Tinexta — Earnings Release 2020

Feb 23, 2021

Preliminary Results 2020 Business Plan 2021 – 2023

23 February 2021

Agenda

Introduction 2020 Tinexta's Business Units

Business Plan 2021 – 2023

Closing remarks

This presentation will include:

• preliminary figures that are subject to substantial changes during the elaboration of the 2020 Financial Statements and following its review by the Board of Statutory Auditors and the external auditors;
• forward-looking data based on internal management assumptions that are subject to material changes, including changes due to external factors beyond the Group's control;
• management data. When presented, they are identified as such.

Business unit data are sectoral and do not include the elimination of intra-BU items, which are instead eliminated at Group level.

For detailed information on Tinexta S.p.A., it is recommended to refer to the company's documentation, including the latest interim reports and the Company's financial statements.

DANILO CATTANEO InfoCert CEO

MARCO COMASTRI Tinexta Cyber CEO

VALERIO ZAPPALÀ Innolva CEO

Agenda

2020

Introduction

- Preliminary Results 2020

• The state of the art

Tinexta's Business Units

Business Plan 2021 – 2023

Closing remarks

² 2020 Consolidated Preliminary Results (1/5)

Preliminary results for 2020 report revenues of EUR 268.8 million and EBITDA of EUR 77.8 million

• The Preliminary Results 2020 are in line with the Guidance communicated to the market after the approval of the September quarterly results.
• EBITDA before stock options amounts to 78.7 million, up from 74.9 million in 2019
• EBITDA Adjusted amounts to EUR 81.1 million.
• EBITDA Margin is 28.9%, up from 27.6% in 2019.
• Adjusted net profit amounted to € 40.6 million, up from 38.3 million in 2019

2020 Consolidated Preliminary Results (2/5) 2

The Tinexta Group's Revenues grew at a 23.3% CAGR from 2014 to 2020. EBITDA grew at a 38.3% CAGR over the same period.

2 2020 Consolidated Preliminary Results per BU (3/5)

¹ Ssubject to adjustments. Revenues do not include intra-sectoral intercompany. The EBITDA indicated are not the impact of Tinexta S.p.A., the parent company, which amounts to approximately € 11,0 million Euros, or 12.3% of the sum of the EBITDA of the BUs.

² 2020 Consolidated Preliminary Results by BU (4/5)

² 2020 Consolidated Preliminary Results (5/5)

Agenda

² The state of the art: The Group (1/4)

The Group's 2020 performance reflects certain distinctive elements

• ✓ The resilience of all business areas the Group has invested in, in a complex macroeconomic context
• ✓ The ability to identify business opportunities and quickly obtain solutions for customers
• ✓ Continuous growth of Revenues and EBITDA accompanied by an acceleration of Operating Cash flow generation
• ✓ The maintenance of leadership positions in the "Digital Trust" and "Innovation Consulting" areas, as well as growth in the "Credit Information" area

² The state of the art: The Group (2/4)

In the last months of 2020 and the first months of 2021, the group completed a number of acquisitions aimed at creating the "Cybersecurity" BU and enriching and expanding the offerings of the "IMS" BU.

Business Unit	Company	Percentage	Date
IMS	Euroquality Europroject	100% 100%	Oct 2020
CYBER	Swascan	51%	Oct 2020
CYBER	Yoroi	60%	Jan 2021
IMS	Queryo	60%	Jan 2021
CYBER	Corvallis	70%	Jan 2021
DIGITAL TRUST	Authada	16.7%	Sept 2020
CREDIT INFO & MNGT	FBS Next	30%	Oct 2020

Agenda

3

4

Introduction

2 2020

Tinexta's Business Units

Business Plan 2021 – 2023

Closing remarks

- Digital Trust

• Cyber Security
• Credit Information & Management
• Innovation & Marketing Services

Digital Trust

Danilo Cattaneo

CEO InfoCert

Digital Trust: business evolution 3

Business proposition: Enable companies to innovate customer interactions and business processes with our Trust solutions. Our added value lies in our ability to:

• Outsource legal responsibility for any business process

• Reinvent digital workflows for our clients by designing, developing and delivering end-to-end solutions

• Off-the Shelf (OTS): primarily a domestic business

• DTS (aka Enterprise Solutions): a rapidly expanding global marketplace

3 Digital Trust: Digital Transaction Solutions market

	E-Signature The digital signature, using cryptographic techniques, allows us to associate in an indissoluble way a binary number (the signature) to a computer document that represents facts, acts or data legally relevant.		Digital Transaction Management Digital Transaction Management (DTM): the conversion from paper-based document processes to fully digital processes, enabling transactions to be executed digitally.
--	----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	--	--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Forrester: in the E-Signature market, Europe is valued at approximately \$640m out of the \$2.27 bln global market.

BCCResearch: The global DTM market will grow from approximately \$12.1 bln in 2018 to \$34.4 bln by 2023.

MarketsandMarkets: expected global E-Signature market growth post COVID from \$1.7 bln in 2020 to \$14.1 bln by 2026. Europe is valued from \$900m in 2020 to \$4.7 bln in 2026 with the second largest market share globally due to the regulatory push from EU states.

Analysts¹ estimate that the global market will grow between 23% and 31% p.a. from 2019 to 2026.

Our main market is associated with the regulation introduced by EIDAS. By extension we are also present in the Latin American market.

eIDAS has established that there are 3 types of signatures:

• Simple
• Advanced
• Qualified

BCCResearch: 23.3 percent CAGR growth over 2018-2023. MarketsandMarkets estimates a compound annual growth rate (CAGR) of 31.% over the forecast period between 2020 and 2026. Per B Fortune market DTM will grow 29% from 2019 to 2026, reaching over \$6 billion.

Digital Trust: Enterprise Solutions – TOP & GoSign

• 122 customers, 20 outside Italy
• Customers: +37%.

3

• Transactions: +51%.
• Certificates issued with TOP: +52%.

• Largest new clients 2020: Enel X; MPS Fiduciaria; BNP Paribas France; TXT Working Cap Sol

• Digitization of procedures requiring a qualified signature

• 102 Clients (of which 16 non-Italian)
• Over 6,700 active users
• GoSign's pipeline is solid, helped by the GoSign Grapho product
• Major new customers 2020: Valentino; Pirelli Sistemi Informativi; Italgas; Acea Ambiente

3 Digital Trust: Business Plan Targets

compliance competences

Digital Trust: Internationalization, Offering & Optimization

3

• InfoCert will strive to consolidate its position as the largest QTSP in Europe by:
• ✓ concentrating its inorganic growth in Spain, France and Germany
• ✓ expanding its direct sales presence to UK, Belgium/Holland, Norway/Sweden, Hungary/Slovakia and Greece on top of Romania and Poland, which were opened in 2020

• Consolidating core partnerships in the other countries

• ➢ In 2020 InfoCert has completed the standardization of some of its solutions (eg. GoSign, LegalMail Enterprise) suitable for targeting DTM processes at SME

• ➢ Starting from 2021 it will be possible to start targeting the SME segment with such offering
• ➢ Afterwards InfoCert will start its offering of API to target advanced OEM reseller

Digital Trust: Business Plan 2021 – 2023; Organic Growth 3

The Three-Year Plan on an organic basis provides for revenue growth of around 7% and EBITDA growth of around 12%.

Agenda

3

1 Introduction

2 2020

Tinexta's Business Units

4 Business Plan 2021 – 2023

5 Closing remarks

• Cyber Security
• Credit Information & Management
• Innovation & Marketing Services

Cyber Security

Marco Comastri

CEO Tinexta Cyber

Cyber: 2021 – 2023 Growth Plan 3

The Three-Year Plan provides for revenue growth of approximately 17% and EBITDA growth of approximately 41%

* Il Piano 2021 – 2023 è basato su diverse valutazion, aspettative, proiezioni e dati previsionali del Management relativi ad eventi futuri e sono soggette a molteplici incertezze e ad altri fattori al di fuori del controllo di Tinexta Group. Esistono numerosi fattori che possono generare risultati ed andamenti notevolmente diversi rispetto ai contenuti, impliciti o espliciti, delle informazioni previsionali e pertanto tali informazioni non sono una garanzia attendibile circa la performance futura. Si prega di leggere attentamente la Disclaimer a pagina 53.

Agenda

3

2 2020

Tinexta's Business Units

4 Business Plan 2021 – 2023

5 Closing remarks

• Digital Trust
• Cyber Security
• Credit Information & Management
• Innovation & Marketing Services

Credit Information & Management

Valerio Zappalà

GM Innolva

³ Credit Information & Management: the reference market

Business Information

• In the aftermath of the pandemic, the ability to have data with high predictive value has proven to be highly strategic; rating models, even more than before, are key vectors for risk mitigation at all stages of the credit lifecycle.

Credit Management

• Credit recovery services are undergoing an increasingly rapid evolution, the requirements, both in the banking and corporate sectors, are increasingly oriented towards a virtuous management of performing receivables to be achieved through soft collection and customer care activities and towards the need to outsource certain non-core processes (BPO).
• The banking sector is grappling with possible new requirements for the management of NPEs as a result of insolvencies linked to the pandemic.

Real Estate Credit Information

• • Demand, which is substantially linked to the performance of the banking market and the demand for new mortgages, was strongly affected by the economic and financial crisis caused by the Covid 19 pandemic.

BPO services to gain access to the Central Guarantee Fund decree 662/96

• Extension of government interventions regarding the Guarantee of bank loans to businesses is expected at least until December 31, 2021.

Innolva

Corporates:

• Established commercial partnerships with domestic and foreign players aimed at providing integrated solutions from a datadriven perspective;
• Expanded the range of business information products, the portfolio of services in the credit recovery sector and strengthened positioning on the web/digital channel.

Banking:

• Expansion of the customer portfolio in the banking industry mainly due to the sale of BPO services linked to the preliminary investigation of applications for access to the Central Guarantee Fund;

M&A:

• Completed the merger of Webber into Comas and the merger of Promozioniservizi into Innolva, these transactions will make it possible to increase production efficiency levels and commercial synergies already partly achieved in 2020.

ReValuta

• Launched the business advisory line initially focused on Due Diligence services and created commercial partnership with Warrant Hub.

Credit Information & Management: Promozioniservizi ³

• Starting from March 2020, with the aim of guaranteeing support to Italian companies strongly impacted by the lock-down due to the outbreak of the pandemic, the Government has facilitated the banking system through Prime Ministerial Decrees in the provision of financing to companies through the granting of State Guarantees issued under Law 662/96, better known as the instigator of the so-called "Guarantee Fund for SMEs".
• Promozioniservizi, the first Italian player in the outsourcing services for access to the Central Guarantee Fund, was able to benefit promptly from these interventions, contributing significantly to the growth of the CIM Business Unit.
• During 2021 Promozioniservizi will operate on the market as a Business Unit of Innolva, as a result of the merger carried out in December 2020, expecting particularly significant volumes due to the combined effect of:
• Extension until June 30 of measures to boost the Guarantee Fund;
• Extension of the number of beneficiaries and the duration of transactions up to 30 K euros;
• Significant increase in the customer base and forecast of increasing volumes compared to the values usually generated until 2019 even in the absence of government intervention.

³ Credit Information & Management: Innolva's & RE Valuta's strategy

Innolva's strategy is geared towards ensuring: :

• i) Increased market share in the banking market through additional service propositions (BPO/AML) resulting from regulatory discontinuities;
• ii) Increase of the market share in the professionals and SMEs segment through teleselling, APP, web channel;
• iii) Increase volumes in the Corporate market through up-selling of products/services and through proposition of data driven solutions in collaboration with strategic partners.

ReValuta's strategy is focused on the expansion of the offer of real estate services according to a full service provider logic through both commercial agreements with other operators in the industry and through the establishment of an internal team of "advisory", with the aim of diversifying the customer base thanks to an integrated offer.

Credit Information & Management: Business Plan 2021 – 2023; Organic growth 3

The Three-Year Plan on an organic basis provides for revenue growth of around 6% and EBITDA growth of around 7%.

Agenda

3

1 Introduction

2 2020

Tinexta's Business Units

4 Business Plan 2021 – 2023

5 Closing remarks

• Digital Trust
• Cyber Security
• Credit Information & Management
• Innovation & Marketing Services

Innovation & Marketing Services

Fiorenzo Bellelli CEO Warrant Hub

Marco Sanfilippo

CEO Co.Mark

Innovation & Marketing Services: Market context and 2020 performance 3

The macroeconomic context affected the performance of the "Innovation & Marketing Services" Business Unit.

The "Innovation Consultancy" services generally confirmed the performance of the previous year, with a different mix of revenues compared to the pre-pandemic period.

Subsidized finance activities decreased due to the lower volumes handled as a direct consequence of the emergency period characterized by lower investments made by clients.

Overall, the new services continued to grow at a very fast pace, further accelerated by the current context, especially in relation to corporate finance.

A contraction in revenues from export services (ES) concentrated in the first half of the year due to the lock-down that led to the suspension of customers and a significant commercial slowdown. This trend was only partially offset by a recovery in demand in the last quarter.

3 Innovation & Marketing Services: Business Plan 2021-2023 Warrant Hub

Context/market dynamics

Economic

The post-Covid economic context, albeit within an overall framework of significant downsizing compared to the past, may allow further acquisition of market share by Warrant Hub as a result of a broad and integrated supply capacity able to take advantage of new development opportunities induced by new facilitating instruments.

Legislative

The Budget Law 2021 introduced important corrections both in the area of R&D, Innovation, Design Tax Credit (from 2022) and in the area of Investment Credit 4.0 (from 2021) through an increase in the rates.

Positive impacts on the business of warrant hubs may also derive from the measures to support the economy already approved at European level (NGEU - Recovery Plan).

3 Innovation & Marketing Services: Business Plan 2021-2023 Warrant Hub

Organic growth

Horizontal growth

The organic growth for the year 2021 is expected mainly in the Digital Trust, Euro design, IP Management, Energy and training business lines .

The AF Automatica area is expected to experience a significant increase in the number of customers attributed to each portfolio, as well as the maximization of new opportunities related to new regional and national facilitating instruments

Positioning

The company holds a position of absolute leadership as regards to the AF Automatica tools and is positioned at a higher quality level than its competitors.

New proposals in the field of green/sustainability and innovation positioning will contribute to a further consolidation.

Cross-Selling

Further impulse will be given to the areas of collaboration with the other companies of the group and, in particular, with Co.Mark as well as with the companies of the "Credit Information & Management" Busines Unit, Innolva and ReValuta, with which a joint business proposal regarding Ecobonus 110% has been launched.

Development of indirect channels

Through partnership agreements with financial and institutional players

Digital Transformation & Innovation

M&A transactions or industrial partnerships in Italy and abroad in the field of digital transformation with specific focus on the manufacturing industry

Internationalization

Through the strengthening of our presence on the French and Spanish markets

³ IMS: Sales & Digital Marketing integrated offer development

In a market characterized by a push towards exports and an acceleration towards digital services, the IMS BU, through the Co.Mark Group, accelerates towards an integrated offer

3 IMS: Digital Marketing market

The Digital Marketing market is growing rapidly in both relative and absolute terms. In a year of a deep crisis for the whole advertising market (2020), the online advertising exceeds in absolute value the television advertising.

Spesa Totale dei Media Europea (bn)

• The online channel is growing rapidly and in 2020 for the first time digital reached a higher market share (41.9%) than television (41.6%)
• The digital market in Italy has undergone a sudden acceleration, also due to the needs determined by the epidemiological contingency

• The Italian market for digital marketing has ample room for growth when compared to other European countries

• Queryo completes and reinforces the mission of the Business Unit Innovation & Marketing Service in the role of growth enabler for client companies, expanding the offer with Digital Data Driven services.

• Queryo is a Digital Agency that offers design and management services for Digital ADV campaigns, SEM SEA and SEO, Social Media Marketing, E-Commerce strategy and operations, Remarketing and advanced Web Analytics, with a distinctly Data Driven and performance-oriented vision.
• Founded in 2014, the company consists of a team of about 30 resources.
• Revenues increasing significantly since its foundation (+80% CAGR)

Innovation & Marketing Services: Business Plan 2021 – 2023; Organic growth and 2021 perimeter 3

The Three-Year Plan on an organic basis (i.e. constant perimeter) forecasts revenue growth of approximately 9% and EBITDA growth of c. 10%. Including recent acquisitions, revenues will grow by around 13% and EBITDA will grow by c. 14%.

Agenda

Introduction

2020

Tinexta'sBusiness Units

Business Plan – 2023

Closing remarks

• Business Plan 2021 – 2023

• Business Plan 2021 – 2023 with M&A

• ✓ Continue the gradual expansion of the range of innovative products and services in all Business areas

• ✓ Proceed with a compound growth rate of "High Single Digit" revenues in the different Business areas
• ✓ Continue to improve operating efficiency by increasing the EBITDA margin % of the group
• ✓ Continue with the focus on Operating Cash generation aimed at continuous deleveraging that enables further investments to enlarge the perimeter

The Group: Business Plan 2021 – 2023; Organic growth (2/4) 4

The Three-Year Plan, on an organic basis, forecasts revenue growth of around 6% and EBITDA growth of around 10%.

The Group: Business Plan 2021 – 2023; Organic growth + Acquisitions (3/4)

4

Accelerated growth in Revenues and EBIDTA with the contribution of recent acquisitions

The Group: Business Plan 2021 – 2023; Organic growth (4/4) 4

The Three-Year Plan based on the new perimeter provides for a significant reduction in net debt and a gradual reduction in the NFP/Ebitda ratio at the end of the plan, which is expected to be lower than 1

Agenda

Introduction

2020

Tinexta's Business Units

Business Plan – 2023

Closing remarks

• Business Plan 2021 – 2023

• Business Plan 2021 – 2023 with M&A

The Group: M&A guidelines (1/2) 4

The Tinexta Group intends to allocate a significant part of the cash generated during the period of the Business Plan to new acquisitions, maintaining a conservative policy of financial leverage and supporting medium-long term development.

Primary objectives:

• Completamento dell'offerta di prodotti e servizi sui mercati di riferimento in Italia
• Growth abroad with the aim of expanding the international revenue component in the long term
• Extension of the range of products and services in highly innovative areas
• Completion of the products and services range on the reference markets in Italy

Successful track record:

Approximately 25 M&A transactions sicne 2013, with a total expenditure of c. € 300 m

The Group: Business Plan 2021 – 2023; Including M&A potential (2/2)

4

The significant deleveraging envisaged over the period of the business plan, combined with leverage between 2.5x and 2.0x, provides investment opportunities for changes in the perimeter of around 200 million euros.

Agenda

Introduction

2020

Tinexta's Business Units

Business Plan 2021 – 2023

Closing remarks

In a complex macroeconomic context, continuous path of growth and improved profitability by further reducing net debt

In late 2020 and early 2021, a series of acquisitions have been completed with significant potential to increase both revenues and profitability

The 2021 - 2023 Business plan features a sustained revenue growth rate, further growth in profitability and significant deleverage capability

In this context, the Group has the possibility to further pursue the process of growth through external lines

Disclaimer

• This document was prepared by Tinexta Spa (the "Company") for the sole purpose of presenting the performance and the activities of the Company.
• The information provided with this document does not contain nor constitute an offer of securities for sale, or the solicitation of an offer to purchase securities, in the United States, in Australia, in Canada or in Japan or in any other jurisdictions where this offer or solicitation would require the approval of local authorities or be otherwise unlawful (the Other countries). This document or any parts thereof, or its distribution, may not constitute the basis for, or be invoked in association with, any agreements or decisions about investments related thereto.
• The shares of Tinexta Spa (the "shares"), as referred to in this document, have not been registered and will not be registered pursuant to the USA Securities Act of 1933, as amended (the Securities Act) or pursuant to the corresponding regulations in force in the other countries, and they may not be offered or sold in the United States or to US citizens unless these securities are registered in compliance with the Securities Act, or if an exemption from the requirements of Registration by the Securities Act is set forth.
• The content of this document is of an informative nature and must not be interpreted as investment advice. This document does not constitute a prospectus, an offering circular, an offering memorandum or an offering for the purchase of shares and must not be considered as a recommendation to underwrite or purchase Tinexta shares. This presentation or any other documentation or information (or part of it) provided, shall not be considered as an offer or an invitation by or on behalf of the Company.
• The information herein does not intend to be comprehensive or to include all the information that a potential or existing investor may wish to have. In all cases, the interested parties must carry out their own investigations and analyses of the Company which may include an analysis of the data of this document, but they must also include an analysis of other documents, including the financial statements for the period.
• The statements herein have not been verified by any entity or independent auditor. No statement or guarantee, expressed or implicit, is made with respect to, and one must not rely on, the accuracy, completeness, correctness or reliability of the information contained in this document. Neither the Company nor any of its representatives shall bear any responsibility (for negligence or other reasons) that may arise in any way in relation with such information or in relation with any loss resulting from its use or deriving in any way in connection with this presentation.
• The information contained in this document, unless otherwise specified, is updated as at the date of this document only. Unless otherwise specified in this document, this information is based on the Company's financial reports, management reports and estimates. Please refer to the year-end financial statements or to the half-year reports, which are audited by an external auditor and published by the Company, prepared in Italian, and for transparency, translated also into English. The Italian version of these materials is considered, according to Italian Law, as the official and legal version of said reports.
• The information contained in this presentation is subject to changes without obligation of a prior notice, and past performance is not indicative of future results. The Company may modify, edit or in other ways amend the content of this document, without any obligation to render notification about any revisions or changes. This document may not be copied or disseminated in any way.
• The distribution of this document and any related presentation in jurisdictions other than Italy, may be limited by the Law and any person in possession of this document or any other related presentation must be properly informed and comply with the set forth restrictions. Any non-compliance with such restrictions may constitute a breach of Law in effect in these other jurisdictions.
• By accepting this presentation or accessing these materials, the reader accepts to be bound by the above mentioned limitations.
• This presentation includes some forecast statements, projections, objectives and estimates that reflect the current opinions of the Company's Management in relation to the changes occurring in the markets where the Company operates, as well as to future developments. Forecast statements, projections, objectives, estimates and outlooks are generally identifiable through the use of verbs/nouns such as "could", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", " intend", and "project "," objective" or "purpose" or the opposite of all these verbs/nouns or variations thereof or any comparable terminology. These statements include, but are not limited to, all statements other than those regarding historical events, including, inter alia, those concerning transaction results, financial position, strategy, plans, objectives, purposes and objectives of the Company and future developments in the markets in which the Company operates or it is trying to operate.
• Because of these uncertainties and risks, the readers are advised not to rely excessively on these statements as a prediction of the actual results. The ability of Il Gruppo to achieve its objectives or expected results depends on many factors outside of Management's control. The actual results may differ materially from (or be more negative than) those projected or implicit in the declarations contained herein. Therefore, any prospective information contained in this document involves risks and uncertainties, which may significantly affect the expected results, and is based on some key assumptions. All statements included in this document are based on information available to the Company as at the date of this document. The Company does not incur an obligation to provide a public update or revision of any statements, both as a result of new information, future events or other circumstances, unless required by the applicable laws. All the following statements, written, verbal or oral made by the Company or by parties acting on its behalf are expressly qualified in their entirety by these cautionary statements. Neither Tinexta S.p.A. nor any Tinexta Group company nor its respective representatives, directors or employees accept any responsibility in relation to this presentation or its contents in relation to any loss deriving from its use or from the reliance made on it.

Risultati preconsuntivi 2019 Piano 2020 – 2022 Preliminary Results 2020 Business Plan 2021 – 2023

Investor relations: investor@tinexta.com