PR95246

PARIS, March 30, 2022, /PRNewswire=KYODO JBN/ --

Full Year Reported Gross Sales at €3.3 billion up 15.1%[1] year over year

Full Year Adjusted EBITA €119.2 million up 10.0%[1] year over year

Full Year Adjusted Net Income €72.6 million up 85.1% year over year

- Successful execution against the strategy as outlined at IPO

- growth and earnings and upgrading 2022 outlook

- Strongly positioned to capitalise on the growth opportunities in the

cybersecurity market

- Proposed dividend: €0.20 per share payable in cash

[1] Including Veracomp in 2020. Veracomp acquired on December 30, 2020 but

considered as if acquired on January 1, 2020 for comparison purposes.

Exclusive Networks (Euronext Paris: EXN) today announced its financial results

for the full year ended December 31, 2021, which release has been approved by

the Board of Directors on 29 March 2022.

Jesper Trolle, Chief Executive Officer, commented: “We are pleased to present

strong results for 2021 and deliver on the strategy we presented at the time of

our IPO. We successfully delivered on growth and profitability targets and

demonstrated our operational excellence, successfully navigating market

challenges. Our unique positioning at the centre of the ecosystem and the

compelling demand for cybersecurity solutions drove this strong performance in

2021 and reinforces our confidence in our strategy and outlook for the future.

We have many exciting growth opportunities and continue to take advantage of

our strong market position and cybersecurity demand globally.

The cybersecurity market is now more prominent than ever as the environment

becomes more complex. New legislation, remote working, geopolitics and an

increasing adoption of cloud contribute to an acceleration of the growth of the

cybersecurity market, and Exclusive Networks is uniquely positioned to

capitalise from the structural growth in the market by being the key player at

the centre of the highly fragmented and increasingly complex cybersecurity

ecosystem.

FY 2021 GROUP FINANCIAL PERFORMANCE

Gross Sales were €3.3 billion, an increase of 29.5% year over year on a

reported basis and up 15.1% including Veracomp in 2020. This growth was 73%

attributable to existing vendors, 13% to vendor expansion and 15% to

acquisitions. From the resellers side, we saw strong demand from the Enterprise

market. Geographically, executing on our strategy, we delivered growth in all

three regions.

Revenue as reported in the Consolidated Financial Statements takes into account

the recognition of the sales of support and maintenance on a Net Margin basis

as per IFRS as we are not the primary obligor for these solutions. Revenue grew

in line with Gross Sales.

Net Margin reached €320 million in 2021, an increase of 9.2% compared to 2020

(including Veracomp). Net Margin as a percentage of Gross Sales was 9.6%. This

can be seen in the expansion of the Adj. EBITA margin, up to 37.3%. Exclusive

Networks continues to assess every new deal based on its marginal Adj. EBITA

contribution.

Adjusted EBITA was €119.2 million, up 10.0% year over year including Veracomp

in 2020 and up 25.3% on a reported basis.

Adjusted Net Income was €72.6 million, an increase up 85.1% year over year on a

Reported basis.

FY 2021 PERFORMANCE BY SEGMENT

EMEA: Gross Sales at €2,579.5 million, up 14.5% vs 2020 (including Veracomp as

if acquired since January 2020).

APAC: Gross Sales reached €394.3 million, up 8.7% vs 2020.

AMERICAS: Gross Sales were €346.7 million, up 28.6% vs 2020. Combined with an

already scaled local platform, the region benefited from the full delivery of

its operating leverage to reach an Adjusted EBITA of €8.5 million with a record

growth of +56.3%.

CORPORATE: Operating expenses at Corporate reflect the investments made to

structure the long-term strategy of the group, design and launch initiatives to

support and structure countries and regional developments and, also, to

consolidated and monitor the Group’s performance.

2022 OUTLOOK

                                                    2021                      2022

Gross Sales (inc M&A)               €3,320m                 Above €3,800m

Net Margin                                  €319.9m                 €362m - €368m

Adj.EBITA                                    €119.2m                 €133m - €138m

% of Net Margin                          37.3%

Operating FCF Before Tax           €56.5m                  80% of Adj. EBITDA

THE FULL PRESS RELEASE IS AVAILABLE AT:

https://www.exclusive-networks-ir.com/files/IPO/EXN_FY2021_PR_VF_EN.pdf

SOURCE: Exclusive Networks