Dexelance · MIL:DEX
Dexelance — Investor Presentation (June 2026)
28 slides from Dexelance's investor presentation, Jun 25, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION DE XELANCE CRAFTING DESIGN FOR EXCELLENCE
Slide 2: Dexelance: a distinctive platform in the high-end design sector
Dexelance : a distinctive platform in the high - end design sector that pursues its growth path through a clear consolidation strategy FURNITURE ~125 mln Revenue 2025F (1) Adj. EBITDA 2025F (2) € 372,7 mln € 34,4 mln ~9% Margin +15% vs 2024 (~11% excl. one -offs) KITCHEN&SYSTEMS ~64 mln RESIDENTIAL
Slide 3: Strong M&A track record: 13 acquisitions since foundation
Strong M&A track record : 13 acquisitions since foundation , with 2025 marking a landmark of exceptional deal activity 2015 2017 2019 2021 2023 Foundation and Acquisition of Acquisition of Acquisition of Acquisition of acquisition of Gervasoni Cenacchi International Modar Axolight (1) Turri 2016 201
Slide 4: In just 10 years Dexelance ranked among the top ten groups worldwide
In just 10 years Dexelance ranked among the top ten groups worldwide in the high - end design sector (the 1st in terms of CAGR) Last Revenue reported CAGR 2021 - 2025 Rank by CAGR 3.248 8% #5 (*) 3.062 (4%) #10 (*) 2.406 6% #7 1.221 12% #2 (*) 768 3% #9 713 4% #8 (*) 520 9% #3 403 8% #4 373 27 % #1
Slide 5: Key Investment Highlights
Key Investment Highlights 1 Compellent and resilient reference market , continuously outperformed by Dexelance 2 High - end positioning supported by highly complementary brand portfolio Well diversified business model across geographies, product categories and distribution 3 channels Synergies acros
Slide 6: Dexelance operates in Core HEDF, a global and resilient market
1 Dexelance operates in Core HEDF, a global and resilient market that has grown steadily over the past 10 years , albeit with some volatility recently Historical evolution of the Core High - End Design Furniture market | €bn NORMALIZATION PHASE ~46 Key characteristics of the Italian brands’ market s
Slide 7: Dexelance outperformed its reference market with organic growth at ~2x
1 Vis - à- vis its reference market, Dexelance outperformed with organic growth at ~2x market levels and significantly higher total growth Core HEDF market evolution ( €bn | 2015 - 2025) CAGR 2015 - 2025 +3/4% 48 47 46 ~46 43 36 38 34 35 35 32 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 D
Slide 8: A broad portfolio of high-end brands with strong complementarity
2 The Group counts on a broad portfolio of high - end brands with strong complementarity and balance, even within the same business area Residential Luxury Contract Furniture Kitchen & Systems Lighting Omnichannel Contract * 124 million 64 million 34 million 74 million 76 million (34% of FY25 revenu
Slide 9: A distinctive platform with a highly diversified business model
3 Dexelance is a distinctive platform with a highly diversified business model . broad end - market exposure and strong synergies potential … Parent Company Residential companies Luxury Contract companies Retail 54% Soft Contract 26% Hard Contract 20% Channels/ Route to market Architects, Interior a
Slide 10: Balanced presence across geographies and product categories
3 …as well as a balanced presence across geographies and product categories, providing for growth opportunities across cycles and trends FY2025 Revenue by SBA FY2025 Revenue by Region Furniture 20% Lighting 20% 25% Italy 34% Kitchen&Systems Europe (excl. Italy) 20% 21% North America Luxury Contract
Slide 11: A distinctive partnership combining autonomy and alignment of interests
4 A distinctive partnership combining autonomy and alignment of interests, leveraging Group structure and network to unlock growth and synergies Strategic support Strengthening management, enabling generational transition, reinforcing effectiveness and attracting new talents, to drive growth executi
Slide 12: Dexelance HQ US, New York
Dexelance HQ US 192 Lexington Ave. | New York End -2023, Dexelance opened a new showroom in downtown New York for Meridiani and Davide Groppi, while establishing a local commercial team. End -2024, the showroom was expanded to the second floor of the building to include Gervasoni, Turri, Flexalighti
Slide 13: Dexelance HQ China, Shanghai
Dexelance HQ China Xuhui District | Shanghai In early 2020, Dexelance opened a commercial branch in Suzhou to support locally market expansion and act as a cultural bridge for the portfolio companies. Mid-2025, the commercial team relocated to Shanghai and opened a new showroom in the French Concess
Slide 14: 2025 at a glance: ~€62 million invested
5 2025 at a glance : ~€ 62 million invested to pursue Dexelance aggregation strategy and drive the next growth phase Two key acquisitions to strengthen Group’s positioning Strategic decisions related to outstanding minorities Best -in-class player in the segment, delivering solid performance backed
Slide 15: Roda has redefined the outdoor furniture paradigm
5 Roda has redefined the outdoor furniture paradigm, establishing itself as an international benchmark in high - end outdoor design • Strong manufacturing and commercial presence across Europe, the United States and Asia • Distinctive product expertise, with collections combining elegance, innovatio
Slide 16: Mohd is Dexelance's biggest acquisition ever
5 Mohd is Dexelance’s biggest acquisition ever : a unique platform for interior design and distribution, pioneering a truly omnichannel business model in the industry • Leading global omnichannel player with an integrated and client -centric model, combining a strong digital platform (700 + brands,
Slide 17: FY2025 revenue reached ~€373 million (+15% YoY)
5 FY 5 revenue reached ~Euro 373 million (+ 15% YoY) supported by M&A - driven growth . First - time organic slowdown (mainly linked to Luxury Contract) weighing on profitability Profit & Loss | € mln Revenue Adj EBITDA F12M 24 % F12M 25 (1) % Organic Total Organic Total Revenue 324,1 100,0% 372,7 1
Slide 18: Three years of disciplined capital allocation
(1) 5 Three years of disciplined capital allocation supporting long - term growth > 150 mln (1) (1) extraordinary cash -out 70,1 ~ 26 mln ~78% cash 1,4 capex conversion (3) (60,8) 69,8 (93,6) (17,7) (52,7) (8,1) (4,1) (9,7) NFP, banks IPO Minorities M&A Growth Maintenance Treasury Interests Operatin
Slide 19: Distinctive M&A capabilities and broad deal flow
6 Distinctive M&A capabilities and broad deal flow : a platform to identify and integrate design excellence 30 20 Margins (EBITDA%) 10 0 (10) Wide pool of brands with size and marginality …as well as opportunities for (20) in line with bolt -on DEX targets… more transformational deals (30) 5 10 20 R
Slide 20: 1Q 2026 financial results: revenue seasonality towards 2H 2026
F 1Q 2026 financial results : More pronounced revenue seasonality towards 2H 2026 . Operating deleverage keeps weighing on profitability, despite broadly stable gross margin % Profit & Loss | € mln Revenue F1Q 25 % F1Q26 % Organic Total Revenue 72,1 100,0% 84,4 100,0% - 11.0% +17.1% Other income 1,4
Slide 21: 1Q 2026 financial results: NWC dynamics and net bank debt
F 1Q 2026 financial results : Anticipated quarterly NWC dynamics, to be reabsorbed by the end of the year, drive a temporary increase in net bank debt Cash Flow | € mln Net Financial Position | € mln Net bank debt FY 25 (52,7) 1Q 25 FY 25 1Q 26 (1) Net bank debt ( long term ) 13,2 52,7 72,0 EBITDA r
Slide 22: Looking ahead: top-line growth, synergies and ambitious capex plan
Looking ahead : strong commitment on top - line growth, deployment of synergies and ambitious capex plan on the current perimeter . M&A remains a strategic lever for growth Key organic priorities th Dec. 2025 Mid- Term Ambition announced on 12 • Strong commitment on top - line growth : recovery in r
Slide 23: Annex
Annex
Slide 24: Annex 1 | FY2025 Profit & Loss reconciliation
Annex 1 | FY 2025 Profit & Loss reconciliation Actual to Full. Adj. ( € mln) Actual Actual Adj. Actual Actual Adj. Full Adj. (2) F12M 24 Adj. F12M 24 F12M 25 Adj. F12M 25 Full F12M 25 Revenue 324,4 (0,2) 324,1 320,2 320,2 52,5 372,7 ADJ DETAILS Other income 4,9 4,9 5,0 5,0 0,5 5,5 F12M 24 F12M 25 To
Slide 25: Annex 2 | FY2025 Balance Sheet statement
Annex 2 | FY 2025 Balance Sheet statement ( € mln) FY 24 FY 25 Intangible assets 235,5 266,6 Right of use 34,4 35,3 Property, plant and equipment 28,2 37,6 Holdings and other non-current assets 8,7 19,0 Non-current assets 306,8 358,6 Inventory 45,5 69,4 Trade receivables 41,6 34,2 Other current asse
Slide 26: Annex 3 | F1Q 2026 revenue breakdowns
Annex 3 | F1Q 2026 revenue breakdowns Revenue breakdown by SBA Revenue breakdown by channel Revenue breakdown by region F1Q 25 F1Q 26 Δ Furniture 29,7 25,3 -14.9% F1Q 25 F1Q 26 Δ Lighting 8,4 7,7 -8.8% Kitchen&Systems 14,6 14,6 +0.0% Retail 39,0 48,9 +25.5% Omnichannel go-to-market - 20,2 Soft Contr
Slide 27: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Dexelance S .p.A . (the “Company” and together with its subsidiaries, the “Group”) for information purposes only and should not be reproduced or redistributed . The Presentation does not constitute an offer to sell or a solicitat
Slide 28: Italy Corso Venezia, 29 - 20121 Milano, Italy China
Italy Corso Venezia, 29 - 20121 Milano, Italy (+39) 02.83975225 China No.10, Lane 905, Huashan Road, Xuhui District , Shanghai, China (+86) 1811 5560 585 UK Unit 308 Harbour Yard, Chelsea Harbour London SW10 0XD (+44) (0) 7428382943 USA 192 Lexington Ave. New York, NY 10016, U.S.A. (+1) 929 684 9771