CAPITAL MARKETS DAY 2024 Results & 2025 Outlook

Milan – March 6, 2025

Management Team

TINEXTA'S MANAGEMENT & SPEAKERS

ODDONE POZZI Group Chief Financial Officer

PIER ANDREA CHEVALLARD GM & Chief Executive Officer

JOSEF MASTRAGOSTINO Chief IR Officer

GROUP COMPANIES' MANAGEMENT

DANILO CATTANEO InfoCert CEO

ANDREA VINGOLO Visura GM

ANDREA MONTI Tinexta Cyber GM

EMILIO GISONDI Defence Tech CEO

FIORENZO BELLELLI Warrant Hub CEO

Agenda

Executive Summary J. Mastragostino | Chief Investor Relations Officer

FY 2024 Business Highlights P. A. Chevallard | Chief Executive Officer FY 2024 Financials ¹ ² ³ O. Pozzi | Group Chief Financial Officer

BU Outlook J. Mastragostino | Chief Investor Relations Officer 4 5

Strategy Pillars & 2025 Outlook

P. A. Chevallard | Chief Executive Officer J. Mastragostino | Chief Investor Relations Officer O. Pozzi | Group Chief Financial Officer

Closing Remarks J. Mastragostino | Chief Investor Relations Officer 6

Executive Summary J. Mastragostino | Chief Investor Relations Officer

Disclaimer

This company presentation includes:

➢ forward-looking data based on internal management assumptions that are subject to material changes, including changes due to external factors beyond the Group's control

➢ management data, when presented, are identified as such

Business unit data are divisional and include intra-BU items, which are instead eliminated at a Group level

For detailed information on Tinexta S.p.A., it is recommended to refer to the company's documentation, including the latest interim reports and the Company's financial statements

We shape the future

Tinexta is an industrial Group that offers innovative solutions for the digital transformation and the growth of companies, professionals, and institutions. The Group is active in the strategic sectors of Digital Trust, Cybersecurity, and Business Innovation

Headquartered in Italy and listed on the STAR segment of the Euronext Milan stock exchange, Tinexta is part of the European Tech Leader Index as a high-growth tech Group

Milestones of the Equity Story

	Foundation			Consolidation			Cybersecurity		M&A development			Further growth
9 0 0 2	> TecnoHolding as institutional shareholder (Italian Chambers of Commerce) > Acquisition of	main InfoCert	6 1 0 2	> Acquisition of Visura, Innolva, Revaluta, and WarrantHub > Entrance segment of Euronext Milan (Borsa Italiana)	0 2 0 in the STAR 2		> Acquisition of Yoroi, Corvallis, and Swascan > Start-up of Tinexta Cyber	2 2 0 2	> Acquisition Enhancers, Plannet, Lan&Wan > Disposal of the CIM division > Intesa Sanpaolo enters WarrantHub's > Signing for 20% of Defence Tech	of Evalue, share capital	4 2 0 2	> Incorporation Corvallis, Swascan Tinexta Cyber > Acquisition of Lenovys > Full completion of Defence Tech acquisition	of Yoroi, under
	2014 EBITDA: € 11M	2015 EBITDA: € 25M		2017 EBITDA: € 41M	2020 EBITDA: € 78M		2021 EBITDA Adj.: € 99M		2022 EBITDA Adj.: € 95M	2023 EBITDA Adj.: € 103M		2024 EBITDA Adj.: € 111M
	Leverage: 5.1x Employees: 584	Leverage: 1.9x Employees: 612		Leverage: 2.6x Employees: 1,187	Leverage: 1.2x Employees: 1,403		Leverage: 1.97x Employees: 2,393		Leverage: 0.82x Employees: 2,354	Leverage: 0.99x Employees: 2,583		1 Leverage: 2.79x Employees: 3,168
4 1 0 2	Financial markets 7 > Listing on the Euronext Growth (formerly «AIM») 1 segment of Euronext Milan (Borsa Italiana) 0 2		Internationalization > Acquisition > Integration of companies in key European	of Camerfirma markets		European expansion > Acquisition of Queryo 1 ForValue, and CertEurope 2 > Partnership with Leonardo 0 > Bregal Milestone enters 2 InfoCert's share capital		3 Advance, 2 0 2	Evolution > Acquisition of Ascertia and > Closing of 20% of Defence Tech > Acquisition of the remaining portion of CertEurope's capital, reaching 100% ownership		ABF Group

Executive Summary

Business Units at a glance

(1) FY 2024 results include contribution from the acquisitions of: Ascerta Ltd and its subsidiaries ("Ascertia"), consolidated from August 1, 2023; Studio Fieschi consolidated from December 31, 2023; ABF Group SAS and ABF Décisions ("ABF") consolidated from January 1, 2024; Lenovys consolidated from April 1, 2024; Camerfirma Colombia SA consolidated from April 1, 2024; Warrant Funding Project consolidated from June 30, 2024; Defence Tech Holding ("DTH") consolidated from August 1, 2024

Executive Summary

Key economic and financial results

€ M

77.6

102.0

321.8

2.79x 1 Executive Summary

EBITDA Adj. on a quarterly basis – Back-end weighted business

FY 2024 Business Highlights P. A. Chevallard | Chief Executive Officer

FY 2024 Highlights

M&A in France Closing of acquisition of the 73.9% of French Group ABF (Business Innovation BU)	Introduction of a new business line Acquisition of Lenovys (60%) and launch of a new advisory business line in the Business Innovation BU	Cybersecurity BU Integration Acquisition of remaining shares of Corvallis, Yoroi, and Swascan, with subsequent integration under Tinexta Cyber
AGM Resolutions Renewal of Corporate Bodies (Board of Directors and Board of Statutory Auditors) until FY 2027	Defence Tech Holding Completion of Mandatory Tender Offer on Defence Tech with subsequent delisting of the company	Cybersecurity Reorganization Focus on the integration and reorganization of recent M&As within Tinexta Cyber, leading to changes in leadership
Political turmoil in France Government changes, significant budget revisions, and overall political unrest in France affecting ABF's performance	Regulatory Tailwinds Drawing the base for NIS2 and DORA regulation, as well as Industry 5.0, as drivers for future growth	Centralization of Key Business Activities Parent Company Tinexta S.p.A. acting as a provider of shared services for subsidiaries (e.g., HR, AFC, Innovation, M&A, etc.)
		FY 2024 EBITDA Adj.: € 110.8M with a

24.4% Margin on Revenues

Dividend proposal: € 0.30 per share

FY 2024 Business Highlights

The Group in 2024

FY2024 results lower than expectations due to a challenging context, requiring a shift in approach at a Group level in terms of business analysis, planning, and goal-setting
4Q EBITDA Adj. of € 54.8M, confirming the back-end weighted nature of the business
Focus on the integration and reorganization of the Cybersecurity Business Unit following recent M&As
Acquisition of Defence Tech Holding further supporting expansion in the Public Administration sector
Centralization of Headquarters in central and strategic locations in Rome and Milan, with the objective of fostering collaboration and facilitating interaction between the Parent Company and its subsidiaries
Strengthening of international presence through acquisitions in France and UK

FY 2024 Business Highlights

2025 actions – Recovery after a challenging year

WHAT WENT WRONG IN 2024 2025 ACTION PLAN

ABF was strongly impacted by macroeconomic and country-specific downturns, leading to a very low performance

In-depth analysis of the order book, customer base, and clientele projects, with a close scrutiny of process application, cost analysis, and resource allocation

Slowdowns in Cybersecurity caused by the merger by incorporation of three acquired companies (Corvallis, Yoroi, Swascan), the different revenue mix, as well as lower operational efficiency in services

Improvement of services integration, optimization of proprietary vs third-party related services, and reorganization of the Sales and Operations departments

Business Innovation was mainly affected by delays in the implementation of Industry 5.0, lower deductible rates for Industry 4.0, and increase in revenues from lower margin activities

Integration of all business lines in a unique, leaner advisory framework, simplified organizational model focused on improved delivery, higher efficiency on employee responsibilities

Tinexta's central role as the core of the Group

Parent Company Tinexta acts as a provider of shared services for the Group's subsidiaries, steering away from the concept of "simple holding company"

"ONE GROUP" MODEL

Innovation

Fostering innovation and leveraging on capabilities across all business units, as well as monitoring market trends and opportunities

Advisory

Developing an advisory-based ecosystem under the Tinexta brand to satisfy the evolving needs of corporate customers of all sizes

Reach

Monitoring the market and leveraging on cross-Group synergies to reach segments with high growth potential (e.g., Public Administration)

Internationalization

Expanding into new markets to replicate Tinexta's business model, taking advantage of regulatory tailwinds and digital maturity stages across countries (especially in EU)

Integration & Synergies

Focusing on subsidiaries' integration and the rationalization of the single BUs to eliminate overlap and optimize efficiency, leveraging on synergies across businesses

One Group

Creating a unique identity as a leading player in the industry, with cross-functional business activities and an integrated strategy

FY 2024 Business Highlights

Strong international presence

35 SUBSIDIARIES

COUNTRIES 12

EMPLOYEES, OF WHICH 2,500+ IN ITALY 3,000 +

International 17% 2024 REVENUES

3

FY 2024 Financials O. Pozzi | Group Chief Financial Officer

FY 2024 Consolidated Results

FY 2024 results show Revenues at 455.0 million euros, EBITDA Adj. at 110.8 million euros, and Net Profit at 24.9 million euros

Double-digit growth in Revenues (+ 15.0%), midsingle-digit growth in EBITDA Adjusted (+ 7.7%)

EBITDAAdjusted at 110.8 million euros

EBITDAAdjusted margin at 24.4% (vs 26.0% in PY)

EBITDA reported at 99.0 million euros (+ 5.5% vs PY)

EBITDA reported margin at 21.8%

Net Profit from continuing ops. came in at 24.9 million euros

Adjusted Free Cash Flow at 41.9 million euros

NFP/EBITDAAdj. at 2.79x on a proforma basis¹

FY 2024 Consolidated Results – Income Statement

		%	FY'23	%	FY 2024 on 2023	%	with Acquisitions		LFL2023
	FY'24						Δ	Δ%	Δ	Δ%
Revenues	455.0	100%	395.8	100%	404.2	100%	59.3	15.0%	8.4	2.1%
Total Operating Costs	(344.2)	(75.6%)	(292.8)	(74.0%)	(307.2)	(76.0%)	(51.4)	17.5%	(14.4)	4.9%
Service & Other Costs	(172.3)	(37.9%)	(138.4)	(35.0%)	(154.8)	(38.3%)	(33.9)	24.5%	(16.4)	11.8%
Personnel Costs	(171.9)	(37.8%)	(154.4)	(39.0%)	(152.3)	(37.7%)	(17.5)	11.3%	2.0	(1.3%)
EBITDA Adjusted	110.8	24.4%	103.0	26.0%	97.0	24.0%	7.9	7.7%	(6.0)	(5.8%)
Share Based Payments & Other non-recurring costs	(11.8)	(2.6%)	(9.1)	(2.3%)	(11.6)	(2.9%)	(2.7)	29.4%	(2.5)	26.9%
EBITDA	99.0	21.8%	93.8	23.7%	85.4	21.1%	5.2	5.5%	(8.4)	(9.0%)
Depreciation, amortization, provisions, and impairment	(59.9)	(13.2%)	(42.0)	(10.6%)	(50.0)	(12.4%)	(17.9)	42.6%	(8.0)	19.1%
Operating Profit	39.1	8.6%	51.8	13.1%	35.4	8.8%	(12.7)	(24.5%)	(16.4)	(31.7%)
Financial Income	9.0	2.0%	7.8	2.0%	7.3	1.8%	1.2	15.1%	(0.4)	(5.8%)
Financial Charges	(22.7)	(5.0%)	(9.4)	(2.4%)	(19.3)	(4.8%)	(13.4)	142.4%	(9.9)	105.9%
Net financial Charges	(13.8)	(3.0%)	(1.6)	(0.4%)	(12.0)	(3.0%)	(12.2)	NM	(10.4)	NM
Profit of equity-accounted investments	1.3	0.3%	(0.2)	0.0%	1.3	0.3%	1.5	NM	1.5	NM
Profit Before Taxes	26.6	5.8%	50.0	12.6%	24.7	6.1%	(23.4)	(46.8%)	(25.4)	(50.7%)
Income Taxes	(1.7)	(0.4%)	(16.2)	(4.1%)	(2.1)	(0.5%)	14.5	(89.3%)	14.1	(87.2%)
Net Profit of Continuing Operations	24.9	5.5%	33.8	8.5%	22.6	5.6%	(9.0)	(26.5%)	(11.2)	(33.2%)
Profit of Discontinued Operations	0.0	N/A	35.6	N/A	0.0	N/A	(35.6)	N/A	(35.6)	N/A
Net Profit	24.9	5.5%	69.4	N/A	22.6	5.6%	(44.6)	(64.2%)	(46.9)	(67.5%)

FY 2024 Consolidated Results – Having a clear view of P&L adjustments

€ M		EBITDA		Operating profit	Net profit from continuing operations
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Reported income statement results	99.0	93.8	39.1	51.8	24.9	33.8
Non-recurring service costs	5.4	3.3	5.4	3.3	5.4	3.3
LTI incentive plans	2.5	4.2	2.5	4.2	2.5	4.2
Non-recurring personnel costs	3.5	0.9	3.5	0.9	3.5	0.9
Other non-recurring operating costs	0.4	0.7	0.4	0.7	0.4	0.7
Amortisation of other intangible assets from consolidation			24.4	18.5	24.4	18.5
Non-recurring provisions			0.8	0.1	0.8	0.1
Non-recurring financial income					(0.2)	(1.3)
Contingent Consideration					(0.3)	0.2
Non-recurring financial charges					5.4	1.3
Tax effect on adjustments					(9.3)	(7.3)
Non-recurring taxes					(7.2)	0.0
Adjusted income statement results	110.8	103.0	76.1	79.6	50.3	54.5
Change from previous year		+ 7.7%		(4.3%)	(7.7%)

€ M

48.9 44.2

FY 2024 – Business Units Overview¹

GROUP

FY 2023 FY 2024 FY 2023 FY 2024 Revenues EBITDA Adj.

22 (1) FY 2024 results include contribution from the acquisitions of: Ascerta Ltd and its subsidiaries ("Ascertia"), consolidated from August 1, 2023; Studio Fieschi consolidated from December 31, 2023; ABF Group SAS and ABF Décisions ("ABF") consolidated from January 1, 2024; Lenovys consolidated from April 1, 2024; Camerfirma Colombia SA consolidated from April 1, 2024; Warrant Funding Project consolidated from June 30, 2024; Defence Tech Holding ("DTH") consolidated from August 1, 2024

€ M

LFL 2023 Δ Acquisitions

Revenues amounted to 206.6 million euros, up by 13.7% (+ 8.3% on a 2023 basis), of which 5.4% attributable to the acquisition of Ascertia, consolidated as of August 1 st 2023 (change in perimeter related to the first 7 months of 2024), and Camerfirma Colombia, consolidated as of April 1 st 2024
Revenue growth in 2024 was mainly driven by the expansion of LegalMail sales (+ 14%), in particular in the Public Administration and Large-Corp segments, as well as the stable increase in sales of LegalCert solutions (+ 23%, including the organic growth of GoSign). Online sales went up 1.7%, at a lower pace vs previous years. In terms of Enterprise Solutions, the division maintained a steady level of growth for Trusted Onboarding Platform sales (+ 13%) due to recurring revenues from subscriptions and renewals, highlighting the low level of churn rate for DT products; increase of revenues from EU clients and from the higher consumption level of services for Business Information (+ 3%) and Telematic Transactions (+ 15%) also supported the positive trend
To support future development, the Digital Trust BU continues to invest (+ 60% in CapEx as a one-time peak) in product usability and integration and in the improvement and rationalization of its product and service platforms, also at an international level. A significant investment was made in the development of Generative AI-based solutions targeting the professional associations' segment

• EBITDA Adj. at 65.1 million euros, up 19.4% (+ 14.0% on a 2023 basis), with EBITDA Adj. margin reaching its historical high (31.5%), confirming the BU's ability to increase operating leverage due to an efficient operating costs management, striving for continuous improvement

LFL 2023 Δ Acquisitions

Revenues amounted to 106.3 million euros, up 18.9% (+ 2.9% on a 2023 basis) of which 16.0% attributable to the acquisition of Defence Tech, consolidated as of August 1 st 2024
Revenue growth was mainly driven by the resale component of third-party products for Implementation Services (+ 49.4%), which also positively influenced the sale of Cyber & Digital Resilience solutions. Services experienced an overall contraction (- 8.3%) both in Digital (- 5.9%) and MSS & Advisory (- 11.5%), impacting profitability as result of lower efficiency. Proprietary products were up 38.9% driven by contracts signed within the Insurance and Banking sectors, as well as the sale of cybersecurity features within DT products (+ 20%)
The end of 2024 saw the continuation of the main programs for Defence, Space, and National Security. In this context, the acquisition of DTH represented the achievement of a strategic objective to increase the Group's brand awareness and actively participate in the technological development of key sectors at a national level. The implementation of the NIS2 directive – together with GDPR, DORA, and the Cyber Resilience Act – is expected to bring further increase in demand for DTH's products

€ M

LFL 2023 Δ Acquisitions

Revenues amounted to 151.7 million euros, up 15.8% mainly due to acquisitions (Studio Fieschi, ABF, Lenovys, and Warrant Funding Project) for a total of 26.9 million euros. The organic contraction (- 4.7%) was mostly driven by the Automatic Subsidized Finance business line (- 19.1%); Digital Services grew by 25.4%, while Export & Digital Marketing services (+ 1.1%) performed in line with the previous year. Revenues from companies in Spain and France increased by 2.0%
In 2024, the Italian subsidized finance market was negatively impacted by the well-known declining rates related to R&D Credit 4.0 and the unexpected delays in the implementation of the Industry 5.0 tax credit plan. Such new plan, now fully implemented, is expected to be a driving force for future growth, together with the new Patent Box (deductible rates up to 45%) and the implementation of the Italian Certification Register law
In France, the subsidized finance sector was negatively impacted by political turmoil, which led to delays in the award of existing public tenders and in the launch of new projects, as well as lower success rates for applications, and uncertainty relating to current budgets; this resulted in a major lower-thanexpected performance of ABF, which posted revenues of 18.8 million euros and an EBITDAAdj. of 3.1 million euros
EBITDA Adj. came in at 44.2 million euros. The organic contraction is due to the well-known decline in deductible rates, the delay of Industry 5.0, the lack of renewal of other facilitative measures (e.g., Gas & Green 110 Credit and others), and the increase in revenues from lower margin activities (e.g., Digital)

€ M

FY 2024 – Balance Sheet

Net Invested Capital increased by € 225.3 million vs FY 2023 mainly due to:

Net Invested Capital Net Financial Position Total Shareholders' Equity • Acquisitions: ABF (€ 134.5 million); DTH (€ 51.9 million); Lenovys (€ 17.4 million); Warrant Funding Project and Camerfirma Colombia (€ 2.0 million) • Organic increase in Net Working Capital and Provisions for € 24.1 million mainly driven by tax and deferred tax assets • Organic decrease of Net Fixed Assets for € 4.7 million Increase in Net Financial Position of € 219.8 million vs FY 2023 reflects: • Adj. Free Cash Flow continuing operations + € 41.9 million • Non-recurring FCF components - € 10.7 million • Dividends - € 29.1 million • Acquisitions - € 221.7 million • Put Adjustment + € 18.9 million • Treasury Shares + € 4.6 million • Contingent Consideration (Earn-out) + € 0.6 million • Adjustments to leasing contracts on NFP - € 7.0 million • OCI Derivatives - € 4.5 million Main changes in Shareholders' Equity are: • Total comprehensive income for the period + € 22.3 million • Dividends - € 29.1 million • Put Adjustment + € 18.9 million • Acquisition of Minorities of DTH - € 12.6 million • Share-based Payment Reserve + € 2.1 million • Treasury Shares + € 4.6 million +40.5% + 215.3% 557.0 782.4 FY 2023 FY 2024 102.0 321.8 FY 2023 FY 2024 455.0 460.6 FY 2023 FY 2024 + 1.2%

€ M

FY 2024 – NFP & Free Cash Flow

Non-recurring components

Free Cash Flow from Continuing Operations

MAIN CHANGES IN 2024

CapEx increasing by € 13.2 million (of which € 0.1 million attributable to ABF and € 2.9 million related to Defence Tech)

Net Working Capital: € 3.6 million attributable to Defence Tech and € 1.2 million to ABF

BU Outlook J. Mastragostino | Chief Investor Relations Officer

1	0		1 1 1
1	1 0 1		1 2
1	0

BU Snapshot

Tinexta boasts the largest European Qualified Trust Service Provider (InfoCert), with Group companies across all the main growing markets in Europe

Global Digital Transaction Management (DTM) market still a greenfield opportunity with expected double-digit growth in the medium term¹

Market Snapshot – Fastest growing segments in Digital Transaction Management

Global e-Invoicing Market 2022-2027E

AMAS EMEA APJ

DIGITAL IDENTITY

EMEA market value of \$ 3.5B in 2025 (\$ 0.5B represented by the Italian market) with an expected CAGR of 17.8% to 2028¹

EU Digital Identity Wallet implementation expected in 2027, representing an opportunity for Qualified Trust Service Providers (i.e., InfoCert, CertEurope)
Attributes within the wallet (e.g., personal qualifications such as academic degrees) will be certified by QTSPs
Develop proprietary wallet (i.e., InfoCert Wallet) to serve corporate ecosystems enabling credential exchange and interoperability with upcoming EUDI Wallet

E-INVOICING

Worldwide market value of \$ 4.3B in 2024, of which \$ 1.5B in EMEA¹ with a CAGR EMEA '22-'27E of 11.2%

Growth in the medium-long term driven by EU Member States (France, Spain, Poland, Germany) issuing mandatory adoption of e-Invoicing
Opportunities of cross-country contamination and knowledge-sharing from InfoCert's Italian experience towards subsidiaries in high-potential markets to take full advantage of regulatory tailwinds

InfoCert as a key player – Becoming a consolidator in the European Market

INFOCERT AS PIVOT FOR INTEGRATION IN THE EU

EU player InfoCert is the biggest EU player in terms of size, depth of the product/service offering, as well as technological innovation, presenting a wider range of opportunities for aggregation

InfoCert can rely on a stable shareholding structure with a major, long-term institutional shareholder, which consolidates the company's positioning from a long-term plan perspective

InfoCert and Visura are among the strongest European DT players in terms of economic and financial structure, with healthy levels of cash conversion historically and potential M&A opportunities

STRATEGIC DIRECTIVES

Consolidate presence in the domestic market through leveraging on current business strengths

Expansion of product portfolio in complementary segments with projects already in progress (LextelAI)
Expanding geographical presence by servicing international clients based in Italy and through potential M&A

Strategic Outlook – Taking integrated leadership to the next level

	Consolidate leadership in the new Digital Identity Wallet market, leveraging on current customer base and providing AI-based anti-fraud solutions and attribute qualification
BUILD NEW REVENUE STREAMS	Kick-off e-Invoicing business in targeted countries with a tailor-made offer addressing local needs, strong on experience in the Italian market
	Invest on of AI-based solutions, especially with the integration of GenAI technology in the existing product offering
	Expand the e-Signature offer with Document Lifecycle Management capabilities and optimization of the Group offering to address the global market
FIGHT DIGITAL TRUST COMMODITIZATION	Explore the segment of Qualified Electronic Registered Delivery Service for certified messaging within international markets (i.e., GoNotice)
	Make digital trust solutions natively integrable through plug-ins and create a digital trust ecosystem
	Invest in strategic partnerships and strengthen international presence in marketplaces to expand geographic coverage
EXPAND MARKET	Maximize existing customer potential through upselling and low-ticket strategy, expand reseller network improving reseller lifecycle experience
	Leverage infra-Group synergies by pushing business development activities in IoT security
	Integrate InfoCert Safe LTA (long-term archiving service) on the entire product portfolio within InfoCert and its subsidiaries
GAIN EFFICIENCY	Leverage Ascertia and ICTechLab's offshore software factories in Pakistan and Tunisia to reduce development costs and allocate resources more efficiently across the business unit
	Enhance InfoCert's cyber resilience, simplify technological stack, and eliminate redundancies

BU Snapshot

Tinexta's Cybersecurity BU mainly addresses the Italian market,

TOP SPENDERS

A complete value proposition to address a broader client segment

Strong Core and Large client base across all business lines, with a high potential for expansion in the Mid-Corp, Industrials, and Public Administration sectors; opportunity for meaningful synergies after the acquisition of DTH

	Implementation Services	Advisory	MSS		Digital Products	Tech Solutions
on pti escri D	Installation, configuration, Offensive security, and customization of Governance Risk & cyber products Compliance, Training	Cybersecurity Defence Center, h24 Security Operations Center		Suite Anti-Money Laundering, Finance & Payments	Application maintenance and evolutive cyber solutions	Established presence in the Finance sector with possibility of expansion in
		Large Strategic	Mid Business		Large Core	Mid Business	the Mid-Corp segment and
ectors S	Sectors	Various sectors	Various sectors	Sectors	Finance	Various sectors	the Large Strategic Clientele
& ents Cli	Channels	Direct Network Telco Channels	Direct Network Telco Channels	Channels	Direct Network	Direct Network Telco Channels

DEFENCE TECH'S SYNERGIES

ITEM	DTH'S CONTRIBUTION	TINEXTA'S CONTRIBUTION
Corporate products	Commercial proprietary products	Established client network and scale-up potential
Data Intelligence skills	Data intelligence technology	Proprietary Anti-Money Laundering ("AML") software suite
Access to the PA sector	Brand awareness and accreditation	Professional cybersecurity services
Synergies with Digital Trust	Skills and R&D investment capacity	Access to InfoCert's sales network

Regulatory Tailwinds – Introduction of NIS2 (EU Directive 2022/2555)

Effective in January 2025, NIS2 requires companies and entities of all sizes to adopt and implement a sound, structured cybersecurity strategy with the objective to foster digital resiliency across a wider range of critical sectors

CRITICAL ISSUES

CRITICAL FOCUS AREAS

Third-Party Risk Management («TPRM»)

Vulnerability Management

Technical Measures

Governance

Areas addressed by Tinexta Cyber's offering

BEFORE NIS2 DURING IMPLEMENTATION EXPECTED OUTCOME

portfolio to address NIS2 requirements Proactive and reactive sales strategy Expansion of the business towards a

wider client base

(1) Defined as enterprises with > € 50M in annual revenues and 250+ employees
(2) Refers to entities of any size, selected based on risk profile
(3) Defined as enterprises with > € 10M in annual revenues and 50+ employees
(4) Tinexta Cyber Report "Cybersecurity and NIS2: are companies ready?" (December 2024)

Strategic Outlook – Focus on operational efficiency and offer expansion

OFFERING & OPERATIONS

Expansion of the offering in high-potential segments (e.g., IAM¹ , Network Security, Cloud Security) and enhancement of existing solutions (e.g., banking products for AML)

Identification of additional sales channels beyond Telco and strengthening of secondary networks, partnering with leading consultancy firms for the distribution of proprietary products

Improvement of the integration of cybersecurity services within other Tinexta BUs and fostering the creation of infra-Group synergies, enhancing collaboration within divisions

Optimization of costs, both internal and third-party related, as well as monitoring critical processes to identify areas for improvement

PEOPLE & GOVERNANCE

Reorganization within the Sales and Operations Departments to improve efficiency in delivery proposition

Talent Management, definition of hiring and salary plans, focus on the retention of key people and rebalancing of human resources

Training programs for technical and managerial re-skilling

Business Innovation

BU Snapshot

FY'24	Revenues € 152M	EBITDA Adj. € 44M	Margin 29%
vs PY	+ 16%	- 10%	Lower on mix
	SUBSIDIZED FINANCE	TRAINING
	EUROPEAN FUNDING		DIGITAL & INNOVATION
	SUSTAINABILITY & ENERGY	DIGITAL	MARKETING
	CORPORATE FINANCE		INTERNATIONALIZATION SERVICES





		(1) Source: Kearney (June 2024)

Tinexta's Warrant Hub is part of the Italian Register of Certifiers for R&D Tax Credit, and it has been able to expand in different EU countries where its business model is more replicable

Italian consulting market turnover¹

MARKET DRIVERS AND OPPORTUNITIES

Full implementation of the Industry 5.0 tax incentive plan and Twin Transition trend boosting demand in Italy

Cross-fertilization of capabilities within subsidiaries in different countries, boosting EU positioning

Leverage Warrant Hub's access to SMEs as a platform for Cyber and Digital Trust offer

INDUSTRY 5.0 IN DETAIL

€ 6.3B fully funded for the sustainable transition of SMEs
Higher deductible rates vs Industry 4.0 (up to 45% vs 10-20%)

Business Innovation

Business Outlook – From a polarized service to an integrated system

Industry 5.0 as Business enabler – New € 6.3B tax credit plan, fully funded

Strategic Outlook – Towards and "advisory-centric" business model

Full integration of all business lines in a unique value proposition centered around UNIFIED GROUP STRATEGY encompassing advisory framework declined in specialized verticals	an all
Enhancement of international presence under a unified Group and management system, areas dedicated to single business lines	with
Simplification of the subsidized finance service offering with the objective to reduce complexity clients and increasing potential for success	for
Shift of the ESG offer towards an integrated advisory model, with development of new key positioning the BU as a real business partner fully supporting clients in their sustainability	services journey
Expansion of the network of collaborations and partners within the corporate finance PRODUCT OFFER & INNOVATION in order to promote complementarity within other advisory service lines	segment
Consolidation of positioning within existing SMEs client base, with the objective to expand the Large Cap market with a more structured advisory service and segmented offer	towards
Investments on AI, fintech, and data technology to integrate in the existing product offering
New simplified organizational model based on combined delivery capacity expansion innovative technology to improve process efficiency, sustainability, and quality of the service	and
Development of a training and change management plan fostering internal skill alignment new offering model	to the
PEOPLE & SALES NETWORK Business process re-engineering and re-definition of employee responsibilities
Expansion of sales channels and marketing strategies in dedicated business lines to foster market penetration and reach a wider range of target companies	higher

Strategy Pillars & 2025 Outlook P. A. Chevallard | Chief Executive Officer J. Mastragostino | Chief Investor Relations Officer O. Pozzi | Group Chief Financial Officer

Key pillars of 2025 strategy

FOUNDATION

2009 – 2014

Foundation and definition of product portfolio

First admission to the financial market (AIM)

Initial acquisition of key subsidiaries (InfoCert)

CONSOLIDATION

2015 – 2020

Consolidation of leadership positioning in existing markets

Translisting on the STAR segment

Launch of Tinexta Cyber and entrance in the Italian cybersecurity market

EXPANSION 2021 – 2024

International expansion through M&A in foreign markets (UK, France, Spain)

Partnerships with leading companies in key sectors

Re-definition and rationalization of product portfolio (disposal of CIM)

Integration of previous acquisitions, and new M&A with strategic and synergic targets

INTEGRATION from 2025

Unified value proposition and integrated strategy across business units and subsidiaries, directed by the Parent Company

Leadership positioning in the Italian market to support companies in their transformation and value creation processes, with a focus on Mid-Corps

Direct presence in foreign markets with the potential to become a pan-European aggregator in the ICT business

Synergies between business units across products and business verticals, with an advisory-centric model

Responsibility towards employees, environment, and our community as key priorities within all elements of the corporate strategy

ESG Plan – Group and BUs on Track in 2024

Total initiatives: 7

100% completion

Business Innovation

Total initiatives: 19

99% completion²

Strategy Pillars & 2025 Outlook

Financial Policy – FY 2025 BU Targets

REVENUES	EBITDA ADJ.
Digital Trust + 7-9% vs PY	Digital Trust + 7-9% vs PY	Digital Trust to keep up its outstanding and steady levels of organic growth, both in Italy and abroad Momentary operational decrease is driven by the launch of LextelAI
Cybersecurity1 > + 20% vs PY	Cybersecurity1 > + 50% vs PY	Cybersecurity revenues expected to increase following market trends, with focus on efficiency recovery plan after weak '24 DTH revenue acceleration and margin growth supported by solid backlog portfolio
Business Innovation + 10-12% vs PY	Business Innovation > + 15% vs PY	Warrant Hub to fully exploit the opportunity of Industry 5.0 expecting ~ € 5 million in terms of margin vs no contribution whatsoever in 2024. Focus will also concentrate on improving operational efficiency and growth will be supported by the expansion of the Digital and Sustainability segments ABF to benefit from filings delayed from '24 to '25 and an expected stabilization of the political environment, though not yet comparable to 2023 levels

Strategy Pillars & 2025 Outlook

Financial Policy – Group's FY 2025 Financial Targets

2.2x-2.4x

Dividend Proposal

€ 0.30per share or 55% of FY 2024 Net Profit

KEY PERFORMANCE DRIVERS

Strong underlying business driving reasonable and healthy organic growth, demand supported by the digital transformation trend

Regulatory tailwinds at a national and EU level (NIS2, eIDAS, Industry 5.0) supporting business recovery as well as expansion and penetration opportunities in new segments (e.g., PA)

C	2

Cybersecurity and Business Innovation BUs focused on improving operational efficiency as key element for successful achievement of targets

Expected reduction of CapEx levels and significant decrease in cash taxes to support a healthy level of cash conversion

Attractive policy for shareholders' remuneration, supported by a solid financial structure

Strategy Pillars & 2025 Outlook

Sound financial structure and rewarding dividend policy

NFP/EBITDA Adj.

LEVERAGE RATIO

Deleveraging objective to 2025 driven by EBITDA growth and significantly supported by Capex decline (- 40%) and lower 2025 cash taxes
Bank covenants NFP/EBITDA Adj. of 3.5x, significantly higher than 2.79x 1 reached in 2024