Slide 1: 2024 Full-Year Results
2024 Full-Year Results 6 March 2025
Slide 2: Forward-looking statements 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 strategy as t
Slide 3: Agenda
2024 business 2024 financials CSR highlights Capital Q&A highlights allocation & 2025 outlook
Slide 4: 2024 business highlights
2024 business highlights
Slide 5: 2024: another year of strong operational and financial performance
2024: another year of strong operational and financial performance Record financial performance: More progress in commercial improvement of all financial KPIs and industrial efficiency ≫ 2024 revenue up +6.1% at €4,573.7m ≫ Commercial activity well-oriented, driven by our of which +5.2% on an organi
Slide 6: Record-high revenue of €4,573.7m in 2024, up +6.1% vs. 2023
Record-high revenue of €4,573.7m in 2024, up +6.1% vs. 2023 ≫ Many new contracts resulting from commercial 1 +6.1% initiatives designed to harness local growth opportunities in each country ≫ Favorable price effect in all our geographies, driven by wage inflation 4,650 4,600 +1.2% -0.3% ≫ Customer r
Slide 7: Elis continues to benefit from structural trends
Elis continues to benefit from structural trends… Market trends Benefits for Elis 1- Higher need for Drives all our business verticals and creates new business hygiene and protection opportunities in specific technical fields Urbanization drives the development of small-businesses in cities 2- Demog
Slide 8: …and achieved many commercial successes
…and achieved many commercial successes ≫ Strong momentum in workwear continued, driven by the acceleration in the outsourcing ≫ Progressive roll-out of Elis’ services offer to small clients: the Group addresses smaller clients as Group density increases in a country; initiatives already underway in
Slide 9: Improvement of our service quality KPIs
Improvement of our service quality KPIs Client satisfaction is up year-on-year ≫ Satisfelis is a sophisticated internally developed tool that provides a set of useful information on overall client satisfaction, based on random client interviews ≫ Brazil and the UK show strong improvement yoy, along
Slide 10: Pest control and Cleanroom businesses delivered double-digit organic performance
Elis’ Pest control and Cleanroom businesses delivered another double-digit organic performance Fast-paced growth of our Cleanroom business, Pest control development continues, driven by driven by our recognized technical expertise commercial initiatives and innovation ≫ +11% revenue increase in 2024
Slide 11: Continued productivity improvement and decreased resources consumption
Continued productivity improvement and decreased resources consumption Elis’ second to none industrial know-how is a key competitive advantage Productivity 2024 vs 2023 Main drivers for improvement Workshop - Flat linen (kg per hour) +2% ≫ A team of in-house specialists that is going through every E
Slide 12: France: Further margin improvement driven by operational efficiencies
France: Further margin improvement driven by operational efficiencies and operating leverage Good commercial momentum despite external headwinds ≫ Dynamics remains good in workwear, notably in Industry and in Trade & Services ≫ Good pricing environment ≫ 2024 Hospitality activity impacted by some ad
Slide 13: Central Europe: Margin expansion driven by Germany
Central Europe: Margin expansion driven by Germany +7.5% organic revenue growth with new outsourcing and pricing driving performance ≫ c. +8% organic growth in Germany, driven by workwear development and strong pricing dynamics ≫ M&A contributed +4.3% to 2024 total revenue growth: the acquisitions o
Slide 14: Record-high revenue and margin reached in Germany in 2024
Record-high revenue and margin reached in Germany in 2024 Integration of Elis and Berendsen’s Energy crisis and strong inflation: increase in minimum wage in 2022 with Catch-up effect on pricing and networks in Germany better energy purchase conditions Reorganization of the country and carry-forward
Slide 15: Elis is strengthening its position in the Netherlands
Elis is strengthening its position in the Netherlands, entering local flat linen market Acquisition of Moderna, closed in February 2024 ≫ Operates a very modern plant, becoming one of the Bolsward Group’s largest ≫ Employs around 400 people ≫ Annual revenue of c. €50m Hoogeveen ≫ Market consolidatio
Slide 16: Scandinavia & Eastern Europe: Sound growth and strong profitability
Scandinavia & Eastern Europe: Sound growth and strong profitability Good organic growth performance despite an already strong market share in the area ≫ Organic growth was driven by the performance of Sweden, Norway and the Baltics ≫ Pricing environment was difficult but outsourcing dynamic remained
Slide 17: UK & Ireland: Good topline momentum and further productivity gains
UK & Ireland: Good topline momentum and further productivity gains +4.3% organic revenue growth despite macro headwinds ≫ Good commercial momentum in the UK in Hospitality and workwear and in Ireland in Healthcare (nursing homes) ≫ Favorable pricing effect linked with the marked inflation in the are
Slide 18: Latin America: Organic growth driven by good commercial momentum
Latin America: Organic growth driven by good commercial momentum; EBITDA margin close to 35% Further outsourcing development across the region; negative local currency effect impacting reported revenue growth ≫ Many new contracts signed, notably in Healthcare ≫ Brazil and Mexico both delivered c. +9
Slide 19: Southern Europe: Very strong margin improvement
Southern Europe: Very strong margin improvement driven by productivity gains +5.4% organic revenue growth in the region ≫ Further outsourcing development with new contract wins in workwear ≫ Satisfactory activity in Hospitality in Portugal and Spain ≫ Two pest control acquisitions in Italy and Spain
Slide 20: Elis enters Malaysian cleanroom market
Elis enters Malaysian cleanroom market Acquisition of Wonway, closed on July 1st 2024 Revenue breakdown by activity ≫ A 200-employee, family-owned business founded in 1984 48% ≫ Revenue of 28m Malaysian ringgit (MYR), c. €5m in 2024 52% ≫ Clients are essentially international groups operating in sem
Slide 21: Three additional bolt-on acquisitions consolidated since January 1, 2025
Three additional bolt-on acquisitions consolidated since January 1, 2025 Carsan in Spain Ernst in Germany Bodensee in Switzerland ≫ One plant located in Getafe, ≫ Two plants delivering the ≫ Two plants covering the central close to Madrid entire Southern region of and Eastern region of the country G
Slide 22: 2024 financials
07 2024 financials
Slide 23: Elis offers a highly diversified and well-balanced profile
Elis offers a highly diversified and well-balanced profile 2024 revenue breakdown By activity By market By geography Southern Europe Trade & Services Industry France Workwear Latin America 9% 37% 18% 27% 10% 30% UK & Ireland 12% 47% 29% 16% 26% 14% 25% Hygiene Scandinavia Central Flat linen & well-b
Slide 24: +6.1% revenue growth, with EBITDA margin at 35.2%
+6.1% revenue growth, with EBITDA margin at 35.2%, up +100bps 2024 organic and reported revenue growth by geography +12.3% +7.5% +8.7% +6.6% +6.9% +5.4% +5.2% +6.1% +3.3% +3.3% +3.8% +4.3% +3.4% +2.4% France Central Scandinavia UK & Latin Southern Group organic Europe & Eastern Ireland America Europ
Slide 25: Strong improvement of all financial KPIs in 2024
Strong improvement of all financial KPIs in 2024 (In €m) 2024 20231 % change Revenue 4,573.7 4,309.4 +6.1% D&A back to a normative level: 2023 was still 1 benefitting from the low level of linen capex during the Adjusted EBITDA 1,609.8 1,474.8 +9.2% pandemic As a % of revenue 35.2% 34.2% +100bps D&A
Slide 26: ROCE at 14.5%, up +60bps yoy
ROCE at 14.5%, up +60bps yoy and +5pp above pre-crisis level Pre-tax ROCE 2018-2024 14.5% 13.9% 11.6% 9.5% 9.0% Covid years 8.4% 6.0% 2018 2019 2020 2021 2022 2023 2024 The capital employed calculation should exclude intangible assets recognized in the Group’s last LBO (€1,537m in 2023, net of defer
Slide 27: Fully diluted headline net income per share up +3.1% yoy
Fully diluted headline net income per share up +3.1% yoy (In €m) 2024 20231 % change Net income 337.8 261.9 +29.0% Amortization of intangible assets recognized in a business combination 84.9 85.7 Expenses related to share-based payments (IFRS 2) 31.4 31.1 Accretion expense resulting from the Mexican
Slide 28: Fully diluted headline net income per share c. +60% above 2019 level
Fully diluted headline net income per share c. +60% above 2019 level Fully-diluted headline net income per share between 2019 and 2024 1.76 1.71 1.44 Covid years 1.12 0.95 0.62 2019 2020 2021 2022 2023 2024 28
Slide 29: Free cash flow up +14% at €346.4m
Free cash flow up +14% at €346.4m (In €m) 2024 2023 1 Increase of interest charges of recent Adjusted EBITDA 1,609.8 1,474.8 refinancings Adjustment of (gains) and losses on disposal of fixed assets and change in provisions 2.5 9.8 Monetary non-recurring items included in Operating income and expens
Slide 30: A well-diversified debt profile along with well-spread maturities
A well-diversified debt profile along with well-spread maturities A largely fixed rate debt 2024 debt highlights Euro bonds ≫ Successful issuance of a new €400m bond at 3.75% in March 2024, maturing in April 2030 (at the best possible USPP market conditions seen over the first half) Convertible bond
Slide 31: Key takeaways
Key takeaways Very strong financial Significant 2024 +60bps increase in ROCE Net financial leverage performance in 2024: profitability to 14.5%, highlighting Elis’ at an all time low at Record level of all improvement with all selective capital 1.85x financial indicators geographies in a deployment
Slide 32: CSR highlights
(0; iS CSR highlights
Slide 33: Our mission statement: Circular services at work
Our mission statement: Circular services at work ≫ Help clients stay focused on their core business ≫ Reinforce our business model of rental, To deliver circular maintenance and reuse services at work for hygiene, well- ≫ Allow our clients to reduce their environmental being and protection footprint
Slide 34: Constant progress towards Elis 2025 CSR strategy
Constant progress towards Elis 2025 CSR strategy 2023 2024 2025 2023 2024 2025 Thermal energy intensity1 -28% -30% -35% Reuse rate of products 17.3%4 18% Water intensity1 -46% -48% -50% Textile recycling 77%5 79.6% 80% Circularity and Alternative logistical vehicles 355 562 ≥ 650 Range of responsibl
Slide 35: Reducing CO2 emissions in line with our roadmap
Reducing CO2 emissions in line with our roadmap The Group’s targets are aligned 2030 target vs 2019: with the Paris Agreements and will contribute to keep the Scopes 1 & 2 temperature rise below 1.5°C (emissions linked to energy) (Scopes 1 & 2) and well below 2°C (Scope 3). -20% to date Scope 3 (pur
Slide 36: Elis circular business model recognized by EU Taxonomy
Elis circular business model recognized by EU Taxonomy Bloomberg study (January 2025) on 2,000 companies on 2023 data: on average 10% of Elis turnover is turnover aligned aligned with with circularity goals circularity goals 36
Slide 37: Recognition for our achievements
Recognition for our achievements Elis in the TOP 500 most responsible companies in the WORLD (25th among French companies) NEW! Elis within CDP’s A-list for the first time 84/100 score Platinum level, where only 2% of the 24,800 positioning Elis among the assessed companies top 1% of 125,000 assesse
Slide 38: Capital allocation & 2025 outlook
Capital allocation & 2025 outlook
Slide 39: Elis' strategy relies on four pillars
Elis’ strategy relies on four pillars Development of sustainable services and promotion of the circular economy Industrial and Network 2 commercial expansion excellence 4 Consolidation of current positions 39
Slide 40: Elis has proven operating excellence and business resilience
Elis has proven operating excellence and business resilience Global Financial Crisis Covid-19 War in Ukraine recession Energy crisis 5,000 40% 35.2% 34.5% 34.2% 4,500 32.7% 32.2% 33.6% 33.8% 32.2% 31.7% 31.1% 31.7% 31.9% 32.1% 32.5% 32.3% 31.8% 32.7% 31.5% 30.9% 30.6% 31.5% 33.0% 35% 4,000 30.5% 31.
Slide 41: Rapid decrease in financial leverage ratio since 2020
Rapid decrease in financial leverage ratio since 2020: 1.85x as of December 31, 2024 Net debt and financial leverage ratio change between 2019 and 2024 3,600 3.41x 3.6 3.03x 2.96x 3.1 3,400 2.46x 2.6 3,200 2.04x 1.85x 2.1 3,000 1.6 1.1 2,800 0.6 2,600 0.1 2,400 -0.4 Dec 2019 Dec 2020 Dec 2021 Dec 20
Slide 42: Elis valuation multiples remain significantly below US peers'
Elis valuation multiples remain significantly below US peers’... 50.0x Average Delta Spot vs. Average Company 10Y 5Y 3Y 1Y 6M Spot 10Y 5Y 3Y 1Y 6M 45.0x Elis 15.8x 14.7x 12.4x 11.9x 11.8x 11.8x (3.9x) (2.9x) (0.5x) (0.0x) 0.1x Unifirst 15.3x 17.2x 16.8x 17.1x 18.0x 20.0x 4.7x 2.7x 3.2x 2.9x 2.0x Cin
Slide 43: … and are even below their 2019 levels
… and are even below their 2019 levels Elis financial performance 2019 2024 Change Revenue €3,282m €4,574m +39% EBITDA margin 33.6% 35.2% +160bps EBIT margin 13.9% 16.0% +210bps Headline net income per share 1.12€ 1.76€ +57% ROCE 9.5% 14.5% +500bps Free cash flow €174m €346m +98% Net debt and financ
Slide 44: A new capital allocation policy favoring shareholder return
A new capital allocation policy favoring shareholder return Free cash flow generation - Between c. €50m and €150m bolt-on Elis’ operational development Pursuit of the bolt-on acquisition strategy acquisitions per year1 - Retention of investment-grade rating Limit the decrease in net financial ratio
Slide 45: Elis announces €150m buyback for 2025 in addition to dividend
Immediate effect: Elis announces €150m buyback for 2025 in addition to 0.45€ proposed dividend Dividend ≫ Cash dividend for 2024 of €0.45 per share (up c. +5% vs last year) i.e. c. €105m ≫ Dividend will be submitted for approval at the next AGM on May 22, 2025 Share buyback ≫ Given Elis’ current val
Slide 46: 2025: Further operational and financial progress
2025: Further operational and financial progress Organic revenue growth Expected slightly below +4%, factoring in a c. -0.3% negative calendar impact Adjusted EBITDA margin Adjusted EBIT margin Fully diluted headline net income per share Expected slightly higher Free cash flow Expected to decline c.
Slide 47: May 27th, 2025 Elis Capital Market Day
May 27th, 2025 Elis Capital Market Day Tuesday May 27th, 2025 ✓ Location: Nobu Portman Square, London ✓ Invitations will be sent shortly 47
Slide 48: Q&A
(OS Qa
Slide 49: Appendix
Appendix 2 2 z
Slide 50: Appendix: Restatement of 2023 figures
Appendix: Restatement of 2023 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 assumed wh
Slide 51: Appendix: Calculation of capital employed
Appendix: Calculation of capital employed (in €m) As of January 1st, 2024 As of January 1st, 2023 TOTAL ASSETS 9,306.9 8,634.3 Employee benefit asset (12.3) (18.7) Cash and cash equivalents (665.3) (286.1) Intangible assets recognized in the Group’s last LBO (net of deferred tax) (1,537.2) (1,537.0)
Slide 52: Appendix: Reconciliation between Net financial result and Net interest paid
Appendix: Reconciliation between Net financial result and Net interest paid (in €m) P&L - Net financial result (in €m) Cash flow - Net interest paid Financial debt interests (cash) (101.5) Financial debt interests (cash) (101.5) Investment interests received (cash) 25.4 Investment interests received
Slide 53: 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 Document de Base) in each of the periods under comparison, as well as (ii) the imp
Slide 54: Investor Relations contacts
Nicolas Buron Charline Lefaucheux ELIS SA Director of Investor Relations, Financing & Treasury Investor Relations 5, boulevard Louis Loucheur Tel: +33 1 75 49 98 30 Tel: +33 1 75 49 98 15 92210 Saint-Cloud Mob: +33 6 83 77 66 74 Mob: +33 7 65 18 45 65 France Email: nicolas.buron@elis.com Email: char