Autogrill — Investor Presentation 2021

Mar 11, 2021

Autogrill Group FY2020 Financial Results

Milan, 11 March 2021

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Highlights

Strong focus on execution of COVID-19 mitigation plan and cash preservation, resulting in a 23% drop through(1) on underlying EBITDA and €0.6bn liquidity at the end of 2020

€5.3bn of new wins and renewals over the year, mostly driven by the long-term renewals of Las Vegas and Amsterdam airports

Current expectations to complete the capital increase up to €600m by the end of the first half of 2021

Successfully amended credit facilities and USPPs to extend the covenant waiver period through 31 December 2022, assuming the positive outcome of a covenant test in September 2022 at HMSHost Corp level

(1) Drop through. See ANNEX for definition

COVID-19 disrupted the travel sector globally in 2020

Delta % passengers vs. the same quarters of 2019 -4% -75% -37% Germany N.a. -4% -39% -39% -15% -92% -74% -64% -17% -95% -70% -78% North America Europe -15% -56% -62% -17% -62% -66% -35% -81% -58% -48% Asia -35% -58% -58% Q1 Q2 Q3 Relevant impact across all Regions (>50% traffic decrease vs. 2019) Europe and North America more impacted than Asia (-60-70% vs. -50%) Only minimal improvement in Q4 vs. previous months of the year 75+% volumes reduction during Q2 due to lockdowns Partial recovery in Q3 but less pronounced than on motorways Air Rail Q4 Q1 Q2 Q3 -61% -69% -53% -21% -36%(1) -56% -9%(1) -12% -61% -10% N.a. Italy France -21% -40% -28% -12% -38% -33% 50-60% traffic reduction during lockdown Quick recovery in Q3, with Summer volumes nearly in line 2019 (e.g., ASPI ~5%) Volumes decrease in Q4 due to growth in COVID-19-related mobility restrictions Motorway Q1 Q2 Q3 Q4 -30% N.a. Q4 N.a.

Source: major consulting company based on external sources (1) Based on available routes

x YTD delta vs. 2019

Autogrill posted a 23% drop through on EBITDA from a 60% revenue loss

• Capital gain on Canadian equity investment: nil. in FY2020; €38.0m in FY2019

€5.3bn of new wins and renewals in 2020

New contract wins and renewals by region (1)

• Only few tender processes in the period for allocation / extension of contracts because of the pandemic
• Renewals benefitting also from the actions implemented by Autogrill during the pandemic to increase contracts duration
• Las Vegas and Amsterdam airports taking the lion's share

€0m

€1m

€1m

€2m

€2m

€3m

€3m

(1) Total contract value. See ANNEX for definitions

Performance materially impacted by lockdown restrictions

	FY2020	FY2019	Change
€m			Current FX	FX (1) Constant
Revenue	1,984	4,997	-60.3%	-59.8%
EBITDA (2)	159	961	-83.4%	-83.1%
% on revenue	8.0%	19.2%
EBIT	(512)	337	n.s.	n.s.
% on revenue	-25.8%	6.7%
Pre-tax result	(638)	274	n.s.	n.s.
Net result	(504)	226	n.s.	n.s.
Net result after minorities	(480)	205	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €20m in FY2020 and of €30m in FY2019

Effective management of the P&L levers during the pandemic

23% drop through on underlying EBITDA from a 60% revenue loss

	FY2020 FY2019		Change
€m			Current FX	FX (1) Constant
Revenue	1,984	4,997	-60.3%	-59.8%
Underlying EBITDA (2)	155	849	-81.7%	-81.5%
% on revenue	7.8%	17.0%
Underlying EBIT	(516)	228	n.s.	n.s.
% on revenue	-26.0%	4.6%
Underlying pre-tax profit	(642)	128	n.s.	n.s.
Underlying net profit	(510)	106	n.s.	n.s.
UNDERLYING NET RESULT AFTER MINORITIES	(486)	85	n.s.	n.s.
Stock option plans	1	(10)
Capital gain net of transaction costs	19	128
Acquisition fees	-	(1)
Efficiency costs	(16)	(9)
Capital gain on equity participation	-	38
Tax effect	2	(26)
Net reported result after minorities	(480)	205	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €19m in FY2020 and of €25m in FY2019

An unmatched speed of reaction to the pandemic

Examples of cost reduction measures implemented by Autogrill in 2020

Labor cost	• Optimized labor hours considering traffic decline
	• Used all relevant government initiatives in relation to social welfare
	• Frozen hiring and terminated temporary contracts
	• Applied voluntary salary reductions
Rent	• Reached agreements with a significant number of landlords worldwide to abate or
	defer rents
	• Ongoing discussions for further relief
Other	• Suspended all non-essentials costs
	• Agreed payments' delay with suppliers
	• Negotiated temporary and permanent brand royalty reductions

-60% Revenue FY '20 vs. FY '19

Only 23% of EBITDA drop through thanks to implementation of several actions taken to achieve a more flexible P&L

An unmatched speed of reaction to the pandemic

The example of North America (rebased to 100)

Labor productivity was 45% better than budget

An unmatched speed of reaction to the pandemic

The example of the G&A costs

Continued efforts across the board to limit the cash burn

€m	FY2020	FY2019
EBITDA	159	961
Gain on operating activity disposal net of transaction costs	(19)	(128)
Change in net working capital	(127)	(10)
Principal repayment of lease liabilities	(103)	(325)
Renegotiation for COVID-19 on lease liabilities	(183)	-
Others	(6)	(2)
managerial (1) CASH FLOW FROM OPERATING ACTIVITIES,	(279)	496
Taxes paid	(2)	(27)
Net interest paid	(32)	(25)
Implicit interest on lease liabilities	(27)	(72)
NET CASH FLOW FROM OPERATING ACTIVITIES, managerial (1)	(339)	372
(2) Net capex	(182)	(333)
FREE CASH FLOW as reported	(521)	39
Taxes paid on Canadian motorways disposal	20	10
Capex committed as part of the transaction for the acquisition of Pacific Gateway Concession	-	8
FREE CASH FLOW excluding impact of North American acquisitions/disposals	(501)	57

• Working capital
  • Negatively impacted by the reduction of trading activity which occurred in FY2020
• Capex
  • Significantly reduced compared to FY2019 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) FY2020: capex paid -€184m net of fixed asset disposal €2m ; FY2019 : capex paid -€344m net of fixed asset disposal €11m

Free cash flow evolution over the year impacted by both the pandemic and the business seasonality

FY2020 FCF as reported of -€521m

NFP of €1.1bn at the end of FY2020

€m	FY2020	FY2019
FREE CASH FLOW excluding impact of North American acquisitions/disposals	(501)	57
(1) Acquisitions/disposals	(3)	135
Taxes paid on Canadian motorways disposal	(20)	(10)
Capex committed as part of the transaction for the acquisition of Pacific Gateway Concession	-	(8)
NET CASH FLOW BEFORE DIVIDENDS AND TREASURY SHARES BUY-BACK	(524)	175
(2) Dividends	1	(44)
Shares buy-back	(12)	-
NET CASH FLOW	(535)	131
OPENING NET FINANCIAL POSITION excluding lease assets and lease liabilities	559	671
Net cash flow	535	(131)
FX and other movements	(11)	19
CLOSING NET FINANCIAL POSITION excluding lease assets and lease liabilities	1,083	559
Net lease liabilities	1,891	2,389
CLOSING NET FINANCIAL POSITION	2,974	2,948

(1) Acquisitions: Consolidation of JV partners in Qatar, UAE and Malaysia purchased in January 2020 (-€1.9m in FY2020); Pacific Gateway acquired in May 2019 (-€32.2m in FY2019) and Le CroBag acquired in March 2018 (-€6,0 in FY2019); Disposals: cash absorption related to the disposal of the Spanish business (-€1.4m in FY2020); Canadian motorways (€164.2m) and Czech Republic (€9.5m) in FY2019

(2) Dividends include dividends paid to Group shareholders (zero in FY2020; -€50.8m in FY2019) and dividends paid to minority partners net of capital increase (+€1.4m in FY2020; +€7.3m in FY2019)

Motorways proving more resilient than other channels

(1) Acquisitions: Pacific Gateway purchased at the end of May 2019 in North America (€7.4m of revenue contribution in FY2020); consolidation of JV partners in Qatar, UAE and Malaysia in International with effect from January 2020 (€8.1m of revenue contribution in FY2020)

(2) Disposals: Canadian motorway business in North America (€30.2m of revenue contribution in FY2019) occurred at the end of May 2019; Czech Republic business in Europe (€3.0m of revenue contribution in FY2019) occurred at the end of May 2019

(3) Autogrill Group FX: -€63.3m; Autogrill Group Calendar: -€44.9m; Airport FX: -€59.0m; Airport Calendar: -€41.2m; Motorways FX: -€4.8m; Motorways Calendar: -€4.1m; Other Channels FX: €0.4m; Other Channels Calendar: €0.4m

Performance driven by the channel mix in respective geographies

(1) Acquisitions: Pacific Gateway purchased at the end of May 2019 in North America (€7.4m of revenue contribution in FY2020); consolidation of JV partners in Qatar, UAE and Malaysia in International with effect from January 2020 (€8.1m of revenue contribution in FY2020)

(2) Disposals: Canadian motorway business in North America (€30.2m of revenue contribution in FY2019) occurred at the end of May 2019; Czech Republic business in Europe (€3.0m of revenue contribution in FY2019) occurred at the end of May 2019

(3) Autogrill Group FX: -€63.3m; Autogrill Group Calendar: -€44.9m; North America FX: -€54.5m; North America Calendar: -€49.9m; International FX: -€14.9m; International Calendar: €1.6m; Europe FX: €5.9m; Europe Calendar: €3.5m

42% of total stores currently closed (temporary closings)

North America – Underlying EBITDA margin drop-through of 22%

(2) Underlying = excluding the impact of the stock option plans, efficiency costs, capital gain on Canadian motorway business disposal and acquisition fees

International – Underlying EBITDA margin drop-through of 23%

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 EBITDA margin drop-through of 27%

(1) Underlying = excluding the impact of the stock option plans, efficiency costs and capital gain net of transaction costs

Autogrill capital structure

Autogrill, Villoresi Ovest (IT)

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Capital increase

January 21st

• The Board of Directors of Autogrill S.p.A. resolved to submit for the approval of the Extraordinary Shareholders' Meeting a proposal to grant the Board of Directors a five-year mandate to increase the share capital of Autogrill S.p.A. in one or more tranches, up to a maximum amount of €600m, including any share premium, by issuing ordinary shares on an pre-emptive right basis to the persons entitled to the option rights
  • The resolution related to the mandate was unanimously approved
  • Edizione S.r.l., which controls 100% of Schematrentaquattro S.p.A., which in turn holds 50.1% of Autogrill S.p.A., in connection with the press release issued by Autogrill on January 21st, expressed its appreciation for the resolution adopted by Autogrill S.p.A., specifying that the relevant "strategic motivations appear to be fully shareable" and announced its intention "to provide its subsidiary Schematrentaquattro S.p.A. with the necessary financial resources"

• The maximum amount of €600m is fully pre-underwritten by a primary pool of banks

February 25th

• The Extraordinary Shareholders' Meeting of Autogrill S.p.A. met in a single call and approved the aforementioned proposal

Next steps • Subject to the issuance of the necessary authorizations by the competent authorities, and to market conditions, it is currently expected that the capital increase with a pre-emptive right may be completed by the end of the first half of 2021

Covenants

Autogrill S.p.A. • Further extended a "covenant holiday" (i.e. a period in which the financial covenants under the Bilateral Agreements would not be tested) for an additional year until 31 December 2022 and obtained a "covenant holiday" until 31 December 2022 in relation to the SACE Facility Agreement

HMS Host

• Further extended a "covenant holiday" for an additional period through September 2022, which can be extended to 31 December 2022 upon specific conditions being met

No meaningful debt repayment until 2023 and no covenants at both AGL/ HMS level at least until September 2022

Building a stronger Autogrill

Further strengthening Autogrill's undisputed leadership position in F&B concessions market

Current trading and outlook 2021

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Current trading – Performance driven by channel mix and local dynamics

Group	• Revenue down about 65%(1) YoY at constant exchange rates at the end February YTD • Performance driven by channel mix and progress of the pandemic / level of lockdown in respective geographies • Sequential improvements across the board despite the continued challenging global environment	First week of March 2021: revenue down about 56%(1) YoY at constant exchange rates
North America International	• Airports: the domestic market is moderately recovering at US airports, but the collapse in long-haul traffic hits the big hubs • Motorways: passenger vehicles continue to trend at lower rates than before mid-March 2020 • Airports: continued weak performance due to the exposure to international hubs	Passenger traffic through the Transportation Security Administration (TSA) checkpoints at airports continues to improve On Feb. 25, passenger
Europe	• Railway stations: heavily impacted by a strong increase in work-from home trends • Motorways: some signs of recovery after the progressive lifting of the lockdown measures • Airports: preliminary figures indicate that European airports have been hardest hit by the crisis • Other channels: continued poor performance	throughput crossed the one million mark, which had been seen only on weekends or during holiday periods since the pandemic began Airlines forecasts for flight capacity and demand, while still cautious, are improving

(1) Figures based on solar calendar and not accounting calendar

2021 traffic outlook

While traffic short-term developments are still extremely uncertain at this point in time, the following trends might be expected

General comments		•	As the rollout of the vaccines has started, a steady progress in traffic is expected by summer 2021, with domestic markets recovering faster
		•	While 2021 traffic is expected to outperform 2020, uncertainty will continue to be high, mainly in the short term
Airports		•	While all regions continue to be impacted by the crisis, the geographies with larger domestic markets (e.g. the US) are expected to perform better
		•	North American traffic is expected to benefit from an earlier recovery in the US domestic market
Motorways		•	Willingness to travel recovering more quickly in motorways than in the other channels
		•	Leisure segment slightly more impacted by mobility restrictions vs. business/ commuters, but recovering faster than business due to increased remote working adoption
Other channels		•	Rail traffic expected to be affected by a structural impact of remote working on commuters/ business segment (representing the large majority of the passengers)

(1) Flights across different countries within the same continent (2) Visiting-Friends-Relatives

Source: major consulting company - see appendix for details

Autogrill guidance for 2021 – Building blocks

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
	Source: major consulting company and Autogrill analysis

Autogrill guidance for 2021 – Priorities and model assumptions

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

Autogrill Group

model assumptions

€/\$ FX of 1.21(1)

Two scenarios:

• CONSERVATIVE CASE: revenue growth of +20% - +25% vs. FY2020 (i.e. -55% -50% vs. FY2019)
• BASE CASE: revenue growth of +40% - +45% vs. FY2020 (i.e. -45% -40% 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 guidance

Note: Assuming €/\$ FX of 1.14 in 2020 and 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

• Revenue of €2.4bn/€2.8bn

• FCF of ca. -€120m/-€70m
• Operating leverage from structural improvement of the cost base achieved in 2020
• Monthly cash burn is expected to evolve according to business seasonality and developments of the pandemic
• Strong commitment to achieve FCF target reflected in management incentive plan for 2021

Autogrill strategy and mid-term ambitions

Shake Shack, New Orleans airport (US)

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Strategic guidelines

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

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
€4.7bn by 2024E CAGR '20-'24E: 20% - 25% at constant FX(1)	ca. 6.0% in 2024E ca. +140bps vs. 2019	2024E: 5.0% - 5.6% on revenue
Free cash flow
Free cash flow 2024E: €120m - €150m

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

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 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 Europe

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

EUR

Revenue growth driven by traffic recovery

Each 0.01 movement in Euros to the US Dollars exchange rate has a +/- €20-25m 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 Spain
• €/\$ FX of 1.22 Source: Bloomberg, FactSet,EIU,Oxford Economics- vs 2019 FX of 1.12

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

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

^A …as already observed in China's early recovery

Recovery rate by travel subsectors in Mainland China (YoY change 2020 over 2019, percent)

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)

Consumption of beverages highly impacted by COVID-19 crisis and required social distancing, with significant drop of revenue in Spring

Launched effort to push consumption, also expanding licenses not allowing grab & go sales (obtained approval in 7 airports, additional 11 in process)

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

Example of workforce organization review in France

(1) The organizational layers represented are not present in every store. Depending on the size and turnover of the store the presence of some roles may vary

Capex – Disciplined and dynamic capex management

• Investing to support future growth at airports • Extending motorway duration (Italy, France, US New Jersey turnpike) • Continued review of scope, size and construction costs of ongoing investment plans • Focus on strengthening core markets vs. footprint expansion Capex as % of revenue

Comparison of 2024E vs. 2019A figures

Data in EUR

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

As we look to the next three years, our strategy is clear

• Our strategy is about maximizing profitable growth and cash generation
• We have a strong foundation upon which to build, with leadership positions and growth potential tied to traffic and consumer megatrends
• Our ambition is to deliver growth and cash generation to unleash Autogrill's full potential

Clear strategic direction will drive growth, despite the COVID-19 disruption

Note: Assuming €/\$ FX of 1.22 in 2024, 1.21 in 2021 -Source: Bloomberg, FactSet,EIU,Oxford Economics- and 1.12 in 2019 (1) FREE CASH FLOW excluding impact of North American acquisitions/disposals for years 2019 and 2020

Why we will be successful

Autogrill – Customers' choice on-the-move

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

~1,000

locations

~140 global and national/local franchise brands

Revenue, EUR bn(1) Historical top-line growth underpinned by long-term trends

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

Autogrill relies on a strong market positioning

1. Leading market position(1) – A unique global concession platform

(2) Source: Autogrill analysis based on external sources

1. Leading market position – Well-diversified by geography and channel

1. An unparalleled portfolio of brands

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

2. Brands' preferred partner

Autogrill provides brands with higher visibility …

… 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)

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

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

3. Strong track record of growing business through M&A

3. Active capital allocation strategy

-€300m €0m €300m €600m €900m

Cumulative 2016-2019

4. Strong and resilient contract portfolio

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

Appendix

• Definitions
• Detailed FY2020 results

Puro Gusto, Linate airport Milano (IT)

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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
• DROP THROUGH	Underlying EBITDA / EBIT variation between two given periods divided by the revenue variation between the same periods
• 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

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.

included

Detailed FY2020 results – Consolidated P&L

€m		% on revenue	FY2019	% on revenue	Change
	FY2020				Current FX	FX (1) Constant
Revenue	1,983.7	100.0%	4,996.8	100.0%	-60.3%	-59.8%
Other operating income	126.1	6.4%	230.9	4.6%	-45.4%	-44.7%
Total revenue and other operating income	2,109.8	106.4%	5,227.7	104.6%	-59.6%	-59.1%
Raw materials, supplies and goods	(716.0)	-36.1%	(1,534.8)	-30.7%	-53.3%	-52.8%
Personnel expense	(773.2)	-39.0%	(1,673.8)	-33.5%	-53.8%	-53.2%
Leases, rentals, concessions and royalties	(64.3)	-3.2%	(578.4)	-11.6%	-88.9%	-88.7%
Other operating expense	(416.0)	-21.0%	(607.8)	-12.2%	-31.6%	-30.7%
Capital gain on asset disposal	19.2	1.0%	127.6	2.6%	-84.9%	-84.7%
EBITDA (2)	159.5	8.0%	960.6	19.2%	-83.4%	-83.1%
Depreciation, amortization and impairment losses	(671.1)	-33.8%	(624.0)	-12.5%	7.5%	8.9%
EBIT	(511.6)	-25.8%	336.6	6.7%	n.s.	n.s.
Net financial charges	(112.9)	-5.7%	(99.0)	-2.0%	14.1%	15.8%
Other income and charges, impairment and revaluations of financial assets	(13.4)	-0.7%	36.4	0.7%	n.s.	n.s.
Pre-tax Profit	(638.0)	-32.2%	273.9	5.5%	n.s.	n.s.
Income tax	134.1	6.8%	(47.7)	-1.0%	n.s.	n.s.
Net Profit	(503.9)	-25.4%	226.3	4.5%	n.s.	n.s.
Minorities	24.0	1.2%	(21.1)	-0.4%	n.s.	n.s.
Net Profit after minorities	(479.9)	-24.2%	205.2	4.1%	n.s.	n.s.

(1) Data converted using average FX rates

(2) Net of Corporate costs of €20m in FY2020 and of €30m in FY2019

Detailed FY2020 results – Consolidated P&L – Detailed revenue growth

Revenue by geography				Organic growth
€m	FY2020	FY2019	FX (1)	Like	for Like	Openings	Closings	(2) Acquisitions	(3) Disposals	Calendar
North America	856	2,636	(54)	(1,635)	-67.0%	43	(61)	7	(30)	(50)
International	230	647	(15)	(381)	-63.9%	6	(37)	8	-	2
Europe Italy Other European countries	898 574 324	1,714 1,022 692	6 - 6	(778) (432) (345)	-46.5% -43.0% -52.0%	5 - 5	(50) (17) (33)	- - -	(3) - (3)	3 2 2
Total REVENUE	1,984	4,997	(63)	(2,793)	-59.3%	54	(148)	16	(33)	(45)

Revenue by channel			Organic growth
€m	FY2020	FY2019	FX (1)		Like for Like	Openings	Closings	Acquisitions	Disposals	Calendar
Airports	961	3,081	(59)	(1,986)	-68.8%	45	(94)	16	-	(41)
Motorways	868	1,522	(5)	(585)	-40.5%	8	(38)	-	(30)	(4)
Other channels	154	394	0	(222)	-59.2%	1	(17)	-	(3)	0
Total REVENUE	1,984	4,997	(63)	(2,793)	-59.3%	54	(148)	16	(33)	(45)

(1) Data converted using average FX rates

(2) Acquisitions: Pacific Gateway purchased at the end of May 2019 in North America; consolidation of JVs partners in Qatar, UAE and Malaysia in January 2020 in International

(3) Disposals: Canadian motorways business in North America and Czech Republic in Europe both made at the end of May 2019

Detailed FY2020 results – Consolidated P&L – Breakdown by region

		% on			Change
€m	FY2020 FY2019 revenue		% on revenue	Current FX	Constant FX (1)
North America	856		2,636		-67.5%	-66.8%
International	230		647		-64.5%	-63.6%
Europe	898		1,714		-47.6%	-47.8%
Total REVENUE	1,984		4,997		-60.3%	-59.8%
North America	83	9.7%	471	17.9%	-82.3%	-81.9%
International	15	6.4%	110	17.0%	-86.5%	-86.1%
Europe	76	8.5%	294	17.2%	-74.1%	-74.3%
Corporate costs	(19)		(25)		25.1%	25.1%
Underlying EBITDA	155	7.8%	849	17.0%	-81.7%	-81.5%
North America	(258)	-30.3%	170	6.5%	n.s.	n.s.
International	(76)	-33.1%	31	4.8%	n.s.	n.s.
Europe	(161)	-17.9%	54	3.1%	n.s.	n.s.
Corporate costs	(21)		(27)		22.6%	22.6%
Underlying EBIT	(516)	-26.0%	228	4.6%	n.s.	n.s.

(1) Data converted using average FX rates

Detailed FY2020 results – Accrued capex

• Capex reduced by more than 40% YoY

(1) Accrued capex (2) Including Corporate capex

Detailed FY2020 results – Consolidated balance sheet

			Change
€m	31/12/2020	31/12/2019	Current FX	FX(1) Constant
Intangible assets Property, plant and equipment Right of Use Financial assets	925 968 1,749 31	986 1,091 2,359 38	(61) (123) (610) (7)	(16) (64) (502) (4)
A) Non-current assets	3,673	4,474	(800)	(586)
Inventories Trade receivables Other receivables Trade payables Other payables B) Working capital	97 37 142 (292) (295) (311)	134 55 125 (397) (392) (474)	(36) (19) 17 105 97 164	(32) (17) 17 91 78 137
Invested capital (A+B)	3,362	3,999	(637)	(449)
C) Other non-current non-financial assets and liabilities	11	(115)	126	119
D) Net invested capital (A+B+C)	3,373	3,884	(511)	(330)
Equity attributable to owners of the parent Equity attributable to non-controlling interests	340 60	858 78	(518) (18)	(465) (11)
E) Equity	400	936	(536)	(476)
Non-current financial liabilities Non-current financial assets	3,028 (69)	2,925 (74)	104 5	238 0
F) Non-current net financial indebtedness	2,960	2,851	109	238
Current financial liabilities Cash and cash equivalents and current financial assets	691 (677)	462 (365)	229 (312)	248 (340)
G) Current net financial indebtedness	14	97	(83)	(92)
Net Financial Position (F+G)	2,974	2,948	26	146
Net Lease Liabilities	(1,891)	(2,389)	498	390
Net Financial Position excluding lease assets and lease liabilities	1,083	559	524	536
H) Total (E+F+G), as in D)	3,373	3,884	(511)	(330)

(1) FX €/\$ 31 December 2020 of 1.2271 and 31 December 2019 of 1.1234

Detailed FY2020 results – Outstanding gross debt (excl. lease liabilities)

Borrowings - 31 December 2020	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	\$150m	\$150m	\$0m
Revolving Credit Facility	Floating	Jun-23	\$200m	\$200m	\$0m
Other loans				\$350m
Total - HMS Host Corp				\$675m
Revolving Credit Facility	Floating	Jan-23	€100m	€100m	€0m	EBITDA interest coverage ≥ 4.5x (1)
Amortizing Term Loan	Floating	Mar-25	€150m	€150m	€0m	Net Debt / EBITDA ≤ 3.5x (1)
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	€25m	€0m
Amortizing Term Loan	Floating	Jun-25	€300m	€300m	€0m
Other loans				€925m
Total - Autogrill S.p.A.				€925m

Based on nominal value of borrowings as at 31 December 2020

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 impact of IFRS16 accounting principle

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

Detailed FY2020 results – Overview of NFP (excl. lease liabilities)

Appendix • Traffic projection methodology ¹

Kebaya, Amsterdam airport Schiphol (NL) ¹ Source: major consulting company

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Summary of traffic projection methodology

Traffic projection modelled considering 4 different phases…

Pandemic: from the beginning of virus spread until a vaccine is found – characterized by significant economic downturn and reduced traffic volumes 1

• Vaccination: virus becoming under control, with gradual vaccination of population – people still reluctant to travel despite lockdown easing and economy slow ramp-up 2
• Transition to new normal: economy recovering, population gradually going back to pre-pandemic habits – people temporarily sticking to partial social distancing, with impact on travel behaviors 3
• New normal: transition to long term behaviors, with structural shifts vs. pre-COVID-19 (e.g., increase in remote working) 4

…and 3 main factors impacting traffic volumes

…and 3 main factors impacting traffic volumes

+

• A GDP growth, assessed considering macro-economic scenarios developed by both Oxford Economics and other institutions (IMF, Economist Intelligence Unit, …)
• B People willingness to travel during vaccination and transition phases (also impacted by travel restrictions)

C Level of remote working adoption

Modeling based on historical traffic characteristics

Focus on Air traffic – Continental vs. intercontinental flights

Market key characteristics

• ~3.9 bn of passengers transported by air in 2019
• Europe, Asia and North America accounting for ~80% of total passengers
• Similar split between continental and intercontinental flights in the 3 continents:
  • ‒ Europe: ~70% continental vs ~30% intercontinental
  • ‒ North America: ~80% continental vs ~20% intercontinental
  • ‒ Asia: ~85% continental vs ~15% intercontinental

Passengers flows across selected geographies,

2019, % of global air passengers

Modeling based on historical traffic features

Split of continental flights between domestic and non domestic

Non domestic Domestic (1)

Split of continental traffic by flight type, 2019, %

(1)Flights across different countries within the same continent

Comments

• Limited domestic flights in Europe, with majority of traffic connecting countries within the continent (especially major countries, e.g., France, Germany)
• North America mostly focused on domestic flights (>90%)
• Asia mostly focused on domestic flights (China accounting for ~50% of total)

Modeling based on historical traffic features

Passengers, billion, 2019

Similar share of business passengers across geographies

Italy showing higher share of business/ commuting passengers vs. France

France traffic larger than Italy in absolute terms

Germany railway traffic predominantly made of business travelers

(1) Visiting-Friends-Relatives

(2) Absolute passengers numbers include both arriving and departing intercontinental flights involving each Region

Considered scenarios and key assumptions

		Base case	Conservative case
A	GDP growth	GDP returning to pre-crisis levels in 2021 in Asia, in 2022 in North America, in 2023 in France and Germany, and in 2024 in Italy	GDP returning to pre-crisis levels in 2021 in Asia, in 2023 in Germany, in 2024 in France, in 2025 in North America, beyond 2025 in Italy
B	Willingness to travel	Vaccine being distributed in all relevant countries and available in mid 2021 Citizens back to pre-crisis travel behaviors by end of year 2022	Vaccine being distributed in all relevant countries and available in Q3 2021 Citizens back to pre-crisis travel behaviors by mid of 2023
C	Remote working	Moderate number of rides lost because of expected increase in remote working(1) (e.g., 5% of rides lost in France)	Significant number of rides lost because of expected increase in remote working1 (e.g., 10% of rides lost in France)

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

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

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

Segments:

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

Growth, CAGR 2015-19

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Calendar

• Financial report on 1st Half period to 30 June 2021

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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