Top Credit Stories A2A (AEMSPA) - Guidance upgrade after strong 1Q21 results Atlantia (ATLIM); Autostrade per l’Italia (ATOSTR) - FY21 outlook and timeline for ASPI sale confirmed with in-line 1Q21 results BT (BRITEL) - 4Q20/21 slightly below consensus, limited deleveraging expected from FCF Caixa Geral de Depositos (CXGD) - Weak NII and still-elevated LLPs weigh on net profit EDP (EDPPL) - Net debt increase largely due to cash capex and working capitaloptimization Hera (HERIM) - Increased cash generation reduces leverage Inwit SpA (INWIM) - 1Q21 results in line with consensus Iren (IREIM) - Growth driven by energy and waste activities Knorr Bremse (KNOGR) - 2021 guidance confirmed after solid 1Q21 results Prysmian (PRYIM) - Confirms guidance for FY21 on the back of good first-quarter results Rekeep (MANTEN) - 1Q21 results show better-than-expected WC and FCF trends Snam (SRGIM) - Strategy and full-year guidance confirmed Telefonica (TELEFO); Telefonica Deutschland (ODGR) - 1Q21 results exceed consensus, putting upside pressure on FY21 guidance UnipolSai (USIMIT) - Premium income slightly up yoy but motor vehicle business premiums drop 8.8% Volvo Car (VOVCAB) - Evaluates IPO possibility in 2021

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