Gas Plus

Investor Presentation • Sep 18, 2025

Gas Plus Group

Analyst Presentation IH 2025 Financial Results

September 18th, 2025*

0 * This document is updated on 6 months basis, occurring after 31 December and 30 June closing

Market Scenario

Highlights

• ❑ Results driven by the E&P BU thanks to more favoureable gas prices and production growth following the achievement on June of the first month of Longanesi commercial production
• ❑ Performance of the downstream Business Units affected for the Retail BU by negative gas metering adjustments related to previous financial years, without which the performance would have been in line with expectations
• ❑ NFP significant reduction, whose amount at the end of the period is entirely related to the effects of the accounting principle IFRS 16

Outlook FY 2025:

• ❑ Despite a gas price current scenario volatile and significantly lower of IH 25, expected a strong growth of margins and profitability for the E&P BU thanks to Longanesi production contribution
• ❑ From a financial perspective, despite ongoing investments in Longanesi and in the absence of extraordinary transactions, the high level of cash flow should allow to maintain NFP at the end of 2025 within the level at the end of the previous year

Financial Results: E&P

▪ EBITDA

• ➢ IH 2025 EBITDA +66.3% vs IH 2024, mainly due to:
  • average gas sales price (+41%)
  • gas production (+21%) mainly due to Longanesi contribution
• Domestic activities
  • ➢ Longanesi project
    • Long Production Test (LPT) has been started on March 2025 with first gas delivery to the national grid and the plants have been configured for production
    • Starting in early June 2025, production gradually ramped up to commercial levels, with current volumes of approximately 540,000 standard cubic meters per day. Production level was achieved more quickly than expected, despite the use of temporary plants for LPT. FY 2025 production contribution is expected to be between 100 and 120 MScm
    • Contracts for the final installations, revamping of gas treatment plant and the construction of the surface plants of the well areas, have been signed
• International activities
  • ➢ Romania
    • IH 2025 slight production decrease vs IH 2024 (-1.4%)
    • Production optimization activities continued to maintain current production levels and also studies to evaluate the unexplored mineral potential which could be the target of possible future exploration campaigns

E&P (MScme)	IH25	IH24	∆ (%)
Hydrocarbon Production	119.0	109.9	8.3%
of which natural gas of which oil and condensate	108.7 10.3	100.3 9.6	8.4% 7.3%
EBITDA (M€)	28.6	17.2	66.3%
Exploration Capex	0.3	0.1	200.0%
Development Capex	7.4	4.9	51.0%

E&P Reserves
E&P (MScme)	Jun 30, 2025	Dec 31, 2024	∆ (%)
Hydrocarbon Reserves	3,697.0	3,815.9	(3.1%)
of which domestic	3,137.4	3,201.0	(2.0%)
of which international	559.6	614.9	(9.0%)

Retail	IH25	IH24	∆ (%)
Sales (MScm)	25.7	27.1	(5.2%)
Residential	20.3	21.6	(6.0%)
Small Business/Multipod	3.1	3.3	(6.1%)
Industrial	2.3	2.2	4.5%
EBITDA (M€)	0.2	3.2	(93.8%)

• EBITDA IH 2025 affected by the SNAM 2019-2022 adjustment session (-1.8 M€)
• The overall margin, net of non-recurring negative components, returns to a "typical" trend not characterized by extraordinary factors in terms of the supply market or of the regulatory context
• Volumes sold in the first half of 2025 decrease compared to the first half of 2024 (-5.2%) mainly due to the reduction in unit consumption in the residential segment

TTF Gas Price – Quarter Ahead IH 2025 P&L – Network Contribution

	IH 25	IH 24	∆ (%)
Distributed Volumes (MScm)	103.7	104.6	(0.9%)
Direct end users (#K)	108.5	108.7	(0.2%)
Pipeline (Km)	1,834.0	1,830.5	0.2%
EBITDA (M€)	5.1	4.8	6.3%
Capex (M€)	1.4	1.1	27.3%

• Slight decrease in the distributed gas volumes vs IH 2024 (-0.9%)
• EBITDA results higher vs IH 2024 (+6.3%) mainly due to positive 2020-2023 equalization adjustment (+1 M€) more than offset the negative effect of the WACC reduction on the Total Revenue Limit (Trl)
• The installation of smart gas meters exceeded the 85% target, reaching 90% by the end of 2024
• No ATEM tenders involving Group concession have been launched to date. The Group intends to evaluate the new ATEM tenders in order to maintain the same perimeter of activities as a minimum

Financial Results

Group (M€)	IH 25	IH 24	∆ (%)
Revenues	86.7	65.7	32.0%
Operating Costs	53.9	41.8	28.9%
EBITDA	32.8	23.9	37.2%
EBIT	18.6	13.2	40.9%
EBT	14.3	8.0	78.8%
Net Result	10.2	5.3	92.5%
EPS (€)	0.23	0.12	91.7%

Revenues (+32.0%) and operating costs (+28.9%) increased thanks to higher gas productions (following the start-up of the Longanesi Concession) and related prices

Depreciation and amortization increased due to higher gas productions

Financial expenses decreased thanks to the reduction in net financial position

Net profit for the period almost doubled

Financial Results

Financial Results

June 30, 2025 TTF Gas Price – Group Balance Sheet – Quarter Ahead

Group (M€)	Jun 30, 2025	Dec 31, 2024	∆ (%)
Inventories	3.7	3.8	(2.6%)
Receivables	24.0	36.9	(35.0%)
Payables	(23.8)	(30.6)	(22.2%)
Other Working Credits/Debits	(17.3)	(13.6)	27.2%
Non Current Assets	401,0	391.3	2.5%
Taxes, Abandonment, Severance and
Other provision	(131.9)	(132.9)	(0.8%)
Net Invested Capital	255.7	254.9	0.3%
Net Financial Debt	19.3	23.8	(18.9%)
of which long term	14.1	13.2	6.8%
of which short term	5.2	10.6	(50.9%)
Equity	236.4	231.1	2.3%
Total Sources	255.7	254.9	0.3%

▪ Increase in fixed assets after 14.1 M€ in depreciation and amortization: new investments of 9.1 M€ and new rightsof-use assets of 14.5 M€

▪ Net working capital negative mainly due to dividends (8.7M€) and other debts payable after the end of the halfyear

• Significant reduction in net financial debt thanks to positive cash flows from all group activities
• Debt-to-equity ratio of 0.08 (vs. 0.10 at December 31, 2024)

Financial Results: NFP Trend

• The NFP confirms a significant reduction despite investments and reaches the lowest level since 2010, even including the effects of IFRS 16 on leasing contracts equal to 19.2 M€, net of which it would be at breakeven
• The further reduction in the net financial position is due to significant cash flows from operating activities exceeding investments and usesin the period

Company Profile

Shareholding as at 30 June 2025 Share information Share price performance 76.08% 2.98% 20.94% Us.Fin. Srl Treasury Shares Floating N. of share: 44,909,620 Share price as of 30/06/2025: € 4.74 Share price as of 17/09/2025: € 5.26 Mkt cap 30/06/2025: € 212.9 million Italian Stock Exchange – segment MTA Own shares as of 30/06/2025: 1,336,677 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 Gas Plus Pricing

Management

Group structure*

Stefano Cao	Chairman – Gas Plus S.p.A.
Davide Usberti	CEO Gas Plus S.p.A.
Cinzia Triunfo	Group General Manager and Director of Gas Plus S.p.A.
Germano Rossi	Group CFO
Massimo Nicolazzi	Executive Director Gas Plus Dacia S.r.L.
Regulated Activity - Network
Leonardo Dabrassi	Chairman – GP Infrastrutture S.r.l
Achille Capelli	Network Manager

(*) Gas Plus Group Structure as of 17 September 2025

13

Disclaimer

This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Gas Plus to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Gas Plus and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from re-categorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions.

All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forwardlooking statement speaks only as of the date of this presentation. Neither Gas Plus nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.