Gas Plus S p A : Presentazione agli Analisti 1H 2022

Gas Plus Group

Analyst Presentation

IH 2022 Financial Results

September 8th, 2022*

* This document is updated on 6 months basis, occurring after 31 December and 30 June closing

Agenda

▪1	MARKET SCENARIO

▪2 HIGHLIGHTS

▪3 FINANCIAL RESULTS

1

Market Scenario

		TTF Gas Pr ce - Quarter Ahead
TTF Gas Price - Day Ahead	TTF vs VTP	Romania Gas Price* -	Day Ahead

	TTF Gas Price - Qu r r Ahead
TTFBrentGas Pricerice - Quarter- Month+1A ead	€/$ Exchange Rate - Spot

1,25
1,20
1,15
1,10
1,05
1,00
Jul	Aug	Sep	Oct	Nov Dec	Jan	Feb Mar	Apr	May	Jun
			€/$ - 2020/2021		€/$ - 2021/2022

(*) source: BRM	2

Agenda

▪1	MARKET SCENARIO

▪2 HIGHLIGHTS

▪3 FINANCIAL RESULTS

3

Highlights

The first half of the year 2022 ended with a negative result deriving exclusively from the extra-profit tax (i.e. "contributo straordinario contro il caro bollette") which impacted the income statement by more than 8 M€.

Notwithstanding the effects of this component, in the extraordinary scenario of high gas prices, the Group's performance during the period was positive, and within the end of 1H 2022, one of the Group's main E&P projects, the Midia project in the Romanian Black Sea, has started production.

With reference to the E&P and Retail Business Units, the highlights are:

• E&P: Strong EBITDA growth (13.1 M€ in IH 2022 vs 5.1 M€ in IH 2021), thanks to the unprecedented increase in gas (four times higher than 1H 2021, reaching 1,03€/scm) and oil (+66%) prices, with production nearly stable (-4.4%), despite a significant portion of gas production being hedged at price levels far below those recorded in the semester.
• Retail: Notwithstanding the increase in revenues, the gas price fluctuations on fixed-price and variable-price-with-cap contracts determined a temporary negative performance on EBITDA (-6.1 M€), as previously envisaged, and for which a provision of EUR 4.1 million had been set aside at the end of the previous year.

Outlook 2022:

On 20 May 2022, the Group informed the market that, in light of the increased rate and the prolonged application of the extra-profit tax, the 2022 outlook had been updated, forecasting a negative FY 2022 net result, however potentially subject to improvement in particular by an acceleration of gas production in Romania from the MGD project. The achievement of the gas-in of the MGD project on 15 June 2022 has now made possible the revision of the 2022 Outlook, providing a turnaround in annual results driven by:

• the doubling of gas production, thanks to Romanian gas;
• the positive contribution of Italian E&P activities, benefitting also from a lower effect of price hedging;
• significantly reduced losses of the BU Retail.

4