Best S.a. · GPW:BST

Best — FY2023 Earnings Presentation

25 slides from Best's earnings presentation, Apr 5, 2024

1. Slide 1: Presentation of Financial Results for 2023

   BEST GROUP PRESENTATION OF FINANCIAL RESULTS FOR 2023 Gdynia, 5 April 2024.

2. Slide 2: BEST Group in 2023. Key Information

   BEST GROUP IN 2023. KEY INFORMATION PREZENTACJA WYNIKÓW ZA 2023 R.

3. Slide 3: Summary of the Year 2023 in the BEST Capital Group

   SUMMARY OF THE YEAR 2023 IN THE BEST CAPITAL GROUP Key events in the BEST Capital Group in 2023 ▪ Stable claim repayments ▪ Increase in EBITDA, related to lower court costs and other factors ▪ Raising PLN 169 million from a bond issue, the highest figure since 2017 ▪ Purchase of claim portfolios wit

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

   NON-PERFORMING CLAIM MARKET IN POLAND PREZENTACJA WYNIKÓW ZA 2023 R.

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

   POLAND – NON-PERFORMING CLAIM MARKET PLN 700 million PLN 154 million (5.6%) (1.4%) Market situation in 2023: ▪ significant increase in the supply of retail and mortgaged bank claim portfolios (by PLN 2.2 billion compared to 2023) ▪ demand remaining high despite high financing costs ▪ stabilisation o

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

   POLAND – NON-PERFORMING CLAIM MARKET BANKS TELECOMS LOANS (in billion) (in billion) (in billion) (retail and mortgaged portfolios, , primary market) 12 1,6 1,6 2,7 1.6 1,6 3,8 9 1,2 1,2 9,2 8,9 1,9 1,2 1,1 7,4 7,7 6 0,6 0,8 0,8 5,8 23% 23% 0,7 0,6 0,5 3 17% 0,4 0,5 0,4 0,5 0.2 15% 23% 24% 28% 19% 20

7. Slide 7: Poland – Market of Bank Claims

   POLAND – MARKET OF BANK CLAIMS GDP growth (quarterly readings YOY) Share of non-performing loans Growth of new loans (YOY monthly readings) Non-performing retail and corporate loans Total non-performing loans Non-performing loans (retail) Value of the supply of claim portfolios in the banking sector

8. Slide 8: Investments in Claim Portfolios

   INVESTMENTS IN CLAIM PORTFOLIOS 350 30% 311 301 300 25% 25% 258 22% 250 20% 200 157 15% 15% 150 85 13% 132 11% 11% 10% 10% 81 9% 100 6% 5% 50 31 10 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Acquisition cost (million PLN) Acquisition cost as % of nominal value PREZENTACJAOF WYNIKÓW 8 / 22 PRE

9. Slide 9: Operating and Financial Results of the BEST Capital Group

   OPERATING AND FINANCIAL RESULTS OF THE BEST CAPITAL GROUP PREZENTACJA WYNIKÓW ZA 2023 R.

10. Slide 10: 2023 at a Financial Glance

    IN 2023 AT A FINANCIAL GLANCE Repayment of claims Operating revenue Cash EBITDA Net profit attributable to (PLN million) (PLN million) (PLN million) BEST shareholders (PLN million) 453 450 399 420 414 450 450 450 339 129 353.8 300 16 31 300 60 28 300 300 69 219 220 200 351 373 385 142 150 150 279 15

11. Slide 11: Operational Efficiency

    OPERATIONAL EFFICIENCY Operating costs Operating profit Equity Net debt (PLN million) (PLN million) (PLN million) (PLN million) 450 450 800 750 800 2,00 689 100% 622 600 549 600 80% 1,50 300 300 240 229 219 224 395 411 400 60% 400 42 51% 49% 1,00 86 57 99 135 47% 0,83 150 72 150 40% 0,72 200 200 0,6

12. Slide 12: Two Markets – Poland and Italy

    TWO MARKETS – POLAND AND ITALY Operating revenue by market (PLN million) Value of portfolios by market (million PLN) 450 454 1 500 1 342 1 200 1,183 339 354 300 1 017 900 438 322 333 600 1 091 1 182 150 928 300 160 17 16 21 89 92 0 0 2021 2022 2023 2021 2022 2023 Poland Italy total Poland Italy tota

13. Slide 13: Operating Costs

    OPERATING COSTS Segmentation of operating costs (PLN million) Court and enforcement costs (PLN million) 250 229.4 219.0 250 30% 198.1 9,0 200 9,1 200 25% 8,6 98,4 70,0 20,6% 20% 150 82,0 150 18,2% 15% 43,5 13,7% 100 39,7 100 35,2 10% 50 91,9 50 69,5 78,4 72,4 86,5 5% 56,9 0 0 0% 2021 2022 2023 2021

14. Slide 14: Structure of Assets

    STRUCTURE OF ASSETS ERC – nominal value of estimated future repayments (PLN Carrying amount of portfolios (PLN million) million) 3 500 3 500 3 027 3 000 3 000 2 640 2 500 2 500 2 291 2 000 2 000 1,342 1 500 1 017 1 183 1 500 3 027 1 000 1 000 2 099 2 449 1 105 1 342 500 949 500 0 0 31 December 2021

15. Slide 15: Group's Liabilities

    GROUP’S LIABILITIES Equity (million PLN) Net debt (million PLN) 800,0 689 750 800,0 3,00 100% 622 2,50 600,0 549 600,0 505 80% 438 2,00 395 411 400,0 60% 1,50 400,0 51% 45% 47% 49% 1,00 40% 200,0 0,87 0,72 0,83 200,0 0,60 0,50 20% 0,0 0,00 0,0 0% 31 December 31 December 31 December 31 December 31 De

16. Slide 16: BEST Group on the Bond Market

    BEST GROUP ON THE BOND MARKET Historical bond issues and redemptions (PLN million) Current bond repayment schedule (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 10 20 11 10 11 14 11 19 20 15 10 20 10 35 30 45 63 52 57 60 50 65

17. Slide 17: BEST Group – Credit Financing

    BEST GROUP – CREDIT FINANCING Historical loan disbursements and repayments (PLN million) Future capital repayments (PLN million) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 444 447 449 450 428 438 415 402 387 370 353 336 315 295 274 available credit limit 254 232 210 187 16

18. Slide 18: BEST Group in 2023 – Summary

    BEST GROUP IN 2023 – SUMMARY INCREASING RECOVERIES DYNAMIC GROWTH IN STABILISATION OF OPERATING AND CASH EBITDA INVESTMENTS COSTS IN PORTFOLIOS 1 2 3 STRONG BALANCE SHEET, DIGITAL DIVERSIFIED SOURCES OF COMFORTABLE DEBT TRANSFORMATION IN THIRD PARTY FINANCING STRUCTURE PROGRESS 4 5 6 PREZENTACJAOF W

19. Slide 19: BEST Group – Development Directions

    BEST GROUP – DEVELOPMENT DIRECTIONS INVESTMENTS DIGITAL DEVELOPMENT IN PORTFOLIOS TRANSFORMATION ON THE ITALIAN MARKET 1 2 3 ▪ The same investment level as in 2023. ▪ Flexible architecture ▪ People ▪ Growing share of the Italian market +30% ▪ Process automation ▪ Processes ▪ Increased efficiency ▪ D

20. Slide 20: Thank You

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

21. Slide 21: Appendices

    APPENDICES PREZENTACJA WYNIKÓW ZA 2023 R.

22. Slide 22: Cash EBITDA

    CASH EBITDA (PLN million) 2023 2022 2021 2020 2019 BEST claim repayments 414.3 419.6 398.6 365.3 299.1 other revenue 15.8 1.2 18.0 4.8 (9.2) OPEX (without depreciation) (209.9) (220.4) (231.8) (199.7) (129.2) Cash EBITDA (including the result of Kredyt Inkaso) 220.2 200.3 184.8 170.4 160.7 change in

23. Slide 23: Statement of Financial Position

    STATEMENT OF FINANCIAL POSITION 31 December 31 December 31 December 31 December 31 December (PLN million) 2023 2022 2021 2020 2019 assets, including: 1,545.1 1,349.3 1,173.6 1,134.9 1,244.9 cash and equivalent 64.8 52.2 47.3 65.6 82.0 purchased claims 1,342.4 1,183.2 1,017.1 938.4 998.6 equity inves

24. Slide 24: Financial Performance

    FINANCIAL PERFORMANCE (PLN million) 2023 2022 YOY change operating revenue, including 353.8 453.6 (22%) revenue from purchased claims 338.1 452.4 (25%) interest calculated using the effective interest rate method 279.5 263.4 6% deviations from actual payments 27.9 59.6 (53%) revaluation result 30.7

25. Slide 25: Structure of the BEST Capital Group

    STRUCTURE OF THE BEST CAPITAL GROUP Shareholding structure of BEST SA BEST S.A. (share in the share capital as of 5 April 2024) Kancelaria Radcy Prawnego BEST TFI SA 100% 96% Rybszleger Sp.K. BEST Capital FIZAN 100% 100% BEST Italia S.r.l. 4.6% 13.9% Other Marek 100% BEST I NSFIZ 51% BEST Capital It

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