0 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
1Agenda
▪ MARKET SCENARIO
▪ HIGHLIGHTS
▪ FINANCIAL RESULTS1
2 3
2Market Scenario
Brent Price –Spot €/$ Exchange Rate -SpotTTF Gas Price –Day Ahead
25,0030,0035,0040,0045,0050,0055,0060,0065,00
Jan Feb Mar Apr May Jun
€/MWh -IH 2025 €/MWh -IH 2026
50,0060,0070,0080,0090,00100,00110,00120,00130,00140,00150,00
Jan Feb Mar Apr May Jun $/Bbl - IH 2025 $/Bbl - IH 2026
1,001,021,041,061,081,101,121,141,161,181,201,22
Jan Feb Mar Apr May Jun
€/$ -IH 2025 €/$ -IH 2026
3Agenda
▪ MARKET SCENARIO
▪ HIGHLIGHTS
▪ FINANCIAL RESULTS1
2 3
4Highlights
❑ The impressive results forthehalf-year demonstrate theimpact ofLonganesi’s contribution over theentire period ❑ EBITDA forthe half-year reached itshighest level since the company went public in2006 .NFP , too, despite substantial investments, registered apositive figure (available netfinancial resources attheend oftheperiod +10.6M€) ❑ E&P EBITDA +53.8%,achieved despite gasprices inline with those ofIH25,and gasproduction +46.4% ❑ Improved results also inthedownstream Business Units, EBITDA +37.7%,due tothereturn totypical margins fortheRetail and adecline intheNetwork, due tonegative equalization adjustments vsIH25 Outlook FY2026 :
❑ Longanesi’s FYproduction guidance sofarinline with theupper end offorecasts ❑ Price trend forgasand gasrelated hedging derivatives forthesecond half oftheyear more favorable than inboth IH26and IIH 25 ❑ AsfortheNFP , despite ongoing investments inLonganesi, theforecast isforittomaintain apositive balance ofavailable net financial resources attheend of2026 ,with thegoal, inthecoming years, ofbalancing anadequate return forshareholders with thebuild upofadditional financial resources tosupport further investments, particularly intheE&P sector inorder to replace thegasreserves progressively extracted atLonganesi and inRomania
5Agenda
▪ MARKET SCENARIO
▪ HIGHLIGHTS
▪ FINANCIAL RESULTS1
2 3 E&P
NETWORK
RETAIL
GROUP FINANCIAL RESULTS
COMPANY PROFILE
6Financial Results: E&P IH 2026 P&L -E&P contribution
E&P (MScme) IH26 IH25 ∆ (%)
Hydrocarbon Production 159.9 118.9 34.5% of which natural gas 159.0 108.6 46.4% of which oil and condensate 0.9 10.3 (91.3%)
EBITDA (M€) 44.0 28.6 53.8%
Exploration Capex 0.3 0.3 0.0% Development Capex 12.2 7.4 64.9%
E&P Reserves
E&P (MScme) Jun 30, 2026 Dec 31, 2025 ∆ (%) Hydrocarbon Reserves 3,148.4 3,308.3 (4.8%) of which domestic 2,699.8 2,804.2 (3.7%) of which international 448.6 504.1 (11.0%)▪EBITDA ➢IH 2026 EBITDA +53.8% vs IH 2025, mainly due to gas production (+46.4%) primarily thanks to Longanesi contribution
▪Domestic activities
➢Longanesi project
•Production:
•Full half -year production in 2026, in 2025 production started in March and reached commercial volumes in June •FY 2026 production guidance after IH and the first months of the IIH in line with the upper end of the forecast already communicated (+ 20% vs FY 2025) •Construction of permanent facilities ongoing: confirmed a production shutdown for the final part of 2026 to switch from temporary facilities with the startup scheduled for IQ 2027 •During the production shutdown, information useful for reservoir evaluation —such as the campaign to record static pressure and temperature profiles for each wells —will be collected
➢Other fields
•Production decreased by 13%. The installation of a compressor is ongoing for some main concessions •Oil and condensates production down significantly ( -91%) due to renounce of Mirandola concession
▪International activities
➢Romania
•Stable production (55 MScm ). Operational activities and investments continued to optimize production and maintain the
current plateau
•Economic and feasibility studies continue for CO2 reduction, capture, and storage (CCS) projects in depleted fields, as well as for the future use of existing infrastructure
7Financial Results: Network ▪Slight increase in distributed gas volumes compared to IH 2025 (+0.3%), benefiting from a 5.5 MScm contribution from BS Reti Gas starting in IIQ 2026 ▪EBITDA decreased vs IH 2025 ( -9.8%), despite a 0.6 M€ contribution from BS Reti Gas since IIQ 2026. EBITDA IH 2025 affected by a positive 2020 -2023 equalization adjustment (+1.0 M€) ▪IH 2026 Capex include 28.5 M€ acquisition cost of BS Reti Gas, adding 19K direct end users across a 338 km pipelineIH 26 IH 25 ∆ (%) Distributed Volumes (MScm) 104.0 103.7 0.3% Direct end users (#K) 127.3 108.5 17.3% Pipeline (Km) 2,173.0 1,834.0 18.5%
EBITDA (M€) 4.6 5.1 (9.8%)
Capex (M€) 29.8 1.4 2028.6%TTF Gas Price –Quarter AheadIH 2026 P&L –Network contribution
879%13%8%
Residential
Small Business
Industrial
79%12%9%Financial Results: Retail TTF Gas Price –Quarter Ahead IH 2026 P&L –Retail contribution Retail IH26 IH25 ∆ (%) Sales (MScm) 22.9 25.7 (10.9%) Residential 18.1 20.3 (10.8%) Small Business/ Multipod 2.9 3.1 (6.5%) Industrial 1.9 2.3 (17.4%)
EBITDA (M€) 2.7 0.2 1,250%IH 2026 IH 2025
Sales:
22.9 MScmSales:
25.7 MScm
▪Strong EBITDA growth mainly due to:
➢non-recurring items -SNAM equalization adjustment -impacted IH 2026 by +0.5 M€ vs -1.8 M€ in IH 2025 ➢Volumes of gas sold declined ( -10.9%) due to both mild weather conditions and a reduction in the number of customers, but overall margin remained
stable
9Financial Results
TTF Gas Price –Quarter Ahead IH 2026 –Group P&L Group (M€) IH 26 IH 25 ∆ (%) Revenues 88.9 81.7 8.8% Operating Costs 38.8 48.9 (20.7%)
EBITDA 50.1 32.8 52.7%
EBIT 27.5 18.6 47.8%
EBT 22.8 14.3 59.4%
Net Result 15.9 10.2 55.9%
EPS (€) 0.36 0.23 56.5%88.981.7
50.1
32.8
IH 2026 IH 2025
Revenues EBITDAEbitda (+52.7%)and netresult (+55.9%) increased thanks to higher gas
productions
Depreciation and amortization increased due tohigher gasproductions Financial expenses decreased thanks to thereduction innetfinancial position
10Financial Results
TTF Gas Price –Quarter Ahead Group EBITDA Evolution (M€)
32.8
15.4
(0.5)2.5
(0.1)50.1
IH 25 E&P Network Retail Other IH 26TTF Gas Price –Quarter Ahead Group Net Result Evolution (M€) TTF Gas Price –Quarter Ahead EBITDA Breakdown by BU (M€)
28.644.05.14.6
0.22.7
(1.1)(1.2)
IH 25 IH 26
E&P Network Retail Other32.8 50.1
10.217.3
(8.5)0.6
(0.9) (2.8)15.9
IH 25 EBITDA D&A Financial ChargesOthers Taxes IH 26 TTF Gas Price –Quarter Ahead Net Financial Charges Evolution (M€)
(1.1)(0.8)(0.6)
(0.3)(2.7)
(2.7)
0.1
IH 25 IH 26
Short Term Financial Charges Long Term Financial Charges Charges on Funds NPV Other Financial Charges/Financial Revenues(4.3) (3.8)
11▪Increase infixed assets after 42.5M€ ofnew investments and 22.6M€ of depreciation and amortization ▪Net working capital negative mainly due todividends (10.9M€) and other debts payable after theend ofthehalf-
year
▪Significant reduction innet financial debt thanks topositive cash flows from
allgroup activities
▪Debt -to-equity ratio of-0.04(vs.0.02 atDecember 31,2025 )Financial Results TTF Gas Price –Quarter Ahead June 30, 2026 –Group Balance Sheet Group (M€)Jun 30,
2026Dec 31,
2025∆ (%)
Inventories 2.8 3.3 (15.2%) Receivables 26.5 32.4 (18.2%) Payables (35.5) (29.3) 21.2% Other Working Credits/Debits (18.4) (6.3) 192.1% Non -current Assets 402.8 385.3 4.5% Taxes, Abandonment, Severance and Other provision (135.7) (132.9) 2.1% Net Invested Capital 242.5 252.5 (4.0%) Net Financial Debt (10.6) 5.5 n.a.
of which long term 4.3 8.5 (49.4%) of which short term (14.9) (3.0) 396.7% Equity 253.1 247.0 2.5% Total Sources 242.5 252.5 (4.0%)
12Financial Results: NFP Trend TTF Gas Price –Quarter AheadGroup NFP Historical Trend (M€) TTF Gas Price –Quarter AheadGroup NFP Evolution (M€) 5.5
(54.5)40.9
(3.1)0.6
(10.6)
NFP FY 25 Operating Cash
FlowNet
InvestmentsIFRS 16/Lease Other NFP IH 26▪The NFP shows acredit balance despite new investments and reaches the lowest level since 2010 ,even including theeffects ofIFRS 16onleasing contracts equal to9.4M€, netofwhich it would beacredit balance of20.0 M€ ▪The further reduction inthenet financial position isdue to significant cash flows from operating activities exceeding investments and uses inthe
period250.6 212.9
150.5
98.671.241.1 53.0 52.5 42.066.085.2 82.249.0 50.523.85.5 (10.6) Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Jun26
13Company Profile
Shareholding as at 14September 2026 Share information Share price performance
Group structure*
(*) Gas Plus Group Structure as of 30 June 2026Management
Cinzia Triunfo
Achille CapelliDavide Usberti Massimo NicolazziCEO Gas Plus S.p.A .
Network ManagerGroup General Manager and Director of Gas Plus S.p.A.
Executive Director Gas Plus Dacia S.r.L .
Regulated Activity -Network Leonardo Dabrassi Chairman –GP Infrastrutture S.r.lGermano Rossi Group CFOStefano Cao Chairman –Gas Plus S.p.A.76.08%2.98%20.94% Us.Fin. Srl Treasury Shares FloatingN. of share: 44,909,620 Share price as of 30/06/2026: € 5.66 Share price as of 14/09/2026: € 6.25 Mkt cap 30/06/2026 : € 254.2 million Italian Stock Exchange –segment MTA Own shares as of 30/06/2026 :1,336,677
40.00045.00050.00055.00060.00065.00070.00075.00080.000
4,04,55,05,56,06,57,07,58,0
Jan Feb Mar Apr May Jun Jul Aug Sep FTSE Mib IndexGas Plus Pricing Gas Plus FTSE Mib
14Disclaimer
This presentation contains forward -looking statements concerning thefinancial condition, results ofoperations and businesses of Gas Plus.Allstatements other than statements ofhistorical fact are, ormay bedeemed tobe,forward -looking statements .
Forward -looking statements are statements offuture expectations that are based onmanagement’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance orevents to differ materially from those expressed orimplied inthese statements .Forward -looking statements include, among other things, statements concerning thepotential exposure ofGas Plus tomarket risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions .These forward -looking statements areidentified bytheir use ofterms 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 areanumber of factors that could affect thefuture operations ofGas Plus and could cause those results todiffer materially from those expressed in theforward -looking statements included inthis Report, including (without limitation) :(a)price fluctuations incrude oiland natural gas;(b)changes indemand fortheGroup’s products ;(c)currency fluctuations ;(d)drilling and production results ;(e)reserve estimates ;(f)loss ofmarket and industry competition ;(g)environmental and physical risks ;(h)risks associated with the identification ofsuitable potential acquisition properties and targets, and successful negotiation and completion ofsuch transactions ;(i)therisk ofdoing business indeveloping countries and countries subject tointernational sanctions ;(j)legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from re-categorisation ofreserves ;
(k)economic and financial market conditions invarious countries and regions ;(l)political risks, project delay oradvancement, approvals and cost estimates ;and (m)changes intrading conditions .
Allforward -looking statements contained inthis presentation areexpressly qualified intheir entirety bythecautionary statements contained orreferred tointhis section .Readers should not place undue reliance onforward -looking statements .Each forward -
looking statement speaks only asofthe date ofthis presentation .Neither Gas Plus nor any ofitssubsidiaries undertake any obligation topublicly update orrevise any forward -looking statement asaresult ofnew information, future events orother information .Inlight ofthese risks, results could differ materially from those stated, implied orinferred from theforward -looking statements contained inthispresentation .