Tinexta SpA · MIL:TNXT
Tinexta SpA — Italian Investment Conference 2025
40 slides from Tinexta SpA's conference presentation, May 22, 2025
Slide 1: Italian Investment Conference
Italian Investment Conference Milan – May 22, 2025
Slide 2: Disclaimer
Disclaimer This company presentation includes: ➢ forward-looking data based on internal management assumptions that are subject to material changes, including changes due to external factors beyond the Group's control ➢ management data, when presented, are identified as such Business Unit data are d
Slide 3: We shape the future
We shape Tinexta is an industrial Group that offers innovative solutions for the digital transformation and the growth of companies, professionals, and institutions. The Group is active in the strategic sectors of Digital the future Trust, Cybersecurity, and Business Innovation Headquartered in Ital
Slide 4: Company Overview
O1 Company Overview tinexta
Slide 5: Management Team
Company Overview Management Team Oddone Pozzi Pier Andrea Chevallard Josef Mastragostino Group Chief Financial Officer GM & Chief Executive Officer Chief Investor Relations Officer • Group CFO and Board Member at • Former CEO of Tecno Holding • Head of Investor Relations at Gamenet & Mondadori Group
Slide 6: From House of Brands to Branded House
Company Overview From House of Brands to Branded House Final step of the “One Group, One Brand” integration process aimed at maximizing Tinexta’s identity perception and visibility of subsidiaries across key markets, strengthening corporate culture as well as promoting infra- Group synergies and col
Slide 7: Business Units at a glance
Revenues1 EBITDA Adj.1 NFP/EBITDA Adj.2 FY’24 € 455M € 111M 2.79x Company Overview vs PY + 15% + 8% Business Units at a glance Digital Trust Cybersecurity Business Innovation PROVIDES PROTECTS EMPOWERS innovative products and certified solutions to ensure clients by offering custom proprietary solut
Slide 8: Milestones of the Equity Story
Company Overview FURTHER GROWTH Milestones of the Equity Story Incorporation of Yoroi, Corvallis, and Swascan under M&A DEVELOPMENT Tinexta Cyber Acquisitions: Evalue, Enhancers, Plannet, and Lan&Wan Acquisition of Lenovys CYBERSECURITY Acquisitions: Yoroi, Disposal of the CIM division Full competio
Slide 9: 2025 Action plan – Recovery after a challenging year
Company Overview 2025 Action plan – Recovery after a challenging year WHAT WENT WRONG IN 2024 2025 ACTION PLAN ABF was strongly impacted by macroeconomic and In-depth analysis of the order book, customer base, country-specific downturns, leading to a very low and clientele projects, with a close scr
Slide 10: Strong International Presence
Company Overview Strong International Presence 35 SUBSIDIARIES 12 COUNTRIES 3,000+ Warrant Funding Project EMPLOYEES, OF WHICH 2,500+ IN ITALY International 17% 2024 REVENUES Italy 83% 10
Slide 11: Key Economic and Financial Results
Company Overview Key Economic and Financial Results €M Revenues EBITDA Adj. NFP 19.5% CAGR ’14-’24 25.9% CAGR ’14-’24 2.79x1 455.0 110.8 321.8 103.0 395.8 94.8 264.4 357.2 81.2 76.8 76.5 301.5 269.1 66.6 258.7 239.6 181.0 124.9 129.1 38.9 147.3 104.4 102.0 126.4 30.2 91.9 25.5 71.2 77.6 76.6 52.4 46
Slide 12: 1Q 2025 Results
02 1Q 2025 Results tinexta
Slide 13: Key Group Financial Data
1Q 2025 Results Key Group Financial Data at 31/03/2025 REVENUES EBITDA ADJ. EBITDA € 116M € 19M € 17M + 17% vs PY + 24% vs PY NET PROFIT ADJ. NFP FCF ADJ. € 4M € 291M € 34M vs € 322M in FY’24 + 24% vs PY 13
Slide 14: 1Q 2025 – On track to meet FY targets
1Q 2025 Results 1Q 2025 – On track to meet FY targets GROUP 1Q 2025 RESULTS • Revenues at € 115.5M (+ 17.4% vs PY), with all BUs contributing to 2025 Guidance achievement • EBITDA Adjusted at € 18.7M (+ 23.8% vs PY), tangible signs of rebound from the Cybersecurity and Business Innovation BUs (expec
Slide 15: 1Q 2025 Consolidated Results
1Q 2025 Results 1Q 2025 Consolidated Results 1 €M 1Q 2025 results show Revenues of € 115.2M and EBITDA Adjusted of € 18.7M, coming back to operating leverage Double-digit growth in Revenues (+ 17.0%) and EBITDA Adjusted (+ 23.8%) EBITDA Adjusted at € 18.7M 115.2 EBITDA Adjusted margin at 16.2% (vs 1
Slide 16: EBITDA Adjusted on a quarterly basis – back-end weighted
1Q 2025 Results EBITDA Adjusted on a quarterly basis – back-end weighted €M 69% 63% 54.8 2H weight on total EBITDA Adjusted 61% 46.1 40.0 22.6 22.9 21.6 19.0 19.3 18.7 17.7 14.5 15.0 15.1 Weight of each Q on 15% 24% 19% 42% 15% 22% 18% 45% 14% 17% 19% 50% 15%1 total EBITDA Adjusted 1Q 2022 2Q 2022 3
Slide 17: 1Q 2025 Results – Income Statement
1Q 2025 Results 1Q 2025 Results – Income Statement €M 1Q 2025 on WITH ACQUISITIONS LFL 2024 1Q’25 % 1Q’241 % % 20241 Δ Δ% Δ Δ% REVENUES2 115.2 100.0% 98.4 100.0% 104.8 100.0% 16.8 17.0% 6.3 6.4% Total Operating Costs2 (96.5) (83.8%) (83.3) (84.6%) (88.5) (84.4%) (13.2) 15.8% (5.1) 6.2% Services & ot
Slide 18: 1Q 2025 Results – A clear view on P&L Adjustments
1Q 2025 Results 1Q 2025 Results – A clear view on P&L Adjustments €M NET PROFIT/(LOSS) FROM EBITDA OPERATING PROFIT/(LOSS) CONTINUING OPERATIONS 1Q’25 1Q’241 1Q’25 1Q’241 1Q’25 1Q’241 REPORTED INCOME STATEMENT RESULTS 17.1 8.4 0.4 (4.9) (2.7) (3.1) Non-recurring revenues (0.3) 0.0 (0.3) 0.0 (0.3) 0.
Slide 19: 1Q 2025 Results – Balance Sheet
1Q 2025 Results 1Q 2025 Results – Balance Sheet 1 €M - 3.8% - 9.6% + 0.2% 781.9 321.8 460.1 461.2 752.1 290.9 FY 2024 1Q 2025 FY 2024 1Q 2025 FY 2024 1Q 2025 NET INVESTED CAPITAL NET FINANCIAL POSITION TOTAL SHAREHOLDERS’ EQUITY Decrease in Net Invested Capital for € 29.8M vs FY 2024 Decrease in Net
Slide 20: 1Q 2025 Results – NFP & FCF
1Q 2025 Results 1Q 2025 Results – NFP & FCF €M 33.6 1.0 27.2 5.9 Non-recurring components 32.6 Free Cash Flow of 321.8 Continuing Operations 21.4 290.9 2 FY 2024 1 1Q 2025 1Q 2024 1Q 2025 NET FINANCIAL POSITION ADJUSTED FCF FROM CONTINUING OPERATIONS Put Adjustment + € 6.2M CapEx remained stable at
Slide 21: 1Q 2025 Results – BU Review
DIGITAL TRUST 1Q 2025 Results 1Q 2025 Results – BU Review 1 51.3 54.4 NM €M 15.8 15.8 GROUP 2 2 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Revenues EBITDA Adjusted CYBERSECURITY 31.9 23.9 4.4 2.3 1Q 2024 2 1Q 2025 1Q 20242 1Q 2025 115.2 Margin Margin Revenues EBITDA Adjusted 98.4 15.4% 16.2% BUSINESS INNOVATIO
Slide 22: 1Q 2025 Results – NFP Bridge
1Q 2025 Results 1Q 2025 Results – NFP Bridge 1 €M 321.8 3.1 2.4 1.3 0.6 0.0 0.0 0.1 0.4 1.0 290.9 (33.6) (6.2) Due to Ascertia’s results, the value of debt for the exercise of its Put Option has been redetermined with a reduction of € 6.8M 2.79x NFP/EBITDA2 2.54x (1) Comparative figures for FY’24 ha
Slide 23: 1Q 2025 Results – LTM NFP Bridge
1Q 2025 Results 1Q 2025 Results – LTM NFP Bridge 1 €M 5.9 290.9 4.4 1.3 57.1 1.3 2.8 (2.3) Acquisitions LTM + 87.7 218.6 7.5 Put Adjustments LTM - 30.6 31.5 Total Acquisitions + Put Adj. + 57.1 11.1 (48.3) 2.32x NFP/EBITDA2 2.54x (1) Comparative figures for 1Q’24 have been restated in connection wit
Slide 24: 1Q 2025 – Digital Trust
Revenues EBITDA Adj. Guidance FY’25 + 7-9% + 7-9% 1Q 2025 Results Mostly on track Temporary delay due to 1Q 2025 – Digital Trust with guidance timing of contracts 1 Margin Margin €M 30.8% 29.1% 51.3 54.4 NM 15.8 15.8 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Revenues EBITDA Adjusted • Revenues at € 54.4M up 6
Slide 25: 1Q 2025 – Cybersecurity
Revenues EBITDA Adj. Guidance FY’25 + > 20% + > 50% 1Q 2025 Results On track with On track with 1Q 2025 – Cybersecurity guidance guidance Margin Margin €M 9.7% 13.8% 31.9 8.7 23.9 23.2 4.4 1.7 2.3 2.7 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Revenues EBITDA Adjusted LFL 2024 Δ Acquisitions • Revenues at € 31
Slide 26: 1Q 2025 – Business Innovation
Revenues EBITDA Adj. Guidance FY’25 + 10-12% + > 15% 1Q 2025 Results On track with On track with 1Q 2025 – Business Innovation guidance guidance Margin Margin €M 3.8% 9.3% 31.4 1.9 29.6 25.1 2.9 0.7 1.0 2.2 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Ricavi EBITDA Adjusted LFL 2024 Δ Acquisitions • Revenues at
Slide 27: Business Units Strategy Pillars
03 Business Units Strategy Pillars
Slide 28: Digital Trust – BU Snapshot
Business Units Strategy Pillars Digital Trust – BU Snapshot Revenues EBITDA Adj. Margin FY’24 € 207M € 65M 32% Tinexta boasts the largest European Qualified Trust Service Global Digital Transaction Management (DTM) market still a Margin still at Provider (Tinexta Infocert), with Group companies acro
Slide 29: The Digital Trust Experience – from basics to bespoke
Business Units Strategy Pillars The Digital Trust Experience – from basics to bespoke Bespoke Innovative Technology Tailor-made solutions for Off-the-Shelf enterprises, other TSPs1, and Public Administration Enterprise Solutions Cybersecurity by design, IoT Solutions, Generative AI add-ons Informati
Slide 30: Cybersecurity – BU Snapshot
Business Units Strategy Pillars Cybersecurity – BU Snapshot Revenues EBITDA Adj. Margin FY’24 € 106M € 18M 17% Tinexta’s Cybersecurity BU mainly addresses the Italian market, DEMAND DRIVERS Significant worthing € 3B in value in 2024, with a CAGR ’23-’28E of 13% vs PY + 19% + 19% margin ADVISORY PROD
Slide 31: A complete value proposition to address a broader clientele
Business Units Strategy Pillars A complete value proposition to address a broader clientele Strong Core and Large client base across all business lines, with a high potential for expansion in the Mid-Corp, Industrials, and Public Administration sectors; opportunity for meaningful synergies after the
Slide 32: Business Innovation – BU Snapshot
Business Units Strategy Pillars Business Innovation – BU Snapshot MARKET DRIVERS AND OPPORTUNITIES Revenues EBITDA Adj. Margin Tinexta’s Warrant Hub is part of the Italian Register of Certifiers Strong track record and brand awareness as a key FY’24 € 152M € 44M 29% for R&D Tax Credit, and it has be
Slide 33: From a polarized service to an integrated system
Business Units Strategy Pillars From a polarized service to an integrated system Sustainability Training culture SPECIAL SUBSIDIZED FINANCE Subsidized Finance Digitalization AUTOMATIC SUBSIDIZED ADVISORY & FINANCE Services SUSTAINABILITY Sustainable Finance “ONE-STOP-SHOP” ESG ADVISORY ECOSYSTEM ESG
Slide 34: Group Strategy Pillars & 2025 Outlook
04 Group Strategy Pillars & 2025 Outlook
Slide 35: Key Pillars of the 2025 Strategy
Group Strategy Pillars & 2025 Outlook Key Pillars of the 2025 Strategy INTEGRATION FOUNDATION CONSOLIDATION EXPANSION from 2025 2009 – 2014 2015 – 2020 2021 – 2024 Unified value proposition and integrated strategy across business units and subsidiaries, directed by Foundation and definition of Conso
Slide 36: Tinexta's central role as the core of the Group
Group Strategy Pillars & 2025 Outlook Tinexta’s central role as the core of the Group Parent Company Tinexta acts as a provider of shared services for the Group’s subsidiaries, steering away from the concept of simple “holding company” RISK & INVESTOR “ONE GROUP” MODEL COMPLIANCE RELATIONS Innovatio
Slide 37: ESG Plan – Group & BUs on track in 2024
Group Strategy Pillars & 2025 Outlook ESG Plan – Group & BUs on track in 2024 PEOPLE CLIMATE CHANGE ESG training hours pro capita Energy from renewable sources Number of full time employees Measurement of Scope 1, 2, and 3 emissions Injury rate % of women in the workforce % of women in managerial ro
Slide 38: Guidance – Group FY 2025 Targets
Group Strategy Pillars & 2025 Outlook Guidance – Group FY 2025 Targets REVENUES KEY PERFORMANCE DRIVERS + 11-13% of which 7-9% organic Strong underlying business driving reasonable and healthy organic growth, demand supported by the digital transformation trend vs PY Regulatory tailwinds at a nation
Slide 39: tinexta
tinexta
Slide 40: Thanks.
Thanks. www.tinexta.com Investor Relations Contacts Presentation Piazzale Flaminio 1/B E-mail: [email protected] Josef Mastragostino Download the presentation Roma, 00196, Italy [email protected] Chief Investor Relations Officer Tel. +39.06.42012631 LinkedIn: Tinexta [email protected]