Slide 1: H1 2026 results
Pellis Circular services at work H1 2026 results July 29, 2026
Slide 2: Disclaimer
Disclaimer This presentation may include data, information and statements relating to estimates, future events, trends, plans, expectations, objectives, outlook and other forward-looking statements relating to the Group's future business, financial condition, results of operations, performance and s
Slide 3: Summary
H1 2026 H1 2026 01 Business Highlights 03 CSR Highlights H1 2026 02 Financial Highlights 04 2026 Outlook 05 Q&A Summary
Slide 4: H1 2026 Business Highlights
01 H1 2026 Business Highlights
Slide 5: Another resilient H1 performance, amid a weaker global backdrop
Another resilient H1 performance, amid a weaker global backdrop Solid financial performance in H1 2026 Diversified growth, sustained execution H1 2026 revenue at €2,457.1m, up +4.9% of which +3.2% on an organic basis Despite significant macro headwinds, commercial momentum remained strong: our recen
Slide 6: Broad-based momentum drove +4.9% revenue growth in H1
Broad-based momentum drove +4.9% revenue growth in H1 Commercial momentum: Recent investments in the sales force are paying off, with the Group reaching a record level of new contract signings in H1 — capturing strong outsourcing demand across all geographies, new client wins outpacing churn, and cr
Slide 7: Outsourcing and sales force efficiency driving commercial success
Outsourcing and sales force efficiency driving commercial success Strong momentum in workwear continued, Progressive roll-out of Elis’ services offer to driven by the acceleration in outsourcing small clients as Group density increases Additional cross-selling successes in pest Markets Elis continuo
Slide 8: Macro headwinds: diversification acting as a shock absorber
Macro headwinds: diversification acting as a shock absorber Despite a weak European macro environment, portfolio diversification — across both clients and product/service lines — enables Elis to consistently demonstrate strong resilience across all its markets Elis H1 2026 organic revenue growth Fra
Slide 9: Middle East crisis: a limited and well-mitigated impact
Middle East crisis: a limited and well-mitigated impact Q1 Hospitality in Paris temporarily impacted by lower hotel occupancy following the outbreak of the Middle East crisis, before a rapid return to normal Gas and electricity costs expected at €190m in 2026 (below 2025 level) No transport disrupti
Slide 10: Cleanroom and Pest Control remain key growth drivers
Cleanroom and Pest Control remain key growth drivers Cleanroom: sustained growth and profitability supported by Pest Control: commercial efficiency favorable market drivers driving further growth +6% revenue growth in H1 2026, at €145m +16% H1 revenue growth to €45m Attractive Growth Market: Operati
Slide 11: France
France Satisfactory topline momentum in the first half ≫ Good commercial dynamism across segments ≫ Encouraging level of activity in Hospitality, despite a slight decrease in Paris hotel occupancy in Q1, with a rapid return to normal, and some softness during the June heatwave ≫ Pricing adjustments
Slide 12: Central Europe
Central Europe Further outsourcing driving good commercial momentum ≫ Many commercial successes in workwear, in both standard and cleanroom, despite a difficult macro environment ≫ Solid performance in Belux, Poland, and the Czech Republic ≫ Growth in Germany still impacted by a selective commercial
Slide 13: Scandinavia & Eastern Europe
Scandinavia & Eastern Europe Large market share in a resilient, low-growth environment ≫ The region is made up of relatively small, mature markets where the Group already holds a strong market position ≫ Finland, Norway and the Baltics are still benefitting from outsourcing demand ≫ Competitive envi
Slide 14: UK & Ireland
UK & Ireland Resilient organic revenue growth of +1.6% ≫ Despite a subdued macro environment, the UK performed well, with strong contract wins in Hospitality ≫ Growth was supported by an expanded sales force and recognized quality of service ≫ Pricing discipline and a selective approach to winning n
Slide 15: Latin America
Latin America Growth driven by further outsourcing ≫ Solid commercial performance in Brazil, with all segments contributing to +8.6% organic growth ≫ Public tender launched for the reallocation of all volumes of the Mexican federal healthcare system: 50% of volumes lost (€2m per month since June, i.
Slide 16: Southern Europe
Southern Europe Good commercial dynamism across the region, driven by further outsourcing ≫ Many commercial successes in all countries, notably in workwear ≫ Strong performance in Spain, supported by a good start to the summer season in Hospitality ≫ +2.4% contribution to growth from acquisitions in
Slide 17: Bolt-on M&A strategy as key driver of growth and long-term value creation
Bolt-on M&A strategy as key driver of growth and long-term value creation Adrett in Germany Wäsche Perle in Switzerland RS10 in Spain ServBrazil (July 2026) One plant located in Schuby, One laundry facility in Interlaken, at One plant located in the Operates from 20 small-scale laundries across clos
Slide 18: H1 2026 Financial Highlights
02 H1 2026 Financial Highlights
Slide 19: Resilient through cycles, with consistent margin expansion
Resilient through cycles, with consistent margin expansion Implementation of an energy hedging EBITDA margin % strategy Revenue in millions of euros Global Covid-19 Financial Crisis Energy crisis recession 5,000 35.4% 40% 35.2% 34.5% 34.2% 4,500 32.7% 32.5% 32.3% 32.7% 33.6% 33.8% 33.0% 35% 32.2% 31
Slide 20: A highly diversified and well-balanced profile
A highly diversified and well-balanced profile H1 2026 revenue breakdown By activity By market By geography Latin America Southern Europe 10% 10% Hygiene & Industry Healthcare well-being UK & 26% 30% 16% Ireland 12% Flat linen France 29% 46% Scandinavia & Eastern Europe Trade 13% Workwear Hospitalit
Slide 21: +4.9% revenue growth in H1, EBITDA margin stable at 34.7%
+4.9% revenue growth in H1, EBITDA margin stable at 34.7% H1 2026 organic revenue growth and reported revenue growth evolution by geography +15.4% +8.0% +8.1% +5.9% +5.7% +4.9% +3.2% +3.4% +3.2% +2.0% +2.5% +1.6% +1.6% -0.8% France Central Europe Scandinavia & UK & Ireland Latin America Southern Gro
Slide 22: Net income up +7.3% in the first half
Net income up +7.3% in the first half 1 D&A-to-sales ratio remained broadly stable, reflecting a decrease in the linen capex-to-sales ratio, offset by higher (In €m) H1 2026 H1 20251 % change rent Revenue 2,457.1 2,343.1 +4.9% Adjusted EBITDA 853.8 813.8 2 Restructuring costs in H1 2025 were lower t
Slide 23: H1 2026 diluted headline net income per share up +5.1%
H1 2026 diluted headline net income per share up +5.1% (In €m) H1 2026 H1 20251 % change Net income 163.6 152.4 +7.3% Amortization of intangible assets recognized in a business combination 40.2 43.5 Expenses related to share-based payments (IFRS 2) 16.3 21.1 Accretion expense linked to the earn-out
Slide 24: Working capital weighed on H1 free cash flow
Working capital weighed on H1 free cash flow; full-year figure still expected up at a mid-single digit rate (In €m) H1 2026 H1 2025 1 Capex ratio up in H1, reflecting a phasing effect as Adjusted EBITDA 853.8 813.8 several major industrial projects ramp up; FY2026 should Cancellation of capital gain
Slide 25: A well-diversified debt profile with staggered maturities
A well-diversified debt profile with staggered maturities Well-diversified financing Debt highlights 900 Euro bonds ≫ On March 16, Elis successfully priced a €600m bond with a 3.875% coupon, maturing in March 2032 USPP ≫ Financial leverage of 2.09x as of June 30, 2026 1,900 Convertible bonds 200 Neu
Slide 26: Full-year deleveraging trajectory remains on track
Full-year deleveraging trajectory remains on track Net debt and financial leverage ratio Net debt and financial leverage ratio evolution December 2019 – December 2026 evolution June 2025 - June 2026 In €m 3,500 3.41 3.03 3,900 3,400 2.96 3,300 3,700 2.46 3,200 3,500 2.09 2.04 1.92 3,100 1.85 1.75 1.
Slide 27: A capital allocation policy favoring shareholder returns
A capital allocation policy favoring shareholder returns Operational development Financial Shareholder discipline return Pursuing our bolt-on acquisition Maintaining investment grade. Allocating remaining cash to improve strategy Further deleveraging the balance returns to shareholders sheet Regular
Slide 28: €500 million share buyback completed, complementing €0.48 cash distribution
€500 million share buyback completed, complementing €0.48 cash distribution Dividend Share buyback Cash distribution1 for 2025 of €0.48 per share (up 7% vs. last year) As of June 30, 2026, 17,787,422 shares had been repurchased at a weighted average price of €26.25, representing a total cash-out of
Slide 29: Elis intends to exercise its soft call option relating to the OCEANEs 2029
Elis intends to exercise its soft call option relating to the OCEANEs 2029 Elis intends to exercise its soft call option on the OCEANEs 2029 bonds, effective from mid-October 2026, subject to market conditions as set out in the bonds' terms and conditions Weighted average number of shares 2025A 2026
Slide 30: H1 2026 CSR Highlights
03 H1 2026 CSR Highlights
Slide 31: Elis advances its CSR agenda with multiple H1 2026 initiatives
Elis advances its CSR agenda with multiple H1 2026 initiatives Circular economy applied to our business Other highlights Elis received an award at a Roll-out of Elis CSR strategy 2030, major recycling textile event integrating innovative topics such as in Europe for its Workwear- avoided emissions o
Slide 32: CSR initiatives and commitments recognised by solid ratings
CSR initiatives and commitments recognised by solid ratings Changes in the MSCI In June, Elis joined the Board of methodology Low risk the UN Global Compact – BBB Network France Elis ranked BBB following methodology changes CCC AAA High risk Low risk Data update pending from MSCI 61/100 A-list Elis
Slide 33: 2026 Outlook
2026 Outlook Circular services at work “ana cee = — aon ows om «racer, wa x
Slide 34: Elis confirms its full-year 2026 outlook
Elis confirms its full-year 2026 outlook Growth slightly below 2025 levels1 Organic revenue growth with contracts signed in H1 taking effect to drive sequential organic growth improvement in the second half Adjusted EBITDA margin Slight expansion driven by further productivity gains and the implemen
Slide 35: A resilient model, delivering consistent value creation
A resilient model, delivering consistent value creation 01 02 03 04 05 A highly resilient business A track record of high margins Consistent ROCE progression, EPS growth outpacing topline A highly shareholder-friendly model, proven through and strong cash generation, with pre-tax ROCE expected growt
Slide 36: Q&A
Q&A Circular services at work
Slide 37: Appendix: Restatement of H1 2025 figures
Appendix: Restatement of H1 2025 figures IFRS 3 “Business combinations” ▪ IFRS 3 requires previously published comparative periods to be retrospectively restated for business combinations (recognition of the final fair value of the assets acquired and the liabilities and contingent liabilities assum
Slide 38: Appendix: Reconciliation between Net financial result and Net interest paid in H1 2026
Appendix: Reconciliation between Net financial result and Net interest paid in H1 2026 P&L – Cash flow – (in €m) (in €m) Net financial income (expense) Net interest paid Interest on financial debt (cash) (58.4) Interest on financial debt (cash) (58.4) Interest income received (cash) 7.9 Interest inc
Slide 39: Appendix: Expected monthly evolution of basic and diluted share count, 2026
Appendix: Expected monthly evolution of basic and diluted share count, 2026 In millions of shares 260 255 250 245 240 235 230 225 220 215 210 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Nov 26 Dec 26 Number of shares (basic) Number of shares (diluted) Assumptions: CB soft c
Slide 40: Appendix: Financial definitions
Appendix: Financial definitions ▪ Organic growth in the Group’s revenue is calculated excluding (i) the impacts of changes in the scope of consolidation of “major acquisitions” and “major disposals” (as defined in the Universal Registration Document) in each of the periods under comparison, as well
Slide 41: Investor Relations contacts
ELIS SA Nicolas Buron Charline Lefaucheux Tour Kupka A Director of Investor Relations, Financing & Treasury Investor Relations 18, rue Hoche Tel: +33 1 75 49 98 30 Tel: +33 1 75 49 98 15 92800 Puteaux Mob: +33 6 83 77 66 74 Mob: +33 6 58 86 74 66 France Email: nicolas.buron@elis.com Email: charline.