Elior : delivers an outstanding first-half performance

PRESS RELEASE

Paris La Défense, May 16, 2024

Elior delivers an outstanding first-half performance

With EBITA up by 144% and a faster pace of deleveraging

Today, Elior Group (Euronext Paris - ISIN: FR 0011950732), a world leader in catering and multiservices, is releasing its unaudited results for the first half of the 2023-2024 fiscal year (six months ended March 31, 2024).

• Initial benefits from our strategy implemented since April 2023

• A more agile and efficient Group
• A return to profitability and growth momentum back on track
• Robust business development, led by strong customer relations and contract performance
• Costs streamlined
• Ongoing deleveraging

• Solid results for the first half of fiscal 2023-2024

• €3,123 million in consolidated revenue, representing 5.9% organic growth
• A more-than twofold increase in adjusted EBITA to €100 million from €41 million a year earlier; adjusted EBITA margin up 150 basis points to 3.2%
• A positive €169 million in free cash flow versus a negative €15 million a year earlier
• A €137 million reduction in net debt during the period
• Leverage ratio (net debt/adjusted EBITDA) of 4.1x, i.e., below the 5.25x set for the covenant test

Outlook for full-year2023-2024

• Organic revenue growth between 4% and 5%
• Adjusted EBITA margin of at least 2.5%
• Leverage ratio (net debt/adjusted EBITDA) around 4.0x at September 30, 2024

Commenting on these results, Daniel Derichebourg, Elior Group's Chairman and CEO, said:

"Against a backdrop of market uncertainty, Elior delivered a solid performance in the first half of fiscal 2023-2024. We've returned to operating profitability and have removed sources of losses within several strategic contracts. Our business development was robust and we won and renewed major contracts during the period. We also continued to deleverage the Group. Our revenue and organic growth are trending upwards, both overall and for our businesses individually, as are our EBITDA and profit margin. These are all signs that our recovery is continuing at a good pace, even though there's still some way to go.

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Our first-half2023-2024 results are the outcome of the structural changes we've been putting in place since April 2023 following the alliance between Elior and Derichebourg Multiservices. The intense efforts we've made are beginning to pay off and we plan to steadily and rigorously pursue them going forward. In view of all of these factors, I have every confidence in our ability to carry on down the path of profitable and sustainable growth. I'd like to take this opportunity to thank all of our teams for their hard work and all of our stakeholders - both internal and external - for their unwavering support."

Business Development

Several major contracts were won or renewed in the first half of 2023-2024, including with the following:

• In Contract Catering

• France: Dassault Aviation's head office, the municipality of Aubervilliers, l'École Nationale de Police de Oissel, and the Sainte Croix Sainte Euverte Orléans group of schools
• United Kingdom: Leeds-Bradford international airport passenger lounges and Leicestershire County Cricket Club
• Italy: BNL Aldobrandeschi
• Spain: Fundación La Caixa
• United States: The Thomas Jefferson Foundation Inc. and Pine Bluff School
• India: Boeing India Private Limited and Autodesk India PVT. Limited

• In Multiservices

• Facility: Disney Hotel and Edvance (EDF group)
• Health: Hôpital Ambroise Paré and Centre René Gauducheau
• Temporary Staffing: Le Saint group
• Aeronautics: new contracts with Airbus
• Energy & Urban: Batipart Immo and the municipality of Argenteuil

Revenue

Consolidated revenue from continuing operations amounted to €3,123 million in the first

half of fiscal 2023-2024, compared with €2,478 million for the year-earlier period. This 26.0% increase reflects organic growth of 5.9%, a 0.7% negative currency effect and a 20.8% positive impact from changes in scope of consolidation, mainly due to the consolidation of Derichebourg Multiservices (DMS) as from April 18, 2023.

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On a like-for-like basis, revenue rose by 4.6%, including a positive 1.0% volume effect and a favorable 3.6% price effect.

Business development remained robust in the first half of 2023-2024, driving up revenue by 9%, having already added 10.3% to the first-half2022-2023 revenue figure.

Contract losses, excluding voluntary contract exits, reduced revenue by 6.4%. On this basis, the revenue retention rate was 93.6% at March 31, 2024. Voluntary contract exits trimmed a further 1.3% from revenue. The overall revenue retention rate was therefore 92.3%, up 1 point on the 91.3% recorded at March 31, 2023.

Revenue by business segment

Contract Catering revenue totaled €2,293 million in the first half of 2023 -2024 versus €2,169 million in the same period of 2022-2023, representing year-on-year growth of 5.7%. This increase breaks down as follows: 5.9% organic growth, a positive 0.6% impact from changes in scope of consolidation stemming from the acquisition of Cater to You in the United States, and a negative 0.8% currency effect.

Multiservices revenue jumped to €823 million from €302 million in the year -earlier period. This €521 million increase reflects organic growth of 6.0% and a positive €503 million impact from changes in scope of consolidation, arising on the first-time consolidation of DMS.

The Corporate & Other segment, which includes the Group's "Ciel de Paris" and "Maison de l'Amérique Latine" concession catering activities, generated €7 million in revenue in first-half2023-2024.

Pro forma revenue

On a pro forma basis, consolidated revenue was 5.3% higher than the €2,965 million recorded for the first half of 2022-2023. Pro forma revenue growth for Multiservices was 4.3%.

Adjusted EBITA and Other Income Statement Items

Consolidated adjusted EBITA from continuing operations came to €100 million in the first half of 2023-2024, compared with €41 million for the same period of 2022-2023. Adjusted EBITA

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margin widened by 150 basis points to 3.2% from 1.7%. The effect of price increases more than offset the impact of inflation. Operational efficiency gains - which amounted to €29 million, including €9 million in synergies achieved - also contributed to the improvement in operating profitability.

In Contract Catering, adjusted EBITA came in at €91 million, versus €49 million a year earlier. Adjusted EBITA margin was 4.0%, up 170 basis points from 2.3% in the same period of 2022- 2023.

In Multiservices, adjusted EBITA was €16 million, compared with a €2 million loss in the first half of 2022-2023. Adjusted EBITA margin was 1.9%, representing a 270 basis-point positive swing versus the negative 0.8% reported a year earlier, before the consolidation of DMS.

For the Corporate & Other segment, adjusted EBITA represented a €7 million loss, against a €6 million loss in the same period of 2022-2023, reflecting the first-time consolidation of DMS' corporate structures.

Pro forma EBITA

On a pro forma basis, EBITA margin for the Group as a whole also increased by 150 basis points from the 1.7% EBITA margin posted for the first half of 2022-2023. The pro forma EBITA margin for Multiservices widened by 70 basis point from 1.2% in the first half of 2022-2023. The Corporate & Other segment saw a €2 million improvement in pro forma adjusted EBITA compared with the first half of 2022-2023, reflecting the cost savings already achieved for the corporate structures.

Recurring operating profit from continuing operations totaled €88 million in the first half of

2023-2024, compared with €30 million a year earlier.

Non-recurringincome and expenses represented a net expense of €15 million, versus a net expense of €17 million in first-half2022-2023, and included €12 million in restructuring costs.

The Group recorded a net financial expense of €52 million for the six months ended March 31, 2024 compared with €35 million in first-half2022-2023, reflecting the increase in average debt and interest rates, and, to a lesser extent, the interest expense on DMS' factoring program.

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Income tax represented a €20 million charge versus a €3 million charge a year earlier. Current income tax expense amounted to €14 million (including the CVAE tax charge in France) and deferred tax expense was €6 million, mainly due to the profit generated in France during the period.

In view of the above factors, the Group ended first-half 2023-2024with €1 million in net profit for the period attributable to owners of the parent, compared with a €23 million attributable net loss for the same period of 2022-2023.

Cash Flows, Debt and Liquidity

Free cash flow amounted to a positive €169 million, up sharply on the negative €15 million recorded for first-half2022-2023.

The net change in operating working capital represented a strong cash inflow of €83 million, including a reversal of the €38 million temporary negative movement related to outstanding securitized and factored receivables recorded at the end of the 2022-2023 fiscal year. On a normalized basis, i.e., after neutralizing this €38 million positive reversal effect, free cash flow would have totaled €131 million.

EBITDA rose sharply from €107 million in first -half2022-2023 to €189 million in the first six months of 2023-2024.

Net capital expenditure increased by €11 million year on year to €43 million from €32 million, reflecting the first-time consolidation of DMS. As a percentage of revenue it represented 1.4%, up slightly on the 1.3% for first-half2022-2023.

Net debt stood at €1,256 million at March 31, 2024, versus €1,393 million at September 30, 2023.

The leverage ratio (net debt/adjusted EBITDA), as calculated for the purpose of the test carried out by the Group's lenders, was 4.1x at March 31, 2024, i.e., below the 5.25x set in the covenant.

The Group's available liquidity totaled €342 million at March 31, 2024, against €313 million at September 30, 2023, and included €81 million in cash and cash equivalents, an undrawn €190

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million under its €350 million revolving credit facility and €71 million in other available credit facilities.

Corporate Social Responsibility (CSR)

Highly aware of Elior's footprint and our responsibilities towards our stakeholders, in the first half of 2023-2024 we continued to work on defining the Group's new social and environmental commitments with a view to publishing our sustainability roadmap by the end of the fiscal year.

We completed our double materiality analysis during the period, which enabled us to identify the Group's strategic goals and challenges regarding the social and environmental impacts that its activities have on its stakeholders and the financial impacts that social and environmental issues have on the Group.

This analysis will also enable the Group to comply with the EU Corporate Sustainability Reporting Directive (CSRD) and therefore publish its first sustainability report as early as the end of fiscal 2023-2024.

Events After the Reporting Date

On April 30, 2024, the Group signed an agreement to acquire DCK Catering, a school catering company based and operating in Hong Kong. This acquisition will strengthen the Group's positions in the contract catering market in Asia.

With an operating presence in India since 2017, in 2023 when Daniel Derichebourg arrived, the Group decided to accelerate its expansion there through robust organic growth and bolt-on acquisitions.

Outlook

The Group's activity remains well oriented in each of its two businesses, and the upward trend in prices is expected to continue to boost revenue for the rest of fiscal 2023-2024. During the remainder of the year we intend to continue to win new business while at the same time streamlining our portfolio of existing contracts whose profitability levels are still considered insufficient.

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In view of the above factors and our solid results for the first half of 2023-2024, we are standing by our previously announced guidance for the full fiscal year, namely:

• Organic revenue growth between 4% and 5%
• Adjusted EBITA margin of at least 2.5%.
• Net debt/EBITDA ratio around 4.0x at September 30, 2024

We have set the following mid-term financial targets:

• €56 million in run-rate synergies by 2026 (compared with the initially targeted €30 million)
• Net debt/adjusted EBITDA ratio below 3.0x at September 30, 2026

Presentation

The Group's presentation of its results for the first half of 2023-2024 will take place on May 16, 2024, at 9:00 a.m. Paris time and will be accessible by webcast and telephone. Participants will be able to ask questions over the phone only.

The webcast will be accessible via the following link:

https://channel.royalcast.com/landingpage/eliorgroup/20240516_1/

The dial-in numbers for the conference call are as follows: France: [phone]

United Kingdom: [phone]

United States: [phone]

Access code: Elior Group; please log in at least 10 minutes before the start of the presentation.

Financial calendar

November 20, 2024: full-year results for fiscal 2023-2024 - pre-market press release and conference call

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Appendices

Appendix 1: Revenue by business segment

Appendix 2: Revenue by geographic area

Appendix 3: Pro forma revenue by business segment

Appendix 4: Adjusted EBITA and adjusted EBITA margin by business segment

Appendix 5: Pro forma adjusted EBITA and adjusted EBITA margin by business segment

Appendix 6: Simplified cash flow statement

Appendix 7: Consolidated financial statements

Appendix 8: Definitions of alternative performance indicators

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About Elior Group

Founded in 1991, Elior Group is a world leader in contract catering and multiservices, and a benchmark player in the business & industry, local authority, education and health & welfare markets. With strong positions in ten countries, the Group generated €5.8 billion in pro forma revenue in fiscal 2022-2023. Our 133,000 employees cater for 3.1 million people every day at 20,200 restaurants and points of sale on three continents.

The Group's business model is built on both innovation and social responsibility. Elior Group has been a member of the United Nations Global Compact since 2004, reaching advanced level in 2015.

To find out more, visit www.eliorgroup.com/Follow Elior Group on Twitter: @Elior_Group

Press contact

Silvine Thoma - [e-mail] / [phone]

Investor contact

[e-mail]

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Appendix 1: Revenue by business segment

				Changes in		Total
	H1	H1	Organic	Currency year-on-
	scope of
(in € millions)	2023-24	2022-23	growth	consolidation	effect	year
						change
Contract Catering	2,293	2,169	5.9%	+0.6%	-0.8%	+5.7%
Multiservices	823	302	6.0%	+166.9%	0.0%	+172.9%
Sub-total	3,116	2,471	5.9%	+20.9%	-0.7%	+26.1%
Corporate & Other	7	7	1.9%	NM	NM	+1.9%
GROUP TOTAL	3,123	2,478	5.9%	+20.8%	-0.7%	+26.0%
NM: not material

Appendix 2: Revenue by geographic area

	H1
(in € millions)	2023-24
France	1,607
Europe (including the UK)	841
Rest of the world	675
GROUP TOTAL	3,123
	H1	H2	12 months
(in € millions)	2022-23	2022-23	2022-23
France	1,112	1,428	2,540
Europe (including the UK)	719	704	1,423
Rest of the world	647	613	1,260
GROUP TOTAL	2,478	2,745	5,223

Appendix 3: Pro forma revenue by business segment

Pro forma 2022-23	H1	H2	12 months
(in € millions)	2022-23	2022-23	2022-23
Contract Catering	2,169	1,982	4,151
Multiservices	789	804	1,593
Sub-total	2,958	2,786	5,744
Corporate & Other	7	9	16
GROUP TOTAL	2,965	2,795	5,760

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