Slides
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Cy4Gate 9M 2025 Financial Results November 14, 2025
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AGENDA ➢ 9M 2025 Financial Results ➢ Strategy & Outlook
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Speakers 3 Head of Group FP&A & Investor Relator ARIANNA CICCOLELLA EMANUELE GALTIERI CEO & General Manager ENRICO PERUZZI CFO ALESSIA PISONI Chairman
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9M 2025 Financial Results
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9M 2025 Highlights 5 The result of the first nine months of 2025 confirm the soundness of Cy4Gate’s strategy and ability to grow sustainably in rapidly evolving markets such as cyber intelligence and cyber security. As of November 12, 2025, Orders acquired amounts to € 113 million and Total Backlog stands at € 100 million. The Value of Production compared to the first nine months of 2024 grows by 37% thanks to the Forensic Intelligence and Decision Intelligence business lines. EBITDA stands at € 9.5 million (+162% vs LY) with a profitability up to 14.6% (+7.0 pp vs LY). Net Financial Position improving by approximately € 8.4 million, thanks to the positive cash generation. The Group continues to pursue its strategy to deseasonalize the business, also thanks to the creation of an important backlog with the closing of significant contracts in terms of amount and profitability, with multi- year duration. 2025 Guidance revised upwards with Total Revenues expected to exceed € 90 million.
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9M 2025 Economic Key Data 6 1. Including other operating revenues 2. EBITDA: calculated by adjusting the result for the year to exclude the effect of taxes, net financial income (expenses), depreciation, amortisation, write-downs and value adjustments of financial assets, as well as charges deemed by the Group to be non-recurring and extraordinary, mainly related to M&A activities; EBITDA Margin equal to 14.6% vs 7.6% in H1 2024 (+7.0 pp) 9M 2024 Restated for PPA of XTN EBITDA +162.3% YoY Net Loss +37.2% YoY Revenues +36.9% YoY 47.5 9M 2024 65.1 9M 2025 3.6 9M 2024 9.5 9M 2025 (13.3) 9M 2024 (8.3) 9M 2025 • Revenues equal to € 65.1 million, + 37% compared to 30 September 2024 (€ 47.5 million), mainly driven by the excellent performance of the Forensic Intelligence and Decision intelligence segments. • EBITDA at € 9.5 million (+162.3% YoY) with an EBITDA margin equal to 14.6% (+7.0 pp vs LY) • Net Loss equal to € 8.3 million, improved by € 4.9 million compared to 9M 2024 Loss (€ 13.3 million) • R&D Costs -3% vs 9M 2024, R&D CapEx equal to € 4.3 million and R&D Expensed at € 1.5 million ¹ 2024 - 2025 Growth 2024 - 2025 2 € mln R&D Costs -3.0% YoY 6.1 5.9 9M 2024 9M 2025
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9M 2025 Revenues Breakdown 7 Increased sales of licences and services in Forensic Intelligence Foreign sales increased by approximately 21% vs last year thanks to new contracts acquired By business line By geographical area 15% ~72% ~51% ~28% ~49% 9M 20259M 2024 Italy ExportDecision Intelligence Forensic Intelligence Cyber Security 41% 33% 27% €47.5 mln 38% 43% 19% €65.1 mln 9M 2024 9M 2025
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9M 2025 People Investment 8 Total personnel decreased in the nine months of 2025 by a total of 5 resources: ▪ -3 resources in engineering ▪ -2 resources in commercial & staff Positive Items Negative Items Total 552 54753 Cy4Gate Group FY 2024 Entrances (58) Exits Cy4Gate Group 9M 2025
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9M 2025 Financial Key Data 9 Net Working Capital -34.4% vs Dec. 24 Net Financial Position -27.3% vs Dec. 24 Equity -9.7% vs Dec. 24 Fixed Assets -6.3% vs Dec. 24 98.0 FY 2024 91.8 9M 2025 35.2 FY 2024 23.1 9M 2025 (30.9) (22.5) FY 2024 9M 2025 102.3 92.4 FY 2024 9M 2025 • Fixed Assets decreasing due to lower capitalized investments • Net Working Capital reduction due to positive collections and payments dynamics over the time • Net Financial Position improvement of € 8.4 million mainly thanks to the positive cash generation • Equity decreasing mainly due to the Net Loss, but positive Net Result in the quarter 2024 - 2025 Growth 2024 - 2025€ mln
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9M 2025 NFP Bridge 10 Positive Items Negative Items Total € mln (30.9) (22.5) (8.2) NFP 2024 19.3 Operating Cash flow CAPEX (1.7) Minorities Dividends Payout (1.0) Others NFP 9M 2025
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Strategy & Outlook
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Our growth Strategy: Actions Corporate Defence Security & Law Enforcement 12 ▪ Strengthen Italian market leadership by leveraging brand recognition, dedicated salesforce, and established channels to accelerate pipeline conversion ▪ Expand into new European geographies, mainly through partnerships and channels ▪ Actively scout for strategic M&A opportunities to broaden technology and market footprint ▪ Deepen relationships with Italian prime contractors (ELT among others) to secure long-term, high-value programs ▪ Participate in international consortia to capture significant opportunities arising from newly established EU Defence Funds ▪ Capture EU and NATO-related funds (NATO, EDA, ESA) to fuel R&D and enhance technological edge ▪ Consolidate domestic market position through proprietary product evolution in cyber and decision intelligence ▪ Expand presence in stable European regions, with Spain as a strategic “second home market” after Italy ▪ Ensure recurring growth through long-term contracts with law enforcement agencies ▪ Explore synergistic M&A to strengthen positioning in security and intelligence markets 2025-2026
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Our growth Strategy: Market Corporate Defence Security & Law Enforcement Cy4Gate Group portfolio – cyber intelligence & cyber security products - perfectly fits with the following 3 fast growing markets, both in Italy and abroad: ▪ Digital transformation market expanding at ~20% CAGR through 2027, creating sustained double-digit growth opportunities ▪ Cybersecurity adoption among SMEs remains underpenetrated, despite being primary targets of large- scale cyberattacks. Portfolio fit: ▪ Decision Intelligence & AI (Quipo) ▪Cyber security products and services bundle (RTA, Diateam, CTI, XTN, Services) for a 360° capabilities coverage ▪ Decision Intelligence & AI (Quipo) for C2 platforms ▪Cyber security products and services bundle (RTA, Diateam, CTI, customization services) ▪ Decision Intelligence & AI (Quipo & Mito) for data gathering and correlation ▪Forensic Intelligence suite ▪ Rising internal/external threats and network-centric military modernization driving strong demand ▪ Global defence cyber market forecasted to grow from $750B (2022) to $1.35T (2030), CAGR 8% ▪ Additional momentum from the EU’s “Readiness 2030” plan ▪ Digital crime via connected devices is the #1 challenge for LEAs globally ▪ Market growing at ~9% CAGR to 2028, with strong demand for case management, digital forensics, and AI-enabled investigations 13
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Total Revenues, € mln Outlook 2025 14 2023 2024 84.0-87.0 Target 2025 68.3 75.1 +~14% Total Revenues, € mln 2023 2024 90+ Target 2025 68.3 75.1 +>20%
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15 Headquarter Via Coponia, 8 00131 Rome - Italy Follow us: Investor Relations Officer Alessia Pisoni investors@cy4gate.com Investor Relations Advisor CDR Communication silvia.dirosa@cdr-communication.it luca.gentili@cdr-communication.it