Novabase SGPS — Investor Presentation 2025

Jul 31, 2025

Relevant information 1H2025 Results

Lisbon, 31 July 2025

Novabase – Sociedade Gestora de Participações Sociais, S.A., under the terms and for the purposes of article 17 of Regulation (EU) no. 596/2014 of the European Parliament and of the Council and article 29.º- Q of the Portuguese Securities Code, discloses today to the market the results regarding the 1st half of 2025, whose essential features are included in the presentation attached.

Any questions about the information disclosed herein can be sent to investor.relations@novabase.com.

Privileged Information

Novabase © 2025 | All Rights Reserved

NEXT-GEN

IT SERVICES COMPANY

1H25 CONSOLIDATED RESULTS 31 July 2025

Disclaimer

• This presentation contains sector and forward-looking statements concerning the development of Novabase's business. While these statements are based on Novabase's current projections, judgments and future expectations, a number of risks and uncertainties could cause actual data to differ materially from those expressed or implied by such statements. Such risks and uncertainties relate to factors that are beyond Novabase' ability to control or estimate precisely, and include but are not limited to, general economic conditions, macroeconomic factors, regulatory, political or government guidelines and trends, credit markets, among others.
• Statements in this release relate only to this presentation date. Except when required by law or specific regulation, Novabase assumes no obligation to update the information or to notify in the event that any matter stated herein changes or becomes inaccurate. Thus, neither Novabase, nor any of its subsidiaries, its administrators, members of the other corporate bodies or employees, make any declaration or commitment on the accuracy or completeness of the information and do not assume, therefore, any type of obligation or responsibility.
• Financial reporting terms used in this Report are mostly in accordance with International Financial Reporting Standards (IFRS) but will include certain non-IFRS financial measures of our performance (APMs). APMs used by Novabase are intended to provide additional information, more comprehensive and relevant to users, and are applied consistently in all periods reflected in this release. Reconciliation of each of these APMs to its most directly comparable IFRS financial measure can be found in the end of this Report. All amounts in this presentation are expressed in million Euros, except otherwise stated. The financial information here reported is unaudited.
• This presentation is provided for informational purposes only and does not constitute a document for the offer of securities, and its distribution or use by any person or entity is forbidden without prior authorization from Novabase.

1H25 Outlook

Message from Luís Paulo Salvado

"The prolonged context of market uncertainty has accelerated the execution of our strategy, prompting us to be more selective in our bets and to sharpen our focus on operational efficiency. Our first half results reflect this approach, with a significant improvement across all profitability indicators.

Total EBITDA grew by 36%, and Net Profit from continuing operations nearly doubled, despite a 6% decline in Revenue. In the Next-Gen segment, EBITDA margin reached 13.2%, the highest level ever recorded.

Net Cash evolution reflects the payment of €47 million in dividends, €14 million of which were received in kind and reinvested in the company through the associated capital increase.

Total shareholder return reached 57%, well

above the benchmark indices — EuroStoxx Technology at 6% and PSI All-Share at 17%. Over the past six years, since the announcement of our new strategy — Strategy Update 2019+ cumulative return has reached 606%, compared with 116% and 54% in the respective indices. A more than sevenfold increase in shareholder value is a clear indicator of the strategy's effectiveness and the consistency of its execution.

Our operations in the Middle East were negatively impacted by the adverse dollar exchange rate and heightened geopolitical tensions in the region, which significantly contributed to the decline in international activity.

Conversely, in Europe, our offerings in what we call Next Gen(eration) Intelligence have

1H25 Outlook

Chairman and CEO

Message from Luís Paulo Salvado

generated growing interest from leading telecommunications operators. Following recent commercial wins, we are already working with some of them on cutting-edge projects in the field of Autonomous Networks.

We are entering a new era — the era of Next Gen Intelligence — which will transform how organizations think, decide, innovate, and execute. By exploring data in radically new ways and embracing intelligence-driven operations, companies can reduce costs, act faster, make smarter decisions, and continuously adapt.

Given our strong command of the foundational technologies of this new paradigm — such as Data Science, Advanced Analytics and GenAI we are in a privileged position to lead the development of more Autonomous, Data and

AI-driven business models.

Through the end of the year, we will maintain our bet on the offerings with the greatest growth potential, further repositioning the business towards areas of higher added value."

Novabase in the News (1)

• Celfocus Wins Catalyst Award at DTW Ignite 2025 | Celfocus was awarded the "Outstanding Catalyst Tech for Good" award at the TM Forum Innovation Awards 2025, which brings together CSPs (2) and their technology partners to co-create groundbreaking solutions.
• Celfocus brings Agentic AI to life at Google Cloud Day Lisbon 2025 | As a Gold partner, Celfocus took part in Google Cloud Day Lisbon 2025, reaffirming its commitment to helping organizations accelerate their AI transformation.
• Celfocus Technology Powers Management of 3CC's Cryptocurrency Fund | Celfocus and 3 Comma Capital, the 1st cryptocurrency fund in Portugal, strengthened their collaboration through the implementation of a technological platform supporting cryptocurrency investment funds management.
• Celfocus wins "Service Delivery Technological Innovation" Award | Celfocus was recognised at the 2025 edition of the HR Portugal Awards, which highlights best practices and the most innovative projects in the areas of people management, technology, and organisational transformation.
• Celfocus Insider: Students Tackle GenAI in a 12-Hour Hackathon | Celfocus hosted another Celfocus Insider, an open day initiative specially designed for university students eager to explore the future of technology.
• Celfocus joins the Data Science Portuguese Association | Celfocus became part of the DSPA, joining a network of around 800 members dedicated to initiatives in Data Science and AI, reinforcing its commitment to data-driven innovation, embodying its motto: "Making data actionable".
• "Acting with a Purpose" sustainability initiative | Celebrating its 25th anniversary, Celfocus created monthly initiatives to promote physical, mental and social well-being. One such initiative is the regular offering of fresh fruit, in partnership with Equal Food, an organisation that fights food waste.
• 2025 Client Survey reveals trust and progress | Celfocus's 2025 Client Satisfaction Survey, aimed at evaluating customer experiences across projects delivered in 2024, reflect a positive shift compared to last year, showing our continued efforts to enhance service delivery and client engagement.
• Remuneration to shareholders of €1.35 per share | The 2025 General Meeting approved the distribution of €48.2m in dividends.
• Share Capital increase of €14.0m | Novabase issued 2,656,771 new shares, allocated to shareholders who opted to receive the dividend in kind.

Press Zone

Financial Highlights

1H25 Performance

Strong YoY profitability growth

• Focus on profitability, with EBITDA growing 36% YoY, despite a 6% decrease in Turnover YoY
• 66% of Next-Gen's Turnover is generated outside Portugal
• Europe & Middle East target markets account for 94% of NG's International Ops.

• Top Tier clients grew 6% YoY

• Next-Gen's EBITDA up 3pp YoY to a margin of 13.2%
• Net Profit from continuing operations nearly doubled to €4.9m
• Net Cash of €25.4m, after €1.35/share payment
• Talent Pool of 1281 employees
• TSR of 57%, outperforming the reference indexes

Turnover & EBITDA

EBITDA grew 36% YoY, despite the 6% decrease in Turnover

(1) 100% of Turnover refers to Next-Gen in both periods.

(2) Turnover by Geography is computed based on the location of the client's decision centre.

(3) Includes Value Portfolio EBITDA of -€1.1m in 1H25 (-€1.5m in 1H24).

Next-Gen Segment

Next-Gen profitability up 3pp YoY

EBITDA grew 21% YoY, supported by the restructuring implemented at the end of FY24.

Next-Gen Segment

International Ops. represent 66% of Next-Gen's Turnover

Multi-industry approach, but still Telco dominance.

Europe & Middle East account for 94% of Next-Gen's international revenues, consistent with the strategic focus.

Next-Gen Segment

# Top Tier clients grew 6% YoY

The client base (1) expanded 4% YoY.

% of Revenues from Top Tier clients (2)

Total number of clients increased to 115 (111 in 1H24).

(1) Client is defined as the decision-making client.

(2) Top Tier clients (>€1m) considers the Trailing 12 Months.

EBITDA to Net Profit

Net Profit from continuing operations nearly doubled to €4.9m...

… as a result of higher EBITDA and improved Financial Results, primarily driven by foreign exchange differences and VC portfolio gains.

In 1H25, a €0.9m capital gain adjustment was recorded under Discontinued Ops., related to the earn-out from Neotalent Business sale, upon the successful completion of the TSA.

Total EPS was €0.14 (€0.10 in 1H24).

EBITDA to Net Profit

Net Cash

Net Cash of €25.4m, after €1.35/share payment

Net Cash

Cash generation of €1.7m in 1H25, excluding the €47.3m outflow for shareholder remuneration and the €14.0m inflow from share capital increase.

Net Cash in 1H25 does not yet reflect the earn-out from Neotalent Business sale.

€2.9m of Net Cash refers to Non-Controlling Interests (Vs. €2.3m in FY24).

Talent

Talent Pool of 1281 employees

Average number of Employees

(1) Determined by the formula: number of leaves at the employee's initiative ÷ average number of employees, for the Trailing 12 Months.

Talent pool decreased 4% YoY (1333 in 1H24 and 1325 in FY24), reflecting the restructuring process of the end of 2024.

TTM attrition rate (1) of Next-Gen stabilized at a low of 10.1% (10.7% in 1H24 and 10.1% in FY24).

Stock Market

TSR of 57%, outperforming the reference indexes

Novabase Total Shareholder Return increased 57% in 1H25, whilst the EuroStoxx Technology Index gross return increased 6% and the PSI All-Share Index gross return increased 17% (in price returns, +35%, +4%, and +13%, respectively).

In 1H25, Novabase paid a shareholder remuneration of €1.35 per share.

(1) The capital increase was subscribed by shareholders holding shares representing around 29% of the share capital entitled to the dividend.

Cash contributions made by Novabase's shareholders who opted to receive the dividend in kind enabled a share capital increase of €14.0m, corresponding to the issuance of 2,656,771 new shares (1), which were admitted to trading on the Euronext Lisbon as of 30 June.

Novabase acquired on the market 68,868 shares under the buy-back programme and transferred the ownership of 47,946 shares in the settlement of options. At the end of 1H25, Novabase held 679,843 own shares (1.77% of its share capital).

Market Capitalisation on 30 June 2025 was €305.4m, with a ttm Price to Sales of 2.07x.

APMs

In compliance with ESMA guidelines

Alternative Performance Measures

APMs used by Novabase in this presentation are: EBITDA and Net Cash.

EBITDA allows to evaluate the profitability of the business and the company's capacity to generate resources through its operating activities. EBITDA is defined as operating profit excluding depreciation and amortisation and (if any) non-operating costs (e.g. restructuring costs). "Operating Profit" is simultaneously the item of the consolidated income statement, which is an integral part of this Report, more directly reconcilable and more relevant to this APM.

Net Cash provides information on the level of cash and other bank deposits and marketable securities, after discounting the debts to financial institutions, assisting in the analysis of the company's liquidity and its ability to meet non-bank commitments. "Cash and cash equivalents" is simultaneously the item of the consolidated statement of financial position more directly reconcilable and more relevant to this APM.

The detail and breakdown of Net Cash, as well as the reconciliation in 1H25 and prior period, is analysed in the table below.

	FY24	1H25
Cash and cash equivalents	62 747 ,	27 427 ,
(1) shares held by the Treasury Company	3 888 ,	405 5 ,
Bank borrowings - Non-Current	(6 311) ,	(5 173) ,
Bank borrowings - Current	(3 276) ,	(2 276) ,
Net Cash (Euro thousands)	57 048 ,	25 383 ,

	FY24	1H25
shares held by the Treasury Company	658 921 ,	679 843 ,
Closing last tradable day price (€) @	5 900	7 950
Treasury shares held by the Company (Euro thousands)	3 888 ,	405 5 ,

(1) Determined by multiplying the number of treasury shares held by the Company at the end of the period by the share price on the last tradable day.

NEXT-GEN IT SERVICES COMPANY

Novabase SGPS, S.A. Euronext code: PTNBA0AM0006 Registered in TRO of Lisbon and Corporate Tax Payer no. 502.280.182 Share Capital: €1,152,569.19 Head Office: Av. D. João II, 34, 1998-031 Lisbon - PORTUGAL

María Gil Marín Chief Investors Officer Tel. +351 213 836 300 Fax: +351 213 836 301 investor.relations@novabase.com

Report available on website: www.novabase.com

Next Events

2025 Full Year Results (tbd)

Consolidated Statement of Financial Position Consolidated Income Statement as at 30 June 2025 for the period of 6 months ended 30 June 2025

	30.06.25	31.12.24		30.06.25	30.06.24	Var. %
	(Thousands of Euros)			(Thousands of Euros)
ASSETS			CONTINUING OPERATIONS
Tangible assets Intangible assets	1,644 10,827	1,777 10,602	Operating income Services rendered	62,054	65,896
Right-of-use assets	8,696	9,360	Supplementary income and subsidies	112	848
Financial investments	13,424	14,000	Other operating income	6	12
Deferred income tax assets	5,886	6,806
Other non-current assets	529	529		62,172	66,756
Total Non-Current Assets	41,006	43,074	Operating expenses
			External supplies and services	(19,858)	(24,517)
Trade debtors and accrued income	49,301	45,841	Employee benefit expense	(35,703)	(37,291)
Other debtors and prepaid expenses	10,976	9,266	(Provisions) / Provisions reversal	754	52
Derivative financial instruments	440	75	Net impairm. losses on financ. assets	(60)	370
Cash and cash equivalents	27,427	62,747	Other operating expenses	(161)	(120)
Total Current Assets	88,144	117,929
				(55,028)	(61,506)
Assets for continuing operations	129,150	161,003
			Gross Net Profit (EBITDA)	7,144	5,250	36.1 %
Assets for discontinued operations	346	1,393	Restructuring costs	-	-
			Operating Gross Net Profit	7,144	5,250	36.1 %
Total Assets	129,496	162,396	Depreciation and amortisation	(1,901)	(1,936)
EQUITY			Operating Profit (EBIT)	5,243	3,314	58.2 %
Share capital	1,153	1,073	Financial results	867	143
Treasury shares	(20)	(20)
Share premium	51,823	37,930	Net Profit before taxes (EBT)	6,110	3,457	76.7 %
Reserves and retained earnings	(14,081)	28,538	Income tax expense	(1,172)	(908)
Net profit	4,980	6,420
Total Shareholders' Equity	43,855	73,941	Net Profit from continuing operations	4,938	2,549	93.7 %
Non-controlling interests	11,558	10,945
Total Equity	55,413	84,886	DISCONTINUED OPERATIONS
			Net Profit from discont. operations	673	528	27.5 %
LIABILITIES
Bank borrowings	5,173	6,311	Non-controlling interests	(631)	(253)
Lease liabilities	7,061	7,913
Provisions	3,121	5,552	Attributable Net Profit	4,980	2,824	76.3 %
Other non-current liabilities	2,750	3,575
Total Non-Current Liabilities	18,105	23,351
Bank borrowings	2,276	3,276
Lease liabilities	2,883	2,771
Trade payables	2,765	3,274
Other creditors and accruals	24,721	25,445
Derivative financial instruments	493	688
Deferred income	21,279	17,217
Total Current Liabilities	54,417	52,671

Total Liabilities for cont. operations 72,522 76,022

Total Liabilities for discont. operations	1,561	1,488
Total Liabilities	74,083	77,510	Other information :
			Turnover	62,054	65,896	-5.8 %
Total Equity and Liabilities	129,496	162,396	EBITDA margin	11.5 %	8.0 %
			EBT % on Turnover	9.8 %	5.2 %
Net Cash	25,383	57,048	Net profit % on Turnover	8.0 %	4.3 %

Novabase S.G.P.S., S.A.	Euronext code: PTNBA0AM0006	Share Capital 1,152,569.19 Euros - Corporate Registration CRCL N.º 1495
	Head-office: Av. D. João II, 34, Parque das Nações, 1998-031 Lisbon, Portugal	Corporate Tax Payer N.º 502 280 182

Results Information by SEGMENTS for the period of 6 months ended 30 June 2025

(Thousands of Euros)
	Value Portfolio	Next-Gen	NOVABASE
CONTINUING OPERATIONS
Turnover	-	62,054	62,054
Gross Net Profit (EBITDA)	- (1,068)	- 8,212	- 7,144
Restructuring costs	- -	- -	- -
Depreciation and amortisation	- (8)	- (1,893)	- (1,901)
Operating Profit (EBIT)	(1,076)	6,319	5,243
Financial results	- 926	- (59)	- 867
Net Profit / (Loss) before Taxes (EBT)	(150)	6,260	6,110
Income tax expense	- 163	- (1,335)	- (1,172)
Net Profit / (Loss) from cont. operations	13 -	4,925	4,938
DISCONTINUED OPERATIONS
Net Profit from discontinued operations	673	-	673
Non-controlling interests	(286)	(345)	(631)
Attributable Net Profit / (Loss)	400 -	4,580 -	4,980 -
Other information :
EBITDA % on Turnover	n/a	13.2%	11.5%
EBT % on Turnover	n/a	10.1%	9.8%
Net profit % on Turnover	n/a	7.4%	8.0%