Gruppo
A s c o p i a v e G r o u p
6M 2026
CONSOLIDATED RESULTS
Conference Call
Pieve di Soligo, 30th July 2026
2
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Ascopiave Group structure as of 30thJune 2026 Notes :1Consolidated starting from 1stJuly2025;2Consolidated starting from 1stAugust 2025;3Consolidated starting from 1stApril 2026.
18.33%
13% 5%
100%
100%
100%90%
Renewable energies Gas Distribution Water Service ICT services Multi -Utility
100%
100%
100%
100%(1)
Companies consolidated using the full consolidation methodMinority interests The investment in Cogeide is consolidated using the equity methodCompanies consolidated using the full
consolidation method(2)
(3)
3
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS
Acquisition of AP Reti Gas North as of 1stJuly 2025 Acquisition of Società Impianti Metano , subsequently renamed AP Reti Gas Next Grids, as of 31stDecember 2025. The company was merged into AP Reti Gas North with legal effect from 1stJuly 2026 and accounting and tax effect from 1st January 2026Sale of 25% of the share capital of Estenergy as of 24th June 2025 Sale of 3% of the share capital of Hera Comm as of 8th October 2025 First half 2025 income statement includes financial income relating to the distribution of dividends by the two disposed participationsCHANGE IN THE CONSOLIDATION SCOPE PARTICIPATIONS DISPOSALSChange in the consolidation scope and participations disposals Acquisition of Reti Padova, with consideration paid on 31 March 2026 and effective as of 1 April 2026
4
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Operating data
867,590 869,267622,814
30/06/2026 30/06/2025
Number of gas distribution users Volumes of gas distributed (Million of standard cubic meters )
+516.0
+64%
800.7 811.0526.3
6M 2026 6M 2025Volumes of electricity produced
(GWh)
-22%
74.094.4
6M 2026 6M 2025
-20.4GAS DISTRIBUTION RENEWABLE ENERGIES
Like-for-like New consolidation scope
1,327.0(2)
811.0
1,490,404
Notes :1Gasdistribution users related toAPRetiGasNorth andRetiPadova ;2Volumes ofgasdistributed byAPRetiGasNorth andRetiPadova .(1)
869,267
+71%
+621,137
5
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS 6M 2026 consolidated income statement Income Statement (Thousands of Euros) 6M 2026 6M 2025 Chg Chg %New
consolidation
scope6M 2026
Like-for-like
basisLike-for-like
changeLike-for-like
change %
Gas distribution tariff revenues 118,126 77,406 40,720 +53% 47,534 70,592 (6,814) -9% Renewable energy sales revenues 9,628 11,473 (1,845) -16% - 9,628 (1,845) -16% Revenues from energy efficiency certificates 7,713 9,532 (1,818) -19% 3,160 4,553 (4,978) -52% (Cost of energy efficiency certificates) (7,719) (9,576) 1,857 -19% (3,227) (4,492) 5,084 -53% Margin on energy efficiency certificates (6) (44) 39 -87% (68) 61 107 -241% Contribution Revenues 994 652 342 +52% 274 720 68 +10% (Concession fees) (22,083) (12,385) (9,698) +78% (9,632) (12,451) (66) +1% (Raw materials, consumables, supplies and goods) (1,787) (1,152) (635) +55% (450) (1,337) (185) +16% (Costs for services and other management costs) (1)(26,109) (22,172) (3,937) +18% (9,309) (16,800) 4,760 -21% (Costs for personnel) (1)(15,558) (10,946) (4,612) +42% (3,683) (11,875) (1,656) +15% Other income (1)8,552 8,415 137 +2% 3,949 4,603 (2,474) -29% (Other net operating costs) (34,902) (25,854) (9,048) +35% (9,492) (25,409) 444 -2% Capital gain on disposial of EstEnergy - 26,380 (26,380) -100% - (26,380) -100%
EBITDA 71,757 77,627 (5,871) -8% 28,616 43,141 (34,487) -44%
(Amortisation of intangible fixed assets) (33,290) (18,944) (14,346) +76% (13,381) (19,909) (966) +5% (Depreciation of tangible fixed assets) (6,090) (5,402) (688) +13% (428) (5,662) (260) +5% (Provisions) - (63) 63 -100% - - 63 -100%
EBIT 32,376 53,219 (20,843) -39% 14,808 17,569 (35,650) -67%
Net financial income/(costs) (9,791) (6,943) (2,848) +41% (135) (9,656) (2,713) +39% Dividends from EstEnergy and Hera Comm - 25,576 (25,576) -100% - - (25,576) -100% Dividends from other companies 859 824 35 +4% - 859 35 +4% Share of profit of equity-accounted investees 137 316 (179) -57% - 137 (179) -57%
EBT 23,581 72,992 (49,411) -68% 14,673 8,909 (64,084) -88%
(Income taxes) (9,035) (7,887) (1,148) +15% (4,574) (4,461) 3,426 -43%
NET INCOME 14,546 65,105 (50,559) -78% 10,099 4,448 (60,658) -93%
Net income of the Group 14,551 65,110 (50,559) -78% 10,099 4,452 (60,658) -93% Net income of minorities (4) (5) 1 -20% - (4) 1 -20% Notes :1Consolidation adjustments relate toaccounting entries arising from intercompany transactions between entities belonging tothenewandformer perimeters, which require reclassification toclearly isolate thetwoscopes .
6
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS EBIT bridge
32,3766,814
26,3801,845 929693 1,16416,982
53,219
6M 2025 New
consolidation
scopeGas distribution
tariff revenuesCapital gains
sale
Estenergy
sharesRenewable
energy sales
revenuesCosts for
personnelOther
costs/revenuesDepreciations
and
amortisations6M 2026
(Thousands of Euros ) Tariff adjustments :
Euro 8.6 mln Cost forthetermination of therelationship with the former General Manager :
Euro 2.6mln
Non-recurring costs forthe integration ofAPReti Gas North :Euro 2.0mln
-20,843
-39%
7
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Financial KPIs
2025 :
1.Tariff adjustments : Euro 8.6 mln 2.Capital gain on the disposal of the 25% minority stake in EstEnergy : Euro 26.4 mln 3.Non recurring costs for the integration of AP Reti Gas North: Euro 2.0 mln Ebitda & Ebit Bridge Reported (Thousands of Euros) 6M 2026 % of rev. 6M 2025 % of rev. Chg Chg % EBITDA Reported 71,757 48% 77,627 72% (5,871) -8% EBITDA - Gas Distribution 44,917 30% 50,483 47% (5,567) -11% EBITDA - Gas Distribution - new scope of consolidation 28,624 19% - 0% 28,624 n.a.
EBITDA - Renewable Energy 5,241 4% 7,075 7% (1,834) -26% EBITDA - EstEnergy Capital Gain - 0% 26,380 24% (26,380) -100% EBITDA - Corporate (7,025) -5% (6,311) -6% (714) 11% EBIT Reported 32,376 22% 53,219 49% (20,843) -39% EBIT - Gas Distribution 24,567 16% 30,984 29% (6,417) -21% EBIT - Gas Distribution - new scope of consolidation 14,815 10% - 0% 14,815 n.a.
EBIT - Renewable Energy 829 1% 2,986 3% (2,158) -72% EBIT - EstEnergy Capital Gain - 0% 26,380 24% (26,380) -100% EBIT - Corporate (7,835) -5% (7,132) -7% (702) 10%Factors affecting comparability Ebitda & Ebit Bridge Adjusted (Thousands of Euros) 6M 2026 % of rev. 6M 2025 % of rev. Chg Chg % EBITDA Adjusted 74,379 50% 44,642 45% 29,738 67% EBITDA - Gas Distribution 44,917 30% 41,857 42% 3,059 7% EBITDA - Gas Distribution - new scope of consolidation 28,624 19% - 0% 28,624 n.a.
EBITDA - Renewable Energy 5,241 4% 7,075 7% (1,834) -26% EBITDA - Corporate (4,403) -3% (4,291) -4% (111) 3% EBIT Adjusted 34,999 23% 20,233 19% 14,766 73% EBIT - Gas Distribution 24,567 16% 22,358 23% 2,209 10% EBIT - Gas Distribution - new scope of consolidation 14,815 10% - 0% 14,815 n.a.
EBIT - Renewable Energy 829 1% 2,986 3% (2,158) -72% EBIT - Corporate (5,212) -3% (5,111) -5% (101) 2% Financial KPIs net of the non -recurring items
mentioned above2026:
1.Cost for the termination of the relationship with the former General Manager: Euro 2.6 mln
8
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Investments
Notes :Investments inintangible assets andintangible assets (excluded realizations, investments inassociated, investments related totheapplication ofIFRS16accounting standard andnetwork extension innewurbanized areas thataccording toIASareconsidered asoperating costs andnotcapital expenditures) .
Investments (Thousands of Euros) 6M 2026 6M 2025 Chg Chg %New
consolidation
scopeLike-for-like
changeLike-for-like
change %
Gas service connections 12,989 7,911 5,079 64% 3,995 1,084 14% Network extensions, replacements and upgrades 15,571 11,410 4,161 36% 5,965 (1,805) -16% Gas meters 8,471 5,669 2,802 49% 3,484 (682) -12% Maintenance and pressure reduction stations 1,211 1,249 (38) -3% 333 (371) -30% Investments in gas distribution networks & meter system 38,243 26,239 12,004 46% 13,777 (1,773) -7% Wind farms 176 111 65 58% - 65 58% Hydroelectric plants 1,011 1,864 (853) -46% - (853) -46% Photovoltaic plants 724 2,322 (1,598) -69% - (1,598) -69% Other green energy plants 4,535 2,198 2,337 106% - 2,337 106% Investments in renewable energy plants 6,447 6,495 (48) -1% - (48) -1% Other investments 2,421 2,838 (418) -15% 557 (975) -34% Investments 47,110 35,572 11,538 32% 14,334 (2,796) -8%
9
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Consolidated balance sheet as of 30thJune2026 Notes :1According toIFRIC 12,theinfrastructures under concession areconsidered intangible assets ;2Value oftheassociated companies consolidated with netequity consolidation method (pro-rata):
Cogeide ,Euro 7.8mln.Other minority shareholdings :Acinque ,Euro 21.7mln;Herabit ,Euro 26.5mln.
Balance sheet (Thousands of Euros) 30/06/2026 30/06/2025 Chg Chg % 31/12/2025 Chg Chg % Tangible assets (1)186,909 166,048 20,861 +13% 184,009 2,900 +2% Non tangible assets 1,373,359 796,927 576,432 +72% 1,331,849 41,511 +3% Investments in associates (2)56,070 108,243 (52,173) -48% 56,526 (455) -1% Other non-current assets / liabilities 24,772 455,095 (430,323) -95% 23,635 1,137 +5% Non-current assets 1,641,110 1,526,313 114,797 +8% 1,596,017 45,093 +3% Operating current assets 114,920 100,306 14,614 +15% 179,998 (65,078) -36% (Operating current liabilities) (132,794) (101,650) (31,144) +31% (181,892) 49,098 -27% (Operating non-current liabilities) (78,673) (48,968) (29,705) +61% (69,494) (9,178) +13% Net working capital (96,547) (50,312) (46,234) +92% (71,388) (25,158) +35%
TOTAL CAPITAL EMPLOYED 1,544,564 1,476,001 68,562 +5% 1,524,629 19,934 +1%
Shareholders equity (891,642) (886,213) (5,429) +1% (911,728) 20,086 -2% Net financial position (652,922) (589,788) (63,133) +11% (612,901) (40,021) +7%
TOTAL SOURCES (1,544,564) (1,476,001) (68,562) +5% (1,524,629) (19,934) +1%
10
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Net financial position and cash flow Notes :1Cash flow =netresult +depreciation andamortization +provisions andlosses oncredits ;2Investments intangible andintangible assets ;3Acquisition ofRetiPadova .
652,92254,70018,161 85947,11034,63032,000
612,901
31/12/2025 Cash flow Capex Change in NWC Dividends
receivedChange in
shareholders'
equityPurchase of
assets and
shareholdings30/06/2026
+40,021
+7%(2) (1)
(3)(Thousands of Euros )
11
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS Financial debt 6M 2026 average cost of debt: 3.09% vs 6M 2025 rate: 3.08% vs 12M 2025 rate: 3.11% Financial debt (Thousands of Euros) 30/06/2026 30/06/2025 Chg Chg % 31/12/2025 Chg Chg % Long term financial borrowings 379,462 368,506 10,956 +3% 394,170 (14,708) -4% Current position of long term financial borrowings 92,042 57,773 34,269 +59% 63,279 28,763 +45% Long term bond loans 130,048 146,053 (16,005) -11% 146,078 (16,030) -11% Current position of bond loans 16,091 7,619 8,472 +111% 7,768 8,323 +107% Short term financial borrowings 26,494 5,999 20,495 +342% (34,205) 60,699 -177% Total financial debt 644,137 585,950 58,187 +10% 577,090 67,047 +12% Fixed rate borrowings 279,180 242,302 36,878 +15% 292,465 (13,285) -5% Floating rate borrowings 364,957 343,648 21,309 +6% 284,625 80,332 +28% % fixed rate borrowings 43% 41% 2% 51% -7% % floating rate borrowings 57% 59% -2% 49% 7% Average debt duration (years) 2.86 3.51 3.18(1) Notes :1Include variable -ratefinancing arrangements covered byhedging transactions .
12
Ascopiave Group
6M 2026
CONSOLIDATED RESULTS 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 .Disclaimer