Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — ADMIE (IPTO) Holding — Investor Presentation (May 2026)
50 slides from Admie Holdings Sa's investor presentation, May 2026
Slide 1: Strategic Update 2026-2029
STRATEGIC UPDATE 2026 - 2029 ADMIE Holding May 2026
Slide 2: Disclaimer
Disclaimer This presentation and the information contained herein (unless otherwise indicated), including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation, has been prepared by ADMIE (IPTO) Hold
Slide 3: Today's Presenters
Today’s Presenters Ioannis Karampelas Manousos Manousakis Eleni Zarikou Chairman and CEO Chairman and CEO Deputy CFO ADMIE Holding IPTO IPTO ADMIE HOLDING 3
Slide 4: Table of Contents
Table of Contents Ioannis Karampelas ADMIE Holding: Listed Pure-Play Vehicle for Section 1 Chairman and CEO 5 Greece’s Sole Electricity TSO ADMIE Holding Manousos Manousakis Eleni Zarikou Investment Proposition and 2026-2029 Section 2 Chairman and CEO Deputy CFO 8 Strategic Update IPTO IPTO Eleni Za
Slide 5: ADMIE Holding: Listed Pure-Play Vehicle for Greece's Sole Electricity TSO
SECTION 1 ADMIE Holding: Listed Pure-Play Vehicle for Greece’s Sole Electricity TSO Ioannis Karampelas Chairman and CEO ADMIE Holding 5
Slide 6: ADMIE Holding: Listed Pure-Play Vehicle for Greece's Sole Electricity TSO
ADMIE Holding: Listed Pure-Play Vehicle for Greece’s Sole Electricity TSO Listed pure play vehicle owning 51% of IPTO, L3Y TSR(1) Greece’s sole electricity TSO Outperforming peers by ~2.5x in the last 3 years Regulated nature of IPTO revenues provides predictable shareholder remuneration 96% Clear d
Slide 7: Up to €530m Capital Increase to Participate in IPTO's c.€1bn Equity Raise
Up to €530m Capital Increase to Participate in IPTO’s c.€1bn Equity Raise Key Terms of the Envisaged ADMIE Holding Share Capital Increase(1) Capital Increase Structure and Funding Flow • Expected up to €530m capital increase by issuance of new Size & Use ordinary shares in ADMIE Holding, to particip
Slide 8: Investment Proposition and 2026-2029 Strategic Update
SECTION 2 Investment Proposition and 2026-2029 Strategic Update Manousos Eleni Manousakis Zarikou Chairman and CEO Deputy CFO IPTO IPTO 8
Slide 9: IPTO at a Glance: The Sole Power Transmission Operator in Greece
IPTO at a Glance: The Sole Power Transmission Operator in Greece Ensuring Security of Supply in the Whole Region Connecting Greece, the Mediterranean and Beyond About IPTO Bulgaria Sole TSO in Greece Turkey 14,513 5 €3.3bn km total Billion length Euros of 2025 RAB(1) of transmission Investments till
Slide 10: IPTO's Mission: Enabling Greece's Secure, Sustainable and Efficient Energy Future
IPTO’s Mission: Enabling Greece’s Secure, Sustainable and Efficient Energy Future 1 Secure & resilient grid 2 Energy Transition Enabler 3 Smart & efficient network Ensuring Energy Security, Grid Stability & Supporting Renewable Integration and the Advancing Digitalisation, Advanced Resilience and Un
Slide 11: Track Record of Growth and Delivery of Sector-First, Complex Projects
Track Record of Growth and Delivery of “Sector-First”, Complex Projects Skiathos-Evia Eastern Corridor of Zakynthos-Kyllini Greece Bulgaria Interconnection Peloponnese & Interconnection Interconnection 150kV Voltage Level and Corinth EHVC 400kV Voltage Level and 60km Length 151km Length 2018 2019 20
Slide 12: A Unique Backdrop Driving a Step-Change in Network Investment
A Unique Backdrop Driving a Step-Change in Network Investment Need for a step-change in Capex Total c.€6bn Capex(1) 2026-29 Net Profit EBITDA After Tax Electricity demand is Mainland investments to growing on the back of reinforce system electrification and AI security and resilience 2025A €305m €13
Slide 13: Key Investment Highlights
Key Investment Highlights A unique opportunity for pure play access to one of the most scarce asset class in Europe: electricity 1 transmission networks Mission-critical national and regional infrastructure 2 Seasoned management team with proven ability to deliver 3 Among Europe's fastest RAB growth
Slide 14: Unique Opportunity for Pure-Play Access to one of the Scarcest Asset Class in Europe
1 Unique Opportunity for Pure-Play Access to one of the Scarcest Asset Class in Europe: Electricity Transmission Networks Transmission System Operators (TSOs) from 36 countries in Europe(1) 40 9 TSOs with External Capital(2) 6 Listed TSOs(3) 2 Listed TSOs with 10%+ RAB Growth(4) 1 Only ADMIE Holding
Slide 15: IPTO Plays a Core Part for Europe's Security of Supply and Energy Market Integration
2 IPTO Plays a Core Part for Europe’s Security of Supply and Energy Market Integration Transformative Grid Expansion Underway for the Integration and Energy Stability of the Greece is the Gateway between Europe, Africa and Asia Balkans and broader European Region Ernestinovo Portilde de Fier Tumbri
Slide 16: Experienced Management Team and Skilled Workforce Ready to Execute the Capex Ramp-up
3 Experienced Management Team and Skilled Workforce Ready to Execute the Capex Ramp-up Experienced Management Team Highly Skilled Workforce(1) Manousos Manousakis Chairman & CEO 20+ 34% 58,868 31% of total Training hours of total 2,379 4.1% workforce are delivered in 2025 workforce hold 9 Total Work
Slide 17: Operational Excellence and System Resilience in 2025
3 Operational Excellence and System Resilience in 2025 High Grid Availability Powered by Effective Asset Management Strong System Reliability Low outage duration Low interruption frequency Grid Stability Resilience & Readiness Advanced operational tools SAIDI Index(1), minutes 15 4.3 GW of new RES Z
Slide 18: Delivery of Critical Projects Across Mainland Corridors, Islands and New International Interconnections
4 Delivery of Critical Projects Across Mainland Corridors, Islands and New International Interconnections… Projects included in our c. €6bn 2026-29 Capex plan North Aegean Interconnection Expected Commissioning: 2030 Remaining capex(1): €1.4 Bn Line Length: c.600km Greece-Italy Interconnection Volta
Slide 19: Resulting in RAB to Double by 2029 on c.€6bn Capex
4 …Resulting in RAB to Double by 2029 on c.€6bn Capex… Breakdown by Investment Type (Capex mix) Top of Range RAB Growth in the European TSO Space RAB, €bn(2) International Interconnection Mainland 5% Network CAGR: ~20% 36% (3) ~7.0 Total Capex ~€6bn(1) 2026-2029 3.3 Island Interconnections 59% ~€1.5
Slide 20: Among the Fastest RAB Growth Profiles in Europe: ~20% CAGR 2025-29E
4 …Positioning Us Among the Fastest RAB Growth Profiles in Europe: ~20% CAGR 2025–29E Resulting in Sector Leading Growth Profile Forward Looking RAB CAGR Across Listed European Peers For Periods up to 2030(1) (2) 25% ~20% 19% (2) 10% Average: 12% 9% 8% 1% Notes: 1. Based on public disclosures, e.g.,
Slide 21: Well-Established Regulatory Framework Ensuring Predictable Returns on Capex
5 Well-Established Regulatory Framework Ensuring Predictable Returns on Capex 1 Independent, EU-aligned regulation 2 Ex-ante revenue-cap, RAB-based model Regulatory 3 Inflation-linked, predictable returns Framework 4 Regulated WACC with insulation against macro volatility 5 Capex-supportive, perform
Slide 22: Best-in-Class Risk-adjusted Returns vis-à-vis Other European TSOs
5 Best-in-Class Risk-adjusted Returns vis-à-vis Other European TSOs (4) “Less Pressure” on Regulator to Reduce Share of TSO Charges in Final Bill 2026-29 2024-27 2024-27 2021-25 2026-31 2024-27 2023-28 2025-29 2024-28 2026-29 TSO Charges % of Final Household Electricity Bill, 2025, % 6.1% 6.1% 7.0%
Slide 23: RAB Compounding Drives RoE Expansion
6 RAB Compounding Drives RoE Expansion, Supported by Optimized Leverage and Cost Efficiencies …allowing for (post-tax) RoE expansion from 8.5% oE CA F edR PE X A Capex of ~€6bn over 2026-29E… in 2025 to ~11% in 2029 nc ha En y RAB Growth Equity proceeds to be levered with significant age Capacit inc
Slide 24: Sector-Leading TSR Proposition and Significant Value Upside Potential
6 Sector-Leading TSR Proposition and Significant Value Upside Potential …combined with clear dividend policy with growth Strong earnings growth… alongside earnings IPTO Net Profit After Tax, €m ADMIE Holding 25-30% shareholders CAGR ~100% of distributable profits from dividends received(1) Attractiv
Slide 25: Financial Profile
SECTION 3 Financial Profile Eleni Zarikou Deputy CFO IPTO 25
Slide 26: Already Achieved: Delivery of Significant and Profitable Growth
Already Achieved: Delivery of Significant and Profitable Growth CAGR ’22 – ’25A IPTO, €m 647 705 592 Significant investments 347 Capex(1) into mission critical 19% energy infrastructure… 2022 2023 2024 2025 IPTO, €bn 3.3 2.3 2.7 2.8 …leading to strong growth RAB(2) 13% of our RAB… 2022 2023 2024 202
Slide 27: Upcoming: Investment Cycle Driving a Step-Change in Growth and Shareholder Returns
Upcoming: Investment Cycle Driving a Step-Change in Growth and Shareholder Returns Capex, €bn RAB, €bn(1) ~20% CAGR ’26-29 Capex: ~€6bn (2) 1.7 ~7 Based on currently identified projects (2) in TYNDP ~3.5 3.3 0.7 0.6 2025A 2026E '27-'29E Avg. '30-'34E Avg. 2025A 2026E 2029E EBITDA and Net Profit Afte
Slide 28: Following the Equity Raise, Fully Funded Business Plan
Following the Equity Raise, Fully Funded Business Plan… Cumulative IPTO Funding, 2026-29E, €bn ~€6.6bn Other Cash Requirements Investor • Strong cash flow generation driven by existing RAB base and projects Yield being commissioned ~25% • IPTO with strong, “IG(2) consistent” capital structure allowi
Slide 29: Underpinned by Strong Credit Profile, Preserved Through the Investment Cycle
…Underpinned by Strong Credit Profile, Preserved Through the Investment Cycle Strong, “IG Consistent” Capital Structure… …with Lower Actual Leverage Levels vis-à-vis Peers… Net Debt / RAB (2025A) 63% 42% 19% ’25A Net Debt / RAB ’25A FFO(1) / Net Debt 42% Current S&P BBB BBB+ BBB+ BBB+ BBB+ Rating Pe
Slide 30: Closing Remarks
SECTION 4 Closing Remarks Ioannis Karampelas Chairman and CEO ADMIE Holding 30
Slide 31: ADMIE Holding: Listed Pure-Play Vehicle for Greece's Sole Electricity TSO
ADMIE Holding: Listed Pure-Play Vehicle for Greece’s Sole Electricity TSO Electricity demand is growing on the back of Clear Value Creation Framework Driving Attractive TSR electrification, AI and need for energy security Earnings Growth IPTO Net Profit After Tax, €m 25 - 30% IPTO is committed to ex
Slide 32: Further Details on Regulatory Framework
SECTION 5 Further Details on Regulatory Framework 32
Slide 33: Key Pillars of the Greek Electricity Transmission Regulatory Framework
Key Pillars of the Greek Electricity Transmission Regulatory Framework The Regulatory Authority: RAAEY Regulatory Periods and Pre-Tax Nominal WACC • RAAEY (Regulatory Authority for Energy, Waste and Water) is Greece’s 2022 2023 2024 2025 2026 2027 2028 2029 2030 independent national regulator for el
Slide 34: Visible and Regulated Returns: WACC Framework
Visible and Regulated Returns: WACC Framework IPTO’s allowed return is a nominal, pre-tax WACC of 6.87% for 2026 WACC Cost of Equity Cost of Debt Weighted by Gearing Nominal, Pre-Tax Pre-Tax Pre-Tax 2.78% 3.90% 50% 6.87% Risk-free rate 2026 Nominal, Pre-Tax WACC 5.25% • Reflects efficient borrowing
Slide 35: RAB-Based Framework Underpinning IPTO's Revenue
RAB-Based Framework Underpinning IPTO’s Revenue From the Regulated Asset Base… …to Allowed Revenue Allowed Revenue Adjustments Undepreciated Value of Other reg. Fixed Assets Required income 3 Revenue Incentives 2 Work-in-Progress Depreciation/ Grants am. OpEx Special RAB Capex (net of subsidies) Reg
Slide 36: Regulatory Revenue Flow: From Approval to Cash Collection
Regulatory Revenue Flow: From Approval to Cash Collection A transparent regulatory mechanism converts approved revenues into stable, recurring cash flows over the regulatory period Revenue Flow Year t Year t + 2 Allowed Revenue approved for a 4-year period ARt1 ARt3 Required Revenue approved on an a
Slide 37: Further Details on Capex Plan
SECTION 6 Further Details on Capex Plan 37
Slide 38: Core Growth Plan | Main Projects Overview
Core Growth Plan | Main Projects Overview North Aegean Interconnection Dodecanese Interconnection • Project to be implemented in three phases with an aim to end the electrical isolation of Lemnos, • Dodecanese Interconnection aims to connect the islands of Kos, Rhodes, and Karpathos to the Lesvos, C
Slide 39: Core Growth Plan | Main Projects Overview
Core Growth Plan | Main Projects Overview Cycladic Islands Interconnection (Phase D) Greece – Italy Interconnection (GRITA 2) • Final phase of the Cyclades electrical interconnection that concerns the interconnection of • New bipolar VSC-HVDC link with sea-return with two c.240km of subsea cables in
Slide 40: Core Growth Plan | Main Projects Overview
Core Growth Plan | Main Projects Overview 2nd Interconnection with Albania 2nd Interconnection with Turkey • Project of the new Greece-Albania interconnection that consists of a single-circuit 400kV overhead • 2nd interconnection with Turkey consisting of a single-circuit overhead transmission line,
Slide 41: Financial Performance
SECTION 7 Financial Performance 41
Slide 42: Overview of Existing Capital Structure
Overview of Existing Capital Structure Historical Net Debt Derivation €m 2022 2023 2024 2025 Long-Term Borrowings 927.3 1,100.6 1,165.1 1,357.2 Long-Term Lease Liabilities 1.2 3.5 4.4 7.3 Short-term Portion of Long-Term Borrowings 45.3 90.5 104.0 236.0 Short-Term Lease Liabilities 0.3 1.6 1.6 2.3 Gr
Slide 43: From IPTO to ADMIE Holding
From IPTO to ADMIE Holding €m, unless specified otherwise x 51% 2025 2025 ownership Share of profits in investments accounted Profit attributable to shareholders 63.1 63.7 FY25 Net Profit using the equity method Weighted avg. number of shares 231.8 After Tax: €124.9m Other revenue - EPS (€ per share
Slide 44: Historical IPTO Group Financials: Statement of Profit or Loss
Historical IPTO Group Financials: Statement of Profit or Loss €m 2022 2023 2024(1) 2025 Revenue from transmission system rent 272.0 367.4 434.5 425.9 Revenue from balancing market 11.9 15.6 18.6 18.9 Revenue from other operations 10.7 8.8 16.1 11.8 Total revenue 294.6 391.8 469.2 456.6 Payroll cost
Slide 45: Historical IPTO Group Financials: Balance Sheet
Historical IPTO Group Financials: Balance Sheet €m 2022 2023 2024(1) 2025 €m 2022 2023 2024 2025 Tangible assets 3,032.1 3,301.9 3,900.5 4,393.0 Share Capital 38.4 38.4 38.4 38.4 Legal reserve 13.1 13.1 13.1 13.2 Intangible assets 6.7 8.1 12.8 14.4 Other reserves (7.7) 581.4 581.9 580.9 Right of use
Slide 46: Historical IPTO Group Financials: Cash Flow
Historical IPTO Group Financials: Cash Flow €m 2022 2023 2024 2025 €m 2022 2023 2024 2025 Cash Flows from Operating Activities Cash flows from Investing Activities Profit before tax 76.8 159.1 196.7 170.7 Interest and dividend received 4.6 6.6 5.3 2.8 Adjustments for: Subsidies received 34.8 141.0 4
Slide 47: Deep-Dive: From RAB x WACC to Revenue
Deep-Dive: From RAB x WACC to Revenue Includes both controllable and non-controllable operating expenses 1 €m(1) 2022 2023 2024 2025 of IPTO 1 1 Operating Expenses 101.9 105.7 104.6 119.5 Depreciation 87.5 94.7 98.0 115.7 Mid RAB as basis for allowed return – defined as Opening RAB of Total Operatin
Slide 48: Other Financial Topics
Other Financial Topics Effective Tax Reconciliation €m, unless specified otherwise 2022 2023 2024 2025 • Nominal Greek tax rate of 22% Profit Before Tax 76.8 159.1 196.7 170.7 • Effective tax rate over FY22-25A at average of 23.9% driven by non-deductible expenses Nominal Tax Rate 22% 22% 22% 22% ‒
Slide 49: Other Financial Topics (Cont'd)
Other Financial Topics (Cont’d) Overview of Capitalized Expenses €m 2022 2023 2024 2025 Payroll Cost 14.1 12.7 14.2 14.2 • IPTO is able to capitalise various cost items related to delivery of projects incl. also interest expense during the construction period Third Party Benefits 2.0 3.2 1.8 1.0 • F
Slide 50: Glossary
Glossary AC Alternative Current HVC High Voltage Centre RR Required Revenue AI Artificial Intelligence IG Investment Grade SAB Special Asset Base AR Allowed Revenue kV Kilovolt SAIDI System Average Interruption Duration Index CAGR Compound Annual Growth Rate MVA Megavolt-ampere SAIFI System Average
ADMIE (IPTO) Holding — Investor Presentation (May 2026) on 6ix