Bending Spoons S.p.A. (BSP) Q2'26 Review Earnings Report Touches on All Key Themes – Legacy Business Performance, AI Driver...

Equity Research 14 August 2026 | 7:19AM EDT

Bending Spoons S.p.A. (BSP) Q2’26 Review: Earnings Report Touches on All Key Themes – Legacy Business Performance, AI Drivers (as a Platform) & Capital Allocation to M&A Opportunity

BSP 12m Price Target: $50.00 Price: $40.92 Upside: 22.2% BUY Eric Sheridan In its inaugural public company earnings report, Bending Spoons | Goldman Sachs & Co. LLC (BSP) mgmt framed a few key themes: 1) continued execution of its Alex Vegliante, CFA acquisition-driven playbook strategy, highlighted by completion of | Goldman Sachs & Co. LLC the Tractive integration, ongoing integration across AOL, Eventbrite, and Vimeo, and the pending acquisition of Airtable; 2) increasing Emma Huang | Goldman Sachs & Co. LLC evidence that AI is becoming a core enabler of the operating model, with mgmt highlighting the launch of its internal agent, Alt-Spooner, enhancing the company’s ability to execute deep integrations with Key Data _____________________________________ Market cap: $26.8bn relatively lean teams; 3) a favorable capital and M&A environment Enterprise value: $29.4bn 3m ADTV: $116.0mn supported by the recent IPO, expanded financing capacity, and United States strong acquisition pipeline – emphasizing continued expansion of its Americas Internet M&A Rank: 3 addressable market (from opportunities available at attractive GS Forecast __________________________________ valuations); & 4) continued confidence in driving operational 12/25 12/26E 12/27E 12/28E

improvements among recently acquired companies (across product, Revenue ($ mn) New Revenue ($ mn) Old 1,306.4 1,306.4 2,810.2 2,900.5 4,272.0 4,278.9 6,274.6 6,264.7 monetization, and marketing) while maintaining a focus on EBITDA ($ mn) 434.9 1,320.3 1,746.2 2,989.1 EBIT ($ mn) 675.3 1,579.6 2,378.9 3,576.1 maximizing long-term shareholder returns. EPS ($) New -- EPS ($) Old -- In our recent initiation (link), we framed Bending Spoons (BSP) as P/E (X) -- Dividend yield (%) -- -- -- -- being positively levered to several long-term secular tailwinds, Net debt/EBITDA (X) 4.7 2.0 3.8 3.2 including enterprise adoption of AI as a secular growth theme – with 6/26 9/26E 12/26E 3/27E the potential for AI to drive both a larger addressable acquisition EPS ($) pipeline and incremental opportunities to drive value creation and GS Factor Profile ______________________________ further operating efficiencies across its existing portfolio. We Growth

continue to view BSP as being positively levered toward these Financial Returns debates & see the quarter as reinforcing mgmt’s conviction that Multiple both the opportunity set (acquisition pipeline) and internal execution capabilities continue to expand. Near-term, we expect Integrated

investor debates to remain focused on the sustainability of organic Percentile 20th 40th 60th 80th 100th revenue growth in the medium-to-long term, continued execution against integration of recently acquired companies, the magnitude BSP relative to Americas Coverage BSP relative to Americas Internet and timing of the close of Airtable, and a balance between continued M&A activity, leverage management, and shareholder Source: Company data, Goldman Sachs Research estimates. See disclosures for details. returns as BSP scales.

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…