Unifiedpost Group SA

Investor Presentation • Mar 8, 2022

FY 2021 RESULTS March 8, 2022

Cautionary note regarding forward-looking statements:

Attractive new product structure - Distribution expanded in all 32 Unifiedpost markets

FINANCIAL RESULTS 2021 | 4

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15.6% FY2021 organic growth	€170.5m total revenue $+147\%$ y-o-y	43.7% digital processing gross margin
€106.9m digital processing revenue	$+ \epsilon$ 4.0m operating cashflow	- €2.7m Adj. EBITDA $-$ €1.1m y-0-y
$£22.9m$ net debt €17.0 $m$ cash	93% recurring revenue	€33.1m R&D
	ARPU €27.9 / month Q4 2021	31% of digital processing revenue

unifiedpost Revenues - Digital processing with organic growth rate of +15.6% y-o-y; both segments with strong Q4

• $\checkmark$ Strong FY 2021 with revenue growth of 55% in digital processing, supported by acquisitions
• Management guidance well reached organic growth in digital processing up +15.6% y-o-y (vs. management guidance of "at least 15%")
• $\checkmark$ Top line growth showed increasing momentum both segments with strong Q4
• Revenues in postage & parcel optimisation benefit $\checkmark$ from price increases, large new customers and seasonality effects in Q4

Cost development - Reflecting expansion into 32 countries incl. impact from acquisitions

• $\checkmark$ Continued development in R&D spending - predominantly due to development cost for Banqup and Payment Solution
• $\checkmark$ 57% of total R&D capitalised
• $\checkmark$ Increase in G&A expenses mainly due to consolidation effects from acquired companies and M&A expenses
• $\checkmark$ Higher marketing efforts mainly in view of the global rollout plan as well as acquisition effects from 2021

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Well over 90% of Unifiedpost Group's revenue remain recurring

Subscriptions

Subscriptions available from 10 EUR/month basic document exchange, higher prices for more volume and/or more services

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B2B e-payments subscription from 17 $\bullet$ EUR/month

Volume-based transaction

• Large volume communication
• Ad-hoc implementation and change $\bullet$ requests for large corporates / tailormade solutions
• $\sqrt{3}$

Project revenues

Share of recurring revenues slightly $\bullet$ affected by increased project revenue from license sale in Serbia in Q4

In 2021, Unifiedpost Group has evolved from a regional to a pan-European player

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Digital processing revenue Top 5 countries

Belgium	26%
Sweden	17%
The Netherlands	13%
Serbia	9%
United Kingdom	5%

Postage & parcel optimisation

Sweden	88%
Denmark	10%
Norway	2%

Employees by region

Western Europe	32%
East & Southern	9%
Northern Europe	56%
Central Europe	3%

Gross profit & margins - Significant improvement in both segments

Digital processing gross profit & margin (by year)

Digital processing gross profit & margin (by quarter)¹

$\checkmark$ Overall strong gross profit improvement, supported by impact from acquisitions

• Gross margin in digital processing benefits $\checkmark$ from economies of scale on the back of strong demand for end-to-end digital processing solutions
• Gross margin in postage & parcel optimisation $\sqrt{ }$ services up on economies of scale despite some new large customers

Postage & parcel optimisation services gross profit & margin (by quarter)

(1) Gross margin of digital processing organic revenue: Q143.7%, Q2 48.6%, Q3 48.4% and Q4 44.8%

FY 2021 adjusted EBITDA level rather unchanged y-o-y despite strong investments into growth

Acquisition expenses

Increase Decrease Total

Other income and expenses

Share-based payments

EBITDA

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$(2.7)$

Adjusted EBITDA

Balance sheet - Effects from FY 2021 acquisitions become obvious

Balance sheet	FY2021	FY2020			in EUR m
Goodwill	155.0	35.2	Comments
Other intangible assets	83.5	47.9
Property and equipment	8.0	6.8	Goodwill increase mainly due to acquisition of Crossinx, 21 Grams and 8.1 BangUP
ROU assets	10.8
Other non-current assets	2.2	1.6
Non-current assets	259.5	99.6
Inventories	0.6	0.5	Reduction in cash mainly due to pay-out for acquisitions in H1 2021 (~€84.8 $\overline{2}$
Trade and other receivables	34.8	17.7
Other current assets	5.2	3.4	million 1 )
Current assets	57.6	21.6
Cash and cash equivalents	17.0	125.9		Unused credit facilities of nearly $\epsilon$ 20 million – new hybrid financing deal
Total assets	317.1	247.1	3 agreed
Equity	196.4	168.2
Non-current loans and borrowings	8.9	19.9	Bank borrowings per 31 December 2021		in EUR m
Non-current lease liabilities	6.9	5.1
Other non-current liabilities	13.6	7.4
Non-current liabilities	29.4	32.3	Borrowings	29.2
Current loans and borrowings	23.3	6.3	Bank borrowings	29.2
Current lease liabilities	3.8	3.0
Trade and other payables	42.7	16.6	Unused credit facilities	19.7
Contract liabilities	13.0	10.2	Factoring	18.7
3 Current income liabilities	0.8	0.7
Other current liabilities	7.7	9.9	Straight loans 1.0
Current liabilities	91.3	46.6
Total equity and liabilities	317.1	247.1

Equity & cash flow development - Equity up due to payments for acquisitions

(1) Issuance of shares from contribution in kind of vendor loan of 2021 acquisitions

New hybrid growth financing - Enhanced funding scope and flexibility

	Key information	Use of proceeds
Committed amount	EUR 100m $\checkmark$	Refinance existing debt
Tenor	5 years $\checkmark$	Support growth strategy
Structure	$\checkmark$ Term Loan B facility: EUR 75m Capex facility: EUR 25m $\checkmark$	R&D investments $\checkmark$ Working capital requirements $\checkmark$ Fund potential future transactions to additionally expand $\checkmark$ capabilities and geographical coverage
Covenant	Minimum liquidity $\checkmark$
Lender	Francisco Partners

Outlook 2022-2023 - Management guidance confirmed

(1) Calculated on digital processing revenue

Key messages

• Group revenue increased in 2021 by 147% y-o-y to €170.5 million driven by organic growth and acquisitions
• $\checkmark$ FY 2021 organic growth in digital processing revenue of 15.6% management guidance fully reached
• Companies acquired in 2021 are almost fully integrated and the acquisition strategy proved successful $\sqrt{ }$
• $\checkmark$ Product harmonisation for corporates and SMEs realised
• √ Cash and equivalents of €17 million, €20 million (available) in undrawn financing and new hybrid financing deal secure financing of Unifiedpost's growth path

Financial calendar 2022

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Q&A and contact data

Join us

• 15 March 2022: Berenberg EU Opportunities Conference 2022, $\bullet$ London
• 23 March 2022: Euronext STAR Conference 2022, Milan
• 30 March 2022: Benelux Conference Bank Degroof Petercam, Madrid $\bullet$
• 23 April 2022: VFB Happening, Antwerp (retail investors) $\bullet$
• 24 May 2022: Berenberg Conference USA 2022, Tarrytown

https://unifiedpost.com/en/investor-relations

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Unifiedpost Group Avenue Reine Astrid 92A 1310 La Hulpe, Belgium

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