Universal Registration Document 2022

The trends described below do not constitute forecasts or profit estimates as defined by the modified European Regulation no. 809/2004 of April 29, 2004, used in application of Directive 2003/71/00 of the European Parliament and Council of November 4, 2003.

The Groupe announced its 2023 outlook during its Full-Year presentation on February 2, 2023.

For the year 2023, the Groupe announced that it expected organic growth of +3% to +5%, with the middle of the range corresponding to the average annualized growth rate over the last three years.

The Groupe also announced that it expects to maintain very solid financial ratios in 2023.

On the one hand, operating margin is expected to be between 17.5% and 18% as the Groupe continues to invest in its talent and improve its competitiveness while leveraging its efficient structures in a context of inflation.

On the other hand, free cash flow is expected to be around euro 1.6 billion⁽¹⁾ in 2023, before change in working capital.

The Groupe published its revenue for the first quarter of 2023 on April 20, 2023, showing a very good start to the year with organic growth of +7.1%.

On this occasion, the Groupe confirmed all the 2023 objectives set in February when the 2022 annual results were published, despite a more uncertain macroeconomic environment. Regarding organic growth, the Groupe has indicated its confidence in its ability to reach the top half of the range of +3% to +5% for the full year 2023, thanks to the strong performance of the first quarter and the expectation of a solid second quarter between +3% and +5%. The Groupe reiterated the 2023 guidance for operating margin rate and free cash flow announced on February 2.

Based on its Free Cash Flow forecast and its solid financial structure, the Groupe set the following allocation for 2023 when publishing its annual results:

• Dividend for a total of circa euro 740 million fully paid in cash, corresponding to a euro 2.90 dividend per share that will be submitted to the vote of its shareholders at its next AGM as of May 31, 2023. This corresponds to a 45.7% payout and is a 21% increase compared to prior year.
• An envelope of euro 500 to 600 million for acquisitions, stable compared to 2022, to continue strengthening the Groupe’s data, tech and commerce capabilities.
• A share repurchase plan of circa euro 200 million covering 3 million shares, in order to stabilize the number of shares in circulation. This program intends to cover the obligations related to long term incentive plans granted to employees.
• Further deleveraging, by circa euro 100 million.