annual results

Record growth and continued transformation

Press kit – 18 April 2019 2018 FIGURES pursues its strategy

GROWTH PERFORMANCE

TRANSFORMATION Keolis’ growth relies on two aspects: excellence in the Group’s core business and developing new solutions.

This growth is reflected by the continuous improvement of operational performance, which supports the transformation of the Keolis Group. Increase in turnover and recurring EBITDA

TURNOVER RECURRING EBITDA

+10% +15% 2018 was a year of exceptional development for Keolis. Many tenders were won and turnover and EBITDA increased (+10% and +15% respectively).

Turnover increased strongly (+10%) and is approaching the €6 billion mark at €5.93 Bn.

This strong growth in turnover comes with an even larger increase in profitability (recurring EBITDA): +15%, from €342 M to €392 M. Strong increase in turnover

Million € 5,934 Other activities 312

+10% International (+€535 M) 2,763 49%

5,399

International

France + €325 M 2,859 (+13%) 51%(*) France + €160 M (+6%) 2017 Change Perimeter Organic 2018

* % of transport activity turnover Approximately 60% of the growth in activity comes from international markets, in particular due to performances achieved in the UK, continental Europe and Australia.

The activity in France also strongly contributes to this growth, due to excellent performance in Urban.

The acquisitions strategy also contributes to the growth in turnover, notably with the integration of Péglion and Keolis Santé in France, and Open Tours in Belgium.

EFFIA had a historic year with numerous commercial successes. Even distribution of turnover in France and internationally

312

566 2 859 2 763

1 812

2008 Turnover 2018 (in million €)

France International Other (EFFIA, Keolis Santé, Kisio) The Keolis Group has multiplied its turnover by 2.5 in ten years.

Internationally, turnover has been multiplied by 4.9: 2008: Turnover €0.6 Bn 2018: Turnover €2.8 Bn

In France, the activity has increased 60%: 2008: Turnover €1.8 Bn 2018: Turnover €2.9 Bn Increase in recurring EBITDA

Million €

+15%

Recurring EBITDA is growing faster than turnover

6.6%

Recurring EBITDA as a percentage of turnover

2017 Change Perimeter Organic 2018  Recurring EBITDA for 2018 was nearly €400 M (+15%), representing even greater growth than turnover (+10%).

 In France, this performance is the result of commercial successes and the ability to make contracts − whose performances have until now been insufficient − profitable through operational excellence

 Internationally, profitability is increasing in all major regions (UK, Australia, North America and Continental Europe), including for the Boston contract.

 The recurring EBITDA margin, as a percentage of turnover, is 6.6% compared to 6.3% in 2017. Recurring net income (Group share)

RNIgs

Tax increases €83 M €79 M

2017 2018 The recurring net income (Group share) was €79 M in 2018, slightly down compared to 2017 (€83 M).

This variation is essentially due to French tax increases, notably CICE (tax credit for competitiveness and employment) and CVAE (contribution on the added value of companies). A strong financial structure

INVESTMENTS AVAILABLE CASH FLOW

107 751 -€42 M 709 +€169 M 148 CashCash flow flow 246 266 horsexcl. Capex 28 acquisitionsacquisitions Net (41) netscapex (90) Acquisitions (62) 2017 2018 2017 2018

NET DEBT DEBT LEVER 1 011 -€29 M 982 -0.2x 2.4x 2.2x 0,1x Acquisitions of which +€41 M security 2,1x LevierLevel exclhors. purchases acquisitionsacquisitions 2017 2018 2017 2018 Keolis recorded an excellent performance in terms of free cash flow (€107 M).

The level of debt has fallen below the billion euro mark (€982 M).

The debt/EBITDA ratio has improved, decreasing 2.2x, well below the 3.5x threshold.

This financial good health gives the Keolis Group the means to finance its growth strategy. Summary of 2018

TURNOVER RECURRING FREE CASH FLOW EBITDA & DEBT

+10% +15% 2.2x (Net debt / EBITDA) 2018 was a year of exceptional development for Keolis, concluded by strong growth in turnover and recurring EBITDA.

Our debt level remains largely within the limits of the Group’s commitments, providing the flexibility it needs to pursue its strategy: profitable growth, operational performance and transformation in order to consolidate its status as a global actor of shared mobility. International 2018 highlights In Boston, Keolis’s commitments are bearing fruit

2018

Increased passenger satisfaction Punctuality: 93% Passenger numbers: +22% since 2014 Keolis Commuter Services, Keolis’ subsidiary in Boston, succeeded in restoring the financial balance of the suburban train network, notably thanks to improved operational performance.

To illustrate this turnaround: in 2018, the operational margin was €3 M. In Wales, Keolis wins the biggest contract in its history

• 15 years • €6 Bn in cumulative revenue • 1,623 km of track • 128 trains • 247 stations and 3 depots • + 2,000 employees In May 2018, KeolisAmey, the Group’s UK-based subsidiary, won the entire national rail network of Transport for Wales.

This win represents Keolis’ first rail contract in the UK as a majority partner.

The contract, effective October 2018, includes the operation, maintenance and transformation of the network. In Doha, Keolis focuses on opening Qatar’s first metro in 2019

1,000 650,000 employees recruited and trained. passengers will be transported Eventually, this figure will reach 3,000 every day

Deployment in stages until the 2022 Football World Cup In Qatar, at the end of 2017, Keolis won a contract worth €3 Bn in revenue as part of the Keolis, RATP Dev and Hamad Group consortium for the operation and maintenance of the Doha automated metro and the Lusail tram network.

The launch of the Red metro line, connecting Lusail to the international airport, will take place by the end of H1 2019. In Melbourne, Keolis begins a new era for the tram network

500 Project launched to renovate 70 km of track tram networks 85% of the fleet modernised over 7 years (9 different types, some of them over 4 years 60 years old)

27 Titre de la présentation After being awarded seven more years for the operation and infrastructure management of the Melbourne tram network in 2017, Keolis started modernising the network in 2018.

In 10 years, the passenger satisfaction rate has increased 10%.

In 2018, the overall reliability of the network reached 99%. In Hyderabad, Keolis is gradually opening India’s second largest metro

99.7% 50 million 56 km of lines opened punctuality passengers transported in 17 months safely

29 Titre de la présentation Once the network is fully opened, the number of daily passengers is expected to reach 1 million. In Shanghai, Keolis inaugurates the city’s first tram and automated driverless metro

7 years of fruitful collaboration with Shanghai Shentong Metro Group 31 Titre de la présentation Shanghai Keolis, the JV formed by Shanghai Shentong Metro Group Co. Ltd. (51%) and the Keolis Group (49%), has been operating the first section of the Songjiang tram line, a district in south-west Shanghai, since December 2018. This is the first tram operated by the Keolis Group in China.

In March 2018, Shanghai Keolis began operating the driverless metro line of Pujiang. The line covers 6.7 km and links six overhead stations, optimising service to the Pujiang district in the south of the city. An innovative mobility offer for an even more flexible, accessible service

Real-time, on-demand transport Autonomous electric shuttles

• In Orange County (USA) • In town, in Candiac (Canada) • In the suburbs of Sydney • In a university zone: Flinders University, • In Newcastle (Australia) Adelaide (Australia) • Tourist sites (Belgium) 2018 was a year of innovations in new mobility, with numerous trials in Canada, Australia and in the United States. Outlook 2019 Start of operation of the Greensboro bus network, North Carolina

Fleet of 43 buses, 10 of which are electric Ambition: electrification of the entire fleet The year started well for Keolis in the United States with the contract to operate the Greensboro bus network, which started on 1 January.

The first fully-electric bus line was opened on 21 February 2019.

Keolis Transit America will soon operate the East Coast’s second-largest electric fleet. Outlook 2019 New contracts in the United States

RTC Nevada, bus line, Fort Lauderdale in Florida, 37 Titre de la présentationnew contract contract renewal Keolis won two new contracts in the United States:

● Starting 1 July 2019, Keolis will operate a fleet of 64 buses serving the large region of Reno and Washoe county, in Nevada State.

● Keolis’ management contract for transport at Fort Lauderdale airport in Florida was renewed Outlook 2019 Tram network / automated metro launches

39 Titre de la présentation In 2019, Keolis will launch:

● Trams:  Waterloo network in Canada  Entire Aarhus network opened in Denmark  Entire Songjiang network in China

● Automated metros:  Final section opened in Hyderabad, India  in Qatar  Automated metro of Pudong airport in Shanghai, China France Major wins in urban and in Île-de-France

New contract wins Contract renewals

Tours Orléans

Nancy

Chambéry

Arras Montargis

Bourg-en-Bresse Riom Saintes

Thiers Vitré 2018 was characterized by multiple calls to tender and punctuated with commercial successes, both in terms of new contract wins and renewals, in an increasingly competitive context.

New contract wins, effective 1 January 2019, for the urban networks of Nancy, Chambéry and Bourg-en-Bresse together represent over €90 M in annual revenue.

The Hello consortium, comprising Keolis and RATP Dev, was designated preferred bidder for the contract to operate CDG Express, the future direct link between Gare de l’Est station and Roissy-Charles de Gaulle airport. Leadership confirmed in the French market

Revenue earned: €413 M in 2018 Revenue from renewals: €327 M 2018 was marked by contract renewals in urban (networks of Tours, Orléans, Arras, Montargis, Riom, Saintes, Thiers and Vitré).

 Revenue from renewals represented €327 M whereas revenue from urban and interurban contract renewals represented an annual value of €413 M Excellent trend in commercial urban income

+ 5.3%

Bordeaux + 9.3% Lyon + 6.7% Tours + 5.2% Dijon + 4.4% IDF () + 3.4%

46 Titre de la présentation The Keolis Group recorded a strong increase in sales income within its 15 largest urban networks – which account for over 95% of traffic income – with an iso-perimeter progression of 5.3% compared to 2017.

The number of passengers on these networks increased by 3.2%.

These figures testify to the Keolis Group’s expertise in designing attractive networks, sales actions to win and retain customers and anti-fraud measures. Keolis Santé pursues its development

• 12 companies acquired and integrated in 2018

• 4,200 professionals and 2,600 vehicles in the Jussieu Secours network

• Cumulative revenue: €210 M

48 Titre de la présentation At the end of 2017, Keolis Santé and Jussieu Secours joined forces to create France’s leading medical transport network.

This strategy is in line with the Keolis Group’s ambition to participate actively in the concentration of the sector, with a view to developing synergies and improving efficiency for patients. A historic year for our parking activity

240,000 spaces 25 contracts won, Hit rate record: 2 acquisitions: (x4 since Keolis took over including 17 new 70% EMPARK France EFFIA in 2010) Mediaco stationnement 50 Titre de la présentation ● Keolis’ parking subsidiary had a historic year in terms of commercial activity with 25 new contract wins, a success rate of nearly 70%: €28 M of contracts won, of which €19 M are new contracts.

● In 2018, EFFIA won practically all the major contracts in the tenders in which it participated, and renewed key contracts.

● With the implementation of 11 initial contracts for decriminalised on-street parking, EFFIA has recognised expertise in this key market segment, which is expected to develop strongly following the municipal elections of 2020. Several dedicated-lane public transport networks launched in 2019

Major new references in electric mobility

100% electric BRT 100% electric BRT Hydrogen-powered Steel-wheeled tram network network in BRT network network in Caen 52 Titrein de Amiens la présentation Bayonne-Biarritz-Anglet in Pau 2019 will be the year of electric mobility for Keolis. In the coming weeks, the Group will launch several flagship transport networks on dedicated lanes:

• 100% electric BRT (Bus Rapid Transit) network in Amiens • 100% electric BRT network in Bayonne-Biarritz-Anglet • Hydrogen-powered BRT network in Pau, where is Keolis is providing technical assistance to the SPL (local publicly-owned company). • new steel-wheeled tram network in Caen Stepping up deployment of dynamic on-demand transport

An efficient real-time service suited to weak flows 54 Titre de la présentation In 2018, Keolis continued to deploy its real-time, on-demand transport services, notably in the Paris region with Filéo (Europe’s largest on-demand transport service, which notably serves Paris CDG airport) and in Orléans.

With its partner Via − the world leader in real-time shared mobility solutions − the Keolis Group also launched several dynamic on-demand transport projects in France, with KE’OP in the Bordeaux metropolitan area, and soon in Nancy. Île-de-France finally open to competition

56 Titre de la présentation In 2019, the first wave of tenders will take place in Île-de-France in connection with the opening up to competition of Optile.

These tenders represent a major development opportunity for the Keolis Group. Optile, which should be opened up to competition on 1 January 2021, represents transport revenues of approximately €1 M.

Île-de-France represents the main growth potential in France for Keolis, which intends to position itself as an essential actor of regulated mobility in IDF. Strengthening Keolis’s presence in the regions

An efficient offer in Capacity to support the regions in addressing First tenders launched for France’s interurban services new issues: regional TER trains (regular routes and • energy transition school routes) • synergies with urban networks 58 Titre de la présentation • services in poorly-served zones In the interurban sector, which represents nearly €800 M in revenue for Keolis, the transfer of jurisdiction from the departments to the regions is now a commercial fact of life.

In 2019, the Keolis Group intends to step up its presence in the regions to help them implement their transport policy and provide its expertise in the issues that concern them (energy transition, synergies with urban networks and services in poorly-served zones).

Keolis’s international passenger experience barometer

Satisfaction survey conducted by Mv2 Group: - 20,000 passengers - 4 modes of urban transport (metro, tram, bus, train) - 13 cities worldwide

92% of passengers are satisfied

96% of metro users are satisfied

94% of passengers would recommend Keolis

61