Europcar Mobility Group

Full Q1 2022 Results & Updated Trajectory For 2022

Regulatory News:

Europcar Mobility Group (Paris:EUCAR):

FULL Q1 2022 RESULTS

Preliminary IFRS Q1 2022 financial statements were published on April, 28^th, 2022. Today’s press release contains final accounts for Q1 2022 (refer the Appendix). Key financial highlights for Q1 2022 are as follow:

• Strong Revenue: +57%¹ at €567m compared to Q1 2021 (or 92% of revenue in Q1 2019 PF), driven by high RPD² and persistent firm recovery in leisure customer demand.
• Outstanding Margin after direct costs (MADC³): strong improvement in margin to 34.5% in Q1 2022, well above pre-covid level (29.0% in Q1 2019 PF) as a result of fleet costs optimization
• Positive Corporate EBITDA, first time ever in Q1 (historically negative figure due to seasonality): +€31m with positive fall-through (vs -€44m Corp. EBITDA in Q1 2021 and -€15m in 2019 PF⁴)
• Group net income: losses were cut by -71% to -€22m from -€77m in Q1 2021
• Solid balance sheet: €247m Corporate net debt⁵, building on the financial restructuring achieved in February 2021.

UPDATED TRAJECTORY FOR 2022 WITH A GOOD VISIBILITY ON Q2 2022

Following Q1 2022 preliminary publication on 28 April 2022, when Europcar Mobility Group was foreseeing revenue and Corporate EBITDA growth for 2022 compared to 2021, the Group now has a clearer view of the trajectory for the year. Business trends are well-oriented in Q2 2022: April was a record month driven by strong pricing momentum that is continuing throughout the second quarter, underpinning a more positive outlook for FY2022. However, it should be noted that there remains significant uncertainty in H2 2022 with short lead times and potential macro-economic downturn.

The Group is benefiting from solid volumes’ demand driven by travel recovery including long-haul demand. The Group anticipates that the strong positive pricing momentum will remain throughout the year on the back of fleet shortages, while having successfully diversified its fleet sourcing via alternative channels. In parallel, the Group keeps running a tight cost control and also benefits from favorable resale conditions on the second-hand market.

Assuming no deterioration in the business environment and macro-economic context (new pandemic waves, inflation, fleet scarcity, consumer consumption, deterioration of geopolitical situation related to the war in Ukraine), the Group is now expecting Corporate EBITDA before IFRS 16 above €320m for the FY 2022.