Tinexta — Investor Presentation 2021

Nov 30, 2021

November/December 2021

Agenda

Company Overview

2020 Results + 9M'21Results

2021 – 2023 Plan

Appendix

¹ Tinexta's Top Management

PIER ANDREA CHEVALLARD General Manager & Chief Executive Officer

• Former CEO of Tecno Holding
• General Secretary of the Milan Chamber of Commerce
• Director of Promos (Specialized structure of the Milan Chamber of Commerce to promote international commerce)
• Managing Director of Parcam
• Member of the Board of Directors of Fiera Milano
• Degree in Political Science from the University of Turin

ODDONE POZZI Group Chief Financial Officer

• Group Chief Financial Officer and Board Member Mondadori Group
• Co-CEO Giochi Preziosi
• Chief Financial Officer Ventaglio Group
• Chief of Administration, Control & Services Enel Business Area Gas
• Degree in Economics & Commerce from Bocconi University

JOSEF MASTRAGOSTINO Chief Investor Relations Officer

• Head of Investor Relations Gamenet
• IGT (Director Investor Relations)
• TREVI Group (Investor Relations Manager)
• Lottomatica (Investor Relations)
• BBA from City University of New York, MS from LUISS University, MBA from Cornell University, and Value Investing Columbia Business School, Columbia University in New York

Tinexta's History & Evolution

1

Tinexta has successfully grown into one of the largest qualified operators in the Financial Services sector in Italy

Tinexta's Business

Key metrics (FY'20) – 2021 Guidance
	Revenues €269.1M €370M	EBITDA €77.9M €96M	Net Profit €37.9M		NFP/EBITDA 1.2x c.2x		Dividend €0.26 per share or 31.8% of Net Profit	Employees 2,153
	Digital Trust		Cyber Security		Credit Information & Management		Innovation &	Marketing Services
Refers to IT ▪ dematerialization applicable Products and ▪ electronic signature, the secure and financial	solutions for digital identity of processes according legislation services such as mail, electronic archiving, electronic invoicing, and solutions and simplified transmission of documents.	and the Strategic ▪ to the protection To create ▪ certified custom digital mitigation for digital legal and offer	infrastructure and a key of citizens and their "social the national cybersecurity and proprietary solutions and governance of risks sector, pursuing the evolution controls, as well as innovation	asset for the ▪ economy" hub, with for the related to the of platforms profiles.	Provides services and products to credit of businesses and individuals, package information on creditworthiness collection management, offer tools collection, analysis and evaluation, undertake real estate valuation.	assess the analyze and and for data as well as *	Through Co.Mark and Warrant Group, offers a ▪ consultancy platform to SMEs to support them in phases of manufacturing growth and expansion of commercial activities, including abroad.
		*
€124M Revenues	27% €34M EBITDA EBITDA Margin	€76M Revenues	13% EBITDA Margin	€10M EBITDA	29% €82M EBITDA Revenues Margin	€24M EBITDA	44% €90M EBITDA Revenues Margin	€40M EBITDA

Revenues and EBITDA data are provided as per the 2021-2023 Business Plan and do not include intra-sectoral intercompany.

*CertEurope closing completed in November 2021, Forvalue closing completed in July 2021

CAGRs: +23-31% p.a.

EBITDA

+12%

Business at a glance

legal and financial documents

• Provides IT solutions for digital identity and the dematerialization of processes according to the applicable legislation
• Enables companies to innovate customer interactions and business processes with Trust solutions.

Product/Services types:

• 1. Off-the-Shelf (OTS): primarily a domestic business
• 2. Enterprise Solutions: a rapidly expanding global marketplace

Business at a glance

• Created a unique player in the sector, being the National Hub of Cyber Security
• Offers Cyber Security services, beyond the digital identity's traditional offering
• 3 business acquired:
• 1. Yoroi
• 2. Swascan
• 3. Corvallis

▪ Strategic infrastructure and a key asset for the protection of citizens and their "social economy"

Key differentiating factors:

• Cyber Security Focus
• ▪To become the Italian Champion
• Proven Proprietary Asset-Based Services, widely recognized by the market
• Noticeable incident response (Can rely on significant Pen tester resources/environment)

▪ Industry Focus : Financial Services, Telcos, SMEs, Private & Public Sectors (potential expansion provided PNRR's implementation)

Credit Information & Management – Snapshot 1

Business at a glance

Credit Information & Management

Offers:

▪ Business Information

▪ Credit Management

▪ Real Estate

▪ BPO (Business Process Outsourcing)

Market & Growth trends

• Increased demand for data in Business Info given higher predictive value
• The Banking sector is dealing with possible new NPE management needs due to the defaults related to the pandemic
• Pick up in the demand for new mortgages is driving increased Real Estate services
• Extension of gov interventions on the guarantee of loans to businesses fosters business growth

Services and products:

• Assess the credit of businesses and individuals
• Information on creditworthiness and collection management
• Data collection & analysis
• Real Estate valuations

EBITDA 20-23 CAGR +7%

Innovation & Marketing Services – Snapshot

1

Business at a glance

Offers Consultancy Services to SMEs to support them in phases of: ▪ Manufacturing growth ▪ Expansion of commercial activities ▪ Government funds ▪ Internationalization Innovation & Marketing Services Main Brands ▪ Subsidized financing (regional, national and European) ▪ Business Finance, Internationalization ▪ Energy subsidies Consultancy and Services: ▪ The Budget Law 2021 in Italy 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 may also derive from the measures to support the economy already approved at European level (NGEU - Recovery Plan) ▪ Sustained demand to enter foreign markets given stagnant local demand ▪ Digital Marketing Services becoming of increased interest REVENUES 20-23 CAGR +13%* EBITDA 20-23 CAGR +14%* Market & Growth trends

• Temporary Export Specialists "TES®"
• Digital marketing

Revenues of Tinexta Group grew with a CAGR of 23.3% from 2014 to 2020, EBITDA grew with a CAGR of 38.4%

€ M

12.0

A history of track records set for continuous delivery

Stock Performance, Dividends Pay Out, and Stock Liquidity

• Stock Performance since 2016: +943%
• Pay Out Ratio* (Div./Net income): 32%
• Share Buy-Back Plan (2020): €10M

1

• Increasing Average Daily traded volumes and value:

•	2016:	33k shares	€0.13M
•	2017:	43k shares	€0.23M
•	2018:	62k shares	€0.40M
•	2019:	96k shares	€1.07M	26.9x
•	2020:	152k shares	€2.28M

	2021 Plan
• Revenues	CAGR 14-21E +25.2%
€370M	Y/Y21E +37.5%
• EBITDA	CAGR 14-21E +36.1%
€96M	Y/Y21E +23.2%
• NFP	c. 2x

Agenda

Company Overview

2020 Results + 9M'21Results

2021 – 2023 Plan

Appendix

The Group's 2020 performance reflects some distinctive elements

The resilience of all business areas, in a complex macroeconomic context

The ability to identify business opportunities and quickly obtain solutions for customers

The continuous growth of revenues and EBITDA combined with an acceleration of the generation of operating cash

Maintaining leading positions in the "Digital Trust" and "Innovation Consulting" areas, as well as growth in the "Credit Information" area

The Results at YE 2020 show revenues of 269.1 million euros and an EBITDA of 77.9 million euros

• The Final Results 2020 are in line with the Guidance communicated to the market after the approval of the quarterly results for September
• EBITDA before stock options amounted to 78.8 million, up from 74.9 in 2019
• Adjusted EBITDA is equal to 81.2 million
• The EBITDA Margin is equal to 28.9%, up compared to 27.6% in 2019
• The adjusted net profit amounted to 40.6 million, an increase compared to 38.3 in 2019

Results 2020 - BU - Not Adjusted Results 2

2020: • - 14.7 M for the acquisition of Swascan (of which PUT 10.4 M) • - 3.4 M for the participation in Euroquality / Europroject • - 5.2 M for the acquisition of Authada and FBS Next investments • + 12 M for the divestment of the LuxTrust shareholding • - 10 million purchase of treasury shares to service the stock option plan NFP FREE CASH FLOW 129.1 91.9 2019 2020 41.7 66.7 2019 2020

Working Capital Improvement

€ M

• 9M'21 registered relentless progress:

• Revenues at € 261.6M in 9M'21 (+ 38.5% vs PY, + 7.6% on a 2020 base);
• EBITDA Adjusted¹ at € 63.3M in 9M'21 (+ 11.2% vs PY, 3.3% on a 2020 base), EBITDA² at € 59.6M in 9M'21 (+ 7.3% vs PY, 5.9% on a 2020 base);
• EBITDA Adjusted¹ margin 24.2% (27.1% on a 2020 base); EBITDA² margin 22.8% (25.7% on a 2020 base);
• EBIT at € 38.4M (+ 3.8% vs PY, 9.4% on a 2020 base) EBIT Margin: 14.7% (16.5% on a 2020 base);
• Net Income € 28.1M (+ 7.1% vs PY, 3.1% on a 2020 base);
• Cash Flow: € 44.3M in 9M'21; growing on a LTM base to € 58.4M;
• NFP improves vs 1H'21 and stands at € 191.6M & Leverage³ of 2.2x;
• Operating Cash Flow⁴ € 70.1M in 9M'21 vs 67.9M in PY.
• All business lines continue to grow in 9M'21:
• Digital Trust, grows 12.3% in Revenues with EBITDA¹ growing 10.1%. EBITDA¹ margin 26.0%
• Cyber Security, revenues reached € 51.5M and EBITDA¹ margin 11.3%
• Credit Information and Management, increases 2% in Revenues with EBITDA¹ decreasing 7.1%. EBITDA¹ margin 28.7%
• Innovation and Marketing Services, posted a + 20.7% in Revenues with EBITDA¹ rising 5.9%. EBITDA¹ margin 40.8%

• Recent Updates:

• 1. Bregal Milestone selected as a strategic partner to accelerate the international development:
• € 100 million investment for 16% of InfoCert Group. The agreed consideration corresponds to an InfoCert valuation equal to a pre-money Enterprise Value of € 501 million, calculated based on a multiple of 20x Adjusted EBITDA LTM of InfoCert and its subsidiaries (pro-rata) plus Adjusted NFP, as accounted for in June 2021.
• The aim is to establish a leading operator in the Digital Trust space at European level
• 2. Completed the acquisition of the 60% share capital of CertEurope S.A.S.:
• Signing completed on October 26th and Closing on November 3rd 2021

Memo: In order to allow as complete an analysis as possible, 9M'21 results are compared both at constant 2020 perimeter, as well as on a 2021 perimeter (which includes all of TINEXTA's companies with the addition of the newly acquired ones).

(1) EBITDA Adjusted (Excludes Stock Options & Other non-recurring items)

(2) EBITDA Reported

• (3) Calculated as NFP/LTM EBITDA Adjusted
• (4) Operating Cash Flow before Income taxes paid

9M'21 Revenues, EBITDA and Net Profit Evolution 2

The 9M 2021 results show revenues of 261.6 million euros, an EBITDA Adjusted of 63.3 million euros and a Net Profit of 28.1 million euros. EBITDA Reported is 59.6 million euros

• 9M'21 results show a growth both in Revenues (c. +38%) and in EBITDA Adjusted (c. +11%);
• EBITDA Adjusted amounted to 63.3 million euros, up from 56.9 in 9M 2020;
• EBITDA is equal to 59.6 million euros;
• The EBITDA Adjusted Margin is equal to 24.2%, 27.1% on a 2020 base;
• Net Profit margin is at 10.8%.

Business Units Deep Dive – Overview 9M'21

2

9M'21 Financial Results – NFP & FCF

23 *Mainly due to higher taxes paid in the period relating to PY

2

Agenda

Company Overview

2020 Results + 9M'21Results

2021 – 2023 Plan

• 2021 – 2023 Plan

• 2021 – 2023 Plan + M&A

Appendix

2021 – 2023 Plan: Organic Growth 3

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

* The 2021 - 2023 Plan is based on various assumptions, expectations, projections and forward-looking data of Management relating to future events and are subject to multiple uncertainties and other factors beyond the control of Tinexta Group. There are a number of factors that may cause results and trends to differ materially from those expressed or implied in the forward-looking information and, accordingly, such information is not a reliable guarantee of future performance.

2021 – 2023 BU Plan: Organic Growth 3

2021 – 2023 BU Plan: Organic Growth 3

Organic 2020 Acquisitions 2021

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

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

CREDIT INNOVATION & MANAGEMENT: The Three-Year Plan on an organic basis provides for revenue growth of around 6% and EBITDA growth of around 7%

INNOVATION & MARKETING SERVICES: The Three-Year Plan on an organic base 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%

2021 – 2023 Plan: Organic growth + Acquisitions 3

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

* The 2021 - 2023 Plan is based on various assumptions, expectations, projections and forward-looking data of Management relating to future events and are subject to multiple uncertainties and other factors beyond the control of Tinexta Group. There are a number of factors that may cause results and trends to differ materially from those expressed or implied in the forward-looking information and, accordingly, such information is not a reliable guarantee of future performance.

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 1x

* The 2021 - 2023 Plan is based on various assumptions, expectations, projections and forward-looking data of Management relating to future events and are subject to multiple uncertainties and other factors beyond the control of Tinexta Group. There are a number of factorsthat may cause results and trends to differ materially from those expressed or implied in the forward-looking information and, accordingly, such information is not a reliable guarantee of future performance.

2021 – 2023 Plan: Strategic Guidelines 3

The Board of Directors of 23 February 2021 approved the strategic guidelines and objectives of the three-year Plan for the period 2021-2023

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

Keep pursuing the improvement of operational efficiency, which together with the strengthening of higher value-added services, will allow to increase the Group's EBITDA Margin

Maintaining a strong focus on the generation of operating cash aimed at deleverage by enabling further investments to enlarge the perimeter. The M&A strategy will continue to have two lines of growth: internationalization and expansion of the offer with new services/products

Agenda

Company Overview

2020 Results + 9M'21 Results

2021 – 2023 Plan

- 2021 – 2023 Plan

• 2021 – 2023 Plan + M&A

2021 – 2023 Plan: M&A Guidelines 3

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:

• 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 since 2013, with a total expenditure of c. € 300M

In the last months of 2020 and in 2021, the group completed a series of deals creating the "Cybersecurity" BU, enriching the BU's offering and expanding internationally

				2020			2021
Azienda	BU	%	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul
Authada	DT	16.7
FBS Next	CIM	30
Swascan	CS	51
Euroquality	IMS	100
Europroject	IMS	100
Yoroi	CS	60
Corvallis	CS	70
Queryo	IMS	60
ISFV	CIM	100
MoU Leonardo	CS/DT	-
FCL	IMS	100
CertEurope	DT	60

M&A – Intesa Sanpaolo For Value (June 21st 2021) 3

Corporate Structure of the deal:

Corporate Structure after closing:

Credit Information & Management

• ➢ Cashless transaction with equity exchange at the segment level (Innolva part of Credit Information & Management)
• ➢ The transaction sees Intesa Sanpaolo transfer 100% of its shares in Intesa Sanpaolo Forvalue to Innolva S.p.A., a subsidiary of Tinexta, with the subscription of newly issued shares deriving from a reserved share capital increase.

➢ Equity Value of 25% of Innolva @€55M

• ➢ Put & call options on the 25% share capital held by Intesa Sanpaolo in Innolva S.p.A., subject to the termination of the partnership and/or certain results with respect to plan targets, and exercisable in a two-year period 2025-2026.
• ➢ Earn-out up to an additional 5% in the event that certain planned objectives are exceeded, ratified with the approval of Forvalue's 2025 financial statements.
• ➢ The transaction aims to establish a single, integrated domestic group for higher value-added services to SMEs and it's intended to strengthen the leadership of Tinexta S.p.A. as the leading operator in the sector.
• ➢ In the final year of the plan (2025), the transaction is expected to lead to additional revenues between EUR 55 and 60 million and to an expected combined margin consistent with that of the various Business Units.
• ➢ Closing successfully completed July 21st 2021

MoU – Tinexta and Leonardo to support the digitization of national industrial processes with CS and DT (July 1 st 2021) 3

Protect the Italian manufacturing sector from cyber threats, and in particular the sectors which have proved most vulnerable to attacks in the last year:

• manufacturing companies;
• financial services companies;
• the textile and fashion sector;
• utilities.

Cyber Security Digital Trust

• ➢ The partnership between Leonardo¹ and Tinexta aims to provide the market with effective and comprehensive responses to reduce the risk of cyber-attacks in the context of the digital transformation of public and private organizations.
• ➢ The agreement provides for the pooling of the Tinexta Cyber Business Unit's solutions with the activities and expertise of Leonardo's center of excellence for cyber security and the Global Security Operation Centre in Chieti. Leonardo and Tinexta will integrate their respective vertical technology components in the areas of Internet of Things (IOT), Operational Technology (OT), Digital Trust, distributed digital identity based on BlockChain, Digital Onboarding and remote recognition, into complete solutions for the monitoring of critical national infrastructures. It will thus be possible to ensure the legal value of transactions in all processes involving the use of such technologies and entire processes may be enabled in a natively digital mode, guaranteed by InfoCert.

(1) Leonardo, a global high-technology company, is among the top world players in Aerospace, Defence and Security and Italy's main industrial company. Organized into five business divisions, Leonardo has a significant industrial presence in Italy, the United Kingdom, Poland and the USA, where it also operates through subsidiaries that include Leonardo DRS (defense electronics), and joint ventures and partnerships: ATR, MBDA, Telespazio, Thales Alenia Space and Avio. Leonardo competes in the most important international markets by leveraging its areas of technological and product leadership (Helicopters, Aircraft, Aerostructures, Electronics, Cyber Security and Space).

M&A – 100% of Financial Consulting Lab and Financial CLab (July 16th 2021) 3

Innovation & Marketing Services

• ➢ Enterprise Value for 100% of the capital: €4.5M
• ➢ Both companies are in Brescia, Italy
• ➢ Strong commercial presence in the regions of Lombardia and Veneto
• ➢ Services are mostly targeted to SMEs and will strengthen Warrant Hub's penetration in these two highly strategic regions

100% FINANCIAL CLAB S.R.L.

• Financial Consulting Lab has a proven track record and expertise in the management of chamber and regional tenders for small businesses in the field of subsidized Finance.
• Financial CLab specializes in offering innovative digital tools for businesses that want to independently and autonomously access public funds.

M&A – Majority stake (60%) in CertEurope (July 21st 2021) 3

Digital Trust

• ➢ Enterprise Value for 100% of the capital: €66.7M
• ➢ CertEurope 2020: Revenues €14.1M and proforma¹ EBITDA €5.2M (37% margin)
• ➢ To acquire 60% stake equal to €43.8M (includes €3.8M Earn-out relative to 2021 and 2022 performances)
• ➢ No indebtedness expected at closing. Option rights on the minority interests are exercisable by 2023 via Put/Call² agreements
• ➢ Put/Call options of the minority interest are valued at €28.4M (discounted value)
• ➢ Total Investment: €72.2M
• ➢ The 60% stake will be funded by existing cash
• ➢ Enterprise Value/proforma 2020 EBITDA @12-13x
• ➢ Options rights on the minority shares in 2023 @12-13x EV/2022 EBITDA expected
• ➢ The conclusion of a final agreement will occur after the seller has conducted the information-consultation process of the workers' council
• ➢ Closing completed on the 3 rd November 2021
• (1) The perimeter of the transaction refers to the legal entity CertEurope S.A.S. after a carve out and carve in process that will be completed before the closing. More specifically, with the carve out some assets and 13 Human Resources will be transferred, while after the carve in 24 Human Resources will join CertEurope.
• (2) This option, although classified as debt under IFRS/IAS, does not entail any financial expense prior to its exercise, which may not occur until 2023.

• Tinexta, via InfoCert, enters the French Market (2 nd largest maket in EU)

• Extremely well-known brand in France (Paris) • Leading market share (40%) in eIDAS certificates • Holds full authorizations + accreditations for the issuance of all certificates of the French market in compliance with the technical requirements of the French National Agency for the security of the

• Solid business/commercial relationships with important trade associations (lawyers and notaries) as well as large retail resellers of digital

information systems (ANSSI)

services

• InfoCert allowed to expand and sell its solutions in France provides a strong catalyst for growth
• Total Digital Trust market in France: €150M*, expected 23%* annual growth reaching €500M* by 2025
• The acquired company is the 3 rd player in France (c.10% market share)

Bregal Milestone as partner to accelerate international development (October 27th 2021) 3

Corporate Structure of the deal:

Corporate Structure after closing:

* The agreements also forsee the possibility for Bregal Milestone to further increase this stake up to a maximum percentage of InfoCert's capital of 19,95% with a total investment of € 130 million.

Digital Trust

• ➢ The transaction provides for an investment by Bregal Milestone of € 100 million (of which € 70 million at closing and € 30 million within the following 12 months) for the subscription of a dedicated capital increase up to a total share equal to 16.09% of InfoCert's share capital. The agreements also foresee the possibility for Bregal Milestone to further increase this participation – always within the following 12 months from the closing – up to a maximum of 19.95% of InfoCert's capital, with a total investment of € 130 million.
• ➢ The agreed consideration corresponds to an InfoCert valuation equal to a premoney Enterprise Value of € 501 million, calculated on the basis of a multiple of 20x Adjusted EBITDA LTM of InfoCert and its subsidiaries (pro-rata) plus Adjusted NFP, as recorded for in June 2021.
• ➢ The transaction is subject to the usual closing conditions, including the obtaining of Bregal Milestone's Golden Power authorization and the adoption of the resolution for the reserved capital increase and the approval of the new Articles of Association. The entry of Bregal Milestone in InfoCert's capital is also subject to the closing of the acquisition of CertEurope, completed on the 3 rd November 2021.
• ➢ The agreements do not provide for Put options in favour of Bregal Milestone, but they regulate possible forms of exit for the fund, which in any case may not be commenced before the third year from the closing and which also include capital market transactions, as well as the repurchase of the shareholding by Tinexta.

Bregal Milestone is a leading European technology growth capital firm managing more than € 1.1 billion dedicated to investments in high-growth technology companies. The firm provides growth capital and strategic assistance to support market-leading companies in the technology and technology-enabled services sectors. Bregal Milestone is part of Bregal Investments, a leading global investment firm that has invested over € 15 billion since 2002 and currently has assets under management of over € 12 billion.

2021 – 2023 Plan: Growth with potential M&A 3

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.

* The 2021 - 2023 Plan is based on various assumptions, expectations, projections and forward-looking data of Management relating to future events and are subject to multiple uncertainties and other factors beyond the control of Tinexta Group. There are a number of factorsthat may cause results and trends to differ materially from those expressed or implied in the forward-looking information and, accordingly, such information is not a reliable guarantee of future performance.

Agenda

Company Overview

2020 Results + 9M'21Results

2021 – 2023 Plan

Appendix

9M'21 Financial Results – Income Statement

					Perimeter 2021		Perimeter 2020
	9M 2021	%	9M 2020	%	9M 2021 on 2020	%	Δ	Δ%	Δ	Δ%
Revenues	261.6	100.0%	188.8	100.0%	203.3	100.0%	72.7	38.5%	14.4	7.6%
Total Operating Costs	198.2	75.8%	131.9	69.8%	148.2	72.9%	66.3	50.3%	16.3	12.4%
Service & Other Costs	97.2	37.2%	71.4	37.8%	80.9	39.8%	25.8	36.1%	9.5	13.3%
Personnel Costs	101.0	38.6%	60.5	32.0%	67.3	33.1%	40.6	67.1%	6.8	11.3%
EBITDA Adjusted	63.3	24.2%	56.9	30.2%	55.1	27.1%	6.4	11.2%	-1.9	-3.3%
Stock Option & Other non recurring items	3.7	1.4%	1.4	0.8%	2.8	1.4%	2.3	171.9%	1.4	106.0%
EBITDA	59.6	22.8%	55.6	29.4%	52.3	25.7%	4.0	7.3%	-3.3	-5.9%
Depreciation, amortisation, provisions and impairment	21.2	8.1%	18.6	9.8%	18.8	9.2%	2.6	14.2%	0.2	1.0%
Operating Profit	38.4	14.7%	37.0	19.6%	33.5	16.5%	1.4	3.8%	-3.5	-9.4%
Financial Income	0.1	0.0%	1.3	0.7%	0.5	0.2%	-1.2	-90.7%	-0.9	-65.7%
Financial Charges	3.0	1.1%	2.1	1.1%	2.6	1.3%	0.9	42.8%	0.5	25.1%
Net financial Charges	2.9	1.1%	0.8	0.4%	2.2	1.1%	2.1	278.0%	1.4	184.9%
Profit of equity-accounted investments	-0.2	-0.1%	0.1	0.0%	-0.2	-0.1%	-0.3	-371.6%	-0.3	-306.7%
Profit Before Taxes	35.3	13.5%	36.3	19.2%	31.1	15.3%	-1.0	-2.8%	-5.2	-14.2%
Income Taxes	7.2	2.7%	10.1	5.3%	5.7	2.8%	-2.9	-28.9%	-4.4	-43.3%
Net Profit	28.1	10.8%	26.3	13.9%	25.4	12.5%	1.9	7.1%	-0.8	-3.1%

9M'21 Financial Results – Balance Sheet

4

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 Company 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.

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