SYS-DAT — Investor Presentation 2025

Mar 25, 2025

UNLOCKING THE FUTURE

Euronext Milan STAR Conference 25-27 March 2025

1

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.

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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

01 2024 Strategy and Execution 02 FY 2024 Operations 03 FY 2024 Financials Highlights

01 2024 Strategy and Execution

OUR MISSION

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

6

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

7

FY 2024 Performance Economic and Financial indicators point to consistent growth

31.12.24 vs 31.12.23

• Revenue:	€ 57.5m	+ 23.7%
• EBITDA:	€ 11.6m	+ 24.5%
• Net Income:	€ 6.2m	+ 46.3%
• NFP:	€ 32.2m	+ 29.1m
• Liquidity:	€ 48.3m	+ 29.2m

M&A A&C Group acquisition extends target markets and strengthens group offering

New vertical solutions and potential market expansion

SYS-DAT GROWTH SYS-DAT doubled its size in 3 years between 2021 and 2024

02 FY 2024 Operations

MAKE

Scalable mission critical vertical proprietary software solutions and a full liner approach

MAKE Successful case histories with mission critical and strategic solutions provisioning

BUY

Addressing new markets, increasing know-how and cross selling

Increasing know-how to nurture innovation

16 acquisitions (21 companies) completed since 2020

c.€4m M&A A&C Group acquisition extends target markets and strengthens group offering

Strategic fitting

• Extend target market to Small & Medium
• Address new verticals and cross-selling
• Microsoft technology underpin

Solutions

• ERP, B.I., Cloud and sw solutions for Small & Medium businesses

Solutions

• Office automation solutions for Retail and Professional offices

Operationsl KPIs

• Controlled companies: 5
• N. of Employees: 182
• N. of offices: 12

Solutions

• MES, WMS, DGO based on Microsoft Dynamics 365 Business Central

Solutions

• Agritech sw solutions, with verticals for feed and milling sectors

BUY Leveraging on a proven ability to integrate and build value

COMPANY	DESCRIPTION	BUSINESS INTEGRATION	BUSINESS COMBINATION
	Founded in 2010 and based in Maggiore Lake Services: Cybersecurity and business continuity 2023 Financials: Revenue 1.2m & Ebitda c.21%	COMPLETED	WELL IN PROGRESS
24.09.2024		✓ Information systems	➢ Portfolio analysis (cross-selling)
	Founded in 2013 and 2016 and based in Bologna	✓ Mktg & Communication
	Services: Digital Commerce and B.I. 2023 Financials: Revenue 2.2m & Ebitda c.30%	✓ Sales	➢ Customers acquisition (new business)
04.11.2024		✓ HR ✓	➢ Product roadmap
12.11.2024	Founded in 2001 and based in Milan Services: BPM and workflow management 2023 Financials: Revenue 1.2m & Ebitda c.25%	Technology & Ops	(portfolio integration)

03 FY2024 Financial Highlights

IT MARKET HAS A GROWTH POTENTIAL

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

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%

HEALTHY AND GROWING FINANCIALS

In all the key metrics

• ➢ '24 vs '23 Operating C.F. growth of 11.1%
• ➢ 2024 invested cash for acquisitions €6.1m

• ➢ R&D activities as a percentage of Revenues in line with previous years
• ➢ Main R&D activities include ERP applications, CRM and Retail software solutions

Net Income and Operating Cash Flow continue generate value and benefit from extraordinary items

DIVERSIFIED AND LOYAL CUSTOMER BASE

With high cross-selling and up-selling potential

Wide typology of clients, from small to blue chip companies, well-diversified on different markets, with no revenue concentration and with a long-lasting relationship

Aging (# years)	% customers	sales %
and above 15y	10 1% ,	18 5% ,
10y-14y	15 8% ,	19 8% ,
5y-9y	25 5% ,	21 1% ,
Less than 5y	48 6% ,	40 6% ,

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

• 58% of customers acquired their services from 2 families between Core Business, Value added sw services and ICT services
• 9% of customers acquired their services from all 3 families of services: Core Business, Value added sw and ICT services
• Overall, in 2024 upselling activities increased services adoption from 53% to 67% in terms of clients acquiring services from more than one family

Driving high marginality and customer loyalty

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

Annex

Annex – 12M 2024 Profit & Loss Statement

(Euro)	31 December
	2024	2023
Operating Revenues	57.102.083	46.265.809
Other Revenues	378.254	201 929
Total Revenue	57.480.337	46.467.738
Purchasing cost	3.400.985	2.754.127
Changes in inventories	478 310	-505-063
Service cost	18.895.109	15.533.500
Personnel	22.717.784	18 979 953
Other operating cost	429 452	404 868
Total operating cost	45.921.640	37.167.385
EBITDA	11.558.697	9.300.353
Amortisations and depreciations	3.488.961	2.568.943
Provisions and writedowns	401 217	262 590
EBIT	7.668.519	6.468.820
Income (expenses) from equity investments	1 રે રેલતે	17.706
Other financial income (expenses)	550 280	-84.831
Value adjustments to financial assets and liabilities	330.260	141 399
Income before taxes	8.564.428	6.543.094
Income taxes	2.360.841	2.301.356
Net Income	6.203.587	4.241.738
Of which third parties results	7.803	ਰੇ ਤੇ ਉਹ
Net Income of the parent company	6.195.784	4.232.371

Annex – 12M 2024 Balance Sheet Statement

(Eldo)	31-Dec-24	31-Dec-23
ASSETS
Non-current assets
Goodwill	12.251.636	8.054.306
Intangible assets	10.947.067	7.383.815
RoU assets	4.014.601	3.004.658
Tangible assets	870.548	788.073
Equity investments and other non current assets	121,460	87.617
Deferred tax assets	801.527	615.481
Total non-current assets	20 906,838	21.823.050
Current assets
Inventories	248 008	194,184
Trade receivables	17.124.406	16.015.464
Activities for work in progress on order	1.172.062	1.600 430
Other receivables and current assets	3.016.470	2.340.020
Current financial assets	23.649 883	4.633.400
Cash and cash equivalent	24.680.166	14.437.097
Total current assets	60.801.985	30.310.604
TOTAL ASSETS	00 798 823	61.143.554

(Euro)	31-Dec-24	31-Dec-23
EQUITY AND LIABILITIES
Share Capital	1 564 244	1.015.000
Other reserves	40.225.354	13.870.044
Net result	6.195.784	4.232.371
Third parties' equity	178,060	170.895
Total group equity	57.164.342	10.288.310
Non current liabilities
Non current financial liabilities	11.227.539	11.024.500
Deferred taxes liabilities	2.530.525	1.703.642
Employee benefits	7.135.204	6.661.792
Provisions	173 058	330 346
Total non current liabilities	21.076.226	19.810.289
Current liabilities
Current financial liabilities	4.856.083	4 000 034
Trade payables	4 008 201	4.564.410
Advance payments on work in progress	1.345.950	1.783.180
Current tax debt	1.486.277	2.001.846
Other current debts and liabilities	8.870.754	8.605.585
Total current liabilities	21,558,255	22.044.055
TOTAL EQUITY AND LIABILITIES	00 708 823	61.143.554

Annex – 12M 2024 Cash Flows and Net Financial Position

(Buro)		31 December
	2024	2023
Net income	6.203.587	4.241.739
Taxes	2.360.841	2.301.356
Depreciation	3.471.108	2.568.943
Other variations	87.875	816.108
Funding from operations	12.123.410	9.928.147
Change in inventories	-28.851	50.462
Change in work in progress net of advances	964 299	-2.452.179
Change in trade receivables	41.186	-1.167.568
Change in trade payables	300,005	259 992
Change in other assets and liabilities	-2.496.020	2.553.103
Taxes paid	-2.801.644	-1.876.236
Operating cash flow	8.102.688	7.295.720
Investments in intangible assets	-2.947.306	-2.173.441
Investments in tangible assets	-358.709	-135.792
Equity investments	0	0
Disinvestments of fixed as sets	2.588	30.000
Disinvestments of leasing	204.285	0
Interestincome collected	67.500	108.024
Change in other financial as sets and liabilities	-18.658.223	410.633
Investment activities Cash Flow	-21.689.865	-1.760.575
Change in financial debts	-616-518	-2.755
Repayment of loans	-1.762.321	-1.543.686
Increase share capital	33.852.144	0
Listing expenses	-1.884.758	0
Dividends	-660.000	-659.750
Interestpaid	-55.548	-278.416
Financial activities cash flow	28.872.999	-2.484.607
Liquidity acquired (transferred) from changes in the consolidation area	-5.042.753	-2.480.298
Total cash flow (net of changes in consolidation area)	10.243.068	570.241
Cash and cash equivalent at the beginning of the period	14.437.097	13.866.857
Total cashflow	10.243.068	570.241
Cash and cash equivalent at the end of the period	24.680.166	14.437.097

Net Financial Position	31-Dec-24	31-Dec-23	Var	Var %
(Euro thousand)
A. Liquid assets	24.680	14.437	10.243	70,9%
B. Cash equivalents	0	0	0	n/a
C. Tradeable securities	23.650	4.633	19.016	410,4%
D. Liquidity (A) + (B) + (C)	48.330	19.071	29.260	153,4%
E. Current financial debt	85	15	70	468,6%
F. Current portion of non current debt	4.806	4.895	-90	-1,8%
G. Current financial indebtness (E )+ (F)	4.891	4.910	-19	-0,4%
H. Net current financial debt (D) + (G)	43.439	14.160	29.279	206,8%
I. Non-current financial debt	839	1.620	-781	-48,2%
J. Bonds issued	0	0	0	n/a
K. Other non-current financial debt	10.389	9.425	964	10,2%
L. Non-current financial debt (I) + (J) + (K)	11.228	11.045	183	1,7%
M. Net Financial Position (H) + (L)	32.211	3.115	29.096	934,0%