Aston Swift     
|   Investor Relations
Maria Teresa Sanfeliu
|   Internal Quality, H&S and Innovation
Applus+ Group  
ESG Presentation
December 2023

REPOSITIONING APPLUS AS A MORE 
PROFITABLE AND SUSTAINABLE BUSINESS
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

H1 2023: Highlights of the first half 2023 results
3
1
4
2
5
3
6
Strong financial performance 
continues with solid cash flow 
generation that supports M&A
Totally focused on continued strong execution and delivering on the strategic plan
New statutory vehicle 
inspection contract awarded in 
Saudi Arabia
Active portfolio strategy drives 
90 bps margin1 improvement
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
Second 5% share buyback 
programme completed
Progress on ESG including an 
improved score from 
Sustainalytics
Outlook raised following strong 
performance and visibility to 
end of year
1 Adjusted for Other Results, IDIADA Accelerated Depreciation and amortisation of acquisition intangibles

1 Organic is at constant exchange rates and on a 2022 Proforma excluding Auto US & Finland and US O&G
2 Adjusted for Other Results, IDIADA Accelerated Depreciation and amortisation of acquisition intangibles
3 Adjusted for other results 
4 Excluding IFRS 16
H1 2023: Financial Highlights
4
Revenue
€1,001 million up 9% (+8.8% organic1) 
Operating profit / margin2
€111 million up 10.2% (+6.5% organic1)
11.0% margin (H1 2022 10.1% reported; 10.9% Proforma)
Net debt/EBITDA ratio4
2.6x and liquidity of €425 million
Free cash flow3
€71 million, down 1%
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
Return to Shareholders
2nd SBB completed
Dividend Paid at €0.16
Earnings per share3
€0.46 up 19%

Business Unit
Auto Finland
Auto US
US Oil & Gas
2022 Revenues
€13M
€37M
€102M
2022 AOP margin
Breakeven
Mid single 
digit
Negative
Closed
DEC 2022
FEB 2023
JUN 2023
Active Portfolio Evolution: a proven track record
5
Accelerate portfolio evolution to improve growth and margins 
Divestments
M&A
9
Companies 
acquired
126 M€
Total upfront 
Investment
>20%
Average AOP 
Margin
Continuous portfolio assessment to identify 
non-strategic businesses
Recurrent growth accelerator (companies acquired in 
2022 & 2023)
60%
31%
9%
Labs
E&I
Auto
>60 M€ annual 
revenues
38 M€ proceeds
2023 Financials are on the basis of Continuing Operations. The divestments are shown as Discontinued Operations
2022 Proforma is shown excluding the Divestments
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

O&G Opex
6
% Total Revenues by 
End Market
IDIADA
Labs 
Automotive
Renewables, 
Power, Infra
O&G Capex
Portfolio Evolution | Towards higher growth markets and to mitigate risks
2019
O&G Opex
IDIADA
Labs 
Automotive
Renewables, 
Power, Infra
O&G Capex
H1 
2023
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
Increase Laboratories 
Contribution
Promote Renewables, Power 
and Infrastructure growth
Focus on higher value 
added and resilient 
O&G activities

7
ESG | Sustainability Services fueling our growth 
Energy & Industry
Auto
IDIADA
Labs
•
Renewables, Soil testing
•
Energy efficiency
•
Environmental monitoring
•
Water infrastructure
•
Safety audits, H&S training, Road 
management, Telecom networks
•
Emissions inspection
•
Vehicle safety inspection
•
Transition to EV and Hybrid vehicles
•
Passive and Active Safety tests
•
Homologation (regulatory tests)
•
Road safety
•
EVs and battery testing
•
Fire, building product certifications
•
Electrical safety, Rolling stock
•
Medical devices
•
Cybersecurity and IoT
•
Systems certification, metrology
FY2022: 25%
FY2022: 98%
FY2022: 81%
FY2022: 47%
• 2022 first year measuring the full sustainability 
linked services by adding in revenue from services 
that provide a positive social impact to those 
previously measured having a positive 
environmental impact
• Strong growth in sustainability services of 20%
• Global megatrends of Energy Transition, 
Electrification and Connectivity are aligned with 
our Sustainability Services ambitions
300
447
577
605
877
1,052
2021
2022
Environmental
Social
Applus+ Group Sustainability Services in 2022 €m 
49%
51%
+5%
+49%
+20%
% Total Revenues
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

ESG | Strong ESG credentials
8
•
Continued focus on improving environmental and social impacts and governance of the Group
•
Revenue generated from Sustainable Services, that is more than half of the Group, continues to increase
•
Sustainalytics revised their “low risk” score on Applus+, improving it from 15.6 to 13.3 recognising improvements made in 
managing product and governance risks
•
Included within Europe´s Climate Leaders as determined by the Financial Times and Statista for second year in a row
•
The SBTi verified Applus+ 2030 and 2050 science-based emissions reduction targets – commitment to be net zero by 2050
Fully on track to meet 
our 2024 targets
At the forefront of ESG best practices and supported by ratings agencies
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

ESG | Three-year Targets 2022 -2024
9
ESG Targets included from 2022 to 2024 within the Management Long Term Incentive Plan (LTIP) at 10%
Plus
Annual progress Bonus Targets from 2022 at 15%
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
STRONG FINANCIAL PERFORMANCE IN H1 2023

(6.9)%
+9.0%
+1.7%
(1.5)%
+8.8%
+ 8.8%
+ 1.9%
(2.9)%
+ 7.8%
H1 2022 Revenue
Reported
Divestments
H1 2022 Revenue
Proforma
Organic
Acquisitions
Fx Impact
H1 2023 Revenue
986.7
1,000.8
918.4
Q2 2023
H1 2023: Revenue Bridge
EUR Million
11
•
Strong organic revenue growth continues
•
Good performance of companies acquired
(*) Proforma figures for divestments. H1 2022 revenues excluded for Auto USA (€16.3m), Auto Finland (€6.7m) and US Oil & Gas (€45.3m)
(*)
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

+6.5%
+3.2%
10.1%
+ 82 bps
10.9%
-24 bps
+ 18 bps
9.8%
+ 80 bps
10.6%
-39 bps
+ 19 bps
+10.2%
+0.5%
+0.6%
+ 18 bps
11.0%
10.6%
+ 18 bps
% Adj. Op. 
Profit Margin 
H1 excl. AD
H1 2022 Adj. Op. Profit
Reported
Divestments
H1 2022 Adj. Op. Profit
Proforma
Organic
Acquisitions
Fx Impact
H1 2023 Adj. Op. Profit
110.6
99.7
100.3
% Adj. Op. 
Profit Margin
H1 2023: Adjusted Operating Profit Bridge
EUR Million
12
•
90 bps margin improvement driven by the active portfolio management
•
Good underlying margin performance offset by Auto contract ends in Costa Rica and 
Alicante
(*) Proforma figures for divestments and excluding IDIADA accelerated depreciation
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
(*)

2023
2022 
Proforma
Change vs 
Proforma
2022 
Reported
Change vs 
Reported
Revenue
1,000.8
918.4
9.0%
986.7
1.4%
Adj. Op. Profit  b/AD
110.6
100.3
10.2%
99.7
10.9%
Adj. Op. Profit  margin b/AD
11.0%
10.9%
+ 12 bps
10.1%
+ 94 bps
Accelerated depreciation
(4.3)
(2.6)
(2.6)
Adj. Operating Profit
106.3
97.8
8.7%
97.1
9.4%
Adj. Op. Profit  margin
10.6%
10.6%
-2 bps
9.8%
+ 78 bps
PPA Amortisation
(31.4)
(34.0)
(34.3)
Other results
(4.6)
(1.7)
(3.8)
Operating profit
70.4
62.1
13.3%
59.1
19.1%
Finance Results
(18.3)
(12.6)
(12.8)
Profit before tax
52.1
49.6
5.0%
46.3
12.5%
Income taxes
(16.0)
(15.5)
(15.8)
Net Profit
36.1
34.1
6.0%
30.5
18.4%
Minorities
(5.7)
(8.7)
(8.7)
Net Profit Group
30.4
25.4
19.8%
21.8
39.5%
Discontinued operations
(4.0)
(3.6)
-
Net Profit after Disc. Op.
26.4
21.8
21.4%
21.8
21.4%
Adjusted Net Profit Group
60.0
54.5
10.0%
53.3
12.6%
EPS in €
0.23
0.18
27.0%
0.16
48.0%
Adjusted EPS in €
0.46
0.39
16.7%
0.38
19.4%
# Shares (M)
130.8
138.7
138.7
H1
1 AD is IDIADA accelerated depreciation to adapt assets useful life to contract/concession duration
2 EPS calculation based on Net Profit from Continuing Operations
H1 2023: Income Statement
EUR Million
13
•
Strong growth at all profit 
levels 
•
Strong adjusted earnings 
per share growth supported 
by share buybacks
1
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
1
2

2023
2022 
Reported
Adjusted Ebitda
164.9
156.4
5.4%
Change in Working Capital
(38.6)
(35.3)
Capex
(25.2)
(24.0)
Adjusted Operating Cash Flow
101.1
97.2
4.0%
Taxes paid
(16.4)
(18.4)
Interest paid
(14.0)
(7.2)
Adjusted Free Cash Flow
70.7
71.5
(1.2)%
Extraordinaries & Others
(12.6)
(4.5)
Dividends to Minorities
(13.1)
(1.9)
Operating Cash Generated
45.0
65.1
(30.9)%
Acquisitions
(60.7)
(42.8)
Divestments
30.0
-
Cash b/Changes in Financing & FX
14.3
22.3
Payments of lease liabilities (IFRS 16)
(32.4)
(31.8)
Other changes in financing
48.2
46.9
Share buybacks
(36.1)
(53.6)
Treasury Shares for LTIP
-
(1.4)
Currency translations
(3.0)
6.1
Cash Increase/(Decrease)
(9.0)
(11.5)
H1
Change vs 
LY
H1 2023: Cash Flow
EUR Million
14
•
Solid cash flow generation
•
Working capital to sales at around 
4%
•
Interest paid increase due to 
higher interest rates 
•
Dividends to Minorities affected by 
timing of payments
•
Acquisitions relates to Riportico, 
CLM and Rescoll and includes the 
acquisition of the 20% minority of 
Inversiones Finisterre (Auto 
Galicia)
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW

425
245
30
90
597
191
180
Available
Resources
2023
2024
2025
2026 onwards
Cash
Undrawn
1 Stated at annual average rates and excluding IFRS 16 as defined by bank covenant. Net debt including IFRS 16 is €910
2 Figures stated at annual average rates as defined by bank covenant
Leverage and Liquidity at 30th June
EUR Million
15
•
Stable leverage ratio 
at 2.6x
•
Total available 
liquidity of €425M
Debt by Due date
Net Financial Debt & Leverage 
Liquidity
HIGHLIGHTS
ESG REVIEW
FINANCIAL REVIEW
2

www.applus.com