Ascopiave — Investor Presentation 2022

Aug 5, 2022

G r u p p o A s c o p i a v e 6M 2022 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 5th August 2022

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 18
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 20

• → Ascopiave Group structure as of 30th June 2022
• → 6M 2022 consolidated income statement
• → Consolidated balance sheet as of 30th June 2022

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 30th June 2022 6M 2022 CONSOLIDATED RESULTS

4

Financial highlights

(Thousand of Euro)	6M 2022	6M 2021	Chg	Chg %
Revenues	81,420	66,085	15,334	+23%
(Purchase for other raw materials) costs	(1,339)	(1,113)	(226)	+20%
for (Costs services)	(25,294)	(19,529)	(5,765)	+30%
(Costs for personnel)	(10,034)	(9,148)	(885)	+10%
(Other costs) management	(8,841)	(5,222)	(3,620)	+69%
Other income	51	511	(460)	-90%
EBITDA	35,963	31,585	4,378	+14%
(Amortizations and depreciation)	(21,561)	(17,679)	(3,882)	+22%
(Provisions)	(10)	(34)	24	-71%
EBIT	14,392	13,872	520	+4%
Financial income / (expenses)	2,297	2,425	(128)	-5%
(*) Evaluation of with method companies equity net	11,362	14,258	(2,896)	-20%
EBT	28,051	30,555	(2,503)	-8%
(Income taxes)	(5,456)	(3,699)	(1,758)	+48%
Earnings after taxes	22,595	26,856	(4,261)	-16%
Net result from discontinued operations	558	-	558	n.a.
Net income	23,153	26,856	(3,703)	-14%
Net income of minorities	122	-	122	n.a.
of the Net income Group	23,275	26,856	(3,581)	-13%

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 10,9 mln (Euro 14.1 mln in 6M 2021); Cogeide, Euro 0.4 mln (Euro 0.2 mln in 6M 2021).

Financial highlights

Consolidated balance sheet as of 30th June 2022 6M 2022 CONSOLIDATED RESULTS

(Thousand of Euro)	30/06/2022	31/12/2021	Chg	Chg %
Tangible assets (*)	119,928	58,012	61,916	+107%
Non tangible assets (*)	745,846	647,279	98,567	+15%
(**) Investments in associates	528,322	521,359	6,963	+1%
Other fixed assets	78,675	35,169	43,505	+124%
Fixed assets	1,472,770	1,261,819	210,952	+17%
Operating current assets	93,569	62,159	31,411	+51%
(Operating current liabilities)	(84,618)	(59,727)	(24,891)	+42%
(Operating non current liabilities)	(61,858)	(48,259)	(13,599)	+28%
Net working capital	(52,907)	(45,828)	(7,079)	+15%
Total capital employed	1,419,863	1,215,991	203,872	+17%
Group shareholders equity	875,893	868,544	7,350	+1%
Minorities	42,697	(38)	42,735	-111487%
Shareholders equity	918,590	868,505	50,085	+6%
Net financial position	501,273	347,485	153,787	+44%
Total sources	1,419,863	1,215,991	203,872	+17%

(*) According to IFRIC 12, the infrastructures under concession are consedered intangible assets;

(**) Value of the associated companies consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 440.9 mln (Euro 434.4 mln as of 31st December 2021); Hera Comm, Euro 54.0 mln (Euro 54.0 mln as of 31st December 2021); Acsm-Agam, Euro 24.9 mln (Euro 24.9 mln as of 31st December 2021); Cogeide, Euro 8.5 mln (Euro 8.1 mln as of 31st December 2021).

Financial highlights

Companies consolidated with full consolidation method

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

Estenergy

6M 2022 CONSOLIDATED RESULTS

New consolidation area

(*) 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 12 of the current presentation.

Gas distribution tariff revenues and other net operating costs 6M 2022 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	6M 2022	6M 2021	Chg	Chg %
Gas distribution tariff revenues	54,876	54,218	658	+1%
Gas distribution tariff revenues	54,876	54,218	658	+1%
(Thousand of Euro)	6M 2022	6M 2021	Chg	Chg %
Other revenues	25,764	11,000	14,765	+134%
Other of raw materials and services costs	(34,644)	(24,484)	(10,160)	+41%
Cost of personnel	(10,034)	(9,148)	(885)	+10%
Other operating net costs	(18,914)	(22,633)	3,720	-16%

Change of the consolidation area: + Euro 0.5 mln

Decrease of other net operating costs of equal consolidation area: + Euro 3.2 mln

of which:

• increase of cost of personnel: - Euro 0.5 mln;
• decrease of gas distribution concession fees: + Euro 0.2 mln;
• increase of margin on energy efficiency tasks management: + Euro 0,2 mln;
• increase of CSEA contributions for security incentives: + Euro 1.2 mln;
• increase of costs for consultancy: - Euro 1.4 mln;
• increase of revenues toward the Estenergy Group and Amgas Blu due to the early termination of some service contracts: + Euro 6.5 mln;
• increase of provisions for risks: - Euro 0.3 mln;
• increase of non recurring costs: - Euro 1.6 mln;
• other variations: - Euro 1.1 mln.

(*) Economic data before elisions

Number of employees

(*) 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 financial position and cash flow (1)

6M 2022 CONSOLIDATED RESULTS

(*) Cash flow = net income + amortizations and depreciation; (**) Net investments in tangible and intangible assets; (***) Price paid: - Euro 112.6 mln; Net Financial Position acquired: - Euro 39.1 mln.

Net financial position and cash flow (2) 6M 2022 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	30/06/2022	31/12/2021	Chg	Chg %
Long financial borrowings (>12 months) term	225,253	161,488	63,765	+39%
Current position of long financial borrowings term	79,853	60,631	19,222	+32%
Bond loans	94,722	24,181	70,541	+292%
Short financial borrowings (<12 months) term	99,306	96,462	2,844	+3%
Total financial debt	499,134	342,762	156,372	+46%
Fixed borrowings rate	329,788	235,119	94,669	+40%
Floating borrowings rate	169,346	107,643	61,703	+57%

6M 2022 average cost of debt: 0.50% (vs 12M 2021 rate: 0.46%)

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

Companies consolidated with full consolidation method

Estenergy

→ Financial highlights

Income statement (*) Balance sheet (*)

(Thousand of Euro)	6M 2022	6M 2021
Revenues	400,338	212,830
(Purchase for other raw materials) costs	(330,725)	(111,903)
(Costs for services)	(42,719)	(73,226)
(Costs for personnel)	(3,810)	(3,910)
(Other costs) management	(280)	(316)
EBITDA	22,804	23,474
(Depreciations and amortizations) + (provisions)	(8,473)	(7,480)
EBIT	14,331	15,994
Financial income / (expenses)	425	476
EBT	14,755	16,470
(Income taxes)	(3,364)	(4,405)
Net income	11,392	12,065

(Thousand of Euro)	30/06/2022	31/12/2021
Tangible assets	2,117	2,268
tangible Non assets	308,527	311,300
in associates Investments	8,197	8,540
Other fixed assets	458	117
Fixed assets	319,299	322,225
Operating current assets	182,116	176,028
(Operating liabilities) current	(142,135)	(171,889)
(Operating liabilities) non current	(36,268)	(25,912)
Net working capital	3,713	(21,774)
Total capital employed	323,012	300,451
Shareholders equity	358,407	351,951
financial Net position	(35,395)	(51,500)
Total sources	323,012	300,451

(*) 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.