Acea — Investor Presentation 2018

May 10, 2018

Risultati 1Q2018

Roma, 10 maggio 2018

Gruppo ACEA 1Q 2018 highlights economico-finanziari

( € ) l m n	1 Q 2 0 1 8	1 Q 2 0 1 7	V % i a r a z.
	( ) a	( b )	( / b ) a
R i i l i d i t c a v c o n s o a	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, +	G i 2 0 8 d E B I T D A 1 u a n c e : 3 % / 5 % l 2 0 1 7 ( 8 4 0 l € ) i + + t t r s p e o a m n
E B I T	1 2 7, 4	1 1 7, 2	8, 7 % +
R i l d l G t t t t s u a o n e o e r u p p o	7 7, 4	6 5, 7	1 7, 8 % +
I i i t t n v e s m e n	1 3 3, 0	1 2 6, 4	5, 2 % +	G i d I i i 2 0 1 8 t t a n c e n e s m e n u v : l 2 0 1 7 i i t t t n a u m e n o r s p e o a

( l € ) m n	3 / 3 / 2 0 8 1 1 ( ) a	3 / 2 / 2 0 1 1 1 7 ( b )	3 / 3 / 2 0 1 1 7 ( ) c	% V i a r a z. ( / b ) a	% V i a r a z ( / ) a c
I d b i F i N t t t n e a m n a n z. e o	2. 4 8 2, 1	2. 4 2 1, 5	2. 2 3 4, 8	2, 5 % +	1 1, 1 % +
C i l I i t t t a p a e n v e s o	4. 1 9 7, 0	4. 2 3 2, 7	4. 0 7 3, 0	0, 8 % -	3, 0 % +

Guidance Ind. Fin. Netto 2018: 2,6-2,7 mld€

	E B I T D A ( l € ) m n							d i	N d u m e r o m e d i G t p e n e n r u	i o p p o
2 1 4, 4	7, 9	1 1, 0	0, 3	( 0, 5 )	( 0, 3 )	( 1, 8 )	( 1, 8 )	2 2 9, 2	1 Q 2 0 1 8 5. 5 3 5	1 Q 2 0 1 7 5. 4 9 8	V i a r a z. 3 7 +
1 Q 2 0 1 7	I dr ico	In fra str utt ur e En he ic et erg	Co le ia mm er c Tr d ing e a	Am b ien te	Est er o	Ing ia eg ne r e iz i se rv	Ca p og ru p p o	1 Q 2 0 1 8

Gruppo ACEA EBITDA e dati quantitativi 1Q2018 highlights economico-finanziari

Idrico

EBITDA principali drivers

EBITDA IN CRESCITA

Acea ATO2: +3,8 mln€

Società consolidate a patrimonio netto +3,0 mln€

( l € ) m n	1 Q 1 8 ( ) a	1 Q 1 7 ( b )	V % i a r a z. ( / b ) a	D i i i i t t t t a q a n a u v	1 Q 1 8	1 Q 1 7
E B I T D A	9 6, 4	8 8, 5	8, 9 % +
D P / ( O ) d i i i i t c u : r o v e n n e r a i i i p t p a r e c a z o n l d I F R S 1 1 i t c o n s o a e e x	7, 9	4, 9	6 1, 2 % +	T l l i d i d i t t o a e o m a c q a e n v u u v u ( M ) m c	1 0 5	1 0 3
I i i t t n v e s m e n	6 7, 3	5 6, 7	1 8, 7 % +
	1 Q 1 8 ( ) a	1 Q 1 7 ( b )	V i a r a z. ( b ) a-
i i i N d d d t r. m e o p e n e n	8 9 1. 7	8 3 8 1.	4 9 -

EBITDA e dati quantitativi 1Q2018 highlights economico-finanziari

EBITDA IN CRESCITA

• Distribuzione +9,0 mln€
• Generazione +1,2 mln€ aumento produzione idroelettrica e termoelettrica (completamento impianto Tor di Valle)
• Illuminazione Pubblica piano led avviato a giugno 2016 (+0,9 mln€)

( l € ) m n	1 Q 1 8 ( ) a	1 Q 1 7 ( b )	V % i a r a z. ( / b ) a	D i i i i t t t t a q u a n a v	1 Q 1 8	1 Q 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 i ( G W h ) à t t t t t t o a e e e r c s r u a	2. 4 6 9	2. 5 0 9
D bu ist i ion r z e -	8 0, 7	7 1, 7	1 2, % 6 +	N l i i ( / 0 0 0 ) t m e r o c e n u	1. 6 2 6	1. 6 2 7
Ge ion ne raz e -	1 4, 0	1 2, 8	9, 4 % +
I l lum Pu b b l ica -	( 0, 2 )	( 1, 1 )	n.s	T l l i i à d ( G W h ) t t t t t t o a e e e r c p r o o a	1 5 5	1 3 2
I i i t t n e s m e n v	5 4, 4	5 7, 2	4, 9 % -
	1 Q 1 8 ( ) a	1 Q 1 7 ( ) b	V i a r a z. ( ) b a-
N d i d i d i t r. m e o p e n e n	1. 3 8 0	1. 3 5 9	2 1 +

EBITDA e dati quantitativi 1Q2018 highlights economico-finanziari

Commerciale e Trading EBITDA STABILE

EBITDA principali drivers

( € ) l m n	Q 8 1 1 ( ) a	Q 1 1 7 ( b )	% V i a r a z. ( / b ) a	D i i i i t t t t a q a n a u v	1 Q 1 8	1 Q 1 7
E B I T D A	2 3, 4	2 3, 1	1, 3 % +	T l d i i ( G W h ) t t o a e v e n a e n e r g a	1. 5 9 3	1. 8 1 3
				M d l i m i t t t e r c a o ag o r e a g u	6 6 3	7 3 0
				M l b i t e r c a o e r o	9 3 0	1. 0 8 3
I i i t t n v e s m e n	4, 1	2, 5	6 4, 0 % +	N P O D l i i à ( / 0 0 0 ) t t t u m e r o e e r c	1. 2 0 4	1. 2 3 2
				M d l i m i t t t e r c a o ag g o r u e a	8 8 0	9 2 9
	Q 8 1 1 ( ) a	Q 1 1 7 ( b )	V i a r a z. ( b ) a-	M l b i t e r c a o e r o	3 2 4	3 0 3
i N d r. m e o	4 6 7	4 7 6	9 -	T l d i ( M ) t t o a e v e n a g a s m c	5 6	5 1
i i d d t p e n e n				N l i i ( / 0 0 0 ) t m e r o c e n a s u g	1 4 0	1 2 9

EBITDA e dati quantitativi 1Q2018 highlights economico-finanziari

EBITDA STABILE

• AmbienteEBITDA principali drivers
• Iseco: +0,3 mln€
• Aquaser (attività di recupero fanghi): -0,7 mln€

( l € ) m n	1 Q 1 8 ( ) a	1 Q 1 7 ( b )	V % i a r a z. ( / b ) a	D i i i i t t t t a q u a n a v	1 Q 1 8	1 Q 1 7
E B I T D A	1 4, 1	1 4, 6	3, 4 % -	T l i * t t t t t r a a m e n o e s m a m e n o ( K ) t o n n.	2 4 5	2 4 7
I i i t t n e s m e n v	4, 6	5, 5	1 6, 4 % -	E i l i d W T E t t t t n e r g a e e r c a p r o o a ( G W h )	8 9	8 7
	1 Q 1 8 ( ) a	1 Q 1 7 ( b )	V i a r a z. ( b ) a-
N d i r. m e o d i d i t p e n e n	3 6 1	3 4 7	1 4 +

( l € ) m n	1 Q 1 8 ( ) a	1 Q 1 7 ( ) b		( l € ) m n	1 Q 1 8 ( ) a	1 Q 1 7 ( b )
E B I T D A	3, 0	3, 3		E B I T D A	2, 2	4, 0
i i I t t n v e s m e n	0, 8	0, 9		I i i t t n v e s m e n	0, 3	0, 2
	1 Q 1 8 ( ) a	1 Q 1 7 ( ) b	V i a r a z. ( ) b a-		1 Q 1 8 ( ) a	1 Q 1 7 ( b )	V i a r a z. ( b ) a-
N d i d i d i t r. m e o p e n e n	6 0 4	5 8 8	1 6 +	N d i d i d i t r. m e o p e n e n	2 7 0	3 1 1	4 1 -

C a p o g r u p p	o
( l € ) m n	1 Q 1 8 ( ) a	1 Q 1 7 ( b )
E B I T D A	( 4, 2 )	( 2, 4 )
I i i t t n e s m e n v	1, 5	3, 4
	Q 8 1 1 ( ) a	Q 1 1 7 ( b )	V i a r a z. ( b ) a-
i i i N d d d t r. m e o p e n e n	6 6 4	9 5 7	8 5 +

Principalmente per il conferimento dall'Area Ingegneria e Servizi del Servizio Facility Management

EBIT e Risultato netto

( l € ) m n	1 Q 1 8	1 Q 1 7	% V i a r a z.
A i t t m m o r a m e n	7 7, 5	6 8, 8	1 2, 6 % +
Sv lu io i t a az n	2 1, 1	1 8, 7	1 2, 8 % +
A i to t c c a n na m e n	3, 3	9, 8	3 % 6 6, -
T l t o a e	0 9 1 1,	9 7, 3	4, % 7 +

Au he i a io i inv im i nt rta nt t t me am mo me nc er m ag r es en o p g I T le ù br ita i i t co n v u p ev e
Au lut d f fet de l p ion i c it i io nt to me o sv a az re p er e as sag g a I F R S 9
M d do ino i a i p i e to nt r cc an na me er p ro g ra mm a so e à p Q 2 0 b l l 1 1 7 i it nt mo re se e n e

Cash flow

( l ( € ) m n	Q 2 0 8 1 1	Q 2 0 1 1 7
E B I T D A	2 2 9	2 1 4
De lta C C N	( 1 0 1 )	( 1 5 3 )
C A P E X	( 1 3 3 )	( 1 2 6 )
C S O F R E E A H F L W	( 5 )	( 6 5 )
Pr i / ( O i ) f ina iar i t ov en ne r nz	( 2 0 )	( 1 9 )
De lta Fo d i n	( 2 6 )	( 1 7 )
Im te p os	0	0
D iv i de d i n	0	0
A ltr o	( 9 )	( ) 7
C A S H F L O W T O T A L E	( 6 0 )	( 1 0 8 )

* Al lordo delle svalutazioni su crediti

Gruppo ACEA Indebitamento Finanziario netto

( l € ) m n	3 1 / 3 / 2 0 1 8 ( ) a	3 1 / 1 2 / 2 0 1 7 ( b )	3 1 / 3 / 2 0 1 7 ( ) c	V i a r a z. ( b ) a-	V i a r a z. ( ) a- c
i i i i I d b F t t t t n e a m e n o n a n a r o n e o z	2. 4 8 2, 1	2. 4 2 1, 5	2. 2 3 4, 8	0, 6 6	2 4 3 7,
M d / Lu io in t e ng o e rm e	3. 5 4 0, 2	2. 7 0 6, 6	2. 7 2 6, 8	8 3 3, 6	8 1 3, 4
Br in t ev e e rm e	( 0 8, ) 1. 5 1	( 2 8 ) 5, 1	( 4 9 2, 0 )	( 3, 0 ) 7 7	( 1 ) 5 6 6,

I N D E B. F I N A N Z. N E T T O / O O O P A T R I M N I N E T T 3 1 / 3 / 2 0 1 8	I N D E B. F I N A N Z. N E T T O 3 / 3 / 2 0 8 / 1 1 E B I T D A L T M
1,	2,
4	9
x	x

Febbraio 2018 collocato con successo un prestito obbligazionario ^a valere sul programma EMTN per complessivi 1 mld di euro, suddiviso in due tranches:

• 300 mln di euro, 5 anni, cedola Euribor ^a 3 mesi +0,37%
• 700 mln di euro, 9,4 anni, tasso fisso dell'1,5%

R i t a n g
	B B B +	B 2 a a
	Ou l k b l i t t o o s a e	Ou l k b l i t t o o s a e

Gruppo Acea Risultati 1Q 2018

Roma, 10 maggio 2018

Sessione Q&A

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.