Smart Capital S.p.a. · MIL:SMCAP
Smart Capital — Investor Presentation (May 2025)
22 slides from Smart Capital's investor presentation, May 2025
Slide 1: Company presentation
Company presentation May 2025
Slide 2: Index
Index 1 Chapter 1: Smart Capital at a glance 2 Chapter 2: Portfolio 2
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: 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 5: 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 5
Slide 6: Fragmented and growing market with many investment opportunities
Fragmented and growing market with many investment 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 inno
Slide 7: Shareholding structure
Shareholding structure Agrati Holding S.p.A. 20,69% Smart Capital’s subscribed and paid-up capital consists of 29.467.617 shares, of which 27.802.362 listed ordinary shares (ISIN Free Float 49,70% IT0005621070) and 1.665.255 multiple-vote shares not admitted for Costantini Investments Share S.r.l. t
Slide 8: 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 I. F
Slide 9: Solid and decorrelated portfolio
Solid and decorrelated portfolio Smart Capital NAV has registered +74% since inception (NAV at inception date equal to €1.01 per share and at 31/12/2024 equal to €1.76 per share) overperforming all the Italian market indexes VIN > 220 181 NAV gross of FTSE Italia Small Cap FTSE Italia STAR NAV Smart
Slide 10: Key Financials
Key Financials ➢ In 2024, Smart Capital continued its growth trajectory, achieving its strongest economic and financial results since inception. Revenue from Advisory Financial Income Group's Net Income 0,8m € 4,3m € 1,9m € 0,4m € 2,1m € 0,9m € 1,1m € 0,5m € 0,1m € 0,1m € 0,6m € 0,3m € 2021 Not 2022
Slide 11: Case study: ALA – from anchor investor to delisting
Case study: ALA – from anchor investor to delisting July 2021 Smart Capital acted as anchor investor in ALA IPO on the Euronext Growth Milan at € 10,00 per share H.I.G. Capital, global private equity player, has announced the May 2025 signing of the acquisition of 73,78% of A.L.A. share capital. A m
Slide 12: Smart4Advisory: a circular platform supporting Smart Capital, its shareholders and entrepreneurs
Smart4Advisory: a circular platform supporting Smart Capital, its shareholders and entrepreneurs 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 i
Slide 13: 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 14: Index
Index 1 Chapter 1: Smart Capital at a glance 2 Chapter 2: Portfolio 14
Slide 15: Solid Portfolio @31/12/2024
Solid Portfolio @31/12/2024 … ➢ The portfolio below reported is of December 31, 2024. The investment in Ferrari Group (in February 2025) and in E-Plato (April 2025) are not reflected in the graphs below. Sector Exposure Listed vs Unlisted 8 Logistics 7 34% Manufacturing 1 1 Mechanics 16% Euronext Eu
Slide 16: Solid Portfolio
Solid Portfolio … SECTOR REVENUE RANGE EBITDA MARGIN INVESTMENT DATE 2025E 2025E DIRECT INVESTMENTS - PIPE €320 - 330 million 12% – 13% 2021 LOGISTICS €40 - 50 million 14% – 16% 2022 €70 - 90 million 3% – 6% 2024 TECHNOLOGY €215 - 245 million 26% – 28% 2024 CLUB DEAL €40 - 60 million negative 2022 2
Slide 17: Track record of club deals and main divestments
… with a track record of “club deals” and main divestments 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 202
Slide 18: Leading cornerstone investor in the EGM segment
Leading cornerstone investor in the EGM segment July 2021 May 2024 Company Investment ~ € 5.9 m ~ € 11.0 m Key advantages as leading cornerstone investor NEGOTIATION ALLOCATION PRIORITY CHERRY PICKING MONITORING Considering its primary role, Smart Investment conditions regulated by Relevant stake al
Slide 19: Main Investments (1/2)
Main Investments (1/2) Stake ~4,5%* Stake ~1,1% Stake ~0,7% Stake ~3,9%* 2024A 2024A 2024A 2024A Revenues 291m € Revenues 1.022m € Revenues 869m € Revenues 60m € EBITDA 36m € EBITDA 125m € EBITDA 116m € EBITDA 7m € EBITDA% 12% EBITDA% 12% EBITDA% 13% EBITDA% 11% A.L.A. S.p.A. is a group specializing
Slide 20: Main Investments (2/2)
Main Investments (2/2) Stake ~43,6%* Stake 30,0%* Stake ~4,5% Stake ~0,3%* 2024A 2023A 2023A Fundraised Revenues 42m € Revenues 12m € Revenues 60m € > 535m € Midolini Group S.p.A. specializes in (i) Lifting & Transport: rental of mobile In.Un.Up. S.r.l. operates in the MGM S.p.A. specializes in the
Slide 21: 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 22: 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