Admie Holdings Sa · ATHEX:ADMIE
Admie Holdings Sa — ADMIE (IPTO) Holding — Morgan Stanley and Athens Stock Exchange Investment Conference 2025
35 slides from Admie Holdings Sa's conference presentation, Dec 1, 2025
Slide 1: Driving the Energy Transition
Driving the Energy Transition Investor Presentation ADMIE (IPTO) Holding Morgan Stanley and Athens Stock Exchange Investment Conference ADMIE Holding 2023 – Financial2025 Results-Full December Year 2023 1-2, 2025
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: Highlights ADMIE Holding
Highlights ADMIE Holding ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 4: ADMIE (IPTO) Holding Overview
ADMIE (IPTO) Holding Overview Ownership Structure Holds 51% of the Hellenic Electricity Other Transmission System Operator (IPTO) Hellenic Republic Investors 51.1% 48.9% Purpose: Market cap: € 769 MM(1) To provide operational Shares: 232,000,000 Hellenic Republic support to IPTO’s activities 25.0% 5
Slide 5: About IPTO
About IPTO Company Overview Key Financials • Independent Power Transmission Operator (IPTO) is the owner and operator of the Hellenic Electricity Transmission System (HETS) and is responsible for the operation, control, maintenance, and development of the national electricity transmission grid RAB R
Slide 6: Key Investment Highlights
Key Investment Highlights Unprecedent growth profile(1), fuelled by critical projects for the energy security of Greece and the 1 broader Southeastern European region Underpinned by a predictable and supportive regulatory framework, offering attractive 2 returns and upside for special projects Deliv
Slide 7: Unique Growth Story in the Electricity Transmission Networks Space
1 Unique Growth Story in the Electricity Transmission Networks Space 2025-30 CAPEX / RAB (2024A) Strong Growth ~2.6x ~2.5x Profile … ~1.5x Peer Average: 1.4x ~0.9x ~0.6x EV/ RAB (2024A)(1) …Not Fully ~1.4x Appreciated ~1.2x ~1.1x ~1.2x Peer Average: 1.2x in the Market ~1.1x Source: CapIQ as of 12-Se
Slide 8: Growth Fuelled by Critical Projects for the Energy Transmission of Greece and the Broader Southeastern European Region
1 Growth Fuelled by Critical Projects for the Energy Transmission of Greece and the Broader Southeastern European Region 1 Core Growth Plan Projects (2025-2034) Further Growth Projects (2034+) 2nd Greece-Albania Interconnection Expected Commissioning: 2031 Existing Transmission Line Remainingcapex:
Slide 9: Growth Fuelled by Critical Projects (cont'd)
1 Growth Fuelled by Critical Projects for the Energy Transmission of Greece and the Broader Southeastern & European Region (cont’d) Core Growth Plan (2025-2034) Further Growth Projects Expected Construction Voltage Level Remaining Capex Completion 10 Commissioning 1 2nd Interconnection with Albania
Slide 10: Upcoming Projects Expected to Result in Superior Returns and Cashflow Generation
1 Upcoming Projects Expected to Result in Superior Returns and Cashflow Generation Robust Growth in 2017-2024 Supported by ~€1.6Bn Capex €7.8Bn Capex Planned for 2025-2034 to Fuel Further Growth Capex 2025-2034 Breakdown Accelerating investments ~€1.6Bn € Bn Capex into critical projects for the ener
Slide 11: IPTO Supported by a Stable and Predictable Regulatory Framework
2 IPTO Supported by a Stable and Predictable Regulatory Framework Independent regulator with a predictable framework 1 The regulator – RAAEY–is fully independent from the government, including relying on an independent funding system and separate budget allocation Standard and proven building blocks
Slide 12: Regulatory Framework in Greece Offers High Relative Regulatory-Driven Returns
2 Regulatory Framework in Greece Offers High Relative Regulatory-Driven Returns (2) New Assets 6.6% .70% 6.2% .60% 5.6% 5.4% 5.3% 4.7% 4.6% Regulatory RoE .50% 4.4% 4.3% Spread to .40% Government Bond .30% 2.3% .20% .10% .00% 10.3% 9.6% 9.8% 9.4% 8.2% 8.5% 7.8% 7.8% 7.0% Nominal Pre-tax 5.5% Regulat
Slide 13: Seasoned and Dedicated Management Team, Supported by Experienced Board
3 Seasoned and Dedicated Management Team at the Helm, Supported by Experienced Board of Directors ManousosManousakis Ioannis Margaris EleniZarikou Ioannis Karampelas Chairman &CEO Head of Strategy Deputy CFO Chairman & CEO, ADMIE Holding Board Member, IPTO Mr. Manousos Manousakis is the Dr. Ioannis
Slide 14: Strong Track Record on Complex, Sector-First Projects and Operational Excellence
3 Strong Track Record on Complex, “Sector-First” Projects and Operational Excellence Seasoned Management Team has Achieved “Industry First”, Technically Complex Projects Key Milestones Achieved Already Other Achievements Electrification of Crete- Joint-Venture for Saudi Attica interconnection Arabia
Slide 15: Case study: Crete–Attica Interconnection (Ariadne)
3 Case study: Crete–Attica Interconnection (Ariadne) One of the Deepest Interconnections Worldwide Delivered by IPTO Project Overview Project Financials Total Investment €520 MMSubsidies Two submarine 335 km 1,000 MW Co financed by EUand National Funds 500 kV cables in length total transmission capa
Slide 16: Robust Capital Structure with Ample Room for Leverage and Strong Investment Grade Rating
4 Robust Capital Structure with Ample Room for Leverage and Strong Investment Grade Rating Net Debt / RAB (2024A) Net Debt / EBITDA (2024A) % x 6.4x 71% 69% 5.7x 5.5x 60% 50% 4.4x 42% 3.2x IPTO’s Credit Rating is AA as rated by ICAP in October 2024 Source: CapIQ as of 12-September-2025 16 ADMIE Hold
Slide 17: Long-Term Debt Profile, Primarily Based on EIB Loans with Fixed Interest Rate
4 Long-Term Debt Profile, Primarily Based on EIB Loans with Fixed Interest Rate Total Debt Split Total Debt Split % of Remaining Nominal Value % of Remaining Nominal Value Bond Loans Floating Interest (ARIADNE) Rate 35% 15% € 1,302 MM Fixed Interest Rate 65% EIB Loans (IPTO) € 1,302 MM 51% Bond Loan
Slide 18: IPTO Analytics Application
IPTO ANALYTICS APPLICATION Independent Power Transmission Operator (IPTO) presents the application "IPTO Analytics" for portable devices, which provides real- time data of the Hellenic Electricity Transmission System. Parameters of the electrical system, such as the total load (forecast and actual e
Slide 19: Appendix 1 Regulatory Framework
Appendix 1 Regulatory Framework ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 20: Updated Regulatory Framework
Updated Regulatory Framework WACC according to RAAEY’s Decision E-102/2023 on Regulatory Period 2023-25 WACC (pre-tax nominal) 2022 2023 2024 2025 6.10% 7.57% 7.51% 7.45% SpecialRAB Special RAB AllowedRevenue Revenue (for (for PMI- by PMI - by 2025) 2025) RAB RAB Allowed (by2025) (by 2025) (in2025)
Slide 21: WACC calculation
WACC calculation On 20.07.2023 the Energy Sector of RAAEY WACC components 2025 released its decision regarding the approval of the revised return (WACC) on the Risk-free 2.36% Regulated Asset Base of the Affiliate IPTO S.A. The return for the years 2023-2025 of Market risk 5.5% the Regulatory Period
Slide 22: Regulated Asset Base and Allowed Revenue
Regulated Asset Base and Allowed Revenue Work-in-Progress Depreciation Regulated Undepreciated value of Grants Amortization Asset Base Fixed Assets CapEx (RAB) Write-offs & Working Capital Re-used assets Allowed Revenue (AR) Operator's Allowed Revenue In nominal terms for each yea r AR = O + U + D +
Slide 23: Required Revenue
Required Revenue Required Revenue (RR) Amount recovered through System usage charges RR= AR± Κ± P1 ± P2 - P3 ± P4 ± P5 ± P6 ± P7 ± INF ± EFF- LD - UP ± INC ±Κ : cost of investments financed by 3rd parties ± P1 : settlement due to under-/over-recovery of RR ± P2 : settlement due to deviations from AR
Slide 24: Appendix 2 Shareholder Structure
Appendix 2 Shareholder Structure ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 25: Shareholder Structure
Shareholder Structure Total Shares Outstanding Rest 18% 232,000,000 Listing: Athens (ATHEX) Commencement of Trading: June 2017 Greek State Sector: Energy 51% Symbol: ADMIE Institutional BLOOMBERG: ADMIE:GA Investors 31% REUTERS: ADMr.AT Free Float: 49% 24 ADMIE Holding – Investor Presentation
Slide 26: Appendix 3 H1 2025 Financial Results
Appendix 3 H1 2025 Financial Results ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 27: IPTO Group H1 '25 financials
IPTO GROUP H1 ‘25financials Total Revenue from the transmission system rent decreased by 3.2%, to €207.1MM., (30/06/2024: € Profit & Loss Statement 213.9 MM) due to the decrease of €MM 30.06.2025 30.06.2024 Chg % interconnection rights to € 38MM from € 54.7MM in the same period last year. Despite th
Slide 28: IPTO Group Cash Flow & Financial Performance Ratios
IPTO GROUP Cash Flow & Financial Performance Ratios Key figures (H1 2025) IPTO GROUP H1 2025 Capex Net Debt € MM € 1,197.9MM vs € 843.4MM (Η1’24) Other projects 99.7 Crete Phase II (incl. Ariadne) Leverage 93.6 45% 33.1% 31.2% Coverage ratio €300 MM 13.8* x Interest coverage ratio Information & *EBI
Slide 29: IPTO Group Balance Sheet and Cash Flow Summary
IPTO Group Balance Sheet and Cash Flow Summary Amounts in € MM Group Balance sheet Cash flows 30.06.2025 30.06.2024 31.06.2025 31.12.2024 Non-current assets 4,205.2 3,961.3 CF from Operations 105.7 120.3 Current assets 447.1 398.2 Of which: Cash & equiv. 274.3 322.4 Total Assets 4,652.2 4,359.5 CF f
Slide 30: ADMIE (IPTO) Holding Balance Sheet and Cash Flow Summary
ADMIE (IPTO) Holding Balance Sheet and Cash Flow Summary Amounts in € MM Balance sheet 30.06.2025 31.12.2024 Cash flows 30.06.2025 30.06.2024 Non-current assets 743.0 746.0 CF from Operations (0.3) (0.5) Current assets 59.2 21.9 of which: Cash & equiv. 58.3 21.1 CF from Investing 37.5 30.2 Total Ass
Slide 31: Appendix 4 Key Project Developments H1 2025
Appendix 4 Key Project Developments H1 2025 ADMIE Holding 2023 – Financial Results Full Year 2023
Slide 32: Key project developments H1 2025
Key project developments H1 2025 Ariadne Interconnection Interconnection of Cyclades • The Site Acceptance Tests have been finalized for all project’s parts (Cable System, Converter’s • The fourth and final phase of the Cyclades electrical interconnection concerns the Stations, Electrode Stations, G
Slide 33: Key project developments H1 2025
Key project developments H1 2025 Dodecanese and Northeast Aegean islands Upgrading of the Koumoundourou EHVS/S Eastern Peloponnese Corridor Great Sea Interconnection interconnections Greece-Cyprus-Israel The tender for the section of the Dodecanese The implementation of the new Koumoundourou In Dece
Slide 34: International Interconnection Plans
International Interconnection Plans 2nd Interconnection with Italy Interconnection with Egypt 2nd Interconnection with Albania • Completed the feasibility studies for the second Greece-Italy • Cooperation with the Operator of Egypt (EETC – Egyptian Electricity The project of the new Greece - Albania
Slide 35: Contact
Contact For additional information please contact ADMIE Holding Investor Relations: Lilian Filips Head of IR Tel: +30 210 3636 936 E-mail: l.filips@admieholding.gr ADMIE Holding 2023 – Financial Results Full Year 2023
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