(Incorporated in the Republic of Italy)

We are based in Milan, Italy. We manage our portfolio of digital businesses, including AOL, Eventbrite and Vimeo. We buy digital businesses, transform them and optimize their operations to improve their earnings, and we reinvest to keep the compounding cycle going. We have completed more than 50 acquisitions to date.

In March 2026, our portfolio served more than 500 million monthly active users and more than 9 million monthly paying customers.

Bending Spoons is built on the conviction that operational excellence enables efficient growth through acquisitions. We acquire digital businesses, implement deep transformations and ongoing optimizations to sustainably expand earnings, and reinvest in additional acquisitions, thereby continuing the compounding cycle. We have executed this Playbook for more than a decade and, to date, have not sold a material business. Our performance is driven by our Platform — comprising our people, proprietary technologies, and proprietary data — and reflects our intense focus on achieving exceptional talent density, cultural strength, and technical capabilities.

Below, we describe our three-step Playbook in greater detail:

•

Step 1 — Acquire. We acquire a business whose core products are digital. We prioritize businesses that we believe we can improve significantly, that have large revenue bases, and whose trajectories we can forecast with reasonable confidence several years into the future, a process that involves factoring in the risk of disruption from advances in AI. Our evaluation is analytical and rigorous, and we are disciplined on price.

​

•

Step 2 — Transform and optimize. We strive to envision the most successful version of the acquired business, and work to close the gap between its current state and that vision as quickly and completely as possible. The transformation is typically deep and entails reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and enhancing marketing and monetization. AI is often both a central component of our vision for the acquired business and a key tool in implementing the transformation. Through these efforts, we seek to increase revenue and reduce costs to drive a sustainable expansion in earnings. We then optimize the business as part of our broader portfolio on an ongoing basis.

​

•

Step 3 — Reinvest. We reinvest our earnings, along with contributions from newly acquired and improved businesses and prudent levels of incremental debt, to fund additional acquisitions, thereby continuing the compounding cycle. We may also opportunistically raise incremental equity to accelerate growth.

​

Our people, proprietary technologies, and proprietary data constitute the Platform that supports our acquisitions, transformations, and ongoing optimizations. We have been building this Platform since our founding in 2013 and consider it our primary source of competitive advantage, one that we believe will continue to strengthen as we grow.

Note: Net loss and revenue are in U.S. dollars for the 12 months that ended March 31, 2026.

(Note: Bending Spoons S.p.A. filed its F-1 on June 8, 2026, for its IPO without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure. Some Wall Street pros have estimated that Bending Spoons’ IPO could raise as much as $1 billion to $1.5 billion.)