GP Investments : 1Q23 Results

First Quarter of 2023

Earnings Release

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1Q23 Highlights

May 15, 2023 - GP Investments, Ltd. ("GP") [B3: GPIV33] reports its results for the 1st quarter of 2023.

GP recorded a net loss of USD 17.3 million in Q1 2023, primarily driven by the unrealized losses of our portfolio totaling USD 9.5 million, and the company's Net Asset Value ("NAV") at the end of the period was USD 224.3 million.

The main events in Q1 2023 were:

BR Properties: In April, BR Properties completed a capital reduction of BRL 2.5 billion. Additionally, Slabs Investimentos, Ltda., a subsidiary of GP, successfully concluded a Voluntary Tender Offer, and after 30 days of the tender offer, Slabs owns 96% of BR Properties' share capital.

Spice PE: In April, the tender offer process was completed, and Spice PE shares ceased trading on the SIX Swiss Exchange on April 19, 2023.

G2D Results: The company recorded a net loss of USD 1.3 million in Q1 2023, and G2D's NAV at the end of the quarter was USD 169.4 million.

GP Investments - Portfolio Overview

GP Investments

3

Net Asset Value (NAV)

The table below exhibits GP Investments' NAV composition as of March 2023, determined by the proportional stake in Spice and G2D investments:

Value of Investments (in USD million)	GP	G2D	GP + G2D
Equity Portfolio	160.1	87.1	247.2
Publicly Traded Companies	28.2	-	28.2
BR Properties¹	10.4	-	10.4
Centauro¹	17.8	-	17.8
Privately-Held Companies	131.9	87.1	219.0
Spice PE's Portfolio	113.6	-	113.6
G2D Investments' Portfolio	-	87.1	87.1
Real Estate Investments²	3.8	-	3.8
2TM	14.5	-	14.5
Assets and Liabilities	(19.5)	(3.4)	(22.9)
Cash and Cash Equivalents	30.4	3.5	33.9
Financial Investments	26.5	3.7	30.2
Other Assets	37.0	0.0	37.0
Liabilities	(98.6)	(10.6)	(109.2)
Minority Interest	(14.8)	-	(14.8)
NAV (Shareholders' Equity)	140.6	83.7	224.3

1. The value of the investment is based on the company's market capitalization on March 31, 2023.
2. Value of the investment is based on the acquisition value for some of the fund's projects, and on DCF methodology for others, according to GPRE's Policies as described in the 1Q13 Earnings Release - both being adjusted by the exchange rate of March 31, 2023.

NAV Change Breakdown

(In USD million)

As of March 31, 2023, the total net asset value of GP Investments stood at USD 224.3 million. The primary reason for the decline in NAV during the quarter was the unrealized losses of our portfolio, amounting to USD (9.5) million.

Investor Relations

Rodrigo Boscolo, CFO and Investor Relations Officer

Eduardo Coutinho, Investor Relations Manager

[phone]

[e-mail]

GP Investments

Notes: The GP Investments business review report presents unaudited managerial results; Proportional balance sheet consolidates financial accounts of Spice Private Equity and G2D, excluding minority interests.

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Proportional Balance Sheet

Proportional Balance Sheet	1Q23	4Q22	1Q22			1Q23	4Q22	1Q22
In USD million
Assets					Liabilities and shareholders' equity
Current assets	93.3	100.0	150.3		Current liabilities	38.1	39.8	29.6
Cash and cash equivalents	55.9	65.4	114.4		Accounts payable	2.1	1.8	1.9
Financial investments	16.1	16.1	16.9		Taxes payable	0.7	0.6	0.9
Management and performance fees	0.3	0.2	0.4		Payroll accruals, performance fee and related charges	1.2	2.4	2.3
Deferred costs and prepaid expenses	0.6	0.5	0.9		Accrued interest	1.4	1.4	1.4
Receivable from other subsidiaries	19.6	17.0	16.8		Loans and financings	30.5	30.4	20.4
Other	0.8	0.8	0.9		Other	2.2	3.2	2.8
					Non-current liabilities	82.0	82.6	83.9
					Perpetual notes	74.8	74.8	75.0
					Provision for contigencies	7.2	7.8	8.9
Non-current assets	354.5	368.9	501.9
Investments	345.1	360.1	492.5		Shareholders' equity	327.7	346.5	538.7
Equity Portfolio	340.0	355.1	487.2		Share capital	0.2	0.2	0.2
Financial investments at fair value through profit and loss	5.1	5.0	5.3		Share premium	594.9	594.5	565.9
Receivables from employees and shareholders	6.3	6.3	6.5		Retained earnings / losses	(344.2)	(326.8)	(173.0)
Furniture and equipment	1.0	0.8	0.6		Treasury shares	-	-	-
Receivables from related parties	1.2	1.1	1.4		Other accumulated comprehensive income	(26.6)	(26.9)	(25.5)
Other	1.0	0.7	0.8		Minority Interest	103.4	105.6	171.2
Total assets	447.8	468.9	652.2		Total liabilities and shareholders' equity	447.8	468.9	652.2

GP Investments

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Proportional Income Statement

Proportional Income Statement	1Q23	1Q22
In USD million
Fund Management Revenues	2.4	1.5
Management fees	2.4	1.5
Performance fees	-	0.1
Capital Results Revenues	(9.5)	22.4
Appreciation / Depreciation in fair value of investments	(9.6)	22.4
Net realized gains	-	0.0
Dividends and others	0.1	0.0
Total Revenues	(7.1)	24.0
Operating expenses	(3.2)	(2.8)
Bonus and carried interest sharing expenses	(0.3)	(0.2)
Contingencies	(0.1)	(0.2)
Total Expenses	(3.6)	(3.2)
Intercompany management fees	(0.8)	(0.0)
Stock options	(0.5)	(0.9)
Financial income / loss net	(2.2)	(0.9)
Financial income	0.3	1.1
Financial expenses	(2.4)	(2.0)
EBT	(14.2)	19.0
Income taxes	(0.1)	(0.3)
G2D's Net income	(0.6)	2.0
Spice's Net income	(2.4)	4.3
Net Income / loss for the period	(17.3)	25.0

GP Investments