Press release Croix, , 5 March 2021

2020 Annual results

The in-depth transformation work carried out over the past two years means that 's results once again show robust growth Auchan Holding has posted healthy results and a sound financial position

AUCHAN RETAIL: a year confirming the successful turnaround - 2020 EBITDA: +27% vs. 2019 at €1,633m - Confirmation of the success of the Renaissance operational excellence programme, whose structural savings target was raised to €1.4bn (versus €1.1bn) at end-2022 - Accelerated rollout of Auchan 2022 - Digital sales of €2.2bn (+40% year-on-year)1

CEETRUS: the health crisis had a significant impact - EBITDA: decline limited to -24.2% at €323m - Fair value of investment properties: -10.0% to €7,436m

AUCHAN HOLDING: improved results due to Auchan Retail - Net profit: €907m - Net debt: €2.16bn (€1.7 bn year-on-year reduction)

In accordance with IFRS 5, the contribution of Auchan Retail’s activity in (sale of Auchan Retail’s stake in SunArt to its partner Alibaba on 16 October 2020), as well as the contributions of Auchan Retail’s activities in and Vietnam (disposals in 2019), have been reclassified under “Net income from discontinued operations” in the financial statements for FY 2020 and FY 2019.

The 2020 annual financial report, including the 2020 non-financial performance declaration, is available at www.auchan-holding.com

1 sales incl. taxes

2020 annual results - Auchan Holding – 5 March 2021

2020: a year confirming the successful turnaround

A stabilised financial situation and a strengthened economic model After very poor 2018 results, Auchan Retail prioritised its short-term recovery from 2019, spearheaded by Edgard Bonte. Difficult choices were made and proactive actions were immediately undertaken to improve the financial situation and strengthen the economic model. Together, these actions led to the fundamental redesign of Auchan Retail, a company that is now fully debt-free with a sharply rising EBITDA margin and a reconfigured commercial offer that meets consumer expectations in the countries where it operates.

● Disposals with different strategic aims

One of Auchan Retail’s most significant decisions was to divest from three territories in two years, for different strategic reasons: - in 2019, Auchan Retail sold its businesses in Italy and Vietnam – countries that were making heavy losses with no short-term prospects for recovery; - on 19 October 2020, Auchan Retail announced the sale of its Chinese subsidiary SunArt to its partner Alibaba. The company's continued growth required further technological integration into a region with a unique ecosystem. This well-timed sale for a net amount of around €3 billion was testament to a successful 20-year presence in the Chinese market. It gives Auchan Retail the financial means to reduce its debt, support its business plan, seize any good opportunities in its markets, and develop in new countries.

● Confirmation of the success of the Renaissance operational excellence programme, whose structural savings target was raised to €1.4bn at end-2022

Since 2019, hundreds of Auchan Retail employees have been involved in a global initiative to comprehensively review the company's operating methods. This iterative, in-depth reengineering plan – the so-called Renaissance programme – shifts the company's focus to operational excellence and addresses challenges found along the entire value chain, including: product mix performance and inventory shrinkage, the efficiency of store operations, back office effectiveness in supporting sales, optimising the goods supply chain, and handling loss-making operations.

Nearly 204 projects were identified at end-2020 (compared to 134 at the launch of the initiative). Each of these are a way to review working methods and improve operational efficiency, including: inventory shrinkage (e.g. -26% in , -14% in ), overhauling in-store organisational models, improvements in customer satisfaction due to new payment systems (in France, the NPS increased by 16 or 19 points, depending on the formats), improving the energy efficiency of in- store facilities (-3% consumption on a like-for-like basis in 2020), overhauling logistics plans (with associated carbon impact reductions), renegotiating framework contracts, restructuring stores and loss-making departments, etc.

Auchan Holding 2020 annual results – 5 March 2021 2

Despite a difficult business environment in 2020, the teams continued their efforts and exceeded set targets. Total structural savings for the year came to €425 million, as evidenced in the turnaround in results. Savings of €664 million have been made since the launch of the programme in 2019, i.e. 60% of the €1.1 billion target set at end-2022. Given the outstanding performance of the Renaissance programme, Auchan Retail decided to raise its structural savings target to €1.4 billion by end-2022.

Financial results continue to improve in 2020 ● Stable revenue in 2020 (on a like-for-like basis, excluding fuel and currency impacts) Auchan Retail’s revenue came to €31.627 billion in 2020, down 5.2%. This fall includes the drop in petrol sales in 2020 (-€1.0 billion), which was a direct consequence of the pandemic, as well as a negative exchange rate effect of €703 million (mainly linked to the fall in the rouble but also to the zloty, forint, hryvnia and leu). On a like-for-like basis2, revenue was stable at -0.2 %. Eight out of eleven countries recorded income growth in 2020. This earnings stability for 2020 occurred in a notably volatile business environment. The various measures linked to the health crisis (lockdown, curfew, closure of non-essential departments, etc.) had a significant negative impact in Q2 and Q4 in several countries. This was offset by a good Q1 and a good October and December 2020. Digital revenues saw very strong growth across all channels (+40% in total). In 2020, annual sales excluding and reached 8% of total sales – two-point increase over the year. This progress is visible in all countries, regardless of their digital maturity.

In France, like-for-like sales2 were stable (+0.0%). Auchan Retail France was strongly impacted by the fall in revenue. This decline is due to its exposure to large hypermarkets in shopping centres and to its border sites – locations that are significantly affected by the COVID- 19 health restrictions : eighty percent of the fall in revenue for this format is concentrated in just 19 hypermarkets (out of a total of 117). This fall was offset by the increase in revenue of other formats. Digital revenues were particularly strong (+32%), reaching 12% of total revenue. The profitable “Drive” (click & collect) format was the main driver of this growth (+33% of revenue, with no increase in store space). Many successful test initiatives were also carried out during the year, such as Click & Collect in supermarkets or the “Piéton” (walk-in) format, which was trialled in the Lille metropolitan area. In 2021, city centre Click & Collect will be extended to more than 300 sites throughout France, including more than 50 before the end of H1 (Bordeaux, Lyon, Paris, Lille, etc.).

“Western Europe” (excluding France) recorded revenue growth of 3.8% on a like-for-like basis2 due to strong sales momentum in all countries (, , ). Like-for-like revenue for “Central and Eastern Europe” fell by 3.4 %2. Earnings were down sharply in , while recorded double-digit growth. Poland and also saw increases. Like-for-like revenue in the other countries ( and Senegal) rose by 2.0%.

● Further EBITDA growth in all geographical areas thanks to the Renaissance programme Following a significant increase in its EBITDA in 2019, Auchan Retail's EBITDA for 2020 came to €1,633 million, an increase of €346 million for the year (+27%).

2 excluding fuel

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As a proportion of total revenue, the EBITDA margin is 5.2%, compared to 3.9% in 2019. This performance was achieved thanks to the fall in operating expenses. The Renaissance initiative continued at a sustained pace in all countries, generating €425 million in structural savings in 2020. Auchan Retail also improved its productivity significantly by remaining operational thanks to the inter-format versatility of its employees. It should be noted that this improvement was made despite the impacts of the health crisis on operating expenses (additional employee protection expenses of €43 million). All regions contributed to this EBITDA growth: 50% in France, 16% in Western Europe (excl. France), 22 % in Central and Eastern Europe3, and 13% in other countries3 (Taiwan and Senegal). EBITDA rose spectacularly in some countries3 (+100% in Ukraine, +50% in Poland, Hungary, Senegal and France).

Significant progress linked to the Auchan 2022 business plan: operational evidence

In 2018, alongside the priority given to its financial recovery, the company embarked on Auchan 2022 – a large-scale business plan aimed at restoring the unique status of Auchan Retail. At the half-way point, the health crisis has confirmed that the strategic focus is correct, and the results speak for themselves.

● Good, healthy, local food: Auchan Retail fosters new dietary habits among local shoppers Auchan Retail has a long-standing, 25-year commitment to local producers in each of the countries in which it operates. Alongside its responsible agricultural schemes, the company is developing sustainable, balanced three-way partnerships with producers, breeders and processors from the food chain. At end-2020, Auchan Retail had 710 responsible agricultural schemes worldwide (200 of which are in France), i.e. more than 200 new schemes for the year (in France (+50), Poland (+80), Spain (+27), Portugal (+28), Romania (+14), Hungary (+13) and Ukraine (+6)). Auchan Retail opened the first responsible agricultural scheme in Taiwan (eggs) and the first three schemes in Senegal. A total of 1,200 schemes will be up and running by end-20224. Auchan Retail has continued to list local products, stepping up its efforts during the health crisis with initiatives to support sectors in difficulty. Preference was thus given to domestic supply and the express listing of local producers in stores increased. This was particularly apparent in France, Spain, Ukraine, Russia, Romania and Poland, where sales of local products tripled, and in Portugal where they were up 40%. Work undertaken by Auchan Retail on its exclusive products has led to an increase in locally produced own-brand products (in particular in France, Spain, Ukraine, Russia and Poland) and its international ranges. In France, 88% of Auchan-brand food products are made with regional SMEs known for their expertise and long-standing Auchan Retail partners. Lastly, Auchan Retail has expanded its offer to meet the full range of consumer needs (organic, gluten-free, vegan products, etc.). In 2020, the range of Auchan-brand organic products grew by 18% in France and by 31% in Poland.

● Auchan Retail is redefining the role of the hypermarket as a neighbourhood support platform Hypermarkets have opened up to partners as physical marketplaces, becoming vehicles to promote short supply chains by housing an increasing number of producers. Specialist food shop- in-shops are thriving. In non-food, customers benefit from both the offer and expertise of partner brands. Stores also facilitate the circular economy by offering second-hand textile products, cultural products and small household appliances. In France, 85 stores now offer a space for

3 excluding currency effects 4 The target of 1,500 schemes has been recalculated following changes to Auchan Retail’s scope since 2018

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second-life textiles run by Patatam, a specialist second-hand clothing retailer. In Portugal, circular textile economy trials have been launched with local partner MyCloma. The hypermarket has also become a genuine supply platform as a space for manufacturing (bakery, patisserie, meat, catering, etc.), storage, and order preparation for all its connected contact points (supermarkets, convenience stores, “Piéton”(walk-in) stores, collection lockers, Auchan Minute, home delivery, Click & Collect, etc.). The Faches-Thumesnil hypermarket in northern France, for example, acts as a platform for nine contact points. Hypermarkets’ performance must now be understood as it applies to the neighbourhood. Similarly, this new role of the hypermarket allows partnerships to be set up with oil companies for the operation and supply of small commercial spaces, such as the 400 Petrom stations in Romania, BP stations in Poland, Aral stations in Luxembourg and Cespa stations in Portugal.

● Auchan Retail already generates more than €2.2 billion in digital revenue5, and is accelerating A pioneer in Click & Collect (so-called “Drive” outlets), Auchan Retail supported consumers’ enthusiasm for this profitable format in 2020, both by increasing its capacity to strong demand (e.g. +33% in France) and in setting up new systems (e.g. in Poland, Ukraine, Romania and Senegal). The health crisis has made it possible to implement accelerated tests for certain solutions: Click & Collect in France , in particular in supermarkets (widespread rollout planned in 2021), Spain and Poland; and assisted sales via WhatsApp in Spain for non-food. In 2020, Auchan Retail and Glovo entered into a strategic partnership in four countries (Spain, Portugal, Poland and Ukraine) to provide express delivery around Auchan stores. This partnership will be extended to Romania in 2021. Home delivery partnerships have been rolled out in all countries (Sbermarket and Igoods in Russia, Raketa and Zakaz in Ukraine, Shopopop and Yper in France, Wedely in Luxembourg, Foodpanda in Romania, UberEats in Taiwan, etc.). Auchan Retail Senegal is the country's first retailer to offer Click & Collect outlets and home delivery in Dakar.

In 2020, digital revenue5 increased by €620 million over the year (i.e. +40% in 2020). Revenue excluding hypermarkets and supermarkets now represents 8% of total revenue (+2.2 points over the year, of which 12% in France, 8% in Luxembourg and Spain, and 7% in Portugal and Romania). This figure should reach 11% of total revenue in 2022 thanks to the continuous growth of existing solutions, the ramp-up of recently formed delivery partnerships, the opening of new contact points and digital solutions (300 city centre Click & Collect outlets in France in 2021, Pick-up Point in Ukraine, etc.), and the roll-out of ultra-local convenience stores in some countries.

● Solidarity and protecting the planet: Auchan Retail continues to operate as a responsible company

During the COVID-19 pandemic, Auchan Retail committed to enabling local people to feed themselves in all countries where it operates. It has achieved this thanks to the unwavering commitment of its employees and its ability to adapt. Throughout the health crisis, Auchan Retail and its employees have supported those affected by the social and economic consequences of COVID-19, including: farmers (support for national or local production, etc.), SMEs/VSEs or restaurateurs by opening up sales areas, care workers (special timeslots in stores, deliveries, donations, etc.), and vulnerable people (food donations, work by foundations, etc.). At the same time, the third edition of the internal commitment and satisfaction survey gave employees the chance to express their views on Auchan Retail's management of the health crisis. Responses highlighted the company’s responsiveness to individual and collective protection measures and team motivation. From the start of the COVID-19 health crisis, Auchan Retail has implemented significant measures to combat the spread of COVID-19 and to ensure the safety of

5 revenue incl. taxes

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both its employees and its customers. Each commercial, logistics or services site has applied these measures effectively. This level of care was universally welcomed by employees, customers, employee representatives, public authorities, etc. In France, Auchan Retail called on the expertise of the Institut Pasteur teams in Lille to ensure that all stores and Click & Collect outlets implement a 10-commitment protocol that is regularly audited by an independent body. Similar initiatives have been developed in other countries. “Second line” employees (check-out workers, drivers, home delivery drivers, logistics operators, etc.) demonstrated unwavering commitment during the crisis. The company financially rewarded its employees in 2020 for their responsiveness and commitment, in accordance with the legal conditions specific to each country (exceptional wage bonuses, higher pay, etc.). This effort amounted to €64 million in 2020.

In terms of CSR, Auchan Retail's strong commitment is reflected in a sharp increase in non- financial assessments: the VIGEO rating increased by 12 points in 2020 compared to the 2018 rating, and the CDP score rose from a “C” in 2019 to a “B” in 2020. At the same time, the company has continued to tackle the three major challenges set out in its Auchan 2022 business plan: - Promoting good food and fighting food waste: anti-waste corners have been successfully rolled out in France, Spain, Portugal, Romania and Poland. In addition to donations to associations, the creation of partnerships such as Too Good To Go and Zero-Waste has helped save more than 1.5 million meal baskets. In France, Auchan has just passed the one million anti-waste baskets milestone, i.e. more than 1,000 tonnes of food saved; - Fighting the proliferation of plastics: The most significant initiatives for household packaging, transport and products include: stopping the sale of single-use plastic tableware throughout the EU; selling washable, reusable food nets in the fruit and vegetable section in eight countries as an alternative to plastic bags; reducing plastic in many packaging formats for private label products; and developing private label products using recycled plastic. Teams’ ongoing work in the various countries led to several thousand tonnes of plastic being removed from the market. From the beginning of 2021 in France, Auchan Retail also started to replace in-store butchers’ and fishmongers’ plastic containers with containers made of 100 % plant fibres that are fully compostable at home. This is a pioneering step that will ultimately eliminate 55 million traditional expanded polystyrene containers, i.e. a saving of 1,100 tonnes of plastic per year; - Controlling its carbon impact: Auchan Retail is actively developing eco-design to limit the impact of its products (launch of a range of recycled aluminium stoves with 100% recycled FSC-certified packaging; a range of certified wooden toys; a range of recycled plastic pens; a range of down jackets with 100% recycled polyester trim; developing insect-based animal nutrition; and measures to combat imported deforestation linked to soy, etc.). The rollout of second-life shop-in-shops, as with Patatam in France, is another part of this process. Also, Auchan Retail once again reduced its in-store energy consumption by 3% in 2020 (-23.7% vs. 2014), in line with its 25% by 2022 reduction target under the COP21 Paris Agreement.

“We undertook these commitments two years ago, and the recovery work is bearing fruit, as can be seen in today's announcements. The 2020 results are well beyond the progress made in 2019, which already pointed to the start of the turnaround. The results are also, and most importantly, above the budget forecasts that we set for ourselves. We are one year ahead of our roadmap for many items, despite the current health crisis. The Renaissance operational excellence programme helps us to reengineer our working methods and supports this recovery work. In light of its effectiveness and the outstanding rollout, we have decided to raise the structural savings target to €1.4 billion in 2022 (compared to €1.1 billion previously).

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At the same time, the health crisis has confirmed that the focus of our Auchan 2022 business plan is correct, enabling us to step up its implementation in all countries where we operate. The teams’ work makes a difference across the board in responding to consumers' new expectations for good, healthy and local food. Similarly, the work carried out on digital formats, and in particular as applied to food, allows us to create a profitable, virtuous circle and to record some impressive numbers, even in countries with less mature digital formats. Digital systems, Click & Collect and home delivery are up and running everywhere. These support the new role of the hypermarket, which has become a service platform for neighbourhood points of sale. The Auchan Retail teams in all our countries can be proud of their work. They have all the tools they need to continue this momentum, with a close eye on consumers’ local expectations.” Edgard Bonte, Chairman of Auchan Retail.

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2020: a year severely impacted by the health crisis

2020 was severely impacted by the health crisis. Ceetrus nevertheless continued to make exceptional achievements and implement some outstanding projects, which is testament to its buoyancy.

Results impacted by the crisis, improving in the second half-year

Pre-condition: the effects of the COVID-19 health crisis were taken into account almost entirely6 over the period, mainly in H1.

Gross earnings for 20207 were €490 million, down 19.9 % year-on-year, i.e. a slight drop compared to H1 2020 (-31.1 %). Net rental income fell by 27.4% to €389 million due to Ceetrus' efforts on leases. The impact of the health crisis is estimated at -€117 million (of which €109 million on leases and €8 million on other income) with leased premises under administrative closure for an average of 75 days. Support measures, which were fairly widespread during the first wave, were repeated at the end of 2020 in some countries (France, Poland) and are ongoing in early 2021 (France, Portugal). Ceetrus chose to maintain its workforce during this period, without making significant use of government assistance. Despite strict costs management, EBITDA is down 24.2% in 2020 at €323 million. The decline in H2 is limited to -7.6% versus -42.6% in H1.

● 2020: a year for Ceetrus to prioritise, invest and confirm its commitments Ceetrus postponed its non-priority investments as a precautionary measure. Investments net of disposals totalled €237 million, a fall of €180 million over the year. These include a smaller amount of disposals than in 2019 (€26 million versus €100 million in 2019) due to the market climate. Investments in 2020 were centred on projects already underway in France, Luxembourg and Spain. Despite being interrupted during the spring, priority projects symbolising a new vision for the city and for trade continued to make strides, in particular: - in France, the major project to renovate the Gare du Nord, StatioNord, which in 2020 received the authorisations necessary to launch the site (building permit and agreement from Paris City Hall); - in Spain, the transformation of the Gare de Viala-Vigo district (121,500 m2 project area), whose inauguration is scheduled for H2 2021; - in Luxembourg, with the ongoing construction of the La Cloche d’or housing units.

6 Excluding Luxembourg and Poland 7Gross rental and management income

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● A balance sheet that remains in good health despite the health crisis

On 31 December 2020, the fair value of assets8 was appraised by independent estate experts at €7,436 million, versus €8,264 million at end-2019, i.e. a 10.0% decrease (-8.4% on a like-for-like basis), measured in light of the situation. This valuation was made based on data collected in a market that is not very representative due to low transaction volumes. The net carrying amount of investment properties recorded on the balance sheet was €3,836 million at 31 December 2020, down 5% compared with 2019. Unrealized capital gains therefore remain very high. These are a factor in the company's financial health, as is the manageable nature of its debt. As a reminder, Ceetrus did not make use of government loans during the health crisis.

● Ceetrus: an agile company committed to the community Since the start of the health crisis, Ceetrus and its teams have stepped up their solidarity and innovative initiatives to support retailers and residents throughout Europe. Financial measures for retailers have been designed on a case-by-case basis, and more than 10,000 support negotiations have been held to assist with their turnaround. New distribution channels have been implemented, including Drive & Smile, Click & Collect, help with digitisation for retailers, and the Too Good To Go partnership. New services were also offered to local shoppers, such as the installation of free COVID-19 screening centres in French shopping arcades.

● A comprehensive look at ways to transform the business model The Ceetrus teams were also called upon this year to help design and deliver a new business plan. On 1 January 2021, a new organisation confirmed the separation of land ownership from extended real estate management, with the creation of a new mixed real estate operator, Nhood: - Ceetrus remains the owner of existing sites and those under development; - its teams join Nhood, a new mixed real estate operator with service missions extended to all brands and companies of the Association Familiale Mulliez; - the Nhood teams will coordinate, regenerate and transform the sites into new positive-impact living spaces; - these tasks are formalised by service mandates issued by the property company Ceetrus (operation/marketing, asset management, development/promotion). Etienne Dupuy is the CEO of Nhood, an expert in site operations and marketing, asset management, and development and promotion. The company is chaired by Antoine Grolin. Nhood and the property company Ceetrus are owned by Ceetrus SA, which is wholly owned by Auchan Holding.

From 2021, some major achievements will increase the positive effect of this transformation on the value of the sites, including: - the launch of the first demonstrator sites: Vialia Vigo station in 2021, the Brasov extension; - an investment plan for sites in line for transformation; - measuring the positive impact of the regenerated sites on the three stated components (People, Planet, Profit).

8 Fair value of investment properties excluding stamp duty

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In 2021, the property company Ceetrus will continue to work on its transformation projects outsourced to Nhood, including StatioNord, a major neighbourhood-level urban renovation and diversity project in Paris, the remodelling and upgrade of various shopping centres in France, as well as the launch of new large-scale international projects, including: Resita in Romania, an urban regeneration programme whose initial phase spans 100,000 m²; Marfino in Russia with the redesign of a historic Auchan and Ceetrus commercial site, offering new services in an upgraded pedestrian area integrating housing, schools and sports facilities. This project will have a positive impact on employment and biodiversity.

“2020 will go down as an extraordinary year for all of us, in which the Ceetrus teams have shown exceptional energy. In addition to community initiatives and major efforts to support our retailers, I am proud that we have committed to creating a new benchmark mixed real estate operator for the city of tomorrow: Nhood. Now more than ever, agility and an entrepreneurial mindset are the driving forces for our development strategy.” Benoît Lheureux, Ceetrus spokesperson

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Auchan Retail has significantly bolstered the group's financial health

Key figures for 2020

Change Change In € millions 2020 2019 at current at constant exchange rates exchange rates

Revenue 32,117 33,984 -5.5 % -3.5 %

EBITDA9 1,949 1,739 +12.1 % +14.4 %

EBITDA margin 6.1 % 5.1 % +1.0 pt +1.0 pt

Operating profit from continuing +28.9 % 708 554 +27.9 % operations

Operating profit 89 424 -78.9 % -79.2 %

Net income from continuing operations (350) (24) na. na.

Net profit from assets held for sale and na. 1,257 (1,231) na. discontinued operations

Net profits 907 (1,255) na. na. of which attributable to owners of the na. 678 (1,463) na. parent

“Normalised” net profit10 307 152 x 2.0

“Normalised”10 net profit attributable to 287 130 x 2.2 owners of the parent

In 2020, Auchan Holding reported revenue of €32,117 million, down 5.5% compared to 2019. At constant exchange rates and scope, the decrease is limited to 3.5%. This fall is mainly due to the effects of the health crisis on fuel sales for Auchan Retail and on rental income (Ceetrus). The exchange rate impact was negative, with a downwards change in the rouble, yuan, forint, zloty and leu. Operating profit from continuing operations increased by 27.9%. The sharp increase in Auchan Retail’s operating profit from continuing operations is tempered by the fall in Ceetrus’ operating profit from continuing operations. This result was obtained by a 3.2% decrease in current

9 EBITDA: Operating profit excluding other operating income and expenses and excluding depreciation, amortisation and impairments 10Excluding net profit from discontinued operations, other operating income and expenses and direct effects related to the pandemic (net of taxes)

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operating expenses, despite the PPE costs generated by the health crisis. At the same time, the effects of the Renaissance initiative at Auchan Retail were a significant factor in this improvement.

EBITDA rose by 12.1% to €1,949 million compared to €1,739 million in 2019. The increase in Auchan Retail's EBITDA offset the significant fall in Ceetrus' EBITDA.

Operating profit came to €89 million compared to €424 million in 2019. This includes Other operating income and expenses of -€618 million. These figures also include the goodwill impairment of Auchan Retail Russia and the cost of Russian store closures, the impairment of the Ceetrus’ real estate assets, costs related to the voluntary redundancy plan and the provision for the job-saving scheme in France, as well as the exceptional bonuses paid to employees to reward their commitment during the health crisis. In 2019, Other operating income and expenses generated expenses of €129 million. The net cost of financial debt was €186 million, compared with €118 million in 2019. This was due in particular to the cost of operations carried out on financing in 2020. Other financial income and expenses was -€224 million, a worsening of €18 million. Income tax expenses were €48 million, down €57 million. Net income in equity affiliates was €19 million compared with -€20 million in 2019. Net income from ongoing operations totalled -€350 million compared with -€24 million in 2019. Net profit was €907 million, up €2,162 million. This takes into account the net profit from discontinued operations (sale of Auchan Retail's business in China) for €1,257 million in 2020. In 2019, net profit was -€1,255 million, which included the impacts of the disposal of Auchan Retail's activities in Italy and Vietnam.

Normalised net profit excluding net profit from discontinued operations, other operating income and expenses and direct effects related to the pandemic, net of taxes, doubled over the year, coming to €307 million compared with €152 million in 2019.

● A sharp fall in net debt and a healthy liquidity position

At end-December 2020, Auchan Holding's net financial debt stood at €2,158 million compared with €3,870 million at end-2019, i.e. a decrease of €1,712 million over the year. Net debt stood at 32.2% of shareholder equity, compared with 39.3% at 31 December 2019. This figure represents 1.03 years of cash flow from operations and 1.1 years of EBITDA. Debt was solely driven by the real estate business, with Auchan Retail returning to a positive net cash position.

This strong improvement resulted from: - the sale of Auchan Retail's business in China in October 2020 (net impact of €1.3 billion); - and free cash flow generation11 of €633 million (excluding China). Fee cash flow saw a significant year-on-year improvement. This was due, on the one hand, to the generation of cash flow from operations of €162 million, despite the impact of the crisis on Ceetrus, and, on the other, to the reduction in investments net of disposals as a precautionary measure (€-145 million).

Auchan Holding’s liquidity position is extremely healthy at end-2020. Auchan Holding has €9.8 billion in financing, including €3.6 billion in undrawn back-up lines.

11 Free cash flow is calculated as the cash flow net of changes in WCR, after exceptional expenses and less current investments.

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H1 2020 featured an uncertain economic climate and an unpredictable health crisis, in spite of which Auchan Holding successfully issued a €1.0 billion bond loan maturing in 2026, and a €291.5 million Schuldschein loan with maturation terms of three, five and seven years. A liability management operation was also carried out via the issue of a €750 million bond maturing in 2027, which enabled the redemption of bond issues maturing in 2021, 2022 and 2023 for €535.4 million. Auchan Holding agreed the extension of a €1 billion back-up credit line from June 2021 to June 2022, with the option to extend to June 2023. In H2 2020, following the sale of Auchan Retail’s business in China, Auchan Holding successfully reduced its gross debt by €1,591 million by redeeming bond issues in the amount of €991 million in November 2020 (maturing in 2021, 2022, 2023, 2024 and 2025) and by exercising a make-whole call provision on the February 2022 bond issue in the amount of €600 million. The repayment schedule is well spread out, with an average maturity of 3.1 years. In this context, Standard & Poor’s upgraded Auchan Holding's rating on 16 November 2020 to “BBB-, stable outlook” (versus “BBB-, negative outlook”). This reflects the commitment made by management two years ago to permanently retain the company’s “Investment Grade” rating.

Outlook Spurred on by its ongoing recovery, Auchan Retail is seeking to sustain this momentum in 2021. It aims to give each country more autonomy and responsibility in implementing its business plan in way that meets consumer expectations as closely as possible. The Renaissance programme will continue and expand in all countries, with a significant impact on the economic model. The Auchan 2022 plan will continue to be rolled out as closely as possible to customers on the ground. The aim is to provide them with an improved service, supported by a cautious investment stimulus. Ceetrus will rely on its new organisation and the creation of Nhood, a new mixed real estate operator, to continue developing projects supporting the city and trade and to broaden its prospects for growth and competitiveness. Business development will take place within a strict financial framework. The financial health of Auchan Holding, which has increased significantly in 2020, remains a priority. The non-strategic asset disposals programme announced at the time of publication of the 2020 half-year results remains in place, with rollout set to begin from H1 2021.

Change of company name An Extraordinary General Meeting was convened on 11 March for a shareholder vote on the company name being changed from “Auchan Holding” to “ELO”.

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APPENDICES

IMPACT OF THE COVID-19 PANDEMIC ON THE 2020 FINANCIAL STATEMENTS The direct and indirect effects of the COVID-19 pandemic have an impact on the entire income statement. These impacts, whether directly or indirectly attributable to the pandemic, were recorded in “Operating profit from continuing operations” in H1 2020. Only the exceptional compensation elements awarded to employees for their commitment during the crisis are recorded in "Other operating income and expenses". For further details, please see Note 2.8.1 of the annual financial report, which is available on www.auchan-holding.com

2020 consolidated income statement

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Consolidated balance sheet as at 31 December 2020

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Statement of cash flows as at 31 December 2020

Press contact Marie Vanoye – Tel. +33 (0)7 64 49 78 06 – [email protected]

Investor Contact François-Xavier Gimonnet - Tel. +33 (0)6 68 07 56 70 – [email protected]

www.auchan-holding.com

Auchan Holding 2020 annual results – 5 March 2021 16