Acea — Interim / Quarterly Report 2018

May 10, 2018

Q1 2018 Results

Rome, 10 May 2018

Q1 2018 financial highlights

( € ) m	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )	% h c a ng e ( / b ) a
C l i d d t o n s o a e r e v e n u e	7 4 5. 5	7 2 5. 6	2. 7 % +
E B I T D A	2 2 9. 2	2 4. 4 1	9 % 6. +	E B I T D A i d 2 0 g u a n c e 3 % / % 2 0 ( € 8 4 5 1 7 + + n o	1 8 : 0 ) m
E B I T	1 2 7. 4	1 1 7. 2	8. 7 % +
G f i / ( l ) t t r o u p n e p r o o s s	7 7. 4	6 5. 7	1 7. 8 % +
C a p e x	1 3 3. 0	1 2 6. 4	5. 2 % +	C i d 2 0 1 a p e x g u a n c e 2 0 1 7 u p o n	8 :

( € ) m	3 1 M h 2 0 1 8 a r c ( ) a	3 1 D 2 0 1 7 e c ( ) b	3 1 M h 2 0 1 7 a r c ( ) c	% C h a ng e ( / ) b a	% C h a ng e ( / ) a c
N D b t t e e	2, 4 8 2. 1	2, 4 2 1. 5	2, 2 3 4. 8	2. 5 % +	1 1. 1 % +	N D b i d 2 0 1 8 t t e e g u a n c e : € 2. 6- 2. 7 b n
I d C i l t t n v e s e a p a	4, 1 9 7. 0	4, 2 3 2. 7	4, 0 7 3. 0	0. 8 % -	3. 0 % +

ACEA Group

E B I T D A ( € ) m	A v e r a g e
	G f k r o u p w o r o r c e

2 4. 4 1	7. 9	0 1 1.	0. 3					2 2 9. 2
				( 0. ) 5	( 0. 3 )	( 1. 8 )	( 8 ) 1.
Q 1 2 0 1 7	W ate r	En erg y In fra str tu uc re	Co l ia mm er c d Tr d ing an a	En iro t v nm en	Ov er sea s	En ine ing g er d Se ice an rv s	Ho l d ing	Q 1 2 0 1 8

Q	Q	C
1	1	h
2	2	a
0	0	n
1	1	g
8	7	e
3 5, 5 5	4 9 8 5,	3 7 +

EBITDA GROWTH

p c o m a l i c o n s o i t e q u y	i n e s d d i t a e u s n g h d t m e o	7. 9	4. 9	6 1. 2 % +
C a p e x		6 3 7.	6. 5 7	8. % 1 7 +
		Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )	C h a n g e ( b ) a-
A v e r a g e w o r	f k o r c e	1, 7 8 9	1, 8 3 8	4 9 -

EBITDA GROWTH

Distribution +€ 9.0m

Generation +€1.2m – increased hydroelectric and thermoelectric production (completion of Tor di Valle plant)

Public Lighting: LED plan launched in June 2016 (+€0.9m)

( € ) m	Q 2 0 8 1 1 ( ) a	Q 2 0 1 1 7 ( b )	% h c a n g e ( / b ) a	i i K d t t t t e y q u a n a v e a a	Q 2 0 8 1 1	Q 2 0 1 1 7
E B I T D A	9 4. 4	8 3. 4	1 3. 2 % +	T l l i i d i i b d t t t t t o a e e c r c y s r u e ( G W h )	2, 4 6 9	2, 5 0 9
D bu is i ion tr t -	8 0. 7	7 1. 7	1 2. % 6 +
Ge ion t ne ra -	1 4. 0	1 2. 8	9. 4 % +	N b f d ( '0 0 0 ) u m e r o e n u s e r s s	1, 6 2 6	1, 6 2 7
Pu b l L h ic ig ing t -	( 0. 2 )	( 1. 1 )	n.s	T l l i i d d ( G W h ) t t t o a e e c r c y p r o u c e	1 5 5	3 2 1
C a p e x	5 4. 4	5 7. 2	4. 9 % -
	Q 2 0 8 1 1 ( ) a	Q 2 0 1 1 7 ( b )	C h a n g e ( b ) a-
f A k v e r a g e w o r o r c e	1, 3 8 0	1, 3 5 9	2 1 +

Commercial and Trading EBITDA STABLE

EBITDA main drivers

( € ) m	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( ) b	% h c a n e g ( / ) b a	i i K d t t t t e y q u a n a v e a a	Q 1 2 0 1 8	Q 1 2 0 1 7
E B I T D A	2 3. 4	2 3. 1	1. 3 % +	T l l i i l d ( G W h ) t t t o a e e c r c s o y	1, 5 9 3	1, 8 1 3
				E h d P M k i t t t a c e o e c o a e n n r n r	6 6 3	3 0 7
				F M k t r e e a r e	9 3 0	1, 0 8 3
C a p e x	4. 1	2. 5	6 4. 0 % +	P O D f l i i ( '0 0 0 ) t t s o r e e c r c y s	1, 2 0 4	1, 2 3 2
	Q 2 0 8 1 1	Q 2 0 1 1 7	C h a n e g	E h d P M k i t t t n a n c e r o e c o n a r e	8 8 0	9 2 9
	( ) a	( ) b	( ) b a-	F M k t r e e a r e	3 2 4	3 0 3
A v e r a g e	4 6 7	4 7 6	9 -	3) ( T l l d M t o a g a s s o m	6 5	5 1
k f w o r o r c e				N b f ( '0 0 0 ) t m e r o a s c s o m e r s u g u s	1 4 0	1 2 9

EBITDA STABLE

Iseco: +€0.3m

Aquaser (sludge recovery operations): -€0.7m

( € ) m	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )	% h c a n g e ( / b ) a	K i i d t t t t e y q u a n a v e a a	Q 1 2 0 1 8	Q 1 2 0 1 7
E B I T D A	1 4. 1	1 4. 6	3. 4 % -	T d d i l * t t r e a m e n a n s p o s a ( '0 0 0 f ) t s o o n n e s	2 4 5	2 4 7
C a p e x	4. 6	5. 5	1 6. 4 % -	i i ( G ) W T E l d d W h t t e e c r c y p r o u c e	8 9	8 7
	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( ) b	C h a n e g ( ) b a-
A v e r a g e k f w o r o r c e	3 6 1	3 4 7	4 1 +

	ver л
--	----------

Overseas

( € ) m	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )		( € ) m	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )
E B I T D A	3. 0	3. 3		E B I T D A	2. 2	4. 0
C a p e x	0. 8	0. 9		C a p e x	0. 3	0. 2
	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( ) b	C h a n g e ( ) b a-		Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )	( b ) a-
A v e r a g e f k w o r o r c e	6 0 4	5 8 8	1 6 +	A k f v e r a g e w o r o r c e	2 7 0	3 1 1	4 1 -

H l d i o n g
( € ) m	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( b )
E B I T D A	( 4. 2 )	( 2. 4 )
C a p e x	1. 5	3. 4
	Q 1 2 0 1 8 ( ) a	Q 1 2 0 1 7 ( ) b	C h a n e g ( ) b a-
A v e r a g e k f o r o r c e w	6 6 4	5 7 9	8 5 +	fe f Pr ly du im i e t tra ar o ns r o Fa l Ma fro i ity t c na em en m g En d Se ine ing ice it. g er an rv s u n

Change (a-b)

EBIT and Net Profit

ACEA Group

( € ) m	Q 2 0 8 1 1	Q 2 0 1 1 7	% h c a n g e
D i i t e r e c a n p o	7 7. 5	6 8. 8	1 2. 6 % +
W d i t r e- n s o w	2 1. 1	8. 1 7	1 2. 8 % +
P i i r o v s o n s	3. 3	9. 8	6 6. 3 % -
T l t o a	1 0 1. 9	9 7. 3	4. 7 % +

Inc d de ly du d iat ion inc t e t re as e re c ar re as e p p o , I T h s ho fu l l inv in it ive tm t ts rte es en as se w r u se s.
Inc d du f do f is ion irs im ion e t t-t t re as e p ro v s o e a p o I F R S 9
Lo fo ly d is ion ire t nt we r p ro v s r e ar re me an du da he Q 1 2 0 1 7. in nt re n nc y sc me p re se

Cash flow

( ( € ) m	1 2 Q 0 1 8	1 2 Q 0 1 7
E B I T D A	2 2 9	2 1 4
C ha k l in ing ita ng e wo r ca p	( 1 0 1 )	( 1 5 3 )
C A P E X	( 1 3 3 )	( 1 2 6 )
F R E E C A S H F L O W	( 5 )	( 6 5 )
Ne f ina inc / ( ) t ts nc e om e co s	( 2 0 )	( 1 9 )
C ha in is io ng e p ro ns v	( 2 6 )	( 1 7 )
In ta co m e x e xp en se	0	0
D iv i de ds n	0	0
O he t r	( 9 )	( ) 7
T O T A L C A S H F L O W	( 6 0 )	( 0 8 ) 1

* Before provisions for bad debts

( € ) m	3 1 M h 2 0 1 8 a r c ( ) a	3 1 D 2 0 1 7 e c ( b )	3 1 M h 2 0 1 7 a r c ( ) c	C h a ng e ( b ) a-	C h a ng e ( ) a- c
N E T D E B T	2, 4 8 2. 1	2, 4 2 1. 5	2, 2 3 4. 8	0. 6 6	2 4 3 7.
M d / Lo iu -t e m ng e rm	3, 5 4 0. 2	2, 7 0 6. 6	2, 7 2 6. 8	8 3 3. 6	8 1 3. 4
S ho t- t r e rm	( 0 8. ) 1, 5 1	( 2 8 ) 5. 1	( 4 9 2. 0 )	( 3. 0 ) 7 7	( 1 ) 5 6 6.

N E T D E B T / E Q U I T Y 3 2 0 8 1 Ma h 1 rc	N E T D E B T 3 1 Ma h 2 0 1 8 rc / L T M E B I T D A
4	2.
1.	9
x	x

February 2018 – successful placing of Euro 1 billion bondsoverall under the EMTN Programme in two tranches:

• 300 €m, 5 years, rate 3 months Euribor plus 0.37%
• 700 €m, 9.4 years, fixed rate 1.5%

Acea Group Q1 2018 Results

Rome, 10 May 2018

Q&A session

THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT REFLECT THE COMPANY'SMANAGEMENT'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL AND OPERATIONALPERFORMANCE OF THE COMPANY AND ITS SUBSIDIARIES.

THESE FORWARD-LOOKING STATEMENTS ARE BASED ON ACEA S.P.A.'S CURRENT EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS. BECAUSE THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES, ACTUAL FUTURE RESULTS OR PERFORMANCE MAY MATERIALLY DIFFER FROM THOSE EXPRESSED THEREIN OR IMPLIEDTHEREBY DUE TO ANY NUMBER OF DIFFERENT FACTORS, MANY OF WHICH ARE BEYOND THE ABILITY OF ACEA S.P.A. TO CONTROL OR ESTIMATE PRECISELY, INCLUDING CHANGES IN THE REGULATORY FRAMEWORK, FUTURE MARKET DEVELOPMENTS, FLUCTUATIONS IN THE PRICE AND AVAILABILITY OF FUEL AND OTHER RISKS.

YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN, WHICH ARE MADE ONLY AS OF THE DATE OF THIS PRESENTATION. ACEA S.P.A. DOES NOT UNDERTAKE ANY OBLIGATIONTO PUBLICLY RELEASE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS ORCIRCUMSTANCES AFTER THE DATE OF THIS PRESENTATION.

THIS PRESENTATION DOES NOT CONSTITUTE A RECOMMENDATION REGARDING THE SECURITIES OF THE COMPANY.

***

PURSUANT TO ART. 154-BIS, PAR. 2, OF THE LEGISLATIVE DECREE N. 58 OF FEBRUARY 24, 1998, THE EXECUTIVE IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING DOCUMENTS AT ACEA, GIUSEPPE GOLA – CFO OF THE COMPANY - DECLARES THAT THE ACCOUNTING INFORMATION CONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS.