Ascopiave — Investor Presentation 2023

Jul 27, 2023

G r u p p o A s c o p i a v e 6M 2023 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 27th July 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 June 2023
• → 6M 2023 consolidated income statement
• → Consolidated balance sheet as of 30th June 2023

Companies consolidated with full consolidation method

Estenergy

Ascopiave Group structure as of 30th June 2023 6M 2023 CONSOLIDATED RESULTS

Financial highlights

(Thousand of Euro)	6M 2023	6M 2022	Chg	Chg %
Revenues	83,897	81,420	2,477	+3%
(Purchase for other raw materials) costs	(989)	(1,339)	350	-26%
(Costs for services)	(24,848)	(25,294)	446	-2%
(Costs for personnel)	(11,216)	(10,034)	(1,182)	+12%
(Other costs) management	(12,792)	(8,841)	(3,951)	+45%
Other income	4,130	51	4,079	+8052%
EBITDA	38,182	35,963	2,220	+6%
(Amortizations and depreciation)	(23,431)	(21,561)	(1,870)	+9%
(Provisions)	(253)	(10)	(244)	+2469%
EBIT	14,498	14,392	106	+1%
Financial income / (expenses)	489	2,297	(1,808)	-79%
(*) Evaluation of with method companies equity net	794	11,362	(10,568)	-93%
EBT	15,781	28,051	(12,270)	-44%
(Income taxes)	(2,309)	(5,456)	3,148	-58%
Earnings after taxes	13,473	22,595	(9,122)	-40%
result from discontinued operations Net	56	558	(502)	-90%
Net income	13,529	23,153	(9,624)	-42%
income of minorities Net	(1,458)	122	(1,580)	-1296%
the Net income of Group	12,071	23,275	(11,204)	-48%

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

Consolidated balance sheet as of 30th June 2023 6M 2023 CONSOLIDATED RESULTS

(Thousand of Euro)		30/06/2023	31/12/2022	Chg	Chg %
	Tangible (*) assets	143 116 ,	138 432 ,	4 684 ,	+3%
	(*) tangible Non assets	270 755 ,	759 743 ,	473) (4 ,	-1%
	(**) Investments in associates	407 523 ,	436 287 ,	(28 763) ,	-7%
	Other fixed assets	43 236 ,	43 877 ,	(641)	-1%
	Fixed assets	1 349 145 , ,	1 378 339 , ,	(29 193) ,	-2%
	Operating current assets	131 066 ,	166 408 ,	(35 342) ,	-21%
(Operating	liabilities) current	(92 416) ,	(199 201) ,	106 785 ,	-54%
(Operating	liabilities) non current	(63 807) ,	(63 072) ,	(735)	+1%
Net	working capital	(25 157) ,	(95 866) ,	70 709 ,	-74%
Total assets	capital employed intended sale to	27 150 ,	15 790 ,	11 361 ,	+72%
Total	capital employed	351 138 1 , ,	298 262 1 , ,	52 876 ,	+4%
Group	shareholders equity	828 104 ,	866 282 ,	(38 178) ,	-4%
	Minorities	22 465 ,	20 123 ,	2 343 ,	+12%
	Shareholders equity	569 850 ,	886 405 ,	(35 836) ,	-4%
Net	financial position	500 569 ,	411 857 ,	88 712 ,	+22%
	Total sources	1 351 138 , ,	1 298 262 , ,	52 876 ,	+4%

(*) 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 321.2 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 8.1 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

6M 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) (*)	6M 2023	6M 2022	Chg	Chg %
Gas distribution tariff revenues	60,039	54,876	5,162	+9%
Gas distribution tariff revenues	60,039	54,876	5,162	+9%

Change of the consolidation area: + Euro 3.5 mln

Increase of gas distribution tariff revenues of equal consolidation area: + Euro 1.7 mln

Revenues from RES

(Thousand of Euro) (*)	6M 2023	6M 2022	Chg	Chg %
Revenues from FER	8,041	5,264	2,776	+53%
from Revenues FER	8,041	5,264	2,776	+53%

(Thousand of Euro)	6M 2023	6M 2022	Chg	Chg %
Other revenues	15,008	20,500	(5,492)	-27%
Other of raw materials and services costs	(33,689)	(34,644)	955	-3%
Cost of personnel	(11,216)	(10,034)	(1,182)	+12%
Other operating net costs	(29,897)	(24,178)	(5,719)	+24%

Change of the consolidation area: - Euro 2.1 mln

Increase of other net operating costs of equal consolidation area: - Euro 3.6 mln

of which:

• increase of gas distribution concession fees: - Euro 0.9 mln;
• decrease of margin on energy efficiency tasks management: - Euro 0.3 mln;
• increase of cost of personnel: - Euro 0.8 mln;
• decrease of costs for consultancy: + Euro 2.4 mln;
• decrease of costs for gas and electricity users: + Euro 1.0 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 CSEA contributions for security incentives: - Euro 1.3 mln;
• capital gains from the sale of assets and shareholdings: + Euro 4.0 mln;
• other variations: - Euro 1.2 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

6M 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 19.8 mln; cash in of the reimbursement value of the plants due to the termination of some municipal gas distribution concessions: + Euro 9.4 mln; (****) Price paid: - Euro 38.5 mln; Net Financial Position acquired: + Euro 1.6 mln.

Net financial position and cash flow (2) 6M 2023 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	30/06/2023	31/12/2022	Chg	Chg %
financial borrowings (>12 months) Long term	148 531 ,	178 538 ,	(30 007) ,	-17%
of long financial borrowings Current position term	111 874 ,	119 280 ,	(7 406) ,	-6%
Bond loans	86 282 ,	94 033 ,	(7 751) ,	-8%
Short financial borrowings (<12 months) term	150 868 ,	(12 912) ,	163 780 ,	-1268%
Total financial debt	497 555 ,	378 939 ,	118 616 ,	+31%
Fixed borrowings rate	266 227 ,	290 164 ,	(23 937) ,	-8%
Floating borrowings rate	231 328 ,	88 775 ,	142 553 ,	+161%

6M 2023 average cost of debt: 2.32% (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)	6M 2023	6M 2022
Revenues	623,055	834,037
(Purchase for other raw materials) costs	(543,737)	(689,010)
(Costs for services)	(40,685)	(88,998)
(Costs for personnel)	(7,906)	(7,937)
(Other costs) management	(600)	(584)
EBITDA	30,127	47,508
(Depreciations and amortizations) + (provisions)	(19,676)	(17,652)
EBIT	10,451	29,855
Financial income / (expenses)	(6,337)	885
EBT	4,114	30,740
(Income taxes)	(2,529)	(7,008)
Net income	1,585	23,733

(Thousand of Euro)	30/06/2023	31/12/2022
Tangible assets	3,990	4,100
tangible Non assets	632,576	634,106
Investments in associates	17,061	17,717
Other fixed assets	861	(19,658)
Fixed assets	654,488	636,265
Operating current assets	135,681	626,076
liabilities) (Operating current	(101,819)	(196,464)
(Operating liabilities) non current	(59,880)	(42,231)
working capital Net	(26,017)	387,380
Total capital employed	628,471	1,023,645
Shareholders equity	631,153	701,824
financial position Net	(2,682)	321,822
Total sources	628,471	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.