Half-year Report

Applegreen plc

Financial results for the six months ended 30 June, 2016

Dublin, London, 6 September 2016: Applegreen plc ('Applegreen' or 'the Group'), a major petrol forecourt retailer in the Republic of Ireland with growing presence in the United Kingdom and United States, announces its half year results for the six months ended 30 June 2016.

Financial highlights:

· 20.4% increase in gross profit on H1 2015 (22.4% in constant currency)

· Adjusted EBITDA increased by 15.0% from €11.3m in H1 2015 to €13.0m in H1 2016 (24.2% before FX gains and losses)

· Like for like growth in gross profit at constant currency of 5.5% - mainly driven by 13.4% increase in like for like food sales at constant currency

· Revenue up 7.4% to €556.0m

· Net debt position at 30 June 2016 of €24.0m

Operational highlights:

· Robust like for like growth in the Republic of Ireland in particular

· Grew estate from 200 sites as at 31 December 2015 to 220 as at 30 June 2016

· Strong pipeline of new sites particularly in UK

· Lisburn MSA site awarded prestigious NACS Insight 2016 International Convenience Retailer of the Year Award

· Opened 17 new food outlets including the launch of a new food offering - Freshii

· Franchise agreement signed with 7-Eleven which can support our development in the US

Key figures:

1 Adjusted for share based payments and non-recurring charges

2 In 2015 the H1 Adjusted EBITDA was reported as €10.7m as it was stated before FX gains and losses

Commenting on the results, Bob Etchingham, CEO said: "We are pleased to report another strong set of results reflecting our performance in the first half of 2016. Growth was particularly strong in the Republic of Ireland where our Service Areas and recent upgrades are well positioned to capture the demand from positive consumer sentiment. In the UK, a more competitive environment impacted growth in the early part of the year and while this abated, we also noted a more cautious consumer in advance of the Brexit vote."

"We continued to expand our business in the six months opening two new Service Area sites and adding three petrol filling stations in the Republic of Ireland. We also expanded our network of dealer sites by nine during the period. In the UK, our site numbers increased by seven comprising five petrol filling stations and two Service Areas including our award winning Motorway Service Area on the M1 South of Belfast. We also launched our new Freshii food offer, offering an attractive healthy alternative, and increased the number of our food outlets by 17 across the estate."

"The decision by the UK public to exit the EU took place in late June so had no significant impact on the figures for the six months. Looking to the future, the lower Sterling:Euro exchange rate will obviously impact on our consolidated figures but otherwise it is too early to assess what impact the decision will have on our business."

"Trading since the end of June has been positive and has shown improvement particularly in the UK. Apart from the impact of the weaker Sterling on the translation of our earnings, we expect our full year performance to be in line with expectations."

About Applegreen

Established in 1992, Applegreen is a major petrol forecourt retailer in the Republic of Ireland with a significant and growing presence in the United Kingdom, and small presence in the US. The business employs c. 3,300 people, and operates 220 forecourt sites across the UK, Ireland and the US.

Applegreen is the number one Motorway Service Area operator in the Republic of Ireland and holds a share of c.15% of the Irish motor fuel market. The Group operates a distinctive retail led business model focused on offering "low fuel prices always" to drive footfall to its sites and aims to provide a premium food and hot beverage offering in all its sites.

Applegreen has a number of strategic partnerships with international brands including Burger King, Subway, Costa Coffee, Greggs, Lavazza, Chopstix and Freshii. The business also has its own food offer through the aCafe and Bakewell café brands.

Applegreen's growth strategy is focused on acquiring and developing new sites in the markets in which it operates and on upgrading and rebranding existing sites.

Conference call details - analysts and institutional investors

Applegreen plc will host a conference call for analysts and institutional investors today, 6 September, 2016 at 08.30 GMT. Presentation will be available on www.applegreenstores.com. Dial in details are as follows:

Ireland Telephone Number: +353 (0)1 2465621

UK Telephone Number: +44 (0)20 7026 5967

Passcode: 2107888

For further enquiries, please contact:

Applegreen

Bob Etchingham, CEO / Paul Lynch CFO +353 (0) 1 512 4800

Drury Porter Novelli:

Paddy Hughes +353 (0) 1 260 5000

Shore Capital

Stephane Auton +44 (0) 20 7408 4090

Patrick Castle

Goodbody

Siobhan Wall +353 (0) 1 667 0420

Applegreen H1 2016 Performance Overview

The financial results for first half of 2016 show good growth over 2015. This was driven by strong like for like growth particularly in food and store, additional contribution from new sites across the Group's portfolio and continued investment and development of our food and store offerings.

Our upgrade and rebranding activity, together with an improving economic backdrop, saw like for like food and store sales at constant currency grow by 6.0%, with related gross profit up by 6.7%.

Republic of Ireland

In the six months to 30 June 2016, revenue in the Republic of Ireland increased by 12.7% and gross profit increased by 20.3%. Like for like food and store sales and gross margin both increased by 8.5%. Fuel gross profit increased by 20.5% year on year including a like for like increase of 6.9%.

During the period, we expanded our Republic of Ireland estate with 12 new outlets. Four new company owned sites were added, one Service Area and three petrol filling stations, while one site was divested. The new Service Area located in Trim, Co. Meath includes Subway and Bakewell food offerings. In addition our Birr petrol filling station was upgraded to a Service Area following a knock down and rebuild process. The three new petrol filling stations opened during the period are located in the east and south of the country further expanding our network.

The Group also added nine dealer sites during the period bringing our total portfolio of such sites to 42 by the end of June. The dealer business is focused on providing fuel to independent operators. In these sites the canopy and pumps on the forecourt are branded Applegreen while the non-fuel revenue remains under the control of the operator of the site.

During the period five sites were rebranded and upgraded incorporating at least one new food offer in all cases.

United Kingdom

Revenue has remained flat during H1 2016 compared to H1 2015 reflecting the impact of lower fuel prices and weaker Sterling while gross profit increased from €15.6m in H1 2015 to €18.4m in H1 2016. Like for like fuel gross profit fell by 1.1% reflecting an increased competitive environment in the early part of the year. Food sales and gross profit performed very well on a like for like constant currency basis reporting a 13.6% and 15.9% increase respectively reflecting our focus on this area and the impact of rebrands. Store sales declined 4.7% on a like for like basis (constant currency) compared to H1 2015 with a similar decline in related gross profit. This was in part a consequence of the more competitive fuel environment and also, we believe, a more cautious consumer in advance of the Brexit vote. We have noted an improvement in the UK performance in July and August.

There was a strong focus by the Group on expansion within the United Kingdom in H1 2016. Two new Service Areas were opened in Northern Ireland including our second Motorway Service Area in Northern Ireland. We were very pleased that this site, on the M1 South of Belfast, was awarded the prestigious NACS International Convenience Retailer of the Year Award. We also have a number of Service Areas that are in various stages of the planning process. Five new petrol filling stations were opened in the UK with a further four existing stations being rebranded and expanded through the addition of new food offerings.

USA

During the period we added an additional site in Long Island and signed an agreement with Cross America Partners to take over nine sites in the Massachusetts area on a leasehold basis. Four of these sites were taken over since 30 June. In addition, we signed an agreement with 7-Eleven to convert and operate our Hempstead, Long Island store as a 7-Eleven franchisee. We expect the conversion work to be complete during Q4 2016.

Costs

The rate of increase in selling and distribution costs was slightly ahead of the growth in number of sites, reflecting the increase in number of larger scale sites added. Administrative expenses show an increase of €2.2m on the same period in 2015 (excluding the impact of the share based payment expense) of which €0.9m relates to the movement on FX gains and losses between the two periods.

Outlook

Since 30 June we have continued to develop our estate. In the UK, seven petrol filling stations have been added while in the Republic of Ireland a new Service Area was opened in Tullamore, Co. Offaly. We have a good pipeline of petrol filling stations in the Republic of Ireland for the remainder of 2016 and have added three new dealers since the period end.

Trading in July and August was strong particularly in our Irish Service Areas and the UK sites also enjoyed a positive sales performance in the aftermath of the Brexit vote. The weaker Sterling:Euro exchange rate will have an impact on earnings but apart from that, we expect the financial performance for the full year to be in line with expectations.

Applegreen plc Unaudited Condensed

Consolidated Interim Financial Statements

For the six months ended 30 June 2016

CONTENTS

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

PERIOD ENDED 30 JUNE 2016

Earnings per share from continuing operations attributable to the owners of the parent company during the period

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

PERIOD ENDED 30 JUNE 2016

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016

UNAUDITED CONDENSED Consolidated statement of changes in equity

AS AT 30 JUNE 2016

UNAUDITED CONDENSED Consolidated statement of cash flows

PERIOD ENDED 30 JUNE 2016

Notes to the unaudited condensed consolidated interim financial statements

1. General information and basis of preparation

Applegreen plc ('the Company') is a company incorporated in the Republic of Ireland. The unaudited condensed consolidated interim financial statements of the Company for the 6 months ended 30 June 2016 (the 'Interim Financial Statements') include the Company and its subsidiaries (together referred to as the 'Group'). The Interim Financial Statements were authorised for issue by the directors on 31 August 2016.

The Interim Financial Statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU. They do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2015.

The Interim Financial Statements are presented in Euro (€) which is the Group's functional currency and all values are rounded to the nearest thousand (€000), except where otherwise stated.

The preparation of the Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results could differ materially from these estimates. In preparing these Interim Financial Statements, the critical judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2015 as set out on pages 59 to 67 in those financial statements. These financial statements are available on the Group's website; http://applegreenstores.com.

On 27 May 2015 Petrogas Global Limited converted to a public limited company and changed its name to Applegreen plc. On 19 June 2015, Applegreen plc successfully completed an initial public offering on the Alternative Investment Market (AIM) of the London Stock Exchange and the Enterprise Securities Market (ESM) of the Irish Stock Exchange.

The Interim Financial Statements do not constitute statutory financial statements. The statutory financial statements for the year ended 31 December 2015, extracts of which are included in these Interim Financial Statements, were prepared under IFRS as adopted by the EU and have been filed with the Companies Registration Office. The auditors' report on those financial statements was unqualified and did not contain an emphasis of matter paragraph.

2. Significant accounting policies

The accounting policies applied in these financial statements are consistent with those applied in the consolidated financial statements as at and for the year ended 31 December 2015, and are described in those financial statements on pages 59 to 66, except for the impact of the standard described below.

Following a review of the intercompany balances within the Group, a number of loans were identified as an extension of Applegreen plc's net investment in foreign operations. As there was and continues to be no intention for these loans to be repaid in the foreseeable future, these loans were considered quasi equity.

In accordance with IAS 21, foreign exchange gains and losses arising on the retranslation of 'quasi equity' loans are recorded in the Consolidated Statement of Comprehensive Income rather than the Consolidated Income Statement. This has increased the charge in the Consolidated Statement of Comprehensive Income by €2.7m for the period ended 30 June 2016.

Notes to the unaudited condensed consolidated interim financial statements

3. Segmental analysis

Applegreen plc is a forecourt retail business headquartered in Dublin, Ireland. Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM has been identified as the Board of Executive Directors.

The board considers the business from both a geographic and product perspective. Geographically, management considers the performance in Ireland, the UK and the USA. From a product perspective, management separately considers retail activities in respect of the sale of fuel, food and other groceries within Ireland and the UK and fuel and other grocery in the USA.

The Group is organised into the following operating segments:

Retail Ireland - Involves the sale of fuel, food and store within the Republic of Ireland.

Retail UK - Involves the sale of fuel, food and store within the United Kingdom.

Retail USA - Involves the sale of fuel and store within the United States of America.

Food revenues are generally higher in the second half of the year due to the increased volumes on the motorways during the summer months. Generally this means that operating profits are higher in the second half of the year.

The CODM monitors Revenue and Gross Profit of segments separately in order to allocate resources between segments and to assess performance.

Information regarding the results of each reportable segment is included within this note. Segment performance measures are revenue and gross profit as included in the internal management reports that are reviewed by the executive directors. These measures are used to monitor performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. The CODM also reviews adjusted EBITDA on a consolidated basis. Assets and liabilities are reviewed by the CODM for the Group in its entirety and as such segment information is not provided for these items.

Notes to the unaudited condensed consolidated interim financial statements

3. Segmental analysis (continued)

Reconciliation of profit before income tax to earnings before interest, tax, depreciation and amortisation (EBITDA), share based payments and other non-recurring charges (Adjusted EBITDA)

Notes to the unaudited condensed consolidated interim financial statements

4. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

Notes to the unaudited condensed consolidated interim financial statements

5. Expenses

Profit before tax is stated after charging/(crediting):

*Non-recurring charges incurred for the 6 months to 30 June 2015 comprise provision in respect of uncertain tax positions with Revenue authorities and one off payment made to directors of the Group for past service.

6. Finance costs/(income)

Notes to the unaudited condensed consolidated interim financial statements

7. Taxation

8. Intangible assets

Notes to the unaudited condensed consolidated interim financial statements

9. Property, plant and equipment

Assets under construction as at 30 June 2016 includes the following significant projects; two service stations in the Republic of Ireland (€6.5m), two motorway services area in Northern Ireland (€2.6m), and one service station in the UK (€1m). The remaining amounts relate to several other developments in all three regions.

Notes to the unaudited condensed consolidated interim financial statements

10. Inventories

The cost of inventories recognised as an expense and included in 'cost of sales' amounted to €478m (June 2015: €454m).

11. Trade and other receivables

Current trade and other receivables are non-interest bearing and are generally on 30 day credit terms. Non-current debtors relates to loans advanced to our dealer network. The fair values of non-current trade and other receivables is equivalent to their carrying value. The fair value has been determined on the basis of discounted cash flows.

Notes to the unaudited condensed consolidated interim financial statements

12. Cash and cash equivalents

Cash and cash equivalents are included in the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows and, are analysed as follows:

Cash and cash equivalents include the following for the purposes of the statement of cash flows:

13. Borrowings

In March 2015, the Group entered into new banking arrangements with its senior lenders, Allied Irish Bank plc and Ulster Bank Ireland. These new agreements extend the maturity of the Group's debt and make additional facilities available to the Group.

Notes to the unaudited condensed consolidated interim financial statements

14. Trade and other payables

Trade and other payables are non-interest bearing and are generally on 30 day credit terms. The fair values of current trade and other payables is equivalent to their carrying value.

15. Provisions

Provisions comprise the Group's best estimate to settle management bonuses.

16. Share capital

600,000 share options with an exercise price of €1.00 were exercised. Share premium of €594,000 was recorded on these shares.

Notes to the unaudited condensed consolidated interim financial statements

17. Related Party Transactions

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation.

There have been no related party transactions in the half year ended 30 June 2016 that materially affected the financial position or the performance of the Group during that period. There were no material changes in the nature of related party transactions described in the 31 December 2015 audited Financial Statements.

18. Comparative figures

Certain comparative figures have been restated where necessary to conform with current period presentation.

19. Post period end events

Since the year end, the Group has added a new service area and three new dealer sites in the Republic of Ireland, seven petrol filling stations in the UK and four in the USA. The Group will continue to pursue new developments to enhance shareholder value, through a combination of organic growth, acquisitions and development opportunities.

Glossary of Financial Terms

The key financial terms used by the Group in this interim report are as follows: