Operating (and financial) outlook

The Group is determined to make major investments in infrastructure that, while maintaining the solidity of its consolidated financial structure, have a positive impact on the Group's operating and economic performance.

The Group's financial structure is solid for the years to come. At 31 December 2019, 80.7% of debt is fixed rate in order to ensure protection against any increases in interest rates as well as any financial or credit volatility. At 31 December 2019 the average duration of medium/long-term debt stood at 5.8 years. Note that the reduction of the average cost went from 2.21% of 31 December 2018 to 2.15% of 31 December 2019.

For the year 2020 Acea expects:

• an increase in EBITDA between 6% and 8% compared to 2019 in line with the CAGR of the 2019-2022 Business Plan;
• investments substantially in line with 2019 and the 2019-2022 Business Plan;
• a net financial debt at the end of 2020 between € 3.45 and € 3.55 billion.