Ascopiave — Investor Presentation 2024

Mar 7, 2024

G r u p p o A s c o p i a v e 12M 2023 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 7th March 2024

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 2023
• → 12M 2023 consolidated income statement
• → Consolidated balance sheet as of 31st December 2023

Companies consolidated with full consolidation method

Estenergy

Dividend

Disclaimer

Gas distribution Gas and electricity sales Corporate services to subsidiaries and associates Water management services Renewable energy production ICT services

4

(Thousand of Euro)	12M 2023	12M 2022	Chg	Chg %
Revenues	180,794	163,651	17,143	+10%
(Purchase for other raw materials) costs	(2,265)	(2,876)	611	-21%
for (Costs services)	(50,474)	(50,968)	494	-1%
for personnel) (Costs	(20,914)	(20,550)	(365)	+2%
(Other costs) management	(29,580)	(21,647)	(7,933)	+37%
Other income	16,965	10,319	6,646	+64%
EBITDA	94,526	77,930	16,596	+21%
and depreciation) (Amortizations	(48,232)	(45,975)	(2,256)	+5%
(Provisions)	(305)	(44)	(261)	+599%
EBIT	45,990	31,911	14,079	+44%
Financial income / (expenses)	(7,931)	(1,811)	(6,120)	+338%
(*) Evaluation of companies with equity method net	3,566	7,871	(4,305)	-55%
EBT	41,626	37,972	3,654	+10%
(Income taxes)	(5,005)	(6,999)	1,994	-28%
Earnings after taxes	36,621	30,974	5,647	+18%
Net result from discontinued operations	56	1,466	(1,410)	-96%
Net income	36,677	32,440	4,237	+13%
Net income of minorities	(501)	225	(726)	-322%
of the Net income Group	36,176	32,665	3,511	+11%

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

Financial highlights

Consolidated balance sheet as of 31st December 2023 12M 2023 CONSOLIDATED RESULTS

Euro)	31/12/2023	31/12/2022	Chg	Chg %
Tangible (*) assets	156 475 ,	138 432 ,	18 042 ,	+13%
(*) tangible Non assets	766 353 ,	759 743 ,	6 611 ,	+1%
(**) Investments in associates	308 331 ,	436 287 ,	(127 956) ,	-29%
Other fixed assets	42 780 ,	43 877 ,	(1 097) ,	-3%
Fixed assets	1 273 939 , ,	1 378 339 , ,	(104 400) ,	-8%
Operating current assets	129 253 ,	166 408 ,	(37 155) ,	-22%
(Operating liabilities) current	(95 936) ,	(199 201) ,	103 266 ,	-52%
liabilities) (Operating non current	(63 749) ,	(63 072) ,	(677)	+1%
working capital	(30 432) ,	(95 866) ,	65 434 ,	-68%
intended sale assets to		,	,	-99%
capital employed	243 645 1 , ,	298 262 1 , ,	(54 617) ,	-4%
shareholders	844 753	866 282		-2%
Minorities	9 529 ,	20 123 ,	(10 594) ,	-53%
Shareholders equity	854 282 ,	886 405 ,	(32 123) ,	-4%
financial position	389 363 ,	411 857 ,	(22 494) ,	-5%
Total sources	1 243 645 , ,	1 298 262 , ,	(54 617) ,	-4%
	capital employed equity	138 ,	15 790 ,	(15 652) (21 529) ,

(*) 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 202.8 mln (Euro 349.5 mln as of 31st December 2022); Hera Comm, Euro 53.3 mln (Euro 53.3 mln as of 31st December 2022); Acinque, Euro 21.6 mln (Euro 24.9 mln as of 31st December 2022); Cogeide, Euro 8.2 mln (Euro 8.5 mln as of 31st December 2022); Acantho, Euro 22.3 mln (Euro 0.0 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

Dividend

Disclaimer

12M 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) (*)	12M 2023	12M 2022	Chg	Chg %
Gas distribution tariff revenues	124,084	113,561	10,523	+9%
Gas distribution tariff revenues	124,084	113,561	10,523	+9%

Change of the consolidation area: + Euro 3.5 mln

Increase of gas distribution tariff revenues of equal consolidation area: + Euro 7.1 mln of which:

• revision of tariff operating costs provided by Arera Res. 409/2023/R/Gas: + Euro 0.9 mln;
• increased revenues due to 2022 tariff revenues equalization: + Euro 1.4 mln;
• other changes (mainly due to the growth of the regulatory asset base): + Euro 4.8 mln.

Revenues from RES

(Thousand of Euro) (*)	12M 2023	12M 2022	Chg	Chg %
Revenues from FER	19,376	10,987	8,388	+76%
Revenues from FER	19,376	10,987	8,388	+76%

(*) Economic data before elisions

(Thousand of Euro)	12M 2023	12M 2022	Chg	Chg %
Other revenues	35,716	37,496	(1,780)	-5%
Other of raw materials and services costs	(63,735)	(63,564)	(170)	+0%
Cost of personnel	(20,914)	(20,550)	(365)	+2%
Other operating net costs	(48,933)	(46,618)	(2,315)	+5%

Change of the consolidation area: - Euro 2.1 mln

Increase of other net operating costs of equal consolidation area: - Euro 0.2 mln

of which:

• increase of gas distribution concession fees: - Euro 1.6 mln;
• decrease of margin on energy efficiency tasks management: - Euro 0.3 mln;
• decrease of costs for consultancy: + Euro 2.7 mln;
• decrease of costs for gas and electricity: + Euro 1.5 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;
• ▪ increase of CSEA contributions for security incentives: + Euro 4.1 mln;
• ▪ increase of gas meter reading costs: - Euro 1.6 mln;
• increase of capital gains from the sale of assets and shareholdings: + Euro 6.8 mln;
• increase of other non recurring costs: - Euro 2.1 mln;
• other variations: + Euro 0.0 mln.

(*) Economic data before elisions

12M 2023 CONSOLIDATED RESULTS

Number of employees

Companies consolidated with full consolidation method

*) 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

12M 2023 CONSOLIDATED RESULTS

(*) Cash flow = net income + amortizations and depreciation - capital gains from the sale of assets and shareholdings - income from equity investments; (**) Investments in tangible and intangible assets; (***) Acquisition of shareholding in Acantho (11.35%): - Euro 22.3 mln; acquisition of shareholding in Romeo Gas (19.707%): - Euro 16.2 mln; acquisition of shareholding in Serenissima Gas (20.63%): - Euro 7.5 mln; acquisition of shareholding in Salinella Eolico (40%): - Euro 7.1 mln; acquisition of assets of Retragas: - Euro 1.3 mln; (*****) Sale of 15% shareholding in Estenergy: + Euro 137.5 mln; sale of tangible and intangible fixed assets connected to the Romeo 2 operation: + Euro 20.9 mln; cash in of the reimbursement value of the plants due to the termination of some municipal gas distribution concessions: + Euro 9.5 mln.

Companies consolidated with full consolidation method

Net financial position and cash flow (2) 12M 2023 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	31/12/2023	31/12/2022	Chg	Chg %
financial borrowings Long term	204 064 ,	178 538 ,	25 526 ,	+14%
Current position of long financial borrowings term	80 642 ,	119 280 ,	(38 638) ,	-32%
Long bond loans term	86 347 ,	94 033 ,	(7 686) ,	-8%
Current position of bond loans	7 708 ,	-	7 708 ,	n.a.
Short financial borrowings term	917 7 ,	(12 912) ,	20 829 ,	-161%
Total financial debt	386 678 ,	378 939 ,	739 7 ,	+2%
Fixed borrowings rate	221 994 ,	290 164 ,	(68 170) ,	-23%
Floating borrowings rate	164 684 ,	88 775 ,	75 909 ,	+86%

12M 2023 average cost of debt: 2.57% (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

Dividend

Disclaimer

Estenergy

Income statement (*) Balance sheet (*)

(Thousand of Euro)	12M 2023	12M 2022
Revenues	1,123,300	1,657,396
(Purchase for other raw materials) costs	(909,400)	(1,391,670)
(Costs for services)	(127,995)	(189,587)
(Costs for personnel)	(15,080)	(15,973)
(Other costs) management	(1,453)	(957)
EBITDA	69,373	59,208
(Depreciations and amortizations) + (provisions)	(44,729)	(35,959)
EBIT	24,644	23,248
Financial income / (expenses)	(7,240)	896
EBT	17,404	24,145
(Income taxes)	(5,830)	(7,493)
Net income	11,573	16,652

(Thousand of Euro)	31/12/2023	31/12/2022
Tangible assets	5,522	4,100
tangible Non assets	627,170	634,106
Investments in associates	17,704	17,717
Other fixed assets	781	(19,658)
Fixed assets	651,177	636,265
Operating current assets	90,953	626,076
liabilities) (Operating current	(206,459)	(196,464)
(Operating liabilities) non current	(64,689)	(42,231)
working capital Net	(180,195)	387,380
Total capital employed	470,981	1,023,645
Shareholders equity	639,625	701,824
financial position Net	(168,644)	321,822
Total sources	470,981	1,023,645

(*) Data refers to 100% of Estenergy.

Estenergy

Companies consolidated with full consolidation method

Estenergy

Dividend

→ Dividend proposal

Disclaimer

22

	2023	2022	2021	2020	2019	2018	2017	2016	2015
	(Proposal)
(*) Dividends paid (Thousand of Euro)	30.339	28.172	35.757	34.663	47.770	75.334	40.016	40.016	33.347
Group Net Income (Thousand of Euro)	36.176	32.665	45.326	58.701	493.216	44.625	47.135	53.635	43.014
Payout ratio	84%	86%	79%	59%	10%	169%	85%	75%	78%
Dividends per share (Euro)	0,140	0,130	0,165	0,160	0,2133	0,3383	0,180	0,180	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

Disclaimer

• ❑ 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.