Ascopiave — Investor Presentation 2025

Nov 6, 2025

A s c o p i a v e G r o u p

9M 2025 CONSOLIDATED RESULTS

Acquisition of AP Reti Gas North as of 1st July 2025:

• first consolidation of the company's balance sheet data: 1st July 2025
• consolidation of income statement results in the 9M 2025: Q3 2025.

PARTICIPATIONS DISPOSALS

Sale of 25% of the share capital of Estenergy as of 24th June 2025:

• in the Group's income statement as of 30th September 2024, the company's results were consolidated using the equity method
• from 30th September 2024, the company was no longer consolidated using the equity method
• in the Group's income statement as of 30th September 2025, the dividends received from the company were recorded as financial income and was recognized the capital gain from the disposal of the investment

Reclassification of the investment held in Hera Comm as assets held for sale:

• disposal completed: 8th October 2025

(Thousand of Euro)	9M 2025	9M 2024	Chg	Chg %
Revenues	183 869 ,	146 292 ,	37 577 ,	+26%
(Raw materials , consumables , supplies and goods)	(1 634) ,	(1 541) ,	(93)	+6%
(Costs for services)	(47 154) ,	(39 062) ,	(8 092) ,	+21%
(Costs for personnel)	(18 194) ,	(15 053) ,	(3 141) ,	+21%
(Other costs) management	(28 094) ,	(19 164) ,	(8 930) ,	+47%
Other income	26 761 ,	423	26 339 ,	+6232%
EBITDA	115 555 ,	71 895 ,	43 660 ,	+61%
(Amortizations and depreciation)	(43 193) ,	(37 714) ,	(5 479) ,	+15%
(Provisions)	(58)	-	(58)	n.a.
EBIT	72 304 ,	34 181 ,	38 124 ,	+112%
Financial income / (expenses)	15 578	(7 613)	23 192	-305%
investees (1) Share of profit of equity-accounted	, 316	, 8 094 ,	, (7 779) ,	-96%
EBT	88 198 ,	34 662 ,	53 536 ,	+154%
(Income taxes)	(12 295) ,	(8 051) ,	(4 244) ,	+53%
Net income	75 903 ,	26 611 ,	49 292 ,	+185%
Net income of minorities	8	(899)	907	-101%
the Net income of Group	75 911 ,	25 712 ,	50 199 ,	+195%

Consolidated balance sheet as of 30th September 2025

(Thousand of Euro)	30/09/2025	31/12/2024	Chg	Chg %
assets (1) Tangible	176 567 ,	161 897 ,	14 669 ,	+9%
assets (1) tangible Non	1 247 252 , ,	787 419 ,	459 832 ,	+58%
associates (2) Investments in	55 812 ,	105 472 ,	(49 659) ,	-47%
Other fixed assets	52 964 ,	44 219 ,	8 745 ,	+20%
Fixed assets	532 594 1 , ,	099 007 1 , ,	433 587 ,	+39%
Operating current assets	142 809 ,	112 924 ,	29 884 ,	+26%
liabilities) (Operating current	(125 683) ,	(104 520) ,	(21 164) ,	+20%
liabilities) (Operating current non	(71 858) ,	(64 412) ,	(7 446) ,	+12%
working capital Net	(54 732) ,	(56 007) ,	275 1 ,	-2%
invested capital Net (3) held sale for assets	53 331 ,	202 389 ,	(149 058) ,	-74%
Total capital employed	1 531 192 , ,	1 245 389 , ,	285 803 ,	+23%
Group shareholders equity	898 054 ,	847 965 ,	50 089 ,	+6%
Minorities	5	9 823 ,	(9 818) ,	-100%
Shareholders equity	898 059 ,	857 788 ,	40 271 ,	+5%
financial Net position	633 133 ,	387 602 ,	245 532 ,	+63%
Total sources	1 531 192 , ,	1 245 389 , ,	285 803 ,	+23%

Notes: ¹ According to IFRIC 12, the infrastructures under concession are considered intangible assets; ² Value of the associated companies consolidated with net equity consolidation method (pro-rata): Cogeide, Euro 8.5 mln (Euro 8.2 mln as of 31st December 2024). Other minority shareholdings: Hera Comm, Euro 0,0 mln (Euro 53.3 mln as of 31st December 2024); Acinque, Euro 21.6 mln (Euro 21.6 mln as of 31st December 2024); Herabit, Euro 25.7 mln (Euro 22.3 mln as of 31st December 2024); ³ Shareholding in Hera Comm S.p.A. as of 30th September 2025; shareholding in Estenergy S.p.A. as of 31st December 2024.

GAS DISTRIBUTION

Number of gas distribution users

Volumes of gas distributed

(Million of standard cubic meters)

RENEWABLE ENERGIES

Volumes of electricity produced

183,869 4,122 27,706 9,284 1,922 2,787 146,292 9M 2024 Change of the consolidation area Gas distribution tariff revenues Revenues from RES Revenues from energy efficiency Other revenues 9M 2025 +26% Revenues bridge (Thousand of Euro) +37,577

(1) (2)

certificates

Gas distribution tariff revenues

(3) (Thousand of Euro)	9M 2025	9M 2024	Chg	Chg %
Gas distribution tariff revenues	132,228	103,217	29,011	+28%
distribution Gas tariff revenues	132,228	103,217	29,011	+28%

Change in the scope of consolidation (1) : + Euro 19.7 mln Increase of gas distribution tariff revenues on a like-for-like basis:

+ Euro 9.3 mln

of which:

• revision of 2020-2024 tariff operating costs (ARERA Res. 87/2025/R/gas): + Euro 8.6 mln;
• other changes: + Euro 0.7 mln.

Revenues from RES

(3) (Thousand of Euro)	9M 2025	9M 2024	Chg	Chg %
Revenues from FER	17,406	21,528	(4,122)	-19%
Revenues from FER	17,406	21,528	(4 ,122)	-19%

Other net operating costs

Euro) (2) (Thousand of	9M 2025	9M 2024	Chg	Chg %
Other revenues	33 022 ,	20 334 ,	12 688 ,	+62%
Other of raw materials and services costs	(75,288)	(58 ,131)	(17,157)	+30%
Cost of personnel	(18 ,194)	(15,053)	(3 ,141)	+21%
Other operating net costs	(60 ,460)	(52 850) ,	(7 610) ,	+14%

Change in the scope of consolidation (1) : - Euro 7.9 mln Decrease of other net operating costs on a like-for-like basis:

• + Euro 0.3 mln
• of which:
• decrease of gas distribution concession fees: + Euro 0.9 mln;
• increase of cost of personnel: - Euro 0.6 mln;
• increase of costs for consultancy: - Euro 3.2 mln, of which Euro 2,0 mln related to AP Reti Gas North acquisition;
• increase of costs for gas and electricity: - Euro 0.2 mln;
• decrease of directors and statutory auditors fees: + Euro 0.3 mln;
• increase of CSEA contributions for security incentives: + Euro 2,4 mln
• decrease of gas meter reading costs: + Euro 0.4 mln;
• other variations: + Euro 0.3 mln.

Number of employees

Employees at 30/09/2025

Cost of personnel

(Thousand of Euro)

Capex Capex at 30/09/2025

(Thousand of Euro)

Change in the scope of consolidation (1): Euro 4,3 mln

On a like-for-like basis:

• Investments in gas distribution systems: Euro 31.3 mln
• Investments in gas meters: Euro 8.3 mln
• Investments in renewable energy and green hydrogen: 11.5 mln
• Investments in land and buildings: Euro 1.9 mln
• Investments in hardware and software: Euro 2.2 mln
• Other: Euro 1.2 mln

Net financial position and cash flow

Notes: ¹ Cash flow = net result + depreciation and amortization + provisions and losses on credits + losses from asset disposals - income from equity investments - the result of companies consolidated using the equity method; Investments in tangible and intangible assets; ³ Acquisition of AP Reti Gas North for Euro 456.8 mln + acquisition of a 9.8% stake in Asco Power for Euro 12.0 mln + acquisition of a 1.6% stake in Herabit for Euro 3.4 mln; ⁴ Proceeds from the sale of the 25% stake in EstEnergy.

Financial debt

Euro) (1) (Thousand of	30/09/2025	31/12/2024	Chg	Chg %
Long financial borrowings term	354 974 ,	229 824 ,	125 150 ,	+54%
Current position of long financial borrowings term	896 57 ,	56 688 ,	208 1 ,	+2%
Long bond loans term	146 098 ,	78 805 ,	67 293 ,	+85%
Current of bond loans position	599 7 ,	606 7 ,	(7)	-0%
Short financial borrowings term	30 262 ,	10 817 ,	19 445 ,	+180%
Total financial debt	596 829 ,	383 740 ,	213 089 ,	+56%
Fixed borrowings rate	238 921 ,	157 954 ,	80 967 ,	+51%
Floating borrowings rate	357 908 ,	225 786 ,	132 122 ,	+59%

9M 2025 average cost of debt: 3.11% (vs 12M 2024 rate: 3.39%)

• 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.