Dexelance · MIL:DEX
Dexelance — Investor Presentation (April 2024)
25 slides from Dexelance's investor presentation, April 2024
Slide 1: Dexelance Investor Presentation April 2024
DE XELANCE CRAFTING DESIGN FOR EXCELLENCE INVESTOR PRESENTATION April 2024
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation’) has been prepared by Italian Design Brands SpA. (the “Company” and together with its subsidiaries, the “Group’) for information purposes only and should not be reproduced or redistributed. The Presentation does not constitute an offer to sell or a so
Slide 3: We strongly believe that today's living should be an experience
WE STRONGLY BELIEVE THAT TODAY’S LIVING SHOULD BE AN EXPERIENCE 3
Slide 4: Group key figures and adjusted EBITDA
(1) Computed as Reported EBITDA + non-recurring costs + M&A transaction costs + IPO costs. (2) Adjusted for EBITDA adjustments, change in estimates of put&call options/earnouts, PPA amortization and related fiscal effects. (3) Calculated as (Adj. EBITDA – CAPEX)/Adj. EBITDA. 4
Slide 5: Group structure and acquisitions
(1) Acquisition of a 20% stake in 2021 and acquisition of a further 31% stake in July 2023. (2) Acquisition completed in January 2023. 5
Slide 6: Portfolio of brands with high-end positioning and complementarity
creating a portfolio of brands with high-end positioning and strong complementarity in function and style [ SBA [ % Revenue [ Companies [ Overview GERVASONI * Elegant indoor and outdoor furniture for retail and contract solutions through Gervasoni and Very Wood brands MERIDIANI * Contemporary design
Slide 7: High-end market growth versus luxury segments
| ~25% ▪ ~20-25% ~20% ~20% ~15-20% ▪ ▪ Core HEDF Personal Luxury Goods Food, Beverages & Wine & Spirits Luxury Yachts & Restaurants Jets Source: Company elaboration based on Bain&Company – Altagamma «High-End Market Monitor» (June 2022) and «Luxury goods worldwide market study» (Fall 2023). 7
Slide 8: Flagship stores and showrooms
(1) Gervasoni Milan, Meridiani Milan, Davide Groppi Milan, Saba Milan, Meridiani London, Turri Milan, Turri London, Meridiani New York, Davide Groppi New York. 8
Slide 9: Proven growth track record, organic and M&A
Proven (and above reference market) growth track record, thanks to both organic and M&A opportunities Core HEDF market evolution (€bn | 2015-2023E) oacn +10% CAGR ~+4-5% 8 38 36 34 35 2015 2016 2017 2018 2019 2020 2024 2022 2023E Dexelance evolution (€m | 2015-2023) 266 growth age annual organic ver
Slide 10: (10) (20) (30) ▪ ▪ ▪ ▪ ▪
30 20 10 0 (10) (20) (30) ▪ ▪ ▪ ▪ ▪ 10
Slide 11: A distinctive value-added strategy
A distinctive value-added strategy... A partnership model based on alignment of interests. designed to preserve companies’ autonomy and DNA while leveraging on Dexelance’s structure and network to realize full growth potential and access to synergies. At Dexelance individuality harmonizes with a uni
Slide 12: Sustainability initiatives and certifications
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ (1) Modar, Cenacchi and Gervasoni obtained FSC official certification. (2) Thanks to voluntary carbon credits acquired, financing a reforestation project in Uruguay and the construction and operation of a photovoltaic plant in Rajastan, India. 12
Slide 13: Project promoting dialogue between art and design
A project aiming to promote the dialogue between art and design and their harmonious synergy. a path to embrace the different souls of the group's companies to iconic works by enhancing the italian and international cultural and artistic heritage. | The sculpture will be displayed in occasion of the
Slide 14: Recent updates and FY23 results
Recent updates and FY23 results BDEXELANCE
Slide 15: Recent acquisitions: Turri and Axolight
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ (1) Turri 2022 key figures: Revenue ~28m, EBITDA ~4m. (2) Full earnout amount. In case average 2023-2025 EBITDA will be lower than the set target, Earnout amount will be reduced accordingly (linearly calculated) or, if lower than a certain limit, not paid at all. 15
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Slide 17: Perimeter and acquisitions notes
| | (1) Along with its US subsidiary, Gamma Inc. (2) Binding agreement signed in July 2022. Company included in 12M 2022 perimeter as done in the IPO prospectus. (3) First 20% stake acquired at the end of 2021. Dexelance reached 51% exercising a call option on a further 31% stake. 17
Slide 18: FY23 results
(1) Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo Design, despite exact acquisition date (consistently with the IPO Prospectus). (2) Full 12M 2023 data prepared including 12 months of Axolight and Turri, despite exact acquisition date. 18
Slide 19: Results by segment
Δ Δ | Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo Design, despite exact acquisition date (consistently with the IPO Prospectus). Full 12M 2023 data prepared including 12 months of Axolight and Turri, despite exact acquisition date. 19
Slide 20: Results by segment
Δ Δ | Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo Design, despite exact acquisition date (consistently with the IPO Prospectus). Full 12M 2023 data prepared including 12 months of Axolight and Turri, despite exact acquisition date. 20
Slide 21: Results by segment
Δ Δ | Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo Design, despite exact acquisition date (consistently with the IPO Prospectus). Full 12M 2023 data prepared including 12 months of Axolight and Turri, despite exact acquisition date. 21
Slide 22: Profitability
Δ | Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo Design, despite exact acquisition date (consistently with the IPO Prospectus). Full 12M 2023 data prepared including 12 months of Axolight and Turri, despite exact acquisition date. 22
Slide 23: NWC back to normal; capex and net financial position
NWC «back to normal». New commercial and industrial investments to support future growth, Q4 seasonality in cash conversion due to contract revenue and advance payments NET WORKING CAPITAL | €m Excluding Turri&Axolight Inventory QA Trade Receivables 28.1 Trade Payables (46.1) Advance payments (20.6)
Slide 24: 12M order intake and outlook
12M order intake: trend remains positive, but the exit pace confirms a market «consolidation phase» in H1 24. Organic growth mostly expected in the second half of the year ) ,& Organic SLIGHTLY POSITIVE 270,9 2022 2023 miitchen & Systems — ™LuxuryContract — mLighting mi Furniture BDEXELANCE
Slide 25: Dexelance group companies
DE XELANCE Italian Design Brands S.p.A. IDB Suzhou Co. Ltd Italian Design Brands UK Ltd Italian Design Brands USA Corp. DBEXELANCE TURRI FLEXALIGHTING davide groppi LN GERVASONI 1882 saba Axelight _Binova wooD MERIDIANI we GAMMA