Ascopiave — Investor Presentation 2024

Nov 7, 2024

G r u p p o A s c o p i a v e 9M 2024 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 7th November 2024

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 2024
• → 9M 2024 consolidated income statement
• → Consolidated balance sheet as of 30th September 2024

Companies consolidated with full consolidation method

Estenergy

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

(Thousand of Euro)	9M 2024	9M 2023	Chg	Chg %
Revenues	146,292	125,153	21,138	+17%
(Purchase for other raw materials) costs	(1,541)	(1,234)	(308)	+25%
(Costs for services)	(39,062)	(36,840)	(2,222)	+6%
(Costs for personnel)	(15,053)	(16,207)	1,154	-7%
(Other costs) management	(19,164)	(19,573)	409	-2%
Other income	423	4,269	(3,847)	-90%
EBITDA	71,895	55,569	16,325	+29%
(Amortizations and depreciation)	(37,714)	(35,435)	(2,279)	+6%
(Provisions)	-	(296)	296	-100%
EBIT	34,181	19,838	14,343	+72%
Financial income / (expenses)	(7,613)	(3,995)	(3,618)	+91%
(*) Evaluation of companies with equity method net	8,094	910	7,184	+789%
EBT	34,662	16,753	17,908	+107%
(Income taxes)	(8,051)	(2,375)	(5,676)	+239%
after Earnings taxes	26,611	14,378	12,233	+85%
Net result from discontinued operations	-	56	(56)	-100%
Net income	26,611	14,435	12,176	+84%
Net income of minorities	(899)	(1,554)	656	-42%
Net income of the Group	25,712	12,881	12,831	+100%

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

Consolidated balance sheet as of 30th September 2024 9M 2024 CONSOLIDATED RESULTS

(Thousand of Euro)	30/09/2024	31/12/2023	Chg	Chg %
Tangible (*) assets	158 501 ,	156 475 ,	2 026 ,	+1%
(*) Non tangible assets	776 929 ,	766 353 ,	10 576 ,	+1%
(**) Investments in associates	308 063 ,	308 331 ,	(268)	-0%
Other fixed assets	844 41 ,	42 780 ,	(937)	-2%
Fixed assets	285 337 1 , ,	273 939 1 , ,	398 11 ,	+1%
Operating current assets	135 424 ,	129 253 ,	6 172 ,	+5%
liabilities) (Operating current	(103 265) ,	(95 936) ,	(7 330) ,	+8%
(Operating liabilities) non current	(63 896) ,	(63 749) ,	(148)	+0%
Net working capital	(31 737) ,	(30 432) ,	(1 306) ,	+4%
Total capital employed intended sale assets to	-	138	(138)	-100%
Total capital employed	1 253 600 , ,	1 243 645 , ,	9 954 ,	+1%
Group shareholders equity	838 528 ,	844 753 ,	(6 225) ,	-1%
Minorities	10 289 ,	9 529 ,	760	+8%
Shareholders equity	848 817 ,	854 282 ,	(5 465) ,	-1%
financial Net position	404 782 ,	389 363 ,	15 419 ,	+4%
Total sources	253 600 1 , ,	243 645 1 , ,	9 954 ,	+1%

(*) According to IFRIC 12, the infrastructures under concession are considered intangible assets.

(**) Value of the associated companies consolidated with net equity consolidation method (pro-rata): Estenergy, Euro 202.4 mln (Euro 202.8 mln as of 31st December 2023); Cogeide, Euro 8.4 mln (Euro 8.2 mln as of 31st December 2023). Other minority shareholdings: Hera Comm, Euro 53.3 mln (Euro 53.3 mln as of 31st December 2023); Acinque, Euro 21.6 mln (Euro 21.6 mln as of 31st December 2023); Acantho, Euro 22.3 mln (Euro 22.3 mln as of 31st December 2023).

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 2024 CONSOLIDATED RESULTS

(*) 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.

Gas distribution tariff revenues

(Thousand of Euro) (*)	9M 2024	9M 2023	Chg	Chg %
Gas distribution tariff revenues	103,217	90,540	12,677	+14%
Gas distribution tariff revenues	103,217	90,540	12,677	+14%

Increase of gas distribution tariff revenues: + Euro 12.7 mln

of which:

• change of the remuneration rate on the net capital invested (WACC): + Euro 5.6 mln;
• ▪ monetary revaluation of capital costs: + Euro 2.6 mln;
• ▪ monetary revaluation of operating costs: + Euro 2.3 mln;
• other changes: + Euro 2.2 mln.

Revenues from RES

(Thousand of Euro) (*)	9M 2024	9M 2023	Chg	Chg %
from Revenues FER	21,528	12,240	9,288	+76%
Revenues from FER	21,528	12,240	9,288	+76%

(*) Economic data before elisions.

(Thousand of Euro)	9M 2024	9M 2023	Chg	Chg %
Other revenues	20,334	21,160	(826)	-4%
Other of raw materials and services costs	(58,131)	(52,163)	(5,968)	+11%
Cost of personnel	(15,053)	(16,207)	1,154	-7%
Other operating net costs	(52,850)	(47,210)	(5,640)	+12%

Increase of other net operating costs: - Euro 5.6 mln

of which:

• increase of gas distribution concession fees: - Euro 2.1 mln;
• increase of margin on energy efficiency tasks management: + Euro 0.2 mln;
• increase of costs for consultancy: - Euro 0.3 mln;
• decrease of costs for gas and electricity: + Euro 0.3 mln;
• ▪ decrease of cost of personnel: + Euro 1.2 mln;
• ▪ decrease of revenues for service contracts: - Euro 1.3 mln;
• decrease of capital gains from the sale of assets and shareholdings: - Euro 4.1 mln;
• decrease of other non recurring costs: + Euro 1.9 mln;
• other variations: - Euro 1.4 mln.

(*) Economic data before elisions.

9M 2024 CONSOLIDATED RESULTS

Number of employees

(*) Excluding network extension in new urbanized areas that according to IAS are considered 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).

9M 2024 CONSOLIDATED RESULTS

17

(*) Cash flow = net income + amortizations and depreciation; (**) Investments in tangible and intangible assets.

Net financial position and cash flow (2) 9M 2024 CONSOLIDATED RESULTS

(Thousand of Euro) (*)	30/09/2024	31/12/2023	Chg	Chg %
Long financial borrowings term	188 801	204 064	(15 263)	-7%
Current position of long financial borrowings term	, 72 850 ,	, 80 642 ,	, (7 792) ,	-10%
bond loans Long term	78 762 ,	86 347 ,	585) (7 ,	-9%
of bond loans Current position	7 605 ,	7 708 ,	(103)	-1%
Short financial borrowings term	53 136 ,	7 917 ,	45 219 ,	+571%
Total financial debt	401 154 ,	386 678 ,	14 476 ,	+4%
Fixed borrowings rate	185 055 ,	221 994 ,	(36 939) ,	-17%
Floating borrowings rate	216 099 ,	164 684 ,	51 415 ,	+31%

9M 2024 average cost of debt: 3.43% (vs 12M 2023 rate: 2.57%)

(*) 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 2024	9M 2023
Revenues	840,109	798,244
(Purchase for other raw materials) costs	(498,443)	(670,954)
(Costs for services)	(255,371)	(73,691)
(Costs for personnel)	(11,168)	(11,681)
(Other costs) management	(853)	(817)
EBITDA	74,274	41,101
and (Depreciations amortizations) + (provisions)	(31,552)	(30,395)
EBIT	42,722	10,705
Financial income / (expenses)	4,847	(5,999)
EBT	47,569	4,706
(Income taxes)	(13,634)	(2,752)
income Net	33,935	1,953

(Thousand of Euro)	30/09/2024	31/12/2023
Tangible assets	5,259	5,522
tangible Non assets	617,040	627,170
Investments in associates	17,694	17,704
Other fixed assets	611	781
Fixed assets	640,605	651,177
Operating current assets	185,884	90,953
liabilities) (Operating current	(206,795)	(206,459)
(Operating liabilities) non current	(75,324)	(64,689)
working capital Net	(96,235)	(180,195)
Total capital employed	544,369	470,981
Shareholders equity	637,945	639,625
Net financial position	(93,575)	(168,644)
Total sources	544,369	470,981

(*) 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.