Ascopiave S.p.a. · MIL:ASC
Ascopiave — Non-Deal Roadshow (November 2025)
107 slides from Ascopiave's roadshow presentation, Nov 12, 2025
Slide 1: Investor roadshow
Ascopiave Group Investor roadshow London, 12th November 2025
Slide 2: Summary
Summary • Business overview Pag. 3 • Dividend policy Pag. 12 • Ascopiave gas distribution business Pag. 15 • Estenergy and Hera Comm Pag. 25 • Renewable energies Pag. 28 • Sustainability goals Pag. 30 • Strategy Pag. 34 • Annex: gas distribution: sector overview Pag. 57 • Annex: the energy transitio
Slide 3: Business overview
Business overview • Group business activities Pag. 4 • Ascopiave shareholders Pag. 7 • Group structure as of 31st October 2025 Pag. 8 • Main financial figures Pag. 9 • Financial debt Pag. 11 Ascopiave Group – Investor roadshow - London, 12th November 2025 3
Slide 4: Group business activities (1/3)
Group business activities (1/3) Ascopiave is a leading operator in the Italian natural gas distribution sector. The Group is also active in producing renewable energy and holds minority stakes in companies operating in the utilities, telecommunications and integrated water services sectors. The curr
Slide 5: Group business activities (2/3)
Group business activities (2/3) CURRENT BUSINESS ACTIVITIES Natural Gas Distribution Operation, maintenance and development of local pipelines, connecting the national transport pipelines to the end consumers. Activity carried out by the controlled companies AP Reti Gas, AP Reti Gas Nord Ovest and A
Slide 6: Group business activities (3/3)
Group business activities (3/3) DISPOSED BUSINESSES Gas and power retail Supply of gas and power to the end customers (in a free market regime). In June 2025 and October 2025, Ascopiave sold the minority stakes it held respectively in EstEnergy (25%) and Hera Comm (3%), two companies active in the s
Slide 7: Ascopiave shareholders
Ascopiave shareholders Ascopiave is listed on the STAR segment of Borsa Italiana’s equity market. The company complies with strict requirements concerning transparency, disclosure, liquidity and corporate governance, in line with international standards Increased voting rights in general shareholder
Slide 8: Group structure as of 31st October 2025
Group structure as of 31st October 2025 100% 18.33% 100% 100% 13% 100% 90% 5% 100% 100% Renewable energies Gas Distribution Water Service ICT services Multi-Utility Ascopiave Group – Investor roadshow - London, 12th November 2025 8
Slide 9: Main financial figures (1/2)
Main financial figures (1/2) CONSOLIDATED BALANCE SHEET ACCORDING TO IFRS (*) BALANCE SHEET 30/09/2025 31/12/2024 Current capital mainly invested in the gas distribution business Tangible assets 176,567 161,897 (over 80%) Goodwill 106,517 61,727 Compared to 31st December Assets under concession 1,12
Slide 10: Main financial figures (2/2)
Main financial figures (2/2) CONSOLIDATED INCOME STATEMENT ACCORDING TO IFRS (*) INCOME STATEMENT 9M 2025 12M 2024 Operating results mainly concern the regulated gas distribution Revenues 183,869 204,958 business and renewable energy business EBITDA 115,555 103,424 EBITDA margin (%) 62.8% 50.5% Figu
Slide 11: Financial debt
Financial debt (*) 9M 2025 12M 2024 Chg Chg % Long term financial borrowings 354,974 229,824 125,150 54.5% Current position of long term financial borrowings 57,896 56,688 1,208 2.1% Long term bond loans 146,098 78,805 67,293 85.4% Current position of bond loans 7,599 7,606 (7) -0.1% Short term fina
Slide 12: Dividend policy
Dividend policy • Dividend policy Pag. 13 Ascopiave Group – Investor roadshow - London, 12th November 2025 12
Slide 13: Dividend policy (1/2)
Dividend policy (1/2) Dividend payment sustainable with a high return to shareholders Sustainability of the dividend policy: Dividend yield in line with those of ▪ stable cash flow the listed italian utilities and energy ▪ stable business profitability infrastructural operators ▪ well-balanced finan
Slide 14: Dividend policy (2/2)
Dividend policy (2/2) Dividend distribution expected for the period 2025-2028 2025-2028 PROSPECTS An attractive and sustainable dividend distribution is expected for the 2025-2028 period Dividend growing from 15.0 Eurocents per share in 2024 to 19.0 Eurocents per share in 2028 (+26.7%) Eurocents per
Slide 15: Ascopiave gas distribution business
Ascopiave gas distribution business • Market positioning Pag. 16 • Stability of the economic results and low risk profile Pag. 18 • Acquisition of the gas distribution assets from A2A Group Pag. 19 • Market positioning in the gas distribution sector Pag. 23 • Hydrogen compatibility with the natural
Slide 16: Market positioning (1/2)
Market positioning (1/2) The gas distribution is carried out by subsidiary companies controlled by Ascopiave Ascopiave Gas Distribution Business - key figures 100% No. of managed concessions (*) 451 Length of the gas distribution network (km) (*) 20,043 100% No. of Users (PDR) (*) 1,362,390 100% RAB
Slide 17: Market positioning (2/2)
Market positioning (2/2) Ascopiave Group has been among the protagonists of the consolidation of the sector Since 2000 Ascopiave has finalized several company acquisitions (Thousands of users) pro-forma Group Network (km) % Users % 1 Italgas (*) 144,437 (*) 53% 12,092,045 (*) 55% 2 Ascopiave (**) 20
Slide 18: Stability of the economic results and low risk profile
Stability of the economic results and low risk profile Gas distribution is a regulated business, characterised by a stable profitabilty and a low risk profile Economic results and investments 2015-2024 EBITDA EBITDA/user Investments YEAR (m€) (€) (m€) 2024 92.0 106 61.8 2023 75.9 87 61.6 ▪ Increase
Slide 19: Acquisition of the gas distribution assets from A2A Group (1/4)
Acquisition of the gas distribution assets from A2A Group (1/4) In June 2025, Ascopiave completed the acquisition of a significant compendium of gas distribution assets from A2A Group Purpose of the transaction The deal allowed Ascopiave to significantly increase its user base (+56%) and strengthen
Slide 20: Acquisition of the gas distribution assets from A2A Group (2/4)
Acquisition of the gas distribution assets from A2A Group (2/4) The transaction was financed through the divestment of the minority interest in EstEnergy and, for the remaining part, through bank financing Funding structure of the transaction The acquisition was partially financed through the resour
Slide 21: Acquisition of the gas distribution assets from A2A Group (3/4)
Acquisition of the gas distribution assets from A2A Group (3/4) The integration of the new activities started right away, adopting the management systems, operating procedures and organisational methods already established within the Group This approach made it possible, from the earliest stages, to
Slide 22: Acquisition of the gas distribution assets from A2A Group (4/4)
Acquisition of the gas distribution assets from A2A Group (4/4) The acquisition of the gas distribution assets from the A2A Group allowed the Group to strengthen its territorial presence in the Lombardy region NORTHERN ITALY Regional distribution of Ascopiave’s users after the acquisition of A2A(*)
Slide 23: Market positioning in the gas distribution sector
Market positioning in the gas distribution sector In Italy, gas distribution concessions are awarded through public tenders The calls for tenders should be lauched to assign concessions for the management of the service in wide geographical areas, grouping neighbouring municipalities (ATEM) (*) Muni
Slide 24: Hydrogen compatibility with the natural gas infrastructure
Hydrogen compatibility with the natural gas infrastructure Hydrogen compatibility with the natural gas infrastructure Mass market meters • Recently purchased meters are certified for measuring gas containing hydrogen. • Certification covers hydrogen content: o Minimum: 20% H₂ o Maximum: 30% H₂ (vari
Slide 25: Estenergy and Hera Comm
Estenergy and Hera Comm • The strategic repositioning of Ascopiave finalized on December 2019 Pag. 26 • Put option of Ascopiave on Estenergy and Hera Comm shares Pag. 27 Ascopiave Group – Investor roadshow - London, 12th November 2025 25
Slide 26: The strategic repositioning of Ascopiave finalized on December 2019
The strategic repositioning of Ascopiave finalized on December 2019 On 19th December 2019 Ascopiave and Hera finalized a complex operation The two parties established a partnership in the energy sales business through the company Estenergy. Estenergy acquired: all the shareholdings held by the Ascop
Slide 27: Put option of Ascopiave on Estenergy and Hera Comm shares
Put option of Ascopiave on Estenergy and Hera Comm shares Ascopiave and Hera negotiated a put option in favour of Ascopiave on its minority stake in Estenergy. The option could be exercised one or more times by December 2026. The mechanism agreed for the setting of the strike price provided a minimu
Slide 28: Renewable energies
Renewable energies • Renewable energies Pag. 29 Ascopiave Group – Investor roadshow - London, 12th November 2025 28
Slide 29: Renewable energies
Renewable energies December 2021 - Entry into the field of renewable energy production through the acquisition from EVA Group of 6 hydroelectric plants located in Lombardy and Piedmont. January 2022 - Acquisition of the 79.74% stake in Eusebio Energia S.r.l. (now Asco Power S.p.A.), owner of a portf
Slide 30: Sustainability goals
Sustainability goals • Sustainability of Ascopiave Pag. 31 • Environmental sustainability Pag. 32 • Social sustainability Pag. 33 Ascopiave Group – Investor roadshow - London, 12th November 2025 30
Slide 31: Sustainability of Ascopiave
Sustainability of Ascopiave The Ascopiave Group combines sustainable development and industrial growth, focusing on optimizing ESG targets with the aim of creating value for all stakeholders The Ascopiave Group is actively committed to environmental protection through the identification, management,
Slide 32: Environmental sustainability
Environmental sustainability The Ascopiave Group has always paid great attention and commitment to environmental issues, with the aim of minimizing the impact of its activities Energy from renewable sources: Ascopiave has entered the renewable energy generation business, investing in the hydroelectr
Slide 33: Social sustainability
Social sustainability The Ascopiave Group promotes the involvement of its stakeholders in a context of mutual trust and collaboration to achieve its economic and social sustainability targets Supply chain: the Group gives preference to suppliers who hold certifications in environmental, quality and
Slide 34: Strategy
Strategy • Strategic pillars Pag. 36 • Growth strategy – gas distribution Pag. 37 • Growth strategy through M&As - gas distribution Pag. 38 • 2025-2028 cumulative capex in the current perimeter Pag. 39 • ATEM tenders and partnerships Pag. 40 • Diversification strategy – renewable energies and green
Slide 35: Strategy (continued)
Strategy continued from the previous page… • Innovation strategy Pag. 49 • Innovation initiatives Pag. 50 • Sustainability commitments Pag. 51 • Economic and financial targets Pag. 52 • 2025-2028 Group planned investments Pag. 53 • Overall economic results Pag. 54 • Key prospective data Pag. 55 Asco
Slide 36: Strategic pillars
Strategic pillars The Ascopiave Group's strategy is based on four fundamental pillars and aims to achieve a sustainable business profitability by developing the resources and skills needed to capture trends effectively in the reference markets By anticipating market dynamics, Ascopiave's positioning
Slide 37: Growth strategy – gas distribution
Growth strategy – gas distribution Ascopiave's current positioning and expertise in gas distribution provide a solid foundation to support the growth of the managed activities’ perimeter in a consolidating sector Growth drivers Int er n unities ort al pp 1 M&As of companies operating in the gas sk D
Slide 38: Growth strategy through M&As - gas distribution
Growth strategy through M&As - gas distribution External growth in the core business of gas distribution considered in the financial projections includes only the acquisition of assets from the A2A Group 2025-2028 capex Impact on EBITDA in 2028 Operating KPIs Current Perimeter 146m€ perimeter ∆ 2028
Slide 39: 2025-2028 cumulative capex in the current perimeter
2025-2028 cumulative capex in the current perimeter The planned investments within the current perimeter are focused on the maintenance and development of the distribution network Capex on current network’s maintenance and development, related measurement infrastructure, efficiency and innovation 20
Slide 40: ATEM tenders and partnerships
ATEM tenders and partnerships The Group intends to consolidate its position within the sector through the participation in future tenders for service contracts and the establishment of partnerships The Group has identified several ATEM tenders where it Ascopiave is considering the possibility of est
Slide 41: Diversification strategy – renewable energies and green hydrogen (1/2)
Diversification strategy – renewable energies and green hydrogen (1/2) The Ascopiave Group intends to diversify its activities by growing in the renewable energy and green hydrogen sector, where it is already active and where it is developing some reasonable initiatives ities rtun Diversification st
Slide 42: Diversification strategy – renewable energies and green hydrogen (2/2)
Diversification strategy – renewable energies and green hydrogen (2/2) The economic and financial projections foresee the completion of ongoing projects for the construction of photovoltaic plants and a green hydrogen production and distribution plant 2025-2028 cumulative capex Impact on EBITDA in 2
Slide 43: Diversification strategy – green hydrogen
Diversification strategy – green hydrogen Ascopiave is developing an integrated project along the entire green hydrogen supply chain, starting from its «production» with the use of electricity from photovoltaic systems Planned start (2026) Full capacity (> 2030) Photovoltaic power Green hydrogen gen
Slide 44: Potential areas and sectors of development
Potential areas and sectors of development Based on the evolution of the market, the regulatory framework and the technological advancement, additional areas and sectors of development have been identified SYNTHETIC GAS and HYDROGEN OTHER NETWORK SERVICES Development of pilot projects for the produc
Slide 45: Efficiency strategy
Efficiency strategy Improving operational and economic efficiency is at the core of Ascopiave's management policies, which aims to build on the excellent results achieved in recent years Corporate policies and practices supporting Interventions on areas and tools subject to efficiency potential impr
Slide 46: Efficiency targets
Efficiency targets Ascopiave has achieved significant results in managerial efficiency by implementing organizational and technological solutions tailored to this goal and will continue its commitment in this direction Reorganization of activities Post acquisition integration and corporate semplific
Slide 47: Efficiency initiatives (1/2)
Efficiency initiatives (1/2) Ascopiave plans to increase its operational and economic efficiency through the digitalization of networks and metering infrastructure INSTALLATION OF SMART METERS NETWORK DIGITALIZATION ~1m€ (**) 2025-2028 capex ▪ The Ascopiave Group was among the first ▪ The Group aims
Slide 48: Efficiency initiatives (2/2)
Efficiency initiatives (2/2) Ascopiave plans to increase its operating and economic efficiency through the digitalization of processes NEW CONTROL SYSTEM REMOTE SITE MANAGEMENT AND NETWORK CONTROL ~5m€ (*) 2025-2028 capex ▪ The Ascopiave Group has ▪ The Group plans to develop a new ▪ The Group is cr
Slide 49: Innovation strategy
Innovation strategy Innovation management is a crucial activity for Ascopiave and aims at both short-term and medium- to-long-term goals Short-term goals Group guidelines to be pursued through innovation Interventions having immediate positive effects on income: ✓ Operating costs optimization ✓ Inte
Slide 50: Innovation initiatives
Innovation initiatives In the coming years Ascopiave will execute an organic program of innovative interventions aimed at evolving the infrastructure and improving its safety and functional efficiency REMI energy efficiency Preheating system’s optimization through high-efficiency cogeneration, heat
Slide 51: Sustainability commitments
Sustainability commitments Staff training: target of 29 hours/year of training per employee by enriching the e-learning training offer available to Group employees, and by further implementing a dedicated training platform. Average age: the Group intends to maintain the current average age of about
Slide 52: Economic and financial targets
Economic and financial targets The plan projections have been formulated taking into account the ongoing and realistically achievable growth and diversification initiatives Reasonable forecasts ▪ The projections reflect reasonably achievable goals for the Group Growth driven by the regulated gas dis
Slide 53: 2025-2028 Group planned investments
2025-2028 Group planned investments The plan includes the implementation of a significant amount of capex, which leads to an increase in invested capital in the relevant sectors both organically and through external growth Group capex (m€) 2025-2028 % 2025-2028 capex 871m€ Current gas distribution p
Slide 54: Overall economic results
Overall economic results The plan’s implementation results in growing economic outcomes (m€) 2024 (*) 2028 Δ 2024-2028 cagr % EBITDA 103 161 58 12% EBIT 52 81 29 12% Financial income (**) 13 2 -11 -38% Net profit 37 41 5 3% Net invested capital 1,245 1,602 356 6% Net equity 858 912 54 2% Net financi
Slide 55: Key prospective data
Key prospective data Gas distribution The growth prospects, both through internal and external expansion, will lead to a further consolidation of the Group in the gas distribution sector Key figures 2024 (*) 2028 Δ 2024-2028 cagr % Connected gas users (k) 871 1,355 484 12% Gas distribution network (
Slide 56: Annexes
Annexes Gas distribution: sector Ascopiave financial The energy transition overview figures Ascopiave Group – Investor roadshow - London, 12th November 2025 56
Slide 57: Gas distribution: sector overview
Gas distribution: sector overview • Gas distribution: legal framework Pag. 58 • Gas distribution: sector key figures Pag. 59 • Public tenders for the assigning of concessions Pag. 60 • Regulation of the call for tenders Pag. 61 • Compensation to be paid to the outgoing distributor Pag. 62 • Tariff r
Slide 58: Gas distribution: legal framework
Gas distribution: legal framework ▪ Gas distribution is currently a local monopolistic activity managed under concessions granted by municipalities. ▪ Italian gas distribution sector was liberalized in 2000 according to the European Union Rules ▪ The relevant legislation established a mechanism of c
Slide 59: Gas distribution: sector key figures
Gas distribution: sector key figures Gas distribution key figures (*) 2023 No. of operators in Italy 186 Municipalities served 7,359 Volumes of gas distributed (bln/scm) 25.6 No. of users served (mln) 21.9 Length of the gas distribution network (km) 271,211 Regulatory asset base (RAB) (bln€) (**) 20
Slide 60: Public tenders for the assigning of concessions
Public tenders for the assigning of concessions In order to improve the economic efficiency of the sector, since 2007 the legislation has established that the tenders have to be issued to assign concessions for the management of the service in wide geographical areas, grouping neighbouring municip
Slide 61: Regulation of the call for tenders
Regulation of the call for tenders Standards to evaluate economic and technical offers A - Economic offer (maximum score: 28) Discounts on gas distribution tariffs Discounts on prices for specific services provided by the distributor to end users Fees to be paid to municipalities awarding the
Slide 62: Compensation to be paid to the outgoing distributor
Compensation to be paid to the outgoing distributor In the event that the public tender should not be awarded to Ascopiave, the winner has to pay to the Group, as the current owner of the networks, a compensation: (a) the compensation has to be calculated in accordance with the terms of the agreemen
Slide 63: Tariff regulation (1/3)
Tariff regulation (1/3) Tariff regulation for the incoming ATEM concessions Difference between Compensation and RAB At the starting date of the new concession: • if the winner of the public tender is the current incumbent operator, the new RAB is equal to the previous one; • if the winner of the pub
Slide 64: Tariff regulation (2/3)
Tariff regulation (2/3) Extension of the provisions of the current regulatory period to 2026-2027 ARERA resolution 221/2025/R/gas extended the provisions of the current regulatory period to 2026- 2027. ARERA proposal in the consultation document, published in September: • Annual distribution X-facto
Slide 65: Tariff regulation (3/3)
Tariff regulation (3/3) ROSS model tariff regulation ARERA plans to introduce a new tariff regulation in 2028 (so called ROSS base method), providing in a transitory period: • Recognition of the total expenditure, including current operating costs and investments • Standard coefficients for capitali
Slide 66: Annexes
Annexes Gas distribution: sector Ascopiave financial The energy transition overview figures Ascopiave Group – Investor roadshow - London, 12th November 2025 66
Slide 67: The energy transition
The energy transition • The European and Italian decarbonisation goals Pag. 68 • The role of the gas sector in the energy transition Pag. 69 • The new infrastructure grid Pag. 70 • Dynamics of the renewable energy sector in Italy Pag. 71 Ascopiave Group – Investor roadshow - London, 12th November 20
Slide 68: The European and Italian decarbonisation goals
The European and Italian decarbonisation goals Both the European Union and Italy have based their growth targets for the next decade on the transition to a sustainable economy model - 19.6 bln€ > total expenditure With the aim of facing the challenges of European commitment In the last two years, ga
Slide 69: The role of the gas sector in the energy transition
The role of the gas sector in the energy transition In the energy transition process, gas represents a key source that will ensure the shift from a fossil fuel-based energy model to a low-emission one Adaptation of Integration with infrastructure in a renewable green perspective electrical system (m
Slide 70: The new infrastructure grid
The new infrastructure grid The gas network will require technological and infrastructural adjustments to facilitate the introduction and transport of «green» gases to decarbonize the system «Green» gases production and injection Withdrawal and final uses ✓ Starting from the significant production o
Slide 71: Dynamics of the renewable energy sector in Italy (1/2)
Dynamics of the renewable energy sector in Italy (1/2) Renewable energy sector in Italy has shown substantial growth over the past 10 years, with a total installed capacity of ~ 70GW (*) However, in order to achieve the national decarbonization targets at 2030, it will be necessary to install in Ita
Slide 72: Dynamics of the renewable energy sector in Italy (2/2)
Dynamics of the renewable energy sector in Italy (2/2) The italian renewable mix is characterized by a general growth trend, enhanced by the measures taken at EU level to deal with the Russia-Ukraine crisis. By 2030, about 60.5% of the expected installed renewable capacity will be photovoltaic (*) T
Slide 73: Annexes
Annexes Gas distribution: sector Ascopiave financial The energy transition overview figures Ascopiave Group – Investor roadshow - London, 12th November 2025 73
Slide 74: Ascopiave financial figures
Ascopiave financial figures 2020-2024 financial comparison Pag. 75 FY 2024 financial results Pag. 79 9M 2025 financial results Pag. 93 Ascopiave Group – Investor roadshow - London, 12th November 2025 74
Slide 75: Ascopiave financial figures: 2020-2024 comparison
Ascopiave financial figures 2020-2024 financial comparison • Income statement Pag. 76 • Balance sheet Pag. 77 • Cash flows statement Pag. 78 Ascopiave Group – Investor roadshow - London, 12th November 2025 75
Slide 76: Income statement
Income statement (Thousands of Euros) 2024 2023 2022 2021 2020 Revenues 204,958 180,794 163,651 134,911 163,896 (Cost of raw materials and consumables) (2,939) (2,265) (2,876) (2,063) (1,782) (Cost of services) (53,228) (50,474) (50,968) (38,728) (36,776) (Cost of personnel) (18,185) (20,914) (20,55
Slide 77: Balance sheet
Balance sheet (Thousands of Euros) 31/12/2024 31/12/2023 31/12/2022 31/12/2021 31/12/2020 Tangible assets 161,897 156,475 138,432 58,012 33,443 Non tangible assets 787,419 766,353 759,743 647,279 626,685 Investments in associates 105,472 308,331 436,287 521,359 515,729 Other fixed assets 44,219 42,7
Slide 78: Cash flows statement
Cash flows statement (Thousands of Euros) 2024 2023 2022 2021 2020 Self financing 80,329 63,521 56,473 53,205 71,172 Change in net working capital (operating activities) (18,177) (45,959) 145,299 31,702 (7,014) Change in net working capital (fiscal activities) 38,194 (15,624) (19,719) (2,670) (21,55
Slide 79: FY 2024 financial results
Ascopiave financial figures FY 2024 financial results • FY 2024 consolidated income statement Pag. 80 • Consolidated balance sheet as of 31st December 2024 Pag. 81 • Operating data – gas distribution & renewable energies Pag. 82 • Revenues bridge Pag. 84 • EBIT bridge Pag. 85 • Gas distribution tari
Slide 80: FY 2024 consolidated income statement
FY 2024 consolidated income statement (Thousands of Euros) 12M 2024 12M 2023 Chg Chg % Revenues 204,958 180,794 24,164 +13% (Purchase costs for materials) (2,939) (2,265) (674) +30% (Costs for services) (53,228) (50,474) (2,754) +5% (Costs for personnel) (18,185) (20,914) 2,730 -13% (Other managemen
Slide 81: Consolidated balance sheet as of 31st December 2024
Consolidated balance sheet as of 31st December 2024 (Thousands of Euros) 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 1,4
Slide 82: Operating data – gas distribution & renewable energies (1/2)
Operating data – gas distribution & renewable energies (1/2) Number of gas distribution users Volumes of gas distributed (Million of standard cubic meters) -2,966 +24.0 -0% +2% 871,410 874,376 1,456.0 1,432.0 31/12/2024 31/12/2023 12M 2024 12M 2023 Ascopiave Group – Investor roadshow - London, 12th
Slide 83: Operating data – gas distribution & renewable energies (2/2)
Operating data – gas distribution & renewable energies (2/2) Volumes of electricity produced (GWh) +66.8 +44% 217.6 150.8 12M 2024 12M 2023 Ascopiave Group – Investor roadshow - London, 12th November 2025 83
Slide 84: Revenues bridge
Revenues bridge Revenues bridge (Thousands of Euros) +24,164 +13% 8,728 2,089 15,366 2,018 204,958 180,794 12M 2023 Gas distribution Revenues Revenues from Other revenues 12M 2024 tariff revenues from RES energy (*) efficiency certificates (*) Tariff revenues include the tariff component for the rec
Slide 85: EBIT bridge
EBIT bridge EBIT bridge (Thousands of Euros) +5,652 +12% 8,728 15,369 3,245 15,199 51,642 45,990 12M 2023 Gas distribution Revenues Depreciations Other net 12M 2024 tariff revenues from RES and operating costs amortizations (*) (*) Further details on page 87 of the current presentation. Ascopiave Gr
Slide 86: Gas distribution tariff revenues and revenues from RES
Gas distribution tariff revenues and revenues from RES Gas distribution tariff revenues (Thousands of Euros) (*) 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 r
Slide 87: Other net operating costs
Other net operating costs Other net operating costs (Thousands of Euros) (*) 12M 2024 12M 2023 Chg Chg % Other revenues 35,786 35,716 70 +0% Other costs of raw materials and services (81,734) (63,735) (17,999) +28% Cost of personnel (18,185) (20,914) 2,730 -13% Other net operating costs (64,132) (48
Slide 88: Number of employees & cost of personnel
Number of employees & cost of personnel Number of employees Cost of personnel (Thousands of Euros) -8 -2% -2,730 -13% 2,715 15 495 503 20,914 18,185 12M 2023 Capitalized cost of Other changes 12M 2024 31/12/2024 31/12/2023 personnel Ascopiave Group – Investor roadshow - London, 12th November 2025 88
Slide 89: Capex
Capex Capex (*) (**) (Thousands of Euros) -6,508 -7% ▪ Gas distribution systems: Euro 47.9 mln ▪ Gas meters: Euro 13.8 mln ▪ Investments in renewable 81,069 87,577 energies: Euro 15.9 mln ▪ Investments in hardware and software: Euro 1.5 mln ▪ Other: Euro 1.9 mln 12M 2024 12M 2023 (*) Excluding netwo
Slide 90: Net financial position and cash flow
Net financial position and cash flow Net financial position and cash flow (Thousands of Euros) 81,069 30,986 20,017 13,471 80,329 389,363 387,602 -1,761 -0% 31/12/2023 Cash flow Capex Change in NWC Dividends received Change in 31/12/2024 (*) (**) shareholders' equity (*) Cash flow = net result + dep
Slide 91: Financial debt and cost of debt
Financial debt and cost of debt Financial debt (Thousands of Euros) (*) 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 pos
Slide 92: Estenergy Group financial highlights
Estenergy Group financial highlights Income statement (*) Balance sheet (*) (Thousands of Euros) 9M 2024 12M 2023 (Thousands of Euros) 30/09/2024 31/12/2023 Tangible assets 5,259 5,522 Revenues 840,109 1,123,300 Non tangible assets 617,040 627,170 Investments in associates 17,694 17,704 (Purchase co
Slide 93: 9M 2025 financial results
Ascopiave financial figures 9M 2025 financial results • 9M 2025 consolidated income statement Pag. 94 • Consolidated balance sheet as of 30th September 2025 Pag. 95 • Operating data – gas distribution & renewable energies Pag. 96 • Revenues bridge Pag. 98 • EBIT bridge Pag. 99 • Gas distribution tar
Slide 94: 9M 2025 consolidated income statement
9M 2025 consolidated income statement (Thousands of Euros) 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%
Slide 95: Consolidated balance sheet as of 30th September 2025
Consolidated balance sheet as of 30th September 2025 (Thousands of Euros) 30/09/2025 31/12/2024 Chg Chg % Tangible assets (1) 176,567 161,897 14,669 +9% Non tangible assets (1) 1,247,252 787,419 459,832 +58% Investments in associates (2) 55,812 105,472 (49,659) -47% Other fixed assets 52,964 44,219
Slide 96: Operating data – gas distribution & renewable energies (1/2)
Operating data – gas distribution & renewable energies (1/2) Number of gas distribution users Volumes of gas distributed (Million of standard cubic meters) +482,736 +75.2 +55% +8% 1,354,146 1,044.2 74.0 (2) 969.0 (1) 485,867 871,410 970.2 969.0 868,279 871,410 30/09/2025 31/12/2024 9M 2025 9M 2024 O
Slide 97: Operating data – gas distribution & renewable energies (2/2)
Operating data – gas distribution & renewable energies (2/2) Volumes of electricity produced (GWh) -24.6 -14% 170.0 145.4 9M 2025 9M 2024 Ascopiave Group – Investor roadshow - London, 12th November 2025 97
Slide 98: Revenues bridge
Revenues bridge Revenues bridge (Thousands of Euros) +37,577 +26% 9,284 1,922 2,787 27,706 4,122 183,869 146,292 9M 2024 Change of the Gas distribution Revenues Revenues from Other revenues 9M 2025 consolidation area tariff revenues from RES energy efficiency (1) (2) certificates Notes: 1 Data relat
Slide 99: EBIT bridge
EBIT bridge EBIT bridge (Thousands of Euros) +38,124 +112% 26,380 339 9,285 1,109 5,133 4,122 72,304 34,181 9M 2024 Change of the Gas distribution Revenues Depreciations Capital gains Other net 9M 2025 consolidation tariff revenues from RES and sale operating costs area amortizations Estenergy (2) (
Slide 100: Gas distribution tariff revenues and revenues from RES
Gas distribution tariff revenues and revenues from RES Gas distribution tariff revenues (Thousands of Euros) (1) 9M 2025 9M 2024 Chg Chg % Gas distribution tariff revenues 132,228 103,217 29,011 +28% Gas distribution tariff revenues 132,228 103,217 29,011 +28% Change in the scope of consolidation (2
Slide 101: Other net operating costs
Other net operating costs Other net operating costs (Thousands of Euros) (1) 9M 2025 9M 2024 Chg Chg % Other revenues 33,022 20,334 12,688 +62% Other costs of raw materials and services (75,288) (58,131) (17,157) +30% Cost of personnel (18,194) (15,053) (3,141) +21% Other net operating costs (60,460
Slide 102: Number of employees & cost of personnel
Number of employees & cost of personnel Number of employees Cost of personnel (Thousands of Euros) +226 +46% +3,141 +21% 721 (1) 2,581 2,196 229 495 1,636 18,194 492 495 15,053 9M 2024 Change of the Capitalized cost of Other changes 9M 2025 30/09/2025 31/12/2024 consolidation area personnel (1) Old
Slide 103: Capex
Capex Capex (Thousands of Euros) +9,061 Change in the scope of consolidation (1): +18% Euro 4,3 mln On a like-for-like basis: 60,649 4,288 (1) • Investments in gas distribution systems: 51,588 Euro 31.3 mln • Investments in gas meters: Euro 8.3 mln 56,361 • Investments in renewable energy and green
Slide 104: Net financial position and cash flow
Net financial position and cash flow Net financial position and cash flow (Thousands of Euros) 472,170 +245,532 +63% 234,066 60,649 5,691 32,465 27,239 633,133 67,276 387,602 31/12/2024 Cash flow Capex Change in Dividends Change in Purchase of Realization of 30/09/2025 (1) (2) NWC received sharehold
Slide 105: Financial debt and cost of debt
Financial debt and cost of debt Financial debt (Thousands of Euros) (1) 30/09/2025 31/12/2024 Chg Chg % Long term financial borrowings 354,974 229,824 125,150 +54% Current position of long term financial borrowings 57,896 56,688 1,208 +2% Long term bond loans 146,098 78,805 67,293 +85% Current posit
Slide 106: Disclaimer
Disclaimer Ascopiave Group – Investor roadshow - London, 12th November 2025 106
Slide 107: Disclaimer
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 Rep