3i : Action Capital Markets Seminar (2.5mb)

3i Capital Markets Seminar

24 March 2022

Action's high growth track record continues

Net sales (€m)

+19%6,834

5,114

5,569

Operating EBITDA (€m)

+21%

828

4,216

3,418

387450

541609

2017

2018

2019

2020

2021

Store expansion (numbers) & # countries

2017

2018

2019

2020

2021

Operating cash flow (€m)1

770

1,552

1,325

1,095

1,983

1,716

375	432
288
216

7	7	7	8	9
2017	2018	2019	2020	2021

# of countries

Note: 2020 refers to 52 weeks

(1) Including CAPEX for new DCs

56%	64%	69%	71%	93%
2017	2018	2019	2020	2021

Cash conversion (operating cash flow1 / operating EBITDA)

2

Strong value creation despite pandemic

✓ Action model continues to deliver

Action - 3i carrying value, £m1

✓ Top-line growth, EBITDA growth and cash conversion remain strong

✓ Customer proposition compelling

✓ Everyday essentials at exceptional prices remains a winning strategy

✓ Simple, repeatable formula that works across markets

✓ Expansion on track and exceeding expectations

✓ Successfully present in nine countries as of 2021; one new entry

in 2022

✓ Significant white space remains

✓ Exceptional returns for 3i

✓ £106m 3i equity investment in 2011

✓ £591m further equity investment in January 2020 now valued at

over 2x

Carrying valuation

£1.4bn cumulative distributions to 3i over the ownership period2

1,708

902

501 592

143 280

2,731

2,064

3,536

6,542

4,566

(1) 3i financial years

(2) Includes £144m received in Dec-21

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Q3 FY22

3

Today's presenters

Hajir Hajji

Chief Executive Officer

Joined in September 1997 as store employee

As Commercial director, responsible for global buying, marketing, e-commerce and sustainability

Played pivotal role in rapid store expansion as Director of Store Operations

Fulfilled variety of management positions at Action (1997 - today)

• Commercial Director (2018 - 2021)
• Director of Store Operations (2011 - 2018)
• Head of Sales (2002-2011)
• Regional Manager (1999-2002)

Joost Sliepenbeek

Chief Financial Officer

Joined in November 2018

20+ years of Consumer & Retail experience

34 years experience in finance, 22 years as CFO

• CFO Vion (2015 - 2018)
• CFO Van Gansewinkel (2013 - 2015)
• CFO C1000 (2009 - 2012)
• CFO HEMA (2007 - 2009)
• CFO Albert Heijn (1999 - 2003)
• Various positions at Ahold (1994 - 2007)

4 ACTION | 3I CAPITAL MARKETS SEMINAR 2022

Agenda

1. Introduction

Simon Borrows

2. Business performance update

Hajir Hajji

3. Organisational and strategic update

Hajir Hajji

4. Financial performance 2021

Joost Sliepenbeek

5. Trading update

Joost Sliepenbeek

6. Wrap up

Simon Borrows

5 ACTION | 3I CAPITAL MARKETS SEMINAR 2022