Autogrill

Investor Presentation • Jun 4, 2019

Autogrill Group Capital Markets Day

Unlocking the full potential Milan, 4 June 2019

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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.

Figures shown in the presentation are pre-application of IFRS 16

Agenda

Topic	Speaker
The global leader in F&B concessions	Gianmario Tondato Da Ruos
North America Strong growing platform	Steve Johnson
International Growth engine	Walter Seib
Europe Profitability play	Andrea Cipolloni
Coffee break
Group brand strategy	Ezio Balarini
Strategic pillars and our ambitions	Camillo Rossotto
Final remarks	Gianmario Tondato da Ruos

Q&A

The Autogrill team with you today

Gianmario Tondato Da Ruos

Group CEO

Camillo Rossotto

Corporate General Manager and Group CFO

Steve Johnson

CEO North America

Walter Seib

CEO International

Andrea Cipolloni

CEO Europe

Ezio Balarini

Chief Marketing Officer

The global leader in F&B concessions

Gianmario Tondato Da Ruos GROUP CEO

Chaya, Los Angeles airport (US)

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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

(1) Source: Airport Experience Fact Book (2018), company estimates (2) Source: Girà, company estimates

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
A & M	Acquisitions	• Portfolio optimization and refocus
	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

-€300m €0m €300m €600m €900m

Capital allocation – Motorway contract duration deserves a focused approach 4

Capital allocation – Motorway contract duration deserves a focused approach – The case study of Canada 4

• In May 2019, the Group completed the disposal of all its motorway operations in Canada, expiring in March 2060
• The transaction involved 23 plazas across Highways 400 and 401 in Ontario, and consists of:
  • HK Travel Centres: 20 travel plazas, 51% ownership
  • SMSI Travel Centres: 3 travel plazas, 100% ownership
  • HKSC Developments: 49% ownership

ONroute covers the most densely populated transportation corridor in Canada (c.30% of the Canadian population)

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

Clear and focused strategy driving the business forward

North America Strong growing platform

Steve Johnson CEO NORTH AMERICA

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Beaudevin, Charlotte Douglas airport (US)

North America – At a glance

Revenue breakdown by channel

Figures refer to FY2018 (1) Underlying: excludes the impact of stock option plans, acquisition fees and other items

North America – Business model

	Business development		Execution		Lasting business relationships		Stakeholder satisfaction
• •	Identify profitable and growing concession opportunities Identify the appropriate brand mix and service styles	• •	Award winning and best in class operational efficiency and service Design and build attractive and efficient restaurants and stores	• •	Develop strong client and minority partner relationships Embedded and committed to the local communities where we operate	• • • •	Consumers: service and innovation Landlords: constant improvement Brand partners: execution Associates: training/giving back

Meeting the needs of our clients, customers and associates Developing strong relationships with business partners and communities

North America – Key priorities

Drive incremental business with existing locations

Retain existing profitable contracts and secure new contracts

Maintain profitability

Deliver long-term, sustainable value through disciplined development processes and consistent operational execution

North America – Drive incremental business

Growth of existing market base

North American airports will remain amongst the busiest in the world

(1) Source: DKMA Global Traffic Forecast 2017-2036

North America – Drive incremental business

Case Study - Charlotte Douglas International Airport (CLT)

Outperformed traffic through a combination of pricing, menu optimization, refreshing brands and adding new restaurants

(1) Source: ACI (2) Source: Airport Experience FactBook (2018); based on data for 2017

North America – Retain existing / secure new contracts

The market leader with plenty of room to grow

Source: Airport Experience Fact Book (2018) (1) Based on data for 2017. Figures include F&B and Retail concession excluding Duty Free

North America – Retain existing / secure new contracts

North America – Sample of recent contracts awards

North America – Track record of successful M&A and integration

North America revenue, \$m, constant FX

Strong track record in acquiring and integrating companies

North America – Track record of successful M&A and integration

North America – Acquisition of Pacific Gateway Concessions (2019)

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

North America – Maintain profitability – COGS

Key initiatives

• Optimized pricing • Reduced or eliminated low volume / low margin items • Redesigned menus for higher quality and better gross margins • Rationalized SKUs and suppliers • Increased contract compliance • Reduced food waste

North America – Maintain profitability – Labor cost

Sources: (1) Federal Reserve Bank of St. Louis (FRED)

(2) US Bureau of Labor Statistics, Restaurants & Other Eating Places

(3) PWC Health Research Institute

North America – Maintain profitability – Technology

Front of House

Kiosks

• Currently deployed to 74 locations with 5 brands
• Plan to be at 130 locations with 11 brands by Q4 2019

Tabletop

• Enhances the guest experience and speed of service and potentially increases average ticket

Mobile order and pay

• Allows customers to order and pay ahead of time
• Pick up the order at the restaurant or have it delivered, in the time they have allotted

NFC and QR Code self check-out

• Customer uses their own smartphones to pay at the table (QR) and can also order and pay with NFC

Service more customers, earn more from every order and reduce operating expenses

North America – Maintain profitability – Technology

Deploying a number of technologies to increase productivity and reduce costs

North America – A clear path ahead

International Growth engine

Walter Seib CEO INTERNATIONAL

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International – At a glance

Revenue breakdown by geography

Figures refer to FY2018

(1) Underlying: excluding the impact of the stock option plans

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

International – The growth engine of the Group

International – Step-in and scale-up

Proven track record of penetrating and then developing international markets

International – Focused on high-potential locations

International – A successful business model

Global strategy, local presence

International – Key priorities

Become market leader at airports in selected fast growing markets

Expand in new geographies only where sizeable opportunities arise

Focus mainly on airport channel

International – Selection criteria for geographic expansion

The Netherlands – A strong growth platform

Netherlands

• The biggest operator with 165 stores in 37 locations (2018 year-end)
• Started managing the F&B operations at Schiphol airport in 1967 establishing a long-term partnership with the Landlord
• 2015: entered the railway stations channel
• 2016: started operations in Rotterdam airport
• 2017: entered also the Shopping Mall channel

(1) Source: IMF, Anna Aero

Vietnam – Becoming the leader in the country

(1) Source: IMF, IATA

China – Positioning for future growth

China

• Currently operating 9 stores (2018 year-end) and expecting to open 17 additional stores in 2019/2020
• Started operations in 2015 in Beijing Capital International Airport, with new openings planned by end of 2019
• Recently won two new contracts in Beijing Daxing International Airport and Shanghai Pudong International Airport
• Chinese-fit concept portfolio and dedicated Chinese speaking management team

(1) Source: IMF, IATA

India – Building size across channels

India

• Sizeable market share with 287 stores in 8 locations (2018 year-end)
• Started operations in 2008 in Hyderabad Airport
• Between 2015 and 2017 entered also the railway stations and business districts channels
• In 2018 entered the Delhi Airport with 22 units and the shopping mall channel

(1) Source: IMF, IATA

International – A proven business model

Europe Profitability play

Andrea Cipolloni CEO EUROPE

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Europe – At a glance

Italy Other European countries

Figures refer to FY2018

(1) Underlying: excluding the impact of the stock option plans, cross-generational deal

(Italy), other efficiency projects and acquisition fees

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

Italy – At a glance

Figures refer to FY2018 (1) "Other" includes: shopping malls, downtown, fair exhibitions (2) Including corporate employees

Italy – Key priorities

Propel top-line growth, focus on products and key operations, improve margins

Italy – Product innovation

Our "R&D center", whose mission is the pursuit of excellence in each area of competence

Italy – Product innovation

• Wider assortment (vegan, gluten free, premium etc.)
• New formats (XXL / frozen coffee / frozen yogurt)

Top line growth COGS, labor and capex optimization

Italy – Adapt concepts to fit motorway traveler expectations

La Fucina	Autogrill PIÙ	"Modello San Pelagio"
• Fucina is conceived from the experience of Ciao and Bistrot • Top quality, wide product range and a distinctive look & feel • To be developed in big/medium stores • C.40 potential PoS	• A wide range of options with a modular and tailor-made offering • To be developed in medium size stores • C.80 potential PoS	• A review of pizza in line with recent trends and a top-quality product • A fast-snack pasta option: quality of the product coupled with speed of delivery • To be developed in medium/small stores • C.150 potential PoS

Higher average ticket and volumes More efficient cost of goods sold and production

Italy – Adapt concepts to fit motorway traveler expectations

• Increase in number of meals served (+10% vs. previous year)
• Increase in average ticket (+6% vs. previous year)

The example of Arda The example of Cantagallo

• Increase in number of meals served (+18% vs. previous year)
• Increase in average ticket (+4% vs. previous year)

Italy – Aiming to grow at airports

Analysis and redefinition of concepts

Improved balance between proprietary and 3 rd party brands

• Satisfying evolving landlord requirements and consumer preferences
  • Franchising agreements with a broad range of successful concepts
• Increasing win rates

Fiumicino Airport in Rome

• Bottega opened in April 2019, replacing another brand

• C.+50% revenue YoY(1)

• Presence in 8 airports
• Recently awarded Food Court Linate (opening 1H 2020)

(1) Since opening (April 2019)

Italy – Profitability

New concepts, innovation and targeted actions on all the P&L lines will result in a significant improvement in EBITDA margin in Italy

Italy – Profitability

Food inflation (index)(1) vs. Autogrill Italy F&B cost of sales

(1) Source: ISTAT, FOI index

Italy – Roadmap

Rest of Europe – At a glance

Figures refer to FY2018

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

(2) "Other" includes: Austria, Greece, Czech Republic, Slovenia

Rest of Europe – Broad geographic footprint

Rest of Europe – A clear strategy by channel

Rest of Europe – Disciplined approach on motorways

Autogrill motorway business in France

(1) Source: Girà

Rest of Europe – Grow at airports

Strong growth driven by increasing traffic and solid pipeline of new wins

(1) Excluding France (sold businesses)

Rest of Europe – Grow at airports

Overview of the main airports in Rest of Europe(1)

Rest of Europe – Develop railway stations further

Expansion in railway stations in targeted countries through new wins and the acquisition of LeCrobag in Germany

(1) Excluding France and Czech Republic (sold businesses)

Rest of Europe – Acquisition of Le CroBag

Rest of Europe – Roadmap

Defend position in motorways

Develop railway stations further

In the concession space, a strong brand portfolio is key to match consumers and landlords expectations

Market intelligence: global approach, local expertise

Advanced studies for a deeper understanding of the markets in which we operate and their growth potential

An unmatched portfolio of brands

Meeting customers' expectations and landlords' requirements

Why so many brands?

Many brands to meet customers' and landlords' need for variety

Why F&B brands choose Autogrill?

Autogrill has a unique expertise in providing huge visibility to brands and accelerating growth in travel channels

(1) Source: 2018 financial reports, Euromonitor International 2018 data (2) Source: Autogrill internal statistics

Why do landlords choose Autogrill?

• More 20 F&B concepts managed
• One of the 3 largest airports in US
• 1 st Shake Shack at airports in US

• Over 70 F&B concept managed
• 4th airport in EU and the largest in the Group
• Ongoing innovation in partnership with the landlord

Delivering the best F&B experience Developing a common view with landlords to boost performance in each location

Proprietary brands

Bakery segment Crafted & local quality products 10 Countries

Coffee shop segment Italian specialty coffee & food 11 Countries

Asian segment Asian street food 3 Countries

Proprietary brands are developed to address specific trends and fill gaps in F&B travel market

The case of bar concept platform in North America

The case of bar concept platform in North America

The case of bar concept platform in North America

The case of bar concept platform in North America

Different look & feel and consumer target, same operational machine

Innovation offers opportunities to enhance the business model

Use local market knowledge Leverage global experience for best-in-class solutions

Digitalization – Simplifying interactions with customers

The F&B industry is at the beginning of digitalization Digital tools are used to increase the number and pace of transactions

(1) 2017 Restaurant technology study (2) Aaron Allen Global Restaurant Consultant, 2018 (3) Stylus 2018

Digitalization – Autogrill is leveraging digital to speed up the customers' journey

• Implemented in 100+ QSR
• Additional kiosks to be installed in different concepts
• Streamline order taking processes
• Optimize manpower
• Eliminate ordering errors

The example of digital kiosks The example of mobile payments

• Partnerships in North America with Alipay and Freedompay and in Europe with several providers
• MyAutogrill app enabling mobile payment
• Average ticket increase +18% - 20% 2% penetration of mobile payments through apps
  • Streamline payment processes
  • Allow multiple payment methods
  • Minimize queuing

Speed of transaction is essential for customers Improved customer experience, optimized operations

Sustainability – Ingrained in Autogrill's way of working

• New material created and patented by Autogrill from coffee grounds, 100% natural and recyclable
• Circular economy and eco-design project
• Implemented in 8 Bistrot and Puro Gusto stores in Europe, with the aim to use it at global level
• Each table (60x60) uses approx 3 kg of coffee grounds (400+ coffee cups)

Waste reduction and cost optimization

Sustainability – The example of The Netherlands

Expertise in execution

• Unique platform to give visibility to brands
• Maximizing potential for all the locations
• Highly attractive offerings for consumers
• Benefitting from scale advantage

Innovation to drive long-term value

Strong brand portfolio

• Digital: building a competitive model, attracting consumers and increasing efficiency
• Sustainability: providing sustainable solutions for all stakeholders

Strategic pillars and our ambitions

Camillo Rossotto CORPORATE GENERAL MANAGER GROUP CFO

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Positive business momentum

		Y-o-Y Comments
North America	• Revenue growth • Underlying EBITDA margin	• Strong revenue growth driven by very good like for like performance at airports • Efficiency measures offset the inflationary pressure on labor
International	• Revenue growth • Underlying EBITDA margin	• Strong revenue growth both on a like for like basis and as a result of new openings • 2019 a year focused on bringing all the new openings up to speed
Europe	• Revenue growth	• Revenue decrease driven by the continued work on streamlining the portfolio (e.g. expiration of T&R agreement in Germany, disposal of the assets in Czech Republic, etc)
	• Underlying EBITDA margin	• Significant EBITDA margin increase thanks to all the initiatives put in place to improve profitability

2019 guidance

Revenue Revenue	Underlying EBITDA	Reported EPS
€5.0bn	€450m - €470m	€0.88 - €0.93

Figures pre-application of IFRS 16 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 pre-application of IFRS 16 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 pre-application of IFRS 16 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

(1) 2018 FCF = €33m

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

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

Solid fundamentals

Attractive market

• Steady growth in traffic globally
• Favorable customer demographic with propensity to spend and natural protection from eCommerce

Scale and execution

• Global leader in F&B travel concession business
• Highly successful at securing existing and new contracts
• Strong management team

Growth and value creation

• Significant airport expansion opportunities
• Brands and technology to propel top-line growth
• Platform for bolt-on acquisitions (airports, railway stations)
• Potential to unlock motorways' value according to contract maturities
• A strong balance sheet supporting M&A opportunities in adjacent markets

Clear and focused strategy

• Continued focus on top line growth
• Profitability enhancement
• Creating value through capital allocation

What the Group will look like in the future

Gran Cafè Het Palais , Amsterdam airport Schiphol (NL)

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Definitions

•	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 (FY2017 and FY2018), ii) Cross-generational deal (Italy), other efficiency projects and other items (incl. acquisition fees) (FY2017 and FY2018), iii) Tax effect of the items listed above (FY2017 and FY2018), iv) US tax reform impact (FY2017 and FY2018)
•	NET CAPEX	Capital Expenditure, net of asset disposals, excluding Investments in Financial Fixed Assets and Equity Investments
•	NET CASH FLOWS AFTER INVESTMENT	Net Cash Flow from Operations less Capex paid, net of Fixed Asset disposal proceeds
•	NET INVESTED CAPITAL	Non-Current Assets plus Current Assets less Current Liabilities less Other Non-Current non Financial Assets and Liabilities
•	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

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

• ORGANIC REVENUE GROWTH Organic revenue growth is calculated by adjusting reported revenue for acquisitions, disposals and exchange rate movements (translating the prior period at current year exchange rates) and compares the current year results against the prior year • 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

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.

the end of the reference year

FY2018 – Highlights

FY2018 – Results reflect the challenging year experienced

Data converted using average FX rates: FX €/\$ FY2018 1.1810 and FY2017 1.1297

• (1) Underlying = excluding the following impacts:
• Stock option plans: -€1m in FY2018; -€16m in FY2017
• Cross-generational deal (Italy), other efficiency projects and other items (incl. acquisition fees): -€28m in FY2018; -€3m in FY2017
• Tax effect of the items listed above: +€1m in FY2018; +€2m in FY2017
• US tax reform: -€4m in FY2018; +€7m in FY2017

FY2018 – A growing portfolio

FY2018 new wins and renewals (1): €4.1bn overall

• Continued expansion of global network
• Successful enhancement of Group contract portfolio

Bolt-on acquisitions (2)

• Le CroBag: F&B operator in German railway stations acquired in February 2018
• Avila: US airport convenience retail operator acquired in August 2018

(1) Total contract value. See ANNEX for definitions (2) See ANNEX for further details

FY2018 – New wins and renewals in 18 countries

FY2018 – Strong and resilient contracts portfolio

Portfolio by region (1)

(1) Actual FX

(2) 0-2 years (2018-2019-2020) includes "expired" and "rolling" contracts; 3-5 years (2021-2022-2023); >5 years (>2023) includes also "indefinite" contracts

FY2018 – Group reported net profit impacted by one-offs

			Change
€m	FY2018	FY2017	Current FX	Constant FX (1)
Revenue	4,695	4,595	2.2%	5.0%
EBITDA (2)	387	399	-3.0%	0.5%
% on revenue	8.2%	8.7%
EBIT	150	185	-19.0%	-15.3%
% on revenue	3.2%	4.0%
Pre-tax Profit	121	159	-23.8%	-20.2%
Net Profit	86	113	-23.5%	-19.6%
Net Profit after minorities	69	96	-28.6%	-24.9%

(1) Data converted using average FX rates

(2) Net of Corporate costs of €24m in FY2018 and of €36m in FY2017

FY2018 – Group underlying net profit aligned with FY2017

	FY2018 FY2017		Change
€m			Current FX	Constant FX (1)
Revenue	4,695	4,595	2.2%	5.0%
EBITDA (2) Underlying	417	419	-0.5%	3.0%
% on revenue	8.9%	9.1%
Underlying EBIT	180	205	-12.3%	-8.6%
% on revenue	3.8%	4.5%
Underlying pre-tax profit	151	179	-15.6%	-11.9%
Underlying net profit	119	124	-3.5%	0.8%
UNDERLYING NET PROFIT AFTER MINORITIES	102	107	-5.0%	-0.7%
Stock option plans	(1)	(16)
Cross-generational deal (Italy), other efficiency projects and other items (incl. acquisition fees)	(28)	(3)
Tax effect of the items above	1	2
US tax reform impact	(4)	7
Net Reported Profit after minorities	69	96	-28.6%	-24.9%

(1) Data converted using average FX rates

(2) Net of Corporate costs of €23m in FY2018 and of €25m in FY2017

FY2018 – Sound like for like revenue growth across all regions

(1) Acquisitions: Le CroBag in Europe at the end of February 2018; Avila in North America in Q3 2018 (2) Disposals: non-strategic activities at Marseille Airport and in Polish motorways in 4Q2017

FY2018 – North America: actions taken to contain labor cost increase

Revenue Underlying (2) EBITDA and EBITDA margin

• Very good like for like growth (+4.1%): strong growth at airports (+5.1% like for like), only partially offset by softer revenue on motorways
• Underlying EBITDA margin impacted mainly by continued pressure on labor cost. Second half positively impacted by self-help initiatives to face external headwinds; profitability gap materially reduced compared to 1H2018
• Impact of stock option plans: -\$0.8m in FY2018 EBITDA (-\$4.8m in FY2017)
• Impact of acquisition fees and other items: -\$4.3m in FY2018 EBITDA (nil in FY2017)

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 other items

FY2018 – International: continued top-line growth close to 20%

Underlying (1) EBITDA and EBITDA margin

• Robust like for like revenue growth (+6.8%), both in airports and railway stations, coupled with new openings
• EBITDA margin temporarily impacted by the start-up phase of the new business initiatives
• Impact of stock option plans: -€0.5m in FY2018 EBITDA (-€1.5m in FY2017)

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

Revenue

FY2018 – Europe: airports and railways drive like for like performance

Revenue

Underlying (1) EBITDA and EBITDA margin

• Like for like performance of +1.6%
  • Strong like for like performance at airports (+6.4%) and in the railway stations (+5.8%)
  • Softer motorways performance due to a more limited traffic growth, particularly in Italy and France
• Stable underlying EBITDA margin
• Impact of stock option plans: zero in FY2018 EBITDA (-€2.9m in FY2017)
• Impact of "Cross-generational deal" in Italy and other efficiency projects: -€23.4m in FY2018 EBITDA (nil in FY2017)
• Impact of acquisition fees: -€0.9m in FY2018 EBITDA (nil in FY2017)

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), other efficiency projects and acquisition fees

FY2018 – Capex (1) focused in North America and airports

Capex by region

52% 54% 27% 26% 21% 20% €262m €301m FY2017 FY2018 Airports Motorways Railway stations & others

Capex by channel

• Investing to support future growth at airports
  • North America: La Guardia, Phoenix, Orlando, Dallas, Charlotte, Seattle and Fort Lauderdale
  • International: Oslo, Bergen, Copenhagen, Cam Ranh, Dubai and Istanbul
  • Europe: Barcelona and Gran Canaria
• 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

FY2018 – Free cash flow impacted by investments

€m	FY2018	FY2017
EBITDA	387	399
Change in net working capital and net change in non-current non-financial assets and liabilities	(6)	(1)
Other non cash items	(3)	(1)
OPERATING CASH FLOW	377	397
Taxes paid	(30)	(57)
Net interest paid	(23)	(27)
FREE CASH FLOW FROM OPERATIONS, BEFORE CAPEX	324	314
(1) Net capex	(290)	(274)
FREE CASH FLOW	33	40
Acquisitions/disposals(2)	(76)	-
NET CASH FLOW BEFORE DIVIDENDS	(43)	40
(3) Dividends	(56)	(50)
NET CASH FLOW	(99)	(11)
OPENING NET FINANCIAL POSITION	544	578
Net cash flow	99	11
FX and other movements	28	(45)
CLOSING NET FINANCIAL POSITION	671	544

(1) FY2018 capex paid €300m net of asset disposal €10m - FY2017: capex paid €278m net of fixed asset disposal €4m

(2) Acquisitions: Le CroBag acquired on March 2018; Avila acquired in Q3 2018

(3) Dividends include dividends paid to Group shareholders (€48m in FY2018, €41m in FY2017) and dividends paid to minority partners (€8m in FY2018, €10m in FY2017)

FY2018 – 5% increase in proposed dividend

	FY2016	FY2017	FY2018 (proposal)
Net profit (€m)	98	96	69
Underlying net profit (€m)	90	107	102
Dividend (€m)	41	48	51
DPS (€)	0.16	0.19	0.20
Payout (%) – Net profit	41%	50%	74%
Payout (%) - Underlying net profit	45%	45%	50%

Jan-Apr 2019 trading update – Solid like for like revenue growth

						Organic growth
€m	April 2019	April 2018	FX (1)	Like for Like		Openings	Closings	Acquisitions (2)	Disposals
North America	756	657	52	30	4.7%	67	(61)	10
International	192	168	0	8	4.8%	26	(10)
Europe Italy Other European countries	508 297 210	504 304 200	2 2	(1) (2) 1	-0.1% -0.6% 0.6%	14 8 6	(19) (12) (6)	7 7
Total REVENUE	1,455	1,330	54	37	2.9%	107	(90)	17

Group like for like revenue growth by channel

• Airports: +5.1%
• Motorways: +0.0%
• Other: -1.5%

(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

Autogrill transition choices and estimated impact on balance sheet

	Transition choices	Key dates
•	Modified retrospective approach: it is not allowed to restate the comparative information	• Autogrill to apply IFRS 16 starting from 1 January 2019
•	lease term ends within 12 months out of scope	• First financial communication under the new standard: H1 2019 results
•	Discount rates(1) are set based on country / cluster of duration of contracts and updated on a half-year basis(2)

Estimated impact on Balance Sheet

• The estimated impact as at 1 January 2019 is an increase in financial liabilities of €2,300m-€2,600m against an increase in non-current assets (RoU)

(1) Based on risk-free interest rate plus credit spread.

(2) Discount rate update is applicable only in case of new contracts or remeasurements / reassessments made on contracts already existing.

Calendar

IR Contacts

Lorenza Rivabene

Head of Group Corporate Development & Investor Relations +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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