Pierre & Vacances : Capital Markets Day – 30 mai 2024

Beyond ReInvention

CAPITAL MARKETS DAY - May 30th, 2024

D I S C L A I M E R

Financial data disclosed in this presentation are stemming from operational reporting.

To reflect the operating reality of the Group's businesses and the transparency of their performance, the Group's financial communication, in line with operational reporting as followed by management, continues to proportionally consolidate joint ventures and does not include application of the standard IFRS 16.

This presentation contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other important factors that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward‐looking statements. In some cases, you can identify forward‐looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," or "continue" or the negative of these terms or other comparable terminology. You should not place undue reliance on forward‐looking statements because they involve known and unknown risks, uncertainties and other important factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements.

Further information regarding factors which may cause results to differ materially from those projected in forward-looking statements is included in the Company' filings with France's securities regulator (Autorité des marchés financiers - AMF). Pierre et Vacances S.A. (the "Company") does not undertake to update any forward-looking statements presented herein to take into account any new information, future event or other factors.

This presentation does not constitute or form part of a prospectus or any offer or invitation for the sale or issue of, or any offer or inducement to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for any shares or other securities in the Company in France, the United Kingdom, the United States or any other jurisdiction. Any offer of the Company's securities may only be made in France pursuant to a prospectus having received the AMF approval or, outside France, pursuant to an offering document prepared for such purpose. The information contained in this presentation does not constitute any form of commitment on the part of the Company or any other person. Neither the information contained herein nor any other written or oral information made available to any recipient in the context of the Company's Capital Markets Day 2024 will form the basis of any contract or commitment whatsoever. In particular, in furnishing the information contained herein, the Company, its affiliates, shareholders, and their respective directors, officers, advisers, employees or representatives undertake no obligation to provide the recipient with access to any additional information.

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A G E N D A

9.00 INTRODUCTION

9.05 PVCP: A REINVENTED GROUP, BUILT UPON 2 YEARS OF SUCCESSFUL TURNAROUND

9.30 FY24-FY28: BEYOND REINVENTION

10.15 BRANDS IN CONTROL OF THEIR DESTINY (FIRST PART)

10.45 COFFEE BREAK

11.00 BRANDS IN CONTROL OF THEIR DESTINY (SECOND PART)

11.45 CONCLUSION

11.50 Q&A

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E X E C U T I V E S U M M A RY

TRANSFORMATION JOURNEY TO BECOMING THE EUROPEAN LEADER IN REINVENTED LOCAL TOURISM

A Re-Invented Group, strong of 4 empowered and efficient brands,

built upon two years of successful turnaround

• Excellent progress on all priorities set in our strategic plan
• Recovery in profitability and growth across all brands
• Financial performance 1 year ahead of last ReInvention BP (March 22): FY23A Group EBITDA (1) already reaching Reinvention BP24

H1 2024 results confirming the Group potential to achieve more

ambitious targets

• H124 EBITDA ahead of last year by €25m (reported) or €14m
  (normalized (2))

1. In all this presentation, "EBITDA" stands for "Adjusted EBITDA", defined as current operating profit stemming from operational reporting (consolidated operating income before other non-current operating income and expense, excluding the impact of IFRS 11 and IFRS 16 accounting rules) adjusted for provisions and depreciation and amortisation of fixed operating assets. Adjusted EBITDA therefore includes the benefit of rental savings generated by the Villages Nature project following the agreements signed in December 2022 for an amount of €10.9m for 2023, €14.5m for 2024, €12.4m for 2025 and €4.0m for 2026.
2. Group EBITDA restated for German government subsidies recorded in H1 2024 for €10.9m
3. Group reinstated debt, including the State-Guaranteed Loan, following the Restructuring Operations (€328m)

Recent Solid Performance: a First Step in our Growth Journey

• FY24 EBITDA guidance revised upwards, from €145m/150m to >=€170m (reported) or >=€160m (normalized (2)), reaching ReInvention BP25
• Repayment of the Group's debt (3), implementation of a RCF line and definitive exit from the restructuring documentation (end of the CP "Fiducie- sûreté" mechanism (trust security), lighter covenants…);
• Opportunity to embark on substantial growth while accelerating momentum:
  − 5 strategic pillars to go beyond ReInvention:

1. Act as the leader of a positive-impact local tourism
2. Invest in immersive experience, product, technology and culture of service
3. Push inventory development focusing on asset light
4. Continue to reduce costs and corporate structure
   5. Grow Brands further in control of their growth and destiny

• new objectives, beating Reinvention by one year, targeting a €200m EBITDA in FY2026 (vs. €187m in last BP) and €220m in FY2028 (10% margin)

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A REINVENTED	BEYOND	BRANDS IN	CONCLUSION	Q&A
GROUP, BUILT	REINVENTION:	CONTROL OF
UPON 2 YEARS	NEW AMBITIONS	THEIR
OF SUCCESSFUL		DESTINY
TURNAROUND

A REINVENTED GROUP,

BUILT UPON 2 YEARS OF SUCCESSFUL TURNAROUND

LOCAL TOURISM:

AN UNDENIABLE ASSET

• French people concerned by the challenges of sustainable tourism
• Particularly beneficial for rural areas
• 5 times less CO2 than long-distance tourism

57% of overnight stays

42% of total tourism revenues (in 2019)

T H E P I E R R E & VA C A N C E S - C E N T E R PA R C S G R O U P : L E A D E R I N R E I N V E N T E D L O C A L TO U R I S M

OUR PROMISE

To generate happiness for shared and authentic

experiences with a positive impact

OUR AMBITION

To become the European leader in reinvented local

tourism

OUR MISSION

As the European leader in local tourism, we are

committed to helping people get back to basics in a

preserved environment.

• Tourism of people residing in France or abroad who have travelled to their holiday destination in France less than 500 km from their home

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A K E Y TO U R I S M O P E R ATO R M A D E O F S T R O N G

B R A N D S , O F F E R I N G A U N I Q U E VA L U E P R O P O S I T I O N

WITH ITS 4 BRANDS, THE GROUP OFFERS ALL THE EXPERIENCES OF MEANINGFUL TOURISM IN EUROPE

DOMAINS IN THE HEART OF NATURE

Cottages, indoor and outdoor relaxation and leisure activities

29 domains 18K cottages

HOLIDAY RENTALS

Online distribution and services platform specialised in holiday rentals

50,000 addresses, 50 affiliated campsites, 40 holiday rentals agencies, 6,800 hosting partners

AT SEASIDE, MOUNTAINS AND COUNTRYSIDE

Apartments/houses and « à la carte » services.

186 residences (1)

18.3K apartments (1)

APARTHOTELS IN THE HEART OF CITIES

Equipped apartments and additional services for medium to long stays, whether for business or leisure.

131 aparthotels (1)

14.8k apartments (1)

1. including franchise and master-franchise

300*	Sites	45,800*	Accommodation
units (2/3 Green
			Key labelled)

		•	39% French
		•	>70% domestic
8m	Customers	•	45 % repeaters
		•	85% families
		•	81% direct distribution

12,600	Employees	• 53% of women managers
•	64% under the age of 45

	Group		Group
€1,915m	€137m	EBITDA**
Revenues**

• Inventory managed under a lease, timeshare or management mandate, excluding franchises, master franchises and marketing mandates.
• In FY 23, according to Operational Reporting, in €m

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A R E I N V E N T E D G R O U P,

B U I LT U P O N 2 Y E A R S O F S U C C E S S F U L T U R N A R O U N D

A TRANSFORMED GROUP, BUILT UPON SUCCESSFUL EXECUTION OF REINVENTION STRATEGY

New business model

1. reinvented business model, focused on tourism activities:

• Leading position on the growing and resilient hospitality / holiday park market
• Strong modernized brands, aligned with local tourism trends
• Derisked business model

ReInvention:

A clear strategy, focused on operational excellence, CSR and customer experience

• Renovated and premiumized

product

New governance

New shareholders:

Alcentra (25%), Fidera (24%), Pastel Holding* (9%), Pristine (converted State guaranteed loans) (12%), free float (30%, o.w. which 22% from ex- financial creditors)

New Board of Directors:

9 board members (4 considered independent and 1 being an employee representative).

Renewed ExCom:

10 members, all being appointed over 2020-2023.

New governance and processes

NB: Performance according to Operational Reporting, in €m

1 365	1 742
	+28%
FY2019	FY2023
	137
79

+74%

FY2019 FY2023

131					net financial
						debt turned
						out to a net
						cash position
			-79
FY2019	FY2023

Tourism

Revenue

Increase in NPS*:

• P&V: +19 pts
• CP: +15 pts

Group EBITDA

Net debt

Operating cash generation**:

FY23: +€56m

•	Transformed Customer
	Experience
•	Leaner Organization &
	Operational Efficiency

to secure implementation of Reinvention with cash and ROI oriented culture.

Empowerment of each business line: entrepreneurial mindset, supported by lean organization

Carbon		Energy	-8%	Water
-20% emissions	-11%	consumption	consumption

• Net Promoter Score (difference between the number of "promoters" vs "detractors" to the question "would you recommend this site to your friends and family?".
• Operating cash flows after capex and before non-recurring items and flows related to financing activities

* Atream affiliate	9
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A R E I N V E N T E D G R O U P, B U I LT U P O N 2 Y E A R S O F S U C C E S S F U L T U R N A R O U N D

ONE YEAR AHEAD OF REINVENTION BP (MARCH 22)

EBITDA

FY23A Group EBITDA	FY24 Revised
reaching Reinvention	guidance Group
BP24	EBITDA in line with
	ReInvention BP25

> =170

170

NB: Performance according to Operational Reporting, in €m

TOURISM REVENUE

FY23A Group Tourism Revenue reaching 97% of ReInvention BP25 target

~ 2 years ahead

COST SAVINGS

FY23A savings overperforming budget, and one year ahead of Reinvention BP

+27%

137

137

1 742

1 795

30

38

2023 actual	2024 BP	2024	2025 BP
	(March 22)	guidance	(March 22)
		(May 24)

FY 2023 actual

FY 2024 revised guidance

BP ReInvention initial objectives (March 2022)

2023 actual	2025 BP
	(March 22)

2023 budget 2023 actual

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