Bending Spoons S.p.A. (BSP) Key Takeaways from Meeting with Management (CEO & IR)

Equity Research 17 September 2026 | 4:21PM EDT

Bending Spoons S.p.A. (BSP) Key Takeaways from Meeting with Management (CEO & IR)

BSP 12m Price Target: $50.00 Price: $39.19 Upside: 27.6% BUY Eric Sheridan Today, we hosted Bending Spoons management (CEO & IR) for an | Goldman Sachs & Co. LLC investor meeting and came away with consistent messages relative Alex Vegliante, CFA to the company’s recent earnings call. Across the meeting, | Goldman Sachs & Co. LLC management re-emphasized a number of key themes, including: Emma Huang | n Differentiated long-term operating model centered around Goldman Sachs & Co. LLC

acquiring companies under a set of specifically defined criteria, then executing against both a) revenue optimization and b) cost Key Data _____________________________________ Market cap: $25.7bn restructuring for each acquired asset with the goal of Enterprise value: $28.3bn 3m ADTV: $83.4mn maximizing for long-term adjusted operating income. United States Americas Internet n Management outlined its repeatable operating playbook, M&A Rank: 3

with key competitive differentiators centered around (1) GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E proprietary 1P technology; (2) data; and (3) talent density. Revenue ($ mn) 1,306.4 2,810.2 4,272.0 6,274.6 EBITDA ($ mn) 434.9 1,320.3 1,746.2 2,989.1 n The company remains focused on disciplined M&A EBIT ($ mn) 675.3 1,579.6 2,378.9 3,576.1

framework in the backdrop of what management continues EPS ($) P/E (X) -- -- to see as a healthy/robust pipeline for potential acquisition EV/EBITDA (X) -- FCF yield (%) NM 2.6 4.2 6.8 targets. Dividend yield (%) -- -- -- -- Net debt/EBITDA (X) 4.7 2.0 3.8 3.2 n Management reiterated its confidence in a long runway for 6/26 9/26E 12/26E 3/27E both topline growth and, more prominently, EBIT dollar EPS ($) growth & margin improvement from its existing portfolio of GS Factor Profile ______________________________ assets (including the 6+ acquisitions it has made in the last ~12 Growth

One of the more notable investor debates that emerged during the Multiple

meeting was the role of AI, both within the company’s operations Integrated

and with respect to the impact on its portfolio of acquired assets. To this, management made several points: Percentile 20th 40th 60th 80th 100th

BSP relative to Americas Coverage n AI has been central to the operating system and continues to BSP relative to Americas Internet

enhance internal productivity. 95% of code is now written Source: Company data, Goldman Sachs Research estimates. See disclosures for details. using AI and each Spooner currently generates $4mm of annualized revenue. While BSP views AI as a meaningful enabler

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Bending Spoons S.p.A. (BSP)

Bending Spoons S.p.A. (BSP) Balance Sheet ($ mn) _______________________________________ BUY Rating since Jul 26, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 629.9 2,479.0 2,485.8 1,655.4 Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 918.7 2,993.3 3,048.5 2,219.6 P/E (X) -- Net PP&E EV/EBITDA (X) -- Net intangibles 3,501.5 6,195.4 10,828.8 14,887.6 EV/sales (X) -- 9.5 7.4 5.5 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) NM 2.6 4.2 6.8 Other long-term assets EV/DACF (X) NM Total assets 4,757.5 9,588.0 14,275.5 17,506.4 CROCI (%) ROE (%) ( Accounts payable Net debt/EBITDA (X) 4.7 2.0 3.8 3.2 Short-term debt ,481.1 1,806.5 Net debt/equity (%) Current lease liabilities -- -- -- -- Interest cover (X) 1.9 2.2 2.0 2.4 Other current liabilities 681.9 1,196.4 1,310.5 1,444.4…