Dexelance · MIL:DEX
Dexelance — Investor Presentation (May 2024)
28 slides from Dexelance's investor presentation, May 2024
Slide 1: Dexelance Investor Presentation May 2024
DE XELANCE CRAFTING DESIGN FOR EXCELLENCE INVESTOR PRESENTATION May 2024
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation’) has been prepared by Dexelance S.p.A. (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 solicitation
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: put&call options/earnouts, PPA amortization and related fiscal effects. (3) Calculated as (Adj. 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: (1) Acquisition of a 20% stake in 2021 and acquisition of a further 31%
(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: (1) % incidence on 2023F revenue.
• • • • • • • • • • • (1) % incidence on 2023F revenue. 6
Slide 7: Core HEDF and luxury markets growth
| ~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: (1) % incidence on 2023F revenue. (2) Gervasoni Milan, Meridiani Milan, Davide Groppi Milan,
(1) % incidence on 2023F revenue. (2) 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
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ (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: Dexelance for Arts
DEXELANCE FOR ARTS, a witness of the strong bond that lies between the excellence of our brands and the world of art Aproject 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 enhancin
Slide 14: Recent updates and 1Q results
Recent updates and 1Q 24 results BDEXELANCE
Slide 15: het
ae het iba a ial = BEXELANCE
Slide 16: Salone del Mobile
Source: areapress.salonemilano.it 16
Slide 17: New flagship store and installation at Salone del Mobile
In the occasion of Salone del Mobile, Davide Groppi opened a new flagship store in Milan and Meridiani presented a special installation fully dedicated to its iconic René armchair \\ Discover more on the opening event BEXELANCE
Slide 18: 1Q 2024 results
• • (1) Full 1Q 23 data prepared including 3 months of Cubo Design, despite exact acquisition date. (2) Computed as Reported EBITDA + non-recurring costs + M&A transaction costs + IPO costs. (3) Income Adjusted for EBITDA Adjustments, change in estimate of put&call options/earnouts, PPA amortization
Slide 19: Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo
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. Full 1Q 2023 data prepared i
Slide 20: Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo
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. Full 1Q 2023 data prepared i
Slide 21: Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and Cubo
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. Full 1Q 2023 data prepared i
Slide 22: Net working capital, net financial position and capex
NWC shows small quarterly swings (with stronger 4Q seasonality), overall confirming its negligible impact on the Group's size. Capex below 5% of revenue, typical for a non-capital-intensive business NET WORKING CAPITAL | €m NET FINANCIAL POSITION | €m 7 FY 23 1Q 24 Net bank debt 14.2 8.3 Minorities&
Slide 23: 1Q 2024 order intake
1Q 2024 order intake evolved in line with revenue, confirming the announced normalization for the first half of the year. Organic growth mostly expected in the 2H 2024 " |] F1Q 23 FAQ 24 Residential ml Luxury Contract BEXELANCE
Slide 24: Dexelance group and brands
DE XELANCE Dexelance S.p.A. China branch UK branch USA branch DBEXELANCE TURRI FLEXALIGHTING davide groppi Ap) GERVASONI 1882 saba Axelight _Binova woop MERIDIANI wa GAMMA
Slide 25: (1) Along with its US subsidiary, Gamma Inc. (2) Binding agreement signed in July
(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. 25
Slide 26: (1) Turri 2022 key figures: Revenue ~28m, EBITDA ~4m. (2) Full earnout amount. In
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ (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. 26
Slide 27: (1) Full 12M 2022 data prepared including 12 months of Gamma, Flexalighting NA and
| (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. 27
Slide 28: (1) Full 1Q 2023 data prepared including 3 months of Cubo Design, despite exact
| (1) Full 1Q 2023 data prepared including 3 months of Cubo Design, despite exact acquisition date. (2) Includes holding costs. 28