THE BOARD OF DIRECTORS APPROVES FINANCIAL RESULTS AS AT DECEMBER 31, 2023

CONFIRMED 2023 GUIDANCE AND DIVIDEND POLICY WITH PAY-OUT OF 75%

CASH CONVERSION RATIO OF 70%

DIVIDENDS FULLY COVERED BY OPERATING CASH FLOW

Key consolidated results as of December 31, 2023

Value of Production: €16.4 million compared to €15.5 million as of December 31, 2022 (+6%)
Adjusted EBITDA¹ : €3.6 million compared to €3.5 million as of December 31, 2022 (+1%);
Net income: €2.1 million vs. €2.1 million as of December 31, 2022 (in line);
NFP €4.9 million (cash) compared to €1.1 million (debt) as of December 2022;
Backlog of €36.4 million as of December 31, 2023

Main results of the Issuer as of December 31, 2023

Value of Production: €16.3 million compared to €15.4 million as of December 31, 2022 (+5%);
Adjusted EBITDA¹ : €3.4 million compared to €3.5 million as of December 31, 2022 (- 1%);
Net income: €2.0 million compared to €2.1 million as of December 31, 2022 (-6%)
NFP €4.8 million (cash) compared to €1.1 million (debt) in December 2022;
Dividend: €0.2668 per share with dividend yield of about 6% (calculated on the closing price of March 25, 2024).

¹ ADJUSTED: key summary economic KPIs have been adjusted for extraordinary components that characterized the year 2023: listing costs and outside professionals on extraordinary job orders

Rome, 26th March 2024 – The Board of Directors of La SIA S.p.A. ("La SIA" or the 'Company'), a company active in the engineering & design sector with a focus on critical infrastructure, listed on the multilateral trading system Euronext Growth Milan, meeting today, reviewed and approved the draft financial statements for the year ended December 31, 2023, prepared in accordance with IAS/IFRS the consolidated financial statements for the year ended December 31, 2023.

Maurizio Ciardi, Chairman and CEO of the Company, commented, "We closed 2023 proud of the results achieved in the listing year. We are very satisfied with the company's performance, which achieved a consolidated value of production of €16.4 million and recorded an adjusted consolidated net income of €2.5 million. The IPO, as already highlighted several times, was an important turning point for the company, providing new stimulus and motivation for the development of a comprehensive and diversified strategy for growth, tackling new markets and incorporating new services in the past year. Thanks to the successful raising in the IPO phase, the company is equipped with the tools to evaluate, on an opportunistic basis possible growth operations by external lines. In line with the strategy presented in the IPO phase, the company has also consolidated its positioning in the energy and mobility infrastructure verticals. In confirming the company's strong vocation for innovation, partnerships have been established with leading Italian universities for participation in innovative projects under Horizon 2025, regional ERDF funds and MISE competence centers."

Key management results

During this period, La SIA continued its development path in line with the strategic objectives of the plan. Consolidated production value reached €16.4 million thanks to the increase in the business related to the production of energy from renewable sources, in particular, the revenues of the Energy sector stood at over €1 million after the first year, those of the Mobility sector were about €0.2 million. 90% of the value of production can be attributed to the "Engineering" business line, which includes the business units: Telco, Mobility Infrastructure, Energy, Civil and Design. The remaining 10% refers to the "Advisory" business line. The Company's revenues were generated entirely in Italy.

Adjusted EBITDA was €3.6 million compared to €3.5 million as of December 31, 2022, with a margin on value of production of 22%.

Adjusted EBIT was €2.9 million, with a margin on value of production of 18% against depreciation, amortization and provisions that amounted to €604 thousand in the period.

Adjusted Net Income was €2.5 million, with a 15% margin on value of production.

It should be noted that the key summary economic KPIs have been cleared of the extraordinary components that characterized the year 2023. In particular:

€127 thousand of costs related to the listing on Euronext Growth Milan ("EGM") charged to the income statement;
€300 thousand of costs related to external professionals on extraordinary job orders pertaining to the year 2023.

The Net Financial Position as of December 31, 2023 was a total of 4.9 (positive) million, an improvement over the €1.1 (negative) thousand of the same period of the previous year, with an increase over the same period of the previous year of approximately €6 million mainly related to the capital increase that took place at the time of the listing on EGM.

The backlog as of December 31, 2023 stood at €36.4 million, and grew by 4 percent in the last quarter, consistent with the general ramp-up of the Company's business. Compared to the September amount (€34.9 million), c. €5 million were transformed into revenues and c. €6.5 million in new agreements were signed.

Shareholders' Equity amounted to €11.68 million, up sharply from c. 4.9 million euros as of 31/12/2022.

Net Invested Capital as of December 31, 2023 was €6.7 million compared to €6.05 million as of December 31, 2022.

Net Working Capital was €5.8 million compared to €5.3 million as of December 31, 2022.

Proposed allocation of net income

The Board of Directors resolved, on the basis of a profit of €2.016 million, to propose to the Shareholders' Meeting the payment of an ordinary dividend, covering the financial year 2023, of €0.2668 per share (coupon n.1).

The total dividend of €1.512 million corresponds to a pay-out of 75% of Net Income in line with the dividend distribution policy, for the fiscal years 2023-2025, which aims to distribute dividends in an amount not less than 75% of Net Income for the period. The dividend will be paid using cash generated from operating activities (exdate May 13, 2024, record date May 14, 2024 and payment date May 15, 2024).

The remaining 25%, amounting to €504,000 will be allocated to reserve provisions.

Main events as of December 31, 2023

On August 9, 2023, the process of listing the Company's ordinary shares on the multilateral trading system Euronext Growth Milan, organized and managed by Borsa Italiana S.p.A., was successfully concluded. The Company successfully concluded the placement of its Shares, receiving a total demand of 2.3 times the amount originally offered (amounting to €5 million). This expression of interest prompted the founding shareholders to increase the total countervalue of the placement to €6 million, entirely as a capital increase, thus allocating the entire amount raised to serve the Company's strategic plan.

On November 16, 2023 LA SIA was awarded Best IPO 2023 by AssoNext.

The year 2023 was confirmed to be on track with the expectations contained in the economic budget prepared at the end of 2022, which set a target of achieving €16 million in Value of Production.

The year 2023 was in line with the expectations contained in the economic budget prepared at the end of 2022, which set the target of achieving € 16 million in Production Value.

During 2023, LA SIA won major contracts in the telecommunications and civil engineering sectors and also achieved significant results in public tenders by winning, in partnership with other companies, engineering contracts for state, provincial and municipal entities.

In particular:

in the TLC sector, LA SIA was awarded major contracts in the regions of Lombardy, Campania, Lazio, Tuscany and Emilia Romagna, for a total amount of approximately €4 million;
in the ENERGY sector, the Company was awarded contracts of significant value (€1.5 million) for the design of photovoltaic fields;
in the CIVIL sector, LA SIA was awarded contracts worth a total of €5 million, including a major contract with a public entity related to the Jubilee 2025.

Main events after December 31, 2023

On January 18, 2024 La SIA announced that it had successfully participated in a tender called by a leading multinational company operating in the power generation and distribution sectors for the entrustment of the Real Estate Business Line dedicated to the redevelopment of Italy's real estate assets. The Company was awarded services related to the certification of indirect model construction sites with a total estimated value of more than €1 million.

Foreseeable development of operations

Growth for the biennium 2024-2025 will be based on the following macro-directives:

investments in personnel, in order to consolidate the corporate structure and increase specific skills in the markets currently covered and in those that La SIA proposes to consider for its future expansion;
investment to be dedicated to innovation both through its own resources and through participation in European (Horizon Europe 2021-2025) and national calls for proposals;
collaboration with innovative companies in the fields of renewable energy, linear infrastructure and the hospital sector;
evaluation on an opportunistic basis of Merger & Acquisition to address faster growth in new markets, complete its range of services or expand production capacity.

Other resolutions of the Board of Directors

Notice of Ordinary Meeting of Shareholders

The Board of Directors resolved to convene the Ordinary General Meeting of the Company for the approval of the financial statements for the year ended December 31, 2023 on April 23, 2024 in a single call, at the times and places to be announced in the relevant notice of meeting to be published in the manner and terms prescribed by applicable laws and regulations.

The notice of the Shareholders' Meeting and the related documents prescribed by applicable regulations, including the draft financial statements as of December 31, 2023, the management report, the report of the Board of Statutory Auditors, the report of the independent auditors, as well as the directors' explanatory report on the items on the agenda of the Shareholders' Meeting, will be made available to the public in the manner and within the timeframe prescribed by law, and on the Company's website.

Attached to this press release are the Income Statement, Balance Sheet, and Cash Flow Statement, referring to both LA SIA's separate and consolidated financial statements, which will be subject to statutory audit.

***

This press release is available on the Company's website https://investors.lasia.it/, "Investor Relations/Press Releases" section.

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For the transmission and storage of Regulated Information La SIA uses the authorized storage mechanism "****" available at operated by Computershare S.p.A. with registered office at Via Lorenzo Mascheroni 19, Milan.

***

Contacts

Investor Relator	Euronext Growth Advisor
Alessandra Speranza	illimity Bank S.p.A.
Viale Luigi Schiavonetti 286, 00173 Rome (RM)	Via Soperga 9, 20124 Milan
+39 0645441972	+39 0282849699
[email protected]	[email protected]
Specialist	Investor & Media Relations
MiT Sim S.p.A.	Twister Communications Group S.r.l.
Corso Venezia 16, 20121 Milan	Via Valparaiso, 3 - 20144 Milan
+ 39 0230561270	+39 02438114200

[email protected] Lucia Saluzzi [email protected]

The Company

La SIA S.p.A. is a company active in the engineering and design sector, specializing in the design of critical infrastructures in the fields of telecommunications, civil construction, mobility infrastructure and energy plants, through the use of cutting-edge technologies and specific know-how. La SIA is among the top 100 Engineering Companies in Italy, and among the first movers in the introduction of BIM (Building Information Modeling) methodology, also employed for the purposes of safety, predictive maintenance and the protection of the country's artistic and historical heritage. The Company, established in 2004, operates through two service lines: the "Engineering" line, dedicated to the activities of structural mechanical, electrical, and design engineering in the architectural field, and the "Advisory" line, engaged in consulting specializing in project management services, construction and safety management, and training.

***

CONSOLIDATED FINANCIAL STATEMENT AT 31/12/2023 (International Accounting Standards IAS/IFRS)

Conto economico (Euro/000)	31.12.2023	31.12.2022	Variazione	%

Valore della produzione	16.382	15.465		6%
Costi per materie prime	(83)	(72)	-11	15%
Costi per servizi	(9.632)	(8.868)	-764	9%
Costi per godimento beni di terzi	(333)	(328)	-5	2%
Costi per il personale	(3.125)	(2.587)	-538	21%
Oneri diversi di gestione	(70)	(69)	-2	2%
EBITDA	3.139	3.541		-11%
EBITDA %	19%	23%		-16%
Costi di natura straordinaria	427
EBITDA adjusted	3.565	3.541		0,7%
EBITDA %	22%	0		-5%
Amm.to Immobilizzazioni Immateriali	(133)	(86)	-48	55,3%
Amm.to Immobilizzazioni Materiali	(56)	(69)	13	-18,3%
Amm.to diritto d'uso	(415)	(266)	-149	56,0%
Accantonamenti	0	(52)	52	-100,0%
EBIT	2.535	3.069	-534	-17%
EBIT%	15%	20%	-4%	-22%
EBIT Adjusted	2.961	3.069		-3%
EBIT%	18%
interessi attivi (passivi)	(111)	(38)	-73	191%
EBT	2.423	3.030	-607	70%
EBT %	15%	20%		-25%
Imposte correnti	(364)	(889)	525	-59%
Utile/(Perdita) d'esercizio	2.059	2.141	-82	-4%
Profit/(Loss) %	13%	14%		-9%
Utile/(Perdita) d'esercizio adjusted	2.486	2.141	0	16%

www.lasia.it

CONSOLIDATED BALANCE SHEET AT 31/12/2023 (International Accounting Standards IAS/IFRS)

Dati in Euro/000

Situazione patrimoniale-finanziaria consolidata (Euro/000)	31.12.2023	31.12.2022	Variazione	Var %

Immobilizzazioni Immateriali	378	275	104	38%
Immobilizzazioni Materiali	94	109	(15)	-14%
Diritto d'uso	679	582	97	17%
Immobilizzazioni Finanziarie	95	117	(22)	-19%
Attivo Fisso Netto	1.246	1.082	164	15%
			0
Rimanenze	2.651	1.464	1.187	81%
Crediti commerciali	5.170	5.835	(665)	-11%
Debiti commerciali	(2.301)	(1.418)	(882)	62%

Capitale Circolante Commerciale CCN	5.521	5.881	(360)	-6%
CCN // Ricavi delle Vendite	37%	42%	-4%	-10%
Altre attività e passività	255	-608	863	10%

Net Working Capital	5.775	5.273	503	10%
TFR	(352)	(301)	(51)	17%
Capitale investito Netto	6.669	6.053	615	10%
Capitale Sociale	2.000	114	1.886	1659%
Riserva legale	20	20	-	0%
Altre riserve	7.521	2.629	4.892	186%
Utile d'esercizio	2.059	2.141	(82)	-4%
Patrimonio Netto	11.600	4.903	6.696	137%
Debiti vs banche	1.713	2.379	(666)	-28%
Debiti finanziari			-
Altri debiti finianziari			-
Disponibilità liquide	(6.644)	(1.228)	(5.415)	441%
Posizione Finanziaria Netta	(4.931)	1.151	(6.082)	-529%

Totale Passività	6.669	6.054	615	10%

CONSOLIDATED CASH FLOW STATEMENT AS AT 31/12/2023

Rendiconto finanziario, metodo indiretto Dati in Euro/000	31.12.23	31.12.2022
Flussi finanziari derivanti dall'attività operativa
Utili (perdita) dell'esercizio	2.059	2.141
Imposte sul reddito	364	889
Interessi passivi (attivi)	111	38
(Plusvalenze) Minusvalenze derivanti dalla cessione di attività
Utile (perdita) dell'esercizio prima delle imposte sul reddito, interessi, dividendi e plus/minusvalenze da cessione	2.535	3.069
Ammortamenti delle immobilizzazioni	604	421
Accantonamento per benefici ai dipendenti	158	135
Altre rett. in aumento (diminuzione) per elementi non monetari	-	-
Totale rett. per elementi non monetari che non hanno avuto contropartita nel Capitale Circolante Netto	762	555
Flusso finanziario prima delle var. del Capitale Circolante Netto	3.297	3.624
Variazioni del Capitale Circolante Netto
Decremento (incremento) delle rimanenze	-1.187	-543
Decremento (incremento) dei crediti verso clienti	665	-1.872
Decremento (incremento) dei ratei e risconti attivi e passivi	-24	-325
Incremento (decremento) dei debiti verso fornitori	882	134
Altri Incrementi (decrementi) del Capitale Circolante Netto	-839	201
Totale variazioni del Capitale Circolante Netto	-503	-2.405
Flusso finanziario dopo delle var. del Capitale Circolante Netto	2.794	1.219
Altre rettifiche
Interessi incassati (pagati)	-111	-38
Utilizzo fondi	-107	-139
Imposte pagate	-364	-889
Altre rettifiche
Totale altre rettifiche	-583	-1.066
Flusso finanziario dell''attività operativa	2.212	153
Flussi derivanti dall'attività di investimento
Immobilizzazioni immateriali	-237	-86
(Investimenti)	-237	-86
Disinvestimenti
Diritto d'uso	-511	-235
Immobilizzazioni materiali	-41	-64
(Investimenti)	-41	-64
Disinvestimenti
Immobilizzazioni finanziarie	22	-12
(Investimenti)
Disinvestimenti	22	-12
Flussi finanziari derivanti dall'attività d'investimento	-768	-397
Flussi finanziari derivanti dall'attività di finanziamento
Mezzi di terzi	-667	216
Mezzi propri
Aumento di Capitale	5.268
(Dividendi pagati)	-630	-897
Flusso finanziario dell'attività di finanziamento	3.970	-681
Incremento (decremento) delle disponibilità liquide (A ± B ± C)	5.414	-925
Disponibilità liquide a inizio esercizio	1.229	2.155
Disponibilità liquide a fine esercizio	6.643	1.229

CONSOLIDATED NFP COMPOSITION AS AT 31.12.2023

31.12.2023	31.12.2022	Variazione	Var %



6.644	1.228	5.415	441%
-	-	-
-	-	-

6.644	1.228	5.415	441%


769	1.215	(446)	-37%

			-37%
			43716%

			-19%




			-19%
(4.931)	1.151	(6.082)	-529%
		0
(716)	(619)	(97)	16%

(5.647)	531	(6.178)	-1163%
	769 (5.875) 944 - - 944	1.215 (13) 1.164 - - 1.164	(446) (5.862) (220) - - (220)