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A2A S.p.A. Board of Directors has examined and approved the quarterly Financial Information as at 30 September 2019

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Quarter showed strong growth in Q3 2018:
Revenues +16%; EBITDA +39%; Group Net Profit +24%;

EBITDA for the first 9 months was 886 million euro, up vs 2018 (875 million euro)

Group Net Profit for the first 9 months amounted to 250 million euro in reduction for higher depreciation and write off
(335 million euro at 30 September 2018)

Capex totalled 394 million euro, up 30% compared to September 2018

NFP at 3,129 million euro.
Excluding the accounting effects deriving from IFRS 16 adoption and the perimeter change, NFP amounted to 3,095 million euro

Guidance on EBITDA and Group Net Profit expected for 2019 full year improved
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Milan, 13 November 2019 – At today’s meeting of the Board of Directors of A2A S.p.A., chaired by Mr. Giovanni Valotti, the Board examined and approved the quarterly financial information as at 30 September 2019.

The first nine months of the year closed with highly satisfactory economic-financial results: indeed, a positive change was booked to EBITDA as compared with the same period of 2018, thereby completely neutralising the significant negative impact seen in the current year, determined by the conclusion of the contribution of green certificates and other incentives. These results were obtained thanks to the positive performance of all Group Business Units and the incremental effects of the ACSM-AGAM group consolidation.

The scenario for the first nine months of 2019 was characterised, particularly during the last quarter of the period, by electricity and gas prices that declined on those recorded during the same period of 2018: during the first nine months of 2019, the PUN Base Load decreased by 8.7%, coming in at an average price of € 53.8/MWh, as compared with the € 58.9/MWh booked for the first nine months of 2018; the average price of gas to the VTP (Virtual Trading Point) for the first nine months of 2019 came to € 16.5/MWh, down 30.1% versus the same period of 2018.
The cost of CO2, increasing from € 14.4/Tonne in the first nine months of 2018 to € 24.9/Tonne in the corresponding period of 2019, bucked the trend.

The results incorporate the effects of the application of the new accounting standard IFRS 16, which came into force on 1 January 2019.
The standard applies to all contracts concerning the right to use an asset for a certain period of time in exchange for a specific fee. IFRS 16 sets, for lessees, a single accounting model for all leases (with specific cases of exclusion and exemption), eliminating the distinction, in the accounts, between operating and financial leasing.