Admie Holding (ADMIE) Investor presentation summary

Strategic positioning and investment plan

• Owns 51% of Greece’s sole electricity transmission operator, providing pure-play exposure to a critical infrastructure asset with regulated, predictable revenues.

• Plans up to €530m capital increase to participate in IPTO’s €1bn equity raise, supporting a €6bn capex plan for 2026–2029.

• Focused on doubling regulated asset base (RAB) from €3.3bn in 2025 to ~€7bn by 2029, with ~20% CAGR, among the fastest in Europe.

• Investment priorities include major island interconnections, mainland grid reinforcement, and new international links.

• Hellenic Republic committed to pro-rata participation and backstop in the capital increase.

Regulatory and financial framework

• Operates under an independent, EU-aligned regulatory regime with ex-ante revenue cap and RAB-based model.

• Allowed pre-tax WACC set at 6.87% for 2026, with inflation-linked, predictable returns and insulation from macro volatility.

• Regulatory framework supports capex and performance, with best-in-class risk-adjusted returns versus European peers.

• RAB compounding and optimized leverage expected to drive post-tax RoE from 8.5% in 2025 to ~11% in 2029.

• Target capital structure maintains strong investment grade profile, with net debt/RAB below 60% and FFO/net debt above 10%.

Operational excellence and growth delivery

• Demonstrated track record of delivering complex, sector-first projects and maintaining high grid availability.

• Rapid integration of renewables, with 4.3 GW new RES connected in 2024–2025 while ensuring grid stability.

• Zero systemic failures in 2025, advanced digital monitoring, and strong ESG performance, including high taxonomy alignment and no environmental fines.

• Experienced management team and skilled workforce, with proactive hiring and training to support capex ramp-up.

• Operational cash flow, EU/national subsidies, and prudent leverage underpin funding for the investment cycle.