Smart Capital S.p.a. · MIL:SMCAP
Smart Capital — Investor Presentation (October 2026)
22 slides from Smart Capital's investor presentation, Oct 2, 2026
Slide 1: Company Presentation Update 1H 2026
Company Presentation Update 1H 2026 2nd October 2026
Slide 2: Who We Are
WHO WE ARE 2
Slide 3: Smart Capital at a glance
Smart Capital at a glance Company Description ➢ Smart Capital S.p.A. is an evergreen investment holding company specializing in minority private equity investments, focusing on Italian SMEs, both listed and unlisted. ➢ The Group, led by two experienced managers, operates since 2020, it aims for a lo
Slide 4: Financials & NAV
FINANCIALS & NAV 4
Slide 5: Consolidated Key Financials
Consolidated Key Financials ➢ In first half 2026, Smart Capital continued its growth trajectory, achieving its strongest semester results since inception. Revenues from Advisory Financial Income Group's Net Income 1,5m € 13,6m € 8,9m € 1,0m € 0,8m € 7,9m € 4,7m € 0,6m € 0,4m € 4,3m € 2,1m € 1,9m € 0
Slide 6: Main Exit in 2025 and 1H 2026
Main Exit in 2025 and 1H 2026 2025 2025 Cash-In 3.6 m € Cash-In 14.8 m € MoIC(2) 1.7x MoIC(1) 2.6x Smart Capital completed the divestment in Sogefi, a listed Italian company specializing in the design and manufacture of automotive components. The exit generated total cash proceeds A.L.A. is a group
Slide 7: A track record of dividends and exits
A track record of dividends and exits Of which: ▪ Smart Ala gross distribution ~€ 2,5 m >€2m > € 16 m ▪ Smart4Sea gross distribution ~€ 5 m Dividend distribution Club deal distributions ▪ Lario Up gross distribution ~€ 5 m since inception (excluded Smart Capital pro-quota) ▪ Smart Logistics gross di
Slide 8: NAV outperforming FTSE Italia Small Cap and STAR
NAV outperforming FTSE Italia Small Cap and STAR Smart Capital NAV1 has registered +90% + dividends since inception NIV > 220 FTSE Italia Small Cap FTSE Italia STAR NAV Smart Capital 220 199 190 200 189 175 176 180 160 168 140 130 121 120 100 106 80 60 NAV dilutive effect ➢ NAV per share as of 30 Ju
Slide 9: Last target price
Last target price INTESA |) SNNPAOLO ‘Smart Capital (BUY) SMCAP IM: SMCAP.IT ‘smart Capital - fey Dale AE Tass 1H: Strong Results Tage! Pee EUR) 20 ‘Vs. our estimates (SMCAP-IT) Above: Inne below Trprce UR) 1 Results, mex! Copitel reported @ slong 1H26 ne! income at EUR 10.9 (vs. EUR TM ln 1H25).Sas
Slide 10: Portfolio Overview
PORTFOLIO OVERVIEW 10
Slide 11: Solid Portfolio @30/06/2026
Solid Portfolio @30/06/2026 NAV Sector Exposure € 1.61 € 1.76 € 1.99 € 1.90 Manufacturing NAV per share NAV per share NAV per share NAV per share Mechanics at 31/12/2023 at 31/12/2024 at 31/12/2025 at 30/06/2026 22% 50% Manufacturing 19 Portfolio Companies* Other 28% Listed vs Unlisted 8 6 Logistics
Slide 12: PIPE Main Investments @30/06/2026 (1/2)
PIPE Main Investments @30/06/2026 (1/2) Stake Stake Stake Stake Stake Stake ~31.0 % ~0.8% ~12.0% ~8.4% ~1.6% ~5.2% 2025A 2025A 2025A 2025A 2025A 2025A Revenues 2m € Revenues 831m € Revenues 6m € Revenues 42m € Revenues 373m € Revenues 73m € EBITDA 84m € EBITDA 2m € EBITDA 7m € EBITDA 34m € EBITDA 10
Slide 13: Private Equity Main Investments @30/06/2026 (2/2)
Private Equity Main Investments @30/06/2026 (2/2) Stake Stake Stake Stake ~43.6%* ~48.9%* ~0.3%* ~13%* 2025A 2025A Fundraised 2025A Revenues 53m € Revenues 8m € > 1bn € Revenues 67m € EBITDA% >15% EBITDA% ~21% Listed on NASDAQ EBITDA% >2% since September 22nd Precision mechanical Heavy lifting and i
Slide 14: Key Events of 2026
KEY EVENTS OF 2026 14
Slide 15: Key events of 1H 2026
Key events of 1H 2026 Smart Capital completed a capital increase for a total of ~€7,9 million at €1,65/per share, with the participation of several entrepreneurial families from the Marche region. Smart Capital has increased its stake from 5.00% to 12.01% in Arterra Bioscience, a biotech company, wi
Slide 16: Key events after 1H 2026
Key events after 1H 2026 Subsidiary Smart4Mechanics entered into definitive agreements for the acquisition of a 40% equity stake in Cavalli Elettroerosioni, a company specializing in electrical discharge machining, engraving, laser marking and waterjet cutting. Smart Capital was selected as one of t
Slide 17: What's Next
WHAT’S NEXT 17
Slide 18: Launch of three industrial platforms
Launch of three industrial platforms Precision Lifting SME Engineering Solutions Consulting Platform Platform Platform In December 2025, Smart Capital, through In 1H 2026, Smart Capital become first Smart4Mechanics, acquired 48,9% share In December 2022, Smart Capital, through shareholder with 31,0%
Slide 19: Key Highlights
KEY HIGHLIGHTS 19
Slide 20: Key Investment Highlights
Key Investment Highlights Permanent Capital Entrepreneurial Experienced Investor Shareholders Management Team Leading Italian investor Long-term shareholders Proven track record in focused on SMEs across base leveraging on several both industrial and public and private entrepreneurial families. M&A
Slide 21: Thank You!
THANK YOU! 21
Slide 22: Disclaimer
Disclaimer The information contained in this document, particularly regarding any potential or assumed future performance of Smart Capital, constitutes or may constitute forward-looking statements and, as such, involves certain risks and uncertainties. Any reference to past performance should not be