Slide 1: FY 2024 Results Presentation
FY 2024 Results Presentation February 2025
Slide 2: Agenda
Investment Strategy update 1 Delivering on our Priorities 2 Agenda 3 Financial performance Vertical performance 4 Appendix 5
Slide 3: Disclaimer
Disclaimer Multiply Group (“Multiply”) prepared this presentation on a proprietary basis as general background information about the activities of Multiply. The information contained herein is given in summary form and for discussion purposes only. Some of the information that is relied upon by Mult
Slide 4: Investment Strategy Update
Investment Strategy Update
Slide 5: Our Investment Strategy | Recap
Our Investment Strategy | Recap Deploying capital across 2 distinct arms adhering to a disciplined investment approach Vertical Building Minority Investments Consolidate steady and predictable cash Target high-potential, financially flow businesses in select verticals mostly MULTIPLY+ outstanding in
Slide 6: Our Investment Strategy | Key Milestones
Our Investment Strategy | Key Milestones 2022-2023 2024 Vertical building Vertical building ▪ A portfolio of majority-owned subsidiaries in a diversified and balanced selection ▪ Continued focus on generating value through EBITDA consolidation, value of sectors: Media & Comms, Mobility, Wellness & B
Slide 7: Our growth story
Our growth story Revenue Adjusted EBITDA* AED ~8.8x 1.9bn AED in 3 years 2 ~5.4x in 3 years2 2.0bn 2,022 AED AED 0.4bn 0.2bn 2021 2024 2021 2024 Total Assets Market Cap3 Liquidity4 AED AED AED 43bn 23bn 58mn *Adjusted EBITDA = Group Net profit + net finance cost + Depreciation & Amortization - Fair
Slide 8: Delivering on our Priorities
Delivering on our Priorities 1 3
Slide 9: Delivering on our Priorities
Delivering on our Priorities KEY PRIORITIES PROGRESS TARGET ► Deployed ~AED 1bn across 3 deals in 3 core verticals: Inorganic ▪ Backlite under Media Vertical ▪ The Grooming Company under Omorfia (Beauty) Growth ▪ Excellence Premier Investment (owns Excellence Driving Center) under EDC (Mobility) ► A
Slide 10: Where are we today? Key Highlights for 2024
Where are we today? Key Highlights for 2024 Accelerated efficiency Consolidated 3 acquisitions: Welcomed IHC’s CEO & Strategic extraction across our Backlite (Media), TGCH (Beauty) Managing Director, Syed Updates operating companies and Excellence Driving (Mobility) Basar Shueb, as new Chairman Vert
Slide 11: FY'24 Financial Performance
FY’24 Financial Performance
Slide 12: Group P&L performance
Group P&L performance 1,623 1,867 Revenue growth on positive 2,022 Adjusted EBITDA 2 of AED 1.87 billion contribution across all 4 verticals1 was driven by strong operational (+10% organic growth) further 1,294 performance of core verticals with blended boosted by the full-year impact of GP margin a
Slide 13: Healthy cash generation
Healthy cash generation Strong net OCF on cash-generating ..resulting in healthy OCF operating businesses and prudent margin1 working capital management.. 1,194 77% 59% 997 FY'23 FY'24 FY'23 FY'24 Increased contribution from ..further supported by the value 31.9 bn 54% Core Verticals as we focus on
Slide 14: Robust balance sheet supporting our investment growth strategy
Robust balance sheet supporting our investment growth strategy Reasonable leverage with Net Debt / Equity 0.25x Gross debt of AED 9.68bn Net debt of AED 7.6bn Healthy Cash & Cash AED 2.0 bn AED 21 bn Deployed capital to-date equivalents ~ 4.6% Relatively low average funding cost amid As of 31 Dec 20
Slide 15: FY'24 Vertical Performance
FY’24 Vertical Performance
Slide 16: Diversified portfolio across core verticals
Diversified portfolio across core verticals Vertical building strategy bearing fruits ..with healthy blended gross profit margin with positive YoY growth across all 4 (47%) from operating businesses reflecting verticals.. the change in revenue mix FY’24 Revenue Split FY’24 Gross Profit Split Beauty
Slide 17: Media and Communications
Media and Communications1 32% of Group Revenue Revenue Gross Profit Commentary 649 261 248 Revenue Profitability 98 FY’24 revenues included the full-year Enhanced profitability across board driven by: FY'23 FY'24 FY'23 FY'24 consolidation of Media 247 and Backlite 1) the consolidation of margin-accr
Slide 18: Mobility
Mobility1 26% of Group Revenue Revenue Gross Profit Commentary 522 367 288 364 Revenue Profitability EBITDA of AED 318mn reflects: +43% YoY largely driven by the consolidation The consolidation of Excellence Premier FY'23 FY'24 FY'23 FY'24 of Excellence Driving Center in July’24 Investment which own
Slide 19: Wellness & Beauty
Wellness & Beauty1 26% of Group Revenue Revenue Gross Profit Commentary 533 383 172 129 Revenues Profitability +39% YoY largely driven by the consolidation Profitability margins were impacted by one-off transaction FY'23 FY'24 FY'23 FY'24 of The Juice Spa & Salon in Oct’23 and TGCH costs associated
Slide 20: Energy and Utilities
Energy and Utilities1 16% of Group Revenue Revenue Gross Profit Commentary 318 299 154 151 Revenues Profitability EBITDA of AED 234mn includes: FY'23 FY'24 +6% YoY driven by PCH’s new connections AED 56mn share of profit from Kalyon JV (vs. AED 229mn FY'23 FY'24 and tariff changes last year) on hype
Slide 21: Closing Remarks
Closing Remarks INVESTOR PRESENTATION 25
Slide 22: Value Creation Model at the Holding Level
Value Creation Model at the Holding Level Access to high-profile deals Supportive ecosystem brings 1 in multiple synergies Financial flexibility on a wide network of lending banks Attracting high-caliber talent Attractive sectors disrupted by favourable megatrends Clear framework to identify 2 targe
Slide 23: Q&A
Q &A
Slide 24: Appendix
Appendix
Slide 25: A transformative journey
A transformative journey
Slide 26: The beginning of a remarkable journey from a boutique marketing consultancy agency...
The beginning of a remarkable journey from a boutique marketing consultancy agency... Multiply Acquisition of Founded by our current CEO, the company started out Research additional 15% as Multiply Marketing Consultancy (MMC), growing Company in Viola organically into one of the leading communicatio
Slide 27: ..to one of the largest diversified holding company in the region
..to one of the largest diversified holding company in the region Acquisition of 100% AED in PAL 42.2bn IHC Cooling ADX Listing acquired Holding (AED 1.11/ Acquisition 90% in share) of 80% Omorfia in IEH acquired Multiply (50% in AED $ 100mn 30.6bn invested in 100% Kalyon in The Enerji) Breakwater E
Slide 28: Today's diversified portfolio
Today’s diversified porfolio 51% EARNINGS PRESENTATION 28
Slide 29: Established platform for further scaling
Established platform for further scaling Total renewable installed capacity: 1.7GW (all solar) | +270MW by end of 2025 (wind and solar) District cooling plants: 5 | Connected Capacity: 182k RT Number of vehicles: ~400 Number of students: >144,000 in 2024 Total number of assets: 1,500+ (excluding tra
Slide 30: Investment Strategy
Investment Strategy 1 6
Slide 31: Our Vertical Building Investment Strategy
Our Vertical Building Investment Strategy Up to AED 5bn to deploy into our Vertical Building Investment strategy Objective Buy-outs of leading strong cash generating businesses in proven solid industries Generate value through EBITDA consolidation, dividend generation, value appreciation and synergi
Slide 32: Vertical Investments | FY'24
Vertical Investments | FY’24 Description Rationale Consideration Metrics ► A global reference in the Digital ► Penetrating the rapidly growing digital OOH ► Revenue AED 250mn OOH advertising space media sector ► Healthy EBITDA margins ► Leading partner with the Roads ► Integrating Backlite’s innovat
Slide 33: A disciplined approach to sector selection
A disciplined approach to sector selection Consumer sectors where Multiply can Strategic sectors with healthy market size growth become the regional leading investor Sectors with high capital efficiency Sectors where Emerging Markets (profitability, CAPEX requirements, cash are making a difference g
Slide 34: Our Multiply+ Investment Strategy
Our Multiply+ Investment Strategy Objective Sector-agnostic minority investments with outstanding financial returns Asset Classes Private Companies Public Companies Fundamentally strong listed companies available at Private businesses with a strong dividend profile and a clear Rationale valuation up
Slide 35: Other Updates
Other Updates
Slide 36: Case Study: Media & Communications Vertical
Case Study: Media & Communications Vertical Consolidation Growth history Multiply Acquisition Acquisition of 100% in Investments Acquisition of Acquisition of Marketing of 35% in of 15% in Viola in Firefly 60% in 100% in Consolidation of leading Consultancy Viola Viola Backlite OOH media providers 1
Slide 37: Key Initiatives: 2024 Year of Efficiency
2024: Year of Efficiency > AED 50mn realized efficiency gains Revenue Cost Digital Transformation Key Initiatives ► Leveraging market leadership: Capturing more wallet share ► Strategic sourcing: Conducting a comprehensive procurement ► Enhancing operational efficiency: Automating back-end in the Me
Slide 38: Beyond the headlines: Adjusted vs Reported Earnings fact check
Beyond the headlines: Adjusted vs Reported Earnings fact check AED MN Adjusted Group Net Profit1 IFRS Group Net Profit we are required to report Full year 2022 468 18,563 Full year 2023 1,114 552 Full year 2024 1,036 189 Adjusted earnings provide a clearer view by focusing on the operational perform
Slide 39: Snapshot per Vertical
Snapshot per Vertical
Slide 40: Media & Communication
Media & Communication Multiply Group Industry • Global ad market forecast to grow by 5.9% in 2024 (vs. 3.3% in • D/OOH Media Portfolio 2023) to reach ~$770bn Plays • Digital advertising Facts • Integrated service offering • The Middle East Ad market is ~$7bn in 2024 and is expected to be the fastest
Slide 41: Mobility
Mobility Multiply Group Industry • Mobility education • Maintenance and • The global mobility solutions market size is estimated at servicing Plays • Car sales and leasing Facts $1.2tn in 2022 and is expected to grow at a 5% CAGR • Mobility-as-a-service and • Insurance and financing • Continued grow
Slide 42: Wellness & Beauty
Wellness & Beauty Multiply Group Industry • Beauty Services • Sports • Global beauty market is ~$750b and expected to grow by 4% • Beauty Products • Physical Fitness Facts Plays • The UAE beauty market is ~$3b and expected to grow by 6% • The UAE is one of the highest beauty spenders in the world wi
Slide 43: Energy & Utilities
Energy & Utilities Multiply Group Industry District cooling: • Renewable energy • Global district cooling market is set to grow at 8% CAGR Plays • District cooling (+ heating) Facts • UAE has ~4M of RT, and is expected to grow at a CAGR of 10% • Energy services • Continued growth of UAE population a
Slide 44: Multiply+ Snapshot
Multiply+ Snapshot Selected strategic investments under M+ Company Industry Footprint Description Investment Rationale One of largest listed integrated utility companies in EMEA with Global presence and AED 10 bn Attractive valuation & Taqa Energy & Utilities (7.3% holding) in ambitious growth plans
Slide 45: Capability and know-how
Capability and know-how 35
Slide 46: Well-versed Board of Directors
Well-versed Board of Directors SAYED BASAR SHUEB H.E. HAMAD H.E. MANSOOR AL RICK GERSON SAMIA BOUAZZA KHALFAN ALI MANSOORI MATAR AL-SHAMSI Chairman of the Board Board Member Board Member Board Member CEO & Board Member Notable CEO & Managing Director at Vice Chairman Ghitha Member of the Abu Dhabi C
Slide 47: An experienced management team…
An experienced management team… Samia Bouazza Naveed Khan Group CEO, Managing Director Group Finance & Board Member Director Years of >20 years 16 years experience Notable experience Mehdi Bizri Omar Fayed Lama Al Bachir Mezier Briefkani Kaiser Geelani Executive Director Business Strategy & Growth T
Slide 48: …supported by vertical leads with deep insights
…supported by vertical leads with deep insights Jawad Hassan Media and Communitation Head of Media vertical Years of 25 years experience Areas of | Crafting strategic marketing plans expertise | Evaluating acquisitions for scaling growth Mobility | Building media ecosystems Smitta Ozha James Bicknel
Slide 49: …supported by vertical leads with deep insights (cont'd)
…supported by vertical leads with deep insights (cont’d) Media and Khalid Bin Aamer Communitation Alshemeili Dr. Murtaza Ata Muhammad Zafar CEO of Emirates CEO of Kalyon Enerji CEO of PAL Cooling Driving Company Holding Years of 24 years >30 years 25 years experience Mobility Areas of | Setting long
Slide 50: ESG Highlights
ESG Highlights 40
Slide 51: Sustainability framework
Sustainability framework Pillar 1: Robust Foundations Pillar 2: Growing our Human Capital Objectives Objectives ➢ Enhance governance structure for a sustainable performance while ➢ Position Multiply as an employer of choice, emphasising integrating ESG into organisational risk management workplace d
Slide 52: IR Contact Details
IR Contact Details Contact Multiply Investor Relations for any questions Sahar Srour, CFA +971 54 513 9204 sahar@multiply.ae