Ascopiave — Investor Presentation 2023

Nov 9, 2023

G r u p p o A s c o p i a v e 9M 2023 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 9th November 2023

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 19
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 21

• → Ascopiave Group structure as of 30th September 2023
• → 9M 2023 consolidated income statement
• → Consolidated balance sheet as of 30th September 2023

Companies consolidated with full consolidation method

Estenergy

4

Financial highlights

(Thousand of Euro)	9M 2023	9M 2022	Chg	Chg %
Revenues	125,153	120,009	5,144	+4%
(Purchase for other raw materials) costs	(1,234)	(1,659)	425	-26%
(Costs for services)	(36,840)	(37,617)	777	-2%
(Costs for personnel)	(16,207)	(14,834)	(1,373)	+9%
(Other costs) management	(19,573)	(12,488)	(7,085)	+57%
Other income	4,269	155	4,115	+2663%
EBITDA	55,569	53,566	2,004	+4%
(Amortizations and depreciation)	(35,435)	(33,367)	(2,068)	+6%
(Provisions)	(296)	-	(296)	n.a.
EBIT	19,838	20,199	(361)	-2%
Financial income / (expenses)	(3,995)	819	(4,815)	-588%
(*) Evaluation of companies with equity method net	910	10,503	(9,593)	-91%
EBT	16,753	31,521	(14,768)	-47%
(Income taxes)	(2,375)	(7,090)	4,715	-67%
after Earnings taxes	14,378	24,431	(10,053)	-41%
Net result from discontinued operations	56	861	(804)	-93%
Net income	14,435	25,292	(10,857)	-43%
Net income of minorities	(1,554)	190	(1,744)	-919%
Net income of the Group	12,881	25,482	(12,601)	-49%

(*) Result of the company consolidated with net equity consolidation method (pro-rata): Estenergy Group and Cogeide.

Consolidated balance sheet as of 30th September 2023 9M 2023 CONSOLIDATED RESULTS

(Thousand of Euro)	30/09/2023	31/12/2022	Chg	Chg %
Tangible (*) assets	147 286 ,	138 432 ,	8 854 ,	+6%
(*) tangible Non assets	759 461 ,	759 743 ,	(282)	-0%
(**) Investments in associates	407 026 ,	436 287 ,	(29 260) ,	-7%
Other fixed assets	43 623 ,	43 877 ,	(254)	-1%
Fixed assets	1 357 396 , ,	1 378 339 , ,	(20 943) ,	-2%
Operating current assets	147 463 ,	166 408 ,	(18 945) ,	-11%
(Operating liabilities) current	(92 742) ,	(199 201) ,	106 460 ,	-53%
liabilities) (Operating non current	(63 602) ,	(63 072) ,	(529)	+1%
working capital Net	(8 880) ,	(95 866) ,	86 986 ,	-91%
Total capital employed
intended sale assets to	27 389 ,	15 790 ,	11 599 ,	+73%
Total capital employed	1 375 905 , ,	1 298 262 , ,	77 642 ,	+6%
Group shareholders equity	827 554 ,	866 282 ,	(38 728) ,	-4%
Minorities	22 500 ,	20 123 ,	2 377 ,	+12%
Shareholders equity	850 054 ,	886 405 ,	(36 351) ,	-4%
Net financial position	525 851 ,	411 857 ,	113 994 ,	+28%
Total sources	1 375 905 , ,	1 298 262 , ,	77 642 ,	+6%

(*) 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 320.8 mln (Euro 349.5 mln as of 31st December 2022); Hera Comm, Euro 54.0 mln (Euro 54.0 mln as of 31st December 2022); Acinque, Euro 24.3 mln (Euro 24.3 mln as of 31st December 2022); Cogeide, Euro 8.0 mln (Euro 8.5 mln as of 31st December 2022).

Financial highlights

Companies consolidated with full consolidation method

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

Estenergy

9M 2023 CONSOLIDATED RESULTS

(*) Change of consolidation area: data referring to Romeo Gas and Serenissima Gas, companies consolidated from 1st April 2022.

(*) Change of consolidation area: data referring to Romeo Gas and Serenissima Gas, companies consolidated from 1st April 2022;

(**) Tariff revenues include the tariff component for the recovery of the fee paid to local entities according to art. 46-bis DL 159/2007.

(*) Change of consolidation area: data referring to Romeo Gas and Serenissima Gas, companies consolidated from 1st April 2022;

(**) Further details on page 13 of the current presentation.

Gas distribution tariff revenues

(Thousand of Euro) (*)	9M 2023	9M 2022	Chg	Chg %
Gas distribution tariff revenues	90,540	84,494	6,046	+7%
Gas distribution tariff revenues	90,540	84,494	6,046	+7%

Change of the consolidation area: + Euro 3.5 mln

Increase of gas distribution tariff revenues of equal consolidation area: + Euro 2.6 mln

Revenues from RES

(Thousand of Euro) (*)	9M 2023	9M 2022	Chg	Chg %
Revenues from FER	12,240	8,059	4,181	+52%
Revenues from FER	12,240	8,059	4,181	+52%

(Thousand of Euro)	9M 2023	9M 2022	Chg	Chg %
Other revenues	21,160	26,259	(5,100)	-19%
Other of raw materials and services costs	(52,163)	(50,412)	(1,750)	+3%
of personnel Cost	(16,207)	(14,834)	(1,373)	+9%
Other operating net costs	(47,210)	(38,987)	(8,223)	+21%

Change of the consolidation area: - Euro 2.1 mln

Increase of other net operating costs of equal consolidation area: - Euro 6.1 mln

of which:

• increase of gas distribution concession fees: - Euro 1.2 mln;
• decrease of margin on energy efficiency tasks management: - Euro 0.3 mln;
• increase of cost of personnel: - Euro 1.0 mln;
• decrease of costs for consultancy: + Euro 2.6 mln;
• decrease of costs for gas and electricity users: + Euro 1.1 mln;
• decrease of revenues due to the fee paid by Estenergy Group and Amgas Blu in the first half 2022 for the early termination of some service contracts: - Euro 6.5 mln;
• ▪ decrease of revenues for the termination of service contracts towards Estenergy Group and Amgas Blu: - Euro 3.2 mln;
• ▪ decrease of CSEA contributions for security incentives: - Euro 1.3 mln;
• capital gains from the sale of assets and shareholdings: + Euro 4.0 mln;
• increase of other non recurring costs: - Euro 1.7 mln;
• other variations: + Euro 1.4 mln.

(*) Economic data before elisions

Number of employees

*) Change of consolidation area: data referring to Romeo Gas and Serenissima Gas, companies consolidated from 1st April 2022.

(*) 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);

(***) Change of consolidation area: data referring to Romeo Gas and Serenissima Gas, companies consolidated from 1st April 2022..

Companies consolidated with full consolidation method

9M 2023 CONSOLIDATED RESULTS

(*) Cash flow = net income + amortizations and depreciation - capital gains from the sale of assets and shareholdings - income from equity investments; (**) Net investments in tangible and intangible assets; (***) Sale of tangible and intangible fixed assets connected to the Romeo 2 operation: + Euro 21.0 mln; cash in of the reimbursement value of the plants due to the termination of some municipal gas distribution concessions: + Euro 9.4 mln; other: - Euro 0.6 mln; (****) Price paid: - Euro 38.5 mln; Net Financial Position acquired: + Euro 1.6 mln.

Net financial position and cash flow (2) 9M 2023 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	30/09/2023	31/12/2022	Chg	Chg %
Long financial borrowings (>12 months) term	152 942 ,	178 538 ,	(25 596) ,	-14%
Current position of long financial borrowings term	118 601 ,	119 280 ,	(679)	-1%
Bond loans	86 172 ,	94 033 ,	(7 861) ,	-8%
Short financial borrowings months) (<12 term	157 351 ,	(12 912) ,	170 263 ,	-1319%
Total financial debt	066 515 ,	378 939 ,	136 127 ,	+36%
Fixed borrowings rate	283 287 ,	290 164 ,	(6 877) ,	-2%
Floating borrowings rate	231 779 ,	88 775 ,	143 004 ,	+161%

9M 2023 average cost of debt: 2.49% (vs 12M 2022 rate: 1.13%)

(*) 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)	9M 2023	9M 2022
Revenues	798,244	1,106,893
(Purchase for other raw materials) costs	(670,954)	(929,091)
(Costs for services)	(73,691)	(108,959)
(Costs for personnel)	(11,681)	(11,712)
(Other costs) management	(817)	(980)
EBITDA	41,101	56,151
and (Depreciations amortizations) + (provisions)	(30,395)	(25,626)
EBIT	10,705	30,525
Financial income / (expenses)	(5,999)	1,307
EBT	4,706	31,832
(Income taxes)	(2,752)	(9,206)
income Net	1,953	22,626

(Thousand of Euro)	30/09/2023	31/12/2022
Tangible assets	4,196	4,100
tangible Non assets	630,244	634,106
Investments in associates	17,222	17,717
Other fixed assets	812	(19,658)
Fixed assets	652,474	636,265
Operating current assets	80,674	626,076
(Operating liabilities) current	(121,955)	(196,464)
(Operating liabilities) non current	(61,896)	(42,231)
working capital Net	(103,177)	387,380
Total capital employed	549,298	1,023,645
Shareholders equity	630,216	701,824
Net financial position	(80,919)	321,822
Total sources	549,298	1,023,645

(*) Data refers to 100% of 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.