Bonds

Cerved Rating Agency on 07/06/2023 has confirmed the public rating B1.1 to E.S.TR.A. S.p.A.
The confirmation of B1.1 rating reflects:
(i) a financial structure at Dec22 aligned with the expectations (adj NFP / adj
EBITDA < 4.5x and adj NFP / Equity < 1x), despite a decreasing consolidated adj EBITDA (especially in 2H22);
(ii) a 2023 outlook assuming a recovery in operating profitability, thanks to the expected normalization in industry dynamics, along with the maintenance of leverage ratios in line with the current rating class.