Smart Capital S.p.a. · MIL:SMCAP
Smart Capital — Investor Presentation (April 2026)
20 slides from Smart Capital's investor presentation, April 2026
Slide 1: Company presentation Apr 2026
Company presentation Apr 2026
Slide 2: Key Investment Highlights
Key Investment Highlights LEADING ITALIAN PERMANENT CAPITAL INVESTOR FOCUSED ON SMES ACROSS PUBLIC AND PRIVATE TRANSACTIONS LONG TERM SHAREHOLDERS BASE LEVERAGING ON SEVERAL ENTREPRENEURIAL FAMILIES MANAGEMENT TEAM WITH DISTINCTIVE COMPETENCIES AND TRACK RECORD IN BOTH INDUSTRIAL AND M&A / PE FIELDS
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: Fragmented market with many opportunities
Fragmented market with many opportunities # 199 k 48% >30% Italian SMEs of Italy’s export of the workforce ~ 60% of Italian SMEs are located Main sectors are 1) Machinery and Supporting economic resilience, in the north of Italy and ~25% in Industrial Equipment 2) Fashion innovation and local commun
Slide 5: Investment strategy
Investment strategy ➢ Strong support to investee companies through its advisory division (M&A, strategic advisory, management support) Investment Approach Smart Capital Key Investment Portfolio Direct Investments Club Deal investment approach Direct Club Investment Investments Deal Size <€5m € 3 – 1
Slide 6: Generalist investor with well-defined sector targets
Generalist investor with well-defined sector targets MANUFACTURING SPECIALTY LOGISTICS TECHNOLOGY INVESTEE COMPANIES INVESTEE COMPANIES INVESTEE COMPANIES Source: Management Information 6
Slide 7: Outstanding experienced management team
Outstanding experienced management team A. Costantini - Managing Partner, A. Faraggiana - Managing Partner R. Francani - Partner, Advisory & L. Pedrinazzi - General Manager Chairman & CEO & General Manager Business Development Director Smart4Tech TEAM MEMBERS D. Catena – Partner, Value Creation F. A
Slide 8: Shareholding structure
Shareholding structure Agrati Holding S.p.A.; 19,24% Smart Capital’s subscribed and paid-up capital consists of 34.276.872 shares, of which 32.611.617 listed ordinary shares (ISIN IT0005621070) and 1.665.255 multiple-vote shares not admitted for trading. Share VIN(1) > € 2,30 Free Float; 2,10 € Capi
Slide 9: Key Financials
Key Financials ➢ In 2025, Smart Capital continued its growth trajectory, achieving its strongest economic and financial results since inception. Revenues from Advisory Financial Income Group's Net Income 1,0m € 13,6m € 8,9m € 0,8m € 0,4m € 4,3m € 2,1m € 1,9m € 0,1m € 0,1m € 0,6m € 1,1m € 0,5m € 0,9m
Slide 10: Solid Portfolio @31/12/2025
Solid Portfolio @31/12/2025 Sector Exposure 15 Portfolio Companies Manufacturing Listed vs Unlisted Mechanics 23% 6 6 34% Manufacturing Other 11% 1 1 1 Logistics 21% EGM - Italy EM - Italy Euronext - STAR - Italy Private Equity Netherlands Technology . 21% Total Assets Engineering Consolidated 19% P
Slide 11: Main Investments @31/12/2025 (1/2)
Main Investments @31/12/2025 (1/2) Stake ~3,7%* Stake ~12,0% Stake ~0,8% Stake ~3,9%* 2025A 2025A 2025A 2024A Revenues 267m € Revenues 6m € Revenues 831m € Revenues 51m € EBITDA 70m € EBITDA 2m € EBITDA 80m € EBITDA 7m € EBITDA% 26% EBITDA% 36% EBITDA% 10% EBITDA% 13% Next Geosolutions Europe S.p.A.
Slide 12: Main Investments @31/12/2025 (2/2)
Main Investments @31/12/2025 (2/2) Stake ~43,6%* Stake ~48,9% Stake ~0,3%* Stake ~13% 2024A 2025A 2025A Fundraised Revenues 43m € Revenues 7m € Revenues 67m € > 700m € EBITDA% >15% EBITDA% ~20% EBITDA% >3% Midolini Group S.p.A. specializes in (i) Founded in 1978, Ci-Esse is a leader in Newcleo Ltd d
Slide 13: Solid and decorrelated portfolio…
Solid and decorrelated portfolio… Smart Capital NAV2 has registered +97% + dividends since inception VIN > 230 FTSE Italia Small Cap FTSE Italia STAR NAV Smart Capital 220 199 200 189 175 176 180 172 160 140 130 121 120 112 100 80 60 ott-22 ott-24 ott-21 dic-21 dic-22 ott-23 dic-23 dic-24 ott-25 dic
Slide 14: Main Divestments
… with a track record of “club deals” and exits Smart Capital gives co-investments rights to its shareholders in order to enhance its firepower Smart Logistics 16 Club Deal Smart Ala Smart Newcleo 13 Smart4Sea 4 Smart4Tech 18 14 Smart Agri Smart Racing Smart4Orto 4 5 2 Lario Up 4 2021 2022 2023 2024
Slide 15: Main Exit 2025
Main Exit 2025 Cash-In 3.6 m € Cash-In 14.8 m € MoIC 1.7x MoIC 2.6x Smart Capital completed the divestment in Sogefi, a listed Italian company specializing in the design and manufacture of A.L.A. is a group specializing in the distribution of components automotive components. The exit generated tota
Slide 16: Smart4Mechanics: consolidation platform in Mechanics
Smart4Mechanics: consolidation platform in Mechanics Smart4Mechanics is a sector-focused platform aimed at aggregating Italian excellence in the mechanical sector, with the objective of building an Italian consolidator player Smart Capital envisages bringing selected families and entrepreneurs into
Slide 17: From advisory supporting Smart Capital ecosystem…
From advisory supporting Smart Capital ecosystem… ADVISORY BUSINESS DEVELOPMENT ▪ Strategic Advisory ▪ Mentoring ▪ Sourcing potential investments targets, especially in the mechanics vertical ▪ M&A and Debt Capital Markets ▪ Identifying high net worth industrial families ▪ Corporate Finance potentia
Slide 18: … to a new Combined Entity: Smart services for SMEs
… to a new Combined Entity: Smart services for SMEs The “Combined Entity” is an integrated advisory firm focused on SMEs, providing high value-added services. The M&A process between Smart4Tech (controlled by Smart Capital), CrowdFundMe and WeAreStarting will be finalized by the end of May 2026, and
Slide 19: Our sustainability strategy
ur sustainability strategy Commitment toward SDGs SUSTAINABILITY In accordance with the Sustainable Development Goals’ scheme provided by the United Nations, Smart Capital recognises the importance of sustainability and promotes actions targeted to SDGs n. 4, 8 and 9. STRATEGY Planning the steps tow
Slide 20: 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