Ascopiave S p A : Interim Report as of 31st March 2025

About this update from Ascopiave S.p.a.

FIRST QUARTER REPORT ON OPERATIONS AS AT 31 MARCH 2025 A s c o p i a v e G r o u p Index GENERAL INFORMATION 5 Corporate bodies and Company information 5 Foreword 8 The Ascopiave Group Structure 10 Ascopiave S.p.A. share price performance on the Stock Exchange 11 Control of the company 12 Corporate Governance and Code of Ethics 13 Transactions with related and affiliated parties 14 Significant events during the first quarter of the financial year 2025 15 Convention with municipalities on a shared procedure for the agreed quantification of the "Industrial Residual Value" of the networks 16 Litigation 17 Relations with the Internal Revenue Service 26 Territorial areas 27 Significant events after the end of the first quarter of the financial year 2025 30 Dividend distribution 30 Treasury shares 30 Foreseeable development of operations 31 Inflationary trends and interest rates 31 Group policies, goals and description of risks 32 Other information 38 Seasonal nature of operations 38 Commentary on the financial results for the first quarter of the financial year 2025 . 39 Performance Indicators 39 Management Performance - Key Operational Indicators 40 Management Performance - The Group's Economic Results 41 Management Performance - The Financial Situation 43 Management Performance - Investments 45 Interim Report on Operations 46 Consolidated Statement of Financial Position 47 Statements of Profit or Loss and Other Comprehensive Income 48 Statements of Changes in Consolidated Equity 49 Consolidated Cash Flow Statement 50 EXPLANATORY NOTES 51 Corporate information 51 General Drafting Metrics and Attestation of Compliance with IFRS 51 Financial Statements 51 Material information on the accounting policies 52 Accounting standards published by the IASB and endorsed by the EU that are mandatorily applicable as of financial statements for accounting periods beginning on 1 January 2025 52 New accounting standards not endorsed by the Euroopean Union and not applicable in advance to financial statements for accounting periods subsequent to 1 January 2025 . 52 Consolidation Area and Metrics 53 Summary data of fully consolidated companies 55 Evaluation Criteria 55 NOTES TO THE ITEMS IN THE CONSOLIDATED BALANCE SHEET 56 Non-current assets 56 Current Assets 62 Consolidated Net Equity 67 Non-current liabilities 68 Current liabilities 72 NOTES TO THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT 77 Revenues 77 Financial income and expenses 81 Taxes 82 Non-recurring components 82 Transactions arising from atypical and/or unusual operations 82 Commitments and risks 83 Risk factors and uncertainty 83 Capital Management 86 Representation of financial assets and liabilities by category 87 Financial statements submitted pursuant to Consob Resolution 15519/2006 90 Consolidated Statement of Financial Position 90 Statements of Profit or Loss and Other Comprehensive Income 91 Consolidated Cash Flow Statement 92 Consolidated net financial debt 93 Significant events after the end of the first quarter of the financial year 2025 94 Group policies and goals 94 Attachments: - Declaration of the Manager in Charge - Attestation to the Consolidated Financial Statements pursuant to Article 81-ter of Consob Regulation No. 11971 ‌GENERAL INFORMATION ‌Corporate bodies and Company information Board of Directors and Board of Auditors Name Office Duration of office From To Cecconato Nicola* Chairman of the Board of Directiors and CEO 2023-2025 18.04.2023 Approval of budget 2025 Pietrobon Greta Directors 2023-2025 18.04.2023 Approval of budget 2025 Quarello Enrico Directors 2023-2025 18.04.2023 Approval of budget 2025 Novello Cristian Indipendet Director 2023-2025 18.04.2023 Approval of budget 2025 Monti Federica Indipendet Director 2023-2025 18.04.2023 Approval of budget 2025 Vecchiato Luisa Indipendet Director 2023-2025 18.04.2023 Approval of budget 2025 Zoppas Giovanni** Indipendet Director 2023-2025 18.04.2023 Approval of budget 2025 (*) Cecconato Nicola was appointed Chief Executive Officer by the Board of Directors on 11 May 2023; (**) Zoppas Giovanni was appointed Lead Independent Director by the Board of Directors on 11 May 2023. Name Office Duration of office From To Salvaggio Giovanni President of the Board of Auditors 2023-2025 18.04.2023 Approval of budget 2025 Moro Barbara Statutory Auditor 2023-2025 18.04.2023 Approval of budget 2025 Biancolin Luca Statutory Auditor 2023-2025 18.04.2023 Approval of budget 2025 Governance committees Control and Risk Committee Name Office From To Novello Cristian Independent director - President 11.05.2023 Approval of budget 2025 Monti Federica Independent director 11.05.2023 Approval of budget 2025 Vecchiato Luisa Independent director 11.05.2023 Approval of budget 2025 Remuneration Committee Name Office From To Vecchiato Luisa Independent director - President 11.05.2023 Approval of budget 2025 Novello Cristian Independent director 11.05.2023 Approval of budget 2025 Pietrobon Greta Non-executive director 11.05.2023 Approval of budget 2025 Sustainability Committee Name Office From To Pietrobon Greta Non-executive director - President 11.05.2023 Approval of budget 2025 Monti Federica Independent director 11.05.2023 Approval of budget 2025 Quarello Enrico Non-executive director 11.05.2023 Approval of budget 2025 External Auditors KPMG S.p.A Registered office and company information Ascopiave S.p.A. Via Verizzo, 1030 I-31053 Pieve di Soligo - TV Italy Tel: +39 0438 980098 Fax: +39 0438 964778 Share Capital: Euroo 234,411,575 fully paid-in VAT 03916270261 Investor relations Tel. +39 0438 980098 Fax +39 0438 964778 e-mail: [email protected] Ascopiave Group economic and financial highlights Economic Data First quarter (Thousands of Euro) 2025 % of revenues 2024 % of revenues Revenues 54,790 100.0% 47,440 100.0% Gross operative margin (EBITDA)* 29,630 54.1% 23,325 49.2% Operating result 17,422 31.8% 10,875 22.9% Net result for the period 9,300 17.0% 6,692 14.1% *Please note that EBITDA is defined as earnings before interests, taxes, depreciation and amortization. Balance Sheet Data (Thousands of Euro) 31 th March 2025 31 th December 2024 Net working capital 198,122 210,794 Fixed assets and other non current assets (Non-financial) 1,102,311 1,099,008 Non-current liabilities (excluding loans) (66,465) (64,412) Net invested capital 1,233,968 1,245,390 Net financial position (366,620) (387,602) Total Net equity (867,348) (857,789) Total financing sources (1,233,968) (1,245,390) Please note that 'net working capital' is defined as the sum of inventories, trade receivables, tax receivables, other current assets, trade payables, tax payables (within 12 months) and other current liabilities. Monetary flow data First quarter (Thousands of Euro) 2025 2024 Total comprehensive income 9,300 6,692 Cash flows generated (used) by operating activities 36,646 (7,302) Cash flows generated/(used) by investments (15,328) (15,155) Cash flows generated (used) by financial activities (19,583) (12,774) Net change in cash and cash equivalent 1,736 (35,231) Cash and cash equivalents at the beginning of the year 34,183 52,083 Net change in cash and cash equivalent 1,736 (35,231) Cash and cash equivalents at the end of the period 35,919 16,851 GROUP'S MANAGEMENT REPORT ‌Foreword The Ascopiave Group closed the first quarter of the 2025 financial year with a consolidated net profit of Euro 9.3 million (Euro 6.7 million as at 31 March 2024), with an increase of Euro 2.6 million compared to the same period of the previous financial year. The consolidated equity as of 31 March 2025 amounted to Euro 867.3 million (Euro 857.8 million as of 31 December 2024), and net invested capital to EURO 1,234.0 million (Euro 1,245.4 million as of 31 December 2024). During the first quarter of financial year 2025, the Group invested Euro 15.3 million (Euro 15.2 million in the first quarter of 2024), mainly in the development, maintenance and modernisation of gas distribution networks and plants, as well as in the business of installing electronic metres, amounting to Euro 11.9 million (Euro 13.5 million in the first quarter of 2024). At the end of the reporting period, investments were made in renewable energy plants for Euro 2.6 million (Euro 1.3 million in the first quarter of 2024). It should be noted that during the 2024 financial year, Ascopiave and the Hera Group stipulated the deed of transfer by Ascopiave of 25% of the capital of EstEnergy with the consequent classification of the shareholding in assets held for sale; consequently, the economic results achieved by the EstEnergy Group have been recognised for the share pertaining to the Group until 30 September 2024, while they are not recognised in the 2025 financial year. Activities The Ascopiave Group operates mainly in the natural gas distribution field. It currently holds concessions and direct assignments for the management of gas distribution in 301 municipalities, operating a distribution network that extends over 14,730 kilometres and providing the service to approximately 870,700 users. The Group is also present in the renewable energy field, owning 29 hydroelectric and wind power plants. The Group also operates in the field of cogeneration and heat management, as well as in the water sector, being a shareholder and technological partner of the company Cogeide, which manages the integrated water service in 15 municipalities, serving a basin of more than 100,000 inhabitants through a network of about 930 km. Strategic Goals The Ascopiave Group intends to pursue a corporate strategy focused on creating value for its stakeholders, maintaining levels of excellence in the quality of services offered, respecting the environment and enhancing the social instances that characterise the context in which it operates. To this end, it intends to consolidate its leadership position in the gas sector at a regional level and aims to achieve significant positions also at a national level, taking advantage of the liberalisation process currently underway. The main lines of its development strategy are dimensional growth, diversification into other sectors of the energy sector synergic with the core business, and the improvement of operational processes. Operating performance The gas volume distributed through the Group's networks amounted to 607 million cubic metres, with an increase of 1.8% compared to the same period of the previous financial year. The distribution network as of 31 March 2025 had a length of 14,730 kilometres, with an increase of 12 kilometres compared to 31 December 2024. The 29 plants producing electricity from renewable sources, with a total installed capacity of 84.1 MW, produced 33.7 GWh during the first quarter of the financial year, showing a decrease of 29.2% compared to the same period of the previous financial year, the latter being characterised by significant rainfall. Economic results and financial situation The consolidated revenues for the first quarter of 2025 amounted to Euro 54.8 million, compared to Euro 47.4 million recorded in the first quarter of the previous financial year. The Group EBIT amounted to Euro 17.4 million, with an increase of Euro 6.5 million compared to the first quarter of the previous financial year. The consolidated net profit, which amounted to Euro 9.3 million, showed an increase of Euro 2.6 million compared to the first quarter of the previous financial year. The Group's Net Financial Position as of 31 March 2025 amounted to Euro 366.6 million, with a decrease of Euro 21.0 million compared to Euro 387.6 million as of 31 December 2024. The decrease in financial debt is determined by the cash flow for the financial year (given by the sum of the net profit, the income from equity investments, the result of companies consolidated using the equity method and depreciation, amortisation and write-downs), which generated resources of Euro 22.4 million, by the management of net working capital, which generated financial resources of Euro 13.9 million, and by investment activities, which absorbed resources of Euro 15.3 million. The ratio of Net Financial Position to Shareholders' Equity as of 31 March 2025 was 0.42 (0.48 as of 31 March 2024). ‌The Ascopiave Group Structure The table below highlights the structure of the Ascopiave Group as at 31 March 2025. ‌Ascopiave S.p.A. share price performance on the Stock Exchange As of 31 March 2025, the Ascopiave share price was quoted at Euro 3.060 per share, an increase of 11.1 percentage points compared to the price at the beginning of 2025 (Euro 2.755 per share, referring to 2 January 2025). Market capitalisation as of 31 March 2025 was Euro 717.30 million1 (Euro 644.63 million2 as of 30 December 2024). During the first quarter of the financial year 2025, the share price showed an improved performance (+11.1%). During the same period, the FTSE Italia All Share index and the FTSE Italia Utilities sector index showed an increase of 10.0% and 7.4%, respectively, while the FTSE Italia Star index decreased by 5.5%. The table below shows the main share and stock market data as at 31 March 2025: Share and stock-exchange data 31.03.2025 30.12.2024 Earning per share (Euro) 0.04 0.17 Net equity per share (Euro) 4.01 3.92 Placement price (Euro) 1.800 1.800 Closing price (Euro) 3.060 2.750 Maximum annual price (Euro) 3.060 2.885 Minimum annual price (Euro) 2.680 2.170 Stock-exchange capitalization (Million of Euro) 717.30 644.63 No. of shares in circulation 216,437,856 216,437,856 No. of shares in share capital 234,411,575 234,411,575 No. of own share in portfolio 17,973,719 17,973,719 ‌1 The stock market capitalisation of the main listed companies operating in the local public services sector (A2A, Acea, Acinque, Hera and Iren) on 31 March 2025 was 20,5 billion. Official data taken from the Borsa Italiana website ( https://www.borsaitaliana.it ). ‌2 Internal processing. ‌Control of the company As of 31 March 2025, Asco Holding S.p.A. directly controlled the majority of Ascopiave S.p.A. capital. Ascopiave S.p.A. is included in the updated list of "Small and Medium Enterprises" (SMEs) pursuant to Article 1, paragraph 1w- quater. 1) of Legislative Decree No. 58/1998 (TUF), published on Consob's institutional website, as per Consob Determination No. 105 of 22 May 2024. Therefore, pursuant to Article 120 of the Consolidated Law on Finance, the following chart shows the relevant shareholders of Ascopiave S.p.A. that hold a stake in the voting capital greater than 5%. Internal processing on information received by Ascopiave S.p.A. pursuant to Article 120 of the Consolidated Law on Finance and based on information in the company's possession. ‌Corporate Governance and Code of Ethics During the first quarter of 2025, Ascopiave S.p.A. continued to develop its corporate governance system, bringing continuous improvements to the control and risk management system to contribute to the sustainable success of the company. Internal Control The activity plan of the Internal Audit Manager is approved annually by the Board of Directors of the Company. In particular, the audit activities framed in the aforementioned activity plan, based on a prioritisation process of the main risks, concern both compliance areas and the corporate processes referable to the business areas considered most strategic. Manager in charge The Manager in Charge, together with the Head of Internal Auditing and the Compliance Function, reporting to the Legal and Corporate Affairs Department, reviewed the adequacy of administrative and accounting procedures as part of the verification activities, and continued to monitor and update the procedures deemed relevant for the purposes of compiling financial information. Moreover, in compliance with the provisions of Article 154-bis, paragraph 5-ter of the Consolidated Law on Finance, introduced by Article 12 of Legislative Decree No. 125/2024, the Chief Executive Officer and the Manager in charge of preparing the accounting documents, as of the approval of the financial statements as of 31 December 2024, certify, with a specific report, that the Sustainability Report included in the management report is prepared in accordance with the reporting standards provided for by the reference legislation. In particular, it is to be noted that the Compliance Function supported the Manager in charge, in cooperation with the Sustainability Function, which is part of the Legal and Corporate Affairs Department, as well as in coordination with the Head of Internal Auditing, in the preparation of a new administrative procedure, integrated into the compliance pursuant to Law 262/2005, in order to describe the activities, control measures and related managers involved in the process of preparing the consolidated Sustainability Report of the Ascopiave Group drafted pursuant to Legislative Decree no. 125/2024. For this purpose, the Company is also equipped with continuous auditing tools, which automate control procedures. Organisation, management and control model pursuant to Legislative Decree 231/2001 Ascopiave S.p.A. and its subsidiaries adopt an Organisational, Management and Control Model; they have adhered to the Code of Ethics of the Ascopiave Group, a document updated by the Board of Directors of Ascopiave S.p.A. on 10 September 2021. In its meeting of 30 July 2024, the Board of Directors of Ascopiave S.p.A. adopted the latest update to the Organisation, Management and Control Model of Ascopiave S.p.A., consequent to both the regulatory changes that have occurred in the meantime and the changes in the corporate and Group structure. The Company, availing itself of the activity of the Supervisory Board, constantly monitors the effectiveness and adequacy of the Model adopted. On 9 November 2023, following the supervening force of Legislative Decree 24/2023, implementing the EU Directive 2019/1937 on "Whistleblowing", Ascopiave S.p.A. approved an update to the "Procedure for the management of Whistleblowing in the Ascopiave Group", adopted by all the Group's subsidiaries, an integral part of Model 231 (Annex 3 of the Organisation, Management and Control Model). The Company also continued its activities to promote, raise awareness and understanding of the Code of Ethics among all its stakeholders, especially in the context of commercial and institutional relations. Please note that Model 231 (General Part) and the Code of Ethics are available in the corporate governance section of the website https://www.gruppoascopiave.it . During the first quarter of 2025, the activity of drafting and adopting, as well as periodically updating, the organisation, management and control models of all the subsidiaries of the Ascopiave Group continued. In particular, following the extraordinary intercompany transactions, effective as of 11.59 p.m. on 31 December 2024, during the first quarter of 2025, further updating of the models of the companies concerned was started, so as to allow them to be aligned with the corporate situation that had arisen. ‌Transactions with related and affiliated parties The Group has the following transactions with related parties which produce the following types of operating costs: Administrative services from the parent company Asco Holding S.p.A.. The Group has the following transactions with related parties which produce the following types of operating revenues: Administrative and personnel services from Ascopiave S.p.A. to the parent company Asco Holding S.p.A.. During the first quarter of the financial year 2025, relations with affiliated companies generated revenues in connection with the following types of services: Administrative, IT, personnel and facility services; It is emphasised that these relations are based on maximum transparency and on market conditions. For the individual reports, please refer to the explanatory notes of this report. The table below shows the economic and financial substance of the relationships already described: (Thousands of Euro) Trade 31.03.2025 Other Trade Other Revenues Costs Goods Services Other Goods Services Other receivables receivables payables payables Asco Holding S.p.A. 53 174 11 0 0 53 0 0 11 0 Total parent company 53 174 11 0 0 53 0 0 11 0 Cogeide S.p.A 33 0 0 0 0 399 202 0 0 0 Total subsidiary companies 33 0 0 0 0 399 202 0 0 0 Total 176 174 16 0 0 541 202 0 16 0 It should be noted that during the fourth quarter of the 2024 financial year, the parent company Ascopiave exercised the existing put option on the equity investment held in EstEnergy S.p.A.. The transaction will be finalised during the 2025 accounting period and consequently the value of the equity investment, measured at 30 September 2024 using the equity method of valuation, has been reclassified to the item 'assets held for sale' in compliance with the dictates of the international accounting standard IFRS 5 and the relationships with the same are not explained in the table above. ‌Significant events during the first quarter of the financial year 2025 Shareholders' agreements - updating of voting rights On 7 January 2025, pursuant to the laws and regulations in force, Ascopiave informed that an updated version of the key information relating to the shareholders' agreement signed on 16 March 2020 was published in the Corporate Governance section of the website https://www.gruppoascopiave.it . Ascopiave announced that this update exclusively concerns the change in the number of voting rights held by certain signatory shareholders consequent to the intervening increases in voting rights, as communicated by Ascopiave on 7 June 2024 and 5 July 2024. Pursuant to Articles 65-quinquies, 65-sexies and 65-septies of the Issuers' Regulations, the document has been made available to the public at the company's registered office, at Borsa Italiana S.p.A., on the authorised storage mechanism "eMarket STORAGE" ( https://www.emarketstorage.com ) of Teleborsa S.r.l. and in the Corporate Governance section of the website https://www.gruppoascopiave.it . Strategic Plan 2025-2028 On 13 February 2024, the Board of Directors approved the Group's 2025-2028 strategic plan. The plan outlines a sustainable growth path in the core businesses of gas distribution and renewable energies, enhancing the impact of investment initiatives already underway and with high visibility. These include the acquisition from the A2A Group of a number of gas distribution concessions in Lombardy, which should be finalised in July 2025 and will allow Ascopiave to further strengthen its presence in a regulated business with significantly stable profit margins. The development will take place under conditions of a balanced financial structure, ensuring a profitable and growing dividend distribution. Economic and financial highlights EBITDA to 2028: Euro 161 million (+ Euro 66 million compared to the 2024 budget); Net result to 2028: Euro 41 million (+ Euro 9 million compared to the preliminary 2024 result); Net investment 2025-2028: Euro 871 million; Divestments of minority interests 2025-2028: Euro 288 million; Net financial position to 2028: Euro 690 million; Financial leverage (Net Financial Position / Shareholders' Equity) to 2028: 0.76; Dividend payout forecast: 15 cents per share for the accounting period 2024, increasing by 1 cent per share in subsequent years until 2028. The plan is based on four key strategic pillars: growth in core businesses, diversification into synergetic sectors, economic and operational efficiency and innovation. The Group's strategy aims to pursue sustainable business success, integrating environmental, social and economic sustainability aspects, and is oriented towards the goal of stable value creation for shareholders, evolving a profitable relationship with other relevant stakeholders. Tender for sale of the shareholding of the Province of Treviso in Acantho S.p.A. On 24 February 2025, following the results of the public auction for the sale of the entire shareholding of the Province of Treviso held in Acantho S.p.A., Ascopiave S.p.A. was provisionally awarded the bid at a total price of Euro 3.4 million. Other important facts Efficiency and energy savings With regard to the targets to which the Group's natural gas distribution companies are obliged for energy efficiency certificates (TEEs), with the publication of the Ministerial Decree of 21 May 2021, the 2020 target was considerably reduced and the quantities of certificates subject to the targets for the four-year period 2021- 2024 were determined. For all of the Group's obligated distribution companies, it should be noted that in the November 2023 session, the 2021 target was completed, while in the May 2024 session, the minimum portion of the 2023 target was met. It is noted that the amount of securities allocated to the Group's distribution companies for the accounting period 2023 (May 2023 -June 2024) is 68,675 certificates while, for the accounting period 2024, it is 76,867 certificates. It should be noted that during the November 2024 session, the 2022 target was completed for all companies and 30% of the 2024 target was covered. At the closing date of this interim report on operations, the bodies in charge of defining the efficiency and energy saving targets had not yet disclosed the quantity of securities subject to the targets for the four-year period 2025- 2028. Consequently, the Group has made an internal estimate of the targets that could be assigned to the Group's distribution companies, quantifying the amount for the first quarter of 2025 at 19,217 securities. ‌Convention with municipalities on a shared procedure for the agreed quantification of the "Industrial Residual Value" of the networks The regulatory changes that have taken place over the last few years, and specifically the discipline that has provided for the selection of the distribution service manager by means of the so-called 'area tenders', have led to the need to determine the Residual Industrial Value (R.I.V.) of the plants owned by the Managers. In this respect, the concession agreements governed two paradigmatic situations, namely: early redemption (normally regulated by Royal Decree No. 2578/1925); repayment from the (natural) expiry of the concession. The eventuality of an ope legis expiry, prior to the commencement of the 'contractual' term, was (as a rule) not contemplated (and therefore regulated) in the concession deeds. In substance, the case at issue (early expiry imposed by law) represents a "tertium genus", in some respects similar to the exercise of early redemption (from which, however, it differs markedly due to the dearth of an autonomous will on the part of the Entity) and in other respects similar to the expiry of the term of the grant (which, however, has not expired). At least until Ministerial Decree 226/2011, there were no laws and/or regulations that precisely defined the methods and metrics for determining the V.I.R. of plants and that could therefore supplement the contractual clauses, which were in short supply. Even Legislative Decree 164/2000, until the amendment introduced first by Decree-Law 145/2013, and then by Law 9/2014 merely referred to Royal Decree 2578/1925 which, however, sanctioned the industrial estimation method without setting precise estimation parameters. This situation made it extremely opportune, if not necessary, to establish specific agreements with the municipalities aimed at arriving at a shared estimate of the Residual Industrial Value. The dearth of such agreements, in the past, has often led to disputes in both administrative and civil/arbitration courts. The situation of Asco Holding's shareholder municipalities was even more peculiar, in the sense that, with them, there was no actual concession deed in the canonical forms, but various acts of conferment into a company (the then Special Company) that at the same time sanctioned the continuation of the service previously performed by the Consorzio Bim Piave. It is evident that, as acts of contribution, a regulation of their own governing the redemption and/or expiry of the management was neither contemplated nor contemplated. With the aforementioned municipalities, Ascopiave therefore entered into an agreement that provided for the identification of an expert of recognised professionalism, competence and independence called upon to establish the fundamental metrics to be applied in calculating the Residual Industrial Value of gas distribution plants. The relative negotiated procedure, conducted with the criterion of the most economically advantageous offer, was concluded on 29 August 2011. The expert thus identified drew up the Report (made available on 15 November 2011) on "Fundamental Metrics for calculating the Residual Industrial Value of natural gas distribution plants located in the municipalities currently served by Ascopiave S.p.A.", approved on 2 December 2011 by the Board of Directors of Ascopiave S.p.A. and subsequently by all 92 municipalities with a Resolution of the Municipal Council. As part of the aforementioned process, mutual relations more strictly related to the management of the service were also regulated, providing for the payment of both lump sums (2010 - stipulation of supplementary deeds) in the amount of Euro 3,869 thousand, and (from 2011) of actual fees in variable amounts equal to the difference, if positive, between 30% of the Revenue Constraint recognised by the tariff regulation and the amount received by each individual municipality as a 2009 dividend (2008 budget). Compared to the negotiated procedure of the previous paragraphs, there are no new agreements or changes in the reference legislation. ‌Litigation The disputes pending in Group companies are described below. The disputes that have shown probable economic impacts have led to the recognition of specific provisions, while other disputes have not generated impacts on the Group's financial statements. No significant provisions have been set aside in relation to pending litigation. DISPUTES ON PLANT VALUE - CIVIL JURISDICTION As at 31 March 2025, there were no pending litigations. PLANT VALUE DISPUTES - ARBITRATIONS As at 31 March 2025, there were no pending litigations. ADMINISTRATIVE / CIVIL LITIGATION - RELATING TO GAS CONCESSIONS As at 31 March 2025, the following are pending: AP RETI GAS - MUNICIPALITY OF SOVIZZO A civil lawsuit initiated by the Municipality of Sovizzo, with a writ of summons served on AP Reti Gas S.p.A. on 21 February 2019. The Entity requested the payment of a concession fee of Euro 65 thousand/year starting from 01 January 2013. With a judgement dated 10 December 2021, the monocratic judge accepted the Municipality's request and ordered AP Reti Gas S.p.A. to pay Euro 65 thousand/year, from 2013 and until the end of the current management. The Company disagreed with the ruling and considered it unlawful and appealed (RG 95/2022). The first hearing was held on 16 May 2022 and the hearing for the statement of conclusions was held on 12 June 2023. In its ruling of 12 December 2023, the Venice Court of Appeal rejected AP Reti Gas's appeal, upholding the first instance ruling. The company paid what was due but also appealed in cassation. AP RETI GAS - MUNICIPALITIES OF CONCORDIA SAGITTARIA, FOSSALTA DI PORTOGRUARO AND TEGLIO VENETO Three administrative proceedings, pending before the Veneto Regional Administrative Court, brought by AP Reti Gas S.p.A. for the annulment of Resolutions nos. 92, 85 and 70 of the Municipal Council of 2020, whereby the three Authorities approved the respective estimates of the residual value of the plants, drawn up by the engineer appointed by the S.A. (Metropolitan City of Venice) using the ministerial LGs criterion, instead of, as obligatory under Article 15, paragraph 5 of Legislative Decree 164/2000 and as previously done, applying the duly and promptly agreed contractual metrics, with a lower value recognised to AP Reti Gas S.p.A, respectively, of about Euro 412 thousand, Euro 375 thousand and Euro 48 thousand. The Municipality of Concordia Sagittaria (at the behest of the Ambito S.A.) forwarded a further GC Resolution (No. 3/2022) with which it approved another estimate (again at ministerial LGs) that, albeit marginally, further reduces the reimbursement value recognised to AP Reti Gas S.p.A. The Company, therefore, provided for the relative appeal with additional grounds. Similarly, on 11/08/2022, the Municipality of Fossalta di Portogruaro forwarded GC Resolution No. 37/2022 (adopted in March) governing the approval of the estimated VIR (at LG), which exceeds the previous Resolution No. 85/2020. Even though the difference with the previous value (referred to in the contested Resolution No. 85/2020) is minimal (less than one thousand Euro), the Company had to proceed with an appeal with additional grounds, duly filed and notified within the terms. With regard to the dispute with the Municipality of Teglio Veneto, the Regional Administrative Court ordered a "verification" to ascertain whether the negotiation metrics are complete (and therefore usable to update the estimates). In this regard, it appointed Prof. Ing. Marella of the Department of Civil, Construction and Environmental Engineering (ICEA) at the University of Padua as CTU, while the company and the municipality appointed their own CTP. The hearing to discuss the outcome of the verification was set for 09 October 2024. The verifier, at the outcome of the in-depth investigations performed, established, in brief, that: " From the supplementary deed to the original agreement signed on 1 December 2011 and from the appraisal report acquired at the general protocol of the Municipality of Teglio Veneto no. 8309 of 18 December 2009 - all the methodological elements for the calculation and verification of the reimbursement value can be deduced (with the possibility of adjusting the reimbursement value, also following any updates to the state of consistency) with the exception of the actual consistency of the network sections affected by protection works, which was not indicated. This aspect, in any case, has a very limited influence, less than 2%, on the valuation of the network ". For the disputes with the municipalities of Fossalta di Portogruaro and Concordia Sagittaria, the Regional Administrative Tribunal set a hearing pursuant to Article 72-bis of the CPA (simplified ruling) for 22/05/2024, which was then moved to 19/11/2024. In view of the hearing, AP Reti Gas filed its final pleadings, explicitly referring to the conclusions of the Teglio Veneto verification, in order to emphasise the absolute homogeneity of the negotiation and expert's regulation. With Sentence No. 2913/2024, the Regional Administrative Court upheld AP Reti Gas's appeal, annulling the contested measure of the Municipality of Teglio Veneto, and apportioning the verification costs on a 50-50 basis. Similarly, by Ruling No. 2/2025, the Regional Administrative Court, extending the findings of the verification performed in the proceedings with the Municipality of Teglio Veneto, upheld the appeal of AP Reti Gas, annulling the contested measures of the Municipality of Concordia Sagittaria and awarding the costs of the proceedings. With regard to the similar dispute with Fossalta di Portogruaro, the Regional Administrative Tribunal, by Order No. 2992/2024, ordered the verification to be performed by the Director of the Department of Civil, Construction and Environmental Engineering (ICEA) at the University of Padua (the same Director already appointed for the dispute with Teglio Veneto). AP Reti Gas shall indicate the same CTP already indicated in the verification ordered in the case of Teglio Veneto. Expert activities are ongoing. ADMINISTRATIVE - CIVIL DISPUTES - NOT RELATING TO GAS CONCESSIONS As at 31 March 2025, the following are pending: AP RETI GAS - ANAC DELIBERATIONS 214 AND 215 / 2022 and DELIBERATION 584/2023 An appeal to the Regional Administrative Court for Lazio - Rome (R.G. 7980/2022), brought by AP Reti Gas S.p.A. (together with other leading operators of gas and electricity distribution services), for the annulment of ANAC Resolutions No. 214 and 215 of 2022, by means of which, the Authority, in alleged execution of Sentence No. 2607/2022 of the Lazio Regional Administrative Court, substantially reproduced what was set forth in the Chairman's Announcements, annulled for dearth of jurisdiction of the same Court. Previously, in fact, AP Reti Gas (together with other leading gas and electricity distribution service operators) had requested and obtained the annulment of the Press Release by the ANAC President dated 16 October 2019. Said measure, in substance, extended the obligations proper to contracts subject to the application of Legislative Decree 50/2016 (e.g. acquisition of CIG and payment of ANAC contribution) also to contracts excluded and even outside the application of the Code. With Sentence No. 2607/2022, the Lazio Regional Administrative Court upheld AP Reti Gas's appeal and annulled the contested measure, finding that the President had no jurisdiction with respect to the issuance of the same measure. ANAC, however, in alleged compliance with the Judgment, substantially reproduced the content of the measures annulled by the TAR in two resolutions (Nos. 214 and 215 of 2022). The measures were therefore appealed, for the most part, by re-proposing the 'substantive' complaints already prepared in the first judgement and not examined by the TAR, not because they were considered unfounded, but because the Court, pursuant to the CPA, considered the ruling of dearth of jurisdiction to be absorbent and exhaustive. By Resolution No. 584/2023, ANAC formally repealed Resolutions Nos. 214 and 215, but re-proposed entirely similar rules, albeit with some peculiarities. By means of an appeal on additional grounds, also in the form of an autonomous appeal, notified at the end of February 2024, within the time limits for appeal, the Company challenged the latter measure. At present, there are no further court proceedings. ASCOPIAVE / AP RETI GAS - ARERA DELIBERA ARG/GAS 570/2019 and DELIBERA 117/2021/R/gas (as well as the related access to documents procedure) An appeal to the Regional Administrative Court for Lombardy - Milan (R.G. 522/2020), brought against ARERA by Ascopiave S.p.A. and AP Reti Gas S.p.A. (together with other leading gas distribution service operators), for the annulment of Resolution 570/2019/R/gas, governing the " tariff regulation of gas distribution and metering services for the period 2020-2025 ". The new regulatory discipline provides for a strong and unjustified reduction of tariff items to cover the operating costs recognised to distributors. The appeal was filed on 25 February 2020. With an appeal on additional grounds dated 24 May 2021, an appeal was also filed against ARERA Resolution No. 117/2021/R/gas, governing the "Determination of the definitive reference tariffs for gas distribution and metering services for the year 2020". In fact, the Companies considered that the measure, being part of the determinations resulting from the tariff regulation set forth in Resolution No. 570/2019, could be further detrimental to the Group's distribution companies. At present, there are no further court proceedings. ASCO POWER - PROVINCE OF BRESCIA AND VALLE TROMPIA MOUNTAIN COMMUNITY A law-suit before Regional Administrative Court for Lombardy - Brescia (R.G. 828/2023) Superior Tribunal of Public Waters, filed by Morina S.R.L. (in the meantime merged by incorporation into Asco Renewables S.p.A., in turn merged into Asco Power S.p.A.), against the Province of Brescia and the Comunità Montana di Valle Trompia (the Mountain Community of Valle Trompia) for a declaration that: consequent to their non-exercise, the Comunità Montana di Valle Trompia (the Mountain Community of Valle Trompia) forfeited the hydroelectric concession granted by the Province of Brescia with its own executive determination no. 3099 of 3 August 2010 and the single authorisation pursuant to Article 12 of Legislative Decree 387/2003, granted by the same Province with its own executive determination no. 4501 of 24 July 2014; consequently, the prior consent of the Comunità Montana di Valle Trompia is not necessary for the transfer of the two aforementioned measures to the company Morina S.r.l. alone. The company also requested the disapplication or cancellation of the measure of the Province of Brescia, Prot. no. 159684/2023 of 22 August 2023 (which refers to the joint ownership of the concession). The Province and the Mountain Community entered an appearance to resist the company's action. With Sentence No. 916/2024, the Regional Administrative Court declared inadmissible the request to ascertain the forfeiture of the Comunità Montana della Valle Trompia from the ownership of the concession and the single authorisation issued by the Province of Brescia, rejecting the appeal for the remaining requests formulated by Asco Renewables, also condemning the company to pay the costs of the proceedings. In a nutshell, the Court's ruling stems from the fact that, prior to the appeal, the company had not formally asked the Province to sanction the forfeiture of the concession to the Mountain Community. Asco Renewables therefore did so with a special request sent on 19/12/2024 (which has not yet been received to date). ASCO POWER - VALLE TROMPIA MOUNTAIN COMMUNITY (hydroelectric concession of the Mella River) In connection with the above, a judgment was handed down by the Court of Brescia (R.G. 13537/2024), initiated by an appeal pursuant to Article 281-undecies of the Italian Code of Civil Procedure by the Valle Trompia Mountain Community - Comunità Montana di Valle Trompia (CMVT) - against Asco Renewables S.p.A. (formerly Morina, now Asco Power S.p.A.) to ascertain the termination of the Agreement of 21 March 2007, and therefore the exclusion of the company from the hydroelectric concession of the Mella River, granted to the then Morina and the CMVT by the Province of Brescia with its executive decision no. 3099 of 3 August 2010 and the single authorisation pursuant to Article 12 of Legislative Decree 387/2003, issued by the same Province by its executive decision no. 4501 of 24 July 2014. Asco Renewables (now Asco Power) was duly constituted. At the hearing on 27 March 2025, the Judge granted time for the submission of defence briefs, adjourning the case until the hearing on 5 June 2025. ASCO POWER - EXTRA PROFITS (Revenue Agency and other Entities) A lawsuit before the Lazio Regional Administrative Court - Rome (R.G. 10986/22), brought by Asco EG S.p.A., now Asco Power S.p.A. (notified on 16 September 2022), concerning the measures taken by the Italian Revenue Agency (Director's Measure No. 221978/2022, Resolution no. 29/E of 20 June 2022, Circular no. 22/E /2022) and other Entities (e.g. related ARERA Opinion), implementing the provisions of Article 37 of Decree Law 21/2022, converted with amendments by Law 51/2022 and subsequently further amended by Decree Law 50/2022, in turn converted with amendments by Law 91/2022. In the context of the appeal, questions of constitutionality and compliance with European law were raised in relation to the primary legislation. Similarly, in certain appeals brought by other companies before the Tax Commission, the question of jurisdiction before the Court of Cassation was also raised. The public hearing to discuss the merits of the appeal took place on 4 April 2023. The Regional Administrative Court ordered the case to be adjourned until 18 July 2023. At the end of the hearing, the Regional Administrative Court, by Order of 18 July 2023, ordered the suspension of the proceedings, by virtue of: the pending proceedings before the Court of Cassation concerning the question of the jurisdiction of the Administrative Court in the matter in dispute; and the pending proceedings before the Constitutional Court concerning the constitutional legitimacy of the legislation on which the contested acts and measures are based. By Judgment in joint session - Sentenza a Sezioni Unite S.U. - No. 29702/2023, the Court of Cassation established the jurisdiction of the Administrative Court. In Judgment No. 111/2024, filed on 27 June 2024, the Constitutional Court declared the constitutional illegitimacy of Article 37, paragraph 3, of Decree Law 21/2022, in the part in which it includes excise duties in the basis for calculating the extraordinary contribution. In light of the above rulings, on 30 July 2024, the company's lawyers filed a request for a hearing to continue the Proceedings. At present, no hearing date has been set. It should also be noted that, in the context of another case relating to the 2023 Budget Law (197/2022), the Constitutional Court, in its Order of 20 February 2025, referred to the EU Court of Justice for a preliminary ruling on the compatibility of the so-called 'solidarity contribution' (provided for in the same Budget Law) in the part in which the measure is imposed on all energy operators (therefore also companies that produce electricity from renewable sources). The same Order states, among other things, that: ' Another aspect that conflicts with Articles 3 and 53 of the Constitution lies in the duplication of taxation resulting from the simultaneous application, for four months (from January to April 2022), of the extraordinary contribution referred to in Article 37 of Decree-Law No. 21 of 21 March 2022 ...'. ASCO POWER - AID DECREE (ARERA Resolution No. 266/2022 and GSE Notice of 07/07/2022) A lawsuit before the Regional Administrative Court of Lombardy in Milan (R.G. 1774/22), brought by Asco EG, now Asco Power S.p.A., (notified on 08/09/2022), against ARERA Resolution No. 266/2022 and the GSE Communiqué of 07 July 2022, implementing Article 15 bis of Law Decree 4/2022, converted by Law 25/2022, and amended by Law Decree 115/2022, converted with amendments by Law 142/2022. As part of the appeal, the questions of constitutionality and conformity with Euroopean law of the primary legislation were raised. With Sentence no. 2676/2022 of 23 November 2022, the Regional Administrative Court upheld the appeal and consequently annulled ARERA Resolution 266/2022 and the consequent acts of the GSE. The reasons for the ruling were published on 09/02/2023. As a precautionary measure, (at the time) while awaiting the aforementioned reasons, on 6 December 2022, the Company, together with the other plaintiffs, filed a further appeal on additional grounds with the Regional Administrative Court of Lombardy - Milan, consequent to the supervening force of EU Regulation 2022/1854, for the annulment of all the measures resulting from Resolution No. 266/2022, as well as to ascertain the dearth of the prerequisites for the application of Article 15-bis of Legislative Decree No. 4/2022 and the consequent nullity of all the application measures issued by ARERA and GSE. 15 bis of DL 4/2022 and for the consequent nullity of all the application measures issued by ARERA and the GSE. The issues of constitutionality and compliance with Euroopean law of the primary regulation were also raised. Sentence No. 2676/2022 was appealed by ARERA to the Council of State (RG 10025/22), with a request for suspension of the first instance sentence. By order of 17 January 2023, the Council of State granted the precautionary petition and therefore suspended the enforceability of the contested ruling. Following the publication of the grounds of the Judgment of First Instance on 21 March 2023, the application to revoke the interim order was discussed. The Council of State, however, confirmed the suspension of the execution of the Judgment and set the public hearing on the merits for 05 December 2023. At the end of the hearing, the Council of State (which heard the appeal against the Judgement of the Lombardy Regional Administrative Court - Milan no. 2676/2022) upheld the company's request and postponed the public hearing, pending the decision of the EU Court of Justice. The hearing of 29 October 2024 was further postponed to a date to be determined pending the ruling of the EU Court of Justice. With regard to the further proceedings brought before the Lombardy Regional Administrative Court - Milan, by Order of 17 July 2023, the Court, in turn, suspended the proceedings pending the preliminary ruling of the Court of Justice of the European Union on the questions referred by the same Regional Administrative Court in a previous order of 7 July (adopted in proceedings concerning a completely similar matter). The European Court of Justice, on the question of the compatibility of Article 15 bis of Decree Law 4/2022 with EU Regulation 2022/1854, set the hearing for 11 July 2024, which was then postponed to 6 November 2024. On 6 February 2025 the conclusions of the Advocate General at the Court of Justice of the European Union were made public. In essence, the Advocate General considers that Article 15 bis of Decree Law 4/2022 is not incompatible with EU law (EU Directive 2019/944, EU Directive 2018/2001 and Regulation 1854/2022) on the grounds that the cap on market revenues obtained from the sale of energy was calculated on the basis of the average prices charged on the market over the last 10 years from 2010 to 2020, provided that the conditions set out in Article 8(2)(b) and (c) of EU Regulation 1854/2022 are met, namely that the cap on revenues: does not undermine investment signals; ensures that investment and operating costs are covered. The Judgement of the EU Court of Justice is pending. ASCO POWER - NOTICES OF PAYMENT OF STATE FEES FOR LARGE HYDROELECTRIC DERIVATIONS YEAR 2023 A lawsuit before the Superior Court of Public Waters (R.G. 136/2023), brought by Asco EG S.p.A., now Asco Power S.p.A., on 16/06/2023, against Regione Lombardia, for the annulment of the Lombardy Regional Council's Resolution of 12 April 2023 no. XII/136 "Determinations regarding the updating of the fixed component of the fee due from large hydroelectric derivations for the year 2023 in application of Article 20, paragraph 2, of Regional Law no. 5 dated 8 April 2020, as amended", published by Regione Lombardia Official Gazette no. 16 dated 18 April 2023 and of the consequent acts (e.g. Notice of expiry of the public water user fee 2023). In a nutshell, the company disputes the manner in which the inflation rate was adjusted and consequently the amount of the fee charged. The first hearing took place on 17 April 2024. In the meantime, the demand for payment of the 2024 fee was received. On 17 October 2024, the company filed an appeal on additional grounds against these additional payment notices. Moreover, the company nevertheless paid the fees (2023 and 2024) in the amount allegedly owed by the Region, accompanying the payment with a notice of non-acquiescence, highlighting the continuation of the dispute, and therefore of the litigation, in place. The next hearing is scheduled for 23/04/2025. ASCO POWER - CHALLENGE TO THE ACTS OF THE TENDER FOR REASSIGNMENT OF THE "CODERA RATTI-DONGO" LARGE HYDROELECTRIC DERIVATION CONCESSION A case before the Superior Court of Public Waters (RG 118/2024), brought by Asco EG S.p.A., now Asco Power S.p.A., with an appeal dated 21/06/2024, against the Region of Lombardy, for the annulment of the tender documents relating to the re-assignment of the "Codera Ratti-Dongo" large hydroelectric derivation concession, with a request for suspension of the procedure. The company objected to two clauses (considered to be exclusionary): the first related to one of the requirements (plant management with power greater than 10 MW) that appears to be out of line with the characteristics of the plants subject to the tender, and the second governing the introduction of the condition under which, in order to enter into the contract, the successful bidder would have to waive all disputes governing state fees outstanding with the Lombardy Region. The Superior Court set the hearing for 4 September 2024. At the same hearing, the appeals brought by other operators (A2A and Edison) were also dealt with. At the hearing, the Adviser-RapportEuro brought together all the judgments relating to the tender, asking the claimants' lawyers whether they were willing to waive the interlocutory applications in return for an effort by the Judge to shorten the time of the judgments, with the scheduling of the hearing on the merits shortly. The company's lawyers agreed to the proposal. The Court rejected the interlocutory application 'reiterated' by another applicant and set the hearing for the discussion of the merits for 27 November 2024. In the meantime, the company requested an extension of the deadline for submitting bids (set in the tender documents at 18/10/2024), giving the appropriate reasons. The region, however, rejected the request. The parties filed their closing briefs at the end of November. The Company, specifically, took pains to emphasise the peculiar arguments by virtue of which it remains interested in a ruling on the merits, despite Codera Ratti Dongo's non-participation in the tender. AP RETI GAS - CLAIM FOR DAMAGES FOR SUPPLY INTERRUPTION VS AP RETI GAS VICENZA A lawsuit, pending before the Court of Vicenza (R.G. 339/2020), brought against AP Reti Gas Vicenza (now merged into Ap Reti Gas S.p.A.), for compensation for damages resulting from the temporary interruption of the supply (which occurred during the performance of activities on the distribution network, entrusted to the contractor Costruire e Progettare in Lombardia (Build and Design in Lombardy)- CPL), brought by Ariston Cavi S.p.A. The company, while hoping for an amicable solution, duly entered an appearance and, in the exercise of its negotiating indemnity, sued the contractor. The hearing for closing arguments took place on 11 May 2023. In its judgement of 16.10.2023, the Court of Treviso upheld Ariston Cavi's claim, finding that the extent of the alleged damage had been proved. The ruling also upheld AP Reti Gas Vicenza's claim for indemnity and ordered CPL to pay the costs of the litigation. The outcome of the Court, therefore, can be considered positive. The judgement has become final. Therefore, from the next quarterly report the case will no longer be included among the pending litigations. ASCO POWER - FIN ENERGY S.A. (Capital increase of Asco EG) A lawsuit before the Court of Enterprises of Venice (R.G. 5768/22), initiated by Fin Energy S.A., a minority shareholder of Asco EG, now Asco Power S.p.A., against the same company, with a petition notified on 03 August 2022, challenging the capital increase resolved by the shareholders' meeting of Asco EG on 27 May 2022, by means of an appeal against the relevant resolution. The Company, considering the claim unfounded, entered an appearance within the time limit. The first two hearings took place on 21 December 2022 and 19 July 2023. The witness hearing took place on 12 October 2023. The Judge set deadlines for the filing of closing statements and rebuttal briefs for 17 June 2024 and 8 July 2024, respectively. In its Judgment of 02 October 2024, the Court of Venice rejected Fin-Energy's claims in their entirety, ordering the latter to pay Asco EG's costs. On 28 February 2025, Fin Energy served an appeal against the first instance judgment, summoning Asco Power to the hearing scheduled for 11 June 2025. Fin-Energy, with a writ of summons dated 28 February 2025 (for a hearing on 11 June 2025), appealed the Judgement c/o the Court of Appeal of Venice. The company entered an appearance for the confirmation of the first instance Judgement. ASCO POWER - FIN ENERGY S.A. (Resolution of the shareholders' meeting to merge Asco Renewables into Asco EG) A lawsuit before the Companies Court of Venice (RG 1456/2025), initiated by Fin Energy S.A., a minority shareholder of Asco EG (now Asco Power S.p.A.), against the same company, with a writ of summons served on 13 January 2025 for the hearing of 27 May 2025, requesting the appointment of a representative of the Company pursuant to Article 78 of the Italian Code of Civil Procedure. (considering that the current legal representatives of Asco EG S.p.A. are representatives of Ascopiave S.p.A.) and the annulment or declaration of nullity, or in any case the invalidity of the resolution adopted on 14 October 2024 by the extraordinary shareholders' meeting of Asco EG S.p.A, of approval of the merger project by incorporation of Asco Renewables S.p.A. into Asco EG S.p.A.. On the merits, Fin Energy disputes the exchange ratio, arguing that the shareholding in its favour should be 12.3%, instead of the 9.8% envisaged in the merger plan, approved by the Extraordinary Shareholders' Meeting of 14 October 2024. The difference (2.5%), according to Fin Energy's prospectus, would have a countervalue of approximately Euro 4.45 million. The company, considering the claims unfounded, entered an appearance to resist the plaintiff's action. ASCO POWER - CLAIM FOR COMPENSATION OF FORMER ADMINISTRATOR A lawsuit, at the Court of Enterprises of Venice (RG 7212/2024), brought by a member of the Board of Directors of Eusebio Energia, (now Asco Power S.p.A.) with an appeal pursuant to Article 281 undesdecies of the Code of Civil Procedure, in which he, deeming unlawful the manner in which he was terminated from office, sued Asco EG, as assignee of Eusebio Energia, for recognition of the loss of earnings for the period from 1 January 2014 to 30 June 2016, quantified in Euro 500,000, plus CP and VAT. The company entered an appearance, contesting the claim, with both procedural and substantive arguments. The hearing has been set for 06 February 2025. In Judgement No. 784 of 12 February 2025, the Court confirmed the company's position and declared the appeal inadmissible (given a previous judgement that had recognised arbitral jurisdiction), sentencing the plaintiff to pay the costs (Euro 17,500, plus expenses). ASCO POWER - PROVINCE OF VERBANO CUSIO OSSOLA (Appeal against Injunction Order) A lawsuit before the Court of Verbania (R.G. 64/2023, then 161/2023), initiated by Sangineto Energie S.R.L. (later merged into Asco Renewables S.p.A., now Asco Power S.p.A.) with the notification of the appeal pursuant to Article 22 of Law 689/1981, against the Province of Verbano Cusio Ossola, for annulment and/or a declaration of nullity and/or revocation, subject to suspension, of the Provincia's injunction order of 10 January 2023, prot. No. 299, Rep. no 1/2023, by which the Ente is claiming from Sangineto Energie (as assignee of Sant'Anna S.R.L.) and from Fusio S.R.L, EVA Renewables Assets S.p.a. and Ing. S. B., jointly and severally, the payment of the amount of Euro 1,248,000.00, as the sum deriving from the penalty of Euro 1,600.00 (equal to the minimum amount) multiplied by 780 violations (of which 778 reports have been served) allegedly ascertained by the Carabinieri forestry officers (between 23 September 2015 and 05 April 2016), relating to the storage of material resulting from the construction of a diversion tunnel serving the hydroelectric plant in the municipalities of Falmenta, Gurro and Cavaglio Spoccia. The Company disputes both the inclusion in the perimeter of debtors, the quantum claimed, and the very legitimacy of the procedure adopted to impose the penalty. The Court of Verbania set the hearing for discussion on 23 May 2023, then postponed to 21 June 2023. By order of 06 November 2023, the Court suspended the enforceability of the order issued by the Verbano Cusio Ossola Province, prot. no. 299, dated 10 January 2023, Rep. no. 1/2023 against (among others) Sangineto Energie. It then adjourned the discussion and decision to the hearing on 9 July 2024, which was then further adjourned to 8 October 2024. In a petition dated 2 February 2024, the Province asked the Judge to grant the Parties, pursuant to and for the purposes of Article 101, paragraph 2, of the Code of Civil Procedure, a term to file observations and documents on the issue raised ex officio by the Ill. Judge, regarding the status of Sant'Anna S.r.l. as owner of the land/construction site affected by the construction of the hydroelectric plant and the relative excavated earth and rocks. The company, in addition to pointing out the merger of Sangineto Energie into Asco Renewables, responded by claiming the inadmissibility of the Province's petition, as well as reiterating the unfounded nature of the entity's claims. In view of the hearing on 8 October 2024, the Province's lawyers asked the judge to postpone the hearing on 8 October in order to attempt an amicable settlement of the matter. The lawyers of the other parties, including those of the company, acceded to the request. As a result, the hearing was postponed to 15 November 2024. The feared understanding, however, was not reached, resulting in the continuation of the case. By judgment of 23 December 2024, the Court of Verbania upheld Asco Renewables' claim and consequently, annulled the injunction order prot. no. 299, rep. no. 1/2023, dated 10 January 2023 issued by the Province of Verbano-Cusio-Ossola, awarding the costs of the proceedings. ASCO POWER - NOTIFICATION OF INJUNCTION ORDERS OF THE VENETO REGION FOR FREE ELECTRICITY SUPPLY A lawsuit, to be initiated against the Veneto Region, brought by Asco Power S.p.A., for the cancellation of the Injunction Orders, relating to the years 2021, 2022 and 2023, with which the Entity requested the payment of the value of the electricity to be supplied free of charge for the hydroelectric concession of the Collicello plant. The company is in the process of preparing the lawsuits, contesting the aforementioned measures, since, as repeatedly pointed out to the Veneto Region, the relative fulfilment was addressed to the Autonomous Province of Trento, the Entity that, at the time, was legitimated to demand it. It should be noted that, as far as is known, a dispute is still pending between the two Entities concerning the ownership of the 'proceeds' of the same plant. PROCEEDINGS RELATING TO ADMINISTRATIVE OFFENCES PURSUANT TO LEGISLATIVE DECREE 231/2001 As at 31 March 2025, the following are pending: ASCO POWER - NOTICE OF CONCLUSION OF INVESTIGATIONS BY THE BRESCIA COURT OF FIRST INSTANCE An administrative proceeding pursuant to Legislative Decree No. 231/2001 against Asco EG, now Asco Power S.p.A. (exclusively) as the assignee of Eusebio Energia, resulting from the crime of "environmental pollution" pursuant to Article 452-bis of the Italian Criminal Code charged against the then CEO (in addition to the legal representative of the contractor entrusted with the management of the Isola and Mantelera plant), which was made known to the company following the notification of the notice of conclusion of investigations, on 06 November 2024. The disputed facts (between March 2020 and March 2021) refer to the period prior to Ascopiave's acquisition of Eusebio Energia. The latter, therefore, is entirely unconnected with the concrete events that led to the aforementioned dispute. Moreover, none of the current directors, nor any other employees of the Group, are involved in the investigation and/or, much less, in the ensuing measures. Asco EG filed the "Application for consent to the application of the penalty on request, pursuant to Article 63 of Legislative Decree 231/2001" c/o the competent Public Prosecutor's Office of Brescia. This only provides for the pecuniary sanction, indicated in a total amount of Euro 58,800.00, with the exclusion of interdictory sanctions and confiscation due to the non-existence of the conditions indicated in Article 13 of Legislative Decree No. 231/2001, given that the company did not derive any greater profit from the contested conduct. A response is currently awaited. **** Effective 01 January 2024, Asco Renewables merged the companies Eosforo S.R.L., Morina S.R.L. and Sangineto Energie S.R.L., as well as Asco Energy S.p.A., by incorporation. With effect from 11.59 p.m. on 31 December 2024: Asco Renewables was merged by incorporation into Asco EG S.p.A., which, at the same time, changed its company name to Asco Power S.p.A.; Salinella Eolico S.r.l. changed its name to Asco Wind & Solar S.r.l.; the intra-group mergers and demergers project, which reduced the structure of the distribution companies to only AP Reti Gas S.p.A. and AP Reti Gas Nord Ovest S.p.A. (formerly Romeo Gas S.p.A.), took effect. **** FORCED ACCESS - DEFAULT SERVICE The distribution companies of the Ascopiave Group, following their regulatory obligation to do so (with particular reference to Article 40.2a of the TIVG), take action, as a rule pursuant to Article 700 of the Italian Code of Criminal Procedure, in order to obtain forced access to property and be able to disconnect the utilities served under the Default Service Directive (SDD) delinquency regime. Appeals are directed against end customers (or de facto users). For this purpose (and in order to comply with regulatory requirements), a management procedure has been defined that starts with the activation of the SDD and ends with its termination (for one of the various hypotheses envisaged). It provides for the carrying out of closure attempts in the ordinary forms, the obtaining of information, the carrying out of registry checks and/or attempts to contact the end customers involved, the transmission of notices and warnings and, finally, where these initiatives are unsuccessful (originally, limited to users with AC > 500 scm/year, now with AC > 5000 scm/year - see below), the commencement of emergency legal action. Currently, they are: No. 0 files filed (hearings already fixed and/or already under consideration); No. 4 files under enforcement; No. 1 file with critical procedural issues (e.g. with appeal and/or complaint rejected); No. 0 files under management (for which the filing of the appeal may therefore be necessary) [NB due to Resolution 379-2024-R-gas, discussed below, the reference is to users with annual "AC" consumption exceeding 5,000 scm]. With Resolution No. 379-2024-R-gas ARERA introduced extremely significant changes to the regulation. In a nutshell, the withdrawal limit beyond which the distributor is obliged to file a lawsuit (for forced access to the meter) has been changed, from 500 scm/year to as many as 5,000 scm/year. This will lead, in essence, to the near zeroing of the related practices. The Resolution also provides for the abandonment of pending (not already decided) proceedings. Therefore, the annual number of cases for which a lawsuit will probably have to be taken in 2025, for AP Reti Gas S.p.A. and AP Reti Gas Nord Ovest S.p.A., can be roughly estimated at between 1 and 3 actions. ‌Relations with the Internal Revenue Service ROBIN TAX The companies Ascopiave, Ap Reti Gas Rovigo, Edigas Esercizio Distribuzione Gas, Unigas Distribuzione (merged into Ascopiave) and Asco Energy (ex. Veritas Energia) starting from the year 2008 were subject to the additional IRES (Robin Tax) introduced by Article 81 DL. 112/2008. Subsequently, in the course of 2015, the Constitutional Court declared the constitutional illegitimacy of the aforementioned tax and following this ruling, the companies requested the refund of the tax unduly paid, filing the various appeals on the basis of a retroactive interpretation of the aforementioned ruling, also supported by an opinion formulated by a constitutional lawyer. After negative rulings by the respective Regional Tax Commissions, the companies appealed to the Supreme Court of Cassation. In March 2022, the first negative orders were communicated, with the rejection by the Constitutional Court of the appeal promoted by AP Reti Gas Rovigo and Edigas Esercizio Distribuzione Gas, which proceeded with the presentation of the appeal to the European Court of Human Rights. In October 2024, the rejection by the Constitutional Court of the appeal promoted by Ascopiave and Asco Energy was announced. VENETO REGIONAL DIRECTORATE AUDIT In the month of September 2019, a short access began against the companies Ascopiave S.p.A. and Ascotrade S.p.A. (the latter merged into EstEnergy S.p.A. with effect from 1 October 2022) by the Veneto Regional Directorate of the Agenzia delle Entrate (hereinafter Revenue Agency) in relation to Ires, Irap and Iva, with respect to the annual periods ranging from 2013 until the date of access. The first phase of the audit activities led to the issuance on 29 October 2019 of a Formal Notice of Findings against Ascotrade S.p.A., a company sold on 19 December 2019 to the Hera Group and subject to a specific guarantee, containing findings regarding direct and indirect taxes related to the years 2013 and 2014. With sentence No. 577/2023 issued by the Veneto Court of Tax Appeals of second instance, the company obtained the definitive annulment of the assessment acts, a sentence not appealed by the losing Revenue Agency. With reference to subsequent accounting periods, the audit activities continued with the issuance on 29 September 2020, against Ascotrade S.p.A., of the Formal Notice of Assessment referring to the year 2015, subsequent to which, subsequent to the presentation of specific pleadings, the Inland Revenue issued the notices of assessment on 23 December 2020, subject to the subsequent appeal by the company before the Provincial Tax Commission of Venice, which was accepted with the sentence of 23 February 2022, which provided for the annulment of the relative contested acts. On 15 November 2022, the Revenue Agency filed an appeal, discussed on 12 July 2024, which was then rejected by the Veneto Court of Second Instance Tax Court with sentence no. 751/2024, which sentenced the Revenue Agency to pay the costs of the litigation. On 23 December 2021, Ascotrade S.p.A. was served notices of assessment relating to Ires for the years 2016 and 2017, as well as Irap and VAT for the years 2016, 2017 and 2018, for which an appeal was filed on 18 February 2022. On 04 July 2023 the Tax Court of First Instance of Venice filed ruling no. 315/2023 in which it accepted the appeal, providing for the annulment of the relevant contested acts. On 2 February 2024, the Revenue Agency filed an appeal, discussed on 12 July 2024, which was then rejected by the Veneto Court of Tax Justice of second instance with ruling no. 752/2024, which ordered the Revenue Agency to pay the costs of the litigation. On 13 December 2023, EstEnergy (following the merger of Ascotrade S.p.A.) was served a notice of assessment relating to IRES, IRAP and VAT for the 2019 tax year, for which an appeal has been filed. To date, no hearing has yet been set for the hearing of the appeal. Finally, on 31 December 2024, the notice of assessment relating to IRES, IRAP and VAT for tax year 2020 was served. The company, with the support of its tax advisor, considers the risk as 'possible' or 'remote' and therefore has not made any provision. ‌Territorial areas Regulatory Developments Starting in 2011, the regulatory framework of the sector was significantly increased with the issuance of the Decree of 19 January 2011, which identified the Minimum Territorial Areas (ATEMs), followed by the so-called Occupational Protection Decree of 21 April 2011, implementing Paragraph 6 of Article 28 of Legislative Decree No. 164 of 23 May 2000, and the Decree of 18 December 2011, which identified the municipalities that are part of each Ambit. Of fundamental interest is also Decree 226 of 12 November 2011 (the so-called Metrics Decree), containing the regulation governing the tender metrics and the scores resulting from the evaluation of the offer for the entrusting of the gas distribution service. The Ascopiave Group, like many other operators, had substantially welcomed the regulatory framework summarised above, believing that it could create important investment and development opportunities for qualified medium-sized operators, moving in the direction of a positive rationalisation of supply. Subsequently, however, the disciplinary context was further modified. Decree Law No. 145/2013, converted, with amendments, into Law No. 9/2014, reformed the regulations on the determination of the reimbursement value of the plants due to the outgoing operator at the end of the so-called 'Transitional Period'. Law 9/2014 amended Article 15 of Legislative Decree 164/2000, providing that: the reimbursement to be paid by the new operator was calculated (first and foremost) pursuant to the provisions of the agreements and contracts and, to the extent that it cannot be deduced from the will of the parties as well as for the aspects not governed by the same agreements or contracts, on the basis of the Guidelines on metrics and operating procedures for the assessment of the reimbursement value referred to in Article 4, paragraph 6, of Decree-Law 69/2013, converted, with amendments, by Law 98/2013; in any case, private contributions relating to locational assets, valued according to the methodology of the tariff regulation in force, were deducted from the reimbursement value (VR or VIR); where the VIR is greater than ten per cent of the locality RAB, the granting local authority, prior to the publication of the call for tenders, must transmit to ARERA the relevant detailed evaluations in order to allow the Authority to perform a congruity check (so-called VIR / RAB variance). On 6 June 2014, pursuant to the aforementioned regulatory provisions, the Decree of 22 May 2014 was published approving the "Guidelines on Metrics and Application Modalities for the Evaluation of the Reimbursement Value of Natural Gas Distribution Facilities" called to define the metrics to be applied for the evaluation of the reimbursement value of facilities, in the absence of a full negotiated regulation and/or to supplement those aspects not provided for in the agreements or contracts. The 'Guidelines' presented several critical aspects not only in terms of the consequent valuation, but also in terms of the scope of application, which was extremely broad, to the point of deeming ineffective the VR agreements entered into between operators and municipalities after 12 February 2012 (the date on which Ministerial Decree 226/2011 came into force). Moreover, the Guidelines themselves did not implement, and indeed were in conflict with the provisions of Article 5 of Ministerial Decree 226/2011 in force at the time (contrary to the regulatory provision that referred to Article 4, paragraph 6 of Law Decree 69/2013, which, in turn, made explicit reference to Article 5 of Ministerial Decree 226/2011). In consideration of these profiles of alleged illegitimacy, Ascopiave S.p.A., together with other leading operators, challenged the Ministerial Decree of 21 May 2014 (and thus the Guidelines) with an appeal to the Regional Administrative Court of Lazio, in which a question of both constitutional and community legitimacy was raised, referring above all to the (substantially retroactive) interpretation of the new rules governing the deduction of private contributions established by Law 9/2014 and the limit of effectiveness of previous agreements between operators and municipalities. Subsequently, with Resolution 310/2014/R/gas - 'Provisions on the determination of the reimbursement value of natural gas distribution networks', the Sector Authority regulated the methods for verifying the VIR / RAB deviation. Law No. 116/2014 (converting, with amendments, Decree-Law No. 91/2014) introduced a further amendment to Article 15 Paragraph 5 of Legislative Decree No. 164/2000, confirming that the redemption value must be calculated, first and foremost, pursuant to the provisions of the agreements or contracts, (but) provided that the latter were entered into prior to the date on which Ministerial Decree No. 226/2011 came into force, i.e. prior to the date of 12 February 2012, thereby "endorsing" the retroactivity of the application of the Guidelines. On 14 July 2015, Decree 106/2015 amending DM 226/2011 was published. The amendment, specifically, introduced: a partial amendment of the provisions on VR to be applied in the absence of specific agreements between the parties. In substance, what is already provided for in the Guidelines is largely taken over; the increase of the maximum threshold of the amount of annual fees that can be offered in tenders to local authorities, raised from 5%, to the current 10% of the main components (not all of them) of the Tariff Revenue Constraint (VRT); the regulation of some important technical-economic aspects, related to the energy efficiency investments to be included in the offer, governing the valorisation of the amounts recognisable to local authorities and the (partial) tariff recognition of the coverage of the related costs. Law 21/2016 converting the so-called 'Decreto Mille Proroghe' (Extensions Decree) provided for the final extension of the deadlines for the publication of calls for tenders, also regulating the timing of the substitutive interventions of the Regions, or, as a last resort, of the Mi.SE, and repealing the penalties for delay previously provided for municipalities. In essence, to date, the above-mentioned deadlines have been largely missed. In recent years, a number of calls for tenders have been published to entrust the service with the Ambit procedure. Many, however, have not followed the procedure provided for by the regulations, in terms of prior examination by ARERA of both the VR, the VIR-RAB deviation, and the overall contents of the call for tenders and its annexes. Moreover, most of the tenders deviated, even significantly, from the tender evaluation metrics. In essence, the standardisation of the tendering process, as envisaged by the regulations, has encountered serious difficulties in imposing itself. Law 124/2017 (Annual Law on the Market and Competition) introduced innovations in order to reduce timeframes and simplify the verification process. In particular: The granting local authority is given the opportunity to certify (also through an appropriate third party) that the reimbursement value was determined by applying the provisions contained in the Guidelines, and this concludes the process if the aggregate VIR-RAB variance of the Ambit does not exceed 8 per cent and the VIR-RAB variance of the municipality concerned does not exceed 20 per cent; if the value of the net fixed assets of locations is misaligned with respect to the sector averages as defined by the Authority, the value relevant for the calculation of the VIR-RAB deviation is determined by applying the parametric valuation metrics defined by ARERA (now Article 24 of the RTDG); it is envisaged that the Authority, by means of its own provisions, shall define simplified procedures for the evaluation of calls for tenders, where these are drawn up in compliance with the model call for tenders, the model specifications and the model service contract, specifying that, in any case, the tender documents may not deviate from the maximum scores provided for in Articles 13, 14 and 15 of Decree No. 226/11 (except within the limits provided for in the same articles with regard to certain sub-metrics). The Authority implemented the provisions of Law 124/2017 with Resolution 905/2017/R/gas dated 27 December 2017. In the meantime, art. 1, paragraph 453 of Law 232/2016 sanctioned the authentic interpretation of art. 14, paragraph 7 of Legislative Decree 164/2000, in the sense that the outgoing operator remains obliged to pay the concession fee, where provided for in the original concession contract. With respect to the duration of the so-called "transitional period", for the concessionary relationships prior to the enactment of Legislative Decree 164/2000, considering all the extensions provided for by the measures that followed one another over time, together with the optional extensions attributable by the Municipalities up to the enactment of Legislative Decree 93/2011, two alternative " ope legis " expiry dates were identified, on 31 December 2012 and 31 December 2010, depending, respectively, on whether or not the concession had been awarded through a comparative procedure, even if extremely simplified. In the absence of the identification of a new area manager, subsequent to the expiration of the aforementioned terms, pursuant to the combined provisions of Article 14, paragraph 7 of Legislative Decree No. 164/2000, Article 24, paragraph 4 of Legislative Decree No. 93/2011 and Article 37, paragraph 2 of Law Decree No. 83/2012, the outgoing managers are obliged to continue the ordinary management of the service, without interruption. To date, the regulatory framework has been further supplemented and amended by Law No. 118/2022, which, in Article 6, on the one hand, provided for the possibility for municipalities to sell, at the time of the tender, the sections they own with VIR valuation, determined in application of the Guidelines, while on the other, it provided for the renewal of Ministerial Decree No. 226/2011. This, however, despite the six-month deadline set by Law 118/2022, has not yet been reformed. The extreme proliferation of regulations following Ministerial Decree 226/2011, often without the necessary structure and followed by various disputes, has substantially prevented the implementation of the ATEM system hypothesised since the introduction of Article 46-bis of Law Decree 159/2007 (converted, with amendments, into Law 222/2007). Only very few Ambits, in fact, have seen the tender process completed. Among these are Milan 1, Aosta, Udine 2 and Belluno (with respect to the latter, please refer to what is stated below). Tenders of interest The Municipality of Belluno, the contracting station of the Belluno Atem, published the call for tenders for the concession of the service (open procedure) in December 2016. In September 2017, the Group company AP Reti Gas S.p.A. submitted its offer. The tender acts were challenged by a participating operator. In Judgment No. 886/2017, the Veneto Regional Administrative Court rejected the appeal. The pronouncement was then confirmed by the Council of State, with Sentence of 22 January 2019. At the end of the bid evaluation, AP Reti Gas S.p.A. was the best bidder for the technical part, but ranked second in the overall score, behind Italgas Reti S.p.A. AP Reti Gas, believing that there were many profiles of inconsistencies in the tender of the winning bidder, challenged the outcome of the tender, but the appeals (at first instance to the Veneto Regional Administrative Court and on appeal to the Council of State) were not upheld. The handover of management to Italgas Reti took place on 1 February 2024. In December 2018, the Municipality of Schio, contracting station of the Atem Vicenza 3 - Valli Astico Leogra e Timonchio, published the call for tenders (restricted procedure). At the time, in this area, the Group companies AP Reti Gas S.p.A. and AP Reti Gas Vicenza S.p.A. managed the service in 28 municipalities, for a total of over 80,000 users. Subsequently, the management perimeter was implemented following the entry of Romeo Gas S.p.A. into the Group. AP Reti Gas S.p.A. and AP Reti Gas Vicenza S.p.A., as a precautionary measure aimed at avoiding future risks of forfeiture with respect to the content of the Notice, which was deficient in several essential aspects (e.g. indication of the reimbursement values, tender specifications, etc.), challenged the Notice, with an appeal to the Veneto Regional Administrative Court, notified on 16 January 2019. In Judgment No. 667/2019 of 3 June 2019, the Regional Administrative Court declared the appeal inadmissible on the grounds that the contents of the tender documents would necessarily have to be supplemented by the Contracting Authority in the continuation of the procedure. The ruling was positive for the applicants, overcoming the objective concern that the tender procedure might crystallise and continue on the basis of incorrect values. For that reason, it was not appealed. Subsequently, after several extensions, the tender process was and is currently suspended. ‌Significant events after the end of the first quarter of the financial year 2025 Ordinary Shareholders' Meeting of 17 April 2025 The Ordinary Shareholders' Meeting of Ascopiave S.p.A. was held on 17 April 2025, chaired by Mr Nicola Cecconato. The Ordinary Shareholders' Meeting of Ascopiave S.p.A. approved the financial statements for the financial year and acknowledged the consolidated financial statements of the group as at 31 December 2024, which show a consolidated gross operating margin of Euro 103.4 million and a consolidated net profit of Euro 36.5 million. The Shareholders' Meeting resolved to allocate the 2024 net profit of Euro 28,402,936.91 to the distribution of dividends and to approve the distribution of a portion of the available reserve "Extraordinary reserve fund" for an estimated amount of Euro 4,062,741.49, and in any case sufficient to allow the distribution of a total dividend of Euro 0.15 gross per share outstanding (excluding treasury shares held on the record date), for a total amount, calculated taking into account the number of treasury shares held by the Company on 6 March 2025, of Euro 32,465,678.40 (of which Euro 28,402,936.91 deriving from the profit for the financial year and Euro 4,062,741.49 from a portion of the available reserve "Extraordinary reserve fund"). The ordinary dividend was paid on 7 May 2025 with an ex-dividend date of 5 May 2025 (record date 6 May 2025). In addition, the Shareholders' Meeting approved, with a binding vote, the first section of the report on remuneration policy and remuneration paid, prepared in accordance with Article 123-ter of Legislative Decree No. 58 of 24 February 1998 (the "TUF") (i.e., the remuneration policy for the 2025 financial year) and expressed a favourable advisory vote on the second section of the report on remuneration policy and remuneration paid, prepared in accordance with Article 123-ter of the TUF (i.e., the report on remuneration paid in the 2024 financial year). Finally, the Shareholders' Meeting approved the authorisation to purchase and dispose of treasury shares, subject to revocation of the previous authorisation granted by the Shareholders' Meeting on 18 April 2024, for the part not executed. On 5 May 2025, the minutes of the Shareholders' Meeting were made available to the public at the company's registered office and disseminated and stored in the "eMarket Storage" system of Teleborsa S.r.l. and published on the website https://www.gruppoascopiave.it within the terms established by law. ‌Dividend distribution On 17 April 2025, the Shareholders' Meeting approved the annual financial statements and resolved to distribute an ordinary dividend of Euroo 0.15 per share with an ex-dividend date on 5 May 2025, record date on 6 May 2025 and payment on 7 May 2025. ‌Treasury shares Pursuant to Article 40 of Legislative Decree 127, paragraph 2 d), it is acknowledged that as of 31 March 2025, the company held 17,973,719 treasury shares for a value of Euro 55,987 thousand, which are recognised as a reduction of other reserves as can be seen in the statement of changes in shareholders' equity.

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