Bertolotti — Investor Presentation 2021

Mar 12, 2021

2020 Results Earnings Conference Call

Investors Presentation,12 March 2021 Webconference

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• This presentation might contain certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries.
• These forward-looking statements are based on Be's current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Be to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Be does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
• Any reference to past performance or trends or activities of Be shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
• This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Be.
• The securities of the Company referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
• Manuela Mascarini, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154 bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.

In the most difficult year, we have grown in production volumes on all the most important customers as evidence of the solid relationship and trust built in recent years.

2020 Result Highlights

• Budget overperfomed on all the indicators. Total Revenues stood at € 178,8 million compared to € 152,3 million of FY2019 (+17,4% Y/Y). Italy, Germany and Poland drive growth.
• The operating revenue of foreign subsidiaries totalled €66,9 million (37,5% of total Revenues), compared to € 58,3 million recorded in 2019.
• The Gross Operating Margin (EBITDA) came to € 28,4 million, up 9,8% on 2019 (€ 25,9 million), with an EBITDA margin of 15,9%, compared to 17,0% of the previous year. Percentage reduction in EBITDA due to the renewal and extension of relevant contracts with the largest customer (one-off rebate against 2020-2022 volume commitments)
• EBT amounted to € 13,3 million, up 20,0% compared to € 11,1 million in 2019.
• Group's share of Net Profit equalled € 8 million, up 31,0% compared to € 6,1 million in 2019.
• Proposed Dividend per share with Dividend Yield 2,06%, € 0,03 per share

The goal is to become an increasingly specialized Group capable of supporting the entire value chain of the financial industry in Europe with special excellence in digital engagement

Our priority was the strengthening of actions to protect the health and safety of internal staff and collaborators with targeted preventive measures from Covid-19;

Net Financial Position amounted to positive € 3,3 million (€ - 11,4 ml as of 31.12.19), after 2020 dividends for € 3 ml, acquiring treasury shares for € 2,8 ml and M&A of € 2,1 million.

In light of 2020 results, we confirm 2020-2022 Business Plan Targets. In an unchanged macroeconomic scenario, it is reasonable to expect further growth in 2021.

A full presentation of the assumptions underlying the 2020-2022 Industry Plan is available on www.be-tse.it in the Investor Relations section.

Outlook 6-12 Months

• Good prospects for organic growth due to consistent demand flows and significant positioning in the management consulting segment. Increased penetration of some of the major industry players also thanks to highly visible and dimensionally relevant projects
• Possible increased use of financial leverage to accelerate growth through M&A. The company's solid financial position allows it to evaluate more ambitious objectives compared to the Industry Plan. Main focus on growth in Europe in the Consulting segment. Spain, Switzerland, Germany and Austria are the most interesting geographies. Focus on targets with turnover between 15 and 30ml/€.
• Priority to increase the size of Digital Engagement activities in Italy. Agreements, collaborations and partnerships will be the basis for internal growth. Not excluding M&A operations to complete the portfolio