Sesa — Investor Presentation 2026

Mar 12, 2026

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Sesa

9 months 2026 Group's results

March 12, 2026

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Alessandro Fabbroni
Group's Chief Executive Officer

Caterina Gori
Head of IR, Corporate Finance M&A

Jacopo Laschetti
Stakeholder and Sustainability Manager

Agenda

• Group's Business Model and Strategy
• Group's Financial Results 9M 2026 and Outlook FY26
• Annexes Financial Statements

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Sesa Group Overview

Leading Digital Integrator for Enterprises and Organizations

• Leading player for the digital integration (Technology, Digital Platforms and Vertical Applications) of corporates and organizations, with consolidated revenues of Eu 3,357 million (+4.6% Y/Y) and 6,532 people as of 30 April 2025¹
• Operations mainly focused in Italy (headquarters in Empoli – Florence, with main offices in Northern Italy) with a presence in several foreign countries such as Spain, Germany, France, Switzerland, Austria and Romania with a customer base of 40,000 clients, including 4,000 abroad

Innovation and Sustainable Growth for the benefit of all Stakeholders

• Successful business model oriented to emerging digital trends as Artificial Intelligence and Automation, Data Science, Cloud Computing, Cyber Security, Digital Platforms and Vertical Applications
• Continuous long-term growth (CAGR 2012-2025: Revenues +11.5%, Ebitda +14.5%, HR +16.8%, Group EAT Adjusted +14.3%), with increasing value-added for clients (Group Ebitda margin improving from 4.8% in FY 2019 to 7.2% in FY 2025) thanks to the development of higher-margin sectors as SSI, Business Services and Green VAS
• Industrial Plan 2026-27 targets organic growth and increased cash flow generation, with expected growth of 5.0%/+7.5% in Revenues and 5.0%/+10.0% in EBITDA for FY26, thanks to positive contributions from all the Group's sectors

Purpose, Mission and Strategy

• Purpose: Create long-term, sustainable value for all stakeholders promoting innovation, including digital innovation, within businesses and organizations, as well as the well-being of people
• Mission: Enable sustainable growth, innovation, including digital innovation, and the ability of the Group's companies to compete on the digital market
• Strategy: Develop a data-driven, people-inspired, and market-oriented enablement platform for growth and value creation for businesses and organizations

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(1) FY 2025 includes the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half-year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2 mn, and Group EAT Adjusted of Eu 2.1 mn

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Group Industrial Plan FY 2026-2027 Strategic Targets¹

Market overview Key Technology Domains

• Italian digital market reached Eu 81.6 bn in 2024 (+3.7%), outperforming GDP growth (+0.7%), with expected growth to Eu 93 bn by 2028 with a 3.3% average annual growth rate in the period 2025-28E driven by following main drivers
• AI & Automation: the fastest-growing segment with low current enterprise adoption (8.2% in 2024): +38.7% in 2025E to over Eu 900 mn (+28% CAGR 2025-28E)
• Cloud Computing: adopted by 68% of SMEs with a +25.2% growth in 2025E and about 20% annual growth rate in 2025-28E
• Cybersecurity: strategic pillar, +13.1% Y/Y growth in 2025E and around 10% annual growth rate in 2025-28E
• Big Data & Analytics: +8.7% growth in 2025E and around 10% annual growth rate in 2025-2028E

Group Business Transformation Journey

• Group evolution from a technology to a digital integrator, combining technology, digital platform and vertical applications, to enable the digital transformation of companies and organizations
• Focus on core businesses: Software & System Integration, Business Services, ICT and Green VAS
• Organization streamlining with significant reduction of legal entities and process re-engineering, with development of digital platforms and adoption of digital enablers to support the evolution of business and operations

AI and Digital platform

• Progressive adoption of Automation, Digital Platforms and AI as a paradigm shift in transformation
• Development of internal competence centers dedicated to Digital Platforms, AI and Automation to improve operations, strengthen market positioning as strategic driver to support clients' digital evolution and improve operative efficiency

Implementation of the 2026–2027 Industrial Plan

• Group targets: mid to high single digit organic growth in revenues (+5/+7.5%) and profitability (+5%/+10%)
• Annual investments of approximately Eu 90 million mainly targeting digital enablers adoption and people evolution
• Pay-out ratio improved to 40% starting from the Fiscal Year 2026 (Dividend distribution of Eu 15 mn and Eu 25 mn buy-back plan)

5es

(1) Main strategic targets of the new industrial plan 2026-2027 approved by Sesa BoD on July 17, 2025; Italian digital market trend according to "Il Digitale in Italia 2025": source Assintec/Assinform June 2025

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Sesa Group Strategic Path

IBM services, infrastructure & software

Partnership with IBM to support the technological evolution of customers, expanding the offering to include IBM infrastructure and software

Var Group Foundation System integrator and software solutions for SMEs and Enterprise with progressive focus on business integration and consulting

Establishment of Sesa Foundation

Social, cultural and educational initiatives supporting community development and employee well-being

Growth acceleration through M&A

Strong acceleration in revenues and profitability driven by strategic M&A across SSI, VAS and Business Services, strengthening market and position

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2026-27

Sesa Foundation

Sesa began its activity in 1973, providing IT services to companies operating in the industrial districts of Tuscany region

Computer Gross Foundation

Distribution of value-added ICT solutions of leading International Vendors for the business segment

IPO

Listing on Italian Stock exchange. Sesa is currently included in the FTSE Italia Mid Cap and FTSE Italia STAR indices of EuroNext Milan

Base Digitale Group Foundation

Digital platforms, software solutions and digital innovation for the financial services industry

New Industrial Plan 2026-2027

Focused on core business and organic growth as a Digital Integrator, leveraging digital enablers and skills development

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Business Model and Organization

• Leading Digital Integrator (Digital Technology, Digital Platform and Vertical Applications), with focus on key digital enablers as AI and Automation, Cloud, Cyber Security and Digital Platforms; the Group operates through Vertical Business Units, Enterprise Platforms and Competence Centers
• Eu 3.36 Bn consolidated revenues in FY 2025¹ (+4.6% Y/Y) and 6,532 people. Outstanding growth since the 2013 IPO: revenues CAGR (+13.6% 2020-25, +11.5% 2012-2025), Ebitda CAGR (+20.6% 2020-25, +14.5% 2012-2025) and Group EAT adjusted CAGR (+18.4% 2020-25, +14.3% 2012-2025)
• Industrial Plan 2026-27 targets for the FY 2026 organic growth of 5.0%-7.5% in Revenues and 5.0%-10.0% in EBITDA, supported by the positive contributions of all Group's sectors

Sesa

(1) FY 2025 includes the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half-year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2m, and Group EAT Adjusted of Eu 2.1 mn

(2) The Digital Ecosystem figures are included and reported within the Corporate Sector in the view by Sector presented later in the presentation

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Management Team committed in the long-term to the Group

Key people equity and long-term commitment

Sesa Group equity partners' focus on long-term development growth:

• Chairman and Sesa Founder in 1973 Paolo Castellacci, Vice-Chairman and Sesa partner since 1978 Giovanni Moriani;
• Group's CEO and partner since 2008, Alessandro Fabbroni;
• SSI Sector Managing Partner since 2014, Francesca Moriani;
• BS Sector Managing Partner since 2020, Leonardo Bassilichi;
• VAS Sector Managing Partner since 2014, Duccio Castellacci.

Sesa Group key people jointly own the majority stake of the holding company ITH S.p.A., majority shareholder of Sesa with 56.55% stake, with stable ownership since the IPO in 2013. T.I.P. owns a 23.84% stake of ITH since 2019, as long-term partner.

Sesa share capital

(1) ITH's stake increased from 54.1% to 56.55% as a result of the cancellation of 157,522 treasury shares on December 18, 2025, as well as the purchase of additional Sesa shares.

(2) The CAGR has been calculated based on the FY26E average of the guidance ranges

Group Long-term track record achievements

REVENUES FY12	Eu 812.0 mn	Group EAT Adj FY12	Eu 16.8 mn
REVENUES FY26E	Eu 3,525-3,610 mn	Group EAT Adj FY26E	Eu 105-108 mn
EBITDA FY12	Eu 41.3 mn	EBITDA margin FY12	5.1%
EBITDA FY26E	Eu 253-265 mn	EBITDA margin FY26E	7.2%-7.3%

Revenues

Ebitda

Sesa

On February 4, 2026, ITH announced a capital increase, resulting in TIP's stake in ITH rising from 21.5% to 23.8% and Marco and Leonardo Bassilichi's combined shareholding in ITH reached approximately 4% following a 0.42% conversion of Sesa's share capital.

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People and Talent Management Programs

Revenues CAGR 2012-2026E² +11.2%

Headcount CAGR 2012-2026E² +15.9%

6,749 people as of January 2026 (+6.0% Y/Y, +3.3% vs April 30, 2025), with around 4% increase in FY 2026E

People and Talent Management Programs

• Core to our development is our ability to attract, include, retain and inspire our talented people
• Thanks to the development of our internal hiring programs and our capability to integrate bolt-on M&As we boosted the Groups ability to attract people with different backgrounds, perspectives and competencies, with new 3,000 skilled human resources over last 4Y period
• Extensive welfare and inclusion programs to improve well-being, work-life balance and sense of belonging of our people
• Training programs on Technical, Soft Skills, Compliance and Inclusion improved to about 118,000 training hours in FY25 (+20% Y/Y)
• ~25% people below 30 y/o (about 1,500 young talented people with dedicated hiring and education programs in every Group's sector)

Geographical coverage

~6,500 employees of which ~600 abroad

DACH Area ~ 160

France and Spain ~ 240

Central Est Europe ~ 130

Outside Europe ~ 70

sesa

(1) FY 2025 results include the pro-forma financials of Greensun for 1H 25 and actual results for 2H 25, following the inclusion in the perimeter of consolidation starting from 3Q 25

(2) The CAGR has been calculated based on the FY26E average of the minimum and maximum values within the guidance ranges

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Sustainability as a strategic driver and core part of Corporate Vision

Purpose to create long-term, sustainable value for all stakeholders promoting innovation, including digital innovation, within businesses and organizations, as well as the well-being of people

ESG as a strategic driver and core part of Sesa Corporate Vision

| Sustainability Governance | • Sustainable growth in corporate bylaws as strategic target of Sesa BoD (since Jan 2021)
• Sesa Group certifications: SA 8000 (Social Accountability Int. Std); UNI Pdr 125/2022 (Gender Equality); Environmental certification ISO 14001; UN Global Compact membership
• ESG Rating: Ecovadis CSR rating: Platinum medal; MSCI ESG rating: BBB; CDP rating: B
• ESG Targets disclosed in Group Integrated Annual Report | |
| --- | --- | --- |
| Environmental Sustainability | • Carbon Neutrality program in line with EU Agenda
• Environmental performance in FY 2025:
- Electricity consumption per capita 2,022 kWh (5% reduction Y/Y)
- Waste per capita 0.0043 t (78% reduction Y/Y)
- Green electricity program adoption (95% of total supplies FY 2025)
• Lines of business dedicated to sustainability and digital green (technology and consulting) | |
| Human Resources and Welfare | • Continuous enforcement of welfare programs for well-being of co-workers:
- Benefits for employees' children (nursery, scholarships, study vacations and digital vouchers)
- Sustainable mobility programs
- Work-life balance and well-being programs
- Education programs
- Diversity & Inclusion programs
• Inclusion of ESG targets in the MBO of the Group key people | |
| Social and economic development | • Value generation in a responsible way for social communities and all stakeholders
• Improving quality life of people, organizations and environment through digital transformation
• Sesa Foundation: no-profit organization committed to charity, welfare and social community programs
• Stakeholder Relations Team dedicated to stakeholder engagement | |

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SUSTAINABLE DEVELOPMENT GOALS

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Evolution from bolt-on M&A expansion to organic growth

• Between FY 2015 and FY 2025, Sesa completed around 80 M&A transactions, adding ~3,120 HCs and Eu 830 mn of annual revenues at the time of acquisition. Over the past five years, M&A activity has contributed on average 33% per year to the Group's overall growth
• Starting from FY 2026, with the new 2026–27 Industrial Plan, the Group’s strategic focus will shift from M&A-driven expansion to organic growth

Group sectors	Key Metrics	FY 2015 - 2017¹	FY 2018 - 2019²	FY 2020³	FY 2021⁴	FY 2022⁵	FY 2023⁶	FY 2024⁷	FY 2025⁸	FY 2026⁹
ICT VAS	M&A	1	1	2	-	2	-	2	-	-
	Revenue	18	50	26	-	65	-	54	-	-
	HC	5	10	38	-	76	-	70	-	-
SSI	M&A	4	3	3	8	7	11	9	7	4
	Revenue	38	32	17	54	41	50	40	34	18
	HC	295	130	74	407	170	350	275	260	110
BS	M&A	New Sector from March 2020	1	4	3	5	2	2	-
	Revenue			45	16	16	29	18	22	-
	HC			289	112	139	40	120	185	-
DG VAS	M&A	New Sector from FY 2021	1	1	-	-	1	-
	Revenue				6	30	-	-	130	-
	HC				15	25	-	-	34	-
Total	M&A	5	4	6	13	13	16	13	10	4
	Revenue	56	82	88	76	152	79	112	186	18
	HC	300	140	401	534	410	390	465	479	110

• From 10 M&A in FY 2025 (mainly focused on high-margin Business Services and SSI sector, with the highest-size M&A in Green VAS sector² to create a market leader in Italy) to 4 selected M&A in FY 2026, all within SSI sector:
• Visicon GmbH, SAP consulting company in Germany (Eu 5.3 mn revenues), consolidated from 1Q 26;
• Delta Tecnologías de Información SL a Spanish Digital Identity and Data Automation company (Eu 2 mn revenues), consolidated from 1Q 26;
• 4IT SAGL a Swiss system integrator (Eu 9 mn revenues), consolidated from 3Q 26;
• Albasoft Srl, an Italian software company for financial and corporate treasury (Eu 2.2 mn revenues), consolidated from 3Q 26.
• The FY 2026 acquisitions are fully aligned with the strategy set out in the new 2026-2027 Industrial Plan, which prioritises high-value M&A to support the expansion of the Group’s presence in international markets
• The deal structure focused on the long-term commitment of key people in the target companies, with entry evaluation equals ~5x Ebitda +/- NFP

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(1) Revenues in Eu mn and Headcount of target companies at the acquisition date (last 12 months before acquisition)

(2) FY 2025 results include the pro-forma financials of Greensun for 1H 25 and actual results for 2H 25

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SSI: Partner for European Enterprises Digital Transformation

Key Financials FY25

At a Glance

Competence centers

Customer base

| Headcounts
4,243 | Revenues
Eu 880 mn |
| --- | --- |
| # Customers
10,000 | EBITDA (%)
11% |
| Revenue CAGR
2020-25
17.2% | EBITDA CAGR
2020-25
20.2% |

Leading System Integrator and Software Solutions provider with growing focus on Business Integration and Consultancy, Cloud and Data Science/Al, Cyber Security, with outstanding growth over the past five years (CAGR 2020-2025 Revenues +17.2%, Ebitda +20.2%) improving by two times revenues and market share

Vertical Strategic Business Units and competence centers focused on digital integration and business applications include Cloud Technology Services, Cyber Security, Proprietary ERP & Vertical Solutions, Enterprise International Platform, Digital Experience, Digital Workspace, Data Science/Al

Customer base of around 10,000 enterprises and mid-sized corporates, including 2,000 abroad, with growing international presence (Spain, France, Germany, Austria, Switzerland and Central Eastern Europe)

SSI Enterprise Platform

CLOUD TECHNOLOGY SERVICES

• Hybrid Cloud services (SaaS, PaaS, IaaS) and Multi Cloud
• Integration between public cloud and datacenter services
• Applications modernization

PROPRIETARY ERP & VERTICAL SOLUTIONS

• Proprietary ERP & Vertical Applications for SMEs and Enterprises
• Client main industries: Mechanics, Automotive, Pharma, Retail, Fashion

DIGITAL EXPERIENCE

• Marketing & Digital Strategy
• Omnichannel e-commerce
• Experience Technology
• Data driven Intelligence
• Design & Creative communication

CYBER SECURITY

• Leader in Cyber Security consulting
• Security Operation Center (SOC)
• Cyber Threat Intelligence
• European market presence: Italy, DACH, Spain with ~ 300 headcount

DIGITAL WORKSPACE

• Unified Communication
• Digital workspace and Collaboration
• Digitalization of workstations
• Workspace booking and management
• Digital Events

DATA SCIENCE/Al

• Applied and Generative AI, Advanced Analytics
• Data Intelligence Platform for Predictive Corporate Performance Management

ENTERPRISE INTERN. PLATFORMS

• Business Consulting and Integration
• ERP Solutions on International platforms (SAP, Microsoft, Siemens)
• Smart Industry solutions

Geographic footprint

FY25 revenue by competence centers

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Business Services: Partner for Financial Services Digital Transformation

Key Financials FY25

At a Glance

Business Services started on February 2020 and focused on Digital Platforms, Vertical Banking Applications and Security for Financial Services Industry, achieving a CAGR 2020-25 of +80% in Revenues and +118% in Ebitda. Outstanding growth expected in FY 2026-27 reaching ~ Eu 200 mn revenues by 2027E and ~ 18% Ebitda %

Financial Services and Enterprise

Dual Market Focus: Finance and Enterprise

• Financial Services (BDA): solutions for fintech, banks, insurers and digital payment players, enabling innovative financial operations.
• Enterprise (BDP): digital transformation and financial services platforms for utilities, retail, asset management, improving efficiency and process integration

Market Presence and Digital Excellence

Extensive presence with more than 900 clients, a customer-centric approach that puts client experience at the core, offering innovative and tailored solutions; over 40 proprietary platforms used by clients across all industries.

Native digital business powered by Data, AI and Automation, delivering ~ Eu 50 mn revenues and a 350 skilled team in FY25

Base Digitale Group Offering

Vertical Banking, Capital Market & Insurance: Specific solutions for the banking, financial, and insurance sectors representing the largest segment of the offering

Customer Experience & Digital Evolution Application: Innovative digital solutions to transform the customer experience, with data enhancement and AI adoption

Digital Banking Value Service & Applications: Value-added services and custom application development to address specific needs

Integrated Security Solution: Advanced data protection and security through strategic partnerships

Financial Ecosystem

Base Digitale Group Vertical Strategic Business Units

Powered by proprietary platforms and partner technologies, delivering integrated, scalable solutions that combine innovation and expertise

DIGITAL PLATFORMS

• HC 645
• Digital Platforms for process automation, customer experience, master securitization and cash management
• Reference player in Italy in integrated security management solutions for Financial Services Industry
• Open-PSIM (Physical Security Information Management) and open-BMS (Building Management System) solutions

VERTICAL APPLICATIONS

• HC 317
• Vertical Banking Applications Treasury, Finance, Derivatives
• Wealth Management and Capital markets Software Solutions
• Banking supervision services
• Banking regulatory procedures

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ICT VAS: Digital partner of ICT ecosystems

Key Financials FY25

At a Glance

Competence centers

Competer

ICT VAS competence centers

CLOUD, SECURITY, DC SOLUTIONS

• Public and Hybrid Cloud
• Datacenter Solutions
• Cyber Security technology: SIEM, End Point Security, Software Encryption Data

NETWORKING & COLLABORATION

• Networking and connectivity
• Installation and setup support for all systems and devices
• Free Replacement of damaged products

DEVICES, DIGITAL WORKSPACE

• Devices and peripherals
• Printing equipment
• Digital Workspace for Multi-Cloud & Hybrid organizations
• Smarter add-on and IoT

DATA/AI SOLUTIONS

• Advanced Analytics, Data Management
• Applied and AI in partnership with main international vendors
• In-house team leading AI project

The ICT VAS sector continues to evolve, driven by the growing demand for digital transformation solutions across Cloud, Datacenter, AI and Software. Expansion is supported by the ability to attract new Vendors and partnerships, and by the opening of opportunities with emerging System Integrators, MSPs and CSPs. Further growth is expected through consolidation in adjacent, high-potential areas, such as Green IT and AI.

(1) Source Sinni, November 2025. CG market share on total Italian Value Added Distribution market (networking, software enterprise, customized services, server, storage), including the subsidiaries ICOS and Altinia Distribuzione

Computergross

Customer base

ITALIAN Market share ICT VAS

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Digital Green VAS: Digital Partner of environmental sustainability

Key Financials FY25¹

At a Glance

Joined the Group in 2021 through the acquisition of PM Service (Eu 30 mn revenues at the time). The sector focuses on technologies and services supporting renewable energy production, through a value-added solutions offering photovoltaic systems, panels, inverters, and storage, along with tailored solutions in partnership with leading global vendors, with 2,000 business partners

Financial Evolution

FY 2025 marks a phase of consolidation and renewed growth. Revenues reached Eu 344 mn (+42.9% Y/Y) reflecting the full-year consolidation of GreenSun¹ and a solid return to double-digit organic growth in 4Q 2025. The positive trend continues in 9m 26 supported by organic growth and a favourable market environment driven by increasing energy demand from corporates and organizations

Future Expectations

The PV market is shifting toward inverters and energy storage, with batteries expected to surpass module value by FY26–27. Stable prices and growing business demand should sustain double single-digit growth in FY26. At the beginning of 2026, the merger between PM Service and Greensun was completed (One Company model) with expected benefit in cost efficiencies.

DG VAS competence centers

FY25 revenue by competence centers

DG VAS Services & Education

Sesa

(1) FY 2025 results include the pro-forma financials of Greensun for H1 25 and actual results for H2 25, following the inclusion in the perimeter of consolidation starting from Q3 25 (Greensun acquisition formalized on November 24, with half-yearly pro-forma revenues of Eu 83.7 mn, Etstda of Eu 5.2 mn, EAT Adjusted of Eu 4.0 mn, Group EAT Adjusted of Eu 2.1 mn).

Supply & logistics: three Italian warehouses ensure efficient storage, shipping, and timely deliveries

Seminars & workshops: technical training and webinars across Italy led by expert engineers

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Alessandro Fabbroni
Group's Chief Executive Officer

Caterina Gori
Head of IR, Corporate Finance M&A

Jacopo Laschetti
Stakeholder and Sustainability Manager

Agenda

• Group's Business Model and Strategy
• Group's Financial Results 9M 2026 and Outlook FY26
• Annexes Financial Statements

Sesa
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FY26 Guidance Confirmation & Execution Update

Disciplined Execution Supporting FY26 Guidance Confirmation

• Full confirmation of FY26 guidance of the 2026–2027 Industrial Plan¹ in the upper end of the target range: revenues expected to grow by +5.0%/+7.5%, EBITDA by +5.0%/+10.0% and Adjusted Group EAT by 10.0%/+12.5%
• The confirmation of FY26 guidance is supported by sequential quarterly improvement, with 10% 3Q 2026 organic growth. Solid backlog, disciplined execution and resilient demand across all Group sectors. Strategic progress underlines the shift toward more organic, resilient, and sustainable growth, with integration initiatives strengthening growth quality

Strategic Execution Update

• On February 4, 2026, Sesa majority Stakeholder ITH reinforced its long-term governance, to support Sesa industrial development.
• The Euro 25 mn buy-back program announced on August 27, 2025, has been completed, together with the distribution of FY25 dividends, in line with the 40% payout ratio planned for FY26
• Positioned as a Digital Integrator, Sesa operates as enabling platform, supporting business and digital innovation of enterprises and organizations, to create long-term value, data-driven, customer-oriented and people-centre

Portfolio Optimization & Capital Discipline

• Ongoing divestment of non-core assets, supporting strategic focus and efficient capital allocation
• Disposal of the Var4Team business unit (sales agency for TeamSystem software solutions) to TeamSystem S.p.A.², consistent with portfolio rationalization, generating a positive FY26 Net Profit and NFP impact of ~ Euro 8.0 mn
• Expected by FY26 year-end, disposal of the 6.6% stake in DV Holding (parent company of DV S.p.A.) for ~ Euro 11 mn, with a capital gain of ~ Euro 7 mn with execution expected by the end of March 2026

One Company Model & Industrial Integration

• Minorities buy-back to strengthen industrial control and governance alignment
• Ongoing legal entity simplification, mergers and internal integrations
• Progressive delivery of cost efficiencies, scalable operations, and cross-selling synergies, fully aligned with the One Company strategy to support margins and accelerate execution

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(1) Main strategic targets of the new industrial plan 2026-2027 approved by Sesa BoD on July 17, 2025

(2) Disposal of the business unit relating to the sales agency of TeamSystem software solutions ("Var4Team") to TeamSystem S.p.A., as announced on January 29, 2026

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Organic growth in Revenues and Profits drives 9M 2026 results

Eu million	FY 2020	FY 2025	CAGR FY12-25	CAGR FY20-25	9m 25 Reported	9m 26 Reported	Variance	9m 25 Pro forma^{1}	9m 26 Reported	Variance
Revenues	1,776.0	3,356.8	11.5%	13.6%	2,433.2	2,705.2	11.2%	2,516.9	2,705.2	7.5%
Ebitda	94.5	240.7	14.5%	20.6%	171.4	191.1	11.5%	176.7	191.1	8.2%
Ebitda Margin	5.3%	7.2%			7.0%	7.1%		7.0%	7.1%
EBIT Adj^{3}	70.0	185.4	13.6%	21.5%	133.3	144.6	8.5%	138.4	144.6	4.4%
EBIT Adj Margin	3.9%	5.5%			5.5%	5.3%		5.5%	5.3%
Amortisation of client lists/know how and stock grant^{3}	(6.1)	(39.8)	16.1%	45.5%	(28.1)	(32.3)	14.8%	(28.4)	(32.3)	13.8%
EBIT	63.9	145.7	13.0%	17.9%	105.1	112.2	6.8%	110.0	112.2	2.0%
Net financial income and expense	(3.7)	(41.0)	20.2%	61.8%	(29.5)	(25.2)	(14.5%)	(29.3)	(25.2)	(13.9%)
EAT reported	42.2	71.2	12.2%	11.0%	55.6	64.5	15.9%	59.4	64.5	8.5%
EAT Reported Margin	2.4%	2.1%			2.3%	2.4%		2.4%	2.4%
EAT Adjusted^{3}	45.4	102.8	15.4%	17.7%	76.5	88.2	15.2%	80.5	88.2	9.6%
Group EAT Adj^{3}	41.2	95.8	14.3%	18.4%	73.2	82.1	12.1%	75.4	82.1	8.8%
Group EAT Adj Margin	2.3%	2.9%			3.0%	3.0%		3.0%	3.0%
Headcounts	2,547	6,532	16.8%	20.7%	6,367	6,749	6.0%	6,367	6,749	6.0%
Dividend per share^{4}	0.00	1.00
Total dividend	0.0	15.5			15.5	15.5		15.5	15.5
NFP debt /(cash)^{4}	(110.3)	(158.4)			(108.1)	(147.4)	(36.4%)	(108.1)	(147.4)	(36.4%)
NFP reported (incl. IFRS)^{4}	(54.7)	74.7			92.2	58.5	(36.6%)	92.2	58.5	(36.6%)

In 9M 2026, Sesa achieved EBITDA growth of 11.5% Y/Y vs reported (up 8.2% Y/Y vs pro-forma), driven by the solid performance of its core business.

At Jan26, Sesa Group demonstrated strong cash generation, with consolidated NFP improving by approximately 36% both on a pre-IFRS and reported basis

• In the first 9 months of FY 2026, Sesa Group delivered solid results, confirming the disciplined execution of its 2026–27 Industrial Plan guidance and a strong return to growth in its core Sectors. Consolidated revenues reached Eu 2,705.2 million, up 11.2% Y/Y on a reported basis and 7.5% Y/Y on a pro-forma basis, driven by the Group's underlying organic performance.
• In 9m 2026 the Group achieved double digit EBITDA growth, with EBITDA increasing 11.5% Y/Y on a reported basis (up 8.2% Y/Y on a pro-forma basis), with a slight improvement in EBITDA margin (7.1% vs 7.0% Y/Y), reflecting broad-based performance improvement across all Group's Sectors. Group Adjusted EAT reached Eu 82.1 mn (+12.1% Y/Y vs reported, +8.8% Y/Y vs pro-forma), while EAT reported improved 15.9% Y/Y (up 8.5% Y/Y vs pro-forma 9m 2025).
• Net profitability benefited from a 14.5% reduction Y/Y in net interest expenses (13.9% Y/Y vs pro-forma 9m 2025).
• At Jan 26, Sesa Group demonstrated strong cash generation, with consolidated NFP improving by approximately 36% both on a pre-IFRS and reported basis vs Jan25. Compared to Apr25, the NFP reported at Jan26 improved by 21.7%.

sesa

(1) FY 2025 and 9m 25 include the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half-year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2 mn, and Group EAT Adjusted of Eu 2.1 mn

(2) Amortisation of client lists/know how and stock grant includes amortisation of client lists/know how (Eu 32.6 mn in FY25, Eu 26.5 mn in 9m 2026 and Eu 23.9 mn in 9m 2025 pro forma) and stock grant (Eu 7.2 mn in FY25, Eu 5.8 mn in 9m 2026 and Eu 4.5 mn in 9m 2025 pro forma)

(3) EBIT Adjusted and Group EAT Adjusted are presented after minorities and before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.

(4) Sesa Shareholders' Meeting as of 28 August 2020 resolved not to distribute dividends considering the pandemic emergency

(5) NFP gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS16 debt.

(6) Consolidated NFP reported at Jan 26 includes Eu 205.9 mn of IFRS Debt (of which Eu 150.5 mn related to deferred liability towards minorities for M&As and Eu 55.4 mn related to IFRS 16) compared to Eu 200.3 mn at Jan 25

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Strong acceleration into 3Q 2026

Eu million	FY 2020	FY 2025^{1}	CAGR FY20-25	CAGR FY20-25	3Q 25 Reported	3Q 25 Reported	Variance
Revenues	1,776.0	3,356.8	11.5%	13.6%	999.5	1,104.8	10.5%
Ebitda	94.5	240.7	14.5%	20.6%	68.8	76.7	11.6%
Ebitda Margin	5.3%	7.2%			6.9%	6.9%
EBIT Adj^{2}	70.0	185.4	13.6%	21.5%	54.8	58.9	7.4%
EBIT Adj Margin	3.9%	5.5%			5.5%	5.3%
Amortisation of client lists/know how and stock grant^{3}	(6.1)	(39.8)	16.1%	45.5%	(9.2)	(11.4)	23.3%
EBIT	63.9	145.7	13.0%	17.9%	45.6	47.5	4.2%
Net financial income and expense	(3.7)	(41.0)	20.2%	61.8%	(10.4)	(8.3)	(19.9%)
EAT reported	42.2	71.2	12.2%	11.0%	26.8	30.0	12.1%
EAT Reported Margin	2.4%	2.1%			2.7%	2.7%
EAT Adjusted^{3}	45.4	102.8	15.4%	17.7%	34.2	38.6	12.9%
Group EAT Adj^{2}	41.2	95.8	14.3%	18.4%	33.2	36.6	10.4%
Group EAT Adj Margin	2.3%	2.9%			3.3%	3.3%
Headcounts	2,547	6,532	16.8%	20.7%	6,367	6,749	6.0%
Dividend per share^{4}	0.00	1.00
Total dividend	0.0	15.5			15.5	15.5
NFP debt /(cash)^{5}	(110.3)	(158.4)			(108.1)	(147.4)	(36.4%)
NFP reported (incl. IFRS)^{3}	(54.7)	74.7			92.2	58.5	(36.6%)

In 3Q 2026, Sesa Group confirmed the acceleration in its organic growth observed in 2Q, delivering a performance that fully supports the guidance of the 2026–27 Industrial Plan in the upper of the target range. The Group achieved high-digit growth in both revenues and EBITDA, with consolidated revenues reaching Eu 1,104.8 mn (+10.5% Y/Y reported) and consolidated EBITDA at Eu 76.7 mn (+11.6% Y/Y reported), while the EBITDA margin remained stable. Adjusted Net Profit (EAT) amounted to Eu 38.6 mn (+12.9% Y/Y reported), with Group Adjusted EAT at Eu 36.6 mn (+10.4% Y/Y reported).

• Net profitability benefited from a 20% reduction in net interest expenses compared with 3Q 2025, further supporting the improvements already observed in 1H 2026.
• At January 2026, Sesa Group demonstrated better cash generation, with a consolidated reported NFP of Eu 58.5 mn, improving 36.6% vs January 2025 and 21.7% vs April 2025, reflecting the Group’s disciplined focus on cash generation, capital allocation, and operational efficiency.

18

Sesa

(1) FY 2025 includes the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half-year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2 mn, and Group EAT Adjusted of Eu 2.1 mn

(2) Amortisation of client lists/know how and stock grant includes amortisation of client lists/know how (Eu 32.6 mn in FY25, Eu 9.0 mn in 3Q 2026 and Eu 7.9 mn in 3Q 2025) and stock grant (Eu 7.2m in FY25, Eu 2.3 mn in 3Q 2026 and Eu 1.3 mn in 3Q 2025)

(3) EBIT Adjusted and Group EAT Adjusted are presented after minorities and before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.

(4) Sesa Shareholders’ Meeting as of 28 August 2020 resolved not to distribute dividends considering the pandemic emergency

(5) NFP gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS16 debt.

(6) Consolidated NFP reported at Jan 26 includes Eu 205.9 mn of IFRS Debt (of which Eu 150.5 mn related to deferred liability towards minorities for M&As and Eu 55.4 mn related to IFRS 16) compared to Eu 200.3 mn at Jan 25

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Group's quarterly actual results

Eu million	FY 23	1Q 24	2Q 24	3Q 24	4Q 24	FY 24	1Q 25¹	2Q 25¹	3Q 25	4Q 25	FY 25¹	1Q 26	2Q 26	3Q 26	FY 26E	9m 23	9m 24	9m 25¹	9m 26
Revenue	2,907.6	776.4	725.2	894.5	814.3	3,210.4	827.6	689.8	999.5	839.9	3,356.8	845.7	754.6	1,104.8	3,525.0 - 3,610.0	2,176.4	2,396.1	2,516.9	2,705.2
Change Y/Y						10.4%	6.6%	(4.9%)	11.7%	3.1%	4.6%	2.2%	9.4%	10.5%	5.0% - 7.5%		10.1%	5.0%	7.5%
EBITDA	209.4	55.8	57.5	67.0	59.2	239.5	58.4	49.5	68.8	64.1	240.7	60.7	53.7	76.7	253.0 - 265.0	156.0	180.3	176.7	191.1
Change Y/Y						14.4%	4.7%	(13.9%)	2.6%	8.2%	0.5%	4.0%	8.4%	11.6%	5.0% - 10.0%		15.6%	(2.0%)	8.2%
Margin on revenues		7.2%	7.9%	7.5%	7.3%	7.5%	7.1%	7.2%	6.9%	7.6%	7.2%	7.2%	7.1%	6.9%	7.2% - 7.3%	7.2%	7.5%	7.0%	7.1%
Group EAT Adj²	102.3	27.4	24.4	32.4	22.2	106.4	27.2	15.0	33.2	20.1	95.8	27.8	17.6	36.6	105.0 - 108.0	79.4	84.2	75.4	82.0
Change Y/Y						4.1%	(0.5%)	(38.5%)	2.4%	(9.5%)	(9.9%)	2.3%	17.1%	10.4%	10.0% - 12.5%		6.0%	(10.4%)	8.8%
Margin on revenues		3.5%	3.4%	3.6%	2.7%	3.3%	3.3%	1.0%	3.3%	2.4%	2.9%	3.3%	2.3%	3.3%	3.0%	3.6%	3.5%	3.0%	3.0%

• In 3Q 2026 Sesa Group accelerated its organic growth, delivering performance above the 2026–27 Industrial Plan guidance.
• On an organic basis, 3Q 2026 consolidated revenues increased by 10.5%, EBITDA by 11.6% and Group Adjusted Net Profit by 10.4% Y/Y.
• Net profitability benefited from lower net financial charges, down 19.9% compared with 3Q 2025.
• The combined trend of 1Q 2026, 2Q 2026, 3Q 2026 results reflects a progressive improvement in the Group's performance, targeting the upper end of the guidance range.

sesa

(1) FY 25, 1Q 25, 2Q 25 and 9m 25 include the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half-year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2 mn, and Group EAT Adjusted of Eu 2.1 mn.

(2) Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.

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9m 2026 Group's actual results by Sector

Eu million	REVENUES
	9m 19	9m 20	9m 21	9m 22	9m 23	9m 24	9m 25*
Software & System Integ.	253.7	308.5	355.1	419.3	501.8	609.3	646.7
Change Y/Y		21.6%	15.1%	18.1%	19.7%	21.4%	6.1%
Margin on revenues
ICT Value Added Solutions	965.4	1,097.4	1,213.9	1,275.4	1,447.7	1,609.9	1,581.9
Change Y/Y		13.7%	10.6%	5.1%	13.5%	11.2%	(1.7%)
Margin on revenues
Business Services			33.6	41.7	59.5	83.3	110.1
Change Y/Y				24.1%	42.6%	40.0%	32.2%
Margin on revenues
Green Value Added Solutions				113.8	269.0	198.2	253.7
Change Y/Y				n.s.	136.4%	(26.3%)	28.0%
Margin on revenues
Group Consolidated results	1,146.3	1,344.7	1,534.3	1,757.9	2,176.4	2,396.1	2,516.9
Change Y/Y		17.3%	14.1%	14.6%	23.8%	10.1%	5.0%
Margin on revenues
EBITDA
---	---	---	---	---	---	---
9m 19	9m 20	9m 21	9m 22	9m 23	9m 24	9m 25*
19.2	27.3	39.8	50.5	61.2	75.0	71.5
	42.2%	45.8%	27.0%	21.1%	22.5%	(4.7%)
7.6%	8.9%	11.2%	12.1%	12.2%	12.3%	11.1%
33.3	39.9	48.2	57.9	63.1	73.2	67.6
	19.9%	20.7%	20.2%	8.9%	16.0%	(7.7%)
3.5%	3.6%	4.0%	4.5%	4.4%	4.5%	4.3%
		1.7	4.8	4.9	11.2	18.0
			182.6%	0.7%	131.1%	60.8%
		5.1%	11.6%	8.2%	13.5%	16.4%
			12.1	27.2	19.0	17.2
			n.s.	124.6%	(30.2%)	(9.6%)
			10.7%	10.1%	9.6%	6.8%
52.3	69.5	92.2	124.5	156.0	180.3	176.7
	32.8%	32.7%	35.1%	25.2%	15.6%	(2.0%)
4.6%	5.2%	6.0%	7.1%	7.2%	7.5%	7.0%
GROUP EAT ADJUSTED
---	---	---	---	---	---	---
9m 19	9m 20	9m 21	9m 22	9m 23	9m 24	9m 25*
4.7	5.3	12.0	18.2	21.9	27.6	25.7
	12.2%	124.7%	52.1%	20.1%	26.1%	(6.8%)
1.9%	1.7%	3.4%	4.3%	4.4%	4.5%	4.0%
17.6	23.7	30.5	34.7	39.1	40.0	33.3
	34.6%	28.6%	13.7%	12.7%	2.4%	(16.9%)
1.8%	2.2%	2.5%	2.7%	2.7%	2.5%	2.1%
		0.1	1.4	0.8	4.6	7.2
			n.s.	n.s.	453.3%	57.4%
		0.3%	3.2%	1.4%	5.5%	6.5%
			8.6	19.0	11.7	9.6
			n.s.	120.2%	(38.5%)	(18.1%)
			7.6%	7.1%	5.9%	3.8%
23.6	30.9	45.2	62.9	79.4	84.2	75.4
	30.7%	46.4%	39.1%	26.2%	6.0%	(10.4%)
2.1%	2.3%	2.9%	3.6%	3.6%	3.5%	3.0%
Group Consolid. results (excl. premium)	1,146.3	1,344.7	1,534.3	1,757.9	2,176.4	2,396.1	2,433.2
---	---	---	---	---	---	---	---
Change Y/Y	17.3%	14.1%	14.6%	23.8%	10.1%	1.5%	11.2%
Margin on revenues
52.3	69.5	92.2	124.5	156.0	180.3	171.4	191.1
---	---	---	---	---	---	---	---
	32.8%	32.7%	35.1%	25.2%	15.6%	(4.9%)	11.5%
4.6%	5.2%	6.0%	7.1%	7.2%	7.5%	7.0%	7.1%
23.6	30.9	45.2	62.9	79.4	84.2	75.4	82.1
---	---	---	---	---	---	---	---
	30.7%	46.4%	39.1%	26.2%	6.0%	(10.4%)	8.8%
2.1%	2.3%	2.9%	3.6%	3.6%	3.5%	3.0%	3.0%

• In 9m 2026, Sesa returned to a solid high single-digit organic growth, achieving revenues of Eu 2,705.2 mn (+11.2% vs Y/Y reported, +7.5% vs Y/Y pro-forma). Revenues growth was mainly driven by Green VAS (Eu 307.0 mn, +21.0% Y/Y), fully organic and supported by rising energy demand, as well as by Business Services (Eu 120.0 mn, +9.0% Y/Y), fully organic and sustained by Financial Services digital platforms and vertical applications. ICT VAS grew to Eu 1,696.3 mn (+7.2% Y/Y), supported by a strong 3Q 2026 results, while SSI (Eu 662.7 mn, +2.5% Y/Y) proved a resilient performance despite weaker demand in some Made in Italy districts and the re-engineering of certain Business Units.
• In 9m 2026, consolidated EBITDA increased by 11.5% Y/Y (+8.2% Y/Y pro-forma), with EBITDA margin at 7.1% (vs 7.0% Y/Y). Ebitda growth was mainly driven by VAS (both Green and ICT) and Business Services, while SSI remained broadly stable. By sector, ICT VAS generated EBITDA of Eu 76.3 mn (+12.9% Y/Y) with a margin of 4.5% (vs 4.3% Y/Y); Green VAS reached Eu 21.0 mn (+22.2% vs Y/Y pro-forma) with a margin of 6.8% (stable Y/Y); SSI recorded Eu 71.6 mn (+0.2% Y/Y) with a margin of 10.8%, reflecting operations re-engineering with expected stabilization through FY26; Business Services delivered Eu 19.6 mn (+8.6 Y/Y) with a margin of 16.3% (vs 16.4% Y/Y), supported by the growing contribution of proprietary digital platforms.
• In 9m 2026 Group Adjusted Net Profit amounted to Eu 82.1 mn, up 12.1% Y/Y reported (+8.8% Y/Y pro forma¹), driven by higher operating profitability, lower financial expenses and the positive contribution from ICT VAS (+26.9% Y/Y), Green VAS (+24.0% Y/Y) and Business Services (+20.2% Y/Y), despite a 17.5% decline in SSI.

sesa

(1) Pro-forma consolidated results refers to 9m 2025 only, while 9m 2026 figures are fully reported. Specifically, 9m 2025 includes the pro-forma contribution of the GreenSun acquisition (finalised in November 2024)

Please note that:

• SSI, VAS, BS, DG Revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination

Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect

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3Q 2026 Group's actual results by Sector

Eu million	REVENUES
	3Q 19	3Q 20	3Q 21	3Q 22	3Q 23	3Q 24	3Q 25
Software & System Integ.	101.8	130.9	143.7	168.7	199.0	241.1	241.8
Change Y/Y		28.6%	9.8%	17.4%	18.0%	21.1%	0.3%
Margin on revenues
ICT Value Added Solutions	432.7	467.4	519.8	542.0	611.4	614.8	662.2
Change Y/Y		8.0%	11.2%	4.3%	12.8%	0.5%	7.7%
Margin on revenues
Business Services			11.6	14.6	19.8	28.3	41.0
Change Y/Y				25.7%	35.6%	43.0%	45.2%
Margin on revenues
Green Value Added Solutions				45.8	90.4	55.4	86.8
Change Y/Y				n.s.	97.5%	(38.8%)	56.8%
Margin on revenues
Group Consolidated results	498.1	574.5	645.9	721.2	864.6	894.5	999.5
Change Y/Y		15.4%	12.3%	11.8%	19.9%	3.5%	11.7%
Margin on revenues
EBITDA
---	---	---	---	---	---	---	---
3Q 19	3Q 20	3Q 21	3Q 22	3Q 23	3Q 24	3Q 25	3Q 26
7.9	11.5	16.1	18.6	24.0	29.5	27.3	28.2
	45.1%	40.1%	15.9%	28.8%	23.2%	(7.7%)	3.5%
7.8%	8.8%	11.2%	11.0%	12.1%	12.3%	11.3%	11.6%
15.4	17.3	21.4	27.8	29.5	29.4	27.5	33.6
	12.5%	23.7%	29.9%	6.2%	(0.2%)	(6.5%)	22.2%
3.6%	3.7%	4.1%	5.1%	4.8%	4.8%	4.2%	4.4%
		0.4	1.7	1.3	3.4	7.1	8.0
			284.3%	(19.2%)	155.5%	107.7%	11.8%
		3.7%	11.4%	6.8%	12.1%	17.4%	17.2%
			5.9	10.2	5.0	6.3	6.9
			n.s.	72.5%	(50.6%)	24.8%	10.7%
			12.9%	11.3%	9.1%	7.2%	7.1%
22.2	29.4	38.6	51.3	62.6	67.0	68.8	76.7
	32.9%	31.3%	32.7%	22.0%	7.1%	2.6%	11.6%
4.4%	5.1%	6.0%	7.1%	7.2%	7.5%	6.9%	6.9%
GROUP EAT ADJUSTED
---	---	---	---	---	---	---	---
3Q 19	3Q 20	3Q 21	3Q 22	3Q 23	3Q 24	3Q 25	3Q 26
2.3	2.6	4.4	5.8	8.7	12.3	10.9	9.8
	13.1%	70.4%	33.5%	49.2%	41.1%	(10.9%)	(10.1%)
2.2%	2.0%	3.0%	3.5%	4.4%	5.1%	4.5%	4.1%
8.5	10.6	14.1	16.3	18.9	18.1	14.9	21.0
	24.1%	33.1%	15.6%	16.5%	(4.7%)	(17.6%)	41.4%
2.0%	2.3%	2.7%	3.0%	3.1%	2.9%	2.2%	2.8%
		0.0	0.2	0.4	1.0	3.4	4.2
			n.s.	53.8%	165.0%	240.8%	26.0%
		(0.1%)	1.7%	1.9%	3.5%	8.2%	9.2%
			4.5	7.6	2.8	3.8	4.4
			n.s.	68.1%	(62.7%)	35.8%	15.0%
			9.8%	8.3%	5.1%	4.4%	4.5%
10.9	13.5	21.0	27.1	33.5	32.4	33.2	36.6
	25.0%	56.2%	28.9%	23.7%	(3.3%)	2.4%	10.4%
2.2%	2.3%	3.3%	3.8%	3.9%	3.6%	3.3%	3.3%

• In 3Q 2026, Sesa achieved a solid double digit organic growth, with consolidated revenues of Eu 1,104.8 (+10.5% Y/Y), mainly driven by Green VAS (Eu 97.3 mn, +12.1% Y/Y), fully organic and supported by rising energy business demand, digitalization and AI adoption, and by Business Services (Eu 46.2 mn, +12.6% Y/Y), fully organic and sustained by Financial Services digital platforms and vertical applications. ICT VAS recorded a great growth (Eu 757.2 mn, up 14.4% Y/Y), supported by strong Y/Y performance, while SSI (Eu 242.5 mn, +0.3% Y/Y) delivered a resilient performance despite weaker demand in some Made in Italy districts and the re-engineering of certain Business Units.
• In 3Q 2026, consolidated EBITDA increased by $11.6\%$ Y/Y, with EBITDA margin stable at $6.9\%$ , mainly driven by VAS (both Green and ICT) and Business Services, while SSI reported un slight increase $(+3.5\%$ Y/Y) thanks to a progressive efficiency recovery Quarter by Quarter. By sector, ICT VAS generated EBITDA for Eu $33.6\mathrm{mn}$ $(+22.2\%$ Y/Y) with a margin of $4.4\%$ (vs $4.2\%$ Y/Y); Green VAS reached Eu $6.9\mathrm{mn}$ $(+10.7\%$ Y/Y) with a margin of $7.1\%$ ; SSI recorded Eu $28.2\mathrm{mn}$ $(+3.5\%$ Y/Y) with a margin of $11.6\%$ (compared to $11.3\%$ Y/Y), reflecting operations re-engineering, while Business Services delivered Eu $8.0\mathrm{mn}$ up $11.8\%$ Y/Y with a $17.2\%$ Ebitda margin.
• In 3Q 2026 Group Adjusted Net Profit amounted to Eu $36.6\mathrm{mn}$ , up $10.4\%$ Y/Y, driven by higher operating profitability and lower financial expenses and in particular by the positive trend of ICT VAS $(+41.4\%)$ Y/Y), Green VAS $(+15\%)$ Y/Y) and Business Services $(+26\%)$ Y/Y).

Sesa

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Group's Net Financial Charges Quarterly trend

Eu million	1Q 24	2Q 24	3Q 24	4Q 24	1Q 25¹	2Q 25²	3Q 25	4Q 25	1Q 26	2Q 26	3Q 26
Financial income / (charges)	(7.3)	(8.7)	(9.1)	(11.9)	(7.7)	(11.5)	(10.4)	(11.0)	(6.8)	(9.8)	(8.9)
FX gains / (losses)	0.8	0.3	(0.7)	0.6	0.1	(0.3)	(0.2)	(1.1)	(0.5)	(0.2)	0.2
Income / (loss) on equity method investments	0.2	0.6	(0.1)	0.3	0.1	0.2	0.2	0.4	0.1	0.2	0.4
Financial charges, net	(6.3)	(7.8)	(10.0)	(11.0)	(7.4)	(11.6)	(10.4)	(11.7)	(7.2)	(9.8)	(8.3)
Financial income / (charges) - Var % Y/Y					5.1%	32.1%	13.6%	(7.5%)	(11.6%)	(15.0%)	(14.1%)
Financial charges, net - Var % Y/Y					16.9%	48.3%	3.5%	6.5%	(3.0%)	(15.5%)	(19.9%)

• In 3Q 2026, net financial charges decreased to Eu 8.3 mn, showing a significant improvement compared to Eu 10.4 mn in 3Q 2025 (down 19.9% Y/Y). This result confirms the ongoing recovery trend, supported by declining market interest rates and the efficiency measures introduced in FY25.
• Foreign exchange gains equal to Eu 0.2 mn in 3Q 2026, reflecting a stabilization in EUR/USD volatility and confirming the historical trend of more limited impacts. The higher FX loss in 4Q 2025 therefore appears to be a temporary deviation from the historical pattern.
• Looking ahead, net financial charges are expected to continue improving throughout FY 2026, benefitting from the more favourable interest rate environment and the full effect of cost optimization initiatives.

sesa

(1) Pro-forma consolidated results, including the pro-forma contribution of the GreenSun acquisition (finalised in November 2024) to 1H 2025

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Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) Apr 20- Jan26

Consolidated Net Financial Position (Apr 20 – Jan 26)

Eu million	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24^{1}	Jan25	Apr25	Oct25	Jan26
Shareholders Equity	253.9	272.3	297.4	286.6	335.2	352.1	424.1	442.8	477.3	499.1	518.0	500.8	501.9	511.4
NFP debt /(cash)	(110.3)	(101.7)	(197.4)	(170.9)	(245.3)	(189.5)	(239.5)	(153.4)	(211.0)	(88.1)	(108.1)	(158.4)	(89.4)	(147.4)
IFRS 16 liabilities	38.6	41.3	43.9	41.3	44.9	45.1	50.1	39.4	48.1	42.3	43.3	57.2	57.6	55.4
IFRS 3 liabilities	17.0	37.2	58.8	96.0	108.4	133.9	155.7	171.4	160.2	167.8	157.0	176.0	150.8	150.5
Of which deferred prices	5.6	14.1	17.2	18.4	19.2	27.6	34.8	41.8	25.1	49.7	41.9	25.6	15.2	27.2
NFP reported (incl. IFRS)	(54.7)	(23.1)	(94.7)	(33.6)	(92.0)	(10.5)	(33.7)	57.4	(2.7)	122.1	92.2	74.7	119.0	58.5

The table opposite presents the Net Financial Position reported (including IFRS 16 and IFRS 3 liabilities) from Apr20 to Jan26.

We also presented the trend of Net financial position excluding the IFRS liabilities

Consolidated Net Working Capital (Apr20 – Jan 26)

Eu million	Apr 20	Oct 20	Apr 21	Oct 21	Apr 22	Oct 22	Apr 23	Oct 23	Apr 24	Oct 24	Jan25	Apr 25	Oct25	Jan26
Net working capital	54.7	76.7	(2.7)	24.1	(32.5)	20.3	(17.1)	36.1	(13.4)	101.2	79.2	28.1	61.5	(19.6)
NWC as % of LTM revenues	3.1%	3.6%	(0.1%)	1.1%	(1.4%)	0.8%	(0.6%)	1.2%	(0.4%)	3.1%	2.4%	0.8%	1.8%	(0.6%)

• The reported Net Financial Position (NFP) as of January 31, 2026, is net debt of Eu 58.5 mn, compared with Eu 119.0 mn as of October 31, 2025 and Eu 92.2 as of January 31, 2025, following LTM investments of approximately Eu 150 mn (Eu 90 mn in 9m 26), including about Eu 90 million in M&A investments (Eu 55 mn in 9m 26), and LTM share buybacks and dividend distributions of approximately Eu 41 mn.
• Excluding IFRS liabilities, NFP at January 31, 2026, is positive (net cash) at Eu 147.4 mn, compared with Eu 108.1 mn at January 31, 2025. The reported NFP includes IFRS liabilities related to deferred payments to minority shareholders for acquisitions and leases under IFRS 16, totalling Eu 205.9 mn, compared with Eu 200.3 mn at January 31, 2025.
• During the 9m 26 consolidated shareholders' equity further strengthened, reaching Eu 511.4 mn, up from Eu 500.8 mn as of April 30, 2025, despite the Eu 41 mn of Dividend distribution and Share Buy Back plan.
• Factoring equal to ~ Eu 450 mn at January 2026 vs Eu 450 mn at April 25, stable as % of rolling LTM revenues, with a great improvement in net working capital efficiency with NWC as % of LTM revenues down to -0.6% from 2.4% Y/Y.

sesa

(1) Pro-forma consolidated results refers to 1H 2025, including the pro forma contribution of the GreenSun acquisition (finalised in November 2024),

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NFP reported (incl. IFRS) bridge from Jan25 to Jan26

The reported Net Financial Position (NFP) as of January 31, 2026, shows a net debt of Eu 58.5 mn, improving from Eu 92.2 mn as of January 31, 2025, reflecting LTM investments of approximately Eu 150 mn (including around Eu 90 mn in 9m 26), with Eu 90 mn allocated to M&A (of which Eu 55 mn in 9m 26), LTM share buybacks and dividend distributions of approximately Eu 41 mn (around Eu 40 mn in 9m 26), and Free Cash Flow before CapEx of approximately Eu 232 mn.

Sesa

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Group's Financial Outlook for the FY 2026 - FY27

Eu million	FY 18	FY 19	FY 20	FY 21	FY 22	FY 23	FY 24	FY 25^{1}	FY 26E	FY 27E
Revenues	1,363.0	1,551.0	1,776.0	2,037.4	2,389.9	2,907.6	3,210.4	3,356.8	3,525.0 - 3,610.0	3,700.0 - 3,880.0
Change Y/Y		13.8%	14.5%	14.7%	17.3%	21.7%	10.4%	4.6%	5.0% - 7.5%	5.0% - 7.5%
EBITDA	63.1	74.3	94.5	126.0	167.7	209.4	239.5	240.7	253.0 - 265.0	265.0 - 291.0
Change Y/Y		17.7%	27.2%	33.3%	33.1%	24.9%	14.4%	0.5%	5.0% - 10.0%	5.0% - 10.0%
Margin on revenues	4.6%	4.8%	5.3%	6.2%	7.0%	7.2%	7.5%	7.2%	7.2% - 7.3%	7.2% - 7.5%
Group EAT Adj^{3}	28.6	31.4	41.2	57.8	82.7	102.3	106.4	95.8	105.0 - 108.0	116.0 - 121.0
Change Y/Y		9.8%	31.2%	40.3%	43.1%	23.7%	4.0%	(9.9%)	10.0% - 12.5%	10.0% - 12.5%
Margin on revenues	2.1%	2.0%	2.3%	2.8%	3.5%	3.5%	3.3%	2.9%	3.0%	3.1%

• Considering the positive trend of 9m 2026 and the strong acceleration in 2Q 2026 and 3Q 2026, both in revenues (+10.5% Y/Y pro-forma) and Ebitda (+11.6% Y/Y pro-forma), along with a solid order intake at the beginnings of Q4 2026, the Group confirms the FY2026 Industrial Plan guidance in the upper end of the target range.
• The revenues and profit growth in FY 2026 will be driven by organic expansion in Business Services, ICT VAS and Green VAS Sectors, in line with trends of 9M 2026. The expected +10%/+12.5% increase in Group EAT Adjusted will benefit from ongoing reductions in Net Financial Expenses (down 10.6% in 1H 2026, down 15.5% in 2Q 2026 and down 19.9% in 3Q 2026), the positive trend of operating profitability and Eu 7 mn capital gain expected from the disinvestment of 6.6% DVH stake planned within March 2026.
• The Net Financial Position as of January 2026 reflects the impact of both the Eu 15.5 mn dividend distribution (completed in September 2025) and the execution of the buy-back program (totalling Eu 25 mn, completed as of today).
• The 2026-27 Industrial Plan leverages the capabilities and business models developed to date, focusing on organic growth and key digital transformation catalysts for the business segment, such as Cloud, AI, Digital Platforms and Vertical Applications with annual Eu 90 million investments mainly to support the adoption of digital enablers and the development of the Group's people skills.
• 2026-27 Industrial Plan also focuses on cash generation and shareholders returns: at the latest Sesa Shareholders' Meeting, a dividend of Eu 1 per share was approved, along with Eu 25 mn Share Buyback program, enabling an increase in the payout ratio from 30% of the previous year to 40% in the current one.

sesa

(1) Pro-forma consolidated results in FY 2025, including the pro forma contribution of the GreenSun acquisition (finalised in November 2024) in 1H 2025

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Group long-term growth path: FY 2025 Results and FY 2026-2027 Industrial Plan

Sales and other Revenues (Eu mn)

EBITDA (Eu mn)

EBIT Adjusted¹ (Eu mn)

Group EAT Adjusted² (Eu mn)

Net Financial Position³ (Eu mn)

Headcount (Nr)

sesa

In the table above we presented the FY 2026 and FY 2027 according to the industrial plan approved by Sesa BoD in the meeting of July 17, 2025. The FY25 results include the pro-forma financials of Greensun for the H1 2025

(1) Ebit Adjusted before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect

(2) Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect

(3) Net Financial Position gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS 16 debt

26

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Alessandro Fabbroni
Group's Chief Executive Officer

Caterina Gori
Head of IR, Corporate Finance M&A

Jacopo Laschetti
Stakeholder and Sustainability Manager

Agenda

• Group's Business Model and Strategy
• Group's Financial Results 9M 2026 and Outlook FY26
• Annexes Financial Statements

Sesa
27

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Group Reclassified Income Statement 9m 2026 vs 9m 2025

Ex million	9m 26 Reported	% on revenues	9m 25 Reported	% on revenues	9m 25 Pro-forma¹	% on revenues	Variances Y/Y %
							9m 26 vs 9m 25 Reported	9m 26 vs 9m 25 Pro-forma
Revenues	2,665.0		2,392.6		2,476.2		11.4%	7.6%
Other Income	40.2		40.7		40.7		(1.0%)	(1.2%)
Revenues and other income	2,705.2	100.0%	2,433.2	100.0%	2,516.9	100.0%	11.2%	7.5%
Costs for purchasing products	(1,995.8)	(73.8%)	(1,771.7)	(72.8%)	(1,845.5)	(73.3%)	12.6%	8.1%
Costs for services and use of third-party assets	(219.8)	(8.1%)	(222.5)	(9.1%)	(226.0)	(9.0%)	(1.2%)	(2.7%)
Personnel costs	(291.7)	(10.8%)	(259.2)	(10.7%)	(260.5)	(10.3%)	12.5%	12.0%
Other operating expenses	(6.9)	(0.3%)	(8.3)	(0.3%)	(8.3)	(0.3%)	(17.3%)	(17.3%)
Total COGS and Operating Costs	(2,514.1)	(92.9%)	(2,261.8)	(93.0%)	(2,340.3)	(93.0%)	11.2%	7.4%
EBITDA	191.1	7.1%	171.4	7.0%	176.7	7.0%	11.5%	8.2%
Depreciation/Amortisation of tangible and intangible	(40.4)	(1.5%)	(35.5)	(1.3%)	(35.6)	(1.3%)	13.7%	13.5%
Provisions	(6.2)	(0.2%)	(2.7)	(0.1%)	(2.7)	(0.1%)	131.6%	131.6%
EBIT Adjusted	144.6	5.3%	133.3	5.5%	138.5	5.5%	8.5%	4.4%
PPA Amortisation and other non-monetary costs	(32.3)	(1.2%)	(28.1)	(1.0%)	(28.4)	(1.1%)	14.8%	13.8%
EBIT	112.2	4.1%	105.1	4.3%	110.0	4.4%	6.8%	2.0%
Net Financial Charges	(25.5)	(0.9%)	(29.8)	(1.1%)	(29.6)	(1.1%)	(14.4%)	(13.8%)
FX gains / (losses)	(0.4)	(0.0%)	(0.3)	(0.0%)	(0.3)	(0.0%)	40.4%	40.4%
Income / (loss) on equity method investments	0.7	0.0%	0.6	0.0%	0.6	0.0%	21.2%	21.2%
EBT	87.0	3.2%	75.6	3.1%	80.7	3.2%	15.1%	7.8%
Income taxes	(22.5)	(0.8%)	(20.0)	(0.7%)	(21.3)	(0.8%)	12.8%	5.7%
EAT	64.5	2.4%	55.6	2.3%	59.4	2.4%	15.9%	8.5%
Net result attributable to the Group	58.3	2.2%	52.3	1.9%	54.3	2.0%	11.6%	7.4%
Net result attributable to non-controlling interests	6.1	0.2%	3.3	0.1%	5.1	0.2%	84.4%	20.5%
EAT Adjusted	88.2	3.3%	76.5	3.1%	80.5	3.2%	15.2%	9.6%
Group EAT Adjusted	82.1	3.0%	73.2	3.0%	75.4	3.0%	12.1%	8.8%

sesa

(1) 9m 25 includes the pro forma contribution of the GreenSun acquisition (finalised in November 2024)

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Reclassified Income Statement by sector 9m 2026 vs 9m 2025

Eu million	9m 2026 as of January 31, 2026
	ICT VAS	Green	SSI	BS	Corporate¹	Group
Total Revenues and Other Income	1,696.3	307.0	662.7	120.0	50.2	2,705.2
Change Y/Y	7.2%	21.0%	2.5%	9.0%	51.3%	7.5%
Gross Margin	141.1	40.0	416.7	106.8	48.3	709.4
Opex	(64.8)	(19.0)	(345.0)	(87.2)	(44.2)	(518.3)
Ebitda	76.3	21.0	71.6	19.6	4.1	191.1
Ebitda Margin	4.5%	6.8%	10.8%	16.3%	8.2%	7.1%
Change Y/Y	12.9%	22.2%	0.2%	8.6%	70.2%	8.2%
D&A	(4.0)	(0.9)	(28.2)	(5.9)	(1.4)	(40.4)
Provisions	(2.4)	(0.2)	(2.6)	(0.9)	(0.0)	(6.2)
Ebit Adjusted	70.0	19.9	40.7	12.8	2.7	144.6
Ebit Adjusted Margin	4.1%	6.5%	6.1%	10.6%	5.3%	5.3%
Change Y/Y	10.7%	22.5%	(11.0%)	7.5%	99.5%	4.4%
PPA Amortisation and other non-monetary costs	(2.6)	(0.5)	(16.9)	(8.4)	(4.0)	(32.3)
Ebit	67.4	19.4	23.9	4.4	(1.3)	112.2
Ebit Margin	4.0%	6.3%	3.6%	3.6%	(2.6%)	4.1%
Net Financial Charges	(14.2)	(0.2)	(7.6)	(2.8)	(0.5)	(25.2)
Income Taxes	(12.1)	(7.2)	(4.8)	0.8	0.7	(22.5)
EAT	41.1	12.0	11.5	2.4	(1.1)	64.5
PPA Amortisation and other non-monetary costs (net of taxes)	2.2	0.4	12.2	6.0	2.9	23.7
EAT Adjusted	43.3	12.4	23.7	8.4	1.8	88.2
Change Y/Y	27.4%	6.0%	(14.9%)	26.4%	563.3%	9.6%
Net profit attributable to non-controlling interests	1.1	0.6	2.5	(0.2)	0.2	6.1
Group EAT adjusted¹	42.2	11.9	21.2	8.6	1.6	82.1
Group EAT adj Margin	2.5%	3.9%	3.2%	7.2%	3.2%	3.0%
Change Y/Y	26.9%	24.0%	(17.5%)	20.2%	435.7%	8.8%
9m 2025 pro forma as of January 31, 2025²
---	---	---	---	---	---
ICT VAS	Green	SSI	BS	Corporate¹	Group
1,581.9	253.7	646.7	110.1	33.1	2,516.9
134.5	33.7	398.4	105.5	30.7	671.4
(67.0)	(16.5)	(326.9)	(87.4)	(28.3)	(494.7)
67.6	17.2	71.5	18.0	2.4	176.7
4.3%	6.8%	11.1%	16.4%	7.3%	7.0%
(3.2)	(0.6)	(25.1)	(5.8)	(0.9)	(35.6)
(1.1)	(0.4)	(0.7)	(0.4)	(0.2)	(2.7)
63.2	16.2	45.8	11.9	1.3	138.4
4.0%	6.4%	7.1%	10.8%	4.0%	5.5%
(2.1)	(0.9)	(13.8)	(7.8)	(3.8)	(28.4)
61.1	15.4	32.0	4.1	(2.5)	110.0
3.9%	6.1%	4.9%	3.7%	(7.5%)	4.4%
(17.9)	(0.1)	(8.6)	(2.5)	(0.3)	(29.3)
(10.9)	(4.2)	(5.9)	(0.5)	0.2	(21.3)
32.3	11.1	17.4	1.1	(2.6)	59.4
1.6	0.6	10.4	5.5	2.8	21.1
34.0	11.7	27.9	6.6	0.3	80.5
0.7	2.2	2.2	(0.5)	(0.0)	5.1
33.3	9.6	25.7	7.2	0.3	75.4
2.1%	3.8%	4.0%	6.5%	0.9%	3.0%

sesa

(1) Consolidated Adjusted Net Income attributable to the Group, before the amortization of intangible assets (Customer lists and Know-how)

(2) 1H 25 includes the pro forma contribution of the GreenSun acquisition (finalised in November 2024)

(3) The Corporate segment includes the consolidation of Digital Ecosystem

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000000000000000000000000000000000000000000000

Group Income Statement 9m 2026 vs 9m 2025

| Co-million | 9m 26
Reported | 9m 26
Reported |
| --- | --- | --- |
| Revenues | 2,392.6 | 2,665.0 |
| Other Income | 28.6 | 36.3 |
| Costs for purchasing products | (1,771.7) | (1,995.8) |
| Costs for services and use of third-party assets | (227.0) | (225.6) |
| Personnel costs | (259.2) | (291.7) |
| Other operating expenses | (11.0) | (13.0) |
| Depreciation/Amortisation of tangible and intangible | (59.2) | (66.9) |
| EBIT | 93.1 | 108.3 |
| Income / (loss) on equity method investments | 0.6 | 0.7 |
| Financial income | 31.5 | 23.4 |
| Financial charges | (49.6) | (45.4) |
| EBT | 75.6 | 87.0 |
| Income taxes | (20.0) | (22.5) |
| Net result | 55.6 | 64.5 |
| Of which: | | |
| Net result attributable to non-controlling interests | 3.3 | 6.1 |
| Net result attributable to the Group | 52.3 | 58.3 |

Sesa

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Group Reclassified Balance Sheet at January 31, 2026 vs January 31, 2025

Ex million	Jan25 Reported	Jan25 Reported
Intangible Assets	552.5	516.2
Property, plant and equipment	172.9	152.6
Investments valued at equity	16.3	24.5
Other non-current receivables and deferred tax assets	64.1	40.9
Total non-current assets	805.9	734.2
Inventories	161.3	168.0
Current trade receivables	847.8	822.5
Other current assets	181.3	178.4
Current operating assets	1,190.4	1,169.0
Payables to suppliers	(881.7)	(816.7)
Other current payables	(328.3)	(273.1)
Short-term operating liabilities	(1,210.0)	(1,089.8)
Net Working Capital	(19.6)	79.2
Non-current provisions and other tax liabilities	(148.4)	(140.3)
Employee benefits	(68.0)	(62.9)
Non-current liabilities	(216.3)	(203.2)
Net Invested Capital	569.9	610.3
Shareholders Equity	511.4	518.0
Financing current and not current	378.1	399.9
Liquidity	(525.5)	(508.0)
Net Financial Position	(147.4)	(108.1)
IFRS 16 liabilities	55.4	43.3
Liabilities to minorities shareholders and Earn Out for M&A	150.5	157.0
Net Financial Position Reported	58.5	92.2
Total Shareholders Equity and Net Financial Position	569.9	610.3

sesa

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Group Balance Sheet at January 31, 2026 and 30 April, 2025

Ey million	Jan 26	Apr 25
Intangible assets	552.5	531.0
Rights of use	56.6	58.7
Tangible assets	116.4	109.2
Property investments	0.3	0.3
Investments valued at equity	16.3	17.5
Deferred tax assets	28.9	21.8
Other receivables and other non-current assets	34.8	17.1
Total non-current assets	805.8	755.6
Inventories	161.3	147.6
Current trade receivables	847.8	604.6
Current tax assets	23.0	15.7
Other receivables and current assets	168.0	157.7
Liquidity and current financial receivable	515.8	562.0
Total Current assets	1,715.9	1,487.6
Non-current assets held for sale	0.1	0.1
Total Assets	2,533.6	2,333.6
Share capital	37.1	37.1
Share premium reserve	7.2	33.1
Other reserves	(51.0)	(70.5)
Retained earnings	454.8	446.1
Total equity attributable to the Group	448.0	445.9
Total equity attributable to non-controlling interests	63.4	54.9
Shareholders' Equity	511.4	500.8
Non-current financing	(147.4)	(217.1)
Financial liabilities for non current rights of use IFRS 16	(37.3)	(38.7)
Non-current liabilities to minorities shareholders	(122.1)	(129.1)
Employee benefits	(68.0)	(64.9)
Non-current provisions	(9.0)	(6.9)
Deferred tax liabilities	(139.3)	(136.5)
Total non-current liabilities	(523.1)	(593.2)
Current financing	(230.7)	(201.4)
Financial liabilities for current rights of use IFRS 16	(18.0)	(18.5)
Current liabilities to minorities shareholders for M&As	(28.5)	(46.9)
Payables to suppliers	(881.7)	(595.1)
Current tax liabilities	(35.4)	(8.7)
Other current liabilities	(292.9)	(278.9)
Total current liabilities	(1,487.2)	(1,149.4)
Total liabilities	(2,010.4)	(1,742.6)
Total equity (1) and liabilities (-)	2,521.8	2,243.5

sesa

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Group results by Sector - FY 2019-2025

EU million	REVENUES
	FY 19	FY 20	FY 21	FY 22	FY 23	FY 24	FY 25
Software & System Integ.	343.0	396.3	481.9	572.2	702.6	822.8	875.7
Change Y/Y	18.7%	15.5%	21.6%	18.7%	22.8%	17.1%	6.4%
Margin on revenues
ICT Value Added Solutions	1,301.3	1,451.9	1,596.3	1,680.6	1,872.4	2,147.4	2,075.5
Change Y/Y	12.8%	11.6%	9.9%	5.3%	11.4%	14.7%	(3.4%)
Margin on revenues
Business Services		8.2	47.3	58.9	84.4	114.0	153.5
Change Y/Y			476.8%	24.5%	43.2%	35.2%	34.7%
Margin on revenues
Digital Green VAS			5.0	176.7	363.4	240.6	343.8
Change Y/Y				n.s.	105.6%	(33.8%)	42.9%
Margin on revenues
Group Consolidated results	1,551.0	1,776.0	2,037.2	2,389.8	2,907.6	3,210.4	3,356.8
Change Y/Y	13.8%	14.5%	14.7%	17.3%	21.7%	10.4%	4.6%
Margin on revenues
EBITDA
---	---	---	---	---	---	---
FY 19	FY 20	FY 21	FY 22	FY 23	FY 24	FY 25
26.2	37.8	55.5	67.9	84.9	100.1	94.9
26.6%	44.3%	46.8%	22.3%	25.0%	17.9%	(5.2%)
7.6%	9.5%	11.5%	11.9%	12.1%	12.2%	10.8%
46.6	53.3	63.9	72.3	72.4	95.5	90.0
14.8%	14.4%	19.9%	13.1%	0.1%	32.0%	(5.8%)
3.6%	3.7%	4.0%	4.3%	3.9%	4.4%	4.3%
	0.6	2.9	5.7	11.0	18.1	27.3
		383.3%	96.6%	92.5%	65.1%	50.9%
	7.3%	6.1%	9.7%	13.0%	15.9%	17.8%
		0.3	18.3	36.7	21.5	24.5
			n.s.	100.5%	(41.3%)	13.6%
		6.3%	10.4%	10.1%	9.0%	7.1%
74.3	94.5	126.0	167.7	209.4	239.5	240.7
17.7%	27.2%	33.4%	33.1%	24.9%	14.4%	0.5%
4.8%	5.3%	6.2%	7.0%	7.2%	7.5%	7.2%
GROUP EAT ADJUSTED
---	---	---	---	---	---	---
FY 19	FY 20	FY 21	FY 22	FY 23	FY 24	FY 25
7.7	11.1	20.0	24.4	31.2	32.6	28.6
28.3%	43.7%	80.6%	22.2%	27.8%	4.6%	(12.3%)
2.2%	2.8%	4.1%	4.3%	4.4%	4.0%	3.3%
23.8	29.4	40.0	44.5	39.6	52.6	41.5
5.3%	23.7%	35.9%	11.3%	(11.1%)	33.0%	(21.1%)
1.8%	2.0%	2.5%	2.6%	2.1%	2.5%	2.0%
	0.1	0.2	1.2	4.7	8.1	14.2
		100.0%	500.0%	294.8%	71.0%	75.5%
	1.2%	0.4%	2.0%	5.6%	7.1%	9.3%
		0.1	12.1	24.7	12.1	11.9
			n.s.	103.1%	(50.8%)	(1.8%)
		1.6%	6.9%	6.8%	5.0%	3.5%
31.4	41.2	57.8	82.7	102.3	106.4	95.8
9.8%	31.2%	40.3%	43.1%	23.7%	4.1%	(9.9%)
2.0%	2.3%	2.8%	3.5%	3.5%	3.3%	2.9%

• FY 2025 consolidated revenue' increased by 4.6% Y/Y driven by (i) SSI up by 6.4% Y/Y (ii) Business Services up by 34.7% Y/Y (iii) Digital Green VAS up by +42.9% Y/Y including the acquisition of Greensun thanks to the combined contribution of organic and inorganic growth; (iv) VAS down by 3.4% Y/Y, after 7Y of double-digit consecutive growth.
• FY 2025 consolidated Ebitda amounts to Eu 240.7 mn, increasing by 0.5% Y/Y, mainly driven by the adverse market conditions in ICT VAS (despite a 13.9% Y/Y margin improvement in 4Q only) and some margin erosion in SSI due to industrial re-engineering ongoing and thanks to the positive trend of BS (+50.9% Y/Y) and Digital Green VAS (+13.6%).
• Digital Green VAS began with the acquisition of PM Service, a company generating Eu 30 mn in revenues. Following exponential growth in FY22 (Eu 177 mn) and FY23 (Eu 363 mn, +106% Y/Y), the Sector experienced a revenue decline in FY24 (Eu 241 mn, -33.8% Y/Y). In FY25, however, Digital Green VAS returned to growth, reporting a 42.9% increase in revenues and a 13.6% increase in EBITDA. Organic growth was particularly strong in Q4, with revenues up +19.8% Y/Y and EBITDA up +7.0%.

sesa

(1) FY 2025 results include for the H1 2025 the pro-forma data of Greensun, company whose acquisition was formalized in November 2024; pro-forma half-yearly revenues of Eu 83.7 mn, Ebitda of Eu 5.2 mn, EAT Adjusted of Eu 4.0 mn, Group EAT Adjusted of Eu 2.1 mn. From 3Q 2025 Greensun figures have been included in the consolidation scope

Please note that:

• SSI, VAS, BS, DG revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination

• Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.

• FY 2024 figures of Value Added Solutions excl. Digital Green and Digital Green are sourced from the Management accounts and are presented for illustrative purpose. Before 1H 25 Digital Green was part of the VAS sector

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Group results by Sector FY 24- FY25

EU million	FY 25¹
	ICT VAS	DG VAS	SSI	BS	Corporate	Group
Total Revenue and Other Income	2,075.5	343.8	875.7	153.5	62.1	3,356.8
Change Y/Y	(3.4%)	42.9%	6.4%	34.7%	34.7%	4.6%
Gross Margin	181.1	46.3	543.6	141.6	55.9	922.7
Opex	(91.1)	(21.8)	(448.8)	(114.2)	(51.8)	(682.0)
Ebitda	90.0	24.5	94.9	27.3	4.1	240.7
Ebitda Margin	4.3%	7.1%	10.8%	17.8%	6.7%	7.2%
Change Y/Y	(5.8%)	13.6%	(5.2%)	49.8%	(0.6%)	0.5%
Amortisation tangible and intangible assets (sw)	(5.0)	(1.0)	(35.7)	(7.2)	(1.2)	(50.2)
Accruals to provision for bad debts and risks	(1.2)	(0.7)	(1.9)	(0.8)	(0.5)	(5.2)
Ebit Adjusted	83.7	22.8	57.2	19.3	2.5	185.4
Ebit Adjusted Margin	4.0%	6.6%	6.5%	12.5%	4.0%	5.5%
Change Y/Y	(7.4%)	5.5%	(13.6%)	66.5%	(14.9%)	(3.8%)
PPA Amortisation and other non-monetary costs	(2.7)	(0.9)	(18.7)	(11.0)	(6.4)	(39.8)
Ebit	81.0	21.9	38.5	8.3	(4.0)	145.7
Ebit Margin	3.9%	6.4%	4.4%	5.4%	(6.4%)	4.3%
Net financial income and charges	(25.6)	(0.6)	(11.7)	(2.9)	(0.2)	(41.0)
Income taxes	(16.3)	(6.2)	(11.5)	0.2	0.3	(33.4)
EAT	39.1	15.1	15.3	5.6	-3.9	71.2
PPA-Amortisation and other non-monetary costs (net of taxes)	3.0	0.7	15.3	7.8	4.8	17.6
Net profit attributable to non-controlling interests	(0.6)	(3.9)	(2.0)	0.8	-	7.0
Group EAT adjusted	41.5	11.9	28.6	14.2	0.8	95.8
Group EAT adjusted Margin	2.0%	3.5%	3.3%	9.3%	1.4%	2.9%
Change Y/Y	(21.1%)	(1.8%)	(12.3%)	75.5%	(24.0%)	(9.9%)
FY 24
---	---	---	---	---	---
ICT VAS	DG VAS	SSI	BS	Corporate	Group
2,147.4	240.6	822.8	114.0	46.1	3,210.4
176.1	31.3	516.5	106.2	42.8	824.8
(80.6)	(9.7)	(416.4)	(88.0)	(38.6)	(585.3)
95.5	21.5	100.1	18.2	4.2	239.5
4.4%	9.0%	12.2%	16.0%	9.0%	7.5%
(4.3)	0.3	(29.1)	(6.0)	(1.1)	(40.3)
(0.8)	(0.3)	(4.7)	(0.6)	(0.2)	(6.5)
90.4	21.6	66.3	11.6	2.9	192.7
4.2%	9.0%	8.1%	10.2%	6.3%	6.0%
(2.7)	(0.6)	(17.8)	(7.7)	(6.9)	(35.7)
87.7	21.0	48.4	3.9	(4.0)	157.0
4.1%	8.7%	5.9%	3.4%	(8.8%)	4.9%
(19.1)	(1.1)	(12.0)	(2.8)	(0.4)	(35.1)
(21.8)	(6.0)	(12.1)	0.6	0.7	(38.8)
46.8	13.8	24.4	1.7	-3.7	83.1
7.1	(3.9)	3.8	7.4	4.8	18.6
(1.3)	2.2	4.4	(1.0)	0.1	4.8
52.6	12.1	32.6	8.1	1.1	106.4
2.5%	5.0%	4.0%	7.1%	2.4%	3.3%

sesa

(1) FY 2025 revenues and EBITDA include the pro-forma figures of GreenSun for H1 25 and actual results for H2 25, following its inclusion in the scope of consolidation starting from 3Q 25 (GreenSun acquisition completed in November 2024, with half-year pro-forma revenues of Eu 83.7 mn and Ebitda of Eu 5.2 mn)

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Group Income Statement FY23 – FY25

Ea million	FY23	FY24	FY25
Total revenue and other income	2,907.6	3,210.4	3,356.8
Costs for purchasing products	(2,201.6)	(2,385.6)	(2,434.1)
Costs for services and use of third-party assets	(243.4)	(277.6)	(310.7)
Personnel costs	(238.4)	(298.7)	(360.1)
Other operating expenses	(14.8)	(9.1)	(11.2)
Total COGS and Operating Costs	(2,698.2)	(2,970.9)	(3,116.1)
EBITDA	209.4	239.5	240.7
Depreciation/Amortisation of tangible and intangible	(35.3)	(40.3)	(50.2)
Provisions and other non-monetary costs	(6.4)	(6.5)	(5.2)
EBIT Adjusted	167.7	192.7	185.4
Amortisation of client lists and know how (PPA)	(18.3)	(28.0)	(32.6)
Stock grants	(6.7)	(7.7)	(7.2)
EBIT	142.7	157.0	145.7
Net financial income and expense	(14.4)	(35.1)	(41.0)
EBT	128.3	121.8	104.6
Income taxes	(38.1)	(38.8)	(33.4)
EAT	90.2	83.1	71.2
Net result attributable to the Group	84.5	78.3	64.2
Net result attributable to non-controlling interests	5.8	4.8	7.0
EAT Adjusted	108.0	111.2	102.8
Group EAT Adjusted	102.3	106.4	95.8

Sesa

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Group Reclassified Balance Sheet as of Apr 30, 2023, Apr 30, 2024 and Apr 30, 2025

Ea million	Apr23	Apr24	Apr25
Intangible assets	368.5	457.1	531.0
Of which M&A	350.4	430.9	473.5
Property, plant and equipment (IFRS 16 incl.)	125.9	149.8	167.9
Investments valued at equity	24.9	23.9	17.5
Other non-current receivables and deferred tax assets	37.1	38.7	39.3
Total non-current assets	556.4	669.5	755.7
Inventories	158.7	156.2	147.6
Current trade receivables	530.3	571.1	604.6
Payables to suppliers	(586.1)	(638.0)	(595.1)
Trade working capital	102.9	89.3	157.1
Other current assets	131.3	139.1	158.5
Other current payables	(251.3)	(241.8)	(287.6)
Net working capital	(17.1)	(13.4)	28.1
Non-current liabilities	(148.9)	(181.4)	(208.3)
Net Invested Capital	390.4	474.7	575.5
Shareholders Equity	424.1	477.3	500.8
Cash and cash equivalents	(545.5)	(585.8)	(576.9)
Financing current and not current	306.0	374.7	418.5
Net Financial Position	(239.5)	(211.0)	(158.4)
IFRS 16 liabilities	50.1	48.1	57.2
IFRS 3 liabilities	155.7	160.2	176.0
Of which deferred prices	34.8	25.1	25.6
Net Financial Position Reported	(33.7)	(2.7)	74.7
Total Shareholders Equity and NFP	390.4	474.7	575.5

sesa

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Sesa Group M&As starting from FY 2020

	SSI		Business Services		ICT VAS		Digital Green VAS
	Company	Revenues	Company	Revenues	Company	Revenues	Company	Revenues
FY 2020¹	GENCOM	Eu 10 mn			CLEVER CONSULTING	Eu 6 mn
	YARIX	Eu 4 mn	BASE DIGITALE GROUP	Eu 45 mn	PICO	Eu 20 mn
	ZERO12	Eu 2.5 mn
FY 2021¹	ADIACENT CHINA	Eu 2 mn
	ANALYTICS NETWORK - SPS	Eu 6 mn
	DI.TECH	Eu 20 mn	ELMAS	Eu 2 mn			SERVICE TECHNOLOGY	Eu 6 mn
	INFOLOG	Eu 4.2 mn	DIGITAL STORM	Eu 4.2 mn
	MERSY	Eu 4 mn	IFM INFOMASTER	Eu 9 mn
	PALITALSOFT	Eu 5 mn	TECNIKE¹	Eu 1 mn
	PRAGMA	Eu 7 mn
WSS	Eu 5 mn
FY 2022¹	ADACTO	Eu 4.5 mn
	ADOFOR INDUSTRIALE	R&D
	ALDA	Eu 1 mn	APLUS	Eu 1 mn	BRAINWORKS	Eu 15 mn
	CADLOG	Eu 15 mn	CITEL	Eu 5 mn	KOLME	Eu 50 mn	PM SERVICE	Eu 30 mn
	COMTEC	Eu 2 mn	OMIGRADE	Eu 10 mn
	DATEF	Eu 12 mn
	NGS	Eu 6.5 mn
FY 2023¹	ALBALOG	Eu 2.5 mn
	ALFASBY	Eu 2 mn
	ALDEBRA	Eu 4.5 mn
	AMAECO	Eu 1.5 mn	BDY	Eu 20 mn
	ASSIST INFORMATICA	Eu 2.5 mn	DVR	Eu 2 mn
	CYRES	Eu 5.5 mn	EMMEDI	Eu 2 mn
	DURANTE	Eu 16.5 mn	EURO FINANCE	Eu 1.5 mn
	EUROLAB	Eu 4 mn	EVERGREEN	Eu 4 mn
	MEDIAMENTE	Eu 5 mn
NEXT STEP SOLUTION	Eu 1.5 mn
YOCTO IT	Eu 4 mn
FY 2024¹	ANALYSIS	Eu 2.2 mn
	ESSEDI CONSULTING	Eu 1.5 mn
	INFORMATICA	Eu 6 mn
	SANGALU TECNOLOGIE	Eu 7 mn	CENTOTRENTA SERVICING	Eu 15 mn	ALITINA	Eu 50 mn
	SMARTCAE	Eu 3 mn	DATACOREX	Eu 3 mn	MAINT SYSTEM	Eu 4 mn
	SOFT SYSTEM	Eu 2.5 mn
	TRIAS	Eu 3 mn
VISUALITICS	Eu 4 mn
WISE SECURITY GLOBAL	Eu 10 mn
FY 2025¹	REAL-TIME	Eu 1.7 mn
	PV CONSULTING	Eu 1.5 mn	ATS	Eu 14 mn
	BOOT SYSTEMS - LBS	Eu 5.5 mn	METODA	Eu 8 mn			GREENSUN	Eu 130 mn
	SMART ENGINEERING	Eu 2 mn
	METISOFT	Eu 15 mn
	IT PAS	Eu 3 mn
	INNNOFOUR	Eu 6 mn
FY 2026¹	DELTA INFORMACIONES	Eu 2 mn
	VISICON	Eu 5.3 mn
	4IT	Eu 9 mn
	ALBASOFT	Eu 2.2 mn

1) Revenues of target companies at acquisition time (LTM before acquisition)

56 M&As

Eu 322 mn

17 M&As

Eu 147 mn

8 M&As

Eu 213 mn

3 M&As

Eu 166 mn

6 M&As

Rev: Eu 88 mn

13 M&As

Rev: Eu 76 mn

13 M&As

Rev: Eu 79 mn

13 M&As

Rev: Eu 79 mn

13 M&As

Rev: Eu 12 mn

10 M&As

Rev: Eu 186 mn

4 M&As

Rev: Eu 18.2 mn

75 M&As

Rev: Eu 711 mn

Sesa

Between 2015 and 2019, 9 M&A transactions were completed, totaling Eu 137 million in revenues at the time of acquisition.

Among the most significant for the SSI sector were Apra, Tech Value, and Var BMS (with revenues of Eu 16 million, Eu 16 million, and Eu 14 million, respectively), while for the ICT VAS sector, ICOS stood out with Eu 50 million in revenues at the time of acquisition

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sesa s.p.a

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This document has been prepared by Sesa SpA ("SeSa" or the "Company") solely for this presentation and does not represent any investment research, recommendation, consulting or suggestion, concerning the Company or its shares or any other securities/financial instruments issued by the Company. This presentation can not be employed in a public offer or investment solicitation. As a result, the Company, its directors, employees, contractors, and consultants do not accept any liability in relation to any loss or damage, costs or expenses suffered by any person who relies on the information contained in this document or otherwise arising from the use of the same and any such liability is expressly disclaimed.

The Company does not assume any responsibility for the accuracy, sufficiency and completeness of the information contained in this document or in respect of any errors, omissions, inaccuracies contained in it. The presentation at any time is subject to updates and modifications by the Company. However, SeSa does not assume any obligation to communicate or otherwise make known any changes and updates. The document is not intended as, nor should it be regarded as a complete and comprehensive description of the Company and does not necessarily contain all the information that the recipients may consider relevant in relation to the Company. The provision of the Document does not give the recipient any right to access more information.

Sesa Manager in Charge and the officers preparing the Company financial reports hereby certify pursuant to paragraph 2 of art. 154-bis of Legislative Decree no. 58 of February 24, 1998, that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries.

This presentation contains forward-looking statements regarding future events and results of the Company that are based on the current expectations, projections and assumptions of the management of the Company. These declarations, being based on expectations, estimates, forecasts and projections, are subject to risks, uncertainties and other factors that depend on circumstances beyond the company's control and are not guarantees of future performance: the results or actual performance may therefore be different, even significantly, from historical and / or from those obtained and the Company does not assume any liability with respect thereto.

Reproduction, redistribution or transmission to third parties, or part, of this document are forbidden. Participation in the presentation or receipt of this document constitutes your acceptance of the terms and restrictions above.

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