Page 1

ISS COMPANY ANNOUNCEMENT NO . 14/2021 COPENHAGEN , 5 MAY 2021 TRADING UPDATE FOR 1 JANUARY - 31 MARCH 2021 UNDERLYING BUSINESS IMPROVEMENT IN A CONTINUED CHALLENGING ENVIRONMENT HIGHLIGHTS • • • • • Organic growth was ( 5.6 ) % in Q1 2021 ( Q4 2020 : ( 11.0 ) % ) , representing a notable improvement compared to previous quarters supported by continued solid demand for above - base work , especially deep - cleaning and disinfection . Execution of the OneISS strategy progressed as planned in Q1 2021 with good momentum on the divestment programme and early enhancement initiatives of the operating model . The turnaround initiatives driving the recovery of underperforming contracts and countries are progressing as planned . The overall financial results in Q1 2021 were in line with expectations . The underlying operating margin has continued to improve since Q2 2020 , and total readily available liquidity increased compared to 31 December 2020. Based on the stabilised financial performance and available liquidity , ISS has decided to cancel a EUR 700 million revolving credit facility , which was established in 2020 as backup liquidity . Seven divestments were signed or completed in 2021 up until 30 April . Total net proceeds amount to approximately DKK 1 billion , entailing a solid reduction in net debt upon expected completion in Q2 2021. The divestment programme targets approximately DKK 2 billion in total net proceeds in 2021 and 2022 . . The Outlook for 2021 and the Turnaround targets are confirmed . The Outlook assumes a gradual easing of restrictions and lockdowns in key markets starting from Q2 2021 . Jacob Aarup - Andersen Group CEO , ISS A / S , says : " I am pleased with the continued successful execution of the OnelSS strategy and how we are gradually improving the underlying business . The global workplace continues to be heavily impacted by Covid - 19 restrictions and lockdowns , but the ISS organisation and our frontline employees show impressive resilience by supporting our customers with passion and pride in these challenging times . The financial performance is developing as planned . We are seeing the impact of our restructuring efforts in the improved profitability at lower volumes in our food business , while we are leveraging the increased demand for deep- cleaning and disinfection . Our One / SS investments are continuing in the commercial , operational and technology areas , creating a strong platform to leverage the business opportunities when markets re - open . " REVENUE OVERVIEW DKK million Q1 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Revenue 17,213 18,885 16,597 16,943 17,398 Organic growth ( 5.6 ) % 3.9 % ( 9.9 ) % ( 8.8 ) % ( 11.0 ) % Acquisitions & Divestments ( 0.4 ) % ( 1.7 ) % ( 1.7 ) % ( 2.3 ) % ( 1.4 ) % Currency adjustment ( 2.9 ) % ( 0.0 ) % ( 1.0 ) % ( 2.5 ) % ( 3.3 ) % Revenue growth ( 8.9 ) % 2.2 % ( 12.6 ) % ( 13.6 ) % ( 15.7 ) % ISIN US4651472056 ISS A / S , ISIN DK 0060542181 , ISS Global A / S , ISIN XS2013618421 , ISIN XS1145526825 , ISIN XS1673102734 ISS Finance B.V. , ISIN XS2199343513 Denmark ISS A / S , CVR 28 50 47 99 Phone : ( +45 ) 38 17 00 00 Buddingevej 197 DK - 2860 Søborg Telefax : ( +45 ) 38 17 00 11 www.issworld.com