#1ISS INVESTOR PRESENTATION H1 2023 Interim Report 10 August 2023 PEOPLE MAKE PLACES ISS#2PEOPLE MAKE PLACES Agenda 1 Executive summary 2 Strategic update 3 Market and Business 4 Financials Jacob Aarup-Andersen Group CEO 5 Outlook 6 Q&A ISS#3Executive summary Continued strong execution of the OneISS strategy OneISS Strategic direction and priorities remain unchanged ISS intends to divest its French business Financials Strong momentum and upgrade of organic growth outlook Continued underlying margin improvements PEOPLE MAKE PLACES 3 M&A Acquisition of Grupo Fissa in Spain has been signed ISS#4PEOPLE MAKE PLACES 1 Executive summary 2 Strategic update 3 Market and Business 4 Financials 5 Outlook 6 Q&A ISS#5With the enhanced operating model, ISS targets to deliver strong growth at sustainable and attractive margins Strategic update - rigorous execution of the OneISS strategy continued KOO • Update on strategic development Strategic direction and priorities remain unchanged with strong focus on growth and execution of the OneISS strategy As ISS France has not generated the expected financial improvements, ISS intends to divests its French business Acquisition of Grupo Fissa in Spain will add 1% to Group revenue Commercial momentum The investments in the commercial and operating models are yielding results as ISS was awarded a key account IFS contract with Defra in the UK Customer retention rate improved further to historical level of 95% (LTM) as ISS extended and expanded several key account contracts The pipeline for IFS solutions within prioritised segments remains attractive Operational development As expected, the operating margin benefitted from OneISS efficiencies and cost initiatives as well as operating leverage from higher revenue Improvements in the previous hotspots was driven by the UK and DTAG offset by France where the operating margin did not develop as expected PEOPLE MAKE PLACES 5 ISS#6ISS intends to divest its French business - will continue to service existing and future Global Key Accounts ISS has worked towards restructuring the business and establishing a solid foundation in the French market However, the development in France has not generated the expected financial improvements Building a profitable, sustainable business and a strengthened market position in France will require further significant investments and management attention The strategic ambition of ISS is to become the global leader in IFS, with investments prioritised to support this ambition ISS therefore plans to strategically reposition itself in the French market, to focus on servicing its Global Key Accounts and intends to divest its other activities During the search for a buyer, ISS France will continue to service all existing customers in the same way as today ISS France revenue PEOPLE MAKE PLACES Service lines, DKKbn 2.9 O Cleaning Technical Other 6 Delivery type, DKKbn 2.9 O Single services IFS ISS#7Acquisition of Grupo Fissa in Spain - bolt-on business addition Strong strategic fit Adding scale within cleaning supporting strong market position Enhance market position within Healthcare which is a prioritised segment Strengthening operations in southern Spain Improve service delivery for local key accounts Financial accretive The deal is margin accretive (post synergies) to both ISS Spain and Group ROIC above WACC with immediate improvement post synergies Swift integration which is expected to be completed in Q1 2024 Grupo Fissa, key facts Annual revenue: DKK 0.7 billion Addition of approx. 4,500 placemakers Transaction highlights +1% addition to Group revenue Q3 2023 expected closing Strong and experienced management team in ISS Spain successful with similar type of acquisitions in the past Stringent integration and synergy realisation tracking and control anchored in Group Finance PEOPLE MAKE PLACES 7#8PEOPLE MAKE PLACES Agenda 1 Executive summary 2 Strategic update 3 Market and Business 4 Financials 5 Outlook 6 Q&A ISS#91-5 scale OneISS strategy in action (1/2) - customer satisfaction essential when building long-term partnerships Satisfied customers¹) ... impacting customer retention rate²) positively NPS score 37 Satisfaction 4.1 score Relationship 4.6 91 score Ease score 4.3 1) Customer Engagement Survey 2023, Europe PEOPLE MAKE PLACES 2) LTM retention rates 2020 9 92 93 95 2021 2022 Q2 2023 ISS#10OneISS strategy in action (2/2) - leveraging the global commercial scale locally ISS strategic focus Banking customer, Australia Previously no banking customers in Australia OneISS differentiators Leveraging ISS's global IFS banking value proposition and expertise locally Office-based > Former supplier provided services for 20+ years Enhance customer experience through service products and technology + Healthcare A competitive tender process Production-based PEOPLE MAKE PLACES ISS demonstrated 'best of breed' banking services on site in the US Pharmaceutical customer, US Managing 30+ suppliers independently at each site ISS was an existing provider of food services > OneISS differentiators • Increased scope in terms of services and geography with the new agreement • IFS and self-delivery model and global expertise within life sciences Global presence and ability to meet future. expansion plans Improve service quality and elevate customer experience 10 ISS#11Commercial momentum - Pipeline remains strong within prioritised segments New wins¹) Defra, United Kingdom (c. DKK 520 million) Extensions and expansions¹) Large key accounts²) contract maturity profile Expiry 2023 Expire 2024 Expire 2026 Expire 2027+ Expire 2025 2% 6% 8% 3% Pharmaceutical customer, Switzerland & Austria • Deutsche Bank, Italy Other customers 29% • Banking customer, Nordics. Consulting customer, Global Industry & Manufacturing customer, Global Losses 1) Industry & Manufacturing customer, United States PEOPLE MAKE PLACES 11 Smaller key accounts 41% 1) Since Q1 2023 results on 4 May 2023. Includes contracts above DKK 100 million annually 2) Chart is based on all global key accounts and key accounts generating revenue above DKK 200 million annually 11% ISS#12PEOPLE MAKE PLACES Agenda 1 Executive summary 2 Strategic update 3 Market and Business 4 Financials Kasper Fangel Group CFO 5 Outlook 6 Q&A ISS#13First half of 2023 at a glance H1 2023 H1 2022 Organic growth 10.9% 6.7% 11.4% 7.3% The progress towards reaching financial targets in 2024 continued Excl. France Operating margin¹) PEOPLE MAKE PLACES Excl. France 3.3% 2.9% 3.6% 3.1% Free cash flow DKK -1.1 billion DKK 0.6 billion 1) Excl. hyperinflation (IAS 29) 13 ISS#14Organic growth of 10.9% in H1 2023 - driven by strong portfolio revenue growth Organic growth building blocks -6% ~4% ~0.5% 10.9% Neutral Net price increases Underlying volume growth Net contract wins Projects and above- base revenue H1 organic growth¹) PEOPLE MAKE PLACES 14 1) Excl. France, H1 2023: 11.4% ISS#15Operating margin development - solid underlying improvements Operating margin before other items¹) 3.6% 3.5% 0.1% 3.3% 0.2% 2.9% Underlying ISS France Underlying H1 2022 reported H1 2023 reported One-off costs in France margin margin excl. France Key comments Margin positively impacted by OneISS efficiencies, cost initiatives and operating leverage across the Group Solid financial improvements of underperforming areas, offset by France Margin negatively impacted by one- off costs related to strategic review in France Price increases kept the margin generally unaffected from cost inflation 1) Excl. hyperinflation (IAS 29) PEOPLE MAKE PLACES 15 ISS#16Regional performance H1 2023 -All regions delivered underlying improvements Organic Growth Margin¹) PEOPLE MAKE PLACES Northern Europe (36% of Group) Central & Southern Europe (33% of Group) APAC (18% of Group) 6% 16% 7% (Q1 2023: 6%, Q2 2023: 5%) (Q1 2023: 17%, Q2 2023: 15%) (Q1 2023: 6%, Q2 2023: 8%) Americas (12% of Group) 20% (Q1 2023: 22%, Q2 2023: 18%) • • • 4.3% (H1 2022: 4.4%) Organic growth was mainly driven by underlying volume growth and price increases Underlying margin developed positively driven by operational improvements in UK, OneISS efficiencies and cost initiatives and leverage from higher revenue This was offset by lower contribution from margin enhancing non-portfolio work and lower revenue in Denmark 1) Excl. hyperinflation (IAS 29) • Note: Other countries represent 1% of Group revenue 4.0% (H1 2022: 3.2%) High growth predominately driven by Turkey The margin improved due to improvements on the Deutsche Telekom contract, OneISS efficiencies and cost initiatives and operating leverage from higher revenue This was offset by France with negative organic growth and the operating margin not developing as expected 16 5.9% (H1 2022: 5.8%) Underlying volume growth and price increases were main growth drivers predominately in India and Australia • Hong Kong and China negatively impacted by reduced demand for Covid-19 related services . Stable margin reflects benefit from OneISS efficiencies and cost initiatives, despite lower level of Covid-19 services • . 4.0% (H1 2022: 3.5%) Organic growth driven by increased activity level, price increases and contract wins Higher activity level benefitted food services in particular Operating margin improved as a result of OneISS efficiencies, cost initiatives and operating leverage ISS#17Free cash flow H1 2023 - negatively impacted by strong growth Free cash flow development (DKK billion) 1.3 -1.6 -0.1 -0.2 -0.3 -0.2 Operating profit excl. IAS 291) Changes in working capital 1) Including operating profit from Discontinued Operations D&A, Capex and additions to leased assets -1.1 Interests Tax payments Others²) Free cash flow 2) Others include: 'Non-cash items related to Hyperinflation', 'Changes in provisions, pensions and similar obligations', 'Share-based payments', 'Other expenses paid', and 'Acquisition of financial assets excl. investments in equity- accounted investees', PEOPLE MAKE PLACES 17 ISS#18Working capital development - increase in receivables following high revenue growth Changes in receivables development H1 2023 changes in working capital, deep-dive Organic growth DKK billion Change in receivables Reversal of customer prepayments from 2022 (DKK 0.2 billion) -1.8 -1.6 0.0 0.2 Receivables Payables Inventories Working capital PEOPLE MAKE PLACES 18 6.7% DKK -0.9 billion H1 2022 10.9% DKK -1.8 billion H1 2023 ISS#19Capital structure - financial leverage impacted by negative free cash flow in H1 2023 1) 2) Leverage ratio development¹) 15.8 Leverage Net debt, DKKbn 7.1x 13.5 3.8x 11.5 13.0 TH 20202) Net debt/Pro forma adjusted EBITDA (LTM) Adjusted for restructuring and one offs PEOPLE MAKE PLACES 2.6x 2.9x 2021 2022 H1 2023 19 • Key comments Despite EBITDA growth, the higher net debt as a result of negative free cash flow and dividends paid, impacted leverage negatively Reduction in leverage expected for the full year driven by increased financial performance (higher EBITDA) and lower net debt (free cash flow generation) ISS targets financial leverage of 2.0-2.5× ISS#20PEOPLE MAKE PLACES Agenda 1 Executive summary 2 Strategic update 3 Market and Business 4 Financials & Outlook 5 Outlook 6 Q&A ISS#21Outlook 20231) - Upgrade of organic growth to 7 -9% Organic growth Operating margin²) Free cash flow 770 7-9% (Before: 6-8%) The upgrade is due to higher customer activity and thereby higher underlying volume growth The positive effect from net price increases and net contract wins are unchanged A negative effect from lower project and above- base work is still expected 4.25 -4.75% (Unchanged) Around DKK 2.0 bn (Unchanged) 500 Margin improvements in the two previous hotspots; the UK and Deutsche Telekom Positive effects from OneISS efficiencies and cost initiatives across the Group Operating leverage from higher revenue • • Improvement in operating profit Negative impact from working capital including customer prepayments in 2022 Increased tax outflow due to higher operating profit Capex in line with depreciation and The outlook for organic growth and operating margin excludes any contribution from discontinued operations amortisation 1) Outlook excl. IAS 29 PEOPLE MAKE PLACES 2) Operating profit margin before other income and expenses 21 ISS#22Organic growth outlook for 2023 - Upgrade driven by increased activity level Organic growth main building blocks 4-5% net of efficiencies 3-4% ~ 0.5% ~ -0.5% 7-9% Net price increases Underlying volume growth Net contract wins Projects and above- base revenue Outlook PEOPLE MAKE PLACES 22 222 ISS#23Operating margin outlook for 2023 Operating margin building blocks 4.0% 4.25 -4.75% 20221) Margin improvement UK and DTAG OneISS efficiencies Operating leverage Outlook / cost initiatives 1) Restated excl. France (including Global Key Accounts) PEOPLE MAKE PLACES 23 ISS#24Free cash flow outlook for 2023 Free cash flow building blocks (DKK billions) 4.25 -4.75% Operating profit margin PEOPLE MAKE PLACES Prepayments in 2022 Changes in working capital Interests Tax payments 24 ~DKK 2.0 bn Neutral D&A, Capex & additions to leased assets Outlook ISS#25- Financial targets from 2024 and beyond all targets confirmed il S Organic growth Operating margin Cash conversion 1) 4 - 6% 1) Cash conversion, % = Free cash flow/Operating profit before other items PEOPLE MAKE PLACES > 5% 25 > 60% ISS#26PEOPLE MAKE PLACES Agenda 1 Executive summary 2 Strategic update 3 Market and Business 4 Financials & Outlook 5 Outlook 6 Q&A ISS#27H1 2023 INTERIM REPORT Q&A ISS PEOPLE MAKE PLACES 27 ISS#28INVESTOR PRESENTATION Appendix PEOPLE MAKE PLACES 28 ISS#29Revenue split based on FY2022 (1/2) Customer type ■ Key accounts Key accounts (regional and local) ■Global key accounts Other customers Delivery type Integrated facility services (IFS) Single services Revenue type Portfolio revenue Above Base & Projects 29% 13% PEOPLE MAKE PLACES 58% 49% 51% 29 18% 82% ISS#30Revenue split based on FY2022 (2/2) Geography1) Service lines Northern Europe Cleaning Total Europe 70% Central & Southern Europe Food Asia & Pacific Americas 18% 11% 32% 38% 1) Revenue related to other countries amounted to 1% PEOPLE MAKE PLACES 13% 20% 22% 30 Customer segments Technical ■Office-based Production-based Other and workplace Healthcare Other 45% 13% 23% 24% 40% ISS#31Sustainability ratings Ratings 2022 MSCI ✪ SUSTAINALYTICS S&P Global Ratings ISS ESG‣ CDP Performance Methodology note, AAA = top score AA rating - 5 straight years Methodology note, low score = good 13/100-low score Methodology note, 100 = top score 56 / 100 - above industry average in all disclosure categories Methodology note, A = top score C+ - prime status, B highest rating in the industry Methodology note, A = top score C - C average for the industry PEOPLE MAKE PLACES 31 ISS#32Investor Relations Investor Relations contacts Jacob Johansen Head of Investor Relations +45 2169 3591 [email protected] Financial calendar 2023 Q3 2023 Trading Update 2 November 2023 2023 Annual Report 22 February 2024 Share information Trading symbol Kristian Tankred Senior IR Manager +45 3067 3525 [email protected] ISS A/S Buddingevej 197 2860 Søborg Denmark www.issworld.com PEOPLE MAKE PLACES 32 32 ISS Identification number / ISIN DK0060542181 Number of shares 186,568,266 Sector Business Services Nominal value, DKK 1 Free float 83% ADR information Trading symbol Structure Ratio (ADR:ORD) ADR ISIN ISSDY Sponsored level 1 2 ADRs 1 share (2:1) US4651472056 ISS#33Forward-looking statements This presentation contains forward-looking statements, including, but not limited to, the statements and expectations contained in the "Outlook" section of this presentation. Statements herein, other than statements of historical fact, regarding future events or prospects, are forward-looking statements. The words "may", "will", "should", "expect", "anticipate", "believe", "estimate", "plan", "predict," "intend" or variations of these words, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. ISS has based these forward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward-looking statements and from the past performance of ISS. Although ISS believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the facility service industry in general or ISS in particular including those described in the Annual Report 2022 of ISS A/S and other information made available by ISS. As a result, you should not rely on these forward-looking statements. ISS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The Annual Report 2022 of ISS A/S is available at the Group's website, www.issworld.com. PEOPLE MAKE PLACES 33 ISS