Bending Spoons S.p.a. · NASDAQ:BSP
Bending Spoons — Debt Investor Presentation (October 2026)
29 slides from Bending Spoons's debt investor presentation, Oct 20, 2026
Slide 1: Bending Spoons – October 20, 2026
Bending Spesns October 20, 2026
Slide 2: Important notice (1/2)
1 Important notice (1/2) This presentation has been prepared by Bending Spoons Operations S.p.A. The information in this presentation may be subject to revision and may In some cases, these forward-looking statements can be identified by words (together with its subsidiaries, “Bending Spoons”, “we”,
Slide 3: Important notice (2/2)
2 Important notice (2/2) Financial information The like-for-like financial data has not been prepared in accordance with the adjustment in respect of each business is then allocated between achieved requirements of GAAP, Regulation S-X under the Securities Act of 1933, as cost savings and expected c
Slide 4: Agenda
3 Agenda PAGE 01 Capital and group structure 04 02 About Bending Spoons 07 03 Credit highlights 12 04 Recent acquisitions 20 05 Detailed financials 22
Slide 5: Capital and group structure
4 Capital and group structure
Slide 6: Capital structure
5 Capital structure Revolving credit Incremental Private $ millions Initial public Airtable facility Term loan A placement Post subsequent June 30, 2026 offering acquisition repayment drawdown Term loan B raise Miro acquisition equity raise events Euro revolving credit facility (€1.62 billion availa
Slide 7: Group structure
6 Group structure Debt Bending Spoons S.p.A. NASDAQ: BSP Bending Spoons Holdings S.p.A. Restricted group 100% owned Euro revolving credit facility Bending Spoons Operations S.p.A. Euro term loan A facilities U.S. dollar revolving credit facility U.S. dollar term loan A facility Bending Spoons US Inc
Slide 8: About Bending Spoons
7 About Bending Spoons
Slide 9: What we do
8 What we do Bending Spoons is built on the conviction that operational excellence enables efficient growth through acquisitions. Playbook Platform We acquire digital businesses, implement deep transformations and Our performance is driven by our Platform—comprising our people, ongoing optimizations
Slide 10: Performance and scale
9 Performance and scale Lik -f r- ik fi a cia a if a f r e o l e n n ls, s ll o ou bus nesses, i p lus Mir o, h ad been owne d i c a ary s n e J nu 1, 202 4 $3.92 billion 7% Like-for-like revenue and adjusted EBITDA Like-for-like revenue Like-for-like YoY revenue growth Revenue Adjusted EBITDA Adjus
Slide 11: Portfolio
10 Portfolio Largest businesses on a like-for-like revenue basis for the twelve months to June 30, 2026 founded in 2012 founded in 1985 ACQUIRED IN SEPTEMBER 2026 acquired IN January 2026 Airtable is a collaborative platform where AOL operates an email service, news portal, and organizations build a
Slide 12: Revenue quality
11 Revenue quality Like-for-like, twelve months to June 30, 2026 Revenue by business Revenue by source Revenue by business age 16% AOL 35% 20+ years 14% Miro 19% 15–20 years 12% Airtable 82% Subscriptions 36% 10–15 years 11% Vimeo 9% Advertising 9% Under 10 years 48% Other 9% Other Revenue by region
Slide 13: Credit highlights
12 Credit highlights
Slide 14: Credit highlights
13 Credit highlights Acquire 0.2% 1,000+ A disciplined selection process is applied to a vast addressable Acquisition rate among analyzed businesses Businesses in our addressable market market of potential targets. in 2025 Playbook Transform and optimize 32% 59% We undertake deep transformations and
Slide 15: Playbook: Acquire
14 Playbook Acquire A disciplined selection process is applied to a vast addressable market of potential targets. We acquire businesses whose core products are digital, prioritizing those that we believe we Vast addressable market can improve significantly, that have large revenue bases, and whose t
Slide 16: Playbook: Transform and optimize
15 Playbook Transform and optimize We undertake deep transformations and ongoing optimizations to sustainably expand earnings. Organization We redesign the organization to make it leaner, more agile, and Indexed revenue Indexed adjusted operating expenses more talent-dense. This generally entails re
Slide 17: Platform: People
16 Platform People We have a talent-dense core team of Spooners with a culture of truth-seeking and extreme ownership. We define “Spooners” as team members who have successfully completed the rigorous Spooner hiring 2025 Spooner team composition ne 30, 2026 application process to join our core team.
Slide 18: Platform: Proprietary technologies
17 Platform Proprietary technologies Our numerous self-developed technologies enable more and better work with fewer resources. Our proprietary technologies are purpose-built for our needs, delivering performance that we believe exceeds that of off-the-shelf solutions. Recent AI-based innovations Th
Slide 19: Economics: Revenue
18 Economics Revenue Our diversified set of long-standing businesses has delivered broad-based Indexed trailing twelve-month revenue n Net reve ue rete t n ion growth. All acquisitions since January 1, 2023. Q4 2023 = 100% Largest subscription-based businesses, twelve months to Revenue-weighted aver
Slide 20: Economics: Cash generation
19 Economics Cash generation Our business has high levels of profitability and strong cash conversion. Profitability and cash conversion Like-for-like adjusted gross margin Like-for-like adjusted EBITDA Like-for-like adjusted EBITDA margin Like-for-like adjusted cash flow Cash conversion rate 2024 2
Slide 21: Recent acquisitions
20 Recent acquisitions
Slide 22: Recent acquisitions
21 Recent acquisitions Vimeo, AOL, Eventbrite, and Tractive are progressing through their transformations and performing in line with or ahead of expectations. rogress as o Transformation Financial performance P Progress as of June 30, 2026 Organization Product Technology Marketing and monetization
Slide 23: Detailed financials
22 Detailed financials
Slide 24: Revenue, Adjusted Operating Income and adjusted EBITDA
23 Revenue, Adjusted Operating Income and adjusted EBITDA Revenue Adjusted Operating Income and adjusted EBITDA Reported revenue Reported Adjusted Operating Income Reported Adjusted Operating Income Margin Like-for-like revenue Like-for-like Adjusted Operating Income Like-for-like Adjusted Operating
Slide 25: Cost savings
24 Cost savings Historically, we have rapidly delivered expected cost savings. Achieved share of expected cost savings Like-for-like costs as a percentage of like-for-like revenue 2023–Q2 2025 cohort of acquisitions, excluding the Mosaic asset deal Adjusted cost of revenue Adjusted operating expense
Slide 26: Adjusted EBITDA
25 Adjusted EBITDA Twelve months to “Transaction-related expense” is defined as costs Like-for-like, $ million 2024 2025 Q2 2026 incurred in connection with acquisition or financing transactions. These costs include professional services fees, such as audit and advisory fees, and Operating income 31
Slide 27: Cash flow
26 Cash flow Twelve months to “Other non-cash items” is defined as all non-cash items Like-for-like, $ million other than amounts included in the preceding items. The 2024 2025 Q2 2026 category comprises changes in deferred tax assets and liabilities, non-cash interest expense, changes in provisions
Slide 28: Financial policy and condition
27 Financial policy and condition We aim to generally maintain a net leverage ratio between 2.0x and 3.0x. We may exceed this range temporarily to fund especially attractive acquisitions. Leverage As of June 30, 2026, our leverage ratio was 2.3x, after reflecting the impact of the subsequent events.
Slide 29: Thank you
Bending Spesns Thank you
Bending Spoons — Debt Investor Presentation (October 2026) on 6ix