Tinexta

Investor Presentation • Mar 24, 2025

EURONEXT STAR CONFERENCE

Milan – March 25, 2025

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 include 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

Company Overview

1

We shape the future

Tinexta is an industrial Group that offers innovative solutions for the digital transformation and the growth of companies, professionals, and institutions. The Group is active in the strategic sectors of Digital Trust, Cybersecurity, and Business Innovation

Headquartered in Italy and listed on the STAR segment of the Euronext Milan stock exchange, Tinexta is part of the European Tech Leader Index as a high-growth tech Group

Management Team

Oddone Pozzi Chief Financial Officer

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

Pier Andrea Chevallard GM & 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

• Head of Investor Relations Gamenet & PMO
• Investor Relations Director at IGT
• IR Manager at TREVI Group
• Investor Relations at Lottomatica
• BBA from City University of New York
• MS from LUISS Guido Carli University
• MBA from Cornell University
• Value Investing Columbia Business School, Columbia University in New York

Company Overview

NFP/EBITDA ADJ. 2.79x

(1) Includes DTH's proforma EBITDA Adj. contribution from January 1, 2024

1

Company Overview		Revenues1 EBITDA Adj.1 NFP/EBITDA Adj.1
	FY'24	€ 455M € 111M 2.79x2
Business Units at a glance	vs PY	+ 8% + 15%
Digital Trust	Cybersecurity	Business Innovation
PROVIDES innovative products and certified solutions to ensure security and reliability of digital transactions as well as dematerialization of business processes, meeting all applicable national and international regulatory requirements	PROTECTS clients by offering custom proprietary solutions and consulting services for the mitigation of risks in the digital industry, as well as the safekeeping of data and information, with the aim to create a unique national cybersecurity hub	ADVISES companies through their business development phases, digital marketing, and expansion of commercial activities – even abroad – as well as providing targeted consultancy on subsidized and corporate finance solutions, innovation, and access to EU funds
CERTIFIED E-MAIL DIGITAL ARCHIVING	IMPLEMENTATION ADVISORY SERVICES	SUBSIDIZED TRAINING FINANCE
TRUSTED ONBOARDING DIGITAL IDENTITY PLATFORM ELECTRONIC E-SIGNATURE INVOICING & GOSIGN	DIGITAL MANAGED SECURITY PRODUCTS SERVICES	DIGITAL EUROPEAN & INNOVATION FUNDING DIGITAL SUSTAINABILITY MARKETING & ENERGY CORPORATE INTERNATIONALIZATION FINANCE SERVICES
Revenues1 1 Margin1 EBITDA Adj.	Revenues1 1 Margin1 EBITDA Adj.	Revenues1 1 Margin1 EBITDA Adj.
€ 207M € 65M 32% FY'24	€ 106M € 18M 17% FY'24	€ 152M € 44M 29% FY'24
Margin still at + 14% + 19% vs PY historical high	Significant + 19% + 19% vs PY margin	+ 16% - 10% vs PY Lower on mix

(1) FY 2024 results include contribution from the acquisitions of: Ascerta Ltd and its subsidiaries ("Ascertia"), consolidated from August 1, 2023; Studio Fieschi consolidated from December 31, 2023; ABF Group SAS and ABF Décisions ("ABF") consolidated from January 1, 2024; Lenovys consolidated from April 1, 2024; Camerfirma Colombia SA consolidated from April 1, 2024; Warrant Funding Project consolidated from June 30, 2024; Defence Tech Holding ("DTH") consolidated from August 1, 2024

7

(2) Includes DTH's proforma EBITDA Adj. contribution from January 1, 2024

Milestones of the Equity Story

Foundation			Consolidation			Cybersecurity		M&A development			Further growth
9 0 0 2	> TecnoHolding as main institutional shareholder 1 (Italian Chambers of Commerce) > Acquisition of InfoCert 2		> Acquisition of Visura, 6 0 Innolva, Revaluta, and 2 WarrantHub 0 0 > Entrance in the STAR segment of Euronext 2 Milan (Borsa Italiana)			> Acquisition of Yoroi, 2 Corvallis, and Swascan 2 > Start-up of Tinexta 0 Cyber 2		4 > Acquisition of Evalue, Enhancers, Plannet, Lan&Wan 2 > Disposal of the CIM division 0 > Intesa Sanpaolo enters 2 WarrantHub's share capital > Signing for 20% of Defence Tech		> Incorporation of Yoroi, Corvallis, Swascan under Tinexta Cyber > Acquisition of Lenovys > Full completion of Defence Tech acquisition
	2014 EBITDA: € 11M Leverage: 5.1x Employees: 584	2015 EBITDA: € 25M Leverage: 1.9x Employees: 612		2017 EBITDA: € 41M Leverage: 2.6x Employees: 1,187	2020 EBITDA: € 78M Leverage: 1.2x Employees: 1,403		2021 EBITDA Adj.: € 99M Leverage: 1.97x Employees: 2,393		2022 EBITDA Adj.: € 95M Leverage: 0.82x Employees: 2,354	2023 EBITDA Adj.: € 103M Leverage: 0.99x Employees: 2,583		2024 EBITDA Adj.: € 111M 1 Leverage: 2.79x Employees: 3,168
4 1 0 2	Financial markets > Listing on the Euronext Growth (formerly «AIM») segment of Euronext Milan (Borsa Italiana)		Internationalization 7 > Acquisition of Camerfirma > Integration of companies 1 in key European markets 0 2		1 2 0 2	European expansion > Acquisition ForValue, and > Partnership with Leonardo > Bregal InfoCert's	of Queryo CertEurope Milestone enters share capital	Evolution 3 Advance, > Acquisition of Ascertia > Closing of 20% of Defence Tech 2 0 CertEurope's 2 ownership			and ABF Group > Acquisition of the remaining portion of capital, reaching 100%

Company Overview

Strong international presence

35 SUBSIDIARIES

COUNTRIES 12

EMPLOYEES, OF WHICH 2,500+ IN ITALY 3,000 +

International 17% 2024 REVENUES

Company Overview

321.8

2.79x 1

Key economic and financial results

€ M

77.6

102.0

FY 2024 Highlights & Financials

FY 2024 Highlights

M&A in France

Closing of acquisition of the 73.9% of French Group ABF (Business Innovation BU)

AGM Resolutions

Renewal of Corporate Bodies (Board of Directors and Board of Statutory Auditors) until FY 2027

Political turmoil in France

Government changes, significant budget revisions, and overall political unrest in France affecting ABF's performance

Introduction of a new business line Acquisition of Lenovys (60%) and launch of a new advisory business line in the Business Innovation BU

Defence Tech Holding

Completion of Mandatory Tender Offer on Defence Tech with subsequent delisting of the company

Regulatory Tailwinds

Drawing the base for NIS2 and DORA regulation, as well as Industry 5.0, as drivers for future growth

Cybersecurity BU Integration

Acquisition of remaining shares of Corvallis, Yoroi, and Swascan, with subsequent integration under Tinexta Cyber

Cybersecurity Reorganization

Focus on the integration and reorganization of recent M&As within Tinexta Cyber, leading to changes in leadership

Centralization of Key Business Activities Parent Company Tinexta S.p.A. acting as a provider of shared services for subsidiaries (e.g., HR, AFC, Innovation, M&A, etc.)

FY 2024 EBITDA Adj.: € 110.8M with a 24.4% Margin on Revenues

Dividend proposal: € 0.30 per share

FY 2024 Highlights & Financials

2025 actions – Recovery after a challenging year

WHAT WENT WRONG IN 2024 2025 ACTION PLAN

ABF was strongly impacted by macroeconomic and country-specific downturns, leading to a very low performance

In-depth analysis of the order book, customer base, and clientele projects, with a close scrutiny of process application, cost analysis, and resource allocation

Slowdowns in Cybersecurity caused by the merger by incorporation of three acquired companies (Corvallis, Yoroi, Swascan), the different revenue mix, as well as lower operational efficiency in services

Improvement of services integration, optimization of proprietary vs third-party related services, and reorganization of the Sales and Operations departments

Business Innovation was mainly affected by delays in the implementation of Industry 5.0, lower deductible rates for Industry 4.0, and increase in revenues from lower margin activities

Integration of all business lines in a unique, leaner advisory framework, simplified organizational model focused on improved delivery, higher efficiency on employee responsibilities

FY 2024 Highlights & Financials

EBITDA Adj. on a quarterly basis – Back-end weighted business

FY 2024 Consolidated Results

FY 2024 results show Revenues at 455.0 million euros, EBITDA Adj. at 110.8 million euros, and Net Profit at 24.9 million euros

Double-digit growth in Revenues (+ 15.0%), midsingle-digit growth in EBITDA Adjusted (+ 7.7%)

EBITDAAdjusted at 110.8 million euros

EBITDAAdjusted margin at 24.4% (vs 26.0% in PY)

EBITDA reported at 99.0 million euros (+ 5.5% vs PY)

EBITDA reported margin at 21.8%

Net Profit from continuing ops. came in at 24.9 million euros

Adjusted Free Cash Flow at 41.9 million euros

NFP/EBITDAAdj. at 2.79x on a proforma basis¹

FY 2024 Consolidated Results – Income Statement

€ M		%	FY'23	%	FY 2024 on 2023	%	with Acquisitions		LFL2023
	FY'24						Δ	Δ%	Δ	Δ%
Revenues	455.0	100%	395.8	100%	404.2	100%	59.3	15.0%	8.4	2.1%
Total Operating Costs	(344.2)	(75.6%)	(292.8)	(74.0%)	(307.2)	(76.0%)	(51.4)	17.5%	(14.4)	4.9%
Service & Other Costs	(172.3)	(37.9%)	(138.4)	(35.0%)	(154.8)	(38.3%)	(33.9)	24.5%	(16.4)	11.8%
Personnel Costs	(171.9)	(37.8%)	(154.4)	(39.0%)	(152.3)	(37.7%)	(17.5)	11.3%	2.0	(1.3%)
EBITDA Adjusted	110.8	24.4%	103.0	26.0%	97.0	24.0%	7.9	7.7%	(6.0)	(5.8%)
Share Based Payments & Other non-recurring costs	(11.8)	(2.6%)	(9.1)	(2.3%)	(11.6)	(2.9%)	(2.7)	29.4%	(2.5)	26.9%
EBITDA	99.0	21.8%	93.8	23.7%	85.4	21.1%	5.2	5.5%	(8.4)	(9.0%)
Depreciation, amortization, provisions, and impairment	(59.9)	(13.2%)	(42.0)	(10.6%)	(50.0)	(12.4%)	(17.9)	42.6%	(8.0)	19.1%
Operating Profit	39.1	8.6%	51.8	13.1%	35.4	8.8%	(12.7)	(24.5%)	(16.4)	(31.7%)
Financial Income	9.0	2.0%	7.8	2.0%	7.3	1.8%	1.2	15.1%	(0.4)	(5.8%)
Financial Charges	(22.7)	(5.0%)	(9.4)	(2.4%)	(19.3)	(4.8%)	(13.4)	142.4%	(9.9)	105.9%
Net financial Charges	(13.8)	(3.0%)	(1.6)	(0.4%)	(12.0)	(3.0%)	(12.2)	NM	(10.4)	NM
Profit of equity-accounted investments	1.3	0.3%	(0.2)	0.0%	1.3	0.3%	1.5	NM	1.5	NM
Profit Before Taxes	26.6	5.8%	50.0	12.6%	24.7	6.1%	(23.4)	(46.8%)	(25.4)	(50.7%)
Income Taxes	(1.7)	(0.4%)	(16.2)	(4.1%)	(2.1)	(0.5%)	14.5	(89.3%)	14.1	(87.2%)
Net Profit of Continuing Operations	24.9	5.5%	33.8	8.5%	22.6	5.6%	(9.0)	(26.5%)	(11.2)	(33.2%)
Profit of Discontinued Operations	0.0	N/A	35.6	N/A	0.0	N/A	(35.6)	N/A	(35.6)	N/A
Net Profit	24.9	5.5%	69.4	N/A	22.6	5.6%	(44.6)	(64.2%)	(46.9)	(67.5%)

FY 2024 Consolidated Results – Having a clear view of P&L Adjustments

€ M		EBITDA		Operating profit	Net profit from continuing operations
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Reported income statement results	99.0	93.8	39.1	51.8	24.9	33.8
Non-recurring service costs	5.4	3.3	5.4	3.3	5.4	3.3
LTI incentive plans	2.5	4.2	2.5	4.2	2.5	4.2
Non-recurring personnel costs	3.5	0.9	3.5	0.9	3.5	0.9
Other non-recurring operating costs	0.4	0.7	0.4	0.7	0.4	0.7
Amortisation of other intangible assets from consolidation			24.4	18.5	24.4	18.5
Non-recurring provisions			0.8	0.1	0.8	0.1
Non-recurring financial income					(0.2)	(1.3)
Contingent Consideration					(0.3)	0.2
Non-recurring financial charges					5.4	1.3
Tax effect on adjustments					(9.3)	(7.3)
Non-recurring taxes					(7.2)	0.0
Adjusted income statement results	110.8	103.0	76.1	79.6	50.3	54.5
Change from previous year		+ 7.7%		(4.3%)	(7.7%)

FY 2024 Highlights & Financials

€ M

GROUP

FY 2024 – Business Unit Overview¹

FY 2023 FY 2024 FY 2023 FY 2024 Revenues EBITDA Adj.

15.0 17.8

(1) FY 2024 results include contribution from the acquisitions of: Ascerta Ltd and its subsidiaries ("Ascertia"), consolidated from August 1, 2023; Studio Fieschi consolidated from December 31, 2023; ABF Group SAS and ABF Décisions ("ABF") consolidated from January 1, 2024; Lenovys consolidated from April 1, 2024; Camerfirma Colombia SA consolidated from April 1, 2024; Warrant Funding Project consolidated from June 30, 2024; Defence Tech Holding ("DTH") consolidated from August 1, 2024

€ M

LFL 2023 Δ Acquisitions

• Revenues amounted to 206.6 million euros, up by 13.7% (+ 8.3% on a 2023 basis), of which 5.4% attributable to the acquisition of Ascertia, consolidated as of August 1 st 2023 (change in perimeter related to the first 7 months of 2024), and Camerfirma Colombia, consolidated as of April 1 st 2024
• Revenue growth in 2024 was mainly driven by the expansion of LegalMail sales (+ 14%), in particular in the Public Administration and Large-Corp segments, as well as the stable increase in sales of LegalCert solutions (+ 23%, including the organic growth of GoSign). Online sales went up 1.7%, at a lower pace vs previous years. In terms of Enterprise Solutions, the division maintained a steady level of growth for Trusted Onboarding Platform sales (+ 13%) due to recurring revenues from subscriptions and renewals, highlighting the low level of churn rate for DT products; increase of revenues from EU clients and from the higher consumption level of services for Business Information (+ 3%) and Telematic Transactions (+ 15%) also supported the positive trend
• To support future development, the Digital Trust BU continues to invest (+ 60% in CapEx as a one-time peak) in product usability and integration and in the improvement and rationalization of its product and service platforms, also at an international level. A significant investment was made in the development of Generative AI-based solutions targeting the professional associations' segment

• EBITDA Adj. at 65.1 million euros, up 19.4% (+ 14.0% on a 2023 basis), with EBITDA Adj. margin reaching its historical high (31.5%), confirming the BU's ability to increase operating leverage due to an efficient operating costs management, striving for continuous improvement

LFL 2023 Δ Acquisitions

• Revenues amounted to 106.3 million euros, up 18.9% (+ 2.9% on a 2023 basis) of which 16.0% attributable to the acquisition of Defence Tech, consolidated as of August 1 st 2024
• Revenue growth was mainly driven by the resale component of third-party products for Implementation Services (+ 49.4%), which also positively influenced the sale of Cyber & Digital Resilience solutions. Services experienced an overall contraction (- 8.3%) both in Digital (- 5.9%) and MSS & Advisory (- 11.5%), impacting profitability as result of lower efficiency. Proprietary products were up 38.9% driven by contracts signed within the Insurance and Banking sectors, as well as the sale of cybersecurity features within DT products (+ 20%)
• The end of 2024 saw the continuation of the main programs for Defence, Space, and National Security. In this context, the acquisition of DTH represented the achievement of a strategic objective to increase the Group's brand awareness and actively participate in the technological development of key sectors at a national level. The implementation of the NIS2 directive – together with GDPR, DORA, and the Cyber Resilience Act – is expected to bring further increase in demand for DTH's products

€ M

LFL 2023 Δ Acquisitions

• Revenues amounted to 151.7 million euros, up 15.8% mainly due to acquisitions (Studio Fieschi, ABF, Lenovys, and Warrant Funding Project) for a total of 26.9 million euros. The organic contraction (- 4.7%) was mostly driven by the Automatic Subsidized Finance business line (- 19.1%); Digital Services grew by 25.4%, while Export & Digital Marketing services (+ 1.1%) performed in line with the previous year. Revenues from companies in Spain and France increased by 2.0%
• In 2024, the Italian subsidized finance market was negatively impacted by the well-known declining rates related to R&D Credit 4.0 and the unexpected delays in the implementation of the Industry 5.0 tax credit plan. Such new plan, now fully implemented, is expected to be a driving force for future growth, together with the new Patent Box (deductible rates up to 45%) and the implementation of the Italian Certification Register law
• In France, the subsidized finance sector was negatively impacted by political turmoil, which led to delays in the award of existing public tenders and in the launch of new projects, as well as lower success rates for applications, and uncertainty relating to current budgets; this resulted in a major lower-thanexpected performance of ABF, which posted revenues of 18.8 million euros and an EBITDAAdj. of 3.1 million euros
• EBITDA Adj. came in at 44.2 million euros. The organic contraction is due to the well-known decline in deductible rates, the delay of Industry 5.0, the lack of renewal of other facilitative measures (e.g., Gas & Green 110 Credit and others), and the increase in revenues from lower margin activities (e.g., Digital)

FY 2024 – Balance Sheet

22 Net Invested Capital Net Financial Position Total Shareholders' Equity Net Invested Capital increased by € 225.3 million vs FY 2023 mainly due to: • Acquisitions: ABF (€ 134.5 million); DTH (€ 51.9 million); Lenovys (€ 17.4 million); Warrant Funding Project and Camerfirma Colombia (€ 2.0 million) • Organic increase in Net Working Capital and Provisions for € 24.1 million mainly driven by tax and deferred tax assets • Organic decrease of Net Fixed Assets for € 4.7 million Increase in Net Financial Position of € 219.8 million vs FY 2023 reflects: • Adj. Free Cash Flow continuing operations + € 41.9 million • Non-recurring FCF components - € 10.7 million • Dividends - € 29.1 million • Acquisitions - € 221.7 million • Put Adjustment + € 18.9 million • Treasury Shares + € 4.6 million • Contingent Consideration (Earn-out) + € 0.6 million • Adjustments to leasing contracts on NFP - € 7.0 million • OCI Derivatives - € 4.5 million Main changes in Shareholders' Equity are: • Total comprehensive income for the period + € 22.3 million • Dividends - € 29.1 million • Put Adjustment + € 18.9 million • Acquisition of Minorities of DTH - € 12.6 million • Share-based Payment Reserve + € 2.1 million • Treasury Shares + € 4.6 million +40.5% + 215.3% € M 557.0 782.4 FY 2023 FY 2024 102.0 321.8 FY 2023 FY 2024 455.0 460.6 FY 2023 FY 2024 + 1.2%

FY 2024 Highlights & Financials

€ M

Total Put Adjustment -18.9

(41.9)

NFP/EBITDA¹ 0.99x 2.79x

31.1

10.7

41.9

FY 2024 Highlights & Financials

FY 2024 – NFP & Free Cash Flow

Treasury Shares + € 4.6 million Acquisitions - € 221.7 million

Adjustments to leasing contracts - € 7.0 million

OCI hedging derivatives - € 4.5 million

52.3

4.6

56.9

Non-recurring components Free Cash Flow from Continuing Operations

MAIN CHANGES IN 2024

CapEx increasing by € 13.2 million (of which € 0.1 million attributable to ABF and € 2.9 million related to Defence Tech)

FY 2023 FY 2024

Net Working Capital: € 3.6 million attributable to Defence Tech and € 1.2 million to ABF

BUs – Strategy Pillars

Digital Trust – BU Snapshot

Tinexta boasts the largest European Qualified Trust Service Provider (InfoCert), with Group companies across all the main growing markets in Europe

Global Digital Transaction Management (DTM) market still a greenfield opportunity with expected double-digit growth in the medium term¹

2022A 2026E

26

BUs – Strategy Pillars

Cybersecurity – BU Snapshot

Tinexta's Cybersecurity BU mainly addresses the Italian market, worthing € 3B in value in 2024, with a CAGR '23-'28E of 13%

Products segment driven by demand for specialized cyber-software

Services segment driven by demand for Managed Security Services

TOP SPENDERS

A complete value proposition to address a broader client segment

Strong Core and Large client base across all business lines, with a high potential for expansion in the Mid-Corp, Industrials, and Public Administration sectors; opportunity for meaningful synergies after the acquisition of DTH

		Implementation Services		Advisory	MSS			Digital Products	Tech Solutions
	on pti escri D	Installation, configuration, and customization of cyber products		Offensive security, Governance Risk & Compliance, Training	Cybersecurity Defence Center, h24 Security Operations Center		Suite Anti-Money Laundering, Finance & Payments		Application maintenance and evolutive cyber solutions	Established presence in the Finance sector with possibility of expansion in
			Large Strategic			Mid Business		Large Core	Mid Business	the Mid-Corp segment and
	ectors S	Sectors		Various sectors	Various sectors		Sectors	Finance	Various sectors	the Large Strategic Clientele
& ents Cli		Channels		Direct Network Telco Channels	Direct Network Telco Channels		Channels	Direct Network	Direct Network Telco Channels

DEFENCE TECH'S SYNERGIES

ITEM	DTH'S CONTRIBUTION	TINEXTA'S CONTRIBUTION
Corporate products	Commercial proprietary products	Established client network and scale-up potential
Data Intelligence skills	Data intelligence technology	Proprietary Anti-Money Laundering ("AML") software suite
Access to the PA sector	Brand awareness and accreditation	Professional cybersecurity services
Synergies with Digital Trust	Skills and R&D investment capacity	Access to InfoCert's sales network

Business Innovation – BU Snapshot

SUBSIDIZED FINANCE EUROPEAN FUNDING SUSTAINABILITY & ENERGY CORPORATE FINANCE TRAINING DIGITAL & INNOVATION DIGITAL MARKETING INTERNATIONALIZATION SERVICES (1) Source: Kearney (June 2024) Revenues EBITDA Adj. Margin € 44M 29% + 16% - 10% Lower on mix FY'24 vs PY € 152M

Tinexta's Warrant Hub is part of the Italian Register of Certifiers for R&D Tax Credit, and it has been able to expand in different EU countries where its business model is more replicable

Italian consulting market turnover¹

MARKET DRIVERS AND OPPORTUNITIES

Full implementation of the Industry 5.0 tax incentive plan and Twin Transition trend boosting demand in Italy

Cross-fertilization of capabilities within subsidiaries in different countries, boosting EU positioning

Leverage Warrant Hub's access to SMEs as a platform for Cyber and Digital Trust offer

INDUSTRY 5.0 IN DETAIL

• € 6.3B fully funded for the sustainable transition of SMEs
• Higher deductible rates vs Industry 4.0 (up to 45% vs 10-20%)

30

BUs – Strategy Pillars

Business Outlook – From a polarized service to an integrated system

Strategy Pillars & 2025 Outlook

Key pillars of the 2025 strategy

FOUNDATION

2009 – 2014

Foundation and definition of product portfolio

First admission to the financial market (AIM)

Initial acquisition of key subsidiaries (InfoCert)

CONSOLIDATION 2015 – 2020

Consolidation of leadership

positioning in existing markets

Translisting on the STAR segment

Launch of Tinexta Cyber and entrance in the Italian cybersecurity market

EXPANSION 2021 – 2024

International expansion through M&A in foreign markets (UK, France, Spain)

Partnerships with leading companies in key sectors

Re-definition and rationalization of product portfolio (disposal of CIM)

Integration of previous acquisitions, and new M&A with strategic and synergic targets

INTEGRATION from 2025

Unified value proposition and integrated strategy across business units and subsidiaries, directed by the Parent Company

Leadership positioning in the Italian market to support companies in their transformation and value creation processes, with a focus on Mid-Corps

Direct presence in foreign markets with the potential to become a pan-European aggregator in the ICT business

Synergies between business units across products and business verticals, with an advisory-centric model

Responsibility towards employees, environment, and our community as key priorities within all elements of the corporate strategy

Tinexta's central role as the core of the Group

Parent Company Tinexta acts as a provider of shared services for the Group's subsidiaries, steering away from the concept of "simple holding company"

"ONE GROUP" MODEL

Innovation

Fostering innovation and leveraging on capabilities across all business units, as well as monitoring market trends and opportunities

Advisory

Developing an advisory-based ecosystem under the Tinexta brand to satisfy the evolving needs of corporate customers of all sizes

Reach

Monitoring the market and leveraging on cross-Group synergies to reach segments with high growth potential (e.g., Public Administration)

Internationalization

Expanding into new markets to replicate Tinexta's business model, taking advantage of regulatory tailwinds and digital maturity stages across countries (especially in EU)

Integration & Synergies

Focusing on subsidiaries' integration and the rationalization of the single BUs to eliminate overlap and optimize efficiency, leveraging on synergies across businesses

One Group

Creating a unique identity as a leading player in the industry, with cross-functional business activities and an integrated strategy

ESG Plan – Group & BUs on track in 2024

Total initiatives: 7

100% completion

Business Innovation

Total initiatives: 19

99% completion²

Strategy Pillars & 2025 Outlook

Financial Policy – FY 2025 BU Targets

REVENUES	EBITDA ADJ.
Digital Trust + 7-9% vs PY	Digital Trust + 7-9% vs PY	Digital Trust to keep up its outstanding and steady levels of organic growth, both in Italy and abroad Momentary operational decrease is driven by the launch of LextelAI
Cybersecurity1 > + 20% vs PY	Cybersecurity1 > + 50% vs PY	Cybersecurity revenues expected to increase following market trends, with focus on efficiency recovery plan after weak '24 DTH revenue acceleration and margin growth supported by solid backlog portfolio
Business Innovation + 10-12% vs PY	Business Innovation > + 15% vs PY	Warrant Hub to fully exploit the opportunity of Industry 5.0 expecting ~ € 5 M in terms of margin vs no contribution whatsoever in 2024. Focus will also concentrate on improving operational efficiency and growth will be supported by the expansion of the Digital and Sustainability segments ABF to benefit from filings delayed from '24 to '25 and an expected stabilization of the political environment, though not yet comparable to 2023 levels

Financial Policy – Group's FY 2025 Financial Targets

2.2x-2.4x

Dividend Proposal

€ 0.30per share or 55% of FY 2024 Net Profit

KEY PERFORMANCE DRIVERS

Strong underlying business driving reasonable and healthy organic growth, demand supported by the digital transformation trend

Regulatory tailwinds at a national and EU level (NIS2, eIDAS, Industry 5.0) supporting business recovery as well as expansion and penetration opportunities in new segments (e.g., PA)

C	2

Cybersecurity and Business Innovation BUs focused on improving operational efficiency as key element for successful achievement of targets

Expected reduction of CapEx levels and significant decrease in cash taxes to support a healthy level of cash conversion

Attractive policy for shareholders' remuneration, supported by a solid financial structure

Strategy Pillars & 2025 Outlook

Sound financial structure and rewarding dividend policy

NFP/EBITDA Adj.

LEVERAGE RATIO

• Deleveraging objective to 2025 driven by EBITDA growth and significantly supported by Capex decline (- 40%) and lower 2025 cash taxes
• Bank covenants NFP/EBITDA Adj. of 3.5x, significantly higher than 2.79x 1 reached in 2024

DIVIDEND POLICY

• Dividend policy continues to signal an attractive level of return for shareholders, with a payout of 55% on 2024 Net Profit

0

0,6

5

Closing Remarks

Closing Remarks

Focusing on recovery of operational efficiency and achievable goalsetting, with clear building blocks for 2025 targets

Integrating of recently acquired companies as a key priority, potential M&A only on strategic targets/markets and at reasonable valuations

Leveraging on regulatory tailwinds and momentum in relevant markets to establish positioning as pan-European ICT leader

Nurturing a "One Group" identity and corporate culture, fostering synergies and collaboration between BUs and subsidiaries

Thanks.

www.tinexta.com

Piazzale Flaminio 1/B Roma, 00196, Italy Tel. +39.06.42012631 E-mail: info@tinexta.com tinexta@legalmail.it LinkedIn: Tinexta

Investor Relations Contacts

Josef Mastragostino Chief Investor Relations Officer investor@tinexta.com

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