Vantage Towers Ag · HAM:VTWR
Vantage Towers — FY2021 Earnings Presentation
20 slides from Vantage Towers's earnings presentation, 2021
Slide 1: Slide 1
Slide 2: Our story
ra Our story We successfully listed on the Frankfurt Stock Exchange having carved out a new business Sustained commercial momentum demonstrating the quality of our grid and service offering We delivered against our targets and achieved our guidance in FY21 Proposed full year dividend of €280m as pre
Slide 3: We successfully created a listed company
ol ica suecesstully created a listed company We built a leading European tower company Successful separation of tower operations in 8 markets Macro sites! (tenancy ratio?) Setup a commercially focused organization Strong corporate governance embedded 2.3 (2.0%) 36k 1.20) Two meaningful transactions
Slide 4: We achieved our operational and financial goals in FY21
a We achieved our operational and financial goals in FY21 * Strong commercial momentum: +1.8k tenancies driving our tenancy ratio to 1.40x * Financial guidance delivered: Revenue and EBITDAaL with healthy YoY growth of +2.2% and +2.1% respectively * Good cash flow generation with RFCF of €384m () Te
Slide 5: Attractive strategic pillars drive our future growth
ca tive strategie pillars drive our future growth Secured growth Competitive MSA Strong commercial Attractive capital prospects organisation structure * #lor#2 in 9 out * Ramp up of our Reflects recent Drive lease-up in » Investment grade of 10 markets BTS programme market trends our portfolio balan
Slide 6: The Vantage Towers industrial approach
VANTAGE TOWERS The Vantage Towers industrial approach... ate Standardisation Efficiency Business Partnering A standardised strategy across all Vantage Towers markets Best practice knowledge on build process shared across territories Auniversal “Vantage Towers” best practise process for production A
Slide 7: Commercial momentum continues
VANTAGE TOWERS Commercial momentum continues Selected commercial successes in FY21 New fi work agreements and partne (1) Romania: STS framework agreement - 5 year framework extension Framework contracts - Covering ~170 tenancies @ Antenna Hungaria framework agreement om) - Renewal of existing agreem
Slide 8: Our commercial success and operational efficiencies
ica Our commercial success and operational efficiencies Macro sites + Successful delivery of our target () — ~440 new macro sites in Germany in FY21 + Decommissioning under way in Spain and Other New sites European Markets - no revenue impact due to portfolio fee mechanism 0.6 0.3 457 « = * —— ——— F
Slide 9: We are executing our ESG strategy
‘icy We ate executing our ESA strategy Environmental * Energy innovation » Adistinctive culture * Sustainable infrastructure » Rigorous focus on health & safety * Supply chain integrity » Providing the best tools to the workforce e 1t natural gas energy container set up 39% female employees & 25 dif
Slide 10: Full year results - guidance achieved
VANTAGE TOWERS Full year results - puidanee achieved €m, Mar YE Revenue (ex. pass through) 945 966 Capex recharge revenue : 4 Revenue 945 970 Maintenance costs (35) (37) Staff costs (38) (40) Administrative & Other (68) (63) Adj. EBITDA 814 830 margin (%) 86% 86% Capex recharge revenue - (4) Ground
Slide 11: INWIT and Cornerstone delivered to expectation
i) INWIT and Cornerstone delivered to expectation INWIT Cornerstone + +3.2% YoY Organic revenue growth + Performance in line with expectation + -§.5% reduction in lease cost since Q2 + Started execution of the Shared Rural Network programme which will deliver ~450 new tenancies + Iknew tenants & 200
Slide 12: Successful €2.2bn debut bond offering
a 8 nq Suecesstul &2.20n debut bond offering Tranche A Tranche B Tranche C 4Year Term 6 year term 9 year term €750m €750m €700m 0% 0.375% 0.750% 0.081% 0.420% 0.763% # of Investors >100 >120 135 Issuer/ Issue Rating: Baa3 stable (Moody's) / BBB- stable (S&P) Yield to maturity of Vantage Towers offer
Slide 13: Net debt and working capital
VANTAGE TOWERS Net debt and working capital Total borrowings of €2.2bn Cash deposit of €0.2bn driven by — capital contribution in February — operating working capital improvement from stabilisation of the balance sheet in Q4 Net debt position of €2.0bn at end of FY21 leading to a net borrowings / EB
Slide 14: Our FY22 guidance and medium-term targets
e e ea Our FY22 guidance and medium-term targets FY21PF Guidance FY21PF Outcome FY22 Guidance Medium term targets Tenancy ratio ~1.38x Revenue (ex. pass through) €955-970m Consolidated Adj. EBITDAaL (excl. INWIT and Cornerstone) €620-630m Consolidated RFCF' (excl. INWIT and Cornerstone) €375-385m. 4
Slide 15: Key takeaways
VANTAGE TOWERS Hey takeaways We successfully listed on the Frankfurt Stock Exchange having carved out a new business Sustained commercial momentum demonstrating the quality of our grid and service offering We delivered against our targets and achieved our goals in FY21 Proposed full year dividend of
Slide 16: Slide 16
Slide 17: Key performance indicators by segment
e e “ey Key performance indicators by segment ~ \ e =) Sone Consolidated Germany Spain Greece! Other European Markets €m (unless stated) FY20PF —FY21PF-_=— ss FY20PF = FY2IPF_-=—Ss FY20PF_=—sFY2IPF-=— ss FY20PF Ss FY21PF Macro sites (#) 19.0k 19.4k 8.9k 8.7k 4.9k 4.9k 12.6k 12.7k 45.4k 45.7k Tenancy
Slide 18: Forward-looking statements
VANTAGE TOWERS Forward-looking statements This presentation contains "forward-looking statements" with respect to Vantage Towers’ results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include, but are not limited to, statements regarding
Slide 19: Proforma financial information - basis of preparation
VANTAGE TOWERS Proforma financial information - basis of preparation The purpose of the Unaudited Pro Forma Financial Information is to illustrate the performance of Vantage Towers as if the reorganisation of the Group had occurred on as at 1 April 2019. The Unaudited Pro Forma Financial Information
Slide 20: Key contacts
VANTAGE TOWERS Key contacts Sey XA https://www.vantagetowers.com/investor: ir@®vantagetowers.com Vantage Towers AG Prinzenallee 11-13 40549 Disseldorf Germany llext events JP Morgan European TMT Conference 22 QI Trading Update Hy 28 Annual General Meeting July