Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW

Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange Group) — Investor Presentation (December 2022)

63 slides from Gielda Papierow Wartosciowych W Warszawie's investor presentation, December 2022

  1. Slide 1: Warsaw Stock Exchange Group Investor Presentation

    Warsaw Stock Exchange Group Investor Presentation December 2022

  2. Slide 2: Agenda

    Agenda About the GPW Group 3 Business activity in Q3 2022 10 Market highlights and opportunities 15 GPW Group financial results in Q3 2022 38 Appendices 49

  3. Slide 3: Key highlights of GPW

    Key highlights of GPW Operator of Central and Eastern Europe’s the largest Equities, Diversified business profile Derivatives, Commodities and Agricultural exchange. Na GPW przypada 95% obrotu akcjami  Core Exchange related and IT services polskich spółek  Attractive dividend (7.6% DY 2023e) GPW a

  4. Slide 4: History of GPW and future progress

    History of GPW and future progress FTSE Russel The first decision about foreign company GPW aquires promotion Poland Aquis to Developed listed Exchange Markets Launch of Launch of NewConnect GPW Launch of Launch of X- STRATEGY IMPLEMENTATION derivatives (GPW alternative shares UTP trading Stream Tra

  5. Slide 5: Attractive investment opportunity among peers

    Attractive investment opportunity among peers Dividend yield 2023E (%)1 Price to Earnings for 2023E 7.6% 40 8% 6% 30 4% 20 10.9 2% 10 0% 0 EV to EBITDA for 2023E Market multiplies 25 20 P/E P/E EV/EBITDA EV/EBITDA Dividend Mkt Cap (USD 2022 2023 Yield 20231 2022 2023 mn) 15 10 6.5 Median (21 peers)

  6. Slide 6: Experienced management board

    Experienced management board GPW management board Shares Marek DIETL, CEO CEO of GPW (Warsaw Stock Exchange) and the economic adviser to the President of Poland. He has spent almost 20 years in the consulting and venture capital industries. He collected experience as a non-executive board member of

  7. Slide 7: ESG: environmental, social, governance factors

    ESG: environmental, social, governance factors GPW Group ESG Strategy 2025 GPW Group supports transition GPW Group is a responsible and GPW Group has established to low-carbon economy. attractive employer. quality corporate governance GPW Group brings unique value to practices. education. AMBITIONS

  8. Slide 8: ESG: environmental, social, governance factors

    ESG: environmental, social, governance factors E CONTRIBUTION TO ACHIEVING S G 17 SUSTAINABLE DEVELOPMENT GOALS 2030 Implementation of the GPW Group ESG Strategy 2025  As part of the GPW Group’s ESG governance structure, ESG factors are regularly discussed by the GPW Management Board, the ESG Commi

  9. Slide 9: Business activity in Q3 2022

    About the GPW Group 3 Business activity in Q3 2022 10 Market highlights and opportunities 16 GPW Group financial results in Q3 2022 38 Appendices 49

  10. Slide 10: Financial performance in Q3’22

    Financial performance in Q3’22 Sales revenue Sales revenue Operating expenses  Decrease of revenue in Q3’22 by 2.4% YoY to PLN mn C/I 67.1% 64.0% 63.1% PLN 88.4 mn. Driven by lower revenue on the -0.8% 54.5% 55.4% commodity market (PLN 29.8 mn vs. PLN 35.8 mn) combined with higher revenue on the 30

  11. Slide 11: Investor activity

    Investor activity Main Market EOB equity turnover value ETF turnover value 1 PLN bn EOB Trading Turnover velocity 1 PLN mn 102.8 315 98.4 90 .0% 10 0 93.7 84.0 80 .0% 251 75.0 228 70.3 217 70 .0% 76.8% 206 80 61.1 63.0 64.9 61.6 60.8 60 .0% 185 180 175 181 49.0 61.0% 60 45.0 50 .0% 57.6% 52.6% 53.1%

  12. Slide 12: Growing turnover in derivatives

    Growing turnover in derivatives Derivatives turnover volume mn contracts +47.4% 4.0 3.9 3.4 3.5 +11.6%  Total derivatives turnover volume in 3.3 3.1 2.8 Q3’22: 3.9 mn contracts (+47.4% YoY, 2.7 2.3 +11.6% QoQ)  WIG20 futures turnover volume in Q3’22: 2.7 mn contracts (+147.7 YoY, +44.2% QoQ). The

  13. Slide 13: Commodity market turnover in Q3’22

    Commodity market turnover in Q3’22 Electricity and gas spot and forward turnover volume Electricity (TWh) Natural Gas (TWh) Electricity market 62.2 61.8 64.2  Total electricity turnover volume in Q3’22 was 35.6 TWh (-42.8% YoY, -2.6% QoQ). 42.0 43.2 42.4 The spot turnover volume was 7.3 TWh (- 36.6

  14. Slide 14: Market highlights and opportunities

    About the GPW Group 3 Business activity in Q3 2022 10 Market highlights and opportunities 15 GPW Group financial results in Q3 2022 38 Appendices 49

  15. Slide 15: Our market highlights and opportunities

    Our market highlights and opportunities Diversified revenue structure, solid financial performance and attractive 1 dividend, Strategy#GPW2022 The largest stock exchange in CEE region - Promotion to Developed Market 2 status (FTSE Russell and STOXX) 3 The largest CEE economy and growth leader in EU

  16. Slide 16: Strategy update #GPW2022 (strategic initiatives)

    1 Strategy update #GPW2022 (strategic initiatives) Trading Post-trading Listing including COR1 Market data Equities & Membership Derivatives Bonds Commodities and RGO2 other  Equities  Access and use  Equities  Futures:  Corporate  Electricity spot  Settlement  Real-time data  Bonds of GPW

  17. Slide 17: Sound financial performance

    1 Sound financial performance Solid top-line growth High EBITDA margin EBITDA, PLN mn EBITDA margin, % Total revenue, PLN mn 224.6 CAGR 212.2 215.2 202.0 193.2 +6.1% 403.8 407.6 180.2 183.7 352.0 346.8 161.1 336.1 149.3 317.6 327.9 310.9 142.0 144.9 60.3% 55.6% 283.8 58.2% 52.8% 268.8 273.8 59.1% 57

  18. Slide 18: Ambitious financial targets

    1 Ambitious financial targets GPW Group financial targets for 2022 Revenue ➢ PLN 470 mn in 2022 EBITDA ➢ PLN 250 mn in 2022 ➢ ROE: 19% in 2022 (it may temporarily fall below 19% due to strategy ROE implementation expenditures) ➢ C/I under 50% after 2022 (it may temporarily range from 63% to 55% due

  19. Slide 19: Strategy update #GPW2022 (strategic initiatives)

    1 Strategy update #GPW2022 (strategic initiatives) Stock Market Derivatives Information Debt Market Commodity Market New business lines Market Products Securities Bond market Exchange Traded Organized GPW Data GPW Private Lending (All2All) Products (ETP) Trading Facility Market Platform >3000 (OTF)

  20. Slide 20: Attractive dividend policy

    1 Attractive dividend policy Dividend yield1 6.1% 3.8% 2.0% 3.2% 4.9% 6.7% 4.4% 5.8% 7.4% 5.5% 5.2% 7.5% dividend per share, PLN dividend payout ratio, % 142.3% 77.1% 93.2% 89.9% 84.0% 80.1% 63.3% 77.3% 70.7% 45.2% 44.5% 3.21 31.0% 3.18 2.40 2.36 2.40 2.50 2.74 2.15 2.20 1.44 1.20 0.78 2010 2011 201

  21. Slide 21: The largest stock exchange in CEE region

    2 The largest stock exchange in CEE region Number of listed companies Value of equity trading EOB, YTD EUR bn 774 57.8 34.0 251 65 81 94 6.5 8.7 57 24 0.2 0.4 2.0 Prague Budapest Vienna Bucharest Zagreb Bulgarian GPW Zagreb Bulgarian Bucharest Prague Budapest Vienna GPW Stock Stock Stock Stock Stock

  22. Slide 22: Poland’s Promotion to Developed Markets

    2 Poland’s Promotion to Developed Markets: Success of Poland’s Economy and Capital Market Highly appreciated Polish capital market… Ceremony at London Stock Exchange  Well-developed and stable market infrastructure  Broad selection of listed stocks and high liquidity  Wide and unlimited access to

  23. Slide 23: Largest economy in the CEE region

    3 Largest economy in the CEE region Largest economy in CEE 6th largest economy in the EU 2021 GDP (EUR bn)1 Germany 3602 France 2501 Italy 1775 Spain 1205 Netherlands 856 Poland 574 Sweden 537 Belgium 506 Ireland 426 Austria 403 Denmark 337 Finland 251 Romania 240 Czechia 238 Portugal 211 Greece 183

  24. Slide 24: Leader of economic growth

    3 Leader of economic growth Solid GDP growth One of EU’s growth leaders accumulated GDP change (PPS), 2004-2021 accumulated Poland’s GDP 129% >100% growth growth (PPS) since 2004 50-100% growth (EU acession) 0-50% growth decrease Poland’s GDP per capital is moving towards EU’s average 77% 51% 2004 2

  25. Slide 25: Potential for retail investment growth

    4 Potential for retail investment growth Poles’ savings (%)1 Household assets (PLN bn) 1 Deposits and cash Other 4 Investment Funds Insurance 7% Cash 2 167 Equities 3% 2 20% 1 942 Debt securities 5% 3 Loans 1 699 4% 1% 1 483 1 346 1 407 1 270 1 231 1 193 999 1 042 1 303 13,6% 11% 850 919 1 130 59% 7

  26. Slide 26: Strong domestic institutional investor base

    4 Strong domestic institutional investor base Open Pension Funds1 Investment funds in Poland2 OPF’s share in GPW turnover Capital Market funds, assets PLN bn OPF’s share in GPW free float Non-public funds, assets PLN bn 302 279 281 259 268 266 257 43.1 41.8 43.1 43.0 43.0 41.5 42.4 43.0 44.9 44.6 25

  27. Slide 27: Advantageous mix of investors on GPW

    4 Advantageous mix of investors on GPW Share of investors in trade in shares on the Main Market, % Share of investors in trade on the futures market, % institutional individual foreign institutional individual foreign 25 19 21 19 34 31 29 30 35 35 36 29 37 38 36 41 12 25 18 12 22 13 16 12 35 51 48 4

  28. Slide 28: New services: commodity market and non-display data

    4 New services: commodity market and non-display data Broad reach thanks to growing numbers of clients  Services supporting analyses of market data are an important pillar of GPW Group’s 530.7 growth.  Developing GPW Data project: 457.0 397.0 ✓ The GPW Data project relies on machine learning and A

  29. Slide 29: Diversified issuers portfolio

    5 Diversified issuers portfolio Issuer activity on GPW markets1 Number of listed companies Equity market Main Market NewConnect Main Market Market cap: 374 domestic companies PLN 466 bn 45 foreign issuers PLN 498 bn Equity market for SME 438 450 471 487 487 482 NewConnect 465 449 432 430 419 426 372

  30. Slide 30: Alternative markets

    5 Alternative markets NewConnect Companies on Main Market transfered from NewConnect Transfers from NC to MM New companies on MM  Alternative trading system financing the growth of small and medium-sized companies with high growth potential 38  Launched in 2007 34 6 30 8 28  Companies transferrin

  31. Slide 31: Opportunities for further debt market development

    5 Opportunities for further debt market development Number of non-Treasury issues on Catalyst Total debt securities by residence of issuer as % of GDP1 566 211 525 527 512 503 188 487 496 486 455 408 325 110 100 87 208 69 59 52 54 45 47 49 97 36 35 8 12 14 14 16 3 3 5 6 2009 2010 2011 2012 2013 2014

  32. Slide 32: Employee Capital Plans (PPK)

    6 Employee Capital Plans (PPK) 2nd pillar (obligatory until 2014, 1st pillar (obligatory) now optional) 3rd pilllar (voluntary) Employee Pension Plans (PPE) IKE IKZE ZUS (social OFE (OPF - Employee Capital security) Open Plans (PPK) Pension Funds) public funds private funds  Employee Capital Plans/

  33. Slide 33: Open Pension Funds (OFE)

    6 Open Pension Funds (OFE) Operation of OFEs Transfers between OFE and ZUS funds transferred from OFE to ZUS ("slider"), PLN mn  Part of pension contributions was compulsorily transferred to open- ended pension funds (OFEs) between 1999 and 2014. In February contributions transferred from ZUS to OF

  34. Slide 34: Employee Capital Plans (PPK)

    6 Employee Capital Plans (PPK) PPK AuM have crossed PLN 10 bn Equities/debt share in total assets 11,000 PPK AuM, PLN mn Time left to the defined 10,000 date (reaching 60 years Equities Debt 9,000 old) 8,000 7,000 >20 years 60-80% 20-40% 6,000 11-20 years 40-70% 30-60% 5,000 6-10 years 25-50% 50-75%

  35. Slide 35: Estimated yearly inflows into PPK

    6 Estimated yearly inflows into PPK Estimated inflows into Polish equity market (PLN bn) Assumptions: 1. Participation rate, gradual increase: 2022 (22%) - 2030 6.2 5.4 (35%)* 5.0 5.2 2. Average contribution rate: 4.1 4.3 3.6 3.8 3.5% 2.8 3. Average monthly gross salary in 2022 – PLN 6242 and 2023 –

  36. Slide 36: Commodity market

    7 Commodity market Commodity market growth drivers  Launch of Agricultural Market – wheat, corn and rye grains trading  Organised Trading Facility (OTF) - transformation of TGE’s forward commodity market into an organised trading facility (OTF) under MiFID II  On 19 November 2019, Towarowa Giełda

  37. Slide 37: Agricultural Market

    7 Agricultural Market Market structure  The operation of the Agricultural Market relies on TGE, Commodity Clearing House (IRGiT), and Authorised Warehouses  TGE operates transparent trade in agricultural commodities; corn wheat IRGiT provides safe clearing; and Authorised Warehouses ensure high qu

  38. Slide 38: GPW Group financial results in Q3 2022

    About the GPW Group 3 Business activity in Q3 2022 10 Market highlights and opportunities 15 GPW Group financial results in Q3 2022 38 Appendices 49

  39. Slide 39: Financial results by quarter

    Financial results by quarter Sales revenue EBITDA and EBITDA margin Net profit and net profit margin PLN mn 53.6% 51.3% 46.0% 47.2% 39.7% 38.5% 38.4% 34.5% 35.2% 32.9% -2.4% PLN mn PLN mn 107.5 110.2 99.1 90.6 88.4 -40.1% 55.2 48.6 50.7 -13.5% 46.8 41.4 36.0 38.1 38.1 29.1 31.1 Q3’21 Q4’21 Q1’22 Q2’

  40. Slide 40: Revenue on the financial market

    Revenue on the financial market Trading revenue Listing revenue Revenue from information services1 PLN mn PLN mn PLN mn +7.5% 0.0% 53.7 +6.8% 6.3 47.4 14.6 14.6 14.3 5.5 5.6 5.5 13.7 -2.5% 13.4 -1.9% 38.4 38.2 35.5 -0.5% 4.3 42.3 37.2 5.3 4.2 4.7 28.0 26.4 Shares 4.7 Listing Information 28.0 Service

  41. Slide 41: Revenue from the electricity, gas, and property rights markets

    Revenue from the electricity, gas, and property rights markets Q3’22: 17.9%  Decrease in revenue from trading in electricity to PLN 3.4 mn in Q3'22 (- Trading revenue – commodity market 36.5% YoY; -1.7% QoQ) due to lower trading volumes, mainly in the forward market. PLN mn  Decrease in revenue fr

  42. Slide 42: Revenue from clearing

    Revenue from clearing Q3’22: 9.4% Revenue from clearing PLN mn  Decrease in revenue from clearing to PLN 8.3 mn in -32.8% Q3'22 (-32.8% YoY; -24.5% QoQ) mainly due to lower 13.9 gas and electricity trading volumes. 12.3 12.4 11.0  The YoY increase in revenue from the operation of the 8.3 -24.5% Re

  43. Slide 43: Operating expenses in Q3’22

    Operating expenses in Q3’22 Operating expenses: PLN 59.3 mn (+20.1% YoY, -5.1% QoQ)  Cost/income ratio (C/I): 64.0% in 9M’22 vs. 55.4% in 9M’21. PLN mn 68.8  Depreciation and amortisation: PLN 8.6 mn in Q3’22 (- 63.2 62.5 0.0 0.0 59.3 0.4% YoY, -8.6% QoQ). 14.6 9.2 9.5 0.1 49.4 8.6  Total employe

  44. Slide 44: CAPEX and OPEX

    CAPEX and OPEX CAPEX CAPEX, PLN mn CAPEX/Revenue, %  In 2021 the Group’s total capital expenditure (CAPEX) amounted to 50 14% PLN 43.4 mn, including expenditure 45 11.5% 10.6% 12% for property, plant and equipment at 40 9.0% PLN 12.1 mn and expenditure for 35 10% 7.6% 30 intangible assets at PLN 31

  45. Slide 45: Share of profit of entities measured by the equity method in Q3’22

    Share of profit of entities measured by the equity method in Q3’22 Share of profit of entities measured by the equity method PLN mn KDPW CG +40.6% 8.3 7.8 +6.9%  Group’s share of profit of entities 5.9 measured by the equity method in 5.2 Q3’22 at PLN 8.3 mn (+40.6% YoY, 4.6 +6.9% QoQ) Q3’21 Q4’21

  46. Slide 46: GPW Group’s consolidated statement of financial position

    GPW Group’s consolidated statement of financial position PLN mn 30.09.2021 31.12.2021 31.03.2022 30.06.2022 30.09.2022  Decrease of total Non-current assets, including among others 597.6 603.6 618.2 608.2 614.6 assets as of 30 Property, plant and equipment 90.5 91.9 92.2 90.2 96.5 September 2022 In

  47. Slide 47: Appendices

    About the GPW Group 3 Business activity in Q3 2022 10 Market highlights and opportunities 15 GPW Group financial results in Q3 2022 38 Appendices 49

  48. Slide 48: GPW Group consolidated statement of comprehensive income

    GPW Group consolidated statement of comprehensive income PLN mn Q3'21 Q4'21 Q1'22 Q2'22 Q3'22  Decrease of sales revenue in Q3’22 by Revenue 90.6 107.5 110.2 99.1 88.4 2.4% YoY to PLN 88.4 mn driven by lower Financial market 54.4 66.3 73.7 58.6 58.0 revenue on the commodity market (PLN Trading 35.5

  49. Slide 49: GPW Group consolidated statement of cash flows

    GPW Group consolidated statement of cash flows PLN mn 9 months period ended 30 September of 2022 2021 Total net cash flows from operating activities 196.0 -6.1 Net profit of the period 107.3 119.9 Adjustments: 124.0 -97.1 Income tax 23.8 24.5  The Group generated positive cash flows Depreciation an

  50. Slide 50: KDPW Group’s financial results

    KDPW Group’s financial results* PLN mn Q3'21 Q3'22 2020 2021 Revenue 49.2 56.1 174.8 205.3 Operating expenses 31.3 34.6 122.8 126.5 Increase in revenue of the KDPW Group from Operating profit 17.9 21.5 PLN 49.2 million in Q3 2021 to PLN 56.1 million 52.0 78.8 in Q3 2022 as a result of: Net profit (P

  51. Slide 51: GPW Group’s revenue structure

    GPW Group’s revenue structure: incremental for 12M ended 30 September 2022 GPW Group: PLN 405.3 mn incl. TGE Group: PLN 145.2 mn Other revenue (0.8%) Market Data (commodity market) 0.8% 0.3% Clearing 11.3% Register of Certificates of Origin Commodity 6.4% Trading other Market: 35.8% 35.8% 4.7% Tradi

  52. Slide 52: Financial market: Trade in equities

    Financial market: Trade in equities Equity turnover value and number of transactions Average number of transactions per session (thous.) Value of trading in equities (PLN bn) 133.2 135.9 135.4 135.4 80.2 70.1 73.1 72.1 65.9 55.3 51.9 55.5 46.4 297 313 29.9%1 251 220 236 230 225 188 205 203 190 204 1

  53. Slide 53: Financial market: Trade in derivatives

    Financial market: Trade in derivatives Derivatives turnover volume Number of open interest (thous.) Volume (thous.) 406.6 402.9 351.2 290.0 15.5 184.8 171.2 165.0 137.2 12.6 138.1 140.1 143.6 132.8 11.5 12.0 11.3 11.4 104.2 6.8%2 9.5 8.6 8.2 8.0 7.6 8.2 7.0 2011 2012 2013 2014 2015 2016 2017 2018 20

  54. Slide 54: Financial market: Other instruments and fees paid by participants

    Financial market: Other instruments and fees paid by participants Treasury BondSpot Poland turnover value, PLN bn Cash Transactions Repo Transactions 3.0%1 1.037 1.062 307 845 450 767 347 599 327 535 474 260 413 407 64 196 370 731 318 3.5%2 147 282 55 612 255 54 498 439 86 169 410 339 338 36 314 260

  55. Slide 55: Financial market: Listing

    Financial market: Listing Capitalisation of domestic companies Market Cap/GDP, % Market Cap of local companies, PLN bn 36.5% 34.8% 34.8% 32.0% 30.0% 30.0% 28.9% 27.9% 27.2% 25.0% 23.6% 671 701 593 591 579 17.7% 523 557 550 539 6.2%1 517 446 466 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

  56. Slide 56: Financial and commodity market: Information services

    Financial and commodity market: Information services Number of data vendors Local Remote 95 87 90 89 83 78 36 35 35 37 57 58 58 58 37 54 53 52 36 37 34 31 37 30 28 27 55 59 16.5%1 50 54 42 46 21 24 27 24 25 25 20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 9M’21 9M’22 Number of subscriber

  57. Slide 57: Commodity market: Trade in electricity and gas

    Commodity market: Trade in electricity and gas Electricity turnover volume (TWh)1 Spot Forward 243.2 226.1 228.9 225.2 34.8 27.7 33.9 36.2 186.8 186.7 176.6 23.8 25.1 163.3 22.3 139.4 27.7 130.8 126.7 21.3 111.7 114.2 21.7 27.7 25.2 198.3 195.0 208.3 24.3 188.9 163.0 161.6 6.1%2 154.3 135.6 109.1 11

  58. Slide 58: Commodity market: Trade in property rights

    Commodity market: Trade in property rights Property rights spot turnover (TWh) Green certificates (RSE) Cogeneration certificates 2 62.2 58.9 58.1 59.3 50.8 50.2 19.9 43.9 15.1 39.3 26.6 29.8 30.8 36.0 24.0 25.9 27.0 25.9 21.8 18.9 19.8 5.6%1 42.4 32.1 35.7 32.3 26.2 28.3 28.5 17.5 18.0 3.9 2011 201

  59. Slide 59: Commodity market: Register of Certificates of Origin

    Commodity market: Register of Certificates of Origin Volume of issued certificates of origin (TWh) Green certificates (RSE) Cogeneration certificates 50.7 47.2 48.5 47.5 41.1 42.2 37.2 23.4 18.9 19.9 35.1 24.5 10.7 15.3 29.5 21.6 21.0 22.3 11.9 19.6 15.6 17.3 6.1%1 26.6 25.9 27.3 28.3 27.6 20.6 24.0

  60. Slide 60: Glossary (1)

    Glossary (1) Cogeneration technological process where electricity and heat are generated simultaneously in a combined heat and power plant; thanks to lower consumption of fuel, cogeneration provides material economic benefits and environmental advantages over separate generation of heat in a traditi

  61. Slide 61: Glossary (2)

    Glossary (2) HVP High Volume Provider, a promotion programme addressed to legal entities whose core business is to invest on financial markets only on own account IPO Initial Public Offering, in this presentation, PwC IPOwatch Europe reports and FESE data, IPO means all offerings where a company fir

  62. Slide 62: Glossary (3)

    Glossary (3) RGO Register of Guarantees of Origin, register of instruments supporting renewable energy sources, which aim to provide disclosure for the end customer as to the amount of electricity generated in a renewable source and supplied to the power distribution or transmission network SPO Seco

  63. Slide 63: IR events and Disclaimer

    IR events Disclaimer  2 March 2023 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an offe

Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange Group) — Investor Presentation (December 2022) on 6ix