Autogrill — Investor Presentation 2023

Mar 9, 2023

IINFO

Autogrill Group FY2022 Financial Results

Milan, 9 March 2023

Disclaimer

This preentation is of a purely informative an offer to sel, exchange or by securities issued by Autogrill Sp.A. or any of its subsciaries, or any advice or recommendation with respect to such instruments, nor shall it or any part of it nor the fact of its distribution form the boss of or be relied on in connection with, any contract decision in relation therein contained heren does not purport to be comprehensive and hove not been integencently verified.

The strents contained in this presentation regardinors of future growth in the different business ines and the global business, financial esults and other aspect of the activities and singil Group and cannot be interpreted as a promise of whatsever rature. Such howard-oching stolenents are oased upon various estimation known to the Autogill Group as of the cate hereor and hove by heir very nature on element of risk and uncertainly as hey cepend on the courte, including uncertainles on the coronairs (CVD-19) outbeat and from the estrictive neosures token by each . Actual results my differ significantly rom the fores prediced or implied by such for a number of eason, including by way of example: the countries and business channels where he Group operates; the outcome of exising concession contracts and tube tender in the concerner exchange rates between the nain currencies and the every interest movements, future developments in demant; changing oil and other raw material (food prices; genolitions; geopolitical fractors and neve legistation in the coup operate; other charges in business condition. Consentation, whether expressed or implied, as to the concrimity of he actual results with those projected in the forward looking strements. And in place under eliance on those forward looking striences, which speck only as of he atte of this presentation. Autogrill Sp.A. undertales no oblicy the essults of any revisons to these bowerd booking stolenents wrich may be nace to reflect evers and circumstances after the date of this presentation.

Statements contained in this presentation of be token as a representation that such rends or cativities will confinue in the tuber. Aloggil S.p.A. makes no representation or varranty, when in reliance should be placed on the fairness, cource: , competeness or reliability of the information contained herein and of discussed to p.A. nor any of its representatives shall assume any responsibility or accept any liability whatsever (wheler ansing in tor) contract or otherwise in election to such information on in relation to any loss arising in connection with this presentation.

This presentation has to be accompanies by a versang of his presentation without the oppropriate verbal expandion on the 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 at. 154-85, par.2, of the Consolive Dirigente Pepsolo in charge of presso in charge of preparing the corporation of the corporation of the corporation of the corp at Autogrill S.p.A., Camilo Rossoto , declares that the contained herein corresponds to document results and accounting books and records

FY2022 financial results

FY2022 results highlights

Data in € millions

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

11 Exading the inport of US notownols not of derivatives, and others. Y 2022 indudes +90. In US rar efind, circa € CSIn subsidies, ent creatif, and other one if ieuns and circa €20m committed capex post-ponement

PI Equity FCF = FCF after liquidity generated (adsorbed) by the relationship with minority partners (-536m in FY201 ); +E7m in FY2019)

(3) Underlying = excluding the following impacts:

€ 3 MAKE IT • Stock-based management incentive plans: -€7m in FY2021; -€10m in FY2019 S HAPPEN Efficiency costs: nil. in FY2022; -€0.7m in FY2021; -€8.7m in FY2019

• Grain (Los) on operating adivities disposols: €2m in FY2021; €129m in FY2019 • • Acquisition fees: €0.9m in FY2019 (ni. In FY2022 and FY2022 and FY2022 (nd. FY2022 and F120

· Capital gain on Canadian equity investment: €38.0m in 2019 (nil in FY2021 and FY2022)

· Makewhole net of derivatives: €17.7m in FY2021 (nil in FY2019 & FY2022)

· Transaction fees related to the integration of Autogrill in Dufry: -€19m in 2022

FY2022 results highlights – Comparison with FY202 1

	FY2021 €/\$ FX = 1.18	FY2022 €/\$ FX = 1.05
REVENUE	€2,597m	€4,148m
UNDERLYING EBIT MARGIN	-0.3%	+2.4%
CAPEX AS A % ON REVENUE	5.2%	5.2%
FREE CASH FLOW(1)	+€ 17m	+€256m
EQUITY FREE CASH FLOW(1)(2)	+€94m	+€220m

Revenue: +€1,551m YoY

Underlying EBIT: +€107m YoY

Capex as % on revenue: stable YoY

(1) Excluding the impact of US motorways business disposals, makewhole net of derivatives, and others; FY2022 includes +€90.1m US tax refund, circa €35m subsidies, rent credits, and other one-off items and circa €20m committed capex

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Strong FY2022 results across key P&L metrics P&L Underlying

Em	FY2022	FY2021	Change
			Current FX	Constant FX (1)
Revenue	4,148	2,597	59.7%	50.2%
Underlying EBITDA	653	530	23.2%	14.1%
% on revenue	15.7%	20.4%
Underlying EBIT (2)	100	(7)	n.s.	n.s.
% on revenue	2.4%	-0.3%
Underlying pre-tax result	39	(89)	n.s.	n.s.
Underlying net result	6	(88)	n.s.	n.s.
UNDERLYING NET RESULT AFTER MINORITIES	(28)	(106)	73.4%	80.1%
Stock-based management incentive plans	(7)	(3)
Etticiency costs		(1)
Gain (Loss) on operating activities disposals net of transaction costs	(2)	129
Transaction tees related to Autogrill-Dutry integration	(19)
Make-whole net of derivatives		(18)
Tax effect		(40)
Net Reported Result atter minorities	(54)	(38)	41.8%	49.6%

FY revenue above the €4bn mark

Continuing strong EBITDA performance driven by operating leverage, renewed commercial offer, and continued focus on pricing management and operational efficiency

EBIT of +€100m

(1) Data converted using average FX rates
(2) Net of corporate costs of -€21m in FY2022 and -€26m in FY2021

Reported results impacted by the US motorways disposal in 2021 P&L Reported

Em	FY2027	FY2021	Change
			Current FX	Constant FX (1)
Revenue	4,148	2,597	59.7%	50.2%
EBITDA	626	656	-4.6%	-12.3%
% on revenue	15.1%	25.2%
EBIT(2)	73	119	-38.4%	-46.4%
% on revenue	1.8%	4.6%
Pre-tax result	13	19	-35.3%	-56.0%
Net result	(20)	(21)	2.9%	-21.3%
Net result after minorities	(54)	(38)	-41.8%	-49.6%

(1) Data converted using average FX rates
(2) Net of corporate costs of -€43m in FY2022 and -€28m in FY2021

FY2021 results benefitting from the €129m capital gain net of transaction costs related to the disposal of the US motorways business

Robust EFCF generation is mainly driven by organic growth and oneoff items

Data in EUR m

FY2022 FY2021 €m EBITDA 626 ୧୧୧ 2 (Gain) Loss on operating activity disposal net of transaction costs (130) 70 Change in net working capital 120 Principal repayment of lease liabilities (236) (153) Renegotiation for COVID-19 on lease liabilities (29) (175) (2) (4) Other CASH FLOW FROM OPERATING ACTIVITIES managerial (1) 430 314 82 (રા) Taxes paid Net interest paid (15) (73) Implicit interest in lease liabilities (39) (32) NET CASH FLOW FROM OPERATING ACTIVITIES managerial (1) 459 158 Net capex (207) (142) FREE CASH FLOW as reported 253 16 Impact of US motorways business disposal, make-whole net of derivatives and others@2/ 3 101 FREE CASH FLOW excluding impact of US motorways business disposal, make-whole net of 256 117 derivatives and others Liquidity generated (absorbed) by the relationship with minority partners (36) (23) EQUITY FREE CASH FLOW excluding impact of US motorways business disposal, makewhole 220 94 net of derivatives and others

l I Includes pincipal repayment of 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

Co MAKE T HAPPEN make-whole net of derivatives (-€ 17.5m in FY2021)

Ca. €116m improvement in CF from operating activities YoY

Equity free cash flow benefitting from ca. €145m one-off items in FY2022.

Atter deducting these items, the Equity free cash flow would amount to ~€75m

€220m EFCF benefitting from ca. €145m one-off items in FY2022 Data in EUR m

CHAPPEN

II EFCF = FCF cher liquidity generationship with minority partners (€36m in FY2022) and excluding the import of Dufy transaction (€3m in F2022) � MAKE IT

Strong cash generation and solid capital structure Data in EUR m

Em	FY2022	FY2021
EQUITY FREE CASH FLOW excluding impact of US motorways business disposal, makewhole net of derivatives and others	220	0
Acquisitions/disposals (1)	(13)	323
Impact of US motorways business disposal, make-whole net of derivatives and Dutry transaction14	(3)	(101)
NET CASH FLOW BEFORE CAPITAL INCREASE	204	316
Capital Increase (net of the expenses associated with the Oftering)	(1)	579
NET CASH FLOW	203	895
OPENING NET FINANCIAL POSITION	197	1,083
Net cash flow	(203)	(895)
FX and other movements	13	10
CLOSING NET FINANCIAL POSITION	8	197
Net lease liabilities and lease liabilities of assets held for sale	1,573	1,616
CLOSING NET FINANCIAL POSITION including lease liabilities	1,581	1,814

¹¹ Acquisifies: disposds: price disposal of US notwoys business (€2n in 2022; copid injection b JV partnership in Qatar (€4m in 2022; capisition of minor
buinesse in US (

14) Norecurring items related to the integration of Autogrill S.p.A. in FY2022); disposal of the US motoways business [€84m in F'2021]; makewhole net of derivatives (€18m in FY2021)

NFP excluding lease receivables and lease liabilities of €8m at the end of FY2022, as a result of the strong EFCF generation during the year

€3.4bn of new contract wins and renewals at an average duration of approximately 6 years Data in EUR bn; new contract wins and renewals by region

New wins include: Rome (FCO), Salt Lake City, Bangalore and Doha airports

Renewals include: Fort Myers, Miami, Honolulu and Stockholm Arlanda airports

Like-for-Like revenue growth driven by airports

Data in EUR m

(1) Disposals: motorways business in US occurred in July 2021

(2) Reporting calendar: Change in reporting calendar in International. For additional deals please refer to "Definition" section

(3) Other channels includes railway stations and shopping malls, downtown, fair exhibitions

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

Data in EUR m

⁽¹⁾ Disposals: Motorways business in US occurred in July 2021

(2) Reporting calendar: Change in reporting calendar in International. For additional deals please refer to "Definition" section

North America's revenue almost 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 and downtown locations

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

• Solid like-for-like revenue performance (+56%) benefitting from the recovery of international and business travel in the US and the commercial levers activated to foster organic growth
• Underlying EBIT increased by 22% YoY, helped by volume recovery and actions to cope with the current inflationary environment
• · Stock-based management incentive plans: -\$2.0m in FY2022 {-\$1.1m in FY2021; -\$3.2m in FY2019)
• · Efficiency costs: nil in FY2022 [-\$0.2m in FY2021; -\$5.4m in FY2019)
• Gain (Loss) on operating activities disposals net of transaction costs: -\$1.8m in FY2022 (\$153.1m in FY2021; +\$133.9m in FY2019)
• · Acquisition fees and other items: nil in FY2022 and FY2021 -\$1.0m in FY2019)

Sharp revenue growth driving EBIT improvement in International Data in EUR m

· FY2022 like-for-like revenue performance (+105%) driven by the restart of international traffic flows at airports and increased travelers' footfall in other channels

· EBIT materially improving YoY, benefitting from operating leverage

• Stock-based management incentive plans: -€1m in FY2022 |-€0.2m in FY2021; -€0.7m in FY2019)
• Efficiency costs: nil. in FY2022 and FY2021 (-€3.7m in FY2019)

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 and

9 MAKE IT

Recovery driven by airport channel in Europe

FY2019

( 3.1%

• Positive like-for-like performance (+37%) supported by the pick-up of the airport traffic in the region and by the renewed commercial offer on the Italian motorway network
• · Underlying EBIT back to positive territory in FY2022, thanks to the topline growth effect and cost control
• Stock-based management incentive plans: -€1.0m in FY2022 |-€0.5m in FY2021 ; -€0.7m in FY2019|
• · Efficiency costs: nil. In FY2022 |-€0.5m in FY2021; -€0.2m in FY2019|
• · Gain (Loss) on operating activities disposals net of transaction costs: nil, in FY2022 and FY2021 (€8.0m in FY2019)

Data converted using average FX rates: YoY percentage changes are at constant for further deriis
(1) Underlying = excluding impact of stock option plans, efficiency costs a

(24)

FY2021

-2.2%

1,495

536

959

FY2022

5

FY2022

+0.3%

EBIT %

Global leader in F&B concession business

Autogrill's Bubbles seafood and wine bar, Schiphol Airport, Amsterdam

Autogrill at glance FY2022 values

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Figures refer to FY2022 revenue
(1) "Others" includes railway stations and shopping malls, downtown, fair exhibitions

Feeling good on the move®

Appendix

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

• NET INVESTED CAPITAL
• CONSTANT EXCHANGE RATES CHANGE
• LIKE FOR LIKE REVENUE GROWTH
• NEW WINS AND RENEWALS
• REPORTING CALENDAR

Detailed FY2022 results - Consolidated P&L

		% on revenue		% on	Change
€m	FY2022		FY2021	revenue	Current FX	Constant FX(1)
Revenue	4,148.3	100.0%	2,596.8	100.0%	59.7%	50.2%
Other operating income	242.0	5.8%	192.9	7.4%	25.4%	20.4%
Total revenue and other operating income	4,390.4	105.8%	2,789.7	107.4%	57.4%	48.2%
Raw materials, supplies and goods	(1,347.6)	-32.5%	(900.1)	-34.7%	49.7%	42.8%
Personnel expense	(1,370.9)	-33.0%	(820.1)	-31.6%	67.2%	57.3%
Leases, rentals, concessions and royalties	(470.0)	-11.3%	(152.0)	-5.9%	209.3%	192.2%
Other operating expense	(574.4)	-13.8%	(391.5)	-15.1%	46.7%	37.0%
Capital gain (loss) on asset disposals	(1.7)	-0.0%	129.5	5.0%	n.s.	n.s.
EBITDA	625.7	15.1%	655.6	25.2%	-4.6%	-12.3%
Depreciation, amortisation and impairment losses 14	(552.6)	-13.1%	(537.0)	-20.7%	2.9%	-4.2%
EBIT (3)	73.1	1.8%	118.6	4.6%	-38.4%	-46.4%
Net financial charges (4)	(59.2)	-1.4%	(100.9)	-3.9%	-41.3%	-46.0%
Other income and charges, impairment and revaluations of tinancial assets	(1.3)	-0.0%	1.8	0.1%	n.s.	n.s.
Pre-tax result	12.6	0.3%	19.5	0.7%	-35.3%	-56.0%
Income tax	(32.5)	-0.8%	(40.0)	-1.5%	18.7%	27.8%
Net Result	(19.9)	-0.5%	(20.5)	-0.8%	2.9%	-21.3%
Minorities	(33.7)	-0.8%	(17.3)	-0.7%	94.6%	73.6%
Net Result after minorities	(53.7)	-1.3%	(37.8)	-1.5%	-41.8%	-49.6%

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!! Data convered using overge FX rates
(1) helding right of use asset impoiments of -8320m in FY202 and -6306m in FY2021
(1) Net of corporde costs of - €43m in FY2022 and

Detailed FY2022 results – Detailed revenue growth

	Organic growth
Em	FY 2022	FY 2021	FX(1)		Like for Like	Openings	Closings	Acquisitions	Disposals (2)	Reporting calendar
North America	2,150	1,303	159	741	56%	83	(15)		(121)
International	503	191	0	243	105%	27	(3)			44
Europe	1,495	1,103	ර	395	37%	26	(35)
Italy	659	766		207	28%	18	(33)
Other European countries	536	337	6	187	ર ૨૨%	8	(2)
Total REVENUE	4,148	2,597	] 65	1,379	53%	137	(52)		(121)	44
	Organic growth
Em	FY 2022	FY 2021	FX(1)		Like for Like	Openings	Closings	Acquisitions	Disposals(2)	Reporting calendar
Airports	2,792	1,427	146	1,097	69%	। ୦୧	(21)			37
Motorways	1,062	1,002	17	170	20%	22	(28)		(121)
Other channels (3)	295	168	3	112	65%	9	(4)			7
Total REVENUE	4,148	2,597	। ୧୧	1,379	53%	137	(52)		(121)	44

(1) Data converted using average FX rates

ூ MAKE IT CHAPPEN

(2) Disposals: motorways business in US occurred in July 2021
(3) Other channels include railway stations and shopping malls, downtown, fair exhibitions

Detailed FY2022 results – Breakdown by region

€m		% on revenue			Change
	FY2022		FY2021	% on revenue	Current FX	Constant FX (1)
North America	2,150		1,303		65.1%	47.1%
International	503		191		163.4%	163.0%
Europe	1,495		1,103		35.5%	34.8%
Total REVENUE	4,148		2,597		59.7%	50.2%
North America	115	5.3%	84	6.5%	36.5%	22.5%
International	-	0.2%	(41)	=21.7%	n.s.	n.s.
Europe	5	0.3%	(24)	-2.2%	n.s.	n.s.
Corporate costs	(21)		(26)		19.2%	19.2%
Underlying EBIT	100	2.4%	(7)	-0.3%	n.s.	n.s.

(1) Data converted using average FX rates

Detailed FY2022 results - Accrued capex

Capex as a % of revenue in line with FY2021 at 5.2%

Investments mainly at airports across all regions

			Change
Em	31/12/2022 31/12/2021		Current FX	Constant FX()
Intangible assets	933	910	23	(10)
Property, plant and equipment	800	778	22	(0)
Right of Use	1,385	1,487	(102)	(138)
Financial assets	29	24	റ	ব
A) Non-current assets	3,148	3,199	(52)	(144)
Inventories	133	117	17	ો ર
Trade receivables	51	46	റ	5
Other receivables	90	187	(97)	(103)
Trade payables	(416)	(358)	(59)	(52)
Other payables	(417)	(401)	(16)	(7)
B) Working capital	(560)	(409)	(151)	(142)
C) Invested capital (A+B)	2,588	2,790	(202)	(285)
D) Other non-current non-financial assets and liabilities	(39)	(2)	(37)	(36)
E) Net invested capital excluding assets and liabilities held for sale (A+B+D)	2,549	2,788	(239)	(321)
F) Assets and liabilities held for sale
G) Net invested capital (E+F)	2,549	2,788	(239)	(321)
Equity attributable to owners of the parent	911	923	(12)	(39)
Equity attributable to non-controlling interests	57	51	ර	ന
H) Equity	968	974	(6)	(36)
Non-current financial liabilities	1,368	1,928	(560)	(617)
Non-current financial assets	(69)	(୧୫)	(2)	2
I) Non-current net financial indebtedness	1,299	1,860	(562)	(615)
Current financial liabilities	872	349	523	514
Cash and cash equivalents and current financial assets	(288)	(396)	(194)	(184)
L) Current net financial indebtedness	282	(47)	329	330
M) Financial assets and liabilities held for sale
N) Net Financial Position (I+L+M)	1,581	1,814	(233)	(285)
Net Lease Liabilities	(1,573)	(1,616)	43	82
Net Financial Position excluding lease receivables and lease liabilities	00	197	(190)	(200)
O) Total (H+N), as in G)	2,549	2,788	(239)	(321)

Detailed FY2022 results – Consolidated balance sheet

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Detailed FY2022 results - Outstanding gross debt (excl. lease receivables and lease liabilities)

Borrowings - as of 31.12.2022	Interest rate	Final Maturity	Commitment		Drawn Undrawn	Covenants
Amortizing Term Loan	Floating	Sep-23	\$348m	\$348m	\$0m
Total - HMS Host Corp				\$348m
Amortizing Term Loan Revolving Credit Facility	Floating Floating	Sep-23 Sep-23	€200m €500m	€200m €0m	€0m €500m	EBITDA interest coverage adj ≥ 4.5x Net Debt / EBITDA adj ≤ 3.5x
lotal - Autogrill S.p.A.					€200m €500m

Based on the nominal value of borrowings as of 31 December 2022

The chart includes committed lines facilities only

On 3 December 2021 the Group completed the efinance through a 5-year mulicurrency, nedum-ont to a naximal into incipal anount of one billion evos with a pol of pinnessaly estry repaid through he billed hinning contracts and of he financing contract oncel 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

Detailed FY2022 results - Debt overview (excl. lease receivables and lease liabilities)

(1) Average cost of debt is calculated on average gross debt outstand on the costs of undrawn credit facilities
(2) Net financial position excluding lease receivables and lea

Calendar

Calendar

19 April 2023

· Shareholder's meeting to approve 2022 financial statements

25 May 2023

•Revenue performance as of 30 April 2023

28 July 2023

Financial report on 1st Half period to 30 June 2023

28 September 2023

Revenue performance as of 31 August 2023

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