Compagnie des Alpes // 2021 Universal Registration Document

SOLID FUNDAMENTALS AND FINANCIAL DISCIPLINE

Compagnie des Alpes’ model and financial discipline enabled it to weather the crisis and maintain the course of its strategic priorities.

MAINTAINING STRATEGIC CAPACITY DESPITE THE CRISIS

Diversified leader in the tourism and leisure industry

Management of the financial impacts of the crisis on operations For the 2020/2021 financial year, the Group’s rigorous financial management, the decrease in operating expenses and partial unemployment measures made it possible to offset more than 40% of the revenue losses incurred due to the severe restrictions imposed by the health crisis.

The strength of Compagnie des Alpes' business model is based on the complementarity, in terms of seasonality and location, of mountain area and Leisure park activities, as well as their synergies. The business enjoyed steady and profitable growth until the start of the Covid-19 epidemic in March 2020.

FINANCIAL YEAR 2020/2021 NEGATIVELY AFFECTED BY THE CRISIS

SKI AREAS > Cancelled winter season

High potential for the resumption of activities Although the crisis disrupted operations, the attractiveness of the sites remained intact. The upturn recorded as soon as the sites reopened for summer 2021 is a perfect illustration of this. The Group’s priority is to continue to harness the potential for an upturn in activity, in accordance with the conditions dictated by the health situation.

01/10/2020

01/01/2021

01/04/2021

01/07/2021

• Some resorts were open for a few days before closing at the end of October • Preparations for Christmas season reopening

• Resorts closed • June reopening for the summer season

• Resorts closed

• Good summer season but with little impact on revenue • Increase in new business activities (mountain kart, zip line)

LEISURE PARKS > A short year but sites did reopen for the summer peak

01/10/2020

01/01/2021

01/04/2021

01/07/2021

• Good start to the Halloween season despite health restrictions • Closure at the end of October before the end of the Halloween season

• Sites closed

• Gradual reopening between the end of May and end of June depending on the site

• High levels of activity • Implementation of the health pass in France from 21 July • Floods in Belgium: Walibi Belgium and Aqualibi closed from 15 July

After long periods of closure, the anticipated rebound in activity did occur during the summer of 2021.

2019/2020 and 2020/2021 financial years A CRISIS AFFECTING THE ENTIRE MARKET

Until the 2018/2019 financial year REGULAR GROWTH

AAGR of Compagnie des Alpes' revenue from 2015/2016 to 2018/2019:

Loss of revenue = total losses of more than €800 million for the two financial years

+ 3.5 % SKI

In the Ski areas, the 2019/2020 winter season ended in mid-March and the winter of 2020/2021 ended with a cancelled season.

AREAS

In the Leisure parks, only the 2019/2020 and 2020/2021 summer periods saw any activity, due to the still challenging health context.

+ 7.7 %

LEISURE PARKS

Compagnie des Alpes I 2021 Universal registration document 6