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Tinexta
Investor Presentation • Jul 31, 2025
4493_rns_2025-07-31_e91ee502-dfd1-4eeb-8fcd-bf6dc94fdf1e.pdf
Investor Presentation
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1H 2025 Results Presentation Ended June 30, 2025 Milan – July 31, 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
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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
02
Business Units Deep Dive O. Pozzi | Group Chief Financial Officer
Agenda Highlights & Updates 01 Financial Results O. Pozzi | Group Chief Financial Officer J. Mastragostino | Chief Investor Relations Officer
03
Closing Remarks
J. Mastragostino | Chief Investor Relations Officer
04
Highlights & Updates 01
J. Mastragostino | Chief Investor Relations Officer
Key Group Financial Data at 30/06/2025
Highlights & Updates
1H 2025 – Double-digit growth, expected acceleration in 2H
• EBITDA Adjusted at € 39.0M (+ 13.3% vs PY), mainly driven by growth in Cybersecurity with the integration of Tinexta Defence. Ascertia's contribution still light in Digital Trust, full recovery expected within the end of the year. In Business Innovation, ABF Group ("ABF") performance lagging given persistent macroeconomic uncertainty; general delays in the
- Revenues at € 235.6M (+ 16.1% vs PY)
- subsidized finance business in Italy due to recover in 2H
- EBITDA reported at € 32.9M, + 29.2% vs PY
- EBITDA Adjusted margin at 16.6% (vs 17.0% in PY); EBITDA reported margin at 14.0% (vs 12.6% in PY)
- EBIT reported at € - 19.0 M due to some impairment of goodwill related to acquisitions; EBIT Adjusted at € 18.3M
- Net Profit Adjusted at € 8.4M; Net Profit at € - 7.5M (vs € 6.4M in PY1)
- levels, and lower cash taxes
- NFP/LTM EBITDA Adjusted at 2.61x vs 2.79x proforma2 (2.90x reported) on December 31, 2024
• NFP at € 301.0M (vs € 321.8M in FY'24). The decrease in Net Financial Debt in the first semester is attributable to the increase in Free Cash Flow and positive Put Adjustments • Free Cash Flow Adjusted at € 47.8M vs € 25.8M in PY (€ 63.9M in the last 12 months on June 30, 2025). 1H cash generation driven by favorable NWC dynamics, decrease in Capex
BU 1H 2025 RESULTS3
Highlights & Updates
- Lenovys Srl, fully consolidated from April 1, 2024; (iv) the change in Accounting Policy related to the adjustments of non-controlling interest liabilities recorded on the share of Put Options granted to minorities (2) Includes contribution from Tinexta Defence SpA Societa Benefit's ("Tinexta Defence", formerly Defence Tech Holding SpA Società Benefit) EBITDA Adj. from January 1, 2024
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RECENT EVENTS & UPDATES
• Transfer of 14.54% of Defence Tech's shareholders equity into Tinexta Defence Holding by Starlife, company name changed to Tinexta Defence SpA Società Benefit ("Tinexta Defence")
- Exercise of the Call Option for the 25% stake in ABF Group at € 1.00, subsequent exit of the founding managers
- Acquisition by Tinexta Infocert of the digital trust division Linkverse Srl, expanding into the private and public healthcare sector
• Launch of the proprietary cipher developed by Tinexta Defence in collaboration with Leonardo; the product is designed to provide protection for both companies and institutions
(1) Comparative figures for 1H'24 have been restated in connection with: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of Studio Fieschi Srl, fully consolidated from December 31, 2023; (ii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF Group SAS and its subsidiary ABF Décisions ("ABF"), fully consolidated from January 1, 2024; (iii) the completion, in 1Q'25 of the activities to identify the fair value of assets and liabilities of
(3) BU data provided as Adjusted; Results for the period include contribution from acquisitions: (i) Lenovys Srl, consolidated from April 1, 2024; (ii) Camerfirma Colombia SAS, consolidated from April 1, 2024; (iii) Warrant Funding Project Srl, consolidated from June 30, 2024; (iv) Tinexta Defence, consolidated from August 1, 2024. Contribution from Lenovys and Tinexta Defence is reported as change in perimeter; for Lenovys, the change is related to the first three months of 2025
1H 2025 Consolidated Results1
€ M
1H 2025 results show Revenues of € 235.6M and EBITDA Adjusted of € 39.0M
Revenues (+ 16.1%) and EBITDA Adjusted (+ 13.3%) both growing double-digit vs PY. EBITDA reported growing + 29.2%
EBITDA Adjusted at € 39.0M
EBITDA Adjusted margin at 16.6% (vs 17.0% in PY)
EBITDA reported at € 32.9M
EBITDA reported margin at 14.0%
Net Profit came in at € - 7.5M
Adjusted Net Profit came in at € 8.4M
Adjusted Free Cash Flow at € 47.8M
Highlights & Updates
(1) 1H'25 Revenues and EBITDA Adjusted net of non-recurring components and net of costs for share-based payment plans and long-term incentives for Group's managers and strategic directors (both in "Personnel costs")
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- the change in Accounting Policy related to the adjustments of non-controlling interest liabilities recorded on the share of Put Options granted to minorities
(2) Comparative figures for 1H'24 have been restated in connection with: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of Studio Fieschi Srl, fully consolidated from December 31, 2023; (ii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024; (iii) the completion, in 1Q'25 of the activities to identify the fair value of assets and liabilities of Lenovys Srl, fully consolidated from April 1, 2024; (iv)
EBITDA Adjusted on a quarterly basis – back-end weighted
€ M
Highlights & Updates
(1) Data considers mid-point of the EBITDA Adjusted guidance
Financial Results O. Pozzi | Group Chief Financial Officer 02
1H 2025 Results – BU Overview
1
€ M
Financial Results
GROUP
DIGITAL TRUST
CYBERSECURITY
BUSINESS INNOVATION
(1) Figures might not add up exactly due to roundings. 1H'25 Revenues and EBITDA Adjusted are net of non-recurring components and net of costs for share-based payment plans and long-term incentives for Group's managers and strategic directors (both in
(2) Comparative figures for 1H'24 restated due to: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of Studio Fieschi, fully consolidated from December 31, 2023; (ii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024; (iii) the completion, in 1Q'25 of the activities to identify the fair value of assets and liabilities of Lenovys, consolidated from April 1, 2024; (iv) the change in Accounting Policy
- "Personnel costs")
- related to the adjustments of non-controlling interest liabilities recorded on the share of Put Options granted to minorities
11
€ M
Financial Results
(2) Comparative figures for 1H'24 restated due to: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of Studio Fieschi, fully consolidated from December 31, 2023; (ii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024; (iii) the completion, in 1Q'25 of the activities to identify the fair value of assets and liabilities of Lenovys, consolidated from April 1, 2024; (iv) the change in Accounting Policy
related to the adjustments of non-controlling interest liabilities recorded on the share of Put Options granted to minorities
1H 2025 Results – EBITDA Adjusted Evolution in detail 1
| 1H'25 | % | 1H'241 | % | 1H 2025 | % | WITH ACQUISITIONS | LFL 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| on 20241 | Δ | Δ% | Δ | Δ% | ||||||||
| 1H'25 figure includes € 5.2M of Non recurring costs related to internal reorganization and rebranding activities |
REVENUES2 | 235.6 | 100% | 203.0 | 100% | 213.1 | 100% | 32.6 | 16.1% | 10.1 | 5.0% | |
| Total Operating Costs2 | (196.6) | (83.4%) | (168.6) | (83.0%) | (179.4) | (84.2%) | (28.1) | 16.6% | (10.8) | 6.4% | ||
| Services & other costs | (95.1) | (40.3%) | (79.5) | (39.2%) | (86.7) | (40.7%) | (15.5) | 19.5% | (7.2) | 9.1% | ||
| Personnel costs | (101.6) | (43.1%) | (89.1) | (43.9%) | (92.6) | (43.5%) | (12.5) | 14.0% | (3.6) | 4.0% | ||
| 1H'25 includes € 19.6M attributable to impairment |
EBITDA ADJUSTED | 39.0 | 16.6% | 34.4 | 17.0% | 33.7 | 15.8% | 4.6 | 13.3% | (0.8) | (2.2%) | |
| 1 | Share-based payments3 & other non-recurring costs | (6.1) | (2.6%) | (8.9) | (4.4%) | (6.0) | (2.8%) | 2.9 | (32.2%) | 3.0 | (33.3%) | |
| EBITDA | 32.9 | 14.0% | 25.5 | 12.6% | 27.7 | 13.0% | 7.4 | 29.2% | 2.2 | 8.7% | ||
| 1H'25 Financial Income includes c. € 18M related to the |
2 | Depreciation, amortization, provisions, and impairment |
(51.9) | (22.0%) | (27.4) | (13.5%) | (50.3) | (23.6%) | (24.5) | 89.6% | (22.9) | 83.8% |
| OPERATING PROFIT | (19.0) | (8.0%) | (1.9) | (0.9%) | (22.6) | (10.6%) | (17.1) | NM | (20.7) | NM | ||
| positive adjustment | Financial Income | 20.7 | 8.8% | 6.8 | 3.4% | 20.5 | 9.6% | 13.9 | 203.6% | 13.7 | 201.7% | |
| of non-controlling interest liabilities |
Financial Charges | (9.9) | (4.2%) | (14.9) | (7.3%) | (8.6) | (4.0%) | 4.9 | (33.1%) | 6.2 | (41.9%) | |
| 1H'25 Financial | 3 | Net Financial Charges | 10.7 | 4.6% | (8.1) | (4.0%) | 11.9 | 5.6% | 18.8 | NM | 19.9 | NM |
| Charges include c. € 1.5M related to |
Profit of equity-accounted investments | 0.1 | 0.0% | 0.3 | 0.1% | 0.1 | 0.0% | (0.2) | (80.7%) | (0.2) | (80.7%) | |
| the negative adjustment of non |
PROFIT BEFORE TAXES | (8.2) | (3.5%) | (9.6) | (4.7%) | (10.6) | (5.0%) | 1.5 | 15.1% | (1.0) | (10.4%) | |
| controlling interest | Income Taxes | 0.7 | 0.3% | 3.2 | 1.6% | 1.7 | 0.8% | (2.6) | (79.6%) | (1.5) | (47.7%) | |
| liabilities | NET PROFIT OF CONTINUING OPERATIONS | (7.5) | (3.2%) | (6.4) | (3.2%) | (8.9) | (4.2%) | (1.1) | (17.2%) | (2.5) | (39.4%) | |
| Net profit of discontinued operations | 0.0 | N/A | 0.0 | N/A | 0.0 | N/A | 0.0 | N/A | 0.0 | N/A |
1H 2025 Results – Income Statement
€ M
Financial Results
(1) Comparative figures for 1H'24 restated due to: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of Studio Fieschi, fully consolidated from December 31, 2023; (ii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024; (iii) the completion, in 1Q'25 of the activities to identify the fair value of assets and liabilities of Lenovys, consolidated from April 1, 2024; (iv) the change in Accounting Policy related to the adjustments of non-controlling interest liabilities recorded on the share of Put Options granted to minorities
(2) 1H'25 Revenues and Operating Costs are net of non-recurring components and net of costs for share-based payment plans and long-term incentives for Group's managers and strategic directors (both in "Personnel costs") (3) Includes costs related to share-based payment plans and long-term incentives for managers and strategic directors
| EBITDA | OPERATING PROFIT/(LOSS) | NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS |
||||
|---|---|---|---|---|---|---|
| 1H'25 | 1H'241 | 1H'25 | 1H'241 | 1H'25 | 1H'241 | |
| REPORTED INCOME STATEMENT RESULTS | 32.9 | 25.5 | (19.0) | (1.9) | (7.5) | (6.4) |
| Non-recurring service costs | 2.5 | 3.8 | 2.5 | 3.8 | 2.5 | 3.8 |
| LTI incentive plans | 0.9 | 2.4 | 0.9 | 2.4 | 0.9 | 2.4 |
| Non-recurring personnel costs | 2.2 | 2.7 | 2.2 | 2.7 | 2.2 | 2.7 |
| Other non-recurring operating costs | 0.5 | 0.0 | 0.5 | 0.0 | 0.5 | 0.0 |
| Amortization of other intangible assets from consolidation | 12.6 | 12.4 | 12.6 | 12.4 | ||
| Non-recurring provisions | 0.8 | 0.0 | 0.8 | 0.0 | ||
| Non-recurring impairment | 17.9 | 0.0 | 17.9 | 0.0 | ||
| Non-recurring financial income | 0.0 | (0.2) | ||||
| Contingent consideration | 0.2 | (3.9) | ||||
| Adjustments of non-controlling interests | (16.7) | 6.1 | ||||
| Non-recurring financial charges | 0.3 | 2.8 | ||||
| Tax effect on adjustments | (5.2) | (5.0) | ||||
| Non-recurring taxes | 0.0 | (3.5) | ||||
| ADJUSTMENTS INCOME STATEMENT RESULTS | 39.0 | 34.4 | 18.3 | 19.5 | 8.4 | 11.2 |
| CHANGE FROM PREVIOUS YEAR |
+ | 13 3% |
0%) | (25 .1%) |
1H 2025 Results – A clear view on P&L Adjustments
€ M
Financial Results
(1) Comparative figures for 1H'24 restated due to: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of Studio Fieschi, fully consolidated from December 31, 2023; (ii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024; (iii) the completion, in 1Q'25 of the activities to identify the fair value of assets and liabilities of Lenovys, consolidated from April 1, 2024; (iv) the change in Accounting Policy
related to the adjustments of non-controlling interest liabilities recorded on the share of Put Options granted to minorities
Financial Results
(1) Comparative figures for FY'24 have been restated in connection with the completion, in 1Q'25, of the activities to identify the fair value of assets and liabilities of Lenovys and Camerfirma Colombia (both fully consolidated from April 1, 2024)
€ M
1H 2025 Results – NFP & FCF1
Financial Results
NET FINANCIAL POSITION ADJUSTED FCF FROM CONTINUING OPERATIONS
FCF Adj. from cont. ops. € + 47.8M Put Adjustments € + 16.7M
Non-recurring FCF components € - 5.2M Dividends € - 18.9M Acquisitions € - 8.3M Net Financial Charges € - 5.5M Adjustments to leasing contracts on NFP € - 3.5M
CapEx decreased to € 12.5M (vs € 16.1M in PY), in line MAIN with the Group's efficiency strategy
CHANGES
(1) Figures might not add up exactly due to roundings
€ M
NFP/EBITDA2 2.79x 2.61x
1H 2025 Results – NFP Bridge1
Financial Results
(1) Comparative figures for FY'24 have been restated in connection with the completion, in 1Q'25, of the activities to identify the fair value of assets and liabilities of Camerfirma Colombia, fully consolidated from April 1, 2024 (2) Calculated as NFP/LTM EBITDA Adjusted; FY 2024 NFP/EBITDA Adjusted ratio includes Tinexta Defence's EBITDA Adjusted contribution from January 1, 2024
| 0.2 0.9 |
1.2 | 5.2 | 301.0 | |
|---|---|---|---|---|
| (8.4) | ||||
| Acquisitions | 8.3 | |||
| Put Adj. ABF | (11.7) | |||
| Put Adj. Ascertia | (6.5) | |||
| Put Adj. Lenovys | 0.6 | |||
| Put Adj. Evalue Innovaciòn |
0.3 | |||
| Put Adj. Queryo | 0.3 | |||
| Put Adj. WFP | 0.3 | |||
| Other Put Adj. | 0.0 | |||
| Total Acquisitions + Put Adj. | (8.4) | |||
17
€ M
NFP/EBITDA2 2.79x 2.61x
1H 2025 Results – LTM NFP Bridge
1
Financial Results
(1) Comparative figures for 1H'24 restated due to: (i) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024; (ii) the completion, in 1Q'25 of the activities to identify the fair value of
assets and liabilities of Camerfirma Colombia, fully consolidated from April 1, 2024
(2) Calculated as NFP/LTM EBITDA Adjusted
Business Units Deep Dive 03
O. Pozzi | Group Chief Financial Officer
1H 2025 – Digital Trust1
Business Units Deep Dive
• Revenues at € 107.9M up 5.4% on an organic basis. The growth was both in Enterprise solutions (+ 32.8%) and OTS (+ 1.7%), the latter driven by sales related to LegalInvoice
• For the Enterprise segment, Trusted Onboarding Platform solutions grew 8% due to recurring revenues for subscriptions and renewals from loyal clients, with increased platform use
- (+ 12%), LegalDoc (+ 5%), and LegalMail (+ 4%) solutions, also due to a significant growth in online sales (+ 10%)
- over time
- LegalCert revenues were down 7% due to a delay in sales of Ascertia's PKI products in the MENA2 region, which are expected to materialize in the second half of the year
- In line with expectations, the BU recorded a significant decrease in CapEx to € 6.2M (vs € 9.9M in PY)
- margin revenues related to subsidiary Ascertia's projects in the MENA region
• EBITDA Adjusted at € 29.9M, up 1.5% (fully organic). The decrease in marginality to 27.7% (vs 28.8% in PY) is mainly attributable to the aforementioned postponement of high-
1H 2025 – Cybersecurity
Business Units Deep Dive
• Revenues at € 66.2M, up 46.0%. The increase in Revenues was entirely due to Tinexta Defence's performance (consolidated from August 1, 2024), while figures on an organic basis
• Tinexta Cyber's results show growth in Technology Solutions (+ 6.0%), where Services were up 3.6% mainly due to the signing of contracts for proprietary solutions, while Products
• Tinexta Defence's revenue contribution was € 20.9M, of which 63% related to the Defense segment and 37% related to the Cyber segment. Growth was driven by Communication & Control Systems (+ 68%) due to business expansion within the national Defense industry. Cyber Security & Technology grew 15% due to the sale of data intelligence and secure for the provision of cybersecurity services to Italy, in which a
- were in line with the previous year
- performed in line with PY. Security Solutions were down 8.9% due to a decrease in revenues from Resale (- 22%), which are typically linked to lower marginality
- communication products/solutions as well as the award of public tenders such as the one issued by ENISA1 collaboration between Next Ingegneria dei Sistemi (Tinexta Defence) and Tinexta Cyber was awarded first place
- Cyber's performance benefitted from the optimization efforts within the BU (SMG&A costs down 9%)
• EBITDA Adjusted at € 9.4M, up 129.9% (+ 17.6% on an organic basis); the increase is attributable to Tinexta Defence for € 4.6M (112.3% of overall growth). The rebound in Tinexta
1H 2025 – Business Innovation1
€ M
Business Units Deep Dive
• Revenues at € 66.8M up 11.5% mainly on an organic basis, with a minor contribution from Lenovys (consolidated from April 1, 2024). Organic growth (+ 8.1%) was driven by the Finance & Grants ("F&G") segment in the French market (+ 25.8%), with ABF benefitting from the approvals of filings related to 2024. The Italian F&G segment was up 4.5%, driven by Automatic Subsidized Finance and Advisory on EU and Strategic Funding. Digital Marketing revenues up 26.1%, mainly related to advertising; ESG, Export, and Digital & Innovation
• The order book related to Industry 5.0 is in line with expectations despite the complexity in the application process and delays in implementation still affecting growth in revenues and overall demand: as of July 2025, only € 1.4B have been filed for (out of a total € 6.3B). The Italian government is evaluating the possibility of re-allocating part of the funds (€ 3-3.5B) to other projects, and there are ongoing discussions with the EU Commission to extend the deadline for the use of the funds. Industry 4.0 contribution still expected, with an allocated
- business lines were up collectively 1.8%
- pool of € 2.2B in funds (€ 1.3B already booked as of July 2025)
- (which stayed at 2024 levels) affecting investor confidence
- end of 2Q, have not seen a corresponding growth in Revenues (expected to accelerate in 2H)
• The political scenario in France is still uncertain. The new Budget Law determined the temporary freezing of certain incentives related to France 2030 and set up new eligibility criteria for the funding of projects; this led to further delays in the award of public tenders and in the launch of new programs, with uncertainty related to existing budgets and success rates
• EBITDA Adjusted at € 8.8M down 13.9%, with marginality decreasing to 13.2% (vs 17.1% in PY). This dynamic was mainly influenced by the increase in labor costs (+ 17%) which, at the
Closing Remarks 04
J. Mastragostino | Chief Investor Relations Officer
Guidance – Group FY 2025 Targets
Closing Remarks
REVENUES
- 11-13% vs PY
of which 7-9% organic
EBITDA ADJUSTED
of which 10-12% organic
NFP/EBITDA ADJUSTED (UPDATED)
KEY PERFORMANCE DRIVERS
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)
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
Cybersecurity and Business Innovation BUs focused on improving operational efficiency as key element for successful achievement of targets
Closing Remarks
Closing Remarks
Expansion in CS thanks to the Defence business, BI's seasonality implies acceleration in 2H, DT's recovery expected by end of the year
Decrease in Net Financial Debt driven by strong cash generation, favorable NWC dynamics, and positive Put/Call Adjustments
Regulatory tailwinds and building momentum in relevant markets as a leverage to establish positioning as pan-European ICT leader
Tangible results from infra-Group synergies, reinforced by the implementation of a single corporate strategy and culture
Thanks.
Piazzale Flaminio 1/B Roma, 00196, Italy Tel. +39.06.42012631
E-mail: [email protected] [email protected] LinkedIn: Tinexta
www.tinexta.com
Josef Mastragostino Chief Investor Relations Officer [email protected]
Investor Relations Contacts
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