1
Franchetti Spa
“Appuntamento alle Colonne”–Banca AkrosOctober,5th2026
2 Paolo FranchettiCEO & PartnerJacopo NembroHead of FinanceToday Speakers •Experienced civil engineer, specialized in the dynamics of existing and monument structures•Member of the Study Commission for the Port of Venice and of the Commission for the Evaluation of Maritime Traffic of the Giudecca Canal•Associate Professor at the University of Padua•Experienced financial manager, specialized in debt structuringAlexandre DittertGM Brazil•Civil Engineerwith 25+ years of expertise in infrastructure, port, industrial and steel projects, as well as consultancy on bridges and viaducts•Specialized in strategic management and business development, with strong experience in consultancy and EPC contracts
3IndexGroup OverviewGrowth Strategy1H2026 Financial Results Outlook & 2026-2028 Business PlanAnnex
4GROUP OVERVIEW
5Who we are FranchettiFranchettiisamultinationalengineeringandtechnologygroupspecialisedinpredictivemaintenanceforcriticalinfrastructure,supportedbyproprietarysoftwaresolutionswithhightechnologicalcontent.TheGroupoperatesinamarketunderpinnedbystronglong-termstructuraldrivers,includingtheongoingdigitaltransformationandtheincreasingadoptionofartificialintelligenceinmonitoringprocesses,theprogressiveagingofinfrastructureassets,theheightenedawarenessofcollapserisks,andthegrowingconstraintsonpublicinvestmentbudgets.Withinthiscontext,Franchettiisexecutingaclearandambitiousindustrialstrategyaimedatdeliveringsustainablegrowthandstrengtheningitspositionasaninternationaltechnologicalleader,withascalablebusinessmodelthatcanbeextendedtoadjacentsectorsandnewgeographicalmarketsVision and ObjectivesTheGroup’sprimaryobjectiveistofurtherstrengthenitsleadershipintheglobalmarketthroughadevelopmentmodelbuiltonintegration,continuousinnovationandinternationalexpansion.Withinthisframework,the2026–2030growthplanisdesignedtoenhancevaluecreationbyleveragingoperationalanddigitalsynergiesacrossgroupcompaniesandstrategicpartnerships,whileprogressivelyexpandingtheportfolioofproprietaryandacquiredcompetenciesandtechnologies.Atthesametime,theGroupaimstoconsolidateandbroadenitspresenceacrosskeyEuropeanandinternationalmarkets,reinforcingitspositioninginhigh-potentialgeographies
6Strategic Positioning
Maintenance plansDigitalisationMonitoringSecurity checksAdvanced inspectionsTraditional inspectionsConstructionDesign and testingLife cycle of infrastructure and services provided•Design and inspection of bridges, buildings and roads•BIM design with a dedicated team•Automated quantity take-offs to optimise the design•Optimisation of site organisation•Site management•Health and safety coordination•Visual inspections, and inspections using drones and robots•Automatic reports•Photogrammetric surveys and defect detection in BIM using AI•Automated inspection audits•Monitoring projects•Integrated sensor management•Laser scanning and photogrammetric surveys•Scan to BIM•Digital Twin creation•Development of maintenance plans for new and existing facilities :i.Annual (Budget)ii.3/5 years (Piano Industriale)iii.30-50 years (Long Term) •Structural safety inspectionsInfrastructureEnd to end capabilityThegeographicalfootprintfollowsthesamelogicofprogressivematurity.ItalyandBrazilareconsolidatedmarkets,whereFranchettialreadyhasastructuredoperationalpresence.NorthAmerica,SpainandtheDACHregionareinamaturationphase,withpositioningbeingsteadilyreinforced.ExpansionisdirectedtowardsotherEuropeanandLatinAmericancountries,consistentwiththemarketoutlookoutlinedinMcKinsey's"TheInfrastructureMoment"report(September2025),whichestimatesatotalopportunityintheconsultancysegmentforEuropeandtheAmericasofbetween280and840billionUSDthrough2040—preciselytheprioritymarketsforFranchetti.Asia,AfricaandOceaniaremainpotentialmarkets,monitoredbutnotyetactivelypursued.Franchettifocusesonthemosttechnicallycomplexinfrastructuresegments.Thecorebusinessisbridgesandviaductstheclusterofinfrustructureswherethegroupexpressesitsexcellenceexpertise.Galleriesanddamsrequirein-depthspecialistknowledgeandrepresentmaturingmarkets,wherehightechnicalbarrierstoentryprotectmargins.Segmentsrequiringlessspecialistknowledge—realestateassets,harborsandstadiums—arethediscoveryphase,alongsidespecialinfrastructuressuchasnuclearplantsandairports,whereFranchetticanextenditsmethodologicalapproachwithoutyetbeingfullystructured.
7Investment Highlights Solving major pain points for infrastructure managers 1,000,000+estimatedbridgesincurrenttargetedmarkets;potentialtoextendtoports,tunnels,civilbuildingsandconcretedumsLarge operators and global infrastructure funds Bolt-on acquisitions allied with a strong organic trendHybrid business model with ≈26% EBITDA marginProprietary software suites and algorithmsHigh profile B2B customersLarge addressable marketClear growth modelHigh profitability Strong positioning in a structurally growing infrastructure monitoring market
8Proprietary suite for infrastructure asset management •A digital tool developed to support the technical audit of inspection activities and the management processes for structural and infrastructure assets•The software enables the comparison of inspection quality and inspector performance over time•Integration with Sidecheck’s AI platforms improves the quality of inspection data and reduces the margin for human error, fostering a maintenance culture based on objective and measurable criteria•A platform dedicated to the digitalisation of infrastructure inspection processes•Using artificial intelligence techniques, the system objectively identifies, quantifies and monitorsstructural defects over time•By integrating data collected via drones, laser scanners and multispectral sensors, it generates a three-dimensional mode, a «digital twin», enabling the tracking of degradation processes•The software simulates deterioration processes and defines optimal predictive maintenance strategies for the preparation of CAPEX plans for complex infrastructure networks•It enables advanced maintenance planning, facilitating timely interventions, efficient allocation of financial resources and risk mitigation•It has been trained on over 25 years of data, based on a database of approximately 40,000 bridges and viaducts •Software for the analysis and management of property portfolios, integrating BIM models, reporting and asset maintenance services•The platform builds a unified asset database, which is subsequently used to provide ancillary services•It supports the planning of seismic retrofitting works, 3D navigation and virtual tours•It includes advanced reporting tools to support decision-making processesand the optimisation of property assets Software designed for the design of monitoring systems, aimed at verifying their configuration in order to optimise their planning and installationIntegrated management of sensors installed in buildings and transport infrastructure, for the monitoring of faults and lifecycle managementProcessing of data from sensors installed on-site, with a view to identifying modal dynamic characteristics and any non-linear phenomenaSoftware designed for the optimal planning of roadworksand sustainable mobility, aimed at minimising traffic delays and environmental impact.
9Large B2B customersLeading public and private infrastructure operators, both domestic and international:
Served indirectly
Partner
*Key clients of Franchetti & Merola (excluding ECR)*
10Large addressable marketReport McKinsey «The Infrastructure Moment» (September 2025)Analysis of trends in the global infrastructure market Transport, logistics and social infrastructure represent the most dynamic sectors and those most closely aligned with Franchetti’s expertise (monitoring, AI, digital twins). The total potential market value for consultancy, design and digital engineering services inFranchetti’s sectors of interest is estimated to range between $1.02 trillion and $3.06 trillion globally by 2040. CategoryEstimated global investment(1.000 billion USD)Potential share for consulting servicesRange of opportunities for Franchetti (miliardi USD)Examples of activities relevant to FranchettiTransport and logistics361–3%360 –1.080Structural diagnostics of bridges and tunnels, digital twins, predictive maintenance, resilience plans and retrofits.Energy, power and resources231–3%230 –690Consultancy on smart grids, energy efficiency, monitoring of renewable energy systems, and structural risk analysis for grids and power stations.Digital infrastructure191–3%190 –570Digital twins for the planning and optimisation of infrastructure maintenance processesSocial infrastructure (healthcare, education, public housing, etc.)161–3%160 –480Consultancy services for sustainable construction, energy monitoring, diagnostics and predictive maintenance of public buildings.Waste & Water61–3%60 –180Consultancy on water resilience, leak management, digitalisation and predictive maintenance of networks.Defence and security21–3%20 –60Consultancy on critical infrastructure, seismic and cyber-physical resilience, and structural monitoring of bases and logistics.Estimated total (up to 2040)1021.020 –3.060
11Large addressable marketReport McKinsey «The Infrastructure Moment» (Settembre 2025)•Asia:(66%)–drivenbyurbanisationandmegacities.•Americas:(15%)–focusoninfrastructureanddigitalrenewal.•Europe:(12%)–strongdemandforrenovationandclimatecompliance.•AfricaandOceania:(7%)-otherGeographical breakdown of opportunities Focus on the areas of greatest interestForFranchetti,themostinterestingmarketsareEuropeandtheAmericas(Brazil,Canada,USA)AreaPercentage of the totalPrudential(redemption 1%)Favourable(redemption 3%)Asia66%6732020Americas15%155463Europe12%125375Africa e Oceania7%67202Estimated total (up to 2040)1.020billion USD 3.060billion USD THEVALUEOFTHECONSULTANCYBUSINESSISESTIMATEDTOBEBETWEEN≈280AND≈840BILLIONUSDTHEMARKETSEGMENTINWHICHFRANCHETTIISSPECIALISED
12GROWTH STRATEGIES
13Clear growth modelInvestment and endogenous growthAcquisition and exogenousgrowth strategy•Proprietaryindustrialandtechnologicalplatform:builtonstrongengineeringknow-how,themaindriversoforganicgrowthforthenextphaseofdevelopmentare:I.Progressivediversificationacrossinfrastructuresectors(bridges→rail→tunnels,ports,buildings)II.Expansionofhigh-valuedigitalservices:•digitalizationoftraditionalprocesses;•AI-baseddiagnostics;•dataanalytics&modelling.III.Strengtheningcapabilitiesandorganisation(talent,research,operationalfootprint).•TargetedM&Atoscaleoperationsandaccesslargercontracts.•Focusoncompanieswith:I.complementarytechnologiesandexpertise;II.internationalpresenceinhigh-demandmarkets.•ProvenM&Atrackrecord(Italy,Austria;Brazilongoing)•TheacquisitionoftheECRGroupinBrazilhasbeenfinalisedinendApril,enablingthecompanytodoubleitsvalueofproductionasearlyasthecurrentfinancialyearandincreaseitsorderbacklog.•Acquisitionpipelineto:I.expandtechnologicalcapabilitiesII.increasebacklogandproductioncapacityIII.EnterinnewmarketsThe Group’s strategy combines the strengthening of its core capabilities with targeted external acquisitions, creating a multiplier effect that enhances competitiveness and supports growth across international markets
14M&A transactions completed ThetransactionaimedtoexpandtheGroup'srangeofengineeringservicesandtechnologicalskills,especiallywithreferencetothemanagementofsteelstructures.Prevailing marketsDateOperationRationale acquisitionArea ItalyEurope and North / South AmericaDecember 2024February 2025Enhancement in steel structure designEnhanced software solutions for the analysis of reinforced concrete and steel structuresMaintenance therapyICT services for predictive maintenanceAstrategicoperationthathasallowedtheGrouptointegrateitsofferwithoneofthefewsoftwareintheworldcapableofprovidingbothahighlyinnovativediagnosisforinfrastructuresandsupportforlong-termmaintenanceplanning.Inaddition,thecompany'slocationinAustriaopensupnewgrowthopportunitiesintheDACHmarket(Germany,AustriaandSwitzerland)andintheUSA.ThetransactionhascontributedtoprovidingavaluablecontributiontotheParentCompanybyextendingthesectorofapplicationinthefieldoflargestructuresthroughitsowntechnologiesbasedondecadesofexperience.ItalyMarch2023Management of assets consisting of large private and public buildingsMaintenance therapy South AmericaApril2026Expansion of the customer base to the Public Administration: repositioning as a local market leaderMaintenance therapyStrategicoperationaimedatstrengtheningtheGroup'sinternationalpresence,withaparticularfocusontheBrazilianmarket,throughtheentryintoacompanywithaconsolidatedpositioningintheinfrastructuresectorandastrongexposuretopubliccustomersandconcessionaires.
151H2026 FINANCIAL RESULTS
161H 2026–A Step Change in Scale and Quality of Growth•Revenuesincreasedmorethan5xto€12.7m,whileVoPreached€14.5m(+155%),markingasignificantstepchangeintheGroup’soperatingscale•Revenueconversionimprovedmaterially,withrevenuesaccountingforapproximately88%ofVoPvs.43%in1H2025,supportedbybetterinvoicingprocessesandECR’scontribution•€104mbacklogprovidesstrongvisibilityonfuturerevenues:75%ofthebacklogconsistingofrecurringorlong-termcontracts•Profitabilityremainedstrongduringthescale-upphase,withEBITDAat€3.8m(+112%)andamarginofapprox.26%•Workingcapitalefficiencystrengthenedsignificantly,withDSOonrevenuesdecliningtoapproximately176daysfrom516days,reflectingimprovedinvoicingandcollectionprocesses•ECRintegrationexpandedtheGroup’sscaleandgeographicreach,whilefinancialleverageremainedcontainedatapproximately1.1xannualizedNFD/EBITDAStrongbusinessexpansioncombinedwithimprovedrevenueconversion,betterworkingcapitalefficiencyandcontrolledfinancialleverage
17Financial Highlights14.5+155% vs 5.71H2026Value of Production (in €m)3.8+112% vs 1.81H2026Ebitda (in €m)1.6vs 0.31H2026Net result (in €m)8.4 vs 2.1 as 31 Dec. ‘25Net Financial Debt (in €m) TheacquisitionofECRcontributedtotheconsolidatedresultsasofJune30,2026fortheentirehalf-year3.0+196% vs 1.01H2026Ebit (in €m)1.1xon an annualized basisNFD/Ebitda
18 Value of Production–Significant evolution of the VoPValue of Production (in €k)Breakdown Value of Production (in €k) •Revenuesfromsales(12.8€m,+5xYoY)includesnotonlyinvoicesissuedbutalsotheamountallocatedforinvoicestobeissued(i.e.referringtoworkcompletedanddeliveredbutforwhichauthorizationforissuanceisawaitedfromthecontractingparty)•Changeininventories(1.7€m,-47%YoY)referstotheincreaseinvalueoftheexpectedrevenuefromordersnotyetcompletedanddeliveredorthestartofordersreceivedthankstotheexpansionofthedigitaloffer,asaresultofthenewacquisitionsandthenewsoftwareandtheprogressivestartofprojectswithinthecompany'ssignificantbacklog+155%
19 Profit & LossEBITDA (in €k)Net Result (in €k)+112% •EBITDAmarginapprox.26%ofVoP,remainingathighlevelsduringaphaseofstrongexpansioninsizeandintegrationofthenewperimeter(marginsreflectanaturalconsolidationphase,whilethecommercial,industrialandtechnologicalsynergiesamongtheGroup’svariouscomponentshaveyettoexpresstheirfullpotential)•EBITalmosttripling,reflectingthesubstantialstabilityofD&AdespitethesignificantincreaseinoperatingscaleEBIT (in €k)+196%
20 Balance SheetAssets (in €k)Net Working Capital (in €k) •NetWorkingCapitalincreasemainlytheinclusionoftheECRGroup’sworkingcapitalwithintheperimeter.Atthesametime,improvedinvoicingandcustomerdiversificationareproducingasignificantbenefitonthecashconversioncycle.16.68412.98111.32917.388 •Intangibleassetsincreasemainlyduetotheconsolidationofthenewperimeterandinvestmentsintechnologicaldevelopment.•GoodwillalsoincreasedinconnectionwiththeacquisitionoftheECRGroup
21 Net Financial DebtNet Financial Debt (in €k)
•NetFinancialDebtincreasebutremainslargelysustainable,withleverage(NFD/EBITDA)of1.1x
Equity (in €k)22.02925.510
22OUTLOOK & 2026-2028 BUSINESS PLAN
23Outlook
•TheGroupexpectspositiveoperatingperformanceforfiscalyear2026,inlinewiththetargetsofthe2026-2028ConsolidatedBusinessPlan•ManagementwillfocusonintegratingtheECRGroup,progressivelyrealizingcommercial,industrialandtechnologicalsynergiesandexecutingtheaggregatebacklogofapproximatelyEUR104million•Investmentsintheproprietarytechnologysuitewillcontinue•Scoutingforpossibleexternalgrowthopportunitieswillalsocontinue(prioritygiventoNorthAmericaandEuropeandtospecialisttechnologiesandexpertisecomplementarytothosealreadyinplace)
24•Structural strengthening of the international presence, opening up very significant prospects for the future development•Launch of a direct managerial presence in North America and integration of ECR•Work on ongoing strategic growth transactions•Evolution of the software suite and integration of advanced technologies(e.g. AI, digital twin and advanced data analytics)•Continuous investment in human capital, strengthening technical skills and collaboration with universities and centers of excellence•Leveraging the integrationof engineering expertise, proprietary technologies and operational capacity•Aim of expanding applications to more complex critical infrastructuresand strengthening the innovative and proprietary content of the offeringOrganic growth(based on a backlog of € 104 mn*)Development of the technological and industrial platformInternational expansionAcquisition-led growth / M&AGuidelines underlying the 2026–2028 Business Plan
* Aggregate figure including ECR Group
252026–2028 Financial TargetsValue of ProductionEBITDALeverage (NFD/EBITDA)CAGR ≈40%CAGR >40%
* The average growth rates were calculated using the 2025 financial statements as the starting point (which does not consolidatethe ECR Group)≈1.5xat the end of the Plan
2025A2026F2027F2028F2025A2026F2027F2028F
26
Thank you
27ANNEX
28Closing of the acquisition of a 55%stake in the ECR Group in Brazil2026Franchetti’s History IPO on EGM: EUR 2.5 million of capital raised to pursue growth strategiesAcquisition of Gallo Technics SrlSpecialization in the field of existing network infrastructures in US(University of Irvine)*Foundation of Franchetti and brazilian subsidiaryContract for the Rio-Niterói Bridge, currently the second longest bridge in Latin America2005201320152022202320242025•Strengthening of management teamwith new hires in Rome, Milan and Rio de Janeiro•Acquisition of 67%of the share capital of Matildi+Partners SrlClosing of the acquisition of a 66.67% stake in the Austrian company Strucinspect GmbH *https://www.semanticscholar.org/paper/Resource-allocation-for-seismic-retrofit-of-highway-Shinozuka-Na/73693d994ba330569e83658d08f5cd27719b7163
29 Paolo FranchettiCEO & PartnerMichele FrizzarinR&D Director, PartnerOmar E. SalustriCFO -Franchetti ItalyGianluca Del FabbroGM Italy Alexandre DittertGM BrazilManagement Team •Experienced civil engineer, specialized in the dynamics of existing and monument structures•Member of the Study Commission for the Port of Venice and of the Commission for the Evaluation of Maritime Traffic of the Giudecca Canal•Associate Professor at the University of Padua•Structural engineer, specialized in the field of analysis and verification of existing structures•Management engineerwith 25 ys. of experience in multinational industrial companies•Civil Engineerwith 25+ years of expertise in infrastructure, port, industrial and steel projects, as well as consultancy on bridges and viaducts•Specialized in strategic management and business development, with strong experience in consultancy and EPC contracts•Graduated in Economic studies and certified statutory auditor Ashley LangfodCountry Manager Canada -US•Senior executive with 25+ years of experience in the rail and infrastructure sector, with a strong track record in international business development, sales leadership and large-scale project delivery across North America, Europe and the Middle East.
30Board of Directors FRANCHETTI S.P.A.GALLO TECHNICS S.R.L.FRANCHETTI & MEROLA LTDAFRANCHETTI CANADA INC.MATILDI + PARTNERS SRL(3)67%100%67%90%STRUCINSPECT GMBH66.67%
IPE HOLDING LTDA ECR TECNOLOGIA E ENGENHARIA LTDECR ENGENHARIA LTDA-SCP50%ECR ENGENHARIA LTDA51%55%55%
Listed group with a strong international presence
Americas
Rio de JaneiroSão PauloFRANCHETTI HOLDING S.R.L.MARKETAXON PARTNERS GROUPALGEBRIS INVESTMENTS LTD54.1%26.3%11.8%7.8%
49%*
*TheacquisitionofGrupoECRwascarriedoutasaco-investmentwiththeItalianGovernmentthroughSIMEST,reflectingstrongstrategicinterestintheinfrastructuresector,inwhichCDPisinvestingsignificantresourcesOrdinary sharesPaolo FranchettiChairman and CEOMichele FrizzarinDirectorRony HamauiDirectorDavide CroffIndependent directorRemy CohenDirectorGroup structure chart
31Consolidated Profit & Loss(€)30/06/2630/06/25ChangeChange %Revenues12,755,2602,568,52410,186,736397%Changes in inventories1,669,4713,146,003-1,476,532-47%Increases in fixed assets for internal works120,0000120,000100%VALUE OF PRODUCTION14,544,7315,714,5278,830,204155%Raw material and consumable costs-61,441-57,066-4,3758%Service costs-8,404,909-2,647,184-5,757,725218%Costs for the use of third-party assets-389,224-235,737-153,48765%Personnel costs-1,579,243-895,589-683,65476%Miscellaneous operating costs-343,279-102,953-240,326233%EBITDA3,766,6351,775,9991,990,636112%EBITDA Margin26%31%-5 p.p.-17%Depreciation and amortization of intangible assets-737,124-730,567-6,5571%Depreciation and amortization of tangible assets-52,951-39,915-13,03633%Write-downs-9,989-3,736-6,253167%EBIT2,966,5721,001,7811,964,791196%EBIT Margin20%18%3 p.p.16%Financial income/charges-782,639-317,862464,775146%PROFIT BEFORE TAX2,183,933683,9171,500,016219%Income taxes-593,098-343,669249,42973%NET PROFIT1,590,835340,2481,250,587368%
32Consolidated Balance Sheet(€)30/06/2631/12/25ChangeChange %Inventories11,006,3669,180,9821,825,38420%Trade Receivables12,389,2249,303,0403,086,18433%Trade payables-4,181,767-3,440,278-741,48922%Trade Working Capital19,213,82215,043,7444,170,07828%Other assets6,062,3502,606,9383,455,412133%Other liabilities-8,591,971-4,669,857-3,922,11484%Net Working Capital16,684,20112,980,8243,703,37729%Intangible assets14,549,2848,786,2075,763,07766%Tangible fixed assets621,541428,188193,35345%Financial fixed assets2,217,5042,114,207103,2975%Gross invested capital34,072,52924,309,4269,763,10340%Severance pay-191,099-156,836-34,26322%Provisions0000%Net Invested Capital33,881,43024,152,5909,728,84040%Short-term bank debt6,644,6126,526,380118,2322%Medium/long-term bank debt5,316,6442,480,6522,835,992114%Financial debt11,961,2569,007,0322,954,22433%Cash and cash equivalents-3,589,432-6,883,5863,294,154-48%Other financial assets0000%Net financial debt8,371,8242,123,4466,248,378294%Share Capital1,595,541487,1021,108,439228%Reserves22,323,23020,686,5821,636,6488%Net Profit1,590,835855,460735,37586%Total Shareholders' Equity25,509,60622,029,1443,480,46216%Total sources33,881,43024,152,5909,728,84040%
33Consolidated Net Financial Debt(€)30/06/2631/12/25ChangeChange %A) Cash and cash equivalents3,589,4326,883,586-3,294,154-48%B) Cash equivalents0000C) Other current financial assets0000C’) Other short-term assets0000D) Liquidity (A+B+C)3,589,4326,883,586-3,294,154-48%E) Current financial debt6,644,6126,526,380118,2322%F) Current portion of non-current financial debt0000F’) Other short-term liabilities0000G) Current financial debt (E+F)6,644,6126,526,380118,2322%H) Net current financial debt (G-D)3,055,180-357,2063,412,386-955%I) Non-current financial debt5,316,6442,480,6522,835,992114%J) Debt instruments0000K) Trade payables and other non-current payables0000L) Non-current financial debt (I+J+K)5,316,6442,480,6522,835,992114%M) TOTAL FINANCIAL DEBT (H+L)8,371,8242,123,4466,248,378294%N) Financial receivables over 12 months-103,172-240,202137,030-57%O) Overdue tax debts1,447,2771,266,316180,96114%TOTAL NET FINANCIAL DEBT ADJ (M+N+O)9,715,9293,149,5606,566,369208%Leverage (NFD/EBITDA)1.1x(on an annualized basis)
34Consolidated Cash FlowCash flow statement, indirect method30/06/202630/06/2025A. CASH FLOWS FROM OPERATING ACTIVITIES1. Net income/(loss) for the year before income taxes, interest, dividends and gains/losses on disposals2,617,9091,001,764Total adjustments for non-cash items with no balancing entry in net working capital1,174,120774,2182. Cash flow before changes in net working capital3,792,0291,775,982Total changes in net working capital(4,306,459)(5,915,393)3. Cash flow after changes in net working capital(514,430)(4,139,411)Total other adjustments(399,713)(66,884)Cash flow from operating activities (A)(914,143)(4,206,295)B. CASH FLOWS FROM INVESTING ACTIVITIESCash flow from investing activities (B)(7,223,858)(5,605,233)C. CASH FLOWS FROM FINANCING ACTIVITIESCash flow from financing activities (C)4,843,8489,675,995Increase (decrease) in cash and cash equivalents (A ±B ±C)(3,294,153)(135,533)Total cash and cash equivalents at beginning of year6,883,5856,163,657Total cash and cash equivalents at end of year3,589,4326,883,585
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36 Investor Relations ManagerPaolo Franchettiir@franchetti.itIR AdvisorT.W.I.N.franchetti@mytwincommunication.comContacts