Ascopiave

Investor Presentation • Mar 7, 2023

G r u p p o A s c o p i a v e 12M 2022 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 7th March 2023

Financial highlights ……………………………………………………………………………………………………………………….………………………………………	Pag. 3
Companies consolidated with full consolidation method ……………………………………………………………	Pag. 7
Estenergy …………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 19
Dividend ……………………………………………………………………………………………………………………………………………………………………………………….…	Pag. 21
Disclaimer …………………………………………………………….…………………………………………………………………………………………………………………………	Pag. 23

• → Ascopiave Group structure as of 31st December 2022
• → 12M 2022 consolidated income statement
• → Consolidated balance sheet as of 31st December 2022

Companies consolidated with full consolidation method

Estenergy

Dividend

Ascopiave Group structure as of 31st December 2022 12M 2022 CONSOLIDATED RESULTS

4

Financial highlights

(Thousand of Euro)	12M 2022	12M 2021	Chg	Chg %
Revenues	163,651	134,911	28,741	+21%
(Purchase for other raw materials) costs	(2,876)	(2,063)	(813)	+39%
(Costs for services)	(50,968)	(38,728)	(12,240)	+32%
for personnel) (Costs	(20,550)	(17,017)	(3,533)	+21%
(Other costs) management	(21,647)	(11,293)	(10,354)	+92%
Other income	10,319	571	9,748	+1706%
EBITDA	77,930	66,382	11,548	+17%
and depreciation) (Amortizations	(45,975)	(32,509)	(13,466)	+41%
(Provisions)	(44)	(34)	(9)	+27%
EBIT	31,911	33,838	(1,927)	-6%
Financial income / (expenses)	(1,811)	1,532	(3,343)	-218%
(*) Evaluation of companies with equity method net	7,871	19,892	(12,021)	-60%
EBT	37,972	55,263	(17,291)	-31%
(Income taxes)	(6,999)	(9,937)	2,938	-30%
Earnings after taxes	30,974	45,326	(14,353)	-32%
Net result from discontinued operations	1,466	-	1,466	n.a.
Net income	32,440	45,326	(12,886)	-28%
Net income of minorities	225	-	225	n.a.
of the Group Net income	32,665	45,326	(12,661)	-28%

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

Consolidated balance sheet as of 31st December 2022 12M 2022 CONSOLIDATED RESULTS

(Thousand of Euro)	31/12/2022	31/12/2021	Chg	Chg %
Tangible assets (*)	138 432 ,	58 012 ,	80 420 ,	+139%
(*) Non tangible assets	759 743 ,	647 279 ,	112 464 ,	+17%
(**) Investments in associates	436 287 ,	521 359 ,	(85 072) ,	-16%
Other fixed assets	43 877 ,	35 169 ,	8 708 ,	+25%
Fixed assets	1 378 339 , ,	1 261 819 , ,	116 520 ,	+9%
Operating current assets	166 408 ,	62 159 ,	104 249 ,	+168%
(Operating liabilities) current	(199 201) ,	(59 727) ,	(139 474) ,	+234%
(Operating liabilities) non current	(63 072) ,	(48 259) ,	(14 813) ,	+31%
Net working capital	(95 866) ,	(45 828) ,	(50 038) ,	+109%
Total capital employed intended sale assets to	790 15 ,	-	790 15 ,	n.a.
Total capital employed	1 298 262 , ,	1 215 991 , ,	82 272 ,	+7%
Group shareholders equity	866 282 ,	868 544 ,	(2 261) ,	-0%
Minorities	20 123 ,	(38)	20 161 ,	-52596%
Shareholders equity	886 405 ,	868 505 ,	17 900 ,	+2%
financial Net position	411 857 ,	347 485 ,	64 372 ,	+19%
Total sources	1 298 262 , ,	1 215 991 , ,	82 272 ,	+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 349.5 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); Acinque, Euro 24.3 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

Dividend

12M 2022 CONSOLIDATED RESULTS

(*) Including 12,225 end users served by Romeo Gas and referred to the perimeter of interest of Iren Group.

(**) Including 16.6 million of standard cubic meter of gas distributed by Romeo Gas and referred to the perimeter of interest of Iren Group.

Companies consolidated with full consolidation method

9

(*) 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 13 of the current presentation.

(Thousand of Euro) (*)	12M 2022	12M 2021	Chg	Chg %
Gas distribution tariff revenues	113,561	108,852	4,708	+4%
Gas distribution tariff revenues	113,561	108,852	4,708	+4%

Change of the consolidation area: + Euro 11.2 mln

Decrease of gas distribution tariff revenues of equal consolidation area: - Euro 6.5 mln, following the revision of the rate of return on invested capital from 6.3% to 5.6%

(*) Economic data before elisions

(Thousand of Euro)	12M 2022	12M 2021	Chg	Chg %
Other revenues	48,483	24,532	23,951	+98%
Other of raw materials and services costs	(63,564)	(49,986)	(13,578)	+27%
of personnel Cost	(20,550)	(17,017)	(3,533)	+21%
Other operating net costs	(35,631)	(42,471)	6,840	-16%

Change of the consolidation area: - Euro 2.3 mln

Decrease of other net operating costs of equal consolidation area: + Euro 9.1 mln

of which:

• decrease of gas distribution concession fees: + Euro 0.4 mln;
• decrease of margin on energy efficiency tasks management: - Euro 0.8 mln;
• increase of cost of personnel: - Euro 2.0 mln;
• increase of costs for consultancy: - Euro 1.2 mln;
• increase of costs for gas and electricity users: - Euro 1.2 mln;
• increase of revenues toward the Estenergy Group and Amgas Blu due to the early termination of some service contracts: + Euro 6.5 mln;
• capital gains from the disposal of Estenergy shares (8%): + Euro 9.5 mln;
• increase of other non recurring costs: - Euro 2.4 mln;
• other variations: + Euro 0.3 mln.

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).

Net financial position and cash flow (1)

12M 2022 CONSOLIDATED RESULTS

(*) Cash flow = net income + amortizations and depreciation; (**) Net investments in tangible and intangible assets; (***) Price paid: - Euro 110.1 mln; Net Financial Position acquired: - Euro 39.1 mln.

Net financial position and cash flow (2) 12M 2022 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/12/2022	31/12/2021	Chg	Chg %
financial borrowings (>12 months) Long term	178 538 ,	161 488 ,	050 17 ,	+11%
of long financial borrowings Current position term	119 280 ,	60 631 ,	58 649 ,	+97%
Bond loans	94 033 ,	25 000 ,	69 033 ,	+276%
Short financial borrowings (<12 months) term	(12 912) ,	96 462 ,	(109 374) ,	-113%
Total financial debt	378 939 ,	343 581 ,	35 358 ,	+10%
Fixed borrowings rate	290 164 ,	235 119 ,	045 55 ,	+23%
Floating borrowings rate	88 775 ,	108 462 ,	(19 687) ,	-18%

12M 2022 average cost of debt: 1.13% (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

Dividend

Income statement (*) Balance sheet (*)

(Thousand of Euro)	12M 2022	12M 2021
Revenues	1,657,396	957,070
(Purchase for other raw materials) costs	(1,391,670)	(572,242)
(Costs for services)	(189,587)	(278,664)
(Costs for personnel)	(15,973)	(15,879)
(Other costs) management	(957)	(1,308)
EBITDA	59,208	88,975
and (Depreciations amortizations) + (provisions)	(35,959)	(35,603)
EBIT	23,248	53,372
Financial income / (expenses)	896	1,724
EBT	24,145	55,097
(Income taxes)	(7,493)	(13,944)
income Net	16,652	41,153

(Thousand of Euro)	31/12/2022	31/12/2021
Tangible assets	4,100	4,725
Non tangible assets	634,106	648,542
Investments in associates	17,717	17,791
Other fixed assets	(19,658)	244
Fixed assets	636,265	671,302
Operating current assets	626,076	366,725
(Operating liabilities) current	(196,464)	(358,103)
(Operating liabilities) non current	(42,231)	(53,983)
working capital Net	387,380	(45,362)
Total capital employed	1,023,645	625,940
Shareholders equity	701,824	733,231
financial Net position	321,822	(107,291)
Total sources	1,023,645	625,940

(*) Data refers to 100% of Estenergy.

Companies consolidated with full consolidation method

Estenergy

Dividend

→ Dividend proposal

22

	2022	2021	2020	2019	2018	2017	2016	2015	2014
	(Proposal)
(*) Dividends paid (Thousand of Euro)	28,172	35,757	34,663	47,770	75,334	40,016	40,016	33,347	33,332
Group Net Income (Thousand of Euro)	32,665	45,326	58,701	493,216	44,625	47,135	53,635	43,014	35,583
Payout ratio	86%	79%	59%	10%	169%	85%	75%	78%	94%
Dividends per share (Euro)	0.130	0.165	0.160	0.2133	0.3383	0.180	0.180	0.150	0.150

(*) Dividends to be paid estimated on the base of the outstanding shares at the end of the financial year.

Dividend

Companies consolidated with full consolidation method

Estenergy

Dividend

• ❑ 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.