Gas Plus S.p.a. · MIL:GSP
Gas Plus — FY2025 Earnings Presentation
15 slides from Gas Plus's earnings presentation, Apr 10, 2026
Slide 1: Analyst Presentation FY 2025 Financial Results
Gas Plus Group Analyst Presentation FY 2025 Financial Results April 10th, 2026* * This document is updated on 6 months basis, occurring after 31 December and 30 June 0closing
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 Jul Aug Sep Oct Nov Dec €/MWh - TY 2024 €/MWh - TY 2025 Brent Price – Spot €/$ Exchange Rate - Spot 95,00 1,20 90,00 1,18 1,16 85,00 1,14 80,00 1,12 75,00 1,10 70,00 1,08 1,06 65,0
Slide 4: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS 3
Slide 5: Highlights
Highlights Topics: ❑ Yearly gas production targets achieved both for Longanesi (110 MScm) and for the Group (292 MScm) ❑ Network BU growth after year end (delivery points, or “PdR”, up 18%) thanks to the acquisition of the “newco” Brescia Reti Gas, which holds 14 municipal concessions for this servi
Slide 6: Agenda
Agenda ▪1 MARKET SCENARIO ▪2 HIGHLIGHTS ▪3 FINANCIAL RESULTS E&P NETWORK RETAIL GROUP FINANCIAL RESULTS COMPANY PROFILE 5
Slide 7: Results: E&P
Financial Results: E&P ▪ EBITDA ➢ FY 2025 EBITDA +93.9% vs FY 2024, mainly due to: • Gas production (+49%) mainly due to Longanesi gas-in contribution (110 MScm in 2025) FY 2025 P&L - E&P contribution • Average gas sales price (+8%) ▪ Domestic activities E&P (MScme) FY25 FY24 ∆ (%) ➢ Longanesi proje
Slide 8: Results: Network
Financial Results: Network ▪ In 2025 GP Infrastrutture was awarded of 14 municipalities located in ATEM Brescia 5 Sud- Est as part of ITG-2i’s disinvestment procedure. FY 2025 P&L – Network contribution Managed Delivery Points increased by 18%. TTF Gas Price – Quarter Ahead Regulatory Asset Base (RA
Slide 9: Results: Retail
Financial Results: Retail FY 2025 P&LPrice TTF Gas – Retail contribution – Quarter Ahead ▪ EBITDA FY 2025 affected by the SNAM 2020-2022 adjustment session (-1.8 M€). EBITDA FY 2024 influenced by FY 2025 FY 2024 positive non-recurring economic items (+1 M€) 9% 9% ▪ The overall margin, net of non-rec
Slide 10: Results: Group P&L
Financial Results FYGas TTF 2025 Price––Group QuarterP&L Ahead 167.7 ▪ Revenues (+23.9%) increased thanks 135.3 to higher gas production (following the start-up of the Longanesi 78.8 50.1 Concession) and related prices; lower increase in operating costs (4.3%) ▪ Depreciation and amortization FY 2025
Slide 11: EBITDA, 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 50.1 78.8 28.7 2.6 19.8 12.5 9.7 1.5 5.1 7.5 8.9 (0.9) 70.0 36.1 (3.5) (27.1) (2.4) FY 24 EBITDA D&A Financial Other Taxes FY 25 FY 24 FY 25 Charges E&P Network Reta
Slide 12: Group Balance Sheet
Financial Results DecemberTTF 31, 2025 Gas Price –– Quarter Group Ahead Balance Sheet Dec 31, Dec 31, Group (M€) ∆ (%) ▪ Slightly positive amount of net working 2025 2024 capital Inventories 3.3 3.8 (13.2%) Receivables 32.4 36.9 (12.2%) ▪ Decrease in fixed assets after 43.0 M€ in depreciation and am
Slide 13: Results: NFP Trend
Financial Results: NFP Trend TTF Group Gas Historical NFP Price – Quarter Ahead Trend (M€) 250.6 212.9 150.5 98.6 85.2 82.2 71.2 66 41.1 53.0 52.5 42 49 50.5 23.8 ▪ The NFP confirms significant reduction 5.5 despite investments and reached the lowest level since 2010, despite also Dec10Dec11Dec12Dec
Slide 14: Company Profile
Company Profile Shareholding as at 9 April 2026 Share information Share price performance 8,0 80.000 N. of share: 44,909,620 75.000 7,0 70.000 Share price as of 30.12.2025: € 6.74 65.000 6,0 60.000 Share price as of 9.04.2026: € 7.34 Gas Plus Pricing FTSE Mib Index 55.000 5,0 50.000 Mkt cap 30.12.20
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