Gas Plus S.p.a. · MIL:GSP
Gas Plus — H1 2025 Earnings Presentation
15 slides from Gas Plus's earnings presentation, Sep 18, 2025
Slide 1: Analyst Presentation IH 2025 Financial Results
Gas Plus Group Analyst Presentation IH 2025 Financial Results September 18th, 2025* * This document is updated on 6 months basis, occurring after 31 December and 30 June closing 0
Slide 2: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 1
Slide 3: Market Scenario
Market Scenario TTF Gas Price – Day Ahead 60,00 55,00 50,00 45,00 40,00 35,00 30,00 25,00 20,00 Jan Feb Mar Apr May Jun €/MW h - IH 2024 €/MW h - IH 2025 Brent Price – Month €/$ Exchange Rate - Spot 100,00 1,20 1,18 95,00 1,16 90,00 1,14 85,00 1,12 80,00 1,10 75,00 1,08 70,00 1,06 65,00 1,04 60,00 1
Slide 4: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 3
Slide 5: Highlights
Highlights ❑ Results driven by the E&P BU thanks to more favoureable gas prices and production growth following the achievement on June of the first month of Longanesi commercial production ❑ Performance of the downstream Business Units affected for the Retail BU by negative gas metering adjustments
Slide 6: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS E&P RETAIL NETWORK GROUP FINANCIAL RESULTS COMPANY PROFILE 5
Slide 7: Financial Results: E&P
Financial Results: E&P ▪ EBITDA ➢ IH 2025 EBITDA +66.3% vs IH 2024, mainly due to: • average gas sales price (+41%) IH 2025 P&L - E&P contribution • gas production (+21%) mainly due to Longanesi contribution ▪ Domestic activities E&P (MScme) IH25 IH24 ∆ (%) ➢ Longanesi project • Long Production Test
Slide 8: Financial Results: Retail
Financial Results: Retail TTF GasP&L Price -– Retail Quarter Ahead IH 2025 IH 2024 ▪ EBITDA IH 2025 affected by the SNAM 9% 8% 2019-2022 adjustment session (-1.8 12% 12% M€) Residential Sales: Small Business Sales: ▪ The overall margin, net of non-recurring 25.7 MScm 27.1 MScm negative components, r
Slide 9: Financial Results: Network
Financial Results: Network ▪ Slight decrease in the distributed gas volumes vs IH 2024 (-0.9%) ▪ EBITDA results higher vs IH 2024 (+6.3%) IH 2025TTFP&L Gas–Price – Quarter Network Ahead Contribution mainly due to positive 2020-2023 equalization adjustment (+1 M€) more than offset the negative effect
Slide 10: Financial Results: Group P&L
Financial Results IHGas TTF 2025 Price––Group QuarterP&L Ahead 86.7 65.7 Revenues (+32.0%) and operating costs 32.8 (+28.9%) increased thanks to higher gas 23.9 productions (following the start-up of the Longanesi Concession) and related prices IH 2025 IH 2024 Revenues EBITDA Depreciation and amorti
Slide 11: EBITDA Breakdown, Net Result and Financial Charges Evolution
Financial Results TTF Gas EBITDA Price – Quarter Breakdown by Ahead BU (M€) TTFNet Group Gas Price Result– Quarter Ahead(M€) Evolution 23.9 32.8 0.2 8.9 10.2 5.1 5.3 3.2 4.8 0.9 28.6 17.2 (1.4) (3.5) (1.1) (1.3) IH 24 EBITDA D&A Financial Taxes IH 25 Charges IH 24 IH 25 E&P Network Retail Other TTF
Slide 12: Financial Results: Group Balance Sheet
Financial Results June 30, TTF2025 – Group Gas Price Balance – Quarter Ahead Sheet ▪ Increase in fixed assets after 14.1 M€ in depreciation and amortization: new Jun 30, Dec 31, investments of 9.1 M€ and new rights- Group (M€) ∆ (%) 2025 2024 of-use assets of 14.5 M€ Inventories 3.7 3.8 (2.6%) Recei
Slide 13: Financial Results: NFP Trend
Financial Results: NFP Trend TTFNFP Group Gas Price – Quarter Historical Ahead(M€) Trend 250.6 212.9 ▪ The NFP confirms a significant reduction 150.5 despite investments and reaches the 98.6 lowest level since 2010, even including 71.2 66.0 85.2 82.2 49.0 50.5 the effects of IFRS 16 on leasing 41.1
Slide 14: Company Profile
Company Profile Shareholding as at 30 June 2025 Share information Share price performance 6,0 60.000 N. of share: 44,909,620 5,5 55.000 20.94% Share price as of 30/06/2025: € 4.74 5,0 50.000 2.98% Share price as of 17/09/2025: € 5.26 Gas Plus Pricing FTSE Mib Index 4,5 45.000 Mkt cap 30/06/2025: € 2
Slide 15: Disclaimer
Disclaimer This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are state