Reply — Interim / Quarterly Report 2025

Nov 13, 2025

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IANAGE REPOIRT rembe

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REPLY INTERIM MANAGEMENT REPO RT AT 30 SE PTEMBER 2025

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CONTENTS

BOARD OF DIRECTORS AND CONTROLLING BODIES	3
KEY GROUP RESULTS	5
REPLY	8
SUMMARY REPORT OF THE THIRD QUARTER 2025 AND EXPECTED BUSINESS DEVELOPMENTS	23
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES	26
DECLARATION OF THE DIRECTOR	36
ANNEXED TABLES	38

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BOARD OF DIRECTORS AND CONTROLLING BODIES

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BOARD OF DIRECTORS

Chairman and Chief Executive Officer

Mario Rizzante

Chief Executive Officer

Tatiana Rizzante

Executive Directors

Filippo Rizzante

Marco Cusinato

Elena Maria Previtera

Daniele Angelucci (1)

Patrizia Polliotto (1) (2) (3)

Domenico Giovanni Siniscalco (1) (2)

Secondina Giulia Ravera (1) (2)

Federico Ferro Luzzi (1) (2)

Board of Statutory Auditors

Chairman

Ciro Di Carluccio

Standing auditors

Piergiorgio Re

Donatella Busso

Independent Auditors

PwC S.p.A.

(1) Non-executive Director

(2) Independent Directors according to the Corporate Governance code

(3) Lead Independent Director

This report has been translated into English from the original Italian version, in case of doubt the Italian version shall pr evail.

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KEY GROUP RESULTS

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KEY GROUP RESULTS

Q3 2025	%	Q3 2024	%	Economic figures(Euros /000)	30/09/2025	%	30/09/2024	%
598,519	100.0	553,780	100.0	Revenue	1,819,779	100.0	1,669 ,563	100.0
111,817	18.7	94,996	17.2	Gross operating income	335 ,481	18.4	275 ,456	16.5
92,664	15.5	77,521	14.0	Operating margin	281,046	15.4	224 ,167	13.4
88,681	14.8	69,707	12.6	Income before taxes	268 ,094	14.7	215,992	12.9

Q3 2025	Q3 2024	(Euros/000)	30/09/2025	30/09/2024
9,946	11,538	Investments	33,090	33,415

(Euros/000)	30/09/2025	30/06/2025	31/12/2024
Net financial managerial position	423 ,134	362 ,495	349 ,084

	30/09/2025	30/09/2024
Headcount	16,402	15,353

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REVENUES BY GEOGRAPHICAL AREA 30 September 2025

REVENUES BY GEOGRAPHICAL AREA 30 September 2024

(*) Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing) Region 2: DEU, CHE, CHN (Bejing), HRV, POL Region 3: GBR, LUX, BEL, NLD, FRA

REVENUES BY BUSINESS LINES 30 September 2025

REVENUES BY BUSINESS LINES 30 September 2024

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TREND IN MARGINS

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REPLY

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Reply

Reply specialises in the design and implementation of solutions based on new communication channels and digital media.

With a consolidated presence at an international level, Reply stands out for its ability to guide companies in the digital transformation process, through the new technological paradigms of Artificial Intelligence (AI), Big Data, Cloud Computing, Digital M edia and the Internet of Things (IoT).

Reply is characterised by:

• a culture oriented towards technological innovation;
• a flexible structure, capable of anticipating market developments and interpreting new technological drivers;
• a delivery methodology with proven success and scalability;
• a network of companies specialised in areas of expertise;
• a team made up of specialists from the best universities;
• a highly experienced management team;
• continuous investment in research and development;
• a network of long -term relationships with its customers.

The organisational model

With over 16,000 employees, Reply operates with a network structure made up of companies that specialise in the fields of processes, applications and technologies, which represent excellence in their respective areas of expertise.

Processes

Reply, thanks to consulting teams specialized by industry (e.g., financial institutions, automotive, public administration, healthcare, energy) and by functional area (e.g., HR, Finance, Compliance, Risk, Procurement, Supply Chain), supports client organiz ations in innovating, digitizing and transforming their operating models. The goal is to rethink operational methods - in dealing with clients, within the company and with stakeholders - in a structured and systemic way, enabling new service models and mor e agile and sustainable operational setups.

Enhancing the changes driven by technological evolution, new regulatory contexts and emerging behaviours by turning them into concrete opportunities is at the core of Reply's approach. In particular, Artificial Intelligence represents a transversal transformative lever that accelerates, strengthens and makes the overall functioning of business processes more fluid, acting as an enabling and integrating element between people, data and technologies. The adoption of AI is profoundly changing the way problems are analysed and solved: from linear and rigidly structured approaches to more conversational, adaptive and collaborative models, capable of learning from the context and supporting more informed and timely decision -making.

The Reply group is structured as an integrated network of highly specialized skills, combining methodological rigor and sector -specific knowledge with the ability to tackle complex and multidimensional challenges. The network structure promotes cross -fertilization between areas and disciplines, allowing for the valorisation of

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diverse profiles and the operational independence of individual units. Reply leverage s the technological expertise of the companies within the group to maximize the impact of the most innovative technologies on clients' organizations and processes. This approach enables Reply to work not only on optimizing existing processes but also on designing new operational ecosystems that ensure responsiveness, efficiency and strategic alignment with business objectives.

Applications

Reply designs, develops, integrate s and manages application solutions to support the core processes and ancillary functions of client organizations. It operates in all major industrial sectors – including financial institutions, public administration, manufacturing, logistics, telecommunica tions, energy and media – tailoring solutions to the operational and strategic specificities of each context.

The applications cover a wide functional spectrum: from managing relationships with customers, suppliers and citizens to financial planning, from advanced document management to supporting operational and managerial decision -making, up to highly specialize d areas such as real -time trading or embedded applications within physical products and services (e.g., autonomous vehicles, smart infrastructures). These solutions natively include Artificial Intelligence components – both traditional and generative – within innovative architectures, also based on intelligent agents. In this way, they evolve from static systems to intelligent and conversational platforms, capable of learning from data and interactions and adapting in real time to changes in processes and u ser needs. Artificial Intelligence is integrated as a native component within application architectures, transforming the way organizations interact with technology: from operational use to cognitive collaboration that enhances decision -making capabilities , improves user experience and accelerates innovation.

Reply supports its clients in designing and implementing transformative programs with an end -to-end approach that integrates domain expertise, technological capabilities and industrialized methodologies. This journey is supported by an innovation ecosystem that includes leading global technology producers, research centres , universities and the network of specialized companies within the Reply group.

Technologies

Reply constantly studies, experiments with and selects the most advanced digital technologies, with the aim of providing organizations with a solid, secure and continuously evolving technological foundation. Reply operate s across the entire technology chain, from designing resilient infrastructures to building distributed architectures, from adopting cloud -native platforms to modernizing legacy systems.

Security is a fundamental principle of every intervention: Reply integrates advanced security models into its projects – including Zero Trust approaches, distributed identity management, advanced encryption and continuous monitoring – to ensure data protec tion, regulatory compliance and the robustness of architectures against internal and external threats.

A cross -cutting area of growing importance is represented by Artificial Intelligence, which requires optimized infrastructures and environments to support machine learning models, neural network and generative systems. Agent -based architectures trigger a s eries of new technological and engineering challenges, ranging from training specialized generative models to orchestrating them with legacy software. Moreover,

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AI requires new methods and tools to ensure the security and sovereignty of solutions. Reply designs and implements the enabling conditions for the efficient and safe execution of AI solutions, including environments for training, orchestration, deployment and model monitoring.

In high -tech contexts, Reply also applies its expertise to advanced and collaborative robotics, integrating software, AI, sensors and physical devices. Reply develop s solutions for industrial automation, mobile robotics, intelligent warehouse management and human -machine interaction, with particular attention to operational reliability, real -time control and the safety of cyber -physical systems.

The ability to combine technological research, architectural vision, and operational expertise is strengthened by an innovation ecosystem involving global partners, start-ups, universities and specialized companies within the Reply network. This network enables tackling the most complex technological challenges, supporting clients' digital transformation with solutions that combine performance, scalability, security and sustainability.

Reply services

In every Reply project, strategy, creativity, and consultancy converge synergistically to create concrete solutions that respond to the challenges of each sector with an integrated approach.

Reply services include:

• strategic, communication, design, process and technological consultancy;
• system integration to make the best use of potential technology, combining business consultancy with innovative technological solutions with high -added value;
• digital services based on new communication channels and digital trends.

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Industry focus

Combining the strength of a network of highly specialised companies with a solid culture of innovation, Reply guides its clients through technological evolution, offering integrated and competitive solutions that ensure sustainable long -term growth*.*

Automotive

Reply is supporting the transformation of the automotive sector through the integration of artificial intelligence across all phases of the value chain. Today's optimisation of production and logistics processes leverages advanced algorithms to manage proc urement, plan production, and automate quality control. AI has been the driver for innovation in proprietary platforms widely used in the sector, such as LEA Reply in logistics and Brick Reply for production execution systems, and it has also been applied to sales and after -sales services, helping to reduce operational costs, increase efficiency, and improve sustainability.

In engineering, AI is contributing to innovating the product lifecycle. Thanks to AI, electric vehicles are equipped with systems that optimise battery usage, enhance onboard comfort, and ensure higher levels of safety through advanced sensors and predicti ve analysis. Additionally, innovative projects in Vehicle -to-Everything (V2X) and Software -Defined Vehicles are enabling the transformation of vehicles into dynamic platforms capable of adapting to external conditions and offering increasingly advanced fun ctionalities to the driver. Reply has introduced AI -based autonomous agents on board vehicles, capable of real -time monitoring of vehicle behaviour and assisting drivers in increasingly complex tasks, enhancing safety and efficiency during driving. The design and implementation of AI -based interfaces demonstrate their ability to improve the interaction between drivers and vehicles significantly, enhancing user experience through intelligent voice assistants based on generative conversational systems. These tools allow for fluid and personalised interactions, supporting drivers with contextual suggestions, vehicle personalisation management, and proactive notifications.

After contributing over the last three years to the development of numerous AI -enhanced configurators in the pre-sale and sale of vehicles, Reply is now investing in innovating maintenance and after -sales processes, using computer vision and AI for the aut omatic analysis of videos and images of vehicles, improving the accuracy and speed of inspections. The adoption of predictive maintenance systems enables the identification of potential failures by analysing the vehicle's usage patterns, preventing unexpec ted downtimes and ensuring a more reliable experience for customers, especially in industrial and fleet management contexts.

Energy & Utilities

Reply collaborates with leading European players in the Energy & Utilities sector in evolving their operational models and enterprise architectures with the aim of accelerating their alignment with the energy transition and carbon neutrality. Artificial in telligence and machine learning are applied in energy trading processes, field operations, smart grid management, demand optimisation, monitoring and control systems, and compliance.

The accelerators developed by Reply allow sector operators to strengthen the resilience of infrastructure and ensure more secure and reliable energy management. The Reply teams design and implement solutions

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in line with the highest standards of safety and resilience, supporting the entire value chain of the sector: optimisation of renewable energy production, asset management with monitoring and robotic inspection systems, flexibility of grid dispatching, man agement of distributed energy resources and demand, and electric vehicle charging, enabling companies to adapt to market challenges dynamically.

The capacity of AI to evolve processes in the Energy & Utilities sector also extends to the management of renewable energy plants and grids, where IoT sensors and predictive analysis optimise energy distribution, minimising overloads and improving grid sta bility. At the same time, advanced automation solutions, such as AI-equipped robots and drones, simplify maintenance operations and reduce the risks of malfunction. The integration of these technologies not only makes the entire energy ecosystem more effic ient but also contributes to meeting sustainability goals, enabling more mindful resource management and a reduced environmental impact.

Financial Institutions

With extensive experience in designing and implementing advanced AI and cloud computing -based solutions, Reply collaborates with banks, insurance companies, asset managers, and consumer credit operators to innovate products, services, and internal processe s, improving productivity and operational effectiveness. At the heart of Reply activity is the integration of AI into business processes to meet the growing need for automation, efficiency improvement, and decision optimisation.

In particular, Reply provides clients with AI -based solutions aimed at enhancing financial institutions' ability to extract value from large volumes of data and information from commercial networks. AI has also enabled more precise management of reports re ceived from customers and relationship managers thanks to their accurate categorisation and identification of recurring trends, contributing to improving the quality and timeliness of responses and transforming them into strategic insights for business dev elopment. The introduction of Generative AI has also improved customer onboarding and business development processes. The adoption of AI has had a significant impact in the fields of compliance, cybersecurity, and risk management. Financial institutions have used Reply's solutions to automate complex reporting processes and consolidate large -scale data, improving liquidit y and capital risk management. These advancements have reduced manual activities, enhancing the accuracy and timeliness of analyses required by regulatory bodies. AI has also been employed to make customer communications in wealth management more effective while ensuring compliance with regulations. In the insurance sector, AI is significantly improving processes such as claims management and underwriting, analysing complex data with greater speed and precision.

The application of AI -driven technologies has also extended to infrastructure management and the automation of IT operations. The adoption of multi -agent architectures has enabled more efficient oversight and reduced operational costs while optimising the resilience and scalability of critical systems. Reply has also played a crucial role in supporting clients in their large transformation projects, addressing complex challenges such as modernising banking legacy systems and migrating critical applications to the cloud. These projects, often central to the long -term competitiveness of financial institutions, have been managed with a distinctive approach that combines technological innovation and deep industry knowledge.

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Government & Healthcare

Reply collaborates with public and healthcare institutions, as well as pharmaceutical firms, to optimise procedures, improve services offered to citizens, and leverage technological innovation to make public administration more efficient and resilient. In particular, the integration of multi -platform cloud solutions and advanced automation enhances the accessibility and responsiveness of public information systems, accelerating decision -making and operational processes. A significant example is the support for managing the European Directive on Falsified Medicines, implemented through one of the largest cloud -based solutions in Europe.

In the public administration sector, Reply uses AI -based tools to modernise legacy systems, facilitating migration to modern languages through the automation of code and documentation generation. Reply also develops vertical solutions to improve welfare sy stems and citizen services, optimising data management and facilitating access to information. Special attention is given to security and interoperability, ensuring that innovations are introduced responsibly, with high standards of privacy and data protec tion.

In healthcare, Reply simplifies the management of complex information, such as treatment protocols and national and regional regulations. Thanks to machine learning tools, it is also possible to analyse regulatory documents to identify necessary changes an d actions, ensuring compliance with continually evolving regulations. All responsible innovations introduced by Reply enable modern architectures based on intelligent agents for more effective and secure healthcare assistance. The solutions aim to improve the planning and delivery of services, with a direct impact on patient outcomes.

Artificial intelligence also plays a key role in processing large amounts of biomedical data and radiomics, improving early diagnosis, therapy personalisation, and continuous patient monitoring. In this context, the X - RAIS Reply platform supports doctors i n analysing X -rays, ultrasounds, and CT scans, facilitating the identification of anomalies and optimising the interpretation of diagnostic images. Furthermore, thanks to AI enhanced intuitive dashboards, healthcare operators can quickly access critical in formation extracted from medical records, supporting rapid and informed decision -making. This approach not only optimises diagnostic procedures but also ensures a high level of reliability, keeping the physician at the centre of the decision -making process .

Logistics

In the logistics sector, artificial intelligence is transforming processes and operations through advanced solutions that enhance the efficiency of supply chains, logistics sites, and transport. In this context of evolution, Reply supports both traditional logistics operators and supply chain activities in other sectors.

In warehouses, sophisticated algorithms optimise picking, inventory management, and resource allocation, while in sorting centres, computer vision technologies enable the detection of anomalies in package distribution. Additionally, AI models have also bee n successfully employed to analyse demand and container allocation, allowing for more accurate capacity planning. These applications translate into increased precision in operations and more efficient use of resources, supported by forecasts based on histo rical data and specialised skills.

In the context of maintenance, Reply collaborates with leading logistics operators to develop AI -based solutions that not only facilitate predictive maintenance of sorting equipment and commercial vehicles but also allow for more effective planning of deli very vehicle routes, minimising times and costs and

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strengthening companies' ability to respond swiftly to potential supply chain disruptions. However, the application of AI is not limited to operational efficiency: by analysing large volumes of logistics data, companies can gain valuable strategic insights , while real -time tracking systems and advanced conversational platforms enhance user experience and transparency throughout the entire supply chain. Reply continues to invest in the development of LEA Reply, the modular platform at the centre of its logistics offering. Thanks to the integration of AI and computer vision, LEA Reply provides increasingly comprehensive visibility of goods flows along the supply chain and, through proactive management of logistics processes enabled by the analysis of insights, allows for performance optimisation with positive effects both on business results and the environmental impact of operations. The platform also inte grates autonomous systems, such as robots and drones, to improve efficiency in highly automated environments and expand operational coverage. Recognised by numerous market analysts as one of the global leaders in logistics and WMS, the solution now support s significant e -commerce platforms and the omnichannel capabilities of clients in sectors such as automotive, fashion, retail, and food & beverage.

Manufacturing

The adoption of artificial intelligence in the manufacturing sector is enabling new modes of data analysis, optimisation of industrial processes, and innovation in manufacturing supply chains. Reply consolidates its role as a strategic partner for major in dustrial groups by introducing AI throughout the production cycle, from optimising planning and scheduling to supply chain management and production control with intelligent anomaly detection. These solutions aim to optimise resources and increase producti vity, transforming factories into interconnected and dynamic ecosystems capable of continuous learning and improvement. The integration of automation, advanced sensing, and cloud -native platforms allows manufacturing companies to make more informed and timely decisions. Reply supports this transition by offering modular and customised solutions in ERP, MOM, and MES, leverag ing the capabilities of proprietary platforms such as Brick Reply, LEA Reply, and Axulus Reply, which facilitate the optimisation of operations and the management of the industrial production lifecycle. Reply's platforms, enhanced by AI, can respond to que stions posed in natural language and generate real -time analyses, providing a solid foundation for strategic decisions in the most critical areas.

In the context of the supply chain, artificial intelligence increasingly enables the analysis and optimisation of material flows, improving planning and reducing inefficiencies. The adoption of AI also significantly impacts sustainability, helping to reduc e energy consumption and optimise material use: algorithms capable of adapting to unexpected variations in demand or material availability allow for keeping production plans aligned with business objectives, reconciling productivity and sustainability.

The flexible and modular architectures developed by Reply stand out for their ability to integrate edge computing and computer vision in factories, innovating automated quality control and overcoming the limitations of manual inspection. Product defects an d anomalies in production processes are detected and classified with extreme precision, ensuring high production standards. Predictive maintenance is also used in post -sales services, and it leverages AI -based models on real -time data to monitor plant perf ormance, prevent failures, and minimise downtime.

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Retail & Luxury

From the design and implementation of omnichannel solutions for physical and digital sales to the optimisation of logistics networks, Reply is working with major players in the sector to improve productivity and make processes more scalable and efficient. A central role is played by AI and multi -agent architectures, which are enabling innovation in areas such as inventory management, price optimisation, and customer engagement.

Conversational commerce systems and digital assistants based on autonomous agents employed in customer care and sales recommendation are changing the way brands interact with consumers. Highly personalised multichannel campaigns are making it possible to r each diverse targets, while the automation of complex processes allows brands to focus resources on high -value strategic activities. Additionally, Generative AI is now being successfully used to create innovative content for marketing and communication, with significant results also in the luxury sector. At the same time, the use of 3D enables new service and distribution models with use cases such as make -to-order.

In physical retail stores, Reply is introducing experiences such as virtual try -ons that improve operational efficiency and the shopping experience: projects realised aim to transform stores into dynamic and integrated environments, where the boundary betw een physical and digital dissolves to offer a unique and engaging experience, strengthening brand positioning and the ability to innovate and anticipate consumer expectations. In logistics and operations management, the predictive analysis of historical da ta and AI -driven automation of complex processes, such as shipping planning and load optimisation, are improving retailers' ability to respond to demand fluctuations and logistical constraints.

Telco & Media

Reply is alongside leading European telecommunications companies in their transition towards sustainable and profitable business models: a process that begins with the redefinition of application architectures from an AI perspective to enable new technolog ies and innovative services. Reply also consolidates its position in infrastructure, offering specialist expertise in Network Engineering, Operations, Testing, and Validation to support the management and evolution of networks.

The adoption of AI also fosters the development of new services and the enhancement of key assets, such as networks and connectivity. The composable and OTT -like approach to Business Support Systems (BSS) aims to create flexible solutions, leveraging previ ous investments in legacy systems. Multi -agent architectures integrate automated tasks and workflows, enabling companies to respond with more agility to customer needs. Customer services are becoming increasingly conversational thanks to the use of large l anguage models, which enable fluid and personalised interactions, improving user experience and operational efficiency.

In the media sector, leveraging its assets, such as the Discovery Reply asset management platform, and utilising advanced AI skills, Reply has supported the valorisation of multimedia assets and the creation of cutting-edge network operations centres and s tudios. The specialised companies and agencies of the Group have accompanied publishers in producing innovative content, particularly in social media, optimising editorial processes such as copywriting, audio generation, and video production. This integrat ion accelerates production and allows publishers to offer hyper -personalised content based on user preferences and real time data analysis.

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Ai-driven innovation

A protagonist of the era of artificial intelligence, Reply applies its expertise in consulting and technology to guide clients in adopting effective AI solutions and evolving their business models .

Knowledge Management

Generative AI is changing how companies approach knowledge management by organising, analysing, and leveraging their information, both structured and unstructured. Reply is at the forefront of this transformation, developing innovative solutions that harne ss the potential of AI to create more efficient and effective knowledge ecosystems.

The use of increasingly vertical large language models, specialised for different industries, is progressively expanding, allowing the development of conversational systems that enable companies to extract, re aggregate, and redistribute knowledge in a con versational format. Reply supports companies in using these models at the enterprise level, customising them, and extending their knowledge on specific specialist topics for each sector. Through the use of vector databases and RAG (Retrieval -Augmented Gene ration) systems, data is not only stored but transformed into structured and easily accessible knowledge, allowing for a rapid conceptual representation of specific knowledge areas relevant to the business context. Reply is also focusing on developing acce lerators capable of recognising relationships between concepts without the need for specific training on each connection, making interaction with knowledge bases more intuitive and effective. Companies can thus improve the management of their information s ecurely, facilitating the search and use of business information, potentially integrated and enriched with external data sources.

The evolution of knowledge management is leading companies to digitise entire processes, shifting the focus from automating simple activities to the comprehensive management of complex workflows. With the increasingly widespread adoption of "copilots" and advanced AI agents among knowledge workers, Reply has assisted clients across various sectors and organisational divisions in creating new application architectures where traditional operational functions and workflows are integrated with activities perfor med by AI agents trained on business knowledge and specialised for specific use cases. In finance, for example, AI agents are used to automate the management of commercial documents, ensure regulatory compliance, and synthesise complex financial reports in to essential insights. In procurement, agents can systematise information and data related to suppliers and their offers, aided by multimodal models that can interpret information contained in images and complex documents. In customer service, the vast ava ilability of incoming data now allows AI agents to "grow" and specialise, improving the quality of responses given autonomously and reducing the resolution times for requests while supporting operators in delving into more complex cases.

However, Reply's experience shows the importance of designing and incentivising the widespread adoption of these tools with advanced change management strategies so that they have significant impacts on productivity and work quality. To this end, Reply has collaborated with Microsoft to create an immersive experience that, through gamification techniques, allows users to understand the transformative potential offered by the integration of AI tools into everyday business processes .

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Software Development

The introduction of AI is innovating every phase of the software development lifecycle, both within Reply's internal development factories and those shared with clients. From requirements gathering to specifications creation, through coding to software rel ease activities, AI has enabled the automation of repetitive tasks, improving the efficiency and quality of solutions.

The adoption of autonomous agents capable of collaborating with each other has allowed for innovation not only in requirements management, enhancing needs analysis and structuring user stories but also in the testing and quality assurance phases of softwar e. Thanks to its expertise in quality engineering, Reply has defined a suite of specialised agents that ensure continuous and proactive code review: predictive bug analysis allows for timely interventions that reduce costs and correction times, while autom ation in test case generation and script optimisation enhances the efficiency of testing processes. The management of release cycles and code integrity control has also been significantly optimised, opening new opportunities not only to accelerate developm ent but also to ensure more robust and secure code.

The paradigm shift introduced by AI is thus having a significant impact on the operational efficiency of software engineering departments. Autonomous agents, powered by increasingly advanced and multimodal large language models, will be able to operate mor e independently, with Reply experts involved in analysing any critical issues. With the introduction of advanced guardrails and performance optimisation tools, Reply is further improving the overall quality of projects, ensuring increasingly reliable and e fficient solutions.

Already today, AI allows for a radical rethink of the approach to application creation, bringing conversational interaction into transactional contexts. The extensive use of AI by development teams has also paved the way for new use cases, particularly in modernising legacy systems. With the adoption of AI -based solutions, Reply supports its clients across various industries in transitioning critical systems to more modern architectures while maintaining operational continuity and extracting value from obso lete infrastructures.

Customer Interaction

Thanks to conversational systems and multi -agent architectures, the way companies communicate, assist, and engage with their customers is evolving: it is now possible to manage complex requests and provide responses more quickly and accurately. Reply has d eveloped conversational systems and agents that not only solve recurring problems but can also suggest personalised products and services, offering natural interactions that understand and contextualise human language. These systems, potentially active 24 hours a day, ensure continuous customer support, improving satisfaction and increasing business efficiency.

By analysing large volumes of data on user behaviours and preferences, Reply has designed AI -based systems capable of anticipating needs, suggesting targeted products or services and constructing bespoke messages for each customer/ prospect, thereby increa sing conversion probabilities. The integration of these solutions in conversational commerce contexts is making it possible to create hyper -personalised marketing campaigns that offer tailored experiences, enhance cross -selling opportunities, and improve b rand perception.

A strong area of expertise for Reply is the development of digital humans, which use artificial intelligence to present concepts, solutions, and offerings clearly. These digital figures, customisable for different languages and markets, offer increasingly natural and engaging dialogues thanks to advancements in hyper -realistic design and linguistic generation systems. One area where Reply focuses its attention is the integration of

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affective computing models to enrich digital humans with emotional reasoning capability, or the ability to autonomously decide —not through pre -programmed rules —when to simulate emotions, smile or show empathy. Thanks to these models, real -time 3D technolog ies, and advanced graphic hyperrealism, Reply's digital humans can faithfully reproduce facial expressions, emotions, and body movements, adjusting their emotional reactions based on context and the memory of the interaction, offering an empathetic and eng aging experience.

In the realm of content production, Reply has further consolidated its competencies in the use of AI -based tools to generate images, videos, and sounds, giving rise to its own AI -based production studio. As technology evolves, Reply's clients will be able to produce increasingly larger volumes of high -quality content, simplifying the creation of complex outputs such as videos or films and enabling the production of highly customised materials for specific audience segments. The growing specialisation of cre ative agents will open new opportunities for companies, enhancing the productive capacity and efficiency of marketing, communication, sales, and post -sales teams.

Robotics

AI is changing the physical world through the creation of intelligent and autonomous systems capable of interacting with their surrounding environment. This progress is particularly evident in robotics, where advanced algorithms allow robots to adapt to dy namic and complex contexts. The adoption of increasingly sophisticated models opens new possibilities in various sectors, such as autonomous mobility and industrial automation, providing innovative solutions to enhance efficiency and safety. Application ar eas are, for instance, the autonomous inspection of industrial plants and reconnaissance missions, activities that traditionally require significant resource investment and pose risks to operators.

Reply is developing spatial computing solutions to enhance the precision of autonomous mobile robots in industrial contexts. The use of immersive devices allows operators to intuitively interact with robots, managing their movements and leveraging advanced functionalities such as hand tracking or controllers for precise manipulation of robotic arms. Furthermore, essential information for operational decision -making, such as monitoring data and detailed maps of facilities, is accessible remotely in real -time thanks to a cloud infrastructure, ensuring the seamless integration of this data into industrial systems.

The introduction of AI -enhanced robots not only increases the safety and reliability of production processes but also makes companies more resilient to unforeseen events. In manufacturing, collaborative robots (cobots) support production activities by opti mising processes and reducing errors, while autonomous mobile robots (AMRs) improve logistics by making quick decisions based on environmental conditions. These advancements contribute to reducing the risk of accidents and enhancing workplace safety, makin g operations more efficient.

The combination of increased cognitive and multimodal capabilities of robots and the simplification of direct and remote management interfaces now allows operators to monitor and manage robots more easily, without the need for intensive training. However, the large -scale adoption of these technologies poses new challenges related to data availability and quality, an aspect in which Reply is investing with mixed teams of AI experts and industry specialists.

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Foundations

Founded on the pillars of digital innovation, Reply is progressively integrating artificial intelligence into every aspect of its services to design and implement new processes, products, and business models that generate tangible value for clients.

Cloud Computing

Cloud computing continues to represent a highly strategic area for Reply, which stands out internationally for enabling cloud -native operational models, multi -cloud solutions, and application platform modernisation services. Reply's expertise is recognised by leading global hyperscalers (AWS, Google, Microsoft, and Oracle) and extends to major enterprise platforms, including those from Adobe, Salesforce, and SAP.

Reply's established experience covers the entire cloud lifecycle, from architectural design to 24/7 operational management, with focus on cloud governance, security, financial and operational management, and data optimisation in multi-cloud and hybrid envi ronments. Highly specialised teams also develop vertical solutions "as a Service" for sectors such as manufacturing, financial services, automotive, energy & utilities, and retail. The push for cloud adoption is increasingly linked to the integration of artificial intelligence into business processes. Reply, with the evolution of its Cloud Centre of Excellence into an AI Centre of Excellence, is guiding companies in enabling AI Opera ting Models that combine governance, automation, and operational cloud management with the capabilities of generative artificial intelligence. Simultaneously, AI -driven automation has helped Reply clients streamline cloud operations, improving the resilien ce and governance of their systems. Advanced tools can now detect anomalies, predict issues, and autonomously resolve criticalities, reducing downtime and ensuring optimal operational continuity.

Reply's solutions also support the automation of DevSecOps processes by identifying workflow errors and proposing immediate corrections, making adopting multi -cloud environments more effective. Thanks to this synergy, client companies can manage complex in frastructures more efficiently, automating repetitive tasks and minimising risks while maintaining high security and reliability standards.

Cybersecurity

Reply stands out in the cybersecurity landscape for an approach that integrates technological innovation, cross -cutting regulatory expertise, and specialisations for specific industrial sectors. Cybersecurity experts work synergistically with risk manageme nt and compliance professionals to address the increasingly pressing challenges posed by regulations, such as the NIS -2 directive and the AI ACT, providing clients with strategic support to identify and manage the cyber risks they face and strengthen their digital infrastructures while ensuring adherence to increasingly stringent security and operational resilience standards.

Today, companies are facing a paradigm shift driven by the increasing adoption of artificial intelligence and automation solutions. On the one hand, technologies such as machine learning are enhancing the ability to detect and counteract threats; on the ot her, the rise in AI -based attacks and the rapid expansion of IoT are broadening the attack surface. In this context, the "security and compliance by design" approach is essential for integrating security from the design phase of systems. Reply's offerings extend across all areas of cybersecurity, with particular attention to digital platforms, the industrial sector, and connected products. The introduction of AI -based tools enables quicker identification of vulnerabilities and the design of preventive

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solutions that can enhance overall resilience. This proactive approach reduces response times to attacks and translates into significant benefits for industrial and public infrastructures.

Central to Reply's solutions are pervasive security and DevSecOps methodologies, which promote the adoption of security measures from the design phase, minimising risks throughout the entire application lifecycle. Additionally, to address increasingly soph isticated threat scenarios, Reply promotes innovative testing techniques, such as AI Red Teaming, which simulates AI -based attacks and rigorously tests defence systems. Furthermore, Reply fosters the creation of multidisciplinary teams in collaboration wit h its clients to support the building of robust and adaptable cybersecurity defences tailored to the specific needs of businesses, with vertical specialisations according to the countries in which clients operate.

Connected Products & Solutions

Reply's offering in Connected Products & Services fits into a continuously evolving context, where the Internet of Things is radically changing how people interact with everyday products and services. Leveraging the growing interest in connected devices su ch as smart homes, wearables, intelligent vehicles, and connected health solutions, Reply has developed innovative solutions that use edge computing, AI, and cloud computing to enhance efficiency and user experience. These devices can collect and analyse l arge amounts of data, enabling companies to provide personalised, value -added services to their customers.

Reply's connected solutions not only improve usability but also provide tangible benefits in terms of quality of life, health, and safety. For instance, connected devices in the home, such as energy management systems and security devices, offer consumers the ability to monitor and optimise their resources in real time, increasing efficiency and reducing consumption and risks. In industrial sectors, Reply supports manufacturing and logistics companies in implementing predictive maintenance systems, improvin g production management and the handling of goods, reducing downtime, and optimising the entire value chain.

The trend of increasing adoption of connected technologies is also driving the development of new business models that go beyond simple product sales. Reply collaborates with companies to create "servitisation" models, where industrial machinery and other connected devices are remotely managed throughout their useful life. This approach allows for the creation of new revenue streams for companies while improving the management of the products and services offered. Reply's solutions are characterised by the use of increasingly sophisticated interfaces that leverage natural language processing for intelligent voice interactions, thereby providing increasingly advanced experiences for both consumers and operators.

In the medium term, IoT and artificial intelligence integration promises to open new frontiers in automation and process optimisation. Reply is leveraging its established experience in the automotive, logistics, and insurance sectors to create advanced sol utions, such as AI in -vehicle assistants and predictive maintenance for cars and industrial vehicles. Furthermore, the use of AI -powered visual inspection systems and smart warehouses is already optimising logistics activities and contributing to the digit al transformation of numerous industries.

Customer & Digital Experience

The landscape of digital experience is continuously evolving, influenced by rapid technological advancements and rising consumer expectations. In this context, Reply stands out as a strategic partner for companies, supporting them in adopting innovative so lutions that create unique and personalised

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experiences, thanks to an extensive network that combines design, technological expertise, and process consulting. Reply assists client companies in adopting artificial intelligence, integrated platforms, and omnichannel strategies to redefine how they int eract with their customers, increasing satisfaction and improving service quality.

Reply uses generative AI solutions to automate and optimise the creation of content for marketing campaigns, newsletters, and personalised messages. Additionally, in the realm of customer service, Reply integrates advanced conversational systems and digita l humans that can provide quick and precise responses, reducing wait times and improving operational efficiency. With these tools, companies can not only resolve complex issues but also offer experiences that adapt in real -time to the individual needs of c onsumers. Another fundamental aspect is hyper -personalisation, which is made possible by analysing data collected through CRM, DXP, and CDP solutions. Reply helps companies leverage these technologies to gain a comprehensive view of the customer and creat e tailored AI -driven experiences, ranging from personalised recommendations to the configuration of "premium" services. In retail, for example, companies can use artificial intelligence and geospatial analysis to propose targeted offers, turning every inte raction into a unique engagement opportunity. Reply is leading the transition to omnichannel systems that seamlessly combine digital and physical interactions. This approach allows consumers to choose products, configure services, and complete purchases an d payments quickly and conversationally, combining the opportunities of physical stores with the advantages of online platforms. Such integration not only increases customer flexibility and satisfaction but also provides companies with a comprehensive view of the customer journey, which is essential for anticipating future needs and continually improving the experience offered.

Data

Reply has a solid track record as a partner for companies looking to maximise the value of their investments in data-driven technological solutions such as ERP, CRM, and CDP. A distinctive aspect of Reply's offering is its ability to combine data platforms , IoT, and cloud computing to create intelligent and scalable ecosystems. In key sectors such as automotive and manufacturing, where real -time data management is essential to ensure safety and efficiency, Reply proposes solutions capable of processing larg e volumes of data immediately and reliably. By integrating artificial intelligence into data management processes, it is now possible to extract new business value through significant improvements in data quality. AI -powered systems handle data cleansing, harmonisation, and management automation, significantly reducing manual intervention. The rapid growth of the synthetic data offering adds further value, enabling advanced simulations while preserving the privacy of original data, which is particularly imp ortant in regulated areas such as finance, pharmaceuticals, and healthcare. Furthermore, with AI, Reply teams are assisting client companies in leveraging traditionally overlooked or unstructured data sources, such as documents, audio, and video, opening n ew opportunities for growth and operational improvement. Reply's approach to data management integrates heterogeneous sources while respecting data privacy and compliance, allowing for the definition of new services and business models in both B2B and B2C contexts. The adoption of AI for automated data governance is another area of market interest. Through intelligent systems, companies can monitor compliance with regulations in real time, ensuring that regulatory changes are implemented promptly. Additiona lly, AI helps to track the provenance and use of data throughout the value chain, a need particularly felt in financial institutions where transparency of data flows is essential for risk management and regulatory compliance .

{24}------------------------------------------------

SUMMARY REPORT OF THE THIRD QUARTER 2025 AND EXPECTED BUSINESS DEVELOPMENTS

{25}------------------------------------------------

S ummary report of the third quarter 2025 and expected business developments

The Group's consolidated turnover in the first nine months of the year reached €1,819.8 million, an increase of 9.0% compared to €1,669.6 million recorded on 30 September 2024.

The indicators for the period are positive. Consolidated EBITDA was €335.5 million, equal to 18.4% of the consolidated revenues. As of September 2024, EBITDA was €275.5 million.

EBIT, from January to September, reached €281.0 million, equal to 15.4% of the consolidated revenues. The corresponding 2024 figure was €224.2 million.

Pre-tax profit, from January to September 2025, was €286.1 million, equal to 14.7% of the revenues. As of September 2024, pre -tax profit stood at €216.0 million.

For the third quarter of the year, the Group's performance is positive, with consolidated turnover for the period of €598.5 million compared to €553.8 million of the third quarter 2024.

EBITDA, from July to September 2025, was equal to €111.8, million, with an EBIT of €92.7 million and pre -tax profit of €88.7 million.

As at 30 September 2025 the Group's net financial position was positive at €423.1 million. The net financial position as at 30 June 2025 was positive for €362.5 million.

In the first nine months of 2025 the group has been able to grow across all market segments where it operates, thanks to a distinctive ability to adapt to the increasingly pervasive evolution of artificial intelligence.

Agentic architectures are opening a new frontier for digital enterprises representing the natural evolution of today's artificial intelligence models. It's no longer talking only about algorithms that analyse data or generate outputs, but about systems with capabilities of interaction, collaboration, and decisions making, integrating dynamically and in a distributed way within business processes.

Today, many companies are already experimenting with agentic solutions, but only few have truly managed to scale them. It is a complex transition that requires not only technology, but also a new architectural mindset: bringing data closer to agents, enabl ing intelligent orchestration, and above all, ensuring the highest levels of security and integrity in autonomous systems. This is the turning point between experimentation and transformation.

For this reason, in the coming months, Reply will continue to invest in building truly agentic AI ecosystems: distributed architectures capable of learning from contexts, adapting in real time, and cooperating safely. The goal is to help companies bring to life organizations where artificial intelligence is not just a support, but a native component of the decision -making and operational process. This marks the beginning of a new era in software engineering, where every system becomes an increasingly active part of the enterprise.

{26}------------------------------------------------

STATEMENTS AND NOTES

{27}------------------------------------------------

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

Reply's performance is summarized in the following reclassified consolidated statements of income.

RELCASSIFIED CONSOLIDATED FINANCIAL STATEMENT

(thousand Euros)	Note	30/09/2025	%	30/09/2024	%
Revenues	4	1,819,779	100.0	1,669,563	100.0
Purchases	5	(36,369)	(2.0)	(32,978)	(2.0)
Personnel	6	(1,007,478)	(55.4)	(929,202)	(55.7)
Services and other costs	7	(457,846)	(25.2)	(432,800)	(25.9)
Other operating (costs)/income	8	17,395	1.0	872	0.1
Operating costs		(1,484,298)	(81.6)	(1,394,108)	(83.5)
Gross operating income (EBITDA)		335,481	18.4	275,456	16.5
Amortisation, depreciation and write -downs	9	(71,278)	(3.9)	(48,724)	(2.9)
Fair value adjustments to deferred consideration	10	16,843	0.9	(2,565)	(0.2)
Operating income (EBIT)		281,046	15.4	224,167	13.4
(Loss)/gain on investments	11	-	-	(10,403)	(0.6)
Financial income/(expenses)	12	(12,952)	(0.7)	2,229	0.1
Income before taxes		268,094	14.7	215,992	12.9

RECLASSIFIED CONSOLIDATED FINANCIAL STATMENT OF THE THIRD QUARTER

(thousand Euros )	Note	Q3 2025	%	Q3 2024	%
Revenues	4	598,519	100.0	553,780	100.0
Purchases	5	(7,338)	(1.2)	(11,719)	(2.1)
Personnel	6	(329,504)	(55.1)	(302,378)	(54.6)
Other services and costs	7	(149,312)	(24.9)	(144,853)	(26.2)
Other operating (costs)/income	8	(548)	(0.1)	166	-
Operating costs		(486,702)	(81.3)	(458,784)	(82.8)
Gross operating income (EBITDA)		111,817	18.7	94,996	17.2
Amortisation, depreciation and write -downs	9	(18,909)	(3.2)	(17,297)	(3.1)
Fair value adjustments to deferred consideration	10	(245)	-	(178)	-
Operating income (EBIT)		92,664	15.5	77,521	14.0
(Loss)/gain on investments	11	-	-	(7,181)	(1.3)
Financial income/(expenses)	12	(3,983)	(0.7)	(633)	(0.1)
Income before taxes		88,681	14.8	69,707	12.6

{28}------------------------------------------------

NET FINANCIAL MANAGERIAL POSITION

The Group's net financial managerial position as at 30 September 2025, analysed by due date and with comparative figures as at 30 June 2025 and at 31 December 2024 , is shown in the following statement:

(thousand Euros)	30/09/2025	30/06/2025	31/12/2024
Cash and cash equivalents, net	524,415	458,811	491,713
Current financial assets	72,628	68,954	45,767
Due to banks	(13,665)	(13,677)	(19,564)
Due to other providers of finance	(157)	(167)	(64)
Financial Liabilities IFRS 16	(35,016)	(33,308)	(35,163)
Net financial position, short term	548,205	480,613	482,689
Due to banks	(33,268)	(37,741)	(48,910)
Due to other providers of finance	(150)	(150)	-
Financial Liabilities IFRS 16	(91,653)	(80,227)	(84,695)
Net financial position M/L term	(125,071)	(118,117)	(133,60 4)
Total net financial managerial position	423,134	362,495	349,084

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NOTE 1 – ACCOUNTING PRINCIPLES

The Interim Management Report as of September 30, 2025, relating to the third quarter of the 2025 fiscal year, has been prepared as an issuer listed on the STAR segment, as required by Borsa Italiana S.p.A. in notice no. 7587 dated April 21, 2016, despite Legislative Decree no. 25 of February 15, 2016 having removed the related obligation; its content is consistent with the provisions of Article 154 -ter, paragraph 5, of Legislative Decree no. 58 of February 24, 1998.

The interim report herein has been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union. The designation "IFRS" also includes all v alid International Accounting Standards ("IAS"), as well as all interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), formerly the Standing Interpretations Committee ("SIC").

The accounting policies applied in these financial statements are consistent with those adopted in preparing the annual report.

The preparation of this report requires management to make estimates and assumptions that affect the values of costs, assets, and liabilities in the financial statements. If, in the future, such estimates and assumptions based on management's best judgment —differ from actual circumstances, they will be appropriately adjusted in the period in which those circumstances change.

It should also be noted that certain valuation processes —particularly the more complex ones, such as the determination of any impairment losses on fixed assets —are generally carried out in full only during the preparation of the annual financial statements , when all the necessary information is available, except in cases where there are indicators of impairment that require an immediate assessment of potential losses in value.

The values indicated in the accounting statements are expressed in thousands of Euros.

The Interim Management report as at 30 September 2025 was not subject to audit by Reply's Independent auditors, as allowed by existing laws.

NOTE 2 – GROUP ACTIVITIES

Reply [EXM, STAR: REY] specialises in the design and implementation of solutions based on new communication channels and digital media. Reply is a network of highly specialised companies supporting key European industrial groups operating in the telecom an d media, industry and services, banking, insurance and public administration sectors in the definition and development of business models enabled for the new paradigms of AI, cloud computing, digital media and the Internet of Things. Reply services include Consulting, System Integration and Digital Services.

{30}------------------------------------------------

NOTE 3 - CONSOLIDATION

Companies included in consolidation are consolidated on a line -by-line basis.

The main change in the scope of consolidation compared to 30 September 2024 is related to:

• Solirius Ltd., a company acquired in the month of October 2024 under UK law, leader in digital transformation with a strong focus on software development, agile delivery, artificial intelligence and data management, of which Reply Ltd. holds 100% of the share capital ;
• Root16 LLC , a company acquired in the month of August 2025 under American law, specialized in technology consulting services for professional services using Microsoft Dynamics, focusing on the mid-market segment, of which Reply Inc. holds 100% of the share capital ;
• Red Scientific Reply Limited, a company acquired in the month of August 2025 under English law, in the Defence and Public Administration sector in UK, carrying out engineering consulting activities in technical and scientific fields, of which Reply Ltd. Holds 100% of the share capital.

Change in the scope of consolidation at September 30, 2025, affected marginally Group's revenues and profits before tax.

Furthermore, the list of the Reply Group companies, presented as an annex herein, compared to 30 September 2024 includes the start -up companies Avantage Reply S.r.l., Canvas Reply Ltd, Comwrap Reply LLC, Concept Quality Reply Ltd, efinance consulting Reply GmbH, Reply AI Studios S.r.l., Storm Reply Ltd, Valorem Reply Ltd and Whitehall Reply GmbH.

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NOTE 4 - REVENUES

Revenues from sales and services, including change in work in progress, amounted to 1,819,779thousand Euros (1,669,563 thousand Euros in the previous period of 2024) with an increase of 9.0%.

This item includes revenues generated from consulting activities, turn -key projects and assistance and maintenance services and other minor amounts.

Starting from the third quarter of 2025, for management analysis purposes only, the Group has reclassified, under operating revenues, public grants related to funded projects (IPCEI and other minor ones) amounting to 21.1 million Euros as of September 30, 2025, which had previously been recorded —in accordance with IAS 20 as a reduction in labour costs.

This reclassification, which is neutral for IFRS purposes and has no impact on EBITDA, allows for a more consistent representation of the overall volume of industrial and research activities carried out internally, highlighting the contribution of funded p rojects to the Group's operating performance.

The following table shows the percentage breakdown of revenues by geographic area:

Region (*)	30/09/2025	30/09/2024
Region 1	62.0%	62.3%
Region 2	18.7%	20.2%
Region 3	19.3%	17.5%
IoT Incubator	0.0%	0.0%
Total	100.0%	100.0%

(*)

Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing) Region 2: DEU, CHE, CHN (Bejing), HRV, POL

Region 3: GBR, LUX, BEL, NLD, FRA

The following table shows the percentage breakdown of revenues by business line s:

Business line s	30/09/2025	30/09/2024
Technologies	60.3%	60.8%
Applications	29.8%	27.3%
Processes	9.9%	11.9%
Total	100.0%	100.0%

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NOTE 5 - PURCHASES

Detail is as follows:

Q3 2025	Q3 2024	(thousand Euros)	30/09/2025	30 /09/2024	Change
4,334	7,456	Software licenses for resale	27,489	24,052	3,437
1,303	2,113	Hardware for resale	3,481	2,963	518
1,701	2,150	Other	5,399	5,963	(564)
7,338	11,719	Total	36,369	32,978	3,391

The items Software licenses for resale and Hardware licenses for resale include change in inventory of software and hardware products for resale.

The item Other includes the purchase of fuel amounting to 3,400 thousand Euros, the purchase of tangible assets amounting to 894 thousand Euros and the purchase of office stationery amounting to 310 thousand Euros.

NOTE 6 - PERSONNEL

Increase in personnel expenses amounting to 78,276 thousand Euros owes to the overall increase of the Group's business and to the increase of the number of employees.

Detail of personnel by category is provided below:

(number)	30/09/2025	30/09/2024	Change
Directors	489	460	29
Managers	1,780	1,755	25
Staff	14,133	13,138	995
Total	16,402	15,353	1,049

Change in consolidation brought an increase of 205 employees.

{33}------------------------------------------------

NOTE 7 – SERVICES AND OTHER COSTS

Services and other costs amounting to 457,846 thousand Euros (432,800 thousand Euros in the previous period of 2024) comprised the following:

Q3 2025	Q3 2024	(thousand Euros )	30/09/2025	30/09/2024	Change
100,854	102,292	Consulting and commercial	314,894	298 ,984	15,910
13,250	8,756	Travelling and professionaltraining expenses	35,360	32,907	2,453
23,888	23,537	Other services	76,615	66 ,858	9,757
5,819	4,248	Office charges	15,052	13,399	1,65 2
2,094	1,941	Rental and leasing	5,853	5,860	(7)
3,409	4,077	Other	10,072	14,791	(4,719)
149,312	144,853	Total	457 ,846	432 ,800	25 ,046

C hange in Services and other costs, amounting to 25,046 thousand Euros, is attributable to an overall increase in the Group's business.

The item Other services mainly includes marketing services, administrative and legal services, telephone and canteen expenses.

Office expenses include services provided by related parties under service agreements for the use of premises, domiciliation, and secretarial services amounting to 3,754 thousand Euros, as well as lease expenses charged by third parties amounting to 2,751 thousand Euros. They also include utility costs of 4,759 thousand Euros, cleaning services for premises amounting to 2,018 thousand Euros, and various maintenance expenses totalling 1,813 thousand Euros.

The item Other includes deductible and non -deductible taxes and duties amounting to 2,394 thousand Euros, subscriptions and membership fees amounting to 2,269 thousand Euros, extraordinary expenses amounting to 795 thousand Euros and hospitality expenses in the amount of 791 thousand Euros.

NOTE 8 - OTHER OPERATING (COSTS)/INCOME

The item Other operating costs/income includes economic components that, although related to the ordinary course of business, do not directly fall under the main categories of cost and revenue, such as provisions for risk and charges and to the fair value adjustments to earn -out liabilities.

As of 30 September , the breakdown by nature of the risk is as follows:

• Reversal of the Provision for Professional Liability in the amount of 23,700 thousand Euros;
• Reversal of the Allowance for Doubtful Accounts in the amount of 928 thousand Euros;
• Provision to the Adjustment Reserve for Asset Items in the amount of 6,219 thousand Euros;

{34}------------------------------------------------

• Provision to Other Funds in the amount of 1,015 thousand Euros.

It is reported that during the first nine months of 2025, the dispute regarding a professional liability lawsuit was resolved. The total expenditure incurred for settling the dispute was 15 million Euros. This amount was fully covered by the professional liability insurance policy, despite an initial de nial of the claim by the insurance company (net of the contractual deductible of 0.3 million Euros). Due to this uncertainty, as of December 31, 2024, a risk provision equivalent to the entire estimated poten tial liability, amounting to 24 million Euros, had been allocated. Following the positive resolution of the dispute and the recognition of insurance coverage, it was possible to fully release the risk provision that had originally been posted.

NOTE 9 - AMORTIZATION, DEPRECIATION AND WRITE -DOWNS

Depreciation of tangible assets, amounting to 11,448 thousand Euros 30 September 2025 has been determined on a straight -line basis at economic -technical rates that reflect the useful lives of the asset.

Amortization of intangible assets at 30 September 2025 amounted to 11,504 thousand Euros and is mainly related to:

• development charges capitalized according to IAS 38;
• amortization of other intangible assets arising from the allocation of the purchase price subsequent to several Business combinations;
• software licenses used internally by the Group.

Amortization related to R ight of Use assets arising from the adoption of IFRS 16 amounted to 26,754 thousand Euros.

The item also includes the write off of goodwill for 19,000 thousand Euros following interim impairment testing .

NOTE 10 - FAIR VALUE ADJUSTMENTS TO DEFERRED CONSIDERATION

This item refers to the effects arising from the remeasurement of the fair value of earn -out liabilities related to the acquisition of equity investments in subsidiaries (business combinations), which as of September 30, 2025, resulted in a net positive ad justment of 16,843 thousand euros (compared to a negative adjustment of 2,565 thousand euros as of September 30, 2024).

{35}------------------------------------------------

NOTE 11 – (LOSS)/GAIN ON INVESTMENTS

During 2025, the valuation of start -up investments made by the investment company Breed Investments Ltd. showed no changes in fair value compared to the negative 10,403 thousand Euros recorded as of September 30, 2024.

NOTE 12 – FINANCIAL INCOME/(EXPENSES)

Detail is as follows:

Q3 2025	Q3 2024	(thousand Euros)	30/09/2025	30/09/2024	Change
2,215	2,887	Financial income	8,937	9,445	(508)
(561)	(1,260)	Financial losses	(2,827)	(4,174)	1,347
(5,636)	(2,259 )	Other	(19,061)	(3,042)	(16,019)
(3,983)	(633)	Total	(12,951)	2,229	(15,180)

Financial income mainly includes interest on bank accounts amounting to 7,300 thousand Euros, interest on financial investments amounting to 921 thousand Euros and interest on convertible loans amounting to 54 thousand Euros.

Interest expenses mainly include the interest costs related to the use of the credit lines for M&A operations.

The item Other mainly includes:

• Interest expenses arising from the application of IFRS 16 amounting to 3,413 thousand Euros (2,884 thousand Euros as of September 30, 2024);
• Net foreign exchange differences resulting from the translation of balance sheet items denominated in currencies other than the euro, amounting to a negative 12,813 thousand Euros (negative 930 thousand Euros as of September 30, 2024);
• Fair value adjustments of financial liabilities pursuant to IFRS 9, amounting to a negative 1,793 thousand Euros (negative 145 thousand Euros as of September 30, 2024);
• Net financial losses arising from the fair value measurement of bonds held in the portfolio, mainly by Reply S.p.A., amounting to 709 thousand Euros (net financial gains of 914 thousand Euros as of September 30, 2024).

{36}------------------------------------------------

NOTE 13 – NET FINANCIAL POSITION

The net financial position as at 30 September 2025 was positive for 423,134 thousand Euros (349,084 thousand Euros at 31 December 2024 ).

Due to banks, amounting to 46,933 thousand Euros, is referred mainly to credit lines for M&A operations and to a mortgage loan.

NOTE 14 – EVENTS SUBSEQUENT TO 30 SEPTEMBER 2025

No significant events have occurred subsequent to 30 September 2025.

NOTE 15 – OTHER INFORMATION

The following is to be noted:

• there were no transactions with related parties, including intergroup transactions, which qualified as unusual or atypical. Any related party transactions formed part of the normal business activities of companies in the Group. Such transactions are conclu ded at standard market terms for the nature of goods and/or services offered, these transactions took place in accordance with the internal procedures containing the rules aimed at ensuring transparency and fairness, under Consob Regulation 17221/2010.
• pursuant to art. 150, 1 of the Italian Legislative Decree n. 58 of 24 February 1998, no transactions have been carried out by the members of the Board of Directors that might be in potential conflict of interests with the Company.

For the Board of Directors

/s/ Mario Rizzante

Chairman

Mario Rizzante

{37}------------------------------------------------

DECLARATION OF THE DIRECTOR

{38}------------------------------------------------

DECLARATION PURSUANT TO ARTICLE 154 -BIS, PARAGRAPH 2 OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998, "SINGLE TEXT IN MATTER OF REGULATION OF FINANCIAL INTERMEDIATION" AND SUBSEQUENT CHANGES

The director responsible for preparing the Company's financial reports, Dott. Giuseppe Veneziano, declares, pursuant to paragraph 2 of Article 154 -bis of the Consolidated Law on Finance, that the accounting information contained in this interim management report at 30 September 2025 corresponds to the results documented in the books, accounting and other records of the company.

Turin, 13 November 2025

/s/ Giuseppe Veneziano

(Director responsible of drafting financial statements)

Giuseppe Veneziano

{39}------------------------------------------------

ANNEXED TABLES

{40}------------------------------------------------

LIST OF GROUP COMPANIES AT 30 SEPTEMBER 2025

Company name	Headquarters	Group interest
Parent company
Reply S.p.A.	Turin – Corso Francia, 110 - Italy
Companies consolidated ona line-by-line basis:
4brands Reply GmbH & CO. KG.	Minden, Germany	51.00%
Air Reply S.r.l.	Turin, Italy	100.00%
Airwalk Consulting Ltd.	Edinburgh, Scotland	100.00%
Alpha Reply GmbH	Guetersloh, Germany	100.00%
Aim Reply Ltd	London, United Kingdom	100.00%
Arlanis Reply S.r.l.	Turin, Italy	100.00%
Arlanis Reply GMBH	Potsdam, Germany	100.00%
Arlanis Reply Ltd	London, United Kingdom	100.00%
Aktive Reply S.r.l.	Turin, Italy	100.00%
Atlas Reply S.r.l.	Turin, Italy	100.00%
Autonomous Reply GmbH	Guetersloh, Germany	100.00%
Auxulus Reply GmbH	Munich, Germany	100.00%
Avantage Reply Ltd.	London, United Kingdom	100.00%
Avantage Reply S.r.l.	Turin, Italy	100.00%
Avantage Reply (Belgium) S.r.l	Brussels, Belgium	100.00%
Avantage Reply (Luxembourg) Sarl	Itzig, Luxembourg	100.00%
Avvio Reply Ltd.	London, United Kingdom	100.00%
Blue Reply S.r.l.	Turin, Italy	100.00%
Blue Reply GmbH	Guetersloh, Germany	100.00%
Bridge Reply S.r.l.	Turin, Italy	100.00%
Business Elements Reply Sa	Leudelange, Luxembourg	100.00%
Business Elements Reply Sa	Brussels, Belgium	100.00%
Business Reply S.r.l.	Turin, Italy	100.00%
Business Reply Public Sector S.r.l.	Turin, Italy	100.00%
Breed Reply Investment Ltd	London, United Kingdom	100.00%
Canvas Reply GmbH	Hamburg, Germany	100.00%
Canvas Reply Ltd.	London, United Kingdom	100.00%
Cluster Reply S.r.l.	Turin, Italy	100.00%
Cluster Reply GmbH	Munich, Germany	100.00%
Cluster Reply Dynamics GmbH	Guetersloh, Germany	100.00%
Cluster Reply Informatica LTDA.	San Paolo, Brazil	100.00%
Cluster Reply Roma S.r.l.	Turin, Italy	100.00%
Comwrap Reply GmbH	Frankfurt, Germany	100.00%
Comwrap Reply LLC	Atlanta, USA	100.00%
ComSysto D.O.O.	Zagreb, Croatia	100.00%

{41}------------------------------------------------

ComSysto Reply GmbH	Munich, Germany	100.00%
Concept Reply GmbH	Munich, Germany	100.00%
Concept Reply LLC	Michigan, USA	100.00%
Concept Quality Reply Ltd.	London, United Kingdom	100.00%
Consorzio Reply Public Sector	Turin, Italy	100.00%
Core Reply S.r.l.	Turin, Italy	100.00%
Cortex Reply Ltd	London, United Kingdom	100.00%
Data Reply S.r.l.	Turin, Italy	100.00%
Data Reply GmbH	Munich, Germany	100.00%
Discovery Reply S.r.l.	Turin, Italy	100.00%
e*finance consulting Reply S.r.l.	Turin, Italy	100.00%
efinance consulting Reply GmbH	Guetersloh, Germany	100.00%
Elbkind Reply GmbH	Hamburg, Germany	100.00%
Eos Reply S.r.l.	Turin, Italy	100.00%
Everlo Reply GmbH	Guetersloh, Germany	100.00%
Fincon Reply GmbH	Hamburg, Germany	100.00%
Forge Reply S.r.l.	Turin, Italy	100.00%
Frank Reply GmbH	Guetersloh, Germany	100.00%
Go Reply S.r.l.	Turin, Italy	100.00%
Go Reply GmbH	Guetersloh, Germany	100.00%
Gray Matter Reply Ltd	London, United Kingdom	100.00%
Hermes Reply S.r.l.	Turin, Italy	100.00%
Hermes Reply Consulting (Nanjing) Co. Ltd.	Nanjing, China	100.00%
Industrie Reply LLC	Michigan, USA	100.00%
Infinity Reply GmbH	Düsseldorf, Germany	100.00%
IrisCube Reply S.r.l.	Turin, Italy	100.00%
Ki Reply GmbH	Guetersloh, Germany	100.00%
Laife Reply GmbH	Munich, Germany	100.00%
Leadvise Reply GmbH	Darmstadt, Germany	100.00%
Like Reply S.r.l.	Turin, Italy	100.00%
Like Reply GmbH	Guetersloh, Germany	100.00%
Liquid Reply GmbH	Guetersloh, Germany	100.00%
Live Reply GmbH	Düsseldorf, Germany	100.00%
Logistics Reply S.r.l.	Turin, Italy	100.00%
Logistics Reply GmbH	Munich, Germany	100.00%
Logistics Reply Roma S.r.l.	Turin, Italy	100.00%
Lynx Recruiting Ltd	London, United Kingdom	100.00%
Machine Learning GmbH	Guetersloh, Germany	100.00%
Macros Reply GmbH	Munich, Germany	100.00%
Mansion House Reply Ltd	London, United Kingdom	100.00%
Mansion House Consulting Inc in liquidation.	Wilmington, USA	100.00%
Neo Reply GmbH	Guetersloh, Germany	100.00%
Net Reply LLC	Michigan, USA	100.00%

{42}------------------------------------------------

Net Reply S.r.l.	Turin, Italy	100.00%
Nexi Digital S.r.l.	Turin, Italy	51.00%
Nexi Digital Polska Sp. z o.o.	Warsaw, Poland	51.00%
Next Reply GmbH	Guetersloh, Germany	100.00%
Open Reply GmbH	Guetersloh, Germany	100.00%
Open Reply S.r.l.	Turin, Italy	100.00%
Pay Reply S.r.l	Turin, Italy	100.00%
Portaltech Reply Ltd.	London, United Kingdom	100.00%
Power Reply S.r.l.	Turin, Italy	100.00%
Power Reply GmbH	Munich, Germany	100.00%
Protocube Reply S.r.l.	Turin, Italy	100.00%
Red Reply GmbH	Frankfurt, Germany	100.00%
Red Scientific Reply Ltd	London, United Kingdom	100.00%
Reply AI Studios S.r.l.	Turin, Italy	100.00%
Reply Consulting S.r.l.	Turin, Italy	100.00%
Reply Deutschland SE	Guetersloh, Germany	100.00%
Reply GmbH	Zurich, Swiss	100.00%
Reply do Brasil Sistemas de Informatica Ltda	Belo Horizonte, Brazil	100.00%
Reply Inc.	Michigan, USA	100.00%
Reply Ltd.	London, United Kingdom	100.00%
Reply Belgium SA	Brussels, Belgium	100.00%
Reply Croatia d.o.o.	Croatia	100.00%
Reply Digital Experience S.r.l.	Turin, Italy	100.00%
Reply France SAS	Paris, France	100.00%
Reply Sarl	Sandweiler, Luxembourg	100.00%
Reply Services S.r.l.	Turin, Italy	100.00%
Reply Polska Sp. z o.o.	Katowice, Poland	100.00%
Retail Reply S.r.l.	Turin, Italy	100.00%
Ringmaster S.r.l.	Turin, Italy	50.00%
Riverland Reply GmbH	Munich, Germany	100.00%
Roboverse Reply GmbH	Guetersloh, Germany	100.00%
Root16 LLC	Chicago, USA	100,00%
Sagepath Reply LLC	Atlanta, USA	100.00%
Santer Reply S.r.l.	Turin, Italy	100.00%
Security Reply S.r.l.	Turin, Italy	100.00%
Sense Reply S.r.l.	Turin, Italy	100.00%
Sensor Reply S.r.l.	Turin, Italy	100.00%
Shield Reply S.r.l.	Turin, Italy	100.00%
Shield Reply Ltd	London, United Kingdom	100.00%
Solidsoft Reply Ltd.	London, United Kingdom	100.00%
Solirius Reply Ltd	London, United Kingdom	100.00%
Spark Reply S.r.l.	Turin, Italy	100.00%
Spark Reply GmbH	Munich, Germany	100.00%

{43}------------------------------------------------

Spike Reply Ltd	London, United Kingdom	100.00%
Spike Reply Gmbh	Cologne, Germany	100.00%
Spike Digital Reply GmbH	Guetersloh, Germany	100.00%
Sprint Reply SA	Brussel, Belgium	100.00%
Sprint Reply S.r.l.	Turin, Italy	100.00%
Sprint Reply Ltd	London, United Kingdom	100.00%
Sprint Reply GmbH	Munich, Germany	100.00%
Storm Reply S.r.l.	Turin, Italy	100.00%
Storm Reply Roma S.r.l.	Turin, Italy	100.00%
Storm Reply GmbH	Guetersloh, Germany	100.00%
Storm Reply Inc	USA	97.00%
Storm Reply Ltd.	London, United Kingdom	100.00%
Syskoplan Reply S.r.l.	Turin, Italy	100.00%
Syskoplan Reply GmbH	Guetersloh, Germany	100.00%
Syskoplan Cx Reply S.r.l	Turin, Italy	100.00%
Syskoplan Reply LLC	Philadelphia, USA	100.00%
Syskoplan IE Reply GmbH	Guetersloh, Germany	100.00%
Sytel Reply Roma S.r.l.	Turin, Italy	100.00%
Sytel Reply S.r.l.	Turin, Italy	100.00%
Target Reply S.r.l.	Turin, Italy	100.00%
Target Reply GmbH	Guetersloh, Germany	100.00%
TamTamy Reply S.r.l.	Turin, Italy	100.00%
Technology Reply S.r.l.	Turin, Italy	100.00%
Technology Reply Roma S.r.l.	Turin, Italy	100.00%
Technology Reply S.r.l.	Bucharest, Romania	100.00%
Tender Reply S.r.l.	Turin, Italy	100.00%
TD Reply GmbH	Berlin, Germany	100.00%
TD Marketing Consultants, Beijing Co. Ltd	Bejing, China	100.00%
Threepipe Reply Ltd.	London, United Kingdom	100.00%
The Spur Group LLC	Seattle, USA	100.00%
Tool Reply GmbH	Guetersloh, Germany	100.00%
Triplesense Reply GmbH	Frankfurt, Germany	100.00%
Up Reply GmbH	Munich, Germany	100.00%
Valorem LLC	Kansas City, USA	100.00%
Valorem Private Ltd	Kochi, India	99.99%
Valorem GmbH	Zurich, Swiss	100.00%
Valorem Reply Ltd.	London, United Kingdom	100.00%
Vanilla Reply GmbH	Guetersloh, Germany	100.00%
Wemanity Group SAS	Paris, France	100.00%
WM Reply S.r.l.	Turin, Italy	80.00%
WM Reply Inc	Illinois, USA	100.00%
WM Reply Ltd	London, United Kingdom	100.00%
WM Reply GmbH	Guetersloh, Germany	100.00%

{44}------------------------------------------------

Whitehall Reply GmbH	Guetersloh, Germany	100.00%
Whitehall Reply S.r.l.	Turin, Italy	100.00%
Whitehall AI Reply S.r.l.	Turin, Italy	100.00%
Xenia Reply S.r.l.	Turin, Italy	100.00%
Xister Reply S.r.l.	Turin, Italy	100.00%

Companies carried at fair value

CageEye AS	Norway	1.06 %
Dcbrain SAS	France	5.80%
FoodMarble Digestive Health Ltd	Ireland	17.47%
iNova Design Ltd	United Kingdom	27.21%
Iotic Labs Ltd	United Kingdom	4.13%
Kokoon Technology Ltd	United Kingdom	25.70%
Metron Sas	France	4.78%
RazorSecure Ltd	United Kingdom	30.73%
Sensoria Inc.	United States	21.37%
TAG Sensors AS	Singapore	25.71%
Ubirch GmbH	Germany	18.51%
Yellow Line Parking Ltd	United Kingdom	8.97%
Zeetta Networks Ltd	United Kingdom	24.00%

{45}------------------------------------------------

CORPORATE INFORMATION

HEADQUARTERS

Reply S.p.A. Corso Francia, 110 10143 TURIN – ITALY Tel. +39 -011-7711594 Fax +39 -011-7495416 www.reply.com

CORPORATE DATA

Share capital: Euro 4,863,485.64 i.v. Fiscal code and Company register of Turin no. 97579210010 VAT no. 08013390011 REA of Turin 938289

MARKETING AND COMMUNICATION

E-mail: marketing@reply.com Tel. +39 -011-7711594

Fax +39 -011-7495416

INVESTOR RELATIONS

E-mail: investor@reply.com

Tel. +39 -02 -535761 Fax +39 -02 -53576444

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