Equita Group Spa · MIL:EQUI
Equita Group Spa — STAR Conference 2026
34 slides from Equita Group Spa's conference presentation, Mar 24, 2026
Slide 1: Investor Presentation FY'25 Financial Results
Investor Presentation FY’25 Financial Results March 24th, 2026 – STAR Conference 1
Slide 2: Agenda
Agenda 1. EQUITA at a glance 2. FY’25 Results and recent announcements 3. Track record since IPO and considerations about the future 4. Appendix
Slide 3: Who we are: the leading independent Italian investment bank
Who we are: the leading independent Italian investment bank The most respected independent partner in Italy for investors, institutions, corporates and entrepreneurs, with a fifty-year history, listed on the Italian Stock Exchange and managed by a partnership of committed professionals Current share
Slide 4: Successful story: half-a-century of independent thinking
Successful story: half-a-century of independent thinking Our roots date back to 1973, when EQUITA was founded as one of the first independent Italian merchant banks. Over the years, we have been part of commercial banks and financial sponsors, allowing the Group to grow and develop strong, long-last
Slide 5: Unique business model: what we bring to the table
Unique business model: what we bring to the table EQUITA is a reliable partner for the entire financial system and acts as broker, financial advisor and multi asset manager. The Group offers a full range of services to investors, corporates, entrepreneurs and institutions Building blocks of the “EQU
Slide 6: Positioning: the go-to-partner when it comes to financial markets and advisory
Positioning: the go-to-partner when it comes to financial markets and advisory The team has always been at the top of investors’ preferences for its outstanding research – especially on small & mid-caps – and its trading, execution, sales and corporate access services. EQUITA also stands out for its
Slide 7: Agenda
Agenda 1. EQUITA at a glance 2. FY’25 Results and recent announcements 3. Track record since IPO and considerations about the future 4. Appendix
Slide 8: Snapshot of FY'25: strongest performance since IPO
Snapshot of FY’25: strongest performance since IPO, driven by double-digit growth in all divisions. Increase in dividend proposal to €0.40 per share Key Consolidated Highlights €111.7m €96.7m €24.3m Net Net Revenues Net FY Revenues linked to clients (1) Profits 40% 3.1x €0.40 203 (+41% vs FY’24) (+3
Slide 9: Increasing interest for Italian equities, leading to significant growth in large caps trading
Increasing interest for Italian equities, leading to significant growth in large caps trading and some recovery in small caps trading, confirmed by 3Q-4Q YoY performance. Still no IPOs and mixed signals from M&A, with more deals announced but less closed timely Third Parties Brokered Volumes in Ital
Slide 10: Double-digit growth in all divisions and record high performance of Directional Trading
Double-digit growth in all divisions and record high performance of Directional Trading Trend in Net Revenues since IPO and FY‘25 vs FY‘24 Performance (€m) +32% Client-related business YoY 58,1 40,3 37,2 40,9 40,6 33,8 25,2 Markets 30,5 29,9 31,5 Global Var % 24-’25 22,5 19,5 20,9 +43% 21,1 20,8 21,
Slide 11: Business model confirmed strong operating leverage, profitability and capital solidity
Business model confirmed strong operating leverage, profitability and capital solidity Key Consolidated Highlights Focus on Personnel Costs FY’25 FY’24 Var % 4Q’25 4Q’24 Var % FY’25 FY’24 Var % Client-related business 96,7 71,4 35% 26,9 21,1 28% Personnel Costs (55,9) (38,5) 45% Change in perimeter
Slide 12: Increase in dividend proposal, up 14% YoY, from €0.35 to €0.40 per share
Increase in dividend proposal, up 14% YoY, from €0.35 to €0.40 per share Despite the increase in distribution to support rewarding shareholders’ remuneration, the ≈85% payout ratio will allow the team to retain some net profits – to be added to the earnings already retained since IPO – and set €0.40
Slide 13: Focus on key recent announcements
Focus on key recent announcements
Slide 14: Very busy start of 2026… setting the ground for our next steps of growth
Very busy start of 2026… setting the ground for our next steps of growth Summary of the rationale of recent announcements and initiatives ▪ Potential increase of business in all areas, benefitting from Signing of a strategic commercial partnership… the partnership with Gruppo BCC Iccrea Increase in
Slide 15: Strategic commercial agreement with BCC Iccrea Group
Strategic commercial agreement with BCC Iccrea Group EQUITA and Iccrea Banca announced a commercial agreement to develop potential areas of collaboration, involving all EQUITA divisions and expertise. Iccrea Banca will also acquire a 15% stake in EQUITA, further diversifying our shareholder base Par
Slide 16: Binding agreement to acquire Xenon Private Equity
Binding agreement to acquire Xenon Private Equity Xenon is a fully independent PE firm, with 30+ years of experience, 25 professionals, and €1bn in AuM. The track- record of the team has been very successful and consistent over time. The very broad investor base – with 75%+ of total commitments repr
Slide 17: Deal structure and key impacts
Deal structure and key impacts Transformational deal for the Alternative Asset Management division and accretive impact on Group’s results Deal structure Stake ▪ Acquisition of 100% of the platform (Xenon AIFM S.A. and Xenon GP S.a.r.l.) ▪ Acquisition of 20% class B shares entitled to receive carrie
Slide 18: Diversification of the shareholder base and reinforcement of our independence
Diversification of the shareholder base and reinforcement of our independence Very diversified ownership structure, confirming the management team as major shareholder through the Shareholders’ Pact Current (% of share capital) Pro-forma, following closing of partnerships (% of share capital) Manage
Slide 19: Broader governance proposed, in line with the Group's long-term strategy
Broader governance proposed, in line with the Group’s long-term strategy Shareholders’ Pact has expressed its favorable opinion on the slate of candidates that will be submitted to the next Shareholders’ Meeting to renew corporate bodies Submission process and slate of candidates with roles / office
Slide 20: Agenda
Agenda 1. EQUITA at a glance 2. FY’25 Results and recent announcements 3. Track record since IPO and considerations about the future 4. Appendix
Slide 21: Successful track-record since IPO from all standpoints…
Successful track-record since IPO from all standpoints… Since 2017, EQUITA has consolidated its role as leading independent investment bank in Italy , growing in all areas and offering rewarding returns to its shareholders Total Return 234% since EQUITA’s 178% Rewarding return for shareholders 56% 3
Slide 22: … and outstanding execution abilities and resiliency in tough markets
… and outstanding execution abilities and resiliency in tough markets Over the years, the team has diversified the offering dedicated to clients by growing organically and inorganically Execution abilities in the launch of new A B initiatives to boost and New initiatives Inorganic and support busine
Slide 23: Considerations about the future
Considerations about the future ▪ Still moderately positive outlook, supported by macro tailwinds and despite the rising uncertainty due to the US – Iran conflict, which is triggering short-term corrections Market scenario ▪ Some progress in institutional initiatives – especially in Italy – aimed at
Slide 24: Agenda
Agenda 1. EQUITA at a glance 2. FY’25 Results and recent announcements 3. Track record since IPO and considerations about the future 4. Appendix
Slide 25: Investment Banking: the largest contributor to growth, with plenty of opportunities
Investment Banking: the largest contributor to growth, with plenty of opportunities Offering & Expertise Key Facts Investment Banking Evolution of Net Revenues since IPO Global Financing M&A & Advisory 38 41 42 ECM DCM Debt Advisory Corporate Broking 36 Large 26 28 30 (IPOs, rights issues, (HY and N
Slide 26: Track-Record: 60+ investment banking mandates executed in 2025
Track-Record: 60+ investment banking mandates executed in 2025 Debt Capital Markets (DCM) Public & Large M&A (selected credentials) Equity Capital Markets (ECM) Mid-Market M&A (selected credentials) Selected transactions completed in 2025 and disclosed to the market 26
Slide 27: Investment Banking: an increasing footprint outside Italy in M&A and corporate finance
Investment Banking: an increasing footprint outside Italy in M&A and corporate finance Solid track record in the execution of cross-border M&A transactions, helping corporates and private equity funds Cross-border M&A (selected credentials) EQUITA is exclusive member for Italy of Clairfield Internat
Slide 28: Global Markets: very profitable historical business and high barriers to entry
Global Markets: very profitable historical business and high barriers to entry Offering & Expertise Key Facts GM - Client-related business GM - Non client-related ≈ 7-8% market share Institutional Retail Hub Client-Driven Trading Directional in the brokerage Sales Sales & Market Making Trading of Eq
Slide 29: Research Team: a team of experts, at the top of international rankings
Research Team: a team of experts, at the top of international rankings Offering & Expertise Key Facts Reports and Events 160+ Italian and Roadshows and foreign listed Equity Bond Thematic Conferences companies covered Daily, Internal Weekly, Conferences 600+ Weekly, PIR Dealing, Utilities Monthly, M
Slide 30: Alternative Asset Management: the rising star, where sky is the limit
Alternative Asset Management: the rising star, where sky is the limit Offering & Expertise Key Facts Illiquid Products Liquid Products Increasing mix to illiquid assets Private Private Infrastructures Liquid Strategies 1.106 1.107 Debt Equity & Renewables 980 1.019 944 57 955 993 1.027 39 100 157 49
Slide 31: A reliable partner with a strong brand and an improving positioning, committed to sustainability
A reliable partner with a strong brand and an improving positioning, committed to sustainability Recent initiatives dedicated to sustainability The EQUITA brand ▪ Launch of a new sustainable finance team to address clients’ needs and Voluntary CSR Report 2024 advise investors, corporates, entreprene
Slide 32: Healthy balance sheet, with an IFR ratio well above minimum requirements
Healthy balance sheet, with an IFR ratio well above minimum requirements (€m) FY25 FY’24 FY’23 FY’22 FY’21 FY’20 Cash & Cash equivalents 118.9 77.8 130.5 107.9 136.1 117.2 Financial assets at fair value with impact on P&L 101.0 113.1 77.4 111.7 49.2 43.8 Financial assets at amortized cost 114.1 87.8
Slide 33: Disclaimer
Disclaimer This presentation shall be considered as confidential. It may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. The views presented herein, which do not purport to be comprehensive, are for discus
Slide 34: www.equita.eu
=EQUITA www.equita.eu