Mci Capital Alternatywna Spolka Inwestycyjna S.a. · GPW:MCI
Mci Capital Alternatywna Spolka Inwestycyjna — MCI Capital ASI — H1 2026 Earnings Presentation
29 slides from Mci Capital Alternatywna Spolka Inwestycyjna's earnings presentation, March 2026
Slide 1: MCI Capital ASI S.A. result presentation for HY2026
We transform the potential of technology into value growth MCI Capital ASI S.A. result presentation for HY2026
Slide 2: Investment summary, financial results and key events
Investment summary, financial results and key events
Slide 3: Investment summary
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Investment summary Long-term value growth 23% PLN 40.1 MCI's share price remains in a steady upward trend 5Y NAV/S growth NAV/S (before reduction for approved dividend)* Experienced team 24 experts 27% Executing a value-building strategy with secto
Slide 4: Main current events
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Main current events H1 2026 RESULTS KEY H1 2026 EVENTS • MCI Group’s H1 2026 result was PLN 36.1M • Total equity amounted to PLN 2.0bn, with MCI NAV/share at PLN 38.6 FIRST IN POLAND • The main contributors to Group performance were Profitroom, WEB
Slide 5: Key KPIs of MCI Capital's investment portfolio
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Attractive portfolio ▪ Market leaders ▪ 21% revenue CAGR (5 years) ▪ PLN 510M normalized EBITDA ▪ 1.3x net debt / EBITDA ▪ High share of recurring revenue Key KPIs of MCI Capital’s investment portfolio (consolidated data) 21% 15% 510 36% growth of
Slide 6: MCI Group – Consolidated profit and loss account for HY 2026
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI Group – Consolidated profit and loss account for HY 2026 • The Group’s net profit of PLN 36.1M was mainly influenced by the result from the revaluation of investment certificates (IC), which was mainly due to the increase in MCI.EV’s IC value P
Slide 7: MCI Group – Consolidated statement of financial position as at 30 June 2026
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI Group – Consolidated statement of financial position as at 30 June 2026 PLN THOUSAND 30.06.2026 31.12.2025 • Investment certificates (IC) – the main component of the Group's Tangible assets 2,373,912 2,315,919 assets (97% of assets). As of 30 J
Slide 8: Main components of investment performance in HY 2026
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI Group – main components of investment performance in HY 2026 +47.3 M RETURN ON INVESTMENT CERTIFICATES RESULT ACHIEVED BY MCI.EV +48.2 M 99.7% MCI share in MCI.EV = +48.0 MCI.EV result M attributable to MCI RESULT ACHIEVED BY MCI.TV -1.5 M +47.
Slide 9: MCI Capital ASI Group's portfolio structure as of June 2026
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 III. MCI CAPITAL ASI GROUP’S PORTFOLIO STRUCTURE AS OF 30 JUNE 2026 As of 30 June 2026, MCI Group’s investment portfolio comprised 14 investments, of which 8 active investments accounted for INVESTMENT SHARE IN NET ASSETS VALUE IN MCI VALUE IN MCI
Slide 10: Activity in the area of new investments
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Deal flow 100+ transactions analyzed per year Activity in the area of new investments ▪ ▪ 25+ companies in the pipeline ▪ 5+ active processes ▪ Strong advantage of local sourcing What investments are What companies is our Overview of the we looking
Slide 11: Exits roadmap 2026-2032
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Investment exits – summary ▪ 2025: record exits (~PLN 890M) Exits roadmap 2026-2032 ▪ 2026–2028: another wave of exits ▪ Multiple exit paths: PE funds, strategic investors, IPOs 2026 – 2027: our thinking about exits 2028 2029 2030 - 2032 COMPLETED
Slide 12: Long-term NAV/S growth
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Growth + dividend Long-term NAV/S growth ▪ ▪ 15% CAGR NAV 5.6% dividend yield ▪ A balanced strategy for growth and cash flow For 26 years we have been consistently building value by investing and supporting the growth of companies in various innova
Slide 13: MCI's dividend policy for 2025-2027
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI’s dividend policy for 2025-2027 On 9 September 2024, the Management Board of MCI Capital ASI S.A. adopted a resolution on the dividend policy for the years 2025-2027 4% PLN 82.9M 5.6% 19.9% Free float Dividend value Amount paid in 2026 Dividend
Slide 14: A diversified portfolio of new technology leaders
A diversified portfolio of new technology leaders
Slide 15: eSky and Profitroom
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 eSky Thomas Cook Profitroom ABOUT THE COMPANY ABOUT THE COMPANY Leading Polish online air travel agency with a global reach, with a fast-growing dynamic Leading international provider of online direct booking solutions for hotels, offering package
Slide 16: Netrisk and Nice To Fit You
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Netrisk Nice To Fit You ABOUT THE COMPANY ABOUT THE COMPANY Leading group operating online price comparison and insurance contracting portals One of the largest and longest-established players in the food eCommerce market in with a focus on communi
Slide 17: Webcon and Welyo
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Webcon Welyo ABOUT THE COMPANY ABOUT THE COMPANY Provider of low-code technology-based business process management and automation Cloud-based, multi-channel communications platform that supports businesses in solutions (Business Process Automation)
Slide 18: Morele
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Morele ABOUT THE COMPANY Leading e-commerce platform in PL, offering customers a wide range of products, operating on a 1P and 3P model. Aggregator and creator of digital private label brands. Offering products also through external marketplace pla
Slide 19: HY 2026 – Key highlights
/ HY 2026 - Key highlights
Slide 20: MCI at a glance – key facts
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI at a glance – key facts Investment thesis Market momentum Competitive advantages ▪ 27% IRR based on realized exits within ▪ Technology company valuations in CEE ▪ Technology-focused fund vs. generalist buyout strategy (IAI >4x return) remain at
Slide 21: Additional information
/ Additional information
Slide 22: MCI Capital ASI S.A.'s shares price dynamics
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI Capital ASI S.A.’s shares price dynamics MCI shares combine strong price growth potential (increase by more than 80% since the end of 2020) with stable shareholder return thanks to a new dividend policy (~5.6% per year) Currently, the MCI share
Slide 23: MCI Capital's strong investment track record
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Track record • 15% NAV CAGR over 26 years MCI Capital’s strong investment track record • • IAI exit: >4x return Answear exit: ~3x return • Consistent value creation and investment monetization RATE OF RETURN: 27% IRR ON PRIVATE EQUITY BUYOUT & EXPA
Slide 24: Experienced team
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Experienced team PARTNERS AND INVESTMENT TEAM Tomasz Czechowicz Paweł Borys Ewa Ogryczak Michał Górecki Filip Berkowski Paweł Sikorski Aleksandra Kulas Katarzyna Pogorzelska Founder, Managing Partner, COO, Senior Investment Partner Executive Partne
Slide 25: Investment strategy
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Investment strategy E-Commerce & D2C MCI Capital Software & SaaS MCI Capital ASI S.A. is a WSE-listed investment company making investments through a private equity new technologies fund1. Investment strategy is focused on five Fintech & Payments m
Slide 26: Investment strategy: CEE as a rapidly growing PE market
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Investment strategy: Central and Eastern Europe is a rapidly growing PE market in the EU, characterized by 50–100 transactions per year, the region’s rapid economic growth and a wide range of investment exit opportunities. MCI plans to invest PLN 1
Slide 27: MCI Capital Strategy
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI Capital Strategy We are the largest private equity fund for new technologies in Central Europe. VISION We aim to become one of the most distinguished private equity funds for new technologies in Europe MISSION We draw inspiration from technolog
Slide 28: MCI Capital is the largest mid market tech private equity fund in the CEE region
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 MCI Capital is the largest mid market tech private equity fund in the CEE region MCI’s closest competitors DIGITALIZATION LEVEL TICKET SIZE Lower mid-market (EUR 5M – 25M) Mid-market (EUR 25M – 100M) Large cap (EUR 100M – 1B+) Fund size EUR 50M-250
Slide 29: Group structure and sources of revenue generation
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR HY2026 Group structure and sources of revenue generation MCI GROUP STRUCTURE ✓ In recent years, the MCI Group has gone through a process of intensive organizational structure simplification AS OF 30 JUNE 2026 ✓ After the merger with PEM (21 June 2021), MC