Slides
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1 EQUITA Group 1H’26 Financial Results September 10th, 2026 – IR Conference Call
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2 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 Snapshot of 1H’26 results: growth and profitability confirmed, with a certain degree of acceleration in 2Q’26 figures, thanks to another remarkable performance in Global Markets Key Consolidated Highlights Key Divisional Highlights (1) Revenues linked to clients exclude the contribution of Directional Trading , Investment Portfolio in AAM and Performance fees. (2) “P&O” – Investment Portfolio & Other, including Performance fees. (3) AuM includes both drawdowns and commitments from investors. AuM excludes assets under advisory. 42% Return on Tangible Equity (ROTE) (vs 30% in 1H’25) 3.3x IFR Ratio (vs 3.3x in 1H’25) 206 Professionals (flat vs 1H’25) €13.0m Net Profits (+7% vs 1H’25) €60.2m Net Revenues (+11% vs 1H’25) €58.6m Net Revenues linked to clients (1) (+35% vs 1H’25) €35.3m Net Revenues (+15% vs 2Q’25) €34.3m Net Revenues linked to clients (1) (+35% vs 2Q’25) €8.4m Net Profits (+11% vs 2Q’25) 1H 2Q Net Revenues linked to clients (breakdown %)(1) Net Revenues Performance (€m) 54,1 16,0 (6,8) (1,3) 0,6 (2,4) 60,2 Net Rev 1H'25 S&T & CD&MM Directional Trading Investment Banking AAM (fees) AAM (IP&O)(2) Net Rev 1H'26 44% 48% 47% 57% 47% 42% 44% 35% 9% 10% 9% 8% FY'23 FY'24 FY'25 LTM'26 Global Markets Investment Banking Alt. Ass. Management 30,7 11,6 (1,7) (3,1) 0,4 (2,6) 35,3 Net Rev 2Q'25 S&T & CD&MM Directional Trading Investment Banking AAM (fees) AAM (IP&O)(2) Net Rev 2Q'26 1H 2Q €1.2bn Assets under Management (3) (vs €1.0bn in 1H’25)
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3 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 (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. Older figures are subject to restatements. Investors still very active on large caps trading. Weak ECM and temporary slowdown in M&A announcements, with underlying markets expected to start recovery in the second half of the year Third Parties Brokered Volumes in Italy (1) Capital Markets and Corporate Finance underlying Markets ▪ Euronext Milan +33% YoY ▪ Euronext Growth Milan (18%) YoY ▪ Bonds (7%) YoY YTD Aug’25 Market figures 4,8 1,5 2,8 4,9 7,9 1,4 8,3 6,7 6,5 8,7 9,0 2021 2022 2023 2024 2025 2026 1H FY €4.4bn Average 1H’21-1H’25 (68%) (1H’26 vs Average last 5 years) 3,6 3,7 2,4 2,1 1,6 1,6 8,6 5,3 4,1 3,6 3,5 2021 2022 2023 2024 2025 2026 1H FY 213 209 192 226 286 341 411 354 382 422 579 2021 2022 2023 2024 2025 2026 1H FY 92 76 145 170 156 151 162 171 289 316 286 2021 2022 2023 2024 2025 2026 1H FY €225bn Average 1H’21-1H’25 +51% (1H’26 vs Average last 5 years) €2.7bn Average 1H’21-1H’25 (40%) (1H’26 vs Average last 5 years) Equity – Euronext Milan (countervalues, €bn) Equity – Euronext Growth Milan (EGM) (countervalues, €bn) Fixed Income (MOT) (countervalues, €bn) Equity Capital Markets | ECM (2) (deal value, €bn) Debt Capital Markets | DCM (3) (deal value, €bn) Mergers & Acquisitions | M&A (4) (deal value, €bn) 1H’26 vs 1H’25 +19% €128bn Average 1H’21-1H’25 +18% (1H’26 vs Average last 5 years) €34bn Average 1H’21-1H’25 (34%) (1H’26 vs Average last 5 years) 24,7 13,9 21,7 23,2 26,1 27,0 41,8 24,4 31,1 45,4 46,0 2021 2022 2023 2024 2025 2026 1H FY 52 35 19 32 30 22 100 86 38 79 70 2021 2022 2023 2024 2025 2026 1H FY 1H’26 vs 1H’25 +2% 1H’26 vs 1H’25 (3%) 1H’26 vs 1H’25 +3% 1H’26 vs 1H’25 (27%) €22bn Average 1H’21-1H’25 +23% (1H’26 vs Average last 5 years) €3.0bn Exor ABB (14%) the decline in # of M&A deals YoY Breakdown of ECM transactions ▪ Almost ABBs ▪ No IPO on the regulated market vs 2 on the growth market (€34m total deal value) 1H’26 vs 1H’25 (82%)
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4 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 Different performances across the business lines but overall consolidated results are pointing to another satisfactory year (1) EQUITA Debt Advisory, formerly CAP Advisory, acquired in May 2025. 5,3 3,0 2,0 0,4 6,4 2,7 7,4 6,3 12,94,4 5,5 8,0 11,6 11,5 13,5 13,9 13,5 20,120,8 21,4 21,5 21,8 22,5 21,1 19,5 20,9 25,2 30,5 29,9 31,5 33,8 40,3 37,2 40,9 40,6 58,1 2017 2018 2019 2020 2021 2022 2023 2024 2025 Directional Trading Client-Driven Trading Sales & Trading 20,2 26,1 18,2 28,0 38,0 41,3 36,3 30,1 42,4 2017 2018 2019 2020 2021 2022 2023 2024 2025 Investment Banking Alternative Asset Management Trend in Net Revenues since IPO ▪ Significant markets shares confirmed to date, in every relevant segment: equities, bonds and derivatives ▪ Brokerage business confirmed its double-digit growth trajectory, with significant outperformance in 2Q ▪ Pickup in 2Q results was partly attributable to the presence of special events affecting financial markets, which spurred higher client trading activity on Italian and European equities ▪ Directional Trading desk returned to an average contribution in 2Q’26, after the risk-off approach assumed in 1Q’26 3,2 3,7 4,4 4,1 6,0 6,5 6,8 7,0 9,00,5 0,6 0,5 1,2 3,5 0,9 0,4 3,7 1,8 4,5 0,8 1,7 3,2 3,7 8,6 6,5 11,0 7,7 10,4 8,7 11,2 2017 2018 2019 2020 2021 2022 2023 2024 2025 AM Fees Inv. Portfolio Perf. Fees 2,0 2,4 4,1 4,6 (2,3) 0,5 (1,9) 2,3 0,1 4,6 2,8 2Q'25 2Q'26 1H'25 1H'26 AM Fees Inv. Portfolio 1H / 2Q Performance (€m) 11,8 8,7 17,2 15,9 2Q'25 2Q'26 1H'25 1H'26 4,9 3,2 10,4 3,6 5,3 13,1 9,2 20,56,4 10,1 12,8 17,5 16,6 26,5 32,3 41,6 2Q'25 2Q'26 1H'25 1H'26 Directional Trading Client-Driven Trading Sales & Trading Var % +59% Key Drivers / Commentary Var % +29% Var % (27%) Var % (7%) Var % (96%) Var % (40%) ▪ Resilient performance in M&A advisory (despite the slowdown in deal values and volumes in Italy) ▪ Consolidation of the M&A team’s leadership (#1 Italian investment bank in 1H’26 league tables by deal value) ▪ Global Financing delivering a soft performance year-on-year, driven by no significant mandates in DCM (tough comp, with record level revenues in 1H’25) and still low ECM underlying activity in Italy ▪ Overall results consolidating EQUITA Debt Advisory for a 6-month period in 1H’26 (2 months in 1H’25) (1) ▪ AM fees up double-digit year-on-year ▪ Growing contribution of the Portfolio Management business to Net Revenues (1/4 market performance vs 3/4 new inflows) ▪ Investment Portfolio impacted by the fair value adjustment of one investment Global Markets CAGR ’17-’25 +8% CAGR ’17-’25 +10% CAGR ’17-’25 +17% + 13% AM fees YoY +73% client- related business +99% client- related business + 19% AM fees YoY
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5 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 Flexible P&L structure, disciplined approach on costs and strong capital ratios 1H’26 1H’25 Var % Personnel Costs (1) (30,0) (26,3) 14% FTEs (End of Period) 206 206 0% Comps / Revenues (49,8%) (48,6%) Normalized Comps / Revenues (47,9%) (49,0%) 1H’26 1H’25 Var % Operating Costs (11,9) (11,0) 9% o/w Information Technology (3,3) (3,5) (4%) o/w Trading Fees (1,9) (1,8) 6% o/w Other (professional fees, marketing, governance, etc) (6,0) (5,7) 5% Non recurring (0,7) - n.a. Operating Costs (ex. Non-recurring) (11,2) (11,0) 2% 1H’26 1H’25 Var % 2Q’26 2Q’25 Var % Client-related business 58,6 43,2 35% 34,3 25,5 35% Non-client (Dir. Trading) 3,6 10,4 (66%) 3,2 4,9 (35%) Investment Portfolio (1,9) 0,5 n.m. (2,3) 0,3 n.m. Net revenues 60,2 54,2 11% 35,3 30,7 15% Total Costs (42,0) (37,3) 12% (23,7) (20,6) 15% Cost/Income Adjusted % (68,5%) (68,9%) (66,4%) (66,9%) Cost/Income % (69,7%) (68,9%) (67,1%) (66,9%) Profit before taxes 18,3 16,8 9% 11,6 10,2 14% Taxes (1) (5,2) (4,5) 15% (3,2) (2,6) 25% Tax rate (28,7%) (27,0%) (27,6%) (25,2%) Minorities - (0,1) - (0,1) Net Profits 13,0 12,2 7% 8,4 7,5 11% Net Margin % 22% 23% 24% 25% Net Profits Adjusted 13,6 12,2 11% 8,6 7,5 14% ROTE 42% 30% IFR Ratio 327% 327% Growth in other costs mainly driven by the increase in items linked to higher revenues Focus on Operating Expenses Increase in IT expenses related to higher post-trading business in Global Markets requiring infoproviding services (almost variable cost) Key Consolidated Highlights Focus on Personnel Costs Compensation-to- revenues always below 50%
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6 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 Closing Remarks Core Business ▪ Substantial year-on-year growth in Global Markets, with significant contribution of business with clients ▪ Pickup in Investment Banking performance, thanks to a solid pipeline which should materialize in 2H’26 and despite the tough comparison with a very strong 2H’25 ▪ Focus on fundraising initiatives to increase AuM by year-end and increase in AM fees expected to continue to grow double digit ▪ Closing of the strategic partnership with Iccrea Banca, to be announced in the coming weeks ▪ Completion of the acquisition of Xenon Private Equity by year-end, with positive contribution to Group Net Revenues and Net Profits Strategic Initiatives and M&A Outlook 2026
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Q&A Session
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8 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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