1

Berenberg and Goldman Sachs German Corporate Conference

September 25-26, 2018

2

The Vapiano customized food experience

Gluten-free Vegetarian Vegan Lactose-free

3

Menu Innovations

Gluten-free

Vegetarian Vegan Lactose-free

Specials change five times a year; currently „urban garden“

Introduction of gluten-free, vegetarian, vegan and lactose-freeproducts

Outlook FY 2018: low carb and sugarreduction major topics; f.e. offering courgette pasta („zoodles) as of March 2018 with higher prices per dish compared to pasta

The Vapiano atmosphere

4

The Vapiano guest journey

5

Vapiano –a continuous success story for 15 yearsStockholm

Shanghai

Koblenz

Dubai The Hague

London

Berlin Graz

Vienna

Paris Bercy

6

Paris Disney

New York

Grafik aus HV-Präsentation mit der Lupe

Three models to create flexibility on capital allocation between franchise and full ownershipRisk diversification per model in light of regionally different market / execution risk

Powerful unit growth and international expansion

5 11 12 17 22 30 33 40 42 51 54 64

58 12

1721

18 2123 26

3243

54

712

19

3444

5668

7684

8382

87

17 31

43

68

87

104

122

139 152

166 179

205

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e

CorporateJoint VentureFranchise

# of restaurants as of December 31, 2017

(41) (79)

(85)

7

238 - 243

Restaurant base has increased more than tenfold in the last 11 years

Germany39%

Rest of Europe

41%

Rest of World20%

Restaurants by region

8

27 openings in 2017; market entry with two restaurants in Denmark and one in Spain

Outlook for FY 2018: Majority of openings in 2018 in Europe with focus on France

Ten corporate, nine joint venture and eight franchise restaurants opened in FY 17

Vapianos key investment highlights

Unique lifestyle brand addressing key consumer trends1

Internationally proven growth concept in the ‘Fast Casual Dining’ sweetspot of the restaurant industry2

Impressive financial track record driven by strong international unit growth, sales and EBITDA growth5

Strong heritage and rich pipeline of innovations and initiatives enhancing guest experience4

Significant international whitespace opportunity delivering future growth and returns3

9

10

Three major tailwinds support the Vapiano concept

Fast casual has one of the highest long-term

growth potentials(1)Italian is the cuisine

of the world(1)European Fcd still in

its infancy

(1) Based on Vapiano’s focus markets including Germany, Austria, UK, France, Sweden, Netherlands, and US. (2) Based on Germany, Austria, France, Netherlands, Sweden and the UKNotes: Fast Casual Dining (FCD), Quick Service Restaurants (QSR), Quick Service Restaurants Plus (QSR+), Casual Dining (CD), Fine Dining (FD)Source: OC&C market model

10% 10%

6%

4%

2%

FCD QSR+ QSR CD FD

Industry growth by segment’15-’20E CAGR

9%

6% 6%

5% 5%

3%

Italian Sand-wich

Asian Chicken VariedMenu

Burger

Industry growth by cuisine’15-’20E CAGR

2020E nominal spend by market, €bn

54 161 283 23 177 84 139 252 181 3321,119

6

27

11

43

Market size in €bn

’15 ’20E ’15 ’20E

Western Europe(2) US

13%

10%

’15-’20E CAGR

11

~6% ~5%

~4%

Other chains~18%

Independent restaurants

~68%

Vapiano was amongst the first to enter the FCD market

Share of chain Fast Casual Dining restaurants: ~32%

(1) Based on Germany, Austria, France, Netherlands, Sweden and UK (2) Combined market share for Germany and AustriaSource: OC&C market model, expert interviews

“Found an underserved segment and tapped into it”

HENRY MCGOVERN (CEO AMREST;FRANCHISEE OF YUM & STARBUCKS)

“Vapiano’s success in Europe is a tremendous accomplishment”MICHAEL KARK (HEAD OF INTERNATIONAL,

SHAKE SHACK, FORMER CHIPOTLE MANAGER)

“Vapiano stands alone; it operates a category by itself”

GRETEL WEISS(EDITOR OF FOODSERVICE)

#1

Top 3

#2

#1

#1

~6%

~1%

~13%

~13%(2)

Existing Presence

Market Entry 2017

Market Share

Top 3

<1%

~13%(2)

12

Market shares selected Western European countries(1) (2015)

Market share /positioning in selected Western European countries(1) (2015)

(1) Includes corporate restaurants and franchises based on respective official company information from January 2017 (Vapiano as of June 2017)Source: Annual reports, company websites, OC&C analysis

33

2221

13

8

54

Vapiano concept successfully travelled abroad

Highest coverage of international markets(1)

Highest share of units outside home market(1)

# of countries

59%

38%

31%

26%

16%

7%

1%

% of units outside home market

13

International reach is unmatched in the industry

Long-term growth opportunity with

established presence in selected regions

Existing Presence

Significant international whitespace opportunity

Market Entries 2017: Spain, Denmark

Develop restaurant base in medium-sized to large cities and roll-out of new formats

Key area of growth –expand leading position

across European countries

Unit growth to approximately 330 in 2020

53

26

79

533083

1231

43# of restaurants Dec 17

14 Corporate / JV Franchise

Germany Rest of Europe Rest of World

Opportunity to deliver future growth and returns

15

16

Enhances market potential/roll-out flexibility in saturated regions Low capex

Pilot Ingolstadt constant growing EBITDA margin / Pilot Vienna developing well on track

Outlook FY 2018: Opening of a Mini Vapiano in Berlin, Chicago and Toulon;further pilots with HSMHostin progress

17

Joint opening with HSM Host in major airports and train stations as a franchise model

Product offering tailored to travellers, with eat in and takeaway options

Pilots foreseen in UK, Scandinavia, Germany and the Netherlands on base of the Mini Vapiano

Asset light model supporting operating income and free cash flows

Enhancement of brand awareness

Outlook FY 2018: First pilot to be opened in 2nd

half of 2018

18

First Freestander in Fürth well on track

Outlook for 2018: Opening of 2nd freestander in Toulouse/France

Outlook for 2019: Opening of 3rd freestander at Centro Oberhausen/Ger.

Innovations and initiatives

Target: drive lfl sales growth and increase profitability

Terminal ordering Vapiano People App

Takeaway & home delivery

19

Operational excellence

Menu innovations

Gluten-free

Vegetarian Vegan Lactose-free

New formats

Reflected in business plan

+ Low carb

All innovations and initiatives on track

20

Business

highlights 2018

21

22

Dedicated area of 25 sqm/unit (majority with own entrance) and dedicated staff

Average additional sales of €350k p.a. Attractive average EBITDA margin

~ 25 %

Outlook FY 2018: Service availability will be expanded consequently

23

Mitigates queuing and waiting times at cooking stations and enables groups to eat together via synchronized cooking

Terminals including payment function will start in 2018

End of H1 2018, order terminals available in 17 restaurants in 4 countries

Outlook FY 2018: Expand pilot to US; piloting further terminals in an increasing number of restaurants

24

Outlook FY 2018: Rollout in more European markets; full menu ordering in test phase as of now in Berlin with positive first results

New unit model to consistently grow profitability

% Restaurant EBITDA margin

~€3.3m

CurrentEconomic

Model

TakeAway/

Delivery

OperationalExcellence

VapianoPeople

App (CRM)

TerminalOrdering (Pilot)

NewEconomic

Model

Average unit volume

(AUV)

Restaurant contri-bution

Currenteconomic

model

Neweconomic

modelTerminal

Ordering (Pilot)Vapiano People

App (CRM)Take Away/

Delivery

Initiatives

~€0.6m

CurrentEconomic

Model

TakeAway/

Delivery

OperationalExcellence

VapianoPeople

App (CRM)

TerminalOrdering (Pilot)

NewEconomic

Model

~17%

Initial capex ~€2-2.5m

Operational Excellence

25

Reflected in business plan

Restaurant EBITDA contribution margin supposed to reach 20% in FY 2020

26

Development H1 2018

Vapiano takeaways Q2/H1 2018

Reported EBITDA reached €1.6m in Q2; ytd growth by 29.2% to €8.4m (margin up 0.6 pp to 4.8%)

27 (1) Excluding pre-opening costs

Adjusted EBITDA(1) reached €4.8m in Q2, YTD €14.0m (margin down by 2.3 pp to 8.0%)

LfL trading below expectations mainly driven by Rest of Europe due to Swedish JV and outstanding summer heat in Central Europe

Lfl sales declined by 2.2% in Q2; adjusted for Swedish JV - 0.7% in Q2;ytd lfl sales down by 0.8%; adjusted for Swedish JV + 0.4% in H1

Group sales increased by 14.0% to € 175.1m

Financial and operating summary

9 restaurant openings in H1 2018 (ytd 17 openings)

Outlook FY 2018 adjusted

Sales and lfl growth by segment in Q2 2018

Net sales

LfL growth

Rest of EuropeGermanyGroup

Rest of World

28

78,288,8

Q2 17 Q2 18

13,6%

36,4 36,9

Q2 18Q2 17

1,4%

7,4%

-1,4%Q2 18Q2 17

37,844,4

Q2 18 Q2 18

17,3%

3,8

6,7

Q2 17 Q2 18

75,6%

6,3%

-2,2%Q2 18Q2 17

5,4%

-3,2%Q2 17 Q2 18

€m

in %

4,4%

-0,7%Q2 17 Q2 18

Sales and lfl growth by segment in YTD June 2018

Net sales

LfL growth

Rest of EuropeGermanyGroup

Rest of World

29

153,6175,1

H1 17 H1 18

14,0%

71,2 74,4

H1 18H1 17

4,6%

5,9%

0,4%

H1 17 H1 18

72,488,6

H1 17 H1 18

22,3%

7,9

10,5

H1 17 H1 18

33,4%

5,8%

-0,8%H1 17 H1 18

5,5%

-2,2%H1 17 H1 18

€m

in %

6,8%

0,1%

H1 17 H1 18

1.448

1.785

1.369

1.5761.449

1.740

1.354

1.557

Germany RoE RoW Group

LfL sales development impacted by Swedish Joint Venture

AUV(1)

LfL Growth(1) (2) (3)

(1) RoE excludes London 1 and Marseille 2,RoW excludes NYC restaurant due to remodeling in 2017; (2) Based on restaurants that have been open for at least 12 months and not closed for more than seven business days during the current period and previous year 3) based on information from POS system (4) Average net amount pre VAT (5) Defined as increase in guest count assuming hypothetical guest count for take-away

€m

H1 18H1 17

Ticket Sizes(4) and Transaction Growth(5)

Germany RoE RoW

5,9%

0,4%

HY1 17 HY1 18

Germany RoE RoW

5,5%

(2,2%)

HY1 17 HY1 18

6,8%

0,1%

HY1 17 HY1 18

HY1’17

€10.3

HY1’18

€10.6+2.6%

HY1’17

€12.5

HY1’18

€12.7+1.7%

HY1’17

€14.0

HY1’18

€14.46+4.1%

Group

Group

HY1’17

€11.5

HY1’18

€11.7+2.2%

5,8%

(0,8%)

HY1 17 HY1 18

(2,1%)

HY1 18(3,8%)HY1 18

(3,8%)HY1 18

(2,9%)

HY1 18

30

Summary financial performance Q2 2018

€m €m

System sales Net sales

Adjusted EBITDA

Adjusted EBITDA Adjusted EBITDA margin

Restaurant EBITDA€m

Restaurant contribution

Adjusted Restaurant EBITDA Adjusted margin

€m €m

10,89,5

Q2 18Q2 17

-12,0%

78,288,8

Q2 17 Q2 18

13,6%

8,9

4,7

Q2 17 Q2 18

-47,2%

14.4%

€7.4m

11.2%11.4% 5.3%

31

122,7 132,2

Q2 17 Q2 18

7,7%

€10.5m

6,75,0

Q2 17 Q2 18

Segment EBITDA Overview – Q2 2018Adjusted

segment EBITDAFranchise EBITDAAdjusted restaurant

contribution

Germany

Rest of Europe

Rest of World

€m

Adjusted EBITDA MarginAdjusted EBITDA

35,4 36.1

36.6 43.0

3.1 6.3

€m

€m

1,0 0.9

1.2 1.4

0.7 0.4

36,4 36,9

37.8 44.4

3.8 6.7

Net Sales LfL EBITDA margin

32

4,6 4,2

Q2 18Q2 17

-0,3

-0,2

Q2 17 Q2 18

12.9% 11.5%

0,3 0,3

Q2 17 Q2 18

4,9 4,5

Q2 17 Q2 18

0,2

0,7

Q2 17 Q2 18

6,95,7

Q2 17 Q2 18

0,6

0,2

Q2 17 Q2 18

0,3

0,0

Q2 17 Q2 18

33.3% 39.8% 13.5% 12.1%

18.2%11.6%

20.4%

48.2% 18.1% 12.8%

-3.0%77.9%

55.8%

7.4%

0.0%

-9,7%

Summary financial performance YTD June 2018

€m €m

System sales Net sales

Adjusted EBITDA

Adjusted EBITDA Adjusted EBITDA margin

Restaurant EBITDA€m

Restaurant contribution

Adjusted Restaurant EBITDA Adjusted margin

€m €m

21,8 21,6

H1 17 H1 18

-0,9%

153,6175,1

H1 17 H1 18

14,0%

15,914,0

H1 17 H1 18

-11,9%

15.0%

€17.0m

13.4%

10.4%8.0%

33

241,8262,1

H1 17 H1 18

8,4%

€19.4m

0,7 0,7

H1 17 H1 18

0,8 0,7

H1 17 H1 18-0,1

-0,1

H1 18H1 17

12,9 12,0

H1 17 H1 18

0,7

1,2

H1 17 H1 18

0,9 0,9

H1 17 H1 18

Segment EBITDA Overview – YTD June 2018Adjusted

segment EBITDAFranchise EBITDAAdjusted restaurant

contribution

Germany

Rest of Europe

Rest of World

€m

Adjusted EBITDA MarginAdjusted EBITDA

69.2 72.5

70.0 86.0

6.5 9.4

€m

€m

2.0 1.9

2.4 2.6

1.4 1.2

71.2 74.4

72.4 88.6

8.0 10.5

Net Sales

13.0% 13.2%

15.8% 14.7%

11.8% 10.5%

LfL EBITDA margin

34

9,2 9,5

H1 17 H1 18

13.3% 13.6%

10,1 10,8

H1 17 H1 18

13,6 13,3

H1 17 H1 18

42.6% 49.8% 14.1% 14.5%

18.4% 14.2%27.5%

45.0% 18.7% 15.1%

-0.6%

57.1% 63.1% 8.3% 6.3%-2,3%

Shown lfl EBIDTA margin for 2017 cannot be compared with prospectus due to different lfl cohort in 2017.

Reconciliation of adjusted EBITDA

35

Comments

1

2

3

• Includes group level overhead costs such as general and administrative expenses and group marketing

Adjusted central costs amount to €10.7m in YTD June 18 (6.1% of net sales) compared to €8.0m in YTD June 2017 (5.3%)

Adjustments• One time effects comprise of prior year costs (€2.8m), and

Bad debt accruals (€0.8m)

• Expenses / Income with respect to acquisitions

• €1.4m positive consolidation impact of Australia and Darmstadt

• €0.1m costs regarding M&A transactions

• Pre-opening costs in line with expectations

1

2

3

Pre-Opening Costs content: training costs (e.g. cooking, processes); restaurant labour costs; broker-fees for new premises; rent costs before opening; opening event and local communication costs for opening; legal fees for incorporation if necessary

44

P&L Items in €m H1 17 H1 18Restaurant Contribution 19,4 17,0Franchise EBITDA 1,9 2,8Central Costs -14,8 -11,4% of net sales 6,1% 6,6%

Reported EBITDA 6,5 8,4Adjustments:Foreign exchange gains or losses 1,5 -0,4Loss from sale of assets 1,0 0,2Rent guarantee expenditures 0,0 0,1One time effects 1,4 4,2Costs/Losses related to the acquisition or sale of assets 0,0 -1,3Costs related to capital market transactions 3,9 0,0

Total adjustments 7,8 2,8Adjusted EBITDA 14,4 11,2Pre-opening cost 1,5 2,8Adjusted EBITDA(excl. pre-opening costs) 15,9 14,0

32,6 32,7

H1 17 H1 18

36

Net financial debt and Capex

Net financial debt development Capex

(1) Net debt includes €153.7m long-term financial liabilities, € 32.9m short-term financial liabilities (including minority liabilities of €2.5m, less €17.2m cash and cash equivalents and €10.5m financial receivables

(1)

• Net financial debt position increased due to further investments in new restaurants and weaker operating cash flow in Q2

• Vapiano is currently in dialogue with syndicate banks, shareholders and other capital providers in order to adjust the terms of existing loans and raise additional funds

116,2

156,2

28,3

32,6 25,7

Net financial debt Dec17

Changes in financial liabilities

Net financial debt Mar18

Capex Other Cash Flow

Net Debt impact

acquisitions

4,9

€m €m

>30mCapex fixed assets

37

Outlook FY 2018

New outlook financial year 2018

38

Restaurant openings 33-38

Group net sales €385m - €400m

Group lfl sales growth 0% - 1%

Adjusted EBITDA (excl. pre-opening costs) €42m - €47m

33-38

€390m - €420m

1% - 3%

€48m - €54m

New outlookOld outlook

Sweden turnaround plan 9 restaurants, 7 in Stockholm, 1 in Malmö, 1 in Goteborg

Q3

39

Q2 Q1

• New Managing Director hired• 3 restaurant manager

released from their duties

• New Head of finance hired

• Start of traffic to the restaurant marketing

campaigns (CRM, Digital, LSM)

• Increase of internal and external audits

Q4

• New Head of Marketing in place

• Market in transition, lack of operational excellence and outstanding hot summer led to double digit lfl decrease. • Most profitable market (20% Restaurant Contribution Margin); therefore over-proportional EBITDA impact

STATUS

• Key issues identified, operations and support center teams have been restructured• Close monitoring by new COO • Additional audits to secure sustainable operational excellence• New and additional marketing campaigns for 2nd half of the year in place to drive lfl performance

NEXT STEPS

Opening Stockholm 7 18th of April

• New Managing Director in place• 3 restaurant manager in place• Overhead structure replaced (Marketing, purchasing, finance)• Operational excellence restored

40

Appendix

Consolidated Income Statement H1 2018(€m) H1 17 H1 18

Net sales 153.6 175.1% growth 14.0%

Cost of materials (39.0) (44.4)

Gross profit 114.6 130.7% margin 74.6% 74.6%

Other operating income 4.5 8.0

Capitalized development costs 0.3 0.5

Personnel expenses (65.6) (76.4)

Other operating expenses (47.3) (54.4)

Reported EBITDA 6.5 8.4% margin 4.2% 4.8%

Depreciation and amortization (17.7) (21.4)

Reported EBIT (11.2) (13.0)% margin (7.3%) (7.4%)

Financial result (3.0) (3.7)

Equity income (0.1) (0.2)

EBT (14.3) (16.9)Income taxes (0.4) (1.0)

Net income for the period (14.7) (17.9)of which attributable to the shareholders of Vapiano SE (14.5) (16.1)

of which attributable to non-controlling interests 0.2 (1.8 )

41

Consolidated Statement of Financial Position June 18

€m Dec 2017 June 2018 €m Dec 2017 June 2018

Intangible assets 110.7 114.4 Equity attributable to the 111.1 92.6Property, plant and equipment 164.1 191.0 shareholders of Vapiano SE

Investments accounted for 4.1 1.4 Non-controlling interest 20.0 17.4using the equity method Total equity 131.1 110.0

Other non current assets 14.9 16.3 Non-current provisions 5.9 6.9Non-current assets 293.8 323.1 Non-current financial liabilities 114.9 153.7Inventories 6.9 7.1 Other liabilities 17.9 23.4Trade receivables 7.6 6.7 Non-current liabilities 138.7 184.0Other current assets 27.0 28.4 Trade payables 28.4 29.6Cash and cash equivalents 14.9 17.2 Current provisions 0.7 0.6Current assets 56.4 59.4 Current financial liabilities 30.5 32.9

Other current liabilities 20.8 25.4Current liabilities 80.4 88.5

Total liabilities 219.1 272.5

Total assets 350.2 382.5 Total equity and liabilities 350.2 382.5

Assets Equity & liabilities

42

Consolidated Statement of Cash Flows H1 2018

(€m) H1 17 H1 18

Earnings before taxes (EBT) (14.3) (17.0)Depreciation and amortization 17.7 21.4Other non-cash items 0.2 (1.5)Net finance cost 3.1 3.7 Share of profit of equity-accounted investees, net of tax 0.1 0.2Gain/loss on the disposal of fixed assets 1.1 0.2Changes in trade working capital (0.7) (0.4)Changes in other provisions and employee benefits (0.4) 0.8Cash generated from operating activities (1) 6.8 7.4Interest paid (2.3) (2.8)Income taxes paid (1.9) (1.5)Net cash from operating activities 2.6 3.1Purchases of fixed assets (32.6) (32.7)Other investments (3.3) (1.2)Net cash used in investing activities (35.9) (33.9)Proceeds from IPO 83.4 0.0Payments from shareholders 10.0 0.0Change of financial liabilities 22.8 33.2Dividends paid 0.0 0.0Net cash from financing activities 116.2 33.2Change in cash 82.9 2.4 Exchange rate effects 0.0 0.0

43

Vapiano delivered what it promised for FY 2017

44

Restaurant openings 27 (1)

Group net sales €324.7m

Group lfl sales growth 4.8%

Adjusted EBITDA (excl. pre-opening costs) €38.8m

(1) 3 openings delayed to H1 2018 due to external reasons

27 – 28 (1)

€315m - €335m

4% - 5%

€38m - €40m

Performance 2017 Guidance 2017

Guidance fulfilled completely

45

+8.1%System sales

249325

2016 2017

Net sales in €m

+30.6%Net sales

460498

2016 2017

System sales in €m

+4.8%Lfl sales

28,6

38,8

2016 2017

Adjusted EBITDA in €m

+35.8%Adjusted EBITDA

(excl. pre-opening costs)

Lfl sales in %

Vapiano reaches targets in FY 2017Overproportionate increase in adjusted EBITDA

46

Strong lfl sales growth in all segmentsGermany and France with strong development

+4.6%Strong growth

in Germany

-5,6%

4,6%

Germany

+5.0%France is the growth

driver in Europe

4,3% 5,0%

Rest of Europe

+3.9%U.S.A. is stable;

pilot in China needsadjustments

7,8%

3,9%

Rest of World

+4.8%Strongest lfl sales

increase since 5 years

-0,3%

4,8%

Group

47

Vapiano shows strong profitability increase in 2017

+30.6%Net sales

33,5

49,7

2016 2017

Restaurant EBITDA in €m

+48.5%Restaurant EBITDA

249

325

2016 2017

Net sales in €m

28,638,8

2016 2017

Adjusted EBITDA in €m

+35.8%Adjusted EBITDA

(excl. pre-opening costs)

48

Dedicated area of 25 sqm/unit (majority with own entrance)

Dedicated in-store staff Additional net sales of ~ €350k p.a. Attractive average EBITDA margin of

20-25 % 76 locations include TA & HD at end of

FY 2017, majority in Germany and France

49

Opex led to productivity gains of up to 15% (UK) in FY

Implementation of train-the-trainer concept to scale up international roll out

Introduction of training/opening handbook and implementation of a regional training program

Digital personel planning system (Atoss) tested in Germany

Outlook FY 2018: All corporate and joint venture countries will be fully “OpEx’ed” by end of 2018

Segment EBITDA Overview – FY 2017

50

Adj. segment EBITDA

Adj. franchise EBITDA

Adj. restaurant contribution

Germany

Rest of Europe

Rest of World

€m

Adjusted EBITDA MarginAdjusted EBITDA

129.0 143.9

89.2 151.5

13.8 13.5

€m

€m

4.2 4.4

7.7 5

2.2 2.9

133.2 148.3

97.0 156.4

16.0 16.3

Net Sales

14.3% 17.1%

18.1% 17.6%

2.0% 2.2%

LfL EBITDA margin

20,616,8

FY 16 FY 17

29,3

16,9

FY 17FY 16

-0,2-0,2

FY 16

FY 17

13.0% 14.3%

2,21,8

FY 16 FY 17

22,918,6

FY 16 FY 17

1,7

3,5

FY 16 FY 17

30,920,5

FY 17FY 16

1,81,4

FY 17FY 16

1,61,3

FY 16 FY 17

42.6% 50.9% 13.9% 15.4%

19.0% 19.3%45.8%

34.2%23.2% 19.8%

-1.2%64.3% 63.1% 7.9%

10.0%-1.7%

LfL sales growth with very positive momentum in 2017Lfl growth(1) (2) (3)

(1) AUVs and LfL growth rates in Rest of Europe include acquisitions in France and Sweden in all years, RoW excludes NYC restaurant due to remodeling in 2017 (2) Based on restaurants that have been open for at least 12 months and not closed for more than seven business days during the current period and previous year 3) based on information from POS system (4) Average net amount pre VAT (figures for 2016 aligned with cohort 2017). (5) Defined as increase in guest count assuming hypothetical guest count for take-away

€m

Ticket sizes(4) and transaction growth(5)

Germany RoE RoW

(5,6%)

4,6%

2016 2017

Germany RoE RoW

4,3%5,0%

2016 2017

7,8%3,9%

2016 2017

2016

€9.9+2,0%

2017

€10.3+4.4%

2016

€12.0+3,9%

2017

€12.2+2.1%

2016

€12.1+6,1%

2017

€12.6+4.2%

Group

Group

2016

€10.8+3,5%

2017

€11.2+3.5%

(0,3%)

4,8%

2016 2017

51

(7,4%)

0,2%

2016 2017

0,4% 2,9%

2016 2017

1,6%

(0,3%)

2016 2017

(3,7%)

1,2%

2016 2017

3,0

3,6

2,7

3,2

2,9

3,7

2,9

3,3

3,0

3,5

2,4

3,2

Germany RoE RoW Group

Average unit volume (AUV) (1)

€m

201720162015

Note: AUV 2017 excluding major restaurants(London1: €5.7m; Marseille2: €5.5m and NYC: €5.1m)

(2,9)

(3,3)

(3,0)

(2,4)

Financial Calendar / Reporting dates 2018 / Contact details

52

Nov 28, 2018 Publication Q3 results 2018

Dr. Andrea RolveringHead of Investor RelationsMobile: +49 151 5445 9750Email: a.rolvering@vapiano.eu

25-26 Sept 2018 Goldman Sachs / Berenberg Corporate Conference, Munich

1 Oct 2018 Berenberg Seminar Milan/Lugano, Mailand

3-4 Dec 2018 Berenberg European Conference, Surrey, UK

10-11 Jan 2019 Oddo BHF Forum, Lyon, France

22-23 Jan 2019 Kepler Cheuvreux German Corporate Conference, Frankfurt

19-20 Feb 2019 Oddo BHF German Conference, Frankfurt

Disclaimer

53

THIS COMMUNICATION IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS SUBJECT TO CHANGE. IT IS INDICATIVE, NOT BINDING AND WILL NOT BE UPDATED.

This communication and information included therein has been prepared solely by VAPIANO SE (the Company) has not been verified independently and is provided for information purposes only.This Presentation has been made available to financial analysts. Presentations are by their nature abbreviated information and cannot substitute for narrative information. In addition, the information herein is preliminary and is not comprehensive. Consistent with its purpose, this Presentation does not include all information that is material to evaluate the strengths and weaknesses as well as risks and opportunities of the Company.

This document contains forward-looking statements. Forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, projections, forecasts or estimates of cash flows, yields or return, scenario analyses and model illustrations regarding the Company’s and the Group’s results of operations, strategy, plans, objectives, goals and targets. These statements are based on plans, estimates, projections and assumptions as they are currently available to the management of the Company. Forward-looking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by the Company and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside the Company’s control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. The Company neither plans nor undertakes to update any forward-looking statements. Any forward-looking information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein or can be ascertained at this time). This Presentation contains information that prior to its disclosure may have constituted inside information under European Union Regulation 596/2014 on market abuse.The Company obtained certain industry and market data used in this Presentation from publications and studies conducted by third parties and estimates prepared by the Company based on certain assumptions. While the Company believes that the industry and market data from external sources is accurate and correct, neither the Company nor its advisers have independently verified such data or sought to verify that the information remains accurate as of the date of this Presentation and neither the Company nor its advisers make any representation as to the accuracy of such information. Similarly, the Company believes that its internal estimates are reliable, but these estimates have not been verified by any independent sources.The Company and its advisers, and any of their respective affiliates, personally liable partners, directors, officers, employees, advisers or agents, shall accept no responsibility and have no liability whatsoever (in negligence or otherwise) to you or to any third parties, for the quality, adequacy, reasonableness, accuracy, fairness, timeliness, continued availability or completeness of any data or calculations contained and/or referred to in this communication (or whether any information has been omitted from the Presentation) or any other information relating to the Company, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available nor for any special, direct, indirect, incidental or consequential loss or damage which may be sustained because of the use of the information contained and/or referred to in this communication or otherwise arising in connection with the information contained and/or referred to in this communication, provided that this exclusion of liability shall not exclude or limit any liability under any law or regulation applicable to the Company that may not be excluded or restricted.

All information in this presentation is current at the time of publication but may be subject to change in the future. The Company and its advisors disclaim any obligation to update or revise any statements, in particular forward-looking statements, to reflect future events or developments.

This Presentation does not constitute or form part of, and should not be construed as an offer or invitation or recommendation to, purchase or sell or subscribe for, or as any solicitation of any offer to purchase or subscribe for, any securities of the Company, in any jurisdiction. Neither this Presentation, nor any part thereof nor anything contained or referred to therein, nor the fact of its distribution, should form the basis of or be relied on in connection with, or serve as an inducement in relation to, a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any such securities. Securities of the Company and its subsidiaries have not been, and are not intended to become, registered under the United States Securities Act of 1933 (the Act). This communication is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the Act, as amended. Securities may only be sold pursuant to, or in a transaction exempt from, the registration requirements of the Act. Any public offering of securities to be made in the United States of America would be made by means of a prospectus that can be obtained from the issuer and that contains detailed information about the company and management, as well as financial statements. There is no public offer of any securities of the Company in the United States of America. Any decision to purchase any product or enter into any transaction referred to in this communication should be based upon the information contained in any associated offering document. In receiving or otherwise accessing this Presentation, you will be deemed to have represented, agreed and undertaken (i) that you are permitted, in accordance with all applicable laws, to receive such information, (ii) that you are solely responsible for your own assessment of the business and financial position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company and (iii) that you have read and agree to comply with the contents of this notice.

This Presentation and its contents are strictly confidential and has been presented to you solely for your information; it may not be distributed or passed on to any other person or published or copied or reproduced, in whole or in part, by any medium or in any form for any purpose.

Recipients of this Presentation should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and must make their own assessments concerning such matters and other consequences of a potential investment in the Company and its securities, including the merits of investing and related risks.