l i da d i h l l te t mp an y co ns o w l i da ion ho d t t co ns o m e	9	8 3	( ) 7 3	-8 8, 6 %
	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
f ) d Eu ( *) us an o ro
ho Gr in d in les ( B ) tra os s ma rg on g g as s a Co l i da d i h n i te t t e ty mp an y co ns o w e q u l i da ion ho d t t ( **) co ns o m e	-	-	-	n.a

3 1. 8 0 1 ( ) 1 9. 2 5 5	2 9. 6 2 8 ( ) 1 8. 9 6 3	2. 1 7 3 ( ) 2 9 2	7, 3 % +
			1, 5 % +
( ) 1 0. 6 6 2	( ) 9. 0 1 2	( ) 1. 6 5 0	1 8, 3 % +
1. 8 8 4	1. 6 5 3	2 3 1	1 4, 0 % +

The increase of gross margin on electricity sales of the companies consolidated with full consolidation method, equal to + Euro 0,2 mln, is due to higher volumes of electricity sold, despite lower unit profit margins.

ho d f Eu ) ( *) us an o ro	M 3 2 0 1 9	M 3 2 0 1 8	C hg	C hg %
Gr in lec ic i les ( B ) tr ty os s ma rg on e sa Co l i da d i h n i te t t e ty mp an y co ns o w e q u l i da ion ho d t t ( **) co ns o m e	4 0 6	2 9 3	1 1 3	3 8, 6 % +
Gr in lec ic i les ( A+ B ) tr ty os s ma rg on e s a	2. 2 9 0	1. 9 4 6	3 4 4	1 % 7, 7 +

1stQ 2019 CONFERENCE CALL consolidated results Pieve di Soligo, 14th may 2019

d f Eu ) ( *) us an o ro	M 3 2 0 1 9	M 3 2 0 1 8	C hg	C hg %
Ga d is i bu ion i f f r tr t ta s r ev en ue s	1 7. 8 7 3	1 8. 1 7 4	( ) 3 0 1	-1 7 % ,
Ga d is i bu io i f f r ( A ) tr t ta s n r ev en ue s Co l i da d i h fu l l te t mp an y co ns o w l i da ion ho d t t co ns o m e	1 7. 8 7 3	1 8. 1 7 4	( ) 3 0 1	-1 7 % ,
d f Eu ) ( *) us an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
Ga d is i bu io i f f r ( B ) tr t ta s n r ev en ue s Co l i da d i h n i te t t e ty mp an y co ns o w e q u l i da ion ho d ( **) t t co ns o m e	1. 4 3 1	1. 4 3 2	( ) 0	-0 0 % ,

1stQ 2019 CONFERENCE CALL consolidated results

21

ho d f Eu ) us an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
O he t r re ve nu es	1 0. 2 5 2	1 2. 4 2 4	( 2. 1 7 2 )	-1 7, 5 %
O he f ra ia ls d s ice t ts te r c os o w ma r an er v s	( ) 1 8. 9 9 5	( ) 2 0. 2 3 4	1. 2 3 8	-6 1 % ,
Co f p l t o s er so nn e	( 6. 3 0 ) 7	( 6. 1 4 9 )	( 1 9 ) 5	2, 6 % +
( ) O he in A t t o t ts r n e p er a g co s
Co fu l i da d i h l l te t mp an co ns o y w	( 5. 5 ) 1 0 1	( 5 ) 1 3. 9 8	( ) 1. 0 9 3	7, 8 % +
l i da ion ho d t t co ns o m e

Increase of other net operating costs: - Euro 1,1 mln

of which:

• increase of cost of personnel: - Euro 0,2 mln;
• decrease of margin on energy efficiency tasks management: - Euro 0,9 mln;
• increase of margin on distributor services: + Euro 0,2 mln;
• increase of advertising and commercial costs: - Euro 0,4 mln;
• increase of administrative and legal consulting: - Euro 0,2 mln;
• decrease of costs for application of IFRS 16: + Euro 0,2 mln;
• other variations: + Euro 0,2 mln.

f ) d Eu an o ro	3 M 2 0 1 9	3 M 2 0 1 8	C hg	C hg %
in ( ) O he A t t o t ts r n e p er a g co s Co l i da d i h fu l l te t mp an co ns o y w l i da ion ho d t t co ns o m e	( 1 5. 0 5 1 )	( 1 3. 9 5 8 )	( 1. 0 9 3 )	8 % 7, +
O he in ( B ) t t o t ts r n e p er a g co s Co l i da d i h n i te t t e ty mp an y co ns o w e q u l i da ion ho d t t ( *) co ns o m e	( ) 2. 3 0 2	( ) 2. 1 8 7	( ) 1 1 4	5, 2 % +
in ( ) O t he t o t ts A+ B r n e p er a g co s	( ) 1 7. 3 5 3	( ) 1 6. 1 4 6	( ) 1. 2 0 7	7, 5 % +

(*) Sinergie Italiane excluded. Data are considered pro-rata.

CONFERENCE CALL

Financial highlights

Operating data

Revenues and EBITDA

Gross margin on gas and electricity sales and other net operating costs

Personnel

• →Number of employees
• →Consolidated cost of personnel

Capex

Net financial position and cash flow

Disclaimer

Number of employees

Consolidated cost of personnel

1stQ 2019 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 0,8 mln (+5,5%).

Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operating costsPersonnel

Capex

Net financial position and cash flow

Disclaimer

1stQ 2019 CONFERENCE CALL consolidated results Pieve di Soligo, 14th may 2019

1stQ 2019 investments of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 1,1 mln (+277,6%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments;.(**) Investments in intangible assets: Euro 6,5 mln; investments in tangible assets: Euro 2,9 mln, of which rights of use (IFRS 16): Euro 2,5 mln (excluded realizations of tangible and intangible assets and investments in associated).

Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity sales and other net operatingPersonnel Capex

Net financial position and cash flow

Disclaimer

1stQ 2019 CONFERENCE CALL consolidated results Pieve di Soligo, 14th may 2019

costs

Net financial position and cash flow (1)

Net financial position and cash flow (2)

(*) Sinergie Italiane excluded. Data are considered pro-rata.

( T ho d f Eu ) ( *) us an o ro	/ / 3 1 0 3 2 0 1 9	/ / 3 1 1 2 2 0 1 8	Va r	Va % r
Lo f ina ia l bo ing ( hs ) te 1 2 t ng rm nc rro s mo n w > Cu f f i ion lon ina ia l bo ing t p t te rre n os o g rm nc rro s w S ho f ina ia l bo ing ( 1 2 hs ) t te t r rm nc rro w s mo n <	5 1. 2 9 2 8. 0 8 0 3. 2 5 7	5 5. 1 1 1 8. 0 1 4 6. 3 8 1 5	( ) 3. 8 1 9 6 6 ( 2. 8 4 ) 5 5	-6 9 % , 0, 8 % + -9 3, % 7
To l f in ia l de b ta t an c	6 2. 8 9 9	1 1 9. 5 0 6	( 5 6. 6 0 ) 7	-4 4 % 7,
F ixe d bo ing te ra rro w s F loa ing bo ing t te ra rro w s	3 5. 4 9 8 2 7. 4 0 1	3 6. 8 7 4 8 2. 6 3 2	( ) 1. 3 7 6 ( 5 5. 2 3 1 )	-3 7 % , -6 6, 8 %

1stQ 2019 average cost of debt: 0,52% (vs 2018 rate: 0,51%)

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

32

Financial highlights Operating data Revenues and EBITDA Gross margin on gas and electricity activities and other net operatingPersonnel Capex Net Financial Position and cash flow Disclaimer

costs

• • 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.