Equita Group Spa · MIL:EQUI
Equita Group Spa — Mid & Small in Milan Conference 2025
25 slides from Equita Group Spa's conference presentation, Dec 2, 2025
Slide 1: EQUITA Group 9M'25 Financial Results
EQUITA Group 9M’25 Financial Results (as of 30 September 2025) Mid & Small in Milan Conference December 2nd, 2025 1
Slide 2: Agenda
Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
Slide 3: Who we are: the leading independent Italian investment bank
Who we are: the leading independent Italian investment bank The most respected independent partner in Italy for investors, institutions, corporates and entrepreneurs, with a fifty-year history, listed on the Italian Stock Exchange and managed by a partnership of committed professionals EQUITA in a n
Slide 4: Successful story: half-a-century of independent thinking
Successful story: half-a-century of independent thinking Our roots date back to 1973, when EQUITA was founded as one of the first independent Italian merchant banks. Over the years, we have been part of commercial banks and financial sponsors, allowing the Group to grow and develop strong, long-last
Slide 5: Unique business model: what we bring to the table
Unique business model: what we bring to the table EQUITA is a reliable partner for the entire financial system and acts as broker, financial advisor and multi asset management platform. The Group offers a full range of services to investors, corporates, entreprenuers and institutions Building blocks
Slide 6: Leading positioning: the go-to-partner when it comes to financial markets and advisory
Leading positioning: the go-to-partner when it comes to financial markets and advisory Our team has always been at the top of investors’ preferences for its outstanding research – especially on small & mid-caps – and its trading, execution, sales and corporate access services. The team also stands o
Slide 7: Agenda
Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
Slide 8: Snapshot of 9M'25: acceleration in consolidated performance thanks to a very solid 3Q
Snapshot of 9M’25: acceleration in consolidated performance thanks to a very solid 3Q, leading EQUITA to confirm the best set of results since IPO Key Consolidated Highlights €82.7m €69.8m €18.7m Net Revenues Net Revenues Net Profits linked to clients 37% 3.4x 203 (+49% vs 9M’24) (+89% vs 9M’24) (+3
Slide 9: Further improvements in large caps trading and some recovery in mid-small caps in 3Q
Further improvements in large caps trading and some recovery in mid-small caps in 3Q, but still no IPOs on Euronext Milan. Issuance in bonds in line with the previous year. M&A values reflecting market uncertainty but benefitting from banking consolidation Third Parties Brokered Volumes in Italy (1)
Slide 10: Double-digit growth in all divisions and record high performance of Directional Trading
Double-digit growth in all divisions and record high performance of Directional Trading Trend in Net Revenues since IPO 9M / 3Q Performance (€m) Commentary 40,3 40,9 40,6 +30% Var % Double-digit growth in S&T thanks to strong 37,2 +53% 45,7 ▪ 31,5 33,8 client- investors’ interest, especially for Ita
Slide 11: Business model and cost structure confirmed strong operating leverage
Business model and cost structure confirmed strong operating leverage Key Consolidated Highlights Focus on Personnel Costs 9M’25 9M’24 Var % 9M’25 9M’24 Var % 3Q’25 3Q’24 Var % Personnel Costs (1) (40.2) (26.4) 52% Incl. 6 FTEs Client-related business 69.8 50.4 39% 26.6 13.6 96% from the FTEs (End o
Slide 12: Agenda
Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
Slide 13: Successful track-record since IPO from all standpoints…
Successful track-record since IPO from all standpoints… Since 2017, EQUITA has consolidated its role as leading independent investment bank in Italy , growing in all areas and offering rewarding returns to its shareholders Rewarding return for shareholders Total Return 257% since EQUITA’s 164% 69% 5
Slide 14: … demonstrating outstanding execution abilities and resiliency in tough markets
… demonstrating outstanding execution abilities and resiliency in tough markets Over the years, the team has diversified the offering dedicated to clients by growing organically and inorganically Execution abilities in the launch of new A B initiatives to boost and New initiatives Inorganic and supp
Slide 15: Considerations about the future
Considerations about the future Key investments completed in recent years What to expect in the future ▪ Still sustained trading volumes on large caps, coupled with some recovery in ▪ Diversification of the product offering (bonds, certificates, derivatives, US Global mid-small caps valuations and l
Slide 16: Agenda
Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
Slide 17: Investment Banking: the largest contributor to growth, with plenty of opportunities
Investment Banking: the largest contributor to growth, with plenty of opportunities Offering & Expertise Key Facts Investment Banking Increasing market share in temporary decreasing fee pot size (1) 5,1% 5,1% 6,9% 6,3% 3,8% Decrease Global Financing M&A & Advisory 2,7% 3,8% 3,3% due to weak ECM 1.03
Slide 18: Investment Banking: an increasing footprint outside Italy in M&A and corporate finance
Investment Banking: an increasing footprint outside Italy in M&A and corporate finance Solid track record in the execution of cross-border M&A transactions, helping corporates and private equity funds EQUITA is exclusive member for Italy of Clairfield International, the global partnership of corpora
Slide 19: Global Markets: very profitable historical business and high barriers to entry
Global Markets: very profitable historical business and high barriers to entry Offering & Expertise Key Facts GM - Client-related business GM - Non client-related ≈ 7-8% market share Institutional Retail Hub Client-Driven Trading Directional in the brokerage Sales Sales & Market Making Trading of Eq
Slide 20: Research Team: a team of experts, at the top of international rankings
Research Team: a team of experts, at the top of international rankings Offering & Expertise Key Facts Reports and Events 160+ Italian and Roadshows and foreign listed Equity Bond Thematic Conferences companies covered Daily, Internal Weekly, Conferences 600+ Weekly, PIR Dealing, Utilities Monthly, M
Slide 21: Alternative Asset Management: the rising star, where sky is the limit
Alternative Asset Management: the rising star, where sky is the limit Offering & Expertise Key Facts Illiquid Products Liquid Products Increasing mix to illiquid assets Private Private Infrastructures Liquid Strategies 1.106 Debt Equity & Renewables 980 1.019 944 57 955 993 1.027 49 39 100 110 140 6
Slide 22: A reliable partner with a strong brand and an improving positioning, committed to sustainability
A reliable partner with a strong brand and an improving positioning, committed to sustainability Recent initiatives dedicated to sustainability The EQUITA brand ▪ Launch of a new sustainable finance team to address clients’ needs and Voluntary CSR Report 2024 advise investors, corporates, entreprene
Slide 23: Healthy balance sheet, with an IFR ratio well above minimum requirements
Healthy balance sheet, with an IFR ratio well above minimum requirements (€m) 9M’25 1H’25 1Q’25 FY’24 FY’23 FY’22 FY’21 FY’20 Cash & Cash equivalents 76.4 74.4 56.5 77.8 130.5 107.9 136.1 117.2 Financial assets at fair value with impact on P&L 115.0 120.6 129.0 113.1 77.4 111.7 49.2 43.8 Financial a
Slide 24: Disclaimer
Disclaimer This presentation shall be considered as confidential. It may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. The views presented herein, which do not purport to be comprehensive, are for discus
Slide 25: www.equita.eu
=EQUITA www.equita.eu