Slide 1: 1H 2025 Consolidated Results
1H 2025 Consolidated Results XX JulyDATE 30th ,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: Agenda
Agenda Opening remarks Financials Closing remarks
Slide 3: Gas Italian energy system overview
Gas Italian energy system overview energy to inspire the world Primary energy (2024), TWh Gas demand, TWh Ca 590 Electricity import Waste 3% 1% Ca 120 TWh of electricity produced from gas (up RES Power to 70% of total in days with low renewables) 22% Gas 35% ~1660 TWh Coal 2% Offering seasonal winte
Slide 4: Gas Flows evolution
Gas Flows evolution energy to inspire the world FY 2021 FY 2024 1H 2025 Passo Gries Passo Gries Passo Gries Tarvisio Tarvisio Tarvisio North: North: North: Rovigo Adriatic LNG 41% Adriatic LNG 19% Adriatic LNG 14% Ravenna Panigaglia Panigaglia Panigaglia Livorno OLT OLT OLT Piombino Piombino TAP TAP
Slide 5: 1H 2025 gas demand and supply
1H 2025 gas demand and supply energy to inspire the world Italian gas demand Demand +6% • Italian gas demand increased by 6% in 1H 2025, the first rebound in four years bcm 32.96 • Thermoelectric gas use rose by 12%, reflecting its critical 31.10 role in balancing the energy system amid growing rene
Slide 6: Key strategic achievements
Key strategic achievements energy to inspire the world As of June 2025 Gas infrastructure • Adriatic Line Phase 1: 35% completed • FSRU Ravenna started operations in May • 109 LNG tankers to Italy, >30% of gas volumes imported • Storage level at ~71% at June 2025 (vs ca 60% in EU) • Small Scale LNG:
Slide 7: Key financial highlights
Key financial highlights energy to inspire the world As of June 2025 Financial Highlights Regulation • €1,492 m EBITDA Adj. (+5.3% yoy) • Arera 130/2025/R/com RAB revaluation index (IPCA • €750 m Net income Adj.1 (+8.5% yoy) Italy) resolution • Arera 210/2025/R/com Consultation on evolution • €1,122
Slide 8: Agenda
Agenda Opening remarks Financials Closing remarks
Slide 9: 1H 2025 Investments breakdown and alignment
1H 2025 Investments breakdown and alignment energy to inspire the world Investments mix Investments alignment Technical Capex mix and EU Taxonomy alignment to SDGs Development 53% Maintenance 24% 19% 19% Replacements 11% 40% 12% €1.1 bn1 46% DT&T 8% €1.1 bn 15% 7% Other 4% 8% 3% 19% 8% 4% 2 H2 Ready
Slide 10: Adj. EBITDA analysis
Adj. EBITDA analysis energy to inspire the world + 5.3% €m 18 4 1,492 54 8 4 4 Energy 1,417 17 -30 Transition • (-) Wacc • (+) Tariff RAB Gas Mainly labour Biomethane • (+) 2024 Deflator • (-) Output based Infrastructure cost contribution recovery and • (-) LNG (extra IPCA Adoption revenues recognis
Slide 11: Associates' contribution
Associates’contribution energy to inspire the world €m + 30% 27 204 34 1 0 -3 0 157 3 1 -13 -3 1H 2024 TAP SeaCorridor Terega TAG Desfa Interconnector EMG ADNOC 1 GCA Italian 1H 2025 Associates Net income contribution 36 29 23 17 12 7 5 2 0 73 1H 2025 (€m) Growing contribution from associates driven
Slide 12: Adj. Net Income analysis
Adj. Net Income analysis energy to inspire the world €m + 8.5% 75 10 750 1 47 691 -51 -22 • New assets entering into • Average net cost • International • Higher operation of debt ~ 2.5% Associates: +€20m contribution • Stogit Adriatica entering • Lower financial • Italian Associates: from associates
Slide 13: Cash flow
Cash flow energy to inspire the world €m 267 1,039 79 1,118 772 €1,244m Net Capex and Capex payables • Tariff related items and Energy efficiency positive WC partially offset by balancing -457 -1,575 and default items • Net Capex and Capex payables • Stogit Adriatica cash-out: € 564m 70 • ADNOC disp
Slide 14: Net Debt evolution and financial structure
Net Debt evolution and financial structure energy to inspire the world Net debt evolution (€m) Maturities profile as of 30 June 2025 1,342 17,580 (bn€, drawn amount) 1 16,238 Banking facilities Bond 3.6 2.4 2.3 1.9 1.6 1.1 1.5 0.9 FY 2024 1H 2025 2025 2 2026 2027 2028 2029 Avg. 26-29 Average net 2.5
Slide 15: Agenda
Agenda Opening remarks Financials Closing remarks
Slide 16: Closing remarks
Closing remarks energy to inspire the world Sound financial 1 performance across the board Focus on value creation Progressing in the strategy and financial flexibility 5 2 delivery Comfortably on track to Key role of gas in current deliver or even exceed the 4 3 energy scenario FY 2025 guidance 16
Slide 17: Q&A Session
Q&A Session
Slide 18: Annexes
Annexes
Slide 19: Sustainability Scorecard: 1H2025
Sustainability Scorecard: 1H2025 energy to inspire the world 1H2025 2025 2029 1H2025 2025 2029 KPIs Target Target KPIs Target Target • Avoided & Captured CO2 emissions (ktCO2e) 71.6 147 8751 • Employees engagement index (%) FY >80 >80 Green • H2 readiness length of network certified (km) 2068 2400 3
Slide 20: Income Statement
Income Statement energy to inspire the world € mn 1H 2024 1H 2025 Change Change % Revenues 1,799 1,906 107 5.9% Operating expenses (382) (414) (32) 8.4% EBITDA Adj. 1,417 1,492 75 5.3% Depreciation & amortisation (499) (550) (51) 10.2% EBIT Adj. 918 942 24 2.6% Net interest income (expenses) (130) (
Slide 21: Revenues
Revenues energy to inspire the world € mn 1H 2024 1H 2025 Change Change % Regulated revenues 1,623 1,731 108 6.7% Transport 1,223 1,347 124 10.1% Storage 298 308 10 3.4% LNG 102 76 (26) - Non regulated revenues 20 22 2 10.0% Total Gas Infrastructure Businesses revenues 1,643 1,753 110 6.7% Energy Tr
Slide 22: Operating Costs
Operating Costs energy to inspire the world € mn 1H 2024 1H 2025 Change Change % Gas Infrastructure Businesses costs 222 265 43 19.4% Variable costs 26 19 (7) (26.9%) Fixed costs 173 217 44 25.4% Other costs 23 29 6 26.1% Energy Transition Businesses costs 160 149 (11) (6.9%) TOTAL COSTS 382 414 32
Slide 23: Balance Sheet
Balance Sheet energy to inspire the world € mn FY 2024 1H 2025 Change Change % Net invested capital 25,211 26,762 1,551 6.2% Fixed capital 24,884 26,108 1,224 4.9% Tangible fixed assets 21,109 21,970 861 4.1% Intangible fixed assets 1,560 1,892 332 21.3% Equity-accounted investments 3,259 3,182 (77)
Slide 24: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation energy to inspire the world €m 1H 2024 1H 2025 Change Change % EBITDA 1,386 1,488 102 7.4% Exclusion of special items: - Early retirement fund 4 4 - Charges for a settlement agreement 31 (31) (100%) Adj. EBITDA 1,417 1,492 75 5.3% EBIT 887 938 51 5.7
Slide 25: International associates contribution
International associates contribution energy to inspire the world Company % 1H 2024 1H 2025 Delta • 4.8 bcm transported in 1H ’25 to Italy in line with 2024 (~15% of Italian imports), performance TAP 20.00% benefits from inflation-adjusted tariffs and other minor effects € 33 m € 36 m +€3m • New non
Slide 26: Investments detailed by business
Investments detailed by business energy to inspire the world €m 1H 2024 1H 2025 Transport(1) 786 741 Storage 101 119 LNG(2) 204 151 Energy Transition 67 111 Total(3) 1,158 1,122 1. Including corporate capex 3 Net of transport' third parties' contributions 2. Including greenture (SSLNG and mobility)
Slide 27: 1H 2025 gas flows
1H 2025 gas flows energy to inspire the world Change Change bcm 1H 2024 1H 2025 (bcm) (%) National production 1.37 1.68 0.3 23.0% Pipelines 22.62 20.87 -1.8 -7.8% Gela 0.88 0.52 -0.4 -41.2% Mazara del Vallo 10.74 10.94 0.2 1.9% Passo Gries 3.10 4.15 1.1 33.9% Tarvisio 2.72 0.47 -2.3 -82.8% Melendugn
Slide 28: Associates Annex
Associates Annex
Slide 29: Associates Portfolio
Associates Portfolio energy to inspire the world Book Value Net Income Financial and Company Geography Strategic Value Investment year % 31.12.2024 contribution (FY24) Industrial partners • First Italian import route after Algeria 2023 49.90% € 602 m € 48 m SeaCorridor Tunisia the drop of Russian im
Slide 30: Associates Portfolio
Associates Portfolio energy to inspire the world Book Value Net Income Financial and Company Geography Strategic Value Investment year % 31.12.2024 contribution (FY24) Industrial partners • Gas infrastructure operator in Teréga France the South-West of France 2013 40.50% € 436 m € 50 m • Partner of
Slide 31: Sea Corridor
Sea Corridor energy to inspire the world Investment year Geography Stake Algeria- 49.90% 2023 Tunisia Ownership Asset Description Accounting treatment Gas pipelines connecting Algeria to Italy Equity method TTPC: 370 km onshore gas pipelines running from the Algeria 49.9% 50.1% and Tunisia borders t
Slide 32: Desfa
Desfa energy to inspire the world Investment year Geography Stake 2018 Greece 35.64%1 Ownership Asset Description Accounting Book Value treatment (as at Dec. 31, 2024) Greek natural gas TSO, operating ~ 1,500 km pipeline network and ~8 bcm regassification facility. Equity method €221 m 54% 18% € 1.4
Slide 33: TAP
TAP energy to inspire the world Investment year Geography Stake Greece- 20.00% 2015 Albania-Italy Ownership Asset Description Accounting treatment Last section of the Southern Equity method Corridor trasporting Azeri gas to Europe. 20% 877 km pipeline, 10 bcm/y capacity Ongoing works for 1.2 bcm Boo
Slide 34: TAG
TAG energy to inspire the world Investment year Geography Stake 2014 Austria 89.22%1 Ownership Asset Description Accounting treatment Austria’s longest high-pressure pipeline network connecting Italy with Central Europe with 3 parallel Equity method 40% 60% lines, 380 km each; “H2 Readiness of the T
Slide 35: GCA
GCA energy to inspire the world Investment year Geography Stake 2016 Austria 19.60%1 Ownership Asset Description Accounting treatment ~ 900 km natural gas pipeline operator (transmission + Equity method distribution), connecting Germany, 40% 60% Hungary, Slovenia and Slovakia; “H2 Backbone WAG + Pen
Slide 36: EMG
EMG energy to inspire the world Investment year Geography Stake 2021 Egypt-Israel 25.00% Ownership Asset Description Accounting treatment EMG is the owner of the Arish- Equity method EAST 26% Ashkelon gas pipeline, an undersea GAS infrastructure, 90 km long, 25% 25% 50% connecting the Israeli termin
Slide 37: Industrie De Nora
Industrie De Nora energy to inspire the world Investment year Geography Stake 2021 Italy 21.59% Asset Description Accounting treatment Ownership Italian maker of alkaline Equity method electrodes, essential components for the production of alkaline Other electrolysers. De Nora has a 34% De Nora Fami
Slide 38: OLT
OLT energy to inspire the world Investment year Geography Stake 2020 Italy 49.07% Ownership Asset Description Accounting Book Value Regassification terminal with a treatment (as at Dec. 31, 2024) capacity recently expanded up to 5 bcm (previously at 3.75 bcm) Equity method €57 m 49.07% 48.24% 2.69%
Slide 39: Adriatic LNG
Adriatic LNG energy to inspire the world Investment year Geography Stake 2017 Italy 30.00% Asset Description Accounting treatment Ownership1 Located about 15 kilometres off Equity method the Veneto coast, is Italy's largest offshore infrastructure for unloading, storage and regasification of liquefi
Slide 40: Teréga
Teréga energy to inspire the world Investment year Geography Stake 2013 France 40.50% Ownership Asset Description Accounting treatment Equity method Gas transmission and storage operator in southwestern France, managing 5,000 km of pipelines and 6,5 bcm of storage Book Value 40.5% 31.5% 18% 10% (as
Slide 41: Interconnector
Interconnector energy to inspire the world Investment year Geography Stake 2012 UK-Belgium 23.68% Ownership Asset Description Accounting treatment Equity method 235 km, subsea bi-directional pipeline, providing 20 bcm/yr of UK export capacity and 25.5 bcm/year Book Value of UK import capacity (as at
Slide 42: Italgas
Italgas energy to inspire the world Investment year Geography Stake Italy & 11.4% 2016 (spin-off) Greece Ownership Asset Description Accounting Book Value treatment (as at Dec. 31, 2024) Leader in Italy and Greece in the gas distribution and third in Free Float Europe with >156,000 km Equity method
Slide 43: 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 44: Thank you
energy to inspire the world T H A N K Y O U