Q3 2021 Results

21 October 2021

Agenda

2

Highlights and Operational Update Shankar Iyer (CEO)

Q&A

Q3 2021 Results & Outlook Rogier van Wijk (CFO)

Concluding remarks Shankar Iyer (CEO)

Shankar Iyer (CEO)

Highlights & Operational Update

Q3 2021 Highlights0.6% underlying revenue growth in Q3; continue to see strong pipeline and inflow

4

SERVICE LINES• Corporates: broadly flat, growth mainly driven by Jersey, UK and Cayman Islands• Funds: double digit underlying growth in Fund Admin; encouraging trends in Fund SPV Services• Capital Markets: supported by solid growth in Luxembourg, Jersey and APAC• Private Wealth: continued to be impacted by directed outflow; solid performance in APAC

EXECUTION• Remediation project progressing; committed to complete activities by end 2022 and within budget• Full EUR 20m synergies from CoE migrations realised; committed to drive further savings• Initiated EUR 100m share buyback programme• Reiterate 2021 guidance and mid-term aspirations

MARKET TRENDS• Global trend of high employee attrition rates; ‘The Great Resignation’ • Geographic diversification is proving critical to achieving growth in Corporate Services• Rise of larger, more complex Fund Services mandates shows no sign of slowing• Transformation and compliance excellence are key to success but come at a short-term cost

Q3 2021 – Revenue per service line(inner circle: Q3 2020)

33%43%

12% 10%0.4%

Corporates33%

Funds44%

Capital Markets13%

Private Wealth10%

Other0.5%

KEY HIGHLIGHTS• Revenue amounted to EUR 140.3m, +0.6% on an underlying basis• +4.4% underlying revenue growth excl. Netherlands and Luxembourg• Strong pipeline developments (+20% y-o-y); deals won with EUR 18.2m annual contract value• 9M normalised adjusted EBITA margin was 32.1% compared to 32.2% in 9M 2020

Q3 2021 Operational update

Innovation & Technology

• Launched all Fastlane modules in the United Arab Emirates

• Complete Fastlane developments to support the remediation program

• Project Unite (SAP) went live in the Nordics; the project is now 56%1 complete

Clients & Services

• Client centricity efforts continue to pay benefits; upsell of additional services to existing clients has increased markedly

• Won a large fund administration mandate (> EUR 2m) leveraging US Fund Services capabilities in Europe

• Finalising launch of ESG Reporting Services to support our clients in navigating the evolving ESG landscape

Operational excellence

• Completed the Centre of Excellence migration in Luxembourg

• Achieved the net run-rate synergy target of EUR 20m ahead of schedule; further efficiency programs are underway

• Chargeability and productivity metrics are trending upwards but at slower pace in larger legacy jurisdictions

People & ESG

• New leadership in Western Europe

• Increased transition-driven employee attrition; productivity impacted due to onboarding and training of new personnel

• Completed the data collection phase of our first greenhouse gas emissions audit; science-based target setting to follow

5

1 As % of revenue in jurisdictions rolled out

Existing Framework Review

• Review existing framework

• Identify points for improvement

Framework Development

• Enterprise-Wide Risk Assessment

• Global AML policies & procedures

Automation Enhancement

• Technical requirements implemented to meet CDD and AML obligations

Progressing with strengthening compliance frameworkComprehensive historical remediation leveraging a standardised, digitalised framework

6

Benefits

• Automated risk assessment

• Standardised customer due diligence and minimum standards

• Improved colleague experience

• Improved efficiency and reduced risk of errors

• Seamless, consistent customer journey across markets

Confident to complete by end 2022 and within budget

• Supported by regulatory experts from a leading global firm

• One off costs of EUR 4.8 million in Q3 2021, total EUR 11.2 million to date

• Expect one-off costs of c. EUR 5 million in Q4 2021 and c. EUR 10 million in 2022

Q3 2021 results

Rogier van Wijk (CFO)

Reported revenue increased by 1.6% to EUR 140.3m, including underlying revenue growth of 0.6%; the difference is fully attributable to a positive 1.0% FX impact. +4.4% underlying revenue growth excluding the Netherlands and Luxembourg, +6.3% for 9M 2021

Adjusted EBITA margin was 28.2% (Q3 2020: 32.1%), mainly impacted by EUR 4.8 million one-off costs to strengthen compliance framework. Normalised margin excl. one-off costs was 31.6%, mainly reflecting revenue impact. 9M 2021 normalised margin was 32.1% (9M 2021: 32.2%)

Cash flow from operating activities was EUR 6m higher than in Q3 2020, primarily due to lower taxes paid

8

Q3 & 9M 2021 financial highlights(€m - adjusted)

Q3 2021 Q3 2020 ChangeUnderlying

change 9M 2021 9M 2020 ChangeUnderlying

change

Revenue 140.3 138.1 1.6% 0.6% 424.0 419.6 1.0% 2.3%

Adjusted EBITA 39.6 44.3 -10.6% -11.4% 124.7 135.2 -7.8% -6.1%

Adjusted EBITA margin 28.2% 32.1% -385bps -381bps 29.4% 32.2% -281bps -261bps

Adjusted net income 26.8 31.3 -14.4% 86.7 94.8 -8.5%

Adjusted EPS (€) 0.30 0.35 -14.7% 0.96 1.05 -8.8%

Cash flow from operating activities 22.3 16.3 37.0% 89.0 120.4 -26.1%

Revenue per service line(€m - adjusted)

9

Q3 2021 Q3 2020 ChangeUnderlying

change 9M 2021 9M 2020 ChangeUnderlying

change

Corporates 45.9 45.8 0.2% -0.8% 139.6 139.3 0.2% 0.6%

Funds 61.8 60.0 2.9% 2.3% 187.4 183.9 1.9% 4.1%

Capital Markets 17.9 17.2 3.9% 2.5% 52.1 49.4 5.4% 5.8%

Private Wealth 14.0 14.4 -2.9% -4.9% 42.4 44.5 -4.9% -4.1%

Other 0.7 0.6 23.7% 18.8% 2.5 2.5 0.0% 1.3%

Total Group 140.3 138.1 1.6% 0.6% 424.0 419.6 1.0% 2.3%

Corporates: boadly flat with growth mainly driven by Jersey, UK and Cayman Islands and offset by lower revenue in the Netherlands and Luxembourg

Funds: double-digit growth in Fund administration and encouraging trends in Fund SPV services more than offset lower Funds revenue from Cayman Islands and the Netherlands

Capital Markets: growth supported by high single-digit performance in Luxembourg and double-digit growth in Jersey and Asia Pacific

Private Wealth: driven by the Netherlands and Jersey, partly offset by solid performance in Luxembourg and Asia Pacific

Revenue per segment(€m)

Q3 2021 Q3 2020 ChangeUnderlying

change 9M 2021 9M 2020 ChangeUnderlying

change

Western Europe 54.1 56.6 -4.4% -4.4% 167.0 172.1 -3.0% -2.9%

Rest of the World 53.2 49.0 8.7% 5.6% 157.7 147.2 7.1% 6.5%

Americas 32.9 32.5 1.4% 1.7% 99.3 100.3 -1.0% 5.1%

Group total 140.3 138.1 1.6% 0.6% 424.0 419.6 1.0% 2.3%

Western Europe: Revenue continued to decline in the Netherlands and the return to growth in Luxembourg was delayed, driven by increased employee attrition rate compared to last year

Rest of the World: Nearly all jurisdictions contributed to growth, with high single-to-double-digit growth in half of jurisdictions. Growth driven by double-digit increases in Funds (Asia Pacific and Spain) and Corporate Services (UK and Jersey)

Americas: Double-digit growth in Fund Administration from greater conversion rates with new and existing clients. Underlying revenue in Cayman Islands declined 8.7% in Q3 2021, largely driven by Funds

10

KPI Definition Q3 2021 Q3 2020 9M 2021 9M 2020

FTE end-of-period 4,091 4,093 4,091 4,093

Revenue / Billable FTE1 €k, LTM 183.8 198.3 183.8 198.3

Billable FTE / Total FTEAs %, end-of-period

76.2% 77.4% 76.2% 77.4%

HQ & IT costs As % of revenue 14.6% 16.0% 14.2% 15.4%

Working capital / LTM revenue

As % 4.0% -0.6% 4.0% -0.6%

Key performance indicators

FTEs remained broadly unchanged

Lower Revenue / Billable FTE ratio and Billable FTE / Total FTE ratio driven by higher employee attrition rate, local employees needed to train CoEcolleagues and business mix

Total HQ & IT costs decreased to 14.6% of total revenue

Working capital impacted by a temporary lag in billing; expected to recover in coming period

1. Billable FTE is calculated based on LTM average, revenue is not corrected for currency impact

1

2

3

4

5

11

Cash flow and working capitalTemporary increase in requirements

121 Change in Op. WC = Cash flow from changes in Operating Working Capital

2 Other in Q3 2021 = D&A (21.8m) + adj. non-cash items (4.2m) -/- cash used in specific items (11.9m) + other (3.4m)

Cash flow from operating activities (EUR m)

Operating Working Capital

• Working capital impacted by temporary lag in billing and collection leading to higher deferred income, WIP and receivables

• Delay partly due to implementation of new ERP system

Capex

• Capex represented 2.5% of revenue in 9M 2021

Income tax paid

• EUR 22.8m paid in 9M 2021, slightly higher than 9M 2020 (EUR 21.2m)

12

(10.5)

(22.7) (1.6)

3.4

120.4

89.0

9M 2020 Adj. EBITA Change in Op. WC Income tax paid Other 9M 2021

EUR m 9M 2020 9M 2021

Adjusted EBITA 135.2 124.7

Change in Op. WC1(7.7) (30.4)

Income tax paid (21.2) (22.8)

Other214.1 17.5

Cash flow from operating activities 120.4 89.0

Share buyback

• Initiated EUR 100m share buyback programme

• Demonstrates confidence in long-term prospects and reflecting the strong cash generation, whilst maintaining financial flexibility

• Bought back 214,555 shares for an aggregate amount of EUR 2.9 million until 15 October 2021

Leverage and headroom

• Leverage ratio reduced to 3.60x as at the end of Q3 2021

• On track to reduce leverage ratio to around 3.0x in the medium term

Financing and liquidity

• Total liquidity amounted to EUR 257.0m

• Net Debt reduced by EUR 27.1m to EUR 765.6m as of Sep 30, 2021 from EUR 792.7m at Dec 31, 2020

13

Net debt, leverage and liquidityStrong balance sheet and continued net debt reduction

Net debt & leverage ratio

EUR m 31.12.2020 31.09.2021

Total debt, of which: 903.9 889.3

- Term Loans, RCF and overdrafts in cash pool 402.8 388.2

- Senior Notes 501.1 501.1

Cash attributable to the Company 111.2 123.7

Total Net Debt 792.7 765.6

14

Outlook

Rogier van Wijk (CFO)

Reiterating 2021 guidance and mid-term aspirationsFocus on driving revenue growth in the short and mid term

15

FY 2021 targets

Underlying revenue growth 2 ̶ 4%

Adj. EBITA margin 31 ̶ 32%

Capex (% revenue) ~3%

Leverage ratio Below 3.4x

2021 guidance

Mid-term aspirations

Mid-term aspirations

Underlying revenue growth ~4 ̶ 6%

Adj. absolute EBITA Outpacing revenue growth

Capex (% revenue) ~3%

Leverage ratio Around 3.0x

Concluding remarksShankar Iyer (CEO)

Key takeaways & Q&A

17

Growth Execution Looking forward

Robust growth excl. Netherlands and Luxembourg

Strong pipeline developmentsfrom new and existing customers

Building standardized anddigitalised risk framework

EUR 100 million share buyback reflects strong growth ambitions

without compromising medium-term deleveraging

Reiterate 2021 guidance

Confident to finalise compliance work by end 2022 and within budget

Comprehensive strategy to be presented at Capital Markets Day

Appendix

18

Consolidated Profit/(Loss) (unaudited)(€k)

19

Q3 2021 Q3 2020 9M 2021 9M 2020

Revenue 140,293 138,060 423,989 419,635

Staff expenses (73,809) (71,714) (219,110) (215,347)

Rental expenses (1,907) (1,730) (6,248) (6,016)

Other operating expenses (21,529) (19,127) (65,914) (57,738)

Other operating income 35 169 302 2,066

Depreciation and amortisation of other intangible assets (6,574) (7,684) (21,791) (22,992)

Amortisation of acquisition-related intangible assets and impairment of goodwill

(12,463) (12,114) (36,783) (61,127)

Profit from operating activities 24,046 25,860 74,445 58,481

Financial income 20 310 9,555 1,342

Financial expense (9,179) (4,732) (28,101) (46,715)

Financial result1 (9,159) (4,422) (18,546) (45,373)

Profit/(loss) before income tax 14,887 21,438 55,899 13,108

Income tax (3,750) (4,832) (12,948) (7,165)

Profit/(loss) after tax 11,137 16,606 42,951 5,943

1 Reported financial result included a positive revaluation of the early redemption option of the senior notes in 9M 2021 of EUR 7.3m (9M 2020: EUR 14.3m negative) and net interest expenses of EUR 26.0m (9M 2020: EUR 29.0m)

Reconciliation to reported results(€m)

20

Q3 2021 Q3 2020 9M 2021 9M 2020

Profit/(loss) from operating activities 24.0 25.9 74.4 58.5

Amortisation of acquisition-related intangible assets and impairment of goodwill

12.5 12.1 36.8 61.1

Specific items – Integration and transformation costs 1.6 5.4 9.5 11.0

Specific items – Transaction and other items 1.5 0.9 4.0 4.6

Adjusted EBITA 39.6 44.3 124.7 135.2

1 Foreign exchange gain/(loss) for Q3 2021 was EUR 0.5m, 9M 2021: EUR 0.7m; Q3 2020 was EUR (0.9m), 9M 2019: EUR (1.2m)

Q3 2021 Q3 2020 9M 2021 9M 2020

Adjusted EBITA 39.6 44.3 124.7 135.2

Net finance costs (adjusted) - excluding net foreign exchange loss and other adjusting items1

(8.8) (9.4) (27.0) (30.1)

Income tax (adjusted) (4.0) (3.6) (11.0) (10.3)

Adjusted Net income 26.8 31.3 86.7 94.8

Notes & definitions

21

Intertrust N.V. Q3 2021 financial figures are shown on a reported and adjusted basis

All figures include IFRS16 unless stated otherwise

Figures presented in € million tables are calculated before rounding

Adjustments in EBITDA and EBITA are disclosed in the press release. Adjusted figures represent adjustments because of non-recurring items

Selected definitions

Adjusted EPS is defined as Adjusted net income divided by the average number of shares outstanding at 30 September 2021Average no. of shares for 9M 2021: 90,424,247; for 9M 2020: 90,153,595

Adjusted EBITA is defined as Adjusted EBITDA excluding depreciation and amortisation of other intangible assets

Normalised (EBITA) margin refers to the adjusted EBITA margin, corrected for one-off costs related to the CIMA fine and other legal and compliance costs following Intertrust’s accelerated remediation efforts

Capital expenditure is defined as Investments in property, plant, equipment, software and other intangible assets not related to acquisitions and excludes right of-use assets

CC is Constant Currency

FTE is Full-Time Equivalent employee

Leverage ratio is total net debt (on "last twelve months" (LTM) average FX rates) divided by the adjusted EBITDA proforma contribution for acquisitions and full year runrate synergies related to acquisitions and other Senior Facility Agreement (SFA) adjustments such as the addback of LTM LTIP, Share deferral plan (SDP) and Rollover share plan accruals

Net interest is defined as net finance cost excluding forex gains and losses and fair value adjustments for specific financial instruments recognised in the Statement of profit or loss

Net debt is defined as net of the cash and cash equivalents excluding cash on behalf of customers and gross value of the third party indebtedness

Underlying is current and prior period at constant currency and, if applicable, including proforma figures for acquisition(s)

Market Abuse Regulation

This presentation contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation

Thank you

© 2021 Intertrust Group B.V.

This document may contain forward looking statements with respect to Intertrust’s future financial performance and position. Such statements are based on Intertrust’s current expectations, estimates and projections and on information currently available to it. Intertrust cautions investors that such statements contain elements of risk and uncertainties that are difficult to predict and that could cause Intertrust’s actual financial performance and position to differ materially from these statements. Intertrust has no obligation to update or revise any statements made in this press release, except as required by law.

22