Alantra Partners S A : 2020 FY results Presentation

2020 FY results presentation

February 2021

Index

• 1. Group highlights

• 2. Highlights by division

• 3. Annex

1. Group highlights

1. Executive summary

• ▪ Proven resilience and delivery amidst a challenging market environment, reaching €177.9 Mn of net revenues (-17.0%)

• ▪ As anticipated in previous reports, Q2 and Q3 results were weaker than 2019 due to Covid-19 effects, while Q4 results were notably stronger and have partially offset the decrease vs. 2019 (+€66.0 Mn of net revenues in Q4)

• ▪ Total operating expenses fell by 17.6% to €141.4 Mn, in line with net revenues, mainly driven by the decrease in variable retribution (-29.2%) as it is linked to performance and adjustments in certain businesses and other operating expenses

• ▪ Net profit attributable to the parent reached €29.0 Mn (-27.7%), of which €29.3 Mn (-22.4%) corresponds to the fee business, €1.4 Mn (-22.3%) to the portfolio and -€1.7 Mn (-414.9%) to other results

• ▪ Further strengthened balance sheet as of 31st December 2020

  • ▪ €246.4 Mn of shareholders' equity attributable to the parent and no financial leverage

  • ▪ €163.8 Mn of cash and cash equivalents and liquid assets1

  • ▪ €41.7 Mn portfolio of investments in products managed by the group

• ▪ Following the full pay out of profits to shareholders during the last three years, the Board of Directors will propose to the Annual Shareholder's Meeting the full pay out of the 2020 consolidated profit (€0.75 per share), to be paid in May (€0.40) and November (€0.35)

1) €89.6 Mn of cash and cash equivalents and €74.2 Mn invested in a monetary fund included under non-current financial assets

2. Evolution of key figures

Net revenues (€Mn)

Net Profit Attributable to parent (€Mn)

Shareholders' equity

Cash and cash equivalents & liquid assets (€Mn)

1) €89.6 Mn of cash and cash equivalents and €74.2 Mn invested in a monetary fund included under non-current financial assets

3. Simplified consolidated P&L

(€ Mn)

Investment banking Credit Portfolio Advisory Asset Management

Management Fees Success Fees

Wealth management fees Others

121.6

43.6

47.5

25.8

18.8

3.0

1.5

Net Revenues

214.2

Δ YoY (%)

119.3 (1.9%)

28.7 (34.3%) 28.0 (41.0%) 24.2 (6.1%)

3.8 (79.5%) ▪ In alternative asset management, revenues from management

- (100.0%)

1.9

26.8%

• 177.9 (17.0%)

Personnel expenses (118.4) (109.6) (7.4%)

Fixed personnel expenses (66.2)

(72.7) 9.8%

Variable retribution (52.2) (36.9) (29.2%)

Other Operating expenses (36.7) (24.7) (32.8%)

Amortisation & impairment losses (16.4) (7.1) (57.0%)

Total Operating Expenses (171.5)

Operating Profit

42.7

Net Finance Income (expense) 22.0

Result of companies registered by the equity method 2.9

(141.4) (17.6%) 36.5 (14.5%)

1.3 (94.2%)

4.1

41.0%

Non-controlling interests (12.8) (4.6) (63.9%) Income tax (14.7) (8.3) (43.5%)Net profit attributable to the parent company 40.1

• 1) Source: Debtwire European NPL Database- FY20

  29.0 (27.7%)

  • ▪ Net revenues reached €177.9 Mn (-17.0% YoY)

    • ▪ Solid performance of the investment banking division, with €119.3 Mn of net revenues (-1.9% vs. 2019, its record year)

    • ▪ Net revenues from credit portfolio advisory fell by 34.3% to

      €28.7 Mn, very much in line with the drop in European volumes of NPL transactions (34.1% down YoY1)

  fees reached €24.2 Mn (-6.1%). The decrease in performance fees (€3.8 Mn vs. €18.8 Mn in 2019) and a change in the consolidation perimeter2, led to a decrease in the total division's revenues of 41.0% YoY

  • ▪ Total operating expenses fell by 17.6% to €141.4 Mn, in line with the revenue decrease

    • ▪ Personnel expenses decreased by 7.4%, due to lower variable retribution (-29.2%), which is directly linked to performance

    • ▪ Fixed personnel expenses increased by 9.8% from the incorporation of new teams as the Group keeps investing in the growth of the business

    • ▪ Decrease in other operating expenses (-32.8%) due to adjustments in certain businesses and other operating expenses

• 2) Alantra Wealth Management is consolidated under the equity method since June 2019, when Grupo Mutua became a shareholder of the company

4. Key financials by segment

2020 and 2019 net revenues by segment (€Mn)

2020 attributable net profit by segment (€Mn)

(Variation vs. 2019)

IB

(1.7)

(-413.8%)

29.0

(-27.7%)

CPA

AMStructureFee-businessPortfolioRestTotal

• ▪ Investment banking has been responsible for 67% of total revenues in 2020, while credit portfolio advisory and asset management have contributed 16% each

• ▪ Net profit attributable to the parent reached €29.0 Mn (-27.7%), of which €29.3 Mn (-22.4%) corresponds to the fee business, €1.4 Mn

  (-22.3%) to the portfolio and -€1.7 Mn (-413.8%) to other results

5. Balance sheet as of 31st December 2020

in € Mn	31-Dec-19	31-Dec-20	Δ%
Non-current assets	176.7	249.9	41.4%
Non-current financial assets	46.9	121.6	159.0%
Investment portfolio	40.6	41.7	2.7%
Liquid assets ¹	-	74.2	-
Other non-current fin. assets	5.2	4.1	(20.4%)
Other fin. assets	1.1	1.5	31.3%
Intangible assets	67.7	63.2	(6.6%)
Property, plant & equipment	20.6	17.4	(15.3%)
Investments accounted for by the equity method	39.0	45.3	16.0%
Deferred tax assets	2.5	2.4	(1.4%)
Current assets	167.7	154.3	(8.0%)
Cash & cash equivalents	95.1	89.6	(5.8%)
Available for sale financial assets	-	13.9	-
Trade and other receivables	51.8	48.9	(5.6%)
Current financial assets	19.0	0.6	(97.0%)
Other current assets	1.9	1.3	(31.7%)
Total assets	344.5	404.2	17.3%
Equity attrib. to eq. hold. of the parent	212.2	246.4	16.1%
Non-controlling interests	10.4	45.4	337.7%
Non-current liabilities	31.8	28.0	(11.9%)
Current liabilities	90.1	84.4	(6.3%)
Total liabilities and equity	344.5	404.2	17.3%

• ▪ Strengthening of balance sheet and sound financial position

  • ▪ €246.4 Mn of shareholders' equity attributable to the parent and no financial leverage

  • ▪ €163.8 Mn of cash and cash equivalents and liquid assets1

  • ▪ €41.7 Mn portfolio of investments in products managed by the group

1) €89.6 Mn of cash and cash equivalents and €74.2 Mn invested in a monetary fund included under non-current financial assets

6. Shareholder remuneration

Following the full pay out of profits to shareholders during the last three years, the Board of Directors will propose to the

Annual Shareholder's Meeting (April 2021) the full pay out of the 2020 consolidated profits (€0.75 per share), to be paid in May (€0.40 per share) and November (€0.35 per share) 2021

Shareholder remuneration (on FY results), earnings per share2 and pay-out

100%

100%

100%

100%

2016

2017	2018	2019
Earnings per share	Shareholder remuneration	Payout

• 1) Considering the €0.75 per share dividend proposed by the Board of Directors to the Shareholder's Meeting, pending to be approved

• 2) The Group's diluted earnings per share are calculated by dividing its net profit in a given period by the weighted average number of shares outstanding during that period, excluding the average number of shares held as treasury stock

2020

2. Highlights by division

2.1 Investment Banking highlights

1. Solid performance and strong revenue diversification

Key financials IB (€Mn)

(€ Mn)

Total IB Total IB Total IB

2018

2019

2020

Net Revenues

107.8

121.6

Personnel expenses Other Operating expenses

Net income (expense) among segments Amortization & impairment losses1 Total Operating Expenses

Operating Profit

Financial result

Result of companies registered by the equity method Non-controlling interests

• 119.3 (1.9%)

  (60.8)

  (67.6)

• (70.2) 3.9%

  (20.5)

  (17.0)

• (11.2) (34.0%)

  (2.4)

  (4.7)

• (4.9) 4.9%

  (0.6)

  (3.4)

• (3.6) 6.0%

  (84.3)

  (92.7)

• (90.0) (2.9%)

23.5

28.9

29.3

Income tax

(2.6) 2.3 (0.7) (6.6)

1.1 2.1 (0.9) (7.9)

• (1.6) (235.1%)

• (0.8) (16.8%)

• (6.4) (19.5%)

  Profit (loss) attributable to the parent

  15.9

  23.3

  Δ '19-'20 (%)

  1.2%

• 23.1 (0.8%)

• ▪ IB net revenues reached €119.3 Mn (-1.9% vs. 2019, its record year)

• ▪ Strong revenue diversification across 7 geographies, each contributing over 8% of total revenues

• ▪ Attributable net profit of €23.1 Mn (-0.8% YoY)

• ▪ Mainly attributable to N+1 Singer, the UK capital markets business where Alantra holds a strategic stake

• ▪ N+1 Singer, which has over 110 corporate broking clients, had a very strong performance in 2020, having raised over €1.5

  Bn of capital for its clients

1) According to IFRS 16 and since 1st of January 2019, rental costs are considered as amortization expenses. Before 2019, these costs were included under other operating expenses

2. Key activity highlights (i)

2020 IB deals by type

Inner circle (2019)

2020 IB deals by type of clients

FY 2020 M&A cross-border deals

5% 26%

M&A

12% 22%

Debt Advisory

Strategic

Advisory

ECM

2020 IB deals by sector

Industrials

Technology

Healthcare &

PharmaceuticalsCorporate¹

Others

• ▪ 120 IB transactions completed in 2020 (same as in 2019)

• ▪ Diversified product mix, with M&A deals accounting for 65.8% of total deals followed by debt advisory and strategic advisory

• ▪ Strong focus on corporate clients with growing exposure to Private Equity houses

• ▪ Industrials accounted for 29.2% of IB deals, followed by technology (21.7%), healthcare (13.3%) and others (35.8%)

• ▪ Cross-border transactions represented 43.0% of total IB deals, decreasing due to Covid impact

• ▪ Continuous upgrading of the business:

  • ▪ Average M&A fee reached €1.2 Mn

  • ▪ 10 senior hires to reinforce sector and/or product capabilities

• 1) Corporates also include banks, law firms, industrial holdings and financial firms

• 2) Private equities also include multifunds and family offices

Private Equity²

DomesticCross-Border

2. Key activity highlights (ii)

Ranked 2nd & 5th in FY 2020 rankings & CF adviser of the yearSelected transactions advised in FY 2020

Ranking

Company name

# of deals

1 Rothschild & Co. 27

2 Alantra 17

3 GCA Corporation 16

4 DC Advisory 14

5 Lincoln International 13

Advisor to EQT on the acquisition and financing of Colisée from IK

Investment PartnersAdvisor to Bridgepoint on the acquisition and financing of

PharmaZell

Advisor to Chr. Hansen on the acquisition of UAS Labs from

Lakeview Equity PartnersAdvisor to Saber Interactive on its sale to Embracer Group

Advisor to Six on the €2.8bn public tender offer on Bolsas y Mercados Españoles (BME)

1) Source: Mergermarket League Tables FY 2020

Advisor to Apax Partners on the acquisition and financing of

Odigo from CapgeminiAdvisor to CMC Group on its sale to KKR

Ardian

2.2 Credit Portfolio Advisory highlights

1. Decrease in revenues driven by the drop in volume of European NPL transactions

Key financials CPA (€Mn)

(€ Mn)

Net Revenues

Personnel expenses Other Operating expenses

Net income (expense) among segments Amortization & impairment losses 1 Total Operating Expenses

Operating Profit

Financial result

Result of companies registered by the equity method Non-controlling interests

Total CPA 2018

Total CPA 2019

Total CPA

2020

27.0

43.6

• 28.7 (34.3%)

  (12.1)

  (22.4)

• (20.0) (10.4%)

  (2.5)

  (6.8)

• (4.9) (28.1%)

  (1.0)

  0.3

• 0.9 237.3%

  (1.0)

  (0.4)

• (0.5) 21.2%

  (16.6)

  (29.3)

• (24.6) (16.2%)

10.4

14.3 4.1 (71.3%)

(0.7)

1.3 (0.0) (103.2%)

Income tax

- (2.6) (2.6)

- (5.7) (3.3)

-

• (1.5) (73.7%)

• (0.8) (77.2%)

  Profit (loss) attributable to the parent

  4.6

  6.6

  Δ '19-'20 (%)

  -

• 1.8 (72.7%)

• ▪ Net revenues from CPA fell by 34.3% to €28.7 Mn, driven by the drop in volume of European NPL transactions (34.2% down YoY2)

• ▪ Personnel expenses decreased by 10.4%, as part of the cost is linked to performance, and other opex decreased by 28.1%

• ▪ Attributable net profit of €1.8 Mn (-72.7% YoY)

• 1) According to IFRS 16 and since 1st of January 2019, rental costs are considered as amortization expenses. Before 2019, these costs were included under other operating expenses

• 2) Source: Debtwire European NPL Database - FY 2020

2. Key activity highlights

More than €12Bn in

transacted value

2020

Advisor to NBG on the signing of an agreement with Bain Capital for the disposal of its 100% stake in a Cypriot Credit Acquiring

Company (TV: €325 million)

2020

Advisor to PEAC Finance on the refinancing transaction of German leases and hire purchase contracts (TV: €250 million)

Securitisation

Funding & Structured Finance

8 senior hires toreinforce product specialization

2020

Advisor to Banco Santander in the sale process of a NPL Secured portfolio backed by individuals to

CPPIB (TV: €1.7 billion)

Sell-side advisory - NPL

Incorporation of a dedicated securitisation teamOpening offices in Brazil and China

2.3 Asset Management highlights

1. Drop in revenues mostly driven by the decrease in performance fees

Key financials AM (€Mn)

2019-2020 revenue breakdown (€Mn)

(€ Mn)

Net Revenues

Personnel expenses Other Operating expenses

Net income (expense) among segments Amortization & impairment losses 1 Total Operating Expenses

Operating Profit

Financial result

Result of companies registered by the equity method Non-controlling interests

Total AM 2018

Total AM 2019

Total AM 2020

64.9

47.5

• 28.0 (41.0%)

  (22.1)

  (15.8)

• (12.8) (19.5%)

  (4.7)

  (4.1)

• (3.1) (24.4%)

  (2.6)

  (3.3)

• (3.0) (10.7%)

  (0.4)

  (0.5)

• (0.1) (88.6%)

  (29.8)

  (23.8)

• (18.9) (20.6%)

35.1

23.7

9.1 (61.6%)

- 0.2 (10.0) (8.7)

(0.0) 1.8 (6.2) (6.4)

-

• 2.9 59.6%

• (3.0) (51.7%)

  Income tax

• (2.5) (61.6%)

  Profit (loss) attributable to the parent

  16.6

  12.9

  Δ '19-'20 (%)

  (100.0%)

• 6.5 (49.5%)

• ▪ Net profit contributed by Alantra's strategic investments has significantly grown (+60%) due to:

  • ▪ A strong performance by Access Capital Partners

  • ▪ The acquisition of a strategic stake (49%) in Indigo Capital

  • ▪ The positive evolution of Asabys Partners

FY 2020

FY 2019

Management feesPerformance feesWealth Management

• ▪ AM net revenues decreased by 41.0% mainly due to:

  • ▪ Decrease in performance fees to €3.8 Mn (vs. €18.8 Mn in 2019)

  • ▪ Partial divesture of Alantra's stake in its Wealth Management business to Grupo Mutua in June 2019. Since closing, Alantra Wealth Management is consolidated under the equity method

• ▪ Revenues from management fees remained stable at €24.2 Mn (-6.3%)

• ▪ Attributable net profit of €6.5 Mn (-49.5%)

1) According to IFRS 16 and since 1st of January 2019, rental costs are considered as amortization expenses. Before 2019, these costs were included under other operating expenses

2. Key activity highlights

Successful closing of strategic partnerships

Launch of new products

Successful closing of Grupo Mutua and Alantra Asset

Management's partnership, which entails:

• ▪ Grupo Mutua becoming Alantra AM's strategic partner with a 20% stake

• ▪ €45 Mn contribution to Alantra AM

• ▪ Creation of a €100 Mn investment pool

Completion of the acquisition of a 49% stake in Indigo, a Pan-European debt asset manager specialized in sponsorless transactionsLaunch of a transition energy asset management business in partnership with Enagas, who has committed a ticket of €30 Mn to the fund

Launch of EQMC tech specialized vehicle with a $30 Mn initial pool of capital raised to invest in quoted mid-cap tech companies globally

Over €1.5Bn raised

Alantra and its strategic partners have been able to raise €1.5Bn+ amidst a challenging market environment

Strong market recognition

QMC fund was the best performer over the last 3 years among Iberian funds, according to Morningstar data

Alteralia Debt Fund I ranked fourth in the list of best performing debt funds in Spain in 2020, according to Morningstar

3. Fee earning AuM of €2.6 Bn from the direct investment businesses

31st December 2020

Fee-earning AuM direct investment business (€Mn)

AuM from FoFs, co-investments & secondary businesses (€Mn)

Active Funds

Private DebtPrivate EquityReal EstateVenture CapitalTotal

• 1) Sponsorless refers to Indigo Capital, the pan-European private debt business specialized in sponsorless deals where Alantra holds a strategic stake

• 2) Unitranche refers to Alantra's direct lending business (Alteralia I & II funds) and real estate debt fund

11,700

Access Capital

Partners

3. Annex

I. Consolidated income statement as of 31st December 2020

€ Thousand

31/12/2019

31/12/2020

%

Net income

Investment banking Credit Portfolio Advisory Asset Management

Management Fees Success Fees

Wealth Management fees Others

121,619 43,615 47,520 25,775 18,770 2,975 1,479 214,233

119,290 (1.9%)

28,662 (34.3%)

28,034 (41.0%)

8,135 (68.4%)

19,899 - 1,876 177,862

6.0% (100.0%)

TOTAL Net income

26.8% (17.0%)

Other operating income

Personnel Expenses

Fixed cost

Variable cost

Other operating expenses Amortisation

Impairment losses /gains on disposal of property plants & equipmentTOTAL Operating Expenses

27

45

66.7%

(118,380)

(66,196) (52,184)

(109,608)

(72,687)

(7.4%) 9.8%

(36,921) (29.2%)

(36,730) (5,704) (10,717)

(24,689) (32.8%)

(6,010)

5.4%

(1,053) (90.2%)

(171,531)

(141,360) (17.6%)

Operating Profit (Loss)

42,729

36,547 (14.5%)

Finance income (expense) attributable to Portfolio Other finance income (expense)

2,802 19,172

2,202 (21.4%)

(925) (104.8%)

Net Finance Income (expense)

21,974

1,277 (94.2%)

Result of companies registered by the equity method Non-controlling Interests

2,916

4,112

41.0%

(12,824) (14,661)

(4,629) (63.9%)

Income Tax

(8,281) (43.5%)

NET PROFIT ATTRIBUTABLE TO THE PARENT COMPANY

29,026 (27.7%)

NET PROFIT DERIVED FROM FEE BUSINESS

NET PROFIT DERIVED FROM PORTFOLIO ORDINARY NET PROFIT

40,134 37,807 1,790

29,324 (22.4%)

1,390 (22.3%)

39,598

30,714 (22.4%)

Earnings per share (Euros)

31/12/2019 1.04 1.04

31/12/2020

%

Basic

0.75 (27.7%)

Diluted

0.75 (27.7%)

II. Consolidated balance sheet as of 31st December 2020

ASSETS

LIABILITIES AND EQUITY

176,734

249,933

€ Thousand

NON-CURRENT ASSETS Intangible assets

Goodwill

Other intangible assets

Property, plant & equipment

Investments accounted for by the equity method Non current financial assets

• At fair value with changes in proft

• At fair value with changes in other comprehensive income

• At amortized cost

Deferred tax assets

CURRENT ASSETS

167,740 154,283

Available for sale financial assets

TOTAL ASSETS

Trade and other receivables 51,813 48,931

Current financial assets 18,685 577

31/12/2019

67,690 63,235

67,225 62,836

465 399

20,586 17,433

39,025 45,266

46,954 121,554

4,310 77,023

39,222 40,779

3,422 3,752

2,479 2,445

- 13,912

Trade receivables 40,298 36,593

Other receivables 2,472 2,064

Current tax assets 9,043 10,274

At fair value with changes in profit 11,116

At amortized cost 7,569

Other current assets 1,872

Cash and cash equivalents 95,075

344,474

31/12/2020

€ Thousand	31/12/2019	31/12/2020
EQUITY	222,610	291,816
SHAREHOLDERS EQUITY	208,710	252,534
Capital	115,894	115,894
Share premium	111,863	111,863
Reserves	(28,775)	6,893
Treasury shares	(177)	(1,535)
Net profit attributable to the parent	40,134	29,026
Interim dividend	(30,229)	(9,607)
VALUATION ADJUSTMENTS	3,532	(6,103)
EQUITY ATTRIB. TO EQ. HOLD. OF THE PARENT	212,242	246,431
NON-CONTROLLING INTERESTS	10,368	45,385
NON-CURRENT LIABILITIES	31,791	27,994
Financial liabilities	21,537	18,163
Liabilities with credit institutions	-	-
Other liabilities	21,537	18,163
Non current provisions	9,562	9,269
Deferred tax liabilities	692	562
CURRENT LIABILITIES	90,073	84,406
Liabilities linked to non-current assets held for sale	-	7,747
Financial liabilities	9,099	5,937
Liabilities with credit institutions	2,485	-
Other liabilities	6,614	5,937
Trade and other payables	80,161	69,563
Suppliers	10,454	9,109
577
Other payables	60,605	56,266
1,279
Current tax liabilities	9,102	4,188
89,584
Other current liabilities	813	1,159
404,216	TOTAL LIABILITIES AND EQUITY	344,474	404,216

-

III. Consolidated 2020 FY income statement by segment

Corporate finance advisory & capital markets 31/12/2019 31/12/2020

Revenue

Ordinary income among segments Other operating revenue Personnel expenses Other operating expenses

Other operating expenses among segments Depreciation and amortisation charge Impairment of non-current assets

Gain (loss) on disposal of non-current assets Other profit (loss)

Operating profit (loss)

Finance income

Finance income among segments Finance cost

Finance cost among segments

Changes in fair value of financial segments

Gain (loss) from reclassification of financial assets at amortised cost to financial assets at fair value

Gain (loss) from reclassification of financial assets at fair value through other comprehensive income to financial assets at fair value Exchanges differences

Impairment loss/reversal on financial instruments Gain (loss) on disposal of financial instruments

Financial instruments at amortised cost Other financial instruments

Net Finance Income (Costs)

Profit (loss) of equity-accounted investees

Income tax expense

Profit (loss) before tax

Consolidated profit (loss) for the period

121,619

119,290

1,666

630

27

45

(67,551)

(70,218)

(17,032)

(11,248)

(6,368)

(5,577)

(3,442)

(3,589)

-

58.00

- -

- -

28,919

29,275

- - (104)

- - (103)

- - -

- - -

- - 1,251 - -

- - (1,447)

- -

1,147

(1,550)

2,134

2,573

32,200

30,298

(7,908)

(6,362)

24,292

23,936

Profit (loss) attributable to the parent

Profit (loss) attributable to non-controlling interests

Credit portfolio advisory

31/12/2019 31/12/2020

43,615

28,662

7,631 -

7,862 -

(22,358)

(20,039)

(6,776)

(4,875)

(7,368)

(6,975)

(443)

(542)

5.00

- -

- -

14,301

4,098

- - - - -

-

- - 6.00 - -

-

-

-

1,299 - - -(36)

- -

1,299

(42)

-

-

15,600

4,056

(3,305)

(755)

23,346 946

23,149 787

Asset Management

31/12/2019 31/12/2020

47,520 4,606 - (15,840) (4,143) (7,952)

28,034

3,997 -

(12,752)

(3,133)

(6,986)

(508)

(58)

- - -- -

23,683

9,102

-

- - 6.00 - - -

- - - - -

-

- - -

- - -

- -

(6)

1,787

2,852

25,464

11,954

(6,406)

(2,457)

12,295

Structure

31/12/2019 31/12/2020

1,479 7,791 -1,876 7,754 -

(6,333) (8,590)

(5,835) (5,411)

(6) (1,311)

(705) (1,716)

- - -

- - -

(6,970)

(4,036)

- -

- -(45)

(54)

- - -- - -

- - -

- - -

- -

- -

(45)

(54)

-

-

(7,015)

(4,090)

2,004

1,956

3,301 1,801 1,499

6,596 5,699

19,058 12,875 6,183

9,497 6,508 2,989

(5,011)

(2,134)

Portfolio

31/12/2019 31/12/2020

- - - (253) (189)

- - - (147) (22)

- - - - -- - - - -

(442)

(169)

2,712 -

-

2,139 - 37.00

- 48.00

-

-

- -

- - 73.00

-

-42

27

2,802

2,202

-

-

2,360

2,033

(574)

(508)

(5,011)

-

(2,134)

-

Rest

31/12/2019 31/12/2020

- - - (6,045)

- - - (617)

- -

- -

- 105.00

(10,717)

(1,000)

- -

- -

(16,762)

(1,722)

101

277

27

(95)

(143)

(27)

(6)

252

-

-

- (697) -2,473.00

-485

19,947

-

- (150)

16,777

721

(1,005)

(1,313)

(990)

(2,314)

1,528

(155)

1,786 1,790

1,525 1,390 135

538

(2,469)

Consolidation adjustments

31/12/2019 31/12/2020

- (21,694)

- - - 21,694 - - - -

- 20,243 - - - (20,243)

- - - -

-

-

-

- - -

(27)

27

- - - -

- - - - - - - - - -

- - - - -

-

- - -

-

Total Grupo 31/12/2019

Total Grupo 31/12/2020

214,233 -177,862 -

27	45
(118,380)	(109,608)
(36,730)	(24,689)
-	-
(5,704)	(6,010)
(10,717)	(1,053)
-	-
-	-
42,729	36,547
2,813	2,416
-	-
(250)	(343)
-	-

42

252

-

-

- (697)

-

77

485 (1,410)

- 19,989

- (123)

21,974

1,277

2,916

4,112

67,619

41,936

(14,661)

(8,281)

(4)

538

(1,688) - 781.00

- -

- -

52,958 40,134 12,824

33,655 29,026 4,629

III. Glossary (i)

Identified business segments

"Business Segments" refer to each operating segment or component identified and classified as such by Alantra that (a) engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the group); (b) whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (c) for which discrete financial information is available.

"Investment Banking". The identified Alantra business segment provides financial advisory services to companies or entities on corporate transactions (corporate finance and M&A) and equity research and brokerage services to institutional investors.

"Credit Portfolio Advisory". The identified Alantra business segment provides advisory services to financial institutions and institutional investors in credit, real estate and other asset portfolio transactions.

"Asset Management". The identified Alantra business segment which, in accordance with the information provided in the Prospectus, consists of the management of and provision of advice in relation to various classes of assets for institutional investors, high net worth individuals/family offices and other professional investors through specialist investment funds or customer investment portfolios.

"Structure". The identified Alantra business segment which encompasses the universe of revenues and expenses corresponding to Alantra's governance and development structure (corporate governance, strategic management, corporate and business development and corporate services such accounting and financial reporting, risk management and control, human resource management and legal services, among others) and which, either because they relate to the Group parent - as a listed entity - or the management of the Group as a whole, are not directly attributable to the Investment Banking, Credit Portfolio Advisory, Asset Management or Portfolio segments. The Structure segment also includes the invoicing of services related to Alantra Group companies that are associates, i.e., not fully consolidated. In light of Alantra's ongoing growth at both the corporate and business levels, the significance of the services encompassed by the Structure area justifies its classification as an independent segment.

"Portfolio". The identified Alantra business segment which is defined as the activity consisting of the pursuit of capital gains by taking ownership interests in companies, funds or investment vehicles managed by the Alantra Group's asset management teams and subsequently selling those interests.

"Rest". It is defined, by default, as the host of items that do not correspond to any of the business segments (i.e., that are not part of either the Investment Banking, Credit Portfolio Advisory, Asset Management, Structure or Portfolio segments).

III. Glossary (ii)

"Fee Business" is defined as the group or aggregate of the Investment Banking, Credit Portfolio Advisory, Asset Management and Structure segments which, as a whole, are referred to as the service provision businesses, whether those services be financial advisory or management, whose revenues materialise in the form of fees and whose expenses are those necessary for their pursuit and development, mainly comprising staff costs. The following is specifically carved out of the Fee Business: losses or gains deriving from the Group parent's investments in the companies that perform the aforementioned activities (such as, for example, gains unlocked on the sale of investments in companies or businesses, goodwill impairment charges or foreign currency gains or losses); those losses or gains are included under segment termed Rest.

• ▪ The decision to allocate 100% of the activity encompassed by the Structure segment to the Fee Business reflects the fact that the vast majority of the time and/or investment of the resources included under Structure are devoted to managing the growth and complexity emanating from the Investment Banking, Credit Portfolio Advisory and Asset Management segments. This concept is all the more relevant as it underpins several of the alternative performance measures (APMs) used.

"Recurring Business". The group or aggregate of segments comprising the Fee Business (Investment Banking, Credit Portfolio Advisory, Asset Management, Structure) plus the Portfolio segment.

Alternative performance measures

"Alternative performance measures" or "APMs" A measure of the past or future financial performance, financial situation or cash flows of a company other than the financial measures defined or described in the applicable financial reporting framework.

"Fee Business Net Profit". The profit generated from the provision of advisory or management services under the umbrella of the Fee Businesses (i.e., that corresponding to the Investment Banking, Credit Portfolio Advisory, Asset Management and Structure segments), whose revenues materialise in the form of fees and whose expenses are those necessary for their pursuit and development, mainly comprising staff costs.

• ▪ Fee Business Net Profit is calculated as the sum of profit attributable to owners of the parent corresponding to the above three segments.

• ▪ The markedly different nature of Alantra's two businesses (Fee Business and Portfolio) justifies the breakdown of Fee Business Net Profit attributable to owners of the parent in the Company's public financial disclosures.

"Portfolio Net Profit". The profit deriving from the investment in and subsequent disposal of shareholdings in companies, funds or other investment vehicles managed by the Alantra Group.

• ▪ Portfolio Net Profit is equal to the profit attributable to owners of the parent corresponding to the Portfolio segment.

• ▪ The markedly different nature of Alantra's two businesses (Fee Business and Portfolio) justifies the breakdown of Portfolio Net Profit attributable to owners of the parent in the Company's public financial disclosures.

III. Glossary (iii)

"Recurring Net Profit". The profit derived from the Group's recurring or ordinary activities, i.e., that generated by the Investment Banking, Credit Portfolio Advisory, Asset Management and Portfolio segments.

• ▪ Recurring Net Profit is the sum of Fee Business Net Profit and Portfolio Net Profit.

• ▪ Recurring Net Profit is an important indicator, in relation to net profit (or profit attributable to owners of the parent), insofar as it helps users assess what part of the Group's bottom line is attributable to the recurring businesses and not extraordinary accounting entries.

"Financial Leverage". This metric is defined as the aggregate borrowings provided to the Group by banks, credit institutions and similar entities to fund its business operations. This measure excludes amounts due to employees, suppliers, companies within its scope of consolidation or their shareholders. It also excludes obligations to banks, credit institutions or similar entities when these obligations are specifically secured by assets in the same amount.

"Payout". This metric is defined as the percentage of profits the Company pays out to its shareholders.

• ▪ It is calculated as the total sum distributed by the Company to its shareholders in respect of a given reporting period (whether in the form of a dividend or a distribution charged against reserves or the share premium account) and the consolidated net profit, attributable to the controlling company, generated during that same period

• ▪ The payout indicates the extent to which shareholder remuneration is financed from profit for the year (or for the reporting period in question).

"Dividend Yield". The return earned by the Company's shareholders by means of the dividends they receive.

• ▪ The Dividend Yield is calculated as the ratio between the total per-share sum distributed by the Company to its shareholders in the last twelve months (whether in the form of a dividend or a distribution charged against reserves or the share premium account) and the average share price of the last month.

• ▪ Shareholders earn a return in two ways: gains in the price of the shares they hold and the remuneration they receive in the form of distributed dividends, reserves or share premium accounts. The Dividend Yield is the APM or benchmark indicator for the latter source of shareholder returns.

Disclaimer

Alantra Partners, S.A. publishes this presentation solely and exclusively for information purposes. This presentation does not constitute an offer to subscribe, buy or sell securities issued by Alantra Partners, S.A., or any other securities in any jurisdiction.

Any information and forecasts, if any, contained in this document, have not been verified by an independent entity and, consequently, its accuracy or completeness cannot be warranted. Neither Alantra Partners, S.A. nor any of the companies within its group, nor its respective directors, executives or employees accept any responsibility whatsoever for damages or losses that may derive from the use that the recipients make of this document or its content.

Contact

Philipp Krohn Investor RelationsTel.: [phone] www.alantra.com