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Cy4Gate 9M 2025 Financial Results

November 14, 2025

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Speakers

ENRICO PERUZZI

Chairman

CEO & General Manager

EMANUELE GALTIERI ARIANNA CICCOLELLA

CFO

ALESSIA PISONI

Head of Group FP&A & Investor Relator

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9M 2025 Highlights

The result of the first nine months of 2025 confirm the soundness of Cy4Gate's strategy and ability to grow sustainably in rapidly evolving markets such as cyber intelligence and cyber security. As of November 12, 2025, Orders acquired amounts to € 113 million and Total Backlog stands at € 100 million.

The Value of Production compared to the first nine months of 2024 grows by 37% thanks to the Forensic Intelligence and Decision Intelligence business lines. EBITDA stands at € 9.5 million (+162% vs LY) with a profitability up to 14.6% (+7.0 pp vs LY). Net Financial Position improving by approximately € 8.4 million, thanks to the positive cash generation.

The Group continues to pursue its strategy to deseasonalize the business, also thanks to the creation of an important backlog with the closing of significant contracts in terms of amount and profitability, with multiyear duration. 2025 Guidance revised upwards with Total Revenues expected to exceed € 90 million.

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9M 2025 Economic Key Data

Revenues equal to € 65.1 million, + 37% compared to 30 September 2024 (€ 47.5 million), mainly driven by the excellent performance of the Forensic Intelligence and Decision intelligence segments.
EBITDA at € 9.5 million (+162.3% YoY) with an EBITDA margin equal to 14.6% (+7.0 pp vs LY)
Net Loss equal to € 8.3 million, improved by € 4.9 million compared to 9M 2024 Loss (€ 13.3 million)
R&D Costs -3% vs 9M 2024, R&D CapEx equal to € 4.3 million and R&D Expensed at € 1.5 million

^1. Including other operating revenues

^2. EBITDA: calculated by adjusting the result for the year to exclude the effect of taxes, net financial income (expenses), depreciation, amortisation, write-downs and value adjustments of financial assets, as well as charges deemed by the Group to be non-recurring and extraordinary, mainly related to M&A activities; EBITDA Margin equal to 14.6% vs 7.6% in H1 2024 (+7.0 pp)

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9M 2025 Revenues Breakdown

Increased sales of licences and services in Forensic Intelligence

By business line By geographical area

Foreign sales increased by approximately 21% vs last year thanks to new contracts acquired

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9M 2025 People Investment

Total personnel decreased in the nine months of 2025 by a total of 5 resources:

-3 resources in engineering
-2 resources in commercial & staff

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9M 2025 Financial Key Data

Fixed Assets decreasing due to lower capitalized investments
Net Working Capital reduction due to positive collections and payments dynamics over the time
Net Financial Position improvement of € 8.4 million mainly thanks to the positive cash generation
Equity decreasing mainly due to the Net Loss, but positive Net Result in the quarter

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9M 2025 NFP Bridge

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Our growth Strategy: Actions

2025-2026

Defence

Deepen relationships with Italian prime contractors (ELT among others) to secure long-term, high-value programs
Participate in international consortia to capture significant opportunities arising from newly established EU Defence Funds
Capture EU and NATO-related funds (NATO, EDA, ESA) to fuel R&D and enhance technological edge

Security & Law Enforcement

Consolidate domestic market position through proprietary product evolution in cyber and decision intelligence
Expand presence in stable European regions, with Spain as a strategic "second home market" after Italy
Ensure recurring growth through long-term contracts with law enforcement agencies
Explore synergistic M&A to strengthen positioning in security and intelligence markets

Corporate

Strengthen Italian market leadership by leveraging brand recognition, dedicated salesforce, and established channels to accelerate pipeline conversion
Expand into new European geographies, mainly through partnerships and channels
Actively scout for strategic M&A opportunities to broaden technology and market footprint

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Our growth Strategy: Market

Cy4Gate Group portfolio – cyber intelligence & cyber security products - perfectly fits with the following 3 fast growing markets, both in Italy and abroad:

Defence

Rising internal/external threats and network-centric military modernization driving strong demand
Global defence cyber market forecasted to grow from \$750B (2022) to \$1.35T (2030), CAGR 8%
Additional momentum from the EU's "Readiness 2030" plan

Security & Law Enforcement

Digital crime via connected devices is the #1 challenge for LEAs globally
Market growing at ~9% CAGR to 2028, with strong demand for case management, digital forensics, and AI-enabled investigations

Corporate

Digital transformation market expanding at ~20% CAGR through 2027, creating sustained double-digit growth opportunities
Cybersecurity adoption among SMEs remains underpenetrated, despite being primary targets of largescale cyberattacks.

Portfolio fit:

Decision Intelligence & AI (Quipo) for C2 platforms
▪Cyber security products and services bundle (RTA, Diateam, CTI, customization services)
Decision Intelligence & AI (Quipo & Mito) for data gathering and correlation
▪Forensic Intelligence suite
Decision Intelligence & AI (Quipo)
▪Cyber security products and services bundle (RTA, Diateam, CTI, XTN, Services) for a 360° capabilities coverage

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