Worldline — Earnings Release 2018

Jan 30, 2019

Revenue: €1,720 million, up +6.2% organically

OMDA: €391 million, 22.7% of revenue, up +100bp compared with 2017

Free cash flow: € 207 million, +18%

Organic revenue growth: +7% and +8 CAGR s 2018

Profitability: OMDA percentage improvement between +400bp and +500bp in 2021, compared with 2018 pro forma

Free cash flow: € 370 million to € 410 million in 2021, representing between +75% and 95% increase compared with 2018

Maintain priority on European payment consolidation

Bezons, January 30, 2019 Worldline [Euronext: WLN], European leader in the payments and transactional services industry, today announces during the Investor Day held by its parent company Atos in its Headquarters in Bezons (France), its 2018 results and its ambitions for 2019 2021 reflecting the increase of its business after the recent acquisitions of SIX Payment Services

Gilles Grapinet, Worldline CEO said: "Today, Worldline reports very solid 2018 results, with all full-year objectives met. I am very proud of our teams, who were able to deliver this performance while actively preparing the integration of SIX Payment Services, which enabled us to launch our new integrated company on December 1st.

Today, leveraging the full benefits from its undisputed European leadership in payment services, Worldline presents its new 3-year plan. For the 2019-2021 period, Worldline intends to accelerate further its profitable growth trajectory extracting fully the benefits of its improved competitive positioning after having doubled in size and geographic reach over the last four years. Our plan will keep an intense commercial focus on large outsourcing deals and new bank alliances, a strong attention to grow online and omni-channel payments and an swift execution of the SIX Payment Services synergy plans.

²⁰¹⁸ results are unaudited and qualified as estimates under R. AMF 2004 04

Based on its recognized track record, Worldline intends to reinforce its position as a premium brand for customers, employees and key talents and is more than ever the long-term payment partner to European banks and merchants. Thanks to its strategic flexibility and proven ability to shape tailor-made M&A transactions, the Group will maintain an absolute priority and focus, in parallel with the SIX Payment Services integration, on the next wave of European payment consolidation opportunities."

The 2018 results of the Group include the performance of SIX Payment Services from December st 2018. Taking this change of scope into consideration, revenue and operating margin before depreciation and amortization (OMDA) for 2018 are compared with 2017 revenue and OMDA at constant scope and exchange rates, which are presented in the appendix.

Performance for 2018, on a like for like basis compared with 2017 for revenue and OMDA, was as follows:

as follows:
	FY	2018 key figures
In € million	FY 2018 (1)	FY 2017*	% Growth
Revenue*	1,720.2	1,619.3	+6.2%
Operating Margin before Depreciation and Amortization* % of revenue	391.1 22.7%	351.8 21.7%	+11.2% +100 bp
Free cash flow	207.5	176.0	+17.9%

* At constant scope and December 2018 YTD average exchange rates and restated from IFRS 15

(1): 2018 results are unaudited and qualified as estimates under R. AMF 2004 04

²⁰¹⁸ results are unaudited and qualified as estimates under R. AMF 2004 04

At constant scope and exchange rates, Worldline revenue stood at 1,720.2 million representing an organic growth of +6.2% compared with 2017. Revenue growth accelerated as planned during the year, with +6.7% in H2 2018 (+7.0% in the fourth quarter of the year).

The Group's OMDA improved by +100bp, reaching € 391.1 million or 22.7% of sales, in the upper end of the objective bracket set for the year of between 22% and 23%.

Free cash flow in 2018 was 207.5 million and increased by 17.9 compared with 2017.

Performance per Global Business Lines
		Revenue			OMDA		OMDA %
In € million	FY 2018 (1)	FY	2017* % Growth	FY 2018 (1)	FY 2017*	FY 2018 (1)	FY 2017*
Merchant Services	624.3	600.3	+4.0%	132.3	124.9	21.2%	20.8%	+0.4 pt
Financial Services	777.0	722.3	+7.6%	237.1	209.9	30.5%	29.1%	+1.5 pt
Mobility & e-Transactional Services	319.0	296.7	+7.5%	38.8	39.7	12.2%	13.4%	-1.2 pt
Corporate Costs				-17.1	-22.6	-1.0%	-1.4%	+0.4 pt
Worldline	1,720.2	1,619.3	+6.2%	391.1	351.8	22.7%	21.7%	+1.0 pt

* At constant scope and December 2018 YTD average exchange rates and restated from IFRS 15 (1): 2018 results are unaudited and qualified as estimates under R. AMF 2004-04

organically or €+24.0 million and reached 624.3 million

Growth in Merchant Payment Services was primarily driven by Commercial Acquiring. The strong acceleration of Commercial Acquiring was nonetheless partly offset by the temporary slowdown of Payment Terminal Services.

Merchant Services' OMDA reached 132.3 million at the end of December or 21.2% of

revenue, increasing organically by €+7.5 million +40 basis points compared with 2017 ,

reflecting the top line performanc and the ontributive effect of MRL Posnet and former Digital River World Payments integration

Accounting for 45% of total revenue, Financial Services revenue reached 777.0 million, improving organically by €+54.7 million or +7.6% compared to 2017. All four business divisions contributed to that growth with solid transaction volumes, software license sales and high level of project activities

Financial Services reached an OMDA of € 237.1 million 30.5% of revenue) representing an organic increase of +150 basis points or €+27.2 million, compared to 2017. This performance was driven by savings in the cost base resulting from the implementation of the synergy plan that started with the integration of equensWorldline and by good business trends in all four business lines.

Representing 19% of total revenue, Mobility & e Transactional Services revenue reached 319.0 million, increasing by +7.5% organically or €+22.2 million compared to last year This growth could be achieved thanks primarily to Trusted Digitization and e -Consumer & Mobility.

Mobility & e Transactional Services OMDA reached 38.7 million or 12.1% of revenue decreasing by 0.9 million or 120 basis points. During the first semester, he OMDA of the Global Business Line was indeed impacted by the investment phase linked to numerous recently won contracts. To cope with the challenges of fast resource ramp up, a strong productivity improvement plan has been launched mid year and as a result OMDA percentage improved sequentially by 380 basis points in H2 compared with H1 2018

Free cash flow in 2018 was 207.5 million and increased by 17.9 compared with 2017. This performance was achieved while absorbing most of SIX Payment Services transaction costs and equensWorldline second year of synergy implementation costs.

• Organic revenue growth: +7% and +8% CAGR vs 2018 Profitability: OMDA percentage improvement between +400bp and +500bp in 2021,
• compared with 2018 pro forma of c.21%
• Free cash flow: € 370 million to € 410 million in 2021, representing between
• +75% and 95% increase compared with 2018
• Leverage Worldline's size, unique European reach and product excellence in Merchant Services
• Fully deliver the scale benefits of the established European processing market leader
• Bringing payment, high scale processing and regulation expertise to new adjacent markets

Following the acquisition of SIX Payment Services in November 201 , Worldline is now the largest non bank acquirer in Continental Europe with a market share of circa 10% and a number 3 position for online payment acceptance in Europe. Based on its numerous market leading positions particularly in Switzerland, Austria and in the Benelux but also in India, the Group's Merchant services division intends o fully grab the benefits of this enhanced scale and

positioning for both physical and online payment services.

Leveraging a unique mix of solutions and assets, such as it very solid cross border acquiring solution, its state of the art omni channel platform One Commerce Hub , or its innovative range of new payment terminals, Worldline anticipates Merchant Services to be the growth

Over the next three years, Merchant Services OMDA is expected to strongly improve from a

low twenties OMDA percentage in 2018 pro forma to a high twenties rate in 2021, thanks to the delivery of massive synergies with SIX Payment Services (2), he contribution of the efficiency program TEAM², larger scale and a higher proportion of online payments.

²⁰¹⁸ results are unaudited and qualified as estimates under R. AMF 2004 04

SIX Payment Services synergies: circa € 110 million OMDA run rate by 2022, of which c.25% in 2019 and c.50% in 2020 (impact on Merchant Services and Financial Services altogether)

The year plan of Financial Services intends to fully leverage its undisputed European leadership position, which was further enhanced by the acquisition of the processing activities of SIX Payment Services as well as its unique portfolio of offering , covering all types of payment processing as well as digital banking and solutions for secured online transactions.

On this basis, beyond the benefit from structural transaction volume increase, the Group's

• growth in Financial Services is expected to be supported by numerous levers such as:
• Cross selling and up selling on the recently integrated new customer bases
• Driving proactive sales campaigns to push its highly innovative products and services
• Delivering a high level of recurring or regulatory driven projects activity, notably in in online and mobile payments, PSD2 compliant secured access to account platform and instant payment technologies.

In addition Worldline intends to maintain a strong commercial focus on new large payment outsourcing contracts with banks, which is proving to be a sustained trend in the market driven by cost optimization policies, necessity for better time to market and reallocation of IT and business priorities within banking communities.

Therefore, and following several quarters of strong revenue growth in the past two years, Worldline now anticipates that Financial Service revenue should grow above 5% over the

2019 2021 period versus the low single digit assumption that was retained for the previous year plan

On top of the strong synergies expected from the Merger with SIX Payment Services and the profitability enhancement coming from TEAM², Financial Services OMDA should also benefit from a higher operating leverage and from the phase 2 of the synergy plan of equensWorldline, which targets another 15 million euro run rate OMDA improvement by 2021. Altogether, the Group is targeting Financial Services' OMDA to improve from the high twenties pro forma

SIX Payment Services synergies: circa € 110 million OMDA run rate by 2022, of which c.25% in 2019 and c.50% in 2020 (impact on Merchant Services and Financial Services altogether)

Expected growth in Mobility & Transactional Services relies on a solid pipeline of opportunities, notably for open payment technologies in public transport, track & trace solutions and consumer engagement platforms. The Group intends to strongly promote these promising assets to its large banking and merchant customer base. It also intends to benefit from its larger geographical footprint, notably in the DACH (Germany, Austria, and Switzerland) region and Central & Eastern Europe. Together with growing volumes on existing platforms, hese trends will sustain Mobility & e Transactional Services growth rate, expected within

Mobility & e Transactional Services OMDA percentage is expected to improve gradually towards 15 to 17% through a stronger focus on large scale platforms, optimization of delivery models and more transactions on existing platforms.

Benefitting from its European intimacy and its particularly solid financial profile, the Group intends to keep participating with an absolute priority focus n the consolidation of the European payment market, as it has already done in Merchant Services with the recent transformative acquisition of SIX Payment Services and in Financial Processing through the creation of equensWorldline

As demonstrated over the last 4 years, Worldline has a unique capability to shape tailor made transactions, which are fitting the particular situations or expectations of the European banks and banking communities when they contemplate their strategic options for the future of their payment assets and activities. This know how is reinforced by the strategic flexibility of orldline and its proven track record of value creation for the banks both as customers and shareholders, while taking into consideration their specific regulatory environment or governance constraints

Given the numerous opportunities for further European payment industry consolidation, notably in some of the largest European economies; Worldline confirms its absolute priority and focus devoted on its M&A strategy over in the next 3 years.

ully in line with 2021 ambition, the 2019 objectives are as follows:

The Group expects to achieve an organic growth of its revenue, at constant scope and exchange rates, of between 6% to 8%

The Group targets an OMDA margin between 23% and 24%

The Group has the ambition to generate a free cash flow of between € 275 million and € 290 million including synergy implementation costs.

The presentation will be posted today at 14:30 CET on our website, at worldline.com, in the Investors section.

The presentation of the "Worldline year Plan" by Gilles Grapinet, Chief Executive Officer, Marc Henri Desportes, Deputy Chief Executive Officer and Eric Heurtaux, Chief Financial Officer, which will be held as part of Atos Investor Day, will be live webcasted today on the respective Atos and Worldline website at 3pm CET

You can join the webcast of the presentations on atos.net and Worldline.com, in the Investors section.

xcluding impacts from IFRS 16 adoption

* At constant scope and December 2018 YTD average exchange rates and restated from IFRS 15

				OMDA
In € million	FY 2017	IFRS 15	Internal transfers	Scope effects	Exchange rates effects	FY 2017*
Merchant Services	112.3		-0.3	+16.0	-3.1	124.9
Financial Services	202.1			+8.0	-0.3	209.9
Mobility & e-Transactional Services	43.6		+0.3	+0.0	-4.2	39.7
Corporate costs	-22.6					-22.6
Worldline	335.4		+0.0	+24.0	-7.6	351.8

* At constant scope and December 2018 YTD average exchange rates

• IFRS 15 accounting standard "Revenue from contracts with customers" is applicable from January 1, 2018 onwards and its impact on the FY 2017 revenue is 2.6%
• Internal transfers correspond to transfer and refocus of some contracts between Merchant Services and Mobility & e Transactional Services
• Scope effects on revenue and OMDA correspond to:
• o In Merchant Services:
  • addition for SIX Payment Services (1 month), MRL Posnet and Digital River World Payments (10 months) and
  • deduction for Paysquare Belgium (3 months)
• o In Financial Services:
  • addition for SIX Payment Services (1 month), First Data Baltics (9 months) and Diamis (12 months)
  • and deduction for Chèques Services (6 months)
• Exchange rate effects correspond mainly to the depreciation of the Argentinian Peso and of Asian currencies.

February 20, 2019 2018 full year result

Email: David.pierre kahn@worldline.com

Email: sandrine.vanderghinst@worldline.com

This document contains forward looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors behaviors. Any forward looking statements made in this document are statements about Worldline's beliefs and expectations and should be evaluated as such. Forward looking statements include statements that may relate to Worldline's plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2017 Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 21, 2018 under the filling number: D.18 0163, and its update filed with the AMF on August 1, 2018 under the registration number: D.18 0163 A01.

The Group's financial information relating to the financial year ended December 31, 2018 included in this document have been prepared using a process similar to that adopted for the

Board of Directors of Worldline SA has examined at its January 29, 2019 meeting the Group's financial information for the financial year ended December 31, 2018 and has approved their

Directors, to be held on February 18, 2019, shall include any material events previously unknown by the Group and of which it becomes aware or which may occur after January 30, 2019. Therefore the financial information presented shall be, in accordance with the AMF recommendation n°2004 04, qualified as estimated financial results.

Revenue organic growth and Operating Margin before Depreciation and Amortization (OMDA) improvement are presented at constant scope and exchange rates, and restated for the impacts of IFRS 15. OMDA is presented as defined in the 2017 Registration Document. Starting January st , 2018, dividends paid to non controlling interests are not anymore a Free Cash Flow item but

Global Business Lines include Merchant Services (in Argentina, Belgium, Brazil, Czech republic, France, Germany, India, Luxembourg, Malaysia, Poland, Spain, Sweden, Switzerland, The Netherlands, United Kingdom, USA), Financial Services (in Belgium, China, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Italy, Latvia, Lithuania, Luxembourg, Malaysia, Singapore, Spain, Switzerland, Taiwan, The Netherlands and the United Kingdom), and Mobility & e Transactional Services (in Argentina, Austria, Belgium, Chile, China, France, Germany, Spain, The Netherlands, and United Kingdom).

Worldline does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.

This document does not contain or constitute an offer of Worldline's shares for sale or an

or any other jurisdiction.

Worldline [Euronext: WLN] is the European leader in the payment and transactional services industry. With innovation at the core of its DNA, Worldline core offerings include Pan European and domestic Commercial Acquiring for physical or online businesses, secured payment transaction processing for banks and financial institutions, as well as transactional services in e Ticketing and for local and central public agencies.

Thanks to a presence in 30+ countries, Worldline is the payment partner of choice for merchants, banks, public transport operators, government agencies and industrial companies, delivering cutting edge digital services.

Worldline activities are organized around three axes: Merchant Services, Financial Services including equensWorldline and Mobility & e Transactional Services. Worldline employs circa 11,000 people worldwide, with estimated pro forma revenue of circa 2.3 billion euros on a yearly basis. Worldline is an Atos company. worldline.com