Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — Infrastructure, Energy & Defence Conference 2026
41 slides from Admie Holdings Sa's conference presentation, Sep 2, 2026
Slide 1: ADMIE Holding S.A. Investor Presentation September 2026
ADMIE Holding S.A. Investor Presentation September 2026
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” and similar expressions to
Slide 3: ADMIE Holding: Listed Pure-Play Vehicle for Greece's Sole Electricity TSO
ADMIE Holding: Listed Pure-Play Vehicle for Greece’s Sole Electricity TSO Ioannis Karampelas Chairman and CEO ADMIE Holding
Slide 4: ADMIE Holding: Listed Pure-Play Vehicle for Greece's Sole Electricity TSO
ADMIE Holding: Listed Pure-Play Vehicle for Greece’s Sole Electricity TSO Shareholder Structure Listed pure play vehicle owning 51% of IPTO, Greece’s sole electricity TSO Hellenic Other Post-capital increase share capital: 362.9m shares outstanding vs 232m shares pre-transaction Republic Investors 5
Slide 5: Post-share capital increase: entering the next phase of growth
Post-share capital increase: entering the next phase of growth Key developments since the completion of the transaction Successful capital increase Broader shareholder base €530m equity raise successfully completed, enabling Participation of leading international institutional ADMIE Holding to fully
Slide 6: Investing for Regulated Growth
Investing for Regulated Growth
Slide 7: 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 8: 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 9: Key Investment Highlights: A unique regulated infrastructure growth story
Key Investment Highlights: A unique regulated infrastructure growth story A unique opportunity for pure play access to one of the scarcest asset class in Europe: electricity 1 transmission networks Mission-critical national and regional infrastructure 2 Seasoned management team with proven ability t
Slide 10: 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 11: Delivering Critical Projects Across Mainland Corridors, Islands and New International Interconnections
Delivering 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 Voltage L
Slide 12: c.€6bn Capex driving RAB to Double by 2029
c.€6bn Capex driving RAB to Double by 2029 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% ~€1.5bn avg. / ye
Slide 13: Positioning IPTO Among Europe's Fastest RAB Growth Profiles
Positioning IPTO Among Europe’s Fastest RAB Growth Profiles: ~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., annua
Slide 14: IPTO Plays a Core Part for Europe's Security of Supply and Energy Market Integration
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 Pa
Slide 15: A visible and fully funded growth model
A visible and fully funded growth model
Slide 16: Stable Regulatory Framework Supporting Long-Term Visibility
Stable Regulatory Framework Supporting Long-Term Visibility 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 electricity a
Slide 17: Q1 2026: Strong Start to the Year
Q1 2026: Strong Start to the Year ADMIE (IPTO) Holding: Strong earnings growth IPTO: Strong financial performance Revenue (share of IPTO profits) EBIT Revenue EBITDA € 24.4m € 24.0m € 133.1m € 99.2m + 23.8% + 23.3% + 18.6% + 21.5% Net Profit EPS Net Profit CAPEX € 24.1m € 0.104 € 49.1m € 46.8 + 23.0
Slide 18: Investment Cycle Driving a Step-Change in Growth and Shareholder Returns
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 After Tax, €m
Slide 19: Following the Equity Raise, the 2026-2029 Business Plan is Fully Funded
Following the Equity Raise, the 2026-2029 Business Plan is Fully Funded… 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
Slide 20: Underpinned by a Strong Credit Profile, Preserved Through the Investment Cycle
…Underpinned by a 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
Slide 21: Translating Growth into Shareholder Value
Translating Growth into Shareholder Value
Slide 22: Translating IPTO's Growth into ADMIE Holding Shareholder Returns
Translating IPTO’s Growth into ADMIE Holding Shareholder Returns Clear Path from Regulated Growth to Shareholder Distributions Strong Regulated Earnings Growth Clear Dividend Pass-Through IPTO Net Profit After Tax, €m Approx. 100% of distributable profits from 25 - 30% 50% payout ratio dividends rec
Slide 23: Appendix: Further Details on Regulatory Framework
Appendix Further Details on Regulatory Framework
Slide 24: 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 25: 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 26: 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 27: Appendix: Further Details on Capex Plan
Appendix Further Details on Capex Plan
Slide 28: 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 29: 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 30: 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 31: Appendix: Financial Performance
Appendix Financial Performance
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: Glossary
Glossary ADMIE HOLDING GLOSSARY 40
Slide 41: For additional information please visit our website
For additional information please visit our website at https://admieholding.gr/en/ or contact our Investor Relations team: Tel: +30 210 3636 936 E-mail: ir@admieholding.gr
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