Ascopiave — Investor Presentation 2025

Mar 6, 2025

G r u p p o A s c o p i a v e 12M 2024 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 6th March 2025

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 2024
• → 12M 2024 consolidated income statement
• → Consolidated balance sheet as of 31st December 2024

Companies consolidated with full consolidation method

Estenergy

Dividend

Ascopiave Group structure as of 31st December 2024 12M 2024 CONSOLIDATED RESULTS

4

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

(Thousand of Euro)	12M 2024	12M 2023	Chg	Chg %
Revenues	204,958	180,794	24,164	+13%
(Purchase for materials) costs	(2,939)	(2,265)	(674)	+30%
for (Costs services)	(53,228)	(50,474)	(2,754)	+5%
(Costs for personnel)	(18,185)	(20,914)	2,730	-13%
(Other management costs)	(27,688)	(29,580)	1,891	-6%
Other income	506	16,965	(16,459)	-97%
EBITDA	103,424	94,526	8,897	+9%
(Amortizations and depreciation)	(51,781)	(48,232)	(3,550)	+7%
(Provisions)	-	(305)	305	-100%
EBIT	51,642	45,990	5,652	+12%
Financial income / (expenses)	(10,206)	(7,931)	(2,275)	+29%
Profit share on investments (*) accounted with equity method	7,892	3,566	4,326	+121%
EBT	49,329	41,626	7,703	+19%
(Income taxes)	(12,828)	(5,005)	(7,823)	+156%
Earnings after taxes	36,500	36,621	(120)	-0%
Net income from held assets for sale of effect net tax	-	56	(56)	-100%
Net income	36,500	36,677	(177)	-0%
Net income of minorities	(677)	(501)	(176)	+35%
Net income of the Group	35,824	36,176	(353)	-1%

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

Consolidated balance sheet as of 31st December 2024 12M 2024 CONSOLIDATED RESULTS

(Thousand of Euro)	31/12/2024	31/12/2023	Chg	Chg %
Tangible assets (*)	161 897 ,	156 475 ,	5 423 ,	+3%
(*) Non tangible assets	787 419 ,	766 353 ,	21 066 ,	+3%
(**) Investments in associates	105 472 ,	308 331 ,	(202 859) ,	-66%
Other fixed assets	44 219 ,	42 780 ,	1 438 ,	+3%
Fixed assets	1 099 007 , ,	1 273 939 , ,	(174 932) ,	-14%
Operating current assets	112 924 ,	129 253 ,	(16 328) ,	-13%
(Operating liabilities) current	(104 520) ,	(95 936) ,	(8 584) ,	+9%
(Operating liabilities) non current	(64 412) ,	(63 749) ,	(663)	+1%
working capital Net	(56 007) ,	(30 432) ,	(25 575) ,	+84%
Net invested capital held for sale assets	202 389 ,	138	202 251 ,	+146559%
Total capital employed	1 245 389 , ,	1 243 645 , ,	1 744 ,	+0%
shareholders Group equity	847 965 ,	844 753 ,	3 212 ,	+0%
Minorities	9 823 ,	9 529 ,	294	+3%
Shareholders equity	857 788 ,	854 282 ,	3 506 ,	+0%
financial position Net	387 602 ,	389 363 ,	(1 761) ,	-0%
Total sources	1 245 389 , ,	1 243 645 , ,	1 744 ,	+0%

(*) 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 0.0 mln (Euro 202.8 mln as of 31st December 2023); Cogeide, Euro 8.2 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

Dividend

12M 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) (*)	12M 2024	12M 2023	Chg	Chg %
Gas distribution tariff revenues	139,453	124,084	15,369	+12%
Gas distribution tariff revenues	139,453	124,084	15,369	+12%

Increase of gas distribution tariff revenues: + Euro 15.4 mln

of which:

• change of the remuneration rate on the net capital invested (WACC): + Euro 7.4 mln;
• ▪ monetary revaluation of capital costs: + Euro 3.4 mln;
• ▪ monetary revaluation of operating costs: + Euro 3.1 mln;
• other changes: + Euro 1.5 mln.

Revenues from RES

(Thousand of Euro) (*)	12M 2024	12M 2023	Chg	Chg %
from Revenues FER	28,103	19,376	8,728	+45%
Revenues from FER	28,103	19,376	8,728	+45%

(*) Economic data before elisions.

(Thousand of Euro)	12M 2024	12M 2023	Chg	Chg %
Other revenues	35,786	35,716	70	+0%
Other of raw materials and services costs	(81,734)	(63,735)	(17,999)	+28%
Cost of personnel	(18,185)	(20,914)	2,730	-13%
Other operating net costs	(64,132)	(48,933)	(15,199)	+31%

Increase of other net operating costs: - Euro 15.2 mln

of which:

• increase of gas distribution concession fees: - Euro 2.3 mln;
• increase of margin on energy efficiency tasks management: + Euro 0.4 mln;
• decrease of CSEA contributions for security incentives: - Euro 2.4 mln;
• decrease of cost of personnel: + Euro 2.7 mln;
• ▪ decrease of revenues for service contracts: - Euro 1.1 mln;
• decrease of capital gain from the sale of a 15% stake in EstEnergy: - Euro 15.3 mln;
• decrease of other non recurring costs: + Euro 3.7 mln;
• other variations: - Euro 0.9 mln.

(*) Economic data before elisions.

12M 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).

12M 2024 CONSOLIDATED RESULTS

(*) Cash flow = net result + depreciation and amortization + losses from asset disposals - income from equity investments - the result of companies consolidated using the equity method; (**) Investments in tangible and intangible assets.

Companies consolidated with full consolidation method

Net financial position and cash flow (2) 12M 2024 CONSOLIDATED RESULTS

(Thousand of Euro) (*) 31/12/2024 31/12/2023 Chg Chg %

Long term financial borrowings	229,824	204,064	25,760	+13%
Current position of long term financial borrowings	56,688	80,642	(23,954)	-30%
Long term bond loans	78,805	86,347	(7,542)	-9%
Current position of bond loans	7,606	7,708	(102)	-1%
Short term financial borrowings	10,817	7,917	2,900	+37%
Total financial debt	383,740	386,678	(2,938)	-1%
Fixed rate borrowings	157,954	221,994	(64,040)	-29%
Floating rate borrowings	225,786	164,684	61,102	+37%

12M 2024 average cost of debt: 3.39% (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

Dividend

Disclaimer

Estenergy

20

Income statement (*) Balance sheet (*)

(Thousand of Euro)	9M 2024	12M 2023
Revenues	840,109	1,123,300
(Purchase for raw materials) costs	(498,443)	(909,400)
(Costs for services)	(255,371)	(127,995)
(Costs for personnel)	(11,168)	(15,080)
(Other costs) management	(853)	(1,453)
EBITDA	74,274	69,373
(Depreciations and amortizations) + (provisions)	(31,552)	(44,729)
EBIT	42,722	24,644
Financial income / (expenses)	4,847	(7,240)
EBT	47,569	17,404
(Income taxes)	(13,634)	(5,830)
income Net	33,935	11,573

(Thousand of Euro)	30/09/2024	31/12/2023
Tangible assets	5,259	5,522
Non tangible 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
(Operating current liabilities)	(206,795)	(206,459)
(Operating non current liabilities)	(75,324)	(64,689)
Net working capital	(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

Dividend

→ Dividend proposal

	2024	2023	2022	2021	2020	2019	2018	2017	2016
	(Proposal)
(*) Dividends paid (Thousand of Euro)	32,466	30,339	28,172	35,757	34,663	47,770	75,334	40,016	40,016
Group Net Income (Thousand of Euro)	35,824	36,176	32,665	45,326	58,701	493,216	44,625	47,135	53,635
Payout ratio	91%	84%	86%	79%	59%	10%	169%	85%	75%
Dividends per share (Euro)	0.150	0.140	0.130	0.165	0.160	0.2133	0.3383	0.180	0.180

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

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.