Equita S p A : Mid & Small in Milan Conference 2022 (Risultati 9M'22)

9M'22 RESULTS - INVESTORS PRESENTATION

(30 NOVEMBER 2022)

Equita, the leading independent Investment Bank in Italy

COMPANY SNAPSHOT

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Equita, the leading independent Investment Bank in Italy

DIVERSIFICATION, UNIQUE POSITIONING AND STRONG TRACK-RECORD

Global Markets & Research

• The largest independent trading floor in Italy and the leading broker in sales, trading & execution
• Research team at the top of international 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…)

Investment Banking

• Among the leading teams in Italy in ECM, and top 10 in M&A and DCM activities
• The only one-stop-shop in Italy, combining independence, access to capital markets and diversified product offering
• Increasing standing and brand awareness, with several high-profile mandates
• Major source of growth during the last 10 years and plenty of opportunities to grow more by adding new verticals
• Low capital absorption and strong operating leverage

Alternative Asset Management

• A unique asset manager 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
• Solid track-record in the launch of new products and in performance generation
• Synergies deriving from the collaboration with other areas of the Group (research, trading floor, investment banking)
• Stable, recurring revenues' stream from alternative assets, and potential upside from carried interest
• Low capital absorption and strong operating leverage

			+21%
			(Var '20-'21)
		+7%	40,7
Net	30,5
(CAGR '17-'21)
	22,9
Revenues
20,8
(€m)			6,4
		11,5
	5,3
	4,4
	2017 (IPO)		2021
	Directional Trading	Client-Driven	Sales & Trading

Net

Revenues FY'17 FY'21 45%

(%)56%

			+38%
			(Var '20-'21)
		+18%	38,7
Net
20,2	(CAGR '17-'21)
Revenues
(€m)
	2017 (IPO)		2021

Net

Revenues 38% FY'17FY'21

(%)

43%

			+69%
		+36%	(Var '20-'21)
Net		11,0
	(CAGR '17-'21)
Revenues	3,2		4,5
(€m)
	3,2		6,5
	2017 (IPO)		2021

Management fees & Portfolio

Perf. fees

6%12%

Net

Revenues FY'17FY'21

(%)

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Equita, the leading independent Investment Bank in Italy

REWARDING SHAREHOLDERS' REMUNERATION SINCE IPO

Positive performance in terms of Total Shareholders Return (TSR) compared to peers and main Italian FTSE indices, and credible track-record in terms of rewarding dividend returns

Share price @ IPO: €2.90	TSR from IPO: +79%
	(12% yearly)

Of which 53% return from

dividends since IPO

(€1.18 reinvested in the stock)

Of which 26% return from capital gain since IPO (€0.75)

		TSR (Equita peers, 23 Nov 2017 - 25 Nov 2022)			TSR (main indices, 23 Nov 2017 - 25 Nov 2022)
	USA				167%			79%
	GER				165%		FTSE Italia Financial Services	44%
	Equita			79%
	USA			71%			FTSE Italia STAR	41%
	NOR			55%			FTSE Italia MIB	31%
				44%
						FTSE Italia Small Cap
	SPA			40%			29%
	ITA			27%			FTSE Italia Financials	16%
	UK			24%			FTSE Italia MidCap	6%
	USA			15%
	ITA *	*	0%
	UK	* -62%	-35%
	UK*

Note: TSR calculated by reinvesting dividends in the stock. Period: 23 November 2017 - 25 November 2022.	IR EQUITA - 9M'22 RESULTS | 4
Source: Bloomberg. (*) Some peers listed in 2021. Perfomance calculated from IPO till 25 November 2022.

Equita, the leading independent Investment Bank in Italy

UPDATE ON KEY INITIATIVES

AND DEVELOPMENTS OF 2022

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