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IP - SYS-DAT Presentation for the Mid & Small in London 2025 Event - 08-09 April 2025

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## **UNLOCKING THE FUTURE**

MID & SMALL LONDON 2025 08-09 April 2025

*1*

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This document has been prepared by Sys-Dat Group S.p.A. (the "Company" or "Sys-Dat Group") for information purpose only, it contains only summary information and, therefore, it is preliminary in nature. Furthermore, it has been drafted without claiming to be exhaustive. By attending this presentation ("Presentation") or otherwise viewing this Presentation, or having access to the corresponding information, you are agreeing to be bound by the following.

This Presentation and the information set out herein ("Information") are strictly confidential and, as such, has not been prepared with a view to public disclosure and, except with the prior written consent of the Company, it cannot be used by the recipient for any purpose nor can it be disclosed, copied, recorded, transmitted, further distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose. This Presentation may contain financial information and/or operating data and/or market information regarding business and assets of the Company. Certain financial information may not have been audited, reviewed or verified by any independent accounting firm.

Therefore, the recipient undertakes vis-à-vis the Company (i) to keep secret any information of whatever nature relating to the Company including, without limitation, the fact that the information has been provided, (ii) not to disclose any Information to anyone, (iii) not to make or allow any public announcements or communications concerning the Information and (iv) to use reasonable endeavors to ensure that Information are protected against unauthorized access.

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. This document does not constitute a prospectus, offering circular or offering memorandum.

THIS PRESENTATION AND ANY RELATED ORAL DISCUSSION DO NOT CONSTITUTE AN OFFER TO THE PUBLIC OR AN INVITATION TO SUBSCRIBE FOR, PURCHASE OR OTHERWISE ACQUIRE ANY FINANCIAL PRODUCTS, AS DEFINED UNDER ARTICLE 1, PARAGRAPH 1, LETTER (T) OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998, AS AMENDED. Therefore, this document is not an advertisement and in no way constitutes a proposal to execute a contract, an offer or solicitation to purchase, subscribe or sell for any securities and neither it or any part of it shall form the basis of or be relied upon in connection with any contract or commitment or investments decision whatsoever. The Company has not prepared any prospectus for the purpose of the initial public offering of its securities. Any decision to purchase, subscribe or sell for securities will have to be made independently of this Presentation. Therefore, nothing in this Presentation shall create any binding obligation or liability on the Company and its affiliates and any of their advisors or representatives. Likewise, this Presentation is not for distribution in, nor does it constitute an offer of securities for sale in the United States of America, Canada, Australia, Japan, South Africa or any jurisdiction where such distribution is unlawful, (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person. Any failure to comply with this restriction may constitute a violation of United States securities laws.

No representation or warranty, express or implied, is or will be given by the Company as to the accuracy, completeness or fairness of any Information provided and, so far as is permitted by law and except in the case of fraud by the party concerned, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for errors, omissions or misstatements, negligent or otherwise, relating thereto.

In particular, but without limitation, no representation or warranty, express or implied, is or will be given as to the achievement or reasonableness of, and no reliance may be placed for any purpose on the accuracy or completeness of, any estimates, targets, projections or forecasts and nothing in these materials should be relied upon as a promise or representation as to the future. The information and opinions contained in this document are provided as at the date hereof and are subject to change without notice. The recipient will be solely responsible for conducting its own assessment of the Information set out in the Presentation. Neither the Company, nor any of

their advisors or representatives shall be obliged to furnish or to update any information or to notify or to correct any inaccuracies in any information. Neither the Company, nor any of their advisors or representatives shall have any liability to the recipient or to any of its representatives as a result of the use of or reliance upon the information contained in this document.

Certain Information may contain forward-looking statements which involve risks and uncertainties and are subject to change. In some cases, these forward-looking statements can be identified by the use of words such as "believe", "anticipate", "estimate", "target", "potential", "expect", "intend", "predict", "project", "could", "should", "may", "will", "plan", "aim", "seek" and similar expressions. The forecasts and forward-looking statements included in this document are necessarily based upon a number of assumptions and estimates that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies as well as assumptions with respect to future business decisions that are subject to change. By their nature, forward-looking statements involve known and unknown risks and uncertainties, because they relate to events, and depend on circumstances, that may or may not occur in the future. Furthermore, actual results may differ materially from those contained in any forward-looking statement due to a number of significant risks and future events which are outside of the Company's control and cannot be estimated in advance, such as the future economic environment and the actions of competitors and others involved on the market. These forward-looking statements speak only as at the date of this Presentation. The Company cautions you that forward looking-statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future periods. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The distribution of this Presentation and any related document in other jurisdictions than Italy may be restricted by law and persons into whose possession this document or any related presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.

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# **SYS-DAT: Unlocking the future**

 Company snapshot 2024 Strategy and Execution FY 2024 Financials Highlights

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# **Company snapshot**

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## **OUR MISSION**

«Enabling new business models, through software solutions and consulting services for the evolution of customers' mission critical processes»

*5*

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## **OUR STRATEGY**

# MAKE - Organic growth

- **Proprietary** software solutions
- **Vertically specialised** software applications
- **High scalability** enabling ROI maximisation
- **Extensive offering** in different markets
- **Up-selling** through comprehensive services

# BUY - Inorganic growth

- **New markets** to be addressed
- **Sw solutions** extending the offering
- **Customer base** to cross-sale

*6*

- **New technologies** to strengthen know-how
- **Value boost** by cross-selling and synergies

## **WHO WE ARE**

**IPO on 2nd of July 2024,** demand exceeded offer by more than 3x

**Euro 32.5m Net Proceeds** for inorganic and organic growth

### **Significant share price increase since IPO**

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## **FY 2024 Performance**

**Economic and Financial indicators point to consistent growth**

### **31.12.24 vs 31.12.23**

| •<br>Revenue:    | € 57.5m | + 23.7% |  |
|------------------|---------|---------|--|
| •<br>EBITDA:     | € 11.6m | + 24.5% |  |
| •<br>Net Income: | € 6.2m  | + 46.3% |  |
| •<br>NFP:        | € 32.2m | + 29.1m |  |
| •<br>Liquidity:  | € 48.3m | + 29.2m |  |

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## **SYS-DAT GROWTH**

#### **SYS-DAT doubled its size in 3 years between 2021 and 2024**

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# **2024 Strategy and Execution**

## **MAKE**

### **Scalable mission critical vertical proprietary software solutions and a full liner approach**

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### **MAKE Successful case histories with mission critical and strategic solutions provisioning**

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- Energy company with automotive charging stations powered by 100% renewable energy
- Provided services:
	- ERP software solution
	- Electronic invoicing and financial add-ons
	- E-mobility software solution

![](_page_11_Picture_9.jpeg)

**UP-SELLING**

- American companies specialized in eye-glasses.
- Provided services:
	- ERP software in Switzerland and Asia
	- Systems hosted in Outsourcing
	- ERP software extension in in Spain, Germany, UK, Netherlands, France, Denmark and Austria

![](_page_11_Picture_15.jpeg)

#### **UP/CROSS-SELLING CROSS-SELLING**

- Exclusive distributor of Nike, Converse, Thommy Hilfiger, Calvin Klein and Lacoste with 3A Brands and owner of a retail chain of 25 shops with the brand Just Play
- Provided services:
	- Moda Retail to manage its proprietary chain of shops
	- Sys-Dat Retail software integration with Microsoft Business Central ERP
	- AI engine powering B.I. tool for points of sales

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- Machinery manufacturing company specialized in coil feeding devices and automation systems
- Provided services:
	- ERP software solution
	- Order management system
	- Managed services

### **BUY High level of know-how and high fragmentation makes the Italian market attractive**

![](_page_12_Figure_3.jpeg)

**Solid M&A track record, € 32.5m of IPO net proceeds and strong cash generation, the Italian fragmented market, make Sys-Dat as a clear candidate for market consolidation**

Note: For illustrative and non-exhaustive purpose. This chart could not fully represent the entire market. 1) extraction from Aida database using the Ateco code (no. 62.01 – 62.02 – 62.03 – 62.09 – 63.11- 63.12); 2) The TOP 100 Software and Services 2022 ranking (IDC for Datamanager)

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## **BUY**

### **Addressing new markets, increasing know-how and cross selling**

![](_page_13_Figure_4.jpeg)

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#### **16 acquisitions (21 companies) completed since 2020**

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# **FY2024 Financial Highlights**

## **IT MARKET HAS A GROWTH POTENTIAL**

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**The Group is ready to face next market challenges thanks to its continuous investments in cutting-edge tools to foster innovation**

*Sources: "Il digitale in Italia 2024" Anitec-Assinform in collaboration with NetConsulting - Note: 1) Excluding Device & Systems, TLC network services and digital content and advertising*

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# **HEALTHY AND GROWING FINANCIALS**

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**Revenue growth more than 3 times higher than the Italian IT market, EBITDA stable at 20%**

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# **HEALTHY AND GROWING FINANCIALS**

![](_page_17_Picture_2.jpeg)

### **In all the key metrics**

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- '24 vs '23 Operating C.F. growth of 11.1%
- 2024 invested cash for acquisitions €6.1m

![](_page_17_Figure_8.jpeg)

- R&D activities as a percentage of Revenues in line with previous years
- Main R&D activities include ERP applications, CRM and Retail software solutions

**Net Income and Operating Cash Flow generate value and benefit from extraordinary items**

![](_page_17_Picture_12.jpeg)

# **DIVERSIFIED AND LOYAL CUSTOMER BASE**

**With high cross-selling and up-selling potential**

#### **Wide typology of clients, from small to blue chip companies, well-diversified on different markets, with no revenue concentration and with a long-lasting relationship**

![](_page_18_Figure_5.jpeg)

| Aging (# years) | % customers | % sales |
|-----------------|-------------|---------|
| 15y and above   | 10,1%       | 18,5%   |
| 10y-14y         | 15,8%       | 19,8%   |
| 5y-9y           | 25,5%       | 21,1%   |
| Less than 5y    | 48,6%       | 40,6%   |

#### **Loyal customer base… …with strong cross-selling and upselling potential**

- 58% of customers acquired their services from 2 families between Core Business, Value added sw services and ICT services
- 9% of customers acquired their services from all 3 families of services: Core Business, Value added sw and ICT services
- Overall, in 2024 upselling activities increased services adoption from 53% to 67% in terms of clients acquiring services from more than one family

#### **Driving high marginality and customer loyalty**

STRICTLY CONFIDENTIAL: Contents in this document are strictly confidential and SYSDAT property; it is forbidden to copy this document, to amend it, to share it and to print it without previous written *19* authorization from SYS-DAT S.p.A.

# **CLOSING REMARKS**

**The ICT market is growing and delivering innovation** that will be disruptive for several decades

**Top Management Team** has an in-depth **knowledge of IT market, M&A and corporate finance**

**Organic growth is largely predictable,** thanks to recurring sales and repeatable services

**Inorganic growth** is proving to be successful and **opens new markets and technologies**

The company has **healthy financials** with strong EBITDA margin and Cash flow generation

*20*

Proceeds from the IPO will further accelerate the organic and inorganic business

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# **Annex**

*22*

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## **Annex – 12M 2024 Profit & Loss Statement**

| (Euro)<br>31 December                                 |            |            |
|-------------------------------------------------------|------------|------------|
|                                                       | 2024       | 2023       |
| Operating Revenues                                    | 57.102.083 | 46,265,809 |
| Other Revenues                                        | 378.254    | 201 929    |
| Total Revenue                                         | 57.480.337 | 46.467.738 |
| Purchasing cost                                       | 3.400.985  | 2.754.127  |
| Changes in inventories                                | 478 310    | -505 063   |
| Service cost                                          | 18.895.109 | 15.533.500 |
| Personnel                                             | 22.717.784 | 18.979.953 |
| Other operating cost                                  | 429 452    | 404.868    |
| Total operating cost                                  | 45.921.640 | 37.167.385 |
| EBITDA                                                | 11.558.697 | 9.300.353  |
| Amortisations and depreciations                       | 3.488.961  | 2.568.943  |
| Provisions and writedowns                             | 401_217    | 262 590    |
| EBIT                                                  | 7.668.519  | 6.468.820  |
| Income (expenses) from equity investments             | 15 369     | 17.706     |
| Other financial income (expenses)                     | 550 280    | -84.831    |
| Value adjustments to financial assets and liabilities | 330,260    | 141.399    |
| Income before taxes                                   | 8.564.428  | 6.543.094  |
| Income taxes                                          | 2.360.841  | 2.301.356  |
| Net Income                                            | 6.203.587  | 4.241.738  |
| Of which third parties results                        | 7.803      | ਰੇ ਤੇ ਉੱਥੇ |
| Net Income of the parent company                      | 6.195.784  | 4.232.371  |

## **Annex – 12M 2024 Balance Sheet Statement**

| (Ellro)                                         | 31-Dec-24  | 31-Dec-23  |
|-------------------------------------------------|------------|------------|
| ASSETS                                          |            |            |
| Non-current assets                              |            |            |
| Goodwill                                        | 12.251.636 | 8.954.306  |
| Intangible assets                               | 10.947.067 | 7.383.815  |
| Roll assets                                     | 4 014 601  | 3 004 658  |
| Tangible assets                                 | 870.548    | 788.073    |
| Equity investments and other non current assets | 121,460    | 87.617     |
| Deferred<br>tax assets                          | 801.527    | 615.481    |
| Total non-current assets                        | 20 906 838 | 21.823.950 |
| Current assets                                  |            |            |
| Inventories                                     | 248 008    | 194 184    |
| Trade receivables                               | 17.124.406 | 16.015.464 |
| Activities for work in progress on order        | 1.172.062  | 1.600.430  |
| Other receivables and current assets            | 3.016.470  | 2.340.020  |
| Current financial assets                        | 23.649.883 | 4.633.400  |
| Cash and cash equivalent                        | 24.680.166 | 14.437.097 |
| Total current assets                            | 60 801 085 | 30 310 604 |
| TOTAL ASSETS                                    | 00 708 823 | 61.143 554 |

| (Ellro)                              | 31-Dec-24  | 31-Dec-23  |
|--------------------------------------|------------|------------|
| EQUITY AND LIABILITIES               |            |            |
| Share Capital                        | 1.564.244  | 1.015.000  |
| Other reserves                       | 49.225.354 | 13.870.044 |
| Net result                           | 6.105.784  | 4.232.371  |
| Third parties' equity                | 178.000    | 170.895    |
| Total group equity                   | 57.164.342 | 19.288.310 |
| Non current liabilities              |            |            |
| Non current financial liabilities    | 11.227.539 | 11.024.500 |
| Deferred taxes liabilities           | 2.539.525  | 1.793.642  |
| Employee benefits                    | 7.135.204  | 6.661.792  |
| Provisions                           | 173.958    | 330 346    |
| Total non current liabilities        | 21.076.226 | 19.810.289 |
| Current liabilities                  |            |            |
| Current financial liabilities        | 4.856.983  | 4 000 034  |
| Trade payables                       | 4 008 201  | 4.564.410  |
| Advance payments on work in progress | 1.345.950  | 1.783.180  |
| Current tax debt                     | 1.486.277  | 2.091.846  |
| Other current debts and liabilities  | 8.870.754  | 8.695.585  |
| Total current liabilities            | 21.558.255 | 22,044 055 |
| TOTAL EQUITY AND LIABILITIES         | 99.798.823 | 61.143.554 |

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## **Annex – 12M 2024 Cash Flows and Net Financial Position**

| (Euro)                                                                  | 31 December |            |
|-------------------------------------------------------------------------|-------------|------------|
|                                                                         | 2024        | 2023       |
| Net income                                                              | 6.203.587   | 4.241.73!  |
| Taxes                                                                   | 2.360.841   | 2.301.350  |
| Depreciation                                                            | 3.471.108   | 2.568.94   |
| Other variations                                                        | 87.875      | 816.10:    |
| Funding from operations                                                 | 12.123.410  | 9.928.14   |
| Change in inventones                                                    | -28.851     | 50.46      |
| Change in work in progress net of advances                              | 964 299     | -2.452.179 |
| Change in trade receivables                                             | 41.186      | -1.167.56  |
| Change in trade payables                                                | 300 005     | 259.997    |
| Change in other assets and liabilities                                  | -2.496.020  | 2.553.101  |
| Taxes paid                                                              | -2.801 644  | -1.876.230 |
| Operating cash flow                                                     | 8.102.688   | 7.295.72   |
| Investments in intangible assets                                        | -2.947.306  | -2.173.44  |
| Investments in tangible assets                                          | -358.709    | -135.797   |
| Equity investments                                                      | 0           |            |
| Disinvestments of fixed as sets                                         | 2.588       | 30.00      |
| Disinvestments of leasing                                               | 204.285     |            |
| Interestincome collected                                                | 67.500      | 108.02     |
| Change in other financial as sets and liabilities                       | -18.658.223 | 410.63     |
| Investment activities Cash Flow                                         | -21.689.865 | -1.760.57  |
| Change in financial debts                                               | -616.518    | -2.75      |
| Repayment of loans                                                      | -1.762.321  | -1.543.680 |
| Increase share capital                                                  | 33.852.144  |            |
| Listing expenses                                                        | -1.884.758  |            |
| Dividends                                                               | -660.000    | -659.751   |
| Interestpaid                                                            | -55.548     | -278.410   |
| Financial activities cash flow                                          | 28.872.999  | -2.484.60  |
| Liquidity acquired (transferred) from changes in the consolidation area | -5.042.753  | -2.480.29  |
| Total cash flow (net of changes in consolidation area)                  | 10.243.068  | 570.24]    |
| Cash and cash equivalent at the beginning of the period                 | 14.437.097  | 13.866.85  |
| Total cashflow                                                          | 10.243.068  | 570.24     |
| Cash and cash equivalent at the end of the period                       | 24.680.166  | 14.437.09  |
|                                                                         |             |            |

| Net Financial Position                        | 31-Dec-24 | 31-Dec-23 | Var    | Var %  |
|-----------------------------------------------|-----------|-----------|--------|--------|
| (Euro thousand)                               |           |           |        |        |
| A. Liquid assets                              | 24.680    | 14.437    | 10.243 | 70,9%  |
| B. Cash equivalents                           | 0         | 0         | 0      | n/a    |
| C. Tradeable securities                       | 23.650    | 4.633     | 19.016 | 410,4% |
| D. Liquidity (A) + (B) + (C)                  | 48.330    | 19.071    | 29.260 | 153,4% |
| E. Current financial debt                     | 85        | 15        | 70     | 468,6% |
| F. Current portion of non current debt        | 4.806     | 4.895     | -90    | -1,8%  |
| G. Current financial indebtness (E )+ (F)     | 4.891     | 4.910     | -19    | -0,4%  |
| H. Net current financial debt (D) + (G)       | 43.439    | 14.160    | 29.279 | 206,8% |
| I. Non-current financial debt                 | 839       | 1.620     | -781   | -48,2% |
| J. Bonds issued                               | 0         | 0         | 0      | n/a    |
| K. Other non-current financial debt           | 10.389    | 9.425     | 964    | 10,2%  |
| L. Non-current financial debt (I) + (J) + (K) | 11.228    | 11.045    | 183    | 1,7%   |
| M. Net Financial Position (H) + (L)           | 32.211    | 3.115     | 29.096 | 934,0% |

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