Admie S A : Press Release for Financial Results H1 2023

Press Release

Regulatory Information

ADMIE HOLDING S.A.

First Half 2023 Financial Results

IPTO GROUP: High performance with strong recovery in profitability and acceleration of

investments

• Full recovery of financial figures after the normalization of revenue and the incorporation of the new System Usage Charges in September 2022.
• Capital Expenditures in H1'23 reached EUR 297.3 million versus EUR 88.0 million in H1'22.
• Total Revenues stood at EUR 189.0 million, recording an increase of 37.5% compared to H1'22.
• Revenue from Transmission System Rent amounted to EUR 178.7 million, marking an increase of 39.5% compared to EUR 128.0 million in H1'22. Taking into consideration the revenue from Balancing Market1, which amounted to EUR 7.1 million in H1 '23, there is an increase of 38.6% compared to H1'22.
• Consolidated EBITDA reached EUR 136.8 million (from EUR 90.9 million in H1'22). The adjusted EBITDA stood at EUR 137.6 million versus EUR 90.1 million in H1'22, higher by 52.7%.
• Strong Financial position, with Net Debt at EUR 981.6 million, taking into account lease liabilities.

ADMIE HOLDING S.A.:

• Net Profit at EUR 29.2 million
• It is reminded that in April 2023 the Company has proposed the distribution of gross interim dividend per share of EUR 0.058 (fiscal year 2023) with an ex-dividend date of October 4, 2023 (cut- off date)

Athens - September 27th, 2023 - 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 6-month period ended on June 30th, 2023, prepared in accordance with International Financial Reporting Standards (IFRS).

Overview ADMIE HOLDING S.A.

Amounts in EUR million		Q2 2023		Q2 2022	D%		Η1 2023		Η1 2022		D%
Share of profits in investments		14.5		6.1		138.3%			29.5		12.3		140.4%
accounted using the equity method
EBITDA		14.3		5.9		142.4%			29.1		11.9		144.4%
ΕΒΙΤ		14.3		5.9		142.5%			29.1		11.9		144.5%
Net profit		14.3		5.9		143.0%			29.2		11.9			144.2%
Profit per share (EUR)		0.06		0.03					0.13		0.05
Amounts in EUR million										31.12.2022			D%
								30.06.2023
Cash and cash equivalents									4.3		20.8		-79.2%

1 From 01.01.2022 the revenue from the Balancing Market relates to a charge to the Energy Exchange that until recently was included in the Transmission System Rent.

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Press Release

Regulatory Information INDEPENDENT POWER TRANSMISSION OPERATOR (IPTO) S.A., hereafter "the Affiliate" also announced

financial results under IFRS for the 6-month period ended on June 30th, 2023, which is illustrated in the table below:∗

Overview2 IPTO S.A.		GROUP			COMPANY
Amounts in mil. euro	H1 2023	H1 2022∗	D%	H1 2023		H1 2022*	D%
Revenue from Transmission System Rent	178.7	128.0	39.5%	180.2		128.7	40.1%
Revenue from Balancing Market	7.1	5.9	18.8%	7.1		5.9	18.8%
Concession agreement expenses	-	-	n/a	-3.7		-1.1	242.0%
Revenue from other operations	3.3	3.5	-6.2%	3.3		3.5	-6.2%
Total revenues	189.0	137.5	37.5%	186.9		137.0	36.4%
Other income	4.0	2.6	55.8%	3.8		2.8	35.5%
Operating expenses	55.6	50.2	10.8%	53.2		49.6	7.2%
Provisions	0.6	-1.0	-154.1%	0.6		-1.0	-156.2%
EBITDA	136.8	90.9	50.6%	136.9		91.2	50.1%
Adjusted EBITDA	137.6	90.1	52.7%	137.8		90.5	52.2%
adjusted EBITDA margin	72.8%	65.6%		73.7%		66.1%
EBIT	82.2	38.7	112.6%	82.5		39.1	110.9%
Adjusted EBIT	83.0	37.9	118.9%	83.3		38.4	117.0%
Profit for the period before Taxes	75.5	33.1	127.8%	76.5		33.7	126.7%
Net profit for the period	57.9	24.1	140.4%	58.6		24.7	137.0%
Adjusted Net profit for the period	58.5	23.5	148.6%	59.2		24.2	144.8%
Amounts in mil. euro	30.06.2023	31.12.2022	D%	30.06.2023		31.12.2022	D%
Net debt	981.6	775.4	26.6%	621.2		594.1	4.6%
Cash and cash equivalents	252.6	198.6	27.2%	214.7		183.2	17.2%
Amounts in mil. euro	30.06.2023	30.06.2022	D%	30.06.2023		30.06.2022	D%
Capital Expenditures	297.3	88.0	237.9%	296.2		83.7	253.7%

The following graph demonstrates the figures of the changes regarding the total revenues. adjusted EBITDA and Net Profit for the 6M 2023-2022:

IPTO Group recorded two strong quarters, with adjusted net profit for the H1'23 exceeding EUR 58 million, recording a significant increase of 148%. High performance in all key P&L lines achieved due to the full

2 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

∗ Comparable data of specific accounts have been reclassified for comparability purposes. For more information on the reconciliation of comparable amounts, please refer to published Interim Summary Financial Statement for H1'23 of IPTO SA.

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Regulatory Information implementation of the Unitary TUoS charges, which had a positive effect on the normalization of the recovery of its required revenue for 2023 and the full recovery of its financial figures.

At the same time, the Group achieved its best historical performance for H1, with regards to the

implementation of its investment program, which is the key driver of the Operator's growth in the coming years, with capital expenditures amounting to EUR 297.3 million (compared to EUR 88 million in the H1'22), maintaining the upward trend for the second half of the year.

The consolidated Total Revenue of IPTO Group in the H1 2023 amounted to EUR 189.0 million, marking a significant increase of 37.5% compared to EUR 137.5 million in the H1 2022. The Revenue from Transmission System Rent, including revenue from the Balancing Market, stood at EUR 185.7 million versus EUR 134.0 million in the corresponding period of 2022, marking an increase of 38.6%, while the Revenue from other operations marking a marginal decrease of EUR 0.2 million.

Consolidated EBITDA increased by 50.6% y-o-y to EUR 136.8 million against EUR 90.9 million in the H1 '22. Adjusted EBITDA of Group stood at EUR 137.6 million, higher by 52.7% compared to EUR 90.1 million in the corresponding period of 2022, excluding the following non-recurring items:

1. provision for the discount of reduced electricity given to employees and retirees of the Affiliate and provision for staff compensation, totaling EUR 0.2 million compared to EUR 0.3 million in H1 2022
2. provision for risks and expenses of EUR 0.6 million compared to release of provision of EUR 1.0 million in H1 2022

Consolidated EBIT increased by 112.6% to EUR 82.2 million versus EUR 38.7 million in H1'22, while consolidated adjusted EBIT amounted to EUR 83.0 million, higher by 118.9% versus EUR 37.9 million in H1 2022 excluding the above non - recurring items.

Consolidated EBT amounted to EUR 75.5 million, higher by 127.8% compared to EUR 33.1 million in H1 2022, while the consolidated Net Profit amounted to EUR 57.9 million compared to 24.1 million in H1 2022.

Consolidated adjusted Net Profit stood at EUR 58.5 million compared to EUR 23.5 million in H1' 22.

IPTO's Board of Directors proceeded, in accordance with Shareholder Agreement, to the distribution of a dividend to its shareholders equal to 50% of the net profit of the financial year 2022, corresponding to the amount of EUR 29.5 million and as a result ADMIE HOLDING collected an amount of EUR 15.0 million.

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Regulatory Information

Q2 2023

Overview3 IPTO S.A.		GROUP			COMPANY
Amounts in mil. euro	Q2 2023	Q2 2022∗	D%	Q2 2023	Q2 2022*	D%
Revenue from Transmission System Rent	89.9	64.0	40.5%	90.1	64.6	39.4%
Revenue from Balancing Market	3.6	2.7	30.5%	3.6	2.7	30.5%
Concession agreement expenses	-	-	n/a	-1.9	-0.3	488.9%
Revenue from other operations	1.9	0.8	147.5%	1.9	0.8	147.5%
Total revenues	95.3	67.5	41.3%	93.7	67.8	38.2%
Other income	3.1	1.8	76.3%	3.0	1.9	54.5%
Operating expenses	31.0	26.4	17.5%	29.1	26.0	12.2%
Provisions	0.6	-2.4	-125.4%	0.6	-2.4	-126.2%
EBITDA	66.8	45.2	47.8%	66.9	46.1	45.1%
Adjusted EBITDA	67.5	43.0	57.2%	67.6	43.9	54.1%
adjusted EBITDA margin	70.8%	63.7%		72.2%	64.8%
EBIT	39.5	19.0	107.4%	39.6	20.0	98.4%
Adjusted EBIT	40.2	16.8	139.2%	40.4	17.8	127.3%
Profit before Taxes	36.8	16.9	117.7%	37.1	17.8	108.4%
Net profit for the period	28.5	11.9	138.3%	28.4	12.7	122.8%
Adjusted net profit for the period	29.0	10.3	182.1%	28.9	11.1	161.0%

The consolidated total revenues of the Group in the Q2 2023 increased by 41.3%, compared to the corresponding quarter of previous year and amounted to EUR 95.3 million. The Revenue from Transmission System Rent, considering the revenue from the Balancing Market, amounted to EUR 93.5 million, marking an increase of 40.1% compared to the corresponding period of 2022, while the Revenues from other operations increased by EUR 1.1 million mainly due to the contribution of revenue from the technical and operational support services of the project of common interest (PCI 3.10.2) Crete - Cyprus interconnection.

Consolidated EBITDA in the Q2 2023 amounted to EUR 66.8 million, marking a increase of 47.8% y-o-y compared to EUR 45.2 million in the H2 2022. Adjusted EBITDA of the Group amounted to EUR 67.5 million higher by 57.2% compared to the corresponding amount of the Q2 2022, excluding the following provisions:

1. provision for the discount on reduced electricity tariffs given to employees and retirees of the Affiliate and provision for staff retirement amounted total EUR 0.12 million, versus provision of EUR 0.14 million for 2022,
2. provision for risks and expenses amounting to EUR 0.6 million versus release of provision of EUR 2.4 million in Q2 2022.

3 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

• Comparative figures on specific items have been reclassified for comparability purposes. For further information please refer to published Interim Summary Financial Statement for H1'23 of IPTO S.A.

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Regulatory Information Consolidated ΕΒΙΤ increased by 107.4% to EUR 39.5 million versus EUR 19.0 million in Q2 2022, while consolidated adjusted EBIT amounted to EUR 40.2 million versus EUR 16.8 million in Q2 2022.

Consolidated Net Profit during Q2 2023 amounted to EUR 28.5 million, increased by 138.3 % versus EUR 11.9 million in 2022, while consolidated adjusted Net Profit stood at EUR 29.0 million compared to EUR 10.3 million in Q2 2022.

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