1

SYNLAB delivers record growth in Q1 2021

• Nearly doubling revenue (+96%) in Q1’21 at EUR 938 million

• Strong SARS-CoV-2 testing volumes in Q1’21, above Q4’20

• Sustained underlying organic growth1 at +3.7% supported by successful “For You” growth initiatives

• Adjusted EBITDA multiplied by 3.8x at EUR 324 million, margin showing strong volume leverage

• Record unlevered FCF of EUR 182 million driving major leverage ratio reduction at 2.3x, pre-IPO

• M&A activity resuming, with 10 acquisitions completed year-to-date (~EUR 44 million of EV)

• Successful IPO, with EUR 400 million raised to further reduce leverage

• SYNLAB to comfortably exceed EUR 3 billion of revenue in FY 2021

SYNLAB, (ISIN: DE000A2TSL71, SYMBOL: SYAB) the largest European clinical laboratory and medical

diagnostic services company, announces SYNLAB Limited’s unaudited consolidated (SYNLAB Group)

Q1 results.

“Strong business momentum from late 2020 has continued and even accelerated in the first quarter of

2021. We recorded sustained growth in our underlying business, in line with previous quarters, while

continuously playing a leadership role in the COVID-19 response, with testing volumes in March 2021 at

the highest levels since the start of the pandemic. Less than two weeks after our successful IPO, these

results give us great confidence that we should comfortably exceed EUR 3 billion of revenue in FY 2021,

giving us increased means to implement our strategy for further profitable growth. I am equally proud of

the major progress SYNLAB has made in its Environmental, Social and Governance agenda, with the

publication in March of our first ESG report2, which also sets measurable targets for our extra-financial

performance.” says Mathieu Floreani, CEO of SYNLAB Group.

SYNLAB Group3 Key figures (€m)

Q1 2021 Q1 2020 Growth

Revenue 938.2 479.5 +95.6%

Adjusted EBITDA 324.1 85.0 x3.8

Adjusted EBITDA margin 34.5% 17.7% +16.8pts

Adjusted operating profit 280.3 45.4 x6.2

Net profit 188.8 (18.0) +207m

Unlevered Free cash flow 181.8 11.3 +170m

1 Excluding estimated revenue growth related to SARS-CoV-2 contribution (testing revenue net of attrition impact) 2 ESG report: Our medical excellence for you – your access to the most innovative laboratory services | SYNLAB 3 Please refer to the Appendix regarding the use of SYNLAB and SYNLAB Group in this press release.

SYNLAB Moosacher Straße 88

80809 Munich Germany

Press release

Munich,12 May 2021

2

Financial update: strong profitable growth in Q1 2021

Q1 2021 revenues increased by 96% compared with Q1 2020 at EUR 938.2 million. This record growth

was established against a comparison base which included a very strong March 2020 SARS-CoV-2

attrition impact4 in several geographies (total Q1 2020 attrition impact of EUR 46 million), partly mitigated

by the strong start to the year (+4.9% underlying organic growth in Jan.-Feb. 2020) and the early ramp-

up of SARS-CoV-2 testing capabilities in several countries.

Q1 2021 organic growth was 96% with:

• high demand for SARS-CoV-2 diagnostics across markets, with Q1 2021 volumes exceeding that

of Q4 2020. March 2021 testing volumes were at the highest level since the start of the pandemic.

SYNLAB carried out 7.1 million PCR tests and 0.8 million non-PCR tests in Q1 2021, for an

estimated SARS-CoV-2 revenue contribution of ~EUR 406 million, of which EUR 430 million from

testing revenue and an estimated EUR 24 million attrition impact;

• robust underlying organic growth of 3.7% (excluding SARS-CoV-2 revenue contribution),

supported by successful “For You” growth initiatives (Blood collection points network

optimization, Hospitals) and positive price in multiple countries;

Excluding SARS-CoV-2 testing, total organic growth was 8.7%.

Currency variations had a small negative impact in Q1 2021, driven by further weakening of emerging

currencies against the Euro. M&A had a small positive contribution, reflecting subdued M&A activity in

previous quarters.

Q1 2021 adjusted EBITDA rose to EUR 324.1 million compared with EUR 85.0 million in Q1 2020. The

EUR 239.5 million organic increase in adjusted EBITDA was mostly driven by i) a surge in volume and

overall positive pricing ii) contained inflation of personnel and other OPEX costs and iii) productivity gains

related to the SALIX program, in line with previous quarters and annual targets.

The strong volume leverage translated into adjusted EBITDA margin expansion, at 34.5%, increasing

materially from 17.7% in Q1 2020 but also higher than the 31.8% EBITDA margin recorded in Q4 2020.

Q1 2021 adjusted operating profit was multiplied by 6.2x to reach EUR 280.3 million, with margin

expanding materially. Operating profit grew by the same amount, with slightly lower customer list

amortization at EUR 12.4 million offset by slightly higher OPEX adjustments -mostly IPO and acquisition-

related- at EUR 9.7 million. Total adjustments reduced materially as a % of adjusted EBITDA.

Q1 2021 net profit reached EUR 188.8 million, driven by higher operating profit and lower financial costs,

partly offset by higher income tax from improved financial performance. A residual sale of the A&S

business, classified as discontinued operations, had a positive EUR 17.9 million impact on net profit.

Operating cash flow expanded materially in the quarter, driven by profit growth and despite the negative

impact of SARS-CoV-2 testing activity on working capital. DSOs stood at 73 days at the end of Q1 2021,

compared with 56 days at the end of Q1 2020 (and 77 days at end December 2020).

A moderate increase in net CAPEX, of which EUR 3.6 million related to SARS-CoV-2 testing, and in

Lease payments, together representing 5.3% of Q1 2021 revenue, resulted in record unlevered free cash

flow of EUR 181.8 million. The cash conversion ratio (Unlevered free cash flow / adjusted EBITDA) was

56%.

4 Attrition impact on revenue from confinement measures, such as closures of blood collection points or patients delaying non-critical medical care, that resulted in temporary decreases in ordinary testing volumes

3

Q1 2021 strong cash generation enabled SYNLAB to deleverage organically: at end March 2021, its

adjusted net debt5 stood at EUR 2,127 million compared with EUR 2,254 million at end December 2020.

Net debt to LTM pro-forma adjusted EBITDA6 leverage ratio dropped to 2.3x compared with 3.3x at the

end of 2020, the lowest level achieved since the creation of the SYNLAB Group.

Successful IPO completed on the Frankfurt Stock Exchange

On 30 April 2021 SYNLAB was successfully listed on the Frankfurt Stock exchange. The Offering

comprised 22.2 million newly issued ordinary shares from a capital increase, and up to 20.7 million

ordinary shares from the Pre-IPO shareholders. The total offer volume was EUR 772 million (assuming

full exercise of the Greenshoe option), including gross primary proceeds of EUR 400 million used to

further deleverage the Group and pursue its value enhancing growth strategy.

Refinancing and further debt reduction post Q1 2021

Capitalizing on its strengthened financial position, SYNLAB issued on 4 May 2021 a new EUR 735 million

Term-Loan with a 5-year maturity, a new EUR 500 million RCF, and cancelled its undrawn EUR 250

million RCF. On 5 May 2021, using the proceeds from the new issuance and the IPO, SYNLAB repaid

EUR 850 million of outstanding Notes and EUR 300 million of Term-Loans. Following these successful

transactions, SYNLAB significantly reduces its debt level, has no debt maturity before 2026, benefits

from lower interest rates, in line with guidance given at the IPO, and further diversifies its pool of banking

partners.

Business update: delivering on growth strategy

Leadership in SARS-CoV-2 pandemic response

SARS-CoV-2 testing continued at a sustained pace in the quarter, with volumes at levels never seen

since the start of the pandemic in several countries. The bulk of tests carried out were PCR tests, with

antibody testing rising gradually. In addition, SYNLAB’s leading capabilities in sequencing put the

company at the forefront of the sequencing campaign in Europe, notably in Germany.

In parallel, SARS-CoV-2 testing services are also growing, as testing is also paramount to the “back to

normal” phase. The flagship UEFA partnership signed in 2020 and which covers 55 countries is still

ongoing, and SYNLAB has signed more than 7,700 “Safe at work” contracts with corporate clients from

program launch to end March 2021. SYNLAB sees continuous traction in this market. Recent

partnerships include PCR testing services for Amazon in Italy, Radisson hotels across 15 countries, and

for athletes of various disciplines (for example FC Barcelona, Hungarian Olympic Committee). SYNLAB

is also active in testing of younger people: testing concepts and focused solutions for schools and kids

overall are being implemented in several countries, including France, Germany, and Portugal.

Continuously delivering on growth strategy of customer centric medical excellence

In addition to the major efforts put in fighting the SARS-CoV-2 pandemic, SYNLAB continuously delivers

on its growth strategy of customer centric medical excellence, based on four pillars:

1) Superior patient and clinician experience

In Q1 2021, mobilization has started for the South-East London contract, which officially started on April

1st, 2021 and is set to generate GBP 1.9 billion of revenue over the next 15 years. Key milestones include

5 As defined in Appendix 6 As defined in Appendix

4

the signing of the hub lease and the start of the building work to transform an office building into a

65,000ft2 state-of-the-art laboratory building and associated center of excellence for pathology learning.

To manage this major contract, a new executive leadership is now in place with medical leadership

appointment also well underway.

Further “For You” growth initiatives were rolled-out in the quarter, including Blood collection points

network optimization in France and Italy and the extension of the Net Promoter Score campaign to

measure customer satisfaction.

2) Operational excellence

Operational excellence at SYNLAB covers a number of programs. IT is a key enabler, and SYNLAB

made important progress in various initiatives in Q1 2021: rollout of LIS solutions is progressing well (for

example in France), and the ERP implementation is ongoing as planned in region South and in the UK.

In Q1, SYNLAB has also continued to implement its big modernization program, which aims at renewing

more than 1,000 instruments across its labs network in the near future. March was marked by the go live

of a fully automated solution in one of its largest labs, located in Augsburg (Germany), which will enable

to handle several million tests per year and serve a growing number of customers.

Finally, the SALIX efficiency program enabled EUR 4.5 million of savings, in line with previous quarters

and yearly targets.

3) ESG: Employee engagement as a key success factor

In March 2021, SYNLAB published its first ever ESG report. This report is the result of a preliminary

materiality assessment started in 2020, reflecting on SYNLAB’s most significant ESG risks and

opportunities from both the company and its stakeholders’ perspectives. SYNLAB’s material ESG Topics

have 3 main pillars: SYNLAB Green, SYNLAB Care and SYNLAB Citizenship, with clearly defined,

measurable targets out to 2025.

Improving the group-wide employee engagement survey -SYNLAB Dialogue- scores year-on-year to

2025, is one of these targets. Results of the 2021 survey were shared with all employees in March and

they are very encouraging: participation reached 65% (above 12,000 employees), in 30 countries plus

headquarters. The employee engagement score, measured against 3 drivers (Say, Stay, Strive),

increased significantly compared with last survey, showing growing employee engagement at SYNLAB.

4) Efficient capital deployment: M&A update (as of 30 April 2021)

M&A activity has resumed since January 2021, with 10 bolt-on acquisitions completed for a total

Enterprise Value of c. EUR 44 million, already substantially above the total level of 2020.

SYNLAB further expanded its presence in Italy, with three bolt-on acquisitions in the Lazio region and

one in the Napoli region. In addition, three bolt-on acquisitions were closed in France, one in Spain, one

in Colombia and one in Germany. With the latter, completed early April, SYNLAB reinforced its presence

in the Northern region through the acquisition of a cytology lab.

Governance update

In the context of the change in legal structure to a German stock corporation (AG), the Company also

established a Supervisory Board. It is chaired by Prof. Dr. David Ebsworth. Prof. Ebsworth has over 40

years of experience in the healthcare industry. The Supervisory Board consists of twelve members with

six shareholder representatives -of which 4 independent- and six employee representatives.

5

Outlook: EUR 3 billion revenue to be comfortably exceeded in 2021

SARS-CoV-2 testing assumptions

To date, SYNLAB has seen no slowdown in the monthly run-rate for SARS-CoV-2 testing revenues.

SYNLAB anticipates the revenue-enhancing effects of SARS-CoV-2 testing to continue through 2021,

with the net revenue-enhancing impact peaking during 2021 and decreasing, but remaining meaningful,

in the mid-term.

Q2 2021 outlook

In Q2 2021, SYNLAB expects sustained activity in SARS-CoV-2 testing, underlying organic growth

acceleration thanks to the commencement of services for the South East London (SEL) contract, which

started on April, 1st 2021, and sustained M&A activity based on its strong pipeline, with 3 acquisitions

already closed since 31 March 2021.

FY 2021 outlook

Based on the very strong start to the year which is, as described in the outlook section of the IPO

prospectus, above anticipated levels, SYNLAB expects the EUR 3 billion revenue mark to be comfortably

exceeded in 2021, with a very material contribution of SARS-CoV-2 testing.

The Group expects underlying organic growth to reach ~10%, enhanced by the full roll-out effects of “For

You” growth initiatives and the contribution of the SEL contract.

Based on the 10 acquisitions carried out since the beginning of the year and its strong M&A pipeline,

SYNLAB expects its FY 2021 M&A spending to be in line with the EUR 200 million of M&A spending per

annum set as mid-term guidance.

Unlevered free cash flow (pre-M&A) is expected to amount to EUR 300 to 350 million.

6

Q1 2021 Segment performance

FRANCE (24% of Group revenue)

Q1 2021 Q1 2020 Growth

Revenue 229 118 +94%

Adjusted operating profit 70 20 x3.5

Adjusted operating profit margin 30.6% 17.1% +13.5pts

France revenue grew by 94% in Q1 2021 at EUR 229 million compared with EUR 118 million in Q1

2020.

Organic growth was 93%, including:

o strong SARS-CoV-2 testing revenue contribution against a Q1 2020 which included a material

SARS-CoV-2 attrition impact. SYNLAB recorded further volume growth compared with Q4 2020,

with March 2021 testing volumes at the highest level since the start of the pandemic;

o underlying organic growth of 2.2%, including volume growth, positive impact of specific “For You”

growth initiatives implemented since Q1 2020 (mainly around BCP network optimization) and

stable prices.

Adjusted operating profit stood at EUR 70 million, representing a 30.6% margin (+13.5 pts vs. Q1 2020),

reflecting the strong volume leverage of the business.

In Q1 2021, SYNLAB closed three bolt-on acquisitions in France representing total annualized revenue

of ~EUR 14 million.

GERMANY (19% of Group revenue)

Q1 2021 Q1 2020 Growth

Revenue 179 113 +58%

Adjusted operating profit 46 6 x7.2

Adjusted operating profit margin 25.9% 5.7% +20.2pts

Germany revenue grew by 58%, all organically, in Q1 2021 at EUR 179 million compared with

EUR 113 million in Q1 2020 including:

o material SARS-CoV-2 testing revenue contribution, with volumes reducing from Q4 2020

however, due to confinement measures in January and February. Volumes picked up again in

March 2021;

o subdued reported underlying organic growth of 0.3%, due to a negative calendar impact (~EUR

2 million) and volume softness in the West region, due to temporary resource constraints. Prices

were broadly stable.

Adjusted operating profit stood at EUR 46 million, representing a 25.9% margin (+20.2 pts vs. Q1 2020).

This major increase reflects the strong volume leverage of the business.

7

SOUTH (28% of Group revenue)

Q1 2021 Q1 2020 Growth

Revenue 264 143 +85%

Adjusted operating profit 64 9 x6.9

Adjusted operating profit margin 24.1% 6.5% +17.6pts

South revenue grew by 85% in Q1 2021 at EUR 264 million compared with EUR 143 million in Q1

2020.

Organic growth was 84% including:

o material SARS-CoV-2 testing revenue contribution, with further volumes growth compared with

Q4 2020;

o underlying organic growth of 5.8%, with all countries recording growth except for Switzerland

(13% of SOUTH revenue), which was mainly impacted by the rollover effect of 2020 customer

losses, and, to a minor extent, price reduction implemented in December 2020. Other countries

experienced volume growth and broadly stable prices and the positive impact of “For You” growth

initiatives. Iberia (32% of SOUTH revenue) recorded low single digit underlying organic growth,

while LATAM (16% of SOUTH revenue) and Italy (39% of SOUTH revenue) grew mid to high and

double digit respectively, with Italy growth also lifted by a very positive working-day effect (+3

working days vs. Q1 2020).

Adjusted operating profit reached EUR 64 million, representing a 24.1% margin (+17.6 pts vs. Q1 2020).

Margins were up across the board reflecting the strong volume leverage of the business.

In Q1 2021, SYNLAB closed four bolt-on acquisitions in the South segment, all located in Italy

representing total annualized revenue of ~EUR 4 million.

NORTH & EAST (29% of Group revenue)

Q1 2021 Q1 2020 Growth

Revenue 267 106 +152%

Adjusted operating profit 100 10 x10.5

Adjusted operating profit margin 37.6% 9.0% +28.6pts

North & East was the fastest growing segment in Q1 2021, with revenue growing 152% at EUR 267

million compared with EUR 106 million in Q1 2020.

Organic growth was 155% including:

o material SARS-CoV-2 testing revenue contribution, with a sharp volume increase compared with

Q4 2020. March testing was at the highest level since the start of the pandemic in a number of

countries, also benefitting from short-term SARS-CoV-2 testing contracts in North Europe;

o underlying organic growth of 5.0%, driven by volume growth and positive pricing in many

countries, further enhanced by specific “For You” growth initiatives. The UK and North7 (73% of

NORTH & EAST revenue) grew slightly above segment growth, with Belgium and the UK clear

outperformers in the quarter, thanks to volume growth and “For You” growth initiatives. Central

Europe (19% of NORTH & EAST revenue) recorded low single digit growth with mixed

performances across countries. Emerging markets (8% of NORTH & EAST revenue) recorded

double digit growth.

7 Belgium, Nordics

8

Adjusted operating profit stood at EUR 100 million, representing a 37.6% margin (+28.6 pts vs. Q1 2020).

Strong margin expansion reflected strong volume leverage, with further uplift driven by short-term SARS-

CoV-2 testing contracts in North Europe.

***

Conference call

SYNLAB will hold its Q1’21 results conference call today at 3:00 PM CEST, hosted by Mathieu Floreani,

CEO of SYNLAB and Sami Badarani, CFO of SYNLAB.

Direct link to webcast by clicking here

For more information:

Media contact:

Carolin Amann, FTI Consulting

+49 (0) 175 299 3048

Carolin.Amann@fticonsulting.com

Investor contact:

Mark Reinhard, SYNLAB

+49 (0) 170 118 3753

Mark.Reinhard@synlab.com

About SYNLAB

• SYNLAB Group is a leading international medical diagnostics provider. SYNLAB offers a full range

of innovative and reliable medical diagnostics for patients, practising doctors, clinics and the

pharmaceutical industry.

• Providing the leading level of service within the industry, SYNLAB is the partner of choice for

diagnostics in human and veterinary medicine. The Group continuously innovates medical diagnostic

services for the benefit of patients and customers.

• SYNLAB operates in 36 countries across four continents and holds leading positions in most markets.

Around 20,000 employees, including over 1,200 medical experts, as well as a large number of other

specialists such as biologists, chemists and laboratory technicians, contribute every day to the

Group’s worldwide success. SYNLAB carries out ~500 million laboratory tests per year and achieved

revenues of EUR 2.6 billion in 2020.

• More information can be found on www.synlab.com

Financial calendar

Q2/H1 Results 12 August 2021 (pre-market) Q3 Results 10 November 2021 (pre-market)

Q4/FY Results 16 March 2022 (pre-market)

This document does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities in any jurisdiction. Statements made in this document may include forward-looking statements. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "expects,“ “expected,” "may," "will," "would," "should," "seeks," "pro forma," "anticipates," "intends," "plans," "estimates," “estimated,” or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and SYNLAB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It should be noted that past performance is not a guide to future performance. Interim results are not necessarily indicative of full-year results. Certain data included in this document are "non-IFRS" measures. These non-IFRS measures may not be comparable to similarly titled financial measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards or any other generally accepted accounting principles. Although SYNLAB believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included in this document. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

9

APPENDIX

The financial information disclosed in this press release for SYNLAB or SYNLAB Group relates in each case to the

consolidated financial information of SYNLAB Limited. Listed SYNLAB AG did not generate any revenue in Q1

2021 and only became SYNLAB Group's new parent company with the contribution of all shares in SYNLAB Limited

on 27 April 2021.

I. ALTERNATIVE PERFORMANCE MEASURES

This announcement includes certain financial measures that are not presented in accordance with IFRS

or any other internationally accepted accounting principles.

Organic growth is a non-IFRS measure calculating the growth in revenue for a given period compared

to the comparable period of the prior year for the same scope of businesses, excluding discontinued

operations, and in constant currency, i.e. using the exchange rates of the prior year reported period.

When calculating organic growth, SYNLAB uses the scope of businesses that have been consolidated

in the Group's financial statement of the previous financial year. Revenue contribution from businesses

acquired in the course of prior year but not consolidated for the full year are adjusted as if they had been

consolidated as from January of prior year. All revenues from businesses acquired since 1 January of

the current year are excluded from the calculation.

Adjusted EBITDA (AEBITDA), is operating profit adjusted for (by adding-back) the following:

• depreciation and amortization;

• impairment of goodwill;

• expenses for restructuring and other significant items;

• acquisition related expenses;

• as well as other items of non-recurring nature included in operating costs (i.e. solely share-based

payments in 2020).

LTM pro-forma adjusted EBITDA is adjusted EBITDA pro-forma for all acquisitions carried out over the

last twelve months.

Adjusted operating profit (AOP) is operating profit adjusted for the following:

• customer list amortization;

• impairment of goodwill;

• expenses for restructuring and other significant items;

• acquisition related expenses;

• other items of non-recurring nature included in operating costs (i.e. solely share-based payments

in 2020).

Adjusted net profit is defined as profit adjusted for adjustment items (see adjusted operating profit

definition) and for the tax effect on adjustment items.

Adjusted net debt is defined as sum of financial debt including loans and borrowings (adding back

capitalized transactions costs) and lease liabilities, net of cash & cash equivalents.

Unlevered free cash flow pre-M&A (uFCF) is defined as the sum of cash flow from operating activities

of continuing operations, net CAPEX (defined as the cash outflow from purchase of intangibles and

property, plant and equipment, net of proceeds from sale of intangibles and property, plant and

equipment) and leases (defined as the sum of lease repayments and lease interest).

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II. Q1 2021 SEGMENT REPORTING

(EURM) Revenue AOP

Q1'21 Q1'20 Organic Growth

Underlying Growth

Q1'21 Q1'20 Margin,

Q1'21 Margin,

Q1'20

France 228.6 117.9 92.9% 2.2% 70.0 20.2 30.6% 17.1%

Germany 178.8 113.0 58.3% 0.3% 46.4 6.5 25.9% 5.7%

South 264.2 142.9 84.3% 5.8% 63.7 9.3 24.1% 6.5%

North & East 266.6 105.8 154.6% 5.0% 100.2 9.5 37.6% 9.0%

SYNLAB Group 938.2 479.5 95.7% 3.7% 280.3 45.4 29.9% 9.5%

III. 2020 QUARTERLY VIEW BY SEGMENT

(EURM) Revenue

Q1’20 Q2’20 Q3’20 Q4’20 FY’20

France 118 118 177 234 647

Germany 113 121 150 196 580

South 143 163 232 261 799

North & East 106 100 150 239 595

SYNLAB Group 480 503 708 930 2,621

AOP

Q1’20 Q2’20 Q3’20 Q4’20 FY’20

France 20 20 48 56 145

Germany 6 14 20 57 97

South 9 21 46 55 131

North & East 10 9 33 81 132

SYNLAB Group 45 64 147 248 504

IV. OPERATING PROFIT TO ADJUSTED EBITDA AND ADJUSTED OPERATING PROFIT

RECONCILIATION (EURM)

11

Q1 2021 Q1 2020

Operating profit 258.1 24.7

Restructuring and other significant expenses 4.7 8.0

Acquisitions related income / (expenses) 4.3 (1.5)

Impairment of non-current assets - 0

Customer list amortization 12.4 12.9

Share-based payments 0.7 1.4

Other adjustments - -

Adjusted operating profit (AOP) 280.3 45.4

Depreciation and amortization 56.3 52.5

Customer list amortization (elimination) (12.4) (12.9)

Adjusted EBITDA (AEBITDA) 324.1 85.0

V. SIMPLIFIED CASH FLOW (EURM)

Q1 2021 Q1 2020

Adjusted EBITDA (AEBITDA) 324.1 85.0

Movements in working capital (84.1) (23.8)

Income tax paid (12.1) (3.3)

Change in provisions and other 3.4 (6.1)

Operating cash flow 231.4 51.8

Net purchase capex (20.2) (13.8)

Leases (29.4) (26.7)

Unlevered free cash flow 181.8 11.3

Net interest (36.9) (33.8)

Free cash flow 144.9 (22.5)

Net acquisitions (22.2) 7.2

VI. NET DEBT RECONCILIATION (EURM) AND

LEVERAGE CALCULATION

Q1 2021 FY 2020

Loans and borrowings at carrying amount 2,155 2,718

Capitalized transaction costs 24 19

Lease liabilities 435 422

Cash and cash equivalents (487) (905)

Adjusted net financial debt 2,127 2,254

LTM pro-forma AEBITDA 921.2 685.4

Leverage ratio 2.3x 3.3x

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VII. CONSOLIDATED P&L STATEMENT

For the three months ended 31

March

Continuing operations 2021 2020

€ 000 € 000

Revenue 938,214 479,549

Material and related expenses (243,039) (111,346)

Payroll and related expenses (268,921) (205,299)

Other operating income 7,945 3,811

Other operating expenses (110,816) (83,094)

Depreciation and amortization (56,271) (52,504)

Operating profit before acquisition, restructuring and impairment of non-current assets

267,112 31,117

Restructuring and other significant expenses (4,695) (7,981)

Acquisitions related income / (expenses) (4,280) 1,524

Impairment of non-current assets - (1)

Operating profit 258,137 24,659

Share of loss of associates and other non-controlling interest (907) (112)

Profit / (Loss) on disposal of investment - 676

Finance income 8,823 4,860

Finance costs (37,595) (44,854)

Profit/Loss before taxes 228,458 (14,771)

Income tax expenses (57,534) (3,320)

Profit / (loss) for the year from continuing operations 170,924 (18,091)

Discontinued operations

Profit for the year from discontinued operations 17,868 59

Net result for the year 188,792 (18,032)

Profit attributable to non-controlling interests 646 330

Loss attributable to equity holders of the parent company 188,146 (18,362)

Net profit/loss for the period 188,792 (18,032)

13

VIII. CONSOLIDATED BALANCE SHEET

31/03/2021 31/12/2020

€ 000 € 000

Goodwill 2,246,398 2,212,128

Intangible assets 704,668 715,380

Property, Plant and Equipment 217,778 217,069

Right of Use assets 415,337 401,109

Investments in associates 4,633 4,574

Other non-current assets 40,649 38,611

Deferred tax assets 31,666 29,017

Total non-current assets 3,661,129 3,617,888

Inventories 137,107 149,055

Trade accounts receivables 592,409 534,910

Other current assets 85,824 72,194

Cash and cash equivalents 487,136 904,900

Assets classified as held for sale - 4,242

Total current assets 1,302,476 1,665,301

TOTAL ASSETS 4,963,605 5,283,189

Contributed capital 134,388 134,388

Additional paid-in capital 1,524,339 1,523,590

Cumulative translation adjustment (1,668) (8,365)

Accumulated deficit (252,020) (443,973)

Total parent company interests 1,405,039 1,205,640

Non-controlling interests (2,311) (2,088)

TOTAL EQUITY 1,402,728 1,203,552

Loans and borrowings (non-current) 2,131,766 2,680,895

Non-current lease liabilities 347,053 338,166

Employee benefits liabilities 45,723 47,806

Non-current provisions 2,547 2,458

Other non-current liabilities 31,192 27,191

Deferred tax liabilities 169,934 171,638

Total non-current liabilities 2,728,215 3,268,154

Current loans and borrowings 23,748 36,750

Current lease liabilities 87,911 83,745

Trade accounts payable 334,167 386,523

Contract liabilities 5,737 22,935

Current provisions 6,982 6,440

Income tax liabilities 100,258 48,326

Other current liabilities 273,859 224,449

Liabilities associated assets classified as disco

- 2,315

Total current liabilities 832,662 811,483

TOTAL LIABILITIES 3,560,877 4,079,637

TOTAL LIABILITIES AND EQUITY 4,963,605 5,283,189

14

IX. CONSOLIDATED CASH FLOW STATEMENT

As at 31 March As at 31 March 2021 2020

€ 000 € 000 Operating profit 258,137 24,659

Depreciation, amortization, impairment 56,271 52,545 Change in provisions 1,010 739 Loss from the disposal of non-current assets 174 26 Other non-cash revenues and expenses 11,952 923 Operating cash flow before changes in net working capital 327,544 78,892

Change in inventories 12,327 (7,433) Change in trade accounts receivable (62,944) 4,257 Change in trade accounts payable (46,686) (22,574) Change in other net working capital 13,197 1,941 Income tax paid (12,082) (3,278)

Cash flow from operating activities (A) operating operations 231,356 51,805

Cash flow from operating activities (A) discontinued operations 1,233 9,438

Cash flow from operating activities (A) 232,589 61,243

Acquisition of subsidiaries, net of cash acquired and changes in debt related to acquisitions (31,710) (1,880) Purchase of intangibles and property, plant and equipment (20,652) (14,130) Sale of subsidiaries, net of cash disposed and changes in debt 9,530 9,058 Proceeds from sale of intangibles and property, plant and equipment 421 353 Increase in other non-current assets - (27) Decrease in other non-current assets 15 479 Interest received 117 59

Cash flow used in investing activities (B) continued operations (42,279) (6,088)

Cash flow used in investing activities (B) discontinued operations - (1,986)

Cash flow used in investing activities (B) (42,279) (8,074

Interest paid (39,944) (37,556) New loans, borrowings and other financial liabilities - 219,003 Repayment of loans, borrowings and other financial liabilities (544,064) (460) Repayment of lease liabilities (26,397) (23,031 Dividends paid and other payments to non-controlling interests (838) (1,115)

Cash flow used in financing activities (C) continued operations (611,243) 156,841

Cash flow used in financing activities (C) discontinued operations (22) (2,197)

Cash flow used in financing activities (C) (611,265) 154,644

TOTAL CASH FLOWS (A+B+C) (420,956) 207,813

Cash and cash equivalent at the beginning of the period 904,707 238,580

Net foreign exchange differences 3,158 304

Cash and cash equivalent at the end of the period 486,909 446,697

NET INCREASE/(DECREASE) IN CASH AND

CASH EQUIVALENTS (417,798) 208,117