Tinexta

Investor Presentation • May 14, 2024

1Q 2024 Results Ended March 31, 2024

Milan – May 14, 2024

Agenda

1Q'24 Highlights and Updates J. Mastragostino | Chief Investor Relations Officer

1Q'24 Financial Results O. Pozzi | Group Chief Financial Officer

Business Units Deep Dive O. Pozzi | Group Chief Financial Officer

Closing Remarks + Q&A J. Mastragostino | Chief Investor Relations Officer

1Q'24 Highlights and Updates J. Mastragostino | Chief Investor Relations Officer

1

Key data

EBITDA Adjusted € 15.4 M (+3% vs PY)

EBITDA EBIT Adjusted € 8.6 M € 8.1M

€ 98.4 M +14% vs PY REVENUES

NET PROFIT Adjusted € 5.8 M FCF Adjusted of cont. ops. € 27.2 M

NFP € 240.1 M vs € 102 M in FY2023

Results at 31/03/2024

1Q'24 Highlights and Updates

1Q 2024: Gradual start of the year, driven by well-known seasonality

• Results:

• Revenues at € 98.4M in 1Q'24 (+ 14.4% vs PY);
• EBITDA Adjusted at € 15.4M in 1Q'24 (+ 2.7% vs PY) mainly driven by strong growth in DT & CS and historically well-known BI's seasonality, EBITDA¹ at € 8.6M in 1Q'24 (- 36.2%vs PY) includes € 5.5M of non-recurring;
• EBITDA Adjusted margin 15.6% (17.4% vs PY); EBITDA¹ margin 8.8% (15.7% vs PY);
• EBIT Adjusted at € 8.1M (- 20.0% vs PY); EBIT Adj. Margin at 8.3%;
• Adjusted Net Profit of continuing operations at € 5.8M (- 15.4% vs PY); Net Profit at € - 2.0M;
• NFP of € 240.1M (€ 102.0M in FY'23) reflects ABF's acquisition; NFP/LTM EBITDA Adjusted of 2.32x up from 0.04x in 1Q'23;
• Adjusted Free Cash Flow of continuing operations: € 27.2M vs € 22.8M in 1Q'23; on a LTM base Adjusted FCF of continuing ops was: € 61.4M.

• Top line growing in all business lines² :

• Digital Trust, kicked-off with strong quarterly growth. Revenues grew 21.1%, EBITDA + 35.8%. Excellent EBITDA margin of 30.8%
• Cybersecurity, grew 15.7% in Revenues, EBITDA hit + 10.1%. EBITDA margin at 9.7%
• Business Innovation, posted a + 4.4% growth in Revenues with EBITDA at 1.2M. EBITDA margin 4.8%

• Recent Events & Updates:

• Reached the 100% of Yoroi, Swascan & Corvallis; impact already included in NFP as of acquisition date
• Launch of a new strategic and operational advisory business line for SMEs'
• Finalized the acquisition of 73.9% of ABF Group
• The BOD approved the start of the share buyback program

1Q'24 Highlights and Updates

1Q 2024 Results

€ M

1Q 2024 results show Revenues of €98.4 million euros, EBITDA Adjusted of €15.4 million euros and Net Profit of € -2.0 million euros.

Growth was registered both in Revenues (c. +14%) and EBITDA Adjusted (c. +3%)

EBITDA Adjusted amounted to 15.4 million euros up from 15.0 million in PY

EBITDA Adjusted margin was 15.6% (vs 17.4% in PY)

EBITDA reported was 8.6 million euros (-36.2% vs PY)

EBITDA reported margin at 8.8%

Net Profit came in at -2.0 million euros

Adj. Net Profit from continuing operations was equal to 5.8 million euros

Adjusted Free Cash Flow from continuing operations was 27.2 million euros

1Q'24 Highlights and Updates

EBITDA Adjusted Quarter by Quarter – back end weighted business

€ M

*Data considers mid-point of 2024 EBITDA Adjusted guidance

1Q'24 Financial Results O. Pozzi | Group Chief Financial Officer

2

1Q 2024 Results – Income Statement

€ M			% 1Q'23		%	1Q 2024 on 2023	%	with Acquisitions		LFL2023
		1Q'24						Δ	Δ%	Δ	Δ%
	Revenues	98.4	100.0%	86.1	100.0%	90.1	100.0%	12.4	14.4%	4.1	4.7%
	Total Operating Costs	(83.1)	-84.4%	(71.1)	-82.6%	(76.8)	-85.2%	(12.0)	16.9%	(5.7)	8.0%
	Service & Other Costs	(41.4)	-42.0%	(32.6)	-37.9%	(37.3)	-41.3%	(8.8)	26.9%	(4.6)	14.2%
	Personnel Costs	(41.7)	-42.4%	(38.5)	-44.7%	(39.5)	-43.9%	(3.2)	8.4%	(1.0)	2.7%
	EBITDA Adjusted	15.4	15.6%	15.0	17.4%	13.3	14.8%	0.4	2.7%	(1.6)	-10.8%
	Share Based Payments & Other non-recurring costs	(6.7)	-6.8%	(1.4)	-1.6%	(6.7)	-7.5%	(5.3)	376.7%	(5.3)	376.7%
	EBITDA	8.6	8.8%	13.5	15.7%	6.6	7.3%	(4.9)	-36.2%	(6.9)	-51.2%
	Depreciation, amortisation, provisions and impairment	(11.7)	-11.9%	(9.3)	-10.8%	(11.1)	-12.3%	(2.4)	26.4%	(1.8)	19.6%
	Operating Profit	(3.1)	-3.1%	4.3	5.0%	(4.5)	-5.0%	(7.4)	-171.6%	(8.7)	-204.2%
	Financial Income	2.7	2.7%	0.8	0.9%	0.8	0.9%	1.8	226.8%	0.0	-0.6%
	Financial Charges	(-2.4)	-2.4%	(1.7)	-1.9%	(1.7)	-1.8%	(0.7)	43.5%	0.0	-0.3%
	Net financial Charges	0.3	0.3%	(0.9)	-1.0%	(0.9)	-1.0%	1.1	-129.5%	0.0	-0.1%
	Profit of equity-accounted investments	0.3	0.3%	0.0	0.0%	0.3	0.3%	0.3	-4258.8%	0.3	4258.8%
	Profit Before Taxes	(2.6)	-2.6%	3.4	4.0%	(5.1)	-5.6%	(6.0)	-174.9%	(8.5)	-248.2%
	Income Taxes	(0.5)	0.6%	(1.3)	-1.5%	0.3	0.3%	1.9	-141.1%	1.6	-120.5%
	Net Profit of Continuing Operations	(2.0)	-2.0%	2.1	2.4%	(4.8)	-5.3%	(4.1)	-196.4%	(6.9)	-329.7%
	Results of Discontinued Operations	0.0	N/A	37.6	N/A	0.0	N/A	(37.6)	-100.0%	(37.6)	-100.0%
	Net Profit	(2.0)	N/A	39.7	N/A	(4.8)	N/A	(41.7)	-105.1%	(44.5)	-112.1%

1Q 2024 Results – Having a clear view on P&L Adjustments

€ M

	EBITDA		Operating profit (loss)		Net profit from continuing operations
	1Q'24	1Q'23	1Q'24	1Q'23	1Q'24	1Q'23
Reported income statement results	8.6	13.5	-3.1	4.3	-2.0	2.1
Non-recurring service costs	3.1	0.6	3.1	0.6	3.1	0.6
LTI incentive plans	1.2	0.7	1.2	0.7	1.2	0.7
Non-recurring personnel costs	2.4	0.2	2.4	0.2	2.4	0.2
Other non-recurring operating costs	0.0	0.0	0.0	0.0	0.0	0.0
Amortisation of Other intangible assets from consolidation			4.5	4.5	4.5	4.5
Adjustment of contingent considerations					-1.1	0.3
Tax effect on adjustments					-2.3	-1.4
Adjusted income statement results	15.4	15.0	8.1	10.2	5.8	6.9
Change from previous year	2.7%			-20%	-15.4%

1Q 2024 Results – Balance Sheet

1Q 2024 Results – NFP & FCF

€ M

FY 2023 1Q 2024

NFP Adjusted FCF of continuing ops

1Q 2024 Results – NFP LTM Bridge

€ M

1

Business Units Deep Dive O. Pozzi | Group Chief Financial Officer

Business Units Deep Dive

Overview 1Q'24

Business Innovation

Business Units Deep Dive

Digital Trust 1Q'24

€ M

• Revenues amounted to 51.3 million euros, up by 21.1% (+7.8% on a 2023 base) of which 13.2% attributable to the acquisition of Ascertia (which entered the Group's perimeter as of August 1 st , 2023)
• Growth was mainly driven by LegalMail solutions for the Public Administration and large enterprises, LegalCert came strong in the transport sector, and the organic growth of both GoSign and Trusted Onboarding Platform solutions. International revenues grew considerably and now stand at 21.0% of total BU revenues vs 11.8% in PY
• The BU continued the path of development, improvement, and adaptation of its products and solutions to regulatory and market needs. Investment activities continued to guarantee operational and organizational efficiencies, while maintaining product and financial performance

Business Units Deep Dive

Cybersecurity 1Q'24

€ M

• Revenues amounted to 23.9 million euros, growing 15.7%
• Growth was registered in Cybersecurity mostly in the Implementation Services offer. Managed Security Service's results reflect new installments of Yoroi's CSDC and Swascan's SOC H24 (supported by the partnership with Google Cloud); Legal Mail continued to consolidate its sales growth with over 40,000 new subscriptions in 1Q'24
• Implementation Services' results were mostly linked to security monitoring while Advisory continued its positive results momentum with the new Cyber Threat Intelligence (CTI) and Compliance services. In the Digital Transformation side of the business, the BU continued its initiatives on technological, process, and security innovation. Strong and positive signs came from the AML (Anti Money Laundering) sector as well as from the pipeline of our proprietary solution, Provisio

• Adjusted EBITDA at 2.3 million euros, with an increase of 10.1% and a margin of 9.7%, driven by a different revenue mix

Business Innovation 1Q'24

€ M

• Revenues amounted to 25.1 million euros growing 4.4% vs PY because of a 7.1% decrease in organic and an increase of 11.4% due to acquisitions
• The decrease in organic revenues is mainly attributable to the well-known decline in volumes and deductible rates relating to automatic subsidized finance services as well as lower sales in Training, Energy, Gas Credit, and Green. The Subsidized finance market has also been affected by the well-known reduction in rates relating to R&D Credit 4.0. The rephasing of the PNRR for "Transazione 5.0" – which will allow for deductible rates to be double (as high as 40%) – represents a strong growth opportunity. During 2024, further benefits relating to the "Register of Certifiers" are expected
• ABF's 1Q performance reflects the very small component (around 5%) of expected annual revenues. Such performance in fact explains the marginality of the quarter which bares a lower absorption of costs

19 • Adjusted EBITDA at 1.2 million euros; such reduction is attributable to the combined effect of the decrease in profitability (due to lower rates) and different product mix, resulting from the growth in the weight of Digital services compared to automatic subsidized finance services (which carry a higher average industrial marginality)

Closing Remarks + Q&A J. Mastragostino | Chief Investor Relations Officer

Closing Remarks + Q&A

Guidance is confirmed

	Revenues	EBITDA Adjusted	NFP / EBITDA Adj.	Dividends
2024 vs PY	+21-23% of which 7% Organic	+28-32% of which 10% Organic	1.7x-1.9x	30% of Net Profit

PNRR's potential positive benefits not included in guidance nor any additional M&A

Disclaimer

This company presentation includes:

• ➢ forward-looking data based on internal management assumptions that are subject to material changes, including changes due to external factors beyond the Group's control
• ➢ management data, when presented, are identified as such

Business unit data are divisional and do not include the elimination of intra-BU items, which are instead eliminated at a Group level.

For detailed information on Tinexta S.p.A., it is recommended to refer to the company's documentation, including the latest interim reports and the Company's financial statements.

Thanks.

Tinexta.com

Piazza Sallustio,9 Roma, 00187, Italia Tel. +39.06.42012631 E-mail info@tinexta.com Pec tinexta@legalmail.it LinkedIn: Tinexta

Investor Relations Contacts

Josef Mastragostino Chief Investor Relations Officer investor@tinexta.com

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