Tinexta — Investor Presentation 2021

May 18, 2021

1 st TECH SECTOR DAY Company Presentation

19 May 2021

Agenda

Company Overview

2020 Results + 1Q'21Results

2021 – 2023 Plan

Appendix

¹ Tinexta's Top Management

PIER ANDREA CHEVALLARD General Manager & Chief Executive Officer

• 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 FCF €37.9M €66.7M		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 solutions for digital identity and the ▪ dematerialization of processes according to the applicable legislation Products and services such as certified ▪ electronic mail, electronic archiving, digital signature, electronic invoicing, and solutions for the secure and simplified transmission of legal and financial documents.		▪ To ▪ digital and	Strategic infrastructure and a key asset for the protection of citizens and their "social economy" create the national cybersecurity hub, with custom and proprietary solutions for the mitigation and governance of risks related to the sector, pursuing the evolution of platforms offer controls, as well as innovation profiles.			Provides services and products to assess the ▪ credit of businesses and individuals, analyze and package information on creditworthiness and collection management, offer tools for data collection, analysis and evaluation, as well as undertake real estate valuation.			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	€82M Revenues	29% EBITDA Margin	€24M EBITDA	44% €90M EBITDA Revenues Margin	€40M EBITDA

Business at a glance

Digital Trust

▪ 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

Products & Services

• Certified electronic mail, Electronic archiving, ature, Electronic invoicing
• TOP (Trusted Onboarding Platform), GoSign (Digitization of procedures that require a qualified signature)
• Solution for the secure and simplified transmission of legal and financial documents

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

Offers: ▪ Business Information ▪ Credit Management ▪ Real Estate ▪ BPO (Business Process Outsourcing) Credit Information & Management Main Brands ▪ Assess the credit of businesses and individuals ▪ Information on creditworthiness and collection management ▪ Data collection & analysis Services and products: ▪ 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 Market & Growth trends REVENUES 20-23 CAGR +6% EBITDA 20-23 CAGR +7%

▪ Real Estate valuations

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 ▪ Temporary Export Specialists "TES®" 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

▪ Digital marketing

* Includes the recent acquisitions, on an organic base 20-23 CAGRs of Revenues and EBITDA are equal to 9% and 10%, respectively.

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

% of Net Income

12.0

A history of track records set for continuous delivery

Stock Performance, Dividends Pay Out, and Stock Liquidity

• Stock Performance since 2016: +477%
• 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	25.5x
•	2019:	96k shares	€1.07M
•	2020:	152k shares	€2.28M
•	2021**:	152k shares	€3.32M

		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 + 1Q'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

€ M

1Q'21 strong and robust start of the year

• Strong resiliency of the business coupled with a sturdy start in Q1 lead to enhanced financial performance:
  • Revenues at €82.7 M in 1Q'21 (+50.5% vs PY, +17.6% on a 2020 base);
  • EBITDA¹ at €16.4 M in 1Q'21 (+49.8% vs PY, +30.3% on a 2020 base) mainly driven by the CIM and the IMS Sectors as well as the other BUs;
  • EBITDA margin 19.8% (22.0% on a 2020 base);
  • EBIT at €9.5 M (+ > 100% vs PY, +74.7% on a 2020 base) EBIT Margin: 11.5% (12.6% on a 2020 base);
  • Net Income €6.8 M (+ > 100%, €5.9 M on a 2020 base);
  • Solid Cash Flow: €24.8 M in 1Q'21; growing on a LTM base to €71.3M (or c.74% of 2021 expected EBITDA);
  • NFP of €187 M & Leverage² (NFP/EBITDA) of 2.2x entirely reflect recent acquisitions.

• Material expansion of all our business lines, with all units contributing to growth vs PY:

• Digital Trust, grows 19.4% in Revenues with EBITDA³ growing more than 21%. Margin reaches c.23%
• Credit Information and Management, increases 10.7% in Revenues with EBITDA³ surging more than 47%. Healthy c.28% EBITDA margin
• Innovation and Marketing Services, posted a +34.6% in Revenues with EBITDA³ rising above 47%. c.31% the EBITDA margin
• Cyber Security, started strongly with revenues hitting €16.8 M and EBITDA margin above 11%

• Human Resources: as of March 31, 2021 the Group employed 2.153 employees reflecting the recently announced acquisitions

Memo: In order to allow as complete an analysis as possible, 1Q'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 reported after Stock Options
• (2) Calculated as NFP/LTM EBITDA

2

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

² 1Q'21 Revenues, EBITDA and Net Profit Evolution

The First Quarter 2021 shows revenues of 82.7 million euros, EBITDA of 16.4 million euros and Net Profit of 6.8 million euros

• 1Q'21 results show a growth both in Revenues (c. +50%) and EBITDA (c. +50%). These results are mainly driven by the growth in all the business lines;
• EBITDA before stock options amounted to 16.8 million, up from 10.9 in 1Q 2020;
• EBITDA is equal to 16.4 million;
• The EBITDA Margin is equal to 19.8% mostly in line with PY, 22% on a 2020 base;
• Net Income margin grows to 8.3% from 5.3% in PY.

² Business Units Deep Dive – Overview

CYBER SECURITY
	16.8		Margin 11.5% 1.9
1Q 2020	1Q 2021	1Q 2020	1Q 2021
REVENUES			EBITDA

CREDIT INFORMATION & MGMT

Perimeter 2020 Δ Perimeter

² 1Q'21 Financial Results – NFP & FCF

23

Agenda

Company Overview

2020 Results + 1Q'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

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. € 300 m

In the last months of 2020 and early 2021, the group completed some M&A deals creating the "Cybersecurity" BU and to enrich and expand the "IMS" BU offering.

				2021
Company	BU	%	September	2020 October	Nov	Dec	January
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%

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 + 1Q'21Results

2021 – 2023 Plan

Appendix

⁴ 1Q'21 Financial Results – Income Statement

							Perimeter 2021		Perimeter 2020
	1Q 2021	%	1Q 2020	%	1Q 2021 on 2020	%	Δ	Δ%	Δ	Δ%
Revenues	82.7	100.0%	54.9	100.0%	64.6	100.0%	27.8	50.5%	9.6	17.6%
Total Operating Costs	65.9	79.7%	44.0	80.1%	49.9	77.3%	21.9	49.8%	5.9	13.4%
Service & Other Costs	32.0	38.7%	23.8	43.3%	27.3	42.3%	8.3	34.8%	3.6	15.0%
Personnel Costs	33.9	41.0%	20.2	36.8%	22.6	35.0%	13.6	67.3%	2.4	11.6%
EBITDA before Stock Options	16.8	20.3%	10.9	19.9%	14.7	22.7%	5.9	53.7%	3.7	34.2%
Stock Option Costs	0.4	0.5%	0.0	0.0%	0.4	0.7%	0.4	-	0.4	-
EBITDA		19.8%	10.9	19.9%	14.2	22.0%	5.4	49.8%	3.3	30.3%
Depreciation, amortization, provisions and impairment	6.8	8.3%	6.3	11.4%	6.1	9.5%	0.6	8.8%	-0.2	-2.5%
Operating Profit	9.5	11.5%	4.6	8.5%	8.1	12.6%	4.9	105.2%	3.5	74.7%
Financial Income	0.1	0.1%	0.2	0.4%	0.1	0.1%	-0.1	-72.8%	-0.1	-72.6%
Financial Charges	0.9	1.1%	0.7	1.3%	0.9	1.3%	0.2	33.7%	0.2	24.5%
Net financial Charges	0.9	1.0%	0.5	0.9%	0.8	1.2%	0.4	78.6%	0.3	65.5%
Profit of equity-accounted investments	0.0	0.0%	0.0	0.0%	0.0	0.0%	0.0	-	0.0	-
Profit Before Taxes	8.7	10.5%	4.2	7.6%	7.3	11.3%	4.5	107.6%	3.1	75.2%
Income Taxes	1.8	2.2%	1.3	2.3%	1.4	2.1%	0.6	43.6%	0.1	7.8%
Net Profit	6.8	8.3%	2.9	5.3%	5.9	9.2%	3.9	136.0%	3.0	105.1%

⁴ 1Q'21 Financial Results – Balance Sheet

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.

Investor relations: investor@tinexta.com