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SYS-DAT — Interim / Quarterly Report 2026
May 14, 2026
6548_rns_2026-05-14_53f66693-79b2-4c00-9c19-8e92bd54249c.pdf
Interim / Quarterly Report
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| Informazione Regolamentata n. 3030-49-2026 | Data/Ora Inizio Diffusione 14 Maggio 2026 12:50:04 | Euronext Star Milan |
|---|---|---|
Societa': SYS-DAT
Utenza - referente: SYS-DATN01 - BALDINI ANDREA MATTEO
Tipologia: REGEM
Data/Ora Ricezione: 14 Maggio 2026 12:50:04
Oggetto: SYS-DAT - The Board of Directors has approved the interim consolidated management report as of 31 March 2026
Testo del comunicato
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SYS-DAT GROUP
PRESS RELEASE
THE SYS-DAT BOARD OF DIRECTORS HAS APPROVED THE INTERIM CONSOLIDATED MANAGEMENT REPORT AS OF MARCH 31, 2026
STRONG ACCELERATION IN GROWTH WITH KEY CONSOLIDATED FINANCIAL INDICATORS SHOWING SIGNIFICANT IMPROVEMENT
STRONG CASH FROM OPERATIONS FUNDS CAPEX, M&A, AND FINANCING ACTIVITIES
ET.ICS AND TECHNIS BLU ACQUISITIONS SUCCESSFULLY COMPLETED
Main consolidated data:
- Total revenues: €26.0 million (€22.4 million as of March 31, 2025) +15.9% YoY
- EBITDA: €5.1 million (€4.1 million as of March 31, 2025) +25.6% YoY
- Net income: €1.8 million (€1.5 million² as of March 31, 2025) +19.9% YoY
- Positive Net Financial Position at €14.3 million (€17.4 million as of March 31, 2025) decreases by €3.1 million
- Liquidity at €47.3 million (€48.5 million as of March 31, 2025) decreases by €1.2 million
Milan, 14 May 2026 - The Board of Directors of SYS-DAT S.p.A., a company listed on Euronext Milan, STAR segment ("SYS-DAT" or the "Company") (SYS.MI), a leading Italian ICT company that develops and provides innovative IT solutions for major industrial sectors and the service market, met today and approved the interim management report as of 31 March 2026, not subject to legal audit.
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
Emanuele Angelidis, Vice Chairman of SYS-DAT, commented: "Strong first-quarter performance reflects our growing value generation capabilities. This success is driven by the Group's significant expansion, achieved through solid organic growth complemented by our M&A activities".
Matteo Neuroni, CEO of SYS-DAT, added: "In Q1 2026, we strengthened our solutions portfolio with new tech and market capabilities brought by our recent acquisitions of et.ics and Technis Blu. Furthermore, we continued to leverage AI, both for our internal operations and within our client offerings".
CONSOLIDATED ECONOMIC AND FINANCIAL DATA AS OF 31 MARCH, 2026
Total revenues for the first three months of 2026 were €26.0 million, up 15.9% compared to €22.4 million recorded in the first three months of 2025, thanks to organic growth of 7.2% and the contribution of the newly acquired et.ics and Technis Blu.
EBITDA for the first three months of 2026 was €5.1 million, up 25.6% compared to €4.1 million recorded in the first three months of 2025, with an EBITDA margin of 19.8%.
Net profit for the first three months of 2026 was €1.8 million, up 19.9% compared to €1.5 million recorded in the first three months of 2025, impacted by Q1 PPA D&A re-alignment.
The Group's Net Financial Position as of March 31, 2026 is cash positive for €14.3 million, down by €3.1 million compared to the cash positive €17.4 million recorded as of December 31, 2025. This evolution is the result of the positive operating cash flow and the cash absorption for the acquisition of et.ics e Technis Blu in Q1 2026.
The Group's Liquidity as of March 31, 2026, is €47.3 million down by €1.2 million compared to the €48.5 million recorded as of December 31, 2025 following the cash flow generated by operations, which funded all investment, M&A, and financing activities, including the share buy-back in the first quarter of 2026.
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
MAIN SIGNIFICANT EVENTS IN THE FIRST QUARTER OF 2026
On January 1, 2026, Versya S.p.A. completed the merger by incorporation of Osra Servizi S.r.l.
On February 18, 2026, SYS-DAT Group acquired the entire share capital of et.ics S.r.l., a company specializing in high value-added software solutions and services for companies with on-field personnel.
On February 27, 2026, SYS-DAT Group acquired a 25% of the share capital of Technis Blu S.r.l. The acquisition of the remaining 75% of the share capital will follow through the exercise of a Put & Call option, subsequent to the filing of Technis Blu's financial statements for the year ending December 31, 2028.
On March 11, 2026, SYS-DAT filed the plan of merger by incorporation of its wholly-owned subsidiary, BTW Informatica S.r.l., into SYS-DAT with the Companies' Register of Milan Monza Brianza Lodi.
On March 26, 2026, the Board of Directors of SYS-DAT, during a meeting held before a notary, approved the merger by incorporation of its wholly-owned subsidiary, BTW Informatica S.r.l., into the Company.
On March 31, 2026, SYS-DAT acquired the remaining shares of Humatics S.r.l. and VCube S.r.l., corresponding to an additional 30% of the share capital, thus reaching 100% ownership of both companies.
MAIN SIGNIFICANT EVENTS AFTER MARCH 31, 2026
On April 20, 2026, the subsidiaries SYS-DAT Verona, VCube, and Humatics approved the plan of merger by incorporation of the wholly-owned companies VCube S.r.l. and Humatics S.r.l. into SYS-DAT Verona S.r.l., and filed the said plan with the relevant Companies' Registers.
On April 20, 2026, SYS-DAT announced that a meeting with the financial community is scheduled for May 18, 2026, for the presentation of the SYS-DAT Group's 2026-2028 Strategic Plan.
On April 22, 2026, the SYS-DAT Shareholders' Meeting has: (i) approved the separate financial statements for the year ended December 31, 2025, and acknowledged the consolidated financial statements as at December 31, 2025; (ii) approved the allocation of the net profit and the distribution of a gross dividend of €0.04 per ordinary share; (iii) approved the remuneration policy and the report on
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
compensation paid; (iv) renewed the authorization for the purchase and disposal of own shares (treasury shares), subject to the revocation of the previous authorization resolved by the Shareholders' Meeting on April 16, 2025, for the part not yet executed.
On the same date, the SYS-DAT Board of Directors resolved, in execution of the resolution passed by the Shareholders' Meeting, to launch a share buy-back program (the "Program") starting from April 30, 2026. The Program will be executed under the safe harbour conditions provided for by Art. 5 of EU Regulation no. 596/2014.
OUTLOOK
In the first quarter, the Group delivered a significantly positive performance, demonstrating solid growth in both revenues and profitability, despite an international macroeconomic environment marked by high uncertainty. These results confirm the resilience of our business model and the effectiveness of the strategies implemented.
For the remainder of the year, the Group will continue to allocate significant resources to Research and Development projects and the standardization of operational processes, with the goal of strengthening our competitiveness and supporting sustainable and scalable growth. In the first quarter, the Company acquired stakes in Et.ics and Technis Blu, which enable the Group to enhance its vertical solutions, Cybersecurity, infrastructure and data protection management services, and—with a view to protecting and expanding its SAP business—its SAP S/4HANA capabilities.
DOCUMENTATION DEPOSIT
The documentation of the Interim Management Report as of March 31, 2026 will be made available to the public, within the terms of the law, at the registered office of SYS-DAT in via Muzio Attendolo detto Sforza n. 7/9 – Milan (MI), on the website www.sys-datgroup.com section “Investors/Financial Statements and Periodic Reports”, as well as on the authorized storage mechanism .
Group CFO Andrea Baldini, manager responsible for preparing corporate accounting documents, declares pursuant to paragraph 2 of article 154 bis of the Consolidated
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
Finance Act, that the accounting information contained in this press release corresponds to the documentary evidence, books and accounting records.
SYS-DAT’s results for the first three months of 2026 will be presented to the financial community today during a conference call at 03:00 PM (CET) 02:00 PM (UK). The presentation is available in the “Investors” section of the website www.sys-datgroup.com.
For information, please contact the contacts at the bottom of this press release.
This press release is available in the "Investors" section of the website www.sys-datgroup.com.
For dissemination and storage of Regulated Information, the Company uses the “EMARKET STORAGE” system available at .
SYS-DAT Group
SYS-DAT Group is one of the main Italian groups specialized in ICT. It has always been a highly innovative company and oriented to offer its customers, throughout the national and foreign territory, complete and integrated IT solutions for different market sectors. The services offered cover all mission critical business processes, starting from the ERP management area and then extending to different application areas including CRM, SCM, PDM, BI, GDPR and Retail & Distribution developed on-premise or cloud. All this thanks to various advanced technologies, including Cyber Security and Artificial Intelligence solutions. www.sys-datgroup.com
Investor Relation – SYS-DAT S.p.A.
Investor Relation – CDR Communication
Marta Alocci | [email protected]
Silvia Di Rosa | [email protected]
Corporate press office – CDR Communication
Martina Zuccherini | [email protected]
Maddalena Prestipino | [email protected]
Angelo Brunello | [email protected]
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
Attached are the reclassified consolidated income statement, balance sheet, cash flow statement and net financial position as of March 31, 2026
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
6
SYS-DAT GROUP
Annexes
CONSOLIDATED INCOME STATEMENT
(Euro)
| 31/03 | ||
|---|---|---|
| 2026 | 2025 | |
| Operating Revenues | 25,871,269 | 22,334,890 |
| Other Revenues | 129,103 | 96,308 |
| Total Revenue | 26,000,372 | 22,431,198 |
| Purchasing cost | 2,257,587 | 1,701,419 |
| Changes in inventories | 171,931 | 98,225 |
| Service cost | 8,332,861 | 7,473,599 |
| Personnel | 9,887,868 | 8,864,880 |
| Other operating cost | 209,117 | 198,507 |
| Total operating cost | 20,859,364 | 18,336,630 |
| EBITDA | 5,141,007 | 4,094,568 |
| Amortisations and depreciations | 1,859,499 | 2,003,273 |
| Provisions and write-downs | 175,413 | 124,782 |
| EBIT | 3,106,096 | 1,966,513 |
| Income (expenses) from equity investments | 0 | 14,497 |
| Other financial income (expenses) | 276,432 | 396,358 |
| Value adjustments to financial assets and liabilities | -635,779 | -436,867 |
| Income before taxes | 2,746,748 | 1,940,500 |
| Income taxes | 959,259 | 661,551 |
| Net Income³ | 1,787,489 | 1,278,949 |
| Profit or loss attributable to non-controlling interests | 0 | -4,673 |
| Net Income parent Company | 1,787,489 | 1,283,623 |
³ Q1 2025 Net Income to be rectified for comparison purposes by ca. € 0,2 m of lower 2025 PPA D&A.
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
CONSOLIDATED BALANCE SHEET
| (Euro) | 31/03/2026 | 31/12/2025 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 25,290,953 | 21,100,479 |
| Intangible assets | 27,201,402 | 23,724,450 |
| RoU assets | 7,418,823 | 7,003,398 |
| Tangible assets | 1,656,002 | 1,646,693 |
| Equity investments and other non-current assets | 382,211 | 381,809 |
| Deferred tax assets | 1,007,692 | 1,120,392 |
| Total non-current assets | 62,957,084 | 54,977,222 |
| Current assets | ||
| Inventories | 944,237 | 894,309 |
| Trade receivables | 39,649,187 | 23,726,975 |
| Activities for work in progress on order | 974,919 | 1,055,347 |
| Other receivables and current assets | 7,139,755 | 3,618,150 |
| Current financial assets | 28,068,517 | 27,636,676 |
| Cash and cash equivalent | 19,252,957 | 20,928,317 |
| Total current assets | 96,029,573 | 77,859,774 |
| TOTAL ASSETS | 158,986,657 | 132,836,996 |
| EQUITY AND LIABILITIES | ||
| Share Capital | 1,564,244 | 1,564,244 |
| Other reserves | 61,978,582 | 54,991,891 |
| Net result | 1,787,489 | 6,924,873 |
| Reserve for Buyback | -2,088,163 | -1,079,534 |
| Thirty parties shareholders' equity | 0 | 175,445 |
| Total group equity | 63,242,153 | 62,576,920 |
| Non-current liabilities | ||
| Non-current financial liabilities | 21,836,036 | 21,980,525 |
| Deferred taxes liabilities | 6,131,808 | 5,392,140 |
| Employee benefits | 9,496,625 | 9,209,698 |
| Provisions | 382,990 | 276,808 |
| Total non-current liabilities | 37,847,459 | 36,859,171 |
| Current liabilities | ||
| Current financial liabilities | 11,066,594 | 9,077,943 |
| Trade payables | 14,191,233 | 7,910,878 |
| Advance payments on work in progress | 584,092 | 986,834 |
| Current tax debts | 3,709,062 | 2,727,276 |
| Other current debts and liabilities | 28,346,064 | 12,697,974 |
| Total current liabilities | 57,897,046 | 33,400,905 |
| TOTAL LIABILITIES AND EQUITY | 158,986,657 | 132,836,996 |
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
CONSOLIDATED CASH FLOW STATEMENT
(Euro)
| 31/03 | ||
|---|---|---|
| 2026 | 2025 | |
| Net income | 1,787,489 | 1,278,949 |
| Taxes | 959,259 | 661,551 |
| Net interest expense | 49,561 | -17,513 |
| Depreciation | 1,857,971 | 2,003,273 |
| Changes in provisions for risks and charges | 11,122 | 14,061 |
| Changes in employee benefits obligations | -294,165 | 150,422 |
| Other variations | 114,047 | 59,917 |
| Funding from operations | 4,485,284 | 4,150,660 |
| Change in inventories | 1,713,726 | 462,213 |
| Changes in WIP net of prepayments | -1,456,570 | -212,674 |
| Change in trade receivables | -11,514,485 | -10,113,634 |
| Change in trade payables | 957,714 | 1,521,695 |
| Change in other assets and liabilities (except to tax assets and liabilities) | 11,001,661 | 10,234,713 |
| Change in tax assets and liabilities | 268,706 | -518,905 |
| Taxes paid | 0 | 0 |
| Operating cash flow | 5,456,036 | 5,524,068 |
| Investments in intangible assets | -989,684 | -972,427 |
| Investments in tangible assets | -88,521 | -383,075 |
| Interest received | 22,221 | 60,587 |
| Change in financial assets | -431,841 | 0 |
| Other financial variations | 0 | -2,587,446 |
| Investment activities Cash Flow | -1,487,825 | -3,882,361 |
| Change in financial debts | 1,300,468 | -15,443 |
| Repayment of loans | -997,100 | -641,911 |
| Increase share capital | 0 | 0 |
| Listing expenses | 0 | 0 |
| Buyback | -1,008,629 | 0 |
| Dividends paid | 0 | 0 |
| Interest paid | -71,782 | -43,074 |
| Interest paid TFM/TFR IAS 19 | 42,353 | 77,977 |
| Financial activities cash flow | -734,690 | -622,451 |
| Liquidity acquired (transferred) from changes in the consolidation area | -4,909,241 | -1,174,560 |
| Total cash flow (net of changes in consolidation area) | 1,675,720 | -155,304 |
| Cash and cash equivalent at the beginning of the period | 20,928,317 | 24,680,166 |
| Total cash flow | -1,675,720 | -155,304 |
| Cash and cash equivalent at the end of the period | 19,252,598 | 24,524,862 |
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
SYS-DAT GROUP
CONSOLIDATED NET FINANCIAL POSITION
| Net Financial Position (€ thousand) | 31/03/2026 | 31/12/2025 | Var |
|---|---|---|---|
| A. Liquid assets | 19,253 | 20,928 | -1,675 |
| B. Cash equivalents | 0 | 0 | 0 |
| C. Tradeable securities | 28,069 | 27,637 | 432 |
| D. Liquidity (A) + (B) + (C) | 47,321 | 48,565 | -1,244 |
| E. Current financial debt | 1143 | 129 | 1,014 |
| F. Current portion of non-current debt | 10,026 | 9,078 | 948 |
| G. Current financial indebtedness (E)+ (F) | 11,169 | 9,207 | 1,962 |
| H. Net current financial debt (D) + (G) | 36,153 | 39,358 | -3,206 |
| I. Non-current financial debt | 173 | 279 | -105 |
| J. Bonds issued | 0 | 0 | 0 |
| K. Other non-current financial debt | 21,663 | 21,702 | -39 |
| L. Non-current financial debt (I) + (J) + (K) | 21,836 | 21,981 | -144 |
| M. Net Financial Position (H) + (L) | 14,317 | 17,378 | -3,061 |
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
10
SYS-DAT GROUP
ALTERNATIVE PERFORMANCE INDICATORS
The alternative performance indicators used by the Company, in accordance with ESMA 2015/1415 Guidelines, are as follows:
EBIT: corresponds to Operating profit.
EBITDA: represents Gross operating margin and is determined by adding Depreciation of tangible and intangible assets and Impairment and Provisions to the Operating Profit.
Net Financial Debt or Net Financial Position: represents an indicator of the financial structure and is determined by the algebraic sum of Cash and cash equivalents, Other current financial assets, Current financial debt, Current portion of Non-current financial debt, Non-current financial debt, Trade payables and Other non-current Liabilities.
Net Invested Capital: represents a balance sheet indicator and is determined as Equity net of Net financial debt.
Net Trade Working Capital: a balance sheet indicator related to trade working capital, determined as the sum of Trade receivables and Inventories net of Trade payables and Advances.
Net Working Capital: a balance sheet indicator related to working capital, determined as the sum of Net Trade Working Capital and Other current Assets, net of Tax liabilities and Other current Liabilities.
Net Fixed Capital: a summary balance sheet indicator determined as Net invested capital net of Net working capital.
SYS-DAT S.p.A.
Via Muzio Attendolo detto Sforza, 7/9 - 20141 Milano (Italia)
Tel. +39 02 507 [email protected] • www.sys-datgroup.com
Capitale Sociale: € 1.564.244,00 i.v.
P. IVA - Codice Fiscale: 03699600155 • REA: MI-963005
11
| Fine Comunicato n.3030-49-2026 | Numero di Pagine: 13 |
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