Applus Services S.A.

Investor Presentation • May 10, 2021

10 May 2021Applus+ Group Q1 2021 Results Presentation

Fernando Basabe Joan Amigó

Chief Executive Officer Chief Financial Officer

Disclaimer

This document has been prepared by APPLUS SERVICES, S.A. ("Applus" or the "Company") exclusively for its use during a presentation of financial results; therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company. The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited and no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. The information contained in this document on the price at which securities issued by Applushavebeenboughtorsold,orontheperformanceofthosesecurities,cannotbeusedtopredictthefutureperformanceofsecuritiesissuedbyApplus.

This document may contain statements that constitute forward looking statements about Applus. These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates on, among others, future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company. Although Applus believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Applus shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Applus, that could cause actual results and developments to differ materially from those expressed in or implied or projected by the forward-looking information and statements. Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed or implied in these forward looking statements. These risks and uncertainties include those discussed or identified in fuller disclosure documents filed by Applus with the Spanish Market Regulator, the Comisión Nacional del Mercado de Valores. Except as required under applicable law, Applus does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. This document contains summarized information or information that has not been audited. In this sense this information is subject to, and must be read in conjunction with other publicly available information including if necessary any fuller disclosure document published by Applus. Nothing in this presentation should be construed as a profit forecast. Results Report includes the list and definition of the Alternative Performance Measures (APMs) used both in this presentation andtheResultsReport,accordingtotheguidelinespublishedbytheEuropeanSecuritiesandMarketsAuthority(ESMA).

Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with applicable laws and regulations, nor a request for any vote or approval in any other jurisdiction, nor an invitation or inducement to engage in investment activity. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.

FINANCIAL REVIEW

HIGHLIGHTS

BUSINESS REVIEW SUMMARY & OUTLOOK

3

Encouraging start to the year with outstanding Auto and recent acquisitions performance

FINANCIAL REVIEW

BUSINESS REVIEW SUMMARY & OUTLOOK

Highlights

1Encouraging start to the year with Auto and Labs recovered to pre-COVID-19 levels

6

Acquisitions in 2020 significantly accretive to financial performance and portfolio evolution

3

Some business lines within E&I and IDIADA performing well, partly offsetting the continued impact from COVID-19

Margin on good recovery path

5Leverage and liquidity are comfortably supporting the growth strategy

Reiterate the outlook

Highlights

R e v e n u e	f 2 O i i t t p e a n g p o r r	2 O i f i i t t p e r a n g p r o m a r g n
i l l i d € 4 0 2. 1 3. 5 % 1) ( -6 8 % ic m o n o n w o rg a n	€ 3 i l l i 2 6. % 5. 1 7 ( 2 0. % ic 1) 5 m o n u p + o rg a n	8. % 7 in 6. 6 % Q 1 2 0 2 0 ( )

2 h f l F r e e c a s o w	3 d b / i N E B I T D A t t t e e r a o
i l l i d € 1 3. 1 5 5. 6 % m o n o n w	d l i i d i f i l l i 2. 9 € 5 3 0 t x a n q u y o m o n

1 Organic is at constant exchange rates 2 Adjusted for Other Results and amortisation of acquisition intangibles 3 Excluding IFRS 16

FINANCIAL REVIEW

BUSINESS REVIEW

SUMMARY & OUTLOOK

Q1 2021: Revenue Bridge

EUR Million

• • Sequential improvement in organic revenue trend
• • Significant positive impact from acquisitions made in 2020

FINANCIAL REVIEW

Q1 2021: Adjusted Operating Profit Bridge EUR Million

• •Margin on good recovery path
• • Strong accretive impact from acquisitions
• • Fx impact is expected to lessen in the rest of the year

AOP Margin Evolution

FINANCIAL REVIEW

BUSINESS REVIEW

SUMMARY & OUTLOOK

Q1 2021: Income Statement EUR Million

		Q 1
	2 0 2 1	2 0 2 0	h C a ng e
R ev e nu e	0 2. 4 1	6. 9 4 1	( 3. ) % 5
d j. A E B I T D A	6 1. 6	5 3. 5	1 5. 3 %
b i d in E t a m a rg	1 5. 3 %	1 2. 8 %
d j. O in f i A t Pr t p e a g o r	3 5. 1	2 7. 7	2 6. 7 %
A d j. O Pr f i in t p. o m a rg	8. 7 %	6. 6 %
P P A Am is io t t or a n	( 6 ) 1 5.	( 6 ) 1 4.
he l O t t r r e su s	( 0. 1 )	( 0. 4 )
O in f i t t e a o p r g p r	1 9. 4	1 2. 6
l F ina t nc e re su	( ) 6. 1	( ) 6. 2
Pr f i b f t t o e o r e ax	1 3. 3	6. 5

FINANCIAL REVIEW

BUSINESS REVIEW

SUMMARY & OUTLOOK

Q1 2021: Cash Flow EUR Million

Q 1
2 0 2 1	2 0 2 0	C ha ng e
6 6 1.	3. 5 5	8. 2 3 % 1 5.
( ) 3 4. 3	( ) 1 9. 8
( ) 8. 6	( ) 4. 9
8. 1 7	2 8. 8	( 0. ) ( 3 0 ) % 1 1 5.
( ) 2. 0	4. 2
( ) 3. 6	( ) 3. 4
3. 1 1	2 9. 6	( 6. ) ( 6 ) % 1 5 5 5.
( ) 2. 5	1. 3
( 3. 9 )	( 0. 8 )
6. 7	3 0. 1	( 2 3. ) ( 6 ) % 4 7 7.
( ) 5. 4	( ) 4. 5
1. 3	2 5. 6
( 8 ) 1 4.	( 2 ) 1 4.
2 4. 7	2 3 4. 3
3. 1	( 2. 5 )
3 1 4.	2 3. 2 4

530.2 SUMMARY & OUTLOOK

Leverage and Liquidity at 31 March

EUR Million

(1) Stated at annual average rates and excluding IFRS 16 as defined by bank covenant

Available liquidity

• •Leverage at March 2021 2.9x
• • Strong liquidity to support growth strategy

FINANCIAL REVIEW

BUSINESS REVIEW

SUMMARY & OUTLOOK

Q1 2021: Revenue by Division

Q1 2021: Revenue by End Market

•Significant change in Division and End Market exposures due to organic revenue growth differences and acquisitions in Auto andLabs

• Statutory Vehicle Inspection in Q1 is the largest End Market surpassing O&G (Opex + Capex) benefiting the Group's growth profile and margin mix

* Q1 2020

Energy & Industry Division

The Energy & Industry Division is a leading global provider of non-destructive testing, industrial and environmental inspection, quality assurance and quality control, engineering and consultancy, vendor surveillance, certification and asset-integrity services.

The Division designs and deploys proprietary technology and industry knowhow across diverse sectors, helping our clients to develop and control industry processes, protect assets and increase operational and environmental safety. The services are provided for a wide range of industries including power, construction, aerospace, telecommunications and oil and gas.

13,848¹+60 Revenue EmployeesCountries

FINANCIAL REVIEW

SUMMARY & OUTLOOK

Energy & Industry Division

EUR Million

Revenue Bridge

• •Continued COVID-19 impact with projects facing delays
• • Further portfolio mix shift towards growing Power activities (including Nuclear and Renewables) while share of Oil & Gas decreasing
• • Mediterranean, LatAm and Northern Europe performing better due to higher exposure to Power
• •Remote inspection tools and digital services continue increasing
• •SAFCO acquisition to close in Q2 (€29 million annual revenue)

Automotive Division

The Automotive Division delivers statutory-vehicle-inspection services globally. The Division's programmes inspect vehicles in jurisdictions where transport and systems must comply with statutory technical-safety and environmental regulations.

The Division operates 30-plus programmes, expected to carry out over 16 million vehicle inspections across Spain, Ireland, Denmark, Finland, Sweden, Andorra, the United States, Argentina, Georgia, Chile, Costa Rica, Ecuador and Uruguay in 2021. In the programme-managed services, a further 10 million inspections are delivered annually by third parties.

FINANCIAL REVIEW

SUMMARY & OUTLOOK

Automotive Division

EUR Million

Revenue Bridge

• • Significant organic revenue growth led by continued strong post lockdown recovery
• •Strong contribution from Besiktaacquisition
• • Restoration of the Auto US business following the cyberattack and operations have resumed in the affected states
• • Negative FX impact expected to reduce by the end of the year
• • Andorra contract extended for another five years in the same terms and conditions. €1.4 million annual revenue

IDIADA Division

IDIADA A.T. (80% owned by Applus+ and 20% by the Government of Catalonia) has been operating under an exclusive contract from the 351- hectare technology centre near Barcelona (owned by the Government of Catalonia) since 1999. The contract to operate the business and use the assets runs until September 2024 and although it is renewable in five-year periods until 2049, it has been decided that there will be no further extensions but a tender for a new 20 or 25 year concession.

IDIADA A.T. provides design, testing, engineering and homologation services to the world's leading vehicle manufacturers.

1 18FY20 number of employees

2,446¹

Employees

FINANCIAL REVIEW

BUSINESS REVIEW

SUMMARY & OUTLOOK

IDIADA Division

EUR Million

• • Continued impact from COVID-19 mobility restrictions though with encouraging growth in services for Electric/Hybrid and ADAS
• • High margin Proving Ground in Catalonia (19% of Division revenue in 2019) is at c. 60% capacity and improving
• •New tender for the concession expected in 2021

Laboratories Division

The Laboratories Division provides testing, certification and development engineering services to improve the competitiveness of its clients' products and encourage innovation. The Division has a network of multidisciplinary laboratories in Europe, Asia and North America.

Our state-of-the-art facilities and the technical knowledge of our experts allow us to offer high added-value services to a wide range of industries such as aerospace, automotive, electronics, IT and construction.

1,494¹12 EmployeesCountriesRevenue

1 FY20 number of employees

FINANCIAL REVIEW

BUSINESS REVIEW

SUMMARY & OUTLOOK

Laboratories Division

EUR Million

Revenue Bridge

• • Good recovery to pre-COVID-19 levels across business lines
• • Reliable Analysis and QPS acquisitions are performing strongly with a good pipeline of further opportunities as continue to prioritise investment in the Division

SUMMARY & OUTLOOK

Summaryof Q1 2021

• • Auto and Labs recovered to pre-COVID-19 levels. E&I and IDIADA expected to improve in the second half
• • Significant contribution from the acquisitions to financial performance with improving the portfolio mix to higher growth and margin businesses
• • Focus on the margin and favourable mix resulting in good recovery in profitability

Outlook for 2021¹

• • Reiterate the outlook provided at the FY results on 23 February 2021
• • Double digit revenue growth at constant fx rates from both organic and acquisitions made to date 2 and margin improving to close to 10%
• • Liquidity and leverage headroom continues to support inorganic growth strategy

(1) Assuming conditions improve in the second half of the year

(2) At 23 February 2021

SUMMARY & OUTLOOK

APPENDIX

24

HIGHLIGHTS

FINANCIAL REVIEW

BUSINESS REVIEW

www.applus.com

APPENDIX

Adjustments to Statutory results

		Q1 2021		Q1 2020
EUR Million	Adj. Results	Other results	Statutory results	Adj. Results	Other results	Statutory results	+ = % Adi. Results
Revenue	402.1	0.0	402.1	416.9	0.0	416.9	(3.5)%
Ebitda	61.6	0.0	61.6	53.5	0.0	53.5	15.3%
Operating Profit	35.1	(15.6)	19.4	27.7	(15.0)	12.6	26.7%
Net financial expenses	(6.1)	0.0	(6.1)	(6.2)	0.0	(6.2)
Profit Before Taxes	28.9	(15.6)	13.3	21.5	(15.0)	6.5	34.7%

FINANCIAL REVIEW

BUSINESS REVIEW SUMMARY & OUTLOOK

APPENDIX

Currency Exposure

% Revenue by Actual Currency

	Av F X Ex ha Eu te er ag e c ng e ra s v s ro
	J A N M A R - 2 0 2 1	J A N M A R - 2 0 2 0	ha C ng e		J A N 2 N J U - 0 2 0	J A C 2 N D E - 0 2 0
U S D	1. 2 0 7	1. 1 0 3	( ) 8. 6 %		1. 1 0 1	1. 1 4 0
C A D	2 8 1. 5	1. 4 7 7	( 3. ) % 4		0 3 1. 5	2 9 1. 5
S E K	0. 0 1 1 5	0. 6 0 1 4	3 % 5.		0. 6 6 1 4	0. 9 1 4 5
A U D	6 1. 5 1	6 1. 7 1	% 7. 1		6 9 1. 7	6 6 1. 5

(1)Includes currencies pegged to USD

(2) None above 3%

FINANCIAL REVIEW

APPENDIX

Alternative Performance Metrics

Applus' financial disclosures contain magnitudes and metrics drafted in accordance with International Financial Reporting Standards (IFRS) and others based on the Group's disclosure model referred to as Alternative Performance Metrics

• EBITDA,measure of earnings before interest, taxes, depreciation and amortisation
• Operating Profit,measure of earnings before interest and taxes

• Adjustedmeasures are stated before other results

• Other results are those impacts corrected from the relevant measures to provide a better understanding of the underlying results of the Group, for example: amortisation of acquisition intangibles, restructuring, impairment and transaction & integration costs

• PPA correspond to the Purchase Price Allocation referred to acquisitions, allocated to intangible assets and amortised
• Capex,realized investments in property, plant & equipment or intangible assets
• Operating Cash Flow, operating cash generated after capex investment and working capital variation

FINANCIAL REVIEW

APPENDIX

Alternative Performance Metrics

• Free Cash Flow, operating cash generated after capex investment, working capital variation and tax & interest payments
• Net Debt, current and non current financial debt, other institutional debt less cash. As per bank covenant definition, calculated at annual average exchange rates and pre-IFRS16
• Leverage, calculated as Net Debt/LTM Ebitda as per bank covenant definition
• AOP, Adjusted Operating Profit
• EPS, Earnings per share
• NDT, Non destructive testing

• P.A.,per annum

• FX, Foreign exchange

• LTM, Last twelve months