Bending Spoons (BSP) Registration filing summary

Company overview and business model

• Operates as a digital business acquirer, transforming and optimizing acquired companies to drive earnings growth and reinvesting proceeds into further acquisitions.

• Focuses on operational excellence, leveraging a proprietary platform of talent, technology, and data.

• Portfolio includes over 50 acquisitions, with recent additions such as AOL, Eventbrite, and Vimeo.

• Serves over 500 million monthly active users and 9 million monthly paying customers as of March 2026.

Financial performance and metrics

• Revenue grew from $387 million in 2023 to $1.31 billion in 2025, a CAGR of 84%.

• Operating income increased from $84 million in 2023 to $278 million in 2025, with a CAGR of 82%.

• Adjusted Operating Income Margin was 47% in 2025, and Adjusted Earnings per Share grew at a CAGR of 82% from 2023 to 2025.

• Q1 2026 revenue was $601 million, with 132% YoY growth.

• Net cash from operating activities was $291 million in 2025 and $76 million in Q1 2026.

Use of proceeds and capital allocation

• Net proceeds of $868 million (or $1,003 million if the underwriters' option is exercised in full) are intended for general corporate purposes and new acquisitions.

• Acquisitions remain the primary capital allocation priority for the foreseeable future.