Best S.a. · GPW:BST

Best — Q1 2024 Earnings Presentation

24 slides from Best's earnings presentation, Jun 4, 2024

1. Slide 1: Presentation of Financial Results for Q1 2024

   BEST GROUP PRESENTATION OF FINANCIAL RESULTS FOR Q1 2024 Gdynia, 04/06/2024

2. Slide 2: BEST Group in Q1 2024 Key Information

   BEST GROUP IN Q1 2024 KEY INFORMATION PREZENTACJA WYNIKÓW ZA I KW. 2024 R.

3. Slide 3: Summary

   SUMMARY Key events in BEST Capital Group (BEST CG) in Q1 2024 ▪ Increasing claim repayments ▪ Dynamic cash EBITDA growth – higher recoveries with stable operating expenses ▪ Over 50 million worth of investments in claim portfolios ( of which over 40 million in Italy) ▪ Expansion of cooperation with

4. Slide 4: Non-Performing Debt Market in Poland

   NON-PERFORMING DEBT MARKET IN POLAND PREZENTACJA WYNIKÓW ZA I KW. 2024 R.

5. Slide 5: Poland – Non-Performing Debt Market

   POLAND – NON-PERFORMING DEBT MARKET PLN 200 million Data n/a – borrowings (8%) Market situation in Q1 2024: ▪ demand still strong despite high borrowing costs ▪ claim portfolio prices stabilised at a relatively high level ▪ portfolios sold still of a good quality PLN 2,400 million (92%) • BANKS BANK

6. Slide 6: Poland – Non-Performing Debt Market

   POLAND – NON-PERFORMING DEBT MARKET BANKS TELECOMS BORROWINGS (in billions) (in billions) (in billions) (retail and mortgage-backed portfolios, primary market) 1,6 0,8 1.6 0,70 0,7 12 0,7 0,60 1,2 0,5000,6 1,2 1,6 3,8 0,50 1,1 9 0,5 0,5 0,5 1,9 0,400 8,9 0,4 0,40 0,8 0,6 6 0,300 0,3 0,30 27% 0,3 28%

7. Slide 7: Investments in Claim Portfolios

   INVESTMENTS IN CLAIM PORTFOLIOS 350 30% 311 300 300 25% 283 25% 259 22% 250 214 20% 20% 200 222 15% 15% 150 13% 157 11% 11% 10% 132 10% 100 9% 85 6% 81 5% 50 29 78 45 10 53 28 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 I kw. 2024 Q1 – acquisition I kwartał cost (PLN - koszt nabycia (mlnmillio

8. Slide 8: Operating and Financial Results of BEST CG

   OPERATING AND FINANCIAL RESULTS OF BEST CG PREZENTACJA WYNIKÓW ZA I KW. 2024 R.

9. Slide 9: Q1 2024 at a Glance

   Q1 2024 AT A GLANCE Claim repayments Operating revenues Cash EBITDA Net profit attributable to (PLN million) (PLN million) (PLN million) BEST shareholders (PLN million) 120 112 120 120 120 104 101 100 100 84 90 100 100 83 80 80 7 5 9 80 80 19 7 57 61 60 112 60 60 48 60 40 92 91 40 40 40 24 63 71 75

10. Slide 10: Operating Efficiency

    OPERATING EFFICIENCY Operating expenses Operating profit Equity Net debt (PLN million) (PLN million) (PLN million) (PLN million) 120 120 900 900 2,00 777 750 100% 100 100 689 622 635 1,50 80% 80 80 600 600 60 50 56 55 60 60% 411 51% 1,00 33 49% 49% 0,83 17 12 28 35 40% 0,82 40 18 40 300 300 0,60 0,5

11. Slide 11: Two Markets – Poland and Italy

    TWO MARKETS – POLAND AND ITALY Operating revenues by market (PLN million) Value of portfolios by market (PLN million) 90 90 1 500 83 84 1 342 1 365 1 200 1 183 60 900 77 79 80 600 1 091 1 182 1 168 30 9,6 300 160 197 5,4 5,5 92 0 0 1Q 2022 1Q 2023 1Q 2024 2022 2023 Q1 2024 Poland Polska Włochy Italy

12. Slide 12: Operating Expenses

    OPERATING EXPENSES Segmentation of operating expenses (PLN million) Court and enforcement costs (PLN million) 60 56,0 54,7 60 30% 49,8 2,3 50 2,3 50 25% 2,3 19,5 15,5 40 40 20% 20,5 17,5% 30 11,1 11,1 30 14,4% 15% 20 9,0 20 11,1% 10% 10 21,9 24,4 10 5% 17,0 17,7 16,5 12,4 0 0 0% 1Q 2022 1Q 2023 1Q 2

13. Slide 13: Asset Structure

    ASSET STRUCTURE Carrying value of portfolios (PLN million) Nominal estimated remaining collections (ERC) (PLN million) 3 200 3 200 3 027 3 066 2 640 2 400 2 400 1 600 1 600 1 183 3 027 3 066 2 449 800 1 365 800 1 105 1 342 0 0 31.12.2022 31.12.2023 31.03.2024 31.12.2022 31.12.2023 31.03.2024 due to

14. Slide 14: Group's Equity and Liabilities

    GROUP’S EQUITY AND LIABILITIES Equity (PLN million) Net debt (PLN million) 800 689 750 777 800 3,00 100% 622 635 2,50 600 549 80% 600 2,00 395 411 400 60% 400 1,50 47% 51% 49% 49% 40% 1,00 200 200 0,72 0,83 0,82 20% 0,60 0,50 0 0% 0 0,00 31.12.2021 31.12.2022 31.12.2023 31.03.2024 31.12.2021 31.12.2

15. Slide 15: BEST Group on the Bond Market

    BEST GROUP ON THE BOND MARKET Historic bond issues and redemptions (PLN million) Current bond repayment plan (PLN million) 2016 2017 2018 2019 2020 2021 2022 202319 2024 2025 2026 2027 2028 34 20 70 5 90 60 56 40 50 50 30 10 50 50 10 20 11 10 11 14 11 19 20 15 10 20 10 35 30 45 63 52 57 60 50 65 52

16. Slide 16: BEST Group – Loan Financing

    BEST GROUP – LOAN FINANCING Historic loan disbursements and repayments (PLN million) Future principal repayments (PLN million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 442 447 449 450 421 433 405 389 372 352 333 313 291 269 available loan limit 247 225 201 177 152 127 10

17. Slide 17: BEST Group – Growth Directions

    BEST GROUP – GROWTH DIRECTIONS INVESTMENTS DIGITAL GROWTH IN PORTFOLIOS TRANSFORMATION ON THE ITALIAN MARKET 1 2 3 ▪ Investment level as in 2023 ▪ Flexible architecture ▪ People ▪ Growing share of the Italian market ▪ Process automation ▪ Processes ▪ Increased efficiency ▪ Data security and quality

18. Slide 18: BEST Group in Q1 2024 – Summary

    BEST GROUP IN Q1 2024 – SUMMARY GROWING RECOVERIES STABILISED OPERATING CONSISTENT WORK ON AND CASH EBITDA (Q1 2024) EXPENSES GROWING THE BUSINESS 1 2 3 STRONG FINANCIAL DIVERSIFIED SOURCES OF ONGOING DIGITAL FOUNDATIONS EXTERNAL FINANCING TRANSFORMATION 4 5 6 PRESENTATION OF FINANCIAL PREZENTACJA W

19. Slide 19: Thank You

    THANK YOU BEST S.A. ul. Łużycka 8A, 81-537 Gdynia www.best.com.pl

20. Slide 20: Attachments

    ATTACHMENTS PREZENTACJA WYNIKÓW ZA I KW. 2024 R.

21. Slide 21: Cash EBITDA

    CASH EBITDA (PLN million) Q1 2024 Q1 2023 change YOY 2023 2022 change YOY BEST repayment of claims 112.0 101.1 11% 414.3 419.6 (1%) other revenues 1.1 0.3 >100% 15.8 1.2 >100% OPEX (excluding amortisation/depreciation) (52.4) (53.7) (5%) (209.9) (220.4) (5%) Cash EBITDA* 60.7 47.7 27% 220.2 200.3 10

22. Slide 22: Statement of Financial Position

    STATEMENT OF FINANCIAL POSITION (PLN million) 31/03/2024 31/12/2023 31/12/2022 assets, including: 1,590.7 1,545.1 1,349.3 cash and cash equivalents 71.9 64.8 52.2 claims acquired 1,365.0 1,342.4 1,183.2 equity investments 46.6 39.9 27.6 investment real property 40.7 40.2 32.4 equity and liabilities,

23. Slide 23: Financial Results

    FINANCIAL RESULTS (PLN million) Q1 2024 Q1 2023 change YOY operating revenues, including: 89,591 84,297 6% revenue from claims acquired 88,499 84,028 5% interest calculated using the effective interest rate method 75,125 71,052 6% deviations from actual payments 8,799 6,174 43% revaluation result 4,

24. Slide 24: BEST CG Structure

    BEST CG STRUCTURE Shareholding of BEST S.A. BEST S.A. (share in share capital Kancelaria Radcy Prawnego as of 04/06/2024) BEST TFI SA 100% 96% Rybszleger Sp.K. BEST Capital FIZAN 100% 100% BEST Italia S.r.l. 5.8% 14.1% Others Marek 100% BEST I NSFIZ 51% BEST Capital Italy S.r.l. Kucner 100% BEST II

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