Metro : Q2 2020/21 Results Presentation (Englisch)

Q2 2020/21

Results presentation

5 May 2021

With you today

Christian Baier	Rafael Gasset	Dr. Steffen Greubel
CFO	COO	New CEO as of 1 May1

1 Dr. Steffen Greubel's CV in the appendix

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© METRO AG.

Focus on a strong and robust long-term position

	HoReCa restrictions			Performance above
	across country			HoReCa market
	portfolio			Germany	Italy
				Up to 6% pp	Up to 12% pp

Strong financial	Cash on balance
position with
sheet
ample flexibility	>€1 bn

Seizing opportunities and preparing for the reopening

H1 in line with expectations, guidance updated due to prolonged COVID-19 restrictions

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© METRO AG.

Resilient sales, further efficiency gains

€m / %

Q2 2019/20

Q2 2020/21

Total sales			6,006	5,050
Growth in local currency	2.1%	-11.9%
Reported growth		1.8%	-15.9%
Delivery sales share	16%	15%
Adj. EBITDA	1		133	114
thereof FX			-14
Adj. EBITDA margin	2.2%	2.3%
Transformation costs	-45	-11
Real estate gains	0	17
Reported EBITDA	2	87	121

Sales growth

• Sales development stable on Q1 20/21 level; still driven by governmental restrictions
• No material calendar impact: additional Feb '20 trading day (leap year) compensated by earlier Easter in '21
• Reported sales growth affected by negative currency development, mainly in Russia and Turkey

EBITDA and EBITDA margin

• EBITDA was impacted by volume reduction; improved performance vs. previous COVID-19 affected quarters
• Efficiency gains across countries driven by a range of measures from short-term work to digital process optimization
• Adj. EBITDA further benefited from roughly €30 m one-off effects3 and savings from last year's HQ restructuring
• Transformation costs: closure of a multicenter and store restaurants in Germany
• Real estate gains: sale of an equity investment in a German property portfolio and remaining Real property

1Adj. EBITDA - EBITDA pre transformation costs and real estate gains 2 Reported EBITDA - Including transformation costs and real estate gains 3 One-off effects include acquisition of Davigel Spain (provisional negative difference (badwill)

of €7 million), release of risk provisions for resolved legal disputes and the reassessment of transaction-related provisions (low-double-digit million euro effect)

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© METRO AG.

Resilient sales - spotlight on Spain

Pandemic management

"PROTECT"

"PRESERVE"

" GROW"

3 pillars of how we have been navigating through the pandemic

Robust market	Quick recovery
outperformance	(once restrictions are loosened)

Makro Spain sales	Makro Spain HoReCa sales
%-change vs. FY 18/19	%-change vs. FY 18/19
40			20		15th Jan
20			0
0			-20
-20			-40
-40			-60
-60			-80

-80Q1-

Q2-

Q3-

Q4-

Q1-

Q2-

-100CW

CW

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CW

19/20

19/20

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20/21

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METRO HoReCa Food

Horeca allowed to operate in most regions

..

with capacity limits since 15th Jan

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© METRO AG.