Slides
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1 EQUITA Group 9M’25 Financial Results (as of 30 September 2025) Mid & Small in Milan Conference December 2nd, 2025
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Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 3 The most respected independent partner in Italy for investors, institutions, corporates and entrepreneurs, with a fifty-year history, listed on the Italian Stock Exchange and managed by a partnership of committed professionals (1) Source: AMF Italia, 9M’25 annual report. Ranking by market share on third parties’ brokered volumes on equities and bonds, excluding commercial banks with captive retail trading flows. (2) Source: Extel survey 2025. (3) Source: Dealogic. Ranking by # of deals, 9M’25. Deals below €10m size are excluded. (4) Source: Mergermarket. Ranking by deal value, 9M’25. (5) Source: Bloomberg and Bond Radar. Ranking by # of High Yield and Not Rated issues, 9M’25. (6) Source: Debtwire, 2024 league tables. Ranking by # of junior debt financings. Who we are: the leading independent Italian investment bank EQUITA in a nutshell Top 3 ECM Franchise in Italy (3) Top 10 DCM Advisor in Italy (#1 non-lender advisor) (5) #1 Private Debt team in junior debt financings (6) #1 Institutional Broker in Italy (1) Top 3 Research Team in Italy (2) #5 M&A Advisor in Italy (#1 Italian independent advisor) (4) EQUITA SIM ▪ Investment Banking ▪ Global Markets ▪ Research Team 100% EQUITA Real Estate ▪ Investment Banking (Real Estate) 30% Managers & Employees Treasury SharesMarket / Float EQUITA Group EQUITA Capital SGR ▪ Alternative Asset Management 100% EQUITA Mid Cap Advisory ▪ Investment Banking (M&A Mid-Market) 100% 200+ Talented Professionals 10+ years Average tenure of professionals within the Group Shareholders’ Pact with 40 managers (36% stake and 48% voting rights) Shareholders and simplified group structure (7) Fenera Holding 53% 6% 41% 42% 4% 52% 3% EQUITA Debt Advisory ▪ Investment Banking (debt advisory & restructuring, corporate finance) 70% Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 4 Our roots date back to 1973, when EQUITA was founded as one of the first independent Italian merchant banks. Over the years, we have been part of commercial banks and financial sponsors, allowing the Group to grow and develop strong, long-lasting institutional relationships Successful story: half-a-century of independent thinking EQUITA Capital SGR, the platform dedicated to the management of alternative illiquid assets, is established 2019 Management renews the shareholder’s pact and confirms itself as the largest shareholder. Families, entrepreneurs and institutions enters the share capital with a minority stake of 12% 2022 2018 EQUITA acquires the brokerage & primary markets branch of Nexi. In the same year, EQUITA moves to the regulated market and becomes a STAR company listed on Euronext Milan 2020 K Finance, independent M&A advisory boutique, was acquired and rebranded to EQUITA K Finance Euromobiliare was listed on the Italian Stock Exchange 1982 The private equity J.C. Flowers & Co acquires control of Euromobiliare SIM, backed by management 2007 Management team acquires the stake owned by J.C. Flowers & Co. and reaches 100% of EQUITA SIM 2015 2008 Euromobiliare SIM launches its rebranding and becomes EQUITA SIM 2017 EQUITA Group was established and admitted to trading on the AIM Italia Growth Market 1994 Credito Emiliano acquires control of Euromobiliare SIM and completes a reverse merger and listing process 1973 Euromobiliare was established as one of the first Italian merchant banks 1988 Midland Bank Plc, banking group later merged into HSBC, acquires control of Euromobiliare Euromobiliare SIM was incorporated, following the entry into force of the Italian Law 1/91 1991 2023 EQUITA turns 50: half a century alongside investors, listed companies, institutions and entrepreneurs. EQUITA Real Estate is established with the aim of further diversifying the offering in real estate advisory, in partnership with Silvia Rovere EQUITA increases to 100% its stake in EQUITA K Finance, rebrands it to EQUITA Mid Cap Advisory and strengthens the partnership with Clairfield in crossborder M&A deals 2024 Further diversification in the Investment Banking, with the strengthening of the corporate finance and debt advisory offering thanks to the acquisition of a 70% stake in CAP Advisory (subsequently renamed EQUITA Debt Advisory) 2025 Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 5 Unique business model: what we bring to the table EQUITA is a reliable partner for the entire financial system and acts as broker, financial advisor and multi asset management platform. The Group offers a full range of services to investors, corporates, entreprenuers and institutions Note: Pie charts represents the average divisional breakdown of the last three years (FY’22-FY’24) in terms of Net Revenues Building blocks of the “EQUITA” model Investment Banking Global Markets Research Team Alternative Asset Management Very diversified offering, covering all clients and investment banking services The largest independent trading floor in Italy High quality research, ranked at the top of international surveys Fast growing multi-asset manager, with a tilt on illiquid products 11%47%42% The independent expert on financial and capital markets The largest contributor to recent growth, with plenty of opportunities A team of experts, at the top of international rankings Very profitable historical business and high barriers to entry The rising star, where sky is the limit Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 6 Last five-year rankings as broker Our team has always been at the top of investors’ preferences for its outstanding research – especially on small & mid-caps – and its trading, execution, sales and corporate access services. The team also stands out for its top and improving positioning in M&A and capital markets advisory Source: Instititutional Investor – Extel survey. Ranking for the “Overall Broker” category are provided starting from 2021. Ranking for the “Small-Mid Caps Research” category are provided starting from 2020. Leading positioning: the go-to-partner when it comes to financial markets and advisory 2° 2025 Overall Broker 2° 2025 1° 2025 2° 2025 2023 2° 2022 1° 2021 1° 2023 1° 2022 1° 2021 2° 2023 2° 2022 2° 2021 2° Research Mid & Small-Caps Corporate Access Trading & Execution 2023 2° 2022 2° 2021 2° #1 Independent Broker every year 2024 1° 2024 1° 2024 2° 2024 2° Merger & Acquisitions Equity Capital Markets Private debt 2023 2022 2021 2020 2023 2022 2021 2020 2023 2022 2021 2024 2024 2024 2020 Last five-year rankings as advisor and private debt investor Merger & Acquisitions Equity Capital Markets Private debt 1° EQUITA «Team of the Year» overall (2025) Professional of the Year Team of the Year Deal of the Year Runners-up Aggiornare note
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Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 8 Contribution of illiquid assets and AuMs (3) (1) Revenues from Investment Portfolio. (2) Revenues linked to clients exclude the contribution of Directional Trading and Investment Portfolio in AAM. (3) AuM includes both drawdowns and commitments from investors. Snapshot of 9M’25: acceleration in consolidated performance thanks to a very solid 3Q, leading EQUITA to confirm the best set of results since IPO Breakdown of Net Revenues linked to clients (2) 404 681 880 744 770 557 546 412 403 100 100 100 200 279 303 236 365 392150 150 57 61 110 110 110 140 156 654 980 1.019 944 1.106 921 892 1.027 1.061 2017 2018 2019 2020 2021 2022 2023 2024 9M'25 Liquid strategies Private Debt Private Equity Infrastructures Key Consolidated Highlights Key Divisional Highlights Net Revenues Performance (€m, 9M and 3Q) 55,7 15,8 9,6 2,1 (0,5) 82,7 Net Rev 9M'24 Global Markets Investment Banking AAM (fees) AAM (P&O)(1) Net Rev 9M'25 €18.7m Net Profits (+89% vs 9M’24) 37% Return on Tangible Equity (ROTE) (vs 25% in 9M’24) 3.4x IFR Ratio (vs 3.6x in 9M’24) 203 # of professionals (vs 195 in 9M’24) €82.7m Net Revenues (+49% vs 9M’24) €69.8m Net Revenues linked to clients (+39% vs 9M’24) 41% 46% 35% 43% 49% 50% 47% 42% 42% 53% 47% 57% 51% 43% 42% 44% 48% 48% 7% 7% 8% 6% 8% 8% 9% 10% 10% 2017 2018 2019 2020 2021 2022 2023 2024 9M'25 Investment Banking Global Markets Alt. Ass. Management €28.6m Net Revenues (+93% vs 3Q’24) €26.6m Net Revenues linked to clients (+96% vs 3Q’24) €6.5m Net Profits (+266% vs 3Q’24) 14,8 4,8 7,9 1,1 0,0 28,6 Net Rev 3Q'24 Global Markets Investment Banking AAM (fees) AAM (P&O)(1) Net Rev 3Q'25 % AuM 38% 31% 14% 21% 30% 40% 39% 60% 62% % AM fees n.a. n.a. 20% 25% 48% 62% 65% 67% 79% Increasing mix toward illiquid assets as % of AuM and AM fees Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 9 Third Parties Brokered Volumes in Italy (1) (1) Source: AMF Italia (Assosim); MOT figures referred to the aggregate of DomesticMOT, ExtraMOT and EuroMOT. (2) Source: Dealogic; FY’22 figure excludes the right issue completed by Stellantis (€732m). (3) Source: Bondradar and Bloomberg. (4) Source: KPMG. Further improvements in large caps trading and some recovery in mid-small caps in 3Q, but still no IPOs on Euronext Milan. Issuance in bonds in line with the previous year. M&A values reflecting market uncertainty but benefitting from banking consolidation 5,2 4,0 5,9 2,7 2,3 5,6 8,4 8,5 8,7 8,3 6,7 6,5 8,7 2019 2020 2021 2022 2023 2024 2025 9M FY €4.1bn Average 9M’20-9M’24 +105% (9M’25 vs Average last 5 years) 4,0 2,7 5,9 4,5 3,3 2,8 2,4 5,5 3,9 8,6 5,3 4,1 3,6 2019 2020 2021 2022 2023 2024 2025 9M FY 226 268 304 278 285 320 434 311 361 411 354 382 422 2019 2020 2021 2022 2023 2024 2025 9M FY 160 173 122 110 201 232 213 204 228 162 171 289 316 2019 2020 2021 2022 2023 2024 2025 9M FY €291bn Average 9M’20-9M’24 +49% (9M’25 vs Average last 5 years) €3.8bn Average 9M’20-9M’24 (37%) (9M’25 vs Average last 5 years) Equity – Euronext Milan (volumes, €bn) Equity – Euronext Growth Milan (EGM) (volumes, €bn) Fixed Income (MOT) (volumes, €bn) Equity Capital Markets | ECM (2) (value, €bn) Debt Capital Markets | DCM (3) (value, €bn) Mergers & Acquisitions | M&A (4) (value, €bn) Capital Markets and Corporate Finance 9M’25 vs 9M’24 +36% €167bn Average 9M’20-9M’24 +27% (9M’25 vs Average last 5 years) €50bn Average 9M’20-9M’24 +15% (9M’25 vs Average last 5 years) 18,9 16,6 33,0 16,4 27,3 30,2 30,4 26,3 30,2 41,8 24,4 31,1 45,4 2019 2020 2021 2022 2023 2024 2025 9M FY 35 29 71 61 25 66 58 52 44 100 86 38 73 2019 2020 2021 2022 2023 2024 2025 9M FY 9M’25 vs 9M’24 +50% 9M’25 vs 9M’24 (14%) 9M’25 vs 9M’24 (8%) (46%) excluding Exor/Ferrari and Lottomatica ABBs 9M’25 vs 9M’24 (12%) €24.7bn Average 9M’20-9M’24 +23% (9M’24 vs Average last 5 years) (27%) excluding Exor/Ferrari and Lottomatica ABBs 9M’25 vs 9M’24 +1% Breakdown of ECM transactions ▪ €3.0bn ABB Exor on Ferrari shares and €2.4bn ABB on Lottomatica shares ▪ 15 IPOs on EGM (€84m value in total) ▪ No IPO on the regulated market +26% YoY in 3Q Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 10(1) Formerly known as CAP Advisory Double-digit growth in all divisions and record high performance of Directional Trading 5,3 3,0 2,0 0,4 6,4 2,7 7,4 6,3 4,4 5,5 8,0 11,6 11,5 13,5 13,9 13,5 20,8 21,4 21,5 21,8 22,5 21,1 19,5 20,9 30,5 29,9 31,5 33,8 40,3 37,2 40,9 40,6 2017 2018 2019 2020 2021 2022 2023 2024 Directional Trading Client-Driven Trading Sales & Trading 20,2 26,1 18,2 28,0 38,0 41,3 36,3 30,1 2017 2018 2019 2020 2021 2022 2023 2024 Investment Banking Alternative Asset Management Trend in Net Revenues since IPO 3,2 3,7 4,4 4,1 6,0 6,5 6,8 7,00,5 0,6 0,5 1,2 3,5 0,93,7 1,8 4,5 0,8 3,2 3,7 8,6 6,5 11,0 7,7 10,4 8,7 2017 2018 2019 2020 2021 2022 2023 2024 AM Fees Inv. Port. Perf. Fees 1,6 2,7 4,6 6,7 1,4 0,9 1,9 3,0 6,0 7,6 3Q'24 3Q'25 9M'24 9M'25 AM Fees Inv. Portfolio 9M / 3Q Performance (€m) 4,3 12,2 19,8 29,4 3Q'24 3Q'25 9M'24 9M'25 0,9 1,6 3,9 12,03,2 6,1 10,3 15,3 4,4 5,6 15,8 18,4 8,6 13,4 29,9 45,7 3Q'24 3Q'25 9M'24 9M'25 Directional Trading Client-Driven Trading Sales & Trading Var % +56% Var % +53% Var % +182% Var % +49% Var % +58% Var % +27% Global Markets CAGR ’17-’24 +4% CAGR ’17-’24 +6% CAGR ’17-’24 +15% +46% AM fees YoY +45% Organic growth +30% client- related business Marginal contribution of ECM Commentary ▪ Double-digit growth in S&T thanks to strong investors’ interest, especially for Italian blue chips ▪ Client-Driven & Market Making experienced higher clients’ activity on equities and derivatives ▪ Remarkable clients’ activity in August, improving the already strong divisional performance ▪ Directional Trading confirmed its record-level results, thanks to a significant number of special events occurred to date on the Italian market ▪ Positive contribution from all investment banking teams ▪ M&A advisory acted as the best performer to date in terms of Net Revenues, coupled with a record level of mandates in DCM ▪ Some growth in ECM, thanks to the year-on-year easy comparison ▪ Overall divisional results benefitted from the first- time contribution of newly-acquired EQUITA Debt Advisory (1) ▪ First time contribution of new illiquid funds (EGIF - renewable infrastructures fund - and EPD III - third private debt fund), contributing materially to the double-digit growth in AM fees, which also benefitted from some equalization fees ▪ Positive performance / inflows from discretionary portfolios to date. Launch of a new line focusing on European equities and partially compensating the maturity of Euromobiliare flexible funds Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 11 Business model and cost structure confirmed strong operating leverage 9M’25 9M’24 Var % Personnel Costs (1) (40.2) (26.4) 52% FTEs (End of Period) 203 195 4% Comps / Revenues (48.6%) (47.4%) Normalized Comps / Revenues (49.0%) (48.0%) 9M’25 9M’24 Var % Operating Costs (16.4) (15.3) 7% o/w Information Technology (5.1) (5.0) 3% o/w Trading Fees (2.5) (2.3) 8% o/w Other (professional fees, marketing, governance, etc) (1.9) (1.5) 25% o/w Other (marketing, governance, etc) (6.8) (6.4) 7% Cost/Income % (68.5%) (74.8%) 9M’25 9M’24 Var % 3Q’25 3Q’24 Var % Client-related business 69.8 50.4 39% 26.6 13.6 96% Non-client (Dir. Trading) 12.0 3.9 209% 1.6 0.9 79% Investment Portfolio 0.9 1.4 (36%) 0.3 0.3 3% Net revenues 82.7 55.7 49% 28.6 14.8 93% Total Costs (1) (56.6) (41.6) 36% (19.3) (12.3) 57% Cost/Income % (68.5%) (74.8%) (67.6%) (83.3%) Profit before taxes (1) 26.1 14.0 86% 9.3 2.5 274% Taxes (1) (7.4) (4.1) 78% (2.8) (0.7) 295% Tax rate (28.2%) (29.5%) (30.4%) (28.8%) Minorities (0.1) - (0.0) - Net Profits 18.7 9.9 89% 6.5 1.8 266% ROTE 37% 25% IFR Ratio 341% 364% Growth in costs mainly driven by the increase in professional fees (IBD mandates, placement agent fees) linked to higher revenues Focus on Operating Expenses Key Consolidated Highlights Focus on Personnel Costs Compensation-to- revenues always below 50% Incl. 6 FTEs from the acquisition of EQUITA debt Advisory Strong operating leverage Increase in IT expenses related to higher post-trading business in Global Markets requiring infoproviding services (almost variable cost) Aggiornare note
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Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 13 Since 2017, EQUITA has consolidated its role as leading independent investment bank in Italy , growing in all areas and offering rewarding returns to its shareholders (1) Total Shareholder Return in the period 22 November 2017 – 25 November 2025. Proceeds are reinvested in the stock / index. Source: Bloomberg. Successful track-record since IPO from all standpoints… 0,22 0,35 2017 (IPO) 2024 ▪ 250%+ of Total Shareholders’ Return since IPO (1), overperforming main Italian indices and international peers ▪ €105m+ distributed to shareholders (or €2.23 per share) ▪ +15% EPS fully diluted vs +11% outstanding shares (FY’24 vs 2017) ▪ Mix of initiatives contributing to growth, including accretive M&A (Nexi, EQUITA K Finance, CAP Advisory…) ▪ Larger scale, to compete with traditional investment banks Rewarding return for shareholders Larger Group scale +47% (Var ’17-’24) ▪ Discipline on costs confirmed despite growth in number of professionals Increase in Net Profits 257% 164% 69% 53% EQUITA (EQUI:IM) FTSE Italia MIB FTSE Italia Mid Cap FTSE Italia STAR 53,9 79,4 2017 (IPO) 2024 11,2 14,0 2017 (IPO) 2024 CAGR ’17-’24 +6% +26% (Var ’17-’23) CAGR ’17-’24 +4% +59% (Var ’17-’24) CAGR ’17-’24 +7% Net Revenues (€m) Adjusted Net Profits (€m) Total Return since EQUITA’s IPO (%) (1) Dividend per Share (€) Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 14 Over the years, the team has diversified the offering dedicated to clients by growing organically and inorganically … demonstrating outstanding execution abilities and resiliency in tough markets 13 9 9 5 4 8 10 13 9 11 11 10 12 22 16 17 14 22 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consensus 43 36 36 30 28 41 45 59 49 54 60 58 68 90 87 88 79 107 83 86 85 91 90 87 91 94 105 120 140 152 164 173 188 195 194 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consensus Global Markets Investment Banking Alt. Asset Management FTEs Historic Business vs New initiatives (2008-2024, €m) Net Revenues (2008- 2024, €m) Net Profits (2008- 2024, €m) 100% 44% 56% 2008 22-'24 AVG Historic business New initiatives Execution abilities in the launch of new initiatives to boost and support business Greater diversification, with Net Revenues less dependent on financial markets and economic cycle Always profitable, thanks to management’s ability to pursue a cost disciplined approach and the strong operating leverage of the business European sovereign bond crisis Sub-prime mortgages in the US and Lehman bankruptcy Brexit MiFid II Covid-19 A B A ▪ M&A advisory ▪ Debt Capital Markets ▪ Debt advisory ▪ Market making ▪ Fixed income ales ▪ Certificates ▪ ESG research ▪ European research ▪ … New initiatives developed organically B ▪ Nexi’s brokerage business unit (Retail Hub, Market Making) ▪ EQUITA Mid Cap Advisory (Mid-market M&A) ▪ EQUITA Real Estate (Real estate advisory) ▪ EGIF (Renewable infrastructures asset class) Inorganic and semi-organic initiatives (M&A) + ≈2/3 organic ≈1/3 M&A War in Ukraine, inflation and rise in interest rates Aggiornare note
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 15 Key Message Considerations about the future Global Markets and Research ▪ Diversification of the product offering (bonds, certificates, derivatives, US equities…), new team dedicated to family offices and expansion of the research coverage ▪ New business solutions (CRM, CMS) to boosts productivity and generate commercial synergies M&A & Strategic Initiatives ▪ Scouting of external growth opportunities, in Italy and abroad ▪ Always open to strategic partnerships that could accelerate growth of the business ▪ Acquisition of the 30% minority in EQUITA Mid Cap Advisory and acquisition of a 70% majority stake in EQUITA Debt Advisory (formerly CAP Advisory) ▪ New partnership in the Triveneto region (North-East Italy) Key investments completed in recent years What to expect in the future Group ▪ Further optimisation of rental spaces and focus on business-related marketing to boost revenues with clients ▪ Management team strongly committed, with a long-term perspective and a structure “ready for the future” ▪ Office space increased to accommodate growing workforce and corporate events ▪ Renewal and extension of the Shareholders’ Pact and key changes to the organizational structure, enlarging the Group’s governance with new appointments ▪ Still sustained trading volumes on large caps, coupled with some recovery in mid-small caps valuations and liquidity ▪ Fixed income desk benefitting from EQUITA’s increasing positioning and renewed investors’ focus on bonds ▪ Expansion of research coverage on Italian and European listed companies Investment Banking ▪ Continued growth, both in revenues and positioning, also through carefully targeted acquisitions, and diversification of the offering ▪ Further consolidation of team’s positioning in M&A and DCM ▪ Increase team’s presence in Italy (Piedmont, Northeast, Rome…) ▪ Expectations of rebound for market IPOs in 2026-2027 ▪ Further increase in positioning, also thanks to new areas of expertise (real estate, debt advisory, restructuring, corporate finance) and key changes in the competitive landscape in Italy Alternative Asset Management ▪ Launch of new illiquid funds (EGIF – renewable infrastructures and EPD III) ▪ First investments outside Italy (e.g. DACH area) completed by EPD II ▪ New discretionary portfolio investing in European equities and launch of “EQUITA Rilancio Small Cap Italia” ▪ Final closing of EPD III and EQUITA Rilancio Small Cap Italia funds ▪ Launch of a second private equity fund ▪ Carried interest from the first private debt fund EPD expected in 2026 Board of Directors to consider an increase in dividend distribution on 2025 full-year results, above €0.35 per share, while keeping a certain degree of safety by retaining a minor portion of net profits, to ensure future rewarding shareholders’ remuneration, in every market condition 2025 results to be the next step of EQUITA’s long-term growth trajectory
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Agenda 1. EQUITA at a glance 2. 9M’25 financial results 3. Track record since IPO and considerations about the future 4. Appendix
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 17 Increasing market share in temporary decreasing fee pot size (1) Evolution of Net Revenues since IPO (1) EQUITA estimates, based on the fee pot in Italy Investment Banking: the largest contributor to growth, with plenty of opportunities Investment Banking ECM (IPOs, rights issues, private placements, tender offers …) Global Financing Corporate Broking (advisory to Board members, investor meetings, specialist…) M&A & Advisory Mid-market M&A Strategic Advisory ▪ Sectors: TMT, FIG, Energy, Industrial, Consumer, Financial Sponsor, Real Estate … ▪ Clients: large, mid and small caps, large corporations, financial institutions, financial sponsors, SMEs and entrepreneurs … ▪ Top 3 ECM franchise in Italy, Top 5 in M&A and Top 10 in DCM (#1 among non-lenders) ▪ The only one-stop-shop in Italy, combining independence, access to markets and diversified product offering ▪ Increasing standing and brand awareness, with several high-profile mandates and strategic senior hirings in the recent past ▪ Major source of growth during the last ten years and plenty of opportunities to grow more by adding new verticals and expanding the reach of the team in Italy ▪ Low capital absorption and strong operating leverage Selected 2024 Credentials DCM (HY and NR issues, US private placements, retail public offerings…) Debt Advisory (Debt-raising, club deals, distressed M&A, LBOs, renegotiation…) Large public M&A 20 26 18 28 38 41 36 30 2017 2018 2019 2020 2021 2022 2023 2024 1.039 696 555 552 754 597 572 794 2,7% 3,8% 3,3% 5,1% 5,1% 6,9% 6,3% 3,8% 2017 2018 2019 2020 2021 2022 2023 2024 ECM DCM M&A - Market share % Offering & Expertise Key Facts Why Us? Decrease due to weak ECM
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 18 Solid track record in the execution of cross-border M&A transactions, helping corporates and private equity funds Note: source “LSEG midmarket league tables” (2024). (1) Cumulated figures 2020-2024 (last 5 years). Investment Banking: an increasing footprint outside Italy in M&A and corporate finance 30+ Countries involved 80%+ Cross-border Mandates Top 10 M&A Advisor in European mid-market 880+ Deals Closed (1) €37bn+ Value of Mandates (1) 400+ Professionals EQUITA is exclusive member for Italy of Clairfield International, the global partnership of corporate finance boutiques active all over the world in M&A advisory America ▪ Argentina ▪ Brazil ▪ Canada ▪ Mexico ▪ United States Europe ▪ Austria ▪ Belgium ▪ Czech Republic ▪ Denmark ▪ France ▪ Germany ▪ Hungary ▪ Italy ▪ Netherlands ▪ Poland ▪ UK ▪ Romania ▪ Spain ▪ Sweden ▪ Switzerland Australasia ▪ China ▪ Japan ▪ India ▪ Israel ▪ Malesia ▪ Thailand ▪ Turkey ▪ Vietnam Africa ▪ Nigeria ▪ South Africa Cross-border M&A (selected credentials)
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 19 (1) Market shares based on volumes brokered on behalf of third parties and published by AMF Italia Global Markets: very profitable historical business and high barriers to entry GM - Client-related business GM - Non client-related Sales (primary, secondary) Institutional Sales Trading / Execution Sales (primary, secondary) Retail Hub Sales Trading / Execution Market Making Client-Driven Trading & Market Making Specialist / Liquidity Provider Brokerage on behalf of clients Directional Trading Directional Trading Risk Arbitrage & Special Situations Volatility ▪ Financial Instruments: Equity, Bonds, Derivatives (cash equity options, swaps, …), Certificates … ▪ Geographies: Italy, Europe, US, Japan … ▪ Clients: institutional investors, banking groups with retail flows, listed companies, family offices… ▪ Low-risk approach ▪ The largest independent trading floor in Italy and the leading broker in sales, trading & execution (Institutional Investor Rankings) ▪ Diversified offering in terms of instruments (equity fixed income, derivatives, certificates…), markets (Italy, Europe, US, Japan…) and clients (institutional and retail flows) ▪ High market shares in equity brokerage and increasing ones in fixed income and derivatives ▪ High barriers to entry (long-standing relationships with investors, knowledge of the Italian market, IT infrastructure…) ≈ 7-8% market share in the brokerage of Equities and Bonds in Italy (1) 6,500+ contacts All over the world 500+ clients Such as institutional investors, family offices, banks Evolution of Net Revenues since IPOWhy Us? 5,3 3,0 2,0 0,4 6,4 2,7 7,4 6,3 4,4 5,5 8,0 11,6 11,5 13,5 13,9 13,5 20,8 21,4 21,5 21,8 22,9 21,1 19,5 20,9 30,5 29,9 31,5 33,8 40,8 37,2 40,9 40,6 2017 2018 2019 2020 2021 2022 2023 2024 Directional Trading Client-Driven Trading Sales & Trading Offering & Expertise Key Facts
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 20 Research Team: a team of experts, at the top of international rankings Reports and Events Daily, Weekly, Monthly, Issuers’ reports Equity PIR Monitor, ESG Reports Internal Dealing, Short Positions Reports Bond Weekly, Monthly, Issuers’ reports Conferences Italian Champions Infrastructures European Conference Engineering & Construction Utilities Fintech Bond Digital & Innovation Climate Change Roadshows and Thematic Conferences ▪ Independent outstanding research, covering equity and fixed income issuers ▪ Leading position in Italy, with a team of analysts constantly ranked at the top of international surveys (Institutional Investors) ▪ Wide coverage of Italian listed companies (96%+ total market cap in Italy) and increasing coverage of European and international issuers ▪ Multi-sector expertise, proven track-record in understanding key trends in advance, and deep knowledge of Mid & Small Caps ▪ Professionals who provide valuable insights to the other areas of business of the Group (Investment Banking, Global Markets, Alternative Asset Management) 160+ Italian and foreign listed companies covered 15+ Analysts with multi-sector expertise 600+ reports published on average every year Other Thematic reports, dual-focus reports (equity, bonds) Why Us? Offering & Expertise Key Facts
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 21 ▪ One of the few multi-asset manager in Italy, with a diversified offering, combining liquid and illiquid assets, debt and equity, institutional and banking clients ▪ Among pioneers and leaders in private debt in Italy, with a growing footprint outside Italy (DACH region, Spain…) ▪ Solid track-record in the launch of products, performance generation and in growing team size ▪ Model based on recurring revenues’ stream from alternative assets, potential upside from carried interest, and significant synergies from the collaboration with other areas of the Group (research, trading floor, investment banking) ▪ Low capital absorption, strong operating leverage, scalable business Why Us? (1) Excluding performance fees Alternative Asset Management: the rising star, where sky is the limit Illiquid Products Liquid Products EPD (€100m) fully invested Private Debt Private Equity Infrastructures & Renewables Liquid Strategies Management of discretionary portfolios and UCITS funds on behalf of banking groups who want to access a strong third-party brand Customized debt instruments as complementary solutions to bank lending. Focus on financing LBOs sponsored by leading private equity funds, through unitranche and subordinated notes EPD II (€237m) fully invested EPD III (≈€300m) fundraising EQUITA Smart Capital – ELTIF (€98.5m) investment phase EQUITA Green Impact Fund - EGIF (€156m) investment phase Expansion and replacement capital, management buy- out and buy-in Renewable energy fund focused on European PV, wind and biogas assets Increasing mix to illiquid assets 3 discretionary portfolios (Italy) 2 equity advisory contracts 32% 37% 20% 25% 48% 62% 65% 67% 2017 2018 2019 2020 2021 2022 2023 2024 % of AM fees from illiquid assets (1) Recently launched products Evolution of Net Revenues since IPO 404 681 880 744 770 557 546 412 100 100 100 200 279 337 337 365150 150 57 61 110 11049 39 140654 980 1.019 944 1.106 955 993 1.027 2017 2018 2019 2020 2021 2022 2023 2024 Liquid strategies Private Debt Private Equity Other 3,2 3,7 4,4 4,1 6,0 6,5 6,8 7,00,5 0,6 0,5 1,2 3,5 0,93,7 1,8 4,5 0,8 3,2 3,7 8,6 6,5 11,0 7,7 10,4 8,7 2017 2018 2019 2020 2021 2022 2023 2024 AM Fees Inv. Portfolio Perf. Fees Offering & Expertise Key Facts 1 discretionary portfolio (Europe) 1 fund of funds on Italian Small-mid caps
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 22 A reliable partner with a strong brand and an improving positioning, committed to sustainability ▪ ESG and sustainability at the core of our strategy, to support business development ▪ Strong perception of EQUITA as brand, with high-reputation among institutions, entrepreneurs and decision makers ▪ Business model dedicated to «entrepreneurs» and managed by managers who are «entrepreneurs» ▪ Families, leading institutions and entrepreneurs among «loyal» shareholders in the share capital ▪ Growing presence on newspaper and media as evidence of the strong EQUITA brand ▪ Opinion maker with significant engagement in institutional initiatives dedicated to capital markets and finance in general (participation to the European Commissions’ Technical Expert Stakeholder Group (TESG) on SMEs, Consob Stakeholder Group, Ministry of Economics and Finance Taskforce…) 3,500+ mentions On domestic and international newspapers and media in the last 12 months Voluntary CSR Report 2024▪ Launch of a new sustainable finance team to address clients’ needs and advise investors, corporates, entrepreneurs and institutions in the delicate transition to sustainability ▪ Launch of a new asset class dedicated to green infrastructures (EGIF) ▪ Integration of research reports with ESG analysis ▪ Assessment of Group’s carbon footprint and achievement of carbon-neutrality in 2022, before 2024 target ▪ Establishment of Fondazione EQUITA, with focus on young students, financial education, art and culture, local communities and environment. Why Us? Recent initiatives dedicated to sustainability The EQUITA brand
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TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B TITOLO #00376E N/D #A0AAAF TESTO #233549 N/D #AFCDE4 GM #59B2DC IB #2F80AB AAM #03979D RT #1CA3C2 EVIDENZATORE #F39200 EVIDENZATORE #E5007D EVIDENZATORE #AFCA0B 23Note: Figures may not sum due to rounding. Healthy balance sheet, with an IFR ratio well above minimum requirements (€m) 9M’25 1H’25 1Q’25 FY’24 FY’23 FY’22 FY’21 FY’20 Cash & Cash equivalents 76.4 74.4 56.5 77.8 130.5 107.9 136.1 117.2 Financial assets at fair value with impact on P&L 115.0 120.6 129.0 113.1 77.4 111.7 49.2 43.8 Financial assets at amortized cost 126.9 118.8 114.4 87.8 101.2 99.6 91.4 86.1 Equity investments 0.6 0.6 0.6 0.6 0.6 0.0 0.0 0.1 Intangible assets 32.5 32.5 26.9 26.8 26.6 26.9 27.2 27.5 Tangible assets 3.7 4.1 4.3 4.7 6.0 4.1 5.2 6.2 Tax assets 3.6 2.2 2.6 2.4 3.2 7.5 4.4 3.1 Other assets 15.2 16.4 23.7 25.7 34.1 41.7 1.9 1.6 Total Assets 374.0 369.6 358.0 338.8 379.7 399.5 315.6 285.8 Debt 203.1 173.5 202.9 191.6 213.9 221.3 175.6 171.3 Tax liabilities 8.0 4.1 3.3 1.1 1.3 3.6 6.0 2.2 Other liabilities 49.3 47.8 38.9 37.2 50.8 64.4 27.9 21.7 Employees’ termination liabilities 1.8 1.8 2.0 1.9 1.9 2.1 2.4 2.3 Allowance for risks and charges 1.9 1.4 1.1 2.0 3.2 3.8 4.4 2.7 Total Liabilities 264.2 267.5 248.1 233.9 271.1 295.2 216.3 200.1 Share capital 12.0 12.0 12.0 12.0 11.7 11.6 11.6 11.6 Treasury shares (2.1) (2.0) (2.5) (2.6) (3.2) (3.9) (4.1) (4.1) Reserves 81.1 79.7 95.7 81.6 80.0 79.4 69.9 65.4 Net Profits of the period 18.7 12.3 4.7 14.0 16.8 17.3 22.1 12.9 Third parties’ equity 0.2 0.3 - - 3.2 - - 0.1 Shareholders’ Equity 109.8 102.1 109.8 105.0 108.6 104.3 99.3 85.7 Total Liabilities and Shareholders’ Equity 374.0 369.6 358.0 338.8 379.7 399.5 315.6 285.8 ROTE % 37% 30% 22% 22% 26% 29% 44% 27% IFR % 341% 327% 375% 373% 360% N/A N/A N/A
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24 This presentation shall be considered as confidential. It may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. The views presented herein, which do not purport to be comprehensive, are for discussion purposes only and are based upon publicly available information that is believed to be reliable, but which has not been verified by EQUITA Group S.p.A. or any subsidiary of EQUITA Group S.p.A. (“EQUITA”). Equita is not advocating any of the courses of action presented herein, which are being presented to solely illustrate a range of available options. No representation or warranty, express or implied, is or will be given by EQUITA or its directors, officers or employees as to the accuracy or completeness of this Presentation and, so far as permitted by law, no responsibility or liability is accepted for the accuracy or sufficiency thereof, or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. In particular, but without limitation, (subject as aforesaid) no representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts and nothing in this Presentation is or should be relied on as a promise or representation as to the future. Neither EQUITA, nor any of its directors, officers and employees shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this Presentation or any other written or oral communication with the Recipient and any such liability is expressly disclaimed. This Presentation does not constitute an offer or invitation or a solicitation of any offer or invitation for the sale or purchase of securities or of any of the assets, business or undertaking described herein. In addition, it is not intended to form the basis of or act as an inducement to enter into any contract or investment activity, and should not be considered as a recommendation by Equita. In furnishing this Presentation, Equita does not undertake any obligation to provide any additional information or to update this Presentation or to correct any inaccuracies that may become apparent. Disclaimer
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