Equita Group

Investor Presentation • Sep 11, 2025

를 EQUITA

EQUITA Group 1H'25 Financial Results

September 11th, 2025 - IR Conference Call

Financial highligths (1H'25)

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Snapshot of 1H'25 results: solid 2Q performance, leading to the best semester since IPO

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Key Consolidated Highlights

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Key Divisional Highlights

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▪ Euronext Milan +33% YoY

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YTD Aug'25

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(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.

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

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Commentary

• Double-digit growth in S&T thanks to strong investors' interest in Italian blue chips and despite still weak volumes on small & mid-caps
• Client-Driven & Market Making experienced higher clients' activity on equities and derivatives, more than compensating a "normalization" in fixed income trading
• Directional Trading recording its best result since IPO, thanks to the significant number of special events occurred to date on the Italian market

AM Fees Inv. Portfolio

• Very positive results from DCM and Debt Advisory (first time contribution of newly-acquired EQUITA Debt Advisory)(1)
• Resilient performance of M&A advisory and positive performance of ECM activities involved in several ABBs and despite the lack of IPOs to date
• EQUITA ranked #1 Italian independent M&A advisor in 1H'25, confirming its strong brand in advisory
• First time contribution of EGIF (renewable infrastructures fund) and EPD III (third private debt fund), contributing materially to the double-digit growth of AM fees in 1H'25
• Positive performance and inflows from discretionary portfolios to date, also thanks to a new line focusing on European equities and partially compensating the maturity of Euromobiliare flexible funds

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Business model and cost structure confirmed strong operating leverage

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emarket sdir scorage
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Key Consolidated Highlights Focus on Personnel Costs

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	1H'25	1H'24	Var %	2Q'25	2Q'24	Var %
Client-related business	43,2	36,8	17%	25,5	21,9	17%
Non-client (Dir. Trading)	10,3	3,0	248%	4,9	2,1	141%
Investment Portfolio	0,5	1,1	(49%)	0,3	(0,2)	n.m.
Net revenues	54,1	40,9	33%	30,7	23,7	30%
Total Costs (1)	(37,3)	(29,3)	27%	(20,6)	(16,4)	26%
Cost/Income %	(68,9%)	(71,8%)		(66,9%)	(68,9%)
taxes (1) Profit before	16,8	11,5	46%	10,2	7,4	38%
Taxes (1)	(4,5)	(3,4)	33%	(2,6)	(2,2)	15%
Tax rate	(27,0%)	(29,6%)		(25,2%)	(30,3%)
Minorities	(0,1)	-		(0,1)	-
Net Profits	12,2	8,1	51%	7,5	5,1	49%
ROTE	30%	25%
IFR Ratio	327%	363%

1H'25 1H'24 Var % Personnel Costs (1) (26,3) (18,9) 39% FTEs (End of Period) 206 194 6% Comps / Revenues (48,6%) (46,3%) Normalized Comps / Revenues (49,0%) (47,0%) Compensation-torevenues always below 50% Includes 6 FTEs from the acquisition of EQUITA debt Advisory

		1H'25	1H'24	Var %	Increase in IT expenses related to higher post-trading business in Global Markets requiring infoproviding
Operating Costs		(11,0)	(10,4)	6%	services (almost variable cost)
o/w Information Technology		(3,5)	(3,3)	4%
o/w Trading Fees		(1,8)	(1,7)	4%	Growth in other
o/w Other (professional fees, marketing, governance, etc)		(5,7)	(5,4)	7%	costs mainly driven by the increase in professional fees (IBD mandates,
Cost/Income %		(68,9%)	(71,8%)		placement agent fees) linked to higher revenues
	Strong operating leverage

Q&A Session

Disclaimer

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