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INGENICO GROUP: 2020 first half-year results

Press Release
Paris, July 22nd, 2020

Covid-19 action plan and Fit for Growth in full execution
Improvement in EBITDA and free cash-flow versus H1’19
Q2 revenue performance in line
2020 objectives confirmed

Net revenue of €1,242 million, down 8% on a comparable basis1
Retail growth down 4% in H1’20 with a better resilience than expected in Q2’20

B&A performance impacted by low volumes in Q2’20
due to the Covid-19 related lockdowns in several countries

€60m EBITDA impact executed through Fit for Growth and Covid-19 action plan

€278 million EBITDA2, representing 22.4% of revenue (+400 basis points)

Strong €151 million free cash-flow reaching 54.3% conversion rate

€87 million net result Group share +9% vs. H1’19 pro-forma

All 2020 objectives confirmed
Mid to high single digit organic decline in revenues for FY’20
            FY’20 EBITDA in percentage of net revenue above 21%

            Free Cash Flow conversion rate above 50%

Ingenico Group (Euronext: FR0000125346 - ING), the global leader in seamless payment, today announced its results for the six-month period ended on June 30th, 2020.

Nicolas Huss, Chief Executive Officer of Ingenico Group, commented: “In the context of the Covid-19 crisis, which has strongly impacted the second quarter, the Group posted a relatively resilient performance, with an 8% organic decline in the first half, due in part to a good start to the year in each of the business units and the better than expected performance of Retail in Q2’20.
During this semester, we have successfully executed our holistic and robust Covid-19 action plan on top of the Fit for Growth plan and delivered €60 million in EBITDA impact in order to protect our profitability and free cash-flow generation. We have been able to strongly improve our margin in the first half of the year by 400 basis points and we have kept our cash conversion above 50%. I would like to thank of our teams for their focus and proactive mobilization during this period and for their full commitment to delivering these good first half results. Our long-term growth drivers remain intact and I am convinced that we should come out of the current crisis even stronger. Finally, the combination project with Worldline is on track and will offer a unique opportunity to create the undisputed European champion in payments on par with the largest international players, for the benefit of all our stakeholders.”


H1 2020 Key figures

(in millions of euros) H1’20 H1’19 PF* H1’19 H1’20 vs. H1’19 PF*
Revenue 1,399 1,602 1,611 -13%
Interchange fees (157) (231) (231) -32%
Net revenue 1,242 1,371 1,380 -9%
Adjusted gross profit 572 586 572 -2%
  As a % of net revenue 46.1% 42.7% 41.5% +3.4 pts
Adjusted operating expenses (294) (333) (318) -12%
  As a % of net revenue -23.7% -24.3% -23.1% (0.6) pts
EBITDA 278 252 254 +10%
  As a % of net revenue 22.4% 18.4% 18.4% +4.0 pts
Profit from ordinary activities, adjusted (EBIT) 204 187 188 +9%
  As a % of net revenue <...

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