CLASQUIN

Earnings Release • Feb 24, 2022

FINANCIAL PRESS RELEASE

www.clasquin.com

Lyon, 24 February 2022 (after-market closure)

Q4 GROSS PROFIT SURGES 86.8%

STRONG FULL-YEAR GROWTH IN NUMBER OF SHIPMENTS (+18.9%) AND GROSS PROFIT (+60.0%)

CONSOLIDATED (unaudited)	2021	2020	Change at current scope & exch. rates	Change like for like (LFL)**	Versus 2019
Number of shipments	299,209	251,561	+18.9%	+18.9%	273,875 +9.3%
Q4 2021 Q3 2021 Q2 2021 Q1 2021			+13.9% +14.1% +41.1% +10.9%
Sales (€m) *	752.2	392.0	+91.9%	+90.5%	331.3 +127.1%
Q4 2021 Q3 2021 Q2 2021 Q1 2021			+124.6% +109.6% +68.6% +54.9%
Gross profit (€m)	121.9	76.2	+60.0%	+58.4%	76.7 +58.8%
Q4 2021 Q3 2021 Q2 2021 Q1 2021			+86.8% +61.8% +50.1% +36.8%

* Reminder: Sales is not a relevant indicator of business in our sector, as it is greatly impacted by changing air and sea freight rates, fuel surcharges, exchange rates (particularly versus USD), etc.

Changes in the number of shipments, volumes shipped and, in financial terms, gross profit are relevant indicators.

** At constant exchange rates excluding the acquisition of Transports Petit International

FINANCIAL PRESS RELEASE

www.clasquin.com

MARKET AND BUSINESS REVIEW

The global disruption of logistics chains experienced over the first nine months of the year worsened in Q4 2021, thereby keeping up strong pressure on the sea freight sector (despite a slight decrease in volumes shipped, down 0-3% in Q4) with consequences that are all too familiar: congestion at port entrances, extended delivery times, lack of truck drivers, shortage of containers, lack of space on vessels.

The air freight sector experienced heavy pressure in Q4 due to sustained demand (up 10-15%) in the lead-up to the Christmas period while supply remained limited.

This situation drove sea freight rates up to unprecedented levels in Q4, while air freight rates soared.

Against this backdrop, the Group posted strong fourth quarter growth in volumes shipped (container TEUs up 4.9% as the market dipped / air tonnage up 31.0%) and in number of shipments (up 13.9%). The roll-on/roll-off (RORO*) business (North Africa and Turkey) posted 11.2% growth in number of shipments. * Roll-on/roll-off: combined road + sea transport (trailers or trucks loaded on ships)

Gross profit, the prime financial indicator of the Group's business performance, soared 86.8% in Q4 to reach €38.5m (up 60.0% for the full year).

This outstanding growth rate is due to the factors explained in our latest press releases:

• Strong growth in the Group's core business
• Substantial market share gains, themselves attributable to:
  • o The relevance and quality of the offering (PO Management, digital offerings, air chartering, block trains from China, rental of sea freight containers, etc.)
  • o The energy and commitment of our sales force
• The fulfilment of development projects and acquisitions (+6.7% impact on full-year gross profit)
  • o January acquisition of the Columbus Transit business in Spain
  • o Creation of CLASQUIN Belgium in April and its acquisition of the international business of Interlines Belgium
  • o Acquisition of a 55.56% share in Transports Petit International in June
  • In 2021 all three companies posted gross profit well above initial expectations.
• Unprecedented market conditions resulting in:
  • o A very sharp increase in freight rates
  • o Increased complexity in processing shipments
  • o Sizeable expansion of the headcount to support volume growth and the diversification of solutions for supporting customers
  • o Strong growth in working capital (with sales up 127% in Q4 2021)

Full-year gross profit soared in some regions.

Among the larger subsidiaries:

• CLASQUIN France: +77%
• CLASQUIN Spain: +52%
• CLASQUIN USA: +49%
• CLASQUIN Greater China: +43%

But also some smaller, more recently established subsidiaries:

• CLASQUIN Germany: 142%
• CLASQUIN Portugal: +101%
• CLASQUIN Chile: +105%
• CLASQUIN India: +77%

FINANCIAL PRESS RELEASE

www.clasquin.com

BREAKDOWN BY BUSINESS LINE

	NUMBER OF SHIPMENTS				GROSS PROFIT (€m)
	2021	2020	2021/ 2020	2021/ 2019	Q4 2021/ Q4 2020	2021	2020	2021/ 2020	2021/ 2019	Q4 2021/ Q4 2020
Sea freight	139,126	119,392	+16.5%	+20.1%	+10.5%	66.4	34.7	+91.5%	+98.1%	+128.9%
Air freight	79,663	67,376	+18.2%	-6.9%	+9.7%	35.6	27.0	+31.8%	+40.0%	+60.9%
RORO*	45,387	38,483	+17.9%	-2.1%	+11.2%	9.4	6.9	+36.0%	+9.6%	+42.5%
Other	35,033	26,310	+33.2%	+34.6%	+51.5%	8.1	5.4	+49.8%	+15.6%	+52.8%
TOTAL FORWARDING & LOGISTICS	299,209	251,561	+18.9%	+9.3%	+13.9%	119.4	74.0	+61.5%	+60.3%	+89.0%
LOG System						2.9	2.9	+0.3%	-9.8%	-0.7%
Consolidation entries						-0.5	-0.7	N/A	N/A	N/A
TOTAL CONSOLIDATED						121.9	76.2	+60.0%	+58.8%	+86.8%

* Roll-on/roll-off

	VOLUMES
	2021	2020	2021/2020	2021/2019	Q4 2021/ Q4 2020
Sea freight	272,228 TEUs*	235,554 TEUs*	+15.6%	+25.1%	+4.9%
Air freight	71,257 T**	58,113 T**	+22.6%	+11.0%	+31.0%

* Twenty-foot equivalent units

** Tons

2022 OUTLOOK

Market

International trade estimates (by volume): up 4.7% (WTO – Oct 2021)

CLASQUIN

Outperform market growth

UPCOMING EVENTS (publication after-market closure)			CLASQUIN CONTACTS
▪ ▪ ▪ ▪ ▪	Tuesday 22 March 2022 Thursday 28 April 2022 Thursday 28 July 2022 Tuesday 13 September 2022 Thursday 27 October 2022	FY 2021 results Q1 2022 business report Q2 2022 business report H1 2022 results Q3 2022 business report	Philippe LONS – Deputy Managing Director/Group CFO Domitille CHATELAIN – Group Head of Communication & International Marketing Executive CLASQUIN Group – 235 cours Lafayette – 69006 Lyon Tel.: +33 (0)4 72 83 17 00 – Fax: +33 (0)4 72 83 17 33

CLASQUIN is an air and sea freight forwarding and overseas logistics specialist. The Group designs and manages the entire overseas transport and logistics chain, organising and coordinating the flow of client shipments between France and the rest of the world and, more specifically, to and from Asia-Pacific, North America, North Africa and sub-Saharan Africa.

Its shares are listed on EURONEXT GROWTH, ISIN FR0004152882, Reuters ALCLA.PA, Bloomberg ALCLA FP. Read more at www.clasquin.com. CLASQUIN confirms its eligibility for the share savings plan for MSCs (medium-sized companies) in accordance with Article D221-113-5 of the French Monetary and Financial Code established by decree number 2014-283 of 4 March 2014 and with Article L221-32-2 of the French Monetary and Financial Code, which set the conditions for eligibility (less than 5,000 employees and annual sales of less than €1,500m or balance sheet total of less than €2,000m).

Clasquin is listed on the Enternext© PEA-PME 150 index. LEI: 9695004FF6FA43KC4764