Tinexta — Investor Presentation 2020

Aug 5, 2020

Agenda

I.	H1 2020 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	14
IV.	Outlook	18

Summary comments

• The resilience of the business combined with the prompt responsiveness of the management generated positive results in the second quarter
• All the BU contributed to the solid performance
  • Digital Trust is back to generating solid revenue and margin growth
  • CIM demonstrated excellent time to market response by reacting quickly to client demand for government guarantees for funding
  • IMS also demonstrated solid capacity to identify opportunities and respond to client needs
• Free Cash Flow of €28.9m continues to grow (€23.8m in H1'19, (+21.8%))
• Net financial indebtedness: €114.6 m (vs. YE'19 €129.1m and €140.2m @30/6/19), which includes €9m from Buy-back.

Tinexta: 2020 H1 Highlights

Income Statement	First Half	First Half	∆	∆%
(€m)	2020	2019
Revenues	123.8	126.6	-2.8	-2.2%
EBITDA pre-Stock Options	34.5	35.7	-1.2	-3.4%
EBITDA	34.4	32.4	2.0	6.3%
EBIT	21.7	21.4	0.3	1.4%
Net Income	16.0	14.0	2.0	14.1%
Net Income adjusted	16.7	19.1	-2.4	-12.7%
Free Cash Flow	28.9	23.8	5.2	21.8%
Balance Sheet Highlights (€m)	At 30/6/2020	At 30/6/2019	∆	∆%
Shareholders' Equity	153.5	149.4	4.1	2.7%
Net Financial Indebtedness	114.6	129.1	-14.5	-11.3%

Consolidated Income Statement (in millions of Euro)	1st Half 2020	%	1st Half 2019	%	Change	Change %
Revenues	123.8	100.0%	126.6	100.0%	-2.8	-2.2%
Total Operating Costs1	89.4	72.2%	90.9	71.8%	-1.6	-1.7%
Costs of raw materials	4.5	3.6%	3.4	2.7%	1.1	32.2%
Service costs	39.9	32.2%	40.7	32.2%	-0.8	-2.0%
Personnel costs*	40.2	32.5%	41.3	32.6%	-1.1	-2.7%
Contract costs	3.8	3.1%	4.2	3.3%	-0.4	-8.6%
Other operating costs	0.9	0.7%	1.3	1.0%	-0.4	-29.2%
EBITDA before Stock Options	34.5	27.8%	35.7	28.2%	-1.2	-3.4%
Stock Option Cost *	0.04	0.0%	3.29	2.6%	-3.26	-98.8%
EBITDA	34.4	27.8%	32.4	25.6%	2.0	6.3%
Depreciation, amortisation, provisions and impairment	12.8	10.3%	11.0	8.7%	1.7	15.8%
Operating Profit	21.7	17.5%	21.4	16.9%	0.3	1.4%
Financial income	1.0	0.8%	0.2	0.2%	0.7	321.5%
Financial charges	1.4	1.1%	1.5	1.2%	-0.1	-8.3%
Net Financial Charges	0.4	0.3%	1.3	1.0%	-0.8	-66.9%
Profit of equity-accounted investments2	0.1	0.1%	0.0	0.0%	0.1	521.2%
Profit before tax	21.3	17.2%	20.1	15.9%	1.2	6.1%
Income taxes	5.3	4.3%	6.1	4.8%	-0.7	-12.3%
Net Profit	16.0	12.9%	14.0	11.1%	2.0	14.1%

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

²The associated company Lux Trust S.A. recorded a loss in the period based on Luxembourg GAAP local accounting standards. As of the date of preparation of the half-year report, there was no information on the period of the associated company drawn up in compliance with the IFRS principles adopted by the Group. Furthermore, this item has no material relevance.

Tinexta: 2020 Q2 Highlights

Income Statement	Q2 2020	Q2 2019	∆	∆%
(€m)
Revenues	68.9	66.9	2.0	3.1%
EBITDA pre-Stock Options	23.5	20.6	2.9	14.3%
EBITDA	23.5	17.9	5.6	31.1%
EBIT	17.0	12.2	4.8	39.3%
Net Income	13.1	8.2	4.9	60.2%
Net Income adjusted	12.8	11.6	1.2	10.1%
Free Cash Flow	8.8	5.8	3.0	51.2%

Agenda

I.	H1 2020 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	14
IV.	Outlook	18

Tinexta: 2020 H1 & Q2 Summary Adjusted Income* by BU

	First Half	EBITDA % First Half		EBITDA %	∆	∆ %
Summary Income Statement by BU	2020	2020	2019	2019		Total	Organic	Perimeter
Revenues
Digital Trust	55.0		51.7		3.3	6.3%	6.3%	0.0%
Credit Information &	35.0		37.9		-2.9	-7.6%	-7.6%	0.0%
Management
Innovation & Marketing Services	33.7		36.9		-3.3	-8.8%	-10.5%	1.7%
Other Sectors (Parent Company)	0.0		0		0	n.a.	n.a.	n.a.
Total Revenues	123.7		126.6		-2.8	-2.2%	-2.7%	0.5%
EBITDA
Digital Trust	14.0	25.4%	13.4	25.8%	0.6	4.5%	4.5%	0.0%
Credit Information &	10.2	29.0%	9.5	25.1%	0.6	6.6%	6.6%	0.0%
Management
Innovation & Marketing Services	15.0	44.4%	17.4	47.1%	-2.4	-14.0%	-16.2%	2.2%
Altri settori (Capogruppo)	-4.2	n.a.	-3.6	n.a.	-0.6	-15.5%	-15.5%	0.0%
Total EBITDA	34.9	28.2%	36.7	29.0%	-1.8	-4.8%	-5.8%	1.0%
Summary Income Statement by BU	Q2 2020	EBITDA %	Q2 2019	EBITDA %	∆	∆ %
		Q2 2020		Q2 2019		Total	Organic	Perimeter
Revenues
Digital Trust	29.1		26.6		2.5	9.6%	9.6%	0.0%
Credit Information &
Management	18.1		18.5		-0.5	-2.7%	-2.7%	0.0%
Innovation & Marketing Services	21.7		21.8		-0.1	-0.3%	-2.2%	1.9%
Other Sectors (Parent Company)	0.0		0		0	n.a.	n.a.	n.a.
Total Revenues	68.8		66.9		2.0	3.0%	2.3%	0.6%
EBITDA
Digital Trust	8.0	27.6%	7.4	27.8%	0.7	9.1%	9.1%	0.0%
Credit Information &
Management	6.6	36.4%	4.2	22.9%	2.3	55.0%	55.0%	0.0%
								2.7%
Innovation & Marketing Services	11.6	53.3%	11.5	52.6%	0.1	0.9%	-1.8%
Altri settori (Capogruppo)	-2.3	n.a.	-1.9	n.a.	-0.3	-18.0%	-18.0%	0.0%
Total EBITDA	23.9	34.7%	21.1	31.6%	2.8	13.0%	11.6%	1.4%

* Adjusted economic results are calculated gross of non-recurring items, the cost relating to stock option plans, the amortization of other intangible assets that emerged when allocating the price paid in the business combinations and the adjustment of the liabilities for potential considerations. related to acquisitions, net of related tax effects. These indicators reflect the economic performance of the Group, adjusted for non-recurring factors and not strictly correlated to the activity and management of the "core business", thus allowing an analysis of the Group's performance in a more homogeneous way in the periods represented.

First Half 2020 Results 5 August 2020

H1

Q2

Digital Trust: 1 st Half 2020*

• Digital Trust performed solidly in First Half 2020
• Off the shelf products (Digital Products) grew 4.7%, while Digital Solutions grew 23.3%
• Revenues picked up speed in Q2 as they grew 9.6% while EBITDA grew 9.1%
  • − The slight difference in growth rate is attributable to the more rapid growth of Digital Solutions that have, in their initial phases, a slightly lower marginality with respect to Digital Products ("Off the Shelf")

* These results exclude non-recurring items

DT: the growth continues

Trusted Onboarding Platform (TOP) Patented solution for identifying clients and signing the contract

• 101 clients, 13 outside Italy
• Transactions: +44% vs H1'19
• New clients:
  • Banca Privata Leasing
  • Borica
  • Cassa Lombarda
  • Emil BCC
  • Landesbank
  • MPS Fiduciaria
  • NYM
  • Cassa Rurale e Artigiana
  • Camerfirma Colombia
  • TXT Working Capitale Sol
  • Istituto Credito Sportivo
  • Erste Croatia

GoSign: marches on

The digital solution for qualified signature

CIM: 1 st Half 2020*

• Results were affected by lower utilization in H1 by Financial and Corporate customers, which led to a temporary reduction in the demand for business information and credit recovery services.
• Following the Ministerial Decrees issued, management reacted quickly in time-to market to satisfy the significant increase in demand for consultancy to aid PMI obtain guarantees from the Government Guarantee Fund
  • This service has a higher marginality with respect to traditional Credit Information and, as a consequence, contributed to the 55% increase in EBITDA

* These results exclude non-recurring items

IMS: H1 2020*

• H1 results for IMS include the results of Privacy Lab Srl which contributed 1.7% to sales and 2.2% to EBITDA (1.9% and 2.7%, respectively, in Q2); to be noted as well the abnormal revenues and margin in Q1 2019, which render direct comparisons less meaningful.
• While the restrictive measures put in place by the Italian government in H1 led to greater difficulty in the provision of consultancy services, the sector's operating structures reacted quickly by utilizing the new anti-crisis governmental initiatives to develop innovative services and products in response to customer needs.
• Indeed, Q2 data show the ability to quickly adapt the offer and the results of revenues and EBITDA are in line with those of last year.

* These results exclude non-recurring items

IMS: business resilience

• As demonstrated in the above graph the activity related to Tax Credits for R&D continued in Q1 and remained at a high level in Q2
• The backlog of applications to be processed is significant:
  • − Total R&D applications already in hand and to be processed: 3,300
  • − Applications for Hyper-Depreciation/Industry 4.0 to be processed: 650
• − Other Subsidized finance: amounts offered both by national and by regional bodies has doubled in 2020 from 2019 levels; one area of high focus: eco bonuses (also being promoted by the EU)

Agenda

I.	H1 2020 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	14
IV.	Outlook	18

2020 H1 Results

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

The change in net invested capital was affected by the dynamics of working capital in which receivables decreased more than proportionally with respect to payables. The provisional goodwill (€2.0 million) for the consolidation of the Privacy Lab was written as of 1 January 2020

The change in the SE is attributable to Net Profit partially offset by the distribution of €2.2 million in dividends to minorities and the launch of the Treasury share Buy-Back program approved by the AGM of last 28 April

The NFI decreased by 11.3% mainly due to the generation of liquidity linked to Free cash flow (€28.9 Mln) partially offset by the purchase of Treasury Shares for €9 million. Net of the latter the NFI would have been € 105.6 million. In H1, no dividend was distributed by Tinexta S.p.A.

31/12/2019 30/06/2020

16

Analysis of Net Financial Indebtedness

CONSOLIDATO TINEXTA 2020 30-giu-20

A. DEBITO BANCARIO A MLT(117,3) Debito bancario MLT nominale(119,8)Costo ammortizzato finanziamenti 2,6B. ALTRI DEBITI FINANZIARI(40,1)Debiti Bancari correnti (anticipazioni C/C, carte di credito)(0,3)da acquisizioni (Vendor Loan, Earn Out e Put) (22,9)per acquisto beni in leasing (IFRS 16)(13,2)Altri debiti finanziari (3,7) C. TOTALE DEBITI FINANZIARI (157,4)

D. CASSA E ALTRE DISPONIBILITA' LIQUIDE 36,2

E. CREDITI FINANZIARI 6,6 Polizza assicurativa di capitalizzazione (Visura)2,0Deposito a garanzia (Escrow Agreement Luxtrust) 4,0Altri crediti finanziari 0,6F. ASSET FIANZIARI 42,8G. PFN FINANZIARIA NETTA (114,6)

TINEXTA CONSOLIDATED NET
(€ M) FINANCIAL POSITION	30 Jun 20 - -
A MLT BANK DEBT	(117 3)
Nominal Bank Debt MLT	(119 8)
Amortized of financings cost	2 6
B OTHER FINANCIAL DEBT	(40 1)
(advances Bank Debt Current ,	(0 3)
(Vendor Debt from acquisitions	(22 8)
Debt for acquiring via assets
leasing (IFRS 16)	(13 2)
Other financial debt	(3 9)
C TOTAL FINANCIAL DEBT	(157 4)
CASH & OTHER LIQUID D
ASSETS	36 2
OTHER FINANCIAL ASSETS E	6 6
F TOTAL FINANCIAL ASSETS	42 8
G FINANCIAL POSITION NET (NFP)	(114 6)

Maturity of Gross Financial Indebtedness* at 30 June 2020 (€m)

• Liabilities vs. Other Financial Institutions
• Liabilities for Leasing
• Liabilities for Deferred Payments
• Liabilities for Potential Compensation
• Liabilities for acquiring minorities
• Bank Financings

Development of Net Financial Indebtedness

III. Balance Sheet Analysis

Agenda

I.	H1 2020 Group Results Highlights	2
II.	Business Unit Performance	6
III.	Balance Sheet Analysis	14
IV.	Outlook	18

Outlook

• The positive performance of the Group in First Half 2020 highlighted the resilience of the business areas, as well as the ability of management to react promptly to the new scenario. This occurred both by speeding up the time to market of the offer of innovative products and services consistent with the needs of customers in the current context, and by acting promptly on costs and improving the generation of operating cash compared to First Half 2019.
• The Board, consequently, with regard to the 2020 expected results, confirmed the forecast of:
  • ➢ Revenues higher than €250 million;
  • ➢ EBITDA equal to €72 million with a slight improvement in the EBITDA margin compared to 2019.

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