Slide 1: Preliminary Results 2024
Preliminary Results 2024 Patrick Coveney, Group CEO Jonathan Davies, Group Deputy CEO & CFO ff 3 December 2024
Slide 2: Camden Food Co | Suvarnabhumi Airport
Camden Food Co | Suvarnabhumi Airport
Slide 3: Our business today
Our business today Performance yet to demonstrate the potential of our business * Pace of transition from Covid recovery to strong returns * Three of four regions performing well; but Europe behind * Elevated recent investment levels impacting near-term returns Strongly positioned for long-term grow
Slide 4: FY24 Highlights & FY25 Priorities
FY24 Highlights & FY25 Priorities Good year-on-year financial progress e Revenue of £3.4bn, up 17%, including like-for-like growth of 9% ¢ Operating profit of £206m, up 32%, +70bps margin accretion e EPS of 10.0p, up from 7.1p in the prior year e — Leverage of 1.7x at year-end, better than expected,
Slide 5: Travel Lounge | Kuala Lumpur Airport
5 45 Travel Lounge| Kuala Lumpur Airport
Slide 6: Financial Highlights
Financial Highlights REVENUE EBITDA OPERATING PROFIT £3,433m £343m £206m 417% vs FY23 +28% vs FY23 +32% vs FY23 EPS NET DEBT:EBITDA FULL YEAR DIVIDEND 10.0p 1.7X 3.5p +41% vs FY23 Net Debt: £593m +1.0p vsFY23 7) Note: All figures expressed on an underlying basis and pre-IFRS 16 at Actual FX. Year-on
Slide 7: Underlying Operating Profit of £247m (IFRS basis)
Underlying Operating Profit of £247m (IFRS 16 basis) Pre-IFRS 16 basis Change Change IF 24 (Actual (Actual £m FX rates) FX rates) Revenue 3,010 3,433 14% 3,010 3,433 14% EBITDA! 516 620 20% 280 343 23% %sales 17.1% 18.1% 1.0% 9.3% 10.0% 0.7% Depreciation (31) (373) (20)% (116) (137) (18)% % sales (1
Slide 8: FY24 has delivered in line with planning assumptions
FY24 has delivered in line with planning assumptions Actual FX rates? Constant FX rates! FY24 Planning Assumptions Revenue (£bn) 3.0 €.3.4-3.5 35 3.4 EBITDA (£m) 280 €.345:375 359 343 Operating Profit (€m) 164 €.210-235 218 206 Note: All figures expressed on an underlying basis and pre-IFRS 16 5) 1.
Slide 9: Strong LFL sales growth sustained into FY25
Strong LFL sales growth sustained into FY25 LFL Sales Growth (%YoY) 2) PF 55p ee. First 8 weeks FY25
Slide 10: FY sales growth of 17% with 9% like-for-like growth
FY sales growth of 17% with 9% like-for-like growth FY 2024 First 8wks of FY 2025 YoY 96 growth ‘constant currency constant currenc) North America 6% 8% 12% 26% 15% Continental Europe 6% 3% - 9% 5% UK & ROI 1% 4% a 15% 8% APAC & EEME 17% 2% 9% 28% 38% Group 9% 4% 4% 17% 13% 2) PF 55p ee.
Slide 11: Underlying operating profit of £206m, up 32%
Underlying operating profit of £206m, up 32% YOY Growth % Operating Profit % of sales America 81 52% 10.0% 17% Continental Europe 18 (46)% 16% (1.6)% UK & ROI 73 26% 81% 0.7% APAC & EEME 76 32% 15.2% 0.4% Non-attributable (42) 13% n/a n/a Group 206 32% 6.2% 0.7% 2) PF 55p ee.
Slide 12: Group operating margin of 6.0%, up 70bps
Group operating margin of 6.0%, up 70bps 2) FF 58p YoY bps change Constant Actual NaS Currency Currency Revenue 3,433.2 3,009.7 Gross Profit 2,496.2 2173.1 60 50 % Sales 72.7% 72.2% Labour Costs (1,030.1) (918.4) 60 50 % Sales (30.0)% (30.5)% Concession Fees (738.6) (627.2) % Sales (21.5)% (20.8)% (
Slide 13: Underlying Net Profit of £80m (pre-IFRS basis)
Underlying Net Profit of £80m (pre-IFRS 16 basis) Pre-IFRS 16 basis FY 2024 FY 2023 YoY Operating Profit 205.6 163.7 41.9 Net Financing Cost (32.9) (33.5) 0.6 Share of Associates 5.6 7.2 (1.6) Profit Before Tax 1783 137.4 40.9 Tax (34.8) (31.2) (3.6) Minority interests (63.5) (49.7) (13.8) Net Profi
Slide 14: Minority interest charge of £64m, up 28%
Minority interest charge of £64m, up 28% Operating Profit Minority Interest na FY 2023 FY 2024 % change FY 2023 FY 2024 % change North America 55 81 48% 23 31 35% €.25% Continental Europe 36 18 (50)% - - - - UK&ROI! 58 723 26% - - - APAC & EEME 64 76 20% 27 33 19% c.30% India* 44 46 5% 22* 28* 27%*
Slide 15: Investment and acquisitions drive cash usage of £233m
Investment and acquisitions drive cash usage of £233m £m a Underlying free cash outflow £233M |---------------n nearer ng 1x Minority H Net debt/ Interests | EBITDA P Net ee &Other } 593 inancing Dividen ie (32) | ; Tax costs i FX & (:2) Exceptionals 26 36 Non-cash debt Net (:2) Acquisitions u | | m
Slide 16: Juniper & Co | Gatwick Airport
16 16 Juniper & Co| Gatwick Airport
Slide 17: Strategic priorities
Strategic priorities Post-Covid FY23 & FY24 Strengthening Reopening and foundations, contract renewals accelerating growth 2 A7s5p PSE FY25 Delivering returns and driving profitability
Slide 18: Last two years: Strengthening foundations, accelerating growth
Last two years: Strengthening foundations, accelerating growth Investment into base estate c.60% Investment into expansion c.40% £110m investment into new contracts £400m investment in base estate v Adding c£280mincremental revenue (c.5% p.a. FY23/FY24) v Approximately a third of the v Usual pre-ope
Slide 19: FY24: Strengthening foundations, accelerating growth
- - ; > > > >) FY24: Strengthening foundations, accelerating growth Added new clients Improving our Embedding Digitising our offer sustainability into Engaging our people and geographies proposition the business Customer rating! (out of 5) % own brand packaging free of >700 unnecessary single use =]
Slide 20: North America: Strong growth with returns discipline
North America: Strong growth with returns discipline Building scale and efficiency Driving strong growth and returns Infill M&A expanding our platform Growing market share SSP presence in top 200 airports tanta es BREADSBAR EBIT margin 9.9% Brew House, Edmonton Flavor Town, Newark Bread & Bar, Atlan
Slide 21: APAC & EEME: Scaling up and driving performance
APAC & EEME: Scaling up and driving performance Building capability Strong performance Prioritised key markets Extended lounge format Significant sales growth High margins pe y Sales (£m) EBIT margin " 519 ! 14.6% Kuala Lumpur 431 Australia i Advancing sustainability UAE Saudi Arabia i OO Bulgaria F
Slide 22: UK & ROI: Building momentum
UK & ROI: Building momentum We have reset our proposition and operating model Delivering strong progress Refreshed our brand proposition Enhanced relationships with clients 21 units 18 units reinvested refreshed Strengthened customer offer 21% sales via digital ordering solutions Customer rating! 4.
Slide 23: Continental Europe: FY24 performance behind expectations
Continental Europe: FY24 performance behind expectations Key performance challenges EBIT reduction year-on-year £36m Macro- Elevated level of Execution P Channel mix A environment investment challenges Ess Or £18m ti + Weak economy + Rail: PAX behind + Extensiverenewal + Costmanagement + Frequent st
Slide 24: Continental Europe: Five-point recovery plan
Continental Europe: Five-point recovery plan Drive returns from our * Build profitability of newly opened units Building operating investment programme * Tackle loss making or low margin units profit margin c.5% Streamline management + Simplified senior leadership structures structures + Lower cost
Slide 25: Burger King | Cyprus Airport
25 25 Burger King | Cyprus Airport
Slide 26: Delivering returns and driving profitability
Delivering returns and driving profitability Focused agenda in FY25 Nolet) (Fey e-Ne-ltlsi wise | * Bring newly mobilised units to ‘mature’ levels of return recent capital invested + Tackle pockets of underperforming contracts Build profitability in + Deliver five-point plan in place to drive profit
Slide 27: 2025 planning assumptions
2025 planning assumptions FY 2024 Operating profit Like-for-like: 4-5% Net gains: c.4% M&A (already completed): 2-3% German MSA exit and TFS JV with AAHL: c.(2)% Building returns from recent renewals/new business Full-year contribution of recent M&A Improving Continental European operating profit ma
Slide 28: Near-term capital allocation priorities
Near-term capital allocation priorities Capital allocation approach prioritises near-term capital returns to shareholders SUSTAINABLE Target net debt/EBITDA c.1.5x-2.0x BALANCE SHEET FY24 leverage of 1.7x Renewals and net gains:3-4 year payback FY 25 capital expenditure of £230-240m, down from £280m
Slide 29: Building ROCE over the medium-term
Building ROCE over the medium-term Group ROCE' (pre-tax) to build from 17.7% in FY24 Renewed focus on delivering business returns 17.7% + ROCE introduced as externally published KPI 17.0% + Pathway to improvement to be delivered by: * strengthened operational performance * maturity and optimisation
Slide 30: Our medium-term financial framework (2026-28)
Our medium-term financial framework (2026-28) 72 SSP Significant presence in structurally growing markets Operational leverage, capability and efficiency Opportunity to deploy capital and generate high returns Strong cashflow generation drives re-investment and shareholder returns Group annualised s
Slide 31: New remuneration policy aligned to medium-term financial objectives
New remuneration policy aligned to medium- term financial objectives Proposed remuneration schemes to take effect from FY25 FY25 Remuneration Components ROCE 25% + ‘Performance Share Award’ replaces ‘Restricted Share Plan’ EPS + Metrics fully aligned to strategy and financial framework Oe + Appropri
Slide 32: Big Rig | Ottawa Airport
• • • • • Big Rig | Ottawa Airport
Slide 33: Food Court | Helsinki Airport
Food Court | Helsinki Airport
Slide 34: Appendices
Appendices 7) The Food Eastward | JFK Airport SSP Travel Experts
Slide 35: Sustainability: delivering local impact on a global scale
Sustainability: delivering local impact on a global scale @ © S) PRODUCT PLANET PEOPLE SS SS ‘a bette a oy, of ownbrand meals are ‘0, 'eduction inScope 1 & 2 GHG ° of senior leadership roles 35 Yo plant-based or vegetarian 25 %o emissions intensity*, vs 2019 39 Yo held bywomen T choice (se 0, of own
Slide 36: FY 2024 currency contribution
FY 2024 currency contribution 20% 28% 28% a 2 4% 1% 12% Operate 15% B-. 5% Sales EBITDA 5 "4 a : 14% Vw 10% 16% Od 29% 5% Hl Pound sterling Jus dollar Hh euro HBB Nordic currencies indian Rupee — Egyptian Pound [Canadian Dollar Other currencies 7-1 FF 35p se. 6
Slide 37: 2025 Technical Guidance
2025 Technical Guidance On a pre-IFRS 16 basis 2025 expectation: Net finance costs: c.£45m Associates: c.£10m Effective tax rate: C.22-23% Minority interests: c.£60m Working capital: Growth broadly in line with sales Capex: c.£230-240m Leverage: Target range of 1.5x to 2.0x (Net Debt: EBITDA), with
Slide 38: Understanding JV partner contributions to capex spend
Understanding JV partner contributions to capex spend Group capital investment reconciliation EAU as ms aernoaiiaials tncermn NY 2) FF 35p se. £m FY23 FY24 Capex gross of JV partner share 243 298 JV partner contributions — NAmerica 23 8 Reported capex 220 280 JV partner contributions — n B Asia PAC
Slide 39: New TFS joint venture with AAHL in India
New TFS joint venture with AAHL in India Optimising long-term opportunity to grow Accounting considerations for SSP + TFShas established new JV with Adani Airport Holdings Limited (‘AAHL’), one of India’s leading private Airport operators ¢ TFSwill have 25% share, accounted for as associate income *
Slide 40: Food Court | Helsinki Airport
Food Court | Helsinki Airport