SYS-DAT

Investor Presentation • Sep 10, 2025

UNLOCKING THE FUTURE

H1 2025 Results

10 September 2025

1

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SYS-DAT: Unlocking the future

01 Growth & Value creation 02 H1 2025 Operations 03 H1 2025 Financials Highlights

3

01 Growth & Value creation

SYS-DAT GROWTH & VALUE CREATION

A disciplined implementation of our BUY & BUILD model

CURRENT PERFORMANCE – H1 2025

Significant leap driven by A&C group consolidation and organic growth

30.06.25 vs 30.06.24

trictly prohibited	em sdir sl
	CERTI

Main KPIs	H1 '25 value	H1 '25 vs. H1 '24
• Revenue	€ 45.2m	+ 57.8%
• EBITDA	€ 8.3m	+ 40.0%
• Net Income	€ 3.2m	+ 22.6%
• Liquidity	€ 53.7m	+ 5.4m (*)
• NFP	€ 18.2m	- 14.0m (*)

2025

SIGNIFICANT GROWTH TREND

Group size ca. doubled in 3 years and further increased by ca. 60% in H1 '25

02 H1 2025 Operations

IT MARKET SHOWS GROWTH POTENTIAL BOOSTED BY ENABLERS

Attractive market continues its growth path1

	CAGR
	2022-2025E	2025E-2028E
ICT Services	7.9%	6.6%
Software and ICT Solutions	4.3%	3.3%

SYS-DAT is present in the most growing sectors within the IT market

SYS-DAT overperforms expected market growth leveraging on Group offering and digital enablers

Sources: "Il digitale in Italia 2025" Anitec-Assinform in collaboration with NetConsulting, July 2025 - Note: 1) Excluding Device & Systems, TLC network services and digital content and advertising

authorization from SYS-DAT S.p.A.

SYS-DAT GROWTH DRIVEN BY VERTICAL MARKETS SOLUTIONS

Digital enablers services contribute to revenue mix

A&C INTEGRATION AND COMBINATION SUCCESSFULLY COMPLETED

Focus is now on cross and up-selling

A&C ACQUISITION BOOSTS CROSS-SELLING ALL OVER ITALY

Cross-selling opportunity driven by additional markets, solutions and sales managers

03

H1 2025 Financial Highlights

STRONG REVENUE GROWTH AND MIX

Driven by A&C acquisition and organic growth

10m < € < 50m

2m < € < 10m

€ < 2m

DIVERSIFIED AND LOYAL CUSTOMER BASE

Focus on cross and up-selling

Business derisking thanks to high level of market sectors diversification

Increased diversification of customer revenue concentration

39%

Customer size breakdown in line with Italian market distribution

30%

15%

EBITDA AND NET INCOME GROWTH DRIVES VALUE CREATION

STRONG OPERATING CASH FLOW GENERATION

Focus on R&D and Net Working Capital management

LIQUIDITY INCREASE AND NFP VARIATION FOLLOWING A&C ACQUISITION

NFP TO LIQUIDITY DIFFERENCE MAINLY DRIVEN BY FUTURE EARN-OUTS

CLOSING REMARKS

GROUP SIZE STEP UP - driven by organic growth and M&A in H1 2025

HEALTHY KPIs - Revenue, EBITDA and Net Income strongly increasing

A&C GROUP INTEGRATION COMPLETED - already generating cross-selling

STRONG OPERATING CASH FLOW - to be invested in M&A opportunities

Annex

Annex – H1 2025 Profit & Loss Statement

(Euro)	30/06
	2025	2024
Operating Revenues	44,990,592	28,390,120
Other Revenues	216,680	266,999
Total Revenue	45,207,272	28,657,119
Purchasing cost	3,466,599	1,542,896
Changes in inventories	311,048	313,728
Service cost	14,985,413	8,923,330
Personnel	17,591,271	11,734,356
Other operating cost	584,467	236,525
Total operating cost	36,938,798	22,750,834
EBITDA	8,268,473	5,906,285
Amortisations and depreciations	3,351,664	1,561,438
Provisions and write-downs	389,073	135,834
EBIT	4,527,736	4,209,013
Income (expenses) from equity investments	5,507	18,612
Other financial income (expenses)	513,998	-81,736
Value adjustments to financial assets and liabilities	-145,435	-159,045
Income before taxes	4,901,806	3,986,844
Income taxes	1,687,232	1,365,721
Net Income	3,214,574	2,621,123

Annex – H1 2025 Balance Sheet Statement

(Euro)	30/06/2025	31/12/2024
ASSETS
Non-current assets
Goodwill	22,285,699	12,251,636
Intangible assets	24,091,869	10,947,067
RoU assets	7,116,877	4,914,601
Tangible assets	1,813,789	870,548
Equity investments and other non-current assets	433,072	121,460
Deferred tax assets	840,330	801,527
Total non-current assets	56,581,637	29,906,838
Current assets
Inventories	749,707	248,998
Trade receivables	24,202,985	17,124,406
Activities for work in progress on order	919,832	1,172,062
Other receivables and current assets	5,132,411	3,016,470
Current financial assets	26,995,322	23,649,883
Cash and cash equivalent	26,735,436	24,680,166
Total current assets	84,735,693	69,891,985
TOTAL ASSETS	141,317,330	99,798,823

(Euro)	30/06/2025	31/12/2024
EQUITY AND LIABILITIES
Share Capital	1,564,244	1,564,244
Other reserves	54,555,878	49,225,354
Net result	3,216,503	6,195,784
Third parties shareholders' equity	176,822	178,960
Total group equity	59,513,447	57,164,342
Non-current liabilities
Non-current financial liabilities	23,707,054	11,227,539
Deferred taxes liabilities	5,681,384	2,539,525
Employee benefits	9,020,601	7,135,204
Provisions	248,232	173,958
Total non-current liabilities	38,657,271	21,076,226
Current liabilities
Current financial liabilities	11,686,456	4,856,983
Trade payables	6,513,995	4,998,291
Advance payments on work in progress	1,097,089	1,345,950
Current tax debts	3,994,200	1,486,278
Other current debts and liabilities	19,854,873	8,870,754
Total current liabilities	43,146,612	21,558,255
TOTAL LIABILITIES AND EQUITY	141,317,330	99,798,823

Annex – H1 2025 Cash Flow Statement & Net Financial Position

(Euro)	30/06
	2025	2024
Net income	3,214,574	2,621,124
Taxes	1,687,231	1,365,850
Depreciation	3,351,664	1,561,438
Other variations	199,631	8,853
Funding from operations	8,453,100	5,557,265
Change in inventories	883,822	339,286
Changes in WIP net of prepayments	-501,091	0
Change in trade receivables	-1,834,079	560,126
Change in trade payables	-2,279,872	-1,377,450
Change in other assets and liabilities	7,504,522	1,978,420
Taxes paid	-716,982	-395,806
Operating cash flow	11,509,420	6,661,841
Investments in intangible assets	-2,026,472	-1,454,321
Investments in tangible assets	-527,205	-276,220
Interest income collected	101,771	50,856
Change in other financial assets	-2,388,914	-1,361,673
Investment activities Cash Flow	-4,840,820	-3,041,358
Change in financial debts	275,985	-4,402
Repayment of loans	-1,335,217	-774,681
Dividends	-1,251,395	-660,000
Interest paid	-36,513	-32,537
Financial activities cash flow	-2,347,140	-1,471,620
Liquidity acquired (transferred) from changes in the
consolidation area	-2,266,189	0
Total cash flow (net of changes in consolidation area)	2,055,270	2,148,863
Cash and cash equivalent at the beginning of the period	24,680,166	14,437,097
Total cash flow	2,055,270	2,148,863
Cash and cash equivalent at the end of the period	26,735,436	16,585,961

Net Financial Position	30/06/2025	31/12/2024
(€ thousand)
A. Liquid assets	26,735	24,680
B. Cash equivalents	0	0
C. Tradeable securities	26,995	23,650
D. Liquidity (A) + (B) + (C)	53,731	48,330
E. Current financial debt	102	34
F. Current portion of non-current debt	11,686	4,857
G. Current financial indebtedness (E )+ (F)	11,788	4,891
H. Net current financial debt (D) + (G)	41,942	43,439
I. Non-current financial debt	829	835
J. Bonds issued	0	0
K. Other non-current financial debt	22,878	10,392
L. Non-current financial debt (I) + (J) + (K)	23,707	11,228
M. Net Financial Position (H) + (L)	18,235	32,211