Tinexta Spa · MIL:TNXT
Tinexta Spa — Investor Day (March 2024)
51 slides from Tinexta Spa's investor day presentation, Mar 7, 2024
Slide 1: Capital Markets Day: 2023 Results & 2024-2026 Business Plan
CAPITAL MARKETS DAY 2023 Results & 2024-2026 Business Plan Milan – March 7, 2024
Slide 2: Management Team
Management Team TINEXTA’S MANAGEMENT ODDONE POZZI PIER ANDREA CHEVALLARD JOSEF MASTRAGOSTINO Chief Financial Officer GM & Chief Executive Officer Chief IR Officer GROUP COMPANIES DANILO CATTANEO MARCO COMASTRI FIORENZO BELLELLI InfoCert CEO Tinexta Cyber CEO Warrant HUB CEO 2
Slide 3: Agenda
Agenda 1 Welcome & Key focus points 4 Cybersecurity 7 Closing Remarks J. Mastragostino | Chief Investor Relations Officer J. Mastragostino | Chief Investor Relations Officer M. Comastri | Tinexta Cyber Chief Executive Officer 2 State of the art + 2023 Results 5 Business Innovation 8 Q&A PA. Chevalla
Slide 4: Welcome & Key focus points
1 Welcome & Key focus points J. Mastragostino | Chief Investor Relations Officer
Slide 5: Disclaimer
Welcome & Key focus points 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 su
Slide 6: We shape the future
We shape the future Tinexta is an industrial Group that offers innovative solutions for the digital transformation and growth of companies, professionals and institutions. Listed on the Euronext STAR Milan, it is included in the European Tech Leader index as a high-growth tech company. Based in Ital
Slide 7: Key data
Key data REVENUES € 395.8 M EBITDA ADJUSTED € 103.0 M EBIDTA ADJUSTED +11% vs PY +9% vs PY NET PROFIT € 69.9 M NFP -11% vs PY € 102.0 M Results at 31/12/2023 7
Slide 8: 2023 Consolidated Results
Welcome & Key focus points 2023 Consolidated Results Tinexta Group's Revenues grew at a 20.0% CAGR from 2014 to 2023. EBITDA Adjusted grew at a 28.1% CAGR over the same period €M Revenues EBITDA Adjusted NFP NFP/EBITDA Adj. 0.99x 103.0 264.4 395.8 94.8 357.2 301.5 76.8 81.2 76.5 269.1 66.6 239.6 258
Slide 9: Tinexta's history – milestones
Tinexta’s history – milestones 2009 2016 2020 2022 Group’s beginning Consolidation Cybersecurity M&A development > Acquisitions of Visura, > Acquisition of: Evalue, Enhancers, Innolva, ReValuta,Co.Mark, > Acquisition of: Corvallis, Plannet, Lan&Wan > Tecno Holding, an Warrant Hub Yoroi, Swascan > Di
Slide 10: Reached all planned targets
Welcome & Key focus points LEGEND KEY NUMBERS Reached all planned REVENUES EBITDA Adj. NFP/EBITDA Adj. Net Profit Adj. FCF targets Guidance +11-15% vs PY +8-12% vs PY 0.7-0.8x Results Achieved +11% vs PY +9% 0.99x* €70M €57M Digital Trust Cybersecurity Business Innovation Refers to IT solutions for
Slide 11: Resiliency in the track record, EBITDA Adjusted QoQ
Welcome & Key focus points Resiliency in the track record, EBITDA Adjusted QoQ – back end weighted €M 46.1 40.0 29.5 22.6 22.9 19.1 19.0 17.7 16.2 14.5 15.0 11.7 Weight of each Q on Total EBITDA 15% 25% 21% 39% 15% 24% 19% 42% 15% 22% 18% 45% Adjusted 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022
Slide 12: State of the art + 2023 Results
2 State of the art + 2023 Results PA. Chevallard | Chief Executive Officer O. Pozzi | Group Chief Financial Officer
Slide 13: Another year of major accomplishments
Another year of major accomplishments Successfully acquired Ascertia in Completion of the investment Closing of Revaluta the UK via InfoCert in the Digital from Bregal in InfoCert successfully completed in Trust business March Closing on Defence Tech for a Acquisition of ABF Group – the Rationalizat
Slide 14: The Group in 2023
State of the art + 2023 Results The Group in 2023 ▪ Most Business Units posted a positive growth vs PY, confirming the Group’s dominant market position ▪ Outstanding 4th quarter with over €46M in EBITDA Adjusted and margins over 36% ▪ Expanded the Group internationally by entering the UK and MENA ma
Slide 15: Other growth streams
Other growth streams One image Identified as a single player Additional medium to long term initiatives with an integrated narrative and communication Consultancy An advisory practice to manage innovation project for medium to large clients ESG Implementing the policies and addressing all major conc
Slide 16: 2023 Consolidated Results
State of the art + 2023 Results 2023 Consolidated Results FY 2023 results show Revenues of €395.8 €M million euros, EBITDA Adjusted of €103.0 million euros and Net Profit of €69.9 million euros. Growth was registered both in Revenues (c. +11%) and EBITDA Adjusted (c. +9%) EBITDA Adjusted amounted to
Slide 17: 2023 Consolidated Results
State of the art + 2023 Results 2023 Consolidated Results The group reached all its targets despite a complex year. In fact, 2023 has been characterized by restrictive policies promoted by central banks to combat high inflation, international turmoil with two major wars, and an overall worsened macr
Slide 18: 2023 Consolidated Results – Income Statement
State of the art + 2023 Results 2023 Consolidated Results – Income Statement 2023 on W/Acquisitions LFL 2022 €M 2023 % 2022 % % 2022 Δ Δ% Δ Δ% Revenues 395.8 100.0% 357.2 100.0% 391.6 100.0% 38.6 10.8% 34.5 9.7% Total Operating Costs 292.8 74.0% 262.4 73.5% 288.7 73.7% 30.4 11.6% 26.3 10.0% Service
Slide 19: 2023 Consolidated Results – Balance Sheet
State of the art + 2023 Results 2023 Consolidated Results – Balance Sheet Net invested capital increased by € 77.9 million compared to 31 December 2022 mainly due to the effect of the investments in Ascertia (€ 44.4 million at €M 557.4 the acquisition date), Studio Fieschi (€ 6.5 million), Defense T
Slide 20: 2023 Consolidated Results – Business Units Overview
State of the art + 2023 Results 2023 Consolidated Results – Business Units Overview €M Digital Trust Cybersecurity Group 181.6 157.0 77.5 89.4 47.3 54.5 10.3 15.0 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 REVENUES EBITDA Adj. REVENUES EBITDA Adj. Business Innovation 125.7 131.0
Slide 21: Deep Dive – Digital Trust
State of the art + 2023 Results 2023 Consolidated Results – Deep Dive – Digital Trust €M 181.6 Margin Margin 30.1% 30.0% 177.5 157.0 54.5 47.3 54.5 FY 2022 FY 2023 FY 2022 FY 2023 REVENUES EBITDA Adj. LFL 2022 Δ Acquisitions • Revenues amounted to 181.6 million euros (177.5 million euros on a 2022 b
Slide 22: Deep Dive – Cybersecurity
State of the art + 2023 Results 2023 Consolidated Results – Deep Dive – Cybersecurity €M 89.4 77.5 Margin Margin 13.3% 16.8% 10.3 15.0 FY 2022 FY 2023 FY 2022 FY 2023 REVENUES EBITDA Adj. • Revenues amounted to 89.4 million euros increasing 15.3% vs PY. This growth is mainly attributable to the segm
Slide 23: Deep Dive – Business Innovation
State of the art + 2023 Results 2023 Consolidated Results – Deep Dive – Business Innovation €M Margin Margin 41.1% 37.3% 125.7 131.0 51.6 48.9 FY 2022 FY 2023 FY 2022 FY 2023 REVENUES EBITDA Adj. • Revenues amounted to 131.0 million euros increasing 4.2% vs PY • In 2023 Warrant Hub completed its cor
Slide 24: 2023 Financial Results – NFP & FCF
State of the art + 2023 Results 2023 Financial Results – NFP & FCF €M NFP Adjusted FCF Main Changes in 2023: • - €77.0M acquisitions 56.9 • Ascertia: - €44.4M • Studio Fieschi: - €5.4M 49.5 4.6 • Defence Tech: - €25.6M 102.0 • Others: - €1.6M 9.4 • - €33.3M Dividends 77.6 • - €10.1M Put Options Non-
Slide 25: 2023 Financial Results – NFP Bridge
State of the art + 2023 Results 2023 Financial Results – NFP Bridge • - € 77.0M acquisitions • Ascertia: - €44.4M €M • Studio Fieschi: - €5.4M • Defence Tech: - €25.6M • Others: - €1.6M 87.1 • - € 10.1M Put Options 13.1 4.6 102.0 4.2 0.8 2.4 3.1 77.6 - 43.2 5.1 -30.0 33.3 0.8 - 56.9 0.82x NFP/EBITDA
Slide 26: M&A: The Track Record
State of the art + 2023 Results M&A: The Track Record 2020 2021 2022 2023 2024 JUL AUG SET OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SET OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SET OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SET OCT NOV DEC JAN DT 16.6% 60% 40% 100% 65% MoU to support 60% 100%
Slide 27: Group structure: Digital Trust, Cyber Security, Business Innovation
Digital Trust Cyber Security Business Innovation 83.91% 100.00% 90.48% 60.00% 100.00% 100.00% 100.00% 51.00% 51.00% 50.00% 100.00% 70.00% 100.00% 60.00% 100.00% 100.00% 100.00% 73.87% 65.00% 70.00% 100.00% 100.00% 100.00% OTHER HOLDINGS JOINT VENTURE TINEXTA FUTURO DIGITALE S.C.A.R.L. TINEXTA DEFENC
Slide 28: Digital Trust
3 Digital Trust D. Cattaneo | InfoCert Chief Executive Officer
Slide 29: Digital Trust Snapshot
Snapshot Key accomplishments in 2023 What to expect in 2024 Digital Trust • Ensuring the security and reliability of digital transactions, • Organizational: New Group Integration • Organizational: New organization model accompanying businesses, professionals, citizens and Business Unit with a focus
Slide 30: 2023 Achievements
Digital Trust 2023 Outstanding business results, global customers, Achievements increase in transactions, sustainability improvements. SALES MARKET PRODUCT SUSTAINABILITY • PNRR, SAC 2, CONSIP Leadership Recognition by Major • Electronic Signature: 1.4B • Gender Equality Certification tenders won ma
Slide 31: Market Outlook & Dynamics
Digital Trust Market Outlook Market Dynamics: InfoCert stays ahead of & Dynamics competitors and incumbents Number of QTSP increasing to 244 from 210. Four Countries (IT, ES, FR, DE) account for 47.9%. Spain is the leading country (50) CAGR +10% +12% +13% +12.4% + 12.6% +c. 12.4% ’22-’26 Contributio
Slide 32: Our Strategy for a successful 2024
Digital Trust Our Strategy for Challenging ourselves for a successful 2024 2024 Global Strategy eIDAS 2.0 Generative AI • Strong pipeline to address global • Self-Qualified identification • Integrate a «Copilot» Experience market: ongoing opportunities in Already compliant with eIDAS 2 within the ma
Slide 33: Cybersecurity
4 Cybersecurity M. Comastri | Tinexta Cyber Chief Executive Officer
Slide 34: Tinexta Cybersecurity Snapshot
Snapshot Tinexta Cybersecurity Key accomplishments in 2023 What to expect in 2024 Strengthening of the offering portfolio: The BU Tinexta Cyber enables digital transformation for small, medium and large Customers, allowing secure digital processes, • Managed Security Services (more than 200 active O
Slide 35: Tinexta Cyber Offering
Cybersecurity Tinexta Cyber Offering Full offering integration into one single portfolio 35
Slide 36: Highlights 2024
Cybersecurity Highlights 2024 DEVELOPMENT Proprietary Assets PILLARS Strengthening Direct Channel • Platform Evolution: unified dashboard development to • Enhancing the direct sales channel by unifying sales teams foster service upselling and integrated go-to-market strategy • Introduction of AI aut
Slide 37: Business Innovation
5 Business Innovation F. Bellelli | Warrant Hub Chief Executive Officer
Slide 38: Business Innovation Snapshot
Snapshot Key accomplishments in 2023 What to expect in 2024 Business Innovation • Consolidation of the organization by the merger • Targeted consultancy for business of Warrant Innovation Lab, Plannet, Enhancers, • Revision of EU Recovery Plan, which will development, internationalization, digital P
Slide 39: Pillars of growth
Business Innovation Pillars of growth Offer increase Increasing consultancy-based propositions, alongside the more traditional subsidized finance services. Leverage brand, customer base and technical skills. Focus on Green and Digital Integration Design integrated solutions to combine the various sk
Slide 40: Business verticals
Business Innovation Business verticals ➢ To maintain a position of leadership (especially in R&D Tax Credit) Subsidized ➢ Register of certifiers e 5.0 Incentives is in the works Finance ➢ Regional and National funds (Structural Funds and PNRR) ➢ Unique HUB in Europe composed of 4 group companies, lo
Slide 41: 2024-2026 - Pillars
6 2024-2026 - Pillars J. Mastragostino | Chief Investor Relations Officer O. Pozzi | Group Chief Financial Officer
Slide 42: The growth strategy
The growth strategy Sound pillars of the strategy represent a clear and cohesive plan Financial Policy Maintain a close focus on the cost structure, the predictability People + ESG of cash flows and the cost of debt, for a long-term Enhance corporate culture, sustainable growth strategy. investing i
Slide 43: ESG Plan 2024 – 2025
2024-2026 - Pillars ESG Plan 2024 – 2025 Summary of the Group's ESG objectives PEOPLE CLIMATE CHANGE 1. Consolidation of the culture of 1. Increased use of energy from sustainability in the Group through renewable sources training activities on ESG topics 2. Promote sustainable mobility also by 2. P
Slide 44: ESG Plan 2024 – 2025 - KPI and targets
2024-2026 - Pillars ESG Plan 2024 – 2025 - KPI and targets Education and training ESG training hours provided per capita Ensure decent working conditions Percentage of employees with permanent contracts Health & Safety Injury rate Share of suppliers who adhere to the Code of Ethics and the Group Sus
Slide 45: Financial Policy
2024-2026 - Pillars Financial Policy Growth in quality revenues ➢ Continue to expect sound organic growth in line with prior years ➢ Financial structure is set to deal with planned M&A Improve operational efficiency by increasing EBITDA ➢ Operating leverage ➢ Cross-selling + synergies EPS & DPS grow
Slide 46: Financial Policy – Business Units' Financial Targets
2024-2026 - Pillars Financial Policy – Business Units’ Financial Targets Revenues EBITDA Adjusted Digital Trust +14-16% (of which 8-10% organic) +17-19% (of which 11-13% organic) 2024 Cybersecurity +14-16% (all organic) +21-23% (all organic) vs PY Business +38-40% (of which 7-9% organic) +43-45% (of
Slide 47: Financial Policy – Group's Financial Targets/Assumptions
2024-2026 - Pillars Financial Policy – Group’s Financial Targets/Assumptions Revenues EBITDA Adjusted NFP / EBITDA Adj. Dividends 2024 +21-23% +28-32% 1.7x-1.9x 30% of Net Profit vs PY of which 7% Organic of which 10% Organic 2026 +12-14% +17-19% 0.8-1.0x 40% of Net Profit 2023-2026 CAGR by end of t
Slide 48: Closing Remarks
7 Closing Remarks J. Mastragostino | Chief Investor Relations Officer
Slide 49: Closing Remarks
Closing Remarks The path for growth is clear & it’s supported by a sound strategy and increased cohesiveness of the Group Important M&A already finalized, new and strategic ones will continue to fuel the pipeline of the Group. Balance sheet remains very robust to support growth 2024-2026 Outlook rec
Slide 50: Q&A
Q&A TINEXTA
Slide 51: Thanks.
Thanks. Tinexta.com Investor Relations Contacts Tinexta Presentation Piazza Sallustio, 9 E-mail [email protected] Josef Mastragostino Download the presentation Roma, 00187, Italia Pec [email protected] Chief Investor Relations Officer Tel. +39.06.42012631 LinkedIn: Tinexta [email protected]