SeSa S p A : Half-Year Financial Report as of October 31, 2025

Half-Year Financial Report 1

October 31, 2025

Contents

Interim management report as of October 31, 2025 3

Management and auditing boards of Sesa SpA 4

Highlights 5

Sesa Group Business Model 5

Significant events during the period 9

Foreword 10

Alternative Performance Indicators 10

Management trend 12

General economic trend 12

Trend in the sector in which the Group operates 13

Economic highlights of the Sesa Group 14

Highlights of the Group's income statement and balance sheet 17

Governance Model 31 Long-term sustainable value creation 33

People 34

Hiring 35

Training and professional development of resources 35

Health and Safety 35

Welfare 36

Transactions with Related Parties and Group companies 36

Significant events occurring after the end of the half-year 37

Outlook 37

Condensed interim consolidated financial statements as of October 31, 2025 38

Consolidate Income Statement 39

Consolidated Statement of Changes In Equity 42

Declaration pursuant to article 154-bis, paragraph 2, of Legislative Decree no. 58 of 24 February 1998, "Consolidated Law on Financial Intermediation", as amended 91

3

‌Interim management report as of October 31, 2025

‌Management and auditing boards of Sesa SpA

Board of Directors

	Genere	Anno di nascita	Role	Deadline
Paolo Castellacci	♂	30/03/1947	Chairman	approval of FS as of 30 April 2027
Giovanni Moriani	♂	19/11/1957	Executive Vice Chairman	approval of FS as of 30 April 2027
Moreno Gaini	♂	14/09/1962	Executive Vice Chairman	approval of FS as of 30 April 2027
Alessandro Fabbroni	♂	03/03/1972	Chief Executive Officer	approval of FS as of 30 April 2027
Claudio Berretti	♂	23/08/1972	Non-Executive Director	approval of FS as of 30 April 2027
Giuseppe Cerati	♂	15/05/1962	Independent Director	approval of FS as of 30 April 2027
Angela Oggionni	♀	08/06/1982	Independent Director	approval of FS as of 30 April 2027
Chiara Pieragnoli	♀	11/11/1972	Independent Director	approval of FS as of 30 April 2027
Giovanna Zanotti	♀	18/03/1972	Independent Director	approval of FS as of 30 April 2027
Angelica Pelizzari	♀	18/10/1971	Independent Director	approval of FS as of 30 April 2027

Corporate Governance Bodies

Deadline

Control and Risks and Related Parties Committee

Giuseppe Cerati (Chairman), Giovanna Zanotti, Chiara Pieragnoli approval of FS as of 30 April 2027

Director in charge of Internal Control: Alessandro Fabbroni approval of FS as of 30 April 2027

Remuneration Committee

Angela Oggionni (Chairman), Giovanna Zanotti, Claudio Berretti approval of FS as of 30 April 2027

Sustainability Committee

Angela Pellizzari (Chairman), Giovanna Zanotti, Alessandro Fabbroni approval of FS as of 30 April 2027

Management Control Committee

	Role	Deadline
Giuseppe Cerati	Chairman	approval of FS as of 30 April 2027
Chiara Pieragnoli	Committee Member	approval of FS as of 30 April 2027
Giovanna Zanotti	Committee Member	approval of FS as of 30 April 2027

Supervisory Board pursuant to Law 231/2011

	Role	Deadline
Giuseppe Cerati	Chairman	approval of FS as of 30 April 2027
Chiara Pieragnoli	Committee Member	approval of FS as of 30 April 2027
Giovanna Zanotti	Committee Member	approval of FS as of 30 April 2027

Audit company

Deadline

Company entrusted with the statutory audit KPMG SpA approval of FS as of 30 April 2031

‌Highlights

Consolidated economic reclassified as of October 31 of each year

(Euro thousands) 2025 2024 2023 2022 2021

Revenues	1,575,983	1,407,695	1,482,856	1,298,771	1,024,779
Total revenue and other income (1)	1,600,359	1,433,751	1,501,619	1,311,736	1,036,700
EBITDA	114,366	102,673	113,262	93,387	73,272
Adjusted operating profit (EBIT) (1)	85,662	78,415	90,655	70,370	56,183
Operating profit (EBIT)	64,696	59,472	75,040	62,655	50,532
Profit (loss) before taxes	47,746	40,297	60,906	58,761	47,326
Net profit (loss) for the period	34,439	28,832	41,588	41,133	33,968
Net profit (loss) for the period attributable to the Group	30,285	26,640	38,952	38,748	31,811
Adjusted net profit (EAT) attributable to the Group (1)	45,416	40,124	50,067	45,882	35,833

Consolidated financial reclassified as of October 31 of each year

Total Net Invested Capital	620,824	587,818	500,162	341,648	253,055
Total Shareholders' Equity	501,851	474,790	442,805	352,144	286,627
- attributable to the Shareholders of the Parent Company	435,546	425,757	397,198	323,580	267,159
- attributable to non-controlling interests	66,305	49,033	45,607	28,564	19,468
Total Net Financial Position Reported (Net Liquidity)	118,973	113,028	57,357	(10,496)	(33,572)
Net Financial Position (Net Liquidity) (2)	(89,430)	(73,092)	(153,433)	(189,490)	(170,868)

Consolidated economic ratio reclassified as of October 31 of each year

EBITDA / Total revenue and other income	7.1%	7.2%	7.5%	7.1%	7.1%
EBIT / Total revenue and other income (ROS)	4.0%	4.2%	5.0%	4.8%	4.9%
EAT Adjusted attributable to the Group/ Total revenue and other income	2.8%	2.8%	3.3%	3.5%	3.5%

Market Data

Listing Market	Euronext - Star	Euronext Star	Euronext Star	Euronext Star	Euronext Star
Quotation (Eu as at 10/31 each year)	80.6	79.9	95.3	109.7	169.6
Dividend per share (Eu) (3)	1.00	1.00	1.00	0.90	0.85
Overall Dividend (Eu mn) (4)	15.495	15.495	15.5	13.9	13.2
Pay Out Ratio (5)	24.9%	19.8%	19.7%	17.7%	25.2%
Shares Issued (in millions)	15.49	15.49	15.49	15.49	15.49
Capitalisation (Eu mn) as at 10/31	1,248.9	1,238.0	1,475.9	1,699.8	2,627.9
Market to Book Value (6)	2.5	2.6	3.3	4.8	9.1
Dividend Yield (on 10/31 quotation) (7)	1.2%	1.3%	1.0%	0.8%	0.5%
Earnings per share (basic) (Eu) (8)	1.98	1.73	2.52	2.51	2.06
Earnings per share (diluted) (Eu) (9)	1.92	1.72	2.51	2.50	2.05

(1) Total Revenues and other Income includes fair value adjustment of financial liabilities for Puts, Earn Outs towards minority shareholders and fair value adjustment in the case of step up acquisitions Adjusted operating profit before amortisation of customer lists and know-how recognised as a result of the Purchase Price Allocation (PPA) process.and gross of the Stock Grant costs. Adjusted net profit attributable to the Group before amortisation of customer lists and know-how recognised as a result of the PPA process and gross of the-Stock Grant costs net of the related tax effect and of non-recurring taxes. (2) Net Financial Position not including non-interest-bearing payables and commitments for deferred payments of corporate acquisitions (Earn Out, Put Option, deferred prices) and liabilities recognised in application of IFRS 16. (3) Dividends paid in the following year from the profit for the year as of April 30 each year. (4) Dividends gross of the portion relating to treasury shares. (5) Dividends before the share relating to treasury shares / Consolidated Net Profit attributable to shareholders as of April 30 each year. (6) Capitalisation based on share price as of October 31 each year / Consolidated Shareholders' Equity. (7) Dividend per share / Market value per share as of April 30 each year.

(8) Net profit attributable to the Group at April 30 / average number of ordinary shares net of treasury shares - Reported data. (9) Net profit attributable to the Group at April 30 / average number of ordinary shares net of treasury shares in portfolio and including the impact of Stock Grant plans (up to the limit of treasury shares in portfolio) - Reported data).

‌Sesa Group Business Model

Sesa, headquartered in Empoli (FI), active throughout Italy and present in a number of foreign countries including Germany, Switzerland, Austria, France, Spain, Romania, is the leader of a Group that represents the leading player in Digital Technology, Consulting and Vertical Application for the business segment, with consolidated revenues of Euro 3,356.8 million and 6,532 resources as of 30 April 2025.

The Sesa Group has the mission of offering technological solutions, consulting and vertical applications to companies and organisations, supporting them in their digital transformation and innovation path with an organisational model in Vertical business lines and Business sectors.

The Business Sectors (SSI, Business Services, ICT VAS and Digital Green VAS) have a strong focus on the reference market with dedicated marketing and sales structures.

Within each of the Sectors, vertical business lines are developed with specialised technical and commercial structures for market segments and areas of expertise.

CORPORATE SECTOR

The Corporate Sector deals with the strategic governance and operational, financial and human resources management of the Group through Sesa SpA. Specifically, Sesa SpA performs the Group's operational holding and management activities, taking care of administrative and financial management, organisation, planning and control, human resources management, general affairs, corporate information systems, legal and the Group's extraordinary finance operations, with a total of about 190 rights resources.

The Corporate Sector includes, through the sub-holding Digital Ecosystem Srl, the companies Adiacent SpA (a Benefit Company) and ISD Italy Srl, operating respectively in the Customer Experience and Digital Services sectors, which go to market both directly and through the other Group sectors. Adiacent has a workforce of approximately 190 employees operating in both Italy and the APAC region, while ISD has around 150 employees.

SOFTWARE AND SYSTEM INTEGRATION (SSI) SECTOR

The Software and System Integration (SSI) Sector operates in the provision of Technological Innovation, Business Integration solutions, and consultancy services for the Enterprise sector, with approximately 4,000 employees as of April 30, 2025, and a presence both in Italy and in some of the main European countries. Var Group SpA, which consolidates the sector, is a leading

operator in digital integration for the SME and Enterprise sectors, serving over 10,000 companies, of which 2,000 are abroad, with an integrated offering in the following areas: Cloud Technology Services, Cyber Security, ERP & Vertical Software Solutions, Enterprise Platform, Digital Workspace, Data Science & AI, and Digital Experience.

Cloud Technology Services - Business Unit offering integrated Hybrid and Cloud Services and Infrastructure Modernization solutions in support of the digital evolution of enterprises and organisations. Cyber Security - The Business Unit is distinguished by its expertise and specialisation in the Cyber Security sector, thanks to the services of Yarix Srl, Group company and leader in the Italian market, and the recent extension of activities on the European market with the acquisition of Wise Security Global, reference company for the cyber security solutions segment on the Spanish market. Proprietary ERP and Vertical Solutions - Strategic Business Unit with a complete range of national proprietary ERPs and Vertical Applications specialised for the main Made in Italy districts (Sirio, Panthera, Essenzia, Sigla++, as well as applications for the food retail). The ERP and Industry Solutions Business Unit is the sector's main operational area in terms of employment, with about

1,300 resources.

Enterprise Platforms - Strategic Business Unit offering a complete range of consultancy and business integration in the field of ERP and International Verticals (SAP, Microsoft, Service Now) made available to companies in the main Italian and European economic districts with about 400 dedicated resources. Data Science/AI - Activities in Advanced and Predictive Analytics, Data Intelligence, and Applied & Generative Artificial Intelligence (AI) have grown increasingly relevant to optimize business processes, support digital transformation of companies and organizations, and improve both business operations and people's daily lives. The competence center, established in 2021, has continued to expand its scope through 2025, including the incorporation of Janus Srl, developing a team of approximately 200 professionals with specialized Data/AI skills, about 50% of whom are under 30. The Business Unit's activities are also crucial to supporting the evolution of skills and applications in the sector's other competence centers, including Cloud, Cyber Security, and Vertical Applications. Digital Experience - The Business Unit offers digital experience, marketing and digital strategy, and omnichannel e-commerce services through a specialised team of about 80 resources, forming a skills centre integrated with the offer of the entire SSI Sector. Digital Multimedia & Workspace - Competence center focused on digital workspace solutions, collaboration, and workplace digitalization, optimizing audio and video functions in common enterprise use contexts, with approximately 180 employees. This Business Unit, established in 2023 following the acquisition of Durante SpA, integrated the solutions of Sangalli Tecnologie Srl in 2024.

BUSINESS SERVICES (BS) SECTOR

The Business Services Sector, consolidated by Base Digitale Group SpA, is organized into two main

competence centers and operates in the provision of Digital Platform, Security Solutions, and Vertical Software Solutions for the Financial Services sector. Within the sector, AI skills and tools embedded in the digital platforms offered to clients have been developed.

Base Digitale Platform - Business Unit developing skills and digital platforms to support operational processes of companies and organizations in the Financial Services and Large Enterprise sectors. This Strategic Business Unit in particular offers customer service platforms, process automation, and digitalization of document and operational processes, with approximately 650 employees. Base Digitale Applications - Business Unit developing vertical software solutions on cloud platforms for the Financial Services sector (treasury, derivatives, finance, wealth management, Capital Markets, Tech Regulatory and Compliance), with a workforce of over 300 employees, and R&D centers based in Parma and Milan. Starting from FY 2025, the unit also includes the offerings of Advance Technology Solutions SpA, acquired in May 2024, with over 100 employees dedicated to the development of capital market platforms, with specialized Data/AI skills.

ICT VALUE ADDED SOLUTIONS (VAS) SECTOR

The ICT Value Added Solutions (VAS) Sector operates in the provision of technological solutions for the business sector, offering integrated services in consulting, marketing, education, and technical support. Computer Gross SpA, which consolidates the Sector, is a leader in Italy in Value Added Distribution (48% market share, source Sirmi 2025) with a customer base of approximately 20,000 active business partners nationwide. The Sector leverages strategic partnerships with major international Vendors and the specialization of its business units, equipped with teams with technical and digital skills, with a predominant focus on Advanced Solutions (Cloud, Security, Data Center, Networking, and Data/AI Solutions), representing approximately 75% of VAS revenues in FY 2025.

Cloud, Security Software, Data Center Solutions - The offering in Cloud, Security, and Data Center represents one of the main strategic focuses of the Advanced Solutions provided by the ICT VAS Sector and includes Public and Hybrid Cloud solutions, Data Center, and Cyber Security Technology (SIEM, endpoint security, software encryption management), also provided as a service and through cloud platforms. Data/AI Solutions - The Data/AI Business Unit offers Data Science, Advanced Analytics, and Artificial Intelligence solutions, both applied and generative, with a specialized team dedicated to the development of AI projects in partnership with leading international Vendors, including Microsoft and IBM. During the year, Computer Gross continued to develop AI skills and business, in particular in partnership with IBM watsonx and Microsoft, developing a specific focus on AI Copilot solutions. Devices and Digital Workspace - Competence center dedicated to digital workspace solutions and, more broadly, to Unified Communication, Collaboration, and the digitalization of workstations, optimizing audio and video functions in the most common professional and enterprise use cases. Networking and Collaboration - Connectivity

represents one of the main technological pillars of any organization, essential to meet the growing need for interaction between people and devices. Thanks to partnerships with major international vendors, in particular Cisco, the networking and collaboration offering facilitates communication and collaboration within companies and organizations, as well as across ecosystems and communities.

DIGITAL GREEN VAS SECTOR (DG VAS)

The Digital Green VAS Sector operates in technologies (photovoltaic panels, inverters, storage and accumulation systems, circuits, and other integrated products) and services for environmental sustainability, renewable energy production, and refurbished solutions. The offering consists of solutions for renewable energy production and energy efficiency, aimed at reducing the environmental impact of organizations. Established following the acquisition of P.M. Service Srl in 2022, the Sector expanded during FY 2025 with the entry of GreenSun (M&A formalized in November 2024), creating a leading industry operator with a turnover of approximately Euro 350 million as of 30 April 2025 (proforma data including GreenSun Srl for H1 2025, which entered the consolidation perimeter starting Q3 2025), with further growth expected in FY 2026.

‌Significant events during the period

In the first half of 2026, Sesa continues its transformation process in implementation of the new 2026-27 industrial plan, evolving its data-driven, digital market-oriented, and people-inspired platform for enabling the sustainable growth of corporates and organizations, with a focus on organic growth and skills development.

In a challenging market scenario, yet confirms growing demand for digital, Sesa achieves its goal of returning to consistent organic growth in revenue and profitability thanks to strengthening its position in the key areas catalyzing digital transformation, such as Cyber Security, Cloud, AI, Vertical, and Digital Platform, enabling the creation of value for its stakeholders.

The first half of the year shows a positive trend in the main economic and financial indicators, with consolidated Revenues and Other Income amounting to Eu 1,600.4 million (+11.6% Y/Y vs reported and +5.5% Y/Y vs proforma) and EBITDA of Eu 114.4 million (+11.4% Y/Y vs reported and +6.0% Y/Y vs pro-forma).

Growth achieved during the period was supported by an acceleration in the second quarter, both in consolidated Revenues and Other Income, which reached Eu 745.6 million (+16.0% Y/Y vs reported and +9.4% Y/Y vs proforma), and in consolidated operating profitability (EBITDA), which amounted to Eu 53.7 million (up 16.6% Y/Y vs reported and +8.4% Y/Y vs pro-forma).

The evolution of the reported Net Financial Position as of 31 October 2025 is positive, with a net liability position (net debt) of Eu 119.0 million, broadly in line with Eu 122.1 million vs pro-forma as of 31 October 2024 (compared to Eu 113.0 million reported as of 31 October 2024). The trend in the reported Net Financial Position reflects investments over the last 12 months of approximately Eu 140 million (of which Eu 100 million in H2 2025 and Eu 37 million in H1 2026), as well as share buybacks and

dividend distributions totaling approximately Eu 35 million (mainly in H1 2026).

During the period, activities aimed at driving organic growth in the core businesses, simplifying the organizational structure, and gradually integrating AI- and automation-based solutions continued. The results recorded in the first half of FY 2026 mainly stem from organic growth, with the contribution from the M&A area largely attributable to the consolidation of Greensun. In this context, the figures for the first half ended 31 October 2024 have been restated on a pro-forma basis in order to ensure a homogeneous basis for comparison.

All operating segments contributed to the Group's growth, with particular reference to the Business Services segment, supported by the development of solutions and platforms dedicated to the Financial Services segment, and to the Digital Green VAS segment, which benefited from the normalization of product selling prices and from growth in the business market

The Shareholders' Meeting of Sesa SpA held on 27 August 2025 approved the Group Integrated Annual Report as at 30 April 2025 and the related proposal for the distribution of a dividend of Euro 1.0 per share, in line with the previous financial year, to be paid during the month of September.

The Shareholders' Meeting also resolved to renew the authorization for the purchase and disposal of treasury ordinary shares for a maximum amount of Eu 25 million, compared with Eu 10 million in the previous financial year, and, in extraordinary session, to cancel up to a maximum of 309,000 treasury shares, equal to 2% of the share capital.

This resolution is a consequence of the new industrial plan focused on organic growth and cash generation, which has enabled an increase in the payout ratio for the benefit of shareholders from 30% in FY 2025 to approximately 40% in FY 2026 and 2027.

‌Foreword

The numerical information included in this Half-Year Financial Report and the comments contained herein are intended to provide an overview of the interim financial position and results of operations of the Sesa Group (hereinafter also the "Group"), of the relative changes during the reporting period, and of the significant events affecting the result for the period.

The Sesa Group's Half-Year Financial Report as of October 31, 2025 (hereinafter also the "Half-Year Report") has been drawn up in compliance with Legislative Decree 58/1998 and subsequent amendments, as well as the Issuers' Regulations issued by Consob (the Italian Stock Exchange Regulator), and comprises the Interim Report on Operations, the Condensed Consolidated Half-Year Financial Statements and the Certification in compliance with art. 154-bis, paragraphs 2 and 3 of Legislative Decree 58/1998. This Half-Year Report has been drawn up in compliance with International Financial Reporting Standards ("IFRS") endorsed by the European Union and in force as of October 31, 2024 and particularly in observance of IAS 34 - Interim Financial Reporting. The Half-Year Report also includes the pro forma consolidated figures for informative purposes only, the criteria of which are reported in the next section, "Alternative Performance Indicators and Pro Forma Results".

The Interim management report as of October 31, 2025 (Section I of the half-yearly financial report) also includes pro-forma consolidated data prepared for information purposes only and on a management basis whose criteria are reported in the following section "Alternative Performance Indicators and Pro-forma results". The pro forma data are not subject to audit.

In the Interim Report on Operations, in addition to the financial figures required by the IFRS, certain figures originating from these are also illustrated, despite not being required by the IFRS (Non-GAAP Measures). These amounts are presented in order to allow a better assessment of the performance of the Group's operations and should not be considered as alternatives to those envisaged by the IFRS.

‌Alternative Performance Indicators

In order to better assess the performance and financial position of the Group and its business segments the management of Sesa SpA uses certain alternative performance indicators that are not identified as accounting measures under the IFRS. These indicators facilitate the identification of operational trends and support decisions about investments, allocation of resources and other operational decisions. Therefore, the measurement criterion applied by the Group may not be consistent with that adopted by other groups and therefore not comparable. These alternative performance indicators are made up exclusively from historical data of the Group and determined in accordance with the Guidelines on Alternative Performance Indicators issued by ESMA/2015/1415 and adopted by Consob with communication no. 92543 of December 3, 2015. They refer only to the performance of the accounting period in question and of the periods under comparison and not to the expected performance, and should not be considered as a substitute for the indicators envisaged by the reference accounting standards (IFRS).

Finally, they have been prepared maintaining continuity and homogeneity of definition and representation for all periods for which financial information is included in this document.

In line with the above-mentioned communications, the criteria used to construct these indicators are provided below.

• Ebitda (Gross Operating Margin) is defined as the profit for the period before depreciation and amortisation, provisions for bad debts, provisions for risks, notional costs relating to stock grant plans assigned to the executive directors, financial income and expenses (excluding the adjustment to the fair value of financial liabilities for PUT, Earn Out to minority shareholders and fair value revaluations in the case of step up acquisitions), profit (loss) of companies accounted for using the equity method, and taxes.
• Adjusted Operating Profit (Ebit) defined as Ebitda net of amortisation and depreciation of tangible and intangible fixed assets (excluding amortisation and depreciation of customer lists and know-how recorded in the Purchase Price Allocation of the companies acquired and included in the scope of consolidation), provisions for bad debts, provisions for risks, excluding notional costs relating to stock grant plans.
• Operating Profit (Ebit) defined as Ebitda net of depreciation and amortisation, provisions for bad debts, provisions for risks, notional costs related to stock grant.
• Adjusted net profit defined as net profit before

  (i) amortisation of customer lists and know-how recorded in the Purchase Price Allocation of the companies acquired and included in the scope of consolidation, (ii) notional costs related to the stock grant plans net of the related tax effect and

  (iii) taxes paid in relation to previous years.

• Group's adjusted net profit defined as the Group's net profit before (i) amortisation of customer lists and know-how recorded in the Purchase Price Allocation of the companies acquired and included in the scope of and (ii) notional costs related to the stock grant plans net of the related tax effect and (iii) taxes paid in relation to previous years.
• Net working capital is the algebraic sum of inventories, trade receivables, other current assets, trade payables and other current payables;
• Net invested capital is the algebraic sum of non-current assets, net working capital and net non-current liabilities;
• Net Financial Position (NFP) is the algebraic sum of cash and cash equivalents, other current financial assets, and current and non-current loans;
• Total Net Financial Position (NFP) Reported is the algebraic sum of cash and cash equivalents, other current financial assets, current and non loans, current and non-current financial liabilities for rights of use, and payables and commitments for the purchase of equity investments from minority shareholders. It complies with the definition of Net Financial Debt envisaged in Consob Communication no. 6064293 of July 28, 2006 and in accordance with ESMA Recommendation 2013/319;

For the sole purpose of preparing the reclassified income statement, the fair value adjustment of the liabilities for Puts, Earn Outs towards minority shareholders and the fair value adjustment in the case of step up acquisitions are reclassified from the items of financial income and expenses to other Income item.

The pro forma consolidated financial statements, consisting of the reclassified consolidated balance sheet, the reclassified consolidated income statement and the segment information as of October 31, 2024, presented for the first time in this document, have been prepared solely for the purpose of disclosure in order to simulate the effects that the acquisition of 66% of the capital of Greensun Srl (Digital Green Sector), finalised on December 3, 2024, would have had on the Group's results if it had entered the scope of consolidation from May 1, 2024.

Further information on the responses of the pro-forma consolidated statements as of 31 October 2024 is provided in the Half-Year Report as of 31 October 2024. The pro-forma consolidated statements have not been audited. The preparation of the reclassified pro-forma consolidated data, prepared solely for management information purposes, does not comply with Consob regulations on the preparation of pro-forma financial statements, as these regulations are not applicable.

‌Management trend

‌General economic trend

Global economic growth is projected at +3.0% in 2025 and +3.1% in 2026, showing overall resilience with a trend below historical averages but stable, despite high geopolitical uncertainty, trade tensions, and financial vulnerabilities. Outlooks remain solid, supported by expansionary fiscal policies, investments in AI, looser financial conditions, and the temporary reduction of tariffs. Global inflation is expected to decline to 4.2% in 2025 and 3.7% in 2026 (source: IMF - WEO, October 2025).

Emerging markets continue to drive global growth, with an average growth rate of +4.1% over 2025-2026, while growth in advanced economies remains moderate at

+1.6% over the same period. In the United States,

growth is expected at 2.0% in 2025, down from 2.8% in 2024, due to rising inflation, risks of economic slowdown, and a weak labor market (source: IMF - WEO, October 2025).

For the Eurozone, growth is projected at +1.2% in 2025 and +1.1% in 2026. Italy's GDP forecasts have recently been revised with a slight upward adjustment compared to previous estimates, now expected to grow modestly from 0.5% in 2025 to 0.8% in 2026 (source: IMF - WEO,

October 2025).

The following table presents actual results for 2019-2024 and GDP growth forecasts for 2025 and 2026 (source: IMF - WEO, October 2025)

Final results and IMF forecast

Percentage Values	Change	Change	Change	Change	Change	Change	Change	Change
	GDP 2019	GDP 2020	GDP 2021	GDP 2022	GDP 2023	GDP 2024	GDP 2025 (E)	GDP 2026 (E)
World	+2.8%	-3.1%	+6.3%	+3.5%	+3.3%	+3.3%	+3.2%	+3.1%
Advanced Economies	+1.6%	-4.5%	+5.4%	+2.6%	+1.7%	+1.8%	+1.6%	+1.6%
Emerging Market	+3.6%	-2.1%	+6.8%	+4.1%	+4.4%	+4.3%	+4.2%	+4.0%
USA	+2.2%	-3.4%	+5.9%	+1.9%	+2.9%	+2.8%	+2.0%	+2.1%
Japan	+0.7%	-4.6%	+2.2%	+1.0%	+1.7%	+0.1%	+1.1%	+0.6%
China	+6.0%	+2.3%	+8.4%	+3.0%	+5.2%	+5.0%	+4.8%	+4.2%
Great Britain	+1.4%	-9.8%	+7.6%	+4.3%	+0.3%	+1.1%	+1.3%	+1.3%
Euro Zone	+1.3%	-6.3%	+5.3%	+3.4%	+0.4%	+0.9%	+1.2%	+1.1%
Italy	+0.3%	-8.9%	+7.0%	+3.7%	+0.7%	+0.7%	+0.5%	+0.8%

‌Trend in the sector in which the Group operates

The global ICT market continues to be characterized by resilience to crises and growth rates higher than those of the overall economy. After the sharp post-COVID slowdown, the global ICT market began a gradual acceleration in 2024, with average growth expected at over 9% in 2025-2026, driven by the Data Center segment (average biennium growth +33%) and Enterprise Software segment (average biennium growth

+13%). In 2025 and 2026, global IT spending will be primarily driven by AI infrastructure and related technologies. Although spending remains cautious due to economic uncertainty, investments in GenAI and infrastructure capacity continue to be central to IT strategies. In particular, investments in AI infrastructure, especially GPU servers and optimized racks, are driving data center spending (Source: Gartner, October 2025).

The Italian Information Technology ("IT") market maintains its growth trend, with average annual rates exceeding national GDP growth. After the strong post-COVID acceleration in 2021, the Italian IT market stabilized its growth in the 3.5%-4.0% range, supported

by the Management and Development Services segments. In 2025-2026, demand is expected to grow at an average annual rate of 3.6%. Within the IT market, the segment showing the highest growth rates is Management Services (+8.5% in 2025 and +8.0% in 2026), which includes digital transformation services and system integration solutions. This trend reflects the digital transformation processes underway across both the private sector, particularly large enterprises, and the public sector, the consolidation of Cloud Computing solutions, and the start of investments in AI projects. Artificial Intelligence, which remains the most dynamic enabling factor with average annual growth above 30%, represents the market area with the greatest untapped potential due to low adoption rates, skills shortages, and infrastructure limitations (Source: Sirmi, November 2025).

The following tables show the performance of the global (Source: Gartner, October 2025) and Italian IT markets (Source: Sirmi, November 2025) from 2020-2024 and forecasts for 2025 and 2026.

Global ICT market trend

World IT market (US Dollar Bn)	2021	2022	2023	2024 E	2025 E	2026	E Change 22/21		Change 23/22	Change 24/23	Change 25/24	Change 26/25
Data Centre Systems	190	227	238	333	489	582	19.5%		4.8%	40.3%	46.8%	19.0%
Enterprise Software	732	811	996	1,115	1,232	1,433	10.8%		22.8%	11.9%	11.6%	15.2%
Devices	808	766	689	721	760	836	-5.2%		-10.1%	4.6%	8.7%	6.8%
IT Services	1,208	1,306	1,541	1,615	1,686	1,869	8.1%		18.0%	4.8%	6.5%	8.7%
Communication Services	1,459	1,423	1,229	1,256	1,283	1,363	-2.5%		-13.6%	2.2%	3.8%	4.5%
Total IT Market	4,396	4,534	4,692	5,039	5,435	6,084	3.1%		3.5%	7.4%	9.9%	9.8%
Italian IT market trend
IT market Italian (Eu Mn)	2021	2022	2023	2024 E	2025 E	C 2026 E	hang 21/20	e Change 22/21	Change 23/22	Change 24/23	Change 25/24	Change 26/25
Hardware	6,770	6,392	5,917	5,910	5,889	5,871	8,1%	-5.6%	-7.4%	-0.1%	-0.3%	-0.3%
Software	3,922	4,073	4,123	4,147	4,148	4,139	3,4%	3.8%	1.2%	0.6%	0.0%	-0.2%
Project Services	3,854	4,019	4,186	4,259	4,305	4,358	5,9%	4.3%	4.2%	1.8%	1.1%	1.2%
Management Services	7,597	8,534	9,415	10,236	11,109	12,000	11,8%	12.3%	10.3%	8.7%	8.5%	8.0%
Total IT Market	22,143	23,017	23,642	24,552	25,451	26,367	8,0%	3.9%	2.7%	3.9%	3.7%	3.6%
Cloud Computing	4,240	5,259	6,296	7,393	8,629	9,841	24,4%	24.0%	19.7%	17.4%	16.7%	14.0%
AI	329	435	674	935	1,235	1,600	32,4%	55.0%	55.0%	38.7%	32.1%	29.6%

‌Economic highlights of the Sesa Group

Below is the reclassified consolidated income statement (figures in thousands of Euros) as of 31 October 2025, compared with the corresponding period of the previous financial year. For a better analysis of the Group's economic and financial performance, the comparative results as of 31 October 2024 are presented in both the "Reported" and "Pro-forma" versions, the latter simulating the consolidation of GreenSun and its subsidiaries from 1 May 2024.

Reclassified income statement	10/31/2025 (6 months) Reported	%	10/31/2024 (6 months) Reported	% Change 25 vs 24 Reported	10/31/2024 (6 months) Pro-forma*	% Change 25 vs 24 Pro-forma*
Net revenue	1,575,983		1,407,695	12.0%	1,491,342	5.7%
Other income	24,376		26,056	-6.4%	26,122	-6.7%
Total Revenues and Other Income	1,600,359 100.0%	1,433,751 100.0%		11.6%	1,517,464	100.0%	5.5%
Costs for purchasing products (1,149,198)	71.8%	(1,018,884)	71.1%	12.8%	(1,092,696)	72.0%	5.2%
Costs for services and use of third-party assets (144,275)	9.0%	(139,491)	9.7%	3.4%	(142,926)	9.4%	0.9%
Personnel costs (188,537)	11.8%	(166,690)	11.6%	13.1%	(167,936)	11.1%	12.3%
Other operating costs (3,983)	0.2%	(6,013)	0.4%	-33.8%	(6,013)	0.4%	-33.8%
Total Costs for purchasing products and Operating (1,485,993)	92.9%	1,331,078	92.8%	11.6%	(1,409,571)	92.9%	5.4%
Gross Operating Margin (Ebitda) 114,366	7.15%	102,673	7.2%	11.4%	107,893	7.1%	6.0%
Amortisation and depreciation of intangible and (25,991)	1.6%	(22,895)	1.6%	13.5%	(22,929)	1.5%	13.4%
Provisions and other non-monetary costs (2,713)	0.2%	(1,363)	0.1%	99.0%	(1,363)	0.1%	99.0%
Adjusted Ebit (11) 85,662	5.4%	78,415	5.5%	9.2%	83,601	5.5%	2.5%
Amortisation of customer lists and technological (17,468)	1.1%	(15,791)	1.1%	10.6%	(16,052)	1.1%	8.8%
Stock grant costs and other non-monetary costs (3,498)	0.2%	(3,152)	0.2%	11.0%	(3,152)	0.2%	11.0%
Ebit 64,696	4.0%	59,472	4.1%	8.8%	64,397	4.2%	0.5%
Interest income/expense, bank charges and other (16,567)	-1.0%	(19,392)	-1.4%	-14.6%	(19,185)	1.3%	-13.6%
Foreign exchange gains and losses (696)	0.0%	(134)	0.0%	419.4%	(134)	0.0%	419.4%
Company profit/loss under shareholders' equity 313	0.0%	351	0.0%	-10.8%	351	0.0%	-10.8%
Earnings before tax (Ebt) 47,746	3.0%	40,297	2.8%	18.5%	45,429	3.0%	5.1%
Income taxes (13,307)	-0.8%	(11,465)	0.8%	16.1%	(12,810)	0.8%	3.9%
Net profit 34,439	2.2%	28,832	2.0%	19.4%	32,619	2.2%	5.6%
Net profit attributable to the Group 30,285	1.9%	26,640	1.9%	13.7%	28,553	1.9%	6.1%
Net profit attributable to minority shareholders 4,154	0.3%	2,192	0.2%	89.5%	4,066	0.3%	2.2%
Adjusted net profit (11) 49,570	3.1%	42,316	3.0%	17.1%	46,288	3.1%	7.1%
Adjusted net profit attributable to the Group (11) 45,416	2.9%	40,124	2.8%	13.2%	42,222	2.8%	7.6%

In addition to the financial figures required by IFRS, certain alternative performance indicators derived from them are presented to provide a clearer assessment of the Group's operating performance; these should therefore not be considered as a substitute for the figures required under IFRS. The criteria used for preparing the reclassified income statement are described in the previous section "Alternative Performance Indicators".

Costs

tangible assets (software and rights)

know-how (PPA)

financial expenses

(11) The Adjusted Operating Profit is defined before amortisation of intangible assets (customer lists and know-how) recognised following the Purchase Price Allocation (PPA) process amounting to Euro 17,468 thousand as of October 31, 2025 (+10.6% vs. Euro 15,791 thousand Y/Y) and the cost related to Stock Grant Plans amounting to Euro 3,498 thousand as

of October 31, 2025 (vs. Euro 3,152 thousand Y/Y). The Adjusted Net Profit and the Adjusted Net Group Profit are defined gross of amortisation of intangible assets (client lists and know-how) recognised following the PPA process and net of taxes.

(*) Pro forma consolidated figures as of October 31, 2024 prepared by simulating the backdated consolidation as of May 1, 2024 of Greensun Srl and subsidiaries, a company operating in the Digital Green Sector acquired on December 3, 2024. The pro forma consolidated figures are unaudited

In the first half of the financial year, Sesa reported Total Revenues and Other Income of Euro 1,600.4 million (+11.6% Y/Y), a Gross Operating Margin (EBITDA) of Euro 114.4 million, up 11.4% Y/Y, Adjusted net profit of Euro 49.6 million (+17.1% Y/Y), and Adjusted net profit attributable to the Group of Euro 45.4 million (+13.2% Y/Y).

Growth achieved during the period was substantially organic (Total Revenues and Other Income +5.5% Y/Y, Gross Operating Margin (EBITDA) +6.0% Y/Y and Adjusted net profit attributable to the Group +7.6% Y/Y compared with the half-year ended 31 October 2024 on a pro-forma basis) and was supported by an acceleration in revenues and profitability in the second quarter of FY 2026.

Total Revenues and Other Income show the following trends by Group sector (results compared with 31 October 2024 on a pro-forma basis):

• ICT VAS, with Total Revenues and Other Income of Euro 939.1 million (+2.1% Y/Y), entirely organic, with a significant recovery compared to the decline recorded in the first quarter (-2.7% Y/Y), supported by high single-digit growth in the second quarter (+8.1% Y/Y). The positive trend in order intake in November further confirms expectations of a positive outlook in the coming quarters;

• Digital Green VAS, with Total Revenues and Other Income of Euro 209.6 million (+25.6% Y/Y compared with proforma figures as of 31 October 2024), driven by the continuation of double-digit organic growth recorded in the first quarter and favorable corporate market dynamics, supported by increasing energy demand related to digitalisation and AI adoption;

• SSI, with Total Revenues and Other Income of Euro 420.2 million (+3.8% Y/Y), showing resilient performance despite slower demand in certain Made in Italy districts and re-engineering activities involving some Business Units;

• Business Services, with Total Revenues and Other Income of Euro 73.8 million (+6.8% Y/Y), continuing its fully organic growth, supported by the development of applications dedicated to the Financial Services industry and a progressive concentration of revenues in higher value-added areas such as Digital Platforms and Vertical Applications.

  The Gross Operating Margin (EBITDA) increased by 11.4% Y/Y (+6.0% Y/Y vs. pro-forma), reaching Euro 114.4 million compared with Euro 102.7 million as of 31 October 2024, with an EBITDA margin of 7.1%, substantially stable, supported by growth in the VAS sectors (both ICT and Digital Green) and Business Services, as well as a progressive improvement in the SSI sector quarter after quarter.

  Below is the contribution of the Group's sectors to Gross Operating Margin (EBITDA) as of 31 October 2025 (1H FY 2026 compared with 1H FY 2025 on a pro-forma basis):

• ICT VAS, with a Gross Operating Margin (EBITDA) of Euro 42.7 million (+6.6% Y/Y) and an EBITDA margin of 4.5%, up from 4.4% as of 31 October 2024;

• Digital Green VAS, with a Gross Operating Margin (EBITDA) of Euro 14.0 million (+28.8% Y/Y compared with proforma figures) and an EBITDA margin of 6.7% compared with 6.5% as of 31 October 2024 (5.6% in the first quarter ended 31 July 2025);

• SSI, with a Gross Operating Margin (EBITDA) of Euro 43.4 million (-1.9% Y/Y) and an EBITDA margin of 10.3%, reflecting re-engineering activities carried out in certain Business Units, with expectations of margin stabilization during FY 2026 in line with FY 2025 levels;

• Business Services, with a Gross Operating Margin (EBITDA) of Euro 11.6 million (+6.6% Y/Y) and an EBITDA margin stable compared with 31 October 2024 (15.8%). In the second quarter, revenues accelerated, recording double-digit

growth (+10.8% Y/Y), driven by new multi-year contracts with major customers, whose positive impact on margins has not yet fully materialised.

Adjusted EBIT amounted to Euro 85.7 million, up 9.2% Y/Y (+2.5% compared with pro-forma figures), after Amortisation and depreciation of intangible and tangible assets (software and rights) of Euro 26.0 million (+13.4% Y/Y) and Provision for bad debts, risks and charges of Euro 2.7 million.

EBIT amounted to Euro 64.7 million (+8.8% Y/Y), after Amortisation of customer lists and technological know-how (PPA) of Euro 17.5 million (+10.6% Y/Y, following investments in acquisitions during the previous financial year) and Stock grant costs and other non-monetary costs of Euro 3.5 million (+11% Y/Y).

Interest income/expense, bank charges and other financial expenses showed a significant decrease of 10.6% compared with 31 October 2024 (with a 15.5% improvement in the second quarter alone), driven by lower interest rates and actions aimed at improving the efficiency of the Group's financial management.

Adjusted net profit amounted to Euro 49.6 million as of 31 October 2025 (+17.1% Y/Y, +7.1% Y/Y compared with proforma figures), reflecting the improvement in operating performance and the reduction in financial expenses.

Adjusted net profit attributable to the Group amounted to Euro 45.4 million, up 13.2% Y/Y compared with Euro 40.1 million in the prior year (+7.6% Y/Y compared with pro-forma figures).Net profit amounted to Euro 34.3 million, up 19.4% compared with Euro 28.8 million as of 31 October 2024 (+5.6% Y/Y compared with pro-forma figures).

‌Highlights of the Group's income statement and balance sheet

Below is the consolidated statement of financial position and net financial position (figures in thousands of Euros) as of 31 October 2025, compared with the corresponding period of the previous financial year. The consolidated statement of financial position and net financial position is prepared on the basis of data extracted from the consolidated balance sheet drawn up in accordance with IFRS. In addition to the financial measures required by IFRS, certain alternative performance indicators derived from them are presented in order to provide a better assessment of the Group's operating performance and, therefore, should not be considered as a substitute for the measures required by IFRS. The criteria used for preparing the reclassified statement of financial position are described in the previous section "Alternative Performance Indicators". Together with the comparative figures for the financial year ended 30 April 2025, the data for the period ended 31 October 2024 are also included in both the "Reported" and "Pro-forma" versions, in order to provide a better analysis of changes in the Group's financial position, in light of the seasonality that characterizes sales revenues during the year.

Accordingly, the main comments on changes in balance sheet and financial items are provided with reference to 31 October 2024.

10/31/2024			10/31/2024
Reclassified Balance Sheet	10/31/2025	Reported	Pro-forma*	04/30/2025
Intangible fixed assets	528,207	493,093	502,487	531,033
Tangible fixed assets (including rights of use)	168,507	147,889	148,445	167,868
Investments carried at equity	17,065	24,226	24,226	17,539
Other non-current assets and deferred tax assets	53,168	39,535	43,320	39,292
Total non-current assets	766,947	704,743	718,478	755,732
Inventories	174,091	147,150	163,044	147,590
Trade receivables	618,657	526,928	560,295	604,600
Other current assets	154,354	151,177	157,214	158,529
Current assets for the year	947,102	825,255	880,553	910,719
Trade payables	626,286	519,598	549,803	595,063
Other current payables	259,353	226,770	229,576	287,580
Short-term liabilities for the year	885,639	746,368	779,379	882,643
Net working capital	61,463	78,887	101,173	28,076
Provisions and other non-current tax liabilities	141,363	134,772	137,478	143,406
Employee benefits	66,223	61,040	61,040	64,876
Net non-current liabilities	207,586	195,812	198,518	208,282
Net Invested Capital	620,824	587,818	621,134	575,526
Shareholders' Equity	501,851	474,790	499,058	500,778
Liquidity and other financial assets	(464,096)	(447,925)	(464,371)	(576,885)
Current and non-current loans	374,666	374,833	376,266	418,492
Net Financial Position	(89,430)	(73,092)	(88,105)	(158,393)
Financial liabilities rights of use IFRS 16	57,589	42,340	42,340	57,182

Payables to and commitments with minority shareholders for equity investments(12)

150,814 143,780 167,841 175,959

Total Net Financial Position Reported 118,973 113,028 122,076 74,748

(12)Deferred payables and commitments to minority shareholders for corporate acquisitions (Earn Out, Put Option, deferred prices) not bearing contractual interest and conditional on the achievement of long-term value generation targets.

(*) Pro forma consolidated figures as of October 31, 2024 prepared by simulating the backdated consolidation as of May 1, 2024 of Greensun Srl and subsidiaries, a company operating in the Digital Green Sector acquired on December 3, 2024. The pro forma consolidated figures are unaudited

The statement of financial position shows an increase in Net Invested Capital, which rose from Euro 587.8 million as of 31 October 2024 (Euro 621.1 million on a pro-forma basis) to Euro 620.8 million as of 31 October 2025. This increase is mainly attributable to the growth in Total non-current assets, which increased from Euro 704.7 million (Euro 718.5 million on a pro-forma basis) as of 31 October 2024 to Euro 766.9 million as of 31 October 2025, driven primarily by investments in corporate acquisitions and in technical infrastructure and software supporting the business. Net working capital, amounting to Euro 61.5 million as of 31 October 2025 compared with Euro 78.9 million as of 31 October 2024 (Euro 101.2 million on a pro-forma basis), reflects improved efficiency in the management of trade receivables and trade payables, despite the increase in revenues.

The consolidated Net Financial Position (NFP) as of 31 October 2025 shows a net debt position of Euro 119.0 million, compared with Euro 113.0 million as of 31 October 2024 (Euro 122.1 million as of 31 October 2024 on a pro-forma basis), following investments over the last twelve months of approximately Euro 140 million (approximately Euro 100 million in 2H FY 2025 and Euro 37 million in 1H FY 2026), as well as share buy-back activity and dividend distributions over the last twelve months amounting to approximately Euro 35 million (of which approximately Euro 30 million in 1H FY 2026).

The consolidated Net Financial Position as of 31 October 2025, excluding IFRS-related liabilities, shows a net cash position of Euro 89.4 million, improving compared with Euro 88.1 million as of 31 October 2024. The reported Net Financial Position as of 31 October 2025 includes IFRS liabilities relating to deferred payments to minority shareholders for corporate acquisitions and right-of-use liabilities recognized under IFRS 16, amounting to Euro 119 million, compared with Euro 113 million as of 31 October 2024 (Euro 122.1 million on a pro-forma basis).

During the period under review, consolidated shareholders' equity further strengthened, amounting to Euro 501.9 million

as of 31 October 2025, compared with Euro 500.8 million as of 30 April 2025.
10/31/2024			10/31/2024
Net Financial Position	10/31/2025	Reported	Pro-forma	04/30/2025
Liquidity	(449,591)	(439,069)	(455,515)	(561,963)
Current financial receivables and short-term securities	(14,505)	(8,856)	(8,856)	(14,922)
Current loans	151,321	149,862	149,946	201,378
Current Net Financial Position	(312,775)	(298,063)	(314,425)	(375,507)
Non-current loans	223,345	224,971	226,320	217,114
Non-current Net Financial Position	223,345	224,971	226,320	217,114
Net Financial Position	(89,430)	(73,092)	(88,105)	(158,393)
Financial liabilities rights of use IFRS 16	57,589	42,340	42,340	57,182
Payables and commitments with minority shareholders	150,814	143,780	167,841	175,959

for equity investments
Total Net Financial Position Reported	118,973	113,028	122,076	(74,748)

(*) Pro forma consolidated figures as of October 31, 2024 prepared by simulating the backdated consolidation as of May 1, 2024 of Greensun Srl and subsidiaries, a company operating in the Digital Green Sector acquired on December 3, 2024. The pro forma consolidated figures are unaudited

Results of the SSI Sector

The SSI Sector, active in the provision of software solutions and digital integration services for the SME and Enterprise segments, recorded in the period under review a 3.8% Y/Y increase in Revenues and Other Income, achieved in an unfavorable environment characterized by a slowdown in demand and investment in certain key Made in Italy districts.

Revenue performance was supported by the corporate acquisitions completed over the last 12 months (Innofour NV, Delta Tecnologia de Informaciones SL, Visicon GmbH, Metisoft SpA, MYS Srl and IT Pas Srl), which contributed approximately Euro 15 million in revenues during the period under review. This notwithstanding, the new strategy is primarily focused on organic growth.

Below is the reclassified income statement of the SSI Sector (figures in Euro thousands) as at 31 October 2025, compared with the prior period ended 31 October 2024.

SSI Sector		October 31
(Euro thousands)	2025	%	2024	%	Change
Third-party revenues	407,130		386,274		5.4%
Inter-sector revenues	2,160		2,770		-22.0%
Total Revenues	409,290		389,044		5.2%
Other income	10,884		15,892		-31.5%
Total revenues and other income	420,174	100.0%	404,936	100.0%	3.8%
Consumable materials and goods	(152,331)	-36.3%	(148,910)	-36.8%	2.3%
Costs for services and use of third-party assets	(94,314)	-22.4%	(95,716)	-23.6%	-1.5%
Personnel costs	(128,360)	-30.5%	(113,317)	-28.0%	13.3%
Other operating costs	(1,795)	-0.4%	(2,796)	-0.7%	-35.8%
Gross Operating Margin (Ebitda)	43,374	10.3%	44,197	10.9%	-1.9%
Amortisation and depreciation	(18,105)	-4.3%	(16,077)	-4.0%	12.6%
Provisions and other non-monetary costs	(1,060)	-0.3%	(410)	-0.1%	158.5%
Adjusted Operating Profit (Ebit)	24,209	5.8%	27,710	6.8%	-12.6%
Amortisation of customer lists and know how (PPA)	(10,406)	-2.5%	(8,931)	-2.2%	16.5%
Stock grant costs and other non-monetary costs		0,0%		0,0%	0,0%
Operating profit (Ebit)	13,803	3.3%	18,779	4.6%	-26.5%
Net financial income and expense	(4,862)	-1.2%	(5,101)	-1.3%	-4.7%
Result before taxes	8,941	2.1%	13,678	3.4%	-34.6%
Income taxes	(3,778)	-0.9%	(3,892)	-1.0%	-2.9%
Net profit	5,163	1.2%	9,786	2.4%	-47.2%
Net profit attributable to non-controlling interests	1,299	0.3%	1,391	0.3%	-6.6%
Net profit attributable to the Group	3,864	0.9%	8,395	2.1%	-54.0%
Adjusted Net profit attributable to the Group	11,355	2.7%	14,752	3.6%	-23.0%

Total revenue and other income as at 31 October 2025 amounted to Euro 420.2 million, recording a 3.8% Y/Y increase, achieved in an environment that remains challenging and influenced by re-engineering activities carried out over the last 12 months at certain centers of excellence, aimed at improving efficiency, simplifying the organizational structure and evolving the offering.

EBITDA amounted to Euro 43.4 million, down 1.9% compared to 31 October 2024 (EBITDA margin of 10.3% at 31 October 2025 vs 10.9% at 31 October 2024). EBITDA reflects, in addition to the revenue dynamics described above, the impact of the aforementioned re-engineering actions and investments in human capital and technological platforms. An acceleration

in organic growth and a recovery in efficiency are expected in the second half of FY 2026, in line with and in execution of the 2026-27 industrial plan.

Net profit attributable to the Group as at 31 October 2025 amounted to Euro 3.9 million (-54.0% Y/Y), reflecting the trend in operating profitability (EBITDA -1.9% Y/Y), after amortisation and depreciation of Euro 19.2 million (+16.2% Y/Y), net financial expenses of Euro 4.9 million and income taxes of Euro 3.8 million.

Adjusted net profit attributable to the Group, stated before amortisation related to customer lists and know-how arising from PPA (Euro 10.4 million, +16.5% Y/Y), amounted to Euro 11.4 million, down 23.0% Y/Y.

Below is the reclassified SSI balance sheet (figures in Euro thousands) as at 31 October 2025. Together with the comparative figures for the financial year ended 30 April 2025, data for the period ended 31 October 2024 are also included in order to provide a better analysis of balance sheet trends, in light of the seasonality that typically characterises sales revenues during the year.

Reclassified Balance Sheet	10/31/2025	10/31/2024	30/04/2025
Intangible fixed assets	299,030	271,085	297,544
Tangible fixed assets (including rights of use)	80,208	67,530	81,249
Investments carried at equity	2,853	11,096	3,379
Other non-current assets and prepaid taxes	13,953	8,973	8,999
Total non-current assets	396,044	358,684	391,171
Inventories	29,909	22,512	22,407
Trade receivables	203,070	192,940	230,668
Other current assets	100,810	88,446	97,099
Current assets for the year	333,789	303,898	350,174
Trade payables	151,323	142,450	167,431
Other current payables	166,177	152,336	197,424
Short-term liabilities for the year	317,500	294,786	364,855
Net working capital	16,289	9,112	(14,681)
Provisions and other non-current tax liabilities	81,156	74,652	81,850
Employee benefits	45,564	43,630	44,881
Net non-current liabilities	126,720	118,282	126,731
Net Invested Capital	285,613	249,514	249,759
Shareholders' equity	61,845	72,896	65,348
Liquidity and other financial assets	(98,452)	(108,374)	(130,886)
Current and non-current loans	193,576	180,274	184,877
Net Financial Position	95,124	71,900	53,991
Financial liabilities rights of use under IFRS 16	37,577	25,567	36,738
Payables and commitments with minority shareholders for 91,067		79,151	93,682
equity investments
Total Net Financial Position Reported	223,768	176,618	184,411

As at 31 October 2025, the Net Financial Position amounted to a net debt of Euro 95.1 million, compared to Euro 71.9 million as at 31 October 2024. The increase mainly reflects technology investments and equity investments carried out over the last twelve months, net of the operating cash flow generation.

As at 31 October 2025, the Total Net Financial Position Reported amounted to a net debt of Euro 223.8 million, compared to Euro 176.6 million year-on-year, mainly as a result of the aforementioned investments.

Shareholders' equity decreased from Euro 72.9 million as at 31 October 2024 to Euro 61.8 million as at 31 October 2025, mainly due to changes in reserves related to variations in the consolidation perimeter occurred during the period under review.

Results of the Business Services Sector

The Business Services Sector, active in the provision of digital platforms and vertical applications for the Financial Services industry, accelerated its growth trajectory driven by the increase in revenues from applications and platforms and the progressive penetration of the financial services market.

As at 31 October 2025, the Sector reported Revenues and Other Income of Euro 70.3 million, recording fully organic growth of 6.8% year-on-year, supported by a strong acceleration in the second quarter (+10.8% Y/Y) and the progressive acquisition of new multi-year contracts with leading customers.

Below is the reclassified income statement of the Business Services Sector (figures in Euro thousands) as at 31 October 2025, compared with the previous period ended 31 October 2024.

Business Services Sector		October 31
(Euro thousands)	2025	%	2024	%	Change
Third-party revenues	69,338		64,688		7.2%
Inter-sector revenues	951		383		148.3%
Total Revenues	70,289		65,071		8.0%
Other income	3,518		4,031		-12.7%
Total revenues and other income	73,807	100.0%	69,102	100.0%	6.8%
Consumable materials and goods	(3,890)	-5.3%	(2,777)	-4.0%	40.1%
Costs for services and use of third-party assets	(29,268)	-39.7%	(28,240)	-40.9%	3.6%
Personnel costs	(28,641)	-38.8%	(26,749)	-38.7%	7.1%
Other operating costs	(369)	-0.5%	(415)	-0.6%	-11.1%
Gross Operating Margin (Ebitda)	11,639	15.8%	10,921	15.8%	6.6%
Amortisation and depreciation	(3,838)	-5.2%	(3,883)	-5.6%	-1.2%
Provisions and other non-monetary costs	(584)	-0.8%	(129)	-0.2%	352.7%
Adjusted Operating Profit (Ebit)	7,217	9.8%	6,909	10.0%	4.5%
Amortisation of customer lists and know how (PPA)	(5,379)	-7.3%	(5,098)	-7.4%	5.5%
Stock grant costs and other non-monetary costs		0,0%		0,0%	0,0%
Operating profit (Ebit)	1,838	2.5%	1,811	2.6%	1.5%
Net financial income and expense	(1,868)	-2.5%	(1,741)	-2.5%	7.4%
Result before taxes	(30)	0.0%	70	0.1%	-142.9%
Income taxes	479	0.6%	(76)	-0.1%	-730.3%
Net profit	449	0.6%	(6)	0.0%	n.s.
Net profit attributable to non-controlling interests	(89)	-0.1%	(190)	-0.3%	-53.2%
Net profit attributable to the Group	538	0.7%	184	0.3%	192.4%
Adjusted Net profit attributable to the Group	4,388	5.9%	3,813	5.5%	15.1%

As at 31 October 2025, the Business Services Sector reported Revenues of Euro 73.8 million, up 6.8% year-on-year, and EBITDA of Euro 11.6 million, corresponding to an EBITDA margin of 15.8%, in line with 15.8% in FY24, and increasing by 6.6% year-on-year, driven by the growth in revenues and expansion of the customer base in the Digital Platforms and

Vertical Applications areas.

During the second quarter of the current fiscal year, Business Services revenues accelerated, achieving double-digit growth (+10.8% Y/Y), supported by the start-up of new multi-year contracts with leading customers, which have not yet fully translated into a positive impact on margins as at 31 October 2025.

As at 31 October 2025, Net profit attributable to the Group amounted to Euro 538 thousand (+192.4% Y/Y), after depreciation and amortisation of Euro 3.8 million (-1.2% Y/Y), provisions of Euro 0.6 million, amortisation of customer lists and know-how (arising from purchase price allocation - PPA - of corporate acquisitions) of Euro 5.4 million (+5.5% Y/Y), net financial expenses of Euro 1.9 million (+2.5% Y/Y), and income taxes resulting in a positive amount of Euro 479 thousand.

Adjusted Net profit attributable to the Group, stated before amortisation of customer lists and know-how arising from PPA, amounted to Euro 4.4 million, representing an increase of 15.1% year-on-year.

Below is the reclassified Statement of Financial Position of the Business Services Sector (figures in Euro thousands) as at 31 October 2025.

Together with the comparative figures for the financial year ended 30 April 2025, the data also include those relating to the period ended 31 October 2024, in order to provide a more comprehensive analysis of the balance sheet trends.

Reclassified Balance Sheet	10/31/2025	10/31/2024	04/30/2025
Intangible fixed assets	180,196	172,761	182,770
Tangible fixed assets (including rights of use)	20,132	17,735	18,807
Investments carried at equity	304	436	435
Other non-current assets and prepaid taxes	7,532	6,744	6,201
Total non-current assets	208,164	197,676	208,213
Inventories	6,099	5,065	5,777
Trade receivables	55,940	51,731	50,736
Other current assets	16,373	6,961	9,524
Current assets for the year	78,412	63,757	66,037
Trade payables	28,716	28,750	27,822
Other current payables	35,695	25,163	25,804
Short-term liabilities for the year	64,411	53,913	53,626
Net working capital	14,001	9,844	12,411
Provisions and other non-current tax liabilities	41,996	42,100	43,444
Employee benefits	9,102	8,273	9,055
Net non-current liabilities	51,098	50,373	52,499
Net Invested Capital	171,067	157,147	168,125
Shareholders' equity	47,635	43,472	41,424
Liquidity and other financial assets	(29,634)	(15,229)	(28,489)
Current and non-current loans	108,127	70,776	92,521
Net Financial Position	78,493	55,547	64,032
Financial liabilities rights of use under IFRS 16	8,045	5,950	7,828
Payables and commitments with minority shareholders	36,894	52,178	54,841
for equity investments
Total Net Financial Position Reported	123,432	113,675	126,701

As at 31 October 2025, the Net Financial Position amounted to a net debt of Euro 78.5 million, compared with a net debt of Euro 55.5 million as at 31 October 2024. The change mainly reflects equity investments and development investments,

with particular emphasis on the applications area, carried out over the last twelve months, net of operating cash flow generation.

As at 31 October 2025, the Total Net Financial Position Reported amounted to a net debt of Euro 123.4 million, compared with Euro 113.7 million as at 31 October 2024, following the aforementioned investments.

Shareholders' equity amounted to Euro 48.9 million as at 31 October 2025, increasing from Euro 43.5 million as at 31 October 2024, also supported by the profit for the period.

Results of the ICT VAS Sector

The ICT Value Added Solutions (ICT VAS) Sector, active in the provision of value-added technological solutions, recorded growth in Revenues and Other Income of 2.1% compared to the first half of 2024, supported by high single-digit growth in the second quarter of FY2026 (+8.1% Y/Y), driven by expansion in the Security, Data Center and AI segments.

EBITDA amounted to Euro 42.7 million (+6.6% Y/Y), with an EBITDA margin of 4.5%, increasing compared to 31 October 2024, thanks to the growing focus on the Advanced Solutions segment.The Sector maintains a market share in Italy of 45.2% of the total Data Center, Networking and Enterprise Software categories (source: Sirmi, November 2025).

Below is the reclassified income statement of the Sector (figures in Euro thousands) as at 31 October 2025, compared with the previous period ended 31 October 2024.

ICT VAS Sector (Euro thousands)	2025	October 31 %	2024	%	Change
Third-party revenues	879,894		867,777		1.4%
Inter-sector revenues	51,402		45,341		13.4%
Total Revenues	931,296		913,118		2.0%
Other income	7,811		6,588		18.6%
Total revenues and other income	939,107	100.0%	919,706	100.0%	2.1%
Consumable materials and goods	(854,894)	-91.0%	(836,841)	-91.0%	2.2%
Gross commercial margin	84,213	9.0%	82,865	9.0%	1.6%
Costs for services and use of third-party assets	(25,228)	-2.7%	(25,106)	-2.7%	0.5%
Personnel costs	(15,018)	-1.6%	(15,263)	-1.7%	-1.6%
Other operating costs	(1,297)	-0.1%	(2,454)	-0.3%	-47.1%
Gross Operating Margin (Ebitda)	42,670	4.5%	40,042	4.4%	6.6%
Amortisation and depreciation	(2,673)	-0.3%	(2,147)	-0.2%	24.5%
Provisions and other non-monetary costs	(1,022)	-0.1%	(708)	-0.1%	44.4%
Adjusted Operating Profit (Ebit)	38,975	4.2%	37,187	4.0%	4.8%
Amortisation of customer lists and know how (PPA)	(990)	-0.1%	(1,096)	-0.1%	-9.7%
Stock grant costs and other non-monetary costs		0,0%		0,0%	0,0%
Operating profit (Ebit)	37,985	4.0%	36,091	3.9%	5.2%
Net financial income and expense	(9,756)	-1.0%	(12,080)	-1.3%	-19.2%
Result before taxes	28,229	3.0%	24,011	2.6%	17.6%
Income taxes	(7,134)	-0.8%	(6,004)	-0.7%	18.8%
Net profit	21,095	2.2%	18,007	2.0%	17.1%
Net profit attributable to non-controlling interests	665	0.1%	406	0.0%	63.8%
Net profit attributable to the Group	20,430	2.2%	17,601	1.9%	16.1%
Adjusted Net profit attributable to the Group	21,170	2.3%	18,380	2.0%	15.2%

Total revenues and other income, amounting to Euro 939.1 million as at 31 October 2025, increased by 2.1% year-on-

year. EBITDA for the period amounted to Euro 42.7 million, with an EBITDA margin of 4.5%, up 6.6% compared to Euro

40.0 million (EBITDA margin 4.4%) as at 31 October 2024.

Revenue performance, which was entirely organic, shows a return to growth in the second quarter ended 31 October 2025 (+8.1% Y/Y), compared with the fourth quarter ended 30 April 2025 (-8.2% Y/Y) and the first quarter ended 31 July 2025 (-2.7% Y/Y), with a positive outlook also for the next quarter.

As at 31 October 2025, EBITDA amounted to Euro 42.7 million (+6.6% Y/Y), with an EBITDA margin of 4.5%, increasing compared to 4.4% as at 31 October 2024.

Adjusted Net profit attributable to the Group amounted to Euro 21.2 million, up 15.2% year-on-year compared to Euro 18.4 million as at 31 October 2024, reflecting lower net financial expenses, which amounted to Euro 9.8 million in the period under review, down from Euro 12.1 million as at 31 October 2024, thanks to actions aimed at improving financial management efficiency and the decline in market interest rates, and after income taxes of Euro 7.1 million, increasing from Euro 6.0 million in the previous half-year.

Net profit attributable to the Group, after amortisation of customer lists and know-how of Euro 1.0 million (vs. Euro 1.1 million Y/Y), amounted to Euro 20.4 million, representing an increase of 16.1% year-on-year.

Below is the reclassified Statement of Financial Position (figures in Euro thousands) of the ICT VAS Sector as at 31 October 2025. Together with the comparative figures for the financial year ended 30 April 2025, the data also include those relating to the period ended 31 October 2024, in order to provide a more accurate analysis of balance sheet trends, also in light of the seasonality that typically characterises sales revenues throughout the year.

Reclassified Balance Sheet	10/31/2025	10/31/2024	04/30/2025
Intangible fixed assets	38,835	40,614	40,304
Tangible fixed assets (including rights of use)	59,376	55,774	59,425
Investments carried at equity	13,389	12,898	13,205
Other non-current assets and prepaid taxes	14,797	8,884	14,877
Total non-current assets	126,397	118,170	127,811
Inventories	112,979	105,886	97,918
Trade receivables	304,081	294,658	278,965
Other current assets	33,672	49,096	39,074
Current assets for the year	450,732	449,640	415,957
Trade payables	411,747	358,909	385,232
Other current payables	25,867	28,710	30,996
Short-term liabilities for the year	437,614	387,619	416,228
Net working capital	13,118	62,021	(271)
Provisions and other non-current tax 15,162		15,231	14,930
liabilities
Employee benefits	3,967	3,730	3,781
Net non-current liabilities	19,129	18,961	18,711
Net Invested Capital	120,386	161,230	108,829
Shareholders' equity	322,338	306,432	326,151
Liquidity and other financial assets	(285,178)	(283,834)	(378,005)
Current and non-current loans	64,772	122,221	138,134
Net Financial Position	(220,406)	(161,613)	(239,871)
Financial liabilities rights of use under IFRS 7,613		7,432	8,399

16

Payables and commitments with minority shareholders for equity investments

10,841 8,979 14,150

Total Net Financial Position Reported (201,952) (145,202) (217,322)

The Net Financial Position increased from a net cash of Euro 161.6 million as at 31 October 2024 to a net cash of Euro

220.4 million as at 31 October 2025, mainly as a result of operating cash flow generated during the plan period.

During the period under review, Shareholders' equity further strengthened, reaching Euro 322.3 million as at 31 October 2025, compared with Euro 306.4 million as at 31 October 2024, supported by the profit for the period.

Results of the Digital Green VAS Sector

The Digital Green VAS Sector is active in solutions for renewable energy production and energy efficiency, with a particular focus on photovoltaic panels, inverters, storage and accumulation systems, as well as the related integration and design services.

Below is the reclassified income statement of the Sector (prepared in accordance with IFRS) as at 31 October 2025, compared with the previous period ended 31 October 2024, both reported and pro-forma, including the results of the first six months of GreenSun Srl.

Digital Green VAS Sector October 31

(Euro thousands)	2025	%	%		%
			Pro-forma*		Change	Reported		Change
Third-party revenues	204,519		164,674		24.2%	81,027		152.4%
Inter-sector revenues	448		420		6.7%	420		6.7%
Total Revenues	204,967		165,094		24.2%	81,447		151.7%
Other income	4,681		1,763		165.5%	1,697		175.8%
Total revenues and other income	209,648	100.0%	166,857	100.0%	25.6%	83,144	100.0%	152.2%
Costs for purchasing products and software	(182,697)	-87.1%	(146,407)	-87.7%	24.8%	(72,595)	-87.3%	151.7%
Costs for services and use of third-party assets	(9,863)	-4.7%	(6,642)	-4.0%	48.5%	(3,207)	-3.9%	207.5%
Personnel costs	(2,763)	-1.3%	(2,665)	-1.6%	3.7%	(1,419)	-1.7%	94.7%
Other operating costs	(290)	-0.1%	(245)	-0.1%	18.4%	(245)	-0.3%	18.4%
Gross Operating Margin (Ebitda)	14,035	6.69%	10,898	6.5%	28.8%	5,678	6.8%	147.2%
Amortisation and depreciation	(499)	-0.2%	(368)	-0.2%	35.6%	(334)	-0.4%	49.4%
Provisions and other non-monetary costs	(21)	0.0%	(78)	0.0%	-73.1%	(78)	-0.1%	-73.1%
Adjusted Operating Profit (Ebit)	13,515	6.45%	10,452	6.3%	29.3%	5,266	6.3%	156.6%
Amortisation of client lists and know how (PPA)	(320)	-0.2%	(580)	-0.3%	-44.8%	(319)	-0.4%	0.3%
Stock grant costs and other non-monetary costs		0,0%		0,0%	0,0%		0,0%	0,0%
Operating profit (Ebit)	13,195	6.3%	9,872	5.9%	33.7%	4,947	5.9%	166.7%
Net financial income and expense	(184)	-0.1%	110	0.1%	-267.3%	(97)	-0.1%	89.7%
Result before taxes	13,011	6.2%	9,982	6.0%	30.3%	4,850	5.8%	168.3%
Income taxes	(3,735)	-1.8%	(2,729)	-1.6%	36.9%	(1,384)	-1.7%	169.9%
Net profit	9,276	4.4%	7,253	4.3%	27.9%	3,466	4.2%	167.6%
Net profit attributable to non-controlling interests	2,106	1.0%	1,924	1.2%	9.5%	50	0.1%	4112.0%
Net profit attributable to the Group	7,170	3.4%	5,329	3.2%	34.5%	3,416	4.1%	109.9%
Adjusted Net profit attributable to the Group	7,465	3.6%	5,742	3.4%	57.6%	3,643	4.4%	104.9%

2024 % 2024 %

(*) Pro forma consolidated figures as of October 31, 2024 prepared by simulating the backdated consolidation as of May 1, 2024 of Greensun Srl, a company operating in the Digital Green Sector acquired on December 3, 2024. The pro forma consolidated figures are unaudited

As at 31 October 2025, total revenues and other income amounted to Euro 209.6 million, up 152.2% year-on-year (+25.6% compared to pro-forma data). EBITDA reached Euro 14.0 million, up 147.2% Y/Y (+28.8% vs. pro-forma Y/Y), with an EBITDA margin of 6.7%, compared to 6.5% as at 31 October 2024. The increase reflects the continued organic growth from the first quarter of the current fiscal year and the positive performance of the corporate market, supported by rising energy demand linked to digitalisation and AI adoption.

Net profit attributable to the Group amounted to Euro 7.2 million, up 109.9% Y/Y (+34.5% vs. pro-forma Y/Y), driven by the strong operating profitability. This result follows depreciation and impairments of Euro 0.52 million (+16.6% Y/Y), net financial expenses of Euro 0.18 million, and income taxes of Euro 3.7 million. Adjusted net profit attributable to the Group, before amortisation of customer lists and know-how arising from PPA, amounted to Euro 7.5 million, up 104.9% Y/Y (+57.6% vs. pro-forma Y/Y).

The reclassified Statement of Financial Position of the Digital Green VAS Sector as at 31 October 2025 is provided below, including comparative figures for the financial year ended 30 April 2025 and the period ended 31 October 2024 (reported and pro-forma). This allows for a clearer analysis of balance sheet trends, also considering the seasonality that typically affects sales revenues throughout the year.

10/31/2024			10/31/2024
Reclassified Balance Sheet	10/31/2025	Pro-forma*	Reported	04/30/2025
Intangible fixed assets	724	9,484	90	782
Tangible fixed assets (including rights of use)	4,443	4,456	3,900	4,742
Investments carried at equity
Other non-current assets and prepaid taxes	8,451	4,478	693	666
Total non-current assets	13,618	18,418	4,683	6,190
Inventories	24,354	29,045	13,151	20,741
Trade receivables	90,814	54,219	20,852	79,160
Other current assets	5,550	16,254	10,218	15,944
Current assets for the year	120,718	99,518	44,221	115,845
Trade payables	87,580	66,421	36,216	64,571
Other current payables	9,528	7,078	4,272	15,115
Short-term liabilities for the year	97,108	73,499	40,488	79,686
Net working capital	23,610	26,019	3,733	36,159
Provisions and other non-current tax liabilities	132	2,869	163	162
Employee benefits	924	450	450	920
Net non-current liabilities	1,056	3,319	613	1,082
Net Invested Capital	36,172	41,118	7,803	41,267
Shareholders' equity	64,071	60,487	36,219	58,331
Liquidity and other financial assets	(44,809)	(51,169)	(34,723)	(34,583)
Current and non-current loans	3,792	2,860	1,427	2,925
Net Financial Position	(41,017)	(48,309)	(33,296)	(31,658)
Financial liabilities rights of use under IFRS 16	1,488	1,435	1,435	1,699
Payables and commitments with minority shareholders for equity 11,630		27,506	3,445	12,895
investments
Total Net Financial Position Reported	(27,899)	(19,368)	(28,416)	(17,064)

(*) Pro forma consolidated figures as of October 31, 2024 prepared by simulating the backdated consolidation as of May 1, 2024 of Greensun Srl, a company operating in the Digital Green Sector acquired on December 3, 2024. The pro forma consolidated figures are unaudited

The Net Financial Position increased from a net cash of Euro 33.3 million (pro-forma net cash of Euro 48.3 million) as at 31 October 2024 to a net cash of Euro 41.0 million as at 31 October 2025. The Net Financial Position Reported rose from a pro-forma net cash of Euro 19.4 million as at 31 October 2024 to Euro 27.9 million as at 31 October 2025, driven by last twelve months operating cash flow.

During the period, Shareholders' equity further strengthened, supported by the profit for the period, reaching Euro 64.1 million as at 31 October 2025, compared with Euro 36.2 million as at 31 October 2024 (Euro 60.5 million pro-forma).

Results of the Corporate Sector

The Corporate Sector is active in the strategic governance and management of corporate services (administration, finance, control, corporate governance, M&A, human resources management, information systems, and operational platforms) for the Group's companies.

During the semester, operational and corporate integration processes and organizational controls were further strengthened and implemented to support the Group's path of sustainable growth.

Starting from the beginning of FY2026, the Corporate Sector, which already included the activities of the Customer Experience Adjacent Business Unit, integrated the Digital Services offering of ISD Italy Srl and its subsidiaries.

Below is the reclassified income statement of the Corporate Sector (figures in Euro thousands) as at 31 October 2025, compared with the previous period ended 31 October 2024.

Corporate Sector		October 31
(Euro thousands)	2025	%	2024	%	Change
Third-party revenues	15,102		7,828		92.9%
Inter-sector revenues	13,609		10,165		33.9%
Total Revenues	28,711		17,993		59.6%
Other income	1,226		1,714		-28.5%
Total revenues and other income	29,937	100.0%	19,707	100.0%	51.9%
Consumable materials and goods	(2,313)	-7.7%	(1,538)	-7.8%	50.4%
Costs for services and use of third-party assets	(10,906)	-36.4%	(6,381)	-32.4%	70.9%
Personnel costs	(13,813)	-46.1%	(10,039)	-50.9%	37.6%
Other operating costs	(257)	-0.9%	(151)	-0.8%	70.2%
Gross Operating Margin (Ebitda)	2,648	8.8%	1,598	8.1%	65.7%
Amortisation and depreciation	(876)	-2.9%	(454)	-2.3%	93.0%
Provisions and other non-monetary costs	(26)	-0.1%	(38)	-0.2%	-31.6%
Adjusted Operating Profit (Ebit)	1,746	5.8%	1,106	5.6%	52.6%
Amortisation of client lists and know how (PPA)	(373)	-1.2%	(347)	-1.8%	7.5%
Stock grant costs and other non-monetary costs	(3,498)	-11.7%	(3,152)	-16.0%	11.0%
Operating profit (Ebit)	(2,125)	-7.1%	(2,393)	-12.1%	-11.2%
Net financial income and expense	(280)	-0.9%	(158)	-0.8%	77.2%
Result before taxes	(2,405)	-8.0%	(2,551)	-12.9%	-5.7%
Income taxes	861	2.9%	130	0.7%	562.3%
Net profit	(1,544)	-5.2%	(2,421)	-12.3%	-36.2%
Net profit attributable to non-controlling interests	108	0.4%	35	0.2%	208.6%
Net profit attributable to the Group	(1,652)	-5.5%	(2,456)	-12.5%	-32.7%
Adjusted Net profit attributable to the Group	1,103	3.7%	35	0.2%	3051.4%

Total revenues and other income, amounting to Euro 29.9 million, increased 51.9% year-on-year compared with the same semester, driven by the development of corporate services (organization, administrative and financial management, planning and control, human resources management, corporate governance, legal and IT services) and by the change in

the scope of consolidation following the inclusion, from the second semester of the previous fiscal year, of IT technical support and information technology systems services provided by ISD Italy and its subsidiaries.

EBITDA as at 31 October 2025 amounted to Euro 2.6 million, up 65.7% from Euro 1.6 million as at 31 October 2024, mainly due to the above-mentioned change in the scope of consolidation. Stock grant costs and other non-monetary expenses, increasing from Euro 3.2 million as at 31 October 2024 to Euro 3.5 million, reflect the accrual of the notional cost related to the 2024-2026 annual and three-year stock grant plan.

Adjusted net profit attributable to the Group, before non-monetary costs mainly related to the stock grant plan, amounted to Euro 1.103 million as at 31 October 2025, compared with a positive result of Euro 35 thousand as at 31 October 2024. Below is the reclassified consolidated Statement of Financial Position of the Corporate Sector (figures in Euro thousands) as at 31 October 2025, including comparative figures for the financial year ended 30 April 2025 and the period ended 31 October 2024, in order to provide a clearer analysis of balance sheet trends, also considering the seasonality that typically affects sales revenues during the year.

Reclassified Balance Sheet	10/31/2025	10/31/2024	04/30/2025
Intangible fixed assets	9,780	8,927	9,991
Tangible fixed assets (including rights of use)	4,348	2,950	3,650
Investments carried at equity	519	745	520
Other non-current assets and prepaid taxes	108,333	107,714	108,435
Total non-current assets	122,980	120,336	122,596
Inventories	1,194	980	1,191
Trade receivables	28,827	17,774	25,895
Other current assets	1,648	341	(883)
Current assets for the year	31,669	19,095	26,203
Trade payables	13,322	8,670	12,156
Other current payables	22,598	16,340	18,292
Short-term liabilities for the year	35,920	25,010	30,448
Net working capital	(4,251)	(5,915)	(4,245)
Provisions and other non-current tax liabilities	3,165	2,866	3,260
Employee benefits	6,666	4,957	6,239
Net non-current liabilities	9,831	7,823	9,499
Net Invested Capital	108,898	106,598	108,852
Shareholders' equity	105,873	110,239	109,432
Liquidity and other financial assets	(6,023)	(5,765)	(4,922)
Current and non-current loans	5,800	141	1,433
Net Financial Position	(223)	(5,624)	(3,489)
Financial liabilities rights of use under IFRS 16	2,866	1,956	2,518
Payables and commitments with minority shareholders for equity 382		27	391
investments
Total Net Financial Position Reported	3,025	(3,641)	(580)

As at 31 October 2025, Shareholders' equity amounted to Euro 105.9 million, compared with Euro 110.2 million as at 31 October 2024, reflecting the profit for the period, net of dividend distributions of Euro 15.5 million made in September 2025.

The Net Financial Position was positive (net cash) at Euro 223 thousand, compared with Euro 5.6 million as at 31 October 2024, reflecting operating cash flow generation net of investments, dividends, and share buy-back plans carried out during the period.