INSIGHT ISSUE 02 | 2021

33 SALES €2,810M, organic change at +4.6% ADJUSTED EBITDA rose to €213M, margins stable at 7.6% ENERGY back to pre-pandemic levels, with a +3.4% organic growth TELECOM recovered sharply with a +11.4% organic growth PROJECTS expected to improve in H2 SOLID CASH GENERATION LTM Free Cash Flow at €553M FY 2021 TARGETS increased confidence INSIGHT | Quarterly Overview “We have seen positive signs in the first quarter of the year, despite the on-going macroeconomic and market uncertainty. As a Group with a highly diversified geographical presence and business portfolio, we remain resilient to the challenges and we are well-positioned to benefit from the recovery opportunities across our markets and business divisions. During the period, the growth of the Energy segment has exceeded pre-pandemic levels and we have seen clear recovery in the Telecom segment, with volumes rising, despite on-going pricing pressure. Our Projects division remains impacted by project execution phasing, however we expect to see improvements as early as the second half of 2021. The Group’s return to organic growth during the quarter has also been accompanied by a stabilization of profit margins, and we remain a strong cash-generative business continuing the positive trend in 2020. We are increasingly confident in guidance for the full year and that we have the technology, assets and strong organizational setup to capitalize further on energy transition and digitalisation opportunities in the medium term.“ Valerio Battista Chief Executive Officer