Brunel International N.V.

Earnings Release • May 4, 2018

Appendix to the press release 4 May 2018 Q1 2018

Highlights for the period ended 31 March

(x EUR 1,000)

Brunel International (unaudited)

P&L amounts in EUR million
	Q1 2018	Q1 2017	Change %
Revenue	213.8	196.4	9%	a
Gross Profit	50.0	47.2	6%
Gross margin	23.4%	24.0%
Operating costs	42.8	41.5	3%	b
EBIT	7.2	5.7	26%
EBIT %	3.4%	2.9%
Average directs	11,228	8,984	25%
Average indirects	1,527	1,460	5%
Ratio direct / Indirect	7.4	6.2

a 11 % like-for-like

b 5 % like-for-like

Like-for-like is measured excluding the impact of currencies and acquisitions

DACH region (unaudited)

P&L amounts in EUR million
	Q1 2018	Q1 2017	Change %
Revenue	64.1	61.3	5%
Gross Profit	20.6	22.0	-6%
Gross margin	32.1%	35.9%
Operating costs	14.9	14.6	2%
EBIT	5.7	7.4	-23%
EBIT %	8.9%	12.1%
Average directs	2,524	2,377	6%
Average indirects	472	431	10%
Ratio direct / Indirect	5.3	5.5

The Netherlands (unaudited)

P&L amounts in EUR million
	Q1 2018	Q1 2017	Change %
Revenue	56.2	47.9	17%
Gross Profit	16.9	14.4	17%
Gross margin	30.1%	30.1%
Operating costs	12.7	11.9	7%
EBIT	4.2	2.5	68%
EBIT %	7.5%	5.2%
Average directs	2,419	2,126	14%
Average indirects	422	437	-3%
Ratio direct / Indirect	5.7	4.9

Australasia (unaudited)

P&L amounts in EUR million
Q1 2018	Q1 2017	Change %
27.7	24.0	15%	a
2.4	1.8	33%
8.7%	7.5%
2.4	2.0	20%	b
0	-0.2	-100%
0.0%	-0.8%
925	442	109%
	77 12.0	76 5.8	2%

a 1 % like-for-like

b 12 % like-for-like

Like-for-like is measured excluding the impact of currencies and acquisitions

Middle East & India (unaudited)

P&L amounts in EUR million
	Q1 2018	Q1 2017	Change %
Revenue	19.2	16.0	20%	a
Gross Profit	3.3	2.2	50%
Gross margin	17.2%	13.8%
Operating costs	1.6	1.8	-11%	b
EBIT	1.7	0.4	325%
EBIT %	8.9%	2.5%
Average directs	2,392	1,085	120%
Average indirects	112	101	11%
Ratio direct / Indirect	21.3	10.7

a 38 % like-for-like

b 0 % like-for-like

Like-for-like is measured excluding the impact of currencies and acquisitions

Rest of world (unaudited)

P&L amounts in EUR million
	Q1 2018	Q1 2017	Change %
Revenue	46.6	47.2	-1%	a
Gross Profit	6.8	6.8	0%
Gross margin	14.6%	14.4%
Operating costs	8.7	8.7	0%	b
EBIT	-1.9	-1.9	0%
EBIT %	-4.1%	-4.0%
Average directs	2,968	2,955	0%
Average indirects	388	368	5%
Ratio direct / Indirect	7.7	8.0

a 8 % like-for-like

b 5 % like-for-like

Like-for-like is measured excluding the impact of currencies and acquisitions

Unallocated (unaudited)

P&L amounts in EUR million
	Q1 2018	Q1 2017	Change %
Revenue	-	-
Gross Profit	-	-
Gross margin
Operating costs	2.5	2.5	0%
EBIT	-2.5	-2.5	0%
EBIT %
Average directs	-	-
Average indirects	55	48	16%
Ratio direct / Indirect	-	-