Ascopiave — Investor Presentation 2021

May 14, 2021

G r u p p o A s c o p i a v e 3M 2021 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 14th May 2021

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 17
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 19

• → Ascopiave Group structure as of 31st March 2021
• → 3M 2021 consolidated income statement
• → Consolidated balance sheet as of 31st March 2021

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 31st March 2021 3M 2021 CONSOLIDATED RESULTS

4

(Thousand of Euro)	3M 2021	3M 2020	Chg	Chg %
Revenues	38 456	44 662	(6 206)	-14%
(Cost of materials and consumables) raw	(972)	(862)	(109)	+13%
(Cost of services)	(9 584)	(9 596)	11	-0%
of personnel) (Cost	(4 351)	(5 382)	1 031	-19%
(Other operating costs)	(8 239)	(13 288)	5 049	-38%
Other operating income	467	21	446	+2116%
EBITDA	15 777	15 554	223	+1%
(Depreciations and amortizations)	(8 781)	(8 330)	(451)	+5%
EBIT	6 996	7 224	(228)	-3%
Financial income / (expenses)	(557)	(415)	(142)	+34%
(*) Evaluation of companies with method net assets	8 842	8 242	600	+7%
EBT	15 281	15 051	230	+2%
(Income taxes)	663) (1	(2 055)	393	-19%
Net income	13 619	12 995	623	+5%

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 8,8 mln (Euro 8,2 mln in 3M 2020).

Consolidated balance sheet as of 31st March 2021 3M 2021 CONSOLIDATED RESULTS

(Thousand of Euro)	31/03/2021	31/12/2020	Chg	Chg %
(*) Tangible assets	33.098	33.443	(345)	-1%
(*) Non tangible assets	629.133	626.685	2.448	+0%
(**) Investments in associates	524.571	515.729	8.842	+2%
Other fixed assets	33.838	34.276	(439)	-1%
Fixed assets	1.220.640	1.210.134	10.506	+1%
Operating current assets	133.995	128.046	5.949	+5%
(Operating liabilities) current	(143.163)	(98.211)	(44.952)	+46%
(Operating liabilities) non current	(47.588)	(47.071)	(517)	+1%
Net working capital	(56.756)	(17.236)	(39.520)	+229%
Total capital employed	1.163.884	1.192.897	(29.013)	-2%
Group shareholders equity	867.674	853.903	13.770	+2%
Minorities	-	-	-	n.a.
Net financial position	296.210	338.994	(42.784)	-13%
Total sources	1.163.884	1.192.897	(29.013)	-2%

(*) 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 437,8 mln (Euro 429,0 mln as of 31st December 2020); Hera Comm, Euro 54,0 mln (Euro 54,0 mln as of 31st December 2020); Acsm-Agam, Euro 24,9 mln (Euro 24,9 mln as of 31st December 2020); Cogeide, Euro 7,8 mln (Euro 7,8 mln as of 31st December 2020).

Financial highlights

Companies consolidated with full consolidation method

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

Estenergy

Number of gas distribution users

Volumes of gas distributed

(Million of standard cubic meters)

(*) 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 11 of the current presentation.

Gas distribution tariff revenues and other net operating costs 3M 2021 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	3M 2021	3M 2020	Chg	Chg %
Gas distribution tariff revenues	26 685	27 .718	(1.034)	-4%
Gas distribution tariff revenues	26.685	27.718	(1.034)	-4%
(Thousand of Euro)	3M 2021	3M 2020	Chg	Chg %
Other revenues	11.378	16 .562	(5.184)	-31%
Other of raw materials and services costs Cost of personnel	(17.934) (4.351)	(23 344) (5.382)	5.410 1.031	-23% -19%
Other operating net costs	(10.907)	(12.164)	1.256	-10%

Decrease of other net operating costs: + Euro 1,3 mln

of which:

• decrease of cost of personnel: + Euro 1,1 mln;
• increase of margin on energy efficiency tasks management: + Euro 0,2 mln;
• increase of gas distribution concession fees: - Euro 0,1 mln;
• decrease of margin on distributor services: - Euro 0,2 mln;
• decrease of non-recurring costs: + Euro 0,3 mln;
• decrease of charitable contributions: + Euro 0,1 mln;
• increase of associative and Autority contributions: - Euro 0,4 mln;
• other variations: + Euro 0,3 mln.

(*) Economic data before elisions.

Number of employees

▪ capitalized cost of personnel:

(*) Excluding network extension in new urbanized areas that according to IAS are considerated 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 investments in tangible and intangible assets.

Net financial position and cash flow (2) 3M 2021 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/03/2021	31/12/2020	Chg	Chg %
financial borrowings (>12 months) Long term	186.173	195.999	(9.826)	-5%
Current of long financial borrowings position term	40.027	40.024	3	+0%
Short financial borrowings (<12 months) term	72.230	104.023	(31.793)	-31%
Total financial debt	298.430	340.046	(41.616)	-12%
Fixed borrowings rate	211.826	219.273	(7.447)	-3%
Floating borrowings rate	86.604	120.773	(34.169)	-28%
3M 2021 average cost of debt: 0,30% (vs FY 2020 rate: 0,34%)

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

Companies consolidated with full consolidation method

Estenergy

→ Financial highlights

Income statement (*) Balance sheet (*)

(Thousand of Euro)	3M 2021
Revenues	135.540
(Cost of raw materials and consumables)	(69.268)
(Cost of services)	(46.725)
(Cost of personnel)	(1.964)
(Other operating costs)	(173)
EBITDA	17.411
(Depreciations and amortizations) + (provisions)	(3.934)
EBIT	13.477
Financial income / (expenses)	379
EBT	13.856
(Income taxes)	(3.620)
Net income	10.236

(Thousand of Euro)	31/03/2021
Tangible assets	1.703
Non tangible assets	318.465
Investments in associates	8.754
Other fixed assets	1.810
Fixed assets	330.732
Operating current assets	127.436
(Operating liabilities) current	(129.887)
(Operating liabilities) non current	(26.487)
Net working capital	(28.937)
Total capital employed	301.795
Shareholders equity	359.651
financial Net position	(57.856)
Total sources	301.795

(*) Pro-rata amounts, i.e. proportional to the Ascopiave's capital stake in Estenergy (48%).

Estenergy

Companies consolidated with full consolidation method

Estenergy

• ❑ 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.