Edison closes H1 with revenues of 4.4 billion euros, EBITDA at 407 million euros and net profit of 62 million euros

Edison closed the semester with positive results (62 million euros compared with the 140 million euros loss1 in the first half of 2017) thanks to the good performance of electric power operations and the absence of volatility linked to hedging activities. Debt at 203 million euros from the 116 million as at December 31, 2017 following the acquisition of Gas Natural Vendita Italia and Attiva

Milan, July 27, 2018 - The Edison Board of Directors met today to examine the Semiannual Report at June 30, 2018, which closed with a net profit of 62 million euros, compared to the loss of 140 million euros in the same period of 2017. This result was achieved especially thanks to the good performance of electric power operations (EBITDA for the period was +39%) and the recovered stability in commodity hedging activities.

Edison revised upwards its guidance for 2018 EBITDA in the range between 700 million and 740 million euros.

At June 30, 2018, net financial debt rose to 203 million euros from the 116 million euros recorded at the end of 2017 following the acquisitions of Gas Natural Vendita Italia and Attiva, which had an impact of 293 million euros including debt. These transactions have enabled Edison to consolidate its positioning as the third operator in the Italian retail market, contributing in excess of 500,000 additional customers.

EDISON GROUP HIGHLIGHTSA

In millions of euros

6 months 20181

6 months 20171

Sales revenues

4,425

4,377

EBITDA

407

426

EBIT

160

19

Group interest in net Profit/Loss

62

(140)

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Public disclosure obligations pursuant to Consob Resolution No. 11971 of 14.5.1999, as amended.

1 On January 1, 2018, two new international accounting standards entered into force: IFRS 15, which applies to “revenue from contracts with customers”, and IFRS 9, relating to financial instruments. In order to improve comparability over time, Edison has decided to apply IFRS 15 retrospectively, by restating 2017 financial statements. As a result of the adoption of this standard, sales revenues decreased, without any impact on EBITDA. The effects resulting from the first adoption of IFRS 9 were instead recorded in equity without restatement of 2017 data.

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