SYS-DAT — Investor Presentation 2025

Feb 12, 2025

UNLOCKING THE FUTURE

European Midcap Event | Frankfurt 2025 13 February 2025

This document has been prepared by Sys-Dat Group S.p.A. (the "Company" or "Sys-Dat Group") for information purpose only, it contains only summary information and, therefore, it is preliminary in nature. Furthermore, it has been drafted without claiming to be exhaustive. By attending this presentation ("Presentation") or otherwise viewing this Presentation, or having access to the corresponding information, you are agreeing to be bound by the following.

This Presentation and the information set out herein ("Information") are strictly confidential and, as such, has not been prepared with a view to public disclosure and, except with the prior written consent of the Company, it cannot be used by the recipient for any purpose nor can it be disclosed, copied, recorded, transmitted, further distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose. This Presentation may contain financial information and/or operating data and/or market information regarding business and assets of the Company. Certain financial information may not have been audited, reviewed or verified by any independent accounting firm.

Therefore, the recipient undertakes vis-à-vis the Company (i) to keep secret any information of whatever nature relating to the Company including, without limitation, the fact that the information has been provided, (ii) not to disclose any Information to anyone, (iii) not to make or allow any public announcements or communications concerning the Information and (iv) to use reasonable endeavors to ensure that Information are protected against unauthorized access.

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. This document does not constitute a prospectus, offering circular or offering memorandum.

THIS PRESENTATION AND ANY RELATED ORAL DISCUSSION DO NOT CONSTITUTE AN OFFER TO THE PUBLIC OR AN INVITATION TO SUBSCRIBE FOR, PURCHASE OR OTHERWISE ACQUIRE ANY FINANCIAL PRODUCTS, AS DEFINED UNDER ARTICLE 1, PARAGRAPH 1, LETTER (T) OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998, AS AMENDED. Therefore, this document is not an advertisement and in no way constitutes a proposal to execute a contract, an offer or solicitation to purchase, subscribe or sell for any securities and neither it or any part of it shall form the basis of or be relied upon in connection with any contract or commitment or investments decision whatsoever. The Company has not prepared any prospectus for the purpose of the initial public offering of its securities. Any decision to purchase, subscribe or sell for securities will have to be made independently of this Presentation. Therefore, nothing in this Presentation shall create any binding obligation or liability on the Company and its affiliates and any of their advisors or representatives. Likewise, this Presentation is not for distribution in, nor does it constitute an offer of securities for sale in the United States of America, Canada, Australia, Japan, South Africa or any jurisdiction where such distribution is unlawful, (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person. Any failure to comply with this restriction may constitute a violation of United States securities laws.

No representation or warranty, express or implied, is or will be given by the Company as to the accuracy, completeness or fairness of any Information provided and, so far as is permitted by law and except in the case of fraud by the party concerned, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for errors, omissions or misstatements, negligent or otherwise, relating thereto.

In particular, but without limitation, no representation or warranty, express or implied, is or will be given as to the achievement or reasonableness of, and no reliance may be placed for any purpose on the accuracy or completeness of, any estimates, targets, projections or forecasts and nothing in these materials should be relied upon as a promise or representation as to the future. The information and opinions contained in this document are provided as at the date hereof and are subject to change without notice. The recipient will be solely responsible for conducting its own assessment of the Information set out in the Presentation. Neither the Company, nor any of their advisors or representatives shall be obliged to furnish or to update any information or to notify or to correct

any inaccuracies in any information. Neither the Company, nor any of their advisors or representatives shall have any liability to the recipient or to any of its representatives as a result of the use of or reliance upon the information contained in this document.

Certain Information may contain forward-looking statements which involve risks and uncertainties and are subject to change. In some cases, these forward-looking statements can be identified by the use of words such as "believe", "anticipate", "estimate", "target", "potential", "expect", "intend", "predict", "project", "could", "should", "may", "will", "plan", "aim", "seek" and similar expressions. The forecasts and forward-looking statements included in this document are necessarily based upon a number of assumptions and estimates that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies as well as assumptions with respect to future business decisions that are subject to change. By their nature, forward-looking statements involve known and unknown risks and uncertainties, because they relate to events, and depend on circumstances, that may or may not occur in the future. Furthermore, actual results may differ materially from those contained in any forward-looking statement due to a number of significant risks and future events which are outside of the Company's control and cannot be estimated in advance, such as the future economic environment and the actions of competitors and others involved on the market. These forward-looking statements speak only as at the date of this Presentation. The Company cautions you that forward looking-statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in future periods. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The distribution of this Presentation and any related document in other jurisdictions than Italy may be restricted by law and persons into whose possession this document or any related presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.

SYS-DAT: Unlocking the future

Company Snapshot Make & Buy strategy Financial Highlights ESG Strategy & Use of Proceeds

Company Snapshot

COMPANY SNAPSHOT

OUR MISSION

«Enabling new business models, through software solutions and consulting services for the evolution of customers' mission critical processes»

COMPANY SNAPSHOT

OUR STRATEGY

MAKE Organic growth

Develop highly scalable sw solutions specialised by market sector to pursue high margins and ROI

Maximise upselling activities through extensive offering

BUY Inorganic growth

Extend target markets, offering and technologies

Leverage on Group customer base and sales people to cross-sell and boost customer value

WHO WE ARE

Emanuele Angelidis Vice Chairman International experience and Fastweb IPO

Vittorio Neuroni Chairman Italian IT pioneer

Stefania Tomasini Non Executive Director Long-term chartered accountant experience

Matteo Neuroni Chief Executive Officer Successful entrepreneur and IT Market expert

Marta Neuroni Communication and HR Extensive experience in HR and marketing

Maurizio Santacroce Non Executive Director Chairman of Risk, Related Parties Committee

Andrea Baldini Chief Financial Officer VC fund partner and M&A experience

Matteo Garegnani Chief Commercial Officer Successful product launches in the IT market

Marco Zampetti Non Executive Director Chairman of Remuneration Committee

WHO WE ARE

IPO on 2nd of July 2024, demand exceeded offer by more than 3x

Euro 32.5m Net Proceeds for inorganic and organic growth

Significant share price increase since IPO

8

9M 2024 Economic and Financial indicators point to consistent growth

9M '24 vs 9M '23

•	Revenue:	Euro 41.0m	+24.2%
•	Ebitda:	Euro 8.2m	+20.8%
•	Net Income:	Euro 3.7m	+23.1%

30.09.24 vs 31.12.23

•	NFP:	Euro 36.6m	+ 33.5m
•	Liquidity:	Euro 52.3m	+ 33.2m

On 13 March 2025 Conference Call with investors about FY 2024 Results

COMPANY SNAPSHOT

SYS-DAT GROWTH AND SHAREHOLDER BASE

SYS-DAT outperformed the market by more than 3 times in 2021-2023

Market CAGR 21-23: 8.1%

Revenue CAGR 21-23: 26,3% EBITDA CAGR 21-23: 25,0% Net Income CAGR 21-23: 8,0%

Make & Buy Strategy

MAKE

Scalable mission critical vertical proprietary software solutions

13

MAKE A full-liner approach

BUY

Addressing new markets, increasing know-how and cross selling

Increasing know-how to nurture innovation

Artificial Intelligence Cybersecurity Industry 4.0 Digital Commerce

15 acquisitions completed since 2020

BUY A proven ability to extract value from acquired companies

1. Target selection based on strict parameters 3. Strategy, BP and ecofin				2. Valuation
					based on current picture plus 3 year earn-out
		KPIs definition		4. Centralised activities:		AFC, HR, Sales & Marketing, Tech roadmap
		Revenue (€m)	CAGR %
	2.3	4.3				ACQUIRED COMPANIES' PERFORMANCE
2020 acquisition	2019	2023	17.1% (10.4% pre		Before acquisition1	After acquisition2	Growth
Legal & Manufacturing		acquisition) EBITDA Margin
Shift from one-off license to		13.0%	44.0%
recurring sales and focus on KPIs	3.1%		(-8.8% pre	Average	10.1%	19.3%	1.9x
	2019	2023	acquisition)	Revenue growth
		Revenue (€m)	CAGR %
	3.6	5.1	19.7%	Average
			(3.4% pre	EBITDA growth	5.4%	33.9%	6.2x
2022 acquisition Footwear	2021	2023	acquisition)
Offering re-design increased		EBITDA Margin	71.5%
customers acquisition and		15.1%	(30.0% pre	EBITDA %	7.4%	12.2%	1.6x
upselling	7.4%		acquisition)

15

16

BUY Leveraging on a proven ability to integrate and build value

COMPANY	DESCRIPTION	RATIONALE
24.09.2024	Founded in 2010 and based in Maggiore Lake Services: Cybersecurity and business continuity 2023 Financials: Revenue 1.2m & Ebitda c.21%	Automated cybersecurity services Strong boost for cross selling Management focused on innovation	2023 Total Revenue €4.6M 2023 Total EBITDA €1.3M (27%)
04.11.2024	Founded in 2013 and 2016 and based in Bologna Services: Digital Commerce and B.I. 2023 Financials: Revenue 2.2m & Ebitda c.30%	Attractive customers in new markets Valuable "a to z" digital communication Strong, young and dynamic managers	2023 Total Net Income €850K
12.11.2024	Founded in 2001 and based in Milan Services: BPM and workflow management 2023 Financials: Revenue 1.2m & Ebitda c.25%	BPM represent a new business area Cross industry services for captive base Very experienced management team	Total PFN at acquisition €1.5M

Financial Highlights

FINANCIAL HIGHLIGHTS IT MARKET HAS A GROWTH POTENTIAL

ATTRACTIVE MARKET WITH STRONG GROWTH POTENTIAL1

The Group is ready to face next market challenges thanks to its continuous investments in cutting-edge tools to foster innovation

Sources: "Il digitale in Italia 2024" Anitec-Assinform in collaboration with NetConsulting - Note: 1) Excluding Device & Systems, TLC network services and digital content and advertising

FINANCIAL HIGHLIGHTS HEALTHY AND GROWING FINANCIALS

In all the key metrics

Revenue growth more than 3 times higher than the Italian IT market, EBITDA stable at 20%, Net Income and Operating Cash Flow generating value

DIVERSIFIED AND LOYAL CUSTOMER BASE

With high cross-selling and up-selling potential

52%

Eu 2 - 10 m

Eu < 2 m

40%

Finance, Insurance and RE

Services

Healthcare

Logistics

Aging (# years)	% customers	% sales
15y and above	4.2%	12.7%
10y-14y	13.6%	13.1%
5y-9y	28.8%	28.2%
< 5y	53.5%	45.9%

Loyal customer base… …with strong cross-selling and upselling potential

• 47% of customers acquired their services from at least 2 families between Core Business, Value added sw services and ICT services
• 6% of customers acquired their services from all 3 families of services: Core Business, Value added sw and ICT services
• Loyal customers are a primary targets for the new acquired companies

Driving high marginality and customer loyalty

26%

16%

4%

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

71% Top 30 clients

Others

FINANCIAL HIGHLIGHTS

Top 10 clients

ESG

ESG: THE ROADMAP TO 2026

A three-year ESG roadmap is evolving starting with the gender equality (UNI DPR 125:2022) certification on January 2024

• Hybrid / electric company car fleet to reduce environmental pollution
• Energy consumption reduction to reduce natural resources waste
• health, safety and working culture
• Customer and employee satisfaction to improve loyalty and drive collaboration
• Welfare to offer a broad range of benefits and services to employees

GOVERNANCE

• Model 231 to create a safer workplace in the office preventing commission of crimes
• ESG criteria on suppliers to create an ecofriendly and ethical supply chain
• Board mix men / women to enhance board diversity
• 33% women executives1 to improve women leadership in the company
• Long-Term Incentive Plan to reward and align employees with stakeholders

Note: 1) Executive are defined as first line report to CEO as of 31 December 2023

ESG ESG: THE ROADMAP TO 2026

ICT Human capital shortage

The Italian labour market has a structural shortage in terms of availability of highly-skilled ICT resources:

• 500,000 vacant ICT positions in Italy at the end of 20211
• Difficulties in recruiting staff in more than 36% of positions1
• 38% of positions for young ICT graduates remain vacant1

Hiring and talent attraction

Sys-Dat cooperates with several institutions and universities in recruiting young talent:

Employer branding & reputation

Brand Analysis data-driven strategies aimed at:

• Improving people retention
• Attracting the best talent
• Gender equality certified

IPO represents a further opportunity to attract and retain talented people

Note: 1) Unioncamere - ANPAL, Sistema Informativo Excelsior, 2021;

Strategy & Use of Proceeds

CLEAR STRATEGY

For profitable organic growth coupled with a selective M&A activity

Solid M&A track record, € 32.5m of IPO net proceeds and strong cash generation, the Italian fragmented market, make Sys-Dat as a clear candidate for market consolidation

Note: For illustrative and non-exhaustive purpose. This chart could not fully represent the entire market. 1) extraction from Aida database using the Ateco code (no. 62.01 – 62.02 – 62.03 – 62.09 – 63.11- 63.12); 2) The TOP 100 Software and Services 2022 ranking (IDC for Datamanager)

CLOSING REMARKS

The ICT market is growing and delivering innovation that will be disruptive for several decades

Top Management Team has extraordinary knowledge of IT market, M&A and corporate finance

Organic growth is largely predictable, thanks to recurring sales, and doubles the market speed

Inorganic growth is proving to be successful and opens new markets and technologies

The company has healthy financials with strong Ebitda margin and Cash flow generation

Proceeds from the IPO will further accelerate the organic and inorganic business