Racing Force — Investor Presentation 2022

Mar 29, 2022

Management Call March 30, 2022

The information contained in this documentation has been prepared by Racing Force S.p.A. (the "Company") and its consolidated subsidiaries (together, the "Group") for the sole purpose of the presentation made to you concerning the Group. This presentation and the information contained herein are strictly confidential. Disclosure of the information contained herein to anyone outside of your firm is prohibited. This presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (other than a s required to those within your organization who agree to be bound by these restrictions) or published in whole or in part, for any purpose or under any circumstances. By attending the meeting where this presentation is made, or by reading the following presentation slides, you further agree to be bound by the following limitations, qualifications and restrictions.

This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The information and opinions contained in this document are provided a s at the date of the presentation and are subject to change. Neither the Company nor the Group nor any other person is under any obligation to update or keep current the information contained in this presentation.

To the extent available, the industry, market and competitive position data contained in this presentation come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation.

The information contained in this presentation is preliminary in nature, subject to updating, correction and amendment and does not purport to be comprehensive. None of the Company, any of their respective subsidiary undertakings or affiliates, or their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, a s to the truth, fullness, accuracy or completeness of the information in this presentation (or whether any information has been omitted from the presentation) or any other information relating to the Group, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

This presentation is not a prospectus for the purposes of applicable laws and regulations, and it has not been approved by any authority.

Foot note

AG E N DA

2021 E C O N O M I C A N D F I N A N C I A L D A T A

2 0 2 1 AT A G L AN C E

SALES	ADJ. EBITDA1	INCOME1 ADJ. NET
€46.7m	€9.0m	€4.9m
+38.4% vs 2020 +14.2% 2014-2021 CAGR	+19.2% EBITDA Margin +67.0% vs 2020	+10.6% NI Margin +242.9% vs 2020
FLOW1 ADJ. CASH	NET DEBT	PROPOSED DIVIDEND
€5.5m	~€1.0m	€1.7m
+61.5% Cash Conversion €2.4m vs in 2020	0.1x Leverage -€16m vs 2020	€0.07p.s.

Foot note 1. Net of €1.1m IPO costs booked through the Profit & Loss

A L O N G T E R M D O U B L E-D I GI T G R O W TH H I S TO R Y

1. 2019FY is a pro forma unaudited financial statement, which considers Bell Group and Zeronoise as if they were bought on 1 st January 2019

C O N S O L I D A T E D P & L

1. 2019FY is a pro forma unaudited financial statement, which considers Bell Group and Zeronoise as if they were bought on 1 st January 2019

C O N S O L I D A T E D P & L ( CO N T'D)

2.4 1.4 4.9 6.6% 4.3% 10.6%

(€M) AND MARGIN (%)

• The increase of EBITDA margin as a % of sales is due to the increase in efficiency following higher volumes of production and turnover
• Personnel costs have increased from 7.1 ml Euro in 2020 to 9.2 ml Euro in 2021, due to higher number of employees (+104 people), while the weight on sales has reduced from 21.1% to 19.7%
• Selling & distribution expenses have passed from 5 ml Euro in 2020 to 6.4 ml Euro in 2021, while the weight on sales has reduced from 14.7 % to 13.7%, due to strong operating leverage

▪ Net income has increased by 3.5 ml Euro compared to previous year, with a 10.6% net income margin in 2021

2020 2021

2019PF

▪ The increase is due to higher EBIT and 0.4 ml Euro lower net financial costs, mainly due higher FX gains recognized in 2021

• Foot note 1. Net of €1.1m IPO costs booked through the Profit & Loss
• 1. 2019FY is a pro forma unaudited financial statement, which considers Bell Group and Zeronoise as if they were bought on 1 st January 2019

C O N S O L I D A T E D B A L A N C E S H E E T

1. 2019FY is a pro forma unaudited financial statement, which considers Bell Group and Zeronoise as if they were bought on 1 st January 2019

U P D A T E O N S T R A T E G Y

3 C L EAR M AI N P I L L ARS FO R F U RTH E R G ROW TH

SOLID GROWTH OPPORTUNITIES IN CORE MARKETS AND NEW TECHNOLOGY / HIGH PERFORMANCE SAFETY NICHES

KEY DRIVERS AT IPO

P I L L AR 1 - ORG AN I C G ROW TH I N CO R E MAR K E TS

CONSOLIDATING RACING FORCE'S LEADERSHIP IN LOWER PENETRATED GEOGRAPHIES AND PRODUCT SEGEMENTS

AMERICAS OPEN FACE HELMETS

A ONE STOP-SHOP OFFERING

P I L L AR 2 - G ROW TH I N N E W N I C H ES

THE DRIVER'S EYE

KEY UPDATES

✓ Racing Force Group signs Driver's Eye agreement with Formula1

✓ Racing Force Group signs multiyear Driver's Eye agreement with ABB FIA Formula E World Championship

✓ 2 nd generation of Driver's Eye debuted with Charles Leclerc and Won the Grand Prix in Bahrain

1 ST GENERATION - 2021 2

F1 IS JUST THE BEGINNING

SPECIAL FORCE HEAD PROTECTION & JET PILOT HELMETS

JET PILOT HELMETS (TECHNICAL PARTNERSHIP WITH LIFT LLC)

"Finally we have a modern helmet to go with these modern fighters"

SPECIAL FORCE HEAD PROTECTION

• ✓Successfully presented at the Dubai Airshow
• ✓Available to US allied countries
• ✓Extension of the partnership with LIFT Airborne for helicopter helmets, in military version (ballistic) and civil version

KEY UPDATES NEXT MILESTONES

➢Results of first tender for the fixed wings aeronautical helmets expected by summer 2022

KEY UPDATES

✓The first samples have been produced and are now in the testing phase for the Special Police Forces project

NEXT MILESTONES

➢Certification and the first prototypes are expected by the end of 2022

15

C U R R E N T T R A D I N G

O U TLO O K

• The outbreak of conflict between Russia and Ukraine has raised a geo-political risk at a global level, carrying very strong economic and financial tensions on the markets. Regardless of how the current crisis will be resolved, consequences could be longterm and have negative impact on exports from European countries to the areas affected by the conflict and on energy and raw materials supply costs. In this context of great uncertainty, the Group's exposure to these markets, albeit very limited, is carefully monitored
• Nevertheless, in the first quarter of 2022, the Group outgrew all existing numerical records compared to previous year and recorded a double-digit growth in terms of turnover and orders
• Such outstanding results have been achievable thanks to the constant focus on product innovation, markets and geographic diversification, which have allowed the Group to continuously achieve strong growth and enjoy a record high Order Book. In terms of marginality, the Group has been adopting an active policy on price lists coupled with a careful planning of purchases, in order to contain inflation on raw materials, energy and logistics costs

17

A P P E N D I X

In co m e S tate m e nt

Financial data for the period

RACING F O R C E GROUP

Revenue	46,674,333		33,733,308		12,941,025
Cost of sales	(19,470,848)	41.7%	(13,597,933)	40.3%	(5,872,915)
Gross profit	27,203,485	58.3%	20,135,374	59.7%	7,068,111
Other income	1,444,804	3.1%	1,484,745	4.4%	(39,941)
Selling and distribution expenses	(6,399,095)	13.7%	(4,967,655)	14.7%	(1,431,441)
General and administrative expenses	(14,098,349)	30.2%	(10,823,049)	32.1%	(3,275,300)
Other expenses	(250,165)	0.5%	(466,737)	1.4%	216,572
EBITDA	7,900,679	16.9%	5,362,679	15.9%	2,538,000
Costs incurred for IPO EG Milan	1,053,586	2.3%	-	-	1,053,586
Adjusted EBITDA	8,954,265	19.2%	5,362,679	15.9%	3,591,586
Bad Debt and write offs	138,111	0.3%	212,002	0.6%	(73,891)
Depreciation	2,251,467	4.8%	2,304,893	6.8%	(53,426)
EBIT	5,511,101	11.8%	2,845,784	8.4%	2,665,317
Adjusted EBIT	6,564,687	14.1%	2,845,784	8.4%	3,718,903
Finance income/(loss)	(276,040)	0.6%	(699,668)	2.1%	423,627
Taxes	1,067,392	2.3%	709,030	2.1%	358,362
Net result	4,167,669	8.9%	1,437,087	4.3%	2,730,582
Adjusted net result	4,927,304	10.6%	1,437,087	4.3%	3,490,217

2021 2020

% of % of Variance

Revenue Revenue

B a la n c e S h e et

RACING F O R C E GROUP

1	L

	BRANDS OF RACING FORCE GROUP

	A be a local consideration and any and

Financial data year end at
	12.31.2021	12.31.2020		Variance
Total Assets	64,909,689	44,154,689		20,755,000
Fixed Assets	21 239 849 , ,	18 610 800 , ,		2 629 049 , ,
Working Capital Net	11 ,717 841 ,	9 849 436 , ,		1 868 404 , ,
Other items in working capital	865 249 ,	(73 301) ,		938 ,550
less & Accrued LT provisions	3 234 883 , ,	4 359 456 , ,		(1 ,573) 124 ,
Invested Capital Net	30,588,056	24,027,480		6,560,576
Financial Position Net	670 887 ,	15 ,541 642 ,		(14 ,755) 870 ,
Group Equity	29 917 169 , ,	8 187 408 , ,		21 ,729 ,761
NCIs	-	298 430 ,		(298 430) ,
Financial Sources	30,588,056	24,027,480		6,560,576
Cash flow from operations	4 455 075 , ,	9 .5% 2 366 490 , ,	7.0%	2 088 ,585 ,
flow from Adjusted cash operations	5,508,661	11.8% 2,366,490	7.0%	3,142,171
Dividends paid Shareholders to	1,285,978	2.8% 21,250	0.1%	1,264,728

C O N S O L I D A T E D P & L

RACING F O R C E GROUP

Gross Profit & Adjusted EBIT

• Gros Profit has increased by 35.1% in 2021, reaching 27.2 ml Euro
• Gross Margin as a % of Revenues has slightly decreased compared to prior year, due to the increase in raw materials and logistic costs that affected the whole global economy starting from the second half of 2021

• Thanks to the operating leverage, the increase in marginality is amplified at the EBIT level
• Depreciation has slightly reduced in 2021, despite the investments in capex, due to the acquisition of the headquarters in Ronco Scrivia, previously accounted for as a right of use asset with a useful life over the contractually established right of use (6y), which was lower than the useful life of the building (33y)

20 Foot note 1. Net of €1.1m IPO costs booked through the Profit & Loss

1. 2019FY is a pro forma unaudited financial statement, which considers Bell Group and Zeronoise as if they were bought on 1 st January 2019

THANK YOU

Roberto Ferroggiaro Investor Relations E-mail: ir@racingforce.com Luigi Rossi & Paolo Bertuccio Media E-mail: media@racingforce.com

Racing Force Barabino & Partners

Stefania Bassi E-mail: s.bassi@barabino.it mob: +39 335 6282667

Giuseppe Fresa E-mail: g.fresa@barabino.it mob: +39 348 5703197