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ADMIE Holding 2023 – Financial Results Full Year 2023 Driving the Energy Transition Financial Results 9M 2024 Investor Presentation 16 December 2024
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ADMIE Holding – Financial Results 9M 2024 ADMIE Holding - Highlights IPTO Investment Program progress IPTO S.A. - Highlights 1. 2. 3. 4. Grid Telecom Agenda 2 Appendix5.
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ADMIE Holding – Financial Results 9M 2024 3 Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding the future financial position and results of ADMIE Holding and ADMIE (IPTO) Group, the outlook for 2024 and future years as per IPTO’s business strategy and five-year business plan planning, the effects of global and local economic and energy conditions, the impact of the sovereign debt crisis, effective tax rates, future dividend distribution, and management initiatives regarding ADMIE Holding’s and IPTO’s business and financial conditions are forward- looking statements. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, because current expectations and assumptions as to future events and circumstances may not prove accurate. Actual results and events could differ materially from those anticipated in the forward- looking statements for many reasons, including potential risks described in ADMIE Holding’s Annual Financial Report ended 31. December 2023. Although the Company believes that, as of the date of this document, the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither the Company’s directors, employees, advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of the condensed financial statements included in this document, unless required by law to update these forward-looking statements, the Company will not necessarily update any of these forward- looking statements to adjust them either to actual results or to changes in expectations.
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ADMIE Holding 2023 – Financial Results Full Year 2023 4 Highlights ADMIE Holding
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ADMIE Holding – Financial Results 9M 2024 5 ADMIE Holding Overview Purpose: To provide operational support to IPTO’s activities by offering top-level management expertise and managing stakeholder relationships in a transparent, inclusive and sustainable way Market cap: EUR 567.3 million* Shares: 232,000,000 Dividend payout ratio 100% Holds 51% of the Hellenic Electricity Transmission System Operator (IPTO) FY ‘20 FY ‘21 FY ‘22 FY ‘23 9M‘24 Net Income (m) 43.2 34.9 29.1 58.8 60.5 Dividend 0.12 0.103 0.068 0.058 0.124** *based on 06.12.2024 closing price ** expected dividend for FY 2024 (13.5 million euro dividends (interim) already paid in September 16th 2024) ADMIE Holding Shareholding
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ADMIE Holding – Financial Results 9M 2024 6 ADMIE Holding Financial Highlights 9M & Q3 2024 Amounts in €m DIVIDEND 0.124e* FY 2023: 0.058 INCOME 61.2 9M 2023: 46.6 NET PROFIT 60.5 9M 2023: 46.0 OPEX 0.8 9M 2023: 0.6 CASH 21.7 9M 2023: 19.2 27.2% 31.3% 31.5% NET DEBT 0 9M 2023: 0 114% *2024 e 13% ADMIE HOLDING S.A. Q3 2024 Q3 2023 Chg % Income 23.6 17.1 38.2% OpEx 0.2 0.2 - Net Profit 23.4 16.8 38.9% Net Debt 0 0 - Profit per share 0.10 0.07 38.9%
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ADMIE Holding – Financial Results 9M 2024 Amounts in €’m Balance sheet 30.09.2024 31.12.2023 Non-current assets 831.8 800.7 Current assets 22.0 5.8 Total Assets 853.8 806.5 Equity 853.4 806.4 Current liabilities 0.4 0.1 Total Equity & Liabilities 853.8 806.5 ADMIE Holding P&L and Balance Sheet summary 7 Profit & Loss Statement 30.09.2024 30.09.2023 Chg % Share of profits in investments accounted using the equity method 61.2 46.6 31.3% Total Revenue 61.2 46.6 31.3% Total Operating Expenses 0.8 0.6 27.2% EBITDA 60.4 46.0 31.4% EBIT 60.4 46.0 31.4% Net Income 60.5 46.0 31.5% Profit per share (euro) 0.26 0.20 31.5% Cash and cash equivalents at the end of the period 21.7 19.2
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ADMIE Holding 2023 – Financial Results Full Year 2023 8 Highlights IPTO S.A.
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ADMIE Holding – Financial Results 9M 2024 IPTO at a glance Sole Transmission System Operator (TSO) in Greece Employees 2,090 Transported Energy 49.5 TWh €116.6m 2023 Net Profit RAB €2.7bn (by 2025) High Capex plan Leading TSO as Strategic Investor High dividend returns Rational regulatory environment Natural monopoly in Greece 13,671 km of HV transmission lines c. €6.1b of cumulative investments from 2024 to 2035 State Grid International Development, of China, holder of 24% IPTO stake with execution input Independent authority prioritizing asset growth Reduced borrowing costs and established minimum 50% earnings payout Investment Proposition 9
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ADMIE Holding – Financial Results 9M 2024 Key figures • 9M’24 Total Market Demand reached 39.6TWh (4.7% y-o-y) • Renewable energy contribution reached 55.1% in 9M 2024 • Net imports at 4.7 TWh; net exports shaped at 3.9 TWh Production & Interconnection Mix Electricity Demand & Supply for 9M 2024 Production mix Imports mix 5,9% 37,0% 55,1% 2,0% Lignite NatGas Other RES Net imports 10,8% 12,1% 34,5% 34,1% 8,5% Turkey Albania FYROM Bulgaria Italy 10
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ADMIE Holding – Financial Results 9M 2024 Total Revenues* reached €356.4m increased by €63.5m driven by the Transmission System Rent, increased by €59.2m mainly due to an increase in interconnection rights by €30.8m., reaching € 82.1m and an increase in of TUοS charges by € 26.9 m. Operating income increased by 28.9%, to €167.6m, with the total expenses margin reaching 52.9%, decreased by 486bps. EBITDA at €260m increased by 22.5% driven by the combined effect of higher increased revenue and lower increase in expenses. Depreciation amounted to 92.4m. versus €82.3m of the previous year Net Financial Expenses decreased slightly by 6.1% to €10.8m versus €11.5m the previous year. Net profit stood at €120m. increased by 31.3% Cash flow from operations decreased by 2.3 %. IPTO GROUP 9M 2024 financials Profit & Loss Statement €m 30.09.2024 30.09.2023 Chg % Revenue from transmission system rent 334,7 275,5 21,5% Revenue from balancing market 13,9 11,7 19,5% Revenue from other operations 7,7 5,7 35.1% Total Revenue 356,4 292,9 21.7% Total expenses 188.8 162.8 16.0% Profit before tax and financial results 167.6 130.0 28.9% EBITDA 260.0 212.3 22.5% EBITDA margin 72.9% 72.5% 0.55% EBITDA adj. 264.8 214.2 23.6% Net Income 120.0 91.4 31.3% Net Income margin 33.7% 31.2% 8% Net Income adj. 123.6 92.8 33.2% Cash flows CF from Operations 193.6 198.2 -2.3% 11 * Based on decision E-131/2024 of the Energy Sector of RAAEWW, the approved required revenue for the fiscal year 2024 is Euro 322.9 million.
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ADMIE Holding – Financial Results 9M 2024 Balance sheet 30.09.2024 31.12.2023 Non-current assets 3,929 3,629 Current assets 388.7 441.9 Of which: Cash & equiv. 192.6 245.7 Total Assets 4,317 4,070 Equity 1,579 1,518 Non-current liabilities 2,371 2,052 Current liabilities 367.5 500.5 Liabilities 2,738 2,552 Of which: Debt 1,016 1,100 Total equity and liabilities 4,317 4,070 IPTO Group Balance Sheet and Cash flow summary Amounts in €’m 12 *2024 subsidies received € 330.5m. ** 2024 dividend distributed € 58.9m. Cash Flow evolution (€m): * ** 245.7 193.6 -99 -147.7 192.6
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ADMIE Holding – Financial Results 9M 2024 Net Debt Leverage € 936.7 million 9M 2023: € 1,018.9 3.5 Net Debt/adj. EBITDA 9M 2023: 4.7 Coverage ratio 15.5x Interest coverage ratio* 9M 2023: 11.3 Leverage 0.59 Net Debt/Equity 9M 2023: 0.67 Key figures: *EBIT/Net Interest expense 13 IPTO Financial Performance ratios
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ADMIE Holding – Financial Results 9M 2024 IPTO Capex *Capital investment: EUR 398.9 m FY22: EUR 335 Cyclades interconnection (phase D): €93.3 Other: €85.4 Greece – Cyprus – Israel: €47.5 Crete phase II (including Ariadne) : €172.7 14 Euro million *9M’23: EUR 370.4m. 25% 40% 23% 12%
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ADMIE Holding – Financial Results 9M 2024 Allowed Revenue (in 2025) € 484.8 million RAB (by 2025) € 2,682.7 million RAEWW’s Decision E-102/2023 on Regulatory Period 2023-25 Updated Regulatory Framework Special RAB (for PMI - by 2025) € 711.8 million with 1% WACC premium 2022 2023 2024 2025 6.10% 7.57% 7.51% 7.45% WACC (pre-tax nominal) 15
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ADMIE Holding 2023 – Financial Results Full Year 2023 16 IPTO Investment Program progress
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ADMIE Holding – Financial Results 9M 2024 17 Major Projects 2024-2031 2024-2025 2026 Cyclades Phase D DodecanesePeloponnese Corridor B’ Crete Phase II North Aegean Interconnection 2031 Greece-Italy Interconnection 2028-2029 2028-2030 Phase I-II Phase I-III
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ADMIE Holding – Financial Results 9M 2024 18 Major Project Locations 5 Major Projects 2024-2035 Crete Interconnection (Phase II) Ariadne Interconnection Expected Commissioning: 2025 Total project cost: €430m Cycladic Islands Ιnterconnection (Phase D) Expected Commissioning: 2025 Total project cost: €306m North Aegean Interconnection Expected Commissioning : 2030 Total project cost: €1.2bn Dodecanese Interconnection Expected Commissioning: 2029 Total project cost: €2.0bn Second 400 kV branch to Peloponnese (Megalopoli - Korinthos - Koumoundouros) Expected Commissioning: 2026 Total project cost: €64m Other projects Expected Commissioning: 2024-2035 Total project cost: €1.4bn Total Capex €6.1bn 6 1 2 3 7 Greece-Italy Interconnection Expected Commissioning: 2031 Total project cost: €507m 4
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ADMIE Holding – Financial Results 9M 2024 19 • The BoD of IPTO approved the concession of 20% of the company "ARIADNE INTERCONNECTION SINGLE MEMBER S.P.S.A." to the company “State Grid International Development Belgium Ltd”, which had submitted a binding offer in the relevant tender. The amount of the offer reached EUR 62 million. • The 4th and final phase of the electrical interconnection Santorini, Folegandros, Milos and Serifos. • The 1st phase (Santorini-Naxos) is already under costruction expected to be completed by the end of H1 2025. • Substations for Folegandros, Milos, and Serifos are underway expected to delivered by the end of 2025. • In Feb 2024, the submarine high-voltage cable Lavrio-Serifos interconnection was delivered and in May 2024 the laying of the submarine high- voltage cable for the Serifos –Milos. Ariadne Interconnection Interconnection of CycladesAriadne Interconnection Dodecanese and Northeast Aegean islands interconnections In October 2024, the 2nd phase of the tender process for the submarine cable projects of the interconnections of the Dodecanese and the islands of the North-East Aegean commenced On 22 November, the Tender Documents were published for part of the Dodecanese Interconnection project concerning the Conversion Stations in Corinth and Kos, as well as the Direct Current Interconnection Corinth – Kos, the budget for the cable section amounted to EUR 630 million and for the Conversion Stations, amounted to EUR 789.1 million, Key project developments 2024 The completion of Cyclades will enable the development of RES plants with a total capacity of 332 MW on the islands The project will be fully operational by the end of the H1 2025 In August 2024, the conclusion of the first phase of the tender process the submarine cable projects
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ADMIE Holding – Financial Results 9M 2024 20 Upgrading of the Koumoundourou • The sub-project of the Transmission Line 400 kV connects the existing Megalopolis EHV Substation with the new Corinth EHV Substation was put into operation in December 2022. • Τhe construction of the new Transmission Line connecting the Corinth EHV Substation to the Koumoundourou EHV Substation is in the construction phase. • The completion of this sub-project is expected in the first half of 2026. Ariadne Interconnection Eastern Peloponnese Corridor • The construction of the new gas-insulated (GIS) Koumoundourou EHV Substation (S/S) is in progress, replacing the existing air-insulated EHV S/S. • This new substation will connect the 400 kV Eastern Peloponnese Corridor, serve as the terminal for the Attica-Crete interconnection, and enhance supply reliability in Western Attica. • The project is co-financed by the Recovery and Resilience Fund. • In October 2023, IPTO was appointed as the Project Promoter for the electrical interconnection between Greece, Cyprus, and Israel. • Received as pre-financing from the European Union’s Climate, Infrastructure and Environment Executive Agency (CINEA) 165mil euros and 109 million has been paid to Nexans for the cable section for the 80km cable. • The regulators have decided on the major terms of the project for 2025 in September 2024. Great Sea Interconnection Greece-Cyprus-Israel Key project developments 2024 The project will be fully operational by the end of the H1 2025 The construction of the new transmission line of the project is underway 6th list of Projects of Common Interest in Europe
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ADMIE Holding – Financial Results 9M 2024 21 2nd interconnection with Italy Commissioning: 2031 Interconnection between Greece and Italy, with total capacity of 1 GW. •Completed the feasibility studies for the second Greece-Italy interconnection of 1 GW, together with the neighboring country’s Operator, Terna. Cooperation with EETC and ELICA SA to evaluate participation in the 3 GW GREGY – Green Energy Interconnector project between Greece and Egypt. International Interconnection Plans Expected benefits: International interconnections will contribute to the increase and safe integration of RES in Greece as well as enhance RES share in EU energy mix. 2nd interconnection with Albania Commissioning : 2030 • Greece -Albania interconnection, together with the Transmission System Operator with a capacity of 200MW. • In March of 2024 a joint steering committee was established, with representatives from both TSOs with the task of monitoring the progress. 2nd interconnection with Bulgaria In June 2023, IPTO commissioned, in cooperation with the Bulgarian Transmission System Operator, the second Greece-Bulgaria interconnection (Nea Santa Maritsa), which will significantly increase the margin for energy exchanges between the two countries. 2nd interconnection with Turkey Planning phase completed: 2029 • Construction of a new 600 MW interconnection between Greece and Turkey, which will strengthen the interconnection of the European and Turkish Transmission System. • In February of 2024 a joint steering group was established to coordinate the project. Saudi Greek Interconnection • In February 2024, the joint venture “SAUDI GREEK INTERCONNECTION S.A.” was established with the object of conducting the feasibility study for the electricity interconnection between Greece - Saudi Arabia, by IPTO and National Grid, which hold a 50% share each . Interconnection with Egypt
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ADMIE Holding 2023 – Financial Results Full Year 2023 22 GRID Telecom
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ADMIE Holding – Financial Results 9M 2024 23 About GRID Telecom ➢ Founded in 2019, is a wholly owned subsidiary of the Independent Power Transmission Operator (IPTO) of Greece. ➢ IPTO’s vehicle for providing telecom services to national and international operators. ➢ Utilises the overhead Optical Ground Wire (OPGW) cables on the power grid transmission towers and the available subsea optical cable systems to achieve superb network diversity, maximum security and high availability. ➢ Fiber optic network (terrestrial and submarine) exceeds 6.000km throughout Greece. ➢ Grid Telecom has 26 data centers and 24 national colocation sites. ➢ Grid Telecom’s own network is planned to expand in the Balkans-Mediterranean region.
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ADMIE Holding 2023 – Financial Results Full Year 2023 24 Appendices
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ADMIE Holding – Financial Results 9M 2024 25 Key figures Adjusted EBIT (€m) Adjusted EBIT Includes provisions for staff compensation and risks and expenses amounted to €4.7m from €1.8m in 9M 2023. Revenue Increase of revenues €63.5m driven by the increase of transmission system rent (net) and the revenue from the Balancing Market. Third Party fees Negative effect of €6.7m., mainly due to an increase in fees on consulting services, in order to cover the extended operational needs. Depreciation Negative effect of €10.1m. due to the capitalization of projects as a result of the implementation of the Group's investment program. 30.6% | Solid Revenue stream, albeit higher RAB led to higher depreciation expenses IPTO 9M 2024 Adjusted EBIT evolution Appendix 1 131.9 63.5 -4.0 -6.7 -2.7 -10.1 0.7 172.3
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ADMIE Holding – Financial Results 9M 2024 WACC components 2024 Risk-free 2.36% Market risk 5.5% Equity beta 0.80 Equity return 6.76% Country risk 1.3% Cost of equity post-tax 8.06% Tax rate 22.0% Cost of equity pre-tax 10.3% Cost of debt pre-tax 4.06% Gearing 45.0% WACC nominal pre-tax 7.51% On 20.07.2023 the Energy Sector of RAEWW released its decision regarding the approval of the revised return (WACC) on the Regulated Asset Base of the Affiliate IPTO S.A. The return for the years 2023-2025 of the Regulatory Period 2022-2025 calculated as follows: ✓ 2023: 7.57% ✓ 2024: 7.51% ✓ 2025: 7.45% WACC calculation 26 Appendix 2
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ADMIE Holding – Financial Results 9M 2024 Source: RAE In nominal terms for each year AR = O + U + D + R + X - Y O : annual ControllableOperating costs U : annual non-controllable Operating costs D : annual depreciation of fixed assets R = RAB x WACC(nominal, pre-tax) : return on employed capital X = SAB x WACC : return on Special Asset base for PMI projects Y : amount from TSO income from non-regulated activities Incentive : 0 - 200 bps for PMI projects for 4-7 yrs OpEx Depreciation /Grants am. Other reg. income Incentives Allowed Revenue Return on RAB Appendix 3 Regulatory Period 2023-2025 Undepreciated value of Fixed Assets Regulated Asset Base (RAB) Work-in-Progress Working Capital CapEx Depreciation Grants Amortization Write-offs & Re-used assets Allowed Revenue (AR) Operator's Allowed Revenue Special RAB 27
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ADMIE Holding – Financial Results 9M 2024 Regulatory Period 2023-2025 Appendix 4 RR = AR ± Κ ± P1 ± P2 - P3 ± P4 ± P5 ± P6 ± P7 ± INF ± EFF - LD - UP ± INC ± Κ : cost of investments financed by 3rd parties ± P1 : settlement due to under-/over-recovery of RR ± P2 : settlement due to deviations from AR - P3 : amount from auction of Interconnection Capacity Rights ± P4 : amount from Inter-TSO Compensation Mechanism ± P5 : settlement due to deviations from non-controlling operating costs ± P6 : settlement due to deviations from non-regulated activities ± P7 : settlement due to deviations from tax revision in regulatory period ± INF : settlement due to inflation deviations ± EFF : amount from incentive mechanism - LD : amount from disincentive on non - timely project commisioning - UP : amount from net profits on non- regulated activities ± INC : amount from incentive mechanism on efficient System operations 28 Required Revenue (RR) Amount recovered through System usage charges Source: RAE
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ADMIE Holding – Financial Results 9M 2024 Shareholder Structure ATHEX: ADMIE Bloomberg: ADMIE GA Reuters: ADMr.AT 232,000,000 common shares Athens Stock Exchange Hellenic Republic Free Float 51.1% 48.9% 51.0% 24.0%25.0% 29 Appendix 5
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ADMIE Holding 2023 – Financial Results Full Year 2023 30 Contact For additional information please contact ADMIE Holding Investor Relations: Lilian Filips Head of IR Tel: +30 210 3636 936 E-mail: l.filips@admieholding.gr