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€ Press Release ■ Europcar Mobility Group THIRD QUARTER 2021 RESULTS PERFORMANCE ABOVE EXPECTATIONS , DUE TO STRUCTURAL MEASURES AS WELL AS FAVOURABLE CONJUNCTURAL BUSINESS ENVIRONMENT Q3 2021 AND FIRST 9M 2021 HIGHLIGHTS RECORD CORPORATE EBITDA MARGIN AT 27.4 % O RAISED AMBITIONS FOR 2021 Revenue over the first 9 months 2021 : up + 20 % ¹ to € 1,625m , with a rebound of + 45 % ¹ in Q3 2021 driven by a solid performance in Leisure , low - cost segment in particular , with high RPD² Q3 2021 revenue at € 782.6m : close to Q3 2019 level , reducing the gap month by month Strong rebound in Corporate EBITDA³ to € 215m in Q3 2021 with record margin of 27.4 % ( 21.9 % ¹ in Q3 2019 ) Reduction in Corporate net debt at end September vs June 2021 : € 211m vs € 266m respectively , thanks to high Corporate Operating FCF conversion ( 40 % ) and seasonality effect . Reduced Corp. liquidity to € 372m from € 447m Successful fleet debt refinancing for a total of € 2.2bn with sustainability - linked bond issuance & SARF re engineering O Paris - October 28th , 2021 OUTLOOK FOR 2021 AND MID - TERM TRAJECTORY The Group is raising its ambitions for FY2021 earnings compared to previous communication thanks to higher then - expected Q3 2021 performance , with a particularly strong month in September and an anticipated continued robust business trend through year - end , and assuming no additional lockdown : O Corporate EBITDA pre - IFRS 16 above € 150m versus " above € 110m " ( compared to € 276m in 2020 and € 278m in 20194 ) Corporate net debt expected in the range of € 250-300m versus € 300-350m The Group is confident in the long - term prospects of the business , relying on structural gains from Reboot and ongoing Connect transformation roadmap , but expects some significant mid - term headwinds in 2022 : O While pricing momentum is expected to remain positive , volumes will be constrained by continuing market fleet shortage In the context of this shortage , higher fleet cost per unit is expected as well as higher cash consumption as the Group searches for alternative sources of vehicles Significant levels of inflation are also being seen across some other cost lines UPDATE ON THE TENDER OFFER Pending the review by the French stock market authority ( AMF ) , expected opening of the proposed tender offer ( projet d'offre publique d'acquisition ) filed on September 20 , 2021 by the consortium led by Volkswagen5 for the Company's 1 Proforma basis : at constant exchange rate and perimeter 2 RPD ( revenue per transaction day ) : corresponds to rental revenue for the period divided by the number of rental days for the period Post - IFRS 16 3 4 2019 PF ( pro - forma ) Corp. EBITDA pre - IFRS 16 of € 0.26bn refers to full year inclusion in 2019 of Fox Rent - a - Car and Finland and Norway franchisees Through Green Mobility Holding SA , a special - purpose company controlled by the consortium led by Volkswagen Group , and also composed of Attestor Capital LLP and Pon Holdings BV 1