Autogrill — Interim / Quarterly Report 2022

Jul 29, 2022

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Autogrill Group
1H2022 Financial Results

Milan, 29 July 2022

Disclaimer

This presentation is of a purely informative nature and does not constitute an offer to sell, exchange or buy securities issued by Autogrill S.p.A. or any of its subsidiaries, or any advice or recommendation with respect to such securities or other financial instruments, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. The statements contained herein does not purport to be comprehensive and have not been independently verified.

The statements contained in this presentation regard the intent, belief or current expectations of future growth in the different business lines and the global business, financial results and other aspects of the activities and situation relating to the Autogrill Group and cannot be interpreted as a promise or guarantee of whatsoever nature. Such forward-looking statements are based upon various estimates and assumptions, as well as information known to the Autogrill Group as of the date hereof and have by their very nature an element of risk and uncertainty as they depend on the occurrence of future events, including uncertainties on the duration and severity of the Coronavirus (COVID-19) outbreak and from the restrictive measures taken by each country to face it. Actual results may differ significantly from the forecast figures predicted or implied by such forward-looking statements and for a number of reasons, including by way of example: traffic trends in the countries and business channels where the Group operates; the outcome of negotiations on renewals of existing concession contracts and future tenders; changes in the competitive scenario; exchange rates between the main currencies and the euro; interest rate movements; future developments in demand; changing oil and other raw material (food) prices; general global economic conditions; geopolitical factors and new legislation in the countries where the Group operates; other changes in business conditions. Consequently, Autogrill S.p.A. makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward looking statements. Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Autogrill S.p.A. undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation.

Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Autogrill S.p.A. makes no representation or warranty, whether expressed or implied, and no reliance should be placed on the fairness, accuracy, completeness, correctness or reliability of the information contained herein and/or discussed verbally. Neither Autogrill S.p.A. nor any of its representatives shall assume any responsibility or accept any liability whatsoever (whether arising in tort, contract or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation.

This presentation has to be accompanied by a verbal explanation. A simple reading of this presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding.

By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations.

Pursuant to art. 154-BIS, par.2, of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Autogrill S.p.A., Camillo Rossotto, declares that the accounting information contained herein corresponds to document results and accounting books and records

1H2022 snapshot - All KPIs bouncing back strongly

Data in $\epsilon$ millions

$\mathbf{HAPPEN} \cdot \mathsf{Gain}$ (Loss) on operating activities disposal: $\epsilon$ 1.7m in 1H2022; $\epsilon$ 125.5m in 1H2019 (nil. in 1H2021)

• Capital gain on Canadian equity investment: €37.4m in 1H2019 (nil in 1H2022 and 1H2021) • Tax effect: +€0.7m in 1H2022; +€0.2m in 1H2021; -€30.5m in 1H2019

• Acquisition fees: €0.8m in 1H2019 (nil. in 1H2021 and 1H2022)

1H2022 snapshot - Robust performance on the back of the solid business momentum

	1H 2 021 $\epsilon$ /\$ FX = 1.21	1H2022 $€/ $ FX = 1.09$
REVENUE	€938m	€1,761m
UNDERLYING EBIT MARGIN	$-9.5%$	$+1.3%$
UNDERLYING NET RESULT AFTER MINORITIES	$-£146m$	$-\epsilon 34m$
FREE CASH FLOW(1)	$-£56m$	$+$ $E103m$

Revenue: +€823m YoY

Underlying EBIT: +€111m YoY

Underlying net result: +€112m YoY

$FCF^{(1)}: +E159m$ YoY

Detailed 1H2022 - High-quality performance (1/2)

P&L Underlying

$\epsilon$ m	1H 2022 1H 2021		Change
			Current FX	Constant FX (1)
Revenue	1,761	938	87.7%	78.0%
Underlying EBITDA	284	166	70.9%	57.1%
% on revenue	16.1%	$17.7\%$
Underlying EBIT (2)	23	(89)	n.s.	n.s.
% on revenue	1.3%	$-9.5%$
Underlying pre-tax result	(8)	(138)	93.9%	94.1%
Underlying net result	(19)	(143)	86.8%	87.2%
UNDERLYING NET RESULT AFTER MINORITIES	(34)	(146)	76.4%	77.1%
Stock-based management incentive plans	(2)	(2)
Gain (Loss) on operating activities disposal	(2)
Efficiency costs		$\left( 0 \right)$
Tax effect		0
Net Reported Result after minorities	(37)	(148)	74.8%	75.5%

Revenue acceleration across all regions

Operating leverage together with improved product mix and continued focus on labor productivity and cost control

$^{(1)}$ Data converted using average FX rates
$^{(2)}$ Net of corporate costs of -€12.5m in 1H2022 and -€12.3m in 1H2021

Detailed 1H2022 - High-quality performance (2/2) P&L Reported

$\epsilon$ m	1H 2022	1H 2021	Change
			Current FX	Constant FX (1)
Revenue	1,761	938	87.7%	78.0%
EBITDA	281	164	70.9%	57.0%
% on revenue	15.9%	17.5%
EBIT (2)	19	(91)	n.s.	n.s.
% on revenue	1.1%	$-9.7\%$
Pre-tax result	(12)	(140)	91.5%	91.7%
Net result	(22)	(145)	85.0%	85.4%
Net result after minorities	(37)	(148)	74.8%	75.5%

$^{(1)}$ Data converted using average FX rates
$^{(2)}$ Net of corporate costs of -€13.3m in 1H2022 and -€13.2m in 1H2021

Like-for-Like revenue growth - Marked bounce across channels, notably airports Data in EUR m

(1) Change in reporting calendar in North America

Like-for-Like revenue growth - Solid recovery across all geographies

Data in EUR m

(1) Change in reporting calendar in North America

North America - Underlying EBIT more than doubling YoY Data in USD m

Data converted using average FX rates: YoY percentage changes are at constant FX. See ANNEX for further details (1) "Other" includes shopping malls

(2) Underlying = excluding impact of stock option plans, efficiency costs, capital gain (loss) net of transaction costs, impact of acquisition fees

• Revenue benefitting from the continued strong performance of domestic leisure travel and by the recovery of both international and business traffic in the US
• Underlying EBIT more than doubled vs. 1H2021, benefitting from operating leverage and tight control over all the P&L lines
• Stock-based management incentive plans: $-50.5$ m in 1H2O22 $-50.5$ m in 1H2O21; $-51.8$ m in 1H2019)
• Efficiency costs: -\$0.1m in 1H2021 (nil. in 1H2022 and 1H2019)
• Gain (Loss) on operating activities disposal: -\$1.8m in 1H2O22 (\$132.8m in 1H2O19; nil. in 1H20211
• Impact of acquisition fees and other items: -\$0.9m in 1H2019 (nil. in 1H2022 and 1H2021)

International - Steady recovery worldwide Data in EUR m

(1) Underlying = excluding impact of stock option plans

MAKE IT IAPPEN

• 1H2022 revenue performance driven by the recovery of international air travel across the board

• EBIT materially improving YoY

· Stock-based management incentive plans: -€0.2m in 1H2022 (-€0.2m in 1H2021;-€0.8m in FY2019)

Europe – Positive performance across countries and channels Data in EUR m

Data converted using average FX rates: YoY percentage changes are at constant FX. See ANNEX for further details (1) Underlying = excluding impact of stock option plans, efficiency costs and capital gain net of transaction costs

IAKE IT APPEN

• Revenue fueled by the continued strong resilience of motorway channel and sharp rebound of airport channel

• Underlying EBIT increased by $E45m$ in 1H2022 supported by the like-for-like revenue growth and continued focus on cost control

• Stock-based management incentive plans: -€0.4m in 1H2022 (-€0.2m in 1H2021;-€0.8m in 1H2019

• Efficiency costs: - $\epsilon$ 0.3m in 1H2021 (nil. in 1H2022 and 1H2019)
• Gain (Loss) on operating activities disposal: €7.9m in 1H2019 (nil. In 1H2022 and 1H2021)

Detailed 1H2022 - Cash flow from operating activities 2.5x higher than 1H2021

Data in EUR m

€m	1H 2022 1H 2021
EBITDA	281	164
Gain on operating activity disposal net of transaction costs	2
Change in net working capital	(8)	6
Principal repayment of lease liabilities	(112)	(61)
Renegotiation for COVID-19 on lease liabilities	(30)	(59)
Other	(3)
CASH FLOW FROM OPERATING ACTIVITIES managerial (1)	129	51
Taxes paid (2)	88
Net interest paid	(7)	(29)
Implicit interest in lease liabilities	(17)	(14)
NET CASH FLOW FROM OPERATING ACTIVITIES managerial (1)	194	9
Net capex	(91)	(65)
FREE CASH FLOW	103	(56)

⁽¹⁾ Includes principal repayment of lease liabilities and lease abatement for COVID-19 renegotiations which are reported in the Net Cash Flow from (used in) financing activities in the Cash Flow Statement included in the Consolidated Financial Statements (2) Includes $\epsilon$ 90.1m US tax refund cashed in in April 2022

€116m EBITDA improvement reflecting the strong operating

performance

€90m US tax refund cashed-in in April 2022

Lower net interest paid

Detailed 1H2022 - NFP benefitting from strong cash flows Data in EUR m

€m	1H 2022	1H 2021
FREE CASH FLOW	103	(56)
Acquisitions/disposals (1)	(6)	$\sim$
NET CASH FLOW BEFORE CAPITAL INCREASE, DIVIDENDS AND TREASURY SHARES BUY-BACK	97	(56)
Liquidity generated (absorbed) by the relationship with minority partners	(18)	(8)
Capital Increase (net of the expenses associated with the Offering)	(1)	593
NET CASH FLOW	78	529
OPENING NET FINANCIAL POSITION	197	1,083
Net cash flow	(78)	(529)
FX and other movements	12	14
CLOSING NET FINANCIAL POSITION	131	567
Net lease liabilities and lease liabilities of assets held for sale	1,602	1,863
CLOSING NET FINANCIAL POSITION including lease liabilities	1,733	2,430

⁽¹⁾ Price adjustment on the disposal of US motorways business and capital injection to JV partnership in Qatar

$E1.8$ bn of new contract wins and renewals at an average duration of approximately 7 years Data in EUR bn, new contract wins and renewals by region

New wins include: Rome (FCO), Salt Lake City and Bangalore airports

Renewals include: Miami and Arlanda airports

FY2022 guidance

FY2022 guidance

REVENUE

$\sim \epsilon$ 3.8bn

Assuming €/\$ FX of 1.10 for 2022. Each 0.01 movement in Euros to the US Dollars exchange rate has a $+/ E20m$ annualized impact on 2022 revenue

Previous guidance (May 2022): $\approx$ $\epsilon$ 3.7bn

FREE CASH FLOW!

$\sim \epsilon$ 200m

This range includes the $+ \epsilon$ 90m US tax refund cashed-in in April

Previous guidance (May 2022): $+£160-180m$

$(1)$ FCF = free cash flow is the cash from the normal business operations after subtracting any money spent on capex, and excluding the cash flows relating to extraordinary operations (e.g. acquisitions, disposals, equity raisings, debt refinancing). Free cash flow is calculated as follows: EBITDA +/- change in net working capital +/- non-cash costs and revenues already included in the EBITDA - MAG paid +/- financial income and charges (excluding costs paid in connection with early repayment of debt) $+/-$ net tax – capital expenditures

FY2022 priorities

• Building on the recovery
• Enhancing the core business
• Focusing on cash conversion
• Executing on the ESG strategy

NOTE: this guidance does not assume a spreading of COVID-19 variants resistant to the current therapies or a resurgence of COVID-19 generally. It also does not assess the impacts on traffic from the current state of the Ukraine conflict and its potential future repercussions

Strategic guidelines and
mid-term ambitions

Group strategic guidelines

Build on recovery

• Optimize the concession portfolio
• Take advantage of the opportunities the market currently offers
• . Implement new initiatives, including digital, analytics and increased focus on customer base

Strengthen the business model

• Focus on cash generative locations
• Enhance offerings shifting towards higher margin products and propositions
• Strengthening our market leadership through ESG
• Fully leverage the structural improvements to the cost base achieved during the pandemic $\bullet$
• Upgrade digital technologies and analytics capabilities to increase internal efficiency

Strong and flexible capital structure

• Accelerate growth
• Support long-term value creation

Mid-term ambitions (2024)

Revenue	Underlying EBIT margin	Capex
€4.5bn by 2024E CAGR '20-'24E $\left[20\%25\% \right]$ at constant $\left[5X^{(1)}\right]$	ca. 6.0% in 2024 ca. +140bps vs. 2019	2024E: $+4.8\% - +5.4\%$ on revenue

⁽¹⁾ Assuming FX €/\$ of 1.22 - Source: Bloomberg, FactSet,EIU,Oxford Economics. 2024E revenue target represents mid-point of the CAGR '20'24 range.

Comparison of 2024E vs. 2019A figures

Revenue impacted by:

• Traffic recovery from COVID-19 crisis in 2024
• Selective closings/exits
• · Significant underlying EBIT expansion, ca. +140bps
• Between 2x and 3x the FCF⁽¹⁾ of 2019

Global leader in F&B concession business

Autogrill's Bubbles seafood and wine bar, Schiphol Airport, Amsterdam

Autogrill at glance FY2021 values

Autogrill at a glance - Well diversified by geography and channel

Figures refer to FY2021 revenue APPEN

$^{(1)\,''}$ Other" includes railway stations and shopping malls, downtown, fair exhibitions

Feeling good on the move

Autogrill at a glance - A global footprint

of locations, FY2021 data

• Global footprint $\bullet$ .
• Multi-channel exposure

• 1 player in F&B $\bullet$ concession market

• Scale benefits $\bullet$ .
• Sharing of best practices across the Group

(1) Source: Autogrill analysis based on external sources; considering Group Revenues in 2019 as share of F&B Travel Concession market (airports, motorways, railways)

Appendix

• REVENUE
• EBITDA
• EBIT
• UNDERLYING EBITDA / EBIT / NET RESULT
• NET CAPEX
• FREE CASH FLOW

• CASH FLOW FROM OPERATING ACTIVITIES

• NET CASH FLOW
• NET INVESTED CAPITAL
• CONSTANT EXCHANGE RATES CHANGE
• LIKE FOR LIKE REVENUE GROWTH
• NEW WINS AND RENEWALS
• REPORTING CALENDAR

Detailed 1H 2022 results - Consolidated P&L

	1H 2022	$%$ on		$%$ on	Change
$\epsilon$ m		revenue	1H 2021	revenue	Current FX	Constant FX (1)
Revenue	1,761.1	100.0%	938.3	100.0%	87.7%	78.0%
Other operating income	111.1	6.3%	65.5	7.0%	69.7%	64.7%
Total revenue and other operating income	1,872.3	106.3%	1,003.8	107.0%	86.5%	77.1%
Raw materials, supplies and goods	(571.6)	$-32.5%$	(346.0)	$-36.9%$	65.2%	59.0%
Personnel expense	(595.6)	$-33.8%$	(300.3)	$-32.0%$	98.4%	87.6%
Leases, rentals, concessions and royalties	(174.7)	$-9.9%$	(30.7)	$-3.3%$	n.s.	n.s.
Other operating expense	(248.0)	$-14.1%$	(162.6)	$-17.3%$	52.5%	46.0%
Gain (loss) on operating activities disposals	(1.7)	$-0.1%$	$\sim$	$\overline{\phantom{a}}$	n.s.	n.s.
EBITDA	280.6	15.9%	164.2	17.5%	70.9%	57.0%
Depreciation, amortisation and impairment losses (2)	(261.7)	$-14.9%$	(255.1)	$-27.2%$	2.6%	$-3.2%$
EBIT $(3)$	18.9	1.1%	(90.9)	$-9.7%$	n.s.	n.s.
Net financial charges (4)	(30.2)	$-1.7\%$	(49.9)	$-5.3%$	$-39.4%$	$-43.0%$
Other income and charges, impairment and revaluations of financial assets	(0.6)	$-0.0%$	0.7	0.1%	n.s.	n.s.
Pre-tax result	(12.0)	$-0.7%$	(140.2)	$-14.9%$	91.5%	91.7%
Income tax	(9.7)	$-0.6%$	(4.6)	$-0.5%$	108.8%	93.0%
Net Result	(21.7)	$-1.2%$	(144.8)	$-15.4%$	85.0%	85.4%
Minorities	(15.7)	$-0.9%$	(3.4)	$-0.4%$	n.s.	n.s.
Net Result after minorities	(37.4)	$-2.1%$	(148.3)	$-15.8%$	74.8%	75.5%

⁽¹⁾ Data converted using average FX rates
⁽²⁾ Including right of use assets depreciation and right of use assets impairments of –€155.1m in 1H2022 and -€142.4m in 1H2021
⁽³⁾ Net of corporate costs of -€13.3m in 1H20

Detailed 1H 2022 results - Detailed revenue growth

						Organic growth
$\epsilon$ m	1H 2022	1H 2021	$FX^{(1)}$		Like for Like	Openings	Closings	Acquisitions	Disposals (2)	Reporting calendar (3)
North America	951	479	49	400	77.2%	32	(1)		(86)	78
International	175	56		114	201.4%	4	(O)			$\sim$
Europe	635	403	$\overline{2}$	234	59.9%	11	(15)
Italy	406	293	$\sim$	121	43.4%	$\overline{\mathcal{L}}$	(14)
Other European countries	229	111	$\mathbf{2}$	113	100.7%	$\overline{4}$	$\vert$ O)			$\sim$
Total REVENUE	1,761	938	51	748	77.4%	47	(15)	$\overline{\phantom{a}}$	(86)	78
						Organic growth
$\epsilon$ m	1H 2022	1H 2021	$FX^{(1)}$		Like for Like	Openings	Closings	Acquisitions	Disposals (2)	Reporting calendar (3)
Airports	1,179	458	41	568	98.9%	36	(2)			77
Motorways	458	429	$\circ$	110	32.4%	$\circ$	(13)		(86)
Other channels	124	51		70	134.2%	3	(1)
Total REVENUE	1,761	938	51	748	77.4%	47	(15)	$\sim$	(86)	78

(1) Data converted using average FX rates

@MAKE IT HAPPEN $^{(2)}$ Disposals: US motorways business in US (€86m) revenue contribution in 1H2021) occurred in July 2021
⁽³⁾ Change in reporting calendar in North America

Detailed 1H 2022 results - Breakdown by region

					Change
$\epsilon$ m	IH 2022	% on revenue	1H 2021	% on revenue	Current FX	Constant FX (1)
North America	951		479		98.6%	80.2%
International	175		56		212.6%	208.7%
Europe	635		403		57.5%	56.8%
Total REVENUE	1,761		938		87.7%	78.0%
North America	70	7.4%	27	5.6%	162.8%	140.0%
International	$\left($ O	$-0.3%$	(24)	$-42.1%$	98.0%	98.2%
Europe	(35)	$-5.5%$	(80)	$-19.8%$	56.3%	56.4%
Corporate costs	(12)		(12)		$-1.8%$	$-1.8%$
Underlying EBIT	23	1.3%	(89)	$-9.5%$	n.s.	n.s.

(1) Data converted using average FX rates

Detailed 1H 2022 results - Accrued capex

Capex at 4.8% of 1H2022 revenue

Investments mainly at airports in North America and Europe

Detailed 1H 2022 results - Consolidated balance sheet
-------------------------------------------------------	--	--	--

	30/06/2022 31/12/2021		Change
€m			Current FX	Constant FX (1)
Intangible assets	950	910	40	(8)
Property, plant and equipment	795	778	16	(16)
Right of Use	1,452	1,487	(36)	(94)
Financial assets	29	24	5.	3
A) Non-current assets	3,224	3,199	25	(115)
Inventories	141	117	24	22
Trade receivables	58	46	13	11
Other receivables	146	187	(41)	(49)
Trade payables	(396)	(358)	(38)	(29)
Other payables	(415)	(401)	(14)
B) Working capital	(465)	(409)	(56)	(43)
C) Invested capital (A+B)	2,759	2,790	(31)	(158)
D) Other non-current non-financial assets and liabilities	(42)	(2)	(40)	(39)
E) Net invested capital (C+D)	2,717	2,788	(71)	(198)
Equity attributable to owners of the parent	932	923	9	(33)
Equity attributable to non-controlling interests	52	51		(3)
F) Equity	984	974	10	(36)
Non-current financial liabilities	1,922	1,928	(7)	(90)
Non-current financial assets	(73)	(68)	(5)	$\Omega$
G) Non-current net financial indebtedness	1,849	1,860	(12)	(90)
Current financial liabilities	393	349	44	29
Cash and cash equivalents and current financial assets	(509)	(396)	(113)	(100)
H) Current net financial indebtedness	(116)	(47)	(69)	(71)
I) Net Financial Position (G+H)	1,733	1,814	(81)	(161)
Net Lease Liabilities	(1,602)	(1,616)	14	79
Net Financial Position excluding lease receivables and lease liabilities	131	197	(66)	(82)
J) Total (F+I), as in E)	2,717	2,788	(71)	(198)

Detailed 1H 2022 results - Outstanding gross debt (excl. lease receivables and lease liabilities)

Borrowings - as of $30.06.2022^{(1)}$	Interest rate	Final Maturity	Commitment		Drawn Undrawn	Covenants
Amortizing Term Loan	Floating	$Oct-26$	\$348m	\$348m	\$0m
Total - HMS Host Corp				\$348m
Amortizing Term Loan Revolving Credit Facility (2)	Floating Floating	Oct-26 Oct-26	€200m €500m	€200m €0m	€0 $m$ €500m	EBITDA interest coverage adj $\geq 4.5x$ Net Debt / EBITDA adj $\leq$ 3.5x
Total - Autogrill S.p.A.				€200m	€500m

Based on nominal value of borrowings as at 30 June 2022

The chart includes committed lines facilities only

On 3 December 2021 the Group completed the refinancing of its overall indebtedness through a 5-year multi-currency, medium-long term cash financing agreement for a maximum total principal amount of one billion euros with a pool of primary banks, and simultaneously early repaid through the full reimbursement (i) the bilateral financing contracts and of the financing contract backed by SACE guarantee in place for Autogrill S.p.A. and (ii) the bank loan and the two bonds in place for the subsidiary HMSHost Corporation

(1) Doesn't include "Other credit lines" of €44.6m ⁽²⁾ Line available to Autogrill S.p.A. and HMSHost Corporation (the latter up to a maximum of \$ 200m)

Detailed 1H 2022 results - Debt overview (excl. lease receivables and lease liabilities)

$^{(1)}$ Average cost of debt is calculated on average gross debt outstanding and includes the costs of undrawn credit facilities
$^{(2)}$ Net financial position excluding lease receivables and lease liabilities as of 30 June

FY2024 mid-term ambition

€5.0bn			€4.2bn		B.	$\mathsf C$	$\mathsf D$	E	€4.5bn
2019 revenue Closings and disposals (see next slide)		$FX \in \mathcal{S}$	2019 rebased revenue @ 1.22 FX €/\$ (1)	Like-for-like	Airports net openings	Motorways net closings	Railways net openings	Other channels net closings	2024 revenue @ 1.22 FX €/\$
• Recovery of pre- COVID-19 level in traffic (see next slides)		B • New contract wins • Convenience Retail in North America as a source of growth		· Further rationalization		D • Further expansion		• Progressive exit from non-core locations

Each 0.01 movement in Euros to the US Dollars exchange rate has a +/- $\epsilon$ 20m annualized impact on 2024 revenue

Assuming €/\$ FX of 1.22 for 2024 - Source: Bloomberg, FactSet,ElU,Oxford Economics
⁽¹⁾ 2019 revenue rebased for:
• Closings of low profitability contracts and disposal of US Motorways and Spain
• €/\$ FX of 1.22 - Source

Footprint rationalization with positive impact on EBIT margin and cash generation Data in EUR

Rationalization of several stores, contributing to relevant increase on Group EBIT margin, mainly related to:

• Disposal of US motorway business $\bullet$
• Disposal of the business in Spain $\bullet$
• Committed closure of locations in $\bullet$ North America (expiring motorways and low profitability airports)
• Committed closure of selected $\bullet$ locations in APAC
• Committed exit⁽¹⁾ of low profitability $\bullet$ motorways in Europe

(1) No renewal on expiring contracts Note: Assuming €/\$ FX 1.12 in 2019

Airports recovering faster than other channels in the long run...

COVID-19 structural improvements will be further scaled-up, driving higher profitability

Potential upsides: bolt-on acquisitions and new wins

Autogrill can further increase its presence in the convenience segment and in high-growth areas

• Convenience historically growing segment (+4% CAGR 2015-2019) with top-notch cash conversion (~70-80%) and profitability (~12-14% cash EBITDA%¹)
• Between 2016 and 2019 AGL acquired and successfully integrated 3 companies: Stellar Partners, Avila, Pacific Gateway with valuation ranging between 4-7x target's cash EBITDA⁽¹⁾ (pre-synergies)

APAC and Middle Eastern countries in the airport channel

• Autogrill international presence rapidly grew in last years (RoW⁽²⁾ revenue in $2019 = 3 \times 2014$
• Good profitability expected (cash EBITDA⁽¹⁾ of 13-16%)
• Further growth achievable with a two-step approach:
• 1. Consolidation of current footprint (Vietnam, India, ...)
• 1. Scale-up / expansion in other geographies (Indonesia, Middle East, ...)

Potential revenue uplift up to €200-250m by 2024 (not included in the targets)

Calendar

Calendar

29 September 2022

· Revenue performance as of 31 August 2022

IR Contacts

Lorenza Rivabene Strategy, Planning and Control Director lorenza.rivabene@autogrill.net

Emanuele Isella

Group Investor Relations and Sustainability Reporting Manager +39 02 4826 3617 emanuele.isella@autogrill.net