Tinexta — Investor Presentation 2019

May 16, 2019

I.	1st Q 2019 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	11
IV.	Conclusions	15

Tinexta: 2019 Q1 Highlights1

Summary Income Statement	Ist Quarter 2019	Ist Quarter	∆	IFRS 16 Impact	∆%
(€ m)		2018
Revenues	59.7	51.6	8.1	-	15.8%
EBITDA	14.4	10.2	4.2	0.82	41.4%
EBIT	9.3	6.4	3.0	0.02	46.5%
Net Income	6.0	3.9	2.0	-0.05	51.9%
Free Cash Flow	17.9	10.7	7.2		67.8%

First Quarter 2019: IFRS 16 Impact on Results

Summary Income Statement (€ m)	Ist Quarter 2019	Ist Quarter 2018	∆	IFRS 16 Impact	∆%	o/w IFRS 16 ∆%
Revenues	59.7	51.6	8.1	-	15.8%	0.0%
EBITDA	14.4	10.2	4.2	0.82	41.4%	8.0%
EBIT	9.3	6.4	3.0	0.02	46.5%	0.4%
Net Income	6.0	3.9	2.0	-0.05	51.9%	-1.1%
Key Balance Sheet Items €m	31/03/2019	YE2018	∆	IFRS 16 Impact	∆%	o/w IFRS 16 ∆%
Paid in Capital	46.9	46.9	0	n.a.	0.0%	n.a.
Shareholders' Equity	142.1	145.5	-3.5	-0.05	-2.4%	0.0%
Net Financial Debt	132.3	124.9	7.4	14.7	5.9%	11.8%

Income statement adjusted for non-recurring items

Income Statement net of non-recurring items	1st Quarter 2019	1st Quarter 2018	∆	∆%
(€m) Revenues	59.7	51.6	8.1	15.8%
EBITDA	14.9	10.2	4.7	45.7%
EBIT	9.8	6.4	3.4	53.5%
Net Income	6.1	3.9	2.1	54.4%

• participation
• recurring items + €88K for Patent Box benefits recognized by InfoCert In First Quarter 2018 no non-recurring items were recorded.

Net Income adjusted for non-recurring items

			Net Income adjusted for non-recurring items
Income Statement net of non-recurring items € '000	1st Quarter 2019	1st Quarter 2018	∆	∆%
Net Income	5,979	3,936	2,043	51.9%
Non-recurring service costs	321	0	321
Non-recurring personnel costs	124	0	124
Ammortization of immaterial assets during allocation	1,431	1,426	5
Non-recurring financial revenues	148	0	148
Non-recurring taxes & tax effects arising from allocation	-608	-406	-202
Adjusted Net Income	7,395	4,956	2,439	49.2%

I.	1st Q 2019 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	11
IV.	Conclusions	15

Digital Trust: 1st Quarter 2019* € '000 Principal impacts: - Organic growth of InfoCert Group - Camerfirma acquisition 21,755 4,894 25,192 5,984 0 5,000 10,000 15,000 20,000 25,000 30,000 Revenues EBITDA 3 Months 2018 3 Months 2019 22.5% EBITDA Margin * These results exclude non-recurring items

Revenue Analysis

-

First Quarter 2019 Results 16 May 2019

II. Business Unit Performance

growth

Growth

Change

Credit Information & Mgmt: 1st Quarter 2019*

Revenue Analysis

4.6% 15.6% 9.8% 30.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% IFRS 16 Organic growth Perimeter Growth Total Change EBITDA Analysis * These results exclude non-recurring items

• acquired
• perimeter and IFRS 16 impacts

Innovation & Marketing Svcs: 1st Quarter 2019*

EBITDA Analysis

• revenues from Consultancy for R&D tax credits & Hyper-amortization from Q4'18

II. Business Unit Performance

I.	1st Q 2019 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	11
IV.	Conclusions	15

2019 1st Q Results

Net Financial Indebtedness

III. Balance Sheet Analysis

Net Financial Indebtedness
€ m	31/03/2019	31/12/2018	Net Financial Indebtedness grew by €7.4 m compared to 31 December 2018, primarily
Net Financial Indebtedness	132.3	124.9	as a result of the First Time Adoption (FTA) of IFRS 16,
Gross Financial Indebtedness	181.2	168.3	which caused the recognition of €15.1m at 1/1/19.
Bank debt	64.5	65.8	Net financial indebtedness
Loan from Tecno Holding S.p.A. Debt associated w/acquisitions	25.4	25.3	includes: • €62.8 million of liabilities related to the purchase of minority shares tied to the
	72.3	71
PUT & CALL	62.8	59.1	exercise of Put options
Earn Out	1.2	1.2	• €1.2 million of liabilities for contingent consideration
Vendor loans	8.2	10.7	related to acquisitions • €8.2 million for Vendor
Debt from leasing	15.5	0.8	loans (deferred payments)
Other debt	3.5	5.3	granted by sellers in connection w/ acquisitions
First Quarter 2019 Results 16 May 2019

• €62.8 million of liabilities related to the purchase of minority shares tied to the exercise of Put options
• €1.2 million of liabilities for contingent consideration related to acquisitions
• €8.2 million for Vendor loans (deferred payments) granted by sellers in connection w/ acquisitions

Free Cash Flow Effect on Net Financial Indebtedness

I.	1st Q 2019 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	11
IV.	Conclusions	15

Key take-aways

• Progress on Strategic objectives:
  • Digital Trust: on track with Camerfirma, LuxTrust acquisitions; organic/direct business expanding well in Germany & Europe
  • New Group Model: Group ERP in final phase, new organizational model being implemented to central holding company functions
  • Acquisitions of minority interests on track
• First Quarter 2019 Results
  • IFRS 16 impact: positive on EBITDA, €15m of leasing debt added to NFP
  • Group profitability increased; all BUs contributed to EBITDA growth
  • First Quarter 2019 positive results in line with expectations
• Tinexta confirms its full year guidance of:
  • Revenues: above €250 m
  • EBITDA: €68-70 m
• NFP at €132 well under 2X projected EBITDA; Free Cash Flow grows robustly

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 the Group 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.

Investor relations: investor@tinexta.com