Gas Plus S.p.a. · MIL:GSP
Gas Plus — H1 2026 Earnings Presentation
15 slides from Gas Plus's earnings presentation, Sep 15, 2026
Slide 1: Gas Plus Group Analyst Presentation IH 2026 Financial Results
Gas Plus Group Analyst Presentation IH 2026 Financial Results September 15th, 2026* * This document is updated on 6 months basis, occurring after 31 December and 30 June closing 0
Slide 2: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 1
Slide 3: Market Scenario
Market Scenario TTF Gas Price – Day Ahead 65,00 60,00 55,00 50,00 45,00 40,00 35,00 30,00 25,00 Jan Feb Mar Apr May Jun €/MW h - IH 2025 €/MW h - IH 2026 Brent Price – Spot €/$ Exchange Rate - Spot 150,00 1,22 140,00 1,20 130,00 1,18 120,00 1,16 1,14 110,00 1,12 100,00 1,10 90,00 1,08 80,00 1,06 70,
Slide 4: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 3
Slide 5: Highlights
Highlights ❑ The impressive results for the half-year demonstrate the impact of Longanesi’s contribution over the entire period ❑ EBITDA for the half-year reached its highest level since the company went public in 2006. NFP, too, despite substantial investments, registered a positive figure (availab
Slide 6: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS E&P NETWORK RETAIL GROUP FINANCIAL RESULTS COMPANY PROFILE 5
Slide 7: Financial Results: E&P
Financial Results: E&P ▪ EBITDA ➢ IH 2026 EBITDA +53.8% vs IH 2025, mainly due to gas production (+46.4%) primarily thanks to Longanesi contribution ▪ Domestic activities IH 2026 P&L - E&P contribution ➢ Longanesi project • Production: • Full half-year production in 2026, in 2025 production started
Slide 8: Financial Results: Network
Financial Results: Network ▪ Slight increase in distributed gas volumes TTF IH 2026 Gas – P&L Price – Quarter Network Ahead contribution compared to IH 2025 (+0.3%), benefiting from a 5.5 MScm contribution from BS Reti Gas starting in IIQ 2026 IH 26 IH 25 ∆ (%) ▪ EBITDA decreased vs IH 2025 (-9.8%),
Slide 9: Financial Results: Retail
Financial Results: Retail IH 2026 P&LPrice TTF Gas – Retail contribution – Quarter Ahead IH 2026 IH 2025 8% 9% 13% 12% ▪ Strong EBITDA growth mainly due to: Residential Sales: Sales: ➢ non-recurring items - SNAM Small Business equalization adjustment- impacted IH 22.9 MScm 25.7 MScm Industrial 2026
Slide 10: Financial Results: Group P&L
Financial Results IHGas TTF 2026 Price––Group QuarterP&L Ahead 88.9 81.7 50.1 32.8 Ebitda (+52.7%) and net result (+55.9%) increased thanks to higher gas productions IH 2026 IH 2025 Depreciation and amortization increased Revenues EBITDA due to higher gas productions Financial expenses decreased tha
Slide 11: EBITDA and Net Result Evolution
Financial Results TTF Gas EBITDA Price – Quarter Breakdown by Ahead BU (M€) TTFNet Group Gas Price Result– Quarter Ahead(M€) Evolution 32.8 50.1 17.3 2.7 15.9 4.6 0.2 10.2 5.1 44.0 28.6 0.6 (1.2) (1.1) IH 25 EBITDA D&A Financial Others Taxes IH 26 IH 25 IH 26 Charges (0.9) (2.8) E&P Network Retail O
Slide 12: Financial Results: Group Balance Sheet
Financial Results June 30, TTF2026 – Group Gas Price Balance – Quarter Ahead Sheet ▪ Increase in fixed assets after 42.5 M€ Jun 30, Dec 31, of new investments and 22.6 M€ of Group (M€) ∆ (%) depreciation and amortization 2026 2025 Inventories 2.8 3.3 (15.2%) Receivables 26.5 32.4 (18.2%) ▪ Net worki
Slide 13: Financial Results: NFP Trend
Financial Results: NFP Trend TTFNFP Group Gas Price – Quarter Historical Ahead(M€) Trend ▪ The NFP shows a credit balance 250.6 212.9 despite new investments and 150.5 reaches the lowest level since 98.6 71.2 85.2 82.2 2010, even including the effects 41.1 53.0 52.5 42.0 66.0 49.0 50.5 23.8 of IFRS
Slide 14: Company Profile
Company Profile Shareholding as at 14 September 2026 Share information Share price performance 8,0 80.000 N. of share: 44,909,620 7,5 75.000 20.94% Share price as of 30/06/2026: € 5.66 7,0 70.000 2.98% Share price as of 14/09/2026: € 6.25 6,5 65.000 Gas Plus Pricing FTSE Mib Index 6,0 60.000 Mkt cap
Slide 15: Disclaimer
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 state