REPLY HALF YEAR FINANCIAL REPORT AT JUNE 30 2025

BOARD OF DIRECTORS AND CONTROLLING BODIES	3
KEY GROUP RESULTS	5
REPI Y	7
INTERIM FINANCIAL REPORT 2025	21
OTHER INFORMATION	29
EVENTS SUBSEQUENT TO 30 JUNE 2025	31
OUTLOOK ON OPERATIONS	32
HALF YEAR CONDENSED FINANCIAL STATEMENTS AT 30 JUNE 2025	33
NOTES	39
ANNEXED TABLES	74
ATTESTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH ARTICLE 8-TER OF CONSOR
REGULATION NO. 11971 OF 14 MAY 1999 AND SUBSEQUENT AMENDMENTS AND ADDITIONS	82
INDEPENDENT AUDITORS' REPORT	83

BOARD OF DIRECTORS AND CONTROLLING BODIES

Chairman and Chief Executive Officer

Mario Rizzante

Chief Executive Officer

Tatiana Rizzante

Executive Directors

Filippo Rizzante Marco Cusinato Elena Maria Previtera Daniele Angelucci (1) Patrizia Polliotto (1) (2) (3) Domenico Giovanni Siniscalco (1) (2) Secondina Giulia Ravera (1) (2) Federico Ferro Luzzi (1) (2)

Board of Statutory Auditors

Chairman Ciro Di Carluccio

Standing Auditors Piergiorgio Re Donatella Busso

Independent Auditors

PwC S.p.A.

(1) Directors not invested with operational proxies (2) Independent Directors according to the Corporate Governance Code (3) Lead Independent Director

This report has been translated into Enginal Italian version, in case of doubt the Italian version shall prevail.

KEY GROUP RESULTS

. ..

YE 2024	%	Economic figures (Euro/000)	15T half 2025	96	15T half 2024	%	15T half 2023	96
2.295.938	100.0	Revenue	1.210.125	100.0	1,114,336	100.0	1.038.908	100.0
410.611	17.9	EBITDA	223.664	18.5	180.459	16.2	154.006	14.8
330,421	14.4	EBIT	188,382	15.6	146.646	13.2	123.677	11.9
313,232	13.6	EBT	179.413	14.8	146.285	13.1	113.561	10.9
211,139	9.2	Net income	124,755	10.3	99,942	9.0	78.451	7.6

YE 2024	Financial figures (Euro/000)	15T half 2025	15T half 2024	15T half 2023
1,300,188	Group Equity	,359,481	1,185,363	1,013,823
2,773	Non-controlling interest	1.546	1,733	1,730
2,630,935	Total assets	2,472,189	2,333,231	2,120,338
52,711	Net working capital	91.793	56.676	54.711
953,876	Net invested capital	998,531	952.248	913.984
349,438	Operating cashflow	129,152	114,935	108,148
349.084	Net financial managerial position (*)	362,495	234,848	101,570

YE 2024	Data per single share (in Euros)	1st half 2025	15T half 2024	15T half 2023
37,411,428	Number of shares	37.411.428	37.411.428	37.411.428
8.83	Operating income per share	5.04	3.92	3.31
5.65	Net income per share	3.33	2.68	2.10
9.34	Cash flow per share	3.45	3.07	2.89
34.75	Shareholders' equity per share	36.34	31.68	27.10

YE 2024	Other information		15 half 2025	15T half 2023
15.667	Headcount	16.261	15.307	14.307

(*) for ESMA net financial indebtedness see Note 30

REPLY

Reply

Reply specialises in the design and implementation of solutions based on new communication channels and digital media.

With a consolidated presence at an international level, Reply stands out for its ability to guide companies in the digital transformation process, through the new technological paradigms of Artificial Intelligence (Al), Big Data, Cloud Computing, Digital Media and the Internet of Things (IoT).

Reply is characterised by:

· a culture oriented towards technological innovation;
a flexible structure, capable of anticipating market developments and interpreting new technological drivers;
· a delivery methodology with proven success and scalability;
a network of companies specialised in areas of expertise;
· a team made up of specialists from the best universities;
a highly experienced management team; ●
· continuous investment in research and development;
a network of long-term relationships with its customers. .

The organisational model

With over 16,000 employees, Reply operates with a network structure made up of companies that specialise in the fields of processes, applications and technologies, which represent excellence in their respective areas of expertise.

Processes

For Reply, understanding and using technology means introducing a new enabling factor to processes, thanks to an in-depth knowledge of the market and the specific industrial contexts of implementation.

Applications

Reply designs and creates software solutions aimed at meeting the needs of the company's core business, in various industrial sectors.

Technologies

Reply optimises the use of innovative technologies, creating solutions capable of guaranteeing customers maximum efficiency and operational flexibility.

Reply services

In every Reply project, strategy, creativity, and consultancy converge synergistically to create concrete solutions that respond to the challenges of each sector with an integrated approach.

Reply services include:

strategic, communication, design, process and technological consultancy;
system integration to make the best use of potential technology, combining business consultancy with innovative technological solutions with high-added value;
digital services based on new communication channels and digital trends.

Industry focus

Combining the strength of a network of highly specialised companies with a solid culture of innovation, Reply guides its clients through technological evolution, offering integrated and competitive solutions that ensure sustainable long-term growth.

Automotive

Reply is supporting the transformation of the automotive sector through the integration of artificial intelligence across all phases of the value chain. Today's optimisation of production and logistics processes leverages advanced algorithms to manage procurement, plan production, and automate quality control. Al has been the driver for innovation in proprietary platforms widely used in the sector, such as LEA Reply in logistics and Brick Reply for production execution systems, and it has also been applied to sales and after-sales services, helping to reduce operational costs, increase efficiency, and improve sustainability.

In engineering, AI is contributing the product lifecycle. Thanks to Al, electric vehicles are equipped with systems that optimise battery usage, enhance onboard comfort, and ensure higher levels of safety through advanced sensors and predictive analysis. Additionally, innovative projects in Vehicle-to-Everything (V2X) and Software-Defined Vehicles are enabling the transformation of vehicles into dynamic platforms capable of adapting to external conditions and offering increasingly advanced functionalities to the driver. Reply has introduced Al-based autonomous agents on board vehicles, capable of real-time monitoring of vehicle behaviour and assisting drivers in increasingly complex tasks, enhancing safety and efficiency during driving. The design and implementation of Al-based interfaces demonstrate their ability to improve the interaction between drivers and vehicles significantly, enhancing user experience through intelligent voice assistants based on generative conversational systems. These tools allow for fluid and personalised interactions, supporting drivers with contextual suggestions, vehicle personalisation management, and proactive notifications.

After contributing over the last three years to the development of numerous Al-enhanced configurators in the pre-sale and sale of vehicles, Reply is now investing maintenance and after-sales processes, using computer vision and Al for the automatic analysis of videos and images of vehicles, improving the accuracy and speed of inspections. The adoption of predictive maintenance systems enables the identification of potential failures by analysing the vehicle's usage patterns, preventing unexpected downtimes and ensuring a more reliable experience for customers, especially in industrial and fleet management contexts.

Energy & Utilities

Reply collaborates with leading European players in the Energy & Utilities sector in evolving their operational models and enterprise architectures with the aim of accelerating their alignment with the energy transition and carbon neutrality. Artificial intelligence and machine learning are applied in energy trading processes, field operations, smart grid management, demand optimisation, monitoring and control systems, and compliance.

The accelerators developed by Reply allow sector operators to strengthen the resilience of infrastructure and ensure more secure and reliable energy management. The Reply teams design and implement solutions

in line with the highest standards of safety and resilience, supporting the entire value chain of the sector: optimisation of renewable energy production, asset management with monitoring and robotic inspection systems, flexibility of grid dispatching, management of distributed energy resources and demand, and electric vehicle charging, enabling companies to adapt to market challenges dynamically.

The capacity of Al to evolve processes in the Energy & Utilities sector also extends to the management of renewable energy plants and grids, where loT sensors and predictive analysis optimise energy distribution, minimising overloads and improving grid stability. At the same time, advanced automation solutions, such as Al-equipped robots and drones, simplify maintenance operations and reduce the risks of malfunction. The integration of these technologies not only makes the entire energy ecosystem more efficient but also contributes to meeting sustainability goals, enabling more mindful resource management and a reduced environmental impact.

Financial Institutions

With extensive experience in designing and implementing advanced Al and cloud computing-based solutions, Reply collaborates with banks, insurance companies, asset managers, and consumer credit operators to innovate products, services, and internal processes, improving productivity and operational effectiveness. At the heart of Reply activity is the integration of Al into business processes to meet the growing need for automation, efficiency improvement, and decision optimisation.

In particular, Reply provides clients with Al-based solutions aimed at enhancing financial institutions' ability to extract value from large volumes of data and information from commercial networks. Al has also enabled more precise management of reports received from customers and relationship managers, thanks to their accurate categorisation and identification of recurring trends, contributing to improving the quality and timeliness of responses and transforming them into strategic insights for business development. The introduction of Generative Al has also improved customer onboarding and business development processes. The adoption of Al has had a significant impact in the fields of compliance, cybersecurity, and risk management. Financial institutions have used Reply's solutions to automate complex reporting processes and consolidate large-scale data, improving liquidity and capital risk managements have reduced manual activities, enhancing the accuracy and timeliness of analyses required by regulatory bodies. Al has also been employed to make customer communications in wealth management more effective while ensuring compliance with regulations. In the insurance sector, Al is significantly improving processes such as claims management and underwriting, analysing complex data with greater speed and precision.

The application of Al-driven technologies has also extended to infrastructure management and the automation of IT operations. The adoption of multi-agent architectures has enabled more efficient oversight and reduced operational costs while optimising the resilience and scalability of critical systems. Reply has also played a crucial role in supporting clients in their large transformation projects, addressing complex challenges such as modernising banking legacy systems and migrating critical applications to the cloud. These projects, often central to the long-term competitiveness of financial institutions, have been managed with a distinctive approach that combines technological innovation and deep industry knowledge.

Government & Healthcare

Reply collaborates with public and healthcare institutions, as well as pharmaceutical firms, to optimise procedures, improve services offered to citizens, and leverage technological innovation to make public administration more efficient and resilient. In particular, the integration of multi-platform and advanced automation enhances the accessibility and responsiveness of public information systems, accelerating decision-making and operational processes. A significant example is the support for managing the European Directive on Falsified Medicines, implemented through one of the largest cloud-based solutions in Europe.

In the public administration sector, Reply uses Al-based tools to modernise legacy systems, facilitating migration to modern languages through the automation of code and documentation generation. Reply also develops vertical solutions to improve welfare systems and citizen services, optimising data management and facilitating access to information. Special attention is given to security and interoperability, ensuring that innovations are introduced responsibly, with high standards of privacy and data protection.

In healthcare, Reply simplifies the management of complex information, such as treatment protocols and national and regional regulations. Thanks to machine learning tools, it is also possible to analyse regulatory documents to identify necessary changes and actions, ensuring compliance with continually evolving regulations. All responsible introduced by Reply enable modern architectures based on intelligent agents for more effective and secure healthcare assistance. The solutions aim to improve the planning and delivery of services, with a direct impact on patient outcomes.

Artificial intelligence also plays a key role in processing large amounts of biomedical data and radiomics, improving early diagnosis, therapy personalisation, and continuous patient monitoring, In this context, the X-RAIS Reply platform supports doctors in analysing X-rays, ultrasounds, and CT scans, facilitating the identification of anomalies and optimising the interpretation of diagnostic images. Furthermore, thanks to Alenhanced intuitive dashboards, healthcare operators can quickly access critical information extracted from medical records, supporting rapid and informed decision-making. This approach not only optimises diagnostic procedures but also ensures a high level of reliability, keeping the physician at the centre of the decision-making process.

Logistics

In the logistics sector, artificial intelligence is transforming processes and operations through advanced solutions that enhance the efficiency of supply chains, logistics sites, and transport. In this context of evolution, Reply supports both traditional logistics operators and supply chain activities in other sectors.

In warehouses, sophisticated algorithms optimise picking, inventory management, and resource allocation, while in sorting centres, computer vision technologies enable the detection of anomalies in package distribution. Additionally, Al models have also been successfully employed to analyse demand and container allocation, allowing for more accurate capacity planning. These applications translate into increased precision in operations and more efficient use of resources, supported by forecasts based on historical data and specialised skills.

In the context of maintenance, Reply collaborates with leading logistics operators to develop Al-based solutions that not only facilitate predictive maintenance of sorting equipment and commercial vehicles but also allow for more effective planning of delivery vehicle routes, minimising times and costs and

strengthening companies' ability to respond swiftly to potential supply chain disruptions. However, the application of Al is not limited to operational efficiency: by analysing large volumes of logistics data, companies can gain valuable strategic insights, while real-time tracking systems and advanced conversational platforms enhance user experience and transparency throughout the entire supply chain. Reply continues to invest in the development of LEA Reply, the modular platform at the contre of its logistics offering. Thanks to the integration of Al and computer vision, LEA Reply provides increasingly comprehensive visibility of goods flows along the supply chain and, through proactive management of logistics processes enabled by the analysis of insights, allows for performance optimisation with positive effects both on business results and the environmental impact of operations. The platform also integrates autonomous systems, such as robots and drones, to improve efficiency in highly automated environments and expand operational coverage. Recognised by numerous market analysts as one of the global leaders in logistics and WMS, the solution now supports significant e-commerce platforms and the omnichannel capabilities of clients in sectors such as automotive, fashion, retail, and food & beverage.

Manufacturing

The adoption of artificial intelligence in the manufacturing sector is enabling new modes of data analysis, optimisation of industrial processes, and innovation in manufacturing supply chains. Reply consolidates its role as a strategic partner for major industrial groups by introducing Al throughout the production cycle, from optimising planning and scheduling to supply chain management and production control with intelligent anomaly detection. These solutions aim to optimise resources and increase productivity, transforming factories into interconnected and dynamic ecosystems capable of continuous learning and improvement.

The integration of automation, advanced sensing, and cloud-native platforms allows manufacturing companies to make more informed and timely decisions. Reply supports this transition by offering modular and customised solutions in ERP, MOM, and MES, leveraging the capabilities of proprietary platforms such as Brick Reply, LEA Reply, and Axulus Reply, which facilitate the optimisation of operations and the management of the industrial production lifecycle. Reply's platforms, enhanced by AI, can respond to questions posed in natural language and generate real-time analyses, providing a solid foundation for strategic decisions in the most critical areas.

In the context of the supply chain, artificial intelligence increasingly enables the analysis and optimisation of material flows, improving planning and reducing inefficiencies. The adoption of Al also significantly impacts sustainability, helping to reduce energy consumption and optimise material use: algorithms capable of adapting to unexpected variations in demand or material availability allow for keeping production plans aligned with business objectives, reconciling productivity and sustainability.

The flexible and modular architectures developed by Reply stand out for their ability to integrate edge computing and computer vision in factories, innovating automated quality control and overcoming the limitations of manual inspection. Product defects and anomalies in processes are detected and classified with extreme precision, ensuring high production standards. Predictive maintenance is also used in post-sales services, and it leverages Al-based models on real-time data to monitor plant performance, prevent failures, and minimise downtime.

Retail & Luxury

From the design and implementation of omnichannel solutions for physical and digital sales to the optimisation of logistics networks, Reply is working with major players in the sector to improve productivity and make processes more scalable and efficient. A central role is played by Al and multi-agent architectures, which are enabling innovation in areas such as inventory management, price optimisation, and customer engagement.

Conversational commerce systems and digital assistants based on autonomous agents employed in customer care and sales recommendation are changing the way brands interact with consumers. Highly personalised multichannel campaigns are making it possible to reach diverse targets, while the automation of complex processes allows brands to focus resources on high-value strategic activities. Additionally, Generative Al is now being successfully used to create innovative content for marketing and communication, with significant results also in the luxury sector. At the same time, the use of 3D enables new service and distribution models with use cases such as make-to-order.

In physical retail stores, Reply is introducing experiences such as virtual try-ons that improve operational efficiency and the shopping experience: projects realised aim to transform stores into dynamic and integrated environments, where the boundary between physical and digital dissolves to offer a unique and engaging experience, strengthening brand positioning and the ability to innovate and anticipate consumer expectations. In logistics and operations management, the predictive analysis of historical data and Al-driven automation of complex processes, such as shipping planning and load optimisation, are improving retailers' ability to respond to demand fluctuations and logistical constraints.

Telco & Media

Reply is alongside leading European telecommunications companies in their transition towards sustainable and profitable business models: a process that begins with the redefinition architectures from an Al perspective to enable new technologies and innovative services. Reply also consolidates its position in infrastructure, offering specialist expertise in Network Engineering, Operations, Testing, and Validation to support the management and evolution of networks.

The adoption of Al also fosters the development of new services and the enhancement of key assets, such as networks and connectivity. The composable and OTT-like approach to Business Support Systems (BSS) aims to create flexible solutions, leveraging previous investments in legacy systems. Multi-agent architectures integrate automated tasks and workflows, enabling companies to respond with more agjity to customer needs. Customer services are becoming increasingly conversational thanks to the use of large language models, which enable fluid and personalised interactions, improving user experience and operational efficiency.

In the media sector, leveraging its assets, such as the Discovery Reply asset management platform, and utilising advanced Al skills, Reply has supported the valorisation of multimedia assets and the creation of cutting-edge network operations centres and studios. The specialised companies and agencies of the Group have accompanied publishers in producing innovative content, particularly in social media, optimising editorial processes such as copywriting, audio generation, and video production. This integration accelerates production and allows publishers to offer hyper-personalised content based on user preferences and realtime data analysis.

Ai-driven innovation

A protagonist of the era of artificial intelligence, Reply applies its expertise in consulting and technology to guide clients in adopting effective Al solutions and evolving their business models.

Knowledge Management

Generative Al is changing how companies approach knowledge management by organising, and leveraging their information, both structured. Reply is at the forefront of this transformation, developing innovative solutions that harness the potential of Al to create more efficient and effective knowledge ecosystems.

The use of increasingly vertical large language models, specialised for different industries, is progressively expanding, allowing the development of conversational systems that enable companies to extract, reaggregate, and redistribute knowledge in a conversational format. Reply supports companies in using these models at the enterprise level, customising their knowledge on specific specialist topics for each sector. Through the use of vector databases and RAG (Retrieval-Augmented Generation) systems, data is not only stored but transformed into structured and easily accessible knowledge, allowing for a rapid conceptual representation of specific knowledge areas relevant to the business context. Reply is also focusing on developing accelerators capable of recognising relationships between concepts without the need for specific training on each connection with knowledge bases more intuitive and effective. Companies can thus improve the management of their information securely, facilitating the search and use of business information, potentially integrated and enriched with external data sources.

The evolution of knowledge management is leading companies to digitise entire processes, shifting the focus from automating simple activities to the comprehensive management of complex workflows. With the increasingly widespread adoption of "copilots" and advanced AI agents among knowledge workers, Reply has assisted clients across various sectors and organisational divisions in creating new application architectures where traditional functions and workflows are integrated with activities performed by Al agents trained on business knowledge and specific use cases. In finance, for example, Al agents are used to automate the management of comments, ensure regulatory compliance, and synthesise complex financial reports into essential insights. In procurement, agents can systematise information and data related to suppliers and their offers, aided by multimodal models that can interpret information contained in images and complex documents. In customer service, the vast availability of incoming data now allows Al agents to "grow" and specialise, improving the quality of responses given autonomously and reducing the resolution times for requests while supporting operators in delving into more complex cases.

However, Reply's experience shows the importance of designing and incentivising the widespread adoption of these tools with advanced change management strategies so that they have significant impacts on productivity and work quality. To this end, Reply has collaborated with Microsoft to create an immersive experience that, through gamification techniques, allows users to understand the transformative potential offered by the integration of Al tools into everyday business processes.

Software Development

The introduction of Al is innovating every phase of the software development lifecycle, both within Reply's internal development factories and those shared with clients. From requirements gathering to specifications creation, through coding to software release activities, Al has enabled the automation of repetitive tasks, improving the efficiency and quality of solutions.

The adoption of autonomous agents capable of collaborating with each other has allowed for innovation not only in requirements management, enhancing needs analysis and structuring user stories but also in the testing and quality assurance phases of software. Thanks to its expertise in quality engineering, Reply has defined a suite of specialised agents that ensure continuous and proactive code review: predictive bug analysis allows for timely interventions that reduce costs and correction times, while automation in test case generation and script optimisation enhances the efficiency of testing processes. The management of release cycles and code integrity control has also been significantly optimised, opening new opportunities not only to accelerate development but also to ensure more robust and secure code.

The paradigm shift introduced by Al is thus having a significant impact on the operational efficiency of software engineering departments. Autonomous agents, powered by increasingly advanced and multimodal large language models, will be able to operate more independently, with Reply experts involved in analysing any critical issues. With the introduction of advanced guardrails and performance optimisation tools, Reply is further improving the overall quality of projects, ensuring increasingly reliable and efficient solutions.

Already today, Al allows for a radical rethink of the approach to application creation, bringing conversational interaction into transactional contexts. The extensive use of Al by development teams has also paved the way for new use cases, particularly in modernising legacy systems. With the adoption of Al-based solutions, Reply supports its clients across various industries in transitioning critical systems to more modern architectures while maintaining operational continuity and extracting value from obsolete infrastructures.

Customer Interaction

Thanks to conversational systems and multi-agent architectures, the way companies communicate, assist, and engage with their customers is evolving: it is now possible to manage complex requests and provide responses more quickly and accurately. Reply has developed conversational systems and agents that not only solve recurring problems but can also suggest personalised products and services, offering natural interactions that understand and contextualise human language. These systems, potentially active 24 hours a day, ensure continuous customer support, improving satisfaction and increasing business efficiency.

By analysing large volumes of data on user behaviours and preferences, Reply has designed Al-based systems capable of anticipating needs, suggesting targeted products or services and constructing bespoke messages for each customer/ prospect, thereby increasing conversion probabilities. The integration of these solutions in conversational commerce contexts is making it possible to create hyper-personalised marketing campaigns that offer tailored experiences, enhance cross-selling opportunities, and improve brand perception.

A strong area of expertise for Reply is the development of digital humans, which use artificial intelligence to present concepts, solutions, and offerings clearly. These digital figures, customisable for different languages and markets, offer increasingly natural and engaging dialogues thanks to advancements in hyper-realistic design and linguistic generation systems. One area where Reply focuses its attention of

affective computing models to enrich digital humans with emotional reasoning capability, or the ability to autonomously decide-not through pre-programmed rules-when to simulate emotions, smile or show empathy. Thanks to these models, real-time 3D technologies, and advanced graphic hyperrealism, Reply's digital humans can faithfully reproduce facial expressions, and body movements, adjusting their emotional reactions based on context and the memory of the interaction, offering an empathetic and engaging experience.

In the realm of content production, Reply has further consolidated its competencies in the use of Al-based tools to generate images, videos, and sounds, giving rise to its own Al-based production studio. As technology evolves, Reply's clients will be able to produce increasingly larger volumes of high-quality content, simplifying the creation of complex outputs such as videos or films and enabling the production of highly customised materials for specific audience segments. The growing specialisation of creative agents will open new opportunities for companies, enhancing the productive capacity and efficiency of marketing, communication, sales, and post-sales teams.

Robotics

Al is changing the physical world the creation of intelligent and autonomous systems capable of interacting with their surrounding environment. This progress is particularly evident in robotics, where advanced algorithms allow robots to dynamic and complex contexts. The adoption of increasingly sophisticated models opens new possibilities in various sectors, such as autonomous mobility and industrial automation, providing innovative solutions to enhance efficiency and safety. Application areas are, for instance, the autonomous inspection of industrial plants and reconnaissance missions, activities that traditionally require significant resource investment and pose risks to operators.

Reply is developing spatial computing solutions to enhance the precision of autonomous mobile robots in industrial contexts. The use of immersive devices allows operators to intuitively interact with robots, managing their movements and leveraging advanced functionalities such as hand tracking or controllers for precise manipulation of robotic arms. Furthermore, essential information for operational decision-making, such as monitoring data and detailed maps of facilities, is accessible remotely in real-time thanks to a cloud infrastructure, ensuring the seamless integration of this data into industrial systems.

The introduction of Al-enhanced robots not only increases the safety and reliability of production processes but also makes companies more resilient to unforeseen events. In manufacturing, collaborative robots (cobots) support production activities by optimising processes and reducing errors, while autonomous mobile robots (AMRs) improve logistics by making quick decisions based on environmental conditions. These advancements contribute to reducing the risk of accidents and enhancing workplace safety, making operations more efficient.

The combination of increased cognitive and multimodal capabilities of robots and the simplification of direct and remote management interfaces now allows operators to monitor and manage robots more easily, without the need for intensive training. However, the large-scale adoption of these technologies poses new challenges related to data availability and quality, an aspect in which Reply is investing with mixed teams of Al experts and industry specialists.

Foundations

Founded on the pillars of digital innovation, Reply is progressively integrating artificial intelligence into every aspect of its services to design and implement new processes, products, and business models that generate tangible value for clients.

Cloud Computing

Cloud computing continues to represent a highly strategic area for Reply, which stands out internationally for enabling cloud-native operational models, multi-cloud solutions, and application modernisation services. Reply's expertise is recognised by leading global hyperscalers (AWS, Google, Microsoft, and Oracle) and extends to major enterprise platforms, including those from Adobe, Salesforce, and SAP.

Reply's established experience covers the entire cloud lifecycle, from architectural design to 24/7 operational management, with focus on cloud governance, security, financial and operational management, and data optimisation in multi-cloud and hybrid environments. Highly specialised teams also develop vertical solutions "as a Service" for sectors such as manufacturing, financial services, automotive, energy & utilities, and retail. The push for cloud adoption is increasingly linked to the intelligence into business processes. Reply, with the evolution of its Cloud Centre of Excellence into an Al Centre of Excellence, is guiding companies in enabling Al Operating Models that combine governance, automation, and operational cloud management with the capabilities of generative artificial intelligence. Simultaneously, Al-driven automation has helped Reply clients streamline cloud operations, improving the resilience and governance of their systems. Advanced tools can now detect anomalies, predict issues, and autonomously resolve criticalities, reducing downtime and ensuring optimal operational continuity.

Reply's solutions also support the automation of DevSecOps processes by identifying workflow errors and proposing immediate corrections, making adopting multi-cloud environments more effective. Thanks to this synergy, client companies can manage complex infrastructures more efficiently, automating repetitive tasks and minimising risks while maintaining high security and reliability standards.

Cybersecurity

Reply stands out in the cybersecurity landscape for an approach that integrates technological innovation, cross-cutting regulatory expertise, and specific industrial sectors. Cybersecurity experts work synergistically with risk management and compliance professionals to address the increasingly pressing challenges posed by regulations, such as the NIS-2 directive and the AI ACT, providing clients with strategic support to identify and manage the cyber risks they face and strengthen their digital infrastructures while ensuring adherence to increasingly stringent security and operational resilience standards.

Today, companies are facing a paradigm shift driven by the increasing adoption of artificial intelligence and automation solutions. On the one hand, technologies such as machine learning the ability to detect and counteract threats; on the other, the rise in Al-based attacks and the rapid expansion of IoT are broadening the attack surface. In this context, the "security and compliance by design" approach is essential for integrating security from the design phase of systems. Reply's offerings extend across all areas of cybersecurity, with particular attention to digital platforms, the industrial sector, and connected products. The introduction of Al-based tools enables quicker identification of vulnerabilities and the design of preventive

solutions that can enhance overall resilience. This proactive approach reduces response times to attacks and translates into significant benefits for industrial and public infrastructures.

Central to Reply's solutions are pervasive security and DevSecOps methodologies, which promote the adoption of security measures from the design phase, minimising risks throughout the entire application lifecycle. Additionally, to address increasingly sophisticated threat scenarios, Reply promotes innovative testing techniques, such as Al Red Teaming, which simulates Al-based attacks and rigorously tests defence systems. Furthermore, Reply fosters the creation of multidisciplinary teams in collaboration with its clients to support the building of robust and adaptable cybersecurity defences tailored to the specific needs of businesses, with vertical specialisations according to the countries in which clients operate.

Connected Products & Solutions

Reply's offering in Connected Products & Services fits into a continuously evolving context, where the Internet of Things is radically changing how people interact with everyday products and services. Leveraging the growing interest in connected devices such as smart homes, wearables, intelligent vehicles, and connected health solutions, Reply has developed innovative solutions that use edge computing, Al, and cloud computing to enhance efficiency and user experience. These devices can collect and analyse large amounts of data, enabling companies to provide personalised, value-added services to their customers.

Reply's connected solutions not only improve usability but also provide tangible benefits in terms of quality of life, health, and safety. For instance, connected devices in the home, such as energy management systems and security devices, offer consumers the ability to monitor and optimise their resources in real time, increasing efficiency and reducing consumption and risks. In industrial sectors, Reply supports manufacturing and logistics companies in implementing predictive maintenance systems, improving production management and the handling of goods, reducing downtime, and optimising the entire value chain.

The trend of increasing adoption of connected technologies is also driving the development of new business models that go beyond simple product sales. Reply collaborates with companies to create "servitisation" models, where industrial machinery and other connected devices are remotely managed throughout their useful life. This approach allows for the creation of new revenue streams for companies while improving the management of the products and services offered. Reply's solutions are characterised by the use of increasingly sophisticated interfaces that leverage natural language processing for intelligent voice interactions, thereby providing increasingly advanced experiences for both consumers and operators.

In the medium term, loT and artificial intelligence integration promises to open new frontiers in automation and process optimisation. Reply is leveraging its established experience in the automotive, logistics, and insurance sectors to create advanced solutions, such as Al in-vehicle assistants and predictive maintenance for cars and industrial vehicles. Furthermore, the use of Al-powered visual inspection systems and smart warehouses is already optimising logistics and contributing to the digital transformation of numerous industries

Customer & Digital Experience

The landscape of digital experience is continuously evolving, influenced by rapid technological advancements and rising consumer expectations. In this context, Reply stands out as a strategic partner for companies, supporting them in adopting innovative solutions that create unique and personalised

experiences, thanks to an extensive network that combines design, technological expertise, and process consulting, Reply assists client companies in adopting artificial intelligence, integrated platforms, and omnichannel strategies to redefine how they interact with their customers, increasing satisfaction and improving service quality.

Reply uses generative Al solutions to automate and optimise the creation of content for marketing campaigns, newsletters, and personalised messages. Additionally, in the realm of customer service, Reply integrates advanced conversational systems and digital humans that can provide quick and precise resucing wait times and improving operational efficiency. With these tools, companies can not only resolve complex issues but also offer experiences that adapt in real-time to the individual needs of consumers. Another fundamental aspect is hyper-personalisation, which is made possible by analysing data collected through CRM, DXP, and CDP solutions. Reply helps companies leverage these technologies to gain a comprehensive view of the customer and create tailored Al-driven experiences, ranging from personalised recommendations to the configuration of "premium" services. In retail, for example, companies can use artificial intelligence and geospatial analysis to propose targeted offers, turning every interaction into a unique engagement opportunity. Reply is leading the transition to omnichannel systems that seamlessly combine digital and physical interactions. This approach allows consumers to choose products, configure services, and complete purchases and payments quickly and conversationally, combining the opportunities of physical stores with the advantages of online platforms. Such integration not only increases customer flexibility and satisfaction but also provides companies with a comprehensive view of the customer journey, which is essential for anticipating future needs and continually improving the experience offered.

Data

Reply has a solid track record as a partner for companies looking to maximise the value of their investments in data-driven technological solutions such as ERP, CRM, and CDP. A distinctive aspect of Reply's offering is its ability to combine data platforms, loT, and cloud computing to create intelligent and scalable ecosystems. In key sectors such as automotive and manufacturing, where real-time data management is essential to ensure safety and efficiency, Reply proposes solutions capable of processing large volumes of data immediately and reliably. By integrating artificial intelligence into data management processes, it is now possible to extract new business value through significant improvements in data quality. Al-powered systems handle data cleansing, harmonisation, and management automation, significantly reducing manual intervention. The rapid growth of the synthetic data offering adds further value, enabling advanced simulations while preserving the privacy of original data, which is particularly important in regulated areas such as finance, pharmaceuticals, and healthcare. Furthermore, with Al, Reply teams are assisting client companies in leveraging traditionally overlooked or unstructured data sources, such as documents, audio, and video, opening new opportunities for growth and operational improvement. Reply's approach to data management integrates heterogeneous sources while respecting data privacy and compliance, allowing for the definition of new services and business models in both B2C contexts. The adoption of Al for automated data governance is another area of market interest. Through intelligent systems, companies can monitor compliance with regulations in real time, ensuring that regulatory changes are implemented promptly. Additionally, Al helps to track the provenance and use of data throughout the value chain, a need particularly felt in financial institutions where transparency of data flows is essential for risk management and regulatory compliance.

INTERIM FINANCIAL REPORT 2025

FINANCIAL REVIEW OF THE GROUP

INTRODUCTION

The Half-Year condensed report for the period ended June 30, 2025 has been prepared in accordance with the Legislative Decree. 58/1998, as amended, and the "Regolamento Emittenti" issued by Consob. The Report also conforms with the requirements of the International Financial Reporting Standards ("IFRS") issued by International Accounting Standards Board ("IASB") adopted by the European Union and has been prepared in accordance with IAS 34 - Interim Financial Reporting.

TREND OF THE FIRST HALF

Since the start of the year, the Group has recorded a consolidated turnover of €1,210.1 million which is an increase of 8.6% compared to the same period in 2024.

All indicators are positive for the period. In the first half of 2025 consolidated EBITDA of €223.7 million compared to the €180.5 million recorded in 2024, and corresponds to 18.5% of turnover.

EBIT, from January to June, was €188.4 million in 2024), corresponding to 15.6% of turnover.

Pre-tax profit, from January to June 2025, was €179.4 million in 2024), corresponding to 14.8% of turnover.

As regards the second quarter 2025, the Group's performance was also positive, with consolidated turnover for the period of €606.7 million, up by 8.3% compared to 2024.

EBITDA, from April to June 2025, amounted to €118.4 million, with EBIT of €99.7 and pre-tax profit of €92.5 million.

As at 30 June 2025 the Group's net financial positive for €362.5 million, while at 31 March 2025 it was positive for €537.0 million. The financial position at 31 December 2024 was positive for €349.1 million. The Group strategy focused on artificial intelligence, data management and the cloud supported solid growth in the first half of 2025, confirming Reply as one of the leading players in the sector and enhancing the Group's ability to transform technological vision into concrete value for customers.

Today artificial intelligence is revolutionising every sector, permeating core processes. In this scenario, it is not enough to integrate intelligent technologies; it is essential to imagine new systems capable of learning, collaborating and adapting in real time, evolving together with the constantly changing needs of businesses. For this reason in the coming months Reply will be investing decisively in three directions: agentic Al, silicon shoring and pre-build Al applications. They are considered the foundations of a new software engineering, based on autonomous, secure, and scalable ecosystems. The Group's goal is to build distributed Al architectures, integrated into business processes and capable of enhancing them natively. From autonomous vehicles to energy, from hyper-personalised banking to intelligent public services, Reply aims to enable software-defined models where processes are enriched by Al, interactions are guided and supported by data, and each system is designed to evolve in line with the organisation itself.

RECLASSIFIED CONSOLIDATED STATEMENT OF INCOME

Reply's performance is shown below in the following reclassified consolidated income statement of the first half and is compared to the corresponding figures of the previous year:

(thousand Euros)	1st half 2025	96	15T half 2024	ర్థం
Revenues	1,210,125	100.0	1,114,336	100.0
Purchases	(29,031)	(2.4)	(21,259)	(1.9)
Personne	(66/,5/1)	(55.2)	(625,388)	(56.1)
Services and other costs	(308,533)	(25.5)	(287,937)	(25.8)
Other operating (costs)/income	18,674	1.5	707	0.1
Operating costs	(986,641)	(81.5)	(933,876)	(83.8)
Gross operating income (EBITDA)	223,664	18.5	180,459	16.2
Amortization, depreciation and write-downs	(52,369)	(4.3)	(31,427)	(2.8)
Fair value adjustments to deferred consideration	17,087	1.4	(2,386)	(0.2)
Operating income (EBIT)	188,382	15.6	146.646	13.2
(Loss)/gain on investments			(3,223)	(0.3)
Financial income/(expenses)	(8.969)	(0.7)	2,861	0.3
Income before taxes	179.413	14.8	146,285	13.1
Income taxes	(53,824)	(4.4)	(44. /64)	(4.0)
Net income	125,589	10.4	101,521	9.1
Non-controlling interests	(834)	(0.1)	(1,580)	(0.1)
Net income of the Parent company	124,755	10.3	99.942	9.0

RECLASSIFIED CONSOLIDATED STATEMENT OF INCOME OF THE SECOND QUARTER

Reply's second quarter performance is shown below in the following reclassified income statement of the second quarter and is compared to corresponding figures of the previous second quarter:

(thousand Euros)	Q2 2025	%	Q2 2024	%
Revenues	606,722	100.0	560,034	100.0
Purchases	(13,436)	(2.2)	(10,485)	(1.9)
Personnel	(345,052)	(56.9)	(316,957)	(56.6)
Services and other costs	(146,848)	(24.2)	(139,199)	(24.9)
Other operating (costs)/income	16,968	2.8	(234)
Operating costs	(488,368)	(80.5)	(466,876)	(83.4)
Gross operating income (EBITDA)	118,354	19.5	93,159	16.6
Amortization, depreciation and write-downs	(35,750)	(5.9)	(16,233)	(2.9)
Fair value adjustments to deferred consideration	17,087	2.8	(2,386)	(0.4)
Operating income (EBIT)	99,692	16.4	74,540	13.3
(Loss)/gain on investments			(3,223)	(0.6)
Financial income/(expenses)	(/,21/)	(1.2)	1.853	0.3
Income before taxes	92.475	15.2	73,170	13.1

REVENUE BY REGION (*)

(*)
Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing), Region 2: DEU, CHE, CHN (Bejing), HRV, POL Region 3: GBR, LUX, BEL, NLD, FRA

REVENUE BY BUSINESS LINES

1st half 2024

TREND IN KEY ECONOMIC INDICATORS

ANALYSIS OF THE FINANCIAL STRUCTURE

The table below illustrates the Group's financial structure as at June 30, 2025, compared to December 31, 2024:

(thousand Euros)	30/06/2025	%	31/12/2024	లిం	Change
Current assets	862,783		969.502		(106, / 20)
Current liabilities	(//0,988)		(916,192)		145,802
Working capital, net (A)	91,793		52,711		39,083
Non-current assets	1,073,566		1,123,832		(50,266)
Non-current liabilities	(166,828)		(22,666)		55,838
Fixed capital (B)	906,738		901.165		5,572
Invested capital, net (A+B)	998.531	100.0	953.876	100.0	44.655
Shareholders' equity (C)	1,361,027	136.3	1,302,960	136.6	58.066
NET FINANCIAL POSITION (A+B-C)	(362,495)	(36.3)	(349.084)	(36.6)	(13,411)

Net invested capital as at June 30, 2025, amounted to 998,531 thousand Euros, was funded by Shareholders' equity for 1,361,027 thousand Euros and by available overall funds of 362,495 thousand Euros.

lt is to be noted that net invested capital includes Due to minority shareholders and Earn-out for a total of 52,283 thousand Euros (109,600 thousand Euros at 31 December 2024); this item is not included in the net financial managerial position. For the ESMA Net financial indebtedness see note 30.

The following table provides a breakdown of net working capital:

(thousand Euros)	30/06/2025	31/12/2024	Change
Work in progress	235.899	68.369	167,530
Irade receivables	477.484	757.558	(280.074)
Other assets	149.400	143,576	5.824
Current operating assets (A)	862,783	969,502	(106,720)
I rade payables	177,608	183,233	(5,624)
Other liabilities	593.381	733.559	(140,178)
Current operating liabilities (B)	770,989	916.792	(145.802)
Working capital, net (A-B)	91,793	52,711	39,083
% return on investments	3.8%	2.3%

With reference to working capital related to business operations, which would therefore include only trade receivables, work in progress and trade payables, return on revenue would be equal to approximately 10.9% compared to 13.7% of the previous year.

NET FINANCIAL MANAGERIAL POSITION AND CASH FLOWS STATEMENT

(thousand Euros)	30/06/2025	31/12/2024	Change
Cash and cash equivalents, net	458.811	491,713	(32.903)
Current financial assets	68.954	45,767	23.187
Due to banks	(13.6/ /)	(19.564)	5.887
Due to other providers of finance	(167)	(64)	(103)
Financial liabilities IFRS 16	(33,308)	(35,163)	1.855
Short-term financial position	480.613	482.689	(2,076)
Due to banks	(37,741)	(48,910)	11,169
Due to other providers of finance	(150)		(150)
Financial liabilities IFRS 16	(80.227)	(84,695)	4.468
M/L term financial position	(118,117)	(133,604)	15,487
Total net financial managerial position	362.495	349.084	13.411

Change in the item cash and cash equivalents is summarized in the table below.

(thousand Euros)	30/06/2025
Cash flows from operating activities (A)	129.152
Cash flows from investment activities (B)	(15.588)
Cash flows from financial activities (C)	(80,629)
Change in cash and cash equivalents (D) = (A+B+C)	(27,066)
Cash and cash equivalents at beginning of period (*)	491,713
Effects of exchange rate differences on cash and cash equivalents	5.837
Cash and cash equivalents at year end (*)	458.811
Total change in cash and cash equivalents (D)	(27.066)

(*) Cash and cash equivalents are net of current overdrafts

The complete consolidated cash flow statement and the details of cash equivalents net are set forth in the financial statements.

OTHER INFORMATION

RESEARCH AND DEVELOPMENT ACTIVITIES

Reply offers high technology services and solutions in a market where innovation is of primary importance.

Reply considers research and continuous innovation a fundamental asset in supporting clients with the adoption of new technology.

Reply dedicates resources to Research and Development activities in order to project and define highly innovative products and services as well as possible applications of evolving technologies. In this context, Reply has developed its own platforms.

Reply has important partnerships with major global vendors so as to offer the most suitable solutions to different company needs. Specifically, Reply boasts the highest level of certification amongst the technology leaders in the Enterprise sector.

INTERGROUP TRANSACTIONS AND WITH RELATED PARTIES

During the period, there were no transactions with related parties, including intergroup transactions, which qualified as unusual or atypical. Any related party transactions formed part of the normal business activities of companies in the Group. Such transactions are concluded at standard market terms for the nature of goods and/or services offered, these transactions took place in accordance with the internal procedures containing the rules aimed at ensuring transparency and fairness, under Consob Regulation 17221/2010.

The company in the notes to the consolidated financial statements provides the information required pursuant to Art. 154-ter of the TUF [Consolidated Financial Act] as indicated by Consob Reg. no. 17221 of 12 March 2010, indicating that there were no significant transactions concluded during the period as defined by Art. 4, paragraph 1, let a) of the aforementioned regulation that have significantly affected the Group's financial or economic position. The information pursuant to Consob communication of 28 July 2006 are presented in the annexed tables herein.

HUMAN RESOURCES

At June 30, 2025 the number of employees of the Group was 16,261 with an increase of 594 compared to December 31, 2024 and an increase of 954 resources compared to June 30, 2024.

RISK MANAGEMENT

With regard to the information required by Article 2428 of the Italian Civil Code in relation to risk management, please refer to the specific disclosure on the condensed half-year consolidated financial statements as at 30 June 2025 entitled "NOTE 3 Risk Management".

PILLAR 2

In December 2021, the Organisation for Economic Co-operation and Development (OECD) published the document "Tax Challenges Arising from the Digitalisation of the Economy - Administrative Guidance on the Global Anti-Base Erosion Model Rules (Pillar Two)".

In this context, the European Commission has adopted EU Directive no. 2022/2523 on global minimum taxation for multinational groups of companies, with an obligation for Member States to transpose EU provisions into their national law by 31 December 2023 and to apply them from tax periods starting from that date.

The Pillar Two rules aim to ensure, through a system of common rules, a minimum level of effective taxation of not less than 15% in each jurisdiction in which a multinational group operates.

In transposition of Directive no. 2022/2523, Italy issued Legislative Decree 209/2023, which were followed by subsequent implementing decrees. The national provisions apply with reference to tax periods starting from 31 December 2023 and, therefore, for Reply from 2024.

In order to regulate, in terms of financial statements, the radical changes deriving from the introduction of the Global Minimum Tax, the IASB subsequently published an update of IAS 12. In particular, the amendments made to the accounting standard introduce a mandatory temporary exception that provides for the deferred taxation that would result from the implementation of Pillar Two in the relevant countries not to be recognised. This exception, which the Group also uses for the purposes of this policy, is immediately applicable and with retroactive effect.

During the first half of the year, the Company continued to actively monitor and manage significant impacts for the purposes of the second pillar (Pillar 2) of the Basel regulatory framework. In the absence of relevant regulatory updates, it was not necessary to proceed with the update of the safe harbour test, which remains unchanged from the previous assessment.

EVENTS SUBSEQUENT TO 30 JUNE 2025

No significant events have occurred subsequent to 30 June 2025.

OUTLOOK ON OPERATIONS

Reply closed the first half of the year with excellent results, both in terms of revenue and profitability. Our strategy, focused on artificial intelligence, data management, and cloud, has supported robust growth and continues to serve as the foundation upon which we build our competitive advantage.

Artificial intelligence is now revolutionizing every sector, beginning to permeate even the core processes of companies. In this context, merely intelligent technologies is no longer enough: it is necessary to rethink system architectures to make them capable of learning, and adapting in real time, evolving in step with the constantly changing needs of businesses.

For this reason, in the coming months we will continue to invest decisively along three strategic axes: agentic Al, silicon shoring, and pre-built Al applications. We consider these the foundations of a new kind of software engineering, based on autonomous, secure, and scalable ecosystems.

We remain confident in our growth trajectory for the second half of 2025 as well.

Turin, July 31, 2025

/s/ Mario Rizzante

For the Board of Directors The Chairman Mario Rizzante

HALF YEAR CONDENSED FINANCIAL STATEMENTS AT 30 JUNE 2025

CONSOLIDATED INCOME STATEMENT (*)

(thousand Euros)	Note	15T half 2025	15T half 2024 (**)	2024
Revenues	5	1,210,125	1,114,336	2,295,938
Other income	6	3.708	10,342	33,456
Purchases	7	(29,031)	(21,259)	(46,350)
Personnel	8	(667,571)	(625,388)	(1,237,370)
Services costs	9	(312,241)	(298,279)	(603,917)
Amortization, depreciation and write-downs	10	(52,369)	(31,427)	(84,933)
Other operating (costs)/income	11	18,674	707	(31,147)
Fair value adjustments to deferred consideration	12	17,087	(2,386)	4,743
Operating income		188,382	146,646	330,421
(Loss)/gain on investments	13		(3,223)	(20.000)
Financial income/(expenses)	14	(8,969)	2.861	2,812
Income before taxes		179,413	146,285	313,232
Income taxes	15	(53,824)	(44,764)	(99,464)
Net income		125,589	101,521	213,768
Non-controlling interest		(834)	(1,580)	(2,630)
Net income of the Parent company		124,755	99,942	211,139
Earnings per share	16	3.33	2.68	5.65

(") Pusuat to Consol Regulation No. 15:00 p.; he effects of relace party of the Consoluted detement of income ar
repred in the inced this nevil. In struit in struit be note t

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(thousand Euros)	Note	1st half 2025	1st half 2024
Profit of the period (A)		125,589	101.521
Other comprehensive income that will not be reclassified subsequently to profit or loss
Actuarial gains/(losses) from employee benefit plans		1,126	1.290
Total Other comprehensive income that will not be reclassified subsequently to profit or loss, net of tax (B1):	28	1.126	1,290
Other comprehensive income that may be reclassified subsequently to profit or loss:
Gains/(losses) on cash flow hedges		(208)	28
Gains/(losses) on exchange differences on translating foreign operations		(23,713)	8,251
Total Other comprehensive income that may be reclassified subsequently to profit or loss, net of tax (B2)		(23,921)	8,279
TOTAL OTHER COMPREHENSIVE INCOME. NET OF TAX (B) = (B1) +(B2)	28	(22,795)	9.569
Total comprehensive income (A)+(B)		102.794	111.090
Total comprehensive income attributable to:
Owners of the parent		101.960	109.511
Non-controlling interest		834	1.580

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (*)

(thousand Euros)	Note	30/06/2025	31/12/2024	30/06/2024
l angible assets	17	148,393	132,343	119,834
Goodwill	18	651,536	693,210	633,238
Intangible assets	19	86,832	95,802	78,912
RoU Assets	20	101,993	107,055	116,113
Equity investments	21	19,357	19,809	39,041
Other financial assets	22	7,732	9,055	7,300
Deferred tax assets	23	57,723	66,557	74,869
Non-current assets		1,073,566	1,123,832	1,069,307
Inventories	24	235,899	68,369	215,891
Trade receivables	25	4/1,484	757,558	4/3,065
Other receivables and current assets	26	107,722	115,901	105,551
Current income tax receivables	26	41,678	27,675	35,103
Financial assets	22	68,954	45,161	33,974
Cash and cash equivalents	27	466,887	491,834	400,340
Current assets		1,398,623	1,507,103	1,263,924
TOTAL ASSETS		2,472,189	2,630,935	2,333,231
Share Capita		4,863	4,863	4,863
Other reserves		1,229,863	1,084,186	1,080,558
Net result of the period		124,755	211,139	99,942
Equity of the Parent company	28	1,359,481	1,300,188	1,185,363
Non-controlling interest	28	1,546	2,773	1,733
NET EQUITY	28	1,361,027	1,302,960	1,187,095
Due to minority shareholders and Earn-out	29	30,829	57,478	33,258
Financial liabilities	30	37,891	48,910	40,371
Financial liabilities from RoU	30	80,227	84,695	94,275
Employee benefits	31	84,674	84,248	69,528
Deferred tax liabilities	32	27,845	33,443	49,321
Provisions	33	23,481	47,497	21,629
Non-current liabilities		284,945	356,271	308,382
Due to minority shareholders and Earn-out	29	21,454	52,121	76,610
Financial liabilities	30	21,920	19,748	30,373
Financial liabilities from RoU	30	33,308	35,163	34,446
I rade payables	34	1/7,608	183,233	186,346
Other current liabilities	35	545,577	640,928	479,803
Income tax Payables	35	25,516	39,155	29,701
Provisions	33	834	1,355	474
Current liabilities		826,217	971,703	837,753
TOTAL LIABILITIES		1,111,162	1,327,974	1,146,135
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		2,472,189	2,630,935	2,333,231

(1) Pursuant to Consol Regulation No. 15519 of 27 July 2006, the effects of related-party transactions on the Consolicated statement of financial position
are reported in the

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (*)

(thousand Euros)	Share capital	Treasury shares	Capital reserve	Earning reserve	Cash flow hedge reserve	Translation reserve	Reserve for actuarial gains/(losses)	Non- controlling interests	Total
At January 1°, 2024	4,863	(17,122)	299,533	832,373	1,750	(4,805)	(1,753)	1,883	1,116,723
Dividends distributed				(37,279)				(1,975)	(39,254)
Increase for purchase of treasury shares			150.000	(150,000)
Total comprehensive income/(loss)				99,942	28	8.251	1,290	1,580	111,090
Other changes				(1,710)				245	(1.465)
At June 30, 2024	4,863	(17,122)	449.533	743,326	1,778	3,446	(463)	1,733	1,187,095

(thousand Euros)	Share capital	Treasury shares	Capital reserve	Earning reserve	Cash flow hedge reserve	Translation reserve	Reserve for actuarial gains/(losses)	Non- controlling interests	Total
At January 1°, 2025	4,863	(17,122)	449,533	855,861	449	7,762	(1.159)	2,773	1,302,960
Dividends distributed				(42.870)			-	(2.063)	(44.933)
Total comprehensive income/(loss)				124,755	(208)	(23,713)	1,126	834	102,794
Other changes				205				2	207
At June 30, 2025	4.863	(17.122)	449,533	937,951	241	(15,951)	(33)	1,546	1.361.027

(*) Refer to note 28 for more details.

CONSOLIDATED STATEMENT OF CASH FLOWS

(thousand Euros)	1st half 2025	1st half 2024 (*)
Net result of the period	125,589	101,521
Income taxes	49,433	44,126
Depreciation and amortization	52,369	31,427
Other non-monetary expenses/(income)	(20,336)	10,799
Change in work in progress	(255,667)	(176,394)
Change in trade receivables	301,505	193,712
Change in trade payables	(5,624)	(4,6555)
Change in other assets and liabilities	(33,632)	(29,614)
Change in deferred tax liabilities	3.236	(461)
Change in employee benefits and provisions	(14,812)	771
Income tax paid	(77,148)	(60,278)
Interest paid	(1,177)	(1,786)
Interest collected	5,416	5,766
Net cash flows from operating activities (A)	129,152	114,935
Payments for tangible and intangible assets	(19,182)	(20,357)
Payments for financial assets	(21,332)	(954)
Payments for the acquisition of subsidiaries	(35,074)	(10,280)
Net cash flows from investment activities (B)	(75,588)	(31,591)
Dividends paid	(44,963)	(39,254)
Financing granted		1,000
Reimbursement of lease liabilities	(18,863)	(16,554)
Repayment of loans	(16,803)	(15,645)
Net cash flows from financing activities (C)	(80,629)	(70,452)
Net cash flows (D) = (A+B+C)	(27,066)	12,892
Cash and cash equivalents at beginning of period	491,713	383,608
Effects of exchange rate differences on cash and cash equivalents	5,837	(3,263)
Cash and cash equivalents at period end	458,811	399,762
Total change in cash and cash equivalents (D)	(27,066)	12,892

Detail of cash and cash equivalents

(thousand Euros)
Cash and cash equivalents at beginning of period	491.713	383.608
Cash and cash equivalents	491.834	383.742
Bank overdrafts	121)	135)
Cash and cash equivalents at period end	458.811	399.762
Cash and cash equivalents	466.887	400.340
Bank overdrafts	(8.076)	577

(1) For a better comprehensibility of the cash flow statement, it should be noted that some reclassifications of the values have
been made.

NOTES

General information	Note 1	General information
	Note 2	Accounting principles and basis of consolidation
	Note 3	Risk management
	Note 4	Consolidation
Income statement	Note 5	Revenue
	Note 6	Other revenues
	Note 7	Purchases
	Note 8	Personnel
	Note 9	Service costs
	Note 10	Amortization, depreciation and write-downs
	Note 11	Other operating (costs)/income
	Note 12	Fair value adjustments to deferred consideration
	Note 13	(Loss)/gain on investments
	Note 14	Financial income/(expenses)
	Note 15	Income taxes
	Note 16	Earnings per share
Statement of financial position - Assets	Note 17	l angible assets
	Note 18	Goodwill
	Note 19	Other intangible assets
	Note 20	RoU Assets
	Note 21	Equity Investments
	Note 22	Financial assets
	Note 23	Deferred tax assets
	Note 24	Work-in-progress
	Note 25	Trade receivables
	Note 26	Other receivables and current assets and income tax receivables
	Note 27	Cash and cash equivalents
Statement of financial position - Liabilities and equity	Note 28	Shareholders' equity
	Note 29	Due to minority shareholders and Earn-out
	Note 30	Financial liabilities
	Note 31	Employee benefits
	Note 32	Deferred tax liabilities
	Note 33	Provisions
	Note 34	I rade payables
	Note 35	Other current liabilities and income tax payables
Other information		Note 36 Segment Reporting
		Note 37 Transactions with related parties
		Note 38 Guarantees, commitments and contingent liabilities
	Note 40	Note 39 Events subsequent to 30 June 2025 Approval of the Half year condensed Consolidated financial statements and authorization to publish
	Note 41	Climate change

NOTE 1 - GENERAL INFORMATION

Reply [EXM, STAR: REY] specialises in the design and implementation of solutions based on new communication channels and digital media. Reply is a network of highly specialised companies supporting key European industrial groups operating in the telecom and media, industry and services, banking, insurance and public administration sectors in the definition and development of business models enabled for the new paradigms of Al, cloud computing, digital media and the Internet of Things. Reply services include: Consulting, System Integration and Digital Services.

NOTE 2 - ACCOUNTING PRINCIPLES AND BASIS OF CONSOLIDATION

Compliance with International accounting principles

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and endorsed by the European Union. The designation "IFRS" also includes all valid International Accounting Standards ("IAS"), as well as all interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), formerly the Standing Interpretations Committee ("SIC"). Following the coming into force of European Regulation No. 1606 of July 2002, starting from 1 January, 2005, the Reply Group adopted International Financial Reporting Standards (IFRS). The accounting principles applied are consistent with those used for preparation of the Consolidated Financial Statements at December 31, 2024, to which reference is made with the exception of what is stated in the following paragraphs.

More specifically the half year condensed consolidated financial statements at June 30, 2025 have been prepared in accordance to IAS 34 Interim financial reporting.

The Half-Year financial report has been prepared in accordance with Consob regulations regarding the format of financial statements, in application of art. 9 of Legislative Decree 38/2005 and other Consob regulations and instructions concerning financial statements.

General principles

The consolidated financial statements are prepared on the historic cost principle, modified as requested for the appraisal of some financial instruments for which the fair value criterion is adopted in accordance with IFRS 9.

The consolidated financial statements have been prepared on the going concern assumption. In this respect, despite operating in a difficult economic and financial environment, the Group's assessment is that no material uncertainties (as defined in paragraph 25 of IAS 1) exist with regards its ability to continue as a going concern.

These consolidated financial statements have been prepared in Euros by rounding the amounts to thousands and are compared with the consolidated financial statements of the previous year, prepared on the basis of homogeneous criteria.

Following is information on the financial statements adopted with respect to those indicated in IAS 1, the most significant accounting policies and the related measurement criteria adopted in the preparation of these consolidated financial statements.

Financial statements

The consolidated financial statement of income, statement of comprehensive income, statement of financial position, statement of changes in shareholders' equity, statement of cash flows and the explanatory notes.

The income statement format adopted by the Group classifies costs according to their nature, which is deemed to properly represent the Group's business.

The Statement of financial position is prepared according to the distinction between current assets and liabilities. The statement of cash flows is presented using the indirect method.

In the financial statements, the main categories of gross income and payments arising from investment and financing activities have been presented separately, and non-monetary transactions have not been indicated. The most significant items are disclosed in a specific note in which details related to the composition and changes compared to the previous year are provided.

It should be noted that in order to comply with the indications contained in Consob Resolution no. 15519 of 27 July 2006 "as to the format of the financial statements", additional statements: income statement and statement of financial position have been disclosed showing the amounts of related party transactions.

It is also reported that in accordance with CONSOB communication no. 0031948, if there are non-recurring items in the statements, such components will be explicitly indicated under the relevant item. Operations or events that are not frequent in the normal course of business and have an impact on the financial and asset position, the economic result, and the financial flows of the group may be presented as 'non-recurring'.

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED SINCE JANUARY 1ST, 2025

With regard to the accounting standards approved but not yet applicable or not yet approved by the European Union, please refer to the Annual Report as at 31 December 2024, published on the company web site.

With regard to the standards issued by the IASB but not yet approved by the European Union, please refer to what is already stated in the specific paragraph of the Annual Report as at 31 December 2024

NOTE 3 - RISK MANAGEMENT

Credit risk

For business purposes, specific policies are adopted to assure its clients' solvency. With regards to financial counterparty risk, the Group does not present significant risk in credit-worthiness or solvency.

Liquidity risk

The group is exposed to funding risk if there is difficulty in obtaining finance for operations at any given point in time

The cash flows, funding requirements and liquidity of the Group companies are monitored and centrally managed under the control of the Group Treasury. The aim is to guarantee the efficiency and effectiveness of the management of current and perspective capital resources (maintaining an adequate level of reserves of liquidity and availability of funds via a suitable amount of committed credit lines).

The difficult economic situation of the markets and of financial markets necessitates special attention being given to the management of the liquidity risk, and in that sense particular emphasis is being placed on measures taken to generate financial resources through operations and maintaining an adequate level of liquid assets. The Group therefore plans to meet its requirements to settle financial liabilities as they fall due and to cover expected capital expenditures by using cash flows from operations and available liquidity, renewing or refinancing bank loans.

Exchange rate and interest rate risk

The Group entered into most of its financial instruments in Euros, which is its functional and presentation currency. The group does not predominantly operate in areas with currencies at risk of strong exchange rate fluctuations and therefore this risk is not significant.

The exposure to interest rate risk arises from the need to fund operating activities and M&A and investments, as well as the necessity to deploy available liquidity. Changes in market interest rates may have the effect of either increasing or decreasing the Group's net profit/(loss), thereby indirectly affecting the costs and returns of financing and investing transactions.

The interest rate risk to which the Group is exposed derives from bank loans; to mitigate such risks, the Group, when necessary, has used derivative financial instruments designated as "cash flow hedges". The use of such instruments is disciplined by written procedures in line with the Group's risk management strategies that do not contemplate derivative financial instruments for trading purposes.

Requlatory risks connected to the European Regulation on Artificial Intelligence (Al Act)

In 2024, the Al Act was approved by the European Union, the first comprehensive regulation aimed at governing the use and development of artificial intelligence systems in the European market. The Regulation introduces differentiated obligations based on the risk level of Al applications, imposing strict requirements for systems classified as 'high-risk', including obligations for transparency, technical documentation, data governance, security, and human oversight.

The Group established an Ethical Al Committee in August 2024, issued a policy that sets out the principles governing the activities of its employees in these areas, and constantly monitors regulatory developments through a dedicated structure that has initiated an internal analysis process to ensure the adequate compliance of potentially impacted solutions. In particular, for consulting services or software development that incorporate Al functionalities, the potential implications in terms of risk classification, technical documentation, and traceability of the algorithms used are currently being assessed. As of this report, no significant risks of non-compliance have been identified, nor any immediate economic or operational impacts related to the new regulatory framework. However, the internal assessment activity remains active to ensure compliance with regulatory provisions within the established deadlines.

Macroeconomic and geopolitical risks

The economic and financial performance of the Group is affected by the trends of various macroeconomic variables such as GDP growth, inflation, interest rates, and exchange rates. Current forecasts are conditioned by an uncertain geopolitical context and potential developments in global trade policies. Tensions in Ukraine and the Middle East, although currently having limited operational impacts, represent a pressure factor on costs. Furthermore, risks related to cyber threats, disruptions in the supply chain, and vulnerabilities in data protection persist. The establishment of the new U.S. Administration could introduce protectionist measures, including tariffs on technological and digital goods, with possible negative effects on access to strategic components, competitiveness, and the Group's operational continuity.

Fair value assessment hierarchy levels

The IFRS 13 establishes a fair value hierarchy which classifies the input of evaluation techniques on three levels adopted for the measurement of fair value hierarchy attributes maximum priority to prices quoted (not rectified) in active markets for identical assets and liabilities (Level 1 data) and the non-observable minimum input priority (Level 3 data). In some cases, the data used to assess the fair value of assets or liabilities could be classified on three different levels of the fair value hierarchy. In such cases, the evaluation of fair value is wholly classified on the same level of the hierarchy in which input on the lowest level is classified, taking account its importance for the assessment.

The levels used in the hierarchy are:

· Level 1 inputs are prices quoted (not rectified) in markets active for identical assets and liabilities which the entity can access on the date of assessment;

· Level 2 inputs are variable and different from the prices quoted included in Level 1 observable directly or indirectly for assets or liabilities;
· Level 3 inputs are variable and not observable for assets or liabilities.

The following table presents the assets and liabilities which were assessed at fair value on 30 June 2025, according to the fair value hierarchical assessment level.

(thousand Euros)	Note	Level 1	Level 2	Level 3
Investments	21			19,357
Convertible loans	22			584
Financial securities	22	68.210
Derivative financial instruments	22		717
Total financial assets		68,210	717	19.941
Liabilities to minority shareholders and earn out	29			52,283
Derivative financial instruments	30		244
Total financial liabilities		-	244	52,283

The valuation of investments in start-ups within the Internet of Things (IoT) business, through the acquisition of equity investments and through the issuance of convertible loans, is based on data not directly observable on active stock markets, and therefore falls under the fair value hierarchical Level 3.

The item Financial securities is related to securities listed on the active stock markets and therefore falls under the fair value hierarchical Level 1.

To determine the effect of interest rate derivate financial instruments Reply refers to evaluation deriving from third parties (banks and financial institutes). The latter, in the calculation of their estimates made use of data observed on the market directly (interest rates) or indirectly (interest rate interpolation curves observed directly): consequently, for the purposes of IFRS7 the fair value used by the Group for the exploitation of hedging derivatives contracts in existence as at 30 June re-enters under the hierarchy profile in level 2.

The fair value of Liabilities to minority shareholders and earn out was determined by Group management on the basis of the sales purchase agreements for the acquisition of the company's shares and on economic parameters based on budgets and plans of the purchased company. As the parameters are not observable on stock markets (directly) these liabilities fall under the hierarchy profile in Level 3. Considering the uncertainty related to the evolution of these variables, simulations were conducted to generate a range of possible scenarios. Based on these analyses, the expected value of the financial liability was determined, reflecting the different possible outcomes of the scenario under consideration.

As at 30 June 2025, there have not been any transfers within the hierarchy levels.

NOTE 4 - CONSOLIDATION

Companies included in the consolidation are included on a line-by-line basis.

The main change in the scope of consolidation compared to 30 June 2024 is related to Solirius Ltd., a company acquired in the month of October 2024 under UK law, leader in digital transformation with a strong focus on software development, agile delivery, artificial intelligence and data management, of which Reply Ltd. holds 100% of share capital.

Change in the scope of consolidation at June 30, 2025, affected marginally Group's revenues and profits before tax.

Furthermore, the list of the Reply Group companies, presented as an annex herein, compared to 30 June 2024 includes the start-up companies Avantage Reply S.r.l., Business Reply P.S. S.r.l., Canvas Reply Ltd, Comwrap Reply LLC, Concept Quality Reply Al Studios S.r.l, Shield Reply S.r.l., Sprint Reply Ltd, Storm Reply Ltd, Valorem Reply Ltd and Whitehall Reply GmbH.

NOTE 5 - REVENUE

Revenues from sales and services, including change in work in progress, amounted to 1,210,125 thousand Euros (1,114,336 thousand Euros at 30 June 2024).

This item includes consulting services, fixed price projects, assistance and maintenance services and other minor revenues.

The following table shows the percentage breakdown of revenues by Region. Moreover, the breakdown reflects the business management of the Group by Top Management and the allocation approximates the localization of services provided:

Country	15T half 2025	15T half 2024
Region 1	62.10%	62.70%
Region 2	18.80%	20.00%
Region 3	19.10%	17.30%
loT Incubator	0.00%	0.00%
Total	100.00%	100.00%

(*)

Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing) Region 2: DEU, CHE, CHN (Bejing), HRV, POL Region 3: GBR, LUX, BEL, NLD, FRA

Disclosure required by IFRS 8 ("Operating segment") is provided in Note 36 herein. The following table shows the breakdown of revenues by Business Line:

Business line	1st half 2025	1st half 2024
Technologies	60.50%	60.60%
Applications	29.20%	27.30%
Processes	10.30%	12.10%
Total	100.00 %	100.00%

NOTE 6 - OTHER REVENUES

Other revenues amounted to 3,708 thousand Euros (10,342 thousand Euros at 30 June 2024) mainly refer to miscellaneous income (2,685 thousand Euros) and extraordinary income (843 thousand Euros).

NOTE 7 - PURCHASES

Detail is as follows:

(thousand Euros)	15T half 2025	15T half 2024	Change
Software licenses for resale	23.154	16,596	6.558
Hardware for resale	2.178	850	1.328
Other	3.698	3.813	115)
Total	29.031	21,259	7.772

Purchases of Software licenses and Hardware licenses for resale are recognized net of any change in inventory.

The item Other includes the purchase of fuel for 2,208 thousand Euros, the purchase of low value assets for 721 thousand Euros and the purchase of office stationery for 222 thousand Euros.

NOTE 8 - PERSONNEL

Detail is as follows:

(thousand Euros)	15T half 2025	15T half 2024	Change
Payroll employees	620,563	583.087	37.476
Executive Directors	47.008	42.300	4.708
Total	667.571	625.388	42.183

Personnel includes payroll employees and executive directors amounting to 667,571 thousand Euros compared with 625,388 thousand Euros of the first half 2024.

The increase in the cost of employees, amounting to 42,183 thousand Euros, is attributable to the total registered increase in the Group's business and in the increase in employees.

Detail of personnel by category is provided below:

(number)	15T half 2025	15T half 2024	Change
Directors	485	462	23
Managers	1.742	1.706	36
Staff	14.034	13.139	895
Total	16,261	15,307	954

On 30 June 2025 the Group had 16,261 employees compared with 15,307 of the first half 2024.

Employees are mainly electronic engineers and economic, computer science, and business graduates from the best Universities.

NOTE 9 - SERVICE COSTS

Services and other costs comprised the following:

(thousand Euros)	15T half 2025	15T half 2024	Change
Commercial and technical consulting	214,041	196,692	17,349
Travelling and professional training expenses	22,110	24,151	(2,041)
Other services costs	56,435	53.652	2,783
Office expenses	9,233	9,151	82
Lease and rentals	3,759	3,918	(159)
Other	6.663	10.714	(4.051)
Total	312,241	298,279	13.962

Change in Service and other costs, amounting to 13,962 thousand Euros, is attributable to an overall increase in the Group's business.

The item Other services cost mainly includes marketing services, administrative and legal services, telephone and canteen.

Office expenses include utility costs for 3,321 thousand Euros, services rendered by related parties referred to service contracts for the use of premises, domiciliation and provision of secretarial services for 1,819 thousand Euros, rent charged by third parties for 1,692 thousand Euros, cleaning expenses for 1,351 thousand Euros and maintenance expenses for 756 thousand Euros.

The item Other includes deductible and non-deductible taxes and duties for 1,685 thousand Euros, subscriptions and membership fees for 1,529 thousand Euros, extraordinary expenses for 908 thousand Euros and gifts for 356 thousand Euros.

NOTE 10 - AMORTIZATION, DEPRECIATION AND WRITE-DOWNS

Depreciation of tangible assets, calculated on the basis of economic-technical in relation to the residual useful lives of the assets, resulted in an overall charge as at 30 June 2025 of 7,566 thousand Euros. Details of depreciation are provided in the notes to tangible assets.

Amortization of intangible assets for the first half 2025 amounted to 8,304 thousand Euros. Details of depreciation are provided in the notes to intangible assets.

Amortization related to RoU assets arising from the adoption of IFRS 16 amounted to 17,500 thousand Euros.

The item also includes the write off of goodwill for 19,000 thousand Euros following interim impairment testing.

NOTE 11 - OTHER OPERATING (COSTS)/INCOME

The item Other operating costs/income includes economic components that, although related to the ordinary course of business, do not directly fall under the main categories of cost and revenue, such as provisions for risk and charges and to the fair value adjustments to earn-out liabilities.

As of 30 June, the breakdown by nature of the risk is as follows:

· Professional liability for positive 23,700 thousand Euros.
· Allowance for doubtful accounts for positive 720 thousand Euros.
· Fund allocated to adjust assets for negative 6,219 thousand Euros.
Other risks for positive 473 thousand Euros. ●

It is reported that during the first half of 2025, the dispute regarding a professional liability lawsuit was resolved. The total expenditure incurred for settling the dispute was 15 million Euros. This amount was fully covered by the professional liability insurance policy, despite an initial denial of the insurance company (net of the contractual deductible of 0.3 million Euros). Due to this uncertainty, as of December 31, 2024, a risk provision equivalent to the entire estimated potential liability, amounting to 24 million Euros, had been allocated. Following the positive resolution of the dispute and the recognition of insurance coverage, it was possible to fully release the risk provision that had originally been posted.

NOTE 12 - FAIR VALUE ADJUSTMENTS TO DEFERRED CONSIDERATION

Adjustments to earn-out liabilities, amounting to a positive 17,087 thousand Euros (negative 2,386 thousand Euros as of June 30, 2024), arise from the fair value adjustments of the liability related to the variable consideration for the acquisition of shares in subsidiaries (Business combination).

NOTE 13 - (LOSS)/GAIN ON INVESTMENTS

The item amounting to zero thousand Euros, negative 3,223 thousand Euros as of June 30, 2024 which was related to the fair value adjustments to equity investments in start-up companies made by the Investments company Breed Reply Investments Ltd.

NOTE 14 - FINANCIAL INCOME/(EXPENSES)

Detail is as follows:

(thousand Euros)	15T half 2025	15T half 2024	Change
Financial income	6,722	6.558	164
Interest expenses	(2,266)	(2,914)	648
Other	(13.425)	(783)	(12.642)
Total	(8.969)	2,861	(11,830)

Financial gains mainly included interest on bank accounts amounting to 5,416 thousand Euros, interest on financial investments amounting to 635 thousand Euros and interest on convertible loans investments amounting to 28 thousand Euros.

Interest expenses mainly included expenses related to loans for M&A operations.

The item Other mainly included:

interest expenses arising from the adoption of the International Accounting Standard IFRS 16 for 2,178 thousand Euros (1,846 thousand Euros at 30 June 2024);
· exchange rate differences for negative 10,241 thousand Euros (positive 716 thousand Euros at 30 June 2024);
changes in fair value of financial liabilities pursuant to IFRS 9 for negative 856 thousand Euros (negative 92 thousand Euros at 30 June 2024);
net changes in fair value of Convertible Loans including capitalized interest amounting to negative 435 thousand Euros;

financial gains related to the fair value adjustments of the financial investments mainly held by Reply S.p.A. amounting to 440 thousand Euros (432 thousand Euros at 30 June 2024);
financial losses related to the fair value adjustments of the financial investments mainly held by Reply S.p.A. amounting to 221 thousand Euros (17 thousand Euros at 30 June 2024).

NOTE 15 - INCOME TAXES

At June 30, 2025 income taxes amounted to 53,824 thousand Euros and were recognized in accordance to the expected annual average income tax rates.

NOTE 16 - EARNINGS PER SHARE

The basic earnings per share as at 30 June 2025 was calculated on the basis of the Group's net result amounting to 124,755 thousand Euros (99,942 thousand Euros as at 30 June 2024) divided by the weighted average number of shares as at 30 June 2025, net of treasury shares, which amounted to 37.380.368 (37,278,236 as at 30 June 2024).

(Euros)	1st half 2025	1st half 2024
Group net result	124,755,000	99,942,000
No. of shares	37.380.368	37,278,236
Basic earnings per share	3.33	2.68

The basic earnings per share and diluted earnings per share as there are no financial instruments potentially convertible in shares (stock options).

NOTE 17 - TANGIBLE ASSETS

Tangible assets as at 30 June 2025 amounted to 148,393 thousand Euros and are detailed as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Buildings	106.076	92,173	13.903
Plant and machinery	6.644	6.647	(3)
Hardware	12.027	11.662	365
Other	23.646	21,861	1.785
Total	148,393	132,343	16.050

Change in tangible assets in the first half of 2025 is summarized in the table below:

(thousand Euros)	Buildings	Plants and machinery	Hardware	Other	Total
Historical cost	99.094	21,516	52.741	56,658	230,009
Accumulated depreciation	(6,922)	(14,869)	(41,079)	(34,797)	(97,666)
31/12/2024	92,173	6,647	11,662	21,861	132,343

Historical cost
Increases	14.503	876	4,418	5,187	24,984
Disposals	(176)	(666)	(3,347)	(1,716)	(5,905)
Other changes	1	(16)	(622)	(1,500)	(2,136)

Accumulated depreciation
Depreciations	(550)	(803)	(3,608)	(2,604)	(7,566)
Utilized	126	605	2,942	1.593	5,266
Other changes	(1)		581	825	1,407

Historical cost	113.422	21,710	53,191	58,630	246,952
Accumulated depreciation	(7,346)	(15,066)	(41,163)	(34,984)	(98,559)
30/06/2025	106,076	6,644	12,027	23,646	148,393

The item Buildings mainly included:

the net value of a building owned by the group amounting to 3,997 thousand Euros located in Guetersloh, Germany;
· the real estate complex located in Turin and called "ex Caserma De Sonnaz" in the amount of 76,835 thousand Euros, that after proper renovation will be used to host the offices of the Group;
the real estate complex located in Turin Via Nizza 250 in the net amount of 24,873 thousand Euros that hosts the offices of the Group.

Increase in the item Building refers to restructuring costs of the buildings "ex Caserma De Sonnaz". Increase in the item Plant and machinery mainly refers to purchases of general devices and to plant systems for the offices in which the Group operates.

Change in the item Hardware is due to investments made by the companies included in Region 1 for 1,932 thousand Euros, 1,572 thousand Euros for purchases made by the companies included in Region 2 and 914 thousand Euros for purchases made by the companies included in Region 3.

The item Other as at 30 June 2025 mainly includes improvements to third party assets and office furniture. The increase of 5,187 Euros mainly refers to leasehold improvements for 4,217 thousand Euros, the purchases of furniture and fittings for 409 thousand Euros and the purchase of other for 561 thousand Euros. The item Other is mainly related to mobile phones.

Other changes mainly referred to exchange differences.

As at 30 June 2025 tangible assets were depreciated by 39.9% of their value, compared to 42.5% at the end of 2024.

NOTE 18 - GOODWILL

This item includes goodwill arising from consolidation of subsidiaries purchased against payment made by some Group companies.

Goodwill was allocated to the cash generating units ("CGU"), identified in the Group operates (Region 1 includes the CGU related to American companies and Region 3 includes the CGU related to French companies) and summarized below. The breakdown reflects the managerial view of the Group by Management.

(thousand Euros)	Value at 31/21/2024	Increases	Impairment	Exchange difference	Value at 30/06/2025
Region 1	209.293			(18,297)	190.997
Region 2	226.793				226,793
Region 3	257.124		(19.000)	(4.376)	233.746
Total	693,210	-	(19.000)	(22,674)	651.537

Following the impairment test, the need to proceed with a write-down has emerged. In particular, the expected EBIT trends for the current fiscal year (budget year) related to the Cash Generating Units (CGU) in which the Group operates have been analysed. The comparison with the original forecasts has allowed the identification of any potential indicators of impairment (so-called key indicators) pursuant to IAS 36.

The analysis carried out revealed indicators of long-term value loss for the CGU 'Region 3', specifically concerning the France Benelux countries. Following the estimate of the value in use, compared to the carrying amount, it was deemed necessary to proceed with a write-down of 19,000 thousand Euros.

The impairment model adopted by the Reply Group is based on future cash flows calculated using the Discounted cash flow analysis.

In applying this model, Management uses different assumptions, which are applied to the single CGU over two years of extrapolation subsequent to the annual budget, in order to estimate:

increase in revenues, ●
increase in operating costs, .
investments, ●
change in net capital. .

The recoverable value of the CGU, to which the single goodwill is referred, is determined as the highest between the fair value less any selling price) and the present value of the estimated future cash flows expected from the continuous use of the good (value in use). If the recoverable value is higher than the carrying amount of the CGU there is no impairment of the asset; in the contrary case, the model indicates a difference between the carrying amount and the recoverable value as the effect of impairment.

The following assumptions, determined also with the support of third-party experts, were used in calculating the recoverable value of the Cash Generating Units:

Assumptions	Region 3 - France & Benelux
Terminal value growth rates:	2%
Discount rate, net of taxes:	7.59%

Finally, it is appropriate to note that the estimates and budget data to which the above mentioned parameters have been applied are those determined by management on the basis of past performance and expectations of developments in the markets in which the Group operates, also pursuant to CONSOB and ESMA recommendations, significant attention has been placed on the planning process to account for the possible impacts deriving from the current geo-political situation and the potential climate changes.

NOTE 19 - OTHER INTANGIBLE ASSETS

Net intangible assets as at 30 June 2025 amounted to 86,832 thousand Euros (95,802 thousand Euros on 31 December 2024) and are detailed as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Development costs	6.444	5.756	689
Software	3.882	3.652	229
Trademarks	537	537
Other intangible assets	75.969	85.858	(9,888)
Total	86,832	95,802	(8.971)

Change in intangible assets in the first half of 2025 is summarized in the table below:

	Development			Other intangible
(thousand Euros)	costs	Software	Trademark	assets	Total
Historical cost	40,768	26,668	537	157,375	225,348
Accumulated depreciation	(35,013)	(23,016)		(71,517)	(129,546)
31/12/2024	5,756	3,652	537	85,858	95,802

Historical cost
Increases	2,137	1.023			3,160
Disposals		(1,998)		(495)	(2,493)
Other changes		(195)		(7,315)	(7,510)

Accumulated depreciation
Depreciations	(1,449)	(631)		(6,224)	(8,304)
Utilized		1,997		495	2,492
Other changes		34		3,650	3,684

Historical cost	42,906	25,497	537	149,565	218,505
Accumulated depreciation	(36,461)	(21,616)		(73,597)	(131,674)
30/06/2025	6,444	3,882	537	75,969	86,832

Development costs refer to software and are accounted for in accordance with provisions of IAS 38.

The item Software mainly refers to software licenses purchased and used internally by the Group companies. This item includes 560 thousand Euros related to software development for internal use.

The item Trademark mainly refers to the "Reply" trademark granted on 9 June 2000 to the Parent Company Reply S.p.A. (at the time Reply Europe Sàrl), in connection with the share capital increase that was resolved and subscribed to by the Parent Company. Such amount is not subject to systematic amortization and the expected future cash flows are deemed adequate.

Other intangible assets include the customer list following the completion of the PPA procedures under M&A activities.

As at 30 June 2025 intangible assets were depreciated by 60.3% of their value, compared to 57.5% at the end of 2024.

NOTE 20 - ROU ASSETS

The application of the IFRS 16 accounting standard, in use since 1 January 2019, resulted in the accounting of the book value of the right-of-use asset ("RoU Asset") that is equal to the book value of the liabilities for leasing on the date of first application, net of any accrued income/costs or deferred revenue/expenses related to the lease.

Detail is as follows:

(thousand Euros)	01/01/2025	Net changes		Amortization Exchange difference 30/06/2025
Buildings	79.602	7.284	(10.927)	(287	75.672
Vehicles	27.205	5.462	(6.491)	(21)	26.155
Office equipment	248		(82)		166
Total	107.055	12.746	(17.500)	(308)	101.993

The net changes mainly refer to the signing of new financial leasing agreements, resulting in an increase in the value of the right of use, the redetermination of certain liabilities, increases in rents and the renegotiation of existing contracts.

Leasing contracts relating to buildings have extension option are carefully evaluated by management for the purposes of correct valuation and presentation in the financial statements.

Note that there are no leases not yet stipulated for which the lessee has committed.

NOTE 21 - EQUITY INVESTMENTS

The item Equity investments amounts to 19,357 thousand Euros and includes investments in start-up companies principally in the loT field made by the Investment company Breed Reply Investments Ltd for 19,087 thousand Euros.

Note that the companies listed below, mainly held through an Investment Entity, are designated at fair value and accounted for in accordance with IFRS 9 "Financial Instruments: Recognition and Measurements". The fair value is determined using the International Private Capital valuation guideline (IPEV) and, as per industry practice, any change therein is recognized in the period in which they occurred.

Detail is as follows:

(thousand Euros)	Value at 31/12/2024	Net increases/disposals	Conversion convertible loans into	Net fair value equity adiustments	Exchange differences	Value at 30/06/2025
Investments	19.524				(437)	19.087

During the first half of 2025, there were no changes in fair value for the investments already in the portfolio.

NOTE 22 - FINANCIAL ASSETS

Current and non-current financial assets amounted to a total of 76,685 thousand Euros compared to 54,822 thousand Euros as at 31 December 2024.

Detail is as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Short term securities	4.171	2.082	2,089
Financial investments	64,039	42.616	21.423
Derivative financial instruments	717	935	(218)
Loans to third parties	26	133	(107)
Total current financial assets	68,954	45.767	23,187
Receivables from insurance companies	1,967	2,896	(929)
Guarantee deposits	2,158	2,114	44
Other financial assets	3,023	3.057	(34)
Convertible loans	584	988	(404)
Total non-current financial assets	7,732	9.055	(1,323)
Total financial assets	76.685	54.822	21,864

Short-term securities mainly refer to Time Deposit investments.

The item Financial investments refers to bonds held by the parent company Reply S.p.A. The valuation of these short-term investments, based on their fair value at 30 June 2025, showed a net positive difference amounting to 219 thousand Euros compared to the purchase cost of the same.

The item Derivative financial instruments refers to a loan established with Unicredit S.p.A. to hedge changes in floating interest rates on mortgages; the total underlying notional amounts to 24,000 thousand Euros. The effective component of the instruments is stated in the Statement of changes in net equity.

The item Receivables from insurance companies mainly refers to the insurance premiums paid against pension plans of some German companies and to directors' severance indemnities.

The item Other financial assets mainly referred to long-term financial receivables for deferred collections amounting to 2,459 thousand Euros arising from the sale of a company held by Breed Reply Investments Ltd.

Convertible loans relate to the option to convert into shares of the start-up company in the field of IoT.

Detail is as follows:

(thousand Euros)	Value at 31/12/2024	Increases/ disposals	Equitv conversion	Capitalized interests	Net fair value adiustments	Exchange differences	Value at 30/06/2025
Convertible loans	988	ತ		28	(434)	18)	584

Note that the items Receivables from insurance companies, Convertible loans, Guarantee deposits and Other financial assets are not shown in the Net financial position.

NOTE 23 - DEFERRED TAX ASSETS

Deferred tax assets, amounting to 57,723 thousand Euros as at 30 June 2025 (66,557 thousand Euros as at 31 December 2024), include the fiscal charge corresponding to the temporary differences deriving from income before taxes and taxable income in relation to deferred deductibility items.

The decision to recognize deferred tax assets is taken by assessing critically whether the conditions exist for the future recoverability of such assets on the basis of expected future results.

It is noted that the item has been recorded net of deferred tax liabilities for an amount of 11,287 thousand Euros.

NOTE 24 - WORK IN PROGRESS

Contract work in progress, amounting to 235,899 thousand Euros, is recognized net of a provision amounting to 59,444 thousand Euros (50,564 thousand Euros at 31 December 2024) and is detailed as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Contract work in progress	362.512	200.034	162.478
Advance payments from customers	(126.613)	(131.665)	5.051
Total	235.899	68.369	167.530

Any advance payments from customers are deducted from the inventories, within the limits of the accrued consideration, representing the assets deriving from the contracts; the exceeding amounts, as well as the advance payments related to work in progress not yet started, are accounted as liabilities. Change in the provision is mainly due to the accrual made during the fiscal year amounting to 9,000 thousand Euros.

NOTE 25 - TRADE RECEIVABLES

Trade receivables as at 30 June 2025 amounted to 47,484 thousand Euros with a net decrease of 280,074 thousand Euros.

(thousand Euros)	30/06/2025	31/12/2024	Change
Trade receivables	485,219	766.271	(281.052)
Allowance for doubtful accounts	(7.735)	(8.713)	979
Total trade receivables	477.484	757,558	(280,074)

Trade receivables are shown net of allowances for doubtful accounts, calculated by using the expected credit loss approach pursuant to IFRS 9, amounting to 7,735 thousand Euros on 30 June 2025 (8,713 thousand Euros at 31 December 2024).

The Allowance for doubtful accounts developed in the first half of 2025 as follows:

(thousand Euros)	31/12/2024	Accruals		Reversal	30/06/2025
Allowance for doubtful accounts	8.713		1.989)	(259)	7.735

The carying amount of trade receivables, that at initial recognition is equal to its fair value adjusted for attributable transaction costs, is subsequently valued at the amortised cost appropriately adjusted to take into account any write-downs.

Trade receivables are all collectible within one year.

NOTE 26 - OTHER RECEIVABLES AND CURRENT ASSETS AND INCOME TAX RECEIVABLES

Detail is as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Current income tax receivables	41.678	27.675	14.004
Tax receivables	45,445	52,308	(6,863)
Advances to employees	310	308	2
Accrued income and prepaid expenses	36.923	40.275	(3,352)
Other receivables	25.043	23.010	2.033
Total	149.400	143.576	5,824

Current income tax receivables are recorded net of the accrued tax liability

The item Tax receivables mainly includes:

VAT receivables amounting to 17,532 thousand Euros (31,706 thousand Euros at 31 December 2024);
· receivables for withholding tax amounting to 6,957 thousand Euros (5,524 thousand Euros at 31 December 2024);

tax receivables from previous tax returns and for refundable taxes amounting to 8,032 thousand Euros (1,998 thousand Euros at 31 December 2024);
· receivables from foreign tax administrations for 4,725 thousand Euros (5,018 thousand Euros at 31 December 2024).

The item Other receivables includes contribution receivables in relation to research projects for 16,562 thousand Euros (7,715 thousand Euros at 31 December 2024).

NOTE 27 - CASH AND CASH EQUIVALENTS

The balance of 466,887 thousand Euros, with a decrease of 24,947 thousand Euros compared with 31 December 2024, represents cash and cash equivalents as at the end of reporting period.

Cash and cash equivalents at 30 June 2025 are detailed as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Cash at banks	466.852	490.231	(23,379)
Cash at hand	35	1.603	1.568)
Total cash and cash equivalents	466.887	491.834	(24.947)

Changes in cash and cash equivalents are fully detailed in the Consolidated statement of cash flows. It should be noted that the cash and cash equivalents held but not freely available by the group amount to €7.9 million in relation to the preventive seizure described in Note 33.

NOTE 28 - SHAREHOLDERS' EQUITY

Share capital

As at 30 June 2025 the share capital of Reply S.p.A., wholly undersigned and paid up, amounted to 4,863,486 Euros and is composed of n. 37,411,428 ordinary shares with nominal value of 0.13 Euros each. The number of ordinary shares in circulation as at 30 June 2025 totalled 37,278,236, unchanged since 31 December 2024.

Treasury shares

The value of the Treasury shares, amounting to 17,123 thousand Euros, refers to the shares of Reply S.p.A. held by the parent company, that at 30 June 2025 were equal to n. 133,192 (unchanged since 31 December 2024).

Capital reserves

On 30 June 2025 Capital reserves, amounting to 449,533 thousand Euros, were mainly comprised as follows:

· Treasury share reserve amounting to 17,123 thousand Euros, relating to the shares of Reply S.p.A held by the Parent Company;
· Reserve for the purchase of treasury shares amounting to 432,878 thousand Euros, formed via initial withdrawal from the share premium reserve. By means of a resolution of the Shareholders' Meeting of 23 April 2025 Reply S.p.A. re-authorized it, in accordance with and for the purposes of Article 2357 of the Italian Civil Code, the purchase of a maximum of 550 million Euros of ordinary shares, corresponding to 10% of the share capital, in a lump sum solution or in several solutions within 18 months of the resolution.

Earning reserves

Earnings reserves amounted to 937,951 thousand Euros and were comprised as follows:

· Reply S.p.A.'s Legal reserve amounted to 973 thousand Euros;
· Retained earnings amounted to 812,224 thousand Euros (retained earnings amounted to 643,749 thousand Euros on 31 December 2024);
Profits attributable to shareholders of the Parent Company amounted to 124,755 thousand Euros (211,139 thousand Euros as on 31 December 2024).

Other comprehensive income

Other comprehensive income can be analysed as follows:

(thousand Euros)	30/06/2025	30/06/2024
Other comprehensive income that will not be reclassified subsequently to profit or loss, net of tax:
Actuarial gains/(losses) from employee benefit plans	1,126	1,290
Total Other comprehensive income that will not be reclassified subsequently to profit or loss, net of tax (B1):	1.126	1,290
Other comprehensive income that may be reclassified subsequently to profit or loss, net of tax:
Gains/(losses) on cash flow hedges	(208)	28
Gains/(losses) on exchange differences on translating foreign operations	(23.713)	8.251
Total Other comprehensive income that may be reclassified subsequently to profit or loss, net of tax (B2):	(23.921)	8.279
Total other comprehensive income, net of tax (B) = (B1) +(B2)	(22,975)	9,569

Minority interests

Minority interests consist of the participation of non-controlling shareholders in the companies included in consolidation and at 30 June 2025 amounted to 1,546 thousand Euros (2,773 thousand Euros at 31 December 2024).

NOTE 29 - DUE TO MINORITY SHAREHOLDERS AND EARN-OUT

Due to minority shareholders and Earn-out as at 30 June 2025 amount to 52,283 thousand Euros (109,600 thousand Euros on 31 December 2024), of which 21,454 thousand Euros are current.

The item refers to deferred consideration defined in the business combination. The distinction between Payable to Minority Shareholders and Earn-out stems solely from whether or not there is any legal minority interest related to the initial transition.

Detail is as follows:

(thousand Euros)	31/12/2024	Increases	Fair value adiustments	Payments	Exchange differences	30/06/2025
Pavable to minority shareholders	7.482					7.482
Pavable for Earn out	102.119		(17.087)	(35.074)	(5.156)	44.801
Total due to minority shareholders and Earn-out	109.600	1	(17.087)	(35.074)	(5.156)	52.283

The item Fair value adjustments in the first half of 2025 amounted to 17,087 thousand Euros with a balancing entry in Profit and loss and reflects the best estimate in relation to the deferred consideration originally posted at the time of acquisition.

Total payments made in the first half of 2025 amounted to 35,074 thousand Euros and refer to the consideration paid in relation to the initial contracts signed at the time of acquisition.

Payable to minority shareholders and Earn-out are included in the invested capital for management purposes and in the net financial indebtedness for ESMA purposes.

NOTE 30 - FINANCIAL LIABILITIES

Detail is as follows:

	30/06/2025			31/12/2024
(thousand Euros)	Current	Non- current	Total	Current	Non- current	Total
Bank overdrafts	8.076	-	8.076	121		121
Bank Ioans	13.677	37.741	51.418	19,564	48.910	68.474
Total due to banks	21,753	37,741	59.494	19.685	48.910	68,595
Other financial borrowings	167	150	316	64		64
IFRS 16 financial liabilities	33.308	80.227	113.534	35.163	84.695	119.858
Total financial liabilities	55,228	118,117	173,345	54.911	133.604	188,516

The following table illustrates the distribution of financial liabilities by due date:

		30/06/2025		31/12/2024
(thousand Euros)	Due in 12 months	From 1 to 5 years	Over 5 years	Total	Due in 12 months	From 1 to 5 years	Over 5 years	Tota
Bank overdrafts	8,076			8,076	121			121
M&A loans	8.647	5,700		14,347	17,010	9.941		26,951
Mortgage loans	3,393	28,736	3,136	35,265	256	27,766	10,171	38.193
Bank loans	1,394	169		1.563	2,043	1,033		3,077
Other financial borrowings	167	150		316	64			64
IFRS 16 financial liabilities	33,308	72,319	7,908	113,534	35,163	79,631	5,064	119.858
Derivative instruments	244			244	253			253
Total	55,228	107,074	11.044	173,345	54.911	118,370	15,235	188,516

M&A loans refer to credit lines to be used for acquisition operations carried out directly by Reply S.p.A. or via companies controlled directly or indirectly by the same.

Summarized below are the existing contracts entered into for such a purpose:

On 8 May 2020 Reply S.p.A. entered into a line of credit with Unicredit S.p.A. for a total amount of 50,000 thousand Euros. As at 30 June 2025 the outstanding debt had been returned.
On 8 November 2021 Reply S.p.A. entered into a line of credit with Intesa Sanpaolo S.p.A. for a total amount of 75,000 thousand Euros, reimbursed on a half year basis. This line was used for a total of 30,000 thousand Euros. As at 30 June 2025 the outstanding amount was 12,857 thousand Euros.

· On 20 February 2023 Reply S.p.A. entered into a line of credit with Banco BPM S.p.A. for a total amount of 50,000 thousand Euros to be used by 31 December 2025. As at 30 June 2025 this line had been used for 500 thousand Euros.
· On 16 April 2024 Reply S.p.A. entered into a line of credit with Intesa Sanpaolo S.p.A. for a total amount of 75,000 thousand Euros to be used by 30 September 2025. The loan will be reimbursed with n. 7 half year basis starting 31 March 2026 and will expire on 30 March 2029.
On 19 April 2024 Reply S.p.A. entered into a line of credit with Unicredit S.p.A. for a total amount of 50,000 thousand Euros to be used within 24 months. As at 30 June 2025 this line had been used for 1,000 thousand Euros.

Interest rates are also applied according to certain predetermined ratios (Covenants) of economic and financial nature calculated on the consolidated financial statements as at 30 June of each year and/or the consolidated interim report.

As contractually defined, such ratios are as follows:

Net financial indebtedness/Equity
Net financial indebtedness/EBITDA

At 30 June 2025, Reply fulfilled the Covenants under the various contracts.

The item Mortgages refers to financing granted to Tool Reply GmbH by Commerzbank for a total amount amounting to 2,500 thousand Euros to be used by 30 June 2028. The loan is reimbursed on a quarter-year basis (at 0.99%). As at 30 June 2025 this line had been used for 791 thousand Euros.

It should also be noted that on 24 May 2018 Reply S.p.A. undersigned with Unicredit S.p.A. a mortgage loan secured by guarantee for the purchase and renovation of the property De Sonnaz for a total amount of 40,000 thousand Euros. On December 18, 2024 an amendment was signed with the same institution, agreeing to extend the period of use from 66 to 90 months (as with the amendment of November 15, 2021), with the possibility to obtains mortgage disbursements till November 30, 2025. The mortgage is disbursed in relation to the progress of the work. On June 3, 2025, an early repayment of the principal amount of 2,800 thousand Euros was made. As at 30 June 2025 the outstanding amount was 34,500 thousand Euros.

The item IFRS 16 financial liabilities is related to the financial lease liabilities at 30 June 2025.

The item Derivative financial instruments refers to a loan established with Unicredit S.p.A. to hedge changes in floating interest rates on loans and/or mortgages; the total underlying value is 10,431 thousand Euros. The effective component of the instrument is stated in the Statement of changes in net equity.

The carrying amount of the Financial Liabilities approximates the value determined through the application of the amortised cost method.

Net financial indebtedness

The net financial indebtedness reported below was prepared according to CONSOB communication no. DEM/6064293 of July 28, 2006, updated with the provisions of ESMA guideline 32-382-1138 of March 4, 2021 as implemented by the CONSOB warning no. 5/21 of 29 April 2021.

(thousand Euros)	30/06/2025	31/12/2024	Change
A Cash	466,887	491,834	(24,947)
Cash equivalents ಕ
Current financial assets	68,954	45.767	23,187
Cash (A+B+C) D	535,840	537,600	(1,760)
E Current financial liabilities	41,794	35,601	6.194
Short-term portion of long-term financial liability	13,433	19.311	(5,878)
G Financial liabilities short-term (E+F)	55,228	54,911	316
H Net financial debt short-term (G-D)	(480,613)	(482,689)	2,076
Financial liabilities long-term	118,142	133,639	(15,497)
J Financial instruments	(25)	(34)	9
K Other liabilities Iong-term	52,283	109.600	(57,317)
L Financial debt long-term (I+J+K)	170,400	243.205	(72,804)
Total financial debt	(310,213)	(239,484)	(70,728)

Net financial indebtedness includes IFRS 16 financial liabilities amounting to 113,534 thousand Euros, of which 80,227 thousand Euros were non-current and 33,308 were current.

The item Commercial and other non-current liabilities is related to liabilities to minority shareholders and Earnout assimilated to unpaid debts with a significant implicit financial component.

For further details with regards to the above table see Note 27 as well as Note 30.

Pursuant to the aforementioned recommendations long term financial assets are not included in the net financial indebtedness.

As previous mentioned in Note 29, Due to minority shareholders and Earn-out are included in the invested capital and are not included in the net financial managerial position.

Change in financial liabilities during the first half of 2025 is summarized below:

(thousand Euros)
Total financial liabilities 2024	188,516
Bank overdrafts	(121)
IRS and other	(278)
Non-current financial liabilities 2024	188,118
IFRS 16 financial liabilities	(6,323)
Cash flows	(16,803)
Total non-current financial liabilities as at 30 June 2025	164,991
Bank overdrafts	8.076
IRS and other	278
Total financial liabilities as at 30 June 2025	173.345

NOTE 31 - EMPLOYEE BENEFITS

Employee benefits are detailed as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Employee severance indemnities	44.581	42.664	1.916
Employee pension funds	7.214	7.325	(111)
Directors severance indemnities	1.508	1.508
Other	31.371	32.751	(1.380)
Total	84.674	84.248	425

Employee severance indemnities

The Employee severance indemnity represents the obligation to employees under Italian law (amended by Law 296/06) that has accrued up to 31 December 2006 and that will be settled when the employee leaves the company. In certain circumstances, a portion of the accrued liability may be given to an employee during his working life as an advance. This is an unfunded defined benefit plan, under which the benefits are almost fully accrued, with the sole exception of future revaluations.

The procedure for the determination of the Company's obligation with respect to employees was carried out by an independent actuary according to the following stages:

· Projection of the Employee severance indemnity already accrued at the assessment date and of the portions that will be accrued until when the work relationship is terminated or when the accrued amounts are partially paid as an advance on the Employee severance indemnities;
· Discounting, at the valuation date, of the expected cash flows that the company will pay in the future to its own employees;
Re-proportioning of the discounted performances based on the seniority accrued at the valuation date with respect to the expected seniority at the company must fulfil its obligations. In order to allow for the changes introduced by Law 296/06, the re-proportioning was only carried out for

employees of companies with fewer than 50 employees that do not pay Employee severance indemnities into supplementary pension schemes.

Reassessment of Employee severance indemnities in accordance with IAS 19 was carried out "ad personam" and on the existing employees, that is analytical calculations were made on each employee in force in the company at the assessment date without considering future work force.

The actuarial valuation model is based on the so-called technical bases which represent the demographic, economic and financial assumptions underlying the parameters included in the calculation.

In accordance with IAS 19, Employment severance indemnities at 30 June 2025 are summarized in the table below:

(thousand Euros)
Balance as at 31/12/2024	42,664
Cost relating to current work (service cost)	3,753
Actuarial (gain)/loss	(1,126)
Interest cost	709
Indemnities paid during the year	(1,419)
Balance as at 30/06/2025	44.581

Employee pension funds

The Pension fund item relates to liability as regards the defined benefit pensions of some German companies.

Director's severance indemnities

This amount is related to Directors severance indemnities paid during the year.

Other

The item Other includes payables accrued in connection with long-term incentive plans based on specific objectives.

NOTE 32 - DEFERRED TAX LIABILITIES

Deferred tax liabilities at 30 June 2025 amount to 27,845 thousand Euros and are referred mainly to the fiscal effects arising from temporary differences of statutory income versus taxable income.

Deferred tax liabilities have not been recognized on retained earnings of the subsidiary companies as the Group is able to control the timing of distribution of said earnings and in the near future does not seem likely. It is noted that the item has been recorded net of deferred tax assets for an amount of 11,287 thousand Euros.

NOTE 33 - PROVISIONS

Provisions amount to 24,315 thousand Euros (of which 23,481 thousand Euros are non-current). Change in the first half of 2025 is summarized in the table below:

(thousand Euros)	Balance at 31/12/2024	Accruals	Utilization		Reversals Other changes	Balance at 30/06/2025
Fidelity fund	906	19	(35)			890
Provision for risks	47.946		(15.220)	(9.300)		23,425
Total	48.852	19	(15.254)	(9.300)	1	24.315

Employee fidelity provisions refer mainly to provisions made for the employees of some German companies in relation to anniversary bonuses. The liability is determined through actuarial calculations applying a 5.5% rate.

The item Provision for risks refers to the provisions that individual companies made mainly for contractual, commercial and litigations in Italy and abroad.

Regarding the preventive seizure that affected the parent company Reply S.p.A. for which it was necessary to post a provision for 8 million Euros, it is specified that according to the offense contested is that referred to in Article 640-ter, paragraphs 1 and 3 of the Penal Code, during the period 2017-2020. It is specified that no liability is contested under Legislative Decree 231/2001 and, as far as we know, the proceeding is still in the preliminary investigation phase.

Also to be noted, that during the first half of 2025, the dispute regarding a professional liability lawsuit was resolved. The total expenditure incurred for settling the dispute was 15 million Euros. This amount was fully covered by the professional liability insurance policy, despite an initial denial of the insurance company (net of the contractual deductible of 0.3 million Euros). Due to this uncertainty, as of December 31, 2024, a risk provision equivalent to the entire estimated potential liability, amounting to 24 million Euros, had been allocated. Following the positive resolution of the dispute and the recognition of insurance coverage, it was possible to fully release the risk provision that had originally been set aside.

NOTA 34 - TRADE PAYABLES

Trade payables at 30 June 2025 amount to 177,608 thousand Euros and are detailed as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Trade pavables	179.673	186.475	(6.801)
Advances to suppliers	(2.065)	(3.242)	1.177
Total	177.608	183,233	(5.624)

Trade payables are initially recognised at fair value, adjusted for any transaction costs directly attributable to and are subsequently valued at amortised cost. The amortised cost of current trade payables corresponds to the nominal value.

NOTE 35 - OTHER CURRENT LIABILITIES AND INCOME TAX PAYABLES

Other current liabilities and income tax payables at 30 June 2025 amounted to 571,093 thousand Euros with a decrease of 108,990 thousand Euros with respect to the previous financial year.

Detail is as follows:

(thousand Euros)	30/06/2025	31/12/2024	Change
Income tax payable	25.516	39.155	(13,639)
VAT payable	14,343	20,291	(5,949)
Withholding tax and other	19,868	25,585	(5.717)
Total due to tax authorities	59,727	85,031	(25,304)
National social insurance payable	52.514	58.433	(5.919)
Other	5,455	6.118	(663)
Total due to social securities	57.969	64,551	(6,583)
Employee accruals	158,376	149,417	8,959
Other payables	197,243	304,622	(107,380)
Accrued expenses and deferred income	97.779	76.462	21,317
Total other payables	453,397	530,501	(77,103)
Total	571,093	680,083	(108,990)

Due to tax authorities amounting to 59,727 thousand Euros, mainly refers to income tax payables and payables due to tax authorities for withholding tax on employees and professionals' compensation.

Due to social security authorities amounting to 57,969 thousand Euros, is related to both Company and employee's contribution payables.

Other payables at 30 June 2025 amount to 453,397 thousand Euros and mainly include:

amounts due to employees that at the balance sheet date had not yet been paid;
· remuneration of directors recognised as participation in the profits of the subsidiary companies;
· amounts invoiced to customers exceeding the value of the work in progress amounting to 143,373 thousand Euros (222,510 thousand Euros at 31 December 2024);
· accrued Expenses and Deferred Income, that increase in the first half of 2025 by 21,317 thousand Euros, mainly relate to advance invoicing in relation to T&M consultancy activities to be delivered in the subsequent financial year.

Other current payables and liabilities are initially recognised at fair value, adjusted for any transaction costs directly attributable to and are subsequently valued at amortised cost. The amortised cost of these liabilities corresponds to the nominal value.

NOTE 36 - SEGMENT REPORTING

Segment reporting has been prepared in accordance with IFRS 8, as a breakdown of revenues by geographic area, determined as the area in which the services are executed.

The segments subject to reporting are identified based on the factors used for the management and organization of the Group's activities. In particular, management has chosen to structure the Group according to the geographical areas of operation, which represent the main business segments. The identified sectors are: Region 1, Region 2, Region 3, and IoT Incubator, the latter dedicated to managing investments in startups made by the investment company Breed Reply Investments Ltd.

(thousand Euros)	Region 1	%	Region 2	%	Region 3	06	loT Incubator	Interseg ment	H1 2025	%
Revenues	772,655	100	233,749	100	237,279	100		(33,559)	1,210,125	100
Operating costs	(607,949)	78.7)	(200,901)	(85.9)	(210,857)	(88.9)	(312)	33,559	(986,461)	(81.5)
Gross operating income	164,706	21.3	32,848	14.1	26,422	11.1	(312)		223,664	18.5
Amortization, depreciation and write- downs	(15.737)	(2.0)	(9,475)	(4.1)	(27.157)	(11.4)			(52,369)	(4.3)
Fair value adjustments to deferred consideration	(1,876)	(0.2)	871		18.093	7.6			17.087	1.4
Operating income	147,092	19.0	24,243	10.4	17,358	7.3	(312)		188,382	15.6
Gain/(loss) on investments
Financial income/(loss)	1,882	0.3	(3,072)	(1.3)	(6.302)	(2.7)	(1,477)		(8.969)	(0.7)
Income before taxes	148,975	19.3	21,171	9.1	11,057	4.7	(1,789)		179,413	14.8

(thousand Euros)	Region 1	00	Region 2	06	Region 3	ల్లిన	loT Incubator	Interseg ment	H1 2024	%
Revenues	719,074	100	228,730	100	198,269	100	-	(31,738)	1,114,336	100
Operating costs	(582,337)	(81.0)	(202,200)	(88.4)	(180,789)	(91.2)	(301)	31,738	(933,876)	(83.8)
Gross operating income	136,738	19.0	26,531	11.6	17.480	8.8	(301)	-	180,459	16.2
Amortization, depreciation and write- downs	(16,043)	(2.2)	(9.259)	(4.0)	(6.125)	(3.1)			(31.427)	(2.8)
Fair value adjustments to deferred consideration	(2,909)	(0.4)	57		465	0.2			(2,386)	(0.2)
Operating income	117,786	16.4	17,329	7.6	11,821	5.9	(301)		146,646	13.2
Gain/(loss) on investments							(3,223)		(3,223)	(0.3)
Hinancial income/(loss)	13.072	1.8	(5.168)	(2.3)	(4,203)	(2.1)	(840)		2,861	0.2
Income before taxes	130,857	18.2	12,161	5.3	7,618	3.8	(4,363)		146,285	13.1

Breakdown of revenues by type is as follows:

	REGION 1		REGION 2		REGION 3		IoT INCUBATOR
BUSINESS LINE	1st half 25	1st half 24	1st half 25	1st half 24	1st half 25	1st half 24	1st half 25	1st half 24
T&M	17.7%	18.0%	54.5% -	55.9%	53.2%	64.6%
FIXFD PRICE PROJECTS	82.3%	82.0%	45.5% -	44.1% - - -	46.8%	35.4%
OTHER BUSINESS							100.0%	100.0%
TOTAL	100.0%	100.0%		100.0%	100.0% - -	100.0% -	100.0% -	100.0%

The following table provides a breakdown of net invested capital by Region:

(thousand Euros)	Region 1	Region 2	Region 3	o Incubator	Intersegment	30/06/2025
Current operating assets	651,701	155,108	161.561	2.976	(108,564)	862,783
Current operating liabilities	(590,302)	(96,287)	(171,728)	(21,235)	108,564	(770,989)
Net working capital (A)	61,399	58,821	(10,167)	(18,259)		91,793
Non-current assets	420,054	310,842	320,539	22,131		1,073,566
Non-financial liabilities long term	(97,394)	(29.074)	(40,596)	235		(166,828)
Fixed capital (B)	322,660	281,768	279,943	22,366		906,739
Net invested capital (A+B)	384,059	340,589	269,776	4,107		998,531


(thousand Euros)	Region 1	Region 2	Region 3	ol Incubator	Intersegment	31/12/2024
Current operating assets	749.128	185,641	141,901	3.870	(111,037)	969.502
Current operating liabilities	(715,185)	(134,410)	(156,851)	(21,383)	111,037	(916,792)
Net working capital (A)	33,942	51,232	(14,950)	(17,514)		52,711
Non-current assets	445.099	316,460	339,268	23.005		1,123,832
Non-financial liabilities long term	(118.869)	(33.655)	(70.386)	243		(222.667)
Fixed capital (B)	326,229	282,805	268,883	23,248		901.165

Breakdown of employees by operating segment is as follows:

Region	30/06/2025	30/06/2024	Change
Region 1	11.083	10,313	770
Region 2	3.050	3,056	(6)
Region 3	2,127	1.937	190
loT Incubator
Total	16,261	15,307	954

NOTE 37 - TRANSACTIONS WITH RELATED PARTIES

In accordance with IAS 24 Related parties are Group companies and persons that are able to exercise control, joint control or have significant influence on the Group and on its subsidiaries and key management with strategic responsibilities and related families.

Transactions carried out by the group companies with related parties that as of the reporting date are considered ordinary business and are carried out at normal market conditions.

The main economic and financial transactions with related parties are summarized below.

(thousand Euros)
Financial transactions		30/06/2025			31/12/2024		Nature of transaction
	Parent companies	Key Management with strategic responsibilities	Other	Parent companies	Key Management with strategic responsibilities	Other
Trade receivables	1			41		29	Receivables from professional services
Trade payables and other			1,504			1,205	Payables for professional services and official rentals offices
Other payables and employee benefit		21,142	74		20.100	148	Payables for emoluments to Directors and Managers with strategic responsibilities and Board of Statutory Auditors
Economic transactions		1° half 2025			1° half 2024		Nature of transaction
	Parent companies	Key Management with strategic responsibilities	Other	Parent companies	Key Management with strategic responsibilities	Other
Revenues from professional services	10			23			Receivables from professional services
Services from Parent company and related parties	444		759	421		555	Service contracts relating to office rental, and office administration
Services from Parent company and related parties	24		159	48		113	Other services
Personnel		9.137			9,193		Emoluments to Directors and Key Management with strategic responsibilities
Services and other costs			74			74	Emoluments to Statutory Auditors

With reference the Cash flows statement, the above mentioned transactions impact the change in working capital by 1,336 thousand Euros.

Reply Group Main economic and financial transactions

In accordance with IAS 24, emoluments to Directors, Statutory Auditors and Key Management are also included in transactions with related parties.

In accordance with Consob Resolution no, 15519 of 27 July 2006 and Consob communication no, DEM/6064293 of 28 July 2006 the financial statements annexed herein present the Consolidated Income

statement and Balance Sheet showing transactions with related parties separately, together with the percentage incidence with respect to each account caption.

Pursuant to Art, 150, paragraph 1 of the Italian Legislative Decree n, 58 of 24 February 1998, no transactions have been carried out by the members of the Board of Directors that might be in potential conflict of interests with the Company.

NOTE 38 - GUARANTEES, COMMITMENTS AND CONTINGENT LIABILITIES

GUARANTEES

Guarantees and commitments where existing, have been disclosed at the item to which they refer.

Note that:

· the Domination Agreement contract undersigned in 2010 between Reply Deutschland SE, dominated company, and Reply S.p.A, dominating company, ceased to exist from the date of legal efficacy of the merger for incorporation of Reply Deutschland SE in Reply S.p.A and with this, the obligations taken on by Reply. It is reported that the judgment of the qualified German Court is still pending for deciding on the suitability of the strike value of the acquisition option of shares on request of the minority shareholders of Reply Deutschland SE at a pre-determined price (8.19 Euros). On June 2018, the German court took note of the agreement reached between the parties also affected by the agreement related to the merger of the following point. With regard to shareholders who did not join the settlement agreement, in February 2019, the German Court issued a judgment that provides for an increase of 1.81 Euros in the price paid per share and an increase of 0.07 Euros gross of the dividends paid in 2010-2013. The financial effects on the Group are covered by specific provisions.
· with regards the merger operation for the incorporation of Reply Deutschland SE in Reply S.p.A. the assessment procedures foreseen find application with reference to the exchange ratio and the corresponding amount in cash. Within three months from the merger in the Turin Companies Register, each minority shareholder was able to present a petition for the purpose of commencing, in compliance with German law, before a Judge qualified in Germany - who shall have exclusive jurisdiction - the assessment in the Share Swap ratio and the corresponding amount in cash. Some minority shareholders have commenced the aforementioned procedures and, following exchanges with the minority shareholders and their appointed representative, the Company has reached a settlement agreement where the payment of an additional amount. The expenses arising from this agreement amounting to approximately 5 million Euros is covered by specific provisions (please see Note 33). In relation to the above accruals, as a result of the utilizations, the provision for risks has a residual amount of 87 thousand Euros at 30 June 2025.

CONTINGENT LIABILITIES

As an international company, the Group is exposed to numerous legal risks, particularly in the area of product liability, environmental risks and tax matters. The outcome of any current or future proceedings cannot be predicted with certainty. It is therefore possible that legal judgments could give rise to expenses that are not covered, or not fully covered, by insurers' compensation payments and could affect the Group financial position and results.

Instead, when it is probable that an overflow of resources embodying economic benefits will be required to settle obligations and this amount can be reliably estimated, the Group recognizes specific provision for this purpose.

NOTA 39 - EVENTS SUBSEQUENT TO 30 JUNE 2025

No significant events have occurred subsequent to 30 June 2025.

NOTA 40 - APPROVAL OF THE HALF YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND AUTHORIZATION TO PUBLISH

The Half year condensed consolidated financial statements at 30 June 2025 were approved by the Board of Directors on July 31, 2025 which authorized the publication within the terms of law.

NOTE 41 - CLIMATE CHANGE

Climate change represents a global challenge that also affects business activities, influencing employee wellbeing, the management of operational sites, and energy efficiency. Reply is aware of the importance of adopting measures to reduce its environmental footprint and ensure operational continuity in a context of increasing attention to sustainability. Throughout the year, the Group has implemented initiatives aimed at optimizing energy consumption at its locations, promoting the adoption of renewable energy sources and energy efficiency systems. Additionally, it has promoted sustainable mobility policies for employees, offering remote working options and encouraging the use of low environmental impact vehicles.

To date, the analysis conducted has not highlighted any significant impacts of climate change on the half year interim financial statements, either in terms of operating costs or revenues.

For further information, please refer to the specific paragraph of the notes of the Annual 2024 Report.

Despite the absence of significant impacts on current accounting estimates, the Group will continue to monitor regulatory developments and market conditions to promptly adjust its assessments.

ANNEXED TABLES

CONSOLIDATED STATEMENT OF INCOME PREPARED PURSUANT TO CONSOB RESOLUTION NO. 15519 OF 27 JULY 2006

(thousand Euros)	1° half 2025	of which with related parties	ಗಿರ	1° half 2024	of which with related parties	లిం
Revenues	1,210,125	10	0.0%	1,114,336	23	0.0%
Other income	3.708		0.0%	10.342		0.0%
Purchases	(29,031)		0.0%	(21,259)		0.0%
Personne	(667,571)	(9,173)	1.4%	(625,388)	(9,193)	1.5%
Services costs	(312,241)	(1,461)	0.5%	(298,279)	(1,211)	0.4%
Amortization, depreciation and write- downs	(52,369)		0.0%	(31,427)		0.0%
Other operating (costs)/income	18.674		0.0%	707	-	0.0%
Fair value adjustments to deferred consideration	17,087		0.0%	(2,386)		0.0%
Operating income	188,382		0.0%	146.646	-	0.0%
(Loss)/gain on investments			0.0%	(3.223)		0.0%
Financial income/(expenses)	(8,969)		0.0%	2.861		0.0%
Income before taxes	179,413		0.0%	146.285		0.0%
Income taxes	(53,824)		0.0%	(44,764)	-	0.0%
Net income	125,589		0.0%	101,521	-	0.0%
Non-controlling interest	(834)		0.0%	(1.580)		0.0%
Net income of the Parent company	124,755		0.0%	99,942		0.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION PREPARED PURSUANT TO CONSOB RESOLUTION NO. 15519 OF 27 JULY 200

		of which with			of which
(thousand Euros)	30/06/2025	related parties	ల్లిన	31/12/2024	with related parties	ಳಿ
Tangible assets	148,393		0.0%	132,343		0.0%
Goodwill	651,536		0.0%	693,210		0.0%
Intangible assets	86,832	-	0.0%	95,802		0.0%
RoU Assets	101,993	-	0.0%	107,055		0.0%
Equity investments	19,357		0.0%	19,809		0.0%
Other financial assets	7,732		0.0%	9,055		0.0%
Deferred tax assets	57,723		0.0%	66,557		0.0%
Non-current assets	1,073,566		0.0%	1,123,832		0.0%
Inventories	235,899	-	0.0%	68,369		0.0%
Trade receivables	477,484	1	0.0%	757,558	70	0.0%
Other receivables and current assets	107,722	-	0.0%	115,901		0.0%
Current income tax receivables	41,678		0.0%	21,615		0.0%
Financial assets	68,954		0.0%	45,767		0.0%
Cash and cash equivalents	466,887		0.0%	491,834		0.0%
Current assets	1,398,623		0.0%	1,507,103		0.0%
TOTAL ASSETS	2,472,189	-	0.0%	2,630,935		0.0%
Share Capital	4,863		0.0%	4,863		0.0%
Other reserves	1,229,863		0.0%	1,084,186		0.0%
Net result of the period	124,755		0.0%	211,139		0.0%
Equity of the Parent company	1,359,481	-	0.0%	1,300,188		0.0%
Non-controlling interest	1,546	-	0.0%	2,773		0.0%
NET EQUITY	1,361,027	-	0.0%	1,302,960		0.0%
Due to minority shareholders and Earn-out	30,829	-	0.0%	57,478		0.0%
Financial liabilities	37,891		0.0%	48,910		0.0%
Financial liabilities from RoU	80,227		0.0%	84,695		0.0%
Employee benefits	84,674	-	0.0%	84,248		0.0%
Deferred tax liabilities	27,845		0.0%	33,443		0.0%
Provisions	23,481		0.0%	47,497		0.0%
Non-current liabilities	284,945		0.0%	356,271		0.0%
Due to minority shareholders and Earn-out	21,454		0.0%	52,121		0.0%
Financial liabilities	21,920		0.0%	19,748		0.0%
Financial liabilities from RoU	33,308		0.0%	35,163		0.0%
Trade payables	177,608	1,504	0.8%	183,233	1.205	0.7%
Other current liabilities	545,577	21,216	3.9%	640,928	20,248	3.2%
Income tax Payables	25,516		0.0%	39,155		0.0%
Provisions	834		0.0%	1,355		0.0%
Current liabilities	826,217		0.0%	971,703		0.0%
TOTAL LIABILITIES	1,111,162		0.0%	1,327,974		0.0%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,472,189		0.0%	2,630,935		0.0%

LIST OF COMPANIES AT 30 JUNE 2025

Company name	Headquarters	Group interest
Parent company
Reply S.p.A.	Turin – Corso Francia, 110 - Italy

Companies consolidated on line by line basis:
4brands Reply GmbH & CO. KG.	Minden, Germany	51.00%
Air Reply S.r.l.	Turin, Italy	100.00%
Airwalk Consulting Ltd.	Edinburgh, Scotland	100.00%
Alpha Reply GmbH	Guetersloh, Germany	100.00%
Aim Reply Ltd	London, United Kingdom	100.00%
Arlanis Reply S.r.l.	I urin, Italy	100.00%
Arlanis Reply AG	Potsdam, Germany	100.00%
Arlanis Reply Ltd	London, United Kingdom	100.00%
Aktive Reply S.r.I.	I urin, Italy	100.00%
Atlas Reply S.r.I.	I urin, Italy	100.00%
Autonomous Reply GmbH	Guetersloh, Germany	100.00%
Auxulus Reply GmbH	Munich, Germany	100.00%
Avantage Reply Ltd.	London, United Kingdom	100.00%
Avantage Reply S.r.I.	I urin, Italy	100.00%
Avantage Reply (Belgium) S.r.l	Brussels, Belgium	100.00%
Avantage Reply (Luxembourg) Sarl	Itzig, Luxembourg	100.00%
Avantage Reply (Netherlands) BV	Amsterdam, Netherlands	100.00%
Avvio Reply Ltd.	London, United Kingdom	100.00%
Blue Reply S.r.l.	Turin, Italy	100.00%
Blue Reply GmbH	Guetersloh, Germany	100.00%
Bridge Reply S.r.l.	I urin, Italy	100.00%
Business Elements Reply Sa	Leudelange, Luxembourg	100.00%
Business Elements Reply Sa	Brussels, Belgium	100.00%
Business Reply S.r.l.	Turin, Italy	100.00%
Business Reply Public Sector S.r.l.	I urin, Italy	100.00%
Breed Reply Investment Ltd	London, United Kingdom	100.00%
Canvas Reply GmbH	Hamburg, Germany	100.00%
Canvas Reply Ltd.	London, United Kingdom	100.00%
Cluster Reply S.r.I.	Turin, Italy	100.00%
Cluster Reply GmbH	Munich, Germany	100.00%
Cluster Reply Dynamics GmbH	Guetersloh, Germany	100.00%
Cluster Reply Informatica LTDA.	San Paolo, Brazil	100.00%
Cluster Reply Roma S.r.I.	Turin, Italy	100.00%
Comwrap Reply GmbH	Frankfurt, Germany	100.00%
Comwrap Reply LLC	Atlanta, USA	100.00%

ComSysto D.O.O.	Zagreb, Croatia	100.00%
ComSysto Reply GmbH	Munich, Germany	100.00%
Concept Reply GmbH	Munich, Germany	100.00%
Concept Reply LLC	Michigan, USA	100.00%
Concept Quality Reply Ltd.	London, United Kingdom	100.00%
Consorzio Reply Public Sector	I urin, Italy	100.00%
Core Reply S.r.I.	Turin, Italy	100.00%
Cortex Reply Ltd	London, United Kingdom	100.00%
Data Reply S.r.I.	Turin, Italy	100.00%
Data Reply GmbH	Munich, Germany	100.00%
Discovery Reply S.r.l.	I urin, Italy	100.00%
e*finance consulting Reply S.r.l.	I urin, Italy	100.00%
efinance consulting Reply GmbH	Guetersloh, Germany	100.00%
Elbkind Reply GmbH	Hamburg, Germany	100.00%
Eos Reply S.r.l.	I urin, Italy	100.00%
Everlo Reply GmbH	Guetersloh, Germany	100.00%
Fincon Reply GmbH	Hamburg, Germany	100.00%
Forge Reply S.r.I.	Turin, Italy	100.00%
Frank Reply GmbH	Guetersloh, Germany	100.00%
Go Reply S.r.I.	Turin, Italy	100.00%
Go Reply GmbH	Guetersloh, Germany	100.00%
Gray Matter Reply Ltd	London, United Kingdom	100.00%
Hermes Reply S.r.l.	I urin, Italy	100.00%
Hermes Reply Consulting (Nanjing) Co. Ltd.	Nanjing, China	100.00%
Industrie Reply LLC	Michigan, USA	100.00%
Infinity Reply GmbH	Düsseldorf, Germany	100.00%
IrisCube Reply S.r.l.	I urin, Italy	100.00%
Ki Reply GmbH	Guetersloh, Germany	100.00%
Laife Reply GmbH	Munich, Germany	100.00%
Leadvise Reply GmbH	Darmstadt, Germany	100.00%
Like Reply S.r.l.	Turin, Italy	100.00%
Like Reply GmbH	Guetersloh, Germany	100.00%
Liquid Reply GmbH	Guetersloh, Germany	100.00%
Live Reply GmbH	Düsseldorf, Germany	100.00%
Logistics Reply S.r.l.	I urin, Italy	100.00%
Logistics Reply GmbH	Munich, Germany	100.00%
Logistics Reply Roma S.r.l.	I urin, Italy	100.00%
Lynx Recruiting Ltd	London, United Kingdom	100.00%
Machine Learning GmbH	Guetersloh, Germany	100.00%
Macros Reply GmbH	Munich, Germany	100.00%
Mansion House Reply Ltd	London, United Kingdom	100.00%
Mansion House Consulting Inc.	Wilmington, USA	100.00%
Neo Reply GmbH	Guetersloh, Germany	100.00%

Net Reply LLC	Michigan, USA	100.00%
Net Reply S.r.l.	Turin, Italy	100.00%
Nexi Digital S.r.l.	I urin, Italy	51.00%
Nexi Digital Polska Sp. z o.o.	Warsaw, Poland	51.00%
Next Reply GmbH	Guetersloh, Germany	100.00%
Open Reply GmbH	Guetersloh, Germany	100.00%
Open Reply S.r.l.	Turin, Italy	100.00%
Pay Reply S.r.l	I urin, Italy	100.00%
Portaltech Reply Ltd.	London, United Kingdom	100.00%
Power Reply S.r.l.	I urin, Italy	100.00%
Power Reply GmbH	Munich, Germany	100.00%
Protocube Reply S.r.l.	I urin, Italy	100.00%
Red Reply GmbH	Frankfurt, Germany	100.00%
Reply Al Studios S.r.l.	I urin, Italy	100.00%
Reply Consulting S.r.l.	I urin, Italy	100.00%
Reply Deutschland SE	Guetersloh, Germany	100.00%
Reply GmbH	Zurich, Swiss	100.00%
Reply do Brasil Sistemas de Informatica Ltda	Belo Horizonte, Brazil	100.00%
Reply Inc.	Michigan, USA	100.00%
Reply Ltd.	London, United Kingdom	100.00%
Reply Belgium SA	Brussels, Belgium	100.00%
Reply Croatia d.o.o.	Croatia	100.00%
Reply Digital Experience S.r.l.	I urin, Italy	100.00%
Reply France SAS	Paris, France	100.00%
Reply Sarl	Sandweiler, Luxembourg	100.00%
Reply Services S.r.I.	I urin, Italy	100.00%
Reply Polska Sp. z o.o.	Katowice, Poland	100.00%
Retail Reply S.r.l.	Turin, Italy	100.00%
Ringmaster S.r.l.	I urin, Italy	50.00%
Riverland Reply GmbH	Munich, Germany	100.00%
Roboverse Reply GmbH	Guetersloh, Germany	100.00%
Sagepath Reply LLC	Atlanta. USA	100.00%
Santer Reply S.r.l.	I urin, Italy	100.00%
Security Reply S.r.I.	Turin, Italy	100.00%
Sense Reply S.r.l.	I urin, Italy	100.00%
Sensor Reply S.r.l.	Turin, Italy	100.00%
Shield Reply S.r.l.	I urin, Italy	100.00%
Shield Reply Ltd	London, United Kingdom	100.00%
Solidsoft Reply Ltd.	London, United Kingdom	100.00%
Solirius Reply Ltd	London, United Kingdom	100.00%
Spark Reply S.r.I.	Turin, Italy	100.00%
Spark Reply GmbH	Munich, Germany	100.00%
Spike Reply Ltd	London, United Kingdom	100.00%

Spike Reply Gmbh	Cologne, Germany	100.00%
Spike Digital Reply GmbH	Guetersloh, Germany	100.00%
Sprint Reply SA	Brussel, Belgium	100.00%
Sprint Reply S.r.l.	Turin, Italy	100.00%
Sprint Reply Ltd	London, United Kingdom	100.00%
Sprint Reply GmbH	Munich, Germany	100.00%
Storm Reply S.r.l.	Turin, Italy	100.00%
Storm Reply Roma S.r.l.	I urin, Italy	100.00%
Storm Reply GmbH	Guetersloh, Germany	100.00%
Storm Reply Inc	USA	97.00%
Storm Reply Ltd.	London, United Kingdom	100.00%
Syskoplan Reply S.r.l.	I urin, Italy	100.00%
Syskoplan Reply GmbH	Guetersloh, Germany	100.00%
Syskoplan Cx Reply S.r.l	I urin, Italy	100.00%
Syskoplan Reply LLC	Philadelphia, USA	100.00%
Syskoplan IE Reply GmbH	Guetersloh, Germany	100.00%
Sytel Reply Roma S.r.l.	I urin, Italy	100.00%
Sytel Reply S.r.l.	Turin, Italy	100.00%
Target Reply S.r.l.	I urin, Italy	100.00%
Target Reply GmbH	Guetersloh, Germany	100.00%
TamTamy Reply S.r.l.	I urin, Italy	100.00%
Technology Reply S.r.l.	I urin, Italy	100.00%
Technology Reply Roma S.r.l.	I urin, Italy	100.00%
Technology Reply S.r.l.	Bucharest, Romania	100.00%
Tender Reply S.r.l.	I urin, Italy	100.00%
TD Reply GmbH	Berlin, Germany	100.00%
TD Marketing Consultants, Beijing Co. Ltd	Bejing, China	100.00%
Threepipe Reply Ltd.	London, United Kingdom	100.00%
The Spur Group LLC	Seattle, USA	100.00%
Tool Reply GmbH	Guetersloh, Germany	100.00%
Triplesense Reply GmbH	Frankfurt, Germany	100.00%
Up Reply GmbH	Munich, Germany	100.00%
Valorem LLC	Kansas City, USA	100.00%
Valorem Private Ltd	Kochi, India	99.99%
Valorem GmbH	Zurich, Swiss	100.00%
Valorem Reply Ltd.	London, United Kingdom	100.00%
Vanilla Reply GmbH	Guetersloh, Germany	100.00%
Wemanity Group SAS	Paris, France	100.00%
WM Reply S.r.l.	Turin, Italy	80.00%
WM Reply Inc	Illinois, USA	100.00%
WM Reply Ltd	London, United Kingdom	100.00%
WM Reply GmbH	Guetersloh, Germany	100.00%
Whitehall Reply GmbH	Guetersloh, Germany	100.00%

Whitehall Reply S.r.I.	Turin, Italy	100.00%
Whitehall Al Reply S.r.I.	Turin, Italy	100.00%
Xenia Reply S.r.I.	Turin, Italy	100.00%
Xister Reply S.r.l.	Turin, Italy	100.00%

Companies carried at fair value

CageEye AS	Norway	1.1%
Dcbrain SAS	France	5.80%
FoodMarble Digestive Health Ltd	lreland	17.47%
iNova Design Ltd	United Kingdom	27.25%
lotic Labs Ltd	United Kingdom	4.1%
Kokoon Technology Ltd	United Kingdom	25.70%
Metron Sas	France	6.0%
RazorSecure Ltd	United Kingdom	30.70%
Sensoria Inc.	United States	25.97%
TAG Sensors AS	Singapore	27.40%
Ubirch GmbH	Germany	18.50%
7eetta Networks I td	United Kingdom	24.00%
Yellow Line Parking Ltd	United Kingdom	9.77%

Attestation of the consolidated financial statements in accordance with article 81-ter of Consob regulation no. 11971 of 14 may 1999 and subsequent amendments and additions

The undersigned, Mario Rizzante, in his capacity as Chief Executive Officer and Giuseppe Veneziano, director responsible of drawing up the Company's financial statements pursuant to the provisions of article 154-bis, paragraph 3 and 4 of legislative decree no. 58 of February 24, 1998, hereby attest:

· the adequacy with respect to the Company's structure and
· the effective application of the administrative and accounting procedures applied in the preparation of the condensed financial statements for the period ended June 30, 2025.

The assessment of the adequacy of administrative and accounting procedures used for the preparation of the condensed financial statements as of and for the period ended June 30, 2025 was carried out on the basis of regulations and methodologies defined by Reply prevalently coherent with the Internal Control -Integrated Framework model issued by the Committee of Sponsoring Organisations of the Treadway Commission, an internationally-accepted reference framework.

The undersigned moreover attest that:

1.
have been prepared in accordance with International Financial Reporting Standards, as endorsed by the European Union pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and Council, dated 19 July 2002;
-
provide a fair and correct representation of the financial conditions, results of operations and cash flows of the Company and its consolidated subsidiaries.
1. the related interim management report includes a reliable analysis of the performance and results of the management, as well as the situation of the issuer and the group of companies included in the consolidation, along with a description of the main risks and uncertainties to which they are exposed.

l urin, July 31, 2025
/s/ Mario Rizzante	/s/ Giuseppe Veneziano
Chairman and Chief Executive Officer	Director responsible of drawing up the accounting documents
Mario Rizzante	Giuseppe Veneziano

INDEPENDENT AUDITORS' REPORT

REPLY SPA

REVIEW REPORT ON CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

REVIEW REPORT ON CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

To thè Shareholders of Reply SpA

Foreword

We have reviewed thè accompanying Consolidated condensed interim financial statements of Reply SpA and its subsidiaries (thè "Reply Group") as of 30 dune 2025, comprising thè Consolidated statement offinancial position, Consolidated statement of income, Consolidated statement of comprehensive income, statement of changes in Consolidated equity, Consolidated statement of cashflows and related notes. The directors ofReply SpA are responsible for thè preparation ofthè Consolidated condensed interim financial statements in accordance with International Accounting Standard 34 applicable to interim financial reporting (IAS 34) as issued by thè International Accounting Standards Board and adopted by thè European Union. Our responsibility is to express a conclusion on these Consolidated condensed interim financial statements based on our review.

Scope of Review

We conducted our work in accordance with thè criteria for a review recommended by Consob in Resolution No. 10867 of 31 Juty 1997- A review of Consolidated condensed interim financial statements consists ofmaking enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than a fullscope audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on thè Consolidated condensed interim financial statements.

PricewaterhouseCoopers SpA

Sede legale: Milano 20145 Piazza Tre Torri 2 Tel. 02 77851 Fax 02 7785240 Capitale Sociale Euro 6.890.000,00 i.v. C.F. e P.IVA e Reg. Imprese Milano Monza Brìanza Lodi ^12979880155 Iscritta al n' ¹¹⁹⁶⁴⁴ del Registro dei Revisori Legali - Altri Uffici: Ancona ⁶⁰¹³¹ Via Sandro Tolti ¹ Tel. ⁰⁷¹ 2132311 - Bari 70122 Via Abate Gimma 72 Tel. 080 5640211 - Bergamo 24121 Largo Belotti 5 Tel. 035 229691 - Bologna 40124 Via Luigi Carlo Farini 12 Tel. 051 6186211 - Brescia 25121 Viale Duca d'Aosta 28 Tel. 030 3697501 - Catania 95129 Corso Italia 302 Tel. 095 7532311 - Firenze 50121 Viale Gramsci 15 Tel. 055 2482811 - Genova 16121 Piazza Piccapietra 9 Tel. 010 29041 - Napoli 80121 Via dei Mille 16 Tel. 081 36181 - Padova 35138 Via Vicenza 4 Tel. 049 873481 - Palermo 90141 Via Marchese Ugo 60 Tel. 091 349737 - Parma 43121 Viale Tanara 20/A Tel. 0521 275911 - Pescara 65127 Piazza Ettore Troilo 8 Tel. 085 4545711 - Roma 00154 Largo Pochetti 29 Tel. 06 570251 - Torino 10122 Corso Palestre 10 Tel. 011 556771 - Trento 38122 Viale della Costituzione 33 Tel. 0461 237004 - Treviso 31100 Viale Felissent 90 Tel. 0422 696911 - Trieste 34125 Via Cesare Battisti 18 Tel. 040 3480781 - Udine 33100 Via Poscolle 43 Tel. 0432 25789 - Varese 21100 Via Albuzzi 43 Tel. 0332 285039 - Verona 37135 Via Francia 21/C Tel. 045 8263001 - Vicenza 36100 Piazza Pontelandolfo 9 Tel. 0444 393311

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that thè Consolidated condensed interim financial statements ofthè Reply Group as of 30 dune 2025 are not prepared, in all material respects, in accordance with International Accounting Standard 34 applicable to interim financial reporting (IAS 34) as issued by thè International Accounting Standards Board and adopted by thè European Union.

Turin, ¹ August 2025

PricewaterhouseCoopers SpA

Signed by

Monica Maggio (Partner)

This report has been translated into Englishfrom thè Italian originai solelyfor thè convenience of international readers

Reply S.p.A. Corso Francia, 110, 10143 Torino – Italia

Tel. +39-011-7711594 Fax. +39-011-7495416 [email protected] www.reply.com

AI Terminal

Reply

4108_rns_2025-08-01_7e6d16c8-976d-4438-bced-fc138ddc2c30.pdf

REPLY HALF YEAR FINANCIAL REPORT AT JUNE 30 2025

CONTENTS

BOARD OF DIRECTORS AND CONTROLLING BODIES

BOARD OF DIRECTORS AND CONTROLLING BODIES

Executive Directors

Board of Statutory Auditors

KEY GROUP RESULTS

KEY GROUP RESULTS

REPLY

Reply

The organisational model

Processes

Applications

Technologies

Reply services

Industry focus

Automotive

Energy & Utilities

Financial Institutions

Government & Healthcare

Logistics

Manufacturing

Retail & Luxury

Telco & Media

Ai-driven innovation

Knowledge Management

Software Development

Customer Interaction

Robotics

Foundations

Cloud Computing

Cybersecurity

Connected Products & Solutions

Customer & Digital Experience

Data

INTERIM FINANCIAL REPORT 2025

FINANCIAL REVIEW OF THE GROUP

INTRODUCTION

TREND OF THE FIRST HALF

RECLASSIFIED CONSOLIDATED STATEMENT OF INCOME

RECLASSIFIED CONSOLIDATED STATEMENT OF INCOME OF THE SECOND QUARTER

REVENUE BY REGION (*)

REVENUE BY BUSINESS LINES

TREND IN KEY ECONOMIC INDICATORS

ANALYSIS OF THE FINANCIAL STRUCTURE

NET FINANCIAL MANAGERIAL POSITION AND CASH FLOWS STATEMENT

OTHER INFORMATION

RESEARCH AND DEVELOPMENT ACTIVITIES

INTERGROUP TRANSACTIONS AND WITH RELATED PARTIES

HUMAN RESOURCES

RISK MANAGEMENT

PILLAR 2

EVENTS SUBSEQUENT TO 30 JUNE 2025

OUTLOOK ON OPERATIONS

HALF YEAR CONDENSED FINANCIAL STATEMENTS AT 30 JUNE 2025

CONSOLIDATED INCOME STATEMENT (*)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (*)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (*)

CONSOLIDATED STATEMENT OF CASH FLOWS

Detail of cash and cash equivalents

NOTES

NOTE 1 - GENERAL INFORMATION

NOTE 2 - ACCOUNTING PRINCIPLES AND BASIS OF CONSOLIDATION

Compliance with International accounting principles

General principles

Financial statements

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED SINCE JANUARY 1ST, 2025

NOTE 3 - RISK MANAGEMENT

Credit risk

Liquidity risk

Exchange rate and interest rate risk

Requlatory risks connected to the European Regulation on Artificial Intelligence (Al Act)

Macroeconomic and geopolitical risks

Fair value assessment hierarchy levels

NOTE 4 - CONSOLIDATION

NOTE 5 - REVENUE