Tinexta — Investor Presentation 2021

Mar 23, 2021

Star Conference 2021

Tinexta Group

23 – 25 March 2021

Agenda

2 2021 – 2023 Plan

• 2021 – 2023 Plan

• 2021 – 2023 Plan + M&A

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 Final Results for 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 29.0%, up compared to 27.6 in 2019
• The adjusted net profit amounted to 40.6 million, an increase compared to 38.3 in 2019

Revenues of the Tinexta Group grew with a CAGR of 23.3% from 2014 to 2020. EBITDA grew with a CAGR of 38.4% in the same period

¹ Results 2020 - BU - Not Adjusted Results

Working Capital Improvement

Results 2020 - Free Cash Flow

N.B: In 2019 the Company did not distribute any dividends

Overall Dividends

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.

			2020			2021
Company	BU	%	September	October	Nov	Dic	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%

Agenda

2 2021 – 2023 Plan

- 2021 – 2023 Plan

• 2021 – 2023 Plan + M&A

2021 – 2023 Plan: Organic Growth 2

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 2

2021 – 2023 BU Plan: Organic Growth

2

Organico 2020 Acquisizioni 2021 33.1 37.9 34.7 2018 2019 2020 2021 BP 2022 BP 2023 BP ~ 40

Organico 2020 Acquisizioni 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 basis 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

2

Accelerated growth in Revenues and EBIDTA 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 1

* 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 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

Proceed with a compound growth rate of "High Single Digit" revenues in the different Business areas

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

2 2021 – 2023 Plan

	-	2021 –		2023 Plan
--	---	--------	--	-----------	--

• 2021 – 2023 Plan + M&A

The Plan: M&A Guidelines 2

The 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:

• Completamento dell'offerta di prodotti e servizi sui mercati di riferimento in Italia
• 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 sicne 2013, with a total expenditure of c. € 300 m

2021 – 2023 Plan with potential M&A 2

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.

* Il Piano 2021 – 2023 è basato su diverse assunzioni, aspettative, proiezioni e dati previsionali del Management relativi ad eventi futuri e sono soggette a molteplici incertezze e ad altri fattori al di fuori del controllo di Tinexta Group. Esistono numerosi fattori che possono generare risultati ed andamenti notevolmente diversi rispetto ai contenuti, impliciti o espliciti, delle informazioni previsionali e pertanto tali informazioni non sono una garanzia attendibile circa la performance futura. Si prega di leggere attentamente la Disclaimer a pagina 53.

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 Il Gruppo 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