Derichebourg // 2020-2021 Universal Registration Document

5

Financial and accounting information Comments on the fiscal year

Recurring Ebitda Current Ebitda for the Environmental Services business amounted to €338.5 million, an increase of €196 million or 138% compared to last year.

Gross Margin : + 174 M€

400

338

33

2

1

4

350

11

71

(7)

300

(12)

(3)

(7)

104

250

200

142

150

100

50

0

STM: Others

Others Recycling

EBITDA ENV 2021

EBITDA ENV 2020

Change in staff costs

Change in Energy costs

Change in Spain EBITDA

Change in services revenue

STM: Improvement Canada

Change in margin ferrous scrap

STM: Disposal of Water activities

Change in Maintenance and Repair

Change in margin Non ferrous metals

* Scope prior to the acquisition of Derichebourg España (formerly Lyrsa).

Improvement in sales margin of €174 million at constant scope The sales margin saw a sharp increase during the fiscal year (up €174 million, excluding Spain). It was positively impacted by: a positive impact on ferrous scrap metal processed at recycling centers: €104 million increase; a positive impact on non-ferrous metals: €71 million increase. For both ferrous scrap and non-ferrous metals, the effect of improving unit margins in a context of rising prices exceeds the effect of improving volumes. Limited cost increases In view of this €174 million improvement in the sales margin, the cost increases have been contained and mainly concern variable costs related to the increase in volumes: energy (€3 million), maintenance and repairs (€7 million), and remuneration (€12 million) (no partial activity covered by the State over the fiscal year, and higher variable remuneration in relation to results).

Finalising the consolidation of Derichebourg España The Derichebourg España subsidiary, which was consolidated for nine months in the 2020 fiscal year, saw an improvement in its recurring Ebitda of €33.2 million. The consolidation of Derichebourg España (formerly Lyrsa), acquired in December 2019, was finalized, with the installation of the Group’s IT system from May 1, 2021. Investments were made during the year to modernize production facilities and bring the Group up to standard. The subsidiary performed in the same favorable context as the other Group subsidiaries. Improved contribution of Public Sector Services in France The contribution of services to municipalities (household waste collection) continued to improve this year thanks to the performance of the Canadian subsidiary. Recurring operating profit (loss) Depreciation and amortization on fixed assets was up by €6.5 million, reflecting the Group’s sustained investment. Recurring operating profit for the Environmental Services business amounted to €242 million, up €189.6 million or 361.2%. Operating profit for the Environmental Services business amounted to €241.7 million, up by €188 million.

DERICHEBOURG 2020/2021 Universal Registration Document 128