Alkemy S p A : Interim Financial Report at March 31st, 2024

Alkemy S.p.A.

Interim Financial Report

at 31 March 2024

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	3
Highlights	4
The Group and its business	5
Group structure	6
Business units	7
Performance during the first three months of 2024	9
Significant subsequent events	13
Outlook	14
Consolidated financial statements at 31 March 2024 and notes	15
Income statement	16
Statement of comprehensive income	17
Statement of financial position	18
Statement of cash flows	20
Statement of changes in equity	21
Notes to the consolidated financial statements	22
Attestation in accordance with Article 154-bis, 2nd paragraph, of Italian Legislative Decree no. 58 of
24 February 1998 "Consolidated text setting out provisions on financial intermediation", as
subsequently amended	30

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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
Riccardo Lorenzini	Director
Giulia Bianchi Frangipane	Independent Director
Serenella Sala Independent	Director
Ada Ester Villa Independent	Director

Board of Statutory 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.

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Highlights

Below are the key performance data of the Alkemy Group in the first three months of 2024:

1. Net revenue is defined as the sum of revenue and other income
2. Adjusted gross operating profit is the value determined by deducting the Costs for services, goods and other operating costs and Personnel expense, with the exclusion of non-recurring costs, from revenue.
3. Adjusted operating profit is adjusted gross operating profit less amortisation, depreciation, provisions and impairment losses.

4

The Group and its business

Alkemy S.p.A. (hereinafter also "Alkemy" or the "Parent") is a leading company in the digital transformation segment in Italy, listed on the STAR segment of the Borsa Italiana EURONEXT MILAN market. Alkemy enables the evolution of enterprises' business defining the relevant strategy through the use of technology, data and creativity. The aim is to improve the operations and services supplied by large and medium enterprises, stimulating the evolution of their business model hand-in-hand with technological innovation and consumer habit. Alkemy develops innovative projects throughout the chains of the various segments, such as, for example, telecommunications, media, consumer services, financial services and utilities, combining advanced technologies with innovative design, big data and creative communication.

The Parent's competitive advantage is its capacity to integrate different competences, intervening as a single player in the Customer's processes and operations, supplying multiple services that can impact the whole of the value chain. Indeed, Alkemy manages extensive projects aimed at transforming and evolving its customers' business, assisting them from the definition of the strategy to be pursued through to the relevant implementation and subsequent management.

Alkemy has now entered its tenth year, boasting an ever more extensive alchemy of integrated competences in the areas of Consulting, Communication, Performance, Technology, Data & Analytics and Design, which form a professional community numbering over 1000 people offering different experiences and abilities but who are very much united in their values and business culture. Alkemy is today an international business operating in Italy, Spain, Mexico and the Balkans, established on the basis of a partnership model with customers to enable innovation and growth through digital leverage. Alkemy's aim is, in fact, to construct a long-term relationship with customers, acting not as simple suppliers of services, but rather as an integrated partner to be engaged continuously, in support of programmes of change, transformation and acceleration.

In enabling the innovation process of its customers' business model and, accordingly, their competitiveness in the various industrial segments, Alkemy ultimately seeks to contribute towards the evolution and development of the whole country system.

Alkemy currently has 11 offices: in addition to the Milan headquarters, it also operates in Turin, Rome, Naples, Potenza, Cagliari, Rende (Cosenza), Madrid, Belgrade, Mexico City and New York.

December 2017 saw Alkemy début on the Borsa Italiana AIM Italia market to gather the capital necessary to finance the growth and expansion of the corporate competences, leaving control over the business with the managers and consequently guaranteeing independence and the possibility of perpetrating the vision.

From when it was listed, in just two years, Alkemy has managed to almost double its turnover and in December 2019, it finalised the switch to Borsa Italiana's main market, in the STAR segment dedicated to medium enterprises that undertake to meet standards of excellence in terms of transparency, corporate governance and liquidity.

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Group structure

In just a few years, Alkemy has successfully gained standing as a leader on the digital transformation market, growing both organically and through external lines with acquisitions.

At 31 March 2024, the Alkemy Group structure is as follows:

Alkemy Play S.r.l.: company established in 2017, operating in digital communication services for SMEs. The company controls a legal entity that operates in the development of IT and technological services in Serbia, Alkemy Play D.o.o..

Alkemy SEE D.o.o.: company based in Belgrade, established in 2016 with capital held 30% by the Chief Executive Officer, a local entrepreneur; it operates in strategic consultancy and digital advisory services. The company holds a 51% stake in Kreativa D.o.o..

Alkemy Iberia S.L.U.: formerly Ontwice Interactive Service S.L., merged with Alkemy Iberia S.L. in 2022 and taking on its name. The company is based in Madrid and operates in strategic consultancy and digital advisory and is one of Spain's most important digital agencies.

Alkemy South America S.L.: company established in 2021, based in Madrid that wholly owns the two Mexican companies based in Mexico City, Ontwice Interactive Services de Mexico S.A. and OIS

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Marketing Digital S.A., both operating on local markets in digital services, communication and media.

Experience Cloud Consulting S.r.l. ("XCC"): company acquired in 2021, specialised in Cloud Computing solutions in CRM, Gold Consulting Partner of SalesForce, qualified to implement and develop integrated, multi-channel digital business solutions, from the CRM Cloud through to Marketing Automation, for B2B, B2C, eCommerce and Retail. The put & call options envisaged by contract, will allow the Parent to acquire the whole of the capital by the first half of 2026.

Design Group Italia ID S.r.l. ("DGI"): company operating in "innovation & design", in which the stake held has gone from 51% to 100% of the quota capital, following exercise of the put option in 2023. The company is the sole shareholder of a legal entity operating in the USA: DGI Corp..

Innocv Solution S.L.: , a company acquired in 2022, based in Madrid, and a market leader in Spain in the digital transformation segment, specifically in tech and data analytics.

Business units

Up to 31 December 2023, the Group's organisation in Italy was structured by function and aimed at ensuring a better focus on key accounts; it included a dedicated sales structure ("go-to-market"), with the support of a pre-sales/business development unit and a delivery structure, in charge of executing projects/services offered commercially, through Competence Centres representing and applying the various disciplines practised within the Group. Specifically:

• Consulting: it analyses, designs and quantitatively assesses (business case and business plan) innovative solutions aiming to transform the customer's business model thanks to the use of the digital and omnichannel leverages, liaising closely with the CEOs and Executive Managers to define innovative, alternative strategies to achieve significant results in the long- term;
• Digital Marketing: with the aim of speeding up on-line performance, it offers Alkemy customers the know-how and most innovative tools to promote its on-line brands and products. It thus manages all planning and procurement activities for its customers on the main digital media, search engines and social media, determining the investments needed to strengthen and improve consumer perception of the brands and products and speeding up sales on proprietary and third party e-commerce channels, thereby overcoming conventional marketing approaches;
• Tech: this is Alkemy's technological soul and it is specialised in the design, development and operation of technologies for the digital evolution of the B2B and B2C channels, front-end solutions, CRM, CMS, Portals, Apps, etc. The business unit consolidates and strengthens Alkemy's mission, reinforcing technological competences and the capacity to oversee one of the areas enjoying greatest growth and development: that of Digital Transformation;
• Data & Analytics: it offers concrete support to businesses in order to improve their business performance through the analysis of data available (both that of CRM or of other internal

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systems, and data coming from all actions on the digital world) and the implementation of analytics models. The techniques used for data analysis range from traditional statistical analysis through to Advanced Analytics & Machine Learning, Real Time Next Best Action, Digital Customer Intelligence, Campaign Plan Optimisation, Data Environment Design, Implementation and Management

• Brand Experience: it plans, designs and realises the enterprises' brand experience, in a fully integrated manner, putting the end consumer right at the heart through digital and physical touchpoints and more "traditional" forms of communication, with the ultimate aim of generating value both for the customer itself and the end consumer. Developing and transforming the touchpoints into a unique experience, which communicates consistently a strong, innovative, distinctive brand, Alkemy offers its services as an essential partner; it assists the customer in preparing and structuring brand strategies and creativity, advertising campaigns, products or services for commercial businesses and, in general, communication with consumers; including through the management of the corporate digitisation process using a BPO (Business Process Outsourcing) model for the digital processes.
• Product, Service & Space Design: on a "design thinking" base, it is devoted to designing services, physical and digital products that impact everyday lives and the physical spaces/environments in which people and brands interact and can share significant experiences; it takes an omni-channel approach, focussing on creating value through innovating the experience. Analysing customers' businesses, including their processes, culture and resources, it aims to foster additional commercial opportunities and innovate the end customer experience.

As of January 2024, the Group has implemented a new organisation in Italy with a commercial structure divided into 5 Industries, whose managers are assigned the full management of all customers belonging to each business area and who are also accountable for project delivery, to be carried out by the various Competence Centres.

The five Industries are:

1. Entertainment & life style;
2. Energy & utilities;
3. Technology & telco;
4. Financial services & institutions;
5. Healthcare & pharma.

The decision to have a 'client-driven' organisation (rather than an organisation structured by function or competence) confirms Alkemy's growing focus on customers' needs, with the aim of further developing the portfolio of companies served with an increase in the average size and duration of projects, through the widespread proposal of the Group's entire commercial offer, further characterised and tailored to the specificities of each Industry. This new approach is applied to the offer of both Alkemy S.p.A. and all national companies, with expected improvements in terms of

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margin growth as early as the second half of 2024. Lastly, the disciplines of DGI, a leader in digital design, product design and branding, have been integrated into the Brand Experience Competence Centre, with the aim of completing, enhancing and enriching Alkemy's offer in this field, which is now even more unique and distinctive on the market.

Performance during the first three months of 2024

Similarly to 2023, even in the first three months of 2024, the national, European and, in general, global economic markets confirmed a high degree of uncertainty, with unfavourable impacts on business and companies' expectations. Specifically, the continuation of the military conflict in Ukraine and the Israeli-Palestinian conflict, which do not show signs of a possible break in the short term, further ignited the high level of inflation, with the central banks pursuing their high interest rate policy, new tensions and negative factors.

In this complex macroeconomic context with little in the way of visibility, the general trend of the Alkemy Group's business, as better detailed below, has been reasonably positive. The Alkemy Group closed Q1 2024 with 1.3% growth in revenue and income over the corresponding period of 2023 and with an reduction in margins, resulting in an adjusted consolidated gross operating profit of 2,320 thousand euros (2,516 thousand euros in the corresponding period of 2022, -7.8%) and a positive generation of operating cash flow (+4.4 million euros). At 31 March 2024, the net financial debt amounts to -28.7 million euros, down slightly on the level of 31 December 2023 (-31.8 million euros).

Finally, it should be noted that at the end of the first three months of 2024, the average number of Group employees was in line with the same period of the previous year (922 compared to 926 at 31 March 2023).

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Reclassified income statement

The Group's reclassified income statement for the first three months of 2024, compared with the figures for the same period in 2023, is as follows(4):

The Group's consolidated financial performance for the first three months of 2024 shows total net revenue of 28,397 thousand euros, as compared with 28,034 thousand euros in the corresponding period of the previous year, up 363 thousand euros (+1.3%), due mainly to the Italy sector.

Revenue recorded in Italy, which accounts for 63.2% of consolidated revenue (61.7% in the same period of 2023), totals 17,950 thousand euros (17,293 thousand euros in the corresponding period of the previous year), up 657 thousand euros (+3.8%).

In foreign markets revenue comes to 10,447 thousand euros, a decrease of 294 thousand euros compared to the same period of 2023 (-2.7%).

This result is the combined result of (i) the increase in revenue of DGI Corp, Kreativa D.o.o. and Innocv Solutions S.L. (compared to the same period in 2023, i.e. +426 thousand euros, +379 thousand euros and +94 thousand euros respectively) and (ii) the decrease in the revenues of Alkemy Iberia S.L.U and the Mexican subsidiaries (respectively -780 thousand euros and -408 thousand euros in total compared to the same period in 2023).

Operating costs (net of non-recurring items) went from 25,518 thousand euros during the first three months of 2023 to 26,077 thousand euros in the first three months 2024, an increase of 559 thousand euros (+2.2%). Specifically:

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