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CY4GATE S.p.A. Investor Presentation 2026
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Investor Presentation
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INFO
Cy4Gate
FY 2025 Financial Results
March 13, 2026
BYH
GATE
Part of ELT Group
BYH
GATE
Part of ELT Group
AGENDA
- FY 2025 Financial Results
- Strategy & Outlook
CCH GATE Part of the Group
Speakers
ENRICO PERUZZI
Chairman
EMANUELE GALTIERI
CEO & General Manager
ARIANNA CICCOLELLA
CFO
ALESSIA PISONI
Head of Group FP&A & Investor Relator
FY 2025
Financial Results
DYH
GATE
Part of ELT Group
FY 2025 Highlights
EYH GATE Part of EUT Group
The 2025 results show a significant improvement compared to the same period of the previous year, partly as an outcome of the reorganisation and business development activities that the Group has been undertaking since early 2025 with a view to ensuring sustainable growth. As of December 31, 2025, Orders acquired amounts to € 139.5 million and Total Backlog stands at € 120 million.
The Value of Production compared to 2024 grows by over 35% thanks to important projects related to Forensic and Decision Intelligence business lines acquired during the last quarter of the year. EBITDA stands at € 20.8 million (+79% vs LY) with a profitability up to 20.4% (+5.0 pp vs LY). Net Financial Position improving by approximately € 17.1 million.
The Group continues to pursue its strategy to normalize the business, also thanks to the creation of an important backlog with the closing of significant contracts with multi-year duration.
2026 Guidance: Value of production expected in the range of € 104 – 108 million.
EYH
GATE
Part of EUT Group
FY 2025 Economic Key Data
| € mln | 2024 - 2025 Growth | 2024 - 2025 |
|---|---|---|
| Value of Production | +35.2% YoY | 75.1 |
| FY 2024 | ||
| 101.5 | ||
| FY 2025 | ||
| EBITDA^{1} | +78.7% YoY | 11.6 |
| FY 2024 | ||
| 20.8 | ||
| FY 2025 | ||
| Net Result | +41.8% YoY | (5.6) |
| FY 2024 | ||
| (8.0) | ||
| FY 2025 | ||
| R&D Costs | -26.8% YoY | 7.9 |
| FY 2024 | ||
| 5.8 | ||
| FY2025 |
- Value of Production equal to € 101.5 million, + 35% compared to 2024 (€ 75.1 million), mainly driven by the excellent performance of the Forensic and Decision intelligence segments
- EBITDA at € 20.8 million (+78.7% YoY) with an EBITDA margin equal to 20.4% (+5.0 pp vs LY) mainly due to Forensic and Decision Intelligence projects
- Net result at € -8.0 million improves vs LY which has benefited of deferred taxes for an amount equal to 6.6 million
-
R&D Costs -26.8% vs FY 2024, mainly due to the review of the technologies roadmap and the synergies between the Group’s companies.
-
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; EBITDA Margin equal to 20.4% vs 15.5% in FY 2024 (+5.0 pp)
DYH GATE Part of DST Group
FY 2025 Revenues Breakdown
By business line
By geographical area
Increased sales of licences and services in Forensic and Decision Intelligence
Foreign sales increased vs last year thanks to new contracts acquired
DY4 GATE Part of DST Group
FY 2025 People Investment
GHT GATE Part of IGT Group
FY 2025 Financial Key Data
| € mln | 2024 - 2025 Growth | 2024 - 2025 | |
|---|---|---|---|
| Fixed Assets | -8.0% | ||
| vs LY | 98.0 | ||
| FY 2024 | 90.1 | ||
| FY 2025 | |||
| Net Working Capital | -53.2% | ||
| vs LY | 35.2 | ||
| FY 2024 | 16.5 | ||
| FY 2025 | |||
| Net Financial Position | -55.5% | ||
| vs LY | (30.9) | ||
| FY 2024 | (13.8) | ||
| FY 2025 | |||
| Equity | -9.2% | ||
| vs LY | 102.3 | ||
| FY 2024 | 92.8 | ||
| FY 2025 |
- Fixed Assets decreasing due to lower investments
- Net Working Capital reduction due to positive collections and payments dynamics over the time and advanced payment’s effects
- Net Financial Position improvement of € 17.1 million mainly due to the above mentioned effects
- Equity decreasing mainly due to the Net Result
FY 2025 NFP Bridge
CYH GATE Part of ECT Group
€ mln
Strategy & Outlook
DYH
GATE
Part of ELT Group
C4H GATE Part of IGT Group
Our growth Strategy: Market
Cy4Gate Group portfolio – cyber intelligence & cyber security products - perfectly fits with the following 3 fast growing markets :
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/ Public Administration
- 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 large-scale cyberattacks.
Portfolio fit:
- Decision Intelligence & AI (Quipo) for C2 platforms
- Cyber security products and services bundle (Tactical Edge, Cyber Digital Twin, 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 (Tactical Edge, Cyber Digital Twin, XTN, Services) for a 360° capabilities coverage
DYH
GATE
Part of ECT Group
Our growth Strategy: Actions
Defence
Security & Law Enforcement
Corporate / Public Administration
2026-2028
- Deepen relationships with Italian prime contractors 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
-
Proprietary Technology evolution/ consolidation to meet the future Defence requirements and needs
-
Consolidate domestic market position through proprietary product evolution in cyber and decision intelligence
- Expand presence in European regions, with Spain as a strategic “second home market”
- Ensure growth and revenues normalization through long-term contracts with law enforcement agencies
-
Explore synergistic M&A to strengthen technological positioning in security and intelligence markets
-
Strengthen Italian market positioning by leveraging brand recognition, dedicated salesforce and established sales channel to accelerate on corporate and PA markets
- Expand into new European geographies, mainly through partnerships and channels
- Actively scout for strategic partnerships and M&A opportunities to broaden technology and market footprint
13
DYH
GATE
Part of ECT Group
Outlook 2026
2020 – 2026 Value of Production Trend, € mln
15
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Headquarter
Via Coponia, 8
00131 Rome - Italy
Investor Relations Officer
Alessia Pisoni
Investor Relations Advisor
CDR Communication