Slide 1: Capital Markets Day: 2024 Results & 2025 Outlook
CAPITAL MARKETS DAY 2024 Results & 2025 Outlook Milan – March 6, 2025
Slide 2: Management Team
Management Team TINEXTA’S MANAGEMENT & SPEAKERS ODDONE POZZI PIER ANDREA CHEVALLARD JOSEF MASTRAGOSTINO Group Chief Financial Officer GM & Chief Executive Officer Chief IR Officer GROUP COMPANIES’ MANAGEMENT DANILO CATTANEO ANDREA VINGOLO ANDREA MONTI EMILIO GISONDI FIORENZO BELLELLI InfoCert CEO Vi
Slide 3: Agenda
Agenda Executive Summary FY 2024 Business Highlights FY 2024 Financials 1 J. Mastragostino | Chief Investor Relations Officer 2 P. A. Chevallard | Chief Executive Officer 3 O. Pozzi | Group Chief Financial Officer BU Outlook Strategy Pillars & 2025 Outlook Closing Remarks 4 J. Mastragostino | Chief
Slide 4: Executive Summary
1 Executive Summary J. Mastragostino | Chief Investor Relations Officer
Slide 5: Disclaimer
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 d
Slide 6: We shape the future
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 Ital
Slide 7: Milestones of the Equity Story
Executive Summary Milestones of the Equity Story Foundation Consolidation Cybersecurity M&A development Further growth > Acquisition of Visura, 2020 2024 2009 2016 > TecnoHolding as main > Acquisition of Yoroi, > Incorporation of Yoroi, 2022 > Acquisition of Evalue, institutional shareholder Innolva
Slide 8: Key Group Financial Data
Executive Summary Key Group Financial Data at 31/12/2024 REVENUES € 455M EBITDA ADJUSTED € 111M EBIDTA ADJUSTED + 15% vs PY + 8% vs PY NET PROFIT € 25M NFP NET PROFIT ADJ. FCF ADJ. € 50M € 42M € 322M vs € 102M in FY 2023 NFP/EBITDA ADJ. (1) Includes DTH’s proforma EBITDA Adj. contribution from Janua
Slide 9: Business Units at a glance
Executive Summary Business Units at a glance Digital Trust Cybersecurity Business Innovation PROVIDES PROTECTS ADVISES innovative products and certified solutions to ensure clients by offering custom proprietary solutions and companies through their business development security and reliability of d
Slide 10: Key economic and financial results
Executive Summary Key economic and financial results €M Revenues EBITDA Adj. NFP 19.5% CAGR ’14-’24 25.9% CAGR ’14-’24 2.79x1 455.0 110.8 321.8 103.0 395.8 94.8 264.4 357.2 81.2 76.8 76.5 301.5 269.1 66.6 258.7 239.6 181.0 124.9 129.1 38.9 147.3 104.4 102.0 126.4 30.2 91.9 25.5 71.2 77.6 76.6 52.4 4
Slide 11: EBITDA Adj. on a quarterly basis – Back-end weighted business
Executive Summary EBITDA Adj. on a quarterly basis – Back-end weighted business €M 2H Weight on total 60% 61% 63% 69% EBITDA Adj. 54.8 46.1 40.0 29.5 22.6 22.9 21.6 11.7 19.1 17.7 19.0 19.3 16.2 14.5 15.0 15.1 Weight of each Q on total 15% 25% 21% 39% 15% 24% 19% 42% 15% 22% 18% 45% 14% 17% 19% 50%
Slide 12: FY 2024 Business Highlights
2 FY 2024 Business Highlights P. A. Chevallard | Chief Executive Officer
Slide 13: FY 2024 Highlights
FY 2024 Business Highlights FY 2024 Highlights M&A in France Introduction of a new business line Cybersecurity BU Integration Closing of acquisition of the 73.9% of Acquisition of Lenovys (60%) and launch Acquisition of remaining shares of Corvallis, French Group ABF (Business of a new advisory busi
Slide 14: The Group in 2024
FY 2024 Business Highlights The Group in 2024 • FY2024 results lower than expectations due to a challenging context, requiring a shift in approach at a Group level in terms of business analysis, planning, and goal-setting • 4Q EBITDA Adj. of € 54.8M, confirming the back-end weighted nature of the bu
Slide 15: 2025 actions – Recovery after a challenging year
FY 2024 Business Highlights 2025 actions – Recovery after a challenging year WHAT WENT WRONG IN 2024 2025 ACTION PLAN In-depth analysis of the order book, customer ABF was strongly impacted by base, and clientele projects, with a close macroeconomic and country-specific scrutiny of process applicati
Slide 16: Tinexta's central role as the core of the Group
FY 2024 Business Highlights Risk & IR Tinexta’s central role as the core of the Group Compliance Parent Company Tinexta acts as a provider of shared services for the Group’s subsidiaries, steering away Audit Innovation from the concept of “simple holding company” “ONE GROUP” MODEL Innovation Fosteri
Slide 17: Strong international presence
FY 2024 Business Highlights Strong international presence 35 SUBSIDIARIES 12 COUNTRIES 3,000+ Warrant Funding Project EMPLOYEES, OF WHICH 2,500+ IN ITALY International 17% 2024 REVENUES Italy 83% 17
Slide 18: FY 2024 Financials
3 FY 2024 Financials O. Pozzi | Group Chief Financial Officer
Slide 19: FY 2024 Consolidated Results
FY 2024 Financials FY 2024 Consolidated Results €M 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%), mid- single-digit growth in EBITDA Adjusted (+ 7.7%) EBITDA Adjusted at 110.8 m
Slide 20: FY 2024 Consolidated Results – Income Statement
FY 2024 Financials FY 2024 Consolidated Results – Income Statement €M with Acquisitions LFL2023 FY 2024 FY’24 % FY’23 % % on 2023 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% Ser
Slide 21: FY 2024 Consolidated Results – P&L adjustments
FY 2024 Financials FY 2024 Consolidated Results – Having a clear view of P&L adjustments €M Net profit from continuing EBITDA Operating profit 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.
Slide 22: FY 2024 – Business Units Overview
DIGITAL TRUST FY 2024 Financials FY 2024 – Business Units Overview1 €M 181.6 206.6 GROUP 54.5 65.1 FY 2023 FY 2024 FY 2023 FY 2024 Revenues EBITDA Adj. CYBERSECURITY 89.4 106.3 Margin Margin 15.0 17.8 26.0% 24.4% FY 2023 FY 2024 FY 2023 FY 2024 395.8 455.0 Revenues EBITDA Adj. BUSINESS INNOVATION 10
Slide 23: FY 2024 – Digital Trust
FY 2024 Financials FY 2024 – Digital Trust Margin Margin €M 206.6 30.0% 31.5% 9.9 196.7 65.1 181.6 2.9 54.5 62.2 FY 2023 FY 2024 FY 2023 FY 2024 Revenues EBITDA Adj. 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 t
Slide 24: FY 2024 – Cybersecurity
FY 2024 Financials FY 2024 – Cybersecurity Margin Margin €M 106.3 16.8% 16.8% 14.3 89.4 92.0 17.8 4.8 15.0 13.0 FY 2023 FY 2024 FY 2023 FY 2024 Revenues EBITDA Adj. 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 th
Slide 25: FY 2024 – Business Innovation
FY 2024 Financials FY 2024 – Business Innovation Margin Margin €M 151.7 37.3% 29.1% 26.9 131.0 124.8 44.2 6.0 48.9 38.2 FY 2023 FY 2024 FY 2023 FY 2024 Revenues EBITDA Adj. LFL 2023 Δ Acquisitions • Revenues amounted to 151.7 million euros, up 15.8% mainly due to acquisitions (Studio Fieschi, ABF, L
Slide 26: FY 2024 – Balance Sheet
FY 2024 Financials FY 2024 – Balance Sheet Net Invested Capital increased by € 225.3 million vs FY 2023 mainly due €M to: 782.4 • Acquisitions: ABF (€ 134.5 million); DTH (€ 51.9 million); Lenovys (€ 557.0 17.4 million); Warrant Funding Project and Camerfirma Colombia (€ 2.0 Net Invested +40.5% mill
Slide 27: FY 2024 – NFP Bridge
FY 2024 Financials FY 2024 – NFP Bridge Acquisitions + € 221.7M Put Adjustment - € 18.9M €M 10.7 321.8 202.8 2.8 4.5 1.2 (0.6) (4.6) 102.0 29.1 7.0 8.8 (41.9) 0.99x NFP/EBITDA1 2.79x (1) Calculated as NFP/EBITDA Adjusted. FY 2024 NFP/EBITDA Adj. ratio includes DTH’s proforma EBITDA Adj. contribution
Slide 28: FY 2024 – NFP & Free Cash Flow
FY 2024 Financials FY 2024 – NFP & Free Cash Flow €M NFP Adjusted FCF from continuing operations Non-recurring components Free Cash Flow from 56.9 Continuing Operations 4.6 41.9 10.7 321.8 52.3 31.1 102.0 FY 2023 FY 2024 FY 2023 FY 2024 Put Adjustment + € 18.9 million CapEx increasing by € 13.2 mill
Slide 29: BU Outlook
4 BU Outlook J. Mastragostino | Chief Investor Relations Officer
Slide 30: Digital Trust
Digital Trust TINEXTA
Slide 31: Digital Trust BU Snapshot
Digital Trust BU Snapshot Revenues EBITDA Adj. Margin Tinexta boasts the largest European Qualified Trust Service Global Digital Transaction Management (DTM) market still a FY’24 € 207M € 65M 32% Provider (InfoCert), with Group companies across all the main greenfield opportunity with expected doubl
Slide 32: Market Snapshot – Fastest growing segments in Digital Transaction Management
Digital Trust Market Snapshot – Fastest growing segments in Digital Transaction Management Digital Identity Market (EMEA) 2023-2028E DIGITAL IDENTITY $M 5,729 EMEA market value of $ 3.5B in 2025 ($ 0.5B represented by the Italian market) with an expected CAGR of 17.8% to 20281 4,896 4,187 • EU Digit
Slide 33: The Digital Trust Experience – from Basics to Bespoke
Digital Trust Bespoke The Digital Trust Experience – from Basics to Bespoke Innovative Technology Tailor-made solutions for enterprises, other TSPs1, and Public Administration Cybersecurity by design, IoT Solutions, Off-the-Shelf Generative AI add-ons Enterprise Solutions Information Gathering Busin
Slide 34: InfoCert as a key player – Becoming a consolidator in the European Market
Digital Trust InfoCert as a key player – Becoming a consolidator in the European Market INFOCERT AS PIVOT FOR INTEGRATION IN THE EU #7 #2 InfoCert is the biggest EU player in terms of size, depth of the EU player EU player product/service offering, as well as technological innovation, presenting a w
Slide 35: Strategic Outlook – Taking integrated leadership to the next level
Digital Trust Strategic Outlook – Taking integrated leadership to the next level Consolidate leadership in the new Digital Identity Wallet market, leveraging on current customer base and providing AI-based anti-fraud solutions and attribute qualification Kick-off e-Invoicing business in targeted cou
Slide 36: Cybersecurity
Cybersecurity TINEXTA
Slide 37: Cybersecurity BU Snapshot
Cybersecurity BU Snapshot Revenues EBITDA Adj. Margin Tinexta’s Cybersecurity BU mainly addresses the Italian market, DEMAND DRIVERS FY’24 € 106M € 18M 17% worthing € 3B in value in 2024, with a CAGR ’23-’28E of 13% Significant vs PY + 19% + 19% margin €B 4.9 Higher exposure Incentives to 4.3 ADVISO
Slide 38: A complete value proposition to address a broader client segment
Cybersecurity 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
Slide 39: Regulatory Tailwinds – Introduction of NIS2
Cybersecurity Regulatory Tailwinds – Introduction of NIS2 (EU Directive 2022/2555) Effective in January 2025, NIS2 requires companies and entities of all sizes to adopt and implement a sound, structured cybersecurity strategy with the objective to foster digital resiliency across a wider range of cr
Slide 40: Strategic Outlook – Focus on operational efficiency and offer expansion
Cybersecurity Strategic Outlook – Focus on operational efficiency and offer expansion Expansion of the offering in high-potential segments (e.g., IAM1, Network Security, Cloud Security) and enhancement of existing solutions (e.g., banking products for AML) Identification of additional sales channels
Slide 41: Business Innovation
Business Innovation TINEXTA
Slide 42: Business Innovation BU Snapshot
Business Innovation BU Snapshot MARKET DRIVERS AND OPPORTUNITIES Revenues EBITDA Adj. Margin Tinexta’s Warrant Hub is part of the Italian Register of Certifiers Strong track record and brand awareness as a key FY’24 € 152M € 44M 29% for R&D Tax Credit, and it has been able to expand in different buy
Slide 43: Business Outlook – From a polarized service to an integrated system
Business Innovation Business Outlook – From a polarized service to an integrated system Sustainability Training culture SPECIAL SUBSIDIZED FINANCE Subsidized Finance Digitalization AUTOMATIC SUBSIDIZED ADVISORY & FINANCE Services Sustainable SUSTAINABILITY ESG Finance “ONE-STOP-SHOP” ADVISORY ECOSYS
Slide 44: Industry 5.0 as Business enabler – New €6.3B tax credit plan
Business Innovation Industry 5.0 as Business enabler – New € 6.3B tax credit plan, fully funded Industry 4.0 Italian Budget Law 2025 GOALS CHANGES TO INDUSTRY 5.0 ✓ Digital transformation of Italian companies ✓ Increased flexibility: Industry 5.0 tax incentives are now ✓ Investments in the digitaliz
Slide 45: Strategic Outlook – Towards an advisory-centric business model
Business Innovation Strategic Outlook – Towards and “advisory-centric” business model «Cross-border» European Group centered on advisory, with important service verticals together with automatic and special subsidized finance activities Full integration of all business lines in a unique value propos
Slide 46: Strategy Pillars & 2025 Outlook
5 Strategy Pillars & 2025 Outlook P. A. Chevallard | Chief Executive Officer J. Mastragostino | Chief Investor Relations Officer O. Pozzi | Group Chief Financial Officer
Slide 47: Key pillars of 2025 strategy
Strategy Pillars & 2025 Outlook Key pillars of 2025 strategy INTEGRATION from 2025 FOUNDATION CONSOLIDATION EXPANSION 2009 – 2014 2015 – 2020 2021 – 2024 Unified value proposition and integrated strategy across business units and subsidiaries, directed by Foundation and definition of Consolidation o
Slide 48: ESG Plan – Group and BUs on Track in 2024
Strategy Pillars & 2025 Outlook ESG Plan – Group and BUs on Track in 2024 PEOPLE CLIMATE CHANGE ESG training hours pro capita Energy from renewable sources Number of full time employees Measurement of Scope 1, 2, and 3 emissions Injury rate % of women in the workforce % of women in managerial roles
Slide 49: Financial Policy – FY 2025 BU Targets
Strategy Pillars & 2025 Outlook Financial Policy – FY 2025 BU Targets REVENUES EBITDA ADJ. Digital Trust Digital Trust Digital Trust to keep up its outstanding and steady levels of organic growth, both in Italy and abroad + 7-9% vs PY + 7-9% vs PY Momentary operational decrease is driven by the laun
Slide 50: Financial Policy – Group's FY 2025 Financial Targets
Strategy Pillars & 2025 Outlook Financial Policy – Group’s FY 2025 Financial Targets FY 2025E Revenues KEY PERFORMANCE DRIVERS of which + 11-13% vs PY 7-9% organic Strong underlying business driving reasonable and healthy organic growth, demand supported by the digital transformation trend FY 2025E
Slide 51: Sound financial structure and rewarding dividend policy
Strategy Pillars & 2025 Outlook Sound financial structure and rewarding dividend policy NFP/EBITDA Adj. 25,0 Dividend Policy 55% 0,6 2.79x1 20,0 0.51 2.2x-2.4x 34.8% 0.46 15,0 31.7% 29.8% 30.0% 10,0 0.30 0.30 0.99x 0.26 5,0 12.0 13.8 23.3 21.0 13.8 0,0 0 2023A 2024A 2025E 2020 2021 2022 2023 2024 Ov
Slide 52: Closing Remarks
6 Closing Remarks J. Mastragostino | Chief Investor Relations Officer
Slide 53: Closing Remarks
Closing Remarks Focusing on recovery of operational efficiency and achievable goal- setting, 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
Slide 54: Management Team Q&A
Management Team Q&A ODDONE POZZI Group Chief Financial Officer PIER ANDREA CHEVALLARD GM & Chief Executive Officer JOSEF MASTRAGOSTINO Chief IR Officer DANILO CATTANEO ANDREA VINGOLO ANDREA MONTI EMILIO GISONDI FIORENZO BELLELLI InfoCert CEO Visura GM Tinexta Cyber GM Defence Tech CEO Warrant Hub CE
Slide 55: Thanks.
Thanks. www.tinexta.com Investor Relations Contacts Presentation Piazzale Flaminio 1/B E-mail: info@tinexta.com Josef Mastragostino Download the presentation Roma, 00196, Italy tinexta@legalmail.it Chief Investor Relations Officer Tel. +39.06.42012631 LinkedIn: Tinexta investor@tinexta.com