Slides
Page 1
1Q 2027 Results Corporate Presentation | September 14, 2026
Page 2
2 ▪ Group’s Business Model and Strategy ▪ Group’s Financial Results 1Q 2027 ▪ Group’s Industrial Plan FY 2027-2028 ▪ Annexes Financial Statements AgendaAlessandro Fabbroni Group’s Chief Executive Officer Jacopo Laschetti Head of Stakeholder Relations and Sustainability
Page 3
3 Purpose, Mission and Strategy Innovation and Sustainable Growth for the benefit of all Stakeholders Leading Digital Integrator for Enterprises and Organizations ▪ Successful business model oriented to emerging digital trends as Artificial Intelligence and Automation, Data Management, Cloud Computing, Cyber Security, Digital Platforms and Vertical Applications ▪ Continuous long-term growth (CAGR 2012-2026: Revenues +11.2%, Ebitda +14.1%, Group EAT Adjusted +14.1%), with increasing value-added for clients (Group Ebitda margin improving from 4.8% in FY 2019 to 7.2% in FY 2026) ▪ New Industrial Plan 2027-28 targets increasing cash flow generation and organic growth of +5% | +7.5% in Revenues, +5% | +10% in EBITDA, +7.5% | 12.5% in Group EAT Adjusted for FY27 and FY28 ▪ Successful achievements in FY 2026: Group revenues +7.9%, Ebitda +8.2%, EAT Adjusted +10.7% Y/Y vs Pro-forma1 2025 (revenues +10,6%, Ebitda +10,6%, Group EAT adjusted +13,3% vs Reported 2025) Sesa Group Overview ▪ Leading player for the digital integration (Technology, Digital Platforms and Vertical Applications) of corporates and organizations: consolidated revenues of Eu 3,621 million (+7.9% Y/Y vs Pro-forma1, +10.6% Y/Y vs Reported) and 6,770 people as of 30 April 2026 ▪ Operations mainly focused in Italy with headquarters in Empoli (Florence), main offices in Northern Italy and presence in several foreign European countries as Spain, Germany, France, Switzerland with a customer base of 40,000 clients, including 4,000 abroad ▪ Purpose: Create long-term, sustainable value for all stakeholders promoting innovation, including digital innovation, within businesses and organizations, as well as the well-being of people ▪ Mission: Enable sustainable growth, innovation, including digital innovation, and the ability of the Group's companies to compete on the digital market ▪ Strategy: Sesa is a digital platform for enabling sustainable growth of enterprises and organisations, data -driven, market-oriented, and inspired by people (1) FY 2025 includes the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half-year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2m, and Group EAT Adjusted of Eu 2.1 mn
Page 4
4 AI adoption opportunity AI Driven Market Growth ▪ Italian digital market annual growth expected at 3.6% in 2026-2029, supported by increasing demand for Artificial Intelligence and Automation, up 40% Y/Y, and data driven technologies, up 10% Y/Y ▪ Private and vertical AI deployed within companies own infrastructure and processes ▪ Digital investments in transformation, cybersecurity and data governance ▪ Sesa Group growth higher than twice the market rate Data Sovereignty and Data Management ▪ AI adoption requires creation, aggregation, management and control of large volumes of data ▪ Data management increase driven by demand for data lakes and advanced data management platforms ▪ Sovereign AI infrastructures, data centers and secure data environments to support AI workloads ▪ Governance and security in line with regulatory and national compliance requirements Renewable Energy Demand ▪ Green VAS supports customers in building digital infrastructures and developing photovoltaic energy solutions ▪ Renewable energy demand supported by data centers, data management platforms and private AI solutions AI Adoption and Human Capital Enhancement ▪ Strategic opportunity to enhance customer solutions and act as a catalyst for internal efficiency and workforce development ▪ People impact: continuous upskilling, productivity gains and efficient knowledge sharing across the organization ▪ People Evolution journey supports operational efficiency and development of competencies in AI, automation and digital platforms, enhancing talent and enabling Group transformation AI does extend the Sesa digital integrator role, combining technology, digital platform and vertical applications with AI adoption
Page 5
5 Group Industrial Plan FY 2027-2028 Strategic Targets1 Group Business Transformation Journey ▪ Group evolution as digital integrator, combining technology, digital platform and vertical applications, to enable the digital transformation and AI adoption of companies and organizations ▪ Focus on organic growth on core businesses ICT and Green VAS, Business Services, Software & System Integration ▪ Ongoing organization streamlining with significant reduction of legal entities and process re-engineering, with development of digital platforms and adoption of digital enablers to support the evolution of business and operations (1) Main strategic targets of the new industrial plan 2027 -2028 approved by Sesa BoD on July 16, 2026; Italian digital market trend according to “Il Digitale in Italia 2026”: source Assintec/Assinform July 2026 (2) Organic Growth, compared to pro-forma figures as of April 30, 2025 including the pro -forma consolidation of GreenSun in the 1H 2025 Market overview Key Technology Domains ▪ Italian digital market (Eu 84.4 bn in 2025 +3.4% Y/Y) is expected to grow at approximately 3.6% annually through 2029, driven by AI adoption, cloud computing, cybersecurity and data management • Cloud Computing: Eu 8.7 bn market in 2025 (+16.9% Y/Y), supported by strong Public Cloud adoption (+22.5% Y/Y) • Cybersecurity: Eu 2.2 bn market in 2025 (+12.2% Y/Y), driven by increasing cyber threats and regulatory requirements • Big Data & Analytics: Eu 2.1 bn market in 2025 (+10.4% Y/Y), with Data Governance a priority for 86% of companies • AI: Eu 1.4 bn market in 2025 (+46.7% Y/Y), with 30% annual expected growth AI and Automation adoption ▪ Growing demand for control, governance, and protection of data and critical infrastructures driven by AI and Automation adoption ▪ Strategic role as leading Italian digital integrator, combining technology, digital platforms and vertical applications, and enabling AI and automation adoption Implementation of the 2026–27 Industrial Plan ▪ Successful achievements of 2026-27 industrial plan targets for FY 2026: Group revenues +7.9%, Ebitda +8.2%, EAT Adj +10.7% Y/Y2 reaching the upper range of the FY26 guidance provided in the 2026 -27 Industrial Plan ▪ FY 2026 Results driven by the 2H26 acceleration, with Revenues up 9.8% Y/Y (+9.0% in 4Q26) and EBITDA up 9.9% Y/Y (+8.2% in 4Q26). Reported NFP improved to Eu 17.5 mn (Net Debt) from Eu 74.7 mn as of April 2025, up by Eu 57.2 mn Y/Y ▪ Pay-out ratio improved to 40% from FY 2026 (Dividend distribution of Eu 15.5 mn and Eu 25 mn buy-back) thanks to growing cash flow from the operations
Page 6
6 New Industrial Plan: moving from a bolt-on M&A approach toward a strategy focused on Organic Growth and Group Transformation as Digital Integrator 1973 n.s. 1980-90 5-10 Mn 1994 20 Mn 2008 0.5 Bn 2012 0.81 Bn 2013 0.83 Bn 2020 1.7 Bn 2020-25 3.4 Bn 2026-28E 4.1 Bn IPO Listing on Italian Stock exchange. Sesa is currently included in the FTSE Italia Mid Cap and FTSE Italia STAR indices of EuroNext Milan Sesa Group Strategic Path IBM services, infrastructure & software Partnership with IBM to support the technological evolution of customers, expanding the offering to include IBM infrastructure and software Computer Gross Foundation Distribution of value-added ICT solutions of leading International Vendors for the business segment Establishment of Sesa Foundation Social, cultural and educational initiatives supporting community development and employee well-being Base Digitale Group Foundation Digital platforms, software solutions and digital innovation for the financial services industry Growth acceleration through M&A Strong acceleration in revenues and profitability driven by strategic M&A across SSI, VAS and Business Services, strengthening market and position Industrial Plan 2026-2027 and 2027-2028 Focused on core business and organic growth as a Digital Integrator, leveraging digital enablers and skills development Sesa Foundation Sesa began its activity in 1973, providing IT services to companies operating in the industrial districts of Tuscany region Var Group Foundation System integrator and software solutions for SMEs and Enterprise with progressive focus on business integration and consulting
Page 7
7 Business Model and Organization Software and System Integration (SSI) 4,463 Revenues Eu 909 mn 187 Revenues Eu 23 mn Corporate Governance & Corporate Services Business Services (BS) 980 Revenues Eu 159 mn Value Added Solutions (VAS) Revenues Eu 2,255 mn 695 Revenues Eu 412 mn 101 Digital Ecosystem1 344 Revenues Eu 44 mn 100%100% 100% 100% Software and Digital Integration for European Mid Corporate and Enterprises Digital Platform, Security Solutions and Vertical Software Solutions for Financial Services Industry (banks, insurance, financial intermediaries, digital payment) Digital Services and Customer Experience integrating technology, data and omnichannel touchpoints ICT and Digital Green Value Added Solutions, integration and ecosystem orchestration Corporate services: Group Governance, M&A, HR, Finance & Control, ICT & Digital, Cybersecurity, Legal & Compliance ▪ Leading Digital Integrator (Technology, Digital Platform and Vertical Applications), with focus on key digital enablers as AI and Automation, Cloud, Cyber Security and Digital Platforms; the Group operates through Vertical Business Units and Business Platforms ▪ Eu 3.6 Bn consolidated revenues in FY 2026 (+7.9% Y/Y vs Pro-forma, +10.6% Y/Y vs Reported) and 6,770 people. Outstanding growth since the 2013 IPO: revenues CAGR (+12.6% 2020-26, +11.2% 2012-2026), Ebitda CAGR (+18.4% 2020-26, +14.1% 2012-2026) and Group EAT adjusted CAGR (+17.1% 2020-26, +14.1% 2012-2026) ▪ Industrial Plan 2027-28 targets an annual organic growth of +5.0% | +7.5% in Revenues and +5.0% | +10.0% in EBITDA, supported by the positive contributions of all Group’s sectors (1) The Digital Ecosystem figures are included and reported within the Corporate Sector in the view by Sector presented later in the presentation
Page 8
8 Eu 812.0 mn Eu 3,621 mn Eu 16.8 mn Eu 106.1mn Eu 41.3 mn Eu 260.4 mn Experienced Management Team committed to the Group REVENUES FY12 REVENUES FY26 Sesa Group equity partners focus on long-term development growth: • Chairman and Sesa Founder in 1973 Paolo Castellacci, Vice-Chairman and Sesa partner since 1978 Giovanni Moriani; • Group CEO and partner since 2008, Alessandro Fabbroni; • SSI Sector Managing Partner since 2014, Francesca Moriani; • BS Sector Managing Partner since 2020, Leonardo Bassilichi; • VAS Sector Managing Partner since 2014, Duccio Castellacci. Sesa Holding S.p.A. (Chairman P. Castellacci, CEO A. Fabbroni) is the majority shareholder of Sesa with a 57.11%, recently increased from 52.8%, with stable control since the IPO in 2013. Sesa Group key people (founders and managers) holds around 75% of Sesa Holding share capital, while the residual 23.8% stake is held by Tamburi Investment Partners SpA long-term industrial partner since 2019 FY 12 FY 26 FY 12 FY 26 EbitdaRevenues 812 41.3 Group EAT Adj FY12 Group EAT Adj FY26 EBITDA FY12 EBITDA FY26 Sesa Holding1 57.05% Treasury Shares 0.07% Floating Shares 42.88% Sesa share capital 15,185,590 ord. shares CAGR 2020-26 +17.1% CAGR 2020-26 +12.6% (1) Sesa share capital owned by Sesa Holding increased from 52.8% in 2024 to the current 57.1% as a result of the last 18 months actions: i) cancellation of 151,478 Sesa treasury shares on August 27, 2025 and of 157,522 Sesa shares on December 18, 2025, as well as ii) Sesa Holding purchase of around 372,000 Sesa shares since January 2025 EBITDA margin FY12 EBITDA margin FY26 5.1% 7.2% 260.4 +8.2% Y/Y vs Pro- Forma 3,621 +7.9% Y/Y vs Pro- Forma CAGR 2012-26 +11.2% CAGR 2012-26 +14.1% Key people equity and long-term commitment Group Long-term track record achievements
Page 9
9 Geographical coverage Continuous and Sustainable Growth 6,770 employees of which 600 abroad (1) FY 2025 results include the pro-forma financials of Greensun for 1H 25 and actual results for 2H 25, following the inclusion in the perimeter of consolidation starting from 3Q 25 ~𝟕𝟎0 New Hires 97% Permanent Contract ~20% People below 30 y/o 11.4% Entry Turn Over 7.8 Years Average Seniority ▪ Revenues FY 2026 +7.9% Y/Y vs Pro-forma 20251 ▪ Revenues CAGR 2012–2026 equal to 11.2% 812 FY12 832 FY13 948 FY14 1,060 FY15 1,230 FY16 1,271 FY17 1,363 FY18 1,551 FY19 1,776 FY20 2,037 FY21 2,390 FY22 2,908 FY23 3,210 FY24 3,357 FY25 3,621 FY26 Revenues Eu Mn and Y/Y growth in the FY +2.5% +13.9% +11.8% +16.0% +3.3% +7.2% +13.8% +14.5% +14.7% +17.3% +21.7% +10.4% +4.6% +7.9% Revenue Continuous Growth – FY26 revenues reached Eu 3.621 Bn with +7.9% Y/Y vs Pro-forma. – Continuous expansion confirmed by +11.2% CAGR over 2012–2026. – Growth path supported by organic development in FY 2026, with a full achievement of the target for the first Year of the Industrial Plan 2026-2027 People and Talent Management Programs – Focus on inclusion, engagement and skills development of our talented people. – Internal hiring and bolt-on M&A add diverse backgrounds, perspectives and skills. – Welfare, inclusion and digital skills programs strengthen wellbeing and work-life balance. – About 125,000 training hours in FY26 (+6% Y/Y); 20% of people below 30 y/o. ▪ 6,775 people as of 31 July, 2026 (+2.7% Y/Y, flat vs 30 April, 2026) ▪ People Highlights
Page 10
10 Sustainability as a strategic driver and core part of Corporate Vision Human Resources and Welfare Environmental Sustainability ▪ Carbon Neutrality program in line with EU Agenda ▪ Environmental performance in FY 2026: - Electricity consumption per capita 1,944 kWh (4% reduction Y/Y) - Natural gas consumption per capita 71.77 Smc (5% reduction Y/Y) - Green electricity program adoption (97% of total supplies FY 2026) ▪ Lines of business dedicated to sustainability and digital green(technology and consulting) Sustainability Governance ▪ Sustainable growth in corporate bylaws as strategic target of Sesa BoD (since Jan 2021) ▪ Sesa Group certifications: SA 8000 (Social Accountability Int. Std); UNI Pdr 125/2022 (Gender Equality); Environmental certification ISO 14001; UN Global Compact membership ▪ ESG Rating: Ecovadis CSR rating: Platinum medal; MSCI ESG rating: BBB; CDP rating: B ▪ ESG Targets disclosed in Group Integrated Annual Report Social and economic development ▪ Continuous enforcement of welfare programs for well-being of co-workers: - Benefits for employees' children (nursery, scholarships, study vacations and digital vouchers) - Sustainable mobility programs - Work-life balance and well-being programs - Education programs - Diversity & Inclusion programs ▪ Inclusion of ESG targets in the MBO of the Group key people ▪ Value generation in a responsible way for social communities and all stakeholders ▪ Improving quality life of people, organizations and environment through digital transformation ▪ Sesa Foundation: no-profit organization committed to charity, welfare and social community programs ▪ Stakeholder Relations Team dedicated to stakeholder engagement Purpose to create long-term, sustainable value for all stakeholders promoting innovation, including digital innovation, within b usinesses and organizations, as well as the well-being of people ESG as a strategic driver and core part of Sesa Corporate Vision
Page 11
11 Evolution from bolt-on M&A expansion to organic growth From massive acquisitions to selected M&A: fewer deals starting from FY2026 84 M&A transactions completed FY2015–FY2026 Eu 848 million annual revenue added at acquisition date 4 selected M&A in FY2026 (Eu 18 million revenue added) M&A cadence and contribution by period Bars = number of acquisitions Values below = M&A contribution at acquisition date (Eu mn) 5 FY15–17 4 FY18–19 6 FY20 13 FY21 13 FY22 16 FY23 13 FY24 10 FY25 4 FY26 FY2026 focus on selection over volume 4 Bolt on M&A sharper focus on strategic fit 4 SSI acquisitions: Visicon (Germany), Delta TI (Spain), 4IT SAGL (Switzerland) and Albasoft (Italy) Plan-aligned: supports the industrial Plan priorities International growth: expands presence in high-value markets Disciplined structure: key-people retention and ~5x EBITDA ± NFP (1) Revenues in Eu mn and headcount of target companies at the acquisition date (last 12 months before acquisition) (2) FY2025 includes Greensun pro-forma for 1H25 and actual results for 2H25 M&A contribution (Eu mn) 56 82 88 76 152 79 112 186 18 FY2027 focus on selection over volume, no M&A executed in Q1 27
Page 12
12 SSI: Partner for European Enterprises Digital Transformation Vertical Business Platform focused on business applications and digital integration: Cloud Technology Services, Cyber Security, Proprietary ERP & Vertical Solutions, Enterprise International Platform, Digital Experience, Digital Workspace, Data Science/AI Leading System Integrator and Software Solutions provider with growing focus on Business Integration and Consultancy, Cloud and Data Science/AI, Cyber Security, with outstanding growth over the past six years (CAGR 2020-2026 Revenues +14.8%, Ebitda +16.9%) improving by two times revenues and market share Customer base of around 10,000 enterprises and mid-sized corporates, including 2,000 abroad, with growing international presence (Spain, France, Germany, Austria, Switzerland and Central Eastern Europe) At a Glance Business Platforms Customer base Cloud Tech. Services; 47.0% Cyber Security; 7,0% Proprietary ERP & Vertical Solutions; 21.0% Enterprise Int. Platforms 18.0% Digital Experience; 1.0% Digital Workspace; 3,5% Data AI; 2,5% Total revenue Eu 909 Mn Geographic footprint FY26 revenue by Business Platform SSI Business Platforms CLOUD TECHNOLOGY SERVICES • Hybrid Cloud services (SaaS, PaaS, IaaS) and Multi Cloud • Integration between public cloud and datacenter services • Applications modernization DIGITAL EXPERIENCE • Marketing & Digital Strategy • Omnichannel e-commerce • Experience Technology • Data driven Intelligence • Design & Creative communication CYBER SECURITY • Leader in Cyber Security consulting • Security Operation Center (SOC) • Cyber Threat Intelligence • European market presence: Italy, DACH, Spain with 300 headcount DIGITAL WORKSPACE • Unified Communication • Digital workspace and Collaboration • Digitalization of workstations • Workspace booking and management • Digital Events DATA SCIENCE/AI • Applied and Generative AI, Advanced Analytics • Data Intelligence Platform for Predictive Corporate Performance Management ENTERPRISE INTERN. PLATFORMS • Business Consulting and Integration • ERP Solutions on International platforms (SAP, Microsoft, Siemens) • Smart Industry solutions PROPRIETARY ERP & VERTICAL SOLUTIONS • Proprietary ERP & Vertical Applications for SMEs and Enterprises • Client main industries: Mechanics, Automotive, Pharma, Retail, Fashion Key Financials FY26 People 4,463 EBITDA (%) 10.6% Revenues Eu 909 mn # Customers 10,000 EBITDA CAGR 2020-26 16.9% Revenue CAGR 2020-26 14.8%
Page 13
13 VERTICAL APPLICATIONS • HC 325 • Vertical Banking Applications Treasury, Finance, Derivatives • Wealth Management and Capital markets Software Solutions • Banking supervision services • Banking regulatory procedures pplication DIGITAL PLATFORMS • HC 655 • Digital Platforms for process automation, customer experience, master securitization and cash management • Reference player in Italy in integrated security management solutions for Financial Services Industry • Open-PSIM (Physical Security Information Management) and open- BMS (Building Management System) solutions latform 60% Business Services: Partner for Financial Services Digital Transformation Dual Market Focus: Finance and Enterprise • Financial Services (BDA): solutions for fintech, banks, insurers and digital payment players, enabling innovative financial operations. • Enterprise (BDP): digital transformation and financial services platforms for utilities, retail, asset management, improving efficiency and process integration Business Services started on February 2020 and focused on Digital Platforms, Vertical Banking Applications and Security for Financial Services Industry, achieving a CAGR 2020-26 of +63.9% in Revenues and +94% in Ebitda. Outstanding growth expected in FY 2027-28 reaching Eu 200 mn revenues by 2028E and 19% Ebitda % Extensive presence with more than 900 clients; a customer-centric approach that puts client experience at the core, offering innovative and tailored solutions; over 40 proprietary platforms used by clients across all industries. Native digital business powered by Data, AI and Automation, delivering Eu 50 mn revenues and a 350 skilled team in FY26 At a Glance Financial Services and Enterprise Market Presence and Digital ExcellenceKey Financials FY26 People 980 EBITDA (%) 18.8% Revenues Eu 159 mn # Customers 900 EBITDA CAGR 2020-26 94.1% Revenue CAGR 2020-26 63.9% Banking, Capital Market & Insurance Vertical Digital Platforms for the banking, financial, and insurance segments Business Process Automation and Management for the Financial Services Industries (process automation, securitization) Customer Experience & Digital Evolution Application: Digital platform solutions to transform the customer experience, with data enhancement and AI adoption Integrated Security Solution: Advanced data protection and security integrating data and physical protection Base Digitale Group Offering Trading value chain Value-added services Front-end Core Banking Credit Value Chain Regtech Payments and Collections Value Chain Financial Ecosystem Base Digitale Group Vertical Strategic Business Units 40% As % FY26 revenue As % FY26 revenue Powered by proprietary platforms and partner technologies, delivering integrated, scalable solutions that combine innovation and expertise
Page 14
14 Cloud, Security, DC Solutions; 63.8% Networking & Collaboration; 13.5% Data Science AI Solutions; 6.4% Devices, Digital Workspace; 16.3% Organized into specialized units managing partnerships with over 165 major IT vendors. Its offering covers Cloud (SaaS, IaaS, XaaS), Data & AI, and Security Solutions, driving recurring revenue growth. Leading role in AI enablement, as the first European Competence Center for IBM and the leading Italian Microsoft partner focused on AI Copilot and Data/AI integration in Cybersecurity. Value-added Technology Integrator and Solutions aggregator, providing consulting, marketing, and training to accelerate the adoption of emerging technologies across the ICT ecosystem. Leader in the Italian VAD market1 with ~48% share (64% in Cloud & Enterprise Software). Double-digit growth over the past 6 years (CAGR 2020-26: Revenues +7.6%, EBITDA +11.3%). ICT VAS serves a solid and diversified ecosystem of approximately 20,000 business partners, including corporate reseller, software houses, system integrators, MSPs, and CSPs with growing focus on strategic consultant, digital integrator, corporate service players, managed service provider. At a Glance Business Units Customer base FY26 revenue by competence centersICT VAS Competence centers CLOUD, SECURITY, DC SOLUTIONS • Public and Hybrid Cloud • Datacenter Solutions • Cyber Security technology: SIEM, End Point Security, Software Encryption Data Key Financials FY26 People 695 EBITDA (%) 4.5% Revenues Eu 2,255 mn # Bus. Partners 20,000 EBITDA CAGR 2020-26 11.3% Revenue CAGR 2020-26 7.6% ICT VAS: Digital Integration of ICT ecosystems DEVICES, DIGITAL WORKSPACE • Devices and peripherals • Printing equipment • Digital Workspace for Multi-Cloud & Hybrid organizations • Smarter add-on and IoT DATA SCIENCE/AI SOLUTIONS • Advanced Analytics, Data Management • Applied and AI in partnership with main international vendors • In-house team leading AI project. NETWORKING & COLLABORATION • Networking and connectivity • Installation and setup support for all systems and devices • Free Replacement of damaged products. Italian Market share ICT VAS1 Total revenue Eu 2,255 mn The ICT VAS sector continues to evolve, driven by the growing demand for digital integration of AI, data management and data protection and the dynamic trend of Cloud, Datacenter, Security Segments. Expansion is supported by the ability to attract new Vendors and partnerships, and by the opening of opportunities with emerging System Integrators, MSPs and CSPs. Computer Gross; 45.1% Competitor 1; 17.3% Competitor 2; 8.8% Competitor 3; 5.5% Others; 23.3% (1) Source Sirmi, April 2026. CG market share on total Italian Value Added Distribution market (networking, software enterprise, customized services, server, storage), including the subsidiaries ICOS and Altinia Distribuzione
Page 15
15 Photovoltaic panels, modules; 42% Energy storage; 31% Other equipment; 3% Inverters, 24% FY2026 marks a year of strong organic growth and market consolidation. Revenues reached Eu 412.2 million (+19.9% Y/Y vs Pro-Forma1), benefiting from the full-year contribution of GreenSun and supported by growing demand for renewable energy solutions from the business segment, further driven by the increasing adoption of data management, data governance and private AI solutions. Joined the Group in 2021 through the acquisition of PM Service (Eu 30 mn revenues at the time). The sector focuses on technologies and services supporting renewable energy production, through a value-added offering of photovoltaic systems, panels, inverters, and storage, along with tailored solutions in partnership with leading global vendors, with 2,000 business partners The PV market is gradually evolving towards a greater contribution from inverters, batteries and energy storage systems, supporting a more diversified and value-added offering. During FY2026, the integration between PM Service and GreenSun was completed under the One Company model, with expected benefits in terms of operating efficiencies, process integration and commercial effectiveness. At a Glance Financial Evolution Future Expectations FY26 revenue by competence centersGreen VAS competence centers PHOTOVOLTAIC PANELS, MODULES • Photovoltaic Panels • Modules Key Financials FY26 People 101 EBITDA (%) 7.0% Revenues Eu 412 mn # Bus. Partner 2,000 Green VAS Services & Education Green VAS: Digital Partner of environmental sustainability ENERGY STORAGE • Battery • Energy Storage OTHER EQUIPMENT • Photovoltaic and electric equipment • Electric Vehicles equipment INVERTERS • Inverters • Partner of leading inverter brands Supply & logistics: three Italian warehouses ensure efficient storage, shipping, and timely deliveries Seminars & workshops: technical training and webinars across Italy led by expert engineers Pre-sales technical support: guidance on product selection and system configuration Post-sales technical support: ongoing assistance, installation guidance, and on-site support if needed Total revenue Eu 412 mn Revenue CAGR 2021-26 141.5% EBITDA CAGR 2021-26 146.9% 1) FY 2025 results include for the H1 2025 the pro-forma data of Greensun, company whose acquisition was formalized in November 2024;
Page 16
16 ▪ Group’s Business Model and Strategy ▪ Group’s Financial Results 1Q 2027 ▪ Group’s Industrial Plan FY 2027-2028 ▪ Annexes Financial Statements AgendaAlessandro Fabbroni Group’s Chief Executive Officer Jacopo Laschetti Head of Stakeholder Relations and Sustainability
Page 17
17 (1) EBIT Adjusted and Group EAT Adjusted are presented after minorities and before amortisation of intangible assets (client list s and know-how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect. (2) Sesa Shareholders’ Meeting as of 28 August 2020 resolved not to distribute dividends considering the pandemic emergency (3) NFP gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS16 debt. (4) Consolidated NFP reported at July 31, 2026 includes Eu 173.3 mn of IFRS Debt (of which Eu 122.5 mn related to deferred liability towards minorities for M&As and Eu 50.8 mn related to IFRS 16) compared to Eu 213.6 mn at July 31, 2025 Group’s actual results 1Q 2027 as of July 31, 2026 ▪ In 1Q 2027, the Group continued its solid growth trajectory, with consolidated revenues reaching Eu 901.1 million, up 6.5% Y/Y, entirely driven by organic growth across the Group’s core business sectors. ▪ Ebitda reached Eu 65.3 million, up 7.6% Y/Y, outpacing revenue growth, with EBITDA margin stable at 7.2%. EBIT Adjusted increased by6.2% Y/Y to Eu 50.2 million, with EBIT Adjusted margin at 5.6%, confirming the Group’s solid operating profitability. ▪ Group Adjusted EAT reached Eu 30.1 million, up 7.1% Y/Y, while Reported EAT increased by 8.1% Y/Y to Eu 25.4 million. Net financial charges amounted to Eu 7.5 million compared to Eu 7.2 million in 1Q 2026, mainly reflecting the upward trend in interest rates, while showing a solid improvement compared to Eu 8.5 million in 4Q 2026. ▪ As of July 31, 2026, reported NFP including IFRS 16 strongly improved to Eu 23.4 million from Eu 64.9 million in as of July 31, 2025. Eu million FY 2020 FY 2026 CAGR FY12-26 CAGR FY20-26 1Q 26 1Q 27 Variance Revenues 1,776.0 3,620.8 11.2% 12.6% 845.7 901.1 6.5% Ebitda 94.5 260.4 14.1% 18.4% 60.7 65.3 7.6% Ebitda Margin 5.3% 7.2% 7.2% 7.2% EBIT Adj1 70.0 197.5 13.1% 18.9% 47.3 50.2 6.2% EBIT Adj Margin 3.9% 5.5% 5.6% 5.6% Amortisation of client lists/know how and stock grant² (6.1) (45.6) 16.0% 39.8% (8.7) (8.7) 0.4% EBIT 63.9 152.0 13.0% 17.9% 38.6 41.4 7.5% Financial income / (charges) (5.0) (34.6) n.a. 37.9% (7.3) (7.6) Income / (loss) on equity investments 1.7 0.9 n.a. (10.1%) 0.1 0.1 Net financial income and expense (3.7) (33.7) 17.0% 44.5% (7.2) (7.5) 4.7% EAT reported 42.2 80.6 12.3% 11.4% 23.5 25.4 8.1% EAT Reported Margin 2.4% 2.2% 2.8% 2.8% EAT Adjusted1 45.4 115.0 15.2% 16.7% 30.0 32.1 7.2% Group EAT Adj1 41.2 106.1 14.1% 17.1% 28.1 30.1 7.1% Group EAT Adj Margin 2.3% 2.9% 3.3% 3.3% Headcounts 2,547 6,770 15.9% 17.7% 6,593 6,775 2.7% Dividend per share2 0.00 1.33 1.00 1.33 +33.0% Total dividend 0.0 20.6 NFP debt /(cash)3 (110.3) (182.1) (148,8) (149,8) (1,0) NFP reported (incl. IFRS)4 (54.7) 17.5 64,9 23,4 (41,4)
Page 18
18 1Q 2027 Group’s actual results by Sector ▪ 1Q 2027 consolidated revenues reached Eu 901.1 million, up 6.5% Y/Y, driven by solid organic growth across the Group’s core business sectors, with ICT VAS up 8.1% Y/Y, Green VAS up 14.4% Y/Y and Business Services up 10.7% Y/Y, while Software and System Integration recorded a 3.2% Y/Y decline, mainly reflecting ongoing Business Unit re-engineering activities, the disposal of selected non-strategic assets and changes in the perimeter of certain legal entities, with expected growth recovery starting from Q2 2027. ▪ 1Q 2027 consolidated EBITDA amounted to Eu 65.3 million, up 7.6% Y/Y, with EBITDA margin stable at 7.2%. Profitability growth was supported by the double-digit EBITDA growth of ICT VAS (+10.7% Y/Y), Green VAS (+23.1% Y/Y) and Business Services (+17.6% Y/Y). Software & System Integration EBITDA declined by 2.5% Y/Y (flat Y/Y net of the FY2026 disinvestments of non-strategic assets), with EBITDA margin increasing to 10.8%, reflecting the initial benefits of Business Unit re-engineering activities, also aimed at enhancing operational efficiency. ▪ 1Q 2027 Group Adjusted EAT reached Eu 30.1 million, up 7.1% Y/Y, driven by Group Adjusted EAT growth in ICT VAS (+12.6% Y/Y), Green VAS (+20.3% Y/Y) and Business Services (+11.4% Y/Y) and substantially stable trend in Software & System Integration (-1.3% Y/Y, +1,0% Y/Y net of the FY2026 disinvestments of non-strategic assets). REVENUES EBITDA GROUP EAT ADJUSTED Eu million 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 1Q 27 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 1Q 27 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 1Q 27 Software System Int. 82.2 95.0 106.3 129.5 153.2 183.9 213.9 219.9 212.9 5.9 8.1 12.5 16.7 19.1 23.2 24.2 23.5 22.9 1.8 2.2 3.1 6.3 6.7 8.2 10.0 7.2 7.1 Change Y/Y 15.6% 11.9% 21.8% 18.3% 20.0% 16.3% 2.8% (3.2%) 38.9% 53.6% 33.3% 14.8% 21.4% 4.1% (2.7%) (2.5%) 22.2% 42.1% 100.0% 6.9% 22.4% 21.9% (27.4%) (1.3%) Margin on revenues 7.1% 8.6% 11.8% 12.9% 12.5% 12.6% 11.3% 10.7% 10.8% 2.2% 2.3% 2.9% 4.8% 4.4% 4.4% 4.7% 3.3% 3.4% ICT VAS 288.8 366.8 390.2 400.4 445.1 508.3 510.6 496.8 536.9 9.6 13.1 14.4 16.7 19.1 20.9 22.4 22.2 24.6 5.1 7.6 8.8 9.7 11.5 12.3 11.5 13.4 15.1 Change Y/Y 27.0% 6.4% 2.6% 11.2% 14.2% 0.5% (2.7%) 8.1% 36.0% 10.1% 15.8% 14.7% 9.0% 7.3% (0.9%) 10.7% 49.0% 15.4% 11.0% 18.0% 6.9% (6.5%) 16.7% 12.6% Margin on revenues 3.3% 3.6% 3.7% 4.2% 4.3% 4.1% 4.4% 4.5% 4.6% 1.8% 2.1% 2.2% 2.4% 2.6% 2.4% 2.2% 2.7% 2.8% Green VAS 29.1 77.4 86.3 89.3 111.4 127.4 2.6 6.8 7.5 5.3 6.2 7.7 2.5 4.6 4.4 3.3 3.5 4.2 Change Y/Y n.s. 165.9% 11.5% 3.5% 24.7% 14.4% n.s. 158.4% 10.3% (29.8%) 17.9% 23.1% n.s. 83.0% (5.5%) (24.8%) 5.0% 20.3% Margin on revenues 9.1% 8.8% 8.7% 5.9% 5.6% 6.0% 8.7% 6.0% 5.1% 3.7% 3.1% 3.3% Business Services 11.9 13.9 18.4 28.2 35.8 36.9 40.8 0.7 1.7 1.6 3.1 5.9 7.3 8.6 0.0 0.6 0.1 1.1 2.6 3.5 3.9 Change Y/Y 16.3% 33.1% 53.0% 26.8% 3.0% 10.7% 163.9% (9.9%) 97.8% 89.7% 25.0% 17.6% n.s. n.s. 682.4% 143.2% 34.5% 11.4% Margin on revenues 5.5% 12.5% 8.5% 10.9% 16.4% 19.9% 21.1% 0.3% 4.4% 0.7% 3.8% 7.2% 9.4% 9.5% Group Cons. results 349.6 440.2 487.8 552.8 669.9 776.4 827.6 845.7 901.1 15.7 21.8 28.3 38.5 47.6 55.8 58.4 60.7 65.3 7.0 9.8 13.5 19.5 23.9 27.4 27.2 28.1 30.1 Change Y/Y 25.9% 10.8% 13.3% 21.2% 15.9% 6.6% 2.2% 6.5% 38.8% 30.2% 35.7% 23.7% 17.2% 4.7% 4.0% 7.6% 40.9% 37.3% 44.5% 22.4% 14.7% (0.5%) 3.1% 7.1% Margin on revenues 4.5% 4.9% 5.8% 7.0% 7.1% 7.2% 7.1% 7.2% 7.2% 2.0% 2.2% 2.8% 3.5% 3.6% 3.5% 3.3% 3.3% 3.3%
Page 19
19 Group’s Net Financial Charges quarterly trend • Net financial charges amounted to Eu 7.5 million in Q1 27 compared to Eu 7.2 million in 1Q 2026, mainly reflecting the upward trend in interest rates, while showing a solid improvement compared to Eu 8.5 million in 4Q 2026, in line with the 2027 Industrial Plan. • Net financial charges showed an overall improving trend, declining from Eu 9.8 million in 2Q 2026 to Eu 8.3 million in 3Q 2026, Eu 8.5 million in 4Q 2026 and Eu 7.5 million in 1Q 2027, supporting the Group’s net profitability. Eu million 1Q 25 2Q25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 Financial income / (charges) (7.7) (11.5) (10.4) (11.0) (6.8) (9.8) (8.9) (8.6) (7.6) FX gains / (losses) 0.1 (0.3) (0.2) (1.1) (0.5) (0.2) 0.2 (0.1) (0.0) Income / (loss) on equity method investments 0.1 0.2 0.2 0.4 0.1 0.2 0.4 0.2 0.1 Financial charges, net (7.4) (11.6) (10.4) (11.7) (7.2) (9.8) (8.3) (8.5) (7.5) Financial income / (charges) - Var % Y/Y 5.1% 32.1% 13.6% (7.5%) (11.6%) (15.0%) (14.1%) (22.1%) 12.2% Financial income / (charges) - Var % Q vs Q (35.3%) 50.0% (9.8%) 5.7% (38.2%) 44.3% (8.8%) (4.1%) (11.1%) Financial charges, net - Var % Y/Y 16.9% 48.3% 3.5% 6.5% (3.0%) (15.5%) (19.9%) (27.8%) 4.7% Financial charges, net - Var % Q vs Q (32.7%) 55.9% (10.4%) 13.3% (38.7%) 35.8% (15.0%) 2.1% (11.1%)
Page 20
20 Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) April 2020-July 2026 ▪ As of July 31, 2026, Reported NFP (including IFRS liabilities) was passive (net debt) at Eu 23.4 million, strongly improved compared to Eu 64.9 million (net debt) as of July 31, 2025, reflecting the Group’s continued financial discipline while supporting its organic growth trajectory. ▪ IFRS 3 liabilities, mainly related to Deferred prices and Put Options from M&A transactions, decreased to Eu 122.5 million as of July 31, 2026, from Eu 143.2 million as of April 30, 2026 and Eu 159.8 million as of July 31, 2025, confirming the progressive settlement of deferred consideration and Put Options. ▪ NFP before IFRS liabilities was positive at Eu 149.8 million, improving by Eu 1.0 million compared to Eu 148.8 million as of July 31, 2025. ▪ Shareholders’ Equity further increased to Eu 547.1 million as of July 31, 2026, from Eu 529.2 million as of April 30, 2026 and Eu 521.5 million as of July 31, 2025, after Eu 40 million of dividend distribution and buy back over last 12 months. The table opposite presents the Net Financial Position reported (including IFRS 16 and IFRS 3 liabilities) from Apr20 to Jul26. We also presented the trend of Net financial position excluding the IFRS liabilities Net Financial Position (April 2020 – July 2026) Currency: €'m Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Pro- forma Apr25 Jul25 Oct25 Apr26 Jul26 Shareholders Equity 253.9 272.3 297.4 286.6 335.2 352.1 424.1 442.8 477.3 499.1 500.8 521.5 501.9 529.2 547.1 NFP debt /(cash) (110.3) (101.7) (197.4) (170.9) (245.3) (189.5) (239.5) (153.4) (211.0) (88.1) (158.4) (148.8) (89.4) (182.1) (149.8) IFRS 16 liabilities 38.6 41.3 43.9 41.3 44.9 45.1 50.1 39.4 48.1 42.3 57.2 53.8 57.6 56.4 50.8 IFRS 3 liabilities 17.0 37.2 58.8 96.0 108.4 133.9 155.7 171.4 160.2 167.8 176.0 159.8 150.8 143.2 122.5 Of which deferred prices 5.6 14.1 17.2 18.4 19.2 27.6 34.8 41.8 25.1 49.7 25.6 17.1 15.2 26.8 21.6 NFP reported (incl. IFRS) (54.7) (23.1) (94.7) (33.6) (92.0) (10.5) (33.7) 57.4 (2.7) 122.1 74.7 64.9 119.0 17.5 23.4 Net Working Capital (April 2020 – July 2026) Currency: €'m Apr 20 Oct 20 Apr 21 Oct 21 Apr 22 Oct 22 Apr 23 Oct 23 Apr 24 Oct 24 Pro- forma Apr 25 Jul25 Oct25 Apr26 Jul26 Net working capital 54.7 76.7 (2.7) 24.1 (32.5) 20.3 (17.1) 36.1 (13.4) 101.2 28.1 38.7 61.5 (31.4) 9.9 NWC as % of LTM revenues 3.1% 3.6% (0.1%) 1.1% (1.4%) 0.8% (0.6%) 1.2% (0.4%) 3.1% 0.8% 1.1% 1.8% (0.9%) 0.27%
Page 21
21 NFP reported (incl. IFRS) bridge from July 31, 2025 to July 31, 2026 The reported Net Financial Position (NFP) as of July 31, 2026, shows a net debt of Eu 23.4 million, improving from Eu 64.9 million (net debt) as of July 31, 2025, reflecting LTM investments of Eu 121 million (net of disposals of non-core assets), with Eu 59 million allocated to M&A and Minorities Acquisitions, LTM share buy-backs and dividend distributions of Eu 41 million, and Free Cash Flow before CapEx of Eu 203 million. FCF before Capex for Eu 203 million Investments LTM amounted to Eu 121 mn of which Eu 59 mn allocated to M&A and acquisition of minority interests Share buybacks and dividends in the LTM amounts to Eu 41 mn Increase Decrease Total
Page 22
22 Industrial Plan FY 2027 - FY 2028 Eu million FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251 FY26 FY 27E FY 28E Revenues 1,363.0 1,551.0 1,776.0 2,037.4 2,389.9 2,907.6 3,210.4 3,356.8 3,620.8 3,802.0 - 3,892.0 3,992.0 - 4,184.0 Change Y/Y 13.8% 14.5% 14.7% 17.3% 21.7% 10.4% 4.6% 7.9% 5.0% - 7.5% 5.0% - 7.5% EBITDA 63.1 74.3 94.5 126.0 167.7 209.4 239.5 240.7 260.4 274.0 - 287.0 287.5 - 315.0 Change Y/Y 17.7% 27.2% 33.3% 33.1% 24.9% 14.4% 0.5% 8.2% 5.0% - 10.0% 5.0% - 10.0% Margin on revenues 4.6% 4.8% 5.3% 6.2% 7.0% 7.2% 7.5% 7.2% 7.2% 7.2% - 7.4% 7.2% - 7.5% Group EAT Adj³ 28.6 31.4 41.2 57.8 82.7 102.3 106.4 95.8 106.1 114.0 - 119.0 123.0 - 134.0 Change Y/Y 9.8% 31.2% 40.3% 43.1% 23.7% 4.0% (9.9%) 10.7% 7.5% - 12.5% 7.5% - 12.5% Margin on revenues 2.1% 2.0% 2.3% 2.8% 3.5% 3.5% 3.3% 2.9% 2.9% 3.0% - 3.1% 3.1% - 3.2% (1) Pro-forma FY2025 results include GreenSun contribution in 1H25; Italian digital market trend according to “Il Digitale in Italia 2026”, Assintec/Assinform, July 2026 Strategic objectives of the FY2027–FY2028 Industrial Plan ▪ Digital integrator model: combine technology, digital platforms and vertical applications to enable client digital transformation and AI adoption ▪ Focus on core businesses and organic growth ▪ AI & Automation adoption: capture accelerating demand for governance, data protection and critical infrastructure resilience ▪ Operational streamlining: reduce legal entities, re-engineer processes and scale digital platforms / enablers ▪ Eu 4.1 Bn revenues, over Eu 300 million Ebitda and Eu 130 million Group Adj EAT in FY 2028E targeting an operating cash flow of around 200 million per Year ▪ Plan enablers: ~Eu 100mn annual investments in digital enablers and people skills, completion of minority-interest acquisitions, selective M&As with shareholder returns payout confirmed at 40%. Strategic objectives by Group’s Sectors ▪ VAS (ICT & Green VAS): mid-to-high single digit Revenues, EBITDA and EAT growth, driven by demand for data management, cybersecurity, private AI and digital sovereignty and energy from renewables sources ▪ Business Services: expected to achieve double-digit growth (~10%) in both revenues and EBITDA, driven by the development of vertical applications and digital platforms for the Financial Services industry, alongside increasing market penetration. ▪ SSI: expected to deliver low single digit growth in revenues and profitability, supported by a strategic focus on higher value-added activities and lower labour- intensive business area
Page 23
23 Group long-term growth path: FY 2026 Actual Results and FY 2027-28 Expected Results In the table above we presented the FY 2027 and FY 2028 according to the industrial plan approved by Sesa BoD in the meeting of July 16, 2026 (1) Ebit Adjusted before amortisation of intangible assets (client lists and know -how) arising from PPA, and before costs relate d to the Stock Grant Plan, all net of the tax effect (2) Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know -how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect (3) Net Financial Position gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS 16 debt 34,4 41,3 44,2 49,5 51,6 54,0 57,9 63,1 74,3 94,5 126,0 167,7 209,4 239,5 240,7 288- 315 4,6% 5,1% 5,3% 5,2% 4,9% 4,4% 4,6% 4,6% 4,8% 5,3% 6,2% 7,0% 7,2% 7,5% 7,2% 7.2% 7.2%- 7.4% Apr 2011 Apr 2012 Apr 2013 Apr 2014 Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Apr 2024 Apr 2025 Apr 2026 Apr 2027E Apr 2028E 747 812 832 948 1.060 1.230 1.271 1.363 1.551 1.776 2.037 2.390 2.908 3.210 3.357 3,992- 4,200 Apr 2011 Apr 2012 Apr 2013 Apr 2014 Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Apr 2024 Apr 2025 Apr 2026 Apr 2027E Apr 2028E 3,621 7.9% 11,5 16,8 19,9 20,7 21,8 24,8 26,1 28,6 31,4 41,2 57,8 82,7 102,3106,4 95,8 106.1 114 - 119 1,5% 2,1% 2,4% 2,2% 2,1% 2,0% 2,1% 2,1% 2,0% 2,3% 2,8% 3,5% 3,5% 3,3% 2,8% 3.0% 3.1% Apr 2011 Apr 2012 Apr 2013 Apr 2014 Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Apr 2024 Apr 2025 Apr 2026 Apr 2027E Apr 2028E 10.7% Sales and other Revenues (Eu mn) EBITDA (Eu mn) CAGR 2012-2026 +11.2% 42,5 (5,9) (30,4) (43,6)(51,3)(59,4)(68,9)(72,3)(67,3) (110,3) (197,4) (245,3) (239,5) (211,0) (158,4) (182,1) (192,0) (205,0) Apr 2011 Apr 2012 Apr 2013 Apr 2014 Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Apr 2024 Apr 2025 Apr 2026 Apr 2027E Apr 2028E Feb 2013 IPO CAGR 2012-2024 +16.6% CAGR 2020-2026 +17.1% 25,6 35,3 36 40,6 42,1 44,9 46,3 48,8 55,7 68,5 91,8 125,9 167,7 192,7 185,4 197.5 Apr 2011 Apr 2012 Apr 2013 Apr 2014 Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Apr 2024 Apr 2025 Apr 2026 Apr 2027E Apr 2028E 6.5% 218- 239 EBIT Adjusted1 (Eu mn) 818 863 912 974 1.150 1.215 1.427 1.642 1.900 2.547 3.441 4.163 4.720 5.691 6.532 Apr 2011 Apr 2012 Apr 2013 Apr 2014 Apr 2015 Apr 2016 Apr 2017 Apr 2018 Apr 2019 Apr 2020 Apr 2021 Apr 2022 Apr 2023 Apr 2024 Apr 2025 Apr 2026E 6,770 CAGR 2012-24 +17.0% CAGR 2020-2026 +12.6% Industrial Plan 2027 +10.0% | +12.5% CAGR 2012-2026 +14.1% CAGR 2020-2026 +18.4% CAGR 2012-2026 +13.1% CAGR 2020-2026 +18.9% Industrial Plan 2027 +5.0% | +10.0%Industrial Plan 2027 +5.0% | +7.5% Industrial Plan 2028 +5.0% | +10.0% Industrial Plan 2028 +10.0% | +12.5% Industrial Plan 2028 +5.0% | +7.5% Var%Y/Y 20.1% 7.0% 12.0% 4.2% 4.7% 7.2% 17.8% 27.1% 33.3% 33.1% 24.9% 14.4% 0.5% 9.0% 3.4% 4.3% 4.3% 4.3% 4.0% 3.7% 3.6% 3.6% 3.9% 4.5% 5.3% 5.8% 6.0% 5.5% 5.5%- 5.6% 5.5%- 5.7%3.6% Group EAT Adjusted2 (Eu mn) Net Financial Position3 (Eu mn) Headcount (Nr) 37.9% 2.0% 12.8%3.7% 6.7% 3.1% 14.1% 23% 34% 37.1% 33.2% 14.9%(3.8)% 5.4% 5.5% 5.7% 6.8% 18.1% 5.7% 17.4% 15.7% 34.1% 35.1% 21.0% 13.4% 20.6% 14.8% 3.6% 15.1% 8.7% 2.5% 13.9% 11.8% 16.0% 3.4% 13.8% 14.5% 14.7% 17.3% 21.7% 10.4%4.6% 5.0% -7.5% 7.2% 47.0%18.2% 3.8% 5.5% 13.7% 5.2% 9.8% 31.2% 40.3% 43.1% 23.7% 4.0% (9.9)% 9.6% 5.0% - 7.5% 3,802 - 3,892 Industrial Plan 2027 +5.0% | +10.0% Industrial Plan 2028+5.0% | +10.0% 8.2% 5.0% - 10.0% 260.4 274 - 287 CAGR 2012-2026 +14.1% 7.5% - 12.5% 7.5% - 12.5% 5% - 10% 5% - 10% 207– 217 % on revenues 5.0% - 10.0% 5.5% 123- 134
Page 24
24 ▪ Group’s Business Model and Strategy ▪ Group’s Financial Results 1Q 2027 ▪ Group’s Industrial Plan FY 2027-2028 ▪ Annexes Financial Statements Agenda
Page 25
25 Group Reclassified Income Statement 1Q 2027 vs 1Q 2026 Variances Y/Y % Eu million 1Q 27 Reported % on revenues 1Q 26 Reported % on revenues 1Q 27 vs 1Q 26 Reported Revenues 886.7 829.1 6.9% Other Income 14.4 16.6 (13.5%) Revenues and other income 901.1 100.0% 845.7 100.0% 6.5% Costs for purchasing products (662.0) (73.5%) (613.9) (72.6%) 7.8% Costs for services and use of third-party assets (69.2) (7.7%) (71.6) (8.5%) (3.3%) Personnel costs (102.7) (11.4%) (97.8) (11.6%) 5.0% Other operting expenses (1.9) (0.2%) (1.7) (0.2%) 11.1% Total COGS and Operating Costs (835.8) (92.8%) (785.1) (92.8%) 6.5% EBITDA 65.3 7.2% 60.7 7.2% 7.6% Depreciation/Amortisation of tangible and intangible (14.1) (1.6%) (12.7) (1.5%) 10.5% Provisions (1.0) (0.1%) (0.7) (0.1%) 48.7% EBIT Adjusted 50.2 5.6% 47.3 5.6% 6.2% PPA Amortisation and other non-monetary costs (8.7) (1.0%) (8.7) (1.0%) 0.4% Stock grant - 0.0% - 0.0% - EBIT 41.4 4.6% 38.6 4.6% 7.5% Net Financial Charges (7.6) (0.8%) (6.8) (0.8%) 12.2% FX gains / (losses) (0.0) (0.0%) (0.5) (0.1%) (96.1%) Income / (loss) on equity method investments 0.1 0.0% 0.1 0.0% (1.0%) EBT 33.9 3.8% 31.4 3.7% 8.1% Income taxes (8.5) (0.9%) (7.9) (0.9%) 8.1% EAT 25.4 2.8% 23.5 2.8% 8.1% Net result attributable to the Group 23.3 2.6% 21.6 2.6% 8.1% Net result attributable to non-controlling interests 2.1 0.2% 1.9 0.2% 8.2% EAT Adjusted 32.1 3.6% 30.0 3.5% 7.2% Group EAT Adjusted 30.1 3.3% 28.1 3.3% 7.1%
Page 26
26 Group Reclassified Income Statement FY 2026 vs FY 2025 (1) FY 25 includes the pro forma contribution of the GreenSun acquisition (finalised in November 2024) Variances Y/Y % Eu million FY 26 Reported % on revenues FY 25 Reported % on revenues FY 25 Pro-forma1 % on revenues FY 26 vs FY 25 Reported FY 26 vs FY 25 Pro-forma Revenues 3,565.3 3,214.6 3,298.2 10.9% 8.1% Other Income 55.526 58.6 58.6 (5.2%) (5.3%) Revenues and other income 3,620.8 100.0% 3,273.1 100.0% 3,356.8 100.0% 10.6% 7.9% Costs for purchasing products (2,653.2) (73.3%) (2,360.3) (72.1%) (2,434.1) (72.5%) 12.4% 9.0% Costs for services and use of third-party assets (301.0) (8.3%) (307.3) (9.4%) (310.7) (9.3%) (2.0%) (3.1%) Personnel costs (395.6) (10.9%) (358.8) (11.0%) (360.1) (10.7%) 10.2% 9.9% Other operting expenses (10.6) (0.3%) (11.2) (0.3%) (11.2) (0.3%) (5.2%) (5.2%) Total COGS and Operating Costs (3,360.4) (92.8%) (3,037.6) (92.8%) (3,116.1) (92.8%) 10.6% 7.8% EBITDA 260.4 7.2% 235.5 7.2% 240.7 7.2% 10.6% 8.2% Depreciation/Amortisation of tangible and intangible (54.8) (1.5%) (50.1) (1.4%) (50.2) (1.4%) 9.2% 9.1% Provisions (8.1) (0.2%) (5.2) (0.1%) (5.2) (0.1%) 57.8% 57.8% EBIT Adjusted 197.5 5.5% 180.2 5.5% 185.4 5.5% 9.6% 6.5% PPA Amortisation and other non-monetary costs (37.5) (1.0%) (32.3) (0.9%) (32.6) (0.9%) 16.1% 15.1% Stock grant (8.0) (0.2%) (7.2) (0.2%) (7.2) (0.2%) 12.1% 12.1% EBIT 152.0 4.2% 140.7 4.3% 145.7 4.3% 8.0% 4.3% Net Financial Charges (34.0) (0.9%) (40.8) (1.1%) (40.5) (1.1%) (16.5%) (16.0%) FX gains / (losses) 0.9 0.0% 1.0 0.0% 1.0 0.0% (5.9%) (5.9%) Income / (loss) on equity method investments (0.6) (0.0%) (1.4) (0.0%) (1.4) (0.0%) (60.9%) (60.9%) EBT 118.3 3.3% 99.5 3.0% 104.6 3.1% 18.9% 13.1% Income taxes (37.7) (1.0%) (32.1) (0.9%) (33.4) (0.9%) 17.5% 12.8% EAT 80.6 2.2% 67.4 2.1% 71.2 2.1% 19.5% 13.2% Net result attributable to the Group 71.7 2.0% 62.2 1.7% 64.2 1.8% 15.3% 11.6% Net result attributable to non-controlling interests 8.9 0.2% 5.2 0.1% 7.0 0.2% 70.3% 27.4% EAT Adjusted 115.0 3.2% 98.8 3.0% 102.8 3.1% 16.3% 11.8% Group EAT Adjusted 106.1 2.9% 93.6 2.9% 95.8 2.9% 13.3% 10.7%
Page 27
27 Reclassified Balance Sheet July 31, 2026 vs July 31, 2025 Eu million Jul 26 Jul 25 Intangible Assets 530.5 532.6 Property, plant and equipment 170.2 163.6 Investments valued at equity 14.4 17.5 Other non-current receivables and deferred tax assets 46.2 42.8 Total non-current assets 761.4 756.5 Inventories 195.5 194.7 Current trade receivables 658.6 623.4 Other current assets 199.2 143.6 Current operating assets 1,053.3 961.7 Payables to suppliers 701.5 (655.8) Other current payables 341.9 (267.2) Short-term operating liabilities 1,043.4 (923.0) Net Working Capital 9.9 38.7 Non-current provisions and other tax liabilities (138.3) (142.6) Employee benefits (62.5) (66.3) Non-current liabilities (200.8) (208.9) Net Invested Capital 570.5 586.4 Shareholders Equity 547.1 521.5 Liquidity (540.0) (514.6) Financing current and not current 390.1 365.8 Net Financial Position (149.8) (148.8) IFRS 16 liabilities 50.8 53.9 Liabilities to minorities shareholders and Earn Out for M&A 122.5 159.8 Net Financial Position Reported 23.4 64.9 Total Shareholders Equity and Net Financial Position 570.5 586.4
Page 28
28 Reclassified Balance Sheet April 30, 2026 vs April 30, 2025 Eu million Apr 26 Apr 25 Intangible Assets 551.1 531.0 Property, plant and equipment 175.7 167.9 Investments valued at equity 14.5 17.5 Other non-current receivables and deferred tax assets 47.0 39.3 Total non-current assets 788.4 755.7 Inventories 145.3 147.6 Current trade receivables 650.8 604.6 Other current assets 163.1 158.5 Current operating assets 959.1 910.7 Payables to suppliers (672.3) (595.1) Other current payables (318.2) (287.6) Short-term operating liabilities (990.5) (882.6) Net Working Capital (31.4) 28.1 Non-current provisions and other tax liabilities (146.9) (143.4) Employee benefits (63.3) (64.9) Non-current liabilities (210.2) (208.3) Net Invested Capital 546.8 575.5 Shareholders Equity 529.2 500.8 Liquidity (584.1) (576.9) Financing current and not current 402.0 418.5 Net Financial Position (182.1) (158.4) IFRS 16 liabilities 56.4 57.2 Liabilities to minorities shareholders and Earn Out for M&A 143.2 176.0 Net Financial Position Reported 17.5 74.7 Total Shareholders Equity and Net Financial Position 546.8 575.5
Page 29
29 The Corporate segment includes the consolidation of Digital Ecosystem Reclassified Income Statement by sector 1Q 2027 vs 1Q 2026 Eu million 1Q 2027 1Q 2026 ICT VAS Green SSI Business Services Corporate & Dig. Ecosystem Group ICT VAS Green SSI Business Services Corporate & Dig. Ecosystem Group Total Revenues and Other Income 536.9 127.4 212.9 40.8 18.1 901.1 496.8 111.4 219.9 36.9 16.2 845.7 Change Y/Y 8.1% 14.4% (3.2%) 10.7% 11.8% 6.5% Gross Margin 46.8 14.4 135.1 37.6 16.7 239.1 44.0 12.1 139.0 34.1 14.8 231.8 Opex (22.3) (6.8) (112.1) (29.0) (15.2) (173.9) (21.9) (5.9) (115.5) (26.8) (13.4) (171.1) Ebitda 24.6 7.7 22.9 8.6 1.5 65.3 22.2 6.2 23.5 7.3 1.4 60.7 Ebitda Margin 4.6% 6.0% 10.8% 21.1% 8.3% 7.2% 4.5% 5.6% 10.7% 19.9% 8.7% 7.2% Change Y/Y 10.7% 23.1% (2.5%) 17.6% 6.9% 7.6% D&A (1.3) (0.4) (9.2) (2.7) (0.6) (14.1) (1.3) (0.2) (8.8) (2.0) (0.5) (12.7) Provisions (0.2) (0.0) (0.5) (0.2) (0.0) (1.0) (0.1) (0.0) (0.5) (0.0) (0.0) (0.7) Ebit Adjusted 23.1 7.3 13.2 5.7 0.9 50.2 20.8 6.0 14.3 5.3 0.9 47.3 Ebit Adjusted Margin 4.3% 5.7% 6.2% 14.0% 5.2% 5.6% 4.2% 5.4% 6.5% 14.5% 5.6% 5.6% Change Y/Y 11.1% 21.5% (7.4%) 7.0% 3.1% 6.2% PPA Amortisation and other non- monetary costs (0.5) (0.2) (5.1) (2.8) (0.3) (8.7) (0.5) (0.2) (5.1) (2.7) (0.2) (8.7) Ebit 22.6 7.1 8.2 2.9 0.7 41.4 20.3 5.8 9.1 2.6 0.7 38.6 Ebit Margin 4.2% 5.6% 3.8% 7.1% 3.8% 4.6% 4.1% 5.2% 4.2% 7.0% 4.4% 4.6% Net Financial Charges (3.5) 0.0 (1.9) (1.1) (0.2) (7.5) (3.4) (0.0) (2.6) (1.0) (0.2) (7.2) Income Taxes (4.2) (1.9) (2.2) (0.1) (0.1) (8.5) (3.7) (1.5) (2.4) (0.1) (0.1) (7.9) EAT 14.9 5.2 4.0 1.6 0.4 25.4 13.2 4.3 4.2 1.5 0.4 23.5 PPA Amortisation and other non- monetary costs (net of taxes) 0.4 0.2 3.8 2.3 0.2 6.7 0.4 0.2 3.8 2.0 0.1 6.5 EAT Adjusted 15.2 5.4 7.8 3.9 0.6 32.1 13.5 4.5 7.9 3.5 0.5 30.0 Change Y/Y 12.6% 20.8% (1.5%) 11.4% 4.2% 7.2% Net profit attributable to non- controlling interests 0.2 1.2 0.7 (0.0) 0.1 2.1 0.1 1.0 0.7 (0.0) 0.1 1.9 Group EAT adjusted 15.1 4.2 7.1 3.9 0.5 30.1 13.4 3.5 7.2 3.5 0.5 28.1 Group EAT adj Margin 2.8% 3.3% 3.4% 9.5% 2.8% 3.3% 2.7% 3.1% 3.3% 9.4% 3.0% 3.3% Change Y/Y 12.6% 20.3% (1.3%) 11.4% 5.0% 7.1%
Page 30
30 (1) Consolidated Adjusted Net Income attributable to the Group, before the amortization of intangible assets (Customer lists an d Know-how) (2) 1H 25 includes the pro forma contribution of the GreenSun acquisition (finalised in November 2024) (3) The Corporate segment includes the consolidation of Digital Ecosystem Reclassified Income Statement by sector FY 2026 vs FY 2025 Eu million FY 2026 FY 2025 Pro-forma2 ICT VAS Green SSI Business Services Corporate & Dig. Ecosystem3 Group ICT VAS Green SSI Business Services Corporate & Dig. Ecosystem3 Group Total Revenues and Other Income 2,254.7 412.2 908.8 158.5 67.5 3,620.8 2,075.5 343.8 875.7 153.5 62.1 3,356.8 Change Y/Y 8.6% 19.9% 3.8% 3.2% 8.8% 7.9% Gross Margin 190.9 55.0 568.4 146.4 64.8 967.6 181.1 46.3 543.6 141.6 55.9 922.7 Opex (89.6) (26.0) (471.8) (116.6) (59.4) (707.2) (91.1) (21.8) (448.8) (114.2) (51.8) (682.0) Ebitda 101.3 29.0 96.6 29.7 5.4 260.4 90.0 24.5 94.9 27.3 4.1 240.7 Ebitda Margin 4.5% 7.0% 10.6% 18.8% 8.0% 7.2% 4.3% 7.1% 10.8% 17.8% 6.7% 7.2% Change Y/Y 12.6% 18.4% 1.8% 8.8% 30.2% 8.2% D&A (5.3) (1.2) (37.9) (8.4) (2.0) (54.8) (5.0) (1.0) (35.7) (7.2) (1.2) (50.2) Provisions (1.0) (0.5) (4.3) (1.5) (0.7) (8.1) (1.2) (0.7) (1.9) (0.8) (0.5) (5.2) Ebit Adjusted 95.0 27.3 54.3 19.8 2.7 197.5 83.7 22.8 57.2 19.3 2.5 185.4 Ebit Adjusted Margin 4.2% 6.6% 6.0% 12.5% 4.0% 5.5% 4.0% 6.6% 6.5% 12.5% 4.0% 5.5% Change Y/Y 13.6% 19.6% (5.1%) 2.7% 9.7% 6.5% PPA Amortisation and other non-monetary costs (3.7) (0.6) (24.6) (11.4) (5.4) (45.6) (2.7) (0.9) (18.7) (11.0) (6.4) (39.8) Ebit 91.3 26.6 29.7 8.3 (2.7) 152.0 81.0 21.9 38.5 8.3 (4.0) 145.7 Ebit Margin 4.1% 6.5% 3.3% 5.3% (4.0%) 4.2% 3.9% 6.4% 4.4% 5.4% (6.4%) 4.3% Net Financial Charges (23.9) (0.2) (11.9) (3.6) 5.9 (33.7) (25.6) (0.6) (11.7) (2.9) (0.2) (41.0) Income Taxes (20.8) (7.4) (8.7) (0.7) (0.2) (37.7) (16.3) (6.2) (11.5) 0.2 0.3 (33.4) EAT 46.7 19.0 9.1 4.0 3.0 80.6 39.1 15.1 15.3 5.6 (3.9) 71.2 PPA Amortisation and other non-monetary costs (net of taxes) 4.1 0.5 17.7 8.2 4.0 34.4 3.0 0.7 15.3 7.8 4.7 31.6 EAT Adjusted 50.7 19.5 26.8 12.2 7.0 115.0 42.1 15.8 30.6 13.4 0.8 102.8 Change Y/Y 20.5% 23.1% (12.4%) (9.0%) 772.5% 11.8% Net profit attributable to non-controlling interests 0.7 1.1 3.3 (0.2) 0.3 8.9 0.6 3.9 2.0 (0.8) (0.0) 7.0 Group EAT adjusted1 50.1 18.4 23.6 12.4 6.8 106.1 41.5 11.9 28.6 14.2 0.8 95.8 Group EAT adj Margin 2.2% 4.5% 2.6% 7.8% 10.0% 2.9% 2.0% 3.5% 3.3% 9.3% 1.4% 2.9% Change Y/Y 20.6% 54.1% (17.7%) (12.7%) 699.6% 10.7%
Page 31
31 GENCOM Eu 10 mn CLEVER CONSULTING Eu 6 mn YARIX Eu 4 mn BASE DIGITALE GROUP Eu 45 mn PICO Eu 20 mn ZERO12 Eu 2.5 mn ADIACENT CHINA Eu 2 mn ANALYTICS NETWORK - SPS Eu 6 mn DI.TECH Eu 20 mn ELMAS Eu 2 mn INFOLOG Eu 4.2 mn DIGITAL STORM Eu 4.2 mn SERVICE TECHNOLOGY Eu 6 mn MERSY Eu 4 mn IFM INFOMASTER Eu 9 mn PALITALSOFT Eu 5 mn TECNIKE' Eu 1 mn PRAGMA Eu 7 mn WSS Eu 5 mn ADACTO Eu 4.5 mn ADDFOR INDUSTRIALE R&D AIDA Eu 1 mn APLUS Eu 1 mn BRAINWORKS Eu 15 mn CADLOG Eu 15 mn CITEL Eu 5 mn KOLME Eu 50 mn PM SERVICE Eu 30 mn CIMTEC Eu 2 mn OMIGRADE Eu 10 mn DATEF Eu 12 mn NGS Eu 6.5 mn ALBALOG Eu 2.5 mn ALFASAP Eu 2 mn ALDEBRA Eu 4.5 mn AMAECO Eu 1.5 mn BDY Eu 20 mn ASSIST INFORMATICA Eu 2.5 mn DVR Eu 2 mn CYRES Eu 5.5 mn EMMEDI Eu 2 mn DURANTE Eu 16.5 mn EURO FINANCE Eu 1.5 mn EUROLAB Eu 4 mn EVERGREEN Eu 4 mn MEDIAMENTE Eu 5 mn NEXT STEP SOLUTION Eu 1.5 mn YOCTO IT Eu 4 mn ANALYSIS Eu 2.2 mn ESSEDI CONSULTING Eu 1.5 mn INFORMETICA Eu 6 mn SANGALLI TECNOLOGIE Eu 7 mn CENTOTRENTA SERVICING Eu 15 mn ALTINIA Eu 50 mn SMARTCAE Eu 3 mn DATACOREX Eu 3 mn MAINT SYSTEM Eu 4 mn SOFT SYSTEM Eu 2.5 mn TRIAS Eu 3 mn VISUALITICS Eu 4 mn WISE SECURITY GLOBAL Eu 10 mn REAL-TIME Eu 1.7 mn PV CONSULTING Eu 1.5 mn ATS Eu 14 mn BOOT SYSTEMS – LBS Eu 5.5 mn METODA Eu 8 mn GREENSUN Eu 130 mn SMART ENGINEERING Eu 2 mn METISOFT Eu 15 mn IT PAS Eu 3 mn INNNOFOUR Eu 6 mn DELTA INFORMACIONES VISICON Eu 2 mn Eu 5.3 mn 4IT Eu 9 mn ALBASOFT Eu 2.2 mn SSI Business Services ICT VAS Company RevenuesCompany Revenues Company Revenues 17 M&As Eu 147 mn56 M&As Eu 322 mn 8 M&As Eu 213 mn 75 M&As Rev: Eu 711 mn Sesa Group M&As FY 2020-26 Green VAS Company Revenues 3 M&As Eu 166 mn 1) Revenues of target companies at acquisition time (LTM before acquisition) FY 20211 FY 20201 FY 20221 FY 20231 FY 20241 FY 20251 FY 20261 6 M&As Rev: Eu 88 mn 13 M&As Rev: Eu 76 mn 13 M&As Rev: Eu 152 mn 16 M&As Rev: Eu 79 mn 13 M&As Rev: Eu 112 mn 10 M&As Rev: Eu 186 mn 4 M&As Rev: Eu 18.2 mn Between 2015 and 2019, 9 M&A transactions were completed, totaling Eu 137 million in revenues at the time of acquisition. Among the most significant for the SSI sector were Apra, Tech Value, and Var BMS (with revenues of Eu 16 million, Eu 16 milli on, and Eu 14 million, respectively), while for the ICT VAS sector, ICOS stood out with Eu 50 million in revenues at the time of acquisition
Page 32
www.sesa.it This document has been prepared by Sesa SpA (“SeSa” or the “Company”) solely for this presentation and does not represent any investment research, recommendation, consulting or suggestion, concerning the Company or its shares or any other securities/financial instruments issued by the Company. This presentation can not be employed in a public offer or investment solicitation. As a result, the Company, its directors, employees, contractors, and consultants do not accept any liability in relation to any loss or damage, costs or expenses suffered by any person who relies on the information contained in this document or otherwise arising from the use of the same and any such liability is expressly disclaimed. The Company does not assume any responsibility for the accuracy, sufficiency and completeness of the information contained in this document or in respect of any errors, omissions, inaccuracies contained in it. The presentation at any time is subject to updates and modifications by the Company. However, SeSa does not assume any obligation to communicate or otherwise make known any changes and updates. The document is not intended as, nor should it be regarded as a complete and comprehensive description of the Company and does not necessarily contain all the information that the recipients may consider relevant in relation to the Company. The provision of the Document does not give the recipient any right to access more information. Sesa Manager in Charge and the officers preparing the Company financial reports hereby certify pursuant to paragraph 2 of art. 154-bis of Legislative Decree no. 58 of February 24, 1998, that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries. This presentation contains forward-looking statements regarding future events and results of the Company that are based on the c urrent expectations, projections and assumptions of the management of the Company. These declarations, being based on expectations, estimates, forecasts and projections, are subject to risks, uncertainties and other factors that depend on circumstances beyond the company's control and are not guarantees of future performance: the results or actual performance may therefore be different, even significantly, from historical and / or from those obtained and the Company does not assume any liability with respect thereto. Reproduction, redistribution or transmission to third parties, or part, of this document are forbidden. Participation in the presentation or receipt of this document constitutes your acceptance of the terms and restrictions above.