Cy4Gate H1 2025 Financial Results

September 12, 2025

AGENDA

➢ H1 2025 Financial Results

➢ Strategy & Outlook

EMANUELE GALTIERI ARIANNA CICCOLELLA

ALESSIA PISONI

CEO & General Manager

CFO

Head of Group FP&A & Investor Relator

H1 2025 Highlights

The result of the first half of 2025 confirms its positive trend and consolidates its position in the sector. As of September 11, 2025, Orders acquired amounts to €68 million and Total Backlog stands at €76.6 million.

The Value of Production compared to the first half of 2025 grows by 30% thanks to the forensic intelligence and Decision Intelligence business lines. Defence and Corporate sector will increase their contribution on business. EBITDA stands at €3.5 million (+47% vs LY) with a profitability up to 8.6% (+1.0 pp vs LY). Net Financial Position improving by approximately 2.5 million.

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 multi-year duration. Guidance 2025 confirmed in the range of €84-87 million

H1 2025 Economic Key Data

Revenues equal to € 40.6 million, + 30% compared to 30 June 2024 (€ 31.1 million), mainly driven by the excellent performance of the Forensic Intelligence and Decision intelligence segments.
EBITDA at € 3.5 million (+47.4% YoY) with an EBITDA margin equal to 8.6% (+1.0 pp vs LY)
Net Loss equal to € 8.7 million, improved by 0,6 compared to H1 2024 Loss (€ 9.3 million)
R&D Costs -34% vs H1 2024 due to a portion of R&D investments expensed in P&L
Including other operating revenues
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 8.6% vs 7.6% in H1 2024 (+1.0 pp)

H1 2024 Restated for PPA of XTN

H1 2025 Revenues Breakdown

By business line By geographical area

H1 2025 People Investment

Total personnel decreased in the first half of 2025 by a total of 4 resources:

-3 resources in engineering
-1 resources in commercial & staff

H1 2025 Financial Key Data

Fixed Assets decreasing due to lower capitalized investments
Net Working Capital reduction due to the positive collections and payments dynamics over the time
Net Financial Position improvement of €2.5 million mainly thanks to the positive cash generation
Equity decreasing mainly due to the negative Net Result

Our growth Strategy: Actions

2025-2026

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
- 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
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

Defence

Security & Law Enforcement

Corporate

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

Security & Law Enforcement

Corporate

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
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
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