Eleven Capital AD · BSESOF:11C
Eleven Capital AD — Investor Presentation (October 2026)
30 slides from Eleven Capital AD's investor presentation, October 2026
Slide 1: Investor Presentation
eleven capital Investor Presentation October 2026 1
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Eleven Capital AD (“11C”) for informational purposes only in connection with meetings with potential investors regarding the company’s capital increase. It does not constitute an offer, invitation or solicitation to buy or sell any securities, nor in
Slide 3: Strategic Priority
Strategic Priority 1/2/3/4/5/6 3
Slide 4: Long-term Capital Growth
Long-term Capital Growth 4
Slide 5: A listed gateway to high-growth private companies
INVESTMENT THESIS A listed gateway to high-growth private companies One listed share gives access to a portfolio of fast-growing private businesses, with the liquidity of a public stock. 01 Diversified innovation exposure 02 Asymmetric upside One investment gives exposure to a portfolio of A few bre
Slide 6: Highlights
Highlights elevencapital 1/2/3/4/5/6
Slide 7: 11C KPIs since IPO: trading snapshot as at Q3 '26
11C KPIs SINCE IPO | TRADING SNAPSHOT AS AT Q3 ‘26 Since IPO, Eleven has delivered a ~2.7x total return to investors: share price up 2.37x plus €1.37 per share in dividends Average Share Price Market Cap Total Shares Traded €8.49 ~ €20M 1.8M vs €3.58 at IPO vs €8.24M at IPO 80% of public float Divid
Slide 8: Total Shareholder Return (TSR) | Q2 2026
TOTAL SHAREHOLDER RETURN (TSR) | Q2 2026 TSR CALCULATION INPUTS Total Shareholder Return (TSR) Beginning Net Book Value / share IPO Net Book Value per share €2.54 351% Ending Net Book Value / share €10.40 Q1 2020 (IPO) → Q2 2026 Net Book Value per share (Q2 2026) TSR CAGR (annualised) Cumulative Dis
Slide 9: Distributions and Dividend Yield (% of Net Book Value)
DISTRIBUTIONS AND DIVIDEND YIELD (% of Net Book Value) *Estimate impact of buyback on TSR: +3 - 5% for the full program 9
Slide 10: Share price performance vs BGTR30 index
SHARE PRICE PERFORMANCE VS BGTR30 INDEX 11C has outperformed the BGTR30 since IPO: +173.5% total return vs +160.6%. 10
Slide 11: Net Book Value Evolution
NET BOOK VALUE EVOLUTION {_] Total Net Book Value (€M) €20M €15M €10M €5M €0M C] Latest period €23.8M €23.9M €19.5M €18.5M ———— €13.7M 422.4% +0.5% 6.8m +34.4% BBO €6.0M - +102% Re 413.9% Q2'20 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 Q2'26 1
Slide 12: Share Price vs Net Book Value
SHARE PRICE VS NET BOOK VALUE 12
Slide 13: Portfolio Overview
Portfolio Overview eleven capital 1/2/3/4/5/6 13
Slide 14: A portfolio of companies across sectors valued at €23M
PORTFOLIO SNAPSHOT A portfolio of 9 companies across 6 sectors valued at €23M Enhancv MClimate Businessmap Future of Work / B2C | HQ: Bulgaria IoT / Hardware | HQ: Bulgaria Future of Work / SaaS | HQ: Bulgaria €0.20M €7M €0.30M €3.5M €0.13M €2.7M Total Investment Stake Value Total Investment Stake V
Slide 15: Majority of 11C's value drivers are running profitable operations
PORTFOLIO | NET BOOK VALUE BREAKDOWN BY COMPANY Majority of 11C’s value drivers are running profitable operations Enhancv R&D Sensika MClimate Businessmap Technologies 13.7% 10.3% Dronamics Global TaxiMe Novalogy 8.6% 7.9% 6.1% MbrainTrain SmartOcto Other 27.4% 18.5% 2.2% 2.2% 3.0% Block area is pro
Slide 16: Revenue Performance | Top Line Growth vs Net Book Value
REVENUE PERFORMANCE | TOP LINE GROWTH VS NET BOOK VALUE 16
Slide 17: Portfolio Net Book Value | Post-Acquisition of Ebag
PORTFOLIO NET BOOK VALUE | Post-Acquisition of Ebag NAV Estimate Post-Purchase: EURO 31M NAV estimate after the purchase of Ebag ≈ €31M | Ebag stake value assumptions post-purchase ≈ 6M | Assumption of total size of Secondary Public Offering - €7.5M (≈ 1M remaining cash; 0.5M in expenses) 17
Slide 18: SPO: Why We Do It
SPO: Why We Do It eleven capital 1/2/3/4/5/6 18
Slide 19: 11C is raising up to ~€7.6M to fund acquisition of portfolio stakes
SPO OVERVIEW 11C is raising up to ~€7.6M to fund acquisition of portfolio stakes in new companies and follow-on investments Key Terms New shares Up to 918,851 new ordinary voting shares @ €8.30 per share Board of Directors empowered and General Meeting of Shareholders Authorisation approval (June 17
Slide 20: Every new investment must meet five target criteria
INVESTMENT STRATEGY Every new investment must meet five target criteria 01 02 03 04 05 Long-term Quality and Portfolio fit Independent Growth growth profitability pricing hurdle Durable growth High-quality Maturity profile in Purchase price Expected annual prospects over a asset that is line with th
Slide 21: Ebag in numbers: ~40-50% annual revenue growth with positive EBITDA
ACQUISITION TARGET | EBAG IN NUMBERS Presented by Ivan Alexandrov, Ebag CEO A rare combination in grocery e-commerce: ~40-50% annual revenue growth with positive EBITDA AT A GLANCE Revenue & EBITDA Development (€M) ~40-50% annual growth, while profitable EBITDA > 0 rare in the sector 36,500+ monthly
Slide 22: eBag is the online retailer transforming Bulgaria's grocery market
ACQUISITION TARGET | ABOUT EBAG Presented by Ivan Alexandrov, Ebag CEO eBag is the online retailer transforming Bulgaria’s grocery market A profitable business with ~40-50% annual growth and massive growth potential BUSINESS DRIVERS PRICE RELIABILITY MARKET & POTENTIAL Same or better prices than the
Slide 23: eBag Transaction Details and Other Uses of Funds
SECOND PUBLIC OFFERING | USE OF FUNDS eBag Transaction Details Seller Eleven Investments KDA eBag Valuation €105M | 1.05x €100M TTM sales as of the end of Q3 ‘26 Stake for sale 5.7% Total consideration up to ~ €6M or up to about 80% of the SPO funds Other Uses of Funds SPO Expenses up to 3% of the S
Slide 24: Second Public Offering: Details & Timing
Second Public Offering: Details & Timing eleven capital 1/2/3/4/5/6 24
Slide 25: 11C is raising up to ~€7.6M at €8.3 per share
SECOND PUBLIC OFFERING | KEY SUBSCRIPTION INFORMATION 11C is raising up to ~€7.6M at €8.3 per share Issuer Eleven Capital AD Lead Manager Karoll AD Issue Price €8.3 per share New Shares up to 918,851 shares Rights-to-share Ration 2.5 rights for 1 share Max Size up to €7,626,463 Min Size €3,735,000 (
Slide 26: Rights trading and subscription open on 2 November
SECOND PUBLIC OFFERING | TIMELINE Rights trading and subscription open on 2 November; new shares are expected to trade on BSE by the end of the year 19 Oct 2 Nov 11 Nov 20 Nov 21 Dec Offering Document Rights trading and Rights holders’ last day Final subscription and New shares start trading Issued
Slide 27: Five steps to take part in the offering
SECOND PUBLIC OFFERING | HOW TO PARTICIPATE Five steps to take part in the offering; rights holders must subscribe by 10 November KEY CUT-OFF DATES 1 share = 1 right 19 Oct 01 Offering document issued (11-pager) By Oct 28 Shareholders automatically get 1 free right per share. Anyone else can buy rig
Slide 28: Every 2.5 rights plus €8.30 buy one new share
SECOND PUBLIC OFFERING | RIGHTS MECHANICS Every 2.5 rights plus €8.30 buy one new share Еxample 1,000 1,000 400 €3,320 existing 11C shares held → rights received free of → new shares you can → to pay by 20 Nov on the record date charge (1 per share) subscribe (1,000 ÷ 2.5) (400 × €8.30) IF YOU DO NO
Slide 29: Questions & Answers
Questions & Answers eleven capital 1/2/3/4/5/6 29
Slide 30: Thank You!
Thank You! For further information: / Daniel Tomov / m: +359 889 835 663 / e: info@elevencapital.bg eleven capital 30
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