SYS-DAT — Investor Presentation 2025

Nov 12, 2025

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UNLOCKING THE FUTURE

Q3 2025 Results

STRICTLY CONFIDENTIAL: Contents in 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 authorization from SYS-DAT S.p.A.

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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.

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.

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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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Unlocking the future

01 Growth & Value creation

02 Q3 2025 Operations

03 Q3 2025 Financials Highlights

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01 Growth & Value creation

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Q3 2025 RESULTS DRIVE GROWTH AND VALUE CREATION

Revenue, EBITDA margin and Liquidity mark a strong positive trend

+60%

Revenue growth 9M'25 vs 9M' 24 with organic revenue growth of +8.2% in Q3'25 vs Q3'24

19.1%

EBITDA margin for 9M'25 excluding A&C one-off M&A expenses

+1.0m

Liquidity generated by operations in Q3'25, of which ca. 700k used for M&A payments

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SOLID PERFORMANCE IN 9M 2025

All KPIs and liquidity increase contributes to value creation

30.09.25 vs 30.09.24

Main KPIs	9M'25 value	9M'25 vs. 9M'24
•Revenue	€ 65.7m	+ 60.3%
•EBITDA	€ 12.1m	+ 48.0%
•Net Income	€ 4.9m	+ 31.4%
•Liquidity	€ 54.0m	+ 5.7m (*)
•NFP	€ 19.6m	-12.6m (*)

(*) 30.09.25 vs 31.12.24

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M&A ACTIVITIES TRACK RECORD

Ongoing conversations with Targets of different size in various market sectors

(*) Targets revenue the year before the acquisition

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02 Q3 2025 Operations

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Q3 2025 SALES TO DIFFERENT MARKETS THROUGH ENTIRE PORTFOLIO

Customers looking for both long and short term projects

Solutions sold

Customer examples in different markets

Fashion

Food

Services

Healthcare

Distribution

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POSITIVE WORD OF MOUTH DRIVES CONTRACTS WITH NEW CLIENTS

Q3 2025 new contracts from diversified customer size

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EXTENSIVE Q3 COMMUNICATION ACTIVITIES

Focus on brand positioning, customers and investors communication

MARKET COMMUNICATION

AI THAT BRINGS RESULTS 23.09.2025

SMALL & MID CAP AWARDS 17.09.2025

CYBER STRATEGIES & SOLUTIONS 26.06.2025

WEBINARS FOR PROSPECTS

DIGITAL PASSPORT 23.09.2025

CYBER AWARENESS 15.07.2025

WAREHOUSE MANAGEMENT 11.07.2025

INVESTORS EVENTS

ITALIAN ROADSHOW FRANKFURT - 14.10.2025

ECCELLENZE MADE IN ITALY MILAN - 30.09.2025

SYS-DAT ROADSHOW VIRTUAL - 07.07.2025

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03 Q3 2025 Financial Highlights

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STRONG REVENUE AND EBITDA GROWTH

Driven by organic growth and A&C contribution

• ➢ 9M'25 vs 9M'24 Revenue growth: +60.3%
• ➢ 9M'25 vs 9M'24 Organic Revenue: +7.2% vs 6.8% in H1'25
• ➢ Q3'25 vs Q3'24 organic revenue growth +8.2%

• ➢ EBITDA margin at 19.1% without one-off A&C M&A costs
• ➢ 9M'25 vs 9M'24 Organic EBITDA: +13.4% w/o M&A costs

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CONTINUOUS R&D AND NET INCOME

Focus on product innovation and value generation

• ➢ 9M'25 vs 9M'24 R&D activities growth of 19.6%
• ➢ Main R&D activities include ERP, CRM and Retail software solutions

• ➢ 9M'25 vs 9M'24 Net Income growth of +31.4%
• ➢ 9M'25 Net Income with €1.3m D&A from PPA of last 12 months acquisitions

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emarket sdir storage certified

LIQUIDITY INCREASE AND CASH FLOW COMPONENTS

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9M 2025 NFP CHANGE AND BREAKDOWN

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• GROUP SIZE STEP UP - driven by organic growth and M&A
• HEALTHY KPIs - Revenue, EBITDA and Net Income strongly increasing
• STRONG OPERATING CASH FLOW - to be invested in M&A opportunities
• ONGOING M&A CONVERSATIONS - Targets of different size and sectors

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Annex

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(Euro)	30 september
	2025	2024
Operating Revenues	65,150,468	40,640,000
Other Revenues	507,427	317,978
Total Revenue	65,657,896	40,957,977
Purchasing cost	4,864,982	2,141,975
Changes in inventories	123,523	285,494
Service cost	22,281,603	13,461,385
Personnel	25,523,673	16,582,617
Other operating cost	753,856	306,294
Total operating cost	53,547,637	32,777,765
EBITDA	12,110,259	8,180,213
Amortisations and depreciations	4,868,330	2,406,157
Provisions and write-downs	665,794	295,275
EBIT	6,576,136	5,478,781
Income (expenses) from equity investments	5,507	20,052
Other financial income (expenses)	621,611	-142,739
Value adjustments to financial assets and liabilities	-122,401	95,915
Income before taxes	7,080,853	5,452,009
Income taxes	2,192,356	1,732,961
Net Income	4,888,497	3,719,048

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Annex – Q3 2025 Balance Sheet Statement

(Euro)	30/09/2025	31/12/2024
ASSETS
Non-current assets
Goodwill	22,386,077	12,251,636
Intangible assets	23,995,145	10,947,067
RoU assets	7,157,037	4,914,601
Tangible assets	1,705,749	870,548
Equity investments and other non-current assets	375,346	121,460
Deferred tax assets	865,686	801,527
Total non-current assets	56,485,040	29,906,838
Current assets
Inventories	869,408	248,998
Trade receivables	22,939,417	17,124,406
Activities for work in progress on order	882,814	1,172,062
Other receivables and current assets	5,379,786	3,016,470
Current financial assets	27,180,369	23,649,883
Cash and cash equivalent	26,801,382	24,680,166
Total current assets	84,053,177	69,891,985
TOTAL ASSETS	140,538,216	99,798,823

(Euro)	30/09/2025	31/12/2024
EQUITY AND LIABILITIES
Share Capital	1,564,244	1,564,244
Other reserves	54,642,031	49,225,354
Net result	4,896,115	6,195,784
Thirty parties shareholders' equity	171,030	178,960
Total group equity	61,273,419	57,164,342
Non-current liabilities
Non-current financial liabilities	23,516,518	11,227,539
Deferred taxes liabilities	5,504,352	2,539,525
Employee benefits	9,155,006	7,135,204
Provisions	270,324	173,958
Total non-current liabilities	38,446,200	21,076,226
Current liabilities
Current financial liabilities	10,761,081	4,856,983
Trade payables	7,291,222	4,998,291
Advance payments on work in progress	880,470	1,345,950
Current tax debts	4,051,246	1,486,278
Other current debts and liabilities	17,834,578	8,870,754
Total current liabilities	40,818,597	21,558,255
TOTAL LIABILITIES AND EQUITY	140,538,216	99,798,823

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Annex – 9M 2025 Cash Flow Statement & Q3 2025 Net Financial Position

(Euro)	30 september
	2025	2024
Net income	4,888,496	3,719,047
Taxes	2,192,356	1,732,961
Depreciation	4,868,329	2,406,157
Other variations	332,762	21,008
Funding from operations	12,281,943	7,879,173
Change in inventories	1,054,775	311,053
Changes in WIP net of prepayments	-754,728	0
Change in trade receivables	-415,582	1,553,259
Change in trade payables	-1,538,350	-1,609,654
Change in other assets and liabilities	4,307,279	1,304,532
Taxes paid	-716,982	-1,514,807
Operating cash flow	14,218,355	7,923,556
Investments in intangible assets	-2,895,095	-2,087,433
Investments in tangible assets	-591,001	-309,135
Interest income collected	129,008	57,597
Change in other financial assets	-2,573,961	-26,092,455
Investment activities Cash Flow	-5,931,049	-28,431,426
Change in financial debts	-78,841	-3,896
Repayment of loans	-1,939,668	-1,166,874
Capital increase net of listing fees	0	32,107,257
Dividends	-1,251,395	-660,000
Interest paid	-3,850	-16,182
Financial activities cash flow	-3,273,754	30,260,305
Liquidity acquired (transferred) from changes in the consolidation area	-2,892,336	0
Total cash flow (net of changes in consolidation area)	2,121,216	9,752,435
Cash and cash equivalent at the beginning of the period	24,680,166	14,437,097
Total cash flow	2,121,216	9,752,435
Cash and cash equivalent at the end of the period	26,801,383	24,189,532

Net Financial Position	30/09/2025	31/12/2024
(€ thousand)
A. Liquid assets	26,801	24,680
B. Cash equivalents	0	0
C. Tradeable securities	27,180	23,650
D. Liquidity (A) + (B) + (C)	53,982	48,330
E. Current financial debt	72	34
F. Current portion of non-current debt	10,761	4,857
G. Current financial indebtedness (E )+ (F)	10,833	4,891
H. Net current financial debt (D) + (G)	43,149	43,439
I. Non-current financial debt	593	835
J. Bonds issued	0	0
K. Other non-current financial debt	22,924	10,392
L. Non-current financial debt (I) + (J) + (K)	23,517	11,228
M. Net Financial Position (H) + (L)	19,632	32,211