2022 RESULTS 8 March 2023 - MAURICE TCHENIO ERIC SABIA
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2022 RESULTS 8 March 2023 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
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 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)
▪ €1,312m in net assets and 69 portfolio companies as of 31 December 2022
▪ 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
2022 RESULTS – 8 March 2023 p.3OBJECTIVES
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)
2022 RESULTS – 8 March 2023 p.4ALTAMIR PRIMARILY INVESTS WITH APAX PARTNERS
▪ In the funds managed by Apax Partners SAS ▪ 1 direct investment:
- €277m committed to Apax France VIII
- €322m committed to Apax France IX ▪ THOM Group (€100m invested in
- €397m 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)
▪ In the funds advised by Apax Partners LLP ▪ 11 co-investments:
- €60m committed to Apax VIII LP
- €138m committed to Apax IX LP ▪ 9 with the funds managed or
- €180m committed to Apax X LP advised by Apax Partners SAS and
- €254m committed to Apax X LP Apax Partners LLP
- $5m committed to Apax Digital
▪ 2 with the funds managed or
- $20m committed to Apax Digital II
advised by Hg Capital
2022 RESULTS – 8 March 2023 p.5ALTAMIR INVESTS WITH APAX PARTNERS
2 Over 50+ Track record
private equity firms, years of experience of performance
leaders in their respective markets
Apax Partners SAS Apax Partners LLP
Over 160 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 >$70bn 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 XI LP : Apax Digital II :
€1.6bn (2020) $11.8bn (2020) $13.0bn (2022) $2.0bn (2021)
2022 RESULTS – 8 March 2023 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
2022 RESULTS – 8 March 2023 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.
2022 RESULTS – 8 March 2023 p.8AGENDA
Presentation of Altamir
The private equity market
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 p.9EUROPEAN PRIVATE EQUITY MARKET
Strong activity after a record year
500
466,2
Europe Buyout value (in €bn)
450
400
346,9
350
300
250
200 187,3
171,7
156,9
146,7
150
124 121,7
110,2
100
69,90
50
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2022 RESULTS – 8 March 2023 p.10
Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rateEUROPEAN PRIVATE EQUITY MARKET
Strong activity after a record year
300
Exit value - M&A only (in €bn)
250,9
250
200
174,6
165,4 168,3
150,1
150 142,3
133,5 137,1
129,3
100
66,10
50
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2022 RESULTS – 8 March 2023 p.11
Source: MergerMarket, historical data (2009-2013) in USD, converted at end of year x-rateAGENDA
Presentation of Altamir
The private equity market
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 p.122022 HIGHLIGHTS
Strong resilience of the portfolio and good level of activity
NAV
-2.0% Average +14.8% €123.9m
EBITDA Divestments
growth dividend included (vs +22.6% in 2021) (vs €636.0m in 2021)
(vs +25.9% in 2021)
growth*
New 9 Investments €184.5m Statutory €88.6m
investments & & net cash
commitments (vs 18 in 2021) (vs €368.8m in 2021) (vs €162.9m at end-2021)
commitments position
• Average EBITDA LTM growth of 38 portfolio companies, weighted by each company’s
2022 RESULTS – 8 March 2023 p.13
residual costDIVESTMENTS
€123.9m of divestment proceeds and revenue in 2022
636.0
(in € million)
377.9
572,5
215.7
155.7 341,7 158.9
115.2
98.7 123.9
88.2 176,6
63.9 106,7 112,9 41,6
2,0 6,8
111,1
45,6 86,2 91,9 82,3
49,0 46,0 63,5
18,4 39,1 36,2
4,1
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
4 2 1 4 4 8 6 6 9 5
Number of Full Exits
Partial Exits Full Exits
2022 RESULTS – 8 March 2023 p.14DIVESTMENTS – FULL & PARTIAL EXITS
Proceeds of €123.9m, mainly generated from partial exits
Full exits - €36.1m Partial exits / other - €87.8m mainly
€19.9m €40.6m €1.9m
from the sale of Authority Brands from the dividend of THOM Group from the sale of Paycor shares
(3.1x the amount invested in 2018)
€9.1m €1.8m
€8.0m from the partial sale of MyCase from the refinancing of Idealista
from the sale of Kepro
(3.0x the amount invested in 2017) €6.3m €1.8m
from the refinancing of InfoGain from the refinancing of Nulo
€4.3m €1.6m
from the sale of Boasso Global €4.3m
from the partial sale of Fractal from the partial sale of Alcumus
(2.0x the amount invested in 2015)
€4.0m €1.5m
€3.9m from the refinancing of Inmarsat from the refinancing of Baltic Classifieds Group
from the sale of Attenti
(1.5x the amount invested in 2017)
€2.6m €1.4m
from the refinancing of ThoughtWorks from the refinancing of Eating Recovery Center
Huarong has been exited for nil
€2.2m €1.0m
from the refinancing of Rodenstock from miscellaneous proceeds
€2.1m €5.5m
from the refinancing of Coalfire from adjustments linked to the final amounts
generated from the sale of Marlink and Unilabs
2022 RESULTS – 8 March 2023 p.15INVESTMENTS AND COMMITMENTS
€184.5m of new investments and follow-on
368.8
28,6
(in € million)
70.5
198.5
184.5
154.3 340,2 35,1
143.2 70.5
20,6
12,9 118.2
112.3 113.1
22,0
92.2 22,9 7,6
29,3
17,7
149,5
130,3 133,7
43.2
95,3 106,0 105,5
74,5 3,8 83,0
39,6
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
7 7 12 8 11 8 12 8 18 9
New investments & commitments Follow-on investments Short Term Investments Number of new portfolio companies
2022 RESULTS – 8 March 2023 p.162022 INVESTMENTS AND COMMITMENTS
€184.5m invested and committed
New investments: €144.2m
TECH & TELCO
IFS Alcumus Vitaprotech
Co-investment alongside Hg Capital APAX X LP APAX MidMarket X
Headquartered in Sweden and with a team of ca. A global leader in technology-led risk management The French leader in premium security solutions for
4,500 employees, IFS is a worldwide leader in cloud and compliance solutions, Alcumus helps sensitive sites. Vitaprotech addresses all customers’
enterprise software. IFS develops and delivers organisations anticipate, manage, and avoid needs in securing sensitive sites through an integrated
software for companies around the world who health, safety and ESG risks, thereby improving offer built around 3 complementary areas of expertise:
manufacture and distribute goods, build and outcomes for employees and company operations. access control, perimeter intrusion detection systems,
maintain assets, and manage service-focused Alcumus solutions to over 42,000 contractor and intelligent monitoring & video. Vitaprotech has tripled in
operations. supplier customers, and over 3,000 enterprises. size since 2018 with more than 400 employees in France
* * and abroad.
€12.1m €6.8m
€28.7m
EcoOnline Access Group -€5.4m
APAX X LP HG Capital Negative adjustment reflecting the final amount
invested vs first estimation for Odin Groep and
Founded in 2000 and headquartered in Norway, Founded in 1991, the Access Group has become
EcoOnline is a European EHS SaaS market leader
T-Mobile
one of the leading providers of business
developing software that creates safer and more management software to small and mid-sized
sustainable workplaces while ensuring compliance organizations in the UK, Ireland and Asia Pacific.
and environmental sustainability. EcoOnline has a Its cloud solutions transform the way business
strong position in the Nordics, with growing software is used. It serves over 75,000
presence in the UK, Ireland, and the US. The customers.
Company currently serves over 7,000 customers.
€8.1m €10.3m
2022 RESULTS – 8 March 2023 p.172022 INVESTMENTS AND COMMITMENTS
€184.5m invested and committed
New investments: €144.2m
CONSUMER SERVICES FUNDS
Ole Smoky Opteven Apax Development
APAX X LP APAX Midmarket X
Established in 2010 in Gatlinburg, Tennessee, Ole 4 new investments
A European fast-growing platform in mobility
Smoky is a leading distiller of premium American The fund is 100% invested.
insurance products and services, with 3
whiskeys, known for their high quality. The Company complementary offerings mostly targeting used cars:
retails its products across all 50 states and in more Mechanical Breakdown Warranty, Assistance and
than 20 countries around the world, through over Maintenance. Opteven covers 10 countries in Europe
45,000 points of distribution and four experimental with offices in 5 of them (France, UK, Germany, Italy €4.1m
distilleries. and Spain).
*
€4.6m €41.7m Apax Digital Apax Digital 2
4 new 2 new investments
Pickles Auction Authority Brands investments The fund is 10%
APAX X LP Apax X LP The fund is fully invested.
invested.
One of Australia’s leading marketplaces for transport, Founded in 2018, Authority Brands is the premier
home service franchisor in North America, providing €0.5m €1.7m
construction, mining, aviation, vehicles, general goods
and salvage assets. homeowners home service from the property line to
the roof line. It provides its network of more than
1,000 franchise owners with elite marketing, Altaroc Global 2021
€4.6m
advanced technology, and strong operational
support. 5 funds and 3 co-
investments
€12.4m
€14.0m
2022 RESULTS – 8 March 2023 p.182022 INVESTMENTS AND COMMITMENTS
€184.5m invested and committed
Follow-on: €40.3m
€11.1m
in Snacks Développement to finance the acquisition of the British company Burts Snacks
€5.4m
to finance build-ups of Dstny *
€5.2m
additional co-investment in Marlink through a secondary transaction
€3.9m
to finance the transforming acquisition of HSK by Mentaal Beter
€3.1m
to finance build-ups of PIB Group
€2.6m
to finance the SaaS migration of Odigo
€2.2m *
to finance build-ups of Crystal
€1.5m
to finance the external growth of Genius Group
€1.0m
to reinforce AEB financial strength
€4.0m
On various other companies
2022 RESULTS – 8 March 2023 p.19HISTORICAL NAV GROWTH
2.0% decrease in NAV in 2022, dividend included
(in €)
1,09
1,13
37,81
35,93
0,66
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
16,04
14,87
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
NAV per share Dividend paid in N for financial year N-1
2022 RESULTS – 8 March 2023 p.20NAV BRIDGE
Strong portfolio resilience
(in € million)
1450
- -
€20.0m of value creation -
-
3,1
1400 32,5
-26,9 14,4
-36,8
-13,5
1350
-12.5
-41,2
1 380,4
1300 1 400,4
1 380,4 1 386,0 1 386,0 1 353,2
1 366,7
1 312,0 1 312,0
1250
1200
NAV at the end Realised gains Unrealised gains FX Impact Carried Interest Direct and Financial Result Dividend NAV at end 2022
of 2021 provisions Indirect costs
and taxes
2022 RESULTS – 8 March 2023 p.21VALUE CREATION BREAKDOWN
€20.0m of Value Creation over 2022
Tech & Telco : -65.6M€ HEALTHCARE : -2.2M€ SERVICES : 29.6M€
35,4 Marlink Candela 3,0 9,7 Crystal
5,0 My Case Kepro 2,5
8,4 TOI TOI & DIXI
3,9 Efficy InnovAge 2,2
3,3 Other Tech&Telco 5,1 Assured Partners AIX
Healthium 1,6
2,4 Infogain Entoria
Unilabs 0,3 3,5
1,9 T-Mobile
1,8 Odigo Rodenstock -1,3 3,5 AEB
1,5 Cyderes Eating Recovery Center -2,6 2,3 Lexitas
1,0 Attenti Vyaire Medical-3,9
0,6 Fractal 1,9 SavATree
Mentaal Beter-4,0
0,6 Lutech 1,7 Boasso Global
0,1 ECi
EcoOnline 1,4 P.I.B. Group
0,1
0,1 Altran Consumer : 58.2M€ 0,8 Alcumus
0,1 Bonterra 37,3
THOM Group 0,7 American Water Resources
-0,1 Dstny
-0,3 IFS Europe Snacks 16,8 0,7 GamaLife
-0,8 Azentio Ole Smoky 3,4 Shriram City Union
0,5
-1,5 Inmarsat (AIX) Cadence Education 3,1
-1,6 Verint 0,1 Boats Group
Far Niente 2,0
-1,8 Coalfire -0,3 KarGlobal
-3,4 Expereo Nulo 1,9
-3,6 Genius Sports Group Trade Me 1,2 -0,9 Guotai Junan Securities Co.
-4,0 Paycor Pickles Auctions -0,2 -0,9 Manappuram Fin
-4,7 Duck Creek Technologies Huayue Edu -0,2
Graitec -1,8 SafetyKleen
-7,3
Idealista SA -0,5
-10,1 Vocalcom -2,3 Tosca Services
-30,8 InfoVista Cole Haan -0,5
-4,5 Baltic Classifieds Group
-53,5 ThoughtWorks Wehkamp Gp. -1,7
MatchesFashion-4,4
2022 RESULTS – 8 March 2023 p.22VALUE CREATION ANALYSIS OF UNREALISED PORTFOLIO
Resilient portfolio despite strong negative multiple effect
Unrealised gain by key drivers (€m) Portfolio bridge at fair market value (€m)
250
1500
1 476.0
200 -12.5
1450
1 266.7
150 252,1
1400
1 468.0
100 -268.0 - 257,4
1350 261,9
50
1300
0
1250
1,4 -12,5
-50
-88,8 90.6 1200
-100 1150
EBITDA growth Change in Change in Net Cash in / cash Accretive / Value creation
-150 or other multiple Debt out dilutive
1100
valuation instruments
Ptf Value 12/2021 FMV of exited Investment + Follow- Unrealised Gain Ptf Value 06/2022
metrics
investments on
2022 RESULTS – 8 March 2023 p.23PORTFOLIO AT COST
Almost at the Statutory Net Worth
Statutory Net Statutory Net
Worth: Worth:
€880.2m €946.8m
46% 44%
Tech & Telco
Tech & Telco
Total
Total
Portfolio Cost :
Portfolio Cost :
€940.6m
€830.9m Services
22% Services 23%
22% Consumer Consumer
24%
9% Healthcare Healthcare 6%
31.12.2021
31.12.2021 31.12.2022
Pro
ProForma
Forma Pro Forma
2022 RESULTS – 8 March 2023 p.24PORTFOLIO VALUATION
Portfolio is mostly valued using comparable multiples
9%
5% 7%
5%
3%
11%
82%
92% 86%
Portfolio at fair value Portfolio at fair value Portfolio at fair value
as of 31/12/2020 as of 31/12/2021 as of 31/12/2022
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
2022 RESULTS – 8 March 2023 p.25UPLIFT EVOLUTION
Positive uplift as of 31 December 2022
(Difference between exit price and the last carrying value, for full exits)
(in € million)
559
496
342
256
201
173
121 115
104 102 106 107 104
83
38 47 50
37 34 38
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Uplift : +13% +16% +22% +35% +16% +13% +1% +34% +25% +11%
Valuations Exit prices
2022 RESULTS – 8 March 2023 p.26COMMITMENTS
Outstanding commitments as of end of December 2022
€680.6m of outstanding commitments (1) as of 31 December 2022 to be invested by the end of 2026 :
▪ Allocation 2023 – €254m ▪ Allocation 2019 – €401.7m
▪ €254m to Apax XI LP ▪ €260.1m to Apax Midmarket X (2)
▪ €48.2m to Apax X LP (3)
▪ €72m to Altaroc Global 2021, 2022 and 2023
▪ $20.0m to Apax Digital II
▪ Allocation 2016 - €24.9m ▪ €3.8m for a co-investment in Destiny
▪ €13.0m to Apax IX LP (recallable distributions) ▪ $1.1m to Apax Digital (recallable distributions)
▪ €8.8m to Apax Midmarket IX
▪ €2.7m to Apax VIII LP (recallable distributions)
▪ $0.5m to ThoughtWorks (Turing EquityCo) ▪ These figures do not include the commitment held for
Altaroc Global 2022 in HG Genesis 10 Fund for €50m.
(1) Including €99.5m signed and/or closed but not yet called
(2) Including €70.9m signed and/or closed but not yet called
(3) Including €26.8m signed and/or closed but not yet called 2022 RESULTS – 8 March 2023 p.27
X-Rate USD/EUR : 1.17CASHSITUATION
CASH SITUATION
Adequate cash position
▪ Statutory net cash position of €88.6m as of 31 December 2022 / IFRS cash of -€2.0m
▪ These amounts do not include the €29.2m disbursed by Altamir on behalf of Altaroc
Global 2022 that will be reimbursed by end of April.
▪ Credit facilities of €90m available as at end of December:
▪ €60m available at Altamir level
▪ €30m available through a dedicated SPV
▪ The company is working to increase this amount to €145m.
▪ The statutory cash splits as follows :
▪ SPV dedicated to cash management: €132.1m
▪ Net borrowing: -€43.5m
2022 RESULTS – 8 March 2023 p.28ASSET ALLOCATION 2023/2026
€1bn to be allocated over 4 years
▪ €500m in the European Union
▪ €300m worldwide, mainly in the US (€254m have already been allocated to the
Apax XI LP fund, currently being raised).
▪ €200m to be allocated to co-investments or strategic investments
2022 RESULTS – 8 March 2023 p.29SIGNIFICANT EVENTS
Highlights of the period:
• No significant exposure of the portfolio to Russia and Ukraine.
Post closing events:
• Apax VIII LP has announced the sale of its residual position in Duck Creek Technologies to Vista.
Altamir will receive €3.5m in proceeds. The transaction should be finalized in Q2 2023.
• Apax Digital II has announced 1 new investment.
• Apax Development has also announced 1 new investment.
2022 RESULTS – 8 March 2023 p.30AGENDA
Presentation of Altamir
The private equity market
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 p.31PORTFOLIO BREAKDOWN
In % of portfolio at fair value
€1,468M AT FAIR VALUE AS OF 31 DECEMBER 2022 – 69 COMPANIES
Apax MidMarket IX
Apax X LP Apax IX LP
Direct investments 7 companies (2)
24.2% 25 companies 20 companies
- Thom Group 13.1% 12.4%
- 11 co-investments (1)
Apax MidMarket VIII Apax VIII LP
Apax MidMarket X
3 companies (2) 6 companies Apax Digital, Apax
6 companies
14.0%
6.5% 1.2% Development
1.8%
12.2%
25.8% 44.7% 26.7%
Altaroc Global 2021
25.8% in direct investments 73.2% via the Apax funds 1.0%
(1) 11 co-investments in Entoria, InfoVista, Marlink, Europe Snacks, ThoughtWorks, Graitec, Odigo, Dstny, Odin Groep, IFS and Access Group
(2) Marlink is an investment of both Apax MidMarket VIII and Apax MidMarket IX
2022 RESULTS – 8 March 2023 p.32PORTFOLIO COMPOSITION
A well-diversified portfolio
By sector By vintage By geography
% of portfolio* at fair value as of 31/12/2022 % of portfolio* at fair value as of 31/12/2022 % of portfolio at cost as of 31/12/2022
6%
9%
11%
20%
26%
44%
23%
9% 29%
8%
68%
24%
18% 5%
Tech & Telco (28 companies) 2022 (11 companies) 2018 (4 companies) Europe
Services (20 companies) 2021 (17 companies) 2017 (9 companies) USA
Consumer (14 companies) 2020 (7 companies) 2016 and earlier Rest of the world
(10 companies)
Healthcare (7 companies) 2019 (11 companies)
2022 RESULTS – 8 March 2023 p.33
*Apax Developpement, Apax Digital, Altaroc Global 2021 excludedPORTFOLIO PERFORMANCE
EBITDA growth below the CAC 40 in 2022
58%
25%
23% 22%
19%
17%
15%
13% 13%
10% 10%
2017 2018 2019 2020 2021 2022
-13%
Altamir portfolio CAC 40 companies excluding financials
Altamir: Average EBITDA growth of companies valued with EBITDA or Revenue multiples (38 companies, i.e. 76% 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
2022 RESULTS – 8 March 2023 p.34PORTFOLIO PERFORMANCE
Breakdown of portfolio* at cost by sales growth
% of portfolio at cost by SALES growth
30%
28%
24%
▪ 35 companies, representing 82% of the
18%
portfolio at cost, exhibited a positive sales
growth
▪ Based on the portfolio FMV, 86% of the
portfolio exhibited a positive sales growth
Less than 0% Between 0% and 10% Between 10% and 20% More than 20%
9 8 7 20
Number of portfolio companies
* Average sales growth of 44 portfolio companies (excluding financial firms) weighted by each company’s residual cost,
representing 73% of total cost
2022 RESULTS – 8 March 2023 p.35PORTFOLIO PERFORMANCE
Breakdown of portfolio* at cost by EBITDA growth
44%
26%
• 29 companies, representing 74% of the
23%
portfolio at cost, exhibited a positive EBITDA
growth
• Based on the portfolio FMV, 80% of the
7% portfolio exhibited a positive EBITDA growth
Less than 0% Between 0% and 10% Between 10% and More than 20%
20%
15 2 6 21
Number of portfolio companies
* Average EBITDA growth of 44 portfolio companies (excluding financial firms) weighted by each company’s residual cost,
representing 73% of total cost
2022 RESULTS – 8 March 2023 p.36PORTFOLIO VALUATION AND DEBT MULTIPLES
Valuation multiples at end of period Debt multiples at end of period
Total net debt / LTM EBITDA
Entreprise value / LTM EBITDA % of Portfolio % of Portfolio
FMV FMV
2022 14,35 77% 2022 5,70 85%
2021 13,63 71% 2021 5,14 81%
2020 12,79 78% 2020 4,69 89%
2019 12,65 33 2019 4,82 43
2018 11,16 35 2018 4,55 40
2017 10,83 44 2017 4,22 44
Nb of Portfolio Nb of Portfolio
companies companies
For Valuation multiple : sample of 38 companies valued with EBITDA, (i.e. 77% of Portfolio FMV) weighted by each company’s residual cost
For Debt multiple : sample of 51 companies as of 31/12/2022 (excluding financial and listed companies and companies being divested) weighted by each company’s residual cost
2022 RESULTS – 8 March 2023 p.37PORTFOLIO COMPANIES
The 20 largest investments represent 75% of the portfolio at fair value
Year of Residual cost Fair value % of portfolio
31/12/2022 Sector
investment in €m in €m at fair value
THOM Group Consumer 2021 59,4 208,0 14%
Dstny Tech & Telco 2019 52,1 107,8 7%
InfoVista Tech & Telco 2016 50,2 93,6 6%
Snacks Developpement Consumer 2013 38,2 90,2 6%
Marlink Tech & Telco 2022 38,8 70,1 5%
Graitec Tech &
Business & Telco
Financial 2019 34,8 57,3 4%
AEB Services 2018 40,2 57,1 4%
Odin Groep Tech &
Business & Telco
Financial 2022 54,8 54,8 4%
Entoria Services
Business & Financial 2017 54,3 50,9 3%
Opteven Services
Business & Financial 2022 47,5 47,5 3%
Crystal Services 2021 22,6 36,6 2%
Odigo Tech & Telco 2020 34,6 36,4 2%
Mentaal Beter Healthcare 2021 35,3 31,2 2%
ThoughtWorks Tech &
Business & Telco
Financial 2017 0,0 29,5 2%
Assured Partners Services 2019 8,9 27,4 2%
Expereo Tech &
Business & Telco
Financial 2021 28,4 25,0 2%
TOI TOI & DIXI Services 2019 0,3 20,5 1%
Candela Healthcare
Business & Financial 2017 5,9 19,5 1%
P.I.B. Group Services 2021 12,1 18,7 1%
Efficy Tech & Telco 2021 14,5 18,4 1%
Total 20 largest investments 632,9 1100,2 75%
Other Services 65,1 85,1 6%
Other Tech & Telco 98,0 142,1 10%
Other Consumer 51,7 68,1 5%
Other Healthcare 31,4 31,8 2%
Funds 32,8 40,7 3%
Total Portfolio 911,9 1 468,0 100%
2022 RESULTS – 8 March 2023 p.38PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A leading European player in UCaaS (Unified 7 % portfolio FMV
Communication as a Service) solutions
2022 Revenue:
▪ Strong performance in 2022, driven by organic growth (+8% in
Revenue /+9% in EBITDA) as well as acquisitions +12% vs 2021
▪ Initiation of operations in Germany through the acquisition of Easybell,
a B2B cloud communication provider, in Q4 2022 2022 EBITDA:
▪ Launch of specific programs to further optimize operations such as
+17% vs 2021
pricing, product-line or customer experience.
▪ Recruitment of several c-level managers and completion of the
rebranding.
A leading global provider of network performance 6 % portfolio FMV
software solutions and services
2021/2022 (FYE 30
▪ 2021/2022 Revenue driven by:
▪ 6% growth in Global Networks business, driven by 5G, June) vs 2020/2021
▪ 20% growth in Global Contact Center (acquired from Revenue: +7%
Empirix)
▪ H1 2022/2023 impacted by market slowdown and sales EBITDA: +14%
underperformance
▪ Deep cost and working capital optimization plan being LTM 31.12.2022
deployed to catch up in 2023.
Revenue +4%
2022 RESULTS – 8 March 2023 p.39PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A world-leading provider of satellite communication 5 % portfolio FMV
services
▪ Solid financial performance driven by: 2022 vs 2021
▪ $15m additional sales from maritime SatCom provider acquired
in Greece in September 2022, Revenue: +10%
▪ Digital Services Division (up +35%) driven notably by a flagship
project with a merchant shipping company
▪ Commercial partnership signed with Starlink to integrate LEO EBITDA: +19%
connectivity into Marlink’s existing offering
▪ Half of ITC synergy potential already secured. Full potential expected
to be achieved in 2023
▪ Several acquisitions under study.
Provider & distributor of building information modelling 4 % portfolio FMV
(BIM) software
2022 Revenue :
▪ Strong performance of VAR and Graitec’s own IP activities / services
and project sales still impacted by Covid +5% vs 2021
▪ Implementation of the organization transformation program,
accelerated during H2 2022 2022 PF EBITDA:
▪ Deployment of new sales and marketing organization with new
+5% vs 2021
incentive schemes and ongoing system upgrades (IT, reporting).
2022 RESULTS – 8 March 2023 p.40PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A leading Dutch provider of managed IT and cloud 4 % portfolio FMV
services
▪ Revenue growth driven by Previder business unit (+24%) 2022 vs 2021
▪ Performance of Heutink ICT BU (which focuses on primary education)
impacted by slow market traction following the lockdown in the Revenue: +16%
Netherlands at the beginning of the year (+4% proforma)
▪ EBITDA margin negatively impacted by rising energy costs and
integration costs of recently acquired companies EBITDA: +14%
▪ Several potential acquisitions being investigated. (-1% proforma)
A leader in Contact as a Center Services (CaaCS) 2 % portfolio FMV
principally for large companies
2022 vs 2021
▪ Revenue impacted by:
▪ Lower sales bookings due to internal focus on transformation and
unfavorable macro-outlook Revenue: -3%
▪ Delays in two large contracts ramp up
▪ EBITDA impacted by one-off costs EBITDA: -20%
▪ SaaS transformation close to completion: 85% of clients migrated to
the one release version, with significant COGS reduction already in Q4
▪ Further cost savings expected from 2023 onwards.
2022 RESULTS – 8 March 2023 p.41PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A leading digital transformation and software 2% portfolio FMV
development company
YTD 30/09/2022 vs
▪ Increase in revenue primarily driven by organic growth YTD 30/09/2021
▪ Negative impact of foreign exchange
▪ Successful integration of the two acquisitions made in 2022:
Revenue: +26%
▪ Connected, a company specialized in the development of
software solutions based in Toronto,
▪ Handmade, a Brazilian company renowned for its ability to EBITDA: +16%
carry out projects with its clients in Agile mode.
A leading provider of global internet connectivity and 2 % portfolio FMV
managed services
▪ Strong performance mainly driven by: 2022 vs 2021
▪ Growth of value-added services such as SD-WAN and cloud
access acceleration services (XCA), Revenue: +13%
▪ Increase in direct sales (>60% of the order book vs 18% at
acquisition), while indirect sales were slightly down due to
EBITDA: +19%
negotiations with large telcos
▪ Company actively reviewing M&A opportunities, notably in the US,
to complement its product portfolio.
2022 RESULTS – 8 March 2023 p.42PORTFOLIO COMPANY SNAPSHOTS
Tech & Telco
A leading independent SaaS European CRM (customer 1 % portfolio FMV
relationship management) solutions provider in Europe
▪ Revenue driven by a double-digit growth in cloud CRM sales, 2022 vs 2021
partially offset by a decrease in cloud Marketing Automation from
Apsis (while transitioning clients to the new cloud platform) Revenue: +6%
▪ Successful integration of Apsis completed
▪ Integrated platform, combining all features from previous M&A is on
EBITDA: +23%
track
▪ Strengthened governance, reinforced management team and
organization, with several recruitments.
2022 RESULTS – 8 March 2023 p.43PORTFOLIO COMPANY SNAPSHOTS
Services
A worldwide leader in biotechnology ingredients and
4 % portfolio FMV
related services for wine, food & beverages
▪ Revenue driven by all verticals, notably wine, beer, and food 2022 vs 2021
ingredients
▪ Significant raw material and transportation costs increase, most
Revenue: +18%
of which were passed on to customers, albeit with some lag time
(+15% organic)
▪ Two consultancy projects launched to:
▪ Reduce Net Working Capital and improve cash flow EBITDA: +5%
generation to support sustainable future growth,
▪ Optimize pricing policy to improve margins.
2nd–largest French wholesale broker specialised in
3 % portfolio FMV
supplemental insurance protection for self-employed
people and SMEs
2022 vs 2021
▪ Top-line improvement due to higher commission rates &
stabilization of portfolio Revenue: Stable
▪ Successful launch of new products in Health & Protection in Q3
2022, with encouraging commercial results
EBITDA: +23%
▪ Regained trust from brokers following strong improvement in
quality of service
▪ Successful diversification of risk carriers’ pool
▪ Positive impact of costs reduction on EBITDA.
2022 RESULTS – 8 March 2023 p.44PORTFOLIO COMPANY SNAPSHOTS
Services
A European fast-growing platform in mobility insurance 3 % portfolio FMV
products and services
▪ Performance mainly driven by MBW (Mechanical Breakdown 2022 vs 2021
Warranty) & Maintenance activities as well as price increases,
despite a challenging used cars market EBITDA adjusted:
▪ Organic performance should be supported in 2023 by recently
+15%
signed contracts and price increases already negotiated
▪ Attractive pipeline of potential acquisitions
▪ Board strengthened with recruitment of former Renault #3,
bringing his automotive experience and extensive network.
One of France’s leading Independent Financial Advisors 3% portfolio FMV
▪ Increase in revenue driven by acquisitions
2022 vs 2021
▪ Organic revenue stable despite global market downturn (-13%)
▪ Positive impact of M&A synergies and operational leverage on the
EBITDA margin Revenue: +44%
▪ Active consolidation strategy with 5 acquisitions carried-out in
EBITDA: +55%
2022 (19 acquisitions achieved since Apax entry)
▪ Accelerated digital transformation: roll-out of the software
acquired in Sept-21 from a French fintech and arrival of a Group
CDO.
2022 RESULTS – 8 March 2023 p.45PORTFOLIO COMPANY SNAPSHOTS
Services
One of America's leading insurance brokers 2% portfolio FMV
▪ Revenue growth driven by strong organic activity in both the
LTM 30.09.2022
Employee Benefits and P&C practices as well as acquisitions
▪ EBITDA margin slightly impacted by OPEX linked to IT projects
as well as increased levels of travel-related expenditures and Revenue: +18%
by investments in building the wholesale division
▪ Strong M&A activity, albeit below the previous period. Slight decrease in
EBITDA margin
The European leader in route-based sanitation 1% portfolio FMV
services for portable toilets & sanitary equipment
YTD to 31.10.2022
▪ Continued strong organic growth momentum driven by:
▪ The Apax value creation program (notably pricing and Revenue: +17%
sales initiatives) contributing to top-line growth as well as (organic)
margin expansion
▪ Post Covid-19 increased focus on hygiene on construction EBITDA: +22%
site (organic)
▪ Rebound and strong demand from events activity post
Covid-19.
2022 RESULTS – 8 March 2023 p.46PORTFOLIO COMPANY SNAPSHOTS
Services
A dynamic and diversified insurance intermediary 1% portfolio FMV
group providing specialist insurance solutions
across the UK PF 31.12.2022
▪ Robust organic growth driven by outsized outperformance vs PF 31.12.2021
in the Underwriting division and continued growth in the
Specialty division (albeit slower) Revenue: +41%
▪ Positive impact of the acquisition of several international
businesses EBITDA: +36%
▪ Management team reinforced (new CEO for European
business, new CFO, as well as various senior positions).
2022 RESULTS – 8 March 2023 p.47PORTFOLIO COMPANY SNAPSHOTS
Consumer
Leading jewellery retailer in Europe (1,000+ 14 % portfolio FMV
stores)
▪ Strong performance in 2021/2022 (FYE 30-Sept) after a 2021/2022 (FYE 30-Sept)
record year 2021, driven by: vs 2020/2021
▪ The success of the omni-channel strategy and the
attractivity of the brands in France, Revenue: +31%
▪ The positive impact of the sales reorganization and the
successful repositioning of the brand in Italy EBITDA: +32%
▪ Revenue increased by 4% in Q4 2022 (corresponding to the
1st quarter of 2022/2023) after an exceptional Q4 2021.
Leading European producer of private-label savoury
snacks 6 % portfolio FMV
▪ Strong sales performance driven by both volume growth and price
increases to pass through the input cost inflations 2022 vs 2021
▪ EBITDA benefiting from sales growth, price increases and progress
of company-wide performance improvement plan Revenue: +24%
▪ In December, Management signed the highly complementary
acquisition of Burts Snacks in the UK.
2022 RESULTS – 8 March 2023 p.48PORTFOLIO COMPANY SNAPSHOTS
Healthcare
A leading provider of outpatient services for people 2%
2%portfolio FMV
portfolio FMV
with light-to-moderate mental health problems 1.8% portfolio FMV
▪ Organic performance mainly driven by a strong increase the 2022 vs 2021
number of therapists, mitigated by lower staff efficiency still
impacted by a high absenteeism Revenue: +55%
▪ Implementation of corrective actions, mainly through (+6% organic)
improved scheduling and digitalization of administrative tasks
▪ Strong contribution from highly complementary HSK EBITDA: +26%
acquisition
▪ New CEO hired to lead operational improvement plan, while
current CEO will transition to Chief Medical Officer position.
A leading global aesthetic device company 1% portfolio FMV
▪ Strong rebound in activity across all regions in a challenging
environment (supply shortages, inflation, lockdowns in 2022 vs 2021
China...)
▪ Revenue +21% at constant exchange rate Revenue: +14%
▪ Meaningful increase in EBITDA margin driven by gross margin
expansion plan and tight control on OPEX.
2022 RESULTS – 8 March 2023 p.49PORTFOLIO COMPANIES
Value creation drivers
CONSOLIDATION
AND FINANCIAL
ACQUISITIONS FLEXIBILITY
OPERATIONAL INTERNATIONALISATION DIGITAL
EXCELLENCE TRANSFORMATION
2022 RESULTS – 8 March 2023 p.50AGENDA
Presentation of Altamir
The private equity market
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 p.51ANNUALIZED NAV TR
Altamir outperforms its benchmark index on 3, 5 and 10 years
14,2%
13,7%
12,4%
10,7% 10,6% 10,5%
1,8%
10 years 5 years 3 years 1 year
-2,1%
Altamir NAV TR LPX Europe NAV (index)
2022 RESULTS – 8 March 2023 p.52
Sources: Altamir and LPX data as of 31/12/2021LOW INTRINSIC RISK PROFILE
▪ No leverage at Altamir level
PRUDENT FINANCIAL
STRATEGY
▪ No over-commitment
▪ No currency risks on fund investments
▪ Up to 20% downward adjustment applied on
CONSERVATIVE unlisted investments
VALUATION POLICY ▪ Exit prices always higher than last valuations
(see historical uplift graph)
DIVERSIFIED AND ▪ Diversified by sector, geography and maturity
HEALTHY PORTFOLIO ▪ Reasonable leverage in the portfolio
2022 RESULTS – 8 March 2023 p.53DIVIDEND POLICY
2-3% of year-end NAV since 2014
4,7% 5,2% 4,6%
4,4%
4,3%
4,1% 4,1% 4,1%
4,2% 1,13
1,09
0.17*
0,65 0,65 0,66 0,66
0,56 0.92
0,50 +4%
0,45
+12% +16% = = +65%
+2%
+11%
2014 2015 2016 2017 2018 2019 2020 2021 2022
Dividend in € Dividend yield on the average share price
*This amount has been paid in 2021 with the 2020 dividend 2022 RESULTS – 8 March 2023 p.54TOTAL SHAREHOLDER RETURN
Altamir outperforms its benchmark indices
433%
150% 149%
108%
76%
8% 4% 6% 6%
-8% -11%
-36%
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 30/06/2022
2022 RESULTS – 8 March 2023 p.55PERFORMANCE OF LBO INVESTMENTS SINCE INCEPTION
High value creation potential
Total
As of 31 December 2022 invested Multiple IRR
in €m
Total investments ▪ 2,166 ▪ 1.86x ▪ 15.7%
Fully realised portfolio ▪ 1,122 ▪ 2.13x ▪ 15.6%
Unrealised and
partially realised ▪ 1,044 ▪ 1.58x ▪ 16.2%
portfolio
Note : Corresponds to Altamir's current investment strategy; venture capital
2022 RESULTS – 8 March 2023 p.56
transactions (€37m) ²taken out of the strategy more than 10 years agoAGENDA
Presentation of Altamir
The private equity market
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 p.572023 & MEDIUM TERM OBJECTIVES
2022 achievements in line with medium-term objectives, except for divestments
2021/2025 2022
Objectives Achievements
New investments ▪ €170m/year on average ▪ €185m
and follow-ons
Divestments ▪ €230m/year on average ▪ €124m
Value creation ▪ >=7% average ▪ +14.8%
EBITDA growth organic EBITDA growth
2022 RESULTS – 8 March 2023 p.58AGENDA
Presentation of Altamir
The private equity market
2022 operating highlights
A quality portfolio
NAV and share price performance
Objectives
Conclusion
2022 RESULTS – 8 March 2023 p.59CONCLUSION
Why invest?
Unique value Growth-driven Shareholder
proposition strategy return
▪ Allows access to private equity’s ▪ Double-digit annual growth in NAV on ▪ Yield of 4-5% per year
superior returns and Apax Partners’ a total return basis
expertise ▪ Double-digit total shareholder return
▪ Ambitious strategy focused on long-
term growth ▪ Attractive entry point
Low intrinsic Experienced and
Tax efficiency
risk profile committed manager
▪ Well diversified portfolio by sector,
geography & maturity ▪ Amboise SAS owns 65% of the share ▪ For long-term investors under certain
capital conditions
▪ Reasonable leverage in the portfolio
▪ 50+ years of experience in private
▪ Conservative valuation policy equity
▪ Rigorous cash management process
▪ No structural debt at Altamir level
2022 RESULTS – 8 March 2023 p.60DISCLAIMER
This document has been prepared by Altamir SCA (“Altamir”) for meetings to be held in March 2023.
▪ 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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