unlocking the future

STRICTLY CONFIDENTIAL: Contents of this document are strictly confidential and SYS-DAT property; it is forbidden to copy this document, to amend it, to share it and to print it without previous written authorizzation from SYS-DAT S.p.A.

H1 2024 Results

12 September 2024

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SYS-DAT – Management Team Presenting

Emanuele Angelidis Vice Chairman

Matteo Neuroni CEO

Andrea Baldini Group CFO

SYS-DAT – Unlocking the future

STRATEGY AND 2024 EXECUTION 1

2 H1 2024 OPERATIONS

3 H1 2024 FINANCIALS

¹ Strategy and 2024 execution

SYS-DAT STRATEGY

MAKE – Organic growth

Develop highly scalable sw solutions specialised by market sector to pursue high margins and ROI
Maximise upselling activities through extensive offer

BUY – Inorganic growth

Extend target markets, offering and technologies
Leverage on Group customer base and salespeople to cross-sell and boost customer value

¹ H1 2024 financials - All indicators point to consistent growth

¹ Successful IPO in July '24 - Positive response from the market

Euro 32.5m Net Proceeds to be invested in inorganic and organic growth
Share price increased by c. 40% since IPO, current mkt cap c. 150m
New Shareholders base

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-
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Since IPO new Board of Directors with NEDs and Independent Committees are in place

Inorganic growth

On 23rd July 2024 acquisition of 100% of SYS-DAT Verona: following a successful 2021-23 integration process with revenue CAGR of over 25% and EBITDA CAGR of over 45%
On 6th August 2024 signed the binding Term Sheet to acquire 100% of FLEXXA a company specialised in cybersecurity and business continuity services
On going conversations with potential acquisition targets in Cybersecurity, Legal, Digital commerce, IoT software applications

SYS-DAT – Unlocking the future

STRATEGY AND 2024 EXECUTION 1

2 H1 2024 OPERATIONS

3
H1 2024 FINANCIALS

² Italian IT market and SYS-DAT growth

Italian IT market growth SYS-DAT H1 2024 growth

2023 results by type of IT service:

Software and ICT Solutions + ICT Services: Euro 26 billion
Software and ICT Solutions '23/'22 growth: 5,8%
ICT Services '23/'22 growth: 9,0%

Source: Anitec – Assinform Report 'IL DIGITALE IN ITALIA 2024 - Mercati, Dinamiche, Policy'

² H1 2024 – market sectors diversification and broad offering

H1 2024 services

Different ERPs
MES/WMS
CRM
e-commerce
Web MKTG
Cloud Services
Retail
Innovative technology solution
Partner change
Sw solution new to the customer
Completeness of offer

H1 2024 services

Digital communication
Logistic sw solution
Multichannel sw solution
PIM and OMS
Web app
MES
Workflow
International expansion
Innovative solution to integrate marketplaces and sales channels
New solution (MES, WMS e DMSS) for the customers

² 2023-27 Digital Enabler forecast and H1 2024 SYS-DAT product development

² BUY – leveraging on a proven ability to build value

CAGR % 27.8% (-20.2% pre acquisition) 48.5% (-42.2% pre acquisition) Revenue (€m) 2.0 4.2 2020 2023 2020 2023 Description Performance Acquired in 2020 Specialised in business management systems, retail and cybersecurity 3 years earn out plan, 100% share acquisition completed in July '24 Company Ebitda (€m) 0.2 0.6 Description Founded in 2010 and based in Maggiore Lake Binding LOI signed on 6 Aug 2024 Services: Cybersecurity and business continuity 2023 Financials: Revenue 1.25m & Ebitda c.21% Company Rationale Group portfolio strengthening High share of automated services fastened easy cross selling Strong management team On going conversations with potential targets in cybersecurity, Legal, Digital commerce, IoT sw applications

SYS-DAT – Unlocking the future

STRATEGY AND 2024 EXECUTION 1

2 H1 2024 OPERATIONS
3
H1 2024 FINANCIALS

Significant revenues growth trend confirmed
Revenue mix confirmed: Recurring + Repeatable revenues equal to 70% of total revenues
No acquisitions impacted H1' 24 Revenues

³ EBITDA growth and cost structure deliver value

Amortizations & Provisions and Net Income

Steady Net Income growth genare value for Shareholders
Continuous innovation in products and services in the most fast growing digital enabling technologies (A.I., Cybersecurity, Cloud solutions)
Amortisations mostly driven by acquisitions with reference to their intangible assets (software and client portfolio)

Operating Cash Flow and Liquidity

All financial indicators show significant progress based on strong fundamentals including substantial recurring and repeatable business, cost control and working capital management
SYS-DAT focused on maximising diversification in terms of market sectors and portfolio vertical offering
The Italian IT market keeps growing with a very fragmented profile in terms of competition and potential acquisitions

⁴ Annex – H1 2024 Profit & Loss Statement

(Euro)	30 June
	2024	2023	Var. %
Operating Revenues	28.389.391	22.251.469	27,6%
Other Revenues	267.728	63.241	323,3%
Total Revenue	28.657.119	22.314.710	28,4%
Purchasing cost	1.542.896	1.230.864	25,4%
Changes in inventories	313.728	-151.090	-307,6%
Service cost	8.923.330	7.204.258	23,9%
Personnel	11.734.356	8.969.208	30,8%
Other operating cost	236.524	345.081	-31,5%
Total operating cost	22.750.834	17.598.321	29,3%
EBITDA	5.906.285	4.716.389	25,2%
Amortisations and depreciations	1.561.438	1.037.542	50,5%
Provisions and writedowns	135.834	15.031	803,7%
EBIT	4.209.013	3.663.816	14,9%
Income (expenses) from equity investments	18.612	6.084	205,9%
Other financial income (expenses)	-81.736	-292.425	-72,0%
Value adjustments to financial assets and liabilities	-159.045	81.770	-294,5%
Income before taxes	3.986.844	3.459.245	15,3%
Income taxes	1.365.721	1.338.924	2,0%
Net Income	2.621.123	2.120.321	23,6%

⁴ Annex – H1 2024 Balance Sheet Statement

EMAKKE SDIR
CERTIFIED

(Euro)	30 Jun 24	31 Dec 2023
ASSETS
Non current assets
Goodwill	8.954.306	8.954.306
Intangible assets	7.861.012	7.383.815
RoU assets	5.222.739	3.994.658
Tangible assets	901.798	788.073
Equity investments and other non current assets	87.317	87.617
Deferred tax assets	606.725	615.481
Total non current assets	23.633.897	21.823.949
Current assets
Inventories	177.654	194.184
Trade receivables	15.455.337	16.015.464
Activities for work in progress on order	1.376.675	1.699.430
Other receivables and current assets	3.290.877	2.340.020
Current financial assets	4.956.800	4.633.409
Cash and cash equivalent	16.585.959	14.437.097
Total current assets	41.843.302	39.319.605
TOTAL ASSETS	65.477.199	61.143.554

NET EQUITY AND LIABILITIES

TOTAL LIABILITIES AND EQUITY	65.477.199	61.143.554
Total current liabilities	25.607.918	22.044.960
Other current debts and liabilities	11.603.499	8.695.584
Current tax debts	3.242.570	2.091.846
Advance payments on work in progress	1.606.554	1.783.180
Trade payables	3.186.961	4.564.415
Current financial liabilities	5.968.334	4.909.934
Current liabilities
Total non current liabilities	18.318.833	19.810.289
Provisions	208.908	330.346
Employee benefits	6.438.300	6.661.793
Deferred taxes liabilities	1.872.981	1.793.642
Non current financial liabilities	9.798.644	11.024.509
Non current liabilities
Total equity	21.550.448	19.288.306
Shareholders' equity	174.147	170.895
Net result	2.618.131	4.232.371
Other reserves	17.743.170	13.870.040
Share Capital	1.015.000	1.015.000

⁴ Annex – H1 2024 Cash Flows and Net Financial Position

EMARKE SDIR
CERTIFIED

(Euro)	30 June
	2024	2023
Net income	2.621.123	2.120.321
Taxes	1.365.850	1.320.361
Depreciation	1.561.438	1.037.542
Other variations	8.853	943.951
Funding from operations	5.557.264	5.422.175
Change in inventories	339.286	-525.990
Change in trade receivables	560.126	-926.123
Change in trade payables	-1.377.450	-859.018
Change in other assets and liabilities	1.978.420	2.968.740
Taxes paid	-395.806	-469.059
Operating cash flow	6.661.840	5.610.727
Investments in intangible assets	-1.454.321	-1.086.720
Investments in tangible assets	-276.220	-67.896
Interest income collected	50.856	29.908
Change in other financial assets	-1.361.673	-821.682
Investment activities Cash Flow	-3.041.357	-1.946.391
Change in financial debts	-4.402	-3.134
Repayment of loans	-774.681	-809.490
Dividends	-660.000	-659.750
Interest paid	-32.537	89.778
Financial activities cash flow	-1.471.620	-1.382.596
Liquidity acquired (transferred) from changes in the consolidation area	0	-711.896
Total cash flow (net of changes in consolidation area)	2.148.862	1.569.845
Cash and cash equivalent at the beginning of the period	14.437.097	13.866.857
Total cash flow	2.148.862	1.569.845
Cash and cash equivalent at the end of the period	16.585.960	15.436.701

Net Financial Position	30 Jun 24	30 Jun 23	Var	Var %
(Euro thousand)
A. Liquid assets	16.586	14.437	2.149	14,9%
B. Cash equivalents	0	0	0	n/a
C. Tradeable securities	4.957	4.633	323	7,0%
D. Liquidity (A) + (B) + (C)	21.543	19.071	2.472	13,0%
E. Current financial debt	-39	-15	-24	157,1%
F. Current portion of non current debt	-5.961	-4.895	-1.065	21,8%
G. Current financial indebtness (E )+ (F)	-5.999	-4.910	-1.089	22,2%
H. Net current financial debt (D) + (G)	15.543	14.160	1.383	9,8%
I. Non-current financial debt	-1.231	-1.620	389	-24,0%
J. Bonds issued	0	0	0	n/a
K. Other non-current financial debt	-8.568	-9.425	857	-9,1%
L. Non-current financial debt (I) + (J) + (K)	-9.799	-11.045	1.246	-11,3%
M. Net Financial Position (H) + (L)	5.745	3.115	2.630	84,4%

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SYS-DAT Investor Presentation 2024