Autogrill — Investor Presentation 2021

Mar 10, 2022

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DIGITAL
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Autogrill Group
FY2021 Financial Results

Milan, 10 March 2022

Disclaimer

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

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

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

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

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

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

FY2021 financial results

A year of consistent execution and delivery

Our commitments	Our achievements
To strengthen our balance sheet through a capital raise process by 1H2021	€600m capital increase successfully completed
To unlock the value potential of our long-duration US motorway business	Disposal of US motorway business closed in July 2021 (€129m capital gain net of transaction costs)
To focus on operating efficiency and cash flows protection since the beginning of the pandemic	FY2021 FCF(1) of $E117m$ , well above initial expectations
To strengthen our contract portfolio	$\sqrt{64.3}$ bn of new contract wins and renewals in FY2021
To optimize our capital structure	€1bn of debt refinancing
To revamp our ESG strategy	Make It Happen: Autogrill takes to the next level ESG strategy and future targets

FY2021 results highlights

Data in $\epsilon$ millions

FY2021 results highlights - Comparison with FY2020

	FY2020 $\epsilon$ /\$ FX = 1.14	FY2021 €/ $$ FX = 1.18$
REVENUE	€1,984m	€2,597m
UNDERLYING EBIT MARGIN	$-26.0%$	$-0.3%$
UNDERLYING NET RESULT	$-\epsilon$ 486m	$-\epsilon$ 106m
CAPEX AS A % ON REVENUE	9.9%	5.2%
FREE CASH FLOW(1)	$-6501m$	$+\in$ 117m

Revenue: $\pm \epsilon$ 613m YoY

Underlying EBIT: +€509m YoY

Underlying net result: +€380m YoY

Capex (accounted): - €60m YoY

$FCF^{(1)}: +E618m$ YoY

$\epsilon$ 4.3bn of new contract wins and renewals

New contract wins and renewals by region

Limited tendering activity in 2021 due to the uncertainty caused by the pandemic

Mainly extensions of existing contracts

Europe includes the two-year extension of motorway contracts in Italy

Material recovery in FY2021, with all the P&L KPIs improving P&L Underlying

€m	FY2021	FY2020	Change
			Current FX	Constant FX (1)
Revenue	2,597	1,984	30.9%	32.8%
Underlying EBITDA	530	155	n.s.	n.s.
% on revenue	20.4%	7.8%
Underlying EBIT (2)	(7)	(516)	98.6%	98.6%
% on revenue	$-0.3%$	$-26.0%$
Underlying pre-tax result	(89)	(642)	86.2%	85.9%
Underlying net result	(88)	(510)	82.6%	82.3%
UNDERLYING NET RESULT AFTER MINORITIES	(106)	(486)	78.2%	77.8%
Stock option plans	(3)
Efficiency costs	(1)	(16)
Capital gain net of transaction costs	129	19
Make-whole net of derivatives	(18)
Tax effect	$\langle 40 \rangle$	$\overline{2}$
Net Reported Result after minorities	(38)	(480)	92.1%	92.0%

Revenue performance mainly driven by North America and Italy

Results benefitting from the effective management of all the P&L levers

⁽¹⁾ Data converted using average FX rates
⁽²⁾ Net of corporate costs of -€26m in FY2021 and -€21m in FY2020

Reported results benefitting from the disposal of the US motorways P&L Reported

$\epsilon$ m	FY2021	FY2020	Change
			Current FX	Constant FX (1)
Revenue	2,597	1,984	30.9%	32.8%
EBITDA	656	159	n.s.	n.s.
% on revenue	25.2%	8.0%
EBIT (2)	119	(512)	n.s.	n.s.
% on revenue	4.6%	$-25.8%$
Pre-tax result	19	(638)	n.s.	n.s.
Net result	(21)	(504)	95.9%	95.9%
Net result after minorities	(38)	(480)	92.1%	92.0%

⁽¹⁾ Data converted using average FX rates
⁽²⁾ Net of corporate costs of -€28m in FY2021 and -€22m in FY2020

MAKE IT IAPPEN

FY2021 results benefitting from the $E129m$ capital gain net of transaction costs related to the disposal of the US motorways business

Personnel expense and opex remained stable in absolute terms YoY, despite revenue growing by 33%, thanks to continued efficiency initiatives

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

APPEN

FCF driven by EBITDA and by revenue growth's impact on working capital Data in EUR m

€m	FY2021	FY2020
EBITDA	656	159
Gain on operating activity disposal net of transaction costs	(130)	(19)
Change in net working capital	120	(127)
Principal repayment of lease liabilities	(153)	(103)
Renegotiation for COVID-19 on lease liabilities	(175)	(183)
Other	(4)	(6)
CASH FLOW FROM OPERATING ACTIVITIES managerial (1)	314	(279)
Taxes paid	(51)	(2)
Net interest paid	(73)	(32)
Implicit interest in lease liabilities	(32)	(27)
NET CASH FLOW FROM OPERATING ACTIVITIES managerial (1)	158	(339)
Net capex	(142)	(182)
FREE CASH FLOW as reported	16	(521)
Impact of non-recurring transactions in North America (2)	101	20
FREE CASH FLOW excluding impact of non-recurring transactions in North America	117	(501)

(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⁾ Non-recurring items related to the disposal of the US motorways business (£83.9m in FY2021); make-whole net of derivatives (£17.5m in FY2021); taxes paid on Canadian motorways disposal (€19.8m in FY2020)

Ca. €386m improvement at EBITDA level (excl. capital gains) YoY

FY2021 benefits from a positive working capital driven by the 33% revenue growth YoY at constant exchange rate

Further reduction in capex outflows due to strict control on investments

$FY2021$ FCF of $£117m$ excluding all the impacts related to extraordinary deals (disposals, debt restructuring)

Strong cash generation and solid capital structure Data in EUR m

€m	FY2021	FY2020
FREE CASH FLOW excluding impact of non-recurring transactions in North America	117	(501)
Acquisitions/disposals (1)	323	(3)
Impact of non-recurring transactions in North America (2)	(101)	(20)
NET CASH FLOW BEFORE CAPITAL INCREASE, DIVIDENDS AND TREASURY SHARES BUY-BACK	338	(524)
Liquidity generated (absorbed) by the relationship with minority partners	(23)
Capital Increase (net of the expenses associated with the Offering)	579
Treasury shares buy-back		(12)
NET CASH FLOW	895	(535)
OPENING NET FINANCIAL POSITION	1,083	559
Net cash flow	(895)	535
FX and other movements	10	(11)
CLOSING NET FINANCIAL POSITION	197	1,083
Net lease liabilities and lease liabilities of assets held for sale	1,616	1,891
CLOSING NET FINANCIAL POSITION including lease liabilities	1,814	2,974

⁽¹⁾ Acquisitions/disposals: disposal of US motorways business in July 2021; consolidation of JV partners in Qatar, UAE and Malaysia purchased in 1H2020; disposal of concession
business in Spain in 2020

⁽²⁾ Non-recurring items related to the disposal of the US motorways business (£83.9m in FY2021); make-whole net of derivatives (£17.5m in FY2021); taxes paid on Canadian motorways disposal (€19.8m in FY2020)

NFP excluding lease receivables and lease liabilities of $E197m$ at the end of FY2021, as a result of the positive FCF generation, the capital increase and the disposal of the US MTW business

Harvesting strong results of cash and balance sheet protection initiatives Data in EUR m

Like-for-Like revenue growth driven by airports

Data in EUR m

⁽¹⁾ Disposals: Concession business in Spain (€25.5m of revenue contribution in 2020) occurred at the end of 2020; motorways business in US (€68.3m revenue contribution in 2020) occurred in July 2021

Like-for-Like revenue growth driven by North America and Europe

Data in EUR m

⁽¹⁾ Disposals: Concession business in Spain (€25.5m of revenue contribution in 2020) occurred at the end of 2020; motorways business in US (€68.3m revenue contribution in 2020) occurred in July 2021

EBIT margin in North America back to 2019 levels Data in USD m

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

(2) Underlying = excluding impact of stock option plans, efficiency costs, capital gain on US motorways business disposal net of transaction costs, impact of acquisition fees and other items

• Revenue preformance driven by exposure to domestic traffic at airports
• Underlying EBIT increased by \$395m vs. FY2020, benefitting from the improved labor productivity, rent renegotiation and opex reduction
• Impact of stock option plan: -\$1.1m in FY2021 (\$0.1m in FY2020; -\$3.2m in FY2019)
• Efficiency costs: -\$0.2m in FY2021 (-\$2.6m in FY2020; -\$5.4m in FY2019)
• Capital gain on North American motorways disposal net of transaction costs: \$153.1m in FY2021 (nil. in FY2020; +\$133.9m in FY2019)
• Impact of acquisition fees and other items: nil in FY2021 (nil. in FY2020; -\$1.0m in FY2019)

Material EBIT improvement in International despite the continued severe impact of COVID-19 Data in EUR m

(1) Underlying = excluding impact of stock option plans and efficiency costs

AAKE IT IAPPEN

• FY2021 revenue of the region is still strongly impacted by the lack of international traffic

• EBIT materially improving YoY, despite subdued revenue

• Impact of stock option plan: $\epsilon$ 0.2m in FY2021 $[nil. in FY2020; -€1.3m in FY2019]$

• Efficiency costs: nil. in FY2021 (- $\in$ 4.3m in $FY2020; -£3.7m$ in $FY2019$

Recovery across the board in Europe Data in EUR m

\AKE IT APPEN

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

• Revenue performance driven by Italy, where the exposure to the MTW traffic is dominant

• Underlying EBIT loss limited at $E24m$ in FY2021 thanks to all the self-help initiatives implemented in the region

• Impact of stock option plan: $\epsilon$ 0.5m in FY2021 (€0.2m in FY2020; -€0.7m in FY2019)

• Efficiency costs: $\epsilon$ 0.5m in FY2021 (- $\epsilon$ 7.5m in $FY2020; -E0.2m$ in $FY2019$
• Capital gain net of transaction costs: nil. in FY2021 (€19.2m in FY2020; €8.0m in FY2019)

Trading update as of February 2022 YTD

YoY performance mainly driven by North America, thanks to the resilience of domestic airport traffic despite Omicron

Europe benefitted from the continued solid performance on motorways

YoY percentage changes are at constant FX. Excluding the impact of the disposal of motorways business in North American, concession business in Spain and Czech Republic

ESG strategy Make It Happen

The ESG approach for Autogrill

It is, first and foremost, the right thing to do

The environmental crisis and social challenges urge the society as a whole to step up and take immediate and concrete actions; companies must play a pivotal role in driving such transition

It is already permeating our organization

For many years, we have been promoting distinctive initiatives for our people, our customers and the environment; we now need to bring them to life as a coherent picture

It is our responsibility as a market leader

Our stakeholders will increasingly expect us to take concrete actions on all ESG dimensions in light of our scale and market position

It is an opportunity to reshape the way we operate

The depth and breath of the ESG topics offer a unique chance to rethink our way of working and take transformational moves

A 15-year history of actions and commitments

@MAKE IT IAPPEN

Autogrill new ESG Strategic Framework, building on 3 key pillars

We nurture People

• 1. Employee engagement, talent development & retention
• 1. Diversity, equal opportunities & inclusion
• 1. Customer experience

We offer sustainable Food Experiences

• 1. Food quality & safety
• 1. Product choice, nutrition & transparency
• 1. Responsible sourcing

We care for the Planet

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

Three main targets, one for each pillar

Women representation in leadership roles⁽¹⁾ by the end of 2030

Sustainable coffee sourced for proprietary brands by the end of 2025

Reduction of GHG emissions from electricity consumption along motorways business by the end of $2030(2)$

We nurture people – Priority themes and key initiatives

Employee engagement, talent development & retention

Promote people engagement throughout the whole organization, listening to people's needs Attract, develop and retain Group's talents to nurture

the leaders of tomorrow

Diversity, equal opportunities & inclusion

Foster an inclusive and diverse environment, achieving 40-50% women representation at leadership roles⁽¹⁾ by the end of 2030

Embed DE&I culture throughout the organization, developing diverse and inclusive leaders

Customer experience

Provide travelers around the world with best-inclass experiences, listening to their needs and constantly improving our service

initiatives Key

MAKE IT

Priority themes

Mentorship program to be kicked-off, with the aim of developing diverse and inclusive leaders

Unconscious bias training to be deployed throughout the whole Group

Annual customer survey to be rolledout across 8 countries and covering sustainability topics

(1) Definition of "Leadership roles" under review

We offer sustainable food experiences - Priority themes and key initiatives

Food quality & safety

Provide the highest quality and safety standard throughout all operations

Product choice, nutrition & transparency

Raise consumers' awareness on food nutritional values and offer alternative choices including plantbased and healthy options in our offering

Responsible sourcing

Guarantee sustainable and ethical supply chain, also partnering with local producers to sustain local production

Adopt responsible practices in raw material selection

Priority themes

Tracking of audited stores on an annual basis

Increase of plant-based offer for burgers, milk and egg and promote healthy options

98% sustainable coffee sourced for proprietary brands by the end of 2025

We care for the planet – Priority themes and key initiatives

Key initiatives

Waste management & packaging

Reduce the use of virgin plastic use in guest packaging Increase business circularity through waste and equipment reuse

Energy, emissions & climate change

Reduce scope 1 and scope 2 greenhouse gases $|\overline{\text{GHG}}|$ emissions – target of $\breve{\text{GHG}}$ emissions reduction by 20-30% by 2030⁽¹⁾ on motorways

Build sustainable stores limiting our impact on the environment

Food waste

Sustain food waste reduction across all countries

Reduce the use of single-use virgin plastic, by introducing alternative materials including biodegradable plastic, rPET, paper and wood

Green Stores Guidelines to be developed by the end of 2022 to design and build efficient stores

Continuous mitigation of the risk of food waste through food donations, discounted sales of end-of-life products, improved operations

Strategic guidelines and
mid-term ambitions

Strategic guidelines

Build on recovery

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

Strengthen the business model

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

Strong and flexible capital structure

• Accelerate growth $\bullet$
• Support long-term value creation $\bullet$

Mid-term ambitions (2024)

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

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

Comparison of 2024E vs. 2019A figures

Revenue impacted by:

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

Appendix

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

• NET INVESTED CAPITAL
• CONSTANT EXCHANGE RATES CHANGE

• LIKE FOR LIKE REVENUE GROWTH

• NEW WINS AND RENEWALS

Figures expressed as % change of RPK (Revenue Passenger Kilometer, an airline industry metric that shows the number of kilometers traveled by paying passengers. It is calculated as the number of revenue passengers multiplied by the total distance traveled)

Air traffic recovering in US; still subdued in other geographies

Faster recovery for the US Air Traffic (-31% FY 2021 vs. FY 2019) given the larger share of domestic travel compared to European Airports which close the year c.-65% / -80% vs. 2019

US Air Traffic - US Daily Total Traveler Throughput (% change vs. 2019)

Europe - Key airports traffic trend

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

• Zurich: -68%
• Frankfurt: -65% 2.
• Brussels: -65% 3.
• Aeroporti Di Roma (FCO + CIA) : -72% $\overline{4}$

International – Key airports traffic trend⁽³⁾

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

• 1. Schiphol: -64%
• 1. Helsinki: -81%
• 1. London Heathrow: -76%

Motorway traffic in Europe back to pre-COVID level since the summer

Traffic data demonstrated the resiliency of motorways compared to the other channels, with traffic substantially in line with pre-COVID level since the summer of 2021

Traffic on the main Italian and French motorway networks in 2021 was -11% and -10% vs. 2019 level respectively

(*) Source: Atlantia weekly traffic update

Detailed FY2021 results - Consolidated P&L

		$%$ on		$%$ on	Change
$\epsilon$ m	FY2021	revenue	FY2020	revenue	Current FX	Constant FX (1)
Revenue	2,596.8	100.0%	1,983.7	100.0%	30.9%	32.8%
Other operating income	192.9	7.4%	126.1	6.4%	53.0%	55.0%
Total revenue and other operating income	2,789.7	107.4%	2,109.8	106.4%	32.2%	34.1%
Raw materials, supplies and goods	(900.1)	$-34.7%$	(716.0)	$-36.1%$	25.7%	27.1%
Personnel expense	(820.1)	$-31.6%$	(773.2)	$-39.0%$	6.1%	7.8%
Leases, rentals, concessions and royalties	(152.0)	$-5.9%$	(64.3)	$-3.2%$	n.s.	n.s.
Other operating expense	(391.5)	$-15.1%$	(416.0)	$-21.0%$	$-5.9%$	$-4.4%$
Capital gain on asset disposals	129.5	5.0%	19.2	1.0%	n.s.	n.s.
EBITDA	655.6	25.2%	159.5	8.0%	n.s.	n.s.
Depreciation, amortisation and impairment losses (2)	(537.0)	$-20.7%$	(671.1)	$-33.6%$	$-20.0%$	$-18.4%$
EBIT $(3)$	118.6	4.6%	(511.6)	$-25.8%$	n.s.	n.s.
Net financial charges (4)	(100.9)	$-3.9\%$	(112.9)	$-5.7%$	$-10.6%$	$-8.4%$
Other income and charges, impairment and revaluations of financial assets	1.8	0.1%	(13.4)	$-0.7%$	n.s.	n.s.
Pre-tax result	19.5	0.7%	(638.0)	$-32.2%$	n.s.	n.s.
Income tax	(40.0)	$-1.5%$	134.1	6.8%	n.s.	n.s.
Net Result	(20.5)	$-0.8%$	(503.9)	$-25.4%$	95.9%	95.9%
Minorities	(17.3)	$-0.7%$	24.0	1.2%	n.s.	n.s.
Net Result after minorities	(37.8)	$-1.5%$	(479.9)	$-24.2%$	92.1%	92.0%

@MAKE IT HAPPEN ⁽¹⁾ Data converted using average FX rates
⁽²⁾ Including right of use assets depreciation and right of use assets impairments of –€306m in FY2021 and -€385m in FY2020
⁽³⁾ Net of corporate costs of -€28m in FY2021 an

Detailed FY2021 results - Revenue breakdown by geography and channel

Feeling good on the move

Figures refer to FY2021 revenue

APPEN

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

Detailed FY2021 results - Detailed revenue growth

	Organic growth
$\epsilon$ m	FY 2021	FY 2020	$FX^{(1)}$		Like for Like	Openings	Closings	Acquisitions	Disposals (2)	Calendar
North America	1,303	856	(27)	505	66.9%	43	(6)		(68)
International	191	230	(1)	(31)	$-14.0%$	3	(8)	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	(2)
Europe	1,103	898	(1)	237	27.8%	15	(17)	$\sim$	(25)	(3)
Italy	766	574	$\sim$	188	33.1%	$\circ$	(3)	$\sim$	$\sim$	(2)
Other European countries	337	324	(1)	49	17.3%	$\sqrt{5}$	(13)	$\sim$	(25)	(2)
Total REVENUE	2,597	1,984	(29)	711	39.0%	60	(31)	$\sim$	(94)	(5)
						Organic growth
$\epsilon$ m	FY 2021	FY 2020	$FX^{(1)}$		Like for Like	Openings	Closings	Acquisitions	Disposals (2)	Calendar
Airports	1,427	961	(23)	471	51.3%	38	(15)		(3)	(2)
Motorways	1,002	868	(5)	220	28.9%	18	(13)		(83)	(2)
Other channels	167	154	$\left($ O $\right)$	20	14.1%	$\overline{A}$	(3)		(7)	(1)
Total REVENUE	2,597	1,984	(29)	711	39.0%	60	(31)	$\sim$	(94)	(5)

Detailed FY2021 results - Breakdown by region

				Change
$\in$ m	FY2021	% on revenue	FY2020	% on revenue	Current FX	Constant FX (1)
North America	1,303		856		52.2%	57.1%
International	191		230		$-17.0\%$	$-16.6%$
Europe	1,103		898		22.9%	23.0%
Total REVENUE	2,597		1,984		30.9%	32.8%
North America	84	6.5%	(258)	$-30.2%$	n.s.	n.s.
International	(41)	$-21.7%$	(76)	$-33.1%$	45.6%	44.3%
Europe	(24)	$-2.2%$	(161)	$-17.9%$	85.1%	85.1%
Corporate costs	(26)		(21)		$-24.6%$	$-24.6%$
Underlying EBIT	$(\mathbb{Z})$	$-0.3%$	(516)	$-26.0%$	98.6%	98.6%

(1) Data converted using average FX rates

Detailed FY2021 results - Accrued capex

Capex down by ca. 30% vs. 2020 (down by ca. 60% vs. 2019)

Investments mainly on motorways in
Europe and at airports in North America

			Change
€m		31/12/2021 31/12/2020	Current FX	Constant FX (1)
Intangible assets	910	925	(15)	(64)
Property, plant and equipment	778	968	(190)	(239)
Right of Use	1,487	1,749	(261)	(345)
Financial assets	24	31	(7)	(9)
A) Non-current assets	3,199	3,673	(474)	(658)
Inventories	117	97	19	17
Trade receivables	46	37	9	9
Other receivables	187	142	45	41
Trade payables	(358)	(292)	(66)	(56)
Other payables	(401)	(295)	(106)	(95)
B) Working capital	(409)	(311)	(98)	(82)
C) Invested capital (A+B)	2,790	3,362	(572)	(740)
D) Other non-current non-financial assets and liabilities	(2)	11	(13)	(15)
E) Net invested capital excluding assets and liabilities held for sale (A+B+D)	2,788	3,373	(585)	(755)
F) Assets and liabilities held for sale
G) Net invested capital (E+F)	2,788	3,373	(585)	(755)
Equity attributable to owners of the parent	923	340	583	554
Equity attributable to non-controlling interests	51	60	(9)	(14)
H) Equity	974	400	574	540
Non-current financial liabilities	1,928	3,028	(1,100)	(1, 218)
Non-current financial assets	(68)	(69)		6
I) Non-current net financial indebtedness	1,860	2,960	(1,099)	(1, 212)
Current financial liabilities	349	691	(342)	(377)
Cash and cash equivalents and current financial assets	(396)	(677)	281	293
L) Current net financial indebtedness	(47)	14	(61)	(83)
M) Financial assets and liabilities held for sale
N) Net Financial Position (I+L+M)	1,814	2,974	(1,160)	(1, 296)
Net Lease Liabilities	(1,616)	(1,891)	274	367
Net Financial Position excluding lease receivables and lease liabilities	197	1,083	(885)	(928)
O) Total $(H+N)$ , as in G)	2,788	3,373	(585)	(755)

Detailed FY2021 results - Consolidated balance sheet

MAKE IT

Detailed FY2021 results - Outstanding gross debt (excl. lease receivables and lease liabilities)

Borrowings - as of 31.12.2021	Interest rate	Final Maturity	Commitment		Drawn Undrawn	Covenants
Amortizing Term Loan	Floating	Oct-26	\$348m	\$348m	\$0m
Total - HMS Host Corp				\$348m
Amortizing Term Loan Revolving Credit Facility	Floating Floating	Oct-26 Oct-26	€200m €500m	€200m €0m	€0m €500m	EBITDA interest coverage adj $\geq 4.5x$ Net Debt / EBITDA adj $\leq 3.5x$
Total - Autogrill S.p.A.					€200m $€500m$

Based on nominal value of borrowings as at 31 December 2021

The chart includes committed lines facilities only

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

$\frac{(1)}{(2)}$ Average cost of debt is calculated on average gross debt less cash at banks & deposits $\frac{(2)}{(2)}$ Net financial position excluding lease receivables and lease liabilities

2021 Capital Increase

	Transaction Summary
Offer type	Discounted Rights Issue $\bullet$
Offer size	c.€600m (c.34% of Autogrill market capitalization) $\bullet$
Use of proceeds	$\epsilon$ 500m to repay existing debt Remaining part allocated to the creation of a liquidity $\bullet$ reserve
New shares issued	c.130.6m new shares
Subscription price	€4.59 per share
Subscription ratio	13 new shares for 25 old shares
Discount to TERP	27.9%
Take-up	Pre rights auction: 99.16% Final: 100%
Subscription period	14th - 29th June 2021 (rights trading ended on 23rd $\bullet$ June)

$1.7$

$1.2$

$0.7$

US motorways business disposal

Transaction Overview

• In March the Group signed the agreement to sell its US motorways business to a consortium led by Blackstone Infrastructure Partner
• The transaction has been closed on 23 July 2021
• Capital gain of \$153m, net of transaction costs

Strategic Rationale

Fully in line with the capital allocation strategy of the Group

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

FY2024 mid-term ambition

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

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

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

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

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

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

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

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

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

Potential upsides: bolt-on acquisitions and new wins

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

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

APAC and Middle Eastern countries in the airport channel

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

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

Calendar

Calendar

26 May 2022

• Shareholder's meeting to approve 2021 financial statements
  • Revenue performance as of 30 April 2022

29 July 2022

Financial report on 1st Half period to 30 June 2022

29 September 2022

Revenue performance as of 31 August 2022

IR Contacts

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

Emanuele Isella

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