Cerved Rating Agency has confirmed its A3.1 rating for Estra S.p.A., within the “Security” area of Cerved's rating scale, on the basis of the Group's performance in 2018 and 2019 YTD.

The key factors that resulted in the rating assigned relate to:

• Consolidation of business volumes:
The current year is expected to close with a significant increase in the Group’s turnover, mainly driven by the growth reported by the “Sale of natural gas” SBU and the customer portfolio expansion;

• 2019 margin improvement:
In 2019, margins are expected to improve in all business segments, also following the strengthening of the Risk Management area, the hedging policies and the Group’s internal reorganisation aimed at achieving higher operating efficiency;

• Increasing but sustainable Net Financial Position:
Net Financial Position (NFP) is increasing due to the significant investments made in M&As in particular, but remains sustainable thanks to the Group’s margins and its high level of capitalisation.