QUARTERLY ACCOUNTS

1ST QUARTER 2019

(translation from the original text in portuguese)

Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.

Public Limited Company

Av. Fontes Pereira de Melo, nº 14, 10º, 1050‐121 Lisboa

Companies Registry and Corporate Person no.: 502 593 130

Share Capital: 81.270.000 euros

ISIN: PTSEM0AM0004

LEI: 549300HNGOW85KIOH584

Ticker: Bloomberg (SEM PL); Reuters (SEM.LS)

1ST. QUARTER OF 2019

QUARTERLY ACCOUNTS

PART 1 MANAGEMENT REPORT……………………………………..….…3

PART 2 INTERIM CONSOLIDATED FINANCIAL STATEMENTS ……...36

1ST. QUARTER OF 2019

PART 1

MANAGEMENT REPORT

MANAGEMENT REPORT 3

1ST. QUARTER OF 2019

CONTENTS

1.

SEMAPA'S PERFORMANCE..........................................................................................................................................

5

2.

PERFORMANCE OF SEMAPA SHARES ON THE STOCK EXCHANGE..........................................................................

9

3.

PERFORMANCE OF BUSINESS SEGMENTS..............................................................................................................

11

4.

OUTLOOK ...................................................................................................................................................................

31

MANAGEMENT REPORT 4

1ST. QUARTER OF 2019

1. SEMAPA'S PERFORMANCE

REVENUE

In the first quarter of 2019 the Semapa Group recorded consolidated revenue of 551.3 million euros, an increase of 8.4%from the same period in the previous year. Exports and foreign sales amounted to 403.4 million euros, accounting for 73.2% of revenue.

EBITDA

EBITDA for the first quarter of 2019 grew by 2.3%in relation to the same period in the previous year, standing at 132.6 million euros. The consolidated EBITDA margin stood at 24.0%, ‐1.4 p.p. bellowthe one recorded in the first quarter of 2018.

NET PROFITS ATTRIBUTABLE TO SEMAPA SHAREHOLDERS

Profits before taxes increased 6.4% and net profit attributable to Semapa shareholders stood at 39.7 million euros, up by 46.3%in relation to the same period in the previous year.

MANAGEMENT REPORT 5

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Semapa - Sociedade de Investimento e Gestão SGPS SA published this content on 04 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 June 2019 16:56:02 UTC