Slides
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TXT TXT Group : H1-2026 Results Call with Investors August 06 | 14:30 ( CEST ) Daniele MISANI , CEO Andrea FAVINI , IR
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H1-2026 KPIs show accelerating Top Line growth, with EBITDA margin expansion outperforming the strong Top Line trend Solid Organic Growth in H1-26 Revenues EBITDA €228 Mn +19% +€35 Mn €34 Mn +24% 15.0% of revenues +21% vs. H1-2025
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H1-25 H1-26 Smart Solutions Digital Advisory Software Eng. _KPIs: H1-2026 by Offering Revenues by Offering (€mn, % on total revenues) KPIs by Division (offering) reported in H1-2026 show accelerated growth of the Top Line, especially in Software Engineering and Digital Advisory, with operating profitability expansion boosted by trend in Smart Solutions business. +24% 34.2 15.0% EBITDA (€mn, % on revenues) H1-25 H1-26 Smart Solutions Digital Advisory Software Eng. +21% 228 189 +20% +30% +14% 114 60% 137 60% 40 18% 50 22% 31 16% 44 23% +6% +29% +55% 16.2 12% 5.4 13% 12.6 25% 15.2 13% 27.5 14.6% 4.2 14% 8.1 18%
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_Value creation: H1-2026 SMART SOLUTIONS REVENUES € 50Mn H1-26, +14% vs. H1-25 INTERNATIONAL REVENUES € 34Mn H1-26, 15% of total revenues SUSTAINABLE DEBT (ADJUSTED) & TREASURY SHARES FOR FINANCING GROWTH € 113Mn (Net Debt Adjusted) - € 14Mn* in Treasury Shares * Value calculated with stock price of € 37.25 per share (Share Price Jun. 30th, 2026), excluding shares to be transferred in the context of M&A transaction closed in Q2 R&D INVESTMENTS (fully expenses in the period) € 13Mn H1-26, +6% vs. H1-25
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TXT Group’s revenue incidence by Industry
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Organic Growth FY-26 Pro-Forma Revenues Consolidated EBITDA €0.5 Bn >15% 15% >€70 Mn FY-2026 UPDATED OUTLOOK Acceleration towards the 2025–2027 Industrial Plan Target Consolidated Revenues >€470 Mn
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_Business Evolution & Subsequent Events
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Investment in TXT Digital Edge • Acquisition of 100% of GCI System Integrator, subsequently renamed TXT Digital Edge, an IT company specialized in networking & data centers, cybersecurity and data management, serving highly complex and regulated industries including Energy & Utilities, Telco and Banking & Finance. • TXT Digital Edge generated €47m of revenues in 2025 and represents a scalable platform to accelerate an initiative already developed organically by TXT, with significant opportunities for commercial synergies and operational efficiencies, combining the acquired capabilities with TXT’s existing Infratech and cybersecurity activities within TXT e-tech and Smart Sensor offering through Teratron. • TXT Digital Edge is expected to generate ~€30m of revenues and ~€3m of EBITDA in 2H26; by 2027, TXT Digital Edge targets ~€80m of revenues and ~€8m of EBITDA, • Enterprise Value of the transaction amounts to €6.9m, corresponding to €5.9m Equity Value and €1.0m of assumed Net Financial Position; the consideration was fully paid at closing
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Tax position of a subsidiary • A subsidiary of TXT has completed a tax settlement (Ravvedimento Operoso) following a tax audit related to a business development initiative started in H2 2021 and fully discontinued in 2024. • Total estimated impact of €12.7m, including additional taxes, reduced penalties and interest, to be recognized in H1 2026 as a non- recurring item. On 28 July 2026, TXT Assioma settled the FY2024 tax position for €5.0 million and derecognised a residual €1.5 million tax credit. The remaining estimated liability of €6.2 million is expected to be settled by year-end. • No recurrence risk is expected, as the underlying international business development initiative was fully discontinued in 2024; • TXT reiterated FY2026 guidance and expects organic growth above 15% with Net Debt/EBITDA below 2.0x
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TXT among TIME’s World’s Growth Leaders 2026 • TXT ranked #1 in Italy, #4 in Europe and #14 globally in the Technology, Media & Services sector in TIME’s World’s Growth Leaders 2026, ranking #183 globally across all sectors. • The ranking recognizes companies based on 5-year revenue growth, financial strength and relative market positioning, providing external recognition of TXT’s strong and consistent growth trajectory. • TXT was selected among 500,000+ listed companies worldwide, further confirming the Group’s positioning as a leading high-growth technology player
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MBDA Partnership: Strengthening TXT’s Aerospace & Defence Hub in Turin • TXT has signed an agreement with MBDA Italia to support the strengthening and development of its strategic Turin hub. • The partnership leverages TXT’s expertise in embedded software for critical systems, systems engineering, advanced simulation and complex algorithms for mission-critical applications. • The agreement provides for a progressive approach aimed at increasing production capabilities and supporting the growth of MBDA’s engineering organization in the region. • The partnership strengthens TXT’s positioning in the Defence sector and its role within the Piedmont technology and industrial ecosystem, also through collaboration with local universities and research centers.
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FINANCIALS
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€ thousand H1 2026 % H1 2025 % Var % REVENUES 228,045 100 189,095 100 20.6 Direct costs 144,556 63.4 116,823 61.8 23.7 GROSS MARGIN 83,489 36.6 72,272 38.2 15.5 Research and Development costs 12,506 5.5 11,780 6.2 6.2 Commercial costs 21,892 9.6 19,104 10.1 14.6 General and Administrative costs 14,890 6.5 13,847 7.3 7.5 EBITDA 34,201 15.0 27,541 14.6 24.2 _Profit & loss H1-2026: EBITDA Details & Evolution 27.5 39.0 -27.7 -0.7 -2.8 -1.0 34.2 EBITDA H1-25 Δ Revenues Δ Direct Costs Δ R&D Δ Commercial Δ G&A EBITDA H1-26 14.5% 14.5% +20.6% YoY +23.7% YoY +6.2% YoY +14.6% YoY +7.5% YoY € million
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€ thousand H1 2026 % H1 2025 % Var % EBITDA 34,201 15.0 27,541 14.6 24.2 D&A, Write-offs (Excl. PPA, one-off tax items) 6,419 2.8 5,041 2.7 27.3 OPERATING PROFIT (EBIT) ADJ. 27,782 12.2 22,500 11.9 23.5 Net Financial income/(charges) (4,300) (1.9) (3,810) (2.0) 12.9 Share of profit/(loss) of associates (151) (0.1) (129) (0.1) 16.5 EARNINGS BEFORE TAXES (EBT) ADJ. 23,332 10.2 18,561 9.8 25.7 Taxes (5,459) (2.4) (5,103) (2.7) 7.0 NET PROFIT ADJ. (Excl. PPA, One-off tax item) 17,873 7.8 13,458 7.1 32.8 Amortization - PPA 6,192 2.7 2,577 1.4 140.2 Other Write-offs - One-off tax item 1,512 0.7 0 0.0 n.a. Provision for risks and charges - One-off tax item 11,190 4.9 0 0.0 n.a. NET PROFIT (1,022) (0.4) 10,881 5.8 n.a. Net Profit Attributable to Minority interests 287 832 -4.0 -1.7 -0.7 -4.3 0.0 -0.2 -5.5 -6.2 -12.7 34.2 27.8 17.9 -1.0 _Profit & loss H1-2026: EBITDA to Net Profit Bridge 15.0% € million (1.8%) (0.8%) (0.3%) 12.2% 7.8% (2.7%) (2.4%) (0.1%) +0.0% (1.9%) EBITDA H1-26 IFRS 16 (Leasing) Deprec. (Excl. Leasing) Amortiz. & Write-offs EBIT Adj. H1-26 Net Financial Charges FX Loss Result from minorities Income Taxes Net Profit Adj. H1-26 Amortiz. from PPA One-off Tax Item Net Profit H1-26 (1.7%) (5.6%)
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_NET Financial Debt: Solid financial position .000 Euro 30.06.2026 31.12.2025 Var Cash (102,769) (102,739) (30) Trading securities at fair value (16,685) (11,433) (5,251) Other Short Term Financial Assets (320) (320) - Short term Financial Debts 78,539 69,069 9,470 Short term Financial Debts (41,234 ) (45,423 ) 4,188 Non current Financial Debts - Lessors IFRS 16 11,476 11,970 (494) Other Long Term Financial Assets (533) - (533) Other Non current Financial Debts 153,525 149,706 3,819 Non current Financial Debts 164,468 161,676 2,792 Net Financial Debt 123,234 116,253 6,980 Non-monetary debts for adjustment of the price (1,125) - (1,125) of the acquisitions to be paid in TXT shares Financial Investment - Banca Del Fucino (9,498) (17,418) 7,920 Adjusted Net Financial Debt 112,610 98,835 13,776
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_Balance sheet: details € thousand 30.06.2026 31.12.20025 Change Intangible assets 199,624 181,473 18,151 Tangible assets 32,926 33,911 (985 ) Other fixed assets 22,304 28,439 (6,135 ) Fixed Assets 254,854 243,823 11,031 Inventories 37,619 28,638 8,982 Trade receivables 133,940 127,493 6,447 Other short term assets 23,248 22,136 1,112 Trade payables (53,141 ) (43,985 ) (9,156 ) Tax payables (24,440 ) (20,379 ) (4,061 ) Other payables and short term liabilities (62,521 ) (58,140 ) (4,381 ) Net working capital 54,706 55,761 (1,056 ) Severance and other non current liabilities (20,824 ) (9,599 ) (11,226 ) Capital employed - Continuing Operations 288,736 289,986 (1,250 ) Shareholders' equity 161,116 169,581 (8,465 ) Shareholders' equity - minority interest 4,386 4,152 233 Net financial debt 123,234 116,253 6,980 Financing of capital employed 288,736 289,986 (1,250 )
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_Dividends & Shareholding structure Market Data Share Price Dec. 31st, 2019 Share Price Jun. 30th, 2026 Mkt Jun. 30th, 2026 Dividend Yield ** 9.66€/share 37.25€/share 469 m € 1.2% Shareholding Structure Jun. 30th, 2026* * Latest Public Data Available as of 30 Jun. 2026 Dividends and Treasury Shares Repurchase (€m) 5.8 0 0.5 0 2.1 2.9 3.2 4.4 1 5.3 0.26 5.5 13.3 5.5 3.9 3.5 6.8 5.3 0.76 5.5 15.4 8.4 7.1 7.9 0 2 4 6 8 10 12 14 16 18 2019 2020 2021 2022 2023 2024 2025 H1-26 Repurchase Treasury Shares Payment dividends €milion Total Dividends 2019 nil 2020 0.04 € / share 2021 nil 2022 0.18 € / share 2023 0.25 € / share 2024 0.25 € / share 2025 0.35 € / share Year Dividends ** Price per share of 28.60€ as of 12 Mar. 2026 Laserline SpA; 30% Managers; 24% Market; 40% L.V.O. Global Asset Management S.A. 3% Treasury Shares; 3%
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Q & A