Slide 1: 1Q 2024 Consolidated Results
1Q 2024 Consolidated Results XX MayDATE 16th ,YEAR 2024 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: 1Q 2024 key highlights
1Q 2024 key highlights energy to inspire the world Financial Highlights Gas Market • € 703 m EBITDA Adj. (+18% yoy) • 1Q 2024 Italian gas demand stood at ~ 20 bcm • € 335 m Net income Adj.1 (+11% yoy) (-2.6% YoY 2) • Average TTF price at € 27.5/MWh in 1Q 2024 (-49% yoy) • € 462 m investments (+48% y
Slide 3: 1Q 2024 key achievements
1Q 2024 key achievements energy to inspire the world Gas infrastructure Energy Transition • Adriatic Line works started in May (phase 1) • South H2 Corridor and Ravenna CCS confirmed as PCI • FSRU Ravenna works started: onshore (70% completed) and • Market sound on H2 and CCS completed offshore (30%
Slide 4: 1Q 2024 gas demand and flows
1Q 2024 gas demand and flows energy to inspire the world Italian gas demand 1Q 2024 Gas flows FY 2023 Change Change bcm 1Q 2023 1Q 2024 bcm (bcm) (%) -2.6% National production 0.73 0.68 -0.0 -6.1% 20.53 Pipelines 11.92 10.97 -1.0 -8.0% 20.00 Gela 0.67 0.47 -0.2 -30.2% Mazara del Vallo 5.00 4.78 -0.2
Slide 5: Adj. EBITDA analysis
Adj. EBITDA analysis energy to inspire the world • Tariff RAB growth • Output based for fully depreciated assets and storage €m • Wacc increase • Ross effect on transport 703 597 Energy • Super-ecobonus tax Transition 22 Labour cost regime completed • Deconsolidation of 8 MW of Biomethane plants Gas
Slide 6: Adj. Net Income analysis
Adj. Net Income analysis energy to inspire the world €m 335 301 • New assets entering Average net cost • Italian Associates: into operation of debt ~ 2.4% +€3m • Write down on gas • International infrastructure Associates: -€2m 6
Slide 7: International associates contribution
International associates contribution energy to inspire the world €m Net income contribution 17 4 -8 -1 11 7 3 8 11 1Q 2024 (€m) Overall stable contribution from International associates 7
Slide 8: Cash flow
Cash flow energy to inspire the world • Broadly neutral regulatory working capital • Absorption due to Energy €m Efficiency Net Capex and Capex payables 8 Any failure to reconcile the stated figures arises exclusively from rounding.
Slide 9: 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 31 March 2024 (bn€, drawn amount) 1 523 15,793 15,270 Refinancing already secured 2.5 1.8 1.6 1.5 1.5 2024 2 2025 2026 2027 24-27 AVG Bonds Banking facilities Average Sustainable F
Slide 10: 2024 Guidance and closing remarks
2024 Guidance and closing remarks energy to inspire the world FY 2023 Guidance FY 2024 Previous Guidance Reason for the change in guidance Investments €2.2 bn ~ €3.0 bn ~ €2.9 bn • € 2.0 bn Gas Infrastructure • € 2.8 bn Gas Infrastructure Mostly due to the breakwater • € 0.2 bn Energy Transition • €
Slide 11: Q&A Session
Q&A Session
Slide 12: Annexes
Annexes
Slide 13: Strategic KPIs
Sustainability Scorecard energy to inspire the world Q1 2024 2027 Q1 2024 2027 KPIs 2024 Target Target KPIs 2024 Target Target • Avoided CO2 emissions (ktCO2e)1 28.3 105 500 • Employees engagement index (%) EVERY TWO >80 >80 Green YEARS transition • H2 readiness length of network certified (km) 1,51
Slide 14: Income Statement
Income Statement energy to inspire the world €m 1Q 2023 1Q 2024 Change Change % Revenues 921 896 (25) (2.7%) Operating expenses (324) (193) 131 (40.5%) EBITDA 597 703 106 17.7% Depreciation & amortisation (225) (253) (28) 12.4% EBIT 372 450 78 20.9% Net interest income (expenses) (42) (78) (36) 85.7
Slide 15: Revenues
Revenues energy to inspire the world €m 1Q 2023 1Q 2024 Change Change % Regulated revenues 660 799 139 21.0% Transport 522 616 94 18.0% Storage 127 153 26 20.5% LNG 11 30 19 - Non regulated revenues 13 11 (2) (15.4%) Total Gas Infrastructure Businesses revenues 673 810 137 20.3% Energy Transition Bu
Slide 16: Operating Costs
Operating Costs energy to inspire the world €m 1Q 2023 1Q 2024 Change Change % Gas Infrastructure Businesses costs 98 107 9 9.1% Variable costs 7 7 0 4.5% Fixed costs 79 91 12 15.2% Other costs 12 9 (3) (27.4%) Energy Transition Businesses costs 226 86 (140) (61.9%) TOTAL COSTS 324 193 (131) (40.5%)
Slide 17: Balance Sheet
Balance Sheet energy to inspire the world €m 2023 1Q 2024 Change Change % Net invested capital 22,950 23,816 866 3.8% Fixed capital 23,002 23,338 336 1.5% Tangible fixed assets 19,304 19,480 176 0.9% Intangible fixed assets 1,449 1,449 - - Equity-accounted investments 3,019 3,090 71 2.4% Other Finan
Slide 18: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation energy to inspire the world €m 1Q 2023 1Q 2024 Change Change % Net profit 308 338 30 9.7 Exclusion of special items: (3) (2) 1 (33.3) • Special items from EBIT - - - • Profit from equity-accounted investments – ADNOC discount rate effect (3) (2) 1 (3
Slide 19: International associates' contribution
International associates' contribution energy to inspire the world Company % 1Q 2023 1Q 2024 Delta 49.90% • Slight decrease vs 1Q 2023 due to lower imports to Italy SeaCorridor • Strategic route for Italy reaching approx. 1/3 of overall Italian imports € 10 m €8m -€2m Desfa • Y-o-y comparison affect
Slide 20: Investments detailed by business
Investments detailed by business energy to inspire the world €m 1Q 2023 1Q 2024 Transport(1) 215 320 Storage 41 46 LNG(2) 40 86 Energy Transition(3) 17 10 Total 313 462 34% taxonomy aligned and 55% SDGs aligned 1. Including corporate capex 2. Including greenture (SSLNG and mobility) investments 20 3
Slide 21: Disclaimer
Disclaimer energy to inspire the world Luca Oglialoro, 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 corresp
Slide 22: Thank you
energy to inspire the world T H A N K Y O U