Ascopiave — Investor Presentation 2026

Mar 5, 2026

emarket: edr storage
azzampa
azzmina

Ascopiave Group

12M 2025

CONSOLIDATED RESULTS

Conference Call

Pieve di Soligo, 5th March 2026

Gruppo ASCOPIAVE

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Ascopiave Group structure as of 31st December 2025

Telephone, distribution and commercial use through Asco CENSOLOLIDATED

emarket: edr storage

GENEVA

Companies consolidated using the full consolidation method

Companies consolidated using the full consolidation method

Minority interests The investment in Cogeide is consolidated using the equity method

Renewable energies

Gas Distribution

Water Service

Gas & Electricity sales

ICT services

Multi-Utility

Notes: 1 AP Reti Gas North is consolidated starting from 1st July 2025; 2 Asco Clean Energy is consolidated starting from 1st August 2025; 3 AP Reti Gas Next Grids is consolidated starting from 31st December 2025.

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Change in the consolidation scope and participations disposals

International

International

2025

International

AAC

CONSOLIDATION

emarket

e-mail

sion

CHANGE IN THE CONSOLIDATION SCOPE

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 12M 2025: second half of 2025

Acquisition of Società Impianti Metano, now AP Reti Gas Next Grids, as of 31st December 2025:

• first consolidation of the company's balance sheet data: 31st December 2025
• consolidation of income statement results will be starting from the 2026

PARTICIPATIONS DISPOSALS

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

• in the 2024 Group’s income statement, the company’s results were consolidated using the equity method until 30th September 2024, which represents the last accounting closing date before the exercise of the put option
• in the 2025 Group’s income statement, the dividends received from the company were recorded as financial income and the capital gain arising from the disposal of the investment was reported

Sale of 3% of the share capital of Hera Comm as of 8th October 2025

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12M 2025 consolidated income statement

Total assets of Autoconsolidated Ecosystems

2025

Autoconsolidated Ecosystems

CONSOLIDATED

e market

e of

Europe

1

(Thousands of Euros)	12M 2025	12M 2024	Chg	Chg %
Revenues	244,321	204,958	39,363	+19%
(Raw materials, consumables, supplies and goods)	(2,335)	(2,939)	604	-21%
(Costs for services)	(69,932)	(53,228)	(16,704)	+31%
(Costs for personnel)	(23,940)	(18,185)	(5,755)	+32%
(Other management costs)	(20,862)	(27,688)	6,827	-25%
Other income	26,877	506	26,371	+5210%
EBITDA	154,130	103,424	50,706	+49%
(Amortizations and depreciation)	(62,127)	(51,781)	(10,346)	+20%
(Provisions)	(32)	-	(32)	n.a.
EBIT	91,970	51,642	40,328	+78%
Financial income / (expenses)	11,326	(10,206)	21,532	-211%
Share of profit of equity-accounted investees (1)	(321)	7,892	(8,213)	-104%
EBT	102,976	49,329	53,647	+109%
(Income taxes)	(16,141)	(12,828)	(3,313)	+26%
Net income	86,834	36,500	50,334	+138%
Net income of minorities	11	(677)	688	-102%
Net income of the Group	86,845	35,824	51,022	+142%

Notes: 1 In 12M 2024, the item "Share of profit of equity-accounted investees" also includes the pro-rata results of EstEnergy up to the date on which the put option was exercised (30/09/2024).

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Consolidated balance sheet as of 31st December 2025

Telephone, distribution and commercial use

A

emarket

ecr storage

nss

CONSOLIDAT

S

(Thousands of Euros)	31/12/2025	31/12/2024	Chg	Chg %
Tangible assets (1)	184,244	161,897	22,347	+14%
Non tangible assets (1)	1,316,890	787,419	529,470	+67%
Investments in associates (2)	56,526	105,472	(48,946)	-46%
Other fixed assets	56,753	44,219	12,535	+28%
Fixed assets	1,614,413	1,099,007	515,406	+47%
Operating current assets	179,995	112,924	67,071	+59%
(Operating current liabilities)	(180,518)	(104,520)	(75,998)	+73%
(Operating non current liabilities)	(87,277)	(64,412)	(22,865)	+35%
Net working capital	(87,800)	(56,007)	(31,793)	+57%
Net invested capital	-	202,389	(202,389)	-100%
assets held for sale (3)
Total capital employed	1,526,613	1,245,389	281,223	+23%
Group shareholders equity	912,401	847,965	64,436	+8%
Minorities	6	9,823	(9,817)	-100%
Shareholders equity	912,407	857,788	54,619	+6%
Net financial position	614,206	387,602	226,604	+58%
Total sources	1,526,613	1,245,389	281,223	+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 7.7 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 22.3 mln (Euro 21.6 mln as of 31st December 2024); Herabit, Euro 26.5 mln (Euro 22.3 mln as of 31st December 2024); 3 Shareholding in Estenergy S.p.A.

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Operating data - gas distribution and renewable energies

A

ACG

CONSOLIDAT

emarket

2

1

GAS DISTRIBUTION

Number of gas distribution users

Old consolidation scope

Volumes of gas distributed

(Million of standard cubic meters)

RENEWABLE ENERGIES

Volumes of electricity produced

(GWh)

Notes: 1 Gas distribution users related to AP Reti Gas North (486k) and AP Reti Gas Next Grids (113k); 2 Volumes of gas distributed in the second semester of 2025 by AP Reti Gas North.

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Revenues

Telephone, distribution and commercial use through private asco. CONSOLIDATED

emarket

ecr storage

nennnne

Revenues bridge

(Thousand of Euro)

Gas distribution tariff revenues

(Thousands of Euros) (3)	12M 2025	12M 2024	Chg	Chg %
Gas distribution tariff revenues	189,791	139,453	50,338	+36%
Gas distribution tariff revenues	189,791	139,453	50,338	+36%

Change in the scope of consolidation (3): + Euro 39.5 mln

Increase of gas distribution tariff revenues on a like-for-like basis: + Euro 10.9 mln

of which:

• revision of 2020-2024 tariff operating costs (ARERA Res. 87/2025/R/gas): + Euro 8.6 mln;
• other changes: + Euro 2.3 mln.

Revenues from RES

(Thousands of Euros) (3)	12M 2025	12M 2024	Chg	Chg %
Revenues from FER	22,595	28,103	(5,508)	-20%
Revenues from FER	22,595	28,103	(5,508)	-20%

Notes: 1 Data related to AP Reti Gas North (second half of 2025) and Asco Clean Energy (August-December 2025); 2 Tariff revenues include the tariff component for the recovery of the fee paid to local entities according to art. 46-bis DL 159/2007; 3 Economic data before elisions; 3 Data related to AP Reti Gas North (second half of 2025).

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EBIT & other net operating costs

Telephone, distribution and commercial use through EBI, Accu, CONSOLIDAT

emarket: ebr storage

EBIT bridge

(Thousand of Euro)

Other net operating costs

(Thousands of Euros) (2)	12M 2025	12M 2024	Chg	Chg %
Other revenues	30,318	35,786	(5,468)	-15%
Other costs of raw materials and services	(91,016)	(81,734)	(9,282)	+11%
Cost of personnel	(23,940)	(18,185)	(5,755)	+32%
Other net operating costs	(84,637)	(64,132)	(20,505)	+32%

Change in the scope of consolidation (1): - Euro 15.0 mln

Decrease of other net operating costs on a like-for-like basis:

• Euro 5.5 mln

of which:

• decrease of gas distribution concession fees: + Euro 1.4 mln;
• increase of cost of personnel: - Euro 1.7 mln;
• increase of costs for consultancy: - Euro 3.8 mln, of which Euro 2,0 mln related to AP Reti Gas North acquisition;
• decrease of directors and statutory auditors fees: + Euro 0.4 mln;
• decrease of gas meter reading costs: + Euro 0.5 mln;
• increase of other non recurring costs: - Euro 2,1 mln;
• other variations: - Euro 0.2 mln.

Notes: 1 Data related to AP Reti Gas North (second half of 2025) and Asco Clean Energy (August-December 2025); 2 Economic data before elisions.

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Personnel

Telephone, distribution and commercial use through the Internet

Accu CONSOLIDAT

emarket: edr storage

GEMINAS

Number of employees

Employees at 31/12/2025

Cost of personnel

(Thousand of Euro)

Notes: 1 Number of employees of AP Reti Gas North (230) and AP Reti Gas Next Grids (17); 2 Data related to AP Reti Gas North (second half of 2025).

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Capex

Telephone, distribution and commercial use among professional

Accu

CONSOLIDATED

emarket

service

open

Capex

Capex at 31/12/2025

Change in the scope of consolidation (1): Euro 12,3 mln

On a like-for-like basis:

• Investments in gas distribution systems: Euro 41.9 mln
• Investments in gas meters: Euro 11.9 mln
• Investments in renewable energy: 21.1 mln
• Investments in land and buildings: Euro 2.3 mln
• Investments in hardware and software: Euro 2.6 mln
• Other: Euro 1.6 mln

Notes: Investments in intangible assets and in tangible assets (excluded realizations, investments in associated, investments related to the application of IFRS 16 accounting standard and network extension in new urbanized areas that according to IAS are considered as operating costs and not capital expenditures); ¹ Investments carried out by AP Reti Gas North (second half of 2025) and Asco Clean Energy (August-December 2025).

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Net financial position and cash flow

Teletoons: distribution and commercial use among private asco CONSOLIDAT

emarket: edr storage TELETOONS GERMANY

Net financial position and cash flow

(Thousand of Euro)

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; 2 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 + acquisition of AP Reti Gas Next Grids for Euro 46.0 mln; 4 Proceeds from the sale of the 25% stake in EstEnergy for 234.1 mln + from the sale of the 3% stake in Hera Comm for Euro 54.8 mln + from the disposal of tangible fixed assets for Euro 1.2 mln.

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Financial debt

Teleborsa: distribution and commercial use through project Asco CONSOLIDATION

emarket: edir storage
GENHAG

Financial debt

(Thousands of Euros) (1)	31/12/2025	31/12/2024	Chg	Chg %
Long term financial borrowings	394,170	229,824	164,346	+72%
Current position of long term financial borrowings	63,279	56,688	6,591	+12%
Long term bond loans	146,078	78,805	67,273	+85%
Current position of bond loans	7,768	7,606	162	+2%
Short term financial borrowings (2)	(34,205)	10,817	(45,022)	-416%
Total financial debt	577,090	383,740	193,350	+50%
Fixed rate borrowings	292,465	157,954	134,511	+85%
Floating rate borrowings	284,625	225,786	58,839	+26%

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

Notes: 1 Relating only to companies consolidated with full consolidation method; 2 The amount as of 31st December 2025 refers to the positive cash balance available in the Group's current accounts.

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Dividend proposal

Telephone, distribution and commercial use through project Ascii CONSOLIDATION

emarket: edir storage TECHNOLOGY CENTRE

Dividend proposal

DIVIDEND PROPOSED

0.16 Euro per share (Euro 34.6 mln)

Detachment date	Record date	Payment date
8th May 2026	9th May 2026	10th May 2026
	2025	2024
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	(Proposal)
Dividends paid (Thousand of Euro) (1)	34,630	32,466
Group Net Income (Thousand of Euro)	86,845	35,824
Payout ratio	40%	91%
Dividends per share (Euro)	0.160	0.150

Notes: 1 Dividends to be paid estimated on the base of the outstanding shares at the end of the financial year.

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Disclaimer

Telephone, distribution and commercial use of this product is prohibited by law. The manufacturer of this product may not be the intended recipient of the message.

© 2016 Disclaimer Authority

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.

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