Autogrill

Investor Presentation • Aug 1, 2019

Autogrill Group 1H2019 Financial Results

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Milan, 1 August 2019

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 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 have by their very nature an element of risk and uncertainty as they depend on the occurrence of future events. Actual results may differ significantly from the forecast figures 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.

IMPORTANT NOTE

• The new accounting standard, IFRS 16 Leases, is effective as from 1 January 2019
• For the sake of comparability with 2018 figures, Autogrill will provide the key performance indicators that it would have recognized, had it not adopted the new standard, under the heading "1H2019 excluding IFRS16"
• "Constant FX" and "Current FX" changes in this document are always calculated as the delta between "1H2019 excluding IFRS16" and "1H2018" results, unless otherwise indicated

1H2019 – Highlights

1H2019 – Top line growth with underlying EBITDA margin expansion

YoY percentage changes are at constant FX. See ANNEX for further details (1) Underlying = excluding the following impacts:

• Stock option plans: -€6.3m in 1H2019 and 1H2019 excluding IFRS16; -€2.7m in 1H2018
• Cross-generational deal (Italy) : nil. in 1H2019 and 1H2019 excluding IFRS16; -€9m in 1H2018
• Acquisition fees: -€0.8m in 1H2019 and 1H2019 excluding IFRS16; -€0.9m in 1H2018
• Capital gain net of transaction costs: €125.5m in 1H2019 and 1H2019 excluding IFRS16; nil. in 1H2018
• Capital gain on Canadian equity investment: €37.4m in 1H2019 and 1H2019 excluding IFRS16; nil. in 1H2018
• Tax effect: -€30.5m in 1H2019 and 1H2019 excluding IFRS16; +€2.2m in 1H2018

1H2019 – €1.5bn of new contract wins and renewals (1)

(1) Total contract value. See ANNEX for definitions

1H2019 – Disposal of motorway business in Canada

USD/CAD FX of 0.7466 (1) Autogrill"s share

1H2019 – Acquisition of Pacific Gateway Concessions

Complementary geographic footprint

Strategic rationale

• Provides ability to capture a larger share of consumer spending, participate in additional growth opportunities and compete more effectively
• Consistent with the Group strategy of seeking opportunities within the attractive capex light airport retail concessions
• Exploit trend of converging airport retail and F&B through convenience offerings which are becoming a relevant part of airport RFPs

1H2019 – Group reported net result benefitting from capital gains

		1H2019		Change
€m	1H2019	excluding IFRS16	1H2018	Current FX	FX (1) Constant
Revenue	2,272	2,272	2,106	7.9%	4.3%
EBITDA (2)	454	277	127	118.4%	107.1%
% on revenue	20.0%	12.2%	6.0%
EBIT	167	155	24	n.s.	n.s.
% on revenue	7.4%	6.8%	1.2%
Pre-tax result	157	179	12	n.s.	n.s.
Net result	123	139	3	n.s.	n.s.
Net result after minorities	115	130	(3)	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €16m in 1H2019 and 1H2019 excluding IFRS16 and of €12m in 1H2018

1H2019 – Underlying EBITDA margin improving by c.36bps

		1H2019			Change
€m	1H2019	excluding IFRS16	1H2018	Current FX	Constant FX (1)
Revenue	2,272	2,272	2,106	7.9%	4.3%
EBITDA (2) Underlying	336	159	140	13.8%	8.4%
% on revenue	14.8%	7.0%	6.6%
Underlying EBIT	49	37	37	0.0%	-8.2%
% on revenue	2.1%	1.6%	1.8%
Underlying pre-tax profit	1	23	24	-4.1%	-13.3%
Underlying net profit	(2)	14	13	5.9%	-7.4%
UNDERLYING NET RESULT AFTER MINORITIES	(10)	5	7	-30.0%	-42.1%
Stock option plans	(6)	(6)	(3)
Cross-generational deal (Italy)	-	-	(9)
Acquisition fees	(1)	(1)	(1)
Capital gain net of transaction costs	125	125	-
Capital gain on Canadian equity investment	37	37	-
Tax effect	(31)	(31)	2
Net reported result after minorities	115	130	(3)	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €12m in 1H2019 and 1H2019 excluding IFRS16 and of €11m in 1H2018

1H2019 – Strong revenue growth at airports

(1) Acquisitions: Le CroBag in Other Channels at the end of February 2018 (€7.1m of sales contribution in 1H2019); Avila in Airports in Q3 2018 (€16.4m of sales contribution in 1H2019); Pacific Gateway Concession in Airports in 1H2019 (€1.7m of sales contribution in 1H2019)

(2) Disposals: Canadian motorways in 1H2019 (€5.2m of sales contribution in 1H2018); Czech Republic in Other Channels in 1H2019 (€0.4m of sales contribution in 1H2018)

1H2019 – Like for like revenue growth driven by North America

(1) Acquisitions: Le CroBag in Europe at the end of February 2018 (€7.1m of sales contribution in 1H2019); Avila in North America in Q3 2018 (€16.4m of sales contribution in 1H2019); Pacific Gateway Concession in North America in 1H2019 (€1.7m of sales contribution in 1H2019)

(2) Disposals: Canadian motorways in 1H2019 (€5.2m of sales contribution in 1H2018); Czech Republic in 1H2019 (€0.4m of sales contribution in 1H2018)

1H2019 – North America: underlying EBITDA growing more than 8%

• Very good like for like growth (+4.8%): strong growth at airports (+5.6% like for like)
• Underlying EBITDA margin improved by c.30bps
• Impact of stock option plans: -\$1.8m in 1H2019 and 1H2019 excluding IFRS16 EBITDA (-\$0.6m in 1H2018)
• Impact of acquisition fees and other items: -\$0.9m in 1H2019 and 1H2019 excluding IFRS16 EBITDA (nil in 1H2018)
• Capital gain on Canadian motorway business disposal: +\$132.8m in 1H2019 and 1H2019 excluding IFRS16 (nil. In 1H2018)

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 the impact of the stock option plans, acquisition fees and capital gain on Canadian motorway business disposal

1H2019 – International: underlying EBITDA impacted by start-up costs

• Good like for like revenue growth (+4.1%), driven by airports
• Underlying EBITDA margin impacted by the start-up phase of the new business initiatives
• Impact of stock option plans: -€0.8m in 1H2019 and 1H2019 excluding IFRS16 EBITDA (-€0.5m in 1H2018)

Data converted using average FX rates. YoY percentage changes are at constant FX. See ANNEX for further details (1) Underlying = excluding the impact of the stock option plans

1H2019 – Europe: solid margin growth reflecting strong execution

• Stable like for like revenue, coupled with continued optimization of the footprint
• Significant increase of underlying EBITDA margin by c.100bps
• ‒ improvements both in Italy (mainly due to enhanced product mix and productivity) and Rest of Europe (mainly due to the performance at airports and to the full impact of Le CroBag consolidation)
• Impact of stock option plans: -€0.7m in 1H2019 and 1H2019 excluding IFRS16 EBITDA (-€0.5m in 1H2018)
• Impact of "Cross-generational deal" in Italy: zero in 1H2019 and 1H2019 excluding IFRS16 (-€9.0m in 1H2018)
• Acquisition fees: zero in 1H2019 and 1H2019 excluding IFRS16 EBITDA (-€0.9m 1H2018)
• Capital gain on disposal of Czech Republic activities: €7.9m in 1H2019 and 1H2019 excluding IFRS16 EBITDA (nil in 1H2018)

Data converted using average FX rates. YoY percentage changes are at constant FX. See ANNEX for further details

(1) Underlying = excluding the impact of the stock option plans, cross-generational deal (Italy), acquisition fees and capital gain on disposal of Czech Republic activities

1H2019 – Capex (1) focused in North America and airports

• Investing to support future growth at airports
• North America: New Orleans, Minneapolis, Seattle and Boston
• International: Istanbul, Dubai and Auckland
• Europe: Zurich
• Refurbishment works following a major motorway concessions renewal season in 2016 and 2017
• Europe: Italy and France
• North America: New Jersey turnpike
• 84% development capex, 16% maintenance and ICT

(1) Accrued capex (2) Including Corporate capex

1H2019 – Free cash flow impacted by working capital and capex

€m		1H2019 excluding IFRS16	1H2018
EBITDA	454	277	127
Capital gains net of transaction costs	(125)	(125)	-
Change in net working capital and net change in non-current non-financial assets and liabilities	(66)	(68)	(33)
Net repayment of lease liabilities	(147)	-	-
Other non cash items	(3)	(4)	(4)
OPERATING CASH FLOW	113	79	90
Taxes paid	(9)	(9)	(13)
Net interest paid	(12)	(12)	(11)
Net implicit interest on lease liabilities	(34)	-	-
FREE CASH FLOW FROM OPERATIONS, BEFORE CAPEX	58	58	66
(1) Net capex	(162)	(162)	(130)
FREE CASH FLOW	(104)	(104)	(65)

• Working capital
• Temporarily impacted by the cash out relating to the Cross Generational Deal (booked in 2018) and a buildup of receivables driven by the growth of the business in North America, some of which will reverse in the second half of 2019
• Capex
• High level of capex in the first half of the year, as expected

(1) 1H2019 and 1H2019 excluding IFRS16: capex paid -€162m net of asset disposal €4m – 1H2018: capex paid -€130m net of fixed asset disposal €8m

1H2019 – Net cash flow benefitting from disposals

€m	1H2019	1H2019 excluding IFRS16	1H2018
FREE CASH FLOW	(104)	(104)	(65)
Acquisitions/disposals(1)	132	132	(59)
NET CASH FLOW BEFORE DIVIDENDS	28	28	(124)
(2) Dividends	(49)	(49)	(53)
NET CASH FLOW	(21)	(21)	(177)
OPENING NET FINANCIAL POSITION	671	671	544
Net cash flow	21	21	177
FX and other movements	7	7	15
CLOSING NET FINANCIAL POSITION	699	699	736
Lease Liabilities	2,477
CLOSING TOTAL NET FINANCIAL POSITION	3,177

(1) Acquisitions: Pacific Gateway acquired on June 2019 (-€32m) and Le CroBag acquired on March 2018 (-€5,9 in 1H2019 and 1H2019 excluding IFRS16; -€59m in 1H2018); Disposals: Canadian motorways (€163m) and Czech Republic (€7m) disposed in 1H2019

(2) Dividends include dividends paid to Group shareholders (€51m in 1H2019 and 1H2019 excluding IFRS16; €48m in 1H2018) and dividends paid to minority partners net of capital increase (-€2m in 1H2019 and 1H2019 excluding IFRS16; €5m in 1H2018)

Terrazza Aperol Milano (IT)

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2019 guidance

Revenue Revenue	Underlying EBITDA	Reported EPS
€5.0bn	€450m - €470m	€0.90 - €0.95

• Update of 2019 EPS guidance, given a better than expected contribution from capital gain on net result in 1H2019

Figures excluding the impact of IFRS16 Assuming €/\$ FX of 1.15

Clear and focused strategy driving business forward

Clearly identified priorities for each region

Mid-term targets (2021E) – Significant growth in free cash flow

Revenue Revenue	Underlying EBITDA margin	Capex
€5.3bn by 2021E CAGR "18-"21E: 5.0%(1) 4.5% -	10% in 2021E +110bps vs. 2018	Capex 2021E: 5.0% - 5.5% on revenue
Free cash flow
Free cash flow 2021E: 5x vs. 2018(2)

Figures excluding the impact of IFRS16 Assuming €/\$ FX of 1.15 (1) 2018 revenue rebased for:

• The disposal of Canadian motorways and Czech Republic occurred in 1H2019
• The expiration of T&R motorway agreement occurred in 1H2019
• €/\$ FX of 1.15

(2) 2018 FCF = €33m

Revenue growth – Driven by L-f-L and expansion into airports

Each 0.01 movement in Euros to the US Dollars exchange rate has a +/- €20-30m annualized impact on 2019–2021 revenue

Revenue growth will be mainly driven by the like-for-like performance

Assuming €/\$ FX of 1.15 for 2019 onwards

(1) 2018 revenue rebased for:

• The disposal of Canadian motorways and Czech Republic occurred in 1H2019
• The expiration of T&R motorway agreement occurred in 1H2019
• €/\$ FX of 1.15

Underlying EBITDA margin – Improvements across the board

• North America: slight margin improvement
• International: completion of the start-up phase of recently opened locations
• Europe: strong margin expansion driven by self-help initiatives

Figures excluding the impact of IFRS16 Assuming €/\$ FX of 1.15 for 2019 onwards

Capex – Converging to normalized levels

Capex as % of revenue

• Investing to support future growth at airports
• Extending motorway duration
• (Italy, France, US New Jersey turnpike)

Assuming €/\$ FX of 1.15 for 2019 onwards

Significant free cash flow generation driven by improving EBITDA and normalised capex

Free cash flow = cash generated by the company after deducting capital expenditures from its operating cash flow. Free cash flow does not include the following items: acquisitions, disposals, dividends (both dividends paid to Group shareholders and dividends paid to minority partners) Assuming €/\$ FX of 1.15 for 2019 onwards

(1) 2018 FCF = €33m

Capital allocation – Priorities

Commitment to grow the business Strong balance sheet supports priorities

Capital allocation – More airports, more outside Europe

Capital allocation – Key levers to drive expansion

Firepower up to €1.5bn to expand into the sector and adjacencies

The global leader in F&B concessions

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Leader with a global footprint

(1) "Other" includes: railway stations, shopping malls, downtown, fair exhibitions

Strong and resilient contract portfolio

Note: see Definitions in Appendix for portfolio calculation (1) Actual FX

Within F&B, travel concession is a very attractive space

Concession F&B benefits from supportive macro trends

Source: Euromonitor, DKMA, GIRA, company estimates (1) Food service market 2017-23 CAGR (2) Air Passengers 2017-23 CAGR

Autogrill's strengths reflect excellence in the travel space

¹ A unique global concession platform

Diversification – Well diversified by geography and channel ²

Figures refer to FY2018 revenue

(1) "Other" includes railway stations and shopping malls

(2) "Other" includes: railway stations, shopping malls, downtown, fair exhibitions

Execution – Managing effectively a large number of stakeholders 3

Landlords / Carriers

• Expertise in traffic flow analysis
• Effective partnering with landlords / carriers
• Proven management team

3rd party brands

• 3rd party brands Autogrill offers a unique platform in terms of visibility for brands
• Strong track record as third party brands operator

Customers

• A large portfolio of brands addressing all needs and emerging trends
• Best-in-class customer experience

Execution – Widely recognized as best-in-class 3

(1) Best Innovative Consumer Experience Concept, Best New F&B (Full-Service Concept), Best New F&B (Quick-Service Concept), Best New National Brand Concept - (2) Best New Local Concept for Kapnos Taverna at Ronald Reagan Washington National Airport , Best New National Brand for P.F. Chang"s at Tampa International Airport. (3) Best New F&B Concept (Full-Service) – Book & Bourbon Southern Kitchen at Louisville International Airport, Best Green Concession Practice or Concept – Bistrot at Montréal-Trudeau International Airport, Best New National Brand Concept, 2nd Place – Shake Shack at Los Angeles International Airport (4) Bistrot's website recognized as Best F&B website at the Moodie Davitt Digital Awards. Bistrot recognized for its Creative Carbohydrates offering and as Best F&B marketing & promotions campaign of the year at FAB awards - (5) Corporate Social Responsibility Initiative of the Year

Capital allocation – Where and why we deployed capital 4

(2014-2018)

	Airports capex	• Support organic growth and sustain core business • 70% in North America
ments Organic invest	Motorways capex	• Selective approach • Maintaining contract duration and visibility on future cash flows • Average duration: 9 years in 2014, 10 years in 2018
	Railways & other capex	• Channel mix enhancement strategy
	Acquisitions	• Portfolio optimization and refocus
A & M	Divestitures	• Selective bolt-on acquisitions to expand footprint and realize significant synergies; 100% airports and railway stations • Divestment of non-core activities; ~70% outside airports
Shareholder muneration re	Shareholders' dividends	• Rewarding shareholders whilst maintaining flexibility

Capital allocation – Motorway contract duration deserves a focused approach 4

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Definitions

• "1H2019 excluding IFRS16" / "30/06/2019 excluding IFRS16" Autogrill Group has applied the IFRS16 accounting standard since the 1st of January 2019. To allow a better understanding of the operations and a better comparison of the data, it was felt appropriate to adjust the numbers to the 30th of June 2019, by applying the new accounting principle, to make the numbers coherent with criteria for the preparation of financial results which did not require application of the new principle (the criteria for the preparation of the financial results are illustrated in the Group consolidated financial statement to the 31st of December 2018 and the abbreviated financial statement to the 30th of June 2019). From financial year 2020, it will no longer be necessary to present historical numbers adjusted for the application of IFRS16, as the numbers will be immediately comparable to the current financial year • EBITDA Earnings before Depreciation, Amortization and Impairment Loss, Net Financial Income (Charges) and Income Taxes • EBIT Earnings before Net Financial Income (Charges) and Income Taxes • UNDERLYING EBITDA / EBIT / NET RESULT Underlying = performance indicator calculated by adjusting the reported results of some non-operational components, such as: i) costs related to stock option plans (1H2018 and 1H2019), ii) Cross-generational deal (Italy), other efficiency projects and other items (incl. acquisition fees) (1H2018 and 1H2019), iii) Tax effect (1H2018 and 1H2019), iv) Capital gains net of transaction costs, v) Capital gains on equity participation • NET CAPEX Capital Expenditure, net of asset disposals, excluding Investments in Financial Fixed Assets and Equity Investments • NET INVESTED CAPITAL Non-Current Assets plus Current Assets less Current Liabilities less Other Non-Current non Financial Assets and Liabilities

Some figures may have been rounded to the nearest million / billion. Changes and ratios have been calculated using figures in thousands and not the figures rounded to the nearest million as shown.

Definitions

• FREE CASH FLOW Cash generated by the company after deducting capital expenditures from its operating cash flow. Free cash flow does not include the following items: acquisitions, disposals, dividends (both dividends paid to Group shareholders and dividends paid to minority partners) • CONSTANT EXCHANGE RATES CHANGE Constant currency basis restates the prior year results to the current year's average exchange rates • LIKE FOR LIKE REVENUE GROWTH Like for like revenue growth is calculated by adjusting organic revenue growth for new openings and closings and for any calendar effect. Like for like growth (%) = like for like change / revenue of the previous year adjusted to exclude i) revenue relating to those points of sales that are no longer active in the current year (closings and disposals), ii) exchange rate movements and iii) any calendar effect • NEW WINS AND RENEWALS Total revenue per region is calculated as the sum of the total sales of each contract included in the cluster. Total revenue per contract is calculated as the sum of estimated revenue during the contract length. Average duration is calculated as weighted average on total revenue of duration for each signed contract. "New" refers to new spaces not previously managed by the Group. "Renewal" refers to the extension of existing contracts. Mixed new/renewal contracts are counted as new or renewal based on prevalence in terms of revenue. Contracts consolidated with the equity method are included • CONTRACT PORTFOLIO VALUE The Group's contract portfolio value, for a reference year, is the sum of all contracts' portfolio values defined as the contracts' actual sales during the reference year multiplied by the residual duration of the contracts at the end of the reference year. An adjustment to the actual sales is made for those contracts that did not operate at full regime during the reference year. The Group's contract portfolio value for a reference year includes all the Group's signed contracts at the end of the month after the end of the reference year

Some figures may have been rounded to the nearest million / billion. Changes and ratios have been calculated using figures in thousands and not the figures rounded to the nearest million as shown.

Consolidated P&L

		1H2019 % on		% on		% on	Change
€m	1H2019	revenue	excluding IFRS16	revenue	1H2018	revenue	Current FX	Constant FX (1)
Revenue	2,271.6	100.0%	2,271.6	100.0%	2,105.8	100.0%	7.9%	4.3%
Other operating income	92.2	4.1%	81.0	3.6%	56.5	2.7%	43.4%	43.0%
Total revenue and other operating income	2,363.9	104.1%	2,352.6	103.6%	2,162.3	102.7%	8.8%	5.3%
Raw materials, supplies and goods	(696.1)	30.6%	(696.1)	30.6%	(656.4)	31.2%	6.1%	3.2%
Personnel expense	(782.3)	34.4%	(782.3)	34.4%	(729.2)	34.6%	7.3%	3.7%
Leases, rentals, concessions and royalties	(263.2)	11.6%	(429.7)	18.9%	(391.4)	18.6%	9.8%	6.3%
Other operating expense	(293.4)	12.9%	(292.9)	12.9%	(258.4)	12.3%	13.3%	9.9%
Capital gain on asset disposal	125.5	5.5%	125.5	5.5%	-	-	n.s.	n.s.
EBITDA (2)	454.3	20.0%	277.1	12.2%	126.9	6.0%	118.4%	107.1%
Depreciation, amortization and impairment losses	(287.1)	12.6%	(121.8)	5.4%	(102.6)	4.9%	18.7%	14.7%
EBIT	167.2	7.4%	155.2	6.8%	24.2	1.2%	n.s.	n.s.
Net financial charges	(47.5)	2.1%	(13.6)	0.6%	(12.7)	0.6%	7.0%	1.2%
Net Income (expenses) from investments	37.5	1.7%	37.5	1.7%	0.2	0.0%	n.s.	n.s.
Pre-tax Profit	157.2	6.9%	179.2	7.9%	11.7	0.6%	n.s.	n.s.
Income tax	(34.4)	1.5%	(40.0)	1.8%	(9.0)	0.4%	n.s.	n.s.
Net Profit	122.8	5.4%	139.2	6.1%	2.7	0.1%	n.s.	n.s.
Minorities	(7.8)	0.3%	(9.0)	0.4%	(6.1)	0.3%	47.5%	38.1%
Net Profit after minorities	115.0	5.1%	130.2	5.7%	(3.4)	-0.2%	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €16m in 1H2019 and 1H2019 excluding IFRS16 and of €12m in 1H2018

Consolidated P&L – Detailed revenue growth

Revenue by geography				Organic growth
€m	1H2019	1H2018	FX (1)		Like for Like	Openings	Closings	Acquisitions (2)	Disposals (3)
North America	1,168	1,034	69	47	4.8%	112	(108)	18	(5)
International	301	268	(0)	10	4.1%	39	(16)
Europe Italy	803 474	804 482	3	3 (1)	0.3% -0.1%	22 11	(34) (18)	7	(0)
Other European countries	329	322	3	3	1.0%	10	(16)	7	(0)
Total REVENUE	2,272	2,106	71	60	3.0%	173	(158)	25	(6)

Revenue by channel						Organic growth
€m	1H2019	1H2018	FX (1)		Like for Like	Openings	Closings	Acquisitions (2)	Disposals (3)
Airports	1,383	1,222	59	59	5.0%	138	(112)	18
Motorways	697	711	11	1	0.2%	16	(37)		(5)
Other Channels	191	173	1	1	0.3%	19	(9)	7	(0)
Total REVENUE	2,272	2,106	71	60	3.0%	173	(158)	25	(6)

(1) Data converted using average FX rates

(2) Acquisitions: Le CroBag in Europe at the end of February 2018; Avila in North America in Q3 2018; Pacific Gateway in North America in 1H2019

(3) Disposals: Canadian motorways in 1H2019; Czech Republic in 1H2019

Consolidated P&L – Revenue & EBITDA by region

		% on	1H2019	% on % on		Change
€m	1H2019	revenue	excluding IFRS16	revenue	1H2018	revenue	Current FX	Constant FX (1)
North America	1,168		1,168		1,034		12.9%	5.8%
International	301		301		268		12.4%	12.5%
Europe	803		803		804		-0.1%	-0.4%
Total REVENUE	2,272		2,272		2,106		7.9%	4.3%
North America	190	16.2%	113	9.7%	98	9.4%	15.5%	7.8%
International	42	14.0%	21	7.1%	24	8.9%	-10.2%	-10.0%
Europe	117	14.5%	37	4.6%	29	3.6%	28.3%	28.3%
Corporate costs	(12)	-	(12)	-	(11)	-	-15.3%	-15.3%
Underlying EBITDA	336	14.8%	159	7.0%	140	6.6%	13.8%	8.4%
North America	305	26.1%	228	19.5%	97	9.4%	134.6%	119.4%
International	41	13.8%	21	6.8%	23	8.7%	-11.8%	-11.7%
Europe	124	15.4%	44	5.5%	18	2.3%	140.4%	137.2%
Corporate costs	(16)	-	(16)	-	(12)	-	-29.8%	-29.8%
EBITDA	454	20.0%	277	12.2%	127	6.0%	118.4%	107.1%

(1) Data converted using average FX rates

Consolidated P&L – Revenue and underlying EBITDA evolution

Data converted using average FX rates: FX €/\$ 1H2019 1.1298 and 1H2018 1.2104

• (1) Underlying = excluding the following impacts:
• Stock option plans: -€6.3m in 1H2019 excluding IFRS16; -€2.7m in 1H2018
• Cross-generational deal (Italy): zero in 1H2019 excluding IFRS16; -€9m in 1H2018
• Acquisition fees): -€0.8m in 1H2019 excluding IFRS16; -€0.9m in 1H2018
• Capital gain net of transaction costs: €125.5m in 1H2019 excluding IFRS16; nil. in 1H2018

Consolidated balance sheet

		30/06/2019			Change
€m	30/06/2019	excluding IFRS16	31/12/2018	Current FX	FX (1) Constant
Intangible assets	979	979	961	18	13
Property, plant and equipment	1,034	1,036	983	53	49
Right of Use	2,462	-	-	-	-
Financial assets	31	31	29	2	2
A) Non-current assets	4,506	2,046	1,973	73	64
Inventories	131	131	122	9	9
Trade receivables	69	68	48	20	21
Other receivables	148	154	167	(12)	(12)
Trade payables	(354)	(359)	(376)	17	18
Other payables	(388)	(382)	(390)	9	10
B) Working capital	(395)	(388)	(431)	43	45
Invested capital (A+B)	4,111	1,658	1,542	116	110
C) Other non-current non-financial assets and liabilities	(120)	(128)	(130)	2	3
D) Net invested capital of continuing operations (A+B+C)	3,991	1,530	1,412	118	112
E) Asset held for sale and discontinued	2	2	-	2	2
F) Net invested capital (A+B+C+E)	3,993	1,532	1,412	120	114
Equity attributable to owners of the parent	752	767	686	81	79
Equity attributable to non-controlling interests	64	66	55	11	10
G) Equity	816	832	741	91	89
Non-current financial liabilities	3,097	963	860	102	98
Non-current financial assets	(43)	(10)	(15)	6	6
H) Non-current financial indebtedness	3,054	953	845	108	104
Current financial liabilities	532	142	77	65	65
Cash and cash equivalents and current financial assets	(410)	(395)	(251)	(144)	(144)
I) Current net financial indebtedness	122	(253)	(174)	(80)	(79)
Total Net financial position (H+I)	3,177	699	671	28	25
Net Lease Liabilities	(2,477)	-	-	-	-
Net Financial Position	699	699	671	28	25
J) Total (G+H+I), as in F)	3,993	1,532	1,412	120	114

(1) FX €/\$ 30 June 2019 of 1.1380 and 31 December 2018 of 1.1450

Debt overview – Outstanding gross debt

Borrowings - 30 June 2019	Interest rate	Maturity date	Available amount		Drawn Undrawn	Covenants(1)
\$150m private placement	5.12%	Jan-23		\$150m
\$25m private placement	4.75%	Sep-20		\$25m
\$40m private placement	4.97%	Sep-21		\$40m
\$80m private placement	5.40%	Sep-24		\$80m
\$55m private placement	5.45%	Sep-25		\$55m		EBITDA interest coverage ≥ 4.5x
US private placements				\$350m		Gross Debt / EBITDA ≤ 3.5x
Amortizing Term Loan	Floating	Jun-23	\$200m	\$200m	\$0m
Revolving Credit Facility	Floating	Jun-23	\$200m	\$40m	\$160m
Other loans				\$240m
Total - HMS Host Corp				\$590m
Term Loan	Floating	Aug-21	€150m	€150m	€0m
Amortizing Term Loan	Floating	Jan-23	€100m	€100m	€0m
Amortizing Revolving Credit Facility	Floating	Jan-23	€200m	€90m	€110m	EBITDA interest coverage ≥ 4.5x Net Debt / EBITDA ≤ 3.5x
Revolving Credit Facility	Floating	Jan-23	€100m	€100m	€0m
Other loans				€440m
Total - Autogrill S.p.A.				€440m

Based on nominal value of borrowings as at 30 June 2019

Coupons shown are those at which the debt was issued. The Group deals with IRS to manage the effective interest rates. The chart includes committed lines facilities only (1) Covenants calculation excluding the impact of IFRS16 application

Debt overview – Net financial position

(1) Average cost of debt is calculated on average gross debt less cash at banks & deposits

August 2019 YTD revenue

September 26th 2019

IR Contacts

Lorenza Rivabene

Group Corporate Development, M&A and Investor Relations Director +39 02 4826 3525 lorenza.rivabene@autogrill.net

Emanuele Isella Investor Relations Manager +39 02 4826 3617 emanuele.isella@autogrill.net

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