ADMIE IPTO S A : Press Release for Financial Results H1 2021

Press Release

Regulatory Information

ADMIE HOLDING S.A.

First Half 2021 Financial Results

ADMIE HOLDING S.A:

• Net Profit EUR 20.6 million (+2.8% compared to the first half of 2020)
• In September 2021 the Company distributed:
• • the remaining gross share per share of EUR 0.018 concerning the fiscal year 2020 which was approved by the Annual General Meeting and
  • gross interim dividend per share of EUR 0.085 concerning the fiscal year 2021 leading to a total payment of EUR 0.103 per share.

IPTO GROUP: Resilience to operating performance and net profitability with acceleration of the

investment programme

• Total Revenues reached EUR 137.9 million, an increase by 0.2% compared to H1'20.
• Revenue from Transmission System Rent amounted to EUR 130.8 million, marking a decrease of 0.3% compared to EUR 131.2 million in H1'20.
• Consolidated EBITDA reached EUR 96.7 million (from EUR 96.9 million in H1'20). The adjusted EBITDA stood at EUR 94.2 million versus EUR 97.3 million in H1'20, recording a decrease of 3.2%.
• Capital Expenditure reached EUR 153.7 million, recording an increase of 25.3% in an annual basis.
• Strong Financial position, with Net Debt at EUR 675 million.

Athens - September 29th, 2021 - ADMIE HOLDING S.A. (RIC: ADMr.AT, Bloomberg: ADMIE.GA, Athens Stock

Exchange: ADMIE), hereafter "the Company", owner of a 51% of IPTO GROUP announces today its financial results for the period ended June 30th, 2021, prepared in accordance with International Financial Reporting Standards (IFRS).

Overview ADMIE HOLDING S.A.

Amounts in EUR million	Q2 2021	Q2 2020	D%		H1 2021		H1 2020	D%
Income from Affiliate, equity method	12.5	9.51	31.9%		20.8		20.1	3.9%
EBITDA	12.4	9.4	31.4%		20.5		19.9	3.2%
ΕΒΙΤ	12.4	9.4	31.3%		205		19.9	3.2%
Net profit	12.4	9.5	30.4%		20.6		20.0	2.8%
Profit per share (EUR)	0.05	0.04			0.09		0.09
Amounts in EUR million						31.12.2020
				30.06.2021
Cash and cash equivalents, end of period					28.2		34.4	-18.0%

F I N A N C I A L P E R F O R M A N C E 2 0 2 1 | 1

Press Release

Regulatory Information INDEPENDENT POWER TRANSMISSION OPERATOR (IPTO) S.A., hereafter "the Affiliate" also provided financial results under IFRS for the period ended June 30th, 2021, which are shown in the table below1:∗

Overview* IPTO S.A.			GROUP			COMPANY
Amounts in mil. euro		H1 2021	H1 2020	D%	H1 2021		H1 2020		D%
Revenue from Transmission System Rent		130.8	131.2	-0.3%	130.8		131.2	-0.3%
Total revenues		137.9	137.6	0.2%	136.6		137.2		-0.4%
Other income		1.1	1.3	-20.8%	1.1		1.4	-21.0%
Operating expenses		45.2	41.9	7.8%	44.7		41.5	7.6%
Provisions		-3.0	0.1	n/a	-3.0		0.2		n/a
EBITDA		96.7	96.9	-0.2%	96.0		96.9	-0.9%
Adjusted EBITDA		94.2	97.3	-3.2%	93.5		97.3		-3.9%
adjusted EBITDA margin		68.3%	70.7%		68.4%		70.9%
EBIT		47.9	53.5	-10.5%	47.2		53.5	-11.8%
Adjusted EBIT		45.4	54.0	-15.8%	44.7		53.9	-17.2%
Profit before Taxes		41.9	54.1	-22.5%	40.8		53.5	-23.9%
Net profit for the period		40.9	39.3	3.9%	40.1		38.9		3.0%
Amounts in mil. euro
	30.06.2021	31.12.2020		30.06.2021		31.12.2020
Net debt		675.0	507.0	33.1%	676.1		596.3		13.4%
Cash and cash equivalents		104.8	248.5	-57.8%	76.7		161.4		-52.5%

The following graph demonstrates the figures of the changes regarding the total revenues, adjusted EBITDA and Net Profit for the H1 2020-2021:

Total Revenue		adjusted EBITDA		Net Profit
137,6	137,9
+0,2%	97,3
	94,2		40,9
		39,3
		-3,2%
			+3,9%

H1 2020

H1 2021

H1 2020

H1 2021

H1 2020

H1 2021

In the first half of 2021 ADMIE Group continued its dynamic implementation of its investment programme following the strong growth it recorded in 2020, with capital expenditure increasing by 25.3% to EUR 153.7 million.

The consolidated total revenues of IPTO in the H1 2021 amounted to EUR 137.9 million, marking a marginal increase of 0.2% compared to EUR 137.6 million in H1 2020. In June, RAE by its decision2 revised the Unit System Usage charges for the 2021 Required Revenue, effective by August 1st ,2021. The negative impact of this for the first 7 months of 2021, will be recovered in the Required Revenue of 2023.

1. EBITDA, EBIT, adjusted EBITDA, adjusted EBIT and Net Debt are considered Alternative Performance Indicators (API)). For definitions and further information please refer to Appendix A
2. RAE decision 492/2021

F I N A N C I A L P E R F O R M A N C E 2 0 2 1 | 2

Press Release

Regulatory Information Consolidated EBITDA decreased by 0.2% y-o-y to EUR 96.7 million against EUR 96.9 million in the first half of 2020. Adjusted EBITDA of Group stood at EUR 94.2 million, lower by 3.2% compared to the corresponding amount of H1'2020, excluding the following non-recurring items: a) provision for the reduction of reduced electricity given to employees and retirees of the Company and provisions for compensation of staff totaling EUR 0.5 million, against the release of a provision of EUR 0.3 million in H1 2020, b) release of provision for risks and expenses of EUR 2.9 million against a relevant provision of EUR 0.2 million in the first half of 2020.

Consolidated EBIT decreased by 10.5% to EUR 47.9 million versus EUR 53.5 million in H1 2020, mainly due to the increase of depreciation by 12.5% as a result of the expansion of its Regulated Asset Base of IPTO SA. Consolidated adjusted EBIT amounted to EUR 45.4 million lower by 15.8% versus EUR 54.0 million in H1 2020 excluding the above non - recurring items.

Consolidated EBT amounted to EUR 41.9 million, lower by 22.5% compared to EUR 54.1 million in H1 2020, driven by a decrease in the cash reserves held at the Bank of Greece with a lower rate of return compared to the previous period, while in H1 2020 EBT included an one-off financial income due to the renegotiation of interest rate loans amounting to EUR 3.2 million.

Consolidated Net Profit for the first half 2021 amounted to EUR 40.9 million, increase by 3.9% from EUR 39.3 million in H1 2020, with the increase being due to the positive effect of EUR 8.8 million from the application of the new tax rate3 for the Group and IPTO S.A.

IPTO's Board of Directors proceeded, aligned with the Shareholders' Agreement, to the distribution of dividend of EUR 42.07 million, corresponding to 50% of its Net Income for FY 2020, to Affiliate's shareholders. As a result, ADMIE HOLDING collected an amount of EUR 21.4 million.

3 According to Law 4799/2021 - Government Gazette 78/A/18-5-2021, the tax rate for the fiscal year 2021 was reduced to 22%. The income tax was calculated at a rate of 22% for the period 1/1-30/06/2021 and at 24% for the comparative period 1/1-30/06/2020

F I N A N C I A L P E R F O R M A N C E 2 0 2 1 | 3

Press Release

Regulatory Information

Q2 2021 - Recovery in operating and net profitability

Overview* IPTO S.A.		GROUP			COMPANY
Amounts in mil. euro	Q2 2021	Q2 2020	D%	Q2 2021		Q2 2020	D%
Revenue from Transmission System Rent	66.2	64.4	2.7%	66.2		64.4	2.7%
Total revenues	70.1	67.3	4.0%	69.4		67.1	3.5%
Other income	0.4	0.8	-50.9%	0.6		0.9	-31.2%
Operating expenses	23.1	22.8	1.3%	22.9		22.6	1.2%
Provisions	-1.8	-0.1	n/a	-1.8		-0.1	n/a
EBITDA	49.2	45.5	8.3%	49.0		45.4	7.8%
Adjusted EBITDA	47.8	45.6	4.9%	47.5		45.5	4.4%
adjusted EBITDA margin	68.2%	67.7%		68.5%		67.9%
EBIT	24.8	23.5	5.4%	24.5		23.5	4.5%
Adjusted EBIT	23.4	23.6	-1.1%	23.1		23.6	-1.9%
Profit before Taxes	20.8	24.7	-15.6%	20.4		24.4	-16.1%
Net profit for the period	24.6	18.7	31.9%	24.4		18.4	32.3%

The consolidated total revenues of the Group in the Q2 2021 increased by 4%, compared to the previous quarter and amounted to EUR 70.1 million. Transmission System Rental revenue increased by 2.7%, mainly due to the recovery of load demand in the System during the 2nd quarter 2021.

Consolidated EBITDA4 in the Q2 2021 amounted to EUR 49.2 million an increase of 8.3% y-o-y compared to EUR 45.5 million in the Q2 2020. Adjusted EBITDA of the Group amounted to EUR 47.8 million higher by 4.9% compared to the corresponding amount of the Q2 2020, after excluding the following provisions: a) provision for the discount on reduced electricity tariffs given to employees and retirees of the Affiliate and provision for staff retirement amounted total EUR 0.4 million , versus provision of EUR 0.2 million for 2020,

1. release of provision for risks and expenses amounting to EUR 1.8 million versus release of provision of EUR 0.08 million in Q2 2020.

Consolidated ΕΒΙΤ increased by 5.4% to EUR 24.8 million versus EUR 23.5 million in Q2 2020, while Consolidated Adjusted EBIT amounted at EUR 23.4 million versus EUR 23.6 million in Q2 2020.

Consolidated Net Profit during Q2 2021 amounted to EUR 24.6 million increased by 31.9 % versus EUR 18.7 million in 2020, mainly as a result of the positive impact of the application of the new tax rate5 for the Group and IPTO S.A.

1. EBITDA, EBIT, adjusted EBITDA, adjusted EBIT and Net Debt are considered Alternative Performance Indicators (API)). For definitions and further information please refer to Appendix A
2. According to Law 4799/2021 - Government Gazette 78/A/18-5-2021, the tax rate for the fiscal year 2021 was reduced to 22%. The income tax was calculated at a rate of 22% for the period 1/1-30/06/2021 and at 24% for the comparative period 1/1-30/06/2020

F I N A N C I A L P E R F O R M A N C E 2 0 2 1 | 4

Press Release

Regulatory Information

Outlook

The important projects already launched by IPTO Group are part of the broader context of the energy transition, as well as the ensuring the uninterrupted supply of electricity to all regions of the country. The progress of these projects includes the following:

1. Interconnection of Crete - Attica:The second interconnection of Crete with the mainland, with a total budget of EUR 1 billion, is in progress:

1. Sea bottom searches have been completed.
2. The production of the cable parts in the contractors' factories as well as part of the equipment of the Conversion Stations has commenced.
3. The installation works of cable sections have begun on the Attica side and by the end of 2021 the installation of submarine fiber optic cables will proceed.

According to the current timetable, commissioning of the project is expected for the 2023. The project will be financed with an own funds of EUR 200 million, the special purpose subsidiary of IPTO that implements the project, Ariadne Interconnection, through bank lending of Euros 400 million (from the EIB and Eurobank) as well as European funds of EUR 400 million.

1. Crete - Peloponnese Interconnection:The technically demanding interconnection between Crete and the Peloponnese was completed in May and fully operational on July 3, 2021. It has already brought tangible benefits to Crete, as it reduced power generation from conventional units and shielded the island's energy security in the midst of a tourist season, following a breakdown at a local oil-fired plant in early July.
2. Electricity interconnection of the Cycladic Islands:Phase IV (interconnection of Santorini, Milos, Folegandros and Serifos with Naxos) has been included in the National Recovery and Resilience Plan and will receive funding of EUR 165 million. In September, the contracts with the contractors of the Interconnection between Santorini and Naxos are expected to be signed, while in early October the tenders for the remaining islands of the southwestern Cyclades, Folegandros, Milos and Serifos will be announced. On September 14th, the tender for the Santorini substation was completed with Damco Energy and Xian Electric as contractors and a price of Euros 30 million.
3. Extension of the 400 kV system in the Peloponnese:In the project for the interconnection of the Megalopoli UHVC with the existing 400 kV Acheloos - Distomo Transmission Line, the installation of two pillars in Kalavryta is pending. IPTO examines all possible solutions for the fastest possible completion of the project. At the same time, the political leadership of the Ministry of Environment, Energy and Climate Energy has expressed the political will to accelerate the licensing procedures for the implementation of the project through an alternative route, if necessary.
4. Eastern Corridor: By the end of 2021, Transmission Line Megalopolis-Korinthos and the new Corinth UHVC are completed. The project, which will further strengthen the continental transport system with the extension of the 400 kV system in the Peloponnese via the new Corinth-UHVC Koumundourou line, is expected to be completed in 2024 and is linked to the following project, the upgrading of the Koumundourou Substation.

F I N A N C I A L P E R F O R M A N C E 2 0 2 1 | 5