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ADMIE Holding 2023 – Financial Results Full Year 2023 Driving the Energy Transition Financial Results H1 2025 Investor presentation September 24th 2025
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ADMIE (IPTO) Holding – Financial Results First Half 2025 2 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 (ΙPTO) Holding and ADMIE (IPTO), the outlook for 2025 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 (IPTO) 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 (IPTO) Holding’s Annual Financial Report ended 31. March 2025. 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 Highlights ADMIE (IPTO) Holding
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ADMIE (IPTO) Holding – Financial Results First Half 2025 4 ADMIE (IPTO) 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 769.1 million Shares: 232,000,000 Dividend payout ratio 50% Holds 51% of the Hellenic Electricity Transmission System Operator (IPTO) *Based on 15.09.2025 closing price. Greek State 51% Institutional Investors 31% Rest 18% Dividend 2025 Remaining div. 2024 0.06 €/share Cut -off date: 25/08/2025 payment date: 01/09/2025 Interim div. 2025 0.12 €/share Cut-off date: 25/09/2025 payment date: 02/10/2025 * 2026: The remaining dividend of 2025 is expected at ~ €0.031 per share
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ADMIE (IPTO) Holding – Financial Results First Half 2025 5 ADMIE (IPTO) Holding H1 2025 Financial Highlights NET PROFIT 34.1 H1 2024: 38.9 OPEX 0.7 H1 2024: 0.6 CASH 58.3 H1 2024: 35.1 INCOME 34.5 H1 2024: 39.4 16.7% -12.4% Amounts in €m ROCE 4.2% H1 2024: 5% -12.2% 66.0%
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ADMIE Holding 2023 – Financial Results Full Year 2023 Highlights IPTO S.A.
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ADMIE (IPTO) Holding – Financial Results First Half 2025 Total Revenue from the transmission system rent decreased by 3.2%, to €207.1m., (30/06/2024: € 213.9 m) due to the decrease of interconnection rights to € 38m from € 54.7 m in the same period last year. Despite the increase in TUoS* charges by € 10.6m. Operating income decreased by 12.8%, reaching the amount of € 94 m, driven by increased third party fees, benefits and other expenses. (+15.4m) EBITDA at € 152.7 decreased by 7.5% due to the decreased revenue and higher expenses. Net Financial Expenses stood at €5.1m versus €7.5m mainly due to the decrease in Euribor floating interest rates and higher amount interest capitalized for projects under the construction period. The nominal tax rate for the current period is 22% and the Group’s income tax amounted to € 19.6 m, while in the corresponding period in 2024, it amounted to € 22.2 m. IPTO GROUP H1 ‘25financials Profit & Loss Statement €m 30.06.2025 30.06.2024 Chg % Revenue from transmission system rent 207.1 213.9 -3.2% Revenue from balancing market 9.4 8.8 6.1% Revenue from other operations 3.5 2.7 28.6% Total Revenue 219.9 225.4 -2.4% Total expenses 125.9 117.6 7.1% Profit before tax and financial results 94.0 107.9 -12.8% EBITDA 152.7 165.1 -7.5% EBITDA adj. 154.3 167.3 -7.7% Net Income 67.6 77.2 -12.4% Net Income adj. 68.8 78.9 -12.7% Cash flows CF from Operations after WC 105.7 120.3 -12.1% 7 * Based on decision E-132/2024 of RAAEWW, the unit prices for TUoS charges were revised from 01/03/2025
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ADMIE (IPTO) Holding – Financial Results First Half 2025 8 Key figures • H1’25 Total Market Demand reached 24,7 TWh, + 0.8% y-o-y • Renewable energy contribution reached 54.2% in Jun’25 • Imports at 2.1 TWh and exports shaped at 2.8 TWh Production & Interconnection Mix Electricity Demand & Supply for H1 2025 Lignite 5,5% Nat.Gas 40,3% RES 54,2% PRODUCTION MIX Turkey 15,6% Albania 15,2% FYROM 29,9% Bulgaria 33,1% Italy 6,1% IMPORT MIX
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ADMIE (IPTO) Holding – Financial Results First Half 2025 IPTO GROUP H1 2025 Capex FY22: EUR 335 9 €m Capital investment: €300.4m € 21.1m €22.5 m *H1’24: EUR 262.3m. Crete Phase II (incl. Ariadne) 93,6 Crete –Cyprus interconnection 50,4Cyclades Ιnterconnection(Phase D) 45,9 Information & Communications Technology Projects 10,8 Other projects 99,7 31.2% 16.8% 15.3% 33.1%
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ADMIE (IPTO) Holding – Financial Results First Half 2025 IPTO GROUP Cash Flow & Financial Performance ratios Net Debt Leverage € 1,197.9 m vs € 843.4m (Η1’24) 45% Coverage ratio 13.8* x Interest coverage ratio 0.82x Net Debt/Equity Key figures: Cash Flow evolution (€m): *EBIT/Interest expense 10 227,4 105,7 -234,3 175,5 274,3 -350 -250 -150 -50 50 150 250 350 Cash 31.12.2024 Operating CF Investing CF Financing CF Cash 30.06.2025
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ADMIE (IPTO) Holding – Financial Results First Half 2025 Allowed Revenue (in 2025) € 488.9 million RAB (by 2025) € 2.846 million WACC according to RAEWW’s Decision E-102/2023 on Regulatory Period 2023-25 Updated Regulatory Framework Special RAB (for PMI - by 2025) € 835 million* with 1% WACC premium 2022 2023 2024 2025 6.10% 7.57% 7.51% 7.45% WACC (pre-tax nominal) 11 * Half of the amount appliesfor RR2025
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ADMIE (IPTO) Holding – Financial Results First Half 2025 WACC components 2025 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 3.92% Gearing 45.0% WACC nominal pre-tax 7.45% 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 12
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ADMIE Holding 2023 – Financial Results Full Year 2023 IPTO Investment Program progress
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ADMIE (IPTO) Holding – Financial Results First Half 2025 14 Major Projects 2025-2031 2025 2026 Cyclades Phase D DodecanesePeloponnese Corridor B’ Crete Phase II North Aegean Interconnection 2031 Greece-Italy Interconnection 2029 2030 Phase I-II Phase I-III
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ADMIE (IPTO) Holding – Financial Results First Half 2025 15 Ariadne Interconnection Major Projects 2025-2031 Major Project Locations Crete Interconnection (Phase II) Ariadne Interconnection Expected Commissioning: 2025 Remainingcapex: €141m CycladicIslands Ιnterconnection (Phase D) Expected Commissioning: 2026 Remainingcapex: €164.5m North Aegean Interconnection Expected Commissioning : 2030 Remainingcapex: €1.2bn DodecaneseInterconnection Expected Commissioning: 2029 Remainingcapex: €2bn Second400 kV branch to Peloponnese (Megalopoli - Korinthos - Koumoundouros) Expected Commissioning: 2026 Other projects Expected Commissioning: 2025-2031 Remainingcapex: €1.8bn Total Capex €6.1bnGreece-Italy Interconnection Expected Commissioning: 2031 Remainingcapex: €603m 4 3 1 2 5 6 7
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ADMIE (IPTO) Holding – Financial Results First Half 2025 16 • The Site Acceptance Tests have been finalized for all project’s parts (Cable System, Converter’s Stations, Electrode Stations, GIS substation) and in collaboration with IPTO and Operation Department the Link has been set in continuous operation while the Trial Operation period has commenced. • Τhe interconnection of Crete with HETS Phase II was funded with Euro 300,2 million from the NSRF Program 2014-2020 “Infrastructure, Environment and Sustainable Development” for the 1st stage of the project (until 31/12/2023) • .The 2nd stage of the project was included in the Operational Program of the NSRF 2021 – 2027 "Environment and Climate Change" according to the decision of the Ministry of Economy and Finance (A.P.: 103448/17.07.2024) and will be funded with an amount up to Euro 222,3 million. • The fourth and final phase of the Cyclades electrical interconnection concerns the interconnection of Santorini, Folegandros, Milos and Serifos. • The first phase of the interconnection (Santorini -Naxos) is already being constructed with a completion horizon until the end of second semester of 2025 • In February 2025 the laying of the submarine high -voltage cable for the Milos-Folegandros interconnection and the Folegandros- Thira interconnection was completed Ariadne Interconnection Interconnection of Cyclades Key project developments H1 2025 Ariadne Interconnection
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ADMIE (IPTO) Holding – Financial Results First Half 2025 17 Upgrading of the Koumoundourou EHV S/S In December 2023, the contract of the sub- project of the new Transmission Line connecting the Corinth EHV Substation to the Koumoundourou EHV Substation was signed, putting the second part of the project in construction phase. The completion of this sub-project is expected in the first half of 2026. Ariadne Interconnection Key project developments H1 2025 Dodecanese and Northeast Aegean islands interconnections Eastern Peloponnese Corridor • The tender for the section of the Dodecanese Interconnection project concerning the Korinthos and Kos Converter Stations, as well as the Korinthos–Kos High-Voltage Direct Current (HVDC) cable interconnection, was published at the end of 2024. The tender process for the Converter Stations is ongoing. • For the Northeastern Aegean interconnection, the EIA for the section from N.Santa (EHV S/S N. Santas) to Western Lesvos substation was posted for public consultation on the Electronic Environmental Registry (EER) in December 2024. The EIA for the section of the 150kV overhead transmission line from Western Lesvos substation to Mytilene substation, and up to the new Mytilene substation, is scheduled to be posted during the first semester of 2026 The implementation of the new Koumoundourou EHV Substation will serve the connnection of the 400 kV Eastern Peloponnese Corridor, will be the terminal of the Attica-Crete interconnection with the mainland grid and will enhance the reliability of the supply of loads (mainly in Western) Attica. The upgraded Koumoundourou EHV Substation is expected to be finalized in the first half of 2026. In October 2023, IPTO was appointed as the Project Promoter of the project for the electrical interconnection between Greece, Cyprus, and Israel, which is included in the 6th list of Projects of Common Interest of the European Union. The total pre-financing received amounted to Euro 164,5 million, representing 25% of the total grant. As of 30 June 2025, Euro 254,6 million has been paid to the cable segment contractor, as work is in progress. The amount of the payments remains unchanged to date. Specifically, in the cable segment, production of the first 216 km of the subsea cable has been completed, while additional 226 km of the submarine cable are at various stages of the production process. Great Sea Interconnection Greece-Cyprus-Israel
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ADMIE (IPTO) Holding – Financial Results First Half 2025 18 2nd interconnection with Italy Interconnection with Egypt • Completed the feasibility studies for the second Greece- Italy interconnection of 1 GW, together with the neighboring country’s Operator, Terna. • IPTO and TERNA signed a Memorandum of Understanding (MoU) which outlines the main terms and conditions for the design and development of the new electrical interconnection between the two countries. The project was submitted for inclusion in the new Ten-Year Network Development Plan (TYNDP 2026) of ENTSO-E. Commissioning: 2031 • Cooperation with the Operator of Egypt (EETC – Egyptian Electricity Transmission Company) Evaluation of its potential participation in the share capital of the developer of PCI project, 3 GW. • In April of 2024 the Project Promoter procured the two main studies for the project, concerning the technical analysis of the project (optimal routing of the submarine cable and the landing points in the two countries) and the cost-benefit analysis. International Interconnection Plans 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 The project of the new Greece - Albania interconnection is maturing, together with the Transmission System Operator of the neighboring country. In March of 2024 a joint steering committee was established, with representatives from both TSOs with the task of monitoring the progress of the implementation of the new interconnection on both sides and exploring the further contribution of the project to the goals for the transition to a climate neutral Europe. Comissioning:2030 Green Aegean Interconnector • The Green Aegean Interconnector, is planned to interconnect the electricity systems of Greece and Germany. The initial capacity of the interconnection is planned to be 3 GW and in a second phase could reach 6 to 9 GW. • The project has been included in the Ten -Year Network Development Plan (TYNDP 2024) of ENTSO-E 2nd interconnection with Turkey • Construction of a new interconnection between Greece and Turkey, which will strengthen the interconnection of the European and Turkish Transmission System,600MW. • In February of 2024 a joint steering group was established, with representatives from both TSOs with the task of coordinating the implementation of the new interconnection • Planning phase completed: 2029 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. • In July 2025 a Project Viability Report was completed, which provides a preliminary recommendation on Project viability of the HVDC Interconnector between Saudi Arabia and Greece.
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ADMIE Holding 2023 – Financial Results Full Year 2023 Appendices
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ADMIE (IPTO) Holding – Financial Results First Half 2025 Amounts in €’m Balance sheet 30.06.2025 31.12.2024 Non-current assets 743.0 746.0 Current assets 59.2 21.9 of which: Cash & equiv. 58.3 21.1 Total Assets 802.1 767.9 Equity 801.7 767.6 Current liabilities 0.4 0.2 Total Equity & Liabilities 802.1 767.9 Cash flows 30.06.2025 30.06.2024 CF from Operations -0.3 -0.5 CF from Investing 37.5 30.2 CF from Financing 0.0 0.0 Change in cash 37.2 29.7 Cash at the beg. of the period 21.1 5.4 Cash at the end of the period 58.3 35.1 Appendix 1 ADMIE (IPTO) Holding Balance Sheet and Cash flow summary 20
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ADMIE (IPTO) Holding – Financial Results First Half 2025 Balance sheet Group 30.06.2025 31.12.2024 Non-current assets 4,205.2 3,961.3 Current assets 447.1 398.2 Of which: Cash & equiv. 274.3 322.4 Total Assets 4,652.2 4,359.5 Equity 1,465.7 1,410.9 Non-current liabilities 2,688.5 2,470.2 Current liabilities 497.9 478.4 Liabilities 3,186.5 2,948.5 Of which: Net Debt 1,197.9 1,047.6 Total equity and liabilities 4,652.2 4,359.5 Cash flows 30.06.2025 30.06.2024 CF from Operations 105.7 120.3 CF from Investing -234.3 64.3 CF from Financing 175.4 -107.9 Cash 46.9 76.7 IPTO Group Balance Sheet and Cash flow summary Appendix 2 Amounts in €’m 21
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ADMIE (IPTO) Holding – Financial Results First Half 2025 22 Key figures EBIT (€m) ▪ Payroll cost Negative effect as a result of the increase in permanent staff allowances by €1.2m and of the bonus accrual, amount of €1.2m. ▪ Third party fees Negative effect by €3.3m mainly due to the increase in the freelancers cost + €2.4m in order to cover the extended operational needs. ▪ Depreciation and amortization Negative effect as a result of Cap.Ex. implementation -12,8% IPTO Group H1 ‘25 EBIT evolution Appendix 3 107,8 -5,5 -2,4 -3,3 -0,6 -0,6 -1,4 94,0 0,0 20,0 40,0 60,0 80,0 100,0 120,0
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ADMIE Holding 2023 – Financial Results Full Year 2023 Contact For additional information please contact ADMIE (IPTO) Holding Investor Relations: Lilian Filips Head of IR Tel: +30 210 3636 936 E-mail: l.filips@admieholding.gr