Compagnie des Alpes // 2020 Universal Registration Document

KEY INDICATORS

THE TRAJECTORY OF OPERATIONAL PERFORMANCE AND PROFITABLE GROWTH ON WHICH COMPAGNIE DES ALPES HAS BEEN FOR SEVERAL YEARS WAS INTERRUPTED IN 2019/2020, A FISCAL YEAR MARKED BY THE SCALE AND CONSEQUENCES OF THE HEALTH CRISIS.

REVENUE AND EBITDA MARGIN (1)

SKI AREAS (2)

LEISURE DESTINATIONS (2, 3)

GROUP (2, 4)

AAGR + 3.1%

AAGR + 4.3%

AAGR + 8.1%

429 444

854

381 387 401 417

381

762 801

360

340

693 696 720

616

298 326

37.3

258 283

37.0 %

37.1 %

35.0 %

36.5 %

35.5 %

%

34.2 %

232

27.3% 27.2 %

25.5%

24.3% 24.3% 25.5% 26.7%

21.7% 21.3% 23.7% 24.1%

20.2%

15.2 %

0.5%

13/14 14/15 15/16 16/17 17/18 18/19

19/20

13/14 14/15 15/16 16/17 17/18 18/19

19/20

13/14 14/15 15/16 16/17 17/18 18/19

19/20

Revenue (€ millions) Average annual revenue growth rate Change in EBITDA (as a % of revenue)

Revenue (€ millions) Average annual revenue growth rate Change in EBITDA (as a% of revenue)

Revenue (€ millions) Average annual revenue growth rate Change in EBITDA (as a % of revenue)

Number of skier-days

Number of visits

The Group’s revenue decline in 2019/2020 was 36%-offset by a reduction in operating expenses (before application of IFRS 16). The savings achieved relate mainly to the period when the sites were closed and mainly stem from the reduction in personnel costs (45%) and other operating expenses directly related to the level of activity (35%). In total, and after taking into account the government subsidies from which the Group was able to benefit, the EBITDA-to-revenue ratio came to 15.2% (or 13.0% excluding IFRS 16).

AAGR + 0.4%

AAGR +5.1%

13.75 13.60 13.76 13.83 13.94 14.02

8.71 8.83 9.60

11.14

7.47 8.01 8.08

5.39

13/14 14/15 15/16 16/17 17/18

18/19

13/14 14/15 15/16 16/17 17/18

18/19

19/20

19/20

Number of visits (in millions) Average annual growth rate

Number of skier-days (in millions) Average annual growth rate

(1) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortisation; EBITDA margin = EBITDA/revenue. (2) The 2013/2017 data for each business line have been restated to take account of the Group’s reclassifications between Business Units since its 2017/2018 report and the disposal of operations in Prague and Seoul. (3) Including Familypark from April 2019. (4) Group revenue: includes the Holdings and supports BU.

16

Compagnie des Alpes I 2020 Universal registration document