Alkemy S p A : Annual Financial Report at December 31st, 2022

(Translation from the Italian original which remains the definitive version)

Alkemy S.p.A.

2022 Annual Financial Report

Alkemy Group

Parent: Alkemy S.p.A.

Registered office in Milan, at Via San Gregorio 34

Share Capital Euro 595,534.32

VAT no.: 05619950966

Milan Company Registration no. 1835268

Contents
Corporate bodies of Alkemy S.p.A	4
Letter from the Chief Executive Officer	5
Highlights	7
The Group and its business	8
Group structure	9
Business areas	10
Report on Operations	12
FY 2022 performance	12
Reclassified income statement	13
Reclassified statement of financial position	14
Main financial figures	16
Significant events during the year	17
Evolution of demand and performance of the markets on which the Group operates	19
Competitors	21
Alkemy on the stock market	23
Description of the main risks and uncertainties to which the Group is exposed	27
Financial management	29
Investments	30
Financial performance of the Parent Alkemy S.p.A	30
Key income statement figures	31
Reclassified statement of financial position	33
Key financial figures	34
Reconciliation of profit for the year and equity of the Parent and the Group	35
Corporate governance	35
Remuneration Report	36
Research and development	36
Treasury shares	36
Stock Option Plans	37
Significant subsequent events	37
Outlook	37
Allocation of profit for the year	38
Acknowledgements	38
Alkemy S.p.A. - Consolidated financial statements at 31 December 2022	39
Consolidated income statement	40
Consolidated statement of comprehensive income	41
Statement of financial position	42
Consolidated statement of cash flows	44
Statement of changes in equity	45
Notes to the consolidated financial statements	46
General information	46
Reporting standards	46
Measurement criteria and accounting policies	48

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Financial risk management	60
Other information	65
Segment reporting	66
Notes to the consolidated financial statements	70
Consolidated income statement	70
Statement of financial position	77
Guarantees given and other commitments	95
Related party transactions	95
Fees paid to directors, statutory auditors and key management personnel	97
Liabilities and main disputes	97
Subseq	98
events	98
Fees for auditing services	99
Annex 1 - The Alkemy Group companies at 31 December 2022	100
Annex 2 - Financial schedules with separate indication of related party transactions
.............................................................................................................................................	101
Attestation of the consolidated financial statements	104
Alkemy S.p.A. - Separate financial statements at 31 December 2022	105
Income statement	106
Statement of comprehensive income	107
Statement of financial position	108
Statement of Cash Flows	110
Statement of changes in equity	111
Notes to the financial statements	112
General information	112
Reporting standards	112
Measurement criteria and accounting policies	113
Financial risk management	125
Other information	129
Notes to the financial statements	132
Income statement	132
Statement of financial position	139
Guarantees given and other commitments	158
Related party transactions	158
Liabilities and main disputes	159
Fees for auditing services	161
Annex 1 - Financial schedules with separate indication of related party transactions
.............................................................................................................................................	162
Certification of the financial statements	165

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Corporate bodies of Alkemy S.p.A.

Board of Directors
Alessandro Mattiacci	Chairman
Duccio Vitali	Chief Executive Officer
Massimo Canturi	Director with special duties
Riccardo Lorenzini	Director
Giulia Bianchi Frangipane	Independent Director
Serenella Sala	Independent Director
Ada Ester Villa	Independent Director

Board of Auditors
Gabriele Gualeni	Chairman
Mauro Bontempelli	Standing Auditor
Daniela Bruno Standing	Auditor
Marco Garrone	Alternate Auditor
Maria Luisa Sartori	Alternate Auditor
Independent Auditors
KPMG S.p.A.

4

Letter from the Chief Executive Officer

Shareholders,

2022 was the third year running we will remember for extraordinary events that had a major impact on the decisions taken by all - including governments and businesses.

The international events and fears caused by a war on the edges of the European Union have offered a source of great uncertainty, further worsened by the indirect effects of the conflict, first and foremost energy price trends. This uncertainty has affected both the stock markets and investments made by businesses which, wherever possible, have naturally chosen to postpone the start-up of new projects. This trend, however, did not slow Alkemy's development; indeed, in this less-than- positive year, it in any case recorded growth in excess of 10%.

Amidst this macroeconomic context, Alkemy mainly focussed its resources on two fronts: on the one hand, on the customer portfolio management, making it possible to extend the scope of projects in place, and on the other, on M&As, whereby the Group strengthened its presence both in Spain and in the Balkans.

More specifically, the acquisition of 100% of InnoCV, a company based in Madrid, is of major strategic importance. In addition to taking us to a workforce of more than 200 in Spain, thereby allowing us to boast a position as one of the most important independent agencies on the Iberian peninsula, InnoCV is also a key partner of Celonis, the market's most important process mining solution. The operation therefore allows us to offer out customers worldwide the opportunity not only of growing in terms of customer portfolio and turnover, but also of exploiting the digitisation of processes, also with a view to optimising and limiting costs.

Alkemy will also remember 2022 as the year that allowed us to achieve a series of important milestones: turning 10 on 18 May 2022, passing turnover of 100 million euros and achieving a total workforce that numbered more than 1,000 people at 31 December.

More than a milestone, perhaps this should be seen by Alkemy as a new point of departure. Indeed, the real measure of our success will be the creation of values for our shareholders in the long-term. Alkemy has been established to make the most of a unique market opportunity: to construct the Italian leader of the digital transformation. A player that can, thanks to a unique portfolio of competences, assist medium and large enterprises as they evolve their business model, enabling them to make the most of the opportunities offered by up technology, digital progress and innovation in general. At the same time, Alkemy seeks to be a place where talents from various areas and training backgrounds can express their full potential, feeling properly "at home". It is a place where growth, profit and competitiveness are pursued with an ethical model of doing business, where, as we like to say, being people who are good is not enough and cannot suffice if we are not also, at the same time, good people.

Indeed, it is in this direction that again in 2022 we launched an important initiative, expanding the shareholder base to include our people through the MyShare programme, which allows those who have worked for Alkemy for at least 12 months to receive up to 5% of their salary in shares. Just 6 months after its launch, 14% of our people have already adhered to the initiative.

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