A2A : S.p.A. Board of Directors has examined and approved the quarterly Information as at March 31, 2018

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Gross Operating Margin at 408 million euros (+4% compared to the first quarter of 2017 restated¹)

Group Net Profit at 173 million euros (180 million euros as at March 31, 2017), following the greater tax load
Investments of 76 million euros, up by 43% compared to the first quarter 2017
More than 90 million in cash generated. Net of M&A operations concluded in February for 41 million euros, the Net Financial Position is down to 3,176 million euros
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Milan, May 10, 2018 - At today's meeting the Board of Directors of A2A S.p.A., chaired by Mr. Giovanni Valotti, examined and approved the quarterly Information as at March 31, 2018.
The first quarter of the year closed with satisfactory economic-financial results that exceeded the Company's expectations. Growth was mainly driven by the Generation Business Unit, which, also thanks to the disposal of the portfolio of environmental certificates reaching maturity, more than confirmed the excellent first quarter of the previous year, favoured by exceptional market conditions coupled with the performance of the French energy market.

The scenario of the first quarter 2018 was characterized by electricity and gas prices that were less favourable than those recorded in the corresponding period of 2017: the PUN Baseload amounted to 54.3 €/MWh, dropping by 5% compared to the 57.4 €/MWh in the first quarter of 2017 and the average price of gas at the PSV (Virtual Trading Point) amounted to 21.9 €/MWh, up by 7% compared to the same period of the previous year.

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¹ _{The 'restated' values include the effects deriving from the Purchase Price Allocation concluded in the first half of 2017 following the acquisition of the LGH group and the reclassification for IFRS 5 purposes of the economic items of the EPCG group.}

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