Tinexta

Investor Presentation • May 16, 2025

Q1 2025 Results Presentation Ended March 31, 2025

Milan – May 16, 2025

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

02

Business Units Deep Dive O. Pozzi | Group Chief Financial Officer

Agenda Highlights & Updates ⁰¹ Financial Results O. Pozzi | Group Chief Financial Officer J. Mastragostino | Chief Investor Relations Officer

03

Closing Remarks

J. Mastragostino | Chief Investor Relations Officer

04

Highlights & Updates 01

J. Mastragostino | Chief Investor Relations Officer

Key Group Financial Data at 31/03/2025

NFP € 291M

Highlights & Updates

1Q 2025 – On track to meet FY targets

GROUP 1Q 2025 RESULTS

• EBITDA Adjusted at € 18.7M (+ 23.8% vs PY), tangible signs of rebound from the Cybersecurity and Business Innovation BUs (expected acceleration in 2H)

- Revenues at € 115.5M (+ 17.4% vs PY), with all BUs contributing to 2025 Guidance achievement

• EBITDA Reported at € 17.1M, + 103.5% vs PY due to considerably lower impact of non-recurring items
• EBITDA Adjusted margin at 16.2% (vs 15.4% in PY); EBITDA Reported margin at 14.8% (vs 8.5% in PY)
• EBIT Adjusted at € 8.5M (+ 7.3% vs PY), with a margin on revenues at 7.4%
• Net Profit Adjusted at € 3.7M; Net Profit at € - 2.7M (vs € 3.1M in PY)
• Adjustments
• Free Cash Flow Adjusted at € 33.6M vs € 27.2M in PY (€ 48.3M in the last 12 months on March 31, 2025)
• NFP/LTM EBITDA Adjusted at 2.54x vs 2.79x proforma¹ (2.90x reported) on December 31, 2024

• NFP at € 290.9M (vs € 321.8M in FY'24). The decrease in Net Financial Debt in the quarter was driven by cash generation and favorable NWC dynamics; positive Put/Call

BU 1Q 2025 RESULTS²

Highlights & Updates

(2) BU data provided as Adjusted; Results for the period include the contribution of acquisitions: Lenovys S.r.l. (consolidated from April 1, 2024), Camerfirma Colombia S.a.S. (consolidated from April 1, 2024), Warrant Funding

• (1) Includes contribution from Defence Tech Holding's EBITDA Adj. from January 1, 2024
• Project S.r.l. (consolidated from June 30, 2024), Defence Tech Holding or "DTH" (consolidated from August 1, 2024)

RECENT EVENTS & UPDATES

• Group-wide rebranding aimed at fostering integration and improving recognition of Tinexta's subsidiaries; the Group's three BUs will now oversee five operating

• Approval of the distribution of a dividend of € 0.30 per share by the Ordinary Shareholders' Meeting held on April 14, 2025, with payment date starting June 4, 2025

• companies: Tinexta Infocert, Tinexta Visura, Tinexta Cyber, Tinexta Defence, Tinexta Innovation Hub
• (coupon date June 2, 2025 and record date on June 3, 2025)
• Approval of the authorization proposal for the purchase and disposal of treasury shares by the Ordinary Shareholders' Meeting

Final step of the "One Group, One Brand" integration process aimed at maximizing Tinexta's identity perception and visibility of corporate culture as well as promoting infra-Group synergies and collaboration

1Q 2025 Consolidated Results¹

€ M

1Q 2025 results show Revenues of € 115.2M and EBITDA Adjusted of € 18.7M, coming back to operating leverage

Double-digit growth in Revenues (+ 17.0%) and EBITDA Adjusted (+ 23.8%)

EBITDA Adjusted at € 18.7M

EBITDA Adjusted margin at 16.2% (vs 15.4% in PY)

EBITDA reported at € 17.1M

EBITDA reported margin at 14.8%

Net Profit came in at € - 2.7M

Adjusted Net Profit came in at € 3.7M

Adjusted Free Cash Flow at € 33.6M

Highlights & Updates

(1) 1Q'25 Revenues and EBITDA Adjusted net of non-recurring components and net of costs for share-based payment plans and long-term incentives for Group's managers and strategic directors (both in "Personnel costs") (2) Comparative figures for 1Q'24 have been restated in connection with: (i) the completion, in 2H'24, of the activities to identify the fair value of assets and liabilities of Ascertia Ltd and its subsidiaries ("Ascertia") fully consolidated from August 1, 2023; (ii) the completion, in 4Q'24 of the activities to identify the fair value of assets and liabilities of Studio Fieschi S.r.l., fully consolidated from December 31, 2023; (iii) the completion, in 4Q'24,

• of the activities to identify the fair value of assets and liabilities of ABF Group SAS and its subsidiary ABF Décisions ("ABF"), fully consolidated from January 1, 2024

EBITDA Adjusted on a quarterly basis – back-end weighted

€ M

Highlights & Updates

(1) Data considers mid-point of the EBITDA Adjusted guidance

Financial Results O. Pozzi | Group Chief Financial Officer 02

	1Q'25	%	1Q'241	%	1Q 2025 on 20241	%	WITH ACQUISITIONS		LFL 2024
							Δ	Δ%	Δ	Δ%
REVENUES2	115.2	100.0%	98.4	100.0%	104.8	100.0%	16.8	17.0%	6.3	6.4%
Total Operating Costs2	(96.5)	(83.8%)	(83.3)	(84.6%)	(88.5)	(84.4%)	(13.2)	15.8%	(5.1)	6.2%
Services & other costs	(45.9)	(39.9%)	(39.2)	(39.8%)	(42.6)	(40.7%)	(6.7)	17.1%	(3.4)	8.7%
Personnel costs	(50.6)	(43.9%)	(44.1)	(44.8%)	(45.9)	(43.8%)	(6.5)	14.7%	(1.8)	4.0%
EBITDA ADJUSTED	18.7	16.2%	15.1	15.4%	16.3	15.6%	3.6	23.8%	1.2	7.9%
Share-based payments3 & other non-recurring costs	(1.6)	(1.4%)	(6.7)	(6.8%)	(1.6)	(1.5%)	5.1	(75.9%)	5.1	(76.6%)
EBITDA	17.1	14.8%	8.4	8.5%	14.7	14.1%	8.7	103.5%	6.3	75.4%
Depreciation, amortization, provisions, and impairment	(16.6)	(14.5%)	(13.3)	(13.5%)	(15.7)	(15.0%)	(3.3)	25.0%	(2.4)	18.0%
OPERATING PROFIT	0.4	0.4%	(4.9)	(5.0%)	(1.0)	(0.9%)	5.4	108.9%	3.9	80.0%
Financial Income	0.6	0.5%	2.7	2.7%	0.5	0.5%	(2.0)	(76.4%)	(2.1)	(80.7%)
Financial Charges	(4.3)	(3.7%)	(2.2)	(2.2%)	(3.8)	(3.6%)	(2.1)	98.7%	(1.6)	73.3%
Net Financial Charges	(3.7)	(3.2%)	0.5	0.5%	(3.2)	(3.1%)	(4.2)	NM	(3.7)	NM
Profit of equity-accounted investments	0.0	0.0%	0.3	0.3%	0.0	0.0%	(0.2)	(90.7%)	(0.2)	(90.7%)
PROFIT BEFORE TAXES	(3.2)	(2.8%)	(4.2)	(4.2%)	(4.2)	(4.0%)	1.0	23.1%	0.0	(0.5%)
Income Taxes	0.5	0.4%	1.1	1.1%	0.9	0.9%	(0.5)	(51,7%)	(0.2)	(15.5%)
NET PROFIT OF CONTINUING OPERATIONS	(2.7)	(2.3%)	(3.1)	(3.2%)	(3.3)	(3.2%)	0.4	13.4%	(0.2)	(6.0%)
Net profit of discontinued operations	0.0	N/A	0.0	N/A	0.0	N/A	0.0	N/A	0.0	N/A
NET PROFIT	(2.7)	(2.3%)	(3.1)	(3.2%)	(3.3)	(3.2%)	0.4	13.4%	(0.2)	(6.0%)

11

1Q 2025 Results – Income Statement

€ M

Financial Results

(1) Comparative figures for 1Q'24 have been restated in connection with: (i) the completion, in 2H'24, of the activities to identify the fair value of assets and liabilities of Ascertia, fully consolidated from August 1, 2023; (ii) the completion, in 4Q'24 of the activities to identify the fair value of assets and liabilities of Studio Fieschi S.r.l., fully consolidated from December 31, 2023; (iii) the completion, in 4Q'24, of the activities to identify the fair value

(2) 1Q'25 Revenues and Operating Costs are net of non-recurring components and net of costs for share-based payment plans and long-term incentives for Group's managers and strategic directors (both in "Personnel costs")

- of assets and liabilities of ABF, fully consolidated from January 1, 2024

• (3) Includes costs related to share-based payment plans and long-term incentives for managers and strategic directors

	EBITDA		OPERATING PROFIT/(LOSS)		NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS
	1Q'25	1Q'241	1Q'25	1Q'241	1Q'25	1Q'241
REPORTED INCOME STATEMENT RESULTS	17.1	8.4	0.4	(4.9)	(2.7)	(3.1)
Non-recurring revenues	(0.3)	0.0	(0.3)	0.0	(0.3)	0.0
Non-recurring service costs	0.7	3.1	0.7	3.1	0.7	3.1
LTI incentive plans	0.6	1.2	0.6	1.2	0.6	1.2
Non-recurring personnel costs	0.6	2.4	0.6	2.4	0.6	2.4
Other non-recurring operating costs	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of other intangible assets from consolidation			6.3	6.1	6.3	6.1
Non-recurring provisions			0.1	0.0	0.1	0.0
Contingent consideration					0.6	(1.3)
Non-recurring financial charges					0.0	0.0
Tax effect on adjustments					(2.2)	(2.7)
ADJUSTMENTS INCOME STATEMENT RESULTS	18.7	15.1	8.5	7.9	3.7	5.6
CHANGE FROM PREVIOUS YEAR	23 8% +		+	7.3%	(34 3%)

1Q 2025 Results – A clear view on P&L Adjustments

€ M

Financial Results

(1) Comparative figures for 1Q'24 have been restated in connection with: (i) the completion, in 2H'24, of the activities to identify the fair value of assets and liabilities of Ascertia fully consolidated from August 1, 2023; (ii) the completion, in 4Q'24 of the activities to identify the fair value of assets and liabilities of Studio Fieschi S.r.l., fully consolidated from December 31, 2023; (iii) the completion, in 4Q'24, of the activities to identify the fair value

of assets and liabilities of ABF, fully consolidated from January 1, 2024

Financial Results

consolidated from April 1, 2024)

Financial Results

€ M 1Q 2025 Results – NFP & FCF 321.8 290.9 FY 2024 1Q 2025 NET FINANCIAL POSITION ADJUSTED FCF FROM CONTINUING OPERATIONS Put Adjustment + € 6.2M Acquisitions - € 0.07M Adjustments to leasing contracts - € 1.3M OCI Derivatives - € 0.06M MAIN CHANGES 1 2

CapEx remained stable at € 6.3M (in line vs PY)

LTM Net Working Capital increasing by 71.8% vs PY (42.5% on an organic basis, 29.3% due to changes in perimeter) mainly due to Tax assets and liabilities

(1) Comparative figures for FY'24 have been restated in connection with the completion, in 1Q'25, of the activities to identify the fair value of assets and liabilities of Lenovys S.r.l and Camerfirma Colombia S.a.S (both fully

(2) Comparative figures for 1Q'24 have been restated in connection with: (i) the completion, in 2H'24, of the activities to identify the fair value of assets and liabilities of Ascertia, fully consolidated from August 1, 2023; (ii) the completion, in 4Q'24 of the activities to identify the fair value of assets and liabilities of Studio Fieschi S.r.l., fully consolidated from December 31, 2023; (iii) the completion, in 4Q'24, of the activities to identify the fair value

• consolidated from April 1, 2024)
• of assets and liabilities of ABF, fully consolidated from January 1, 2024

1Q 2025 Results – BU Review¹

€ M

Financial Results

GROUP

BUSINESS INNOVATION

(1) 1Q'25 Revenues and EBITDA Adj. are net of non-recurring components and net of costs for share-based payment plans and long-term incentives for Group's managers and strategic directors (both in "Personnel costs") (2) Comparative figures for 1Q'24 have been restated in connection with: (i) the completion, in 2H'24, of the activities to identify the fair value of assets and liabilities of Ascertia, fully consolidated from August 1, 2023; (ii) the completion, in 4Q'24 of the activities to identify the fair value of assets and liabilities of Studio Fieschi S.r.l., fully consolidated from December 31, 2023; (iii) the completion, in 4Q'24, of the activities to identify the fair value

of assets and liabilities of ABF, fully consolidated from January 1, 2024

€ M

NFP/EBITDA² 2.79x 2.54x

1Q 2025 Results – NFP Bridge¹

Financial Results

(1) Comparative figures for FY'24 have been restated in connection with the completion, in 1Q'25, of the activities to identify the fair value of assets and liabilities of Lenovys S.r.l and Camerfirma Colombia S.a.S (both fully

• consolidated from April 1, 2024)
• (2) Calculated as NFP/LTM EBITDA Adjusted; FY 2024 NFP/EBITDA Adjusted ratio includes DTH's EBITDA Adjusted contribution from January 1, 2024

321.8

17

€ M

NFP/EBITDA² 2.32x 2.54x

1Q 2025 Results – LTM NFP Bridge¹

Financial Results

(1) Comparative figures for 1Q'24 have been restated in connection with: (i) the completion, in 2H'24, of the activities to identify the fair value of assets and liabilities of Ascertia, fully consolidated from August 1, 2023; (ii) the completion, in 4Q'24 of the activities to identify the fair value of assets and liabilities of Studio Fieschi S.r.l., fully consolidated from December 31, 2023; (iii) the completion, in 4Q'24, of the activities to identify the fair value of assets and liabilities of ABF, fully consolidated from January 1, 2024

(2) Calculated as NFP/LTM EBITDA Adjusted

Business Units Deep Dive 03

O. Pozzi | Group Chief Financial Officer

1Q 2025 – Digital Trust¹

€ M

Business Units Deep Dive

• Revenues at € 54.4M up 6.0%. OTS products led the growth, notably LegalMail (+ 12%), LegalDoc (+ 32%), mainly due to archiving related to Trust Services, and

• LegalInvoice (+ 9%), the latter driven by regulatory tailwinds extending obligations to a wider range of professionals
• Trusted Onboarding Platform solutions for Enterprises up 3% due to recurring revenues for subscriptions and renewals from loyal clients
• LegalCert down 3% due to a delay in sales of Ascertia's PKI products in the MENA² region, which are expected to occur in the next quarters. Online sales up 10%, with Management Software and Telematic Transactions up by a total € 0.7M during the quarter. Decrease in CapEx to € 3.3M (vs € 4.2M in PY)
• related to the aforementioned delay in Ascertia's revenues, which were characterized by high marginality

• EBITDA Adjusted at € 15.8M in line with the previous year, with margin moving to 29.1% (vs 30.8% in PY). The softer performance in the first quarter is mainly

1Q 2025 – Cybersecurity

Business Units Deep Dive

• Revenues at € 31.9M up by 33.4%. The organic contraction (- 3.0%) was more than offset by the change in perimeter (36.4% of overall growth) following Defence

• Tinexta Cyber's results were driven by the increase in sales for Technology Solutions (+ 6.6%): in this area, the Services segment grew 7% due to signing of contracts for proprietary solutions, while Products performed in line vs PY. Security Solutions were down 15.2%, with contractions in both the Services (- 4%) and

• Tech's acquisition (consolidated from August 1, 2024 and owned by Tinexta Defence)
• Products (- 25%) components. The latter was though characterized by lower revenues from resale of third-party products (with lower marginality)
• ENISA¹ for the provision of cybersecurity services to Italy, showing the first clear results of the synergies related to the transaction
• integration and optimization efforts within the BU (SMG&A costs down 14%)

• Tinexta Defence's revenue contribution at € 8.7M following DTH's acquisition, of which 64% related to the Defence segment and 36% related to the Cyber segment. During the first quarter of 2025, a collaboration between Next Ingegneria dei Sistemi (DTH) and Tinexta Cyber was awarded the first place in a tender issued by

• EBITDA Adjusted at € 4.4M up 88.5% (+ 16.1% on an organic basis). The increase is attributable to Tinexta Defence for € 1.7M (72.4% of overall growth) as well as to the rebound in Tinexta Cyber's performance, driven by a more favorable revenue mix thanks to the decrease in the resale component and benefitting from the

Business Units Deep Dive

• Revenues at € 31.4M up 25.5% (mainly organic), with a minor contribution from Lenovys (consolidated from April 1, 2024). Organic growth (+ 18.0%) is mainly attributable to a recovery of the Finance & Grants ("F&G") segment in the French market (+ 61.1%) due to ABF benefitting partially from the approvals of filings related to 2024. The Italian F&G segment was up 23.6%, with Automatic Subsidized Finance and EU Funding leading the increase. The Export & Digital Marketing

• The order book related to Industry 5.0 is in line with expectations despite the complexity in the application process and delays in implementation still affecting growth in revenues and overall demand: at the end of 1Q'25, only € 650M have been filed for (out of a total € 6.3B), leading the Italian government to evaluate the possibility of re-allocating part of the funds to other projects (€ 3-3.5B). Industry 4.0 contribution still expected, with a dedicated pool of € 2.2B for companies who

• segment was up 8.5% while Digital & Innovation and ESG performed in line with the previous year
• apply
• related to existing budgets and low success rates affecting investor confidence. Revenues and EBITDA improving vs 1Q'24
• EBITDA Adjusted at € 2.9M up 204.8% (mainly organic) with margin increasing to 9.3% (vs 3.8% in PY)

• Still uncertain political scenario in France. The newly-approved Budget Law determined the temporary freezing of certain incentives related to France 2030 and set up new eligibility criteria for the funding of projects; this led to further delays in the award of public tenders and in the launch of new programs, with uncertainty

Closing Remarks 04

J. Mastragostino | Chief Investor Relations Officer

23

Guidance – Group FY 2025 Targets

Closing Remarks

REVENUES

• 11-13% vs PY

of which 7-9% organic

EBITDA ADJUSTED

• 15-17% vs PY

of which 10-12% organic

NFP/EBITDA ADJUSTED

2.2x-2.4x

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)

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

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

Closing Remarks

Closing Remarks

Recovery of operational efficiency at a Group level with strong contribution driven by Cybersecurity as well as BI's rebound

Decrease in Net Financial Debt driven by strong cash generation, favorable NWC dynamics, and positive Put/Call Adjustments

Regulatory tailwinds and building momentum in relevant markets as a leverage to establish positioning as pan-European ICT leader

Tangible results from infra-Group synergies, reinforced by the implementation of a single corporate strategy and culture

Thanks.

Piazzale Flaminio 1/B Roma, 00196, Italy Tel. +39.06.42012631

E-mail: info@tinexta.com tinexta@legalmail.it LinkedIn: Tinexta

www.tinexta.com

Josef Mastragostino Chief Investor Relations Officer investor@tinexta.com

Investor Relations Contacts

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