2Q 2023 Investor Presentation slide image

2Q 2023 Investor Presentation

Debt Leverage and Interest Coverage in North America and Europe¹ Credit Metrics: North American Speculative Grade Companies Interest Coverage Debt/EBITDA EBITDA / Interest Expense 5.8x 5.0x 5.1x 5.1x 5.3x 5.3x 5.4x 5.3x 5.3x 6.0x 4.6x 4.5x 4.6x 4.8x 4.2x 4.3x 4.0x 3.1x 3.3x 3.0x 3.1x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.8x 2.7x 2.6x 2.7x 2.4x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Credit Metrics: EMEA Speculative Grade Companies Debt/ EBITDA EBITDA / Interest Expense Interest Coverage 5.8x 5.5x 5.6x 5.2x 5.2x 6.0x 4.6x 4.8x 4.5x 4.6x 4.8x 4.6x 4.6x 4.6x 4.2x 4.2x 4.0x 3.7x 3.5x 3.5x 3.6x 3.7x 3.4x 3.3x 3.2x 3.0x 3.0x 3.1x 3.2x 2.9x 2.6x 2.7x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Moody's | Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting. Debt figures refer to gross debt. 1. Data as of August 16, 2023 Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 17
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