Mci Capital Alternatywna Spolka Inwestycyjna S.a. · GPW:MCI
Mci Capital Alternatywna Spolka Inwestycyjna — MCI Capital ASI — FY2025 Earnings Presentation
32 slides from Mci Capital Alternatywna Spolka Inwestycyjna's earnings presentation, March 2026
Slide 1: MCI Capital ASI S.A. result presentation for YE2025
We transform the potential of technology into value growth MCI Capital ASI S.A. result presentation for YE2025
Slide 2: Investment summary, financial results and key events
Investment summary, financial results and key events
Slide 3: Investment summary
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Investment summary Attractive long-term financial results – MCI share price 44% PLN 41.1 in a steady upward trend 5Y growth in NAV/S NAV/S (before dividends)* Experienced team implementing sector-focused strategy 23 experts 27% value creation stra
Slide 4: Main current events
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Main current events EXITS (to date) RESULTS 2025 • The MCI Group reported a net result of PLN 45.5M for 2025 On 2 March 2026, MCI completed the sale of its entire stake in the IAI Group to the global private equity fund Montagu Private Equity, • T
Slide 5: MCI Group – Consolidated profit and loss account for YE 2025
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI Group – Consolidated profit and loss account for YE 2025 • The Group’s net profit of PLN 45.5M was mainly influenced by the PLN THOUSAND 12M 2025 12M 2024 result from the revaluation of investment certificates (IC), which was mainly due to the
Slide 6: MCI Group – Consolidated statement of financial position as at 31 December 2025
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI Group – Consolidated statement of financial position as at 31 December 2025 PLN THOUSAND 31.12.2025 31.12.2024 • The Group’s assets consisted primarily of investment certificates (IC) representing 97% of asset value (as of 31 December 2025, th
Slide 7: MCI Group – main components of investment performance in YE 2025
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI Group – main components of investment performance in YE 2025 +81.4 M RETURN ON INVESTMENT CERTIFICATES RESULT ACHIEVED BY MCI.EV +95.7 M 99.6% MCI share in MCI.EV = +95.4 MCI.EV result M attributable to MCI RESULT ACHIEVED BY MCI.TV -29.1 M +8
Slide 8: New investments in the last 24 months
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 New investments in the last 24 months Two new transactions with a total value of approx. PLN 350M and two acquisitions at company level (add-ons) [add-on] [add-on] ProfitRoom Systell Thomas Cook Nice to Fit You INVESTMENT DATE INVESTMENT DATE INVE
Slide 9: Activity in the area of new investments
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Deal flow 100+ transactions analyzed per year Activity in the area of new investments ▪ ▪ 25+ companies in the pipeline ▪ 5+ active processes ▪ Strong advantage of local sourcing What investments are What companies is our Overview of the we looki
Slide 10: Exits roadmap 2026-2032
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Investment exits – summary ▪ 2025: record exits (~PLN 890M) Exits roadmap 2026-2032 ▪ 2026–2027: another wave of exits ▪ Multiple exit paths: PE funds, strategic investors, IPOs 2026 – 2027 : our thinking about exits 2028 2029 2030 - 2032 COMPLETE
Slide 11: AI Opportunity for MCI & portfolio companies
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 AI Strategy ▪ AI as a key EBITDA driver ▪ Operations and marketing automation AI Opportunity for MCI & portfolio companies ▪ Higher conversion and retention ▪ Limited exposure to AI-related risks A portfolio focused on digital technologies AI IMPA
Slide 12: MCI Capital ASI Group's portfolio structure as of 31 December 2025
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 III. MCI CAPITAL ASI GROUP’S PORTFOLIO STRUCTURE AS OF 31 DECEMBER 2025 As of 31 December 2025 MCI Group’s investment portfolio consisted of 15 investments, of which 9 active investments accounted for INVESTMENT SHARE IN NET ASSETS VALUE ATTRIBUTA
Slide 13: Key KPIs of MCI Capital's investment portfolio
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Attractive portfolio ▪ Market leaders ▪ 21% Revenue CAGR (5 years) ▪ PLN 516M normalized EBITDA ▪ 1.4x net debt / EBITDA ▪ High share of recurring revenue Key KPIs of MCI Capital’s investment portfolio (consolidated data, excluding IAI) 21% 17% 51
Slide 14: Long-term NAV/S growth
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Growth + dividend ▪ 15% CAGR NAV Long-term NAV/S growth ▪ ▪ 5.6% dividend yield A balanced strategy for growth and cash flow For 26 years we have been consistently building value by investing and supporting the growth of companies in various innov
Slide 15: MCI's dividend policy for 2025–2027
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI’s dividend policy for 2025–2027 On 9 September 2024, the Management Board of MCI Capital ASI S.A. adopted a resolution on the dividend policy for the years 2025-2027 4% PLN 84.5M 5.6% 19.9% Dividend value Amount paid in 2025 Estimated dividend
Slide 16: MCI Capital ASI S.A.'s share price dynamics
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI Capital ASI S.A.’s share price dynamics MCI shares combine strong price growth potential (increase by more than 80% since the end of 2020, including 10% since the end of 2024) with stable shareholder return thanks to a new dividend policy (~5.
Slide 17: Diversified portfolio of new technology leaders
Diversified portfolio of new technology leaders
Slide 18: eSky, Thomas Cook, Profitroom
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 eSky Thomas Cook Profitroom ABOUT THE COMPANY ABOUT THE COMPANY Leading Polish online air travel agency with a global reach, with a fast-growing dynamic Leading international provider of online direct booking solutions for hotels, offering package
Slide 19: Netrisk, Nice To Fit You
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Netrisk Nice To Fit You ABOUT THE COMPANY ABOUT THE COMPANY Leading group operating online price comparison and insurance contracting portals One of the largest and longest-established players in the food eCommerce market in with a focus on commun
Slide 20: Webcon, Welyo
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Webcon Welyo ABOUT THE COMPANY ABOUT THE COMPANY Provider of low-code technology-based business process management and automation Cloud-based, multi-channel communications platform that supports businesses in solutions (Business Process Automation
Slide 21: Morele
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Morele ABOUT THE COMPANY Leading e-commerce platform in PL, offering customers a wide range of products, operating on a 1P and 3P model. Aggregator and creator of digital private label brands. Offering products also through external marketplace pl
Slide 22: Case Study IAI Group
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Case Study MCI’S INVESTMENT IN IAI IAI Group Since MCI’s acquisition of the company in 2018, IAI has undergone a strategic transformation through a number of key initiatives, leading to a nearly sixfold increase in IAI Group revenue – perfectly in
Slide 23: 2025 - Key highlights
7 2025 - Key highlights
Slide 24: MCI at a glance – key facts
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI at a glance – key facts Investment thesis Market momentum Competitive advantages ▪ 27% IRR based on realized exits (IAI ▪ Technology companies’ valuations in ▪ Technology-focused fund vs. >4x) CEE remain attractive compared to generalist funds
Slide 25: Additional information
/ Additional information
Slide 26: MCI Capital's strong investment track record
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Track record • 15% NAV CAGR over 26 years MCI Capital’s strong investment track record • • Exit IAI: >4x return Answear: ~3x return • Consistent value creation and investment monetization RATE OF RETURN: 27% IRR ON PRIVATE EQUITY BUYOUT & EXPANSIO
Slide 27: Experienced team
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Experienced team PARTNERS AND INVESTMENT TEAM Tomasz Czechowicz Paweł Borys Michał Górecki Filip Berkowski Paweł Sikorski Aleksandra Kulas Katarzyna Pogorzelska Ewa Ogryczak Founder, Managing Partner, Senior Investment Partner Senior Investment Pa
Slide 28: Investment strategy
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Investment strategy E-Commerce & D2C MCI Capital Software & SaaS MCI Capital ASI S.A. is a WSE-listed investment company making investments through a private equity new technologies fund1. Investment strategy is focused on five major new technolog
Slide 29: Investment strategy: Central and Eastern Europe PE market
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Investment strategy: Central and Eastern Europe is a rapidly growing PE market in the EU, characterized by 50–100 transactions per year, the region’s rapid economic growth and a wide range of investment exit opportunities. MCI plans to invest PLN
Slide 30: MCI Capital Strategy
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI Capital Strategy We are the largest private equity fund for new technologies in Central Europe. VISION We aim to become one of the most distinguished private equity funds for new technologies in Europe MISSION We draw inspiration from technolo
Slide 31: MCI Capital is the largest mid market tech private equity fund in the CEE region
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 MCI Capital is the largest mid market tech private equity fund in the CEE region MCI's closest competitors DIGITIZATION LEVEL TICKET SIZE Lower mid-market (EUR 5M – 25M) Mid-market (EUR 25M – 100M) Large cap (EUR 100M – 1B+) Fund size EUR 50M-250M
Slide 32: Group structure and sources of revenue generation
MCI CAPITAL ASI S.A. RESULT PRESENTATION FOR YE 2025 Group structure and sources of revenue generation MCI GROUP STRUCTURE ✓ In recent years, the MCI Group has gone through a process of intensive organizational structure simplification AS OF 31.12.2025 ✓ After the merger with PEM (21 June 2021), MCI