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SYS-DAT Investor Presentation 2026
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SYS-DAT GROUP
UNLOCKING THE FUTURE
FY 2025 Results
11 March 2026
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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.
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 (7) 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 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.
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SYS-DAT: Unlocking the future
01 Growth & Value creation
02 2025 Operations
03 FY 2025 Financials Highlights
SYS-DAT GROUP
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01
Growth & Value creation
SYS-DATGROUP
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SYS-DAT: BUY & BUILD OF SW SOLUTIONS FOR VERTICAL MARKETS
Proprietary sw solutions enable new business models and maximise marginality and ROI
SYS-DAT GROUP
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0
FY 2025 RESULTS SHOW SOLID GROWTH AND VALUE CREATION
Robust revenue increase, profitability, and solid cash flow performance
55.9%
TOTAL REVENUE GROWTH
of which +9.8%
of organic growth
19.6%
EBITDA MARGIN
excluding A&C one-off
M&A expenses
13.4m
OPERATING CASH FLOW
achieving 78.7% EBITDA to
op. cash flow conversion
SYS-DAT GROUP
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SOLID FY 2025 EXECUTION DELIVERING SHAREHOLDER VALUE
Operating cash flow fully financed 2025 M&A, R&D, buyback and dividends payout
| Main KPIs | FY'25 value | FY'25 vs. FY'24 |
|---|---|---|
| • Revenue | € 89.6m | + 55.9% |
| • EBITDA | € 17.1m | + 47.6% |
| • Net Income adj. (*) | € 8.7m | +38.2% |
| • Liquidity | € 48.5m | + 0.2m |
| • NFP | € 17.4m | - 14.8m |
(*) 2025 Reported Net Income of € 6.9m (+11.5% vs FY'24), adjusted by € 1.8m of 2025 M&A one-off effects and PPA amortizations
SYS-DAT GROUP
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SYS-DAT TRIPLING IN SIZE IN FOUR YEARS
A combination of organic growth and M&A
Business size tripled in 4 years
FY 2021
Revenue: €29.1m
EBITDA: €6.0m
Net Income adj.: €3.7m
FY 2025
Revenue: €89.6m
EBITDA: €17.1m
Net Income adj.: €8.7m
20 acquisitions since 2021
Targets
Revenue size
Cum. Revenue c. €18m (*)
2 new companies
to date
2025
2024
2025
2026
(*) Targets aggregated revenue the year before the acquisition
( IPO )
Consistently outpacing the market ('21-'25)
2025 exp. market growth(*): 5.8%
2025 SYS-DAT organic growth: 9.8%
X 1.7 Italian market growth
SYS-DAT GROUP
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AI FUELS GROWTH AND INNOVATION AT SYS-DAT
Unlocking Commercial Value and Operational Improvements
AI adopter since 2021
SIMILARIES
SYS-DAT GROUP
AI suite launch in Jan 25
SarIA
Launch of MosAlc
Internal Project in Sep 25
MosAlc
Jan 26: Gemini Enterprise provided to all staff
Gemini Enterprise
A suite of AI vertical solutions to boost efficiency and decision-making
AI smart capabilities powering our Core, Value-Added software solutions and ICT services
- CUSTOMER ENGAGEMENT drives success rate increase
- REQUIREMENTS ANALYSIS leads to time reduction
- PROJECT DEVELOPMENT boosts productivity
- AFTER SALE MANAGEMENT improves performance
From efficient engagement to effective contract
Manual
Assisted
Agentic
AI-powered after sales service
SYS-DAT GROUP
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02
2025 Operations
SYS-DATGROUP
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IT MARKET SHOWS GROWTH POTENTIAL BOOSTED BY DIGITAL ENABLED
SYS-DAT outperforms the market thanks to Cross-selling, Up-selling and innovation
Italian IT Market (Eu mn)
CAGR
| 2022-2025E | 2025E-2028E | |
|---|---|---|
| ICT Services | 7.8% | 5.8% |
| Software and ICT Solutions | 4.3% | 2.6% |
2025 SW solutions and ICT services Italian Market growth of 5.8% (*)
CROSS-SELLING BETWEEN COMPANIES
UP-SELLING PORTFOLIO APPLICATIONS
INNOVATIVE SOLUTIONS INTRODUCTION
2025 SYS-DAT organic growth of 9.8% (1.7 X market growth)
() Sources: If digitale in Italia 2025* Antec-Assinform in collaboration with NetConsulting, December 2025 - Note: 1) Excluding Device & Systems, TLC network services and digital content and advertising
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2025 MARKET REACH ACROSS OUR FULL PORTFOLIO
Spanning Long-Term and Short-Term Projects
| Solutions delivered | % of Revenues | Q4 customer wins across diverse markets | |||
|---|---|---|---|---|---|
| Al-powered solutions | MODA FOOD365 | ||||
| SUTE | |||||
| ADeMES | |||||
| QUANTUM | MODA | ||||
| 4SEASONS | |||||
| NEXT EDITION | |||||
| ModaSuite365 | 66,4 % | Fashion | yamamay | ||
| Value Added | |||||
| SW Solutions | SarIA | ||||
| SCRM | |||||
| CoralMatch | |||||
| SysID | 11,9 % | Food | pan | ||
| ate | |||||
| ICT | |||||
| Services | NIS-2 | ||||
| Cloud | 21,7 % | Distribution | CENTR | ||
| AR | |||||
| FRICIO | |||||
| LORETO | |||||
| Manufacturing | esseii | ||||
| MANUFACTURING IDEAS |
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A RESILIENT CUSTOMER BASE BUILT ON DIVERSIFICATION AND LONGEV
Strong increase of Recurring and Repeatable Revenues from a loyal customer base (66% of clients with 5+ years)
Revenue by market sector
- Manufacturing
- Services
- Commerce
- Finance, Insurance and RE
- Logistics
- Healthcare
- Utilities
> Business derisking thanks to high level of market sectors variety
Revenue concentration by customers
- Main client at 2.6%
- Top 10 clients total 12% of revenue
- Top 10 clients
- Top 30 clients
- Others
> Over 6.000 customers with 2.2% revenue churn in 2025
> Increased diversification of customer revenue concentration
Revenue by customer size
- € > 50m
- 10m < € < 50m
- 2m < € < 10m
- € < 2m
> Diverse customer size matches Italian market distribution
Recurring and Repeatable Revenues
- Recurring
- Repeatable (*)
- New Business
> Recurring Revenues increased from 34% to 41% in one year
> Repeatable Revenues increased from 37% to 42% in one year
(*) customers with aging > 5 years
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CENTRAL
STRENGTHENING OUR PORTFOLIO WITH 2026 ACQUISITIONS
Building on a strong track record of successful integrations
| COMPANY | DESCRIPTION | RATIONALE | TOTAL |
|---|---|---|---|
| STACS | |||
| SYS-DAT GROUP | |||
| 18.02.2026 | Founded in 1997 and based in Cittadella (PD) | ||
| Services: Cybersecurity and on-field SW | |||
| 2025 Exp. Revenue 2.5m & Ebitda 0.2m | SYS-DAT SW portfolio enhancement | ||
| Reliable cyber-security partner | |||
| Strong boost for cross selling | 2025 Total Exp. Revenue | ||
| €7.5M |
2025 Total Exp. Adj. EBITDA
€0.5M
2025 Total Exp. Liquidity
€1.1M |
| TECHNIKI BILLI
SYS-DAT GROUP
27.02.2026 | Founded in 2008 and based in Rome
Vertical SW solutions & SAP S4/HANA
2025 Exp. Revenue 5.0m & Ebitda Adj. 0.3m | Attractive solutions for vertical markets
In-depth know-how of SAP S4/HANA
Hands-on & experienced management | |
SYS-DAT GROUP
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03
FY 2025 Financial Highlights
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REVENUE AND EBITDA SHOW SOLID PERFORMANCE
Fueled by strong organic growth and A&C successful integration
REVENUES
- FY'25 vs FY'24 Revenue growth: +55.9%
- FY'25 software + ICT Italian Market expected growth(*) of +5.8%
- FY'25 vs FY'24 Organic Revenue: +9.8%
EBITDA
- FY'25 vs FY'24 EBITDA growth: +47.6%
- EBITDA margin at 19.6% without one-off A&C M&A costs
- FY'25 vs FY'24 Organic EBITDA: +13.5% w/o M&A costs
(*) Sources: "Il digitale in Italia 2025" Anitec-Assinform in collaboration with NetConsulting, December 2025 - Note: 1) Excluding Device & Systems, TLC network services and digital content and advertising
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EXEMINEE
INVESTING IN INNOVATION TO DRIVE PROFITABILITY
Net Income growth alongside a steady commitment to R&D
R&D
- FY'25 vs FY'24 R&D activities growth of 32.0%
- Main R&D activities include ERP, CRM and Retail software solutions
- Launch of arIA, a suite of AI solutions for vertical markets
NET INCOME Adj.
- FY'25 Net Income adjusted by € 1.8m of '25 M&A D&A and one-off effects
- FY'25 vs FY'24 Net Income Adj. growth of +38.2%
- FY'25 vs FY'24 Net Income growth of +11.5%
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CHANGE IN LIQUIDITY BREAKDOWN
Cash Flow from operations fully finances investments and financing activities
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FY'25 2025 NFP CHANGE AND BREAKDOWN
NFP mainly impacted by future Earn-Out and leasing payment for €30.0m
SYS-DAT GROUP
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SYS-DAT GROUP | CLOSING REMARKS
- SOLID GROWTH AND VALUE CREATION driven by Revenue, Ebitda and Operating CF
- GROUP SIZE STEP UP driven by organic growth and A&C acquisition
- STRONG MARKET REACH through our entire portfolio
- AI FUELS GROWTH AND INNOVATION with arlA and AI-powered sw solutions
- TWO ACQUISITIONS IN 2026 and ongoing conversation with potential Targets
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Annex
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Annex – FY 2025 Profit & Loss Statement
| (Euro) | 31/12 | |
|---|---|---|
| 2025 | 2024 | |
| Operating Revenues | 89,091,777 | 57,102,083 |
| Other Revenues | 524,929 | 378,254 |
| Total Revenue | 89,616,706 | 57,480,337 |
| Purchasing cost | 6,865,812 | 3,400,985 |
| Changes in inventories | 104,629 | 478,310 |
| Service cost | 30,023,314 | 18,895,109 |
| Personnel | 34,648,800 | 22,717,783 |
| Other operating cost | 914,273 | 429,452 |
| Total operating cost | 72,556,828 | 45,921,639 |
| EBITDA | 17,059,878 | 11,558,697 |
| Amortisations and depreciations | 6,995,821 | 3,488,961 |
| Provisions and write-downs | 854,234 | 401,217 |
| EBIT | 9,209,823 | 7,668,519 |
| Income (expenses) from equity investments | 5,507 | 15,369 |
| Other financial income (expenses) | 1,039,672 | 550,280 |
| Value adjustments to financial assets and liabilities | -174,075 | 330,260 |
| Income before taxes | 10,080,928 | 8,564,428 |
| Income taxes | 3,159,305 | 2,360,841 |
| Net Income | 6,921,623 | 6,203,587 |
| Profit or loss attributable to non-controlling interests | 3,251 | -7,803 |
| Net Income parent Company | 6,924,873 | 6,195,784 |
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Annex – FY 2025 Balance Sheet Statement
| (Euro) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 21,100,479 | 12,251,636 |
| Intangible assets | 23,724,450 | 10,947,067 |
| RoU assets | 7,003,398 | 4,914,601 |
| Tangible assets | 1,646,693 | 870,548 |
| Equity investments and other non-current assets | 381,809 | 121,460 |
| Deferred tax assets | 1,120,392 | 801,527 |
| Total non-current assets | 54,977,222 | 29,906,838 |
| Current assets | ||
| Inventories | 894,309 | 248,998 |
| Trade receivables | 23,726,975 | 17,124,406 |
| Activities for work in progress on order | 1,055,347 | 1,172,062 |
| Other receivables and current assets | 3,618,150 | 3,016,470 |
| Current financial assets | 27,636,676 | 23,649,883 |
| Cash and cash equivalent | 20,928,317 | 24,680,167 |
| Total current assets | 77,859,774 | 69,891,985 |
| TOTAL ASSETS | 132,836,996 | 99,798,823 |
| (Euro) | 31/12/2025 | 31/12/2024 |
| --- | --- | --- |
| EQUITY AND LIABILITIES | ||
| Share Capital | 1,564,244 | 1,564,244 |
| Other reserves | 53,912,357 | 49,225,354 |
| Net result | 6,924,873 | 6,195,784 |
| Thirty parties shareholders' equity | 175,445 | 178,960 |
| Total group equity | 62,576,920 | 57,164,342 |
| Non-current liabilities | ||
| Non-current financial liabilities | 21,980,525 | 11,227,539 |
| Deferred taxes liabilities | 5,392,140 | 2,539,525 |
| Employee benefits | 9,209,698 | 7,135,204 |
| Provisions | 276,808 | 173,958 |
| Total non-current liabilities | 36,859,171 | 21,076,226 |
| Current liabilities | ||
| Current financial liabilities | 9,077,943 | 4,857,221 |
| Trade payables | 7,910,878 | 4,998,291 |
| Advance payments on work in progress | 986,834 | 1,345,950 |
| Current tax debts | 2,727,276 | 1,486,277 |
| Other current debts and liabilities | 12,697,974 | 8,870,517 |
| Total current liabilities | 33,400,905 | 21,558,256 |
| TOTAL LIABILITIES AND EQUITY | 132,836,996 | 99,798,823 |
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Annex – FY 2025 Cash Flow Statement & FY 2025 Net Financial Position
(Euro)
| 31/12 | ||
|---|---|---|
| 2025 | 2024 | |
| Net income | 6,921,623 | 6,203,586 |
| Taxes | 3,159,305 | 2,360,841 |
| Depreciation | 6,995,821 | 3,471,168 |
| Other variations | 749,125 | 87,875 |
| Funding from operations | 17,825,873 | 12,123,410 |
| Change in inventories | 578,444 | -28,851 |
| Changes in WIP net of prepayments | -475,831 | 964,599 |
| Change in trade receivables | -1,203,140 | 41,186 |
| Change in trade payables | -918,695 | 300,005 |
| Change in other assets and liabilities (except to tax assets and liabilities) | 623,941 | 0 |
| Change in tax assets and liabilities | -968,746 | -2,496,020 |
| Taxes paid | -2,036,967 | -2,801,644 |
| Operating cash flow | 13,424,879 | 8,102,687 |
| Investments in intangible assets | -4,040,936 | -2,947,306 |
| Investments in tangible assets | -690,655 | -358,709 |
| Change in financial assets | -3,030,268 | -18,658,223 |
| Other financial variations | 174,011 | 274,373 |
| Investment activities Cash Flow | -7,587,848 | -21,689,865 |
| Change in financial debts | -78,249 | -416,518 |
| Repayment of loans | -2,796,133 | -1,762,321 |
| Increase share capital | 0 | 33,852,144 |
| Listing expenses | 0 | -1,884,758 |
| Buyback | -1,079,534 | 0 |
| Dividends paid | -1,251,395 | -660,000 |
| Interest paid | -14,964 | -55,548 |
| Financial activities cash flow | -5,228,275 | 28,872,999 |
| Liquidity acquired (transferred) from changes in the consolidation area | -4,368,604 | -5,042,753 |
| Total cash flow (net of changes in consolidation area) | -3,751,849 | 10,243,068 |
| Cash and cash equivalent at the beginning of the period | 24,680,166 | 14,437,097 |
| Total cash flow | -3,751,849 | 10,243,068 |
| Cash and cash equivalent at the end of the period | 20,928,317 | 24,680,166 |
| Net Financial Position | 31/12/2025 | 31/12/2024 |
| --- | --- | --- |
| (€ thousand) | ||
| A. Liquid assets | 20,928 | 24,680 |
| B. Cash equivalents | 0 | 0 |
| C. Tradeable securities | 27,637 | 23,650 |
| D. Liquidity (A) + (B) + (C) | 48,565 | 48,330 |
| E. Current financial debt | 129 | 85 |
| F. Current portion of non-current debt | 9,078 | 4,006 |
| G. Current financial indebtedness (E) + (F) | 9,207 | 4,891 |
| H. Net current financial debt (D) + (G) | 39,358 | 43,439 |
| I. Non-current financial debt | 279 | 839 |
| J. Bonds issued | 0 | 0 |
| K. Other non-current financial debt | 21,702 | 10,389 |
| L. Non-current financial debt (I) + (J) + (K) | 21,981 | 11,228 |
| M. Net Financial Position (H) + (L) | 17,378 | 32,211 |
SYS-DAT GROUP
25
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