Wiit — Investor Presentation 2023

Nov 13, 2023

WIIT takes your business above the clouds

9M 2023 Results Presentation

November 13, 2023

Disclaimer

This document has been prepared by WIIT S.p.A. (the "Company") for information and discussion purposes only, it contains only summary information and, therefore, it is preliminary in nature. Furthermore it has been drafted without claiming to be exhaustive.

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9M2023 RESULTS HIGHLIGHTS

3

Persistent growth in sales +12.7% and EBITDA improving more than double than revenues at +26.5%, strong margin increase at 39.2% on sales

• Consolidated Revenues at 96.2 M€, +12.7% compared to the same period of the previous year (85.3 M€ in 9M 2022), thanks to the organic growth, contracts extension, the acquisition of new customers, cross selling of customers and Lansol and Global Access contribution;
• Consolidated Adjusted EBITDA at 37.7 M€, +26.5% compared to the same period of the previous year (29.8 M€ in 9M 2022), registering a more than a proportional growth compared to revenues, thanks to the concentration in Cloud services, the level of optimisation achieved in the organisation of processes and operational services, cost synergies and the continuous improvement of the margin of the acquired companies; margin on revenues at 39.2% in 9M2023 (35.5% in FY2022);
• Consolidated Adjusted EBIT at 21.0M€, +36.8% compared to the same period of the previous year (15.4 M€ in 9M 2022), with a margin on revenues at 21.9% (19.5% in FY 2022); depreciation and amortization at 16.7 M€, with an increase of 2.5 M€ compared to the same period of 2022;
• Adjusted Net Profit at 11.6 M€, +21.6% compared to 9M 2022 (9.6 M€ in 9M 2022); this figure was impacted by increased net financial expenses on the same period of the previous year, mainly due to the interest on the Euro 20.0 M€ variable-rate bond signed in December 2022;
• Adjusted Net Financial Position (including IFRS 16 impact for approx. 11.0 M€): debt of 199.5 M€ (180.8 M€ at December 31, 2022); the amount includes, in particular: the Global Access acquisition for 7.3M€, new investments in Capex for 18.2M€, payment of dividends for 7.8M€, balance of the equity investment in ERPTech for 0.7 M€, Treasury Shares Buy Back of 15.2 M€ and the sale of Treasury Share for 6.7M€. The value doesn't include the valuation of treasury shares in portfolio quantified in 27.9 M€ at market value as at September 30, 2023.

+36.8% Ebit Adjusted +21.6% Net Profit Adjusted +26.5% Ebitda Adjusted

Revenues +12.7% 96.2 M€ vs 85.3 M€ in 9M 2022

37.7 M€ vs 29.8 M€ in 9M 2022 EBITDA margin Adj. of 39.2%

21.0 M€ vs 15.4 M€ 9M 2022 Ebit margin Adj. of 21.9%

11.6 M€ vs 9.6 M€ in 9M 2022

160.6 M€ Net debt Adjusted (excluding IFRS16 and including the treasury shares value at September 30,2023) 140.6 M€ at December 31, 2022

Financial Highlights

vs 9M 2023 9M 2022

Italy

Revenues 42.7 M

€ 44.3% of Group Revenues

EBITDA

Adj. 19.6 M € 52% of Group EBITDA EBITDA 46.0% EBITDA Margin Margin EBIT Adj. 9.54 M€

45.4% of Group EBIT 22.4% EBIT Margin

Germany

Revenues 53.5 M

EBITDA Adj.

EBIT Adj .

18.1 M € 48% of Group 33.9% EBITDA

55.7% of Group Revenues

€

11.5 M 54.6% of Group

21.8% EBIT Margin

€

EBIT

KEY FIGURES BY COUNTRY

Italy 35.6 M€ (83.0%) Germany 48.1 M€ (92.0%) Group 83.7 M€ (87.0%) ARR

Revenues breakdown 9M 2023

6

One Off

Italy 7.1 M€ (17.0%) Germany 5.4 M€ (8.0%) Group 12.5 M€ (13.0%)

+12.7% Revenues 96.2 M€ vs 85.3 M€ in 9M 2022

• Constantly growing market;
• Increase driven by organic growth, characterised by the development of higher valueadded services, increasing cross-selling to customers of acquired companies and the entry of new customers;
• Organic growth:
  • Italy +6.0% (increase of Core Revenues + 10% (*))
  • Germany +5.1% (increase of Core Revenues +8%)
• The contribution of the companies acquired in 2022 and 2023 was 5.7 M€ related to Lansol, 3.5 M€ related to Global Access(**)

(*) The comparison for the nine months of 2023 refers to pro forma data, including ERpTech. Comparable pro forma Core revenue growth for 1H 2023 was 10%.

(**) Lansol is a company whose acquistion was completed on September 9, 2022. Global Access is a company whose acquisition was completed on January 16,2023

Financial Highlights

9M 2023

vs

9M 2022

+26.5% Ebitda Adjusted* 37.7 M€ vs 29.8 M€ in 9M 2022 EBITDA margin Adj. of 39.2% in 9M23 (EBITDA margin Adj. of 36.3% in 9M22)

• Concentration on Cloud services, optimized processes and operating services organization;
• Adjusted Operating Costs of approximately 31.8M€ show a decrease of 1.8 M€ compared to 9M 2022. This change is mainly attributable to the cost synergies related to the acquired companies more than compensating marketing and communication costs to support the growth in Italy and Germany;
• Personnel costs of approximately 25.0M€ show an increase of 4.0 M€ compared to 9M 2022. This change is mainly attributable to the new scope of consolidation, particularly in Germany, and to the investments in Corporate and commercial structure;
• WIIT Group's margin significantly improving in 9M 2023 vs FY 2022, thanks to the focus on valueadded services and cost synergies in Italy and in Germany and to the sales rationalization in Italy.
• EBITDA Margin:
  • - Italy 46% vs 37.5% in FY 2022 (52% in 3Q23)
  • - Germany 33.9% vs 33.6% in FY 2022 (34% in 3Q23), mainly due to the contribution of Lansol

* The Adjustment refers to the costs related to stock option and stock grant plans for 0.9M€, to the M&A transactions for 0.9 M€ and to personnel reorganisation for 0.9 M€.

Financial Highlights

9M 2023

vs

9M 2022

+36.8% Ebit Adjusted*

21.0 M€ vs 15.4 M€ in 9M 2022 EBIT margin Adj. of 21.9% in 9M23 (EBIT margin Adj. of 18.0% in 9M22)

Financial Highlights

9M 2023

+21.6% Net Profit Adjusted** 11.6 M€ vs 9.6 M€ in 9M 2022

vs 9M 2022

9

* The Adjustment refers to the Purchase Price Allocation of the acquisition for 3.5M€ and it includes the variations for EBITDA Adjustment too.

** The Adjustment includes the fiscal effect of the already described normalization at EBITDA and EBIT level

160.6 M€

Net debt Adjusted (excluding IFRS16 of 11.0M€ and including the treasury shares value at September 30, 2023 of 27.9M€ ) 140.6 M€ as at December 31, 2022 Financial

• Strong operating cash flow generation of 35.7 M€;
• Capex investment of 18.2 M€ (excluding 4.6M€ right of use investment);
• Acquisition of Global Access for 7.3 M€;
• Balance of the equity investment in ERPTech for 0.7 M€;
• Dividends payment for 7.8 M€;
• Treasury Shares Buy Back of 15.2 M€ ;
• Sale of Treasury Shares for 6.7 M€;
• WIIT Group is not exposed to the risk of rising interest rates debt almost entirely related to the Euro 150m fixed-rate bond at 2.375%.

Highlights

vs

9M 2022

9M 2023

11

Shareholders' Structure

At November 13, 2023 No. Shares 28,020,660

(*) Alessandro Cozzi and his own companies