TXT E-Solutions — Earnings Release 2021

May 13, 2021

TXT Group Q1 2021 results

Call with Investors May 13| 11.00am (CEST)

Daniele MISANI, CEO Andrea FAVINI, IR

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_Q1 Results: 2021 vs. 2020

Since 2018, constantly improving quarterly Revenues and EBITDA results

NET PROFIT EXPANSION € 1,2Mn Q1 -21 NET PROFIT, +391% vs Q1 -20

SOFTWARE REVENUES

€ 2Mn -14% vs. Q1 -20, due to the slow -down of new business in civil aviation

)

R&D + COMMERCIAL INVESTMENT (expensed in the P&L € 4.2Mn in Q1 -21, +13.2% vs Q1 -20

CASH + TREASURY SHARES AVAILABLE FOR GROWTH € 67Mn Cash & Cash equivalents & > €9Mn* in Treasury Shares

* Value calculated with stock price of € 7,42 per share

_diversifying: by adjacent Offerings, Geographies & Markets

_Aerospace & Aviation

AIRBUS (NAVBLUE) and PACE partnership

We provide flight crews with optimized speeds and altitudes fully integrated in NAVBLUE's electronic flight folder eFF+

New positive outlook for our XR platform WEAVR Large market debut, first contracts via Unity marketplace (https://unity.com/products/weavr). New strategic partnerships signed (Academic: PoliTO, Industrial: Paladin AI).

_Fintech

First Success for POLARIS

Maire Tecnimont Group is launching a financial program aimed at fostering the growth of

1 CHELEO strengthens its positioning in NPL market Beginning of a long-term collaboration with AMCO for the management of a portfolio of leasing receivables sold to them in March 2021. strategic Italian suppliers. ⁶

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_Q1-2021 FINANCIALS

	€ thousan
	REVENUES
	Direct cost
	GROSS MA
PROFIT & LOSS: details	Research a
	Commercia
	General an
	EBITDA
	Amortizati
	Reorganiza
	OPERATIN
	Financial ir

Q1 2021	%	Q1 2020	%	VAR %
21,481	100.0	16,255	100.0	32.2
13,210	61.5	8,981	55.3	47.1
8,271	38.5	7,274	44.7	13.7
1,650	7.7	1,803	11.1	(8.5)
2,513	11.7	1,872	11.5	34.2
1,405	6.5	1,634	10.1	(14.0)
2,703	12.6	1,965	12.1	37.6
975	4.5	793	4.9	23.2
O	O	O	O	O
1,728	8.0	1,172	7.2	47.4
256	1.2	(672)	(4.1)	n.a.
1,984	9.2	500	3.1	296.8
(746)	(3.5)	(248)	(1.5)	200.8
1,238	5.8	252	1.6	391.3

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€ thousand	31.03.2021	31.12.2020	VAR
Cash	13,461	11,933	1,528
Trading securities at fair value	53,469	68,161	(14,692)
Cash & Cash equivalents	66,930	80,094	(13,164)
Short term bank loans	(28,992)	(28,181)	(811)
Options referred to M&A (Put/Call – Earn Out)	(964)	(960)	(4)
Short term financial debts – Lessors IFRS 16	(1,470)	(1,494)	24
Short term Financial Resources	35,504	49,459	(13,955)
Other Non -current Financial Debts	(16,444)	(18,874)	2,430
Non -current financial debts – Lessors IFRS 16	(3,279)	(3,580)	301
Options referred to M&A (Put/Call – Earn Out)	(4,944)	(4,944)	0
Non -current Financial Debts	(24,667)	(27,398)	2,731
Net Available Financial Resources	10,837	22,061	(11,224)

€ thousand	31.03.2021	31.12.2020	VAR
Intangible assets	37,311	37,653	(342)
Tangible assets	7,054	7,460	(406)
Other fixed assets	16,691	2,299	14,392
Fixed Assets	61,056	47,412	13,644
Inventories	5,826	4,749	1,077
Trade receivables	34,070	35,411	(1,341)
Other short term assets	6,683	5,782	901
Trade payables	(4,206)	(4,176)	(30)
Tax payables	(5,506)	(5,147)	(359)
Other payables and short term liabilities	(20,055)	(17,471)	(2,584)
Net working capital	16,812	19,148	(2,336)
Severance and other non current liabilities	(2,770)	(2,757)	(13)
Capital employed - Continuing Operations	75,099	63,803	11,296
Shareholders' equity	85,936	85,454	482
Shareholder's equity (Minority interests)	0	409	(409)
Net financial debt/(cash)	(10,837)	(22,060)	11,223
Financing of capital employed	75,099	63,803	11,296

Shareholding Structure March 31st, 2021*

Market Data

Share Price Dec 31st, 2010	1.51€/share*
Share Price Mar 31st, 2021	7.42€/share
Mkt Mar 31st, 2021	87m€
Dividend Yield	0,5%

rebased for free share distribution*

Dividends and Treasury Shares Repurchase (€m)

Dividends

Year	Dividends	Year
	2013 0.20 € / share	2017 0.30 € / share
	2014 Free Share Distribution 1:1	2018 1.00 € / share
2014	0.25 € / share	2019 0.50 € / share
2015	Free Share Distribution 1:10	2020 nil
	2015 0.25 € / share	2021 0.04 € / share
	2016 0.25 € / share