Tinexta — Investor Presentation 2022

Sep 28, 2022

Company Presentation

Le Eccellenze del Made in Italy

Rome September 29-30, 2022

Agenda

Company Overview

2021 Results + 1H 2022 Results

2022 – 2024 Plan

Appendix

¹ Tinexta's 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 & PMO
• 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

¹ Tinexta's history & evolution

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

¹ Tinexta's Business

BU Revenues and EBITDA data do not include intra-sectoral intercompany.

* Include CertEurope as of November 2021 and Forvalue as well as other minor acquisitions. Revenues and EBITDA excluding CertEurope and Forvalue are €369.0M and €96.8M, respectively. Restated: excludes CI&M.

¹ Pro forma Financials on 2021 Results by Business Unit

6

¹ Digital Trust – Snapshot

Business at a glance

• 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

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

Cyber Security

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

▪ Made available on the market the offerings of cyber security, beyond the traditional digital transformation

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)

¹ Innovation & Marketing Services – Snapshot

Business at a glance

• Temporary Export Specialists "TES®"
• Digital marketing

M&A: CIM's sale creates increased value for shareholders

Tinexta Group sells - Credit Information & Management - to CRIF S.p.A. for a total Enterprise Value of € 237.5M

• Deal and Structure considerations:

1

• Tinexta sells to CRIF S.p.A. the Credit Information & Management business Unit (excluding Forvalue) for a total of € 237.5M
  • Perimeter comprised of: Innolva Group companies + REValuta
• A compelling valuation c. 11x EV/Adjusted EBITDA (on 2021A results)
• Equity Value of € 227.7M (March 31, 2022)
• 100% Cash payment at closing
• Strategic Rationale & Value creation:
  • CI&M not a core asset for Tinexta Group given the increased focus on digitalization
  • Momentum is at historical highs given the recent consolidation in the space in the Italian market
  • Enables increased collaboration with CRIF for Tinexta's other business units
  • The highest valuation ever offered for the Credit Information & Management Business Unit
  • Adjusted EBITDA margin of the business division is at historical highs, CI&M at 29% margin as of FY'21
  • Favourable time to sell given the overall macroeconomic uncertainty impacting the markets
  • Creating value for our shareholders having extracted high value since the initial investment in CI&M
  • Increases noticeably the firepower for future M&A
• Solid Financial Fundamentals:
  • The transaction allows for a rationalization of the Group's Invested Capital going from c.€ 500M to c.€ 370M
  • 2022 Pro forma leverage ratio down to c.0.4x from 2.7x (as of FY'21)
  • 2022 Revenue and adjusted EBITDA pro forma guidance substantially unchanged vs PY actuals
• Approvals & Timing:
  • Closing, expected in the second half of 2022, is subject to the usual conditions for this type of transactions, including the Golden Power Rule + Conditions precedent

Closing completed August 3 rd 2022

• (1) Excludes Forvalue (Revenues: € 3.8M, Adjusted EBITDA: € 0.7M, NFP (cash): € (3.1M))
• As per Press Release dated June 21, 2021, related to Intesa Sanpaolo's transfer of Intesa Sanpaolo Forvalue to Innolva in exchange for a 25% equity stake.

1 Innolva's closing – Transaction details (August 3 rd 2022)

Old shareholder structure:

New structure:

*Includes €36.0M of debt owed to CRIF deriving from the transaction.

1. Innolva sold 100% of Forvalue to Warrant Hub for an Equity Value of €48.6M (@Fair Market Value July 2022)

• a) Warrant Hub owes Innolva the exact amount (€48.6M)
• b) The credit from Innolva (debt from Warrant) is honored by Tinexta
• c) Innolva transfers the credit (net of intercompany) to CRIF (€36.0M = € 48.6M - € 12.6M)

2. Tinexta and Intesa San Paolo sold 100% of Innolva for € 226.8M

• i. Tinexta cashes: 75% of the Equity Value of Innolva net of the debt towards CRIF or € 134.1M (€ 170.1M-€ 36.0M)
• ii. Intesa San Paolo cashes: 25% Equity Value of Innolva € 56.7M

3. With the cash-in, Intesa San Paolo will subscribe a share capital increase in Warrant Hub (which now holds Forvalue) ~

¹ The offer – Binding agreement to purchase CIM

	Innolva Group	REValuta	Total
Perimeter	Majority stakes Minority stakes		Credit Information & Management Division (excl. ForValue)
EV 100%	€187.5M	€50.0M	€237.5M
EV/EBITDA Adj. (2021A)	10.4x	12.5x	10.8x
NFP (@March 31, 2022)	€14.4M	€(4.6)M	€9.8M*
Equity Value 100%1	€173.1M	€54.6M	€227.7M
Payment	100% cash	100% cash	100% cash

(1) Calculated on the basis of the CI&M effective NFP as at 31 March 2022 according to the contractual definition (€ 9.8m). The final calculation resulting from the contractual agreements will take into account the timely verification of the NFP in place at the time of the closing of the transaction. *Includes dividends distributed in 2022. 13

¹ NFP Bridge – Pro forma

¹ Results 2021 – Trend

Tinexta Group's Revenues grew at a 25.5% CAGR from 2014 to 2021. EBITDA Adjusted grew at a 36.6% CAGR over the same period.

* Include CertEurope as of November 2021 and Forvalue as well as other minor acquisitions. Revenues and EBITDA excluding CertEurope and Forvalue are €369.0M and €96.8M, respectively.

13.8

Agenda

Company Overview

2021 Results + 1H 2022 Results

2022 – 2024 Plan

Appendix

Achieved further growth in most Business Units strengthening the Group's market position

Created solid grounds for Cyber Security's expansion; secured key clients/contracts

Expanded the Group internationally by entering the French market in Digital Trust

Entered in strategic partnerships to grow both Cyber Security and Credit Information & Management

Acquired key strategic assets in Innovation & Marketing Services entering the Spanish market

Met customer needs and developed adequate solutions

Reached 2021 guidance accompanied by an acceleration of Operating Cash flow generation

² FY 2021 Another year of growth

• FY 2021 registered strong progress:

• Revenues¹ at € 375.4M (+39.5% vs PY, +7.7% on a 2020 base);
• EBITDA Adjusted¹ at € 98.7M (+21.5% vs PY, +2.7% on a 2020 base), EBITDA² at € 93.0M (+19.4% vs PY, +1.5% on a 2020 base);
• EBITDA Adjusted¹ margin 26.3% (28.8% on a 2020 base); EBITDA² margin 24.8% (27.3% on a 2020 base);
• EBIT at € 56.9M (+8.1% vs PY, +2.7% on a 2020 base) EBIT Margin: 15.2% (18.7% on a 2020 base);
• Net Profit at € 44.9M, including PPA € 39.6M (+4.9% vs PY, -0.4% on a 2020 base);
• NFP reflects entirely the recent acquisitions and stands at € 263.3M (€ 193.3M considering BREGAL's investment completed on February 3rd 2022) & Leverage³ of 2.67x (1.96x proforma for Bregal);
• Free Cash Flow € 56.4M in FY'21.
• In 2021 most of the business lines⁴ continued to grow:
  • Digital Trust, grew 13.3% (+11.0% on a 2020 base) in Revenues with EBITDA increasing 17.2% (+13.5% on a 2020 base). EBITDA margin 27.7%
  • Cyber Security, revenues reached € 72.8M and EBITDA margin 13.9%
  • Credit Information and Management, increased 2.2% in Revenues with a -3.7% in EBITDA. EBITDA margin 28.9%
  • Innovation and Marketing Services, posted a +23.9% in Revenues (+11.3% on a 2020 base) with EBITDA rising 14.0% (+3.7% on a 2020 base). EBITDA margin 43.3%

• Recent Events:

• Tinexta Capital Markets Day – Presented the 2022-2024 Business Plan Presentation on February 28th 2022.
  • ➢ Provided 2022 guidance and 2024 business outlook

Memo: In order to allow as complete an analysis as possible, FY 2021 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) Include CertEurope as of November 2021 and Forvalue as well as other minor acquisitions. Revenues and EBITDA excluding CertEurope and Forvalue are €369.0M and €96.8M, respectively. 2020 figures are restated following the completion of the Business

Combination relating to Swascan and Euroquality. EBITDA Adjusted (Excludes Stock Options & Other non-recurring items)

• (2) EBITDA Reported
• (3) Calculated as NFP/EBITDA Adjusted
• (4) BU data is provided as Adjusted in terms of EBITDA

² FY 2021 Consolidated Results

2021 Results show revenues of 375.4 million euros, EBITDA Adjusted of 98.7 million euros and Net Profit of 44.9 million euros. EBITDA Reported is 93.0 million euros

• 2021 Results show a growth both in Revenues (+39.5%) and in EBITDA Adjusted (+21.5%). These results are mainly driven by the growth in most of the business lines;

• EBITDA Adjusted amounted to 98.7 million euros, up from 81.2 in FY 2020; EBITDA Adjusted* vs 2021 guidance was €96.8M;
• EBITDA is equal to 93.0 million euros;
• The EBITDA Adjusted Margin is equal to 26.3%;
• Net Profit margin is at 12.0% from 14.0% in PY;
• Free cash Flow at over €55M.

* Include CertEurope as of November 2021 and Forvalue as well as other minor acquisitions. Revenues and EBITDA excluding CertEurope and Forvalue are €369.0M and €96.8M, respectively.

• Expected back-ended year EBITDA growth and overdelivered on all accounts
• 2021 EBITDA Adjusted was €98.7M
• Quarter on quarter performance is not representative of Group's yearly performance

Q3'21

+28% vs 1H Q4'21

€98.7M

35.4

+33% vs 1H

Margin Q4'21 31.1%

Margin Q3'21 25.1%

21.0

2H'21 Act.

FY 2021 Financial Results – FCF & NFP

22

FREE CASH FLOW

Decrease is mainly due to higher taxes paid offset by continued improvement in working capital (+ €3.1M) 66.7 56.4 2020 2021

LTM FREE CASH FLOW

Main Changes in 2021:

NFP

• • € 193.3M acquisitions
  • Corvallis: - € 56M
  • Yoroi: - € 38.6M
  • Queryo: - € 18.1M
  • Forvalue: + € 1.3M
  • Other: - € 5.8M
  • CertEurope: - € 76.2M
• • € 12.0M Dividends
• • € 5.0M Put/Earn out Adjustment
  • • € 9.3M Purchase of treasury shares to service the stock option plan

€ M

2

Bregal Bregal's investment of €70M completed on February 3rd 2022

70.0

193.3

92.0

² Business Units Deep Dive – Overview FY 2021

Perimeter 2020 Δ Perimeter

1H'22 on path for delivery

• 1H'22 results show support for growth and year end outlook:

• Revenues at € 168.0M in 1H'22 (+ 20.2% vs PY);
• EBITDA Adjusted at € 37.1M in 1H'22 (+ 20.6% vs PY) mainly driven by DT and IMS, EBITDA¹ at € 32.6M in 1H'22 (+ 11.8% vs PY);
• EBITDA Adjusted margin 22.1% (22.0% vs PY); EBITDA¹ margin 19.4% (20.9% vs PY);
• EBIT at € 19.0M (+ 11.5% vs PY) EBIT Margin: 11.3%;
• Net Profit of continuing operations at € 13.3M (+ 22.3% vs PY); Net Profit at € 16.6M (- 7.7% vs PY);
• NFP of € 266.7 includes all recent M&A operations but not the proceeds from the sale of CIM;
• Free Cash Flow of continuing operations: € 16.1M (includes nonrecurring taxes & costs and greater investments), on a LTM base FCF of continuing ops was: € 45.0M.

• All business lines² continue to grow also in 1H'22:

• Digital Trust, grows 20.8% in Revenues with EBITDA growing 35.1%. EBITDA margin 27.4%
• Cyber Security, grows by 6.2% in Revenues, EBITDA at € 3.0M. EBITDA margin at 8.2%
• Innovation and Marketing Services, posted a + 32.9% in Revenues with EBITDA rising 16.8%. EBITDA margin 36.1%

• Recent Events & Updates:

• Sale of CIM (Forvalue not included): Total Enterprise Value: € 237.5M (11x EV/EBITDA Adj. on 2021 results). Total net cash effect on NFP of € 228.8M (including estimated NFP of Revaluta)
  • Closing completed (August 3, 2022) for the sale of Innolva to CRIF, Equity Value of € 170.1M, gross of Forvalue's incorporation in Warrant Hub
• PLANNET:
  • Total Enterprise Value: € 6.5M fully paid in cash + Earn-out on 2024 results
• Partnership INFOCERT CRIF:
  • Launch of an integrated onboarding and KYC platform in the Financial Services sector
• Human Resources: as of June 30, 2022 the group employed 2,208 employees (excluding CIM)

Memo: In order to allow as complete an analysis as possible in this document, 1H'22 results are compared both on a 2021 Like For Like (LFL) base, as well as on a 2022 base (which includes all of TINEXTA's companies with the addition of the newly acquired ones). 1H'22 figures have been restated and for further details please refer to the 1H'22 financial reports.

• (1) EBITDA Reported
• (2) BU data are provided as Adjusted

The First Half 2022 shows Revenues of 168.0 million euros, EBITDA adjusted of 37.1 million euros and Net Profit from continuing operations of 13.3 million euros. EBITDA Reported is 32.6 million euros.

• 1H'22 results show a growth both in Revenues (c. +20%) and in EBITDA Adjusted (c. +21%). These results are mainly driven by the growth of our business lines;
• EBITDA Adjusted amounted to 37.1 million euros, up from 30.7 million in PY; EBITDA Adjusted on a 2021 base was 31.1 million euros;
• EBITDA Reported is equal to 32.6 million euros;
• EBITDA Adjusted Margin is equal to 22.1% (22.0% in PY);
• Net Profit from continuing operations is equal to 13.3 million euros;
• Free Cash Flow from continuing operations at 16.1 million euros.

² 1H'22 Financial Results – NFP & FCF

Main Changes in 1H'22:

• - € 60.8M acquisitions

• Evalue: - € 33.9M
• Enhancers: - € 21.3M
• Sferabit: - € 3.1M
• Nomesia: - € 0.9M
• Others: - € 1.6M
• • € 19.4M Dividends
• • € 17.4M Adjustments to leasing contracts
• • € 4.9M OCI hedging Derivatives (on interest rates future expected increases)
• • € 70M Bregal's investment in Infocert

NFP FREE CASH FLOW from continuing operations

² Business Units Deep Dive – Overview 1H'22

Data, and PY comparisons, are provided excluding CIM activities. Forvalue is included in IMS

Agenda

Company Overview

2021 Results + 1H 2022 Results

2022 – 2024 Plan

• 2022 – 2024 Plan

• 2022 – 2024 Plan + M&A

• ➢ Strengthen market presence via vertical integration in:
  • ❖ Digital Trust
  • ❖ Cyber Security
  • ❖ Digital Innovation
  • ❖ Digital Marketing
• ➢ Grow presence in the Public Administration market
• ➢ Foster cross-sectional strategic initiatives
  • ❖ Open Innovation
  • ❖ Academy

³ Key pillars of our strategy – 2022-2024 Plan 2/6

• ➢ Strong sector organic growth yields continuous momentum for Tinexta
• ➢ The markets in which the Group operates are growing at attractive rates
• ➢ The Group's product offering is constantly fine tuned to better adapt to customer needs

³ Key pillars of our strategy – 2022-2024 Plan 3/6

Increase integration

4

• ➢ Centralized CRM
• ➢ Group Sales & Marketing enables:
  • ❖ Central coordination for the development of an integrated offer of the Group and the related "go to market"
  • ❖ Streamlining the newly instituted Forvalue channel to strengthen the Group's commercial strategy for services to SMEs
• ➢ Increase operational synergies within the organization
• ➢ Simplify the corporate structure
• ➢ Increase and improve post M&A integration

³ Key pillars of our strategy – 2022-2024 Plan 5/6

CS CIM IMS

Tinexta SpA

365

2020

• ➢ Higher growth of employment - driven by business expansion (mainly M&A) requires solid grounds of project analysis and involves the redefining of the:
  • ❖ Organization & integration of processes
  • ❖ Corporate Academy to foster Leadership Group Culture and strategic competencies
  • ❖ Sustainability plans

662

DT CS CIM IMS

Tinexta SpA

754

366

^{2021 551}

❖ Compensation policy

Key pillars of our strategy – 2022-2024 Plan - ESG 5/6

Main activities:

3

• Benchmark
• Gap Analysis
• Action Plan
• ➢ Sustainable Development

• ✓ From Compliance to Engagement
• ✓ Performed Benchmark ESG with Gap analysis to better understand the company's positioning and improve
• ✓ Reference Standards utilized:
  • ❖ Global Reporting Initiatives (GRI)
  • ❖ UN SdGs
  • ❖ MSCI
  • ❖ SASB

➢ Set a Roadmap:

Human Rights	Environment Policy		Manager	Environment	Anti corruption	Gap	Gender	Performance Valuation
ESG KPIs on comp		Academy	Diversity Policy		CO2 Monitoring	Policy	Sustainability	Fiscal Policy

• ➢ Continue to focus on Cash Flow constantly applying a "Cash is King" approach
• ➢ Attractive leverage ratio
  • ❖ Pro-forma leverage ratio for Bregal's investment yields competitive ratios
• ➢ Strong attention to cost
• ➢ Enviable cost of debt
• ➢ Cash flow predictability allows for continuous shareholders' return

³ Key pillars of our strategy – 2022-2024 Plan PNRR

• ➢ Among the PNRR's priorities, Digitalization assumes a pivotal role of role and Tinexta is expected to strongly benefit from it in an indirect way
• ➢ Primary sources/opportunities will stem from: 1) Public/private tenders 2) Partnerships 3) Public Administration RFPs

³ Key pillars of our strategy – 2022-2024 Plan PNRR

Italy & Digitalization: 4 critical aspects that deserve top priority

Delays in the digitalization of businesses especially SMEs Italy 22nd in the EU-28 for business digitalization

³ 2022-2024 Plan – Priorities for superior shareholder return

Improve operational efficiency by increasing the EBITDA Margin of the Group

Strong cash generation and robust balance sheet

Improving EPS as well as growing DPS c)

c)c)

d)

³ a) Revenue growth driven by significant organic growth and M&A

In May 2022, disposal of the CIM division; completed the closing of Innolva in August 2022

➢ Delivering high single digit Revenue (Organic) CAGR 2022-2024 for Tinexta from 2021 Results and growing low double digits CAGR 2022-2024 considering announced M&A deals (prior to CIM's disposal)

³ b) Profitability driven by sector growth & operating leverage

➢ Delivering low double digits EBITDA Adjusted (Organic) CAGR 2022-2024 for Tinexta from 2021 Results and growing mid double digits CAGR 2022-2024 considering announced M&A deals (prior to CIM's disposal)

42

³ d) Sustained cash flow generation and robust balance sheet

Proceeds from CIM's sale increase noticeably the already high cash-out firepower

• ➢ Strong Operating Cash Flow sustaining Capex, M&A and shareholder's returns while having a key focus on deleveraging
• ➢ Cash-out of ~ €200M-€250M is intended with a combined leverage between 2.5x and 2.1x over the period (2022-2024) of the plan (prior to CIM's disposal)

✓ Strong 2H'22 performance expected, Guidance confirmed

Guidance*	2022 (Like for Like)	2022 (with acquisitions)
Revenues	~ 10-12% growth vs PY	~ 21-23% growth vs PY
EBITDA Adjusted	~ 8-10% growth vs PY	~ 25-27% growth vs PY
NFP/EBITDA Adjusted	N.M.	~ 0.6x

• * Guidance is calculated on a restated base. 2021 Restated Revenues were 301.5 million euros, Restated EBITDA Adjusted was 76.5 million euros.
• ➢ PNRR's potential positive benefits not included in guidance nor any additional M&A

³ Digital Trust – Business Plan 2022-2024

The Three-Year Plan on an organic basis provides a growth in revenues of around 10% and in EBITDA Adjusted of around 14%, with acquisitions Revenue growth is c. 14% and EBITDA Adjusted growth c. 18%

The 2022-2024 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 several 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.

E = Estimated

³ Cyber Security – Business Plan 2022-2024

The Three-Year Plan provides for revenue growth of approximately 19% and EBITDA Adjusted growth of approximately 31%

The 2022-2024 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 several 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 on an organic basis (i.e., constant perimeter) forecasts revenue growth of approximately 7% and EBITDA Adjusted growth of c. 5%. Including recent acquisitions, revenues will grow by around 11% and EBITDA will grow by c. 10%

The 2022-2024 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 several 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.

Agenda

2021 Results + 1H 2022 Results

2022 – 2024 Plan

• 2022 – 2024 Plan

• 2022 – 2024 Plan + M&A

³ M&A: The track record

• A consolidated track record in delivering accretive M&A
• Since 2013 Tinexta has completed 27 M&A Deals for a total investment of about €450M
• Divested the Credit Information & Management division for €237.5M (EV) or c.11x EV/Adj. EBITDA

Agenda

Company Overview

2021 Results + 1H 2022 Results

2022 – 2024 Plan

Appendix

FY 2021 Financial Results – Income Statement 4

							w/acquisitions 2021		LFL 2020
	FY 2021	%	FY 2020	%	FY 2021 on 2020	%	Δ	Δ%	Δ	Δ%
Revenues	375.4	100.0%	269.0	100.0%	289.8	100.0%	106.3	39.5%	20.8	7.7%
Total Operating Costs	276.6	73.7%	187.8	69.8%	206.4	71.2%	88.8	47.3%	18.6	9.9%
Service & Other Costs	138.9	37.0%	103.9	38.6%	114.8	39.6%	35.0	33.7%	10.8	10.4%
Personnel Costs	137.7	36.7%	83.9	31.2%	91.6	31.6%	53.8	64.2%	7.8	9.3%
EBITDA Adjusted	98.7	26.3%	81.2	30.2%	83.4	28.8%	17.5	21.5%	2.2	2.7%
Stock Option & Other non-recurring costs	5.7	1.5%	3.3	1.2%	4.3	1.5%	2.4	72.2%	1.0	30.3%
EBITDA	93.0	24.8%	77.9	29.0%	79.1	27.3%	15.1	19.4%	1.2	1.5%
Depreciation, amortisation, provisions and impairment	36.1	9.6%	25.2	9.4%	25.0	8.6%	10.9	43.1%	-0.3	-1.0%
Operating Profit	56.9	15.2%	52.7	19.6%	54.1	18.7%	4.3	8.1%	1.4	2.7%
Financial Income	1.1	0.3%	3.6	1.3%	0.5	0.2%	-2.4	-68.6%	-3.0	-85.5%
Financial Charges	4.4	1.2%	3.0	1.1%	3.6	1.2%	1.5	49.2%	0.7	22.0%
Net financial Charges	3.3	0.9%	-0.6	-0.2%	3.1	1.1%	3.9	-649.8%	3.7	-615.5%
Profit of equity-accounted investments	-0.2	-0.1%	-1.0	-0.4%	-0.2	-0.1%	0.8	-79.4%	0.8	-81.1%
Profit Before Taxes	53.4	14.2%	52.3	19.4%	50.9	17.6%	1.1	2.1%	-1.5	-2.8%
Income Taxes	13.8	3.7%	14.5	5.4%	13.2	4.6%	-0.7	-5.1%	-1.3	-9.0%
Net Profit	39.6	10.6%	37.8	14.0%	37.6	13.0%	1.9	4.9%	-0.2	-0.4%

⁴ 1H'22 Financial Results – Income Statement

Data, and PY comparisons, are provided excluding CIM activities. Forvalue is included in IMS

							w/acquisitions 2022		LFL 2021
	1H 2022	%	1H 2021	%	1H 2022 on 2021	%	Δ	Δ%	Δ	Δ%
Revenues	168.0	100.0%	139.7	100.0%	150.9	100.0%	28.3	20.2%	11.1	8.0%
Total Operating Costs	130.9	77.9%	109.0	78.0%	119.7	79.4%	21.9	20.1%	10.7	9.8%
Service & Other Costs	60.8	36.2%	49.6	35.5%	54.3	36.0%	11.2	22.5%	4.7	9.4%
Personnel Costs	70.2	41.8%	59.4	42.5%	65.5	43.4%	10.8	18.1%	6.1	10.2%
EBITDA Adjusted	37.1	22.1%	30.7	22.0%	31.1	20.6%	6.3	20.6%	0.4	1.3%
Stock Option Costs & other non-recurring costs	4.4	2.6%	1.5	1.1%	4.3	2.9%	2.9	186.4%	2.8	179.9%
EBITDA	32.6	19.4%	29.2	20.9%	26.8	17.8%	3.4	11.8%	-2.4	-8.2%
Depreciation, amortisation, provisions and impairment	13.6	8.1%	12.1	8.7%	12.5	8.3%	1.5	12.2%	0.4	2.9%
Operating Profit		11.3%	17.1	12.2%	14.3	9.5%	2.0	11.5%	-2.7	-16.1%
Financial Income	0.1	0.0%	0.1	0.0%	0.1	0.1%	0.0	41.7%	0.0	41.7%
Financial Charges (includes 0.8M Earnout relating to Euroquality)	2.6	1.6%	1.8	1.3%	2.4	1.6%	0.9	49.5%	0.7	37.2%
Net financial Charges	2.6	1.5%	1.7	1.2%	2.3	1.5%	0.8	49.7%	0.6	37.1%
Profit of equity-accounted investments	0.0	0.0%	-0.2	-0.1%	0.0	0.0%	0.2	-83.7%	0.2	-83.7%
Profit Before Taxes	16.5	9.8%	15.2	10.9%	12.0	7.9%	1.3	8.3%	-3.2	-21.2%
Income Taxes	3.1	1.9%	4.3	3.1%	1.8	1.2%	-1.2	-27.0%	-2.5	-57.3%
Net Profit of Continuing Operations		7.9%	10.9	7.8%	10.1	6.7%	2.4	22.3%	-0.8	-7.0%
Results of Discontinued Operations	3.3		7.1		3.3		-3.8	-53.8%	-3.8	-53.8%
Net Profit	16.6		18.0		13.4		-1.4	-7.7%	-4.6	-25.4%

⁴ 1H'22 Financial Results – Balance Sheet

€ M

⁴ Balance Sheet – The pro forma post CIM sale

• ➢ Considerably lower Net Invested Capital provides increased flexibility on the Balance Sheet
• ➢ Significant improvement in Net Financial Position allows increased M&A firepower
• ➢ Total Shareholders Equity increased mostly on transaction's net capital gains both from Innolva and REValuta

55

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