ERG — Investor Presentation 2018

Nov 14, 2018

THIRD QUARTER 2018 RESULTS

14 NOVEMBER 2018LUCA BETTONTE, CEO

DISCLAIMER

This document contains certain forward-looking information that is subject to ^a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.

There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.

AGENDA

h l h 3 Q 2 0 1 8 i i H t g g s
Ke F ig y ur es
l i R R t e s u s e v e w
Bu in En iro t s es s v nm en
3 Q 2 0 1 8 Gr E B I T D A ou p
l by Re Se ts ts su g m en
l K F i i e y n a n c a s
f & Pr i Lo t o ss
In tm ts ve s en
h lo Ca S F ta te t s w m en
d d l 2 0 1 8 G i C i u a n c e a n o n c u s o n s

Appendix

HIGHLIGHTS: KEY FIGURES

Good results thanks to ERG generation mix

(1) It excludes TE contribution for €10.1mn in 3Q 2017 and €25mn in 9M 2017(2) It includes Vendor Loan to api for €37mn

RESULTS REVIEW

PAOLO MERLI, CFO

BUSINESS ENVIRONMENT

ly lec du d ( h ) I ic i io W E Pr De T ta tr ty t : o c n v s m an
	3 Q 2 0 1 7	3 Q 2 0 1 8	l % De ta
l ian lec ic i d I E De ta tr ty ma n	8 3	8 4	% 1
l lec du I ian E ic i Pr ion ta tr ty t o c	7 4	7 4	1 %
f w hic h: o
he - T rm o	49	49	1%
dro - H y	12	13	9%
- S lar o	8	8	2%
d - W in	4	3	-21 %
he - O r S t ou rce s	1	1	-2%

All-in Wind Prices abroad (€/MWh)

3Q 2018 GROUP EBITDA EVOLUTION

ENERGY PORTFOLIO

Total 9M 2018 Production: 5.7TWhTotal Energy Portfolio including hedging & other sales: 10.2TWh

WIND RESULTS

Generalized weak wind conditions

SOLAR RESULTS1228Adjusted Ebitda (€ mn) Volumes (GWh) 9M 2018 3Q 2018 451099M 20183Q 2018

Solar consolidated as of 01/01/2018

HYDRO RESULTS

Strong hydro results

401

CCGT RESULTS

Still solid results

KEY FINANCIALS

ADJUSTED P&L

9 M 2 0 1 8	d Re ta te s 9 2 0 1 M 7	l l Eu i io ro m ns	3 Q 2 0 1 8	d Re ta te s 3 Q 2 0 1 7
3 8 1	3 5 6	d d A j E B I T D A te us	1 0 5	9 8
( ) 2 0 3	( ) 1 8 8	iza ion d de iat ion Am t t or an p rec	( ) 6 7	( ) 6 2
1 7 8	1 6 8	d d A j E B I T te us	3 8	3 6
( ) 5 3	( ) 4 9	f l ( ) Ne ina ia inc t nc om e ex p en se s	( ) 1 5	( ) 1 5
0	0	( los ) f Ne inc ity inv t tm ts om e s ro m eq u es en	0	0
1 2 5	1 1 9	fo d j d l be A Re te ts ta us su re xe s	2 2	2 1
( ) 3 3	( ) 3 1	Inc e t om ax es	( ) 6	( ) 5
9 2	8 8	d d l fo he d A j io Re te ts t us su r p er	1 7	1 6
( ) 0	0	M ino ity int sts r ere	( ) 0	0
9 2	8 8	d d f A j Ne Pr i te t t us o	1 7	1 6
2 6 %	2 6 %	Ta Ra te x	2 6 %	2 4 %

Note: figures based on NO GAAP measures

Leverage

2018 GUIDANCE AND CONCLUSIONS

LUCA BETTONTE, CEO

2018 GUIDANCEAdj. EBITDA: - Guidance range confirmed at €490-500mn 381490-5009M 2018 2018 FCST 484520-540

CAPEX:

Guidance range GuidanceActual

9M 2018 2018 FCST

(1) It includes Vendor Loan to api for €37mn

NFP: -Guidance confirmed at €1.35bn

APPENDIX

9M 2018 GROUP EBITDA EVOLUTION

9M 2018 CASH FLOW STATEMENT

(1) It includes €179mn referred to TotalERG disposal (on January 10, 2018), and €106mn referred to Brockaghboy disposal (on March 8, 2018)

WIND: KEY FIGURES (1/2)

9 M 2 0 1 8	9 M 2 0 1 7		3 Q 2 0 1 8	3 Q 2 0 1 7
1, 7 9 1	1, 7 6 8	( ) l le d c ity d- io d, Ins M W ta ap ac en p er	1, 7 9 1	1, 7 6 8
		f w hic h: o
1, 09 3	1, 09 4	aly - It	1, 09 3	1, 09 4
27 6	25 2	- F ran ce	27 6	25 2
21 6	21 6	- G erm an y	21 6	21 6
82	82	ola nd - P	82	82
70	70	- R ia om an	70	70
54	54	ulg - B ari a	54	54
0	0	- U K	0	0
2, 5 0 9	2, 5 3 2	( ) lec ic ity du ion h E Pro G W tr ct	5 7 8	7 2 3
		f w hic h: o
1, 49 0	1, 52 3	aly - It	33 8	44 4
37 5	33 7	- F ran ce	79	93
23 4	23 7	- G erm an y	56	61
15 1	16 6	ola nd - P	39	45
13 0	15 3	- R ia om an	39	42
10 1	11 6	ulg - B ari a	26	38
29	0	- U K	0	0

WIND: KEY FIGURES (2/2)

9 M 2 0 1 8	9 M 2 0 1 7	i l l ion Eu ro m s	3 Q 2 0 1 8	3 Q 2 0 1 7
		( / h ): Un ita Re € M W ry ve nu es
12 5	14 7	- It aly	13 1	14 0
87	89	- Fr an ce	87	90
94	95	- G erm an y	95	94
58	44	ola nd - P	58	49
53	58	- R ia om an	60	42
72	63	- B ulg ari a	73	62
10 0	n.a	- U K	n.a	n.a
		d j d A E B I T D A: ust e
14 6	17 8	aly - It	30	46
20	20	- Fr an ce	2	5
14	15	- G erm an y	3	3
6	2	ola nd - P	2	1
4	6	ia - R om an	2	1
5	5	ulg - B ari a	1	1
3	( 0)	- U K	0	( 0)
1 9 9	2 2 7	l d d To A j E B I T D A ta ust e	4 0	5 7
( ) 1 2 0	( ) 1 1 9	De iat ion p rec	( ) 3 9	( ) 4 0
9 7	1 0 8	A d j d I ust E B T e	1	1 7

SOLAR: KEY FIGURES

9 M 2 0 1 8	9 M 2 0 1 7	l l Eu i ion ro m s	3 Q 2 0 1 8	3 Q 2 0 1 7
1 0 9	n.a	lec du ( h ) E ic ity Pro ion G W tr t	4 5	n.a
2 9 5	n.a	( / h ) Un ita Re € M W ry ve nu es	3 0 2	n.a
2 8	n.a	d j d A E B I T D A te us	2 1	n.a
( ) 1 5	n.a	iat ion De p rec	( ) 5	n.a
1 3	n.a	d j d A E B I T te us	7	n.a

HYDRO: KEY FIGURES

9 M 2 0 1 8	9 M 2 0 1 7	i l l ion Eu ro m s	3 Q 2 0 1 8	3 Q 2 0 1 7
1, 4 0 2	8 8 4	( ) lec ic ity du ion h E Pro G W tr t	4 0 1	2 3 2
1 0 5	1 0 7	( / ) ita h Un Re € M W ry ve nu es	1 1 9	1 2 2
1 1 8	7 3	d d A j E B I T D A te us	3 8	1 9
( ) 4 3	( ) 4 4	De iat ion p rec	( ) 1 4	( ) 1 5
7 4	2 9	d d A j E B I T te us	2 3	4

CCGT: KEY FIGURES

9 M 2 0 1 8	9 M 2 0 1 7	l l Eu i ion ro m s	3 Q 2 0 1 8	3 Q 2 0 1 7
1, 6 4 5	1, 8 1 2	lec du ( h ) E ic ity Pro ion G W tr t	5 9 1	6 3 8
3 9	4 6	/ ( h ) Un ita Re € M W ry ve nu es	4 3	4 4
4 8	6 3	d d A j E B I T D A te us	1 8	2 3
( ) 2 3	( ) 2 3	De iat ion p rec	( ) 8	( ) 7
2 5	3 9	d d A j E B I T te us	1 1	1 6

INVESTMENTS

9 M 2 0 1 8	9 M 2 0 1 7	i l l ion Eu ro m s	3 Q 2 0 1 8	3 Q 2 0 1 7
1 3 0	6 6	d W in	3 2	7
3 4 5	n.a	lar So	0	n.a
3	4	dr Hy o	2	2
4	5	C C G T	2	2
2	1	Co ate rp or	1	0
8 4 4	7 7	l To ta	3 7	1 1