Equita Group

Earnings Release • Mar 25, 2025

EQUITA Group FY'24 Financial Results

March 25th, 2025 – IR Conference Call

Financial highligths (FY'24)

2024: a year where we invested a lot despite the difficult environment

Key Consolidated Highlights

Key Divisional Highlights

Things are gradually improving also in Italy, especially in M&A, DCM and Trading, but subdued volumes on mid-small caps and lack of IPOs persist

Capital Markets and Corporate Finance

(1) Source: AMF Italia (Assosim); MOT figures referred to the aggregate of DomesticMOT, ExtraMOT and EuroMOT. (2) Source: Dealogic; FY'22 figure excludes the right issue completed by Stellantis (€732m). (3) Source: Bondradar and Bloomberg. (4) Source: KPMG.

EQUITA recorded growth in client-related business in Global Markets, M&A advisory and asset management fees. Transition year in capital markets

• Mid-single-digit growth in S&T thanks to buoyant volumes on blue chips and banks, more than offsetting still weak volumes on small & mid-caps
• Normalized levels of trading on fixed incomes and derivatives in Client-Driven and Market Making compared to the previous year
• Very profitable Directional Trading, still above the historical average despite performance was down compared to the 2023 record high

Alternative Asset Management 3,2 3,7 4,4 4,1 6,0 6,5 6,8 7,0 0,5 0,6 0,5 1,2 3,5 0,9 3,7 1,8 4,5 0,8 3,2 3,7 8,6 6,5 11,0 7,7 10,4 8,7 2017 2018 2019 2020 2021 2022 2023 2024 CAGR '17-'24 +15% Var % 23-'24 (16%) +2% AM fees YoY (+15% including perf. Fees)

AM Fees Inv. Portfolio Perf. Fees

• Positive contribution from M&A, especially large public deals
• Mixed performance in capital markets, with resilient DCM (10 bonds) not compensating the lack of IPOs and relevant ECM transactions (almost back-stopped transactions)
• Growth in number of corporate broking mandates, offering future cross-fertilization opportunities
• Increase in AM fees, thanks to the first-time contribution of new illiquid funds starting from 2H'24 (EGIF and EPD III), coupled with €0.8m of performance fees
• Minor impacts from early reimbursement / maturity of flexible funds formerly managed on behalf of one client
• YoY performance of Investment Portfolio impacted by the comparison with 2023, which included €2.2m capital gain arising from the purchase of an additional fund share in EPD at a discount to the NAV (€0.4m in 1Q'24)

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Discipline on comps-to-revenues and operating expenses confirmed by P&L figures, despite inflation and investments aimed at building our "ready-for-the-future" structure

	FY'24	FY'23	Var %	4Q'24	4Q'23	Var %
Client-related business	71,5	76,6	(7%)	21,1	23,2	(9%)
Non-client (Dir. Trading)	6,3	7,4	(16%)	2,4	2,5	(4%)
Investment Portfolio	0,9	3,5	(75%)	(0,2)	2,4	n.m.
Performance fees	0,8	-	n.m.	0,5	-	n.m.
Net revenues	79,4	87,5	(9%)	23,8	28,1	(15%)
Total Costs (1)	(59,3)	(63,4)	(7%)	(17,6)	(19,1)	(8%)
% (1)(2) Cost/Income Adjusted	(74,6%)	(71,5%)		(74,1%)	(68,0%)
taxes (1) Profit before	20,2	24,1	(16%)	6,2	9,0	(31%)
Taxes (1)	(6,1)	(7,0)	(13%)	(2,0)	(2,5)	(20%)
Tax rate	(30,4%)	(29,2%)		(32,4%)	(27,7%)
Minorities	-	(0,7)		-	(0,1)
LTIP	-	(0,3)		-	(0,0)
Net Profits	14,0	16,1	(13%)	4,2	6,3	(34%)
Net Profits (1)(2) Adjusted	14,0	16,9	(17%)	4,2	6,4	(35%)
ROTE	22%	26%
IFR Ratio	373%	360%

Key Consolidated Highlights Focus on Personnel Costs

(1) Excluding the impacts of the Long-Term Incentive Plan addressed to Top Management (LTIP). (2) Excluding the impacts of non-recurring expenses and LTIP

Anyway, the investments completed in 2024 have set the ground for future growth

Encouraging current trading 2025, with first three-months' result expected to be one of the best 1Q since IPO in terms of Net Revenues and Net Profits

• EQUITA involved in several M&A mandates
• Good pipeline in capital markets
• Persisting volatility in financial markets, leading to higher trading volumes
• Consolidation of AM fees from new illiquid funds

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Focus on key recent announcements

Key recent announcements involving governance and shareholders

New shareholders' pact and changes to the organizational structure

€6m of earnings set aside since IPO to offer higher visibility to future dividends (2) No specific dividend policy Dividends driven by the future long-term growth in Net Profits

≈€10m

share premium reserves created since IPO through M&A and incentive plans

Anti-Dilution Policy

Use of part of the available capital to offset dilution from mandatory incentive plans based on financial instruments

Rationale

• Solid capital strengths (IFR ratio well above minimum requirements)
• Management has already strongly aligned interests and represent the largest shareholders
• Mandatory plans are creating unnecessary dilution to existing shareholders

Q&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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