Slides
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ADMIE Holding S.A. Financial Results H1 2026 24 September 2026
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 2 Disclaimer ADMIE (IPTO) Holding – First Half 2026 Financial Results 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),the outlook for 2026 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 2025. Althoughthe 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 bylaw to update these forward-looking statements, the Company will not necessarily update any of these forward- looking statements to adjust them eitherto actual results orto changesin expectations.
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H1 2026 Key Highlights and Financial Performance
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 4 H1 2026 Highlights: Delivering Earnings Growth While Advancing the Investment Plan ADMIE (IPTO) Holding – First Half 2026 Financial Results Share of IPTO profits ADMIE (IPTO) Holding H1 2026 Financial Performance EBIT Net Profit Capital increase and funding € 45.8m + 32.8% € 44.9m + 32.7% € 45.1m + 32.1% Successful capital increase €530m equity raise successfully completed, enabling ADMIE Holding to participate pro rata in IPTO’s €1bn capital increase and support the 2026-2029 investment program Double-digit growth across key metrics Equity funding secured to support IPTO’s 2026–2029 investment program Strategic Development (post-period) Great Sea Interconnector (GSI) Meridiam entered GSI as majority shareholder in August 2026, with IPTO remaining a strategic shareholder and retaining its technical role in the project IPTO retains strategic and technical role in GSI Key projects milestones (post-period) Construction of the Southern Cyclades interconnection has been completed Dodecanese interconnection entered the construction phase following the award of the contract for the Corinth–Kos HVDC cable system Investment Execution weighted towards H2 2026
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 5 Revenue € 270.5m + 22.6% EBITDA € 193.0m + 26.4% Net Profit € 92.4m + 36.7% CAPEX € 157.2m *investment program weighted towards the latter part of the year Net Debt € 500.3m as of 30 June 2026 IPTO: H1 2026 financial performance 5 ADMIE (IPTO) Holding: Translating Growth into Shareholder Value Revenue (share of IPTO profits) € 45.8m + 32.8% EBIT € 44.9m + 32.7% Net Profit € 45.1m + 32.1% EPS € 0.19 + 29.3% Cash € 66.0m Zero Debt IPTO’s Earnings Growth Translates into Higher Earnings for ADMIE Holding ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 6 H1 2025 H1 2026 67.6 92.4 H1 2025 H1 2026 68.8 91.6 H1 2025 H1 2026 154.4 191.9 H1 2025 H1 2026 95.7 135.2 Adjusted IPTO Group Reported and Adjusted Earnings Deliver Double- Digit Growth Reported Adjusted EBITDA Reported EBIT Reported Net Income Key figures €m +26.4% +41.4%+24.3% +33.0% +45.0% +36.7% ADMIE (IPTO) Holding – First Half 2026 Financial Results H1 2025 H1 2026 152.7 193.0 H1 2025 H1 2026 94.0 136.3 Adjusted figures exclude the impact of the €2.0m gain from the disposal of GRID TELECOM’s 49.9% stake in TERNA FIBER S.A. in H1 2026. Adjusted
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 7ADMIE (IPTO) Holding – Financial Results First Half 2026 Revenue Growth Outpaces Operating Costs, Supporting EBITDA Expansion ADMIE (IPTO) Holding – First Half 2026 Financial Results IPTO Group Profit & LossStatement €m Η1 2026 Η1 2025 Δ% Revenue from transmission system rent 255.4 207.1 23.3% Revenue from balancing market 9.5 9.4 1.5% Revenue from other operations 5.6 4.1 35.1% Total Revenue 270.5 220.6 22.6% Operating expenses 80.9 68.7 17.6% EBITDA 193.0 152.7 26.4% EBITDAadj. 191.9 154.4 24.3% EBIT 136.3 94.0 45.0% Net Income 92.4 67.6 36.7% Net Income adj. 91.6 68.8 33.0% Transmission System rent +23.3% to €255.4m primarily reflecting: Revenue Drivers Interconnection rights +€14.5m to €52.4m TUoS revenue +€30.7m, driven by higher approved unitary charges Operating cost & EBITDA development EBITDA +26.4% to €193.0m As revenue growth outpaced the increase in operating cost Operating expenses +17.6% to €80.9m mainly reflecting higher payroll and third-party costs
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Investment Program and Growth
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 9 c.€6bn Capex driving RAB to Double by 2029 RAB, €bn(2) Top of Range RAB Growth in the European TSO Space 3.3 ~7.0 2025A 2029E Breakdown by Investment Type (Capex mix) CAGR: ~20% Mainland Network 36% Island Interconnections 59% International Interconnection 5% Total Capex ~€6bn(1) 2026-2029 ~€1.5bn avg. / year in 2026-29 vs ~€0.6bn avg. / year in previous plan 2022-25 Notes: 1. Investments exclude GSI Interconnector 2. Figures refer to Actual Year-end RAB 3. Excluding IPTO’s share in GSI RAB (3) ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 10 Stable Regulatory Framework Provides Visibility on Allowed Returns • RAAEY (Regulatory Authority for Energy, Waste and Water) is Greece’s independent national regulatorfor electricity and natural gas, expanded in 2023 to include water and waste • It acts as the guarantor of stable, non-discriminatory access to regulated networks and the long-term sustainability of infrastructure investment • RAAEY is responsible for tariff setting, WACC determination, and approval of IPTO’s development plan • Within the framework, IPTO operates the national electricity transmission system under a regulated monopoly model The Regulatory Authority: RAAEY Regulatory Periods and Pre-Tax Nominal WACC 2023 2024 2025 2026 2027 2028 2029 20302022 Previous regulatory period Current regulatory period 7.57% 7.51% 7.45% 6.87% 6.92% 6.92% 7.02%6.10% Source: RAAEY ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 11 Delivering Critical Projects Across Mainland Corridors, Islands and New International Interconnections Greece-Italy Interconnection Expected Commissioning:2033 Remaining capex: €949 MM Line Length: 300km Voltage Level: 400 kV HVDC Second direct HVDC link between Greece and Italy, materially increasing cross-border capacity and market integration. Expansion Projects for the Connections of Users Remaining capex: €516 MM North Aegean Interconnection Expected Commissioning: 2030 Remaining capex: €1.4 Bn Line Length: c.600km Voltage Level: 150 kV AC Interconnectingmajor North Aegean islands to the mainland grid, enhancing security of supply, reducing reliance on oil-fired generation and supporting decarbonization of the islands. Dodecanese Interconnection Expected Commissioning: 2030 Remaining capex:€2.9 Bn Line Length: 586km Voltage Level: 500 kV HVDC Connecting the Dodecanese islands to the mainland grid, replacing the islands’ existing power systems, which currently largely rely on oil- fired generation. EHV ROUF Substation Expected Commissioning: 2028 Remaining capex: €172 MM Projects included in our c. €6bn 2026-29 Capex plan ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 12 Key Island Interconnections Reaching Important Execution Milestones Dodecanese Interconnection 500kV Voltage 2030 Exp. Commissioning €2.9bn Remaining Capex €1.9bn EIB Financing Key Milestones • Corinth-Kos HVDC link entering construction following the award of the cablesystem contract to Hellenic Cables’s subsidiary, Fulgor • The 1 GW, c.1,290 km link will pave the way for the subsequent connection of Rhodes and Karpathos to the mainland transmission system • Corinth-Kos received funding from the Islands DecarbonisationFund, while the broader Dodecanese Interconnection will benefit from European funding supported by the EIB. Karpathos Rhodes Kos • Dodecanese Interconnection aims to connect the islands of Kos, Rhodes, and Karpathos to the mainland’s Hellenic Electricity Transmission System • Estimated to enable 12.3-38.1 TWh of additional RES absorption ADMIE (IPTO) Holding – First Half 2026 Financial Results Cycladic Islands Interconnection (Phase D) 373km Line Length H2 2026 Full Energisation €19m Remaining Capex 332MW RES Capacity Key Milestones • Construction of the Southern Cyclades Interconnection completed in July 2026, marking the final construction milestone of the broader Cyclades Interconnection program • Final testing and commissioning underway, with full energisationexpected within Η2 2026 • Entire project co-financed by the Recovery and Resilience Fund “Greece 2.0” • Final phase of the Cyclades electrical interconnection that concerns the interconnection of Santorini, Folegandros, Milos and Serifos • Includes 150kV of submarine (c.353km) and underground (c.20km) cables Santorini Folegandros Milos Serifos
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 13 Greece – Italy Interconnection (GRITA 2) 300km Line Length 2033 Exp. Commissioning €949m Remaining Capex ~1.5GW Capacity Key Milestones • IPTO and TERNA, the Italian National Grid Operator, have together completed feasibility studies and have signed a Memorandum of Understanding (MoU) in May 2025, outlining the main terms and conditions for the design and development of the new electrical interconnection between the two countries • New bipolar VSC-HVDC link with sea-return with two c.240km of subsea cables installed at depths of up to 1km and, for the Italian section, two c.50km underground DC cables connecting the landing site in Melendugno Italy Greece Galatina Thesprotia Albania Progressing Key Strategic Interconnection Projects ADMIE (IPTO) Holding – First Half 2026 Financial Results North Aegean Interconnection 150kV Voltage 2030 Exp. Commissioning €1.4bn Remaining Capex €490m EIB Financing Key Milestones • Following the completion of all marine and seabed surveys in December 2024, the project moved into Phase B of the tender process in late 2024 that involves evaluation of technical and economic offers from pre-approved contractors • Project to be implemented in three phases with an aim to end the electrical isolation of Lemnos, Lesvos, Chios, Samos, and Skyros • Reduce fuel costs by connecting additional 6.0-30.8 TWh of RES generation Lemnos Lesvos Chios Samos Skyros
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 14 ~25% ~40% ~20% ~6 1.0 Cash Requirement Operational Cashflow Net Debt Subsidy Equity Raise Equity Raise Completes the Funding of the 2026–2029 Investment Plan Cumulative IPTO Funding, 2026-29E, €bn Capex Other Cash Requirements ~€6.6bn Investor Yield • Strong cash flow generation driven by existing RAB base and projects being commissioned • IPTO with strong, “IG(2) consistent” capital structure allowing for significant firepower to finance growth… • …also considering relatively low gearing(3) currently vis-à-vis peers • Subsidies from EU and National Funds as important piece within financing plan, underlining also strong regulatory support for IPTO’s Capex plan • Assumed subsidies of ~25% of Capex (compared to historical subsidy ratio of ~30% over FY22-25A) Notes: 1. Relates to net change in net debt, i.e. debt drawdowns, net of debt repayments and change in cash balance 2. Investment grade 3. Related to FFO / Net Debt and Net Debt / RAB relative to peers 4. Completed in June 2026 (1) (4) ADMIE (IPTO) Holding – First Half 2026 Financial Results
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Shareholder Returns
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 16 Translating IPTO’s Growth into ADMIE Holding Shareholder Returns Clear Path from Regulated Growth to Shareholder Distributions ADMIE Holding Shareholders Approx. 100% of distributable profits from dividends received(1) 50% payout ratio Clear Dividend Pass-Through 51% ownership IPTO’s investment RAB Growth Regulated earnings growth ADMIE Holding’s dividend framework provides a clear pass-through of distributions received from IPTO to its shareholders, supported by the Holding Company’s lean and debt-free structure. ADMIE (IPTO) Holding – First Half 2026 Financial Results Shareholder Distributions FY2026 interim dividend €18.1m approved in September 2026¹ €0.05 per share FY2025 remaining dividend €7.2m paid in September 2026 €0.0198 per share Continued shareholder distributions following completion of the capital increase Note: 1.2026 Interim Dividend Payment date: December 29, 2026
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Appendix IPTO Overview, Track Record & Strategic Role
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 18 IPTO at a Glance: Greece’s Sole Electricity Transmission System Operator Connecting Greece, the Mediterranean and Beyond About IPTO 23 High Voltage Centres (HVCs) 400kV 150kV 5,992km Fibre optic network Land and submarine 5 Billion Euros of Investments till 2030 14,513 km total length of transmission lines and cables Italy Bulgaria Turkey €3.3bn 2025 RAB(1) 425 Substations >2,300 Employees Delivery of “Sector-First”, Complex Projects Critical Location Connecting Greek Mainland and Islands Sole TSO in Greece Stable Regulatory Framework Notes: 1.Relates to actual year-end RAB ("Actual Year-end RAB") (as calculated ex-post). Actual year-end RAB is derived from the net book value of regulated tangible assets, plus work in progress capital, less related subsidies associated with both assets categor ies. The calculations includes the basic RAB and any applicable special asset bases. Please refer to slide 37 for the RAAEY approv ed estimated RAB ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 19 Track Record of Growth and Delivery of “Sector-First”, Complex Projects Cyclades Interconnection Phase A Cyclades Interconnection Phase B and C Peloponnese-Crete Interconnection Cyclades Interconnection Phase D Skiathos-Evia Interconnection 150kV Voltage Level and 60km Length Greece Bulgaria Interconnection 400kV Voltage Level and 151km Length Electrification of Crete- Attica Interconnection Eastern Corridor of Peloponnese & Corinth EHVC Zakynthos-Kyllini Interconnection 2018 2019 2020 2021 2022 2023 2024 2025-2026 Electrification of Crete-Attica Interconnection 500 kV Voltage Level 2 x 335 km Cable Length 1,000 MW Capacity Peloponnese – Crete Interconnection 150 kV Voltage Level 2 x 134 km Cable Length 2x200 MVA Capacity Cyclades Interconnection (Phases A – D) 150 kV Voltage Level 764 km Cable Length 200 MVA Capacity of each section ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 20 IPTO Plays a Core Part for Europe’s Security of Supply and Energy Market Integration Note: 1.Electricity cables that allow at least 15% of the electricity that is produced by a member state’s power plants to be transpo rted across its borders to its neighbouring countries; As per European Council definition Source: EC Europa, Company information Greece is the Gateway between Europe, Africa and Asia Transformative Grid Expansion Underway for the Integration and Energy Stability of the Balkans and broader European Region International Interconnections Existing Under Construction Planned Under Consideration Bridge to isolated parts Linking Europe to the Gulf Entry hub for African clean power into Europe Integration of Southeast Europe EU PMI projects Focus Areas Rationale ✓ Increases cross-border capacity towards EU’s electricity interconnection target to at least 15% by 2030 for all member states(1) ✓ Improve Balkan north–south flows and security of supply ✓ Support RES penetration ✓ Integrate Cyprus into the European electricity transmission system ✓ Move 100% clean RES power from Egypt to Greece ✓ Bolster Geopolitical Stability & Energy Independence for Europe ✓ Provide access to new clean-energy sources ✓ Accelerate Europe’s energy transition ✓ Bolster Geopolitical Stability & Energy Independence for Europe Varna Maritsa 3 Maritsa N. Santa Babaeski Hamidabat C. Mogila Blagoevgrad Kozloduj Djerdap Nis Kosovo B Sofia West Doburja Tintareni Portilde de Fier S. Mitrovica Pancevo Podogorica Tirana DC Link to Italy Elbasan Zemblak Kardia Arachthos Saudi Arabia Egypt Cyprus Meliti Thessaloniki Skopje 5 Oubrovo Stip Orchid Bitola Ribarevine Uglijevik BG ME AI MK TR GR RS Ernestinovo B. Luka Mostar Trabinie Italy Konjsko Tumbri BAHR Italy Crete Not part of c. €6bn Capex plan for 2026-29 ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 21 Appendix Operating and Financial Information
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 22 Electricity Demand and Supply for H1 2026 Key figures • H1’26 Total Market Demand reached 24.96 TWh, +0.97% y-o-y • Renewable energy contribution reached 62.02% in H1 ’26. • Net imports at 0.67 TWh; Net exports shaped at 5.91 TWh. Energy production & Interconnection Mix 4.65% 33.21% 62.02% 0.12% Energy production Mix Lignite NatGas RES Other 12.78% 27.03% 22.40% 22.69% 15.10% Interconnection Mix Turkey Albania FYROM Bulgaria Italy ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 23 IPTO Group Balance Sheet and Cash Flow Summary Group Balance sheet 30.06.2026 31.12.2025 Non-current assets 4,583.5 4,466.4 Current assets 1,324.2 420.2 Of which: Cash & equiv. 1,096.6 224.5 TotalAssets 5,907.7 4,886.6 Equity 2,555.6 1,529.0 Non-current liabilities 2,917.9 2,741.0 Current liabilities 434.2 616.7 Liabilities 3,352.1 3,357.6 Of which: Net Debt 500.3 1,378.2 Totalequityand liabilities 5,907.7 4,886.6 Cash flows 30.06.2026 30.06.2025 CF fromoperating activities 127.8 105.7 CF frominvesting activities (146.8) (234.3) CF fromfinancing activities 891.1 175.5 Cash 1,096.6 274.3 ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 24 ADMIE (IPTO) Holding Balance Sheet and Cash Flow Summary Amounts in € m Balance sheet 30.06.2026 31.12.2025 Non-current assets 1,306.6 782.9 Currentassets 66.9 16.6 of which: Cash& cash equivalents 66.0 15.6 TotalAssets 1,373.5 799.5 Equity 1,355.6 799.0 Currentliabilities 17.9 0.5 TotalEquity& Liabilities 1,373.5 799.5 Cash flows 30.06.2026 30.06.2025 CF fromoperating activities (0.971) (0.290) CF frominvestingactivities (477.3) 37.5 CF fromfinancingactivities 528.8 (0.013) Change in cash 50.4 37.2 Cash & cash equivalents, opening balance 15.6 21.1 Cash & cash equivalents, closing balance 66.0 58.3 Amounts in € m ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 25 Appendix Further Details on Regulatory Framework
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 26 Visible and Regulated Returns: WACC Framework FURTHER DETAILS ON REGULATORY FRAMEWORK GearingWACC Nominal, Pre-Tax Weighted byCost of Equity Pre-Tax 2.78% Risk-free rate 5.25% Market risk 0.80 Equity Beta 0.7% Country Risk 6.87% 2026 Nominal, Pre-Tax WACC IPTO’s allowed return is a nominal, pre-tax WACC of 6.87% for 2026 • Represents the regulated return applied to the transmission RAB • Set by RAAEY for the regulatory period • Provides the basis for allowed revenue determination Cost of Debt Pre-Tax • Reflects efficient borrowing costs for a low-risk, regulated TSO • Assumes a risk-free rate plus a spread, set based on market conditions and comparables • Adjustment mechanism triggered under exceptional macroeconomic changes 3.90% • Notional gearing, used to weight equity and debt components • Not linked to actual balance sheet leverage 50% Source: RAAEY • Fixed throughout the regulatory period Upward revision occurred in 2023 in response to persistently elevated inflation and interest rates ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 27 RAB-Based Framework Underpinning IPTO’s Revenue FURTHER DETAILS ON REGULATORY FRAMEWORK Special RAB Return on RAB OpEx Depreciation/ Grants am. Other reg. income Incentives Allowed Revenue Adjustments Required Revenue2 1 3 Source: RAAEY From the Regulated Asset Base… …to Allowed Revenue Capex (net of subsidies) Working Capital Undepreciated Value of Fixed Assets Depreciation Grants Amortization Write-Offs / Re-used Assets Regulated Asset Base (RAB) Net value of regulated transmission assets used to deliver electricity R = RAB x WACC (nominal, pre-tax) returnon employedcapital X =SAB x WACC returnon Special Assetbase for PMIprojects Adjustments covering, among other things: ▪ Timing differences Cost deviations ▪ Market mechanisms ▪ Regulatory incentives & penalties Inflation and indexation effects 0 - 200 bps for PMI projects for 4-7 yrs 321 +1% WACC premium on Ariadne project for first 12 years of operation Work-in-Progress ADMIE (IPTO) Holding – First Half 2026 Financial Results
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#E96D2E #0D9ED2 #9F2B92 #001F5F #A0D2C2 28 Regulatory Revenue Flow: From Approval to Cash Collection FURTHER DETAILS ON REGULATORY FRAMEWORK Revenue Flow Allowed Revenue approved for a 4-year period Year t Year t + 2 ARt1 ARt3 P-adjustments t1 Required Revenue approved on an annual basis RRt = ARt + P adjustments t-2 RRt1 RRt3 Transmission Use of System charges Once RR is approved IPTO submits to the regulator the updated tariffs, to be passed through the electricity bills TUOst1 TUOst3 Actual revenue uTUoS(¹) * Consumption (€/MWh) Actual Revenue t1 Actual Revenue t3 A transparent regulatory mechanism converts approved revenues into stable, recurring cash flows over the regulatory period Source: RAAEY Notes: 1.uTUoS: Unitary Transmission Usage of System. ADMIE (IPTO) Holding – First Half 2026 Financial Results
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For additional information please visit our website at https://admieholding.gr/en/ or contact our Investor Relations team: Tel: +30 210 3636 936 E-mail: ir@admieholding.gr