Slide 1: 1Q 2025 Consolidated Results
1Q 2025 Consolidated Results XX May DATE 8th , YEAR 2025 E N E R G Y I N F R A S T R U C T U R E F O R A S U S T A I N A B L E F U T U R E
Slide 2: 1Q 2025 key highlights (1)
1Q 2025 key highlights (1) energy to inspire the world Financial Highlights M&A, Asset Rotation and Financing • €761 m EBITDA Adj. (+8.3% yoy) • Edison Storage acquisition closed in March 2025 • €406 m Net income Adj.1 (+21.2% yoy) • ADNOC stake sale to Lunate closed in March 2025 for €234m (14.5% I
Slide 3: 1Q 2025 key highlights (2)
1Q 2025 key highlights (2) energy to inspire the world Italian Regulation Gas Market • WACC update for the regulatory period 2025- • European gas demand up 8% in Q1 2025 mainly 2027 thanks to Itay and Germany • Arera 130/2025/R/com RAB revaluation index • Italian Gas demand up ~10%1 in Q1 2025 drive
Slide 4: Key achievements
Key achievements energy to inspire the world Gas infrastructure Energy Transition • FSRU Ravenna commissioning successfully completed. • ~ € 1.4 bn backlog in Energy efficiency at March Commercial operations to begin in May. Long term auctions • Biomethane: 14 plants (~ 30 MW) won the January’s tari
Slide 5: 1Q 2025 gas demand and flows
1Q 2025 gas demand and flows energy to inspire the world Italian gas demand Gas flows +10% Change Change bcm 1Q 2024 1Q 2025 (bcm) (%) bcm 21.84 National production 0.69 0.89 0.2 29.0% 19.92 Pipelines 10.98 9.92 -1.06 -9.7% Gela 0.47 0.23 -0.2 -51.1% Mazara del Vallo 4.78 5.54 0.8 15.9% 10.90 +5% Pa
Slide 6: 1Q 2025 Investments breakdown and alignment
1Q 2025 Investments breakdown and alignment energy to inspire the world Investments mix Investments alignment and EU Taxonomy alignment Technical Capex mix to SDGs Development 48% 19% 21% Maintenance 27% 48% 7% €0.4 bn1 52% Replacements 12% €0.4 bn 13% 6% DT&T 9% 9% 14% Other 4% 5% 2% 4% H2 Ready En
Slide 7: Adj. EBITDA analysis
Adj. EBITDA analysis energy to inspire the world + 8.3% €m 29 4 2 761 703 36 2 Energy -13 Transition • Wacc decrease • Tariff RAB growth Mainly labour Biomethane • 2024 Deflator • Output based and FSRU costs contribution recovery decrease • IPCA Adoption Gas Infrastructure Adj. EBITDA Regulation Reg
Slide 8: Associates' contribution
Associates’contribution energy to inspire the world €m + 42.7% 20 10 107 0 -1 1 -3 -1 10 -5 75 1 1 1Q 2024 TAP SeaCorridor TAG Terega Desfa Interconnector EMG ADNOC GCA Italian 1Q 2025 Associates Net income contribution 18 18 12 10 8 3 3 2 0 33 1Q 2025 (€m) 1. ADNOC stake disposal from February 2025
Slide 9: Adj. Net Income analysis
Adj. Net Income analysis energy to inspire the world €m + 21.2% 32 406 1 58 7 -20 335 -6 • New assets entering • International into operation • Average net cost • Higher EBT of debt ~ 2.5% Associates: +€22m • Stogit Adriatica • Italian Associates: entrering into • Capitalized interests +€10m perimet
Slide 10: Cash flow
Cash flow energy to inspire the world • Tariff related items • Net Capex and Capex payables partially counterbalanced • Stogit Adriatica cash-out: € 564m by balancing activities • ADNOC disposal cash-in: € 234 m €m 271 779 491 17 508 €645m Net Capex and Capex payables -975 -196 25 -389 -560 Reported
Slide 11: Net Debt evolution and financial structure
Net Debt evolution and financial structure energy to inspire the world Maturities profile as of 31 March 2025 Net debt evolution (€m) (bn€, drawn amount) 1 16,238 560 16,798 4,0 3.6 Bonds Banking facilities 3,5 3,0 2,5 1.8 2.0 2,0 1.6 1,5 1.1 1,0 0,5 0,0 FY 2024 1Q 2025 2025 2 2026 2027 2028 2029 Su
Slide 12: Closing remarks
Closing remarks energy to inspire the world Progressing towards a Pan- Comfortably on track to European multi-molecules deliver the FY 2025 infrastructure guidance Significant strategic achievements Sound financial flexibility Accelerating on 2025-29 Plan delivery 12
Slide 13: Q&A Session
Q&A Session
Slide 14: Annexes
Annexes
Slide 15: Sustainability Scorecard: 1Q2025
Sustainability Scorecard: 1Q2025 energy to inspire the world 1Q2025 2025 2029 1Q2025 2025 2029 KPIs Target Target KPIs Target Target • Avoided & Captured CO2 emissions (ktCO2e) 39.2 147 875 • Employees engagement index (%) FY >80 >80 Green • H2 readiness length of network certified (km) 2068 2400 32
Slide 16: Income Statement
Income Statement energy to inspire the world € mn 1Q 2024 1Q 2025 Change Change % Revenues 896 970 74 8.3% Operating expenses (193) (209) (16) 8.3% EBITDA 703 761 58 8.3% Depreciation & amortisation (253) (259) (6) 2.4% EBIT 450 502 52 11.6% Net interest income (expenses) (78) (71) 7 (9.0%) Net inco
Slide 17: Revenues
Revenues energy to inspire the world € mn 1Q 2024 1Q 2025 Change Change % Regulated revenues 799 871 72 9.0% Transport 616 697 81 13.1% Storage 153 144 (9) (5.9%) LNG 30 30 - - Non regulated revenues 11 10 (1) (9.1%) Total Gas Infrastructure Businesses revenues 810 881 71 8.8% Energy Transition Busi
Slide 18: Operating Costs
Operating Costs energy to inspire the world € mn 1Q 2024 1Q 2025 Change Change % Gas Infrastructure Businesses costs 107 122 15 14.0% Variable costs 7 1 (6) (85.7%) Fixed costs 91 107 16 17.6% Other costs 9 14 5 55.6% Energy Transition Businesses costs 86 87 1 1.2% TOTAL COSTS 193 209 16 8.3% 18
Slide 19: Balance Sheet
Balance Sheet energy to inspire the world € mn 2024 2025 Change Change % Net invested capital 25,211 26,245 1,034 4.1% Fixed capital 24,884 25,659 775 3.1% Tangible fixed assets 21,109 21,508 399 1.9% Intangible fixed assets 1,560 1,735 175 11.2% Equity-accounted investments 3,259 3,221 (38) (1.2%)
Slide 20: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation energy to inspire the world €m 1Q 2024 1Q 2025 Change Change % Net profit 338 491 153 45.3% Exclusion of special items: - Fair Value of derivative financial instruments 48 48 - Capital gain from disposal of ADNOC stake (123) (123) - Other expenses (i
Slide 21: International associates contribution
International associates contribution energy to inspire the world Company % 1Q 2024 1Q 2025 Delta TAP 20.00% • 2.4 bcm transported in Q1 ’25 to Italy substantially in line with 2024 (17% of Italian imports) € 17 m € 18 m +€1m • Bookings at 5.5 bcm in line y-o-y representing the first Italian import
Slide 22: Investments detailed by business
Investments detailed by business energy to inspire the world €m 1Q 2024 1Q 2025 Transport(1) 316 252 Storage 46 39 LNG(2) 86 35 Energy Transition 16 35 Total(3) 463 361 1. Including corporate capex 3 Net of transport' third parties' contributions 2. Including greenture (SSLNG and mobility) investmen
Slide 23: Disclaimer
Disclaimer energy to inspire the world Luca Passa, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond
Slide 24: Thank you
energy to inspire the world T H A N K Y O U