Ascopiave S p A : Interim Financial Statements as of 30th June 2023

HALF-YEARLY FINANCIAL REPORT

A s c o p i a v e G r o u p

Index
GENERAL INFORMATION	5
Corporate bodies and information	5
MANAGEMENT REPORT	8
Foreword	8
The structure of the Ascopiave Group	10
Gas distribution	11
The legal framework	12
Natural gas distribution sector	12
Renewable energy production sector	13
Ascopiave S.p.A. share price performance on the stock exchange	15
Control of the company	16
Corporate Governance and Code of Ethics	17
Other important facts	23
Natural gas distribution	23
Efficiency and energy-saving obligations	24
Efficiency and energy saving	25
Stipulation of a proposed convention with the municipalities for the adoption of a
shared procedure aimed at the agreed quantification of the "Industrial Residual Value"
of the networks	25
Litigation	27
Relations with the Internal Revenue Service	31
Territorial areas	32
Dividend distribution	35
Own shares	35
Foreseeable development of operations	35
Inflationary trends and interest rates	36
Group objectives and policies and description of risks	37
Research and Development	41
Information systems	41
Human Resources	42
Other information	43
Seasonal characteristic of the activity	43
List of company locations	44

Commentary on the economic and financial results for the first half of the financial

year 2023	44
Performance Indicators	44
Operating Performance - Key Operational Indicators	45
Operating Performance - The Group's Economic Results	46
Operating Performance - The Financial Situation	49
Operating Performance - Investments	52
Condensed Consolidated Financial Statements	53
Consolidated Statement of Financial Position	54
Consolidated Statement of Comprehensive Income	55
Statements of Changes in Consolidated Shareholders' Equity	56
Consolidated Cash Flow Statement	57
EXPLANATORY NOTES	58
Corporate information	58
General preparation benchmarks and expression of compliance with IFRS	58
Budget Schemes	59
Evaluation Benchmarks	59

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Business Combinations	59
Consolidation Area and Benchmarks	60
Summaries of companies consolidated on a line-by-line basis	63
NOTES TO THE ITEMS IN THE CONSOLIDATED BALANCE SHEET	64
Non-current assets	64
Current Assets	71
Consolidated shareholders' equity	75
Non-current liabilities	76
Current liabilities	81
NOTES TO THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT	85
Revenues	86
Financial income and expenses	91
Taxes	92
Net result from assets held for sale	93
Non-recurring components	93
Transactions resulting from atypical and/or unusual operations	93
Economic, equity and financial performance of companies held for sale	94
The economic results of companies held for sale	94
Business Combinations	96
Commitments and risks	98
Risk factors and uncertainty	99
Capital Management	100
Representation of financial assets and liabilities by category	102
Transactions with related parties	103
Financial statements presented in accordance with Consob Resolution 15519/2006
....................................................................................................	105
Consolidated Statement of Financial Position	105
Consolidated Statement of Comprehensive Income	106
Consolidated Cash Flow Statement	107
Consolidated net financial debt	108
Significant events following the end of the first half of the financial year 2023 . 109
Group objectives and policies	109

Attachments:

- Declaration of the Manager in Charge - Attestation to the Consolidated Financial Statements pursuant to Article 81- ter of Consob Regulation No. 11971;

• Independent auditors' report on the limited audit of the condensed half-yearly financial statements as at 30 June 2023.

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GENERAL INFORMATION

Corporate bodies and information

Board of Directors and Board of Auditors

Name	Office	Duration of office	From	To
Cecconato Nicola	Chairman of the Board of Directiors	2020-2022	29/05/2020	18/04/2023
and CEO
Pietrobon Greta	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Quarello Enrico	Directors	2020-2022	29/05/2020	18/04/2023
Bet Roberto	Directors	2020-2022	29/05/2020	18/04/2023
Geronazzo Marachiara	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Vecchiato Luisa	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Novello Cristian	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Cecconato Nicola	Chairman of the Board of Directiors	2023-2025	18/04/2023	Approval of budget 2025
and CEO*
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	Directors	2023-2025	18/04/2023	Approval of budget 2025
M onti 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

On 18 April 2023, the Ordinary Shareholders' Meeting appointed the new Board of Directors.

Name	Office	Duration of office	From	To
Salvaggio Giovanni	President of the Board of Auditors	2020-2022	29/05/2020	18/04/2023
M oro Barbara	Statutory Auditor	2020-2022	29/05/2020	18/04/2023
Biancolin Luca	Statutory Auditor	2020-2022	29/05/2020	18/04/2023
Salvaggio Giovanni	President of the Board of Auditors	2023-2025	18/04/2023	Approval of budget 2025
M oro 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

On 18 April 2023, the Ordinary Shareholders' Meeting appointed the new Board of Statutory Auditors.

Internal committees

In-Company Control Committee	From	To
Novello Cristian	08/06/2020	Approval of budget 2022
Bet Roberto	08/06/2020	Approval of budget 2022
Geronazzo Marachiara	08/06/2020	Approval of budget 2022
Novello Cristian	11/05/2023	Approval of budget 2025
M onti Federica	11/05/2023	Approval of budget 2025
Vecchiato Luisa	11/05/2023	Approval of budget 2025

In-Company	From	To
Control Committee
Pietrobon Greta	08/06/2020	Approval of budget 2022
Quarello Enrico	08/06/2020	Approval of budget 2022
Vecchiato Luisa	08/06/2020	Approval of budget 2022
Vecchiato Luisa	11/05/2023	Approval of budget 2025
Novello Cristian	11/05/2023	Approval of budget 2025
Pietrobon Greta	11/05/2023	Approval of budget 2025

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