SYS-DAT — Investor Presentation 2025

Apr 7, 2025

UNLOCKING THE FUTURE

MID & SMALL LONDON 2025 08-09 April 2025

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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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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.

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SYS-DAT: Unlocking the future

Company snapshot 2024 Strategy and Execution FY 2024 Financials Highlights

Company snapshot

OUR MISSION

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

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OUR STRATEGY

MAKE - Organic growth

• Proprietary software solutions
• Vertically specialised software applications
• High scalability enabling ROI maximisation
• Extensive offering in different markets
• Up-selling through comprehensive services

BUY - Inorganic growth

• New markets to be addressed
• Sw solutions extending the offering
• Customer base to cross-sale

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• New technologies to strengthen know-how
• Value boost by cross-selling and synergies

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

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

SYS-DAT GROWTH

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

2024 Strategy and Execution

MAKE

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

MAKE Successful case histories with mission critical and strategic solutions provisioning

• Energy company with automotive charging stations powered by 100% renewable energy
• Provided services:
  • ERP software solution
  • Electronic invoicing and financial add-ons
  • E-mobility software solution

UP-SELLING

• American companies specialized in eye-glasses.
• Provided services:
  • ERP software in Switzerland and Asia
  • Systems hosted in Outsourcing
  • ERP software extension in in Spain, Germany, UK, Netherlands, France, Denmark and Austria

UP/CROSS-SELLING CROSS-SELLING

• Exclusive distributor of Nike, Converse, Thommy Hilfiger, Calvin Klein and Lacoste with 3A Brands and owner of a retail chain of 25 shops with the brand Just Play
• Provided services:
  • Moda Retail to manage its proprietary chain of shops
  • Sys-Dat Retail software integration with Microsoft Business Central ERP
  • AI engine powering B.I. tool for points of sales

• Machinery manufacturing company specialized in coil feeding devices and automation systems
• Provided services:
  • ERP software solution
  • Order management system
  • Managed services

BUY High level of know-how and high fragmentation makes the Italian market attractive

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)

BUY

Addressing new markets, increasing know-how and cross selling

16 acquisitions (21 companies) completed since 2020

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

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 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
15y and above	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

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 19 authorization from SYS-DAT S.p.A.

CLOSING REMARKS

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

Top Management Team has an in-depth knowledge of IT market, M&A and corporate finance

Organic growth is largely predictable, thanks to recurring sales and repeatable services

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

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

Annex

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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	15 369	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 ਉੱਥੇ
Net Income of the parent company	6.195.784	4.232.371

Annex – 12M 2024 Balance Sheet Statement

(Ellro)	31-Dec-24	31-Dec-23
ASSETS
Non-current assets
Goodwill	12.251.636	8.954.306
Intangible assets	10.947.067	7.383.815
Roll 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	21.823.950
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	60 801 085	30 310 604
TOTAL ASSETS	00 708 823	61.143 554

(Ellro)	31-Dec-24	31-Dec-23
EQUITY AND LIABILITIES
Share Capital	1.564.244	1.015.000
Other reserves	49.225.354	13.870.044
Net result	6.105.784	4.232.371
Third parties' equity	178.000	170.895
Total group equity	57.164.342	19.288.310
Non current liabilities
Non current financial liabilities	11.227.539	11.024.500
Deferred taxes liabilities	2.539.525	1.793.642
Employee benefits	7.135.204	6.661.792
Provisions	173.958	330 346
Total non current liabilities	21.076.226	19.810.289
Current liabilities
Current financial liabilities	4.856.983	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	2.091.846
Other current debts and liabilities	8.870.754	8.695.585
Total current liabilities	21.558.255	22,044 055
TOTAL EQUITY AND LIABILITIES	99.798.823	61.143.554

Annex – 12M 2024 Cash Flows and Net Financial Position

(Euro)	31 December
	2024	2023
Net income	6.203.587	4.241.73!
Taxes	2.360.841	2.301.350
Depreciation	3.471.108	2.568.94
Other variations	87.875	816.10:
Funding from operations	12.123.410	9.928.14
Change in inventones	-28.851	50.46
Change in work in progress net of advances	964 299	-2.452.179
Change in trade receivables	41.186	-1.167.56
Change in trade payables	300 005	259.997
Change in other assets and liabilities	-2.496.020	2.553.101
Taxes paid	-2.801 644	-1.876.230
Operating cash flow	8.102.688	7.295.72
Investments in intangible assets	-2.947.306	-2.173.44
Investments in tangible assets	-358.709	-135.797
Equity investments	0
Disinvestments of fixed as sets	2.588	30.00
Disinvestments of leasing	204.285
Interestincome collected	67.500	108.02
Change in other financial as sets and liabilities	-18.658.223	410.63
Investment activities Cash Flow	-21.689.865	-1.760.57
Change in financial debts	-616.518	-2.75
Repayment of loans	-1.762.321	-1.543.680
Increase share capital	33.852.144
Listing expenses	-1.884.758
Dividends	-660.000	-659.751
Interestpaid	-55.548	-278.410
Financial activities cash flow	28.872.999	-2.484.60
Liquidity acquired (transferred) from changes in the consolidation area	-5.042.753	-2.480.29
Total cash flow (net of changes in consolidation area)	10.243.068	570.24]
Cash and cash equivalent at the beginning of the period	14.437.097	13.866.85
Total cashflow	10.243.068	570.24
Cash and cash equivalent at the end of the period	24.680.166	14.437.09

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%