Wiit

Earnings Release • Aug 4, 2025

Informazione Regolamentata n. 20101-63-2025		Data/Ora Inizio Diffusione 4 Agosto 2025 12:45:21	Euronext Star Milan
	:
Societa'		WIIT
Identificativo Informazione Regolamentata	:	208820
Utenza - referente	:	WIITNSS01 - PASOTTO STEFANO
Tipologia	:	1.2
Data/Ora Ricezione	:	4 Agosto 2025 12:45:21
Data/Ora Inizio Diffusione	:	4 Agosto 2025 12:45:21
Oggetto	:	WIIT_PR_H1 2025 Results
Testo del comunicato

Vedi allegato

PRESS RELEASE

The Board of Directors of WIIT, a European leader in Private Cloud Compu<ng, approves the consolidated results as of 30 June, 2025 – Double-digit growth across all key indicators, with strong profitability expansion and an increase in EBITDA, EBIT, and Net Income, exceeding revenue growth

As of 30 June, 2025, the WIIT1 Group recorded2:

• Adjusted Revenues of Euro 85.33 million, up +17.3% vs H1 2024 (Euro 72.7 million), mainly driven by the organic growth of ARR revenues in Italy and Germany, as well as the contribuLon of recent acquisiLons (Edge&Cloud, Econis AG, and Michgehl & Partner)
• Reported Group ARR Revenues of Euro 69.3 million, up +19.1% vs H1 2024, represenLng 88.4% of total revenues4 (vs 90.1% in H1 2024)
• Adjusted EBITDA of Euro 34.8 million, up +30.3% vs H1 2024 (Euro 26.7 million). The EBITDA margin on Group revenues showed significant progress, reaching 40.8% (vs 36.7% in H1 2024 and 36.6% in FY 2024). Cost synergies from the acquired companies are beginning to show posiLve effects. The "like-for-like" margin would have reached 45.4%, registering an increase of 870bps vs H1 2024. This result reflects strong profitability expansion and a more than proporLonal increase compared to revenues
• Adjusted EBIT of Euro 18.5 million, up +33.0% vs H1 2024 (Euro 13.9 million), with an operaLng margin of 21.6%, showing a marked improvement over both the same period in 2024 and previous quarters (19.1% in H1 2024, 18.3% in FY 2024), mainly thanks to EBITDA growth. The "like-for-like" margin would have reached 23.4%, registering an increase of 430bps vs H1 2024
• Adjusted Net Income of Euro 10.0 million, up +37.1% vs H1 2024 (Euro 7.3 million)

Milan, 4 August, 2025 – The Board of Directors of WIIT S.p.A. ("WIIT" or the "Company"; ISIN IT0005440893; WIIT.MI), one of the leading European players in the enterprise Cloud CompuLng market, focused on the provision of conLnuous Private and Hybrid Cloud services for criLcal applicaLons, met today and approved the consolidated results as of 30 June,

***

¹ Compared to 30 June 2024, the Group's scope has changed as follows: acquisi?on of Edge&Cloud in Germany, consolidated as of 1 April 2024 of Econis AG in Switzerland, consolidated as of 1 May 2024 and of Michgehl & Partner, consolidated as of 1 November 2024.

² For the defini?ons of the alterna?ve performance indicators used (including EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Net Financial Posi?on/Net Financial Debt, and Adjusted Net Financial Debt, Adjusted Net Profit), please refer to the sec?on "Alterna?ve Performance Indicators" at the end of this press release.

³ In H1 2025, for proper comparison with H1 2024, adjusted revenues are provided. It is noted that in H1 2025, reported revenues and adjusted revenues are the same

⁴ ARR Revenues related to H12025 from recurring services of companies opera?ng in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland (Econis AG).

2025 – prepared in accordance with internaLonal accounLng standards (IFRS) – of the group headed by WIIT (the "WIIT Group" or the "Group").

***

"We are extremely sa-sfied with the results achieved in the first half of 2025, which confirm the strength of our business model and our ability to create value across all key economic and financial indicators. The growth of recurring revenues remains solid, supported by organic development both in Italy and Germany, and profitability is rising sharply. In Italy, we reached a record level, while in Germany, the benefits of synergies from recent acquisi-ons are becoming clearly visible, accompanied by an increasing focus on higher value-added services. This has led to a significant increase in overall profitability, with EBITDA, EBIT, and Net Profit all growing strongly, showing an increasingly marked ability to generate value more than propor-onally to revenue growth". Commented Alessandro Cozzi, CEO of WIIT.

***

At 30 June 2025, the WIIT Group recorded:

• Adjusted Revenues: Euro 85.3 million (Euro 72.7 million as of 30 June, 2024, +17.3%);
• Adjusted EBITDA: Euro 34.8 million (Euro 26.7 million as of 30 June, 2024, +30.3%), with a revenue margin of 40.8% (36.7% in H1 2024, 36.6% in FY 2024);
• Adjusted EBIT: Euro 18.5 million (Euro 13.9 million as of 30 June, 2024, +33.0%), with a revenue margin of 21.6% (19.1% in H1 2024, 18.3% in FY 2024);
• Adjusted Net Income: Euro 10.0 million (Euro 7.3 million as of 30 June, 2024, +37.1%);
• Adjusted Net Financial PosiOon (Net Debt): Euro -178.2 million5 (Euro -163.0 million as of December 31, 2024).

WIIT Group financial review as at 30 June 2025

Adjusted Revenues

at Euro 85.3 million (Euro 28.9 million in Italy, Euro 45.5 million in Germany, and Euro 10.9 million in Switzerland), +17.3% compared to the Euro 72.7 million recorded in the same period of 2024. The increase was driven by the growth in reported ARR revenues, which amounted to Euro 69.3 million, up +19.1% (+23.2% net of churn effect) compared to H1 2024 (Euro 58.2 million), of which +4.9% was organic growth (+9.1% net of churn effect), broken down as follows:

• Italy: Euro 27.1 million, accounting for 90.3% of total revenues, showing a strong improvement compared to H1 2024 (83.4%), with organic growth of +8.2% (+12.7% net of churn effect);

⁵ Excluding the IFRS 16 effect of Euro 14.3 million (Euro 11.4 million in 2024) and including the valua?on of treasury shares held in the por`olio, es?mated at approximately Euro 31.6 million at market value as of 30 June 2025 (market value as of 31 December 2024: Euro 38.3 million).

• Germany: Euro 34.4 million, representing 91.8% of total revenues ex-Gecko (98.2% in H1 2024 and 96.1% in FY 2024), showing growth of +12.4% compared to H1 2024, of which Euro 30.7 million from organic revenues +0.5% (+4.7% net of churn effect);
• Switzerland: Euro 7.8 million, equal to 71.1% of total revenues (74% in H1 2024).

The churn is mainly attributable to a strategic decision in Italy and Germany to focus the portfolio on higher value-added and higher-margin contracts, in line with the premium positioning of the offering.

The total contribution from acquired companies/business units was Euro 17.5 million, of which: (i) Euro 4.2 million (100.0% Recurring Revenues) from the business unit Edge&Cloud in Germany, consolidated as of 1 April 2024; (ii) Euro 10.9 million (71.1% Recurring Revenues) from Econis AG in Switzerland, consolidated as of 1 May 2024; and (iii) Euro 2.3 million (74.6% Recurring Revenues) from Michgehl & Partner, consolidated as of 1 November 2024.

Adjusted operaLng costs at approximately Euro 25.7 million, showing an increase of Euro 1.5 million compared to H1 2024, mainly attributable to the consolidation of the companies acquired in Germany and Switzerland, almost entirely offset by cost synergies achieved through mergers in Germany and the effect of cost synergies related to the new acquisitions, which have begun to be reflected in the results for the half year.

Adjusted personnel costs at approximately Euro 24.6 million, showing an increase of Euro 2.9 million compared to the same period of the previous year. This variation is mainly attributable to the effect of the new acquisitions

EBITDA Adjusted at Euro 34.8 million (Euro 26.7 million in H1 2024), +30.3% compared to the same period of the previous year, thanks to the focus on Cloud services, the level of optimization achieved in the organization of processes and operational services, cost synergies, and the continued improvement in margins of the acquired companies. The EBITDA margin on revenues stood at 40.8% (36.7% in H1 2024), still affected by the dilutive effect of the consolidation of the business unit Edge&Cloud, Econis AG, and Michgehl & Partner, whose synergies began to materialize during the half-year and whose full impact is expected over the next quarters. The "like-for-like" margin stood at 45.4%, up 870 basis points vs H1 2024.

As of 30 June 2025, the EBITDA margin of the WIIT Group in Italy was 53.5% (45.5% in H1 2024), and in Germany 39.3% (33.4% in H1 2024). The "like-for-like" margin (excluding Edge&Cloud and Michgehl & Partner) in Germany was 42.4% (33.4% in H1 2024), and the "like-for-like" margin excluding Gecko was 47.8% (37.2% in H1 2024). The margin recorded a significant improvement in both Italy and Germany, thanks to the increasing focus on higher value-added contracts and services, as well as the positive impact of synergies resulting from merger operations: in Italy, these have already been fully implemented, while in Germany they have begun to produce initial results and will be completed over the coming quarters, further contributing to improved profitability.

The adjustment applied at EBITDA level as of 30 June 2025 refers to the effects of extraordinary M&A operations (Euro 0.6 million), costs related to stock-based incentive plans (Euro 0.2 million), and personnel reorganization (Euro 0.9 million).

Adjusted EBIT (Net Operating Margin) at Euro 18.5 million (Euro 13.9 million in H1 2024), +33% compared to the same period of the previous year, representing 21.6% of revenues (19.1% in H1 2024). Depreciation and amortization amounted to approximately Euro 16.3 million, an increase of Euro 3.5 million compared to the same period of the previous year, reflecting investments made in 2023 and 2024 to support Data Center capacity in Italy and Germany, as well as the impact of companies acquired in 2024. The "like-for-like" margin would have been 23.4%, up 430bps vs H1 2024.

The adjustment applied at EBIT level as of 30 June 2025 refers to the above-mentioned adjustments at EBITDA level and to amortization related to PPA ("Purchase Price Allocation") for acquisitions, amounting to Euro 2.5 million.

• Financial Expenses at Euro 4.3 million, substantially in line with the amount recorded in the same period of the previous year. This figure is mainly attributable to interest on bond loans, totaling Euro 2.3 million, which decreased due to the repayment of principal and the reduction in the interest rate applied to the variable rate bond. Also contributing were financial charges related to bank loans for Euro 0.8 million and to other lenders for approximately Euro 1.2 million, the latter increasing as a result of new leasing contracts signed in the second half of 2024 and the first quarter of 2025.
• Net Profit Adjusted at Euro 10.0 million, +37.1% compared to 30 June 2024 (Euro 7.3 million), including the tax effect calculated on the normalizations at consolidated operating result level..

WIIT Group financial and equity review as at 30 June 2025

Net Financial Position (debt) at Euro -224.1 million as of 30 June 2025 (Euro -212.7 million as of 31 December 2024), including the IFRS 166 impact of approximately Euro 14.2 million (Euro 11.4 million as of 31 December 2024) and excluding the valuation of treasury shares in the portfolio, estimated at approximately Euro 31.6 million at market value as of 30 June 2025 (market value as of 31 December 2024: Euro 38.3 million).This change primarily includes:

• Purchase of treasury shares for Euro 1.9 million;
• Investments (CAPEX) of approximately Euro 20.5 million, of which:
  • o Euro 13.1 million related to the maintenance of existing infrastructure and the purchase of IT infrastructure linked to new contracts signed during the year, both in Italy and abroad;
  • o Euro 7.4 million mainly related to rental e right to use and the residual part to vehicles;

⁶ IFRS 16 effect related to right-of-use assets for property and vehicle leases

• Dividend distribution for Euro 7.8 million;
• Security deposit for new building of Euro 1 million;
• Reorganization of personnel in Italy and Germany for Euro 0.9 million.

During H1 2025, cash flows generated from operaOng acOviOes amounted to Euro 19.1 million. Cash and cash equivalents as of 30 June 2025 amounted to Euro 12.3 million, showing a decrease of Euro -3.2 million compared to 31 December 2024. This figure does not include the valuaLon of treasury shares in the porjolio, esLmated at approximately Euro 31.6 million at market value as of 30 June 2025

The Company also announces the terminaLon of the employment relaLonship with Dr. Chiara Grossi (Chief OperaLng Officer); Dr. Grossi will retain her posiLon as a director. Based on the informaLon available to the Company, as of August 4, 2025, Dr. Grossi holds 27,500 WIIT shares. The role of Chief OperaLng Officer will filled at interim by Alessandro Cozzi.

***

***

Significant Events Occurred in the Period Ended 30 June, 2025

On January 9, 2025, WIIT announced the signing of a new contract, with a total value of approximately EUR 5 million over six years, with one of the leading Italian groups operaLng in the Professional Services market, specializing in ERP and management soluLons. The agreement involves the evoluLon of the Client's exisLng Private Cloud model, already provided by WIIT, towards a more reliable Secure Private Cloud model. The Client renewed its trust in WIIT for the next 6 years, confirming and extending all Private Cloud and Cyber Security services to protect its core data and processes, with the aim of transiLoning to the Secure Cloud model. To ensure maximum reliability, the agreement, worth approximately EUR 5 million, includes a complete technological renewal of the systems hosLng all of the Client's and its Partners' business-criLcal applicaLons. These will be hosted and managed within the Premium Zone of WIIT's Region North/West in Italy, where two Tier IV Data Centers cerLfied by the UpLme InsLtute are located. AddiLonally, the Client chose to further expand the infrastructure and systems hosted in the Private Cloud by acLvaLng Disaster Recovery services to ensure more effecLve business conLnuity, resilience, and accessibility of core business processes. This extension is valued at EUR 1.9 million.

On February 26, 2025, WIIT and Group E, a network of IT players supporLng Italian companies in their sustainable digital transformaLon, announced a strategic partnership to develop an advanced generaLve arLficial intelligence plajorm. Within this project, WIIT will host the Group E's generaLve AI technology—developed by Memori, a Group company on its own WIIT Cloud NaLve Plajorm (WCNP). The partnership's objecLve is to offer companies a secure and efficient generaLve AI system based on a private knowledge base plajorm, ensuring the protecLon of clients' intellectual property and guaranteed by WIIT's Secure Cloud infrastructure, which integrates cloud and cybersecurity at the highest levels.

On March 24, 2025, WIIT signed a new agreement to extend Managed Hybrid Cloud services with a leading company in the Digital Trust Services market. The 5-year contract is worth over EUR 2.9 million. This agreement supports the Client's

growth needs by extending all Private Cloud services to protect its data and core processes, with the goal of transiLoning to WIIT's Secure Cloud model. To ensure maximum reliability, the Client's business-criLcal applicaLons will be hosted and managed within WIIT's Premium Zones in its European Regions, which host three Tier IV-cerLfied Data Centers. Managed systems and 24/7 acLve support from WIIT ensure high process availability and efficiency, further transforming the service model to provide resilience and scalability in support of digital transformaLon processes.

On April 7, 2025, WIIT announced the renewal and extension of a contract in Germany through its German subsidiary WIIT AG, worth a total of EUR 9.0 million. The five-year agreement, signed with a leading German client in the MarkeLng Technology sector, expands the exisLng WIIT services to include the new PaaS soluLon—WIIT Cloud NaLve Plajorm (WCNP). This plajorm will serve as the foundaLon for the Client's future innovaLve markeLng porjolio. This success followed a compeLLve tender against American hyperscalers, confirming that WCNP is a solid European opLon due to its wide range of high-value services and compeLLve pricing. WIIT will support the Client throughout the migraLon process, leveraging its team's experience in technological replajorming. Services will be provided from WIIT's Tier IVcerLfied Data Center in the Region Germany Center.

On April 29, 2025, the WIIT Shareholders' MeeLng approved the financial statements as of 31 December 2024, which showed a net profit of Euro 1,810,873, and the distribuLon of the enLre profit as a dividend, using, in order of priority, Euro 1,810,873 from the year's profit and up to a maximum of Euro 6,595,325 from reserves Ltled "Retained earnings" and "Other reserves", for a gross dividend of Euro 0.30 per outstanding share (excluding treasury shares). The MeeLng also approved, pursuant to Art. 114-bis of LegislaLve Decree 58/1998 (the "TUF"), a new equity-based compensaLon plan called "RSU Plan 2025–2029", intended for Group employees (excluding execuLves with strategic responsibiliLes), to be idenLfied by the WIIT Board of Directors. This RSU Plan aligns with applicable regulaLons and best pracLces and aims to increase the value of WIIT shares while aligning beneficiaries' economic interests with those of shareholders. The MeeLng approved SecLon I of the "RemuneraLon Policy and CompensaLon Report", pursuant to Art. 123-ter, paragraph 3-bis of the TUF, and expressed a favorable opinion on SecLon II pursuant to paragraph 6 of the same arLcle. AddiLonally, the MeeLng approved, aver revoking the unexecuted porLon of the previous authorizaLon (dated 16 May 2024), a new authorizaLon to buy and dispose of treasury shares, in compliance with applicable EU and naLonal regulaLons, including RegulaLon (EU) 596/2014 and market pracLces recognized by CONSOB.Lastly, the MeeLng approved an update to the "Shareholders' MeeLng RegulaLons", originally approved on 30 November 2018, to reflect the statutory amendment approved on 16 May 2024. This update introduces the possibility for shareholders to parLcipate and vote exclusively through the designated representaLve, pursuant to Art. 135-undecies of the TUF.

On May 28, 2025, WIIT renewed for another 7 years a contract with a leading company in the luxury and automoLve manufacturing sector, with a total value exceeding EUR 9.8 million. The agreement includes the extension of Managed Hybrid Cloud and Cyber Security services to support the Client's criLcal processes, which will be delivered and fully managed from WIIT's Premium Region Italy North West and Region Italy North East.

***

Significant Bonds Maturing Within 18 Months Following 30 June 2025

In accordance with ArLcle IA.2.6.3 of the InstrucLons to the Rules of the Markets organized and managed by Borsa Italiana S.p.A., it is announced that on 7 October 2026, the maturity of the senior, non-converLble, non-subordinated,

and unsecured bond loan named "Up to Euro 150,000,000 Senior Unsecured Fixed Rate Notes due 7 October 2026" is scheduled. As of 30 June 2025, the outstanding nominal amount of the bond totals Euro 150 million (the "Bond Loan").

***

Business outlook

In light of the conLnuous expansion of the Cloud market and the increasing adopLon of SaaS, PaaS, and IaaS soluLons, the company expects an evoluLon towards greater technological specializaLon and operaLonal agility. Governance will be strengthened through advanced performance monitoring and management tools, with a growing focus on cybersecurity, infrastructure scalability, and process automaLon. The organizaLonal structure will move towards more horizontal and collaboraLve models, fostering integraLon between technical and commercial departments. Human resources management will also evolve to axract and retain talent with advanced skills in cloud compuLng, data analyLcs, and AI. Furthermore, in line with the growth strategy, M&A scouLng conLnues in the D-A-CH zone, and the German market remains a significant expansion opportunity for the Group in Europe. In this context, and in view of the upcoming maturity of the Bond Loan on October 7, 2026, the Company is evaluaLng potenLal opportuniLes in the debt capital market. As for geopoliLcal exposure, as of June 30, 2025, WIIT Group's exposure to the Russian, Ukrainian, and Israeli markets is marginal: revenues from Russia amounted to EUR 9.4 thousand (0.01% of total revenues), from Ukraine EUR 95.2 thousand (0.1% of revenues), and no revenues from Israel. The Directors do not believe that these commercial relaLons pose any direct or indirect risks.

DeclaraNon pursuant to arNcle 154-bis, paragraph 2 of LegislaNve Decree no. 58/1998.

The Manager in charge of drawing up the corporate accounLng documents, Mr. Stefano Pasoxo, hereby declares, pursuant to arLcle 154-bis, paragraph two of LegislaLve Decree no. 58/1998, that the accounLng informaLon contained in this press release corresponds to the documented results, books and accounLng records.

***

***

Axached are the WIIT Group's consolidated financial statements as of 30 June 2025. With reference to the figures presented in this press release, It should be noted that these are data which have not yet been subject to statutory audit nor reviewed by the Company's Board of Statutory Auditors. The report as of 30 June 2025 will be made available to the public at the Company's registered office and on the Company's website (hxp://www.wiit.cloud/), in the "Investors - Reports and PresentaLons" secLon, as well as at the authorised storage mechanism "eMarket STORAGE" ().

This press release contains forecasts and es1mates that reflect the current views of the Group's management regarding future and uncertain events. Forecasts and es1mates are typically iden1fied by expressions such as "it is possible," "it should be," "it is forecast," "it is expected," "it is es1mated," "it is believed," "it is intended," "it is planned," "objec1ve" or by the nega1ve use of these expressions or other varia1ons of these expressions or by the use of comparable terminology. These forecasts and es1mates include, but are not limited to, all informa1on other than factual informa1on, including, without limita1on, that rela1ng to the Group's future financial posi1on and opera1ng results, strategy, plans, objec1ves and future

***

developments in the markets in which the Group operates or intends to operate. As a result of such uncertain1es and risks, readers are cau1oned not to place undue reliance on such forward-looking informa1on as a predic1on of actual results. The Group's ability to achieve its expected results depends on many factors beyond management's control. Actual results may differ significantly from (and be more nega1ve than) those predicted or implied by the forecast data. These forecasts and es1mates involve risks and uncertain1es that could have a material impact on expected results and are based on basic assump1ons. The forecasts and es1mates made therein are based on informa1on available to the Group as of today. The Group does not undertake any obliga1on to publicly update and revise forecasts and es1mates as a result of the availability of new informa1on, future events or otherwise, except in the cases envisaged by the law.

***

WIIT S.p.A.

WIIT S.p.A., a company listed on the Euronext Star Milan ("STAR") segment, is a European leader in the Cloud CompuCng market. It operates in key markets such as Italy, Germany, and Switzerland, posiConing itself among the main players in providing innovaCve technological soluCons for Private and Hybrid Cloud. WIIT operates through managed processes, specialised resources and technology assets including proprietary data centres spread across 7 regions: 4 in Germany, 1 in Switzerland and 2 in Italy, 3 of which are Premium Zone enabled i.e. with guaranteed high availability, maximum levels of resilience and security by design; two of these host data centres cerCfied Tier IV by the UpCme InsCtute. WIIT has 6 SAP cerCficaCons at the highest level of specialisaCon. Its endto-end approach enables the company to provide its partner companies with customised, high value-added services with the highest security and quality standards for the management of criCcal applicaCons and business conCnuity, while guaranteeing maximum reliability in the management of the main internaConal applicaCon pla[orms (SAP, Oracle and Microso]). Since 2022, the WIIT Group has joined the UN Global Compact. (www.wiit.cloud).

For more informa2on:

Investor Rela2ons WIIT S.p.A.: Stefano Paso.o – CFO & Investor Rela9ons Director Francesca Cocco – Lerxi Consul9ng – Investor Rela9ons T +39.02.3660.7500 Fax +39.02.3660.7505 ir@wiit.cloud www.wiit.cloud

Media Rela2ons:

Image Building Rafaella Casula Tel. +39 348 3067877 Simona Porcino Tel. +39 340 9844532 Francesca Alberio Tel. +39 340 0547370 wiit@imagebuilding.it

Consolidated Balance Sheet

CONSOLIDATED BALANCE SHEET
	30.06.2025	31.12.2024
ASSETS
Other intangible assets	58.953.158	59.657.867
Goodwill	124.603.021	124.603.021
Rights of use	15.816.505	11.949.021
Property, plant and equipment	8.391.751	8.682.107
Other tangible assets	57.205.681	58.022.098
Deferred tax assets	1.790.006	2.013.822
Equity investments	5	5
Other non-current assets	1.298.283	563.524
NON-CURRENT ASSETS	268.058.410	265.491.464
Inventories	419.138	203.322
Trade receivables	29.492.507	30.567.439
Trade receivables from associates	438	438
Current financial assets	1.662.089	6.195.112
Other receivables and other current assets	11.673.175	10.701.145
Cash and cash equivalents	12.274.393	15.509.020
CURRENT ASSETS	55.521.741	63.176.476
TOTAL ASSETS	323.580.150	328.667.940

Consolidated Balance Sheet

CONSOLIDATED BALANCE SHEET
	30.06.2025	31.12.2024
SHAREHOLDERS' EQUITY AND LIABILITIES
Share Capital	2.802.066	2.802.066
Share premium reserve	44.598.704	44.598.704
Legal reserve	560.413	560.413
Other reserves	1.584.729	7.000.153
Treasury shares in por]olio reserve	(32.742.589)	(31.700.611)
Reserves and retained earnings (accumulated losses)	7.783.821	1.532.255
Transla9on reserve	88.985	82.692
Net profit for the period	7.113.830	9.264.501
SHAREHOLDERS' EQUITY	31.789.959	34.140.173
Result aaributable to non-controlling-interest (*)	0	0
Non-controlling interest 'equity (*)	0	0
SHAREHOLDERS' EQUITY	31.789.959	34.140.173
Payables to other lenders	21.335.507	19.218.152
Non-current indebtness related to bond	151.000.106	151.625.756
Bank payables	26.490.952	26.918.302
Other non-current financial liabili9es	105.689	69.905
Employee benefits	2.940.080	3.001.166
Provision for risks and charges	593.410	563.410
Deferred tax liabili9es	13.193.859	13.821.515
Other payables and non-current liabili9es	42.133	41.948
NON-CURRENT LIABILITIES	215.701.735	215.260.154
Payables to other lenders	13.035.382	10.338.783
Current indebtness related to bond	8.900.530	8.900.530
Short-term loans and borrowings	16.672.423	14.531.778
Current income tax liabili9es	7.805.739	6.084.782
Other current financial liabili9es	500.000	2.800.000
Trade payables	16.750.717	20.394.935
Current liabili9es deriving from contracts	5.672.583	3.479.313
Other payables and current liabili9es	6.751.081	12.737.490
CURRENT LIABILITIES	76.088.455	79.267.612
LIABILITIES HELD-FOR-SALE	291.790.191	294.527.766
TOTAL LIABILITIES	323.580.150	328.667.940

Consolidated Profit & Loss

CONSOLIDATED PROFIT & LOSS
	H1 2025	H1 2024	Adjusted H1 2025	Adjusted H1 2024
REVENUES AND OPERATING INCOME
Revenues from sales and services	82.587.837	72.008.326	82.587.837	72.008.326
Other revenues and income	2.727.247	2.568.151	2.727.247	741.611
Total revenues and opera2ng income	85.315.083	74.576.478	85.315.083	72.749.937
Purchases and services	(26.438.267)	(24.978.755)	(25.657.253)	(24.151.940)
Personnel costs	(25.521.046)	(21.849.553)	(24.590.530)	(21.645.682)
Amor9sa9on, deprecia9on, and write-downs	(18.741.260)	(15.190.879)	(16.282.162)	(12.804.132)
Provisions	(30.000)	0	(30.000)	0
Other costs and opera9ng charges	(509.367)	(362.042)	(509.367)	(362.042)
Change Inventories of raw mat., consumables and goods	215.816	93.413	215.816	93.413
Total opera9ng costs	(71.024.124)	(62.287.817)	(66.853.495)	(58.870.384)
EBIT	14.290.959	12.288.660	18.461.588	13.879.554
Financial income	50.592	163.007	50.592	163.007
Financial expenses	(4.260.734)	(4.124.708)	(4.260.734)	(4.124.708)
Exchange gains/(losses)	(117.430)	(8.490)	(117.430)	(8.490)
PROFIT BEFORE TAXES	9.963.387	8.318.469	14.134.016	9.909.363
Income taxes	(2.849.557)	(1.798.736)	(4.106.639)	(2.593.901)
NET PROFIT	7.113.830	6.519.734	10.027.377	7.315.462

Consolidated Net Financial PosiNon

Consolidated Net Financial Position	30.06.2025	31.12.2024
A - Cash and cash equivalents	12.274.393	15.509.020
B - Securi9es held for trading	0	0
C - Current financial assets	1.662.089	6.195.112
D - Liquidity (A + B + C)	13.936.482	21.704.132
E - Current bank loans	(16.672.423)	(14.531.778)
F - Other current financial liabili9es	(500.000)	(2.800.000)
G - Payables to other lenders	(13.035.382)	(10.338.783)
H - Current financial indebtedness related to Bond facili9es	(8.900.530)	(8.900.530)
I - Current financial debt (E + F + G + H)	(39.108.335)	(36.571.092)
J - Current net financial debt (I - D)	(25.171.853)	(14.866.960)
K - Bank loans	(26.490.952)	(26.918.302)
L - Payables to other lenders	(21.335.507)	(19.218.152)
M - Non-current financial indebtedness related to Bond facili9es	(151.000.106)	(151.625.756)
N - Other non-current financial liabili9es	(105.689)	(69.905)
O - Trade payables and other non-current payables	0	0
P. Non-current financial debt (K + L + M + N + O)	(198.932.254)	(197.832.115)
Q - Group net financial debt (J + P)	(224.104.107)	(212.699.075)
- Payables for leases IFRS 16 (current)	5.156.716	3.051.522
- Payables for leases IFRS 16 (non-current)	9.094.010	8.349.977
R - Net financial debt excluding Group IFRS16 impact	(209.853.380)	(201.297.576)

Consolidated Cash Flow Statement

CONSOLIDATED CASH FLOW STATEMENT	6M 2025	6M 2024
Net profit from con2nuing opera2ons	7.113.830	6.519.734
Adjustments for non-cash items:	0	0
Amor9sa9on, deprecia9on, revalua9ons and write-downs	18.741.260	15.190.879
Change in employee benefits	(61.086)	251.192
Increase (decrease) provisions for risks and charges	30.000	0
Financial charges	4.327.573	3.970.191
Income taxes	2.849.557	1.798.736
Other non-cash changes	(1.908.328)	(1.256.842)
Cash flow generated from opera2ng ac2vi2es before working capital changes	31.092.806	26.473.890
Changes in current assets and liabili9es:
Decrease (increase) in inventories	(215.816)	(93.413)
Decrease (increase) in trade receivables	773.140	(9.516.763)
Increase (decrease) in trade payables	(3.596.389)	9.541.031
Increase (decrease) in tax payables	(311.329)	1.397.579
Decrease (increase) other current assets	(1.222.258)	(7.582.385)
Increase (decrease) in current liabili9es	(4.275.080)	(2.747.888)
Decrease (increase) in other non-current assets	(734.759)	232.724
Increase (decrease) in other non-current liabili9es	185	35.406
Decrease (increase) in assets deriving from contracts	0	1.298.081
Increase (decrease) in liabili9es deriving from contracts	481.941	2.644.663
Income taxes paid	(562.792)	(2.170.406)
Interest paid/received	(2.310.984)	(2.075.470)
Net cash flow generated from opera2ng ac2vi2es (a)	19.118.664	17.437.049
Increase intangible assets	(4.439.420)	(2.978.313)
Increase tangible assets	(3.636.983)	(2.964.579)
Decrease (increase) other financial current assets	4.154.933	10.919.278
Cash flows from business combina9ons net of cash and cash equivalents	0	(585.824)
Net cash flow used in inves2ng ac2vi2es (b)	(3.921.470)	4.390.562
New financing	9.000.000	8.000.000
Repayment of loans	(7.286.705)	(6.014.209)
Reimbursement of bond loan	(2.642.238)	(2.656.836)
Lease payables	(7.483.808)	(6.462.421)
Payment of deferred fees for business combina9ons	(335.000)	0
Increase / (decrease) other financial payables	35.784	(435.354)
Distribu9on of dividends	(7.787.903)	(7.827.667)
(Purchase) Use of treasury shares	(1.931.950)	(412.173)
Net cash flow from financing ac2vi2es (c)	(18.431.821)	(15.808.660)
Net increase/(decrease) in cash and cash equivalents a+b+c	(3.234.627)	6.018.951
Cash and cash equivalents at end of the period	12.274.393	19.709.163
Cash and cash equivalents at beginning of the period	15.509.020	13.690.212
Net increase/(decrease) in cash and cash equivalents	(3.234.627)	6.018.951

AlternaNve Performance Measures

In accordance with the ESMA recommenda1on on alterna1ve performance measures (ESMA/2015/1415), as implemented by Consob Communica1on No. 0092543 at December 3, 2015, the Alterna1ve Performance Measures used to monitor the Group's opera1ng and financial performance are outlined below.

Total adjusted Revenues and operaOng income - A non-GAAP measure used by the Group to measure performance. Total adjusted operaLng revenues and income is calculated as Total operaLng revenues and income as per the income statement, in accordance with IFRS, less the non-recurring item regarding the negaLve goodwill (bargain purchase) classified to "Other operaLng income" in 2024. Total adjusted revenues and operaLng income is not recognised as an accounLng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaLon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the laxer.

EBITDA - A non-GAAP measure used by the Group to measure performance. EBITDA is the sum of the net profit for the year, gross of taxes, financial income and expenses (including exchange gains and losses) and amorLzaLon, depreciaLon and write-downs. EBITDA is not recognised as an accounLng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaLon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Parent Company may not be comparable with the determined by the laxer.

EBITDA Margin - measures the Group operaLng profitability as a percentage of consolidated revenues reported in the year and is defined as the raLo between EBITDA and Total revenues and operaLng income.

Adjusted EBITDA - A non-GAAP measure used by the Group to measure performance. Adjusted EBITDA is the sum of the net profit for the period, gross of taxes, financial income and expenses (including exchange gains and losses and deriving from the measurement at equity of investments), amorLzaLon, depreciaLon, write-downs and provisions, professional merger & acquisiLon (M&A) services, personnel internal reorganizaLon costs, Put&Call opLon costs, Stock OpLon/Stock Grant incenLve plan costs, and the non-recurring item related to negaLve goodwill (badwill) classified under "Other revenues and operaLng income". With regards to Adjusted EBITDA, the Group states that the adjustment (which defines Adjusted EBITDA) was made for the purposes of reflecLng the Group's operaLng performance, net of the effects of certain events and transacLons. This adjustment on certain expenses was necessary for improved comparability with the historic figures for the years under review, as such include cost items relaLng to company developments not concerning the normal operaLng management of the Group's business and related to professional services costs for M&A's. In order to improve the comparability of operaLng performance, the Group also excludes from the calculaLon of Adjusted EBITDA the costs of accounLng for stock opLons and stock grants (IFRS2). Adjusted EBITDA is not recognised as an accounLng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaLon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the laxer.

Adjusted EBITDA Margin - measures the Group operaLng profitability as a percentage of consolidated revenues reported in the year and is defined as the raLo between Adjusted EBITDA and Adjusted total revenues and operaLng income.

EBIT - A non-GAAP measure used by the Group to measure performance. EBIT is the sum of the net profit for the year, gross of taxes and financial income and expenses (including exchange gains and losses). EBIT is not recognised as an

accounLng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaLon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the laxer.

EBIT Margin - measures the earning capacity of Group sales. It is calculated as the raLo between EBIT and Total revenues and operaLng income.

Adjusted EBIT - A non-GAAP measure used by the Group to measure performance. Adjusted EBIT is the sum of the net profit for the period, gross of taxes, financial income and expenses (including exchange gains and losses and deriving from the measurement at equity of investments), amorLsaLon, depreciaLon and write-downs, professional merger & acquisiLon (M&A) services, personnel internal reorganizaLon costs, Put&Call opLon costs and Stock OpLon/Stock Grant incenLve plan costs, the amorLzaLon/depreciaLon of the fixed assets from the Purchase Price AllocaLon from the acquisiLons and the non-recurring item related to negaLve goodwill (bargain purchase) classified under "Other revenues and operaLng income". With regards to Adjusted EBIT, the Group states that the adjustment (which defines Adjusted EBIT) was made for the purposes of reflecLng the Group's operaLng performance, net of the effects of certain events and transacLons. This adjustment on certain expenses was necessary for improved comparability with the historic figures for the years under review, as such include cost items relaLng to company developments not concerning the normal operaLng management of the Group's business and related to professional services costs for M&A's. In order to improve operaLng performance comparability, the Group also excludes from the Adjusted EBIT the costs for the accounLng of Stock opLons and Stock Grants (IFRS2) and the amorLzaLon and depreciaLon of assets from the Purchase Price AllocaLon; customer list, exclusive contracts and plajorm and Data Center amorLzaLon, related to the acquisiLons.

Adjusted EBIT Margin - measures the earning capacity of Group sales. It is calculated as the raLo between Adjusted EBIT and Adjusted total revenues and operaLng income.

Adjusted net profit or loss – A non-GAAP measure used by the Group to measure its performance. The Adjusted net profit or loss is calculated as the net profit or loss for the period, gross of M&A costs, personnel internal reorganisaLon costs, Put&Call opLons costs, the costs for the accounLng of Stock opLons and Stock Grants (IFRS2), the financial expense for the closure of the loan contracts, and the amorLsaLon and depreciaLon of assets arising from the Purchase Price AllocaLon; customer list, exclusive contracts and plajorm and Data Center amorLsaLon, related to the acquisiLons and the related tax effects on the excluded items.

Net Financial Debt – this is a valid measure of the Group's financial structure. It is calculated in accordance with the provisions of Consob CommunicaLon No. 5/21 of April 29, 2021 and the ESMA 32-382-1138 recommendaLons. It is presented in the explanatory notes.

Adjusted Net financial debt – this is a valid measure of the Group's financial structure. It is determined in accordance with Consob CommunicaLon No. 5/21 of April 29, 2021 and in accordance with ESMA RecommendaLons 32-382-1138, including, where applicable, other non-current assets related to security deposits and excluding trade and other noncurrent payables. It is also presented net of the effects of IFRS 16. This measure is presented in the Directors' Report.

Fine Comunicato n.20101-63-2025	Numero di Pagine: 17
---------------------------------	----------------------