Results at 30 September 2020

Agenda

I.	9M YTD 2020 Group Results Highlights	2
II.	Business Unit Performance	9
III.	Balance Sheet Analysis	17
IV.	Outlook	21

Summary comments

After a slowdown in March and April, due to the restrictive measures imposed by the Covid-19 pandemic, the resumption of activity from May allowed the Group to report results that exceeded our forecasts in the first 9 months of the year:
- o YTD Results: Revenues +4.3%, EBITDA: +20.4%
Q3 Results were very strong
- o Revenues: +19.2%
- o EBITDA: +53.4%
While all the BU contributed, YTD the main driver was CIM: o Revenues +5.4%, EBITDA +38.8%
Free Cash Flow of €52.6m continues to grow, almost half just from 3Q '20 (€23.6m)
Net financial indebtedness: €93.4m (vs. YE'19 €129.1m and €129.5m @30/9/19)

Summary Economic Data	9M	9M
(€m)	2020	2019	∆	∆%
Revenues	188.9	181.2	7.7	4.3%
EBITDA pre-Stock Options	56.1	49.7	6.3	12.7%	Operating
EBITDA	55.6	46.2	9.4	20.4%	Leverage
EBIT	37.1	29.6	7.5	25.1%
Net Profit	26.3	19.1	7.2	37.8%
Adjusted Net Profit	28.5	26.1	2.4	9.0%
Free Cash Flow	52.6	36.6	15.9	43.5%
Balance Sheet Highlights (€m)	At 30/9/2020	At 31/12/2019	∆	∆%
Shareholders' Equity	163.0	149.4	13.6	9.1%
Net Financial Indebtedness	93.4	129.1	-35.7	-27.7%

9 Month results demonstrate the benefits of positive Operating Leverage

Results at 30 September 2020 12 November 2020

Tinexta: 2020 9M Consolidated Income Statement

CERTIFIED

	(€ m)	9M 2020	%	9M 2019	%	Change	Change %
	Revenues	188.9	100.0%	181.2	100.0%	7.7	4.3%
	Total Operating Costs1	132.8	70.3%	131.4	72.5%	1.4	1.1%
	Costs of raw materials	6.6	3.5%	5.1	2.8%	1.5	28.6%
	Service costs	59.1	31.3%	59.5	32.8%	-0.4	-0.7%
	Personnel costs*	60.5	32.0%	58.8	32.5%	1.7	2.9%
1.	Contract costs	5.4	2.8%	5.9	3.3%	-0.6	-9.7%
	Other operating costs	1.3	0.7%	2.1	1.2%	-0.8	-36.1%
	EBITDA before Stock Options	56.1	29.7%	49.7	27.5%	6.3	12.7%
	Stock Option Cost *	0.5	0.3%	3.6	2.0%	-3.1	-86.5%
	EBITDA	55.6	29.4%	46.2	25.5%	9.4	20.4%
2.	Depreciation, amortisation, provisions and impairment	18.5	9.8%	16.5	9.1%	2.0	11.8%
	Operating Profit	37.1	19.6%	29.6	16.4%	7.5	25.1%
	Financial income	1.3	0.7%	0.3	0.2%	1.1	378.2%
	Financial charges	2.1	1.1%	2.2	1.2%	-0.1	-4.9%
	Net Financial Charges	0.8	0.4%	1.9	1.1%	1.2	-60.5%
	Profit of equity-accounted investments	0.1	0.0%	0.0	0.0%	0.1	6939.1%
	Profit before tax	36.4	19.3%	27.7	15.3%	8.7	31.4%
3.	Income taxes	10.1	5.3%	8.6	4.8%	1.5	17.2%
	Net Profit	26.3	13.9%	19.1	10.5%	7.2	37.8%

1. Service & Personnel cost limitations driving Operating leverage improvement
1. Tinexta's investment program is continuing (effect on Dep/Amort)
1. Tax rate normalizing as effect of €0.7 m one-off fiscal benefit dillutes over time

¹Personnel costs are stated net of the Stock Options Cost. reported hereunder. to better illustrate the construction of EBITDA before Stock Options..

Income Statement	3Q 2020	3Q 2019	∆	∆%
(€m)
Revenues	65.1	54.6	10.5	19.2%
EBITDA pre-Stock Options	21.6	14.1	7.5	53.4%
EBITDA	21.2	13.8	7.4	53.4%	OL
EBIT	15.4	8.3	7.1	86.1%
Net Profit	10.3	5.1	5.3	103.2%
Adjusted Net Profit	11.8	7.0	4.8	68.2%
Free Cash Flow	23.6	12.9	10.8	83.5%

Significant increase of revenues plus changed revenue mix (CIM) drives operating leverage improvement In 3Q as revenues increase 20%, Net income doubles

I. 9M YTD 2020 Results Highlights

Tinexta: 9 Month Adjusted Income Statement by BU

	9M at	EBITDA %	9M at	EBITDA %	∆ %
(€ m)	30/09/2020	30/09/2020	30/09/2019	30/09/2019	∆	Total	Organic	Perimeter
Revenues
Digital Trust	82.6		76.8		5.8	7.5%	7.5%	0.0%
Credit Information & Management	55.6		52.7		2.8	5.4%	5.4%	0.0%
Innovation & Marketing Services	50.7		51.6		-0.9	-1.8%	-3.5%	1.7%
Other / Parent Company	0.0		0.0		0.0	n.a.	n.a.	n.a.
Total Adjusted Revenues	188.8		181.2		7.7	4.2%	3.7%	0.5%
EBITDA
Digital Trust	22.0	26.6%	21.1	27.4%	0.9	4.4%	4.4%	0.0%
Credit Information & Management	17.6	31.6%	12.7	24.0%	4.9	38.8%	38.8%	0.0%
Innovation & Marketing Services	23.6	46.5%	23.2	44.9%	0.4	1.7%	-0.6%	2.3%
Other / Parent Company	-6.2	n.a.	-5.4	n.a.	-0.8	-15.6%	-15.6%	0.0%
Total Adjusted EBITDA	56.9	30.2%	51.6	28.5%	5.4	10.5%	9.4%	1.0%

EBITDA grows in all BUs EBITDA margin improved almost 2 basis points, exceeding 30%

Results at 30 September 2020 12 November 2020

LuxTrust: Conversion of the JV in Commercial Alliance

At the end of the two-year period following the investment, the shareholders InfoCert and LuxTrust Development S.A. ¹ have verified a divergence of strategic objectives. In fact, LuxTrust Development believes that it is a priority in the coming years to focus LuxTrust's attention on its core markets to ensure a strong development of the digital economy.
Therefore, by mutual agreement, it was decided to proceed to dissolve the Joint Venture and transform it into a strong commercial alliance. In this context, InfoCert will collaborate with LuxTrust and will pursue its strategy in Europe with the aim of creating a pan-European leader in Trust Services.
On 9 November LuxTrust Development, in accordance with the Shareholders' Agreement of 21 December 2018, communicated that it was exercising its Call Option on 6,207,777 class B shares held by InfoCert S.p.A., which correspond to 50% of the share capital of LuxTrust. The exercise will take place at the original subscription price of €12.0 million.

__________

¹LuxTrust Development S.A. is owned by the Grand Duchy of Luxembourg, the National Credit and Investment Company (SNCI), the main retail banks and the Luxemburgish Chamber of Commerce

Agenda

I.	9M YTD 2020 Group Results Highlights	2
II.	Business Unit Performance	9
III.	Balance Sheet Analysis	17
IV.	Outlook	21

Digital Trust: 9M YTD 2020*

Demand for Digital Trust continued to be robust in Q3, with particular strength in Off-theshelf products, including SPID (Personal Digital Identity System) and Certified e-mail
EBITDA grew more slowly than revenues as a result of additional costs for SPID and operating investments (R&D, Cybersecurity, GoSign 5.0 for international roll-out) which impacted the EBITDA margin

* These results exclude non-recurring items

DT: the growth continues

109 clients. 13 outside Italy
Transactions: +44% vs 3Q '19
New clients:
- Procredit Kosovo
- BNL (Gruppo BNP Paribas)
- Erste Croatia
- Fabrick
- Smartika (Banca Sella)
- Reea
- PerMicro
- Compass Rent
- Privredna Bank
- Flowe (Banca Mediolanum)
- Prestitalia (Gruppo Intesa)

Results at 30 September 2020 12 November 2020

CIM: 9M YTD 2020*

Innolva Group benefited from a different business mix related to the extraordinary increase in demand for Loan Guaranty fund requests. For the latter business, the number of banks served has more than doubled, exceeding 150 banks.
On 7 October the merger by incorporation of Promozioni Servizi S.p.A. into Innolva S.p.A. was approved, which will be retroactively effective from 1 January 2020.
The restrictions on movement within Italy have led to a temporary contraction in the demand for real estate information and real estate estimation services.

FBS Next: a new partnership for Non-Performing Exposures

28 October FBS Next S.p.A. partnership announced:
- o Tinexta invested circa €2 million for a 30% stake
- o Founded and controlled by the Strocchi family via Sun Up Holding; the Strocchi family has worked in NPLs for over 22 years

Objective: develop an integrated offer of selective and opportunistic management "tailor made" and purchase of NPE
Covid plus capital and balance sheet logic (calendar provisioning and the new definitions of default) are driving significant changes in the business
FBS Next is already working to develop an offer, thanks to synergies with: o the ~200 small medium-to-small bank customers of the Tinexta Group
- o the provision and processing of data information by ReValuta and Innolva.

Impaired credits will show a marked increase in 2020 to almost €400 bn gross, with a forecast of a further increase for 2021

IMS: 9M YTD 2020*

9M Results: in line with those of 2019
Q3 continued the trend already in evidence in Q2 with strong results:
- o Revenues: +15.7%, EBITDA: +48.4%
The Innovation Business continues to be the main driver of growth, as the Internationalization consulting business continues to be impacted by Covid

EuroQuality: French beachhead for Warrant Hub

➢ 11 November Warrant Hub perfected the acquisition of:

Euroquality SAS ("Euroquality"), based in Paris, and
Europroject OOD ("Europroject"), based in Sofia (Bulgaria).
➢ Consultancy companies specialized in supporting their customers in accessing to the European funds for innovation.
➢ Objective: geographical expansion, giving priority to countries such as France, which has a similar entrepreneurial fabric and legislative framework to Italy's
➢ 2019 Pro Forma Results: Combined revenues €1.9 m, EBITDA ~€0.4 m
➢ Consideration: €2m for 100% of Euroquality, w/2020 results price adjustment, plus €0.4m for 100% of Europroject
➢ Considerations will be subject to further adjustment following the calculation of the Net Financial Position (60 days after the Closing)

EuroQuality and Europroject represent an opportunity to leverage on Warrant Hub's successful business model

Agenda

I.	9M YTD 2020 Group Results Highlights	2
II.	Business Unit Performance	9
III.	Balance Sheet Analysis	17
IV.	Outlook	21

9M 2020 YTD Results

Principal Balance Sheet Highlights at 30 September 2020 (€ million):

The change in net invested capital is determined by significant reductions:

in net working capital (€ 17.8 m at 31/12 vs. € 9.8 m at 30/09), and
in non-current net assets (€ 4.4 m at 31/12 and €6.4 m at 30/09)

The increase in the SE is driven by:

Total Profit (€25.7 m YTD and €35.2 m LTM)
partially offset by dividends to minorities (€2.2 m) and Share Buy-Back (€10.0 m)

NFI decreased €35.7m or 27.7% due to:

Free cash flow (€ 52.6 m)
offset by Share Buy-Back (€ 10.0 m) and by Other € 6.8 m , including Subsidiary dividends paid to minorities., Privacy Lab acquisition No dividends have been distributed by Tinexta S.p.A. during the current year

Net Financial Indebtedness Tinexta Group – Historic development

Tinexta is well positioned to assume the debt related to M&A activities

Development of Net Financial Indebtedness

III. Balance Sheet Analysis

Agenda

I.	9M YTD 2020 Group Results Highlights	2
II.	Business Unit Performance	9
III.	Balance Sheet Analysis	17
IV.	Outlook	21

Outlook

Conclusions In consideration of the results of the first nine months, as well as the performance of the first weeks of the current quarter, it is reasonable to estimate that in 2020 the Group will achieve:

Revenues: over €260 million (previously: over €250 million);
EBITDA close to €80 million (previously: €72 million).

Eventual effects of this revision to the Business Plan will be communicated after year-end 2020.

Appendix

Tinexta: 3rd Q Adjusted Income Statement by BU

E-MARKET SDIR
CERTIFIED

		EBITDA % 3Q	3Q	EBITDA % 3Q	∆	∆ %
(€ m)	3Q					Total	Organic	Peri meter
Revenues
Digital Trust	27.5		25.1		2.5	9.9%	9.9%	0.0%
Credit Information & Management	20.5		14.8		5.7	38.7%	38.7%	0.0%
Innovation & Marketing Services	17.0		14.7		2.3	15.7%	12.9%	2.8%
Other / Parent Company	0.0		0.0		0.0	n.a.	n.a.	n.a.
Total Adjusted Revenues	65.1		54.6		10.5	19.2%	18.5%	0.7%
EBITDA
Digital Trust	8.0	29.2%	7.7	30.8%	0.3	4.2%	4.2%	0.0%
Credit Information & Management	7.4	36.2%	3.1	21.2%	4.3	136.4%	136.4%	0.0%
Innovation & Marketing Services	8.6	50.8%	5.8	39.6%	2.8	48.4%	43.2%	5.3%
Other / Parent Company	-2.1	n.a.	-1.8	n.a.	-0.3	-15.9%	-15.9%	0.0%
Total Adjusted EBITDA	22.0	33.9%	14.9	27.3%	7.1	48.0%	45.9%	2.1%