2021 H1 RESULTS 10 September 2021 - MAURICE TCHENIO ERIC SABIA
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2021 H1 RESULTS 10 September 2021 MAURICE TCHENIO CHAIRMAN & CEO OF ALTAMIR GERANCE ERIC SABIA CFO ----------------------------------- ACCESSING APAX PARTNERS INVESTMENTS THROUGH THE STOCK MARKET
AGENDA
Presentation of Altamir
The private equity market
H1 2021 operating highlights
A quality portfolio
NAV and share price performance
Objectives
H1 2021 RESULTS – 10 September 2021 p.2
Profile
▪ Euronext Paris-listed private equity company, created in 1995 as a means to access Apax
Partners’ investments through the stock market
▪ Offers a unique exposure to a diversified portfolio of private equity investments managed
by leading private equity firms Apax Partners SAS (Paris) and Apax Partners LLP (London)
▪ €1,189m in net assets and 62 portfolio companies as of 30 June 2021
▪ Legal structure: French Société en Commandite par Actions (SCA)
- Limited partners (ordinary shareholders)
- General partner (Altamir Gérance)
▪ Tax regime: French Société de Capital Risque (SCR)
- Favourable for Altamir and its shareholders
- No structural debt (maximum set at 10% of statutory shareholders’ equity)
- Minimum of 50% of net book value invested in unlisted companies located in the EU
H1 2021 RESULTS – 10 September 2021 p.3
OBJECTIVES
Providing shareholders with long term capital appreciation
and regular dividends
▪ Grow NAV per share and outperform the most relevant indices
Performance
(LPX Europe and CAC Mid & Small)
Shareholder ▪ Maintain a sustainable and attractive dividend policy
return (2-3% of year-end NAV)
H1 2021 RESULTS – 10 September 2021 p.4
ALTAMIR PRIMARILY INVESTS WITH APAX PARTNERS
▪ In the funds managed by Apax Partners SAS ▪ 2 direct investments:
- €277m committed to Apax France VIII
- €306m committed to Apax France IX ▪ THOM Group (€100m invested in
- €426m committed to Apax France X (with an €100m February 2021, first step in the change
opt-out clause) of strategy announced at the time of
- €15m committed to Apax Development Amboise takeover)
▪ Alain Afflelou (alongside the funds
▪ In the funds advised by Apax Partners LLP managed by Amboise Partners SA)
- €60m committed to Apax VIII LP
- €138m committed to Apax IX LP ▪ 8 co-investments:
- €200m committed to Apax X LP
- $5m committed to Apax Digital ▪ With the funds managed or
- $15m committed to Apax Digital II advised by Apax Partners SAS and
Apax Partners LLP
H1 2021 RESULTS – 10 September 2021 p.5ALTAMIR INVESTS WITH APAX PARTNERS
2 Over 45+ Track record
private equity firms, years of experience of performance
leaders in their respective markets
Apax Partners SAS Apax Partners LLP
Over 120 investment professionals
30 investment professionals; Paris-based London-based
across 7 offices worldwide,
sector specialisation company company
specialised by sector
Investments in Continental Small and mid-sized Investments in Europe, North Companies with enterprise
Europe countries companies, with enterprise America and in key emerging value between €500m and
value of €100m to €500m markets (China, India) €3bn
Equity tickets: Equity tickets:
~€4.5bn of total funds raised >$60bn of total funds raised
€50-150m $200-420m
Apax France VIII: Apax France IX: Apax Development: Apax VIII LP: Apax IX LP: Apax Digital :
€704m (2011) €1bn (2016) €255m (2019) $7.5bn (2013) $9bn (2016) $1.1bn (2017)
Apax France X: Apax X LP: Apax Digital II :
€1.6bn (2020) $11.8bn (2020) $2.0bn (2021)
H1 2021 RESULTS – 10 September 2021 p.6INVESTMENT STRATEGY
Growth- and sector-focused strategy
- Market leaders with strong growth prospects Growth
- Visionary entrepreneurs and management companies
teams
- Differentiated business models Sectors of - Tech & Telco
specialisation - Consumer
- Healthcare
Leveraged - Services
- Buyouts and growth capital investments
investments
- Majority or lead positions
Control
Diversified by
- Mid-market companies in European countries
geography and
(France, Benelux, Italy) size
- Larger companies in Europe, North America and
key emerging markets (China, India)
TARGET: ACHIEVE 2-3X THE AMOUNT INVESTED
H1 2021 RESULTS – 10 September 2021 p.7APAX’S COMPETITIVE ADVANTAGES
Shared by Apax Partners SAS & Apax Partners LLP
Clear differentiating factor to identify the best
SECTOR EXPERTISE
investment opportunities, win deals and create value
Hands-on involvement by Apax teams to create value
VALUE CREATION through operational excellence, internationalisation,
consolidation/acquisitions and digital transformation
RESPONSIBLE INVESTMENTS
Environment, social & governance, due diligence and
monitoring of each investment
• Investment process: for investment, value creation, exit
RIGOROUS PROCESSES
• Firm development process: HR, IT, ESG, etc.
H1 2021 RESULTS – 10 September 2021 p.8AGENDA
Presentation of Altamir
The private equity market
H1 2021 operating highlights
A quality portfolio
NAV and share price performance
Objectives
H1 2021 RESULTS – 10 September 2021 p.9EUROPEAN PRIVATE EQUITY MARKET
Record level of activity with catch-up effect after COVID-19
250
Europe Buyout value (in €bn)
207.4
200
181
171.7
156.9
146.7
150
124 121.7
110.2
100
73.7
69.90
H1 2020 :
77.5M€
50
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
H1 2021 RESULTS – 10 September 2021 p.10
Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rateEUROPEAN PRIVATE EQUITY MARKET
Record level of activity with catch-up effect after COVID-19
180
169
Exit value - M&A only (in €bn) 165.4
160
150.1
142.3
140 137.1
133.5
129.3
120
101.2
100
85.80
80
66.10
60
40
H1 2020 :
43.9M€
20
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
H1 2021 RESULTS – 10 September 2021 p.11
Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rateAGENDA
Presentation of Altamir
The private equity market
H1 2021 operating highlights
A quality portfolio
NAV and share price performance
Objectives
H1 2021 RESULTS – 10 September 2021 p.12H1 2021 HIGHLIGHTS
Another semester of NAV increase and very strong activity
NAV
+8.9% Average +15.4% €328.5m
EBITDA Divestments
growth dividend included (vs +1.9% in H1 2020) (vs €24.6m in H1 2020)
(vs +1.6% in H1 2020)
growth*
New 10 Investments €195.4m Statutory €91.0m
investments & & net cash
commitments (vs 3 in H1 2020)
commitments
(vs €27.7m in H1 2020) position (vs €42.2m at end-2020)
(at 30/06/2021)
• Average EBITDA LTM growth of 38 portfolio companies, weighted by each company’s H1 2021 RESULTS – 10 September 2021
residual cost p.13DIVESTMENTS
€328.5m of divestment proceeds and revenue in H1 2021
377.9
(in € million) 36.2
328.5
82.0
215.7
39.1
155.7 341.7 158.9
49.0 46.0
115.2 246.5
4.1 98.7
88.2
176.6
63.9
111.1 18.4 91.9 106.7 112.9
38.5 86.2
8.2
45.6
30.3 2.0 6.8
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
8 4 2 1 4 4 8 6 6 3
Full Exits Partial Exits Number of Full Exits
H1 2021 RESULTS – 10 September 2021 p.14DIVESTMENTS
€328.5 of divestment proceeds and revenue in H1 2021
Full exits - €246.5m Partial exits / other - €82.0m
€104.5m €62.9m
from the sale of Thom Group from the sale of Expereo
(1.4x the amount invested in 2010)
€6.1m
from the partial sale of Genius Sports Group following its IPO
€96.8m
from the sale of Bip
(3.1x the amount invested in 2018) €4.4m
from the partial sale of Thoughtworks
€45.2m €2.2m
from the sale of Sandaya
(2.1x the amount invested in 2016) from the partial sale of Duck Creek Technologies
€1.7m
from the dividend received from Inmarsat
€1.5m
from the sale of TietoEVRY shares on the stock market
€3.2m
of other proceeds and revenue from, among others, Apax Digital,
Additionnal procceds from Boats, Pa ycor and Buy Way
*Signed but not closed
H1 2021 RESULTS – 10 September 2021 p.15INVESTMENTS AND COMMITMENTS
€195.4m of new investments and follow-on
(in € million)
198.5
195.4
34.5
154.3 70.5
143.2
20.6
12.9
112.3 118.2 113.1
22.0
22.9 7.6
92.2 29.3
17.7 160.9
130.3 133.7
47.1 43.2 106.0 105.5
95.3
6.0 3.8 83.0
74.5
39.6
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
2 7 7 12 8 11 8 12 8 10
New investments & commitments Follow-on investments Short Term Investments Number of new portfolio companies
H1 2021 RESULTS – 10 September 2021 p.16H1 2021 INVESTMENTS AND COMMITMENTS
€195.4m invested and committed
New investments: €160.9m
HEALTHCARE
TECH & TELCO
Rodenstock
InfoGain Herjavec Group APAX X LP
APAX X LP APAX X LP
A leading manufacturer of premium ophthalmic lenses.
A leader in digital transformation & software A global Managed Security Services Provider and Founded in 1877 and headquartered in Munich,
services based in the Silicon Valley. With a team of one of the world’s most innovative cybersecurity Rodenstock employs around 4,900 people worldwide
c. 5,000 people globally, InfoGain supports companies. It has developed a reputation globally and distributes its products in more than 80 countries. It
companies in their artificial intelligence, experience for attracting top talent & continuously advancing has a strong and growing pipeline of innovation, notably
design and cloud journey, using advanced cyber services such as Advisory Services, with its patented DNEye Pro technology. The company’s
software technologies. Architecture & Implementation of best of breed portfolio also includes eyewear under the Rodenstock
technologies, Identity & Access Management. and Porsche Design brands.
€13.8m *
€9.0m
(transaction not finalized at 30.06.2021)
€2.9m
Lutech CyberGrants Efficy
APAX X LP APAX X LP APAX Midmarket X
A leading Italian IT services and solutions A leading provider of SaaS solutions for corporate social A leading independent pan European CRM software
provider, designing and enabling digital responsibility (CSR), employee engagement, and provider based in Belgium. The Efficy group was created
transformation and innovative technologies for volunteer management. CyberGrants single platform in 2005 with the aim of launching a complete and highly
private and public-sector businesses. Lutech is solution enables customers to easily scale their CSR
customizable SaaS CRM (Customer Relationship
programs and quickly transform grants and giving
recognized for its capabilities in digital customer Management) solution.
initiatives into impact that closely aligns with their
engagement, next generation IT infrastructure, corporate mission and values. CyberGrants’ network Based in Brussels, it is present in 15 countries, has more
cloud, financial services solutions, cybersecurity, connects 10 million employees and their employers with than 550 employees, nearly 13,500 customers and
IoT, Big Data and eHealth. 650,000 not-for-profit organizations. 330,000 daily users.
* *
€4.6m €2.5m
(transaction not finalized at 30.06.2021) €5.0m
H1 2021 RESULTS – 10 September 2021 p.17H1 2021 INVESTMENTS AND COMMITMENTS
€195.4m invested and committed
New investments: €160.9m Follow on: €34.5m
€19.3m
to finance the build-ups made by Destiny
CONSUMER (includes €10.0m co-investment)
€7.7m
Nulo THOM Group to finance the acquisition of Empirix by Infovista
APAX X LP DIRECT
One of the fastest growing major food brands in the With a network of more than 1,000 stores, THOM €5.2m
US pet specialty channel. Nulo’s diversified portfolio Group is one of the leading jewellery chains in to strengthen the financial condition of Entoria
of products spans both dog and cat foods and Europe. It was formed in 2010 through the merger of
formats across kibble, wet food, freeze-dried raw,
treats and toppers. Nulo’s ultra-premium products
the sector’s 2 leaders, Histoire d’Or and Marc Orian.
The Group operates in France, Italy, Germany and
€2.3m
mainly in Matchesfashion and Verint
are sold in over 5,000 retail locations across North the Benelux countries under four principal banners:
America as well as on e-Commerce channels. Histoire d’Or, Marc Orian, Stroili and Oro Vivo.
€100.0m
€5.3m *
*
FUNDS SERVICES
Idealista
APAX X LP
Apax Development Apax Digital PIB Group
A leading online real estate platform in Spain, Italy APAX X LP
1 new investment 4 new investments
and Portugal. Idealista provides an online real estate
classifieds marketplace for home buyers and sellers. The fund is 55% The fund is 82% A UK-based leading independent specialist insurance
Its online platform and diversified portfolio of digital invested invested intermediary, with deep expertise across both direct and
services, such as CRM tools, data analytics, and €1.6m €0.6m B2B distribution. PIB employs over 2,000 people in the
online mortgage brokerage help enable efficient real UK, Channel Islands, Ireland, Germany, Poland and India.
estate transactions, making it a key destination for
prospective homeowners and sellers.
€0.3m
€5.2m Adjustment reflecting the final amount invested vs
* first estimation for Azentio Software, Crystal and €10.1m *
€16.2m
Mentaal Beter
H1 2021 RESULTS – 10 September 2021 p.18HISTORICAL NAV GROWTH
+8.9% NAV growth in H1 2021, dividend included
(in €)
1.09
0.66
32.56
0.66 30.90
27.75
0.56 0.65 0.65
0.50 21.62 21.54 21.72
0.45 18.60
0.41
0.20 16.04
14.87
13.47
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
NAV per share Dividend paid in N for financial year N-1
H1 2021 RESULTS – 10 September 2021 p.19NAV BRIDGE
Value creation in H1 2021
(in € million)
€140.7m of value creation
1300
9.4 - 18.7
1250 3.9
- 25.8
+
1200 109.2 - 39.7 1 188.6
1150 1 128.2 22.1
1100
1 259.5 1 250.2
+118.6 1 224.4 1 224.4
1050 1 188.6
1 150.3
1 128.2
1000
950
900
NAV at end Realised gains Unrealised FX Impact (net Direct and Carried Interest Financial Result Dividend NAV at end H1
2020 gains of carried Indirect costs provisions 2021
interest) and taxes
H1 2021 RESULTS – 10 September 2021 p.20VALUE CREATION BREAKDOWN
€140.7m of Value Creation over H1 2021
Breakdown by Sector : -1%
68% 19% 13%
TMT : 95.8M€ HEALTHCARE : 26.7M€
SERVICES : 19.9M€
InfoVista 45.2
InnovAge 8.9
Graitec 23.0 Authority Brands 8.4
Candela Inc 8.3
Destiny 16.3
Unilabs UK 6.1 Baltic Classifieds Group 5.0
BIP 8.5
Other Healthcare 2.2
Genius Sports Group 8.4 ADCO Group 4.5
Ideal Protein Inc. 1.3
ThoughtWorks 6.6
Paycor Inc. 2.5 Other Services 3.2
Other TMT 2.3
Consumer : -1.7M€ Lexitas 2.7
My Case 2.3
Sandaya 7.7 AEB 2.5
Vocalcom 1.5
ECi 1.3 Other Consumer 1.9
Assured Partners AIX 2.0
Fractal 1.3
Trade Me UK 1.8
Coalfire 1.2 Shriram City Union 1.1
Inmarsat (AIX) 1.1 Europe Snacks 1.0
-9.4 Entoria Entoria
-25.6 Marlink Marlink
Alain Afflelou Alain Afflelou
-8.6
H1 2021 RESULTS – 10 September 2021 p.21VALUE CREATION ANALYSIS OF UNREALISED PORTFOLIO
Value creation driven by EBITDA growth
Unrealised gain by key drivers (€m) Portfolio bridge at fair market value (€m)
250
1400 1 357.6
4.0
1350
15.5
200
1300 1 266.7 118.6
-73.5 1250
71.7
1 059.6
1200
150
1150 258.9
231.2
-26.0 1100
205.7 8.4
100 1050
1000
950
118.6
50 900
850
800
0
750
EBITDA growth Change in Change in Net Cash in / cash Accretive / Value creation
or other multiple Debt out dilutive
700
valuation instruments
Ptf Value 12/2020 Proceeds Investment + Follow- Unrealised Gain Ptf Value 06/2021
metrics
on
x.x Short term investment
H1 2021 RESULTS – 10 September 2021 p.22PORTFOLIO AT COST
Almost at the Statutory Net Worth
Total Cost : €766.1m Total Cost : €770.2m
Statutory Net
Short term investments Short term investments Worth:
€785.6m
40%
46% TMT
TMT
Total Total
Portfolio Cost : 23% Portfolio Cost :
Services
€700.6m €751.5m
22%
Services
Consumer 27%
22% Consumer
9% Healthcare Healthcare 9%
31.12.2020 30.06.2021
Pro Forma Pro Forma
H1 2021 RESULTS – 10 September 2021 p.23PORTFOLIO VALUATION
Portfolio is mostly valued using comparable multiples
1% 5%
15%
2% 3%
6%
97%
79%
92%
Portfolio at fair value Portfolio at fair value Portfolio at fair value
as of 31/12/2019 as of 31/12/2020 as of 30/06/2021
Shares valued at fair value, with an adjustment of up to 20% or at the negotiated transaction price
Shares valued at the share price of the portfolio company or the listed operating company
Shares valued at cost
H1 2021 RESULTS – 10 September 2021 p.24UPLIFT EVOLUTION
14% uplift in H1 2021
(Difference between exit price and the last carrying value, for full exits)
(in € million)
342 346
303
256
201
173
121 115
104 102 106 107 104
83
47 50
38 37
28 32
2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
Uplift : +13% +16% +22% +35% +16% +13% +1% +34% +25% +14%
Valuations Exit prices
H1 2021 RESULTS – 10 September 2021 p.25COMMITMENTS
Outstanding commitments as of 30 June 2021
€650.5m of outstanding commitments (1) as of 30 June 2021 to be invested by the end of 2024 :
▪ Vintage 2019 – €599.3m ▪ Vintage 2016 - €27.8m
▪ €417.3m to Apax Midmarket X (2) ▪ €14.8m to Apax IX LP (of which €13.4m of recallable distributions)
▪ €170.3m to Apax X LP (3) ▪ €8.7m to Apax Midmarket IX
▪ €10m to Apax Development ▪ €3.8m to Apax VIII LP (recallable distributions)
▪ €1.7m to Apax Digital ▪ €0.5m to ThoughtWorks (Turing EquityCo)
Altamir has also committed in Q2 2021
• $15m (€13.4m) to the Apax Digital II fund at its first closing ;
• €10m for a co-investment in Destiny.
(1) Including €129.3m committed but not yet called
(2) Including €76m additional commitments taken in Q2 2021
(3) Including the €20m commitments taken in January 2021
H1 2021 RESULTS – 10 September 2021 p.26CASHSITUATION
CASH SITUATION
Adequate level of cash
▪ Statutory net cash position of €91m as of 30 June 2021 / IFRS cash of (€15m). This amount
does not include the final proceeds (€95.5m) to be received in September 2021 from the sale
of BIP.
▪ Credit facilities of €100m available to date
▪ €70m available at Altamir level
▪ €30m available through a dedicated SPV
▪ The statutory cash splits as follows :
▪ IVO: €49.2m
▪ Net cash: €41.8m
H1 2021 RESULTS – 10 September 2021 p.27STRATEGY
CASH SITUATION
New step in the diversification strategy
▪ Change in the strategy announced in 2018 with a view to increase the exposure to promising
markets such as North America and Asia or to seize investment opportunities that exceed
the customary time period (7-10 years) of private equity funds
▪ First step of this change: the €100m direct investment in THOM Group announced on 25
January 2021
▪ Second step : €90m allocated over 3 years (~€30m/year) in funds (FPCIs) named
“Altaroc Global [vintage year]”, launched by Amboise Partners
▪ Benefits for Altamir:
▪ Access to top-tier funds, which require high minimum investment amounts, as well as
significant follow-on investment capabilities
▪ Ability to build a long-term relationship with the managers of those funds.
H1 2021 RESULTS – 10 September 2021 p.28STRATEGY
CASH SITUATION
New step in the diversification strategy
▪ €30m committed by Altamir in the Altaroc Global 2021 vintage (€110m target size)
▪ Altaroc Global 2021 to be invested as follows:
▪ €50m in Apax Midmarket X and Apax X LP
▪ €40m in two funds managed by General Atlantic and Insight Partners, two US-
based managers with a global investment strategy in Buy-Out & Growth companies
in the same sectors as Apax
▪ €20m in co-investments (out of which €10m already committed in Destiny)
▪ Commitments to those funds made by Altamir on behalf of Altaroc Global 2021 and
temporarily carried on its balance sheet.
▪ Transfer of these commitments (€96m as of today) planned at the closing date of
Altaroc Global 2021.
H1 2021 RESULTS – 10 September 2021 p.29GOVERNANCE
CASH SITUATION
▪ It is with deep and profound sorrow that we learnt of the passing away of Jean-Hugues
Loyez during the month of August.
▪ Jean-Hugues had been a member of our Supervisory Board since 2006 and was
Chairman of the Board from 2015 to 2020.
▪ We are very grateful to him for all that he accomplished, and we present our most
sincere condolences to his family.
▪ The Board has met on September 9th to launch the selection procedure for a new
member.
H1 2021 RESULTS – 10 September 2021 p.30EVENTS POST 30 JUNE 2021
• The Apax Midmarket X fund has held its final closing at €1.6bn well above its initial target
of €1.2bn.
• Baltic Classifieds Group and Paycor both held through Apax IX LP went public in July
and ThoughtWorks has launched its IPO process in September.
• In August, Apax Partners SAS has entered into a put agreement with Providence Equity
Partners for the partial sale of Marlink.
• Apax X LP has signed an agreement to acquire majority stakes in EveryAction, an omni-
channel engagement platform for non-profits, and Social Solutions, a case
management software provider of data-driven insights to non-profit and public sector
customers. Upon completion, Apax X intends to combine these two companies with
CyberGrants (acquired by the fund in June 2021) to create a new leading provider of
next-generation Software-as-a-Service ("Saas") solutions to the social good ecosystem.
• Apax X LP has signed
• a definitive agreement to acquire a majority ownership stake in SavATree, a
leading, professional tree, shrub and lawn care provider,
• an agreement to acquire T-Mobile Netherlands, a leading European
telecommunications operator, from Deutsche Telekom AG and Tele2 Sverige AB.
• Lastly, Apax Digital and Apax Development have each announced a new investment and
Apax Digital has announced a divestment.
H1 2021 RESULTS – 10 September 2021 p.31AGENDA
Presentation of Altamir
The private equity market
H1 2021 operating highlights
A quality portfolio
NAV and share price performance
Objectives
H1 2021 RESULTS – 10 September 2021 p.32PORTFOLIO BREAKDOWN
In % of portfolio at fair value
€1,358M AT FAIR VALUE AS OF 30 June 2021 – 62 COMPANIES
Apax MidMarket IX
Direct investments 8 companies (2) Apax X LP Apax IX LP
- Thom Group 33.4% 13 companies 24 companies
7.0% 20.2%
- A. Afflelou
- 8 co-investments (1) Apax MidMarket VIII Apax VIII LP
Apax MidMarket X Apax Digital & Apax
3 companies (2) 10 companies Development
3 companies 8.7% 2.7% 0.8%
5.3%
12.2%
21.9% 47.4% 29.9%
Apax MidMarket funds Apax LP funds
21.9% in direct investments 78.1% via the Apax funds
(1) 8 co-investments in Entoria, InfoVista, Marlink, Snacks Développement, ThoughtWorks, Graitec, Odigo and Destiny
(2) Marlink is an investment of both Apax MidMarket VIII and Apax MidMarket IX
H1 2021 RESULTS – 10 September 2021 p.33PORTFOLIO COMPOSITION
A well-diversified portfolio
By sector By vintage By geography
% of portfolio* at fair value as of 30/06/2021 % of portfolio* at fair value as of 30/06/2021 % of portfolio* at cost as of 30/06/2021
5%
8%
14%
11%
11%
20%
8%
21%
58%
15%
14%
15%
16% 84%
TMT (24 companies) 2021 (9 companies) 2017 (12 companies) Europe (29 companies)
Services (19 companies) 2020 (8 companies) 2016 (4 companies) USA (21 companies)
Consumer (11 companies) 2019 (12 companies) 2015 and earlier Rest of the world (12 companies)
(11 companies)
Healthcare (8 companies) 2018 (6 companies)
H1 2021 RESULTS – 10 September 2021 p.34
*AHO20, Apax Developpement & Apax Digital ExcludedPORTFOLIO PERFORMANCE
Good performance of the portfolio
35%
26% 25%
19%
17%
15%
13% 13%
10% 10%
4%
2016 2017 2018 2019 2020 H1 2021
-13%
Altamir portfolio CAC 40 companies excluding financials
Altamir: Average EBITDA growth of companies valued with EBITDA or Revenue multiples (38 companies, i.e. 77% of Portfolio FMV) weighted by each company’s residual cost
CAC 40: Average EBITDA growth of 36 companies (excluding financial firms), weighted by each company’s contribution to market cap
H1 2021 RESULTS – 10 September 2021 p.35PORTFOLIO PERFORMANCE
Breakdown of portfolio* at cost by sales growth
% of portfolio at cost by SALES growth
47%
▪ 33 companies, representing 83% of the
portfolio at cost, exhibited a positive sales
growth 19%
17% 16%
Less than 0% Between 0% and 10% Between 10% and 20% More than 20%
6 18 7 8
% of portfolio at cost by SALES growth
Number of portfolio companies
* Average sales growth of 39 portfolio companies (excluding financial firms) weighted by each company’s residual cost,
representing 88% of total cost
H1 2021 RESULTS – 10 September 2021 p.36PORTFOLIO PERFORMANCE
Breakdown of portfolio* at cost by EBITDA growth
% of portfolio at cost by EBITDA growth
34%
28%
19% 19%
• 31 companies, representing 81% of the
portfolio at cost, exhibited a positive EBITDA
growth
Less than 0% Between 0% and 10% Between 10% and More than 20%
20%
8 14 6 11
% of portfolio at cost by EBITDA growth
Number of portfolio companies
* Average EBITDA growth of 39 portfolio companies (excluding financial firms) weighted by each company’s residual cost,
representing 87% of total cost
H1 2021 RESULTS – 10 September 2021 p.37PORTFOLIO VALUATION AND DEBT MULTIPLES
Valuation multiples at end of period Debt multiples at end of period
Entreprise value / LTM EBITDA # of Total net debt / LTM EBITDA # of
companies companies
H1 2021 13.48 37 4.86
H1 2021 50
2020 12.79 30 2020 4.69 45
2019 12.65 33 2019 4.82 43
2018 11.16 35 2018 4.55 40
2017 10.83 44 2017 4.22 44
2016 10.43 38 2016 4.07 38
For Valuation multiple : sample of 37 companies valued with EBITDA, (i.e. 87,5% of Portfolio FMV) weighted by each company’s residual cost
For Debt multiple : sample of 50 companies as of 30/06/2021 (excluding financial and listed companies and companies being divested) weighted by each company’s residual cost
H1 2021 RESULTS – 10 September 2021 p.38PORTFOLIO COMPANIES
The 20 largest investments represent 78% of the portfolio at fair value
Year of Residual cost Fair value % of portfolio
As of 30/06/2021 Sector
investment in €m in €m at fair value
Marlink Tech & Telco 2016 47,4 150,8 11%
InfoVista Tech & Telco 2016 49,9 122,2 9%
THOM Group Consumer 2010 100,0 100,0 7%
BIP Tech & Telco 2018 31,3 95,5 7%
Snacks Développement Consumer 2013 38,2 74,1 5%
ThoughtWorks Tech & Telco 2017 0,0 61,6 5%
Graitec Tech & Telco 2019 34,6 57,7 4%
Destiny Tech & Telco 2019 28,0 55,1 4%
AEB Services 2018 38,8 49,4 4%
Entoria Services 2017 53,9 46,7 3%
Alain Afflelou * Consumer 2010 38,3 36,0 3%
Odigo Tech & Telco 2020 32,0 32,0 2%
Expereo Tech & Telco 2018 28,2 28,1 2%
Mentaal Beter Healthcare 2021 25,9 25,9 2%
Paycor Tech & Telco 2018 6,7 24,3 2%
Unilabs Healthcare 2017 9,5 23,9 2%
Vocalcom Tech & Telco 2011 10,7 23,1 2%
Crystal Services 2021 18,8 18,8 1%
InnovAge Healthcare 2020 5,4 18,0 1%
Candela Healthcare 2017 5,9 17,9 1%
Total 20 largest investments 603.6 1 061.1 78%
Other Services 62.1 113.1 9%
Other Tech & Telco 49,9 96,7 7%
Other Consumer 43.7 56.9 4%
Other Healthcare 20,5 24,5 2%
Funds 5,4 5,4 0%
Total Portfolio 785.2 1 357.6 100%
* Including the prorata share of AHO 20
H1 2021 RESULTS – 10 September 2021 p.39PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A world-leading provider of satellite
11% portfolio
communication services FMV
Robust revenue growth despite Covid-19 still affecting the Cruise
segment and continuous EBITDA growth:
▪ Record VSAT installed base of over 6,600 vessels in the Maritime B.U: YTD 31 May 2021
▪ Generating subscription-based recurring revenue Revenue +11% vs
▪ Digital services offered beyond connectivity (IoT, cyber, ..) YTD 31 May 2020
steadily growing with 1,200+ vessels equipped
▪ Strong revenue growth of the Enterprise B.U, building leadership EBITDA +9%
positions in the EMEA region thanks to organic growth accelerated by
ITC acquisition
Post closing agreement signed with Providence Equity Partners for the
partial sale of Marlink (closing expected in Q1 2022).
A leading global provider of network performance 9% portfolio FMV
software solutions and services
▪ Strategic acquisition of Empirix completed in April FY 2020/2021
▪ Combined group revenue of €176m proforma in FY 2020/2021 (FYE 30 (FYE 30 June)
June) Revenue €176m
▪ Resilience of Global Networks business primarily backed by
growing Network Planning & Optimization solutions driven by 5G
▪ Circa 10% revenue growth in Global Contact Centers (acquired
FY 2020/2021
from Empirix) EBITDA
▪ Global Enterprise (SD-Wan) still under expectations Margin +3bps
▪ +3 bps EBITDA margin improvement in the period
▪ Global Enterprise to be sold to Extreme Networks (agreement signed
post closing).
H1 2021 RESULTS – 10 September 2021 p.40PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A European leader in Management, IT and 7% portfolio FMV
digital transformation consulting
▪ Performance well above plan and above 2021 budget H1 2021 revenue
▪ Revenue and EBITDA growth driven by sustained +11% vs H1 2020
demand in digital consulting & high utilization rate (constant perimeter)
▪ Total exit signed in May, closing expected in Q3 2021. H1 2021 EBITDA
+12% vs H1 2020
(constant perimeter)
A leader in digital transformation and software
5% portfolio FMV
development
▪ Strong revenue growth in H1 2021 driven by: LTM revenue
▪ Increasing demand for digital transformation services 30.06.2021
▪ Increasing spend from both new and existing clients +15%
▪ Teams focused on increasing the number of new hires and vs FY 2020
accelerating time taken to recruit
▪ Active work on M&A to expand geographical presence and add
capabilities
▪ The company has launched an IPO process in September.
H1 2021 RESULTS – 10 September 2021 p.41PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
Provider and distributor of building 4% portfolio FMV
information modelling (BIM) software
▪ Strong organic performance driving both revenue and YTD 31 May 2021
EBITDA revenue +10%
▪ Sales and marketing transformation project being vs YTD 31 May 2020
rolled-out: senior executive team significantly (organic)
strengthened with the arrivals of a new CFO, a CMO
and a global HR manager EBITDA +52%
(organic)
▪ 3 acquisitions closed in H: 2 in Canada and 1 in Spain.
Provider of secure cloud communication
solutions to innovative companies 4% portfolio FMV
▪ Combining Destiny with the 2 transforming acquisitions
H1 2021 revenue
signed in H1 (Soluno and Telepo) :
+11% vs H1 2020
▪ The company becomes the number3 UCaaS
technology provider worldwide
H1 2021 EBITDA
▪ 5 build-ups closed in France, Belgium and Sweden in H1,
+12% vs H1 2020
with 2 other significant acquisitions being studied
▪ Organisation scale-up program involving 14 workshops
with external advisors currently being implemented
▪ Recruitment of several top executives.
H1 2021 RESULTS – 10 September 2021 p.42PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
Leader in Contact as a Center Services (CaaCS) 2% portfolio FMV
principally for large companies
▪ Solid performance in H1 on the back of a dynamic CCaaS H1 2021 revenue
market following the Covid-19 pandemic +5% vs H1 2020
▪ Promising indirect channel development: first contracts
signed with System Integrators in Spain, UK, Benelux and H1 2021 EBITDA
Germany X2 vs H1 2020
▪ SaaS transformation on track with 6 active clients already
migrated and 30 other to be migrated before year-end.
A leading provider of global internet connectivity 2% portfolio FMV
and managed services
▪ Order book at an all-time high reflecting solid commercial H1 2021 revenue
traction: +5% vs H1 2020
▪ Direct sales accounting for 36% of revenue vs 18% at
the time of the acquisition (end of 2018) H1 2021 EBITDA
▪ Increasing share of sales with value-added services +18% vs H1 2020
(XCA cloud acceleration & SD-WAN) (post FX-rate
hedging)
▪ Transforming acquisition of Brodynt, a global Internetaccess
provider based in Spain, signed in H1
▪ Partial sale of Expereo to Vitruvian Partners closed on 29
April. H1 2021 RESULTS – 10 September 2021 p.43PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
One of the main US providers of HR and
payroll services 2% portfolio FMV
▪ Revenue growth driven by continued geographic
YTD 31.03.2021
expansion of the sales team and expanding broker
9M revenue
referral relationships
+13% year-on-
year
▪ IPO priced at $23 per share on 20 July 2021, with a
start of trading on 21 July on the Nasdaq.
Software and multi-channel technology provider
2% portfolio FMV
for customer contact centres
▪ Revenue benefiting from the migration from a Licence H1 2021 revenue
model to a SaaS/cloud model, with recurring business now +7% vs H1 2020
representing 70% of total sales (strong visibility)
▪ Cloud revenue up 10% in H1
▪ Non-recurring business (licenses, services and hardware
resale) up by 17% mainly due to catch-up effect after
Covid.
H1 2021 RESULTS – 10 September 2021 p.44PORTFOLIO COMPANY SNAPSHOTS
Services
A worldwide leader in biotechnology ingredients
and related services for wine, food & beverages 4% portfolio FMV
▪ Strong resilience during Covid with revenue increase
H1 2021 revenue
driven by strong sales across wine, beer and food
+4% vs H1 2020
segments
▪ EBITDA growth driven by continued costs control
H1 2021 EBITDA
▪ First acquisition closed in France in May 2021 with a view
+7% vs H1 2020
to expand operations in a key wine producing country
▪ Digital transformation plan being implemented with ERP
and CRM projects on track and test e-commerce site
launched in the UK.
2nd–largest French wholesale broker
3% portfolio FMV
specialised in supplemental insurance
protection for self-employed people and SMEs
H1 2021 revenue
▪ Decrease in revenue and EBITDA mainly driven by -14% vs H1 2020
commercial under performance of 2020 products
▪ Transformation plan supported by tier 1 consulting firm H1 2021 EBITDA
well underway, with core focus on broker centricity to -35% vs H1 2020
boost top-line growth
▪ New CEO appointed in January 2021, supported by
revamped and upskilled executive team
H1 2021 RESULTS – 10 September 2021 p.45PORTFOLIO COMPANY SNAPSHOTS
Services
One of France’s leading IFAs (independent
1% portfolio FMV
financial advisors)
▪ Revenue and EBITDA driven by strong organic growth and H1 2021 revenue
transforming acquisitions (7 simultaneous transactions X 1.4 vs H1 2020
signed in Q2 2021) (+19% organic)
▪ M&A pipeline still active with 3 additional build-ups to be
finalized in Q3 2021 H1 2021 EBITDA
▪ Management team strengthened with new CFO, Head of X 2.2 vs H1 2020
Business Development and M&A manager
▪ Digital transformation plan being implemented.
3% portfolio FMV
H1 2021 revenue
-14% vs H1 2020
H1 2021 EBITDA
-35% vs H1 2020
H1 2021 RESULTS – 10 September 2021 p.46PORTFOLIO COMPANY SNAPSHOTS
Consumer
Leading jewellery retailer in Europe (1,000+
stores) 7% portfolio FMV
▪ Successful reopening of the stores, notably in France,
Belgium and Italy H1 2021 revenue
▪ Strong increase in e-commerce (+134% y/o/y), which +2.5% vs H1 2020
account for c.17% of total sales as of 30.06.2021 vs
9.5% as of 30.06.2020. H1 2021 EBITDA
+12% vs H1 2020
Leading European producer of private-label 6% portfolio FMV
savoury snacks
▪ Robust activity in France offset by lower sales in First 5 months
Spain and soft commercial momentum in the UK FY 2021/2022
(impact of Covid lockdowns) (FYE 31 January)
▪ EBITDA improvement initiatives offset by increasing revenue -1%
cost of raw materials and reduced level of activity in vs same period
Spain. of FY 2020/2021
H1 2021 RESULTS – 10 September 2021 p.47PORTFOLIO COMPANY SNAPSHOTS
Consumer
Leading European franchisor for optical and 3% portfolio FMV
hearing aid products (over 1,400 stores)
9M FY 2020/2021
▪ Strong operational momentum post lockdowns with (FYE 31 July)
dynamic trading for optical products and strong growth of revenue: +20%
the hearing aids business in the context of 100% Santé vs same period of
regulation (no out-of-pocket for clients) 2019/2020
▪ Sustainable adaptation of the business driving solid
performance despite sanitary context with digital-driven EBITDA +39%
appointments and in-store health protocols anchored in
consumer habits
H1 2021 RESULTS – 10 September 2021 p.48PORTFOLIO COMPANY SNAPSHOTS
Healthcare
A leading provider of outpatient services for mental 2% portfolio FMV
health problems of light-to-moderate severity H1 2021 revenue:
+20% vs H1 2020
▪ Revenue growth in line with plan despite the unexpected Dec- (+9% organic)
Feb lockdown in the Netherlands with school closures, which
implied softer volumes of kids & adolescents being referred H1 2021 EBITDA
▪ Management team strengthened: recruitment of a CDO and +18% vs H1 2020
ongoing recruitments for a COO and a Chief People Officer (+10% organic)
(CPO) / Head of HR, in order to accelerate the recruitments of
therapists while improving the retention rate through better
use of digital tools and other elements.
6% portfolio FMV
A European leader in diagnostic services 2% portfolio FMV
▪ High level of activity with Covid-19 testing still a LTM 31.03.2021
First 5 months
significant revenue stream revenue:
FY +14%
2021/2022
▪ Non Covid diagnostics including medical imaging expected vs FY
(FYE 312020
January)
to see further rebound with the easing of lockdown revenue -1%
measures vs same
LTM period
31.03.2021
▪ EBITDA growth driven by the strong top-line performance of FY 2020/2021
EBITDA: +33%
as well as operating leverage vs FY 2020
▪ Three build-ups already signed in H1 2021.
H1 2021 RESULTS – 10 September 2021 p.49PORTFOLIO COMPANY SNAPSHOTS
Healthcare
7%1%
portfolio FMV
portfolio FMV
A leading global aesthetic device company
▪ Strong rebound of demand, notably in the Asia Pacific H1 2021
9 months FY 2020/2021
region revenue: +49%
(FYE 30 September)
▪ Revenue returning to pre-Covid levels vs H1 +XX%
revenue 2020
▪ EBITDA increase driven by the management’s gross vs same period 2019/2020
margin expansion plan as well as tight control on Opex. H1 2021 EBITDA
X 18 vsFY
9 months H12020/2021
2020
EBITDA +XX%
1% portfolio FMV
A market leader in managing the care of high 6% portfolio FMV
cost, dual-eligible seniors in the United States L9M 31.03.2021
revenue: +12%
▪ Revenue and EBITDA growth driven by an increase in First 5 months
vs prior year-to-
census as well as operating leverage FY 2021/2022
date period
▪ Successful management of the Covid crisis (low infection (FYE 31 January)
rate compared to nursing homes) thanks to the transition of revenue -1%
L9M 31.03.2021
the care model to 100% in-home services and virtual care vs same period
EBITDA: +54%
▪ Reopening of some centres with normalization of the of FY 2020/2021
vs prior year-to-
sanitary context.
date period
H1 2021 RESULTS – 10 September 2021 p.50AGENDA
Presentation of Altamir
The private equity market
H1 2021 operating highlights
A quality portfolio
NAV and share price performance
Objectives
H1 2021 RESULTS – 10 September 2021 p.51NAV TR PERFORMANCE
Altamir outperforms its benchmark index
NAV Total Return as of 30 June 2021 over 1, 3, 5 and 10 years
242%
171%
102%
71% 69%
32%
22% 22%
10 years 5 years 3 years 1 year
Altamir NAV TR LPX Europe NAV (index)
H1 2021 RESULTS – 10 September 2021 p.52
Sources: Altamir and LPX data as of 30/06/2021DIVIDEND POLICY
2-3% of year-end NAV since 2013
5.2% 5.1%
4.5%
4.7% 4.2% 4.1%
4.1% 4.1%
4.3% 0.92
0.83
*
0.66 0.17
0.65 0.65
0.56
0.50 0.66
0.45
0.41
+12% +16% = +2% = +11%
+10% +11%
2013 2014 2015 2016 2017 2018 2019 2020 2021
Dividend in € Dividend yield on the average share price
*This amount has been paid in 2021 with the 2020 dividend H1 2021 RESULTS – 10 September 2021 p.53TOTAL SHAREHOLDER RETURN
Altamir outperforms its benchmark indices
364% Total shareholder return as of 30 June 2021 over 1, 3, 5 and 10 years
233%
193%
104%
62% 65% 65%
55%
43% 36%
13%
NA*
10 years 5 years 3 years 1 year
Altamir SP TR LPX Europe TR (index) Cac Mid&Small GR
Sources: Altamir and LPX data as of 30/06/2021
* CAC Mid & Small GR index not available before 2011 H1 2021 RESULTS – 10 September 2021 p.54AGENDA
Presentation of Altamir
The private equity market
H1 2021 operating highlights
A quality portfolio
NAV and share price performance
Objectives
H1 2021 RESULTS – 10 September 2021 p.552021 & MEDIUM TERM OBJECTIVES
H1 2021 achievements in line with medium-term objectives
Next 5 years
H1 2021
(2021/2025)
Achievements
Objectives
New investments ▪ €170m/year*on average ▪ €195m
and follow-ons
Divestments ▪ €230m/year on average ▪ €328m
Value creation ▪ >=7% average ▪ +15.4%
EBITDA growth organic EBITDA growth
H1 2021 RESULTS – 10 September 2021 p.56APPENDICES H1 2021 RESULTS – 10 September 2021 p.57
CONSOLIDATED INCOME STATEMENT (IFRS)
(in € million) 31/12/2019 31/12/2020 30/06/2021
Changes in fair value of the portfolio 234.2 194.1 180.2
Valuation differences on divestments during the period 82.1 24.7 (39.7)
Other portfolio income 0.1 0.7 0.2
Income from portfolio investments 316.4 219.5 140.7
Purchases and other external expenses (24.0) (28.3) (18.5)
Gross operating income 292.1 191.0 121.8
Net operating income 234.4 150.4 96.1
Net income attributable to ordinary shareholders 245.1 139.1 100.0
2.73
Earnings per ordinary share (in euros) 6.71 3.81
H1 2021 RESULTS – 10 September 2021 p.58CONSOLIDATED BALANCE SHEET (IFRS)
(in € million) 31/12/2019 31/12/2020 30/06/2021
TOTAL NON-CURRENT ASSETS 1 060.1 1 267.1 1 358.2
of which portfolio investments 980.4* 1 266.7 1 357.6
TOTAL CURRENT ASSETS 113.4 93.5 128.4
TOTAL ASSETS 1 173.4 1 360.6 1 486.6
TOTAL SHAREHOLDERS’ EQUITY 1 013.2 1 128.2 1 188.7
of which net income for the period 245.1 139.1 100.0
Carried interest provision for the General Partner and class B
28.7 19.7 15.9
shareholders
Carried interest provision for the Apax funds 98.9 99.2 125.9
Other liabilities 2.7 15.3 12.6
Financial liabilities 29.8 98.1 143.4
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1 173.4 1 360.6 1 486.6
NAV per share (in euros) 27.75 30.90 32.56
* This amount does not include the €79.2M of AHO 20, classified as Current Assets
and not as Portfolio Investments
H1 2021 RESULTS – 10 September 2021 p.59STATUTORY CASH FLOW
(In € million) 2019 2020 2021
Operating expenses -9.4 -10.8 -5.6
Taxes 0.0 0.0 0.0
Net financial income 0.1 -0.7 -0.1
Change in operating provisions
Change in working capital 2.4 3.6 -1.0
Cash flow from operating activities -6.9 -7.9 -6.7
Gross investments -225.3 -110.1 -158.0
Net resources (exits) 348.9 105.1 264.8
Cash flow from investing activities 123.6 -4.9 106.8
Dividends paid ADP 0.0 0.0 -11.4
Dividends paid AO -24.1 -24.1 -39.8
Cash flow from financing activities -24.1 -24.1 -51.2
CASH FLOW 92.7 -36.9 48.8
CASH BEGINNING OF PERIOD -13.6 79.1 42.2
CASH END OF PERIOD 79.1 42.2 91.0
H1 2021 RESULTS – 10 September 2021 p.60NAV breakdown as of 30 June 2021
In €m Fair Market Value % of NAV
Marlink 150.76 12.7%
InfoVista 122.25 10.3%
THOM Group 100.00 8.4%
BIP 95.55 8.0%
Europe Snacks 74.13 6.2%
ThoughtWorks 61.57 5.2%
Graitec 57.66 4.9%
Destiny 55.09 4.6%
AEB 49.40 4.2%
Entoria 46.70 3.9%
Alain Afflelou* 35.99 3.0%
Odigo 31.99 2.7%
Expereo 28.14 2.4%
Mentaal Beter 25.86 2.2%
Paycor Inc. 24.26 2.0%
Unilabs UK 23.91 2.0%
Vocalcom 23.05 1.9%
Crystal 18.80 1.6%
InnovAge 18.01 1.5%
Candela Inc 17.93 1.5%
Authority Brands 17.36 1.5%
Trade Me UK 17.15 1.4%
Other Unlisted Companies 201.04 16.9%
Sub-total 1,296.61 109.1%
Other Listed Companies 60.97 5.1%
Sub-total 60.97 5.1%
Total Portfolio 1,357.58 114.2%
Provision for carried interest -141.87 -11.9%
Other assets and liabilities -11.71 -1.0%
Cash (Debt) -15.27 -1.3%
Net Asset Value 1,188.74 100%
Number of shares 36,512,301
Net Asset Value per share 32.56
* Including the prorata share of AHO 20 H1 2021 RESULTS – 10 September 2021 p.61PORTFOLIO VALUATION AND DEBT MULTIPLES
Average multiples weighted by each company’s residual cost
VALUATION MULTIPLES DEBT MULTIPLES
Enterprise value / EBITDA Leverage (total LTM debt) / EBITDA
Portfolio = 13.48x Portfolio = 4.86x
% of Altamir’s portfolio residual cost at 30/06/2021 % of Altamir’s portfolio residual cost at 30/06/2021
8%
19%
17%
5%
48%
19%
14%
32%
19% 19%
< 9x (5 companies) 9x - 10x (3 companies) < 0x - 2x (12 companies) 2x - 3x (4 companies)
10x - 12x (0 companies) 12x - 14x (8 companies) 3x - 4x (4 companies) 4x - 5x (9 companies)
> 14x (21 companies) 5x - 6x (10 companies) > 6x (10 companies)
30.06.2021 Average multiple % of residual cost 30.06.2021 Average multiple % of residual cost
Apax France 14.49 76.5% Apax France 4.77 76%
Apax LLP 15.19 23.5% Apax LLP 4.96 24%
31.12.2020 Average multiple % of residual cost 31.12.2020 Average multiple % of residual cost
Apax France 12.53 88% Apax France 4.68 78%
Apax LLP 14.69 12% Apax LLP 4.76 22%
For Valuation multiple : sample of 37 companies H1 2021 RESULTS – 10 September 2021 p.62
For Debt multiple : sample of 49 companies, one has been excluded compared to page 38 as its multiple is negativeUSEFUL INFORMATION
STOCK MARKET DATA AGENDA CONTACT
Number of shares: 36,512,301
investors@altamir.fr
Market capitalisation: €874m at 4 November 2021, post-trading
07/09/2021 NAV as of 30/09/2021
+33 1 53 65 01 00
Stock market: Euronext Paris
(compartment B)
www.altamir.fr
Ticker: LTA
ISIN code: FR0000053837
H1 2021 RESULTS – 10 September 2021 p.63DISCLAIMER
This document has been prepared by Altamir SCA (“Altamir”) for meetings to be held September 2021.
▪ No warranty is made as to the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Altamir is
under no obligation to keep current the information contained in this presentation and any opinions expressed in this representation are
subject to change without notice.
▪ This document may include forward-looking statements. These forward-looking statements relate to the future prospects, development
and business strategies of Altamir and its portfolio companies and are based on estimates. By their nature, any forward-looking
statement involves risks and uncertainties. Altamir cautions that forward-looking statements are not guarantees of future performance
and that its actual financial condition, actual results of operations and cash flows and the development of the industries in which Altamir
or its portfolio companies operate may differ materially from those made in or suggested by any forward-looking statement contained in
this presentation. Altamir does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release
publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this
document, unless required by law or any applicable regulation.
▪ Altamir accepts no liability for the consequences of any reliance upon any statement of any kind (including statements of fact or opinion)
contained herein.
▪ This presentation includes only summary information and must be read in conjunction with Altamir’s financial statements, which are or
will be available on Altamir’s website (www.altamir.fr)
▪ The information contained in this presentation may not be considered an invitation to invest. No information provided on this document
constitutes, or should be used or considered as, an offer to sell or a solicitation of any offer to buy the securities of Altamir or any other
issuer.
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