Ascopiave — Investor Presentation 2022

May 13, 2022

G r u p p o A s c o p i a v e 3M 2022 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 13th May 2022

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

• → Ascopiave Group structure as of 31st March 2022
• → 3M 2022 consolidated income statement
• → Consolidated balance sheet as of 31st March 2022

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 31st March 2022 3M 2022 CONSOLIDATED RESULTS

Financial highlights

4

(Thousand of Euro)	3M 2022	3M 2021	Chg	Chg %
Revenues	34.139	38.456	(4.318)	-11%
(Purchase for other raw materials) costs	(895)	(972)	76	-8%
for (Costs services)	(11.428)	(9.584)	(1.844)	+19%
for personnel) (Costs	(5.140)	(4.351)	(789)	+18%
(Other management costs)	(3.548)	(8.239)	4.691	-57%
Other income	36	467	(431)	-92%
EBITDA	13.163	15.777	(2.614)	-17%
(Amortizations and depreciation)	(10.275)	(8.781)	(1.493)	+17%
(Provisions)	(2)	-	(2)	n.a.
EBIT	2.886	6.996	(4.110)	-59%
Financial income / (expenses)	(837)	(557)	(280)	+50%
(*) Evaluation of with method companies equity net	10.831	8.842	1.989	+22%
EBT	12.880	15.281	(2.401)	-16%
(Income taxes)	(916)	(1.663)	746	-45%
Net income	11.963	13.619	(1.655)	-12%
income of minorities Net	221	-	221	n.a.
the Net income of Group	12.184	13.619	(1.434)	-11%

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 10.8 mln (Euro 8.8 mln in 3M 2021).

Consolidated balance sheet as of 31st March 2022 3M 2022 CONSOLIDATED RESULTS

(Thousand of Euro)	31/03/2022	31/12/2021	Chg	Chg %
	119.658	58.012	61.646	+106%
Tangible assets (*)
Non tangible assets (*)	659.441	647.279	12.162	+2%
(**) Investments in associates	534.848	521.359	13.490	+3%
Other fixed assets	38.819	35.169	3.649	+10%
Fixed assets	1.352.766	1.261.819	90.947	+7%
Operating current assets	80.280	62.159	18.121	+29%
(Operating current liabilities)	(83.022)	(59.727)	(23.295)	+39%
(Operating non current liabilities)	(52.145)	(48.259)	(3.886)	+8%
Net working capital	(54.887)	(45.828)	(9.059)	+20%
Total capital employed	1.297.878	1.215.991	81.888	+7%
Group shareholders equity	885.140	868.544	16.597	+2%
Minorities	9.404	(38)	9.442	-24633%
Shareholders equity	894.544	868.505	26.039	+3%
Net financial position	403.334	347.485	55.849	+16%
Total sources	1.297.878	1.215.991	81.888	+7%

(*) 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 447.9 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 8.1 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

3M 2022 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 12 of the current presentation.

Gas distribution tariff revenues and other net operating costs 3M 2022 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	3M 2022	3M 2021	Chg	Chg %
Gas distribution tariff revenues	25.816	26.685	(869)	-3%
Gas distribution tariff revenues	25.816	26.685	(869)	-3%
(Thousand of Euro)	3M 2022	3M 2021	Chg	Chg %
Other revenues	7.941	11.378	(3.437)	-30%
Other of raw materials and services costs	(15.454)	(17.934)	2.480	-14%
Cost of personnel	(5.140)	(4.351)	(789)	+18%
Other operating net costs	(12.653)	(10.907)	(1.746)	+16%

Change of the consolidation area: + Euro 0.5 mln

Increase of other net operating costs of equal consolidation area: - Euro 2.2 mln

of which:

• increase of cost of personnel: - Euro 0.6 mln;
• increase of gas distribution concession fees: - Euro 0.1 mln;
• increase of CSEA contributions for security incentives: + Euro 0.1 mln;
• increase of costs for consultancy: - Euro 0.6 mln;
• decrease of provisions for risks: + Euro 0.1 mln;
• increase of non recurring costs: - Euro 0.4 mln;
• other variations: - Euro 0.7 mln.

(*) Economic data before elisions

Number of employees

Companies consolidated with full consolidation method

(*) 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).

(*) Cash flow = net income + amortizations and depreciation; (**) Net investments in tangible and intangible assets; (***) Price paid: - Euro 45.4 mln; Net Financial Position acquired: - Euro 28.1 mln.

Net financial position and cash flow (2) 3M 2022 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/03/2022	31/12/2021	Chg	Chg %
financial borrowings months) Long (>12 term	205.814	161.488	44.326	+27%
of long financial borrowings Current position term	66.497	60.631	5.866	+10%
Bond loans	95.000	25.000	70.000	+280%
Short financial borrowings (<12 months) term	33.467	96.462	(62.995)	-65%
Total financial debt	400.778	343.581	57.197	+17%
Fixed borrowings rate	337.433	235.119	102.314	+44%
Floating borrowings rate	63.345	108.462	(45.117)	-42%

3M 2022 average cost of debt: 0.49% (vs 12M 2021 rate: 0.46%)

(*) 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 2022	3M 2021
Revenues	269.027	135.540
(Purchase for other raw materials) costs	(217.087)	(69.268)
(Costs for services)	(31.226)	(46.725)
for personnel) (Costs	(1.894)	(1.964)
(Other costs) management	(124)	(173)
EBITDA	18.696	17.411
(Depreciations and amortizations) + (provisions)	(4.892)	(3.934)
EBIT	13.803	13.477
Financial income / (expenses)	300	379
EBT	14.103	13.856
(Income taxes)	(2.804)	(3.620)
Net income	11.300	10.236

(Thousand of Euro)	31/03/2022	31/12/2021
Tangible assets	2.186	2.268
Non tangible assets	309.639	311.300
Investments in associates	8.814	8.540
Other fixed assets	379	117
Fixed assets	321.018	322.225
Operating current assets	244.596	176.028
(Operating liabilities) current	(231.685)	(171.889)
(Operating liabilities) non current	(27.761)	(25.912)
working capital Net	(14.850)	(21.774)
Total capital employed	306.167	300.451
Shareholders equity	365.614	351.951
Net financial position	(59.446)	(51.500)
Total sources	306.167	300.451

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

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.