Equita S p A : STAR Conference 2020 (Risultati Q1’20)








05/25/2020 | 01:38pm EDT

May 26-27, 2020

VIRTUAL STAR CONFERENCE

INVESTOR PRESENTATION – FIRST QUARTER 2020 RESULTS

Index

UPDATE ON RECENT DEVELOPMENTS

EQUITA TODAY (CURRENT TRADING Q1’20)

CLOSING REMARKS

APPENDIX (DETAILS ON Q1’20 AND OTHER ADDITIONAL INFORMATION)

SNAPSHOT ON Q1’20 CONSOLIDATED RESULTS

VERY POSITIVE FIRST QUARTER 2020 IN TERMS OF NET REVENUES FOR CLIENT-RELATED BUSINESSES BUT OVERALL RESULT IMPACTED BY FINANCIAL MARKETS DOWNTURN. PROFITABILITY ALMOST IN LINE WITH 2019.

KEY CONSOLIDATED HIGHLIGHTS

€12.9m

€1.9m

22%

14%

€0.9bn

(+2% vs Q1’19)

(-7% vs Q1’19)

(as of 31 March 2020)

(as of 31 March 2020) (+1% vs Q1’19/-16% vs FY’19)

Net

Net

Total

Return on

Assets under

Revenues

Profit

Capital Ratio

Tangible Equity(1)

Management

DIVISIONAL PERFORMANCE

€0.19

(-14% vs FY’18) (2) Mid-point

of the

Dividend guidance

per Share

Revenues

Breakdown FY’19

15%

FY’19 54%

31%

Global Markets

Investment Banking

Alt. Asset Management

Q1’20 vs Q1’19 (growth %)

Global

9,1

(0%)

Markets

9,1

Investment

+93%

4,0

Banking

2,1

Alt. Asset

(0,1)

n.m.

Management

1,4

Q1’20

c. €1.2m negative market impact on

Q1’19

fair-value of AM investments in Q1’20

Client-related Net Revenues

€10.4m

(vs €7.7m)

€4.0m

(vs €2.1m)

€1.0m

(vs €1.1m)

€15.4m

(vs €10.8m)

Portfolio

Net Revenues

-€1.3m

(vs €1.5m)

n.a.

-€1.2m

(vs €0.3m)

-€2.5m

(vs €1.8m)

(1) Calculated excluding Net Profit from Tangible Equity. (2) Dividend per share approved by the Shareholders’ Meeting on May 7, 2020.

FIRST QUARTER 2020 RESULTS

3

KEY MESSAGES FROM Q1’20 FINANCIAL RESULTS

POSITIVE QUARTER WITH STRONG GROWTH IN CLIENTRELATED BUSINESS, OFFSET BY IMPACTS OF MARKET TURMOILS ON DIRECT INVESTMENTS

Business continuity guaranteed

Strong growth in client-related revenues

Negative impact on directional business and long-term AAM investments

Profitability substantially in line with Q1 2019

Strong liquidity and solid capital structure

…during the

Covid-19 pandemic

…confirming the

importance of

business

diversification

…due to the

plunge of financial markets following Covid-19 pandemic

…thanks to a

disciplined and

flexible cost

structure

…supporting

operations and

business initiatives,

as well as returns

for investors

Operations keep going smoothly thanks to IT investments made during the last few years which guaranteed business continuity and top-qualityservice to clients, as well as health and safety of Equita professionals

Double digit growth in client-related revenues (Q1’20 vs Q1’19)

Sales & Trading (+24%)

Alt. Asset Management (-3%)

Investment Banking (+93%)

(management fees)

Client-Driven & Market Making (+66%)

Sharp correction of financial markets impacting directional trading as well as direct investments (mark-to-market valuation)

Impacts on Directional trading (-€1.3mvs €1.5m in Q1’19) and direct long term investments related to AAM activities like the Blueglen alternative-credit fund (-€1.2mimpact in Q1’20)

€1.9m Net Profits (-7% vs Q1’19) thanks to broadly stable general costs and despite the impacts of on direct investments

Compensation/Revenues ratio at 46%

Cost / Income ratio at 79%

Strong liquidity and capital structure, with the strategic option to increase cash if needed

TCR of 22% in Q1’20, well above capital requirements, and more than €40m of reserves available for potential distribution

More than €200m mixed-credit facilities guaranteeing operations

FIRST QUARTER 2020 RESULTS

4

KEY MESSAGES FROM THE SHAREHOLDERS’ MEETING

ALL ITEMS ON THE AGENDA PASSED WITH LARGE CONSENSUS, CONFIRMING THE INVESTORS FRIENDLY PROPOSALS AND THE BEST PRACTICES ADOPTED BY EQUITA

ITEMS ON THE AGENDA

Approval of 2019 Financial Statements and €0.19 per share dividend distribution

Dividend yield > 8% (1)

Approval of 2020 Remuneration Policies and 2019 Remuneration Report

Approval of 2020-2022 Stock Options Plan for the Senior

13 managers as beneficiaries

Management TCR, ROTE, TSR as gates (2)

≈2.5% maximum dilution

Appointment of the new Board of Directors and Board of Statutory Auditors (2020-2022)

Board of Directors

Board of Stat. Auditors

Perilli (Chairman)

Demartini (Indep.)

Fondi (Chairman)

Vismara (CEO)

Ferrari (Indep.)

Acquadro (Standing A.)

Biglieri (Non Exe.)

Zeme (Indep.)

Redaelli (Standing A.)

Colonna (Indep.)

PURPOSE

Remunerate shareholders

adequately, with an

interesting dividend yield

Pursue fair and meritocratic remuneration policy to attract talents and enhance retention

Incentivise senior

management, further

aligning interests

to investors

Renew

Board of Directors

with majority of

independents (4/7)

and fair gender balance

(3/7 of the board is

represented by women)

SUMMARY VOTES

100%

FOR

100%

FOR

98%

FOR

77% Slate #1

(major shareholders)

18% Slate #2

(institutional investors)

3% Slate #3

(institutional investors)

2% Abstained

(1) Calculated on the average share price of May 2020; (2) Total Capital Ratio (TCR) > 15% in each year of the 3-year plan (20% weight), Average

FIRST QUARTER 2020 RESULTS

5

2020-2022 Return on Tangible Equity (ROTE) > 15% (40% weight), Average 2020-2022 Total Shareholders’ Return (TSR) > 10% (40% weight)

A DIFFICULT ENVIRONMENT WITH STRATEGIC OPPORTUNITIES

AN OVERALL DIFFICULT FRAMEWORK PRESENTING INTERESTING STRATEGIC OPPORTUNITIES FOR EQUITA IN THE COMING YEARS

AREA

OPPORTUNITY

ENABLING FACTORS AND KEY DRIVERS

Global

Markets

Investment

Banking

Alternative Asset Management

Cost

Structure

External Growth Opportunities

Increase brokered volumes and

further consolidation of leadership

Increase in number of ECM, DCM and M&A

and Advisory deals expected from 2021

New initiatives, leveraging on our

unique expertise on

alternative assets management

Potential savings from additional

cost-optimisation initiatives, following recent developments

Business partnerships and

bolt-on acquisitions

High market shares (#1 independent broker)

Fixed Income desk (significant upside potential with cross- selling and up-selling initiatives)

Alternative PIRs and Government initiatives (increase liquidity on markets, especially for Mid-Smallcaps)

Government initiatives to support capital markets and SMEs (easier access to capital markets, simpler regulation, tax reliefs,…)

Increasing M&A activities in the market (consolidation of several sectors and industries to cope with the crisis)

Launch of Alternative PIRs (focus on Mid and Small caps and SMEs, strong need of competences on illiquid investment strategies like private equity and private debt)

Introduction of smart working (lower general expenses like electricity and rental spaces, increased productivity,…)

Broad acceptance of virtual meetings (lower marketing expenses for roadshows, conferences,…)

Strong reputation among professionals who appreciate Equita’s entrepreneurial DNA

Increasing appeal of the Equita brand (perceived as trusted partner to co-developproducts and set-uppartnerships)

FIRST QUARTER 2020 RESULTS

6

Index

UPDATE ON RECENT DEVELOPMENTS

EQUITA TODAY (CURRENT TRADING Q1’20)

CLOSING REMARKS

APPENDIX (DETAILS ON Q1’20 AND OTHER ADDITIONAL INFORMATION)

CLEAR GROUP STRUCTURE AND STRONG MANAGEMENT COMMITMENT

GROUP STRUCTURE

SHAREHOLDING STRUCTURE

SHAREHOLDERS‘ AGREEMENTS

EQUITA

GROUP

100%

100%

EQUITA

EQUITA CAPITAL

SIM

SGR

Global Markets

Alternative Asset

Investment Banking

Management

Research Team

Fully separated governance to avoid conflicts of interest and maximize business potential

AGM

73%

27%Voting rights

37%

54%

9%

Share

Capital

Management

Treasury Shares

Free Float

Partnership

“opened”

to the market

First Shareholders’ Agreement-Bis

28 shareholders with 47% of share capital (≈64%(1) of votes following the kick-inof increased voting rights)

Voting and lock-up commitments

expiring in July 2022

Other Shareholders’ Agreement(2)

71 shareholders with 54% of share capital (≈73%(1) of votes following the kick-inof increased voting rights)

Preemption rights on shares disposed

by adherents to the agreement

Strong management

commitment and

entrepreneurial spirit

(1) Excluding treasury shares. (2) Referred to the Fourth Shareholders’ Agreement, entered into force in November 2019 and expiring in November 2022.

FIRST QUARTER 2020 RESULTS

8

THE LEADING INDEPENDENT BROKERAGE FIRM IN ITALY…

COMPLETE AND DIVERSIFIED PRODUCT OFFERING (EQUITIES, BONDS, DERIVATIVES, ETFS) BUILT ON CLIENTS’ NEEDS. THE HIGH MARKET SHARES ACHIEVED OVER TIME CONFIRMED EQUITA’S COMPETITIVE ADVANTAGE POST MIFID II. CONSTANTLY RANKED AT THE TOP OF INVESTORS’ SURVEYS AND #1 AMONG INDEPENDENT BROKERS

COMPLETE PRODUCT OFFERING

MARKET SHARES (1)

CLIENT-RELATEDBUSINESS

NON-CLIENTRELATED

INSTITUTIONAL

RETAIL

CLIENT DRIVEN TRADING &

DIRECTIONAL

SALES

HUB SALES

MARKET MAKING

TRADING

SALES

TRADING/

SALES

TRADING/

MARKET

SPECIALIST

BROKERAGE

RISK

DIRECTIONAL

ARBITRAGE &

(PRIMARY,

(PRIMARY,

/ LIQUIDITY

(ON BEHALF

VOLATILITY

EXECUTION

EXECUTION

MAKING

TRADING

SPECIAL

SECONDARY)

SECONDARY)

PROVIDER

OF CLIENTS)

SITUATIONS

ITALIAN RANKINGS (2)

TradingEquity

ExecutionSales

2°

1

2

2

2°

2

3

2

2016

2017

2018

2016

2017

2018

1

1

1

1

1

2

2019

2013

2014

2015

2019

2013

2014

2015

Equities

Bonds

Equity

Options

Q1’19

8.8%

5.8%

9.9%

Q2’19

10.2%

6.0%

7.3%

Q3’19

9.4%

6.8%

6.6%

Q4’19

8.4%

5.6%

6.2%

Q1’20

8.2%

6.3%

6.0%

LTM

8.9%

6.3%

6.3%

APR’20

Corporate Access

(Company & Expert Meetings)

1°

2

3

2

2016

2017

2018

1

1

2

2019 2013 2014 2015

(1) Source: ASSOSIM, market share on third parties brokered volumes; column “Equities” refers to the MTA segment, “Bonds” refers to

FIRST QUARTER 2020 RESULTS

9

DomesticMOT, EuroMOT and ExtraMOT, “Equity Options” refers to IDEM. (2) Rankings (incl. Small & Mid Caps) based on commissions paid.

  • SUPPORTED BY BEST-IN-CLASS QUALITY RESERCH FOR INVESTORS

EQUITA CONFIRMED ITS EXTENSIVE COVERAGE OF LISTED SECURITIES, BOTH EQUITIES AND BONDS. CONSISTENTLY RANKED AT THE TOP OF INTERNATIONAL RANKINGS THANKS TO THE BREADTH AND QUALITY OF ITS RESEARCH

EQUITA COVERAGE

ITALIAN RANKINGS (2)

# of companies covered

Market size

covered (1)

The Equita Research Team

covers approx. 96% of the

Italian market capitalization

21%

117

117

120

129

120

44%

108

107

112

35%

LARGE CAP

MID CAP

SMALL CAP

2013

2014

2015

2016

2017

2018

2019 Q1’20

Coverage of

+

Equities and

40 foreign

Bonds

stocks covered

(as of March 31, 2020)

  1. Small cap (market cap < €0.5bn), Mid Cap (market cap > €0.5bn and < €2.5bn), Large Cap (market cap > €2.5). (2) Rankings (incl. Small & Mid Caps) based on commissions paid. (3) Distribution of votes received by the Equita Research Team on the «Italy: Country Research (incl. Small & Mid Caps)» ranking

Italian 2°

Research

Team 2019

111211

2013

2014

2015

2016

2017

2018

Country 3°

Research

2019

112222

2013

2014

2015

2016

2017

2018

Votes received in 2019 by the Equita Research Team (3)

92% of votes in the 4-5

90

range (Excellent)

7

29

3

1

1

2

3

4

5

(Average)

(Excellent)

FIRST QUARTER 2020 RESULTS

10

LEADER AMONG INDEPENDENTS IN INVESTMENT BANKING IN ITALY

THE LEADING INDEPENDENT PLAYER ON CAPITAL MARKETS IN ITALY AND CONSTANTLY RANKED AMONG TOP M&A ADVISORS BY NUMBER OF DEALS. SIGNIFICANT BENEFITS AND SYNERGIES FROM COVERING THE WHOLE SPECTRUM OF IB SERVICES.

UNIQUE AND COMPLETE PRODUCT OFFERING

Equity Capital Markets

M&A Advisory & Corporate Broking

Financial

Institutions

Debt Advisory

Debt Capital

Markets

Financial

Sponsors

Small Caps

Utilities / Infrastructures

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

3

5

7

10

11

13

16

17

20

22

23

29

33

IPO

(€ 20 mln)

JOINT GLOBAL COORDINATOR

AND BOOKRUNNER

JUNE 2019

Senior Unsecured Bond

3.0% 2019-2026

(€ 300 mln)

PLACEMENT AGENT AND

SOLE BOOKRUNNER

OCTOBER 2019

ACQUISITION

FINANCIAL ADVISOR TO

CEDACRI IN THE

ACQUISITION OF OASI

FEBRUARY 2019

INTEGRATION

FINANCIAL ADVISOR IN THE

CONTEXT OF THE INTEGRATION

OF INWIT AND VODAFONE 22,000 TELECOM TOWERS IN ITALY INTO A SINGLE ENTITY

IPO

(€ 81 mln)

JOINT GLOBAL COORDINATOR

AND JOINT BOOKRUNNER

OCTOBER 2019

BOND 3.125% 2019-2025

ISSUE ON MOT

(€ 200 mln)

PLACEMENT AGENT AND

SOLE BROKER

NOVEMBER 2019

MERGER

FINANCIAL ADVISOR TO THE

GIMA TT BOARD OF DIRECTORS

IN THE CONTEXT OF THE

MERGER WITH IMA

JUNE 2019

Project Italy

Private Placement

(€ 600 mln)

FINANCIAL ADVISOR AND

CO-LEAD MANAGER

#

IPO / Listing (1)

# dealS

1.

Banca IMI

3

2.

Bank of America – ML

2

ECM

3.

2

4.

Intermonte

2

5.

Banca Akros

1

6.

BPER

1

7.

Credit Suisse

1

8.

EnVent

1

9.

Fidentiis

1

10.

GS

1

#

HY and NR Bonds (2)

# dealS

1.

GS

5

2.

BNP Paribas

5

DCM

3.

Banca IMI

4

4.

UniCredit Group

3

5.

Credit Agricole

3

6.

JP Morgan

2

+1

7.

2

Financial

8.

UBI Banca

2

Deal

9.

Citigroup

2

10.

Mediobanca

1

#

M&A deals (3)

€bn volumes

#16 by

1.

Mediobanca

17

2.

KPMG

12

number

3.

GS

11

of deals

M&A

4.

Banca IMI

9

(10)

5.

Bank of America – ML

8

6.

UBS

8

7.

7

8.

PwC

6

9.

Rothschild & Co

5

New product team

New sector team

(1) Rankings made considering # of IPOs and listings in the Italian market (Global Coordinator, Sponsor, Advisor to Issuer or Selling shareholders,

NOMAD), excluding deals <€10m and market cap <€10m (in case of listing). Source: Equita analysis on Borsa Italiana and Dealogic data. (2)

FIRST QUARTER 2020 RESULTS

11

Rankings considering High Yiled and Not Rated bond issues. Source: Bondradar. (3) Rankings made on Mergermarekts figures.

A COMPLETELY ”DIFFERENT” ASSET MANAGER…

EQUITA CAPITAL SGR, THE MANAGEMENT COMPANY OF EQUITA, LEVERAGES ON THE GROUP’S DIFFERENT AREAS OF EXPERTISE AND COMBINES SEVERAL DISTINCTIVE FEATURES THAT MAKE IT UNIQUE IN THE ITALIAN COMPETITIVE LANDSCAPE

KEY DIFFERENCES BETWEEN EQUITA CAPITAL SGR AND COMPETITORS

Fully

Multi-asset

Co-investing

Opened to

independent

manager

approach

partnerships

GROWTH OPPORTUNITIES IN THE COMING FUTURE

Launch of new products

Performance

Other asset classes

and investment structures

fees generation

and strategies

Fundraising of EPD II started in October 2019 (€200m target) and currently underway

ELTIF structure (tax-advantaged) to be implemented in new products

Launch of new products in partnership

Material potential upside from

Assessment of new opportunities

performance fees generated from

to capitalize on team competences

current and future products

and expand product offering

(private equity, real estate, venture

€3.7m Performance Fees

capital, etc) and investment

in FY’19

strategies

FIRST QUARTER 2020 RESULTS

12

…WITH A CLEAR AND DIVERSIFIED GROWTH STRATEGY

A CLEAR STRATEGY, FOCUSSED ON DIFFERENT PRODUCTS AND SERVICES OFFERED TO BOTH FINANCIAL INSTITUTIONS AND PROFESSIONAL INVESTORS. NOT INTERESTED IN TRADITIONAL ASSET MANAGEMENT AND WEALTH MANAGEMENT

PARTNERSHIPS TO CODEVELOP PRODUCTS WITH BANKS, FINANCIAL INSTITUTIONS AND PRIVATE BANKING NETWORKS

Discretionary accounts

Flexible funds

Other funds

≈€190m

3 discretionary equity portfolios managed on behalf of Credem

(≈€250m pre-Covid)

since 2003

≈€530m

2 flexible funds managed on behalf of Euromobiliare Asset

(≈€630m pre-Covid)

Management SGR

ALTERNATIVE ASSETS DEVELOPED BOTH INHOUSE AND WITH PARTNERS

Private Debt

Alternative Credit (Blueglen)

€100m

≈€30m

(≈€40m pre-Covid)

Among the leading teams in Italy, with 1 private debt fund fully invested and 1 fundraising underway (€200m target)

1 alternative credit fund distributed (“G10 Blueglen Equita Total Return Credit UCITS Fund”) + framework agreement with Blueglen to distribute other alternative products

FAMILY OFFICE

Potential new business to be considered at some point in the future (organic growth or M&A): highly synergistic with the Investment

Banking and Alternative Asset Management divisions

TRADITIONAL ASSET MANAGEMENT

WEALTH MANAGEMENT

Requires large-scale business

Requires private banking networks

Requires private banking networks for distribution

FIRST QUARTER 2020 RESULTS

13

SEVERAL INITIATIVES TO STRENGTHEN THE BRAND AND SUSTAINABILITY

EQUITA HAS ALWAYS BEEN A STRONG «NAME» IN ITALY BUT IN RECENT YEARS IT HAS SIGNIFICANTLY STRENGTHENED ITS BRAND, ALSO THANKS TO ITS ESG INITIATIVES

LIST OF MOST RECENT EQUITA INITIATIVES, ALL AIMED AT SUPPORTING BUSINESS GROWTH

Partnership with Bocconi University on Capital Markets

Encourage the debate on structural elements, development factors and possible solutions for the

growth of capital markets

for Italian companies

Partnership with

Cattolica University on

ESG & Sustainability

Research on relevant ESG factors

for Italian SMEs to support

investors to better evaluate those

companies from an ESG

perspective

New Advertising

Listing on the

Campaign

To improve

AIM and

brand

MTA – STAR

awareness

Increased visibility

in Italy and abroad

Ad-hoc

Commitment to high

ESG initiatives

standards in

corporate governance,

Welfare plan for employees

transparency and

ESG factors embedded in the

communication

remuneration policy

Partnership with

Corporate

Accademia di Brera

to promote

Identity

Culture and Art

New corporate website

(Equita.eu) and improved

Reward young talented

presence on social networks

students, research and

Pro-active management

didactics in artistic

of contents on the web

disciplines

Ongoing education for all professionals

New policies to protect environment

Strong Brand and ESG/sustainable

approach improve positioning

for future growth

FIRST QUARTER 2020 RESULTS

14

THE INFLUENTIAL ROLE OF EQUITA ON FINANCIAL MARKETS

EQUITA IS AN OPINION MAKER ON CAPITAL MARKETS AND HAS POSITIONED ITSELF AS THE LEADING EXPERT OF FINANCIAL MARKETS IN ITALY

EQUITA ROLES AND INITIATIVES THAT PROMOTE THE DEVELOPMENT OF FINANCIAL MARKETS

Pro-market regulatory contributions

Equita has actively contributed to several initiatives aimed at improving financial markets and ease access and liquidity of SMEs to capital markets (PIR funds, listing tax breaks,…)

Standing roles of some Equita representatives

Some representatives of Equita are currently covering important offices to promote the development of financial markets (Assosim, Borsa Italiana, Consob) 1)

Long-Standing

Partnership with

Bocconi University

Long-standing relationship with Bocconi to encourage the debate on Italian capital markets. Six position papers published and dedicated research lab

Opinion maker on

relevant financial topics

Several contributions on national and international media to raise awareness on key financial topics (MiFID II, promotion of capital markets, …)

THE EXPERTS OF

FINANCIAL MARKETS

Strong brand, feeding new business opportunities

High reputation, reinforcing the Equita’s appeal as strategic partner

1) Mr. Perilli is member of the Board of Directors of Borsa Italiana. Mr Vismara is member of the ASSOSIM executive committee and member of

FIRST QUARTER 2020 RESULTS

15

the stakeholder group of Consob.

PROFIT & LOSS AND BALANCE SHEET

STILL PROFITABLE QUARTER, DESPITE THE MARKET IMPACT ON DIRECT INVESTMENTS. SOLID CAPITAL STRUCTURE CONFIRMED

SUMMARY PROFIT & LOSS AND BALANCE SHEET

Summary P&L

Q1

Q1

FY

€ m

2020

2019

Var. %

2019

Net Revenues

12,9

12,6

2%

58,3

Personnel costs (1)

(5,9)

(5,8)

2%

(27,1)

Compensation/Revenues ratio

(46%)

(46%)

(46%)

Operating costs

(4,3)

(4,0)

8%

(17,5)

Total Costs

(10,2)

(9,8)

5%

(44,7)

Cost/Income ratio

(79%)

(77%)

(77%)

Profit before taxes

2,7

2,8

(5%)

13,7

Income taxes

(0,8)

(0,8)

(1%)

(4,2)

Net Profit

1,9

2,0

(7%)

9,5

Margin %

15%

16%

16%

Dividend Payout %

91%

Summary Balance Sheet

Q1

FY

€ m

2020

2019

Total assets

347,9

288,3

Total liabilities

265,7

208,2

Total shareholders’ equity

82,2

80,1

Total equity and liabilities

347,9

288,3

Total Capital Ratio

22%

26%

Simple but disciplined cost structure,

confirming strong profitability

Compensation / Revenues ratio consistently

below 50%

Discipline on operating costs confirmed

Operating leverage in Investment Banking and Alternative Asset Management businesses

Profitability almost in line with Q1’19

  • 90% dividend payout in the last 3 years

Solid capital structure,

investing in capital light initiatives

Capital light business

Sizeable reserves available for distribution (more than €40m, of which €4m set aside during the last 3 years) (2)

Strong ratios, well above minimum requirements

(1) Net of compensation to directors and statutory auditors. (2) Net Profits of €1m per year not distributed in 2017, 2018 and 2019, in addition to

FIRST QUARTER 2020 RESULTS

16

€1m of Adjusted Net Profits coming from non-recurring IPO expenses recorded in 2018

FOCUS ON COST STRUCTURE

Q1’20 CONFIRMED THE COST-DISCIPLINED APPROACH OF THE GROUP, WITH DECREASING FIXED COMPENSATION, STABLE INFORMATION TECHNOLOGY EXPENSES AND LESS GROWING TRADING FEES COMPARED TO SALES & TRADING REVENUES

PERSONNEL COSTS

Q1

Q1

Personnel costs at €5.9m (+2%, in line with revenues)

€ m

2020

2019

Var. %

Fixed component at €4.2m (-3% compared to Q1’19), benefiting

Personnel costs (1)

5,9

5,8

2%

from junior hirings which replaced some senior professionals

o/w Fixed component

4,2

4,4

(3%)

Increase in Variable component, setting up additional incentives

o/w Variable component

1,7

1,4

18%

and further strengthening retention

FTEs (2)

145

146

(1%)

Comps / Revenues

46%

46%

0%

Compensation / Revenues ratio at 46%, in line with most recent

Fixed Comp / Total Comp

72%

76%

(5%)

quarters

OPERATING COSTS

Q1

Q1

€ m

2020

2019

Var. %

Operating Costs

4,3

4,0

8%

o/w Information Technologies (IT)

1,4

1,4

0%

o/w Trading Fees

0,9

0,9

9%

o/w Non-Recurring

n.a.

o/w Other (D&A, marketing, governance,…)

1,9

1,7

13%

Includes additional costs related to the governance of the newly established Equita Capital SGR

Operating Costs were €4.3m, up by +8% compared to Q1’19

Stable Information Technology expenses at €1.4m, thanks to a constant cost-disciplinedapproach

Trading Fees were up by only 9% in Q1’20 (despite Sales & Trading revenues being up 24%), thanks to some initiatives that optimised the trading execution of orders

Increase in Other costs mainly driven by expenses related to Equita Capital SGR, offsetting minor savings in marketing expenses (roadshow, events, …)

(1) Net of compensation to directors and statutory auditors. (2) Number of FTEs at year-end. (3) Excluding Retail Hub operating cost, non-

FIRST QUARTER 2020 RESULTS

17

recurring items and non like-for-like expenses (eg. Equita Capital SGR’s costs due to company setup, new governance, advertising campaign, etc.)

Index

UPDATE ON RECENT DEVELOPMENTS

EQUITA TODAY (CURRENT TRADING Q1’20)

CLOSING REMARKS

APPENDIX (DETAILS ON Q1’20 AND OTHER ADDITIONAL INFORMATION)

RESILIENT AND PROFITABLE PERFORMANCE THANKS TO DIVERSIFICATION

NET REVENUES (€M)

+5%

CAGR ’09-’19

in Net Revenues

over the last

11 years

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Global Markets

Investment Banking

Alt. Asset Management

NET PROFITS (€M)

Always

profitable,

with significant

dividend distribution

over the last

11 years

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Dividend Payout (%)

100%

100%

100%

100%

100%

100%

100%

100%

90%

91%

91%

FIRST QUARTER 2020 RESULTS

19

STRONG TRACK-RECORD IN THE EXECUTION OF NEW INITIATIVES

LEGACY BUSINESS VS NEW INITIATIVES (NET REVENUES FY’09 VS FY’19)

€58m

€58m

9

New

€36m

18

€36m

30

Initiatives

4

7

Global Markets

36 Legacy

Legacy

25

32

Investment Banking

28

Alt. Asset Management

Business

Business

2009

2019

2009

2019

CONTRIBUTION OF FIXED INCOME ON FY’19 RESULTS

Retail Hub

Market Making

Fixed Income sales

M&A & Advisory

Debt Capital Markets

Debt Advisory

Private Debt

Flexible funds’ management

…and many others!

% Other

% Fixed

Revenues

≈80%

≈20%

Income

(Equity, etc)

Revenues

Equita Private

AAM

Debt fund I

IB

DCM &

Debt Advisory

Market Making

GM

Fixed Income sales

≈20%

Net Revenues

related to

Fixed Income

business

in 2019

FIRST QUARTER 2020 RESULTS

20

HOW HAS THE BUSINESS CHANGED SINCE IPO?

RESILIENT GLOBAL MARKETS THANKS TO M&A AND DIVERSIFICATION (DESPITE MIFID II REGULATION). STRONG GROWTH IN INVESTMENT BANKING, IMPACTED BY TOUGH MARKETS IN 2019 BUT STILL WITH A LOT OF POTENTIAL. ALTERNATIVE ASSET MANAGEMENT CONFIRMED AS SIZEABLE GROWTH ENGINE, WITH FASTER DEVELOPMENT THAN EXPECTED AT IPO.

FY’16 (YESTERDAY)

EQUITA

ACTUAL

FY’19 (TODAY)

FY’22 (TOMORROW)

MB ESTIMATES

UBI ESTIMATES

EQUITA

EQUITA

(@IPO, NOV-2017)

(NOV-2019)

ACTUAL

STRATEGIC PLAN

30 30

34 34 8-

12

GM IB AAM

Net Revenues

AuM

Net Profits

(Margin %)

Total Capital Ratio

Dividend / Payout

€49m

€57m

€53m

€58m

€75m

€0.4bn

€0.5bn

n.d.

€1.0bn

€2.0bn

€8.8m

€11.1m

€8.1m

€9.5m

≈20%

(18%)

(19%)

(15%)

(16%)

Net Revenues

16%

Share

17%

17%

26%

≥15%

Price €2.9

@IPO

n.d.

€0.19 (80%)

€0.20 (>100%)

€0.19 (91%)

90%+

FIRST QUARTER 2020 RESULTS

21

RESILIENT PERFORMANCE IN TERMS OF TOTAL SHAREHOLDERS’ RETURN

MORE RESILIENT STOCK BEHAVIOUR COMPARED TO PEERS AND MAIN ITALIAN INDICES SINCE IPO(1)

TOTAL SHAREHOLDERS RETURN SINCE THE EQUITA IPO (23 NOVEMBER 2017)

IPO 23-Nov-17

(€2.90)

€277m Median €121m

Market Cap (2)

€4.6bn

Peer

€160m

Peer

Peers

€417m

Peer

€83m

Peer

€31m

Peer

€359m

Peer

€198m

Peer

€918m

Peer

All-shares

Italy

MIB

STAR

FTSE

Small Caps

All-Financials

All-Fin. services

@31-Dec-19

13%

13%

(11%)

36%

(43%)

(27%)

11%

25%

12%

11%

12%

10%

(1%)

2%

23%

@14-Feb-20

@23-Mar-20

(pre-Coronavirus)

(post-Coronavirus)

(13%)

14%

11%

(44%)

(11%)

(30%)

38%

17%

(37%)

(47%)

(25%)

(53%)

7%

(29%)

42%

(5%)

20%

(42%)

17%

(24%)

19%

(23%)

13%

(21%)

(1%)

(33%)

7%

(36%)

30%

(30%)

@22-May-20

(today)

(1%)

(36%)

(12%)

(7%)

(9%)

(40%)

15%

8%

(11%)

(15%)

(14%)

(4%)

(25%)

(32%)

(11%)

(1) Total Shareholder Return calculated including dividends. (2) Market Cap in Euro (€) currency as of May 22, 2020

FIRST QUARTER 2020 RESULTS

22

NEXT STEPS

MANY INITIATIVES IN ALL AREAS, SUPPORTING FURTHER FUTURE GROWTH

SUMMARY PROFIT & LOSS AND BALANCE SHEET

Global

Markets &

Research

Investment

Banking

Alternative Asset

Management

M&A &

Partnerships

P&L

Balance Sheet

Further coordination of Global Markets area as a whole, with clear strategy and allocation of resources

Further diversification of product offering as well as client base, increasing resiliency

Cross-sellinginitiatives supporting growth in market shares

Discipline on costs / technology. Review of profitability by area and client

Strengthening of our market position in the fixed income domain

Close gap with larger international independent players

Additional focus on advisory (M&A and debt advisory/restructuring)

Cross-selling with Asset Management

First Closing of Equita Private Debt Fund II by year-end (fundraising underway with €200m hard cap)

Other private capital initiatives with specific focus on private equity and exploiting investment structures

like ELTIFs

Bolt-onM&A on selected opportunities in areas of potential growth

Potential high-levelpartnerships contributing synergies to Equita’s businesses

Compensation / Revenues ratio < 50%

Cost-disciplinedapproach keeping general costs stable and looking for potential savings

Highly selective approach on hirings (only necessary replacements and/or revenue-generating new hires) Implementation of a new state-of-the-art customer relationship management tool (CRM)

FIRST QUARTER 2020 RESULTS

23

ROAD TO 2022: TOP PRIORITIES AND TARGETS

TOP 5 PRIORITIES

KEY TARGETS FROM THE 2020-2022STRATEGIC PLAN

Revenue Generation and Diversification

Cost Discipline and Focus on Profitability

Growth in AuM

Low Capital Absorption and

Consistent Shareholders’

Remuneration

Strong Commitment on Sustainability

Net Revenues €75m

-500 bps in Cost/income

≈20% Net Profitability

AuM €2 billion

TCR ≥ 15% / ROTE ≥ 20%

Dividend Payout % ≈90%

Promote employees wellbeing

Increase customer and financial community’s satisfaction

Social and economic development of local communities

Improve health and safety Mitigate impacts on environment

Opened to

strategic

partnerships

that could accelerate the growth of the business

FIRST QUARTER 2020 RESULTS

24

, THE LEADING INDEPENDENT INVESTMENT BANK IN ITALY

THE LARGEST

INDEPENDENT TRADING

FLOOR IN ITALY

COMMITTED

MANAGEMENT & FULLY

UNPARALLELED ACCESS

ALIGNED INTERESTS

TO CAPITAL MARKETS

WITH INVESTORS

STRONG PROFITABILITY

WIDE RANGE OF

& LOW CAPITAL

INVESTMENT BANKING

ABSORPTION

SERVICES

TOP-QUALITY

INNOVATIVE

ALTERNATIVE ASSET

RESEARCH TEAM

MANAGEMENT

PLATFORM

FIRST QUARTER 2020 RESULTS

25

Index

UPDATE ON RECENT DEVELOPMENTS

EQUITA TODAY (CURRENT TRADING Q1’20)

CLOSING REMARKS

APPENDIX (DETAILS ON Q1’20 AND OTHER ADDITIONAL INFORMATION)

KEY MESSAGES FROM THE OUTBREAK OF COVID-19

OPERATIONS KEEP GOING SMOOTHLY THANKS TO INFORMATION TECHNOLOGY INVESTMENTS MADE DURING THE LAST FEW YEARS WHICH GUARANTEE CONTINUITY TO THE BUSINESS AS WELL AS HEALTH AND SAFETY OF EQUITA PROFESSIONALS

2018 – 2019

Information Technology

Implementation of a faster and safer network infrastructure with ultrabroadband guaranteed connection

Investments in cybersecurity (new firewall,…) to ensure safe

and secure access to company data

Increase from 10 to 200 simultaneous remote connections

Setup for the migration to a cloud-basedapplicative

(Microsoft Office 365)

Enablers for

Business Continuity

February – May 2020

Business & Operations

Business continuity granted in all areas, from Global Markets to Investment Banking, with a mix of professionals on-site (approximately 20%) and remote operations

Relocation of some activities to reduce risks of contagion and guarantee business continuity in case of emergency (eg. sales and traders repositioned in areas of the building and remotely)

Information Technology

Safe and secure remote access guaranteed to all employees

New collaboration tools to facilitate remote co-working (videoconferences,…)

Setup of a new VPN as backup as well as to avoid congestion in peak-timeswhen traders

work from remote (guaranteeing the broadband connection they need)

Procurement of additional laptops

Compliance and HR

Adoption of formal internal policies to limit contacts and rule the presence on-site, setup a task-force to investigate any potential issue and act promptly

Frequent updates to keep employees posted on what is going on

FIRST QUARTER 2020 RESULTS

27

MILESTONES

LONG TRADITION AS ITALIAN INDEPENDENT INVESTMENT BANK

The management team of Equita SIM (which already owns 49.5%) and Alessandro Profumo buy 50.5% from J.C. Flowers & Co.

J.C. Flowers & Co., in partnership with the management team, acquires a controlling stake in Euromobiliare SIM

Euromobiliare SIM changes its name in Equita SIM

2019-

2020

2018

2017

Launch of the Asset

Launch of discretionary portfolio management business

Midland Bank acquires control of Euromobiliare (1988)

Incorporation of Euromobiliare SIM (1991)

Credito Emiliano acquires Euromobiliare and completes a reverse merger and listing process (1994)

Listing of Euromobiliare on the Italian Stock Exchange

Management Company

Equita Capital SGR

2016

Acquisition of Nexi’s Brokerage &

Primary Market and Market Making

business units

Partnership with Blueglen for

exclusive distribution in Italy of a fund

focused on high yield credit

Equita Group moves to the

STAR segment of Borsa Italiana

2003

Incorporation of

Euromobiliare, one of

1988-

the first merchant

1994

banks in Italy

1981

1973

Incorporation of Equita Group (HoldCo which

owns 100% of Equita SIM). The management

acquires the majority of Profumo’s stake

Equita Group listed on AIM Italia

Launch of EPS Equita PEP SPAC (€150m), Italy’s

first institutional SPAC, and listing on AIM Italia

Launch of a €100m closed-endPrivate Debt fund

FIRST QUARTER 2020 RESULTS

28

FOCUSED AND SYNERGISTIC BUSINESS MODEL

DIVERSIFIED BUSINESS MODEL WITH THREE DIVISIONS – ALL SUPPORTED BY A TOP-QUALITY RESEARCH TEAM

GLOBAL MARKETS

Largest independent trading floor in Italy, focused on Equities, Bonds and

Derivatives

Over 400 active Italian and international

  • institutional clients
    Retail Hub with over 80 interconnected
    Italian banks
    #2 “Best Broker in Italy Trading Execution” and “in Italy Equity Sales”
    Wide range of services, particularly Market Making in Derivatives and
    Bonds

Around 300 active specialist contracts

Experts in reducing the impact of market volatility with a balanced portfolio management strategy

GMAAM

ALTERNATIVE ASSET MANAGEMENT

€1.0bn+ of Asset under Management, including discretionary portfolios, flexible funds and private capital funds

€100m closed-end private debt fund entirely invested and a second fund with fund-raisingcurrently underway (€200m target)

IB

INVESTMENT BANKING

Consistently ranked among the top M&A Advisors by number of deals in the last 5 years

Leading independent operator on capital markets (ECM, DCM, Debt Advisory), raising €4.4bn for its clients in the last 5 years with more than 30 transactions

RT

RESEARCH TEAM

Equity and Bond market coverage

#2 “Best Italian Research Team” (Institutional Investor)

120+ Italian companies covered (96% of the total market cap)

#3 “Best Country Analysis” (Extel)

40+ European companies covered

FIRST QUARTER 2020 RESULTS

29

EXPERIENCED MANAGEMENT SUPPORTED BY WELL-INTEGRATED TEAMS

Equita Board members

Perilli (Chairman)

Board renewed in May 2020

Independent Board members

EQUITA

Vismara (CEO)

Colonna (Indep.)

Ferrari (Indep.)

Key managers

GROUP

Biglieri (Non Exe.)

Demartini (Indep.)

Zeme (Indep.)

Control functions

L. Roth (Chairman)

L. Roth (Chairman)

M. Ghilotti (CEO)

F. Deotto (Vice-Chairman)

EQUITA

EQUITA CAPITAL

S. Milanesi (Member & Group CFO)

A. Vismara (CEO)

SIM

SGR

S. Lustig (Member)

S. Milanesi (Member)

P. Pendenza (Member)

F. Perilli (Member)

M. Zeme (Member)

GLOBAL MARKETS

40+

INVESTMENT BANKING

30+

ALTERNATIVE ASSET MANAGEMENT

10

V. Abbagnano (Co-Head of Global Markets)

M. Clerici (Co-Head of Investment Banking

M. Ghilotti (CEO Equita Capital SGR & Head of Portfolio Management)

C. Rho (Co-Head of Global Markets)

& Head of Global Financing)

S. Lustig (Head of Alternative Asset Management)

F. Arcari (Head of Sales & Trading)

G. Mazzalveri (Co-Head of Investment

P. Pendenza (Head of Private Debt)

Banking & Head of Financial Institution)

C. Belotti (Co-Head of Retail Hub)

R. Rufini (Head of Private Equity)

C. Volpe (Co-Head of Investment Banking &

S. Pozzi (Co-Head of Retail Hub)

Head of Corporate Advisory)

S. Martucci (Head of Proprietary Trading)

RESEARCH TEAM

14

L. De Bellis (Co-Head of Research Team)

D. Ghilotti (Co-Head of Research Team)

GROUP OPERATIONS, STAFF AND CONTROL FUNCTIONS

50+

S. Milanesi (Group CFO & COO)

P. Pedrazzini (Head of Compliance, Risk & AML)

E. D’Ardes (Internal Audit)

#

Number of professionals by business line or area

FIRST QUARTER 2020 RESULTS

30

GLOBAL MARKETS

SOLID GROWTH IN THE CLIENT-RELATED BUSINESS (+36% VS Q1’19), THANKS TO INCREASED VOLATILITY, HIGHER MARKET VOLUMES AND STRONG DIVERSIFICATION. OVERALL PERFORMANCE OFFSET BY THE RESULTS OF DIRECTIONAL TRADING ACTIVITIES, WHICH WERE IMPACTED BY THE TOUGH MARKET CONDITIONS AND REPEATED SHARP DOWNTURNS

NET REVENUES (€M)

37,1

Client-related

Sales & Trading

31,6

30,6

30,5

30,0

Business

Client Driven & Market Making

25,8

25,8

20,8

21,7

(0%)

Directional Proprietary Trading

24,4

21,4

20,9

9,1

9,1

Client-related

4,3

4,4

6,8

3,1

5,5

8,0

5,5

Business +36%

7,0

2,1

3,0

1,9

3,6

3,1

2,8

5,3

2,1

1,5

(1,3)

FY’14

FY’15

FY’16

FY’17

FY’18

FY’19

Q1’19

Q1’20

(Growth % Q1’20 vs Q1’19)

Performance drivers

In the first months of 2020 financial markets experienced a significant increase in volatility and third parties brokered volumes (+47% on equities and +49% on fixed income in Q1’20 vs Q1’19) (1)

Sales & Trading revenues up 24%, from €5.5m to €6.8m in Q1’20, benefiting from increase in volatility and higher market volumes

Client-Driven & Market Making revenues grew by 66%, from €2.1m to €3.6m in Q1’20, driven by higher levels of clients’ activities and thanks to some particularly performing trading strategies

Directional trading impacted by the tough conditions and sharp downturns of financial markets, which driven the Q1’20 result to €1.3m

losses (€1.5m gain in Q1’19). This more than offset the growth achieved by the client-related business activities

(1) Source: ASSOSIM. Note: 2014 and 2015 figures referred to Equita SIM; 2016 and onward figures referred to Equita Group; roundings in Client

FIRST QUARTER 2020 RESULTS

31

Driven & Market Making and Directional Trading net revenues could occur due to minor reclassifications

INVESTMENT BANKING

Q1’20 REVENUES IN LINE WITH THE AVERAGE OF LAST 5 YEARS, WITH SIGNIFICANT IMPROVEMENT VERSUS THE WEAK Q1’19 AND DESPITE THE DIFFICULT ENVIRONMENT DUE TO COVID-19

NET REVENUES (€M)

MARKET FIGURES (Q1’20 VS Q1’19)

26,1

19,6

20,2

18,3

17,6

+93%

15,9

2,1

4,0

FY’14

FY’15

FY’16

FY’17

FY’18

FY’19

Q1’19

Q1’20

ECM (1)

€0.9bn (+30%)

7 Deals (-42%)

€3.2bn (-32%)

DCM (2)

6 deals (-14%)

€9.2bn (+40%)

M&A (3)

231 deals (+8%)

Performance drivers

Only 7 ECM deals executed in Italy in Q1’20 (12 in Q1’19), for a total volume of only €0.9bn (€0.7bn in Q1’19). DCM transactions decreased too, with 6 deals completed in Q1’20 (7 in Q1’19) which raised €3.2bn (€4.7bn in Q1’19)

Several high-profileM&A mandates completed by Equita in the first months of 2020. Interesting opportunities in the coming months due to the consolidation of several sectors and industries

Corporate Broking and Specialist activities continued to deliver good results. Number of mandates with listed companies increased to 50, enabling cross-sellingand cross-fertilisation opportunities for the other investment banking teams

(1) ECM figures include IPOs, Convertibles and Follow-on deals. Source: Equita analysis on Borsa Italiana and Dealogic data. (2) DCM figures excluding

FIRST QUARTER 2020 RESULTS

32

banks/insurances. Source: Bondradar. (3) Source: M&A in Italy, KPMG report. (4) (32%) excludes three large balance sheet driven deals above €1 billion

(Nexi’s IPO, Creval’s aucap and Fineco’s ABB). Page note: 2014 and 2015 figures referred to Equita SIM; 2016 and onward figures referred to Equita Group

ALTERNATIVE ASSET MANAGEMENT

RESULTS IMPACTED BY THE LOWER MARKET VALUE OF PROPRIETARY INVESTMENTS IN ASSET MANAGEMENT INITIATIVES. AM FEES SLIGHTLY DOWN YEAR-ON-YEAR DUE TO THE DECLINE IN AUM WHICH WERE IMPACTED BY MARKETS’ DOWNTURN

NET REVENUES (€M)

Recurring initiatives

Management fees PM

8,6

€1.0m AM Fees in Q1’20

(€1.1m in Q1’19)

Performance fees PM

(€1.2m)

3,7

Port. Management (-7%)

impact

Private Debt (+17%)

from FV on

3,7

3,2

investments

2,1

2,1

1,5

4,9

1,4

0,8

0,5

(0,1)

FY’14

FY’15

FY’16

FY’17

FY’18

FY’19

Q1’19

Q1’20

Performance drivers

Q1’20 results impacted by lower market value of Equita investments (e.g. Blueglen fund down 26% YTD as of March 31, 2020)

Portfolio management recorded lower management fees (-7%) following the decline in its AuMs (from €919m in FY’19 to €752m in Q1’20), mainly due to performance (2/3 market, 1/3 drawdowns)

Private Debt continued to focus on EPD II fundraising (hard cap €200m) and deal- sourcing activities to speed-up the investment phase when EPD II will be ready (First closing expected by the end of H1’20)

Assets under

Decline in AuM (16%)

Management

mainly due to market

performance

(€m)

1.019

980

39

852

49

100

654

150

29

100

100

150

358

100

880

251

681

723

66

404

251

292

2015

2016

2017

2018

2019

Q1’20

Private Equity working on a new initiative leveraging on investment structures like ELTIFs

Portfolio Management Private Debt SPAC Blueglen

2014 and 2015 figures referred to Equita SIM; 2016 and onward figures referred to Equita Group

FIRST QUARTER 2020 RESULTS

33

ALTERNATIVE ASSET MANAGEMENT: SOUND PERFORMANCE

POSITIVE TRACK RECORD IN ALMOST ALL PRODUCTS THANKS TO STRONG EXPERTISE AND TOP-QUALITYIN-HOUSE RESEARCH. RESILIENT PERFORMANCE ALSO DURING THE MARKET TURMOILS OF 2020

A DIVERSIFIED SET OF PRODUCTS

Broad market recognition

of senior professionals, leveraging on

top quality in-house research

Different products

performing

with a strong track record

1

ITALY TOP

SELECTION

(BLUE CHIPS)

2

TOP SELECTION

MID SMALL

(MIDSMALL CAPS)

3

TOP SELECTION OPPORTUNITY

(BALANCED)

PORTFOLIO MANAGEMENT

2013

2014

2015

2016

2017

2018

2019

YTD

(1)

Line

30,8%

10,0%

26,6%

(1,8%)

16,9%

(8,5%)

23,9%

(19,8%)

Benchmark

16,1%

0,0%

14,1%

(8,6%)

14,0%

(15,1%)

24,3%

(22,4%)

Rel. Perf.

14,7%

10,1%

12,6%

6,9%

2,9%

6,6%

(0,4%)

2,6%

2013

2014

2015

2016

2017

2018

2019

YTD

(1)

Line

66,6%

8,6%

37,1%

(5,5%)

28,7%

(14,4%)

23,2%

(21,1%)

Benchmark

39,8%

(0,3%)

30,7%

(4,1%)

25,7%

(16,1%)

17,9%

(18,1%)

Rel. Perf.

26,8%

8,9%

6,4%

(1,4%)

3,0%

1,7%

5,3%

(3,0%)

2013

2014

2015

2016

2017

2018

2019

YTD

(1)

Line

30,2%

7,4%

14,8%

(1,1%)

4,6%

(3,6%)

13,5%

(11,8%)

Benchmark

9,3%

2,9%

7,4%

(3,7%)

6,8%

(8,0%)

14,8%

(12,8%)

Rel. Perf.

20,9%

4,5%

7,4%

2,6%

(2,2%)

4,4%

(1,3%)

1,0%

4

EQUITY MID

Net Performance (2)

5

EQUITY SELECTED

Net Performance (2)

SMALL CAP

YTD (4%)

DIVIDEND

YTD (10%)

FUND

Inception +3%

FUND

Inception (6%)

THIRD PARTIES

6

Net Performance (2)

7

BLUEGLEN

EQUITA

EQUITA TOTAL

YTD (26%)

RETURN FUND

PRIVATE

Inception (21%)

(BETR)

DEBT I

PRIVATE DEBT

PRIVATE EQUITY

Fund type

Closed-end

8

EPD II

9

Equita

Commitment (€, time)

€100m/10 yrs

+

Smart Capital

(Fundraising

Leverage (avg)

≈3x EBITDA

started in

(ELTIF)

Gross Exp. Ret. (%)

≈9.5% YTD(1)(3)

Oct’2019)

(Launch expected

in Q3 2020)

(1) Performance as of May 15, 2020; (2) Performance as of March 31, 2020; (3) Assuming no early reimbursement

FIRST QUARTER 2020 RESULTS

34

BALANCE SHEET AND TOTAL CAPITAL RATIO

LIGHT BALANCE SHEET AND HEALTHY CAPITAL STRUCTURE, WITH TOTAL CAPITAL RATIO WELL ABOVE REQUIREMENTS

€ m

Q1’20

FY’19

FY’18

Cash & cash equivalents

0,0

0,0

0,0

Assets at FV to P&L & Equity investments

80,9

75,3

62,0

Receivables

237,6

184,2

215,1

Tangibles assets

7,2

7,3

0,6

Intangible assets

15,1

15,1

15,0

Tax assets

4,2

5,0

3,9

Other assets

2,9

1,5

1,7

Total assets

347,9

288,3

298,3

Debt

Approximately

227,2

172,9

184,8

Financial liabilities held for trading

13,4

12,3

8,3

€40m of reserves

Tax liabilities

2,7

2,3

2,0

available for

Other liabilities

16,5

14,2

14,5

distribution

Employee termination indemnities

1,9

2,5

2,4

Provisions for risks and charges

3,9

3,9

6,2

Total liabilities

265,7

208,2

218,3

Share capital

11,4

11,4

11,4

Treasury shares

Total

(4,5)

(4,5)

(4,5)

Share premium reserve

Capital Ratio

18,2

18,2

18,2

Reserves

22%

55,3

45,6

44,0

Valuation reserves

(0,0)

(0,0)

0,0

Profit /(Loss) for the financial year

1,9

9,5

11,0

Total shareholders’ equity

82,2

80,1

80,1

Total shareholders’ equity and liabilities

347,9

288,3

298,3

FIRST QUARTER 2020 RESULTS

35

VIA TURATI 9 | MILANO | 20121

TEL. +39 02 6204.1 | FAX +39 02 29001208/1202

INFO@EQUITA.EU | WWW.EQUITA.EU

Disclaimer

Equita Group S.p.A. published this content on 25 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2020 17:37:06 UTC

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Equita Group S.p.A. Technical Analysis Chart | MarketScreener

Technical analysis trends EQUITA GROUP S.P.A.

Short Term Mid-Term Long Term
Trends Neutral Neutral Bearish

Income Statement Evolution





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