Dexelance · MIL:DEX
Dexelance — Investor Presentation (April 2026)
30 slides from Dexelance's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
INVESTOR PRESENTATION APRIL 2026
Slide 2: Dexelance: a distinctive platform in the high-end design sector
Dexelance : a distinctive platform in the high - end design sector that pursues its growth path through a clear consolidation strategy FURNITURE ~125 mln Revenue 2025F (1) Structure 16 brands € 372,7 mln 13 companies +15% vs 2024 KITCHEN&SYSTEMS ~64 mln 5 SBA RESIDENTIAL Distribution network People
Slide 3: Strong M&A track record: 13 acquisitions since foundation
Strong M&A track record : 13 acquisitions since foundation , with 2025 marking a landmark of exceptional deal activity 2015 2017 2019 2021 2023 Foundation and Acquisition of Acquisition of Acquisition of Acquisition of acquisition of Gervasoni Cenacchi International Modar Axolight (1) Turri 2016 201
Slide 4: In just 10 years Dexelance ranked among the top ten groups worldwide
In just 10 years Dexelance ranked among the top ten groups worldwide in the high - end design sector (the 1st in terms of CAGR) Last Revenue reported CAGR 2021 - 2025 Rank by CAGR 3.248 8% #5 (*) 3.062 (4%) #10 (*) 2.406 6% #7 1.221 12% #2 (*) 768 3% #9 713 4% #8 (*) 520 9% #3 403 8% #4 373 27 % #1
Slide 5: Key Investment Highlights
Key Investment Highlights 1 Compellent and resilient reference market , continuously outperformed by Dexelance 2 High - end positioning supported by highly complementary brand portfolio Well diversified business model across geographies, product categories and distribution 3 channels Synergies acros
Slide 6: Dexelance operates in Core HEDF, a global and resilient market
1 Dexelance operates in Core HEDF, a global and resilient market that has grown steadily over the past 10 years , albeit with some volatility recently Historical evolution of the Core High - End Design Furniture market | €bn NORMALIZATION PHASE Key characteristics of the Italian brands’ market share
Slide 7: Dexelance outperformed its reference market with organic growth at ~2x
1 Vis - à- vis its reference market, Dexelance outperformed with organic growth at ~2x market levels and significantly higher total growth Core HEDF market evolution ( €bn | 2015 - 2025) CAGR 2015 - 2025 +3/4% 48 47 46 ~46 43 36 38 34 35 35 32 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 D
Slide 8: Broad portfolio of high-end brands with strong complementarity
2 The Group counts on a broad portfolio of high - end brands with strong complementarity and balance, even within the same business area Residential Luxury Contract Furniture Kitchen & Systems Lighting Omnichannel Contract * 124 million 64 million 34 million 74 million 76 million (34% of FY25 revenu
Slide 9: Highly diversified business model and broad end-market exposure
3 Dexelance is a distinctive platform with a highly diversified business model . broad end - market exposure and strong synergies potential … Parent Company Residential companies Luxury Contract companies Retail 54% Soft Contract 26% Hard Contract 20% Channels/ Route to market Architects, Interior a
Slide 10: Balanced presence across geographies and product categories
3 …as well as a balanced presence across geographies and product categories, providing for growth opportunities across cycles and trends FY2025 Revenue by SBA FY2025 Revenue by Region Furniture 20% Lighting 20% 25% Italy 34% Kitchen&Systems Europe (excl. Italy) 20% 21% North America Luxury Contract
Slide 11: A distinctive partnership combining autonomy and alignment of interests
4 A distinctive partnership combining autonomy and alignment of interests, leveraging Group structure and network to unlock growth and synergies Strategic support Strengthening management, enabling generational transition, reinforcing effectiveness and attracting new talents, to drive growth executi
Slide 12: Dexelance HQ US, New York
Dexelance HQ US 192 Lexington Ave. | New York End -2023, Dexelance opened a new showroom in downtown New York for Meridiani and Davide Groppi, while establishing a local commercial team. End -2024, the showroom was expanded to the second floor of the building to include Gervasoni, Turri, Flexalighti
Slide 13: Dexelance HQ China, Shanghai
Dexelance HQ China Xuhui District | Shanghai In early 2020, Dexelance opened a commercial branch in Suzhou to support locally market expansion and act as a cultural bridge for the portfolio companies. Mid-2025, the commercial team relocated to Shanghai and opened a new showroom in the French Concess
Slide 14: 2025 at a glance: ~€62 million invested
5 2025 at a glance : ~€ 62 million invested to pursue Dexelance aggregation strategy and drive the next growth phase Two key acquisitions to strengthen Group’s positioning Strategic decisions related to outstanding minorities Best -in-class player in the segment, delivering solid performance backed
Slide 15: Roda has redefined the outdoor furniture paradigm
5 Roda has redefined the outdoor furniture paradigm, establishing itself as an international benchmark in high - end outdoor design • Strong manufacturing and commercial presence across Europe, the United States and Asia • Distinctive product expertise, with collections combining elegance, innovatio
Slide 16: Mohd is Dexelance's biggest acquisition ever
5 Mohd is Dexelance’s biggest acquisition ever : a unique platform for interior design and distribution, pioneering a truly omnichannel business model in the industry • Leading global omnichannel player with an integrated and client -centric model, combining a strong digital platform (700 + brands,
Slide 17: FY25 revenue reached almost Euro 373 million
5 FY 5 revenue reached almost Euro 373 million (+ 15% YoY) supported by M&A - driven growth despite a first - time organic slowdown (mainly linked to Luxury Contract) 372,7 mln Full 12M25 Revenue (1) (+15.0% YoY) ↳ Organic perimeter wrt FY25 - 7.7% • Lighting and Kitchen&Systems ↑ 8% • Furniture and
Slide 18: Continued strategic investments to drive long-term growth
5 Dexelance continued strategic investments to drive long - term growth and to size future opportunities, with one - offs and operating deleverage weighing on profitability Profit & Loss | € mln Revenue Adj EBITDA F12M 24 % F12M 25 (1) % Organic Total Organic Total Revenue 324,1 100,0% 372,7 100,0%
Slide 19: 4Q NWC normalization drove net bank debt reduction
5 4Q NWC normalization to neutral drove net bank debt reduction . Cash flow was impacted by new M&A and minority stake acquisitions, fully in line with Dexelance’s business model Cash Flow FY 25 | €mln Net Financial Position | €mln Net bank debt FY 24 5,2 FY 24 FY 25 (3) (2) Net bank debt ( long ter
Slide 20: Cash flow evolution: a three-year perspective
5 Cash flow evolution: a three - year perspective (1) > 150 mln (1) (1) extraordinary cash -out 70,1 ~ 26 mln ~78% cash 1,4 capex conversion (3) (60,8) 69,8 (93,6) (17,7) (52,7) (8,1) (4,1) (9,7) NFP, banks IPO Minorities M&A Growth Maintenance Treasury Interests Operating cash NFP, banks FY 2022 pr
Slide 21: Distinctive M&A capabilities and broad deal flow
6 Distinctive M&A capabilities and broad deal flow : a platform to identify and integrate design excellence 30 20 Margins (EBITDA%) 10 0 (10) Wide pool of brands with size and marginality …as well as opportunities for (20) in line with bolt -on DEX targets… more transformational deals (30) 5 10 20 R
Slide 22: Looking ahead: top-line growth, synergies and ambitious capex plan
Looking ahead : strong commitment on top - line growth, deployment of synergies and ambitious capex plan on the current perimeter . M&A remains a strategic lever for growth Key organic priorities th Dec. 2025 Mid- Term Ambition announced on 12 • Strong commitment on top - line growth : recovery in r
Slide 23: Update on the announced Capital Increase
Update on the announced Capital Increase: confirmed execution and expected timing December 11 th January 20 th April 27 th May - June 2026 Capital Increase approved by the EGM: Shareholders meeting to Capital Increase approved BoD to approve Execution of the • Up to €50m – new ordinary shares ap
Slide 24: Annex
Annex
Slide 25: Annex 1 | FY25 revenue breakdowns
Annex 1 | FY25 revenue breakdowns Revenue breakdown by SBA Revenue breakdown by channel Revenue breakdown by region F12M 24 F12M 25 (1) Δ F12M 24 F12M 25 (1) Δ Furniture 141,4 124,4 -12,1% F12M 24 F12M 25 (1) Δ Lighting 32,1 34,3 +7,0% Italy 82,6 91,8 +11,1% Kitchen&Systems 59,4 64,1 +8,0% Retail 17
Slide 26: Annex 2 | Profit & Loss reconciliation Actual to Full Adj.
Annex 2 | Profit & Loss reconciliation Actual to Full. Adj. ( € mln) Actual Actual Adj. Actual Actual Adj. Full Adj. (2) F12M 24 Adj. F12M 24 F12M 25 Adj. F12M 25 Full F12M 25 Revenue 324,4 (0,2) 324,1 320,2 320,2 52,5 372,7 ADJ DETAILS Other income 4,9 4,9 5,0 5,0 0,5 5,5 F12M 24 F12M 25 Total Reve
Slide 27: Annex 3 | FY25 Balance Sheet statement
Annex 3 | FY25 Balance Sheet statement ( € mln) FY 24 FY 25 Intangible assets 235,5 266,6 Right of use 34,4 35,3 Property, plant and equipment 28,2 37,6 Holdings and other non-current assets 8,7 19,0 Non-current assets 306,8 358,6 Inventory 45,5 69,4 Trade receivables 41,6 34,2 Other current assets
Slide 28: Annex 4 | Current Dexelance shareholding
Annex 4 | Current Dexelance shareholding Investindesign S.p.A. (1) 31% Creazione di Valore S.r.l. Fourleaf S.r.l. 53% Management 7% Treasury shares Market 5% 2% 2% (1) Investindesign S.p.A. is controlled by Tamburi Investment Partners S.p.A. (TIP.MI) which entered the holding company in May 2023, at
Slide 29: 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 solicitat
Slide 30: Offices and contacts
Italy Corso Venezia, 29 - 20121 Milano, Italy (+39) 02.83975225 China No.10, Lane 905, Huashan Road, Xuhui District , Shanghai, China (+86) 1811 5560 585 UK Unit 308 Harbour Yard, Chelsea Harbour London SW10 0XD (+44) (0) 7428382943 USA 192 Lexington Ave. New York, NY 10016, U.S.A. (+1) 929 684 9771