Equita Group

Investor Presentation • Dec 1, 2025

EQUITA Group 9M'25 Financial Results (as of 30 September 2025)

Mid & Small in Milan Conference December 2nd, 2025

Agenda

• 1. EQUITA at a glance
• 2. 9M'25 financial results
• 3. Track record since IPO and considerations about the future
• 4. Appendix

certified

Who we are: the leading independent Italian investment bank

The most respected independent partner in Italy for investors, institutions, corporates and entrepreneurs, with a fifty-year history, listed on the Italian Stock Exchange and managed by a partnership of committed professionals

Shareholders and simplified group structure (7) EQUITA in a nutshell 52% Treasury Shares Market / 41% Float Top 3 Shareholders' Pact Institutional Research Team Managers & Broker in Italy (1) in Italy (2) 53% Fenera Employees with 40 managers Holding (36% stake and 48% voting rights) EQUITA Group 100% 100% Top 3 #5 SIM ECM Franchise M&A Advisor in Italy Mid Cap Advisory in Italy (3) (#1 Italian independent advisor) (4) 200+ Investment Banking Investment Banking Global Markets (M&A Mid-Market) Research Team Talented Professionals 70% 100% EQUITA 10+ years Debt Advisory Capital SGR Average tenure of Top 10 Investment Banking professionals within Alternative Asset (debt advisory & restructuring, the Group Management corporate finance) Private Debt team DCM Advisor in Italy (#1 non-lender advisor) (5) in junior debt 30% financings (6) Investment Banking Real Estate (Real Estate)

Successful story: half-a-century of independent thinking

Our roots date back to 1973, when EQUITA was founded as one of the first independent Italian merchant banks. Over the years, we have been part of commercial banks and financial sponsors, allowing the Group to grow and develop strong, long-lasting institutional relationships

Unique business model: what we bring to the table

EQUITA is a reliable partner for the entire financial system and acts as broker, financial advisor and multi asset management platform. The Group offers a full range of services to investors, corporates, entreprenuers and institutions

Building blocks of the "EQUITA" model

on financial and capital markets

Leading positioning: the go-to-partner when it comes to financial markets and advisor

Our team has always been at the top of investors' preferences for its outstanding research – especially on small & mid-caps – and its trading, execution, sales and corporate access services. The team also stands out for its top and improving positioning in M&A and capital markets advisory

Agenda

• 1. EQUITA at a glance
• 2. 9M'25 financial results
• 3. Track record since IPO and considerations about the future
• 4. Appendix

Snapshot of 9M'25: acceleration in consolidated performance thanks to a very solid 3Q, leading EQUITA to confirm the best set of results since IPO

Key Consolidated Highlights

Key Divisional Highlights

Further improvements in large caps trading and some recovery in mid-small caps in 30 but still no IPOs on Euronext Milan. Issuance in bonds in line with the previous year. M&A values reflecting market uncertainty but benefitting from banking consolidation

Third Parties Brokered Volumes in Italy (1)

right issue completed by Stellantis (€732m). (3) Source: Bondradar and Bloomberg. (4) Source: KPMG.

Double-digit growth in all divisions and record high performance of Directional Trading

• 11,0 10,4 8,7 7,7 3,5 0,5 0,5 0,5 0,5 0,5 0,5 0,5 0,5 0,5 0
• AM fees YoY Var % +27% Var % 7,6 +58% 6.0 0.9 3,0 1.9 6,7 4,6 2,7 3Q'24 30'25 9M'24 9M'25 AM Fees ■ Inv. Portfolio
• First time contribution of new illiquid funds (EGIF renewable infrastructures fund and EPD III third private debt fund), contributing materially to the double-digit growth in AM fees, which also benefitted from some equalization fees
• Positive performance / inflows from discretionary portfolios to date. Launch of a new line focusing on European equities and partially compensating the maturity of Euromobiliare flexible funds

Business model and cost structure confirmed strong operating leverage

Key Consolidated Highlights Focus on Personnel Costs 9M'25 9M'24 Var % 3Q'25 9M'25 9M'24 3Q'24 Var % Personnel Costs (1) (40.2)(26.4)52% Incl. 6 FTEs Client-related business 69.8 50.4 39% 26.6 13.6 96% from the acquisition 203 195 4% FTEs (End of Period) 0.9 Non-client (Dir. Trading) 12.0 3.9 209% 1.6 79% of EQUITA Compensation-todebt Advisory revenues always 0.9 0.3 0.3 3% Investment Portfolio 1.4 (36%)below 50% Comps / Revenues (48.6%) (47.4%)Net revenues 82.7 55.7 49% 28.6 14.8 93% Normalized Comps / Revenues (49.0%) (48.0%) Total Costs (1) (56.6)(41.6)36% (19.3)(12.3)57% Cost/Income % (68.5%)(74.8%)(67.6%)(83.3%)Focus on Operating Expenses Increase in IT expenses related to higher post-trading Profit before taxes (1) 26.1 14.0 86% 9.3 2.5 274% business in Global 9M'25 9M'24 Var % Markets requiring Taxes (1) (7.4)78% (2.8)295% (4.1)(0.7)infoproviding services (almost Operating Costs (15.3)7% (16.4)(28.2%)(29.5%)(30.4%)(28.8%)Tax rate variable cost) o/w Information Technology (5.0)3% (5.1)Minorities (0.1)(0.0)(2.3)8% o/w Trading Fees (2.5)Net Profits 18.7 9.9 89% 6.5 1.8 266% Growth in costs o/w Other (professional fees, marketing, mainly driven by (1.9)25% (1.5)governance, etc) the increase in professional fees (IBD mandates, o/w Other (marketing, governance, etc) (6.8)(6.4)ROTE 37% 25% placement agent fees) linked to IFR Ratio 341% 364% higher revenues

(68.5%) (74.8%)

Strong

operating leverage

Cost/Income %

Agenda

• 1. EQUITA at a glance
• 2. 9M'25 financial results
• 3. Track record since IPO and considerations about the future
• 4. Appendix

,

Successful track-record since IPO from all standpoints…

Since 2017, EQUITA has consolidated its role as leading independent investment bank in Italy , growing in all areas and offering rewarding returns to its shareholders

Rewarding return for shareholders

• 250%+ of Total Shareholders' Return since IPO (1) overperforming main Italian indices and international peers
• €105m+ distributed to shareholders (or €2.23 per share)
• +15% EPS fully diluted vs +11% outstanding shares (FY'24 vs 2017)

Net Revenues (€m)

Adjusted Net Profits (€m)

79,4

+47% (Var '17-'24)

CAGR '17-'24 +6%

Larger Group scale

• Mix of initiatives contributing to growth, including accretive M&A (Nexi, EQUITA K Finance, CAP Advisory…)
• Larger scale, to compete with traditional investment banks

Increase in Net Profits

▪ Discipline on costs confirmed despite growth in number of professionals

53,9

... demonstrating outstanding execution abilities and resiliency in tough marke

Over the years, the team has diversified the offering dedicated to clients by growing organically and inorganically

Considerations about the future

Key investments completed in recent years What to expect in the future

Global Markets and Research

• Diversification of the product offering (bonds, certificates, derivatives, US equities…), new team dedicated to family offices and expansion of the research coverage
• New business solutions (CRM, CMS) to boosts productivity and generate commercial synergies
• Still sustained trading volumes on large caps, coupled with some recovery in mid-small caps valuations and liquidity
• Fixed income desk benefitting from EQUITA's increasing positioning and renewed investors' focus on bonds
• Expansion of research coverage on Italian and European listed companies

Investment Banking

• Continued growth, both in revenues and positioning, also through carefully targeted acquisitions, and diversification of the offering
• Further consolidation of team's positioning in M&A and DCM

• Increase team's presence in Italy (Piedmont, Northeast, Rome…)

• Expectations of rebound for market IPOs in 2026-2027

• Further increase in positioning, also thanks to new areas of expertise (real estate, debt advisory, restructuring, corporate finance) and key changes in the competitive landscape in Italy

Alternative Asset Management

• Launch of new illiquid funds (EGIF renewable infrastructures and EPD III)
• First investments outside Italy (e.g. DACH area) completed by EPD II
• New discretionary portfolio investing in European equities and launch of "EQUITA Rilancio Small Cap Italia"
• Final closing of EPD III and EQUITA Rilancio Small Cap Italia funds
• Launch of a second private equity fund
• Carried interest from the first private debt fund EPD expected in 2026

Group

• Office space increased to accommodate growing workforce and corporate events
• Renewal and extension of the Shareholders' Pact and key changes to the organizational structure, enlarging the Group's governance with new appointments
• Further optimisation of rental spaces and focus on business-related marketing to boost revenues with clients
• Management team strongly committed, with a long-term perspective and a structure "ready for the future"

M&A & Strategic Initiatives

• Acquisition of the 30% minority in EQUITA Mid Cap Advisory and acquisition of a 70% majority stake in EQUITA Debt Advisory (formerly CAP Advisory)

• New partnership in the Triveneto region (North-East Italy)

• Scouting of external growth opportunities, in Italy and abroad

• Always open to strategic partnerships that could accelerate growth of the business

Key Message Board of Directors to consider an increase in dividend distribution on 2025 full-year results, above €0.35 per share, while keeping a certain degree of safety by retaining a minor portion of net profits, to ensure future rewarding shareholders' remuneration, in every market condition

2025 results to be the next step of EQUITA's long-term growth trajectory

Agenda

• 1. EQUITA at a glance
• 2. 9M'25 financial results
• 3. Track record since IPO and considerations about the future
• 4. Appendix

Investment Banking: the largest contributor to growth, with plenty of opportunities

Offering & Expertise Key Facts

Investment Banking ECM (IPOs, rights issues, private placements, tender offers …) Global Financing Corporate Broking (advisory to Board members, investor meetings, specialist…) M&A & Advisory Mid-market M&A Strategic Advisory ▪ Sectors: TMT, FIG, Energy, Industrial, Consumer, Financial Sponsor, Real Estate … ▪ Clients: large, mid and small caps, large corporations, financial institutions, financial sponsors, SMEs and entrepreneurs … DCM (HY and NR issues, US private placements, retail public offerings…) Debt Advisory (Debt-raising, club deals, distressed M&A, LBOs, renegotiation…) Large public M&A

Why Us?

• Top 3 ECM franchise in Italy, Top 5 in M&A and Top 10 in DCM (#1 among non-lenders)
• The only one-stop-shop in Italy, combining independence, access to markets and diversified product offering
• Increasing standing and brand awareness, with several high-profile mandates and strategic senior hirings in the recent past
• Major source of growth during the last ten years and plenty of opportunities to grow more by adding new verticals and expanding the reach of the team in Italy
• Low capital absorption and strong operating leverage

Investment Banking: an increasing footprint outside Italy in M&A and corporate financ

Solid track record in the execution of cross-border M&A transactions, helping corporates and private equity funds

EQUITA is exclusive member for Italy of Clairfield International, the global 80%+ partnership of corporate finance boutiques Top 10 active all over the world in 880+ Cross-border M&A advisory Mandates M&A Advisor Deals in European Closed (1) 30+ mid-market clairfield Countries involved Europe Australasia Austria Netherlands China Malesia Belgium Poland Japan €37bn+ Thailand 400+ Czech Republic UK India Turkey Denmark Value of Romania Israel Vietnam Professionals France Mandates (1) Spain Germany Sweden Hungary Switzerland Italy America Africa Argentina Mexico Nigeria Brazil United States South Africa Canada Cross-border M&A (selected credentials) ısı≋m y unieuro AKA TIM /LIBRAESVA MEXTCHEM 2 ewlat crit MANTERO SALICE Takeover bid launched by acquired was sold to Sagard CAPZA FNAC DARTY sold an 8% stake to PRINCES acquired a majority stake of □penjobmetis $\Theta$ NOBIS KKR PSG AZZURRA CAPITAL CHANEL S EGISA GRUPPO FOS COBEPA ≡EOUITA ≣EOUITA ≡EOUITA ≣EOUITA ≡EOUITA ≡EOUITA ≡EOUITA ≡ EOUITA ≡ EOUITA ≡ EOUITA ≡ EOUITA ....

Global Markets: very profitable historical business and high barriers to entry

Offering & Expertise Key Facts

GM - Client-related business GM - Non client-related Sales (primary, secondary) Institutional Sales Trading / Execution Sales (primary, secondary) Retail Hub Sales Trading / Execution Market Making Client-Driven Trading & Market Making Specialist / Liquidity Provider Brokerage on behalf of clients ▪ Financial Instruments: Equity, Bonds, Derivatives (cash equity options, swaps, …), Certificates … ▪ Geographies: Italy, Europe, US, Japan … ▪ Clients: institutional investors, banking groups with retail flows, listed companies, family offices…

• The largest independent trading floor in Italy and the leading broker in sales, trading & execution (Institutional Investor Rankings)
• Diversified offering in terms of instruments (equity fixed income, derivatives, certificates…), markets (Italy, Europe, US, Japan…) and clients (institutional and retail flows)
• High market shares in equity brokerage and increasing ones in fixed income and derivatives
• High barriers to entry (long-standing relationships with investors, knowledge of the Italian market, IT infrastructure…)

Research Team: a team of experts, at the top of international rankings

Offering & Expertise Key Facts

Why Us?

• Independent outstanding research, covering equity and fixed income issuers
• Leading position in Italy, with a team of analysts constantly ranked at the top of international surveys (Institutional Investors)
• Wide coverage of Italian listed companies (96%+ total market cap in Italy) and increasing coverage of European and international issuers
• Multi-sector expertise, proven track-record in understanding key trends in advance, and deep knowledge of Mid & Small Caps
• Professionals who provide valuable insights to the other areas of business of the Group (Investment Banking, Global Markets, Alternative Asset Management)

Alternative Asset Management: the rising star, where sky is the limit

Offering & Expertise

Why Us?

• One of the few multi-asset manager in Italy, with a diversified offering, combining liquid and illiquid assets, debt and equity, institutional and banking clients
• Among pioneers and leaders in private debt in Italy, with a growing footprint outside Italy (DACH region, Spain...)
• Solid track-record in the launch of products, performance generation and in growing team size
• Model based on recurring revenues' stream from alternative assets, potential upside from carried interest, and significant synergies from the collaboration with other areas of the Group (research, trading floor, investment banking)
• Low capital absorption, strong operating leverage, scalable business

Key Facts

A reliable partner with a strong brand and an improving positioning, committed to sustainability

Recent initiatives dedicated to sustainability The EQUITA brand

Voluntary CSR Report 2024 ▪ Launch of a new sustainable finance team to address clients' needs and advise investors, corporates, entrepreneurs and institutions in the delicate transition to sustainability

• Launch of a new asset class dedicated to green infrastructures (EGIF)
• Integration of research reports with ESG analysis
• Assessment of Group's carbon footprint and achievement of carbon-neutrality in 2022, before 2024 target
• Establishment of Fondazione EQUITA, with focus on young students, financial education, art and culture, local communities and environment.

Why Us?

• ESG and sustainability at the core of our strategy, to support business development
• Strong perception of EQUITA as brand, with high-reputation among institutions, entrepreneurs and decision makers
• Business model dedicated to «entrepreneurs» and managed by managers who are «entrepreneurs»
• Families, leading institutions and entrepreneurs among «loyal» shareholders in the share capital
• Growing presence on newspaper and media as evidence of the strong EQUITA brand
• Opinion maker with significant engagement in institutional initiatives dedicated to capital markets and finance in general (participation to the European Commissions' Technical Expert Stakeholder Group (TESG) on SMEs, Consob Stakeholder Group, Ministry of Economics and Finance Taskforce…)

Healthy balance sheet, with an IFR ratio well above minimum requirements

(€m)	9M'25	1H'25	1Q'25	FY'24	FY'23	FY'22	FY'21	FY'20
Cash & Cash equivalents	76.4	74.4	56.5	77.8	130.5	107.9	136.1	117.2
Financial assets at fair value with impact on P&L	115.0	120.6	129.0	113.1	77.4	111.7	49.2	43.8
Financial assets at amortized cost	126.9	118.8	114.4	87.8	101.2	99.6	91.4	86.1
Equity investments	0.6	0.6	0.6	0.6	0.6	0.0	0.0	0.1
Intangible assets	32.5	32.5	26.9	26.8	26.6	26.9	27.2	27.5
Tangible assets	3.7	4.1	4.3	4.7	6.0	4.1	5.2	6.2
Tax assets	3.6	2.2	2.6	2.4	3.2	7.5	4.4	3.1
Other assets	15.2	16.4	23.7	25.7	34.1	41.7	1.9	1.6
Total Assets	374.0	369.6	358.0	338.8	379.7	399.5	315.6	285.8
Debt	203.1	173.5	202.9	191.6	213.9	221.3	175.6	171.3
Tax liabilities	8.0	4.1	3.3	1.1	1.3	3.6	6.0	2.2
Other liabilities	49.3	47.8	38.9	37.2	50.8	64.4	27.9	21.7
Employees' termination liabilities	1.8	1.8	2.0	1.9	1.9	2.1	2.4	2.3
Allowance for risks and charges	1.9	1.4	1.1	2.0	3.2	3.8	4.4	2.7
Total Liabilities	264.2	267.5	248.1	233.9	271.1	295.2	216.3	200.1
Share capital	12.0	12.0	12.0	12.0	11.7	11.6	11.6	11.6
Treasury shares	(2.1)	(2.0)	(2.5)	(2.6)	(3.2)	(3.9)	(4.1)	(4.1)
Reserves	81.1	79.7	95.7	81.6	80.0	79.4	69.9	65.4
Net Profits of the period	18.7	12.3	4.7	14.0	16.8	17.3	22.1	12.9
Third parties' equity	0.2	0.3	-	-	3.2	-	-	0.1
Shareholders' Equity	109.8	102.1	109.8	105.0	108.6	104.3	99.3	85.7
Total Liabilities and Shareholders' Equity	374.0	369.6	358.0	338.8	379.7	399.5	315.6	285.8
ROTE %	37%	30%	22%	22%	26%	29%	44%	27%
IFR %	341%	327%	375%	373%	360%	N/A	N/A	N/A

Disclaimer

This presentation shall be considered as confidential. It may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. The views presented herein, which do not purport to be comprehensive, are for discussion purposes only and are based upon publicly available information that is believed to be reliable, but which has not been verified by EQUITA Group S.p.A. or any subsidiary of EQUITA Group S.p.A. ("EQUITA").

Equita is not advocating any of the courses of action presented herein, which are being presented to solely illustrate a range of available options. No representation or warranty, express or implied, is or will be given by EQUITA or its directors, officers or employees as to the accuracy or completeness of this Presentation and, so far as permitted by law, no responsibility or liability is accepted for the accuracy or sufficiency thereof, or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. In particular, but without limitation, (subject as aforesaid) no representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts and nothing in this Presentation is or should be relied on as a promise or representation as to the future. Neither EQUITA, nor any of its directors, officers and employees shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this Presentation or any other written or oral communication with the Recipient and any such liability is expressly disclaimed. This Presentation does not constitute an offer or invitation or a solicitation of any offer or invitation for the sale or purchase of securities or of any of the assets, business or undertaking described herein. In addition, it is not intended to form the basis of or act as an inducement to enter into any contract or investment activity, and should not be considered as a recommendation by Equita. In furnishing this Presentation, Equita does not undertake any obligation to provide any additional information or to update this Presentation or to correct any inaccuracies that may become apparent.

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