Slides
Page 1
Cloud built in Europe. Designed for what matters most. H1 2025 Results Presentation August 04, 2025
Page 2
Disclaimer 2 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. This presentation (“Presentation”) is confidential and, as such, has not been prepared with a view to public disclosure and, except with the prior written consent of the Company, it cannot be used by the recipient for any purpose nor can it be disclosed, copied, recorded, transmitted, further distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose. Therefore, the recipient undertakes vis-à-vis the Company (i) to keep secret any information of whatever nature relating to the Company and its affiliates including, without limitation, the fact that the information has been provided (“Information”), (ii) not to disclose any Information to anyone, (iii) not to make or allow any public announcements or communicationsconcerning the Information and (iv) to use reasonable endeavorsto ensure that Information are protected against unauthorizedaccess. This document is not an advertisement and in no way constitutes a proposal to execute a contract, an offer or invitation to purchase, subscribe or sell for any securities and neither it or any part of it shall form the basis of or be relied upon in connection with any contract or commitment or investmentsdecision whatsoever. The Company has not prepared and will not prepare any prospectus for the purpose of the initial public offering of securities. Any decision to purchase, subscribe or sell for securities will have to be made independently of this Presentation. Therefore,nothing in this Presentationshall create any binding obligation or liability on the Company and its affiliates and any of their advisors or representatives. This Presentationdoes not constitute an offer to the public in Italy of financial products, as defined under article 1, paragraph1, letter (t) of legislative decree no. 58 of 24 February 1998, as amended. This Presentation is not for distribution in, nor does it constitute an offer of securities for sale in the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful, (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”). Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly,in the United States of America, its territories or possessions or to any US person. Any failure to comply with this restriction may constitute a violation of United States securities laws. No representationor warranty,express or implied, is or will be given by the Company as to the accuracy, completeness or fairness of any information contained in these materials and, so far as is permitted by law and except in the case of fraud by the party concerned, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for errors, omissions or misstatements, negligent or otherwise, relating thereto. In particular, but without limitation, no representation or warranty, express or implied, is or will be given as to the achievement or reasonableness of, and no reliance may be placed for any purpose on the accuracy or completeness of, any estimates, targets, projections or forecasts and nothing in these materials should be relied upon as a promise or representationas to the future. The information and opinions contained in this document are provided as at the date hereof and are subject to change without notice. The recipient will be solely responsible for conducting its own assessment of the information set out in the Presentation. Neither the Company and its affiliates, nor any of their advisors or representativesshall be obliged to furnish or to update any information or to notify or to correct any inaccuracies in any information. Neither the Company and its affiliates, nor any of their advisors or representativesshall have any liability to the recipient or to any of its representativesas a result of the use of or reliance upon the information contained in this document. Certain information contained in this Presentation may contain forward-looking statements which involve risks and uncertainties and are subject to change. In some cases, these forward-looking statements can be identified by the use of words such as “believe” ,“anticipate”, “estimate” ,“target”, “potential” ,“expect” ,“intend” ,“predict”, “project” ,“could” ,“should”, “may” ,“will” ,“plan” ,“aim” ,“seek” and similar expressions. The forecasts and forward-looking statements included in this document are necessarily based upon a number of assumptions and estimates that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies as well as assumptions with respect to future business decisions that are subject to change. By their nature, forward-looking statements involve known and unknown risks and uncertainties, because they relate to events, and depend on circumstances, that may or may not occur in the future. Furthermore, actual results may differ materially from those contained in any forward-looking statement due to a number of significant risks and future events which are outside of the Company’s control and cannot be estimated in advance, such as the future economic environmentand the actions of competitors and others involved on the market. These forward-looking statements speak only as at the date of this Presentation. The Company cautions you that forward looking-statements are not guarantees of future performance and that its actual financial position, business strategy,plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the Company’s financial position, business strategy,plans and objectives of management for future operations are consistent with the forward-looking statements contained in this Presentation,those results or developments may not be indicative of results or developments in future periods. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstanceson which any such statement is based. By accepting this Presentation,you acknowledge and agree to be bound by the foregoing terms, conditions, limitations and restrictions. H1 2025 Results Presentation
Page 3
+33.0% EBIT Adjusted 18.5 M€ vs 13.9 M€ in H1 2024 EBIT margin Adj. of 21.6% (Like for like margin of 23.4%) +37.1% Net Profit Adjusted 10.0 M€ vs 7.3M€ in H1 2024 178.2 M€ Net debt Adjusted* (excluding IFRS16 and including the treasury shares value at June 30, 2025) 163.0 M€ at December 31, 2024** Revenues Adjusted 85.3 M€ vs 72.7 M€ in H1 2024+17.3% +30.3% EBITDA Adjusted 34.8 M€ vs 26.7 M€ in H1 2024 EBITDA margin Adj. of 40.8% (Like for like margin of 45.4%) H1 2025 Results Presentation 3 Financial Highlights vs H1 2025 H1 2024 * Excluding the IFRS 16 effect related to right-of-use assets for real estate and car leases of 14.3 M€ and including the treasury shares value at June 30, 2025 of 31.6 M€ **Excluding IFRS16 effect related to right-of-use assets for real estate and car leases of 11.4 M€ and including the treasury shares value at December 31, 2024 of 38.3 M€ Recurring Revenues 69.3 M€ (88.4% of the total Revenues) vs 58.2 M€ in H1 2024+19.1%
Page 4
Key Figures by Country 4 Italy Germany Swiss Revenues Adj. 28.9 M€ 33.9% of Group Revenues 45.5 M€ 53.3% of Group Revenues 10.9 M€ 12.8% of Group Revenues EBITDA Adj. 15.5 M€ 44.5% Group EBITDA 53.5% EBITDA Margin 17.9 M€ 51.4% Group EBITDA 39.3% EBITDA Margin 1.4 M€ 4.1% of Group EBITDA 13.3% EBITDA Margin EBIT Adj. 6.4 M€ 34.6% of Group EBIT 22.1% EBIT Margin 11.9 M€ 64.2% of Group EBIT 26.1% EBIT Margin 0.22 M€ 1.2% of Group EBIT 2.0% EBIT Margin H1 2025 Results Presentation 4
Page 5
Revenues Adjusted 85.3 M€ vs 72.7 M€ in H1 2024+17.3% • Revenues increase mainly driven by ARR organic growth in Italy and Germany, as well as the contribution from the acquired companies/business units Edge&Cloud (4.2 M€), Econis AG (10.9 M€), and Michgehl & Partner (2.3 M€)*; • Group Reported Recurring Revenues (ARR)** at 69.3 M€ +19.1% vs 1H 2024 (58.2 M €), +23.2% excluding churn, organic +4.9%, +9.1% excluding churn, of which: ➢ Italy: 27.1 M€, 90.3% of the total Revenues improving on H1 2024 (83.4%), registering an organic growth of +8.2% compared to H1 2024 (+12.7% excluding churn); ➢ Germany 34.4 M€, 91.8% of the total Revenues ex Gecko (98.2% in H1 2024, 96.1% in FY2024), registering a growth of +12,4% compared to H1 2024 of which 30.7 M€ organic, +0.5% compared to H1 2024 (+4.7% excluding churn); ➢ Switzerland 7.8 M€, 71.1% of the total Revenues (74.0% in H1 2024); • The churn effect is mainly attributable to the strategic decision in Italy and in Germany to focus the portfolio on high value-added contracts with higher margins, in line with the premium positioning of the offering. H1 2025 Results Presentation 5 Financial Highlights vs H1 2025 H1 2024 *Compared to June 30, 2024, the Group's scope has changed as follows: acquisition 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. ** ARR: revenues reported related to 1H 2025 from recurring services of companies operating in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P ,exc. Gecko) and Switzerland (Econis AG).
Page 6
• Focus on Cloud, optimized processes and operating services organization on organic base; • Adjusted Operating Costs of approximately 25.7 M€ show an increase of 1.5 M€, mainly attributable to the consolidation of the companies acquired in Germany and Switzerland, almost entirely offset by the cost synergies achieved through the mergers in Germany and the impact of cost synergies related to the new acquisitions, which have begun to be reflected in the H1 figures; • Adjusted Personnel Costs of approximately 24.6 M€ show an increase of 2.9 M€; this change is almost entirely attributable to the impact of new acquisitions; • The result highlights a strong expansion in profitability and a more than proportional increase compared to revenues, EBITDA Margin Adj. at 40.8%, Margin like for like at 45.4%, up by 870 bps vs H1 2024 of which: ➢ Italy 53.5% (45.5% in H1 2024), registering a significant progress compared to the same period of the previous year up by 800 bps; due to the continuous focus on higher value-added services. ➢ Germany 39.3% (33.4% in H1 2024). The ‘like for like’ margin (excluding Edge&Cloud and Michgehl & Partners) in Germany is 42.4% (33.4% in H1 2024) and the ‘like for like’ margin exc. Gecko is 47.8% (37.2% in H1 2024), 10.6pp higher than in the last year due to the increasing focus on higher value-added services. EBITDA Adjusted* 34.8 M€ vs 26.7 M€ in H1 2024 EBITDA margin Adj. of 40.8% (45.4% Like for Like) 36.7% in H1 2024, 36.6% in FY 2024 +30.3% H1 2025 Results Presentation 6 Financial Highlights vs H1 2025 H1 2024 * The Adjustment refers to the costs related to: stock option and stock grant plans for 0.2M€, M&A transactions for 0.6 M€, personnel reorganisation for 0.9M€
Page 7
EBIT Adjusted* 18.5 M€ vs 13.9 M€ in H1 2024 EBIT margin Adj. of 21.6% (23.4% Like for Like) (19.1% in H1 2024, 18.3% in FY 2024) ➢ Depreciation, amortisation and write-downs amounted to approximately 16.3 M€, up by 3.5 M€ compared to the same period of the previous year, reflecting the investments made in 2023 and 2024 to support Data Center capacity in Italy and Germany,as well as the impact of the companies acquired in 2024. ➢ Margin like for like at 23.4%, up by 430 bps vs H1 2024 +33.0% * The Adjustment refers to the Purchase Price Allocation of the acquisition for 2.5 M€ and it includes the variations for EBITDA Adjustment too. ** The Adjustment includes the fiscal effect of the already described adjustment at EBITDA and EBIT level H1 2025 Results Presentation 7 Financial Highlights vs H1 2025 H1 2024+37.1% Net Profit Adjusted** 10.0 M€ vs 7.3 M€ in H1 2024 ➢ Financial Expenses at 4.3 M€, mainly attributable to the effect of interest on bonds in the amount of 2.3 €M and financial expenses for bank loans and other lenders.
Page 8
224.1 M€ Net debt (including IFRS16* of 14.2 M€ and excluding the treasury shares value at June 30, 2025 of 31.6 M€) (212.7 M€ as 31 December 2024 including IFRS16 of 11.4 M€ and excluding the treasury shares value as 31 December 2024 of 38.3 M€) H1 2025 Results Presentation • Operating cash flow generation of 19.2 M€ • Purchase of treasury shares for 1.9 M€ ; • CAPEX of approximately 20.5 M€ of which: ➢ 13.1 M€ 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; ➢ 7.4 M€ mainly related to rental e right to use and the residual part to vehicles. • Dividend distribution for 7.8 M€ ; • Security deposit for the new building for 1 M €; • Reorganization of personnel in Italy and Germanyof 0.9 M€. 8 Financial Highlights vs H1 2025 FY 2024 *IFRS 16 effect related to right-of-use assets for real estate and car leases
Page 9
Free Float 34.32% Treasury Shares 7.31% Alessandro Cozzi (*) 58.37% (*) Alessandro Cozzi and his own companies Shareholders’ Structure As at August 04, 2025 No. Shares 28.020.660 9 H1 2025 Results Presentation