Nexi — Investor Presentation 2021

Feb 11, 2021

nexi

FY 2020 Preliminary Results Presentation

February 11th , 2021

Disclaimer

• This Presentation may contain written and oral "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Nexi Group (the "Company"). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
• The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.
• Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Enrico Marchini, in his capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this Presentation reflects Nexi Group's documented results, financial accounts and accounting records.
• Neither the Company nor any of its representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

Key messages from today

Strong overall performance, despite Covid, better than anticipated ambition

• EBITDA at 601.4 €M, +2.5% y/y
• EBITDA – Capex at 466.2 €M, +11.2% y/y
• Revenues at 1,043.9 €M, -2.8% y/y, positive in Q3 and -0.7% in Q4
• Very resilient operating performance

Visible signals of possible digital payments acceleration

• Visible customer habits acceleration towards digital payments during Covid-19
• Growing interest for more advanced digital/omnichannel solutions
• Good traction of Government "cashless" initiatives

Accelerated transformation into European PayTech leadership

• ISP merchant book acquisition completed. Integration executed since Q3
• Nexi-Nets merger signed. Antitrust filing completed
• Nexi-SIA merger signed

Positive mid-long term outlook as society and economy gradually recovers from Covid-19

Executive Summary

Covid-19 update

• Transaction volumes (acquiring + issuing) at 417 €B in FY20, -11.4% y/y, and 113 €B in 4Q20, -8.6% y/y due to Covid-19 second wave
• Due to Covid-19 second wave restrictions, progressive slowdown on acquiring volumes from late October. Second wave impact (- 20% during the peak) materially lower than first wave (-50%). Compared to last Spring first wave:
• o More selective soft lockdown: industrial production and B2B activities open, only selected retail businesses closed
• o Regions segmented in three risk tiers based on Covid-19 situation, reviewed periodically, and characterized by different soft lockdown measures
• Rapid volume recovery starting from mid-January 2021 after the easing of restrictions with material growth in Basic consumption and fast recovery in Discretionary spending. Acquiring volumes on Italian cards back to visible growth since end of January while overall Acquiring volumes at -2% y/y¹ in the last week rolling (1 st - 7 th February), still affected by weakness in Foreign cards¹
• Strong E-commerce acceleration in 2020 net of high impact consumption sectors: +37% y/y in FY20 and +42% y/y in 4Q20¹ .Overall FY20 E-commerce performance less impacted by Covid-19 compared to physical sales (-2.1% y/y transaction value)
• Continued signs of acceleration from cash to digital transactions. Good traction of Government cashless initiatives, cashback in particular

Executive Summary

Results highlights

• EBITDA at 601.4 €M, +2.5% y/y in FY20. EBITDA at 172.5 €M, +8.3% y/y in 4Q20
• EBITDA – Capex at 466.2 €M, +11.2% y/y in FY20
• Revenues at 1,043.9 €M, -2.8% y/y in FY20. Revenues at 290.3 €M, -0.7% y/y in 4Q20

Key business update

• Merchant Services & Solutions (53% of Revenues): continued growth of POS customer base driven by vertical industry propositions, significant acceleration on omni-channel and mobility solutions and strong e-commerce sales results across segments
• Cards and Digital Payments (36% of Revenues): sustained growth of cards customer base, accelerated bank interest on International Debit and step up growth in c-less transactions and mobile payments transaction volumes
• Digital Banking Solutions (11% of Revenues): increasing demand for advanced Self, Remote and Open Banking solutions and further improvements to Nexi innovative Digital Banking offer
• Costs -9.2% y/y in FY20 thanks to the continued focus on efficiency and 100+ €M cash cost containment plan over achievement
• FY20 Net financial Debt/EBITDA down at 3.5x; net of ISP merchant book acquisition down to 2.5x

SIA and Nets transaction update

• Journey for creating the European PayTech Leader progressing as planned. SIA transaction: binding documentation signed. Nets transaction: filing of the cross-border merger plan to European Antitrust done. Closing expected in 2Q21 for Nets and 3Q21 for SIA
• SIA results: EBITDA at 285 €M, +3% y/y in FY20 and EBITDA at 89 €M, +13% y/y in 4Q20. Revenues at 748 €M, +2% y/y in FY20 and Revenues at 222 €M, +7% y/y in 4Q20
• Nets results¹ : EBITDA at 360 €M, +4.1% y/y in FY20 and EBITDA at 109 €M, +21.5% y/y in 4Q20. Revenues at 976 €M, -1.2% y/y in FY20 and Revenues at 254 €M, -1.9% y/y in 4Q20

Covid-19 second wave impacting volumes less than first wave. Rapid recovery visible from mid-January

Note: Data include International schemes only for Nexi Payments, International and national schemes for MePS (1) Nexi Group total volumes

Acquiring volume recent recovery driven by Italian customers spending, now back to growth Y/Y. Foreign customers volume trend still negative

Double digit growth and acceleration in Basic consumption and fast recovery in Discretionary spending. Strong E-Commerce growth net of high impact category

Acquiring volumes by category1	Product category	% change Y/Y
		Q120	Q220	Q320	Oct	Nov	Dec	FY20	Jan	2 LWR
	Basic consumption	15%	12%	13%	21%	18%	25%	16%	25%	24% +26%
44% for 37% for	of which Physical	14%	11%	12%	20%	16%	24%	14%	24%	23%
E-commerce E-commerce	of which E-commerce	29%	37%	36%	31%	43%	46%	36%	29%	35%
31%	Discretionary consumption	-19%	-41%	-7%	-5%	-32%	-15%	-21%	-25%	3% +12%
35%	of which Physical	-21%	-44%	-8%	-6%	-35%	-16%	-23%	-26%	2%
34% 19% for E-commerce	of which E-commerce	15%	62%	34%	31%	71%	36%	39%	26%	20%
	High-impact consumption	-19%	-67%	-21%	-34%	-58%	-53%	-38%	-58%	-35% -45%
	of which Physical	-18%	-67%	-20%	-30%	-55%	-51%	-37%	-56%	-41%
	of which E-commerce	-23%	-69%	-33%	-66%	-78%	-71%	-50%	-73%	-71%
	Total	-5%	-29%	-5%	-4%	-19%	-8%	-12%	-14%	-2%
Basic consumption	of which Physical	-6%	-31%	-6%	-3%	-20%	-8%	-13%	-14%	+6% -1%
Groceries, medical retail, utilities and services	of which E-commerce	4%	-8%	4%	-10%	-3%	0%	-1%	-12%	-12%
(e.g. insurance, bank services) Discretionary consumption									% change	Y/Y on Italian Cards
Clothing, household, other non-alimentary retail and other services (e.g. laundries, beauty)	2020 Acquiring volumes: split between Physical and E-commerce
		Q1 Q2 Q3 Oct Nov Dec FY Jan				2 LWR

Physical 93% 92% 94% 94% 92% 94% 93% 93% 93%

E-commerce 7% 8% 6% 6% 8% 6% 7% 7% 7%

High-impact consumption Hotels and restaurants, travel and transports, entertainment, etc.

Data include International schemes only for Nexi Payments, International and national schemes for MePS Note: (1) Category weight % (2019) calculated on Italian and Foreign cards Acquiring trx volumes. (2) Last week rolling: week 1st – 7 th February

Double digit growth and acceleration in Basic consumption and fast recovery in Discretionary spending, while High impact category still suffering

Visible signals of acceleration of digital payments penetration in non-COVID affected sectors and less affected areas in the Country

Digital payments Y/Y volumes for Italian cards: Focus on Grocery category Italian cards Y/Y volumes trend by "Covid areas"¹ Net of high impact consumption sectors +21% +25% +22% 4Q20 FY20 Jan 2021 Christmas period Mid-January Current 2020 2021 -4% 2020 2021 +3% 2020 2021 +17% "Red Zone" "Orange Zone" "Yellow Zone" +5% +21% +29% Week 25th – 31st January

Note: Acquiring volumes. Data include International schemes only for Nexi Payments, International and national schemes for MePS.

10 (1) "Red Zone": Bar and restaurants closed, only delivery and take-away allowed, and only essential retail activities open (e.g. groceries, pharmacies, tobacconist, hairdressers,). "Orange Zone": Bar and restaurants closed, only delivery and take-away allowed, and all shops open. "Yellow Zone": Bar and restaurants open until 6 p.m., delivery and take-away always allowed, and all shops open

Focus on FY20 Preliminary Results

2019 and 2020 data include ISP merchant book acquisition

Strong financial performance with EBITDA growing 2.5% y/y at 601.4 €M. Resilient revenue performance, despite Covid-19 second wave in 4Q

Merchant Services & Solutions: key business update (1/2)

SMEs

Be the payment services provider of choice for every Italian merchant, in partnership with our partner banks

1

2

3

2020 Key drivers Key business update

Further development of Nexi proposition with effective and user friendly acceptance solutions for both SME and LAKA. Acceleration on E-commerce proposition

Stronger demand of advanced & omnichannel solutions driven by evolution of retail distribution

Government cashless initiatives

• Strong growth of POS customer base (+4.2% y/y) driven by vertical industry propositions (e.g. x3 sales on medical professionals)
• Significant acceleration on omnichannel and mobility solutions to support also home deliveries (e.g. Pay-by-link offer for remote acceptance)
• Good progress on SmartPOS sales (sales on ISP book started at year-end 2020)
• New completely redesigned mPOS proposition, with innovative companion app and multi-hardware capabilities
• Merchant data-driven app Nexi Business reaching over 55% penetration, becoming a digital channels for upselling
• Expanding distribution footprint with new direct online sales capabilities and new strategic distribution agreements with leading retailers, software developers (ISVs) and eCR distributors

Merchant Services & Solutions: key business update (2/2)

Be the payment services provider of choice for every Italian merchant, in partnership with our partner banks

Merchant Services & Solutions: customer base growth and more advanced solutions support performance

• Managed transactions and Value of managed transactions reflects the impacts of Covid-19 first and second
• Strong E-commerce volume performance net of high impact consumption sectors (+37% y/y in FY20 and +42% y/y in 4Q20) 2 ; overall FY20 performance less impacted by Covid-19 compared to physical sales (-2.1% y/y transaction value)
• E-commerce revenue growth despite overall e-commerce marginal declining volumes thanks to technology sales and mix
• Flat y/y revenues from installed base (1/3 of total revenues)
• 4Q Net Revenues positively impacted by volume mix more skewed towards Italian cards while Foreign cards still suffering

Cards & Digital Payments: key business update

2020 Key drivers Key business update Increasing demand from customer and banks for advanced solutions (i.e. on digital issuing and B2B virtual cards) Continuous improvement of Nexi proposition with innovative digital payments solutions for both consumers and banks 1 2 Sustained growth of cards customer base, in particular debit and prepaid cards, more oriented to everyday spending and e-commerce Accelerated bank interest on International Debit, with over 50 banks already onboarded/enrolled Launching new International Debit premium proposition in 1H21 Continued evolution on National Debit digital capabilities Growing interest on B2B virtual cards for working capital optimization. Slowdown of business/commercial cards usage due to Covid-19 Cards Government cashless initiatives 3 Be the Italian banks' partner of choice, offering a full portfolio with best-in-class Cards and Digital Payments services for customers Digital and VAS Continued growth of c-less transactions (from 38% pre lockdown to 45% in December). Increase from 25€ to 50€ limit for PIN/signatureless C-less payments; gradual roll-out from 1Q21 Step up growth in mobile payments transaction volumes +140% y/y with +57% y/y enrolled cards Increased penetration and diversification of VAS and loyalty program One-click activation and monitoring of Government Cash-back program through Nexi Pay app, driving penetration and usage YAP Continued progress on YAP – millennials mobile payment app - with ~880k enrolled clients to date, +98% y/y in Q4 in P2B volumes

Cards & Digital Payments: back to growth in 4Q, supported by customer base growth and more valuable products

• Managed transactions and Value of managed transactions affected by Covid-19 first and second wave.
• Managed transactions sustained by international schemes in Q420 (-1.6% y/y)
• Continued push on international debit, with increasing cards stock and Value of managed transactions (+0.8% y/y in FY)
• +6.8% y/y revenues from installed base (>60% of total revenues)
• 4Q Net Revenues still affected by mix due to lower domestic travellers spending extra EU and lower commercial cards volumes

Digital Banking Solutions: key business update

	2020 Key drivers	Key business update
Provide state-of the-art innovative solutions to support Bank customers digitalization with E2E outsourcing models	1 Further improvements to Nexi innovative Digital Banking offer	Self-banking	 Roll-out of the new front-end platform completed at 95% on ATMs installed base  Continued growth of advanced ATM (+5% y/y). Slight decrease of total stock (-2%)  Started commercialization of new innovative VAS (e.g. CRM)
	(e.g. new DCB features and ATM VAS)	Digital Corporate Banking	 Further wave of innovative functionalities for the new Digital Corporate banking platform (e.g. Mobile app for CFOs, e-invoicing/payment)  Continued growth of installed workstations (+2% y/y)
	2 Increasing demand for advanced Self, Remote and Open Banking solutions 3 Partial slowdown of	B2B/ Corporate Payments	 Good progress on Instant payments onboarding, with 15+ more banks live in 2020  Strong commercial pipeline and flagship customer wins in Corporate payments, especially on: ₋ New Pay-by-account large tickets payment solution, based on open banking (PIS) ₋ Payments-as-a-service 360° platforms for Corporate/IMEL/IPs  Renewed strategic partnership with BFF/Depobank, for combined offering of digital payments and treasury-settlement banking services  Slow-down of domestic ACH transactions (in part. checks) due to Covid-19
	business ordinary activities (eg ATMs maintenance) and delayed Banks' projects/initatives due to Covid-19	Open Banking	 Good progress on third-parties connected to CBI Globe platform (now at 140) and on customer wins on CBI Globe TPP Gateway. Strong growth of volumes (3x 2H vs 1H), although still at early stage, also due to Covid-19 and Brexit  More than 20 top fintechs/business partners onboarded on Nexi Open platform (e.g. Meniga, Experian). Acceleration of commercial activities with Banks/Corporates

Digital Banking Solutions: partial slow-down of ordinary activities and delayed Banks' projects/initiatives due to Covid-19

Material cost reduction delivered both in the quarter and in the year

Decrease in total costs (-45.1 €M) mainly driven by:

• 100+ €M cash cost containment plan execution
• continued focus on efficiency
• impacts from implementation of IT strategy

Limited credit risk exposure. 2020 LLPs at 3.0 €M acquiring and 3.3 €M issuing, broadly in line with 2019 level despite Covid-19

Merchant Services & Solutions:

Diversified exposure across sectors and no direct exposure to riskier sectors (e.g. airlines)

Cards & Digital Payments:

Credit risk limited to direct issuing model (~49k cards, equal to ~0.1% of Group total cards) and

100+ €M cash cost containment plan to mitigate Covid-19 impacts over delivered despite higher volumes

Cost containment plan

Volume-base costs

• Personnel expenses (variable compensation, other related costs)
• Processing: reduction in line with volume trends
• External contact center calls

Discretionary spending

Operating Expenses

Consulting expenses

Hiring

• Internal and external events, travels, etc..
• Voluntary waiver by Top management of their 2020 short term variable compensation

92% Transformation Costs Postponement of few activities: 109% 113%

• YAP development
• Other transformation projects

Capex

• Postponement of non strategic project spending (e.g. IT systems optimization)
• Limited re-phasing of IT strategy
• Postponement of real-estate investments

Confirmed continued focus and investments on key initiatives to drive future growth and efficiency

Continued investments to support quality, innovation and IT transformation

Ongoing investments (FY 2020): key examples Transformation Capex Ordinary Capex 100 35 Extraordinary Innovation: Open Banking Gateway & Corporate Banking Next Generation Platform: Next generation omni-channel payment gateway New Acquiring Core Platform – 1 st release Network infrastructure completion New GT POS Platform completion New CRM, Disputes, Marketing automation and channel management platforms New Data Lake infrastructure & analytics Continuous Innovation and Delivery: Digital properties evolution SMEs digitalization (e.g Pay-by-link) POS ecosystem evolution Cards and digital payments new VAS Bank migrations/integrations (UBI acquisition) Regulatory Compliance Anti pandemic related initiatives Running and Maintenance/ Quality/ Security: Cyber security continuous improvement Hardware upgrade/refresh Acquisition Enterprise software licenses POS and ATM purchase & other

IT strategy progress at 65%. ~40 €M of savings from M&A synergies reducing the remaining transformation capex to ~63 €M

Transformation Costs down by 54% Y/Y in FY20

Normalized Net Profit at 245.8 €M, down by 3% Y/Y

Cash Flow conversion at 80%

profit.

Strong cash position. Net Financial Debt / EBITDA at 3.5x at year-end

Key Highlights

Net Financial Debt (€M)

	Dec 19	June 20	Sept 20	Dec 20
Gross Financial Debt	1,840	2,741	2,747	2,781
Cash	248	316	406	499
Cash Equivalents 1	123	118	143	149
Net Financial Debt	1,470	2,307	2,198	2,133

Current Debt structure includes:

• 1 €B Term Loan due 2024
• 825 €M Fixed-Rate Note due 2024
• 500 €M equity-linked due 2027
• 466.5 €M term loan due 2025
• Other residual debt (mainly IFRS 16)²

Nexi benefits of an undrawn 350 €M Revolving Credit Facility, committed to 2024, that further supports its liquidity profile

Weighted average pre-tax cash coupon p.a. at ~2.1%

The announced mergers resulted in Nexi's rating (BB- /Ba3/BB-) on CreditWatch Positive and positive outlook by S&P's and Moody's respectively, while Fitch put the rating on Rating Watch Positive after the SIA merger announcement

In November 2020, Nexi secured a 1.7 €B committed bridge facility to cover Nets' financial debt to be refinanced at closing

Note: (1) Oasi post closing adjustments (until YE19) and Visa preferred shares held by the Company, which are represented by Visa Preferred "Series A" (88 €M, following the related partial conversion occurred in September 2020) and "Series C" (61€M). The Series A Preferred shares can be automatically converted into a fixed number of freely tradeable Visa Class A Common shares in connection with a sale by the holder. (2) Includes 27 €M of financial liabilities (of which 23 €M earn-out) which could be paid to Intesa Sanpaolo in connection with the acquisition of its merchant acquiring business.

Guidance suspended. 2020 Ambition over achieved

Net Revenues EBITDA and EBITDA-Capex Cash position 2020 Ambition 2020 volume-driven revenues depending on speed of recovery and dynamics by sector Possible return to revenue growth by year-end assuming continued path of recovery at current trajectory 100+ €M cash cost (Opex/Capex) containment plan to mitigate the impact on EBITDA and cash flow targeting: EBITDA growth vs 2019 including organic ISP book contribution, broadly in line without. FY2020 EBITDA close to ~600 €M Material growth in EBITDA – Capex with and without ISP contribution Strong cash position 2020 Results Revenue growth positive in 3Q, ahead of plan Q4 Revenues at -0.7% y/y despite Covid-19 second wave EBITDA back to growth since 3Q, ahead of plan FY20 EBITDA growth +2.5%, at 601.4 €M 100+ €M Cash cost containment over achieved, despite higher volumes EBITDA – Capex at +11.2% y/y, at 466.2 €M Normalized Operating Cash Flow conversion at 80% Cash position substantially improved in the year FY20 NFP/EBITDA already down at 3.5x despite Covid-19, at 2.5x net ISP merchant book acquisition

Guidance suspended. Ambition to go back to material growth in 2021

Net Revenues EBITDA 5-7% annual net revenue growth over medium term, targeting higher end of the range Capex Capital Structure & 13-16% annual EBITDA growth over medium term Continued strong operating leverage 8-10% ordinary capex as % of net revenues over long term Transformation capex on top of ordinary capex of 142 €M cumulative (2020 – c.2023) Organic de-leveraging with target net debt of ~2.0-2.5x EBITDA over medium to long term Progressive moderate dividend policy, targeting pay-out Non recurring Items Rapid further decrease of non-recurring items affecting reported EBITDA Previous Guidance¹ : suspended

Capital Allocation ratio of 20-30% of distributable profits in medium to long term

2021 Ambition

• Assuming gradual recovery from Covid-19 in 1H21 broadly in line with the current trajectory:
• Mid-high single digit Revenue growth
• Broadly stable EBITDA margin, +3 p.p. vs 2019
• Broadly stable Capex intensity ratio, anticipating M&A synergies
• Continued strong organic cash flow generation and de-leveraging profile

Key messages from today

Strong overall performance, despite Covid, better than anticipated ambition

• EBITDA at 601.4 €M, +2.5% y/y
• EBITDA – Capex at 466.2 €M, +11.2% y/y
• Revenues at 1,043.9 €M, -2.8% y/y, positive in Q3 and -0.7% in Q4
• Very resilient operating performance

Visible signals of possible digital payments acceleration

• Visible customer habits acceleration towards digital payments during Covid-19
• Growing interest for more advanced digital/omnichannel solutions
• Good traction of Government "cashless" initiatives

Accelerated transformation into European PayTech leadership

• ISP merchant book acquisition completed. Integration executed since Q3
• Nexi-Nets merger signed. Antitrust filing completed
• Nexi-SIA merger signed

Positive mid-long term outlook as society and economy gradually recovers from Covid-19

€M	FY19	FY20	Δ% vs. FY19	4Q19	4Q20	Δ% vs. 4Q19
Merchant Services & Solutions	569.2	549.9	-3.4%	158.2	156.4	-1.1%
Cards & Digital Payments	387.4	380.0	-1.9%	101.4	103.8	+2.4%
Digital Banking Solutions	117.7	114.0	-3.1%	32.9	30.2	-8.4%
Operating revenue	1074.3	1043.9	-2.8%	292.4	290.3	-0.7%
Personnel & related expenses	(169.1)	(156.3)	-7.6%	(45.4)	(41.4)	-8.6%
Operating Costs	(318.4)	(286.2)	-10.1%	(87.7)	(76.3)	-13.0%
Total Costs	(487.6)	(442.5)	-9.2%	(133.1)	(117.8)	-11.5%
EBITDA	586.7	601.4	+2.5%	159.3	172.5	+8.3%
D&A	(121.0)	(144.8)	+19.7%
Interests & financing costs	(76.9)	(76.9)	+0.0%
Normalized Pre-tax Profit	388.8	379.7	-2.3%
Income taxes	(135.2)	(132.2)	-2.2%
Minorities	(1.5)	(1.7)	+14.7%
Normalized Net Profit	252.1	245.8	-2.5%

2019 and 2020 data include ISP merchant book acquisition - quarterly data restated after ISP deal transaction close

Managerial P&L vs Normalized P&L

€M	FY20	Delta	Normalized FY20
Merchant Services & Solutions	549.9		549.9
Cards & Digital Payments	380.0		380.0
Digital Banking Solutions	114.0
Revenues	1043.9		1043.9
Personnel & related expenses	(156.3)		(156.3)
Operating Costs	(286.2)		(286.2)
Total Costs	(442.5)		(442.5)
EBITDA	601.4		601.4
D&A	(177.0)	32.2	(144.8)
Interests & financing costs	(65.3)	(11.5)	(76.9)
Non recurring items	(102.3)	102.3	-
Pre-tax Profit	256.7	123.0	379.7
Income taxes	(95.5)	(36.8)	(132.2)
Minorities	(1.7)		(1.7)
Net Profit	159.5	86.3	245.8
1
Transformation costs	(24.0)		(24.0)

Delta Managerial vs Normalized

D&A: D&A customer contracts

Interests & financing costs: higher interest expenses due to the full year effect of the ISP transaction financing

Non recurring items: detailed bridge on slide 24

SIA performance

Key Highlights

Transaction Progress

• Merger Agreement signed
• Closing expected in 3Q21
• Resilient and diversified business model
• Increase in transaction volumes during 4Q in all business divisions
• FY20 Revenues y/y growth, with acceleration in 4Q despite Covid-19 second wave
• FY20 EBITDA y/y growth on an organic basis also thanks to focus on operating costs efficiency

Nets performance

Key Highlights

Transaction Progress

• Filing of the cross-border merger plan to European Antitrust completed
• Nexi EGM to approve the merger to be held in March 3rd, 2021
• Closing expected in 2Q21
• Resilient underlying Revenue performance, despite successive Covid-19 waves, supported by healthy growth in E-Commerce (high-20s) and SME acquiring
• Underlying EBITDA growth driven by continued cost transformation, resilience and general cost discipline

For further details, please refer to https://www.nets.eu/about-nets/bondholders

Note: Figures presented in constant FX, pro-forma for Przelewy24, PoplaPayand PolskieePłatnościacquisitions but excluding CCV acquisition.Figures exclude the Corporate Services division agreed to be sold to Mastercard(pending closing). (1) Adjusted for commercial rebasing and non-recurring eIDrevenue related to Issuer & eSecurity Services. (2) Contribution to total FY Underlying Revenues

Update on Government 'cashless promotion' initiatives

172+M

Cash-back bonus for consumers

• 10% cashback of in-store transactions
• Entry gate: 50 transactions every 6 months. Each transaction eligible up to 150€
• Special bonuses for consumers with the highest number of transactions
• In place for 2 years: 1.75bn Dec 2020-2021 and 3bn in 2022 to finance the mechanism

Cash-back data

ticket <25€

Extra Christmas trial edition from Dec 8th to Dec 31st

Transactions made

7.3M Total members

Investor Relations

investor.relations@nexi.it

Stefania Mantegazza

stefania.mantegazza@nexi.it