Applus Services S.A.

Investor Presentation • Jul 25, 2023

Applus+ Group H1 2023 Results Presentation

Joan Amigó | Chief Executive Officer Julián de Unamuno | Chief Financial Officer

25 July 2023

Disclaimer

This document has been prepared by Applus Services, S.A. (the "Company") exclusively for use during the 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 Company's prior written consent. The Company does not assume any liability or responsibility for the content of this document if used for any other purposes. Except where expressly provided otherwise, 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. Neither the Company, its subsidiaries or any entity within the Company's group or subsidiaries, nor any of their respective advisors or representatives assume liability or responsibility of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. The information contained in this document on the price at which securities issued by the Company have been bought or sold, or on the performance of those securities, cannot be used to predict the future performance of securities issued by the Company. 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 may contain forward-looking information and statements about the Company. These forward-looking statements are based on financial projections and estimates and their underlying assumptions, statements regarding plan, 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. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Company 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 Company's control, 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. Forward-looking statements, by their 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 in this document. These risks and uncertainties include those discussed or identified in documents filed by the Company with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores), which are available to the public. Forward-looking statements have not been reviewed by the Company's auditors. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to the Company or any of its members, directors, officers, employees, or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to the Company, on the date hereof. Except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be achieved. 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 the Company. Nothing in this document should be construed as a profit forecast.

The document includes the list and definition of the Alternative Performance Measures (APMs) used both in this document and in the Results Report, according to the guidelines published by the European Securities and Markets Authority (ESMA). Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and, may not be indicative of the Company's results of operations. Recipients should not place undue reliance on this information.

Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into a construction of any contract or agreement. This document does not constitute an offer or an 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 document is intended to constitute an invitation or inducement to engage in investment activity for purposes of the prohibition of financial promotion in the U.K. Financial Services and Markets Act 2000

H1 2023: Highlights

Totally focused on continued strong execution and delivering on the strategic plan

H1 2023: Financial Highlights

Revenue

€1,001 million up 9% (+8.8% organic¹ )

Operating profit / margin²

€111 million up 10.2% (+6.5% organic¹ ) 11.0% margin (H1 2022 10.1% reported; 10.9% Proforma)

€71 million, down 1%

2.6x and liquidity of €425 million

€0.46 up 19%

2nd SBB completed

Dividend Paid at €0.16

1 Organic is at constant exchange rates and on a 2022 Proforma excluding Auto US & Finland and US O&G2 Adjusted for Other Results, IDIADA Accelerated Depreciation and amortisation of acquisition intangibles

3 Adjusted for other results

4 Excluding IFRS 16

Active Portfolio Evolution: a proven track record

Accelerate portfolio evolution to improve growth and margins

M&A Divestments Recurrent growth accelerator (companies acquired in 2022 & 2023)

Investment

acquired

Margin

Continuous portfolio assessment to identify non-strategic businesses

38 M€ proceeds

Business Unit	Auto Finland	Auto US	US Oil & Gas
2022 Revenues	€13M	€37M	€102M
2022 AOP margin	Breakeven	Mid single digit	Negative
Closed	DEC 2022	FEB 2023	JUN 2023

2023 Financials are on the basis of Continuing Operations. The divestments are shown as Discontinued Operations 2022 Proforma is shown excluding the Divestments

ESG | Strong ESG credentials

• Continued focus on improving environmental and social impacts and governance of the Group
• Revenue generated from Sustainable Services, that is more than half of the Group, continues to increase
• Sustainalytics revised their "low risk" score on Applus+, improving it from 15.6 to 13.3 recognising improvements made in managing product and governance risks
• Included within Europe´s Climate Leaders as determined by the Financial Times and Statista for second year in a row
• The SBTi validated Applus+ 2030 science-based emissions reduction targets commitment to be net zero by 2050

Fully on track to meet our 2024 targets

At the forefront of ESG best practices and supported by ratings agencies

7

Portfolio Evolution | Towards higher growth markets and to mitigate risks

% Total Revenues by End Market

H1 2023: Revenue Bridge

EUR Million

• Good performance of companies acquired

H1 2023: Adjusted Operating Profit Bridge

EUR Million

• 90 bps margin improvement driven by the active portfolio management
• Good underlying margin performance offset by Auto contract ends in Costa Rica and Alicante

BUDGET

100.5

H1 2023: Income Statement

EUR Million

• Strong growth at all profit levels
• Strong adjusted earnings per share growth supported by share buybacks

	H1
	2023	2022 Proforma	Change vs Proforma	2022 Reported	Change vs Reported
Revenue	1,000.8	918.4	9.0%	986.7	1.4%
1 Adj. Op. Profit b/AD	110.6	100.3	10.2%	99.7	10.9%
1 Adj. Op. Profit margin b/AD	11.0%	10.9%	+ 12 bps	10.1%	+ 94 bps
Accelerated depreciation	(4.3)	(2.6)		(2.6)
Adj. Operating Profit	106.3	97.8	8.7%	97.1	9.4%
Adj. Op. Profit margin	10.6%	10.6%	-2 bps	9.8%	+ 78 bps
PPA Amortisation	(31.4)	(34.0)		(34.3)
Other results	(4.6)	(1.7)		(3.8)
Operating profit	70.4	62.1	13.3%	59.1	19.1%
Finance Results	(18.3)	(12.6)		(12.8)
Profit before tax	52.1	49.6	5.0%	46.3	12.5%
Income taxes	(16.0)	(15.5)		(15.8)
Net Profit	36.1	34.1	6.0%	30.5	18.4%
Minorities	(5.7)	(8.7)		(8.7)
Net Profit Group	30.4	25.4	19.8%	21.8	39.5%
Discontinued operations	(4.0)	(3.6)		-
Net Profit after Disc. Op.	26.4	21.8	21.4%	21.8	21.4%
Adjusted Net Profit Group	60.0	54.5	10.0%	53.3	12.6%
2 EPS in €	0.23	0.18	27.0%	0.16	48.0%
Adjusted EPS in €	0.46	0.39	16.7%	0.38	19.4%
# Shares (M)	130.8	138.7		138.7

1 AD is IDIADA accelerated depreciation to adapt assets useful life to contract/concession duration

2 EPS calculation based on Net Profit from Continuing Operations

H1 2023: Cash Flow

• Solid cash flow generation
• Working capital to sales at around 4%
• Interest paid increase due to higher interest rates
• Dividends to Minorities affected by timing of payments
• Acquisitions relates to Riportico, CLM and Rescoll and includes the acquisition of the 20% minority of Inversiones Finisterre (Auto Galicia)

		H1
	2023	2022 Reported	Change vs LY
Adjusted Ebitda	164.9	156.4	5.4%
Change in Working Capital	(38.6)	(35.3)
Capex	(25.2)	(24.0)
Adjusted Operating Cash Flow	101.1	97.2	4.0%
Taxes paid	(16.4)	(18.4)
Interest paid	(14.0)	(7.2)
Adjusted Free Cash Flow	70.7	71.5	(1.2)%
Extraordinaries & Others	(12.6)	(4.5)
Dividends to Minorities	(13.1)	(1.9)
Operating Cash Generated	45.0	65.1	(30.9)%
Acquisitions	(60.7)	(42.8)
Divestments	30.0	-
Cash b/Changes in Financing & FX	14.3	22.3
Payments of lease liabilities (IFRS 16)	(32.4)	(31.8)
Other changes in financing	48.2	46.9
Share buybacks	(36.1)	(53.6)
Treasury Shares for LTIP	-	(1.4)
Currency translations	(3.0)	6.1
Cash Increase/(Decrease)	(9.0)	(11.5)

Leverage and Liquidity at 30th June

EUR Million

1 Stated at annual average rates and excluding IFRS 16 as defined by bank covenant. Net debt including IFRS 16 is €910 2 Figures stated at annual average rates as defined by bank covenant

Energy & Industry

Leading global provider in infrastructure testing and inspection in multiple end markets with long term stable growth and increasing margins

Financial Highlights
EUR Million		H1
	2023	2022 * Proforma	Change	Organic	Inorganic	FX	2022 * Reported	Change
Revenue	524.5	472.6	11.0%	10 9%	1.9%	(1 8)%	517.9	1.3%
Adj. Op. Profit	42.3	37.2	13.7%	9 .5%	5.2%	(1 0)%	35.8	18.0%
% AOP Margin	8 1%	9% 7	19 bps +				6 9%	115 bps +

• Strong double digit organic revenue growth with positive growth in all regions from higher demand for services and pricing
• Higher margin mainly driven by acquisitions and disposals
• Increase in sustainability services and the use of technology to perform and record inspections
• Renewables, Power, Infrastructure and Diversified Industries now represents 54% of the division revenue growing high single digit with Latin America, Iberia and Middle East leading the growth. Margin increasing and close to 9%
• O&G double digit growth from strong demand in OPEX across all main regions offsetting decrease in CAPEX. Margin is around 7%. Oil & Gas now represents 46% of the division revenue
• Recent acquisitions performing well. Riportico, the Portuguese infrastructure company acquired in Q1 with €8 million annual revenue and K2 Ingeniería, environmental consulting and monitoring in Colombia acquired in H2 2022 with €13 million annual revenue

Automotive

Leader in a highly regulated and stable industry for vehicle safety with emerging market growth opportunities

Automotive

Financial Highlights
EUR Million	H1
	2023	2022 * Proforma	Change	Organic	Inorganic	FX	2022 Reported	Change
Revenue	203.8	217.4	(6.2)%	(5 3)%	0 8%	(1 .7)%	240.3	(15.2)%
Adj. Op. Profit	43.3	49.0	(11.6)%	(14 .7)%	1.1%	2 0%	49.8	(12.9)%
% AOP Margin	21 3%	22 6%	-130 bps				20 7%	bps 55 +

• Revenue decrease of 6.2% is mainly due to the ending of the contracts in Costa Rica and Alicante, without which underlying revenue growth would have been an increase of mid single digit driven by higher inspection volumes and price inflation
• After the ending of the Costa Rica and Alicante contracts, and the disposals of the low margin businesses in the USA and Finland, margin increased by 55 bps
• All concessions and programmes are performing well with those in Spain and Ireland contributing the highest profit growth
• New ten year statutory vehicle inspection contract awarded in Saudi Arabia mid teens million annual revenue once fully ramped up. Won on the basis of superior technology and project management skills
• Further Auto opportunities in emerging markets and no material contract end until December 2027

Laboratories

Highly technological and routine regulatory testing services focused on product development and global market access

Financial Highlights
EUR Million		H1
	2023	2022 * Proforma	Change	Organic	Inorganic	FX
Revenue	117.8	99.1	18.8%	14.5%	5.5%	(1 2)%
Adj. Op. Profit	17.7	13.0	35.9%	30 .7%	8 .1%	(2 9)%
AOP Margin %	0% 15	13 1%	189 bps +

• Strong results in revenue and profit
• Electrical & Electronic, Cybersecurity services and Aerospace non-destructive testing leading the growth driven by the electrification and connectivity global megatrends
• Significant margin improvement with China back to normal levels after lockdowns last year and with good operational gearing, better mix and higher margins from acquisitions
• The three acquisitions made so far this year in Spain (metrology), France (medical devices and aerospace) and China (automotive components) are performing well
• The Division is now a relevant contributor to the Group at 14% of Group Adjusted Operating Profit

IDIADA Road, track and laboratory based testing, certification and full vehicle development support on a global basis H1 2023 Adj. Op. Profit H1 2023 Revenue ~3K Employees 22 Countries

IDIADA

Financial Highlights
EUR Million		H1
	2023	2022	Change	Organic	FX
Revenue	154.8	129.3	19.7%	20 2%	(0 .5)%
Adj. Op. Profit	19.1	13.5	41.4%	43 .4%	(2 0)%
% AOP Margin	12 3%	10 4%	190 bps +
1 Adj. Op. Profit excl. AD	23.4	16.1	45.4%
% AOP Margin	1% 15	12 4%	267 bps +

• Outstanding performance continues, with growth across the board and especially for EV/hybrid vehicles, batteries and components, autonomous driving and advanced driver assistance systems
• Organic revenue growth of 20% has been exceptional with the large one-off project from an Asian manufacturer is now slowing down despite which positive organic revenue growth is expected in H2
• Significant margin improvement even after the increase in the accelerated depreciation with all business lines and geographies increasing and the Proving Ground in Catalonia back to full capacity
• Awaiting the tender for the contract that ends in September 2024

DEMAND FOR SERVICES TO CONTINUE INCREASING

Summary of H1 2023

• Strong overall financial performance
• Higher margin is driven by the active portfolio management with good underlying margin performance
• Solid cash flow generation, with comfortable leverage and liquidity
• Saudi Auto contract award and further opportunities in emerging markets
• Shareholder return focus with dividend and share buybacks

Outlook for 2023

• Guidance raised to High single digit organic revenue growth (from Mid to High single digit)
• AOP Margin¹to increase in excess of 60 bps compared to the reported margin last year (10.1%) as upgraded in June 2023 (from stable)
• Continued focus on portfolio mix quality improvement

Focus on continued strong execution and delivering on the Strategic Plan

www.applus.com

Adjustments to Statutory Results¹

EUR Million

	H1 2023			H1 2022 Proforma
EUR Million	Adj. Results	Other results	Statutory results	Adj. Results	Other results	Statutory results
Revenue	1,000.8	0.0	1,000.8	918.4	0.0	918.4
Ebitda	166.0	0.0	166.0	151.7	0.0	151.7
Operating Profit	106.3	(35.9)	70.4	97.8	(35.6)	62.1
Net financial expenses	(18.3)	0.0	(18.3)	(12.6)	0.0	(12.6)
Profit Before Taxes	88.0	(35.9)	52.1	85.2	(35.6)	49.6
Current Income tax	(22.3)	6.3	(16.0)	(22.0)	6.5	(15.5)
Non controlling interests	(5.7)	0.0	(5.7)	(8.7)	0.0	(8.7)
Net Profit	60.0	(29.6)	30.4	54.5	(29.2)	25.4
Discontinued Operations	0.0	(4.0)	(4.0)	0.0	(3.6)	(3.6)
Net Profit after Disc. Op.	60.0	(33.6)	26.4	54.5	(32.8)	21.8
Number of Shares	130,761,150		130,761,150	138,689,284		138,689,284
EPS, in Euros 2	0.46		0.23	0.39		0.18
Tax/PBT Income	(25 3)%		(30 7)%	(25 8)%		(31 3)%

2 EPS calculation based on Net Profit from Continuing Operations

Currency Exposure

% Revenue by Actual Currency

Average FX Exchange rates vs Euro
JAN - JUN 2023	JAN - JUN 2022	Change
1.080	1.094	1.3%
1.457	1.391	(4.5)%
11.313	10.473	(7.4)%
1.598	1.520	(4.9)%

H1 2023. Revenue and Adj. Op. Profit by Division

Revenue	Actual 2023		Actual 2022
		Organic	Inorganic	FX	Total	Proforma *
Energy & Industry	524.5	10.9%	1.9%	(1.8)%	11.0%	472.6
Laboratories	117.8	14.5%	5.5%	(1.2)%	18.8%	99.1
Auto	203.8	(5.3)%	0.8%	(1.7)%	(6.2)%	217.4
Idiada	154.8	20.2%	0.0%	(0.5)%	19.7%	129.3
Total Revenue	1,000.8	8.8%	1.7%	(1.5)%	9.0%	918.4

Adj. Op. Profit	Actual 2023	Growths				Actual 2022	% AOP Margin	% AOP Margin
		Organic	Inorganic	FX	Total	* Proforma	2023	2022
Energy & Industry	42.3	9.5%	5.2%	(1.0)%	13.7%	37.2	8.1%	7.9%
Laboratories	17.7	30.7%	8.1%	(2.9)%	35.9%	13.0	15.0%	13.1%
Auto	43.3	(14.7)%	1.1%	2.0%	(11.6)%	49.0	21.3%	22.6%
1 Idiada excl. AD	23.4	47.4%	0.0%	(2.0)%	45.4%	16.1	15.1%	12.4%
Holding	(16.1)					(15.0)
Adj. Op. Profit excl. AD 1	110.6	6.5%	3.2%	0.5%	10.2%	100.3	11.0%	10.9%

Q1 & Q2 2023. Revenue and Adj. Op. Profit by Division

EUR Million

			Actual 2022
Revenue	Actual 2023	Organic	Inorganic	FX	Total	Proforma
Energy & Industry	249.8	11.2%	1.7%	0.2%	13.1%	220.8
Laboratories	55.1	15.0%	3.6%	0.2%	18.8%	46.4
Auto	100.3	(5.3)%	1.3%	(1.0)%	(5.0)%	105.6
Idiada	71.7	19.8%	0.0%	0.2%	20.0%	59.7
Total Revenue	476.8	8.8%	1.6%	(0.2)%	10.2%	432.5
Adj. Op. Profit	46.0	(0.4)%	3.3%	2.5%	5.4%	43.6
			Actual 2022
Revenue	Actual 2023					Proforma

	Actual 2023		Actual 2022
Revenue		Organic	Inorganic	FX	Total
Energy & Industry	274.7	10.6%	2.0%	(3.5)%	9.1%	251.8
Laboratories	62.7	14.2%	7.2%	(2.6)%	18.8%	52.8
Auto	103.6	(5.3)%	0.4%	(2.5)%	(7.4)%	111.8
Idiada	83.1	20.6%	0.0%	(1.2)%	19.4%	69.6
Total Revenue	524.0	8.8%	1.9%	(2.9)%	7.8%	485.9
Adj. Op. Profit	60.3	9.4%	3.3%	(1.3)%	11.4%	54.1

Q2

Q1

Q1 & Q2 & H1 2023. Summary Income Statement

EUR Million		Q1			Q2		H1
	2023	2022 Proforma	Change	2023	2022 Proforma	Change	2023	2022 Proforma	Change
Revenue	476.8	432.5	10.2%	524.0	485.9	7.8%	1,000.8	918.4	9.0%
Adj. Op. Profit b/AD	47.9	44.9	6.7%	62.7	55.5	13.0%	110.6	100.3	10.2%
Adj .Profit margin b/AD Op	10 0%	10 .4%		12 0%	11.4%		11.0%	10 9%
Accelerated depreciation	(1.9)	(1.2)		(2.4)	(1.4)		(4.3)	(2.6)
Adj. Operating Profit	46.0	43.6	5.4%	60.3	54.1	11.4%	106.3	97.8	8.7%
Adj Op .Profit margin	9 .7%	10 .1%		11.5%	11.1%		10 6%	10 6%
PPA Amortisation	(15.7)	(16.9)		(15.7)	(17.0)		(31.4)	(34.0)
Other results	(4.4)	(0.9)		(0.2)	(0.8)		(4.6)	(1.7)
Operating profit	25.9	25.8	0.4%	44.4	36.3	22.4%	70.4	62.1	13.3%
Finance Results	(8.1)	(6.1)		(10.2)	(6.5)		(18.3)	(12.6)
Profit before tax	17.9	19.7	(9.5)%	34.2	29.8	14.7%	52.1	49.6	5.0%
Income taxes							(16.0)	(15.5)
Net Profit							36.1	34.1
Minorities							(5.7)	(8.7)
Net Profit Group							30.4	25.4	19.8%
Discontinued Operations							(4.0)	(3.6)
Net Profit Discontued Operations							26.4	21.8	21.4%
Adjusted Net Profit Group							60.0	54.5	10.0%
EPS in €							0.23	0.18	27.0%
Adjusted EPS in €							0.46	0.39	16.7%
# Shares (M)							130.8	138.7

H1 2023. Statutory Cash Flow

	H1
	2023	2022
Profit Before taxes	50.2	46.3
Non cash items	110.2	100.0
Change in working capital	(39.3)	(32.9)
Taxes Paid	(16.4)	(18.4)
Operating Cash Flow	104.6	94.9
Capex	(25.2)	(24.0)
Business combination	(9.9)	3.3
Acquisitions of subsidiaries	(60.7)	(42.8)
Sales of subsidiaries	30.0	-
Cash Flow from Investing activities	(65.8)	(63.5)
Dividends to Minorities	(13.1)	(1.9)
Interest paid	(14.0)	(7.2)
Changes in financing	19.0	13.7
Share buy back	(36.1)	(53.6)
Cash Flow from Financing activities	(44.2)	(49.0)
Currency translations	(3.0)	6.1
Cash Increase / (Decrease)	(8.4)	(11.5)

H1 2023. Balance Sheet

	H1 2023	FY 2022		H1 2023	FY 2022
Goodwill	843.1	792.9	Equity	603.0	642.9
Other intangible assets	346.8	374.1	Long Term Provisions	43.7	37.0
PPA	284.7	310.0	Bank borrowings	805.5	808.6
Other intangible assets	62.1	64.1	Leasing Liabilities	127.4	136.1
Rights of use	167.8	177.4	Other financial liabilities	23.0	22.2
Tangible assets	255.0	253.1	Deferred Tax Liabilities	98.7	109.1
Investments accounted for using the equity method	3.3	3.4	Deferred Tax Liabilities PPA	71.2	77.5
Non current Financial Assets	23.2	17.1	Deferred Tax Liabilities Others	27.5	31.6
Deferred Tax Assets	59.6	58.1	Other non current liabilities	96.1	90.8
Total Non-Current Assets	1,698.8	1,676.1	Total Non-Current Liabilities	1,194.4	1,203.8
			Liabilities classified as held for sale	-	16.5

Assets classified as held for sale	-	37.5	Short term provisions	5.5	8.0
Inventories	12.0	9.8	Bank borrowings	96.6	27.3
Trade & Other receivables	557.6	498.5	Leasing Liabilities	53.1	55.2
Corporate Income Tax assets	12.9	20.3	Trade & Other payables	460.2	425.8
Current financial assets	10.1	7.4	Income Tax Liabilities	18.8	19.4
Cash & Cash equivalents	174.6	183.0	Other current liabilities	34.4	33.7
Total Current Assets	767.2	756.5	Total Current Liabilities	668.6	585.9
Total Assets	2,466.0	2,432.6	Total Equity & Liabilities	2,466.0	2,432.6

H1 2023	FY 2022		H1 2023	FY 2022
		Liabilities classified as held for sale	-	16.5

Reported to Proforma figures 2022

	2022
	Q1	Q2	H1	Q3	Q4	FY
Revenue Reported	462.4	524.3	986.7	532.2	531.0	2,049.9
Auto USA	(7.5)	(8.8)	(16.3)	(11.3)	(9.1)	(36.6)
Auto Finland	(3.0)	(3.7)	(6.7)	(3.6)	(2.7)	(13.0)
US Oil & Gas	(19.5)	(25.8)	(45.3)	(31.1)	(25.4)	(101.8)
Revenue Proforma	432.5	485.9	918.4	486.3	493.9	1,898.5

Aerospace business transferred from Energy & Industry to Labs Division

Aerospace	2022
	Q1	Q2	HI	ਉਤ	Q4	FY
Revenue	5.4	6.2	11.6	6.9	7.0	25.5
Adj. Op. Profit			1.7			4.3
% Adj. Op. Profit Margin		14.3%			16.8%

H1 2023: Splits End Market and Geography

% Total Revenues by End Market

% Total Revenues by Geography

ESG | Sustainability Services fueling our growth

Applus+ Group Sustainability Services in 2022 €m

• 2022 first year measuring the full sustainability linked services by adding in revenue from services that provide a positive social impact to those previously measured having a positive environmental impact

• Strong growth in sustainability services of 20%

• Global megatrends of Energy Transition, Electrification and Connectivity are aligned with our Sustainability Services ambitions

• Renewables, Soil testing

• Energy efficiency

% Total Revenues

• Environmental monitoring
• Water infrastructure
• Safety audits, H&S training, Road management, Telecom networks

• Emissions inspection
• Vehicle safety inspection

• Transition to EV and Hybrid vehicles
• Passive and Active Safety tests
• Homologation (regulatory tests)
• Road safety

• EVs and battery testing
• Fire, building product certifications
• Electrical safety, Rolling stock
• Medical devices
• Cybersecurity and IoT
• Systems certification, metrology

FY2022: 25% FY2022: 98% FY2022: 81% FY2022: 47%

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

• AD - IDIADA accelerated depreciation, to adapt assets useful life to contract/concession duration
• Adjusted measures are stated before other results
• AOP, Adjusted Operating Profit
• CAGR, Compounded Annual Growth Rate
• Capex, realized investments in property, plant & equipment or intangible assets
• Cash conversion, calculated as the ratio of EBITDA minus capex & change in working capital over EBITDA
• EBITDA, measure of earnings before interest, taxes, depreciation and amortisation
• EPS, Earnings per share
• EV, Electrical Vehicle
• FX, Foreign exchange
• FX impact, the impact on the prior period revenue and adjusted operating profit from the restatement to current foreign exchange rates
• Free Cash Flow, operating cash generated after capex investment, working capital variation and tax & interest payments and before leases

Alternative Performance Metrics

• Inorganic, the revenue or adjusted operating profit relating to acquisitions and disposals made in the previous twelve months
• Leverage, calculated as Net Debt/LTM Ebitda as per bank covenant definition
• LTM, Last twelve months
• 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
• Net Profit, measure of earnings operating profit after interest, taxes and minorities
• Operating Profit, measure of earnings before interest and taxes
• 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
• P.A., per annum
• PPA Amortisation corresponds to the amortisation of the Purchase Price Allocation related to acquisitions, allocated to intangible assets and Goodwill reduction for finite life concessions
• Proforma, removing the impact of discontinued operations. For the avoidance of doubt, in these first half results this relates to the Automotive division business in Finland and the USA and the Energy & Industry division Oil & Gas business in the USA
• ROCE, Net Adjusted Operating Profit After Tax/Capital Employed excluding IFRS 16 lease adjustment. Net adjusted operating profit is proforma acquisitions and disposals, excluding IDIADA Accelerated Depreciation and at 25% tax rate
• Statutory results, consolidated results of the Group under IFRS regulation, as shown in the Consolidated Financial Statements
• WC, Working Capital

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