Slide 1: 9M 2025 Consolidated Results
9M 2025 Consolidated Results November th , 2025 XX DATE5YEAR
Slide 2: 9M 2025 gas demand, supply and market performance
9M 2025 gas demand, supply and market performance Italian gas demand Demand +2.1% • Increase driven by residential and thermoelectric demand bcm 43.42 44.33 • Significant increase in export (>4x), at 1.5bcm • Storage level at 92%, well above European average Buildings 15.10 15.46 +2.4% Supply Indust
Slide 3: Key financial highlights
Key financial highlights As of September 2025 Financial Highlights Regulation • €2,227 m EBITDA Adj. (+6.6% yoy) • Arera 130/2025/R/com RAB revaluation index resolution (IPCA Italy) • €1,096 m Net income Adj.1 (+10.0% yoy) • Arera 390/2025/R/com resolution on evolution towards • €1,767 m Investments
Slide 4: Key strategic achievements
Key strategic achievements As of September 2025 Gas infrastructure • 857 construction sites (+19% vs September 2024) • Adriatic Line Phase 1: 43% completed • FSRU Ravenna started operations in May Sulmona Compressor Station project - final layout rendering Ravenna FSRU • 165 LNG tankers to Italy, >3
Slide 5: Key strategic achievements
Key strategic achievements As of September 2025 Energy Transition Sustainability and Innovation • Capex alignment: 35% to EU Taxonomy and 57% to SDGs • Ravenna CCS: • Sustainable Finance at ~ 86% • Ministerial Decree on technical standards for CO2 • 2025E Scope 1&2 CO2 emission down at least 25% vs
Slide 6: 9M 2025 Investments breakdown and alignment
9M 2025 Investments breakdown and alignment Investments mix Investments alignment Technical Capex mix to SDGs and EU Taxonomy alignment 5% 19% 21% 7% 12% 45% €1.8 bn1 45% €1.8 bn 51% €1.8 bn3 15% 13% 5% 25% 14% 7% 3% 9% 4% 2 Development Maintenance H2 Ready Energy transition Replacements DT&T SDG 7
Slide 7: Adj. EBITDA analysis
Adj. EBITDA analysis + 6.6% €m 30 18 2,227 119 5 2,089 -29 -3 -2 • (-) Wacc • (+) Tariff RAB Mainly 9 vessels Mainly labour • (+) 2024 Deflator • (+) Volume effect Biomethane arrived cost recovery and • (-) Output based contribution IPCA Adoption • (-) LNG (extra revenues recognised in Q2 2024) Adj.
Slide 8: Associates' contribution
Associates’contribution €m + 24.5% 51 0 24 290 -7 -1 233 4 6 1 -19 -2 9M 2024 TAP SeaCorridor Terega TAG Desfa Interconnector EMG ADNOC GCA Italian 9M 2025 Associates Net income contribution 54 44 38 28 15 10 8 2 -2 93 9M 2025 (€m) Growing contribution driven by TAG and Italian associates ADNOC Gas
Slide 9: Adj. Net Income analysis
Adj. Net Income analysis €m + 10.0% 138 57 1.096 1 996 -2 -77 -16 • New assets entering into • Average net cost • International operation of debt broadly Associates: • Stogit Adriatica entering stable at ~ 2.6% +33m into perimeter since March • Increase mainly • Italian • Ravenna starting driven by
Slide 10: Cash flow
Cash flow €m 346 2,063 1,717 641 €1,906m Net Capex 1,076 and Capex payables • Tariff related items, Energy efficiency positive WC and -2,237 -174 other regulatory items cash-in • Partially offset by balancing and default items • Net Capex and Capex payables • Stogit Adriatica cash-out: € 564m • ADNO
Slide 11: Net Debt evolution and financial structure
Net Debt evolution and financial structure Net debt evolution (€m) Maturities profile as of 30 September 2025 1,188 17,426 (bn€, drawn amount) 1 16,238 3.6 Banking facilities Bond 2.4 2.3 1.9 1.6 FY 2024 9M 2025 2026 2027 2028 2029 Avg. 26-29 Sustainable Finance on Committed financing (bn€) Average
Slide 12: 2025 Guidance
2025 Guidance New FY 2025 Previous Reason for the change Guidance Guidance Investments ~ €2.9 bn • € 2.5 bn Gas Infrastructure Confirmed • € 0.4 bn Energy Transition Tariff RAB €26.2 bn Confirmed Ebitda ~ €2.95 bn ~ €2.85 bn Deflator update Higher EBITDA due to Net income ~ €1.42 bn ~ €1.35 bn defla
Slide 13: Closing remarks
Closing remarks Increasing role of gas in current energy scenario. From energy transition to energy integration Accelerating the strategy delivery Value creation focus while ensuring sound financial flexibility Outstanding financial performance 2025 guidance increased and debt optimization focus 13
Slide 14: Q&A Session
Q&A Session
Slide 15: Annexes
Annexes
Slide 16: Sustainability Scorecard: 9M2025
Sustainability Scorecard: 9M2025 9M2025 2025 2029 9M2025 2025 2029 KPIs Target Target KPIs Target Target • Avoided & Captured CO2 emissions (ktCO2e) 105.1 147 8751 • Employees engagement index (%) FY >80 >80 Green • H2 readiness length of network certified (km) 2571 2400 3200 • Women in exec. and mi
Slide 17: Income Statement
Income Statement € mn 9M 2024 9M 2025 Change Change % Revenues 2,651 2,846 195 7.4% Operating expenses (562) (619) (57) 10.1% EBITDA Adj. 2,089 2,227 138 6.6% Depreciation & amortisation (749) (826) (77) 10.3% EBIT Adj. 1,340 1,401 61 4.6% Net interest income (expenses) (230) (246) (16) 7.0% Net inc
Slide 18: Revenues
Revenues € mn 9M 2024 9M 2025 Change Change % Regulated revenues 2,398 2,598 200 8.3% Transport 1,828 1,995 167 9.1% Storage 445 471 26 5.8% LNG 125 132 7 - Non regulated revenues 32 31 (1) (3.1%) Total Gas Infrastructure Businesses revenues 2,430 2,629 199 8.2% Energy Transition Businesses revenues
Slide 19: Operating Costs
Operating Costs € mn 9M 2024 9M 2025 Change Change % Gas Infrastructure Businesses costs 335 401 66 19.7% Variable costs 39 43 4 10.3% Fixed costs 258 313 55 21.3% Other costs 38 45 7 18.4% Energy Transition Businesses costs 227 218 (9) (4.0%) TOTAL COSTS 562 619 57 10.1% 19
Slide 20: Balance Sheet
Balance Sheet € mn FY 2024 9M 2025 Change Change % Net invested capital 25,211 26,918 1,707 6.8% Fixed capital 24,884 26,611 1,727 6.9% Tangible fixed assets 21,109 22,346 1,237 5.9% Intangible fixed assets 1,560 1,894 334 21.4% Equity-accounted investments 3,259 3,235 (24) (0.7%) Other Financial as
Slide 21: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation €m 9M 2024 9M 2025 Change Change % EBITDA 2,060 2,223 163 7.9% Exclusion of special items: - Early retirement fund 4 4 - Charges for a settlement agreement 29 (29) Adj. EBITDA 2,089 2,227 138 6.6% EBIT 1,311 1,397 86 6.6% Exclusion of special items:
Slide 22: International associates contribution
International associates contribution Company % 9M 2024 9M 2025 Delta • Contribution remains in line with the yearly regulatory cap Interconnector 23.68% € 10 m € 10 m - • Capacity almost 50% booked until 2026 • Performance in line yoy thanks to lower operating costs which partially offset higher in
Slide 23: Investments detailed by business
Investments detailed by business €m 9M 2024 9M 2025 Transport(1) 1,195 1,210 Storage 160 180 LNG(2) 327 202 Energy Transition 100 175 Total(3) 1,782 1,767 1. Including corporate capex 3. Net of transport' third parties' contributions 2. Including greenture (SSLNG and mobility) investments 23
Slide 24: 9M 2025 gas flows
9M 2025 gas flows Change Change bcm 9M 2024 9M 2025 (bcm) (%) National production 2.00 2.45 0.45 22.5% Pipelines 33.45 30.62 -2.83 -8.5% Gela 1.09 0.62 -0.47 -43.1% Mazara del Vallo 15.33 15.37 0.04 0.3% Passo Gries 4.78 6.59 1.81 37.9% Tarvisio 4.68 0.67 -4.01 -85.7% Melendugno 7.55 7.37 -0.18 -2.4
Slide 25: Disclaimer
Disclaimer 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 to the company’s evidence an
Slide 26: Thank you
T H A N K Y O U