Racing Force Spa · MIL:RFG
Racing Force Spa — FY2024 Earnings Presentation
29 slides from Racing Force Spa's earnings presentation, Mar 27, 2025
Slide 1: 2024 Results
aaBA Results RACINGFORCEGROUP March 27, 2025 om | (ZN | tee. |e
Slide 2: Notice to Recipient - Strictly Confidential
NOTICE TO RECIPIENT - STRICTLY CONFIDENTIAL The information contained in this documentation has been prepared by Racing Force S.p.A. (the “Company”) and its consolidated subsidiaries (together, the "Group") for the sole purpose of the presentation made to you concerning the Group. This presentation
Slide 3: 2024 Results: Another Year of Solid Execution Despite a Challenging Backdrop
2024 RESULTS: ANOTHER YEAR OF A SOLID EXECUTION DESPITE A CHALLENGING BACKDROP CONSTANT 570+ INNOVATION IN EMPLOYEES € 10.5 mln MOTORSPORT AND FROM 39 EBITDA MORE NATIONALITIES (+9% vs 2023) +60 new products 16% EBITDA 36% Women successfully developed for Margin 38 Average Age € 65.7 mln 2025 season
Slide 4: Up to Race at Full Throttle
UP TO RACE AT FULL THROTTLE A SUCCESFULL PATH TO A NEW BUSINESS GROWTH UNLOCKING THE FULL POTENTIAL Listing on EGM and EGP Undisputed leadership in motorsport worldwide: • Premiership in the US market Investment Plan has been succesfully deployed • Leading the growth of the Asian market • Strenght
Slide 5: Economic and Financial Data
ECONOMIC AND FINANCIAL DATA
Slide 6: FY 2024 at a Glance
FY 2024 AT GLANCE SALES ADJ EBITDA ADJ NET INCOME € 65.7m € 10.5m € 5.9m +4.8% vs FY 23 16.0% EBITDA Margin 9.0% NI Margin +18.1% 2020-2024 CAGR Vs 15.4% in FY 23 Vs 7.7% in FY 23 CASH FLOW NET FINANCIAL PROPOSED FROM OPERATIONS POSITION DIVIDEND € 7.6m € 0.1m € 2.5m 72% Cash Conversion vs € 3.2m in
Slide 7: All Time Sales Record
ALL TIME SALES RECORD Revenues (€m) and Growth (%) FY 2024 Revenues Breakdown and Variance vs FY 2023 PRODUCT CATEGORIES 7% DRIVER'S EQUIP. CAR PARTS OTHER +4.8% in FY 2024 20% FY 2024 48.3 ml 12.9 ml 4.5 ml (+6.1% in core business) VAR vs 2023 +3.2 ml -0.3 ml +0.0 ml VAR % +7.2% -1.9% 0.3% 65,7 73%
Slide 8: 16% EBITDA Margin
16% EBITDA MARGIN ADJ EBITDA (€m) and Margin (%) Change in ADJ EBITDA (€m) +18.1% 2020-2024 CAGR Other Gross 15.4% 16.0% income Margin Other Exp 10.5 10.5 9.6 S&D G&A 9.6 +1.4 +0.8 -0.5 -0.8 +0.0 +0.9 2023 2024 2023 2024 2024 RESULTStitle Presentation 8
Slide 9: +23% Net Income Margin
+23% NET INCOME MARGIN ADJ NET INCOME (€m) and Margin (%) Change in ADJ NET INCOME (€m) Bad Debt Net Financial Accruals 7.7% 9.0% Income EBITDA 5.9 5.9 4.8 Depreciation Taxes 4.8 +0.9 +0.5 +0.2 -0.5 -0.1 +1.1 2023 2024 2023 2024 2024 RESULTStitle Presentation 9
Slide 10: Capex and Net Working Capital
CAPEX AND NET WORKING CAPITAL CAPEX (€m) NET WORKING CAPITAL (€m) 9.1 26.9 28.9 6.7 2.9 1.8 11.6 11.2 5.0 2.6 25.1 27.4 2023 2024 -12.3 -11.9 2023 2024 Investment in expansion of Group’s HQs Inventory Trade Receivables Trad Payables Other A/R and A/P 2024 RESULTStitle Presentation 10
Slide 11: Strong Cash Generation Driven by a Solid Operating Performance
STRONG CASH GENERATION DRIVEN BY A SOLID OPERATING PERFORMANCE CASH FLOW from Operations (€m) CHANGE IN NET FINANCIAL POSITION (€m) and Cash conversion (%) and leverage on Adj. EBITDA (x) +3.1 Capital increase 10% 72% 0.3x 0.0x +7.3 7.6 -9.1 EBITDA +10.5 Capex -2.0 WC -2.3 -3.2 Dividend - 0.1 1.0 -0
Slide 12: Update on Diversification Projects
UPDATE ON DIVERSIFICATION PROJECTS
Slide 13: Zeronoise: Broadcasting Technologies
ZERONOISE: BROADCASTING TECHNOLOGIES DRIVER’S EYE The world smallest and lightest micro-camera for live tv broadcasting patented by Racing Force and homologated by the FIA. Racing Force enters into an agreement with FOX SPORTS to integrate the Driver’s OTHER APPLICATIONS: DEFENSE Eye in selected eve
Slide 14: Racing Spirit: Corporate Apparel
RACING SPIRIT: CORPORATE APPAREL OUR MAJOR PARTNERSHIPS • Pirelli • EA Sport Games • Garmin • Honda • Accelleron • Dallara • IWC • Mapei • Solaris Yachts • Toyota Racing Development • Southern Wind • Skoda Baltic Yachts • Autodromo di Imola • Azimut Yachts • Team WRT • Senna Property • Automobile Cl
Slide 15: HPS: Defense Business
HPS: DEFENSE BUSINESS STRONG INTEREST FROM FIRST OFFICIAL SHOWCASES Racing Force took part in 2 defense fairs displaying lift, gladiator (swat team) and police riot prototype helmets 2,500+ exhibits 12,000 trade visitors 100,000 from products 86 countries Nuremberg - Germany 50K attendees Feb 24-26,
Slide 16: HPS: Lift Airforce Helmet
HPS: LIFT AIRFORCE HELMET TECHNOLOGY TRANSFER SAFETY PERFORMANCE PROCESS IMPACT ABSORPTION WEIGHT – SIZE - FITTING FROM HANDCRAFTING TO WATERJET PRECISION NEXT MILESTONES 2023 2025 2026 - 2027 Final product definition and first Start of sales (first partial delivery in Q1 25) Ramp-up and production
Slide 17: HPS: Police Riot Helmet RH 1.0
HPS: POLICE RIOT HELMET RH 1.0 MAIN TECHNICAL FEATURES KEY 2025 UPDATES • RIOT helmet developed according to TR 2011 for a Modular System – Protective Q1 • Market introduction of the first prototype Helmet, Communication System, under the HPS brand, launch on the HPS Respirator Mask website, online
Slide 18: HPS: Gladiator (SWAT Team) Helmet
HPS: GLADIATOR (SWAT TEAM) HELMET MAIN TECHNICAL FEATURES KEY 2025 UPDATES Q1 • Market introduction of the first prototype under • SWAT helmet developed according to the HPS brand, launch on the HPS website, TR 2010 Ballistic Helmet, VPAM and online platforms and specific business media NATO standar
Slide 19: Outlook
OUTLOOK
Slide 20: Motorsport
MOTORSPORT UPDATE ON CURRENT TRADING MAIN 2025 TARGETS • Orders from customers in the first months of 2025 growing high-single-digit compared • Completion of the investment plan within to 2024 Summer 2025, running from Q3 • Q1 sales expected in line with 2024 • First batch of OMP product made in Bah
Slide 21: Diversification Projects: Defense
DIVERSIFICATION PROJECTS: DEFENSE DEFENSE: MAIN 2025 TARGETS NEXT STEPS AND FURTHER DEVELOPMENTS • To obtain the certification for Riot and Gladiator Helmets (H2 2025) • Create an extended portfolio of customers worldwide • Start commercialization activities simultaneously in EU, AMER, GCC and Austr
Slide 22: Diversification Projects: Zeronoise
DIVERSIFICATION PROJECTS: ZERONOISE ZN Comms won the tender for the E1 Championship in 2025 2025 with events in four continents. More tenders to come. Launch of Zeronoise Communications Services Wll (Joint Venture with Al Kamel Systems SA) MISSION Establishing new technology and service standards fo
Slide 23: Q&A
Q&A
Slide 24: George Russell – Andrea Kimi Antonelli (Mercedes AMG F1 Team)
George Russell – Andrea Kimi Antonelli (Mercedes AMG F1 Team)
Slide 25: Joey Logano (Team Penske) – 2024 Nascar Cup Series Champion
Joey Logano (Team Penske) – 2024 Nascar Cup Series Champion
Slide 26: Josef Newgarden (Team Penske) – 2024 Indy 500 Winner
Josef Newgarden (Team Penske) – 2024 Indy 500 Winner
Slide 27: Thierry Neuville (Hyundai Motorsport) – 2024 WRC Champion
Thierry Neuville (Hyundai Motorsport) – 2024 WRC Champion
Slide 28: Lewis Hamilton – 7 times F1 Champion
Lewis Hamilton – 7 times F1 Champion
Slide 29: Yazeed Al Rajhi (Toyota Hilux) – 2025 Dakar winner
Yazeed Al Rajhi (Toyota Hilux) – 2025 Dakar winner