Applus Services (APPS) AGM 2024 summary

Opening remarks and agenda

• Chairman Chris Cole opened the meeting, confirming legal requirements and the presence of a notary to record the minutes.

• The meeting was held exclusively by telematic means, with all required information and procedures available online since May 27, 2024.

• Quorum was established with 96.63% of share capital represented, validating the meeting on first call.

Financial performance review

• 2023 marked the third consecutive year of strong financial performance, with revenue above €2 billion and improved operating profit margins.

• Organic revenue grew by 10%, the highest in a decade, and margin improved by 70 basis points.

• Cash flow was strong, and leverage ratio improved to 2.4x from 2.6x in 2022.

• All four divisions showed organic revenue growth, with double-digit growth in three; Automotive was flat due to contract terminations.

• 2024 outlook projects mid- to high-single-digit organic revenue growth and margin improvement to around 11.5%.

Board and executive committee updates

• Board now consists of nine members: four long-standing and five new members following Amber EquityCo's majority acquisition.

• Notable board changes include the expected departure of independent director Nicolas Villén and the appointment of Miguel Mulio Fernández by Amber EquityCo.

• Tributes were paid to five directors who recently stepped down, and the company secretary's contributions were acknowledged.