Autogrill — Investor Presentation 2021

Jul 30, 2021

Autogrill Group 1H2021 Results

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30 July 2021

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 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.

Delivering on our promises

Key Highlights

1H2021 Results	• 1H2021 results reflected the improving traffic trend at airports in the US and on motorways across all geographies on the back of the progress of the vaccination campaign • EBIT benefitted from the actions implemented to offset COVID-19 impact, including better product mix, labor cost optimizations and rent renegotiations • Free Cash Flow of -€56m in 1H2021 with an increasingly positive free cash flow generation in 2Q2021
Capital Increase	• Successful completion with a 100% subscription of the total offer size (c.€600m) • Full financial flexibility to accelerate growth and strengthen global leadership position • Net Financial Position (excl. lease assets and liabilities) back to pre-pandemic level
US motorways business disposal	• Successful completion of the disposal of US motorways business to a consortium led by Blackstone Infrastructure Partner • Selling price of c.\$381m(1) • Fully in line with the capital allocation strategy of the Group
2021 guidance & 2024 targets	• 2021 revenue range narrowed between €2.3bn - €2.6bn • 2021 free cash flow guidance improved to -€65m / -€15m, on the back of the improvement of the operating performance in the 2Q2021 • Mid-term targets for 2024 unchanged
ESG	• A recognized and shared value within Autogrill's Group, building on 15-year history of actions and commitment • A new ESG strategy based on 9 top-priority themes framed into 3 strategic pillars: "we nurture people", "we offer sustainable food experiences" and "we care for the planet"

(1) After post-closing price adjustments and subject to a potential increase through a earn-out mechanism on 2022 and 2023 revenues

1H2021 financial results

Autogrill Villoresi Ovest (IT)

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1H2021 cumulative cash burn reduced to €56m

Data converted using average FX rates: FX €/\$ 1H2021 at 1.2053; 1H2020 at 1.1020; 1H2019 at 1.1298

YoY percentage changes are at constant FX. See ANNEX for further details

(1) Free Cash Flow excluding the impact of North American acquisitions/disposals (-€23m in 1H2020; nil. In 1H2021 and 1H2019)

• (2) Underlying = excluding the following impacts:
• Stock option plans: -€1.8m in 1H2021; €1.5m in 1H2020 ; -€6.3m in 1H2019
• Efficiency costs: -€0.3m in 1H2021; -€5.0m in 1H2020; nil. in 1H2019
• Capital gain net of transaction costs: nil. in 1H2021 and 1H2020; €125.5m in 1H2019
• Capital gain on Canadian equity investment: nil. in 1H2021 and 1H2020; €37.4m in 1H2019
• Tax effect:+€0.2m in 1H2021; +€0.9m in 1H2020; -€30.5m in 1H2019

€1.0bn of new contract wins and renewals

New contract wins and renewals by region(1)

• Limited tendering activity in the 1st half of 2021 due to the uncertainty caused by the pandemic
• Mainly extensions of existing contracts

(1) Total contract value. See ANNEX for definitions

€0m

€0m

€0m

€0m

€0m

€0m

€0m

€0m

€0m

€0m

€1m

Improving operating performance benefitting from actions at all P&L lines

P&L Reported

			Change
€m	1H2021	1H2020	Current FX	FX (1) Constant
Revenue	938	1,096	-14.4%	-10.6%
EBITDA	164	52	n.s.	n.s.
% on revenue	17.5%	4.7%
EBIT (2)	(91)	(300)	69.7%	68.0%
Pre-tax result	(140)	(357)	60.8%	58.5%
Net result	(145)	(286)	49.3%	46.9%
Net result after minorities	(148)	(271)	45.3%	42.8%

(1) Data converted using average FX rates

(2) Net of Corporate costs of €13m in 1H2021 and of €10m in 1H2020

Improving operating performance benefitting from actions at all P&L lines

	P&L Underlying
--	----------------	--

€m	1H2021		Change
		1H2020	Current FX	FX (1) Constant
Revenue	938	1,096	-14.4%	-10.6%
Underlying EBITDA	166	56	n.s.	n.s.
% on revenue	17.7%	5.1%
Underlying EBIT (2)	(89)	(297)	70.1%	68.4%
Underlying pre-tax profit	(138)	(354)	61.0%	58.8%
Underlying net profit	(143)	(283)	49.5%	47.0%
UNDERLYING NET RESULT AFTER MINORITIES	(146)	(268)	45.5%	42.8%
Stock option plans	(2)	2
Efficiency costs	(0)	(5)
Tax effect	0	1
Net reported result after minorities	(148)	(271)	45.3%	42.8%

(1) Data converted using average FX rates

(2) Net of Corporate costs of €12m in 1H2021 and of €11m in 1H2020

Continued focus on P&L flexibility

Main initiatives and achievements

Revenue	• Positive product mix resulting in an increase in the average ticket in the main geographies • Constantly increasing average ticket in the main geographies (e.g. c.+20% in North America and c.+17% in Italy vs. 1H2019)
Labor cost	• Improved allocation of labored hours based on expected traffic flows • Streamlining operations
	• Meaningful increase in labor productivity (e.g. c.+45% vs. 2019 in North America)
Other costs	• Suspending all non-essential costs • Rightsizing G&A costs structure to the current level of business
Rent	• Working with the landlords to secure additional rent reliefs • €59m fixed rent abatement achieved in 1H2021

Free cash flow benefitting from improved operating performance

€m	1H2021	1H2020
EBITDA	164	52
Change in net working capital	6	(174)
Principal repayment of lease liabilities	(61)	(76)
Renegotiation for COVID-19 on lease liabilities	(59)	(70)
Others	1	(1)
managerial (1) CASH FLOW FROM OPERATING ACTIVITIES,	51	(269)
Taxes paid	1	(18)
Net interest paid	(29)	(11)
Implicit interest on lease liabilities	(14)	(29)
NET CASH FLOW FROM OPERATING ACTIVITIES, managerial (1)	9	(327)
(2) Net capex	(65)	(92)
FREE CASH FLOW as reported	(56)	(420)
Taxes paid on Canadian motorways disposal	-	23
FREE CASH FLOW excluding impact of North American acquisitions/disposals	(56)	(397)

• Working capital

• Improved trading activity in 1H2021
• Capex
  • Further reduction compared to 1H2020 as part of the COVID-19 mitigation plan

(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) 1H2021: capex paid -€69m net of fixed asset disposal €4m; 1H2020 : capex paid -€92m net of fixed asset disposal €1m

Free cash flow improved significantly compared to the same period of 2020

Cash-positive in the 2Q2021, in line with the expected seasonal evolution

NFP of €567m at the end of 1H2021

€m	1H2021	1H2020
FREE CASH FLOW excluding impact of North American acquisitions/disposals	(56)	(397)
(1) Acquisitions/disposals	-	(2)
Taxes paid on Canadian motorways disposal	-	(23)
NET CASH FLOW BEFORE RELATIONSHIP WITH MINORITY PARTNERS, CAPITAL INCREASE AND SHARES BUY-BACK	(56)	(422)
Liquidity generated (absorbed) by the relationship with minority partners	(8)	3
Capital Increase (net of a portion of the expenses associated with the Offering)	593	-
Shares buy-back	-	(12)
NET CASH FLOW	529	(431)
OPENING NET FINANCIAL POSITION excluding lease receivables and lease liabilities	1,083	559
Net cash flow	(529)	431
FX and other movements	14	11
CLOSING NET FINANCIAL POSITION excluding lease receivables and lease liabilities	567	1,000
liabilities(2) Net lease	1,863	2,295
CLOSING NET FINANCIAL POSITION	2,430	3,295

(1) Acquisitions: Consolidation of JV partners in Qatar, UAE and Malaysia purchased in 1H2020; (2) Including lease liabilities related to assets held for sale (US motorways business €241.6m)

NFP brought back to pre-COVID-19 level

NFP evolution (excluding lease receivables and lease liabilities)

(1) Other: items not included in FCF as reported:

• Acquisitions / disposals: -€3m in FY2020; nil. in 1H2021
• Liquidity generated (absorbed) by the relationship with minority partners: €1m in FY2020; -€8m in 1H2021
• Share buy-back: -€12m in FY2020; nil. in 1H2021
• FX and other movements: €11m in FY2020; -€14m in 1H2021

Motorways benefitting from traffic recovery across all geographies

(1) Disposals: Concession business in Spain (€13.5m of revenue contribution in 1H2020) occurred on January 2021;

(2) Autogrill Group FX: -€47.4m; Autogrill Group Calendar: -€5.0m; Airport FX: -€41.8m; Airport Calendar: -€2.0m; Motorways FX: -€5.8m; Motorways Calendar: -€2.2m; Other Channels FX: €0.1m; Other Channels Calendar: -€0.9m

Performance driven by the channel mix in respective geographies

(1) Disposals: Concession business in Spain (€13.5m of revenue contribution in 1H2020) occurred on January 2021;

(2) Autogrill Group FX: -€47.4m; Autogrill Group Calendar: -€5.0m; International FX: -€3.7m; International Calendar: -€1.6m; Europe FX: -€1.1m; Europe Calendar: -€3.4m

69% of total stores open as of 30 June 2021

69% of total stores open as of 30 June 2021

North America – Underlying EBIT improved by \$206m despite flat revenue

• Like for like revenue performance of -5.0%
• Underlying EBIT increase by \$206m vs. 1H2020, benefitting from the improved labor productivity, rent renegotiations and opex reduction
• Impact of stock option plans: -\$0.5m in 1H2021 EBIT (\$0.5m in 1H2020 EBIT)
• Impact of efficiency costs: -\$0.1m in 1H2021 EBIT (-\$1.2m in 1H2020 EBIT)

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 and efficiency costs

International – Underlying EBIT improved by €6m despite revenue down 66.5%

• Like for like revenue performance of -64.5%, mainly due to the significant exposure to international air travel
• Underlying EBIT improved €6m vs. 1H2020, supported by cost rationalization initiatives
• Impact of stock option plans: -€0.2m in 1H2021 EBIT (€0.2m in 1H2020 EBIT)
• Impact of efficiency costs : nil. in 1H2021 EBIT (-€4.0m in 1H2020 EBIT)

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 and efficiency costs

Europe – Underlying EBIT improved by €18m with like-for-like of +8.0%

• Like for like revenue performance of +8.0%, driven by motorways
• Increase of underlying EBIT by €18m vs. 1H2020, supported by like-for-like revenue growth, improved labor efficiency and D&A reduction
• Impact of stock option plans: -€0.2m in 1H2021 EBIT (€0.2m in 1H2020 EBIT)
• Impact of efficiency costs: -€0.3m in 1H2021 EBIT (nil. in 1H2020 EBIT)

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 and efficiency costs

Key events of 1H2021

• Capital Increase
• Disposal of US motorways business

Nordic Kitchen, Helsinki airport (FI)

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Successful execution of the c.€600m capital increase

Transaction Summary		Clear and focused strategy
Offer type Offer size	• Discounted Rights Issue • c.€600m (c.34% of Autogrill mkt. cap)	• Building on recovery, optimizing Autogrill's concession portfolio, seizing the opportunities the market currently offers • Strengthening the business model, focusing on cash generative locations and
Use of proceeds	• €500m to repay existing debt • Remaining part allocated to the creation of a liquidity reserve	higher margin products • Optimizing and making capital structure and cash generation dynamics more flexible to accelerate growth and support long-term value creation Stock trading – since Rights Issue announcement
New shares issued	• c.130.6m new shares	+66%( ) since announcement vs 11%( ) of Stoxx EU 600 T&L index and 13%( ) of FTSE MIB index * 8 15 7
Subscription price	• €4.59 per share	6 10 5 5 4
Subscription ratio	• 13 new shares for 25 old shares	3 0 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Volumes AGL Share Price Stoxx EU 600 Rebased
Discount to TERP	• 27.9%	Sub Price TERP FTSE MIB Rebased ( ) From 21 January to 02 July 2021 * Rights trading
Take-up	• Pre rights auction: 99.16% • Final: 100%	Volume (mn) 1.3 15 Market Value • Rights traded almost always above Theo Value 1.1 10 initial theoretical value • 99.16% take-up level (pre-auction), 0.9 5
Subscription period	• 14th – 29th June 2021 (rights trading ended on 23rd June)	confirming the strong appetite of 0.7 0 shareholders
		23 23

US motorways business disposal

Transaction Overview Strategic Rationale

• In March the Group signed the agreement to sell its US motorway business to a consortium led by Blackstone Infrastructure Partner
• The transaction has been closed on 23 July 2021
• Expected capital gain of c.\$150m

Fully in line with the capital allocation strategy of the Group

• Unlocking value potential of longduration motorway business
• Concession portfolio optimization and capex focused on core businesses
• Focus on high-growth and capex-light businesses

(1) After post-closing price adjustments and subject to a potential increase through a earn-out mechanism on 2022 and 2023 revenues

Air traffic recovering in US; still subdued in other geographies

Faster recovery for the US Air Traffic (-43% YTD vs. 2019 and -24% in the last week of June) given the larger share of domestic travel compared to European Airports which are still c.-80% / -90% vs. 2019 YTD

Source: Transportation Security Agency (TSA) checkpoint travel numbers

2021 YTD Traffic vs. 2019 for the main airports in Europe:

• 1. Zurich: -86%
• 1. Frankfurt: -81%
• 1. Brussels: -84%
• 1. Aeroporti di Roma (FCO+CIA): -87%

(1)From 01 January 2021 to 30 June 2021 (2) From 22 June 2021 to 28 June 2021 (3) Cumulative traffic from January 2021 to June 2021

Europe – Key airports traffic trend(3) International - Key airports traffic trend(3)

2021 YTD Traffic vs. 2019 for the main airports in International:

• 1. Schiphol: -84%
• 1. Helsinki: -92%
• 1. London Heathrow: -90%

Motorway traffic in Europe close pre-COVID level

1H2021 traffic data demonstrated the resiliency of motorways compared to the other channels.

Traffic on the main Italian and French motorway networks in 1H2021 was -21% and -19% vs. 2019 level, reaching -3% and -9% in the last week of June 2021, respectively

(*) Source: Atlantia weekly traffic update

Autogrill FY2021 revised guidance

Note: Assuming €/\$ FX of 1.21 in 2021 – 2021 Source: Bloomberg, FactSet,EIU,Oxford Economics

(1) FREE CASH FLOW excluding impact of North American acquisitions/disposals for years 2019 and 2020

• 2021 revenue guidance of €2.3bn/€2.7bn: narrowed between €2.3bn/€2.6bn
• 2021 FCF guidance of c.-€120m/-€70m: improved by €55m to c.-€65m/-€15m
• The revised guidance for FY2021 is based upon the assumption that the current level of traffic will sustain for the rest of the year

Autogrill FY2021 detailed revised guidance

FY 2021E CONSERVATIVE

Note: Assuming €/\$ FX of 1.21 in 2021 – 2021 Source: Bloomberg, FactSet,EIU,Oxford Economics (1) FREE CASH FLOW excluding impact of North American acquisitions/disposals for years 2019 and 2020

Autogrill strategy and mid-term ambitions

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Strategic guidelines

Build on recovery	Strengthen the business model	Flexible capital structure
• Optimize the concession portfolio • Take advantage of the	• Focus on cash generative locations • Enhance offerings shifting	• Accelerate growth • Support long-term value creation
opportunities the market currently offers	towards higher margin products and propositions
• Implement new initiatives, including digital, analytics and increased focus on customer base	• Fully leverage the benefits of the structural improvements to the cost base achieved in 2020

Autogrill aims at strengthening its business model flexibility even more, by adopting lessons learned from the COVID-19 stress test

Mid-term ambitions (2024E) – A commitment to value creation

Revenue Revenue	Underlying EBIT margin	Capex
€4.5bn by 2024E CAGR '20-'24E: 20% - 25% at constant FX(1)	ca. 6.0% in 2024E ca. +140bps vs. 2019	2024E: +4.8% - 5.4% on revenue
	Free cash flow
	Free cash flow 2024E: €130m -	€160m

(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

Data in EUR

(1) 2024 FX Source: Bloomberg, FactSet,EIU,Oxford Economics (2) FREE CASH FLOW excluding impact of North American acquisitions/disposals for year 2019

New ESG strategy: shaping a better future

Soup & Bakery, Amsterdam airport Schiphol (NL)

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ESG: a recognized and shared value within Autogrill's Group…

"It is important to take care of the people we work with, the environment where we live, and the communities where we operate. It is fundamentally right and part of our responsibility".

Gianmario Tondato, Group CEO

Food Donation Connection North America

Food donation program active in 121 airports across US

5.6 million portions of wholesome food donated in 2019

Plant-based burger developed with chef Simone Salviniand Nestlé Garden Gourmet

Launched in 2021 within proprietary stores on Italian

WOW Burger Italy

motorways

Made Blue Asia and Middle East

Give-back program in partnership with Made Blue Foundation, providing clean water in areas with water scarcity

1.1 Bn liters of water provided between 2014 and 2019

Soup&Bakery The Netherlands

Concept developed with de Verpsillingsfabriek (waste factory) offering meals prepared with discarded fruit and vegetables still good to eat

Inclusiveness at the core of the factory's philosophy

…that builds on a 15-year history of actions and commitment

Praham institute - hiring program in India dedicated to orphaned students of the Praham vocational training school

WasCoffee – circular economy project, using coffee grounds to produce furniture for our stores

Assapora il Futuro – program for professional schools

Kipster Farm,– partnership with carbon-neutral chicken farm in The Netherlands adopting closed loop farming practices

Diversity, Equity, Civilty & Inlcusion Council – established in 2021 in North America

Setting the ambition: the new ESG strategy building on 3 pillars

• Diversity, equal opportunities & inclusion
• Customer experience
• Food quality & safety
• Product choice, nutrition & transparency
• Responsible sourcing

• Waste management & packaging
• Energy, emissions & climate change
• Food waste

Developing a new ESG strategy setting commitments to drive the Group's action in shaping a better future

Top

priority

Themes

Why we will be successful

Serving millions of customers all around the globe…

Delivering an extraordinary variety of quality food…

Offering quick and convenient service...

Even when they still don't know it's us

30

countries

locations

~140 global and national/local franchise brands

~150 proprietary brands

Figures refer to FY2019 revenue

Historical top-line growth underpinned by long-term trends

Revenue, EUR bn(1)

1999-2000

2001-2009

Full consolidation of HMS Host

Entering new markets (Switzerland, Spain railways, Canadian motorways, Northern Europe, German airports) and segments (retail)

2010-2014

Group rationalization Disposal of Alpha (2010) WDF demerger (2013)

2015-2019

Further development in the Nordics and ROW (International BU)

Bolt-on in North America (convenience retail)

(1) Pro-forma - considering current perimeter

(2) FX €/\$ impact

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

– A unique global concession platform

(2) Source: Autogrill analysis based on external sources

Global franchise brands

Strategic agreements with leading world brands to provide popular choice for travelers looking for familiarity

National and local franchise brands

Partners with outstanding national or local brands, to capture the taste and character of specific countries & region

Proprietary group brands

Internally developed concepts provide winning formats to be replicated in multiple regions

Proprietary and licensed bespoke brands

Concepts created for specific locations and needs

2. Landlords' trusted partner

300+ brands in portfolio

up to 2x market penetration on travel channels vs. non travel

11 consecutive awards as best concessionaire(1)

1,000 locations

85%+ win rate on contract renewals

35+ years

average length of relationship with top 10 landlords

45(1) As of March 2018

2. Brands' preferred partner

Coffee brand "A" operated by

Autogrill provides brands with higher visibility …

vs.

Coffee brand "B"

operated by

competitors

~2x

market penetration of Coffee brand "A" vs. Coffee brand "B" in the US airports vs. the US non travel channels(1)

… and with ad-hoc support on several dimensions

Pursuing Internationalization

e.g., helped UK-based Food & Beverage player to expand overseas

e.g., supported EU player to restructure menus and review store concepts

Improving profitability

e.g., helped European player improving margins by reducing cost of goods sold (-1,000 bps vs. pre-initiatives figure) and labour costs (-1,500 bps.)(2)

(1) 2018 data, based on number of stores - Source: Autogrill analysis based on external sources (2) Note: considering the period August 2018 – December 2019

Cumulative 2016-2019

-€300m €0m €300m €600m €900m

4. Effective management of key P&L levers – Examples of cost reduction measures implemented during COVID-19 crisis – North America

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Definitions

• REVENUE	"Revenue" doesn't include revenue from the sales of fuel which are excluded from the managerial view, consistently with the methodology adopted by the Management for the analysis of Group's data. The % ratios are referred to this data
• 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: an alternative performance measure calculated by excluding certain revenue or cost items in order to improve the interpretation of the Group's normalized profitability for the year. Specifically, it excludes the cost of the stock option plans, the costs related to successful acquisitions, capital gain on disposals net of transaction costs, efficiency costs and the tax effect of the items above
• NET CAPEX	Capital Expenditure, net of asset disposals, excluding Investments in Financial Fixed Assets and Equity Investments
• 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) and other equity movements
• NET CASH FLOW	Cash generated by the company after deducting acquisitions, disposals, dividends (both dividends paid to Group shareholders and dividends paid to minority partners) and other equity movements from its free cash flow

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

•	NET INVESTED CAPITAL	Non-Current Assets plus Current Assets less Current Liabilities less Other Non-Current non Financial Assets and Liabilities
•	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

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.

Detailed 1H2021 results – Consolidated P&L

€m	1H2021	% on	% on 1H2020 revenue	Change
		revenue			Current FX	FX (1) Constant
Revenue	938.3	100.0%	1,096.5	100.0%	-14.4%	-10.6%
Other operating income	65.5	7.0%	62.0	5.7%	5.7%	9.4%
Total revenue and other operating income	1,003.8	107.0%	1,158.5	105.7%	-13.4%	-9.5%
Raw materials, supplies and goods	(346.0)	-36.9%	(373.5)	-34.1%	-7.4%	-4.0%
Personnel expense	(300.3)	-32.0%	(449.6)	-41.0%	-33.2%	-30.0%
Leases, rentals, concessions and royalties	(30.7)	-3.3%	(56.3)	-5.1%	-45.5%	-41.8%
Other operating expense	(162.6)	-17.3%	(227.1)	-20.7%	-28.4%	-24.9%
EBITDA	164.2	17.5%	52.0	4.7%	n.s.	n.s.
Depreciation, amortization and impairment losses(2)	(255.1)	-27.2%	(352.5)	-32.1%	-27.6%	-23.7%
EBIT (3)	(90.9)	-9.7%	(300.5)	-27.4%	69.7%	68.0%
charges(4) Net financial	(49.9)	-5.3%	(56.5)	-5.2%	-11.6%	-6.8%
Other income and charges, impairment and revaluations of financial assets	0.7	0.1%	(0.2)	0.0%	n.s.	n.s.
Pre-tax Profit	(140.2)	-14.9%	(357.2)	-32.6%	60.8%	58.5%
Income tax	(4.6)	-0.5%	71.5	6.5%	n.s.	n.s.
Net Result	(144.8)	-15.4%	(285.7)	-26.1%	49.3%	46.9%
Minorities	(3.4)	-0.4%	14.7	1.3%	n.s.	n.s.
Net Result after minorities	(148.3)	-15.8%	(271.0)	-24.7%	45.3%	42.8%

(1) Data converted using average FX rates

(2) Including right of use assets depreciation and right of use assets impairments of -€142.4m in 1H2021 and -€210.9m in 1H2020

(3) Net of Corporate costs of €13m in 1H2021 and of €10m in 1H2020

(4) Including net finance income (expense) on lease liabilities of -€22.7m in 1H2021 and -€31.5m in 1H2020

Detailed 1H2021 results – Consolidated P&L – Detailed revenue growth

Revenue by geography			Organic growth
€m	1H2021	1H2020	FX (1)	Like	for Like	Openings	Closings	Acquisitions	(2) Disposals	Calendar
North America	479	530	(43)	(24)	-5.0%	24	(9)	-	-	-
International	56	171	(4)	(101)	-64.5%	0	(9)	-	-	(2)
Europe Italy Other European countries	403 293 111	396 240 157	(1) 0 (1)	29 55 (25)	8.0% 23.4% -18.9%	7 4 2	(11) (4) (6)	- - -	(14) - (14)	(3) (2) (2)
Total REVENUE	938	1,096	(47)	(95)	-9.5%	31	(28)	-	(14)	(5)

Revenue by channel	Organic growth
€m	1H2021	1H2020	FX (1)		Like for Like	Openings	Closings	Acquisitions	(2) Disposals	Calendar
Airports	458	656	(42)	(156)	-26.2%	20	(17)	-	(3)	(2)
Motorways	429	355	(6)	87	26.2%	10	(9)	-	(6)	(2)
Other channels	51	85	0	(27)	-34.7%	1	(2)	-	(5)	(1)
Total REVENUE	938	1,096	(47)	(95)	-9.5%	31	(28)	-	(14)	(5)

(1) Data converted using average FX rates

(2) Disposals: Concession business in Spain

Detailed 1H2021 results – Consolidated P&L – Breakdown by region

€m				% on	Change
	1H2021	% on revenue	1H2020	revenue	Current FX	Constant FX (1)
North America	479		530		-9.6%	-1.7%
International	56		171		-67.3%	-66.5%
Europe	403		396		1.8%	2.1%
Total REVENUE	938		1,096		-14.4%	-10.6%
North America	27	5.6%	(158)	-29.8%	n.s.	n.s.
International	(24)	-42.1%	(30)	-17.8%	22.5%	14.8%
Europe	(80)	-19.8%	(98)	-24.7%	18.4%	18.4%
Corporate costs	(12)		(11)		-13.3%	-13.3%
Underlying EBIT	(89)	-9.5%	(297)	-27.1%	70.1%	68.4%

(1) Data converted using average FX rates

Detailed 1H2021 results – Accrued capex

• Capex reduced by approximately 70% YoY

(1) Accrued capex (2) Including Corporate capex

Detailed 1H2021 results – Consolidated balance sheet

			Change
€m	30/06/2021	31/12/2020	Current FX	FX (1) Constant
Intangible assets	879	925	(46)	(61)
Property, plant and equipment	774	968	(194)	(214)
Right of Use	1.453	1.749	(296)	(328)
Financial assets	23	31	(8)	(9)
A) Non-current assets	3.128	3.673	(545)	(611)
Inventories	103	97	5	4
Trade receivables	36	37	(1)	(1)
Other receivables	129	142	(13)	(14)
Trade payables	(303)	(292)	(11)	(8)
Other payables	(296)	(295)	(1)	3
B) Working capital	(332)	(311)	(21)	(15)
C) Invested capital (A+B)	2.797	3.362	(566)	(626)
D) Other non-current non-financial assets and liabilities	33	11	22	21
E) Net invested capital excluding assets and liabilities held for sale (A+B+D)	2.830	3.373	(543)	(605)
F) Operating assets and liabilities held for sale	428	-	428	428
G) Net invested capital (E+F)	3.258	3.373	(115)	(177)
Equity attributable to owners of the parent	775	340	435	426
Equity attributable to non-controlling interests	54	60	(6)	(8)
H) Equity	828	400	429	418
Non-current financial liabilities	2.505	3.029	(524)	(569)
Non-current financial assets	(66)	(69)	3	4
I) Non-current net financial indebtedness	2.439	2.960	(521)	(564)
Current financial liabilities	790	691	99	86
Cash and cash equivalents and current financial assets	(1.038)	(677)	(361)	(356)
L) Current net financial indebtedness	(248)	14	(262)	(270)
M) Financial assets and liabilities held for sale	239	-	239	239
N) Net Financial Position (I+L+M)	2.430	2.974	(544)	(595)
Net Lease Liabilities	(1.863)	(1.891)	28	63
Net Financial Position excluding lease receivables and lease liabilities	567	1.083	(516)	(532)
O) Total (H+N), as in G)	3.258	3.373	(115)	(177)

(1) FX €/\$ 30 June 2021 of 1.1884 and 31 December 2020 of 1.2271

Detailed 1H2021 results – Outstanding gross debt (excl. lease liabilities)

Borrowings - 30 June 2021	Interest rate	Maturity date	Available amount	Drawn	Undrawn	Covenants( ) *
\$150m private placement	Fixed	Jan-23		\$150m
\$40m private placement	Fixed	Sep-21		\$40m
\$80m private placement	Fixed	Sep-24		\$80m
\$55m private placement	Fixed	Sep-25		\$55m
US private placements				\$325m		EBITDA interest coverage ≥ 4.5x (1) Gross Debt / EBITDA ≤ 3.5x (1)
Amortizing Term Loan	Floating	Jun-23	\$100m	\$100m	\$0m
Revolving Credit Facility	Floating	Jun-23	\$200m	\$30m	\$170m
Other loans				\$130m
Total - HMS Host Corp				\$455m
Term Loan Facility	Floating	Nov-21	€100m	€100m	€0m
Revolving Credit Facility	Floating	Jan-23	€100m	€5m	€95m
Amortizing Term Loan	Floating	Mar-25	€150m	€150m	€0m
Amortizing Term Loan	Floating	Jan-25	€100m	€100m	€0m
Amortizing Revolving Credit Facility	Floating	Jan-25	€200m	€200m	€0m	EBITDA interest coverage adj. ≥ 4.5x (2) Net Debt / EBITDA adj. ≤ 3.5x (2)
Amortizing Term Loan	Floating	Aug-24	€50m	€50m	€0m
Revolving Credit Facility	Floating	Aug-24	€25m	€5m	€20m
Amortizing Term Loan	Floating	Jun-25	€300m	€300m	€0m
Other loans				€910m
Total - Autogrill S.p.A.				€910m

Based on nominal value of borrowings as at 30 June 2021

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

( * ) On June 22nd Autogrill S.p.A. entered into an agreement with its lenders regarding the covenant holiday of the testing of the financial covenants (Leverage Ratio and Consolidated EBITDA/Consolidated Net Finance Charges) for a period of 15 months from 30 June 2020 (inclusive). Similar agreements were entered into by the US subsidiary HMSHost Corporation with its lenders, as well as with the subscribers of the outstanding USPP bonds. The agreement was further extended for additional 12 months through 31 December 2022, assuming the positive outcome of a covenant test in September 2022 at HMSHost Corp. level and obtained a "covenant holiday" until 31 December 2022 in relation to the new SACE Facility Agreement.

(1) Covenants calculation excluding the effect of IFRS16 accounting principle

(2) Covenants calculation after the effect of IFRS16 accounting principle

Detailed 1H2021 results – Overview of NFP (excl. lease liabilities)

Average cost of debt Net financial position (excl. lease liabilities) (1)

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

FY2021 guidance

Risk perspective has been fully embedded in the forecasts

	Key building blocks	Examples
Macroeconomic scenario	GDP growth expectations	Most countries would take more than two years to recover and rebuild to pre COVID-19 levels, based on several institutional sources
Willingness to travel	Presence of localized/full lockdowns/restrictions	Assuming potential localized restrictions also in summer in Italy
	Epidemiologic model developed by Autogrill Data Lab and driving:
	• Number of cases per country based on contagion risk and hospitalization likelihood (modeled through stochastic branch processing)	US vaccination speed: 60% of the population covered by Oct. 2021
	• Vaccine effectiveness (also considering virus variants) and deployment speed	80-90% vaccine efficacy (excl. South African and Brazilian variants with 50- 60% efficacy)
	• Traffic crunch/ recovery based on increasing/decreasing number of cases based on historical time series of the actual epidemic curve	4-5 weeks delay in airport traffic recovery vs. cases decrease
Traffic features	Channel mix by geography	Multi-channel nature of Europe
	International-domestic passenger traffic mix	North America mostly focused on domestic flights (>90%)
	Leisure-business passenger traffic mix by channel	Global airport business traffic < 20% of total global airport traffic
	Different levels of resilience / shape of recovery across channels and geographies	Domestic air passenger recovery trend in China in 2020

Key priorities Ensure health and safety of Autogrill's employees and customers Focus on margins and cash conversion P&L flexibility and efficient cost base, retaining structural improvements achieved in 2020 Protect and enhance the Group core business 63Autogrill guidance for 2021 – Priorities and model assumptions

Autogrill Group

model assumptions

€/\$ FX of 1.21(1)

Two scenarios:

• CONSERVATIVE CASE: revenue growth of +15% - +20% vs. FY2020 (i.e. -55% -50% vs. FY2019)
• BASE CASE: revenue growth of +30% - +35% vs. FY2020 (i.e. -50% -45% vs. FY2019)

Continued focus on P&L flexibility and cash preservation across all the scenarios:

• Labor cost: layoffs and reduction of temporary workers
• Rents: continued talks with all the landlords for suspension/relief of minimum guaranteed amounts
• Other costs: suspended all non-essential costs
• Capex: continued review of scope, size and construction costs of ongoing investment plans
• Working capital: improving outflows agreeing payment delays and discounts with suppliers

Autogrill FY2021 revised guidance

	2021 Targets (Mar-21) €/\$ FX = 1.21	2021 Revised Targets (Jul-21) €/\$ FX = 1.21
REVENUE	€2.3-2.7bn	€2.3-2.6bn
UNDERLYING EBIT MARGIN	-13% / -6%	-5% / -2%(1)
CAPEX AS A % ON REVENUE	<=6%	<=6%
UNDERLYING NET INCOME	-€300m / -€200m	-€220m / -€160m
FREE CASH FLOW	-€120m / -€70m	-€65m / -€15m

2021 guidance released in March 2021 has been revised on the back of the improvement of the operating performance in the 2Q2021

FY2024 midterm ambition

Key assumptions

Revenue growth driven by traffic recovery

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

Assuming €/\$ FX of 1.22 for 2024 - Source: Bloomberg, FactSet,EIU,Oxford Economics (1) 2019 revenue rebased for:

• Closings of low profitability contracts and disposal of US Motorways and Spain
• €/\$ FX of 1.22 Source: Bloomberg, FactSet,EIU,Oxford Economics- vs 2019 FX of 1.12

Several stores with limited potential are being closed, with positive impact on EBIT margin and cash generation

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

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

Data in EUR

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

(1) 2025 onwards calculated considering only countries relevant for Autogrill (i.e., Europe and North America) Source: major consulting company - see appendix for details

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

Example of push on additional revenue sources for airports

High-margin beverages share of revenue, 2020 US data (Autogrill)

Beverage mix has shown fast recovery, with current value (24%) exceeding pre-COVID-19 level

Capex – Disciplined and dynamic capex management

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)

The North American airport convenience segment APAC and Middle Eastern countries in the airport channel

• AGL international presence rapidly grew in last years (RoW(2) revenue in 2019 = 3x 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)

(1) EBITDA including fix rents (2) ROW: Rest Of the World

Travel concession market

Overview

Intro to travel concession market

High level market structure

Key Insights	The travel concession market is attractive, supported by several secular trends, and is characterized by significant consolidation driven by barriers to entry It is based on concession agreements which involve several stakeholders	EMPLOYEES REGULATORS & UNIONS CARRIERS CUSTOMERS CONCESSION OPERATORS LANDLORDS & SUPPLIERS DEVELOPERS BUSINESS BRAND PARTNERS OWNERS (JVs, DBEs)
Segments	Travel concession market can be divided into three main segments	Food & Beverage Retail Convenience
Channels	Three main travel channels typically considered when looking at the travel concession market	Airports Railway stations Motorways
		74

Historically, increasing global connectivity has led to growing mobility flows

Example for Air traffic – Global passengers, billions

Asia Europe North America Other geographies

Global air traffic increased 6% p.a. in last ten years, Asia fastest growing Region

Three additional characteristics make travel concession very attractive, especially compared to its non-travel equivalents

passenger

F&B accounts for EUR ~25b out of ~85b of the whole travel concession market

Travel F&B been the fastest growing segment in the last years(1)

Growth, CAGR 2015-19

Calendar

30 September 2021

• Revenue performance as of 31 August 2021

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

Arthur Targon Investor Relations Manager +39 02 4826 3664 arthur.targon@autogrill.net

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