Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — European MidCap Event, Paris 2026
40 slides from Admie Holdings Sa's conference presentation, Sep 30, 2026
Slide 1: ADMIE Holding S.A. Investor Presentation
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 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: €1.4 Bn Line Length: c.600km Greece-Italy Interconnection Voltage Leve
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 Provides Visibility on Allowed Returns
Stable Regulatory Framework Provides Visibility on Allowed Returns 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 electr
Slide 17: IPTO's Earnings Growth Translates into Higher Earnings for ADMIE Holding
IPTO’s Earnings Growth Translates into Higher Earnings for ADMIE Holding ADMIE (IPTO) Holding: IPTO: H1 2026 financial performance Translating Growth into Shareholder Value Revenue EBITDA Revenue (share of IPTO profits) EBIT € 270.5m € 193.0m € 45.8m € 44.9m + 22.6% + 26.4% + 32.8% + 32.7% Net Profi
Slide 18: Key Island Interconnections Reaching Important Execution Milestones
Key Island Interconnections Reaching Important Execution Milestones Cycladic Islands Interconnection (Phase D) Dodecanese Interconnection • Final phase of the Cyclades electrical interconnection that concerns the interconnection of • Dodecanese Interconnection aims to connect the islands of Kos, Rho
Slide 19: Progressing Key Strategic Interconnection Projects
Progressing Key Strategic Interconnection Projects North Aegean Interconnection Greece – Italy Interconnection (GRITA 2) • Project to be implemented in three phases with an aim to end the electrical isolation of Lemnos, • New bipolar VSC-HVDC link with sea-return with two c.240km of subsea cables in
Slide 20: 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 21: Equity Raise Completes the Funding of the 2026–2029 Investment Plan
Equity Raise Completes the Funding of the 2026–2029 Investment Plan 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 stru
Slide 22: Underpinned by Strong Credit Profile, Preserved Through the Investment Cycle
…Underpinned by 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 Pe
Slide 23: Translating Growth into Shareholder Value
Translating Growth into Shareholder Value
Slide 24: 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 Shareholder Distributions IPTO’s investment RAB Growth Regulated earnings growth Continued shareholder distributions following completion of the capital increase FY2025 rema
Slide 25: Appendix: Further Details on Regulatory Framework
Appendix Further Details on Regulatory Framework
Slide 26: 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 27: 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 28: 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 29: Appendix: H1 2026 and Historical Financial Performance
Appendix H1 2026 and Historical Financial Performance
Slide 30: IPTO Group Reported and Adjusted Earnings Deliver Double-Digit Growth
IPTO Group Reported and Adjusted Earnings Deliver Double- Digit Growth Key figures €m EBITDA EBIT Net Income 193.0 136.3 92.4 152.7 Reported Reported 67.6 Reported 94.0 +26.4% +36.7% +45.0% H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 191.9 135.2 91.6 154.4 Adjusted Adjusted 95.7 68.8 Adjusted +2
Slide 31: Revenue Growth Outpaces Operating Costs, Supporting EBITDA Expansion
Revenue Growth Outpaces Operating Costs, Supporting EBITDA Expansion IPTO Group Revenue Drivers Η1 2026 Η1 2025 Δ% Profit & Loss Statement Transmission System rent +23.3% to €255.4m €m primarily reflecting: Revenue from transmission system rent 255.4 207.1 23.3% TUoS revenue Revenue from balancing m
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: Glossary
Glossary ADMIE HOLDING GLOSSARY 39
Slide 40: For additional information please visit our website or contact Investor Relations
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