Tinexta S p A : Berenberg Pan-European Conference USA

Company Presentation

Pan-European Discovery Conference

New York

November 16-17, 2022

Agenda

1. Company Overview
2. 2021 Results + 9M 2022 Results
3. 2022 - 2024 Plan
4. Appendix

2

1 Tinexta's Management

PIER ANDREA CHEVALLARD

General Manager & Chief Executive Officer

• Former CEO of Tecno Holding
• General Secretary of the Milan Chamber of Commerce
• Director of Promos (Specialized structure of the Milan Chamber of Commerce to promote international commerce)
• Managing Director of Parcam
• Member of the Board of Directors of Fiera Milano
• Degree in Political Science from the University of Turin

ODDONE POZZI

Group Chief Financial Officer

• Group Chief Financial Officer and Board Member Mondadori Group
• Co-CEO Giochi Preziosi
• Chief Financial Officer Ventaglio Group
• Chief of Administration, Control & Services Enel Business Area Gas
• Degree in Economics & Commerce from Bocconi University

JOSEF MASTRAGOSTINO

Chief Investor Relations Officer

• Head of Investor Relations Gamenet& PMO
• IGT (Director Investor Relations)
• TREVI Group (Investor Relations Manager)
• Lottomatica(Investor Relations)
• BBA from City University of New York, MS from LUISS University, MBA from Cornell University, and Value Investing Columbia Business School, Columbia University in New York

3

1 Tinexta's history & evolution

Tinexta has successfully grown into one of the largest qualified operators in the Financial Services sector in Italy

Tecno Holding

Listing on AIM Italia

Listing on the STAR

Internationalization

Cyber Security + France

Entrance in Spain +

Sale of CIM

2009

2014-20152016-2017

2018-2019	◼ Tinexta S.p.A. extends its Digital Trust
	footprint to Germany trough the signing of

• January 2022 Entrance in the Spanish market for Warrant.

• Contributed some of its participations and received the Share capital of

• The Company undertook a capital increase of €22.8 million through the sale of 6.7 million shares.
• Tecnoinvestimenti Group acquired the 67.5% of Assicom and its subsidiaries, Creditreform Assicom Ticino SA and Infonet.

Further expansion and growth

• Tinexta S.p.A. acquired 70% of Co.Mark S.p.A., a leader in furnishing export consulting services to SMEs, and 60% of Visura S.p.A.

◼ First acquisition outside Italy: via InfoCert S.p.A. the	a strategic agreement between its
subsidiary InfoCert S.p.A. and Authada
Group purchased 51% of AC Camerfirma, a Spanish
GmbH, acquiring 16.7% of Authada.
Certification Authority.
2021
	2020 ◼ In October 2020 Tinexta S.p.A. enters the IT
2017	security market through the creation of a
national hub of identity and digital security
◼ This is the first concrete step towards the goal of	services. The new BU, Tinexta Cyber

◼ Tinexta thanks to its growing

market capitalization is not a

2011

• InfoCert acquired

2014

	◼ To finance these two acquisitions, the
2015	Group undertook a second, larger capital
increase of approximately 50 million

Euros, which allowed it to move from the AIM segment to the MTA (Equity Telematic Market), STAR segment of the Italian Stock Exchange.

	creating a pan-European Trust Service Provider ("TSP").	S.p.A, enters a strategic market segment
		with a great growth potential. Tinexta
◼ Innolva S.p.A. finalized the acquisition of Comas	Cyber S.p.A. was created by the acquisition
	S.r.l. and its smaller sister company	of Corvallis, Yoroi and Swascan.
	Webber S.r.l. Comas is active in selling commercial	Subsequently, on 29 October Tinexta
	and real estate information through the internet.	S.p.A. signs a collaboration agreement
◼	Innolva S.p.A. finalized the acquisition of 100%	with FBS Next.
	of Promozioni Servizi S.r.l.

SME.

◼ Following the M&A strategy

Tinexta acquired in March

2022 Enhancers through

Warrant Hub

2009

2012

◼ The latter, which was subsequently

merged by incorporation into Ribes in June

2015, strengthened the Group's positioning

in the banking market. Assicom, on the

other hand, allowed the Group to grow

significantly in the corporate market (with

over 9,000 customers) and in B2B credit

collection.

◼ In 2017 a further 55% of Sixtema S.p.A.

was acquired to reach 80% and along

with other two companies (Ribes and

Assicom) Innolva S.p.A. was born.

◼ RE Valuta S.p.A., a leading real estate

valuation company in Italy formerly

◼ Rebranding of the company name:

◼ In January 2021 Tinexta S.p.A. acquires,

through Co.Mark S.p.A., Queryo Advance

S.r.l., a rapidly developing Digital Agency.

◼ In May 2022 Tinexta sold its

Credit Information &

Management BU to CRIF,

completed in August 2022

the closing of Innolva

• Tinexta S.p.A. acquired other companies (Ribes and Assicom) and created

◼ InfoCert in 2015 increased its stake

in Sixtema S.p.A. from 25% to 35% and

acquired Eco-Mind App Factory Srl, a start-

up in the document digitalization and

electronic signature sector, later merged

into InfoCert.

controlled by Ribes, was brought under

direct control of Tinexta S.p.A.

◼ In addition, Tinexta S.p.A. acquired 70%

of Warrant Group S.p.A., today

named Warrant Hub S.p.A.

• Camerfirma S.A. (25% of the Share Capital) along with different private investors,
  established Camerfirma Colombia S.A.S. with its headquarters in Bogotà.
• Tinexta S.p.A., acquired through its subsidiary Warrant Hub, Privacy Lab

• In the months of June and July 2021, 3 M&A deals and 1 MoU were signed.
• Bregal Milestone enters InfoCert's capital to boost International expansion

• In November 2022 Intesa subscribed a share capital increase (€ 55M) in Warrant
  Hub

EBITDA: €11M	EBITDA: €25M	EBITDA: €41M	EBITDA: €78M	EBITDA Adj.: €99M
Leverage: 5.1x	Leverage: 1.9x	Leverage: 2.6x	Leverage: 1.2x	Leverage*: 1.99x
Employees: 584	Employees: 612	Employees: 1,187	Employees: 1,403	Employees: 2,259

*Excluding CertEurope and Forvalue

4

1 Tinexta's Business

Key metrics (FY'21, Restated) - 2022 Guidance restated for CI&M

Revenues*	EBITDA Adj.*	NFP/EBITDA Adj.	Net Profit
€375M	€99M	2.67x	€40M
€301.5M Restated	€76.5M Restated
+21-23% vs PY	+25-27% vs PY	c.0.6x
Digital Trust	Cyber Security

FCF	Dividend	Employees
>€55M	€0.30 or 35%	2,259
	of Net Profit

Innovation & Marketing Services

• Refers to IT solutions for digital identity and the dematerialization of processes according to the applicable legislation
• Products and services such as certified electronic mail, electronic archiving, digital signature, electronic invoicing, and solutions for the secure and simplified transmission of legal and financial documents.

• Strategic infrastructure and a key asset for the protection of citizens and their "social economy"
• To create the national cybersecurity hub, with custom and proprietary solutions for the mitigation and governance of risks related to the digital sector, pursuing the evolution of platforms and offer controls, as well as innovation profiles.

• Through Co.Mark and Warrant Group, offers a consultancy platform to SMEs to support them in phases of manufacturing growth and expansion of commercial activities, including abroad.

88.2%

100%

100%

Results				51%	70%	60%
2021	€131M	28%	€36M	€73M	14%	€10M
EBITDA	EBITDA	EBITDA	EBITDA
Revenues	Revenues
Margin	Adj.	Margin	Adj.

BU Revenues and EBITDA data do not include intra-sectoral intercompany.

* Include CertEurope as of November 2021 and Forvalue as well as other minor acquisitions. Revenues and EBITDA excluding CertEurope and Forvalue are €369.0M and €96.8M, respectively. Restated: excludes CI&M.

100%100%

€95M	43%	€41M
EBITDA	EBITDA
Revenues
Margin	Adj.

5