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SYS-DAT Investor Presentation 2026
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SYS-DAT GROUP
UNLOCKING THE FUTURE
Q1 2026 Results
14 May 2026
ELECTRONIC SAFETY. Contents in this document are strictly confidential and 100,000 property (it is based on a one-time document, no more than 10 years of work) and is subject to applicable regulations. Authorized at from 105 GRC's p.4.
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 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 GROUP
STRICTLY CONFIDENTIAL: Contents in this document are strictly confidential and SYS DAT property. It is
Exhaleen to copy this document, to amend it, to share it and to print it without previous written
authorization from SYS DAT S.p.A.
SYS-DAT: Unlocking the future
- 01 Growth & Value creation
- 02 Q1 2026 Execution
- 03 Q1 2026 Financials Highlights
SYS-DAT GROUP
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.
SYS-DAT GROUP
01 Growth & Value creation
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Q1 2026 PERFORMANCE HIGHLIGHTS
A strong start of the year driven by Growth, Profitability and Cash Flow generation
15.9%
TOTAL REVENUE GROWTH
of which +7.2%
organic growth
19.8%
EBITDA MARGIN
19.9% organic EBITDA adj.
5.5m
OPERATING CASH FLOW
achieving 106% EBITDA to
op. cash flow conversion
SYS-DATGROUP
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fotdable to copy this document, to amend it, to share it and to print it without previous written
authorization from SYS-DAT S.p.A.
CURRENT PERFORMANCE – Q1 2026
A significant growth trajectory, supported by the acquisitions of Technis Blu and et.ics
31.03.26 vs 31.03.25
| • Revenue: | € 26.0m | + 15.9% |
|---|---|---|
| • EBITDA: | € 5.1m | + 25.6% |
| • Net Income(1): | € 1.8m | + 19.9% |
| • Liquidity(2): | € 47.3m | - 1.2m |
| • NFP(2): | € 14.3m | - 3.1m |
(1) Q1 2025 Net Income base impacted by Q1 PPA D&A re-alignment
(2) 31.03.26 vs 31.12.25
SYS-DATGROUP
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.
EXECUTING OUR “SERIAL ACQUIRER” STRATEGY
From successful integrations and ongoing progress to a well-funded pipeline for future growth
-
A & C GROUP:
The company is fully integrated and already realising substantial revenue synergies via targeted cross-selling -
ET.ICS & TECHNIS BLU:
The integration of our two Q1 acquisitions is proceeding on schedule and following our proven integration framework -
M&A PIPELINE:
Our strong balance sheet and substantial liquidity give us 'dry powder' to pursue further M&A opportunities and accelerate our growth
SYS-DAT GROUP
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SYS-DAT GROUP
02
Q1 2026 Execution
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.
MAKE – MARKET SUCCESSES
Successful case histories from new businesses, cross and up-selling
NEW CUSTOMER
- Healthcare company, offering comprehensive, high-quality dental care across Italy
- SW solution provided: Business One, Cloud services
- Main applications:
- i) Accounting and Finance services
- ii) ERP process management
- iii) Electronic invoicing
CROSS-SELLING
- Italy's leading independent law firm, renowned for complex corporate, financial, and legal services
- SW solution provided: AFC system, network services and cybersecurity solutions
- Main applications:
- i) Accounting features for professionals and customers
- ii) IT infrastructure managed services
CROSS-SELLING
- Technical and casual apparel company, specialized in outdoor and mountain gears
- SW solution provided: arIA AI suite
- Main applications:
- i) Sales trends and discount policies forecast
- ii) Overstock & stockout reduction
- iii) Purchasing decisions improvement
UP-SELLING
- International luxury eyewear brand
- SW solution provided: CRM, housing and professional services
- Main applications:
- i) Customer relationship improvement
- ii) Mission critical processes securitisation
SYS-DAT GROUP
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SYS-DAT GROUP
10
BUY – A&C GROUP FULLY INTEGRATED
Successfully advancing the integration of newly acquired companies
CROSS-SELLING
- A&C is fully leveraging our network to drive cross-selling opportunities
- Ca. € 1m contract signed with a major law firm
NEW BUSINESS
- As part of the SYS-DAT Group, A&C gains enhanced credibility to attract new clients
- Secured a six-figure contract with a leading agri-tech company
BUSINESS INTEGRATION
- Information Systems
- Mktg & Communication
- Sales
- HR
- Technology & Ops
BUSINESS COMBINATION
- Portfolio analysis (cross-selling)
- Customers acquisition (new business)
- Product roadmap (portfolio integration)
| SYS-DAT GROUP | 18.02.2026 |
|---|---|
| COMPLETED | |
| Portfolio analysis COMPLETED | Other activities ON-GOING |
| Portfolio analysis COMPLETED | Other activities ON-GOING |
| SYS-DAT GROUP | 27.02.2026 |
| --- | --- |
| UNDER COMPLETION | |
| Portfolio analysis COMPLETED | Other activities ON-GOING |
SYS-DATGROUP
AI ADOPTION POSITIVELY AFFECTING SYS-DAT OPERATIONS
Transforming Our Business Model: From Labor-Intensive to AI-Augmented
| Scope | Activity | Yesterday | Today | Tomorrow |
|---|---|---|---|---|
| Internal Processes | Gap Analysis / Business Blue Print | Unstructured Data | I.P. Engine | Standard Output |
| Project Development, Bug Fixing and Testing | Manual | Assisted | Agentic | |
| Staff (AFC, HR, MKT & Sales) | Manual | Assisted | Standard Output | |
| Offering | AI add-on (arA suite) AI-embedded SW solutions | From Solutions to iSolutions From «features-rich» to «intelligence-rich» |
SYS-DAT GROUP
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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.
SYS-DAT GROUP
03
Q1 2026 Financial Highlights
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REVENUE AND EBITDA SHOW SOLID PERFORMANCE
Driven by strong organic growth and the successful integration of A&C
REVENUES
- Q1'26 vs Q1'25 Revenue growth: +15.9%
- Q1'26 vs Q1'25 Organic Revenue: +7.2%
- FY'26 software + ICT Italian Market expected growth(1) of +4.7%
(1) Sources: "Il digitale in Italia 2025" Anitec-Assinform in collaboration with NetConsulting, December 2025
(2) Adjusted by M&A one-off costs and curtailment effect (IAS 19)
EBITDA
- Q1'26 vs Q1'25 EBITDA growth: +25.6% (+22.6% excl. curtailment effect)
- Q1'26 vs Q1'25 Organic EBITDA growth: +19.1%, beats Organic Revenue growth
- Q1'26 Organic adj. EBITDA(2) margin: 19.9%, signals positive A&C integration
SYS-DATGROUP
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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.
INVESTING IN INNOVATION TO DRIVE PROFITABILITY
Net Income growth alongside a steady commitment to R&D
R&D
- Q1'26 vs Q1'25 R&D activities growth of +24.0%
- Main R&D activities include ERP, CRM and Retail software solutions
- Development of AI MosAIc Project
NET INCOME ADJ.
- Q1'26 vs Q1'25 Net Income growth of +22.1%⁽¹⁾
- Q1'26 Net Income adjusted by € 0.4m of M&A D&A and one-off effects
- Q1'26 Net Income Adj. of 9.4% of Revenue
(1) Q1 2025 Net Income reported of € 1.3m, rectified by + € 0.2m Q1 PPA D&A re-alignment
SYS-DAT GROUP
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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.
CHANGE IN LIQUIDITY BREAKDOWN
Cash Flow from operations finances investments and financing activities
SYS-DAT GROUP
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Q1'26 NFP CHANGE AND BREAKDOWN
NFP mainly impacted by future Earn-Out for € 23.4m and leasing payment for €7.5m
SYS-DAT GROUP
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SYS-DAT GROUP | CLOSING MEMFRAS
- Q1 2026 results confirm significant growth and value creation
- Strong Operating Cash Flow has been mainly invested in M&A opportunities and buy-back
- Et.ics and Technis Blu acquisitions extend target markets and offering
- A&C Group fully integrated and benefitting from cross-selling opportunities
NEXT APPOINTMENT: INVESTOR DAY ON MAY 13, 2026
SYS-DAT GROUP
STRUCTURALIZATION: 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.
SYS-DAT GROUP
28
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Annex
28
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Annex – Q1 2026 Profit & Loss Statement
| (Euro) | 31/03 | |
|---|---|---|
| 2026 | 2025 | |
| Operating Revenues | 25,871,269 | 22,334,890 |
| Other Revenues | 129,103 | 96,308 |
| Total Revenue | 26,000,372 | 22,431,198 |
| Purchasing cost | 2,257,587 | 1,701,419 |
| Changes in inventories | 171,931 | 98,225 |
| Service cost | 8,332,861 | 7,473,599 |
| Personnel | 9,887,868 | 8,864,880 |
| Other operating cost | 209,117 | 198,507 |
| Total operating cost | 20,859,364 | 18,336,630 |
| EBITDA | 5,141,007 | 4,094,568 |
| Amortisations and depreciations | 1,859,499 | 2,003,273 |
| Provisions and write-downs | 175,413 | 124,782 |
| EBIT | 3,106,096 | 1,966,513 |
| Income (expenses) from equity investments | 0 | 14,497 |
| Other financial income (expenses) | 276,432 | 396,358 |
| Value adjustments to financial assets and liabilities | -635,779 | -436,867 |
| Income before taxes | 2,746,748 | 1,940,500 |
| Income taxes | 959,259 | 661,551 |
| Net Income(1) | 1,787,489 | 1,278,949 |
| Profit or loss attributable to non-controlling interests | 0 | -4,673 |
| Net Income parent Company | 1,787,489 | 1,283,623 |
(1) Q1 2025 Net Income reported of € 1.3m, to be rectified by + € 0.2m Q1 PPA D&A re-alignment
SYS-DAT GROUP
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Annex – Q1 2026 Balance Sheet Statement
| (Euro) | 31/03/2026 | 31/12/2025 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 25,290,953 | 21,100,479 |
| Intangible assets | 27,201,402 | 23,724,450 |
| RoU assets | 7,418,823 | 7,003,398 |
| Tangible assets | 1,656,002 | 1,646,693 |
| Equity investments and other non-current assets | 382,211 | 381,809 |
| Deferred tax assets | 1,007,692 | 1,120,392 |
| Total non-current assets | 62,957,084 | 54,977,222 |
| Current assets | ||
| Inventories | 944,237 | 894,309 |
| Trade receivables | 39,649,187 | 23,726,975 |
| Activities for work in progress on order | 974,919 | 1,055,347 |
| Other receivables and current assets | 7,139,755 | 3,618,150 |
| Current financial assets | 28,068,517 | 27,636,676 |
| Cash and cash equivalent | 19,252,957 | 20,928,317 |
| Total current assets | 96,029,573 | 77,859,774 |
| TOTAL ASSETS | 158,986,657 | 132,836,996 |
| (Euro) | 31/03/2026 | 31/12/2025 |
| --- | --- | --- |
| EQUITY AND LIABILITIES | ||
| Share Capital | 1,564,244 | 1,564,244 |
| Other reserves | 61,978,582 | 54,991,891 |
| Net result | 1,787,489 | 6,924,873 |
| Reserve for Buyback | -2,088,163 | -1,079,534 |
| Thirty parties shareholders' equity | 0 | 175,445 |
| Total group equity | 63,242,153 | 62,576,920 |
| Non-current liabilities | ||
| Non-current financial liabilities | 21,836,036 | 21,980,525 |
| Deferred taxes liabilities | 6,131,808 | 5,392,140 |
| Employee benefits | 9,496,625 | 9,209,698 |
| Provisions | 382,990 | 276,808 |
| Total non-current liabilities | 37,847,459 | 36,859,171 |
| Current liabilities | ||
| Current financial liabilities | 11,066,594 | 9,077,943 |
| Trade payables | 14,191,233 | 7,910,878 |
| Advance payments on work in progress | 584,092 | 986,834 |
| Current tax debts | 3,709,062 | 2,727,276 |
| Other current debts and liabilities | 28,346,064 | 12,697,974 |
| Total current liabilities | 57,897,046 | 33,400,905 |
| TOTAL LIABILITIES AND EQUITY | 158,986,657 | 132,836,996 |
SYS-DATGROUP
STRUCTU O2NFODRITIA: 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.
Annex – Q1 2026 Cash Flows and Net Financial Position
| (Euro) | 31/03 | |
|---|---|---|
| 2026 | 2025 | |
| Net income | 1,787,489 | 1,278,949 |
| Taxes | 959,259 | 661,551 |
| Net interest expense | 49,561 | -17,513 |
| Depreciation | 1,857,971 | 2,003,273 |
| Changes in provisions for risks and charges | 11,122 | 14,061 |
| Changes in employee benefits obligations | -294,165 | 150,422 |
| Other variations | 114,047 | 59,917 |
| Funding from operations | 4,485,284 | 4,150,660 |
| Change in inventories | 1,713,726 | 462,213 |
| Changes in WIP net of prepayments | -1,456,570 | -212,674 |
| Change in trade receivables | -11,514,485 | -10,113,634 |
| Change in trade payables | 957,714 | 1,521,695 |
| Change in other assets and liabilities (except to tax assets and liabilities) | 11,001,661 | 10,234,713 |
| Change in tax assets and liabilities | 268,706 | -518,905 |
| Taxes paid | 0 | 0 |
| Operating cash flow | 5,456,836 | 5,524,068 |
| Investments in intangible assets | -989,684 | -972,427 |
| Investments in tangible assets | -88,521 | -383,075 |
| Interest received | 22,221 | 60,587 |
| Change in financial assets | -431,841 | 0 |
| Other financial variations | 0 | -2,587,446 |
| Investment activities Cash Flow | -1,487,825 | -3,882,361 |
| Change in financial debts | 1,300,468 | -15,443 |
| Repayment of loans | -997,100 | -641,911 |
| Increase share capital | 0 | 0 |
| Listing expenses | 0 | 0 |
| Buyback | -1,008,629 | 0 |
| Dividends paid | 0 | 0 |
| Interest paid | -71,782 | -43,074 |
| Interest paid TFM/TFR IAS 19 | 42,353 | 77,977 |
| Financial activities cash flow | -734,690 | -622,451 |
| Liquidity acquired (transferred) from changes in the consolidation area | -4,909,241 | -1,174,560 |
| Total cash flow (net of changes in consolidation area) | 1,675,720 | -155,304 |
| Net Financial Position | 31/03/2026 | 31/12/2025 |
| --- | --- | --- |
| (€ thousand) | ||
| A. Liquid assets | 19,253 | 20,928 |
| B. Cash equivalents | 0 | 0 |
| C. Tradeable securities | 28,069 | 27,637 |
| D. Liquidity (A) + (B) + (C) | 47,321 | 48,565 |
| E. Current financial debt | 1143 | 129 |
| F. Current portion of non-current debt | 10,026 | 9,078 |
| G. Current financial indebtedness (E) + (F) | 11,169 | 9,207 |
| H. Net current financial debt (D) + (G) | 36,153 | 39,358 |
| I. Non-current financial debt | 173 | 279 |
| J. Bonds issued | 0 | 0 |
| K. Other non-current financial debt | 21,663 | 21,702 |
| L. Non-current financial debt (I) + (J) + (K) | 21,836 | 21,981 |
| M. Net Financial Position (H) + (L) | 14,317 | 17,378 |
SYS-DAT GROUP
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.