ATALIAN GROUP

Q1 2022
CONSOLIDATED FINANCIAL RESULTS
DISCLAIMER 2

Certain statements in this presentation are forward-looking. All statements other than statements of historical facts included in this presentation, including, without
limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, are forward-looking
statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual
results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-
looking statements. These include, among other factors, changes in economic, business, social, political and market conditions, success of business and operating
initiatives, and changes in the legal and regulatory environment and other government actions. These and other factors could adversely affect the outcome and financial
effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as
of the date of this presentation. Information contained herein relating to markets, market size, market share, market position, growth rates, penetration rates and other
industry data pertaining to the Company’s business is based on the Company’s estimates and is provided solely for illustrative purposes. In many cases, there is no readily
available external information to validate market-related analyses and estimates, thus requiring the Company to rely on internal surveys and studies. The Company has
also compiled, extracted and reproduced market or other industry data from external sources, including third parties or industry or general publications, for the purposes
of its internal surveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and market
segments described. This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be
viewed in isolation or as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS in its
consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled
measures used by other companies.
PRESENTING TEAM 3

Rob LEGGE Bruno BAYET

Deputy CEO Group CFO
 4

01. Q1 2022 Highlights

Q1 2022 HIGHLIGHTS 5

▪ Strong commercial activity in Q1 2022, both in terms of new contract wins (€116 million) and pipeline
(up 40% versus last year)

▪ All geographies posted strong like-for-like growth in Q1 2022 driven by solid contract wins of 2021.
Acceleration in net sales growth in Q1 2022 at +9.7% LfL

▪ Q1 2022 recurring EBITDA down 9.9% LfL with reduced margin of 6.3% reflecting: (1) lower profitability
in the USA, (2) lower Covid-19 related sales, (3) no furlough scheme in 2022, (4) phasing in costs and
productivity measures

▪ USA ramp-up on track with plan, with profitability close to breakeven achieved in Q1 2022

▪ Liquidity remaining ample at €279 million and LTM leverage ratio of 6.1x at end March 2022

▪ Equity injection to be finalised by Summer 2022

Q1 2022 NET SALES: ALL REGIONS STRONGLY RECOVERING 6

France UK & Ireland International

Net Sales Growth (LfL) +14.4% Net Sales Growth (LfL) +29.7% Net Sales Growth (LfL) +8.1% +7.7%
+21.1%
+17.5%
+3.4%
+6.2% +10.6%
+4.7% +5.3%
+3.8% +5.2%
+2.7%
+0.8% +1.1% -0.4%
-1.2% -1.0%
-3.6%
-13.2% -11.4%
-16.9% -6.9%

-7.7% -24.5% -9.7%

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

▪ New contract wins of €116 million in Q1 2022 and solid commercial pipeline of €3.7 billion up 40% year-on-year

▪ Solid net sales growth in France benefiting from 2021 contract wins

▪ UK net sales growth acceleration driven by relative basis of comparison and 2021 contract wins

▪ Strong net sales growth in international markets mainly in Benelux, CEE, Africa and Aktrion, despite decrease in the USA
Q1 2022 RECURRING EBITDA 7

Recurring EBITDA impacted by items that should revert in the coming quarters

– Lower profitability in the USA in Q1 2022 versus Q1 2021

– Benefit of Covid-19 related furlough scheme and higher special works in Q1 2021

– Phasing of holding costs with change in accounting of rebates versus Q1 2021

– Timing difference between revenue indexation / productivity measures and cost inflation

 Sequential improvement in quarterly Recurring EBITDA

 c.7.5% margin target in 2022 confirmed
KEY CHANGES MADE IN ATALIAN USA TO SUPPORT LONG-TERM SUSTAINABLE GROWTH 8

 Rebuild sales team to reach $62 million in new sales

1 Sales
 Develop new business mix lowering exposure to tenant model

2 Customer delivery  Focus on customer deliveries to increase share of customer service spend

3 Financial infrastructure  Strengthening of finance functions with robust processes and automation

4 Cash collection  Mobilisation on cash collection with key successes

 9

2. Q1 2022 Financial Results

Q1 2022 PERFORMANCE HIGHLIGHTS (*) 10

var LfL
€ million Q1 2022 Q1 2021 change
(%)

Net Sales 747.4 682.5 +9.5% +9.7%

Recurring EBITDA 46.9 53.0 -11.5% -9.9%

Recurring EBITDA Margin (%) 6.3% 7.8% -150bps

Operating Profit 19.2 31.1 (11.9)

Net profit (loss) for the period (6.4) 2.0 (8.4)

Cash Flow from Operations (CFFO) (0.0) 34.1 (34.1)

Net Financial Debt 1,250.1 1,160.2 89.9

Leverage ratio (LTM) 6.1x 5.3x

* Definitions in Appendices
NET SALES BRIDGE: Q1 2021 TO Q1 2022 11

In € million +9.5%

+66.5
International
excluding USA USA
+20.0 -5.5 -6.8 +5.2 747.4
France / UK
-13.3%
+52.0
+13.5%

682.5
+10.6%

+9.7%

Q1 2021 Like-for-like Scope Forex Q1 2022

RECURRING EBITDA BRIDGE: Q1 2021 TO Q1 2022 12

In € million -11.5%

+4.2%
53.0 -4.5

-2.5
+1.8 +0.1 46.9
-1.0
45.0

Q1 2021 USA Cost Scope Q1 2021 Like-for-like Forex Q1 2022

phasing "rebased"
FOCUS FRANCE 13

var LfL
€ million Q1 2022 Q1 2021 change
(%)

Net Sales 341.1 324.1 +5.2% +5.2%

Recurring EBITDA 37.0 35.8 +3.4% +3.4%

Recurring EBITDA Margin (%) 10.8% 11.0% -20bps

of which: Cleaning 35.0 32.5 +7.7% +7.7%

of which: Other activities 2.0 3.3 -39.4% -39.4%

▪ Net sales up 5.2% LfL in Q1 2022 with full recovery of underlying activities driven by strong commercial
development of 2021 and benefit of Integrated FM strategy
▪ Strong growth of retail sector thanks to Carrefour contract win and recovery of hotels and transport which were
impacted by Covid 19 related restrictions
▪ Solid Recurring EBITDA margin of 10.8%, down 20bps due to lower positive impact of Covid-19 related special
works and impact of new contract starts

* excluding France corporate holdings

FOCUS UK 14

var LfL
€ million Q1 2022 Q1 2021 change
(%)

Net Sales 210.0 165.9 +26.6% +21.1%

Recurring EBITDA 13.6 12.1 +12.4% +7.6%

Recurring EBITDA Margin (%) 6.5% 7.3% -80bps

▪ Strong Q1 net sales growth at +21.1% LfL thanks to the impact of contract wins of 2021 and the relative basis of
comparison as 2021 was impacted by lockdown
▪ Recurring EBITDA margin at 6.5% down 80bps year-on-year, as Q1 2021 benefited from furlough scheme, in
addition to the impact of new contract starts in Q1 2022
▪ Positive impact of higher GBP vs EUR: +€9.1 million in net sales and +€0.6 million in recurring EBITDA
FOCUS INTERNATIONAL 15

var LfL
€ million Q1 2022 Q1 2021 change
(%)

Net Sales 196.9 192.2 +2.4% +7.7%

Recurring EBITDA 10.5 15.4 -31.8% -22.5%

Recurring EBITDA Margin (%) 5.3% 8.0% -270bps

of which: Central & Eastern Europe 4.0 4.5 -11.1% +2.5%

of which: USA (0.3) 4.2 -107.1% -106.8%

of which: Other 6.8 6.7 +1.5% +12.6%

▪ Q1 2021 net sales up 7.7% LfL, pick-up driven by the relative basis of comparison as Covid-19 impacted Q1 2021 in Benelux and CEE,
being more than offset by challenges in our US operations (-13.3% LfL)
▪ Recurring EBITDA margin of 5.3% in Q1 2022, down 270bps year-on-year
▪ CEE: Strong growth driven by inflation in Russia and Turkey, with negative impact from FX and Ukraine crisis
▪ USA: Recurring EBITDA at breakeven in Q1 2022 with progressive ramp-up anticipated for the rest of the year
▪ Other: Solid growth in Benelux and Aktrion, partly offset by lower Recurring EBITDA in Asia due to deconsolidation of Harta for €1.0
million
▪ Negative impact of lower Turkish lira vs EUR: -€8.6 million in net sales and -€0.6 million in recurring EBITDA
* excluding country corporate holdings
INCOME STATEMENT Q1 2022 16

var LfL
€ million Q1 2022 Q1 2021 change
(%)

Net Sales 747.4 682.5 +9.5% +9.7%

Recurring EBITDA 46.9 53.0 -11.5% -9.9%
Recurring EBITDA Margin (%) 6.3% 7.8% -150bps
Depreciation and Amortisation (21.3) (19.0) (2.3)
PPA amortisation (2.3) (2.2) (0.1)
Provisions and Impairment losses (net) (0.2) 0.2 (0.4)
Other income & expenses (3.8) (0.9) (2.9)
Operating Profit 19.2 31.2 (12.0)
Net financial costs (20.4) (20.1) (0.3)
Other financial result (0.7) (1.6) 0.9
Income tax expenses (4.5) (7.6) 3.1
Share of profit (loss) of associates - - 0.0

Net Profit (loss) for the period (6.4) 2.0 (8.4)

CHANGE IN WCR 2020-2022 17

in € million

+113
+102
+8

+48
+92

+2 +1
+29 +21 +94 +22 +55 +66
+3 +7
-26 -30 -21 -46 -18 -24

-59
-17
-50 -43
-3
-80

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 (**) Q1 2022 (*) (**)

Change in Strict working capital Change in Non strict working capital

* Non recourse factoring : €239 million as per March 31, 2022 (vs. €214 million as per December 31, 2021)
Q1 2022 CASH FLOW FROM OPERATIONS (CFFO) 18

in € million

46.9 -17.5

-1.8
-2.5
-4.2

-20.9

Operational
(9.0)

Leases
(11.9)

(0.0)

Recurring Change Change in Income tax Non recurring Net capex Cash Flow
EBITDA in working capital factor deposits paid items & non From
cash items Operations
(CFFO)
NET FINANCIAL DEBT: DEC-2021 TO MAR-2022 BRIDGE 19

in € million
5.6x 6.1x

-1.8 1,250.1
+15.9 +1.3

Free cash flow

€(4.6) million
+4.6
1,230.1 -0.0

Dec. 31, 2021 Cash Flow From Financial Non-cash Acquisitions Other Mar. 31, 2022
Net debt Operations interests paid financial & disposals Net debt
expenses
UPDATE ON LIQUIDITY (1/2) 20

(€ million)

(*)

▪ As of March 31, 2022, Group’s liquidity of c. €279 million, with c. €132 million of cash and cash equivalents
▪ Factoring Facility: c. €240 million drawn, of which c. €239 million are without recourse, and a c. €44 million headroom*
▪ Revolving Credit Facility: undrawn ; c. €103 million headroom
▪ Other uncommitted Facility c. €2 million drawn out of €15 million

(*) Liquidity : €279 million including factoring headroom & excluding uncommitted credit facilities ; €235 million excluding factoring headroom & uncommitted credit facilities.
The use of factoring headroom remains subject to the stock of receivables that can be assigned
UPDATE ON LIQUIDITY (2/2) 21

▪ Governmental measures
▪ Deferred social charges and taxes of 2020 fully repaid in France and the UK in Q1 2022. Minor remaining
balance to be paid in Q2 2022
▪ PGE: €12.5 million reimbursed in March 2022. The balance of €12.5 million to be reimbursed in Q2 2022

▪ Factoring programs
▪ Non-recourse factoring facility with CAL&F :
• Facility amount: €220 million
• Maturity: extended by one year to September 2023
▪ Non-recourse factoring facility with CIC Factoring in the UK: £50 million
 22

3. Outlook
CONCLUSION 23

▪ Solid net sales performance in Q1 2022

▪ Recurring EBITDA margin impacted by USA and phasing, but action plan delivering first results

▪ Outlook
 Net Sales growth expected to be between 4% and 6% LfL in 2022 versus 2021
 Improved Recurring EBITDA margin sequentially from Q1 2022, leading to Recurring EBITDA margin close
to 7.5% for the full year of 2022
7.8%
7.6% 7.6% 7.3%
ex USA impact c.7.5%
7.5%

7.1% 6.8%
ex USA impact

6.3%

Q1 2021 H1 2021 9M 2021 FY 2021 Q1 2022 H1 2022 9M 2022 FY 2022

▪ Capital injection to be finalised by Summer 2022

UPCOMING EVENTS 24

28 July 2022 Q2 & H1 2022 Financial Results

 25

INVESTOR RELATION CONTACT

Jean-Michel Bonamy
Head of Investor Relations and M&A
[email protected]
 26

Appendices
2021 QUARTERLY P&L, RESTATED 27

CONSOLIDATED INCOME STATEMENT Q1 2021 Q2 2021 H1 2021 Q3 2021 9M 2021 Q4 2021 FY 2021
in millions of euros Restated Restated Restated Restated Restated Restated Restated

Net sales 682.5 731.3 1,413.8 738.1 2,151.9 793.7 2,945.7

Recurring EBITDA 53.0 55.2 108.2 56.0 164.3 46.2 210.5

Depreciation and amortization, net (21.2) (22.6) (43.8) (22.5) (66.3) (25.5) (91.8)

Provision and impairment loss, net 0.2 (0.5) (0.3) (1.7) (1.9) (19.1) (21.1)

Other income & expenses (0.9) (5.9) (6.8) (0.3) (7.1) (21.3) (28.4)

Operating profit 31.2 26.1 57.4 31.5 88.9 (19.7) 69.2

Net financial debt cost (20.1) (21.3) (41.4) (20.5) (61.9) (19.3) (81.2)

Other net financial expenses (1.6) (2.4) (3.9) (3.6) (7.5) (4.8) (12.3)

Income tax expenses (7.6) (11.3) (18.9) (7.4) (26.3) 3.1 (23.2)

Share of net income (loss) of other equity-accounted entities 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0

Net income for the period 2.0 (8.8) (6.8) (0.0) (6.8) (40.7) (47.5)
NET FINANCIAL DEBT 28

Var Dec-21 /
(In € million) Dec-20 Dec-21 Mar-22
Mar-22

Net Cash & Cash Equivalents 228 153 132 (22)

HY bonds 1 225 1 243 1 241 (2)
Factoring 10 1 1 (0)
RCF 0 0 *0 0
PGE 50 25 13 (12)
Other 104 114 127 13
Total Gross Debt 1 390 1 383 1 382 (1)

Total Net Debt 1 162 1 230 1 250 20

Deconsolidated Factoring 166 214 239 25

Adjusted Net Debt 1 328 1 444 1 489 45
Recurring EBITDA 207** 211 204
Leverage (Net debt / EBITDA) 5,6x 5,8x 6,1x

* As of March 31, 2021, the RCF was not drawn. This financing is subject to a financial covenant (Secured Leverage Ratio, SLR) based on the Group’s consolidated accounts.
SLR (calculated as the ratio of Total secured net debt to Consolidated EBITDA) is tested every June 30 and December 31 closings on a 12-month rolling basis and shall not
exceed 1.75.
** Recurring EBITDA of 2020 restated to €206.9 million versus €218.3 million reported
DEFINITIONS 29

Like for like - Like-for-like factors out changes in the scope of consolidation, such as divestments and acquisitions, and currency translation effects

Recurring EBITDA – Recurring EBITDA (Earnings before interest, tax, depreciation and amortisation) measures the performance of the Group excluding the impacts of
depreciation & amortisation and non-recurring items. It is defined as:

+ Operating profit (EBIT)

+ Depreciation, amortisation and impairment of operating assets
+ Restructuring, litigation, implementation, one-time items and other income and expenses.

Non-Recurring items - Restructuring, litigation, implementation, one-time items and other income and expenses comprise significant items that, because of their exceptional
nature, cannot be viewed as inherent to the Group’s ongoing performance, such as strategic restructuring, and other business-related litigation cases.

Net Financial Debt - Net financial debt (“Net debt”) is an indicator to measure the financial debt of the Group after deduction of the cash. It is defined as:

+ Financial liabilities (long-term and short-term) including accrued interests and derivative liabilities;
– Net cash and cash equivalents; and
– Derivative assets

Cash Flow from Operations - Cash Flow from Operations (“CFFO”) is an indicator to measure the level of cash generated by the operations of the Group after capitalized
expenditures. It is defined as:

+ Recurring EBITDA
+/– Non-recurring cash items
+/– Other operating non-cash adjustments
+/– Change in working capital after non-recourse factoring
– Net capitalized expenditures, excluding leased capex;
– Rent expenses and embedded interest related to IFRS 16
– Income tax paid

Free Cash Flow - Free Cash Flow is an indicator to measure the level of cash generated by the Group after payment of financial interest. It is defined as:

+ Cash flow from operations;

– Financial interest paid
ATALIAN Global Services
Headquarter
111-113 quai Jules Guesde
94400 Vitry-sur-Seine - FRANCE
T. +33 1 55 53 03 00