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CY4GATE S.p.A. Investor Presentation 2026
6295_rns_2026-03-25_879c19bf-9792-4edc-b24b-1f7515ec6524.pdf
Investor Presentation
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INFO
Cy4Gate
STAR Conference 2026
March 26, 2026
DY4
GATE
Part of ELT Group
DH
GATE
Part of ELT Group
AGENDA
- Cy4Gate at a Glance
- Addressable Markets
- Strategy & Outlook
- FY 2025 Financial Results
- Sustainability
Speakers
DYH GATE Part of the DYH Group
EMANUELE GALTIERI
CEO & General Manager
ALESSIA PISONI
Head of Group FP&A & Investor Relator
Cy4Gate at a Glance
DYH
GATE
Part of ELT Group
D H GATE Part of ECT Group
Cy4Gate at a Glance
360° CYBER VENDOR
Robust technology engine with proprietary solutions
LISTED ON THE STAR MARKET
Listed since June 2023 on the STAR Market of the Italian Stock Exchange
UNIQUE POSITIONING
Unique positioning in the cyber space with presence in all the 3 market segments
GLOBAL PRESENCE
Extensive coverage of the domestic and foreign markets
HUGE TARGET ADDRESSABLE MARKET
Governments – Big Corporation & SME in the cyberintelligence and cybersecurity markets
SUSTAINED STRONG GROWTH
8x Total Revenue Growth since 2020: from ~€ 13M to € 100M+
TALENT AND PEOPLE “AT THE CORE”
541 employees in 2025, driven by ongoing talent investment.
PARTNERSHIP & M&A GROWTH
Expand our business through excellent partnership and M&A activity
CH GATE Part of ELT Group
Group & Shareholders
GROUP
GATE
Part of ELT Group
100%
85.33%
77.8%
a Cy4gate company
DIATEAM
a Cy4gate company
a Cy4gate company
SHAREHOLDERS
- ☐ Elettronica S.p.A.
- ☐ TEC Cyber S.p.A
- ☐ First SICAF S.p.A.
- ☐ Treasury Shares
- ☐ Market
TEAM
DYH
GATE
Part of ECT Group
Team
Enrico Peruzzi
CHAIRMAN
Emanuele Galtieri
CEO & General Manager
Arianna Ciccolella
CFO
Board of Directors
Enrico Peruzzi
Chairman
Emanuele Galtieri
CEO & General Manager
Domitilla Benigni
Member
Maria Giovanna Calloni
Independent Member
Cinzia Parolini
Independent Member
Alessandro Chimenton
Member
Roberto Ferraresi
Member
Paolo Izzo
Member
Alessandra Bucci
Independent Member
Strategic and M&A Committee
C4H GATE Part of ELT Group
+10 Years of Growth
Addressable Markets
DH
GATE
Part of ELT Group
C
GATE
Part of IGT Group
Portfolio overview
CYBER INTELLIGENCE
Cyber Intelligence products and services collect and analyze information available online and generated through the use of digital and electronic devices
C YBER SECURITY
Cyber security solutions and services protect clients' information systems, enabling the detection of anomalies and generating response actions
QUIPO
QUIPO is a Decision Intelligence platform, based on artificial intelligence technology, able to mix and match several data sources, analytical capabilities, visualization functions in order to offer a better prediction for timely and effective reaction to events and boosting the decision making processes.
- Cyber Threat Hunting, leverages behavioural AI and a proactive approach to threat detection, including security automation skills (SOAR).
- Cyber Range and Hybrid Digital Twin for cyber training, prototyping, testing and validation.
- XTN Cognitive Security enhanced behavioural analysis based on biometrics analytica enabling app protection, fraud management and smart auth.
Forensic Intelligence
Support law enforcement and int. agencies providing customizable and easy-to-use forensic intelligence & data analysis solution covering virtually any type of telecom network and electronic communications services.
Pool of strong High-value Cyber Security services
covering the following topics:
- Cyber Assessment Services
- Incident Response Services
- Security Consulting Services
- Security Implementation Services
- Training Services
- Education & Awareness
Cybersecurity Products
Cybersecurity Services
CYH GATE Part of ELT Group
Cyber Intelligence
Cyber Intelligence solutions collect and analyze information available online and generate added value insight thanks to AI
Decision Intelligence
QUIPO
QUIPO is complete intelligence platform, based on AI technology, able to mix and match: several data sources, for timely and effective reaction to events
CONTINUOUS INTELLIGENCE
The Right Information, At The Right Time, To The Right People, In The Right Way
Global opensource intelligence (Osint) market € bln
Global forensic intelligence & data analysis
Source: Markets & Markets; industry reports and expert interviews
Double digit growth
CYH GATE Part of ELT Group
Cyber Security
Cyber security solutions protect clients' information systems, enabling the detection of anomalies and generating response actions
Cybersecurity Products
RTA
REAL
TIME
ANALYTICS
DIATEAM
XTN
Negative Results
Wentry
Real time analytics (RTA) is a security information and event management (SIEM), advanced cyber security application that enables the analyst to detect cyber security anomalies and creates conditions to rapidly strike back.
Cybersecurity Services
Pool of Cyber Security services covering the following topics:
- Red Teaming and Penetration Test
- Compliance Assessment
- Managed Detection & Response
- Incident Response & Malware Analysis
- Hands-on Cyber Training and Security Awareness
- Cyber Resilience Design for Critical Infrastructure
Global Cybersecurity Products¹ Market
CYH GATE
Part of ELT Group
Global Cybersecurity Services² Market
- Includes Security Operations products such as SIEM, SOAR, UEBA, Threat Intelligence and related products
- Includes Penetration testing, Vulnerability management and related services
Source: IDC, industry reports and expert interviews
Enduring growth
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
15
DYH
GATE
Part of ECT Group
Outlook 2026
The Group will pursue sustained growth through consolidation, operational efficiencies, and synergies across its acquisitions, while continuing to enhance its technological excellence and cyber solutions portfolio. In parallel, it is evaluating strategic partnerships to strengthen capabilities and access new markets. For the 2026 financial year, the Company expects the value of production to be in the range of € 104 million to € 108 million.
FY 2025
Financial Results
DYH
GATE
Part of ELT Group
FY 2025 Highlights
GYH GATE Part of EST 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. The Company outperformed its 2025 guidance, reaching a value of production of € 101.5 million (vs. guidance of > € 90 million). 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
Sustainability
DYH
GATE
Part of ELT Group
DYH GATE Part of ECT Group
Our commitment for a greater sustainability
UN Global Compact & SDGs
By joining the United Nations Global Compact, CY4GATE shares, supports and applies the fundamental Ten Principles of the Global Compact in its sphere of influence and actively contributes to the achievement of the United Nations Sustainable Development Goals.
CY4GATE has included in 2026-2030 business plan actions for greater sustainability structured around CSRD and taxonomy.
And, we will contribute to the achievement of the following 7 of the 17 goals of the 2030 Agenda for Sustainable Development.
Goal 4
To ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
Goal 7 & 12
To ensure sustainable production and consumption patterns
Goal 8
To promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Goal 16
Relating to Peace, justice and strong institutions. Defence is a crucial component of security, and security constitutes the prerequisite for peace, prosperity, international cooperation, economic and social development.
Goal 9
To build resilient infrastructure, and to promote inclusive and sustainable industrialization and foster innovation
Goal 5
To achieve gender equality and empower all women and girls, for operational efficiency and social inclusiveness, actively promoting the implementation of the Women Empowerment Principles.
EYH
GATE
Part of EYT Group
ESG – Environmental, Social, Governance
ENVIRONMENTAL
Climate positive actions
- GHG emissions intensity (Scope 1 and 2) 10.12 tCO₂/€ million - reduced by 49% compared to 2024*
- Energy consumption MWh 1,912.08
- Emission and energy intensity reduction targets set for 2026 and 2030
- We have renewed our membership in the «M’illumino di meno» and « 100 trees planted in freedom forest » projects to raise awareness and seek further ways to reduce emissions
SOCIAL
Employees and community
- 98.7% of employees have permanent contracts
- Health Plan Regulation to all permanent employees and specific rules to enhance smart working
- Positive work-life balance (3.8/5) - large margins of autonomy and flexibility of hours perceived
- Female leadership at 19%: higher than the national industry average (17%) and in line with global cybersecurity leaders.
GOVERNANCE
Robust governance and responsible business conduct
- Adoption of an ESG Policy for the preparation and monitoring of Sustainability Reporting
- Adoption of a 2026-2030 Sustainability Plan
- Adoption of an ESG policy to be signed by suppliers and evaluation according to ESG criteria
- ESG-ES Rating Ethifinance score 60/100, above the social benchmark of 184 companies assessed in IT sector
*In 2025 GHG intensity is 10.12 tCO₂/€ million (location based) and 13.97 tCO₂/€ million (market based).
** The reduction is driven by a significant reduction in Scope 1 gross emissions and an increase in net revenues
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Headquarter
Via Coponia, 8
00131 Rome - Italy
Investor Relations Officer
Alessia Pisoni
Investor Relations Advisor
CDR Communication