SeSa S p A : Group Presentation – Euronext STAR Conference 2024 Borsa Italiana

Euronext Star Conference 2024

Milan - March 19-20, 2024

Alessandro Fabbroni

Chief Executive Officer

Elisa Gironi

Corporate Governance, Integration and M&A Director

Jacopo Laschetti

Sustainability, Stakeholders and IR Manager

Agenda

• Group business model and strategic achievements
• 9M Results as of January 31, 2024 and FY 24E Guidance
• Business Sectors VAD, SSI, BS overview
• Annexes Financial Statements

2

Group Business Model and Strategic Achievements

Leading digital		Leading digital partner for the business segment: technology, consulting and business applications
partner for		About 40,000 customers (o/w 4,000 abroad) with ∼ Eu 3.2 Bn revenues expected in FY as of April 30, 2024
Enterprises and
	HR and digital skills development: 5,560 employees as of 9M 2024, +19.9% Y/Y, ∼ 950 new internal hires LTM
Organizations
Continuous	 Technology and skills development on digital trends: cloud, security, vertical applications, dig. platforms, data
	science
growth		Long-TermPath from the IPO: 13Y 2012-24E CAGR revenues +11.8%, EBITDA +16.3%, EAT Adj +18.6%
embracing
digitalization path		Positive FY2024E outlook: Eu 242-246 Mn Ebitda (+15.5%-17.5%) and about 10% revenues growth

Solid organic growth boosted by Bolt-on M&As

• M&As annual average contribution to historical Group's growth equal to about 30%, with solid 70% organic growth
• Skills-intensivebolt-on M&As: over 70 M&As from 2015 totalling 2,600 HRs and about Eu 640 Mn annual revenues at acquisition time (over Eu 1 Bn in FY 2024E)
• 13 M&As in 2023 (Eu 60 Mn revenues, Ebitda margin 18%, 500 new employees), 2 new M&A in 2024 (Eu 5 Mn revenues, Ebitda margin 20%, 45 new employees)

Commitment to long-term sustainable growth and digital innovation

• Sesa Purpose to create long-term sustainable value for all stakeholders, promoting the digital innovation of companies and organizations and the well-being of people
• Long-termcommitment of Group key people involved in Sesa share capital through the holding company ITH
• Acceleration of investments focused on Group's transformation towards business areas with higher marginality and added-value(Group Ebitda margin moving from 4.8% in FY 2019 up to 7.6% in FY 2024E)

(1) Change of revenues and profitability in the 9M period as January 31, 2024, compared to 9M period as of January 31, 2023

3

Technology, Consulting and Vertical Applications for the Business Segment

Italian leading player in Technological Innovation and Business Applications with outstanding growth in the last 13Y period 2012-24E:

CAGR revenues +11.8%, EBITDA +16.3%, EAT Adjusted +18.6%

5,560 employees as of January 31, 2024 and revenues expected in FY2024 for about Eu 3.2 Bn (+10% vs 2.9 Bn of FY2023)

Group Strategic Business Units' organisation focusing on Technology, Consulting and Vertical Applications for the Business segment

Group Governance and Corporate Sector

Group Governance, Human Resources, Finance and Control, Compliance,

Information Technology, Operations, M&A and Integration, Sustainability

350BU Customer & Business Experience

Software

and System

Integration (SSI) Sector

Business

Services Sector

Value Added Distribution (VAD) Sector

Revenues

Revenues

Revenues

3,700

∼ Eu 800 Mn

800

∼ Eu 120 Mn

750

∼ Eu 2.4 Bn

Strategic

Business Units

Strategic

Business Units

Strategic Business Units

Cloud Tech.

Proprietary

International

Base Digitale

Base Digitale

Cloud, Security

Datacenter

Networking &

Services &

ERP and

ERP and

Experience

Software

Platform BDP

Solutions

Collaboration

Security Sol.

Vertical Sol.

Vertical Sol.

BDX - BDY

Solution

Digital

Digital

Base Digitale

Base Digitale

Base Digitale Pr.

Device & Digital

Managed

Digital Green

Var4Industries Data Science

Security

Management

Printing

Workspace

Experience

130 Servicing

Workplace

BDS

BDM

Solutions

Software and System integration for European

Digital Platforms and vertical solutions for the

Value Added Distribution solutions, with ∼

Enterprises and Mid Corporates with ∼ 10,000

Financial Services Industry with ∼ 750 customers

25,000 Business Partners o/w 2,000

customers o/w 2,000 abroad

(mainly banks and financial intermediaries)

abroad

Breakdown of revenues and human resources in the FY as of April 30, 2024	4

Human capital and skills development programs

CAGR 2012-2024E∼ 15.9%

5,560 human resources as of January 31, 2024 (+19.9% vs January 31, 2023)

Revenues Eu Mn in the FY as of April 30 HRs (at Year-end April 30)

2,037

3,441

2,908

4,720

2,390

4,200

3,200

5,600

Hiring programs

• 166 hires in Jan-Dec 2018
• 245 hires in Jan-Dec 2019 (+48% Y/Y)
• 322 hires in Jan-Dec 2020 (+31% Y/Y)
• 467 hires in Jan-Dec 2021 (+45% Y/Y)
• 647 hires in Jan-Dec 2022 (+40% Y/Y)
• 950 new hires LTM as of January 31, 24

M&As contribution

• 2015-19: 12 M&As, 554 HRs
• Jan-Dec2020: 11 M&As, 618 HRs
• Jan-Dec2021: 15 M&As, 325 HRs
• Jan-Dec2022: 18 M&As, 547 HRs
• Jan-Dec2023: 13 M&As, 500 HRs
• Jan-Mar2024: 2 M&As, 45 HRs

665

777

747

818

812 832

863 912

948

974

1,230

1,060

1,150 1,215

	1,551
1,271 1,363	1,900
1,642
1,427

1,776

2,547

Locations and geographical coverage

∼ 5,600 employees of which ∼ 600 abroad

DACH Area ∼ 200

France and Spain ∼ 150

Central Est Europe ∼ 150

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024E

Hiring, Training and Retention Programs

China Digital Marketing ∼ 50

LATAM ∼ 30

• Integration of bolt-on M&As (over 70 M&As starting from Year 2015) with about new 2,600 skilled human resources
• Extensive welfare programs to improve well-being and work-life balance of Group human resources
• Training programs on Technical, Soft Skills, Compliance (Security and ESG) with about 100,000 hours in FY24E (+30% Y/Y)

5

Bolt-on industrial M&As to accelerate long-term organic growth

To attract and integrate skills and competencies, enhancing long-term organic growth:

• Over 70 M&As starting from 2015 with additional 2,600 HRs and about Eu 640 Mn annual revenues at acquisition time (Eu 1 Bn in the FY24)
• 13 M&As in Jan-Dec2023 (Eu 60 Mn revenues, Ebitda margin 18%, 500 new employees)
• 2 new M&A in 2024 (Eu 5 Mn revenues, Ebitda margin 20%, 15 new employees)

Group Business Sectors	2015-20171	2018-20191	Jan - Dec	Jan - Dec	Jan - Dec	Jan - Dec	Mar
20201	20211	20221	20231	20241
	2 M&As	1 M&A	2 M&As	2 M&As	2 M&As	1 M&A3
Value Added Distribution	68 Mn	20 Mn	12 Mn	80 Mn	65 Mn2	4 Mn
	20 HR	23 HR	29 HR	65 HR	50 HR	40 HR
Software and	5 M&As	4 M&As	7 M&As	8 M&As	10 M&As	10 M&As3	2 M&A4
41 Mn	41 Mn	45 Mn	41 Mn	55 Mn	39 Mn	5 Mn
System Integration
335 HR	176 HR	277 HR	131 HR	390 HR	325 HR	45 HR
			2 M&As	5 M&As	6 M&As	2 M&As3
Business Services	New Group Sector starting
47 Mn	20 Mn	40 Mn	18 Mn
from March 2020
	312 HR	129 HR	107 HR	135 HR
	7 M&As	5 M&As	11 M&As	15 M&As	18 M&As	13 M&As	2 M&A4
	109 Mn	61 Mn	104 Mn	141 Mn	160 Mn	60 Mn	5 Mn
	355 HR	199 HR	618 HR	325 HR	547 HR	500 HR	45 HR

FY April 30, 2024

Eu 1 billion

revenues

and 2,600 HRs

(2015-2024

M&As combined

perimeter of operations)

• M&As annual average contribution to Group's historical growth equal to about 30%, with solid 70% organic growth
• Deal structure focused on the long-term commitment of skills and key people of the target companies, with entry value EV/Ebitda equal to
• • 5x, progressive share capital acquisition and integration with the Group Strategic Business Units (M&A and Corporate Integration dedicated Team at Corporate Sector)
  • 1. Revenues in Eu Mn and Human Resources of target companies at acquisition time (Last 12 Months before acquisition)
    2. Altinia Distribuzione (VAD Sector, Eu 50 Mn Revenues): start of consolidation from May 2023
    3. Trias (SSI Sector, Eu 3 Mn Revenues, 15 HRs), Maint System (VAD Sector, Eu 4 Mn Revenues, 40 HRs), Visualitics (SSI Sector, Eu 4 Mn Revenues, 40 HRs), InformEtica (SSI Sector, Eu 6 Mn Revenues, 40 HRs), Sangalli

Tecnologie (SSI Sector, Eu 7 Mn Revenues, 30 HRs), Wise Security Global (SSI Sector, Eu 10 Mn, 120 HRs) 130 Servicing (BS Sector, Eu 15 Mn Revenues, 133 HRs): start of consolidation in the First Half of FY 2024
Soft System (SSI Sector, Eu 2.5 Mn Revenues,	15 HRs), Essedi Consulting (SSI Sector, Eu 1.5 Mn Revenues, 20 HRs), DataCoreX (BS Sector, Eu 3 Mn Revenues): start of consolidation in the Second Half of FY 2024	6
(4) SmartCAE (SSI Sector, Eu 3 Mn Revenues, 15	HRs); Analysis (SSI Sector, Eu 2.2 Mn Revenues, 30 HRs): start of consolidation in 2024

Long-term commitment of key people and value generation

Key people equity commitment and sustainable growth

Group Long-term track record achievements

Sesa Group equity partners' focus on long-term development:

• Chairman and Sesa Founder in 1973 Year Paolo Castellacci, Vice-Chairman and Sesa partner since 80s Giovanni Moriani
• Group's CEO and Sesa partner since 2012 Alessandro
  Fabbroni
• Business Sectors managing partners

Sesa Group main key people jointly own, together with T.I.P.

(long-term equity partner since 2019, with a 21% stake), the holding company ITH S.p.A., majority shareholder's of Sesa with 52.8% stake

Sesa market capitalization as of January 31, 2024 equal to Eu 1,952.9 Mn (Euronext STAR, Milan stock price Eu 126.1)

Sesa share capital

Analysts' coverage as of March 19, 2024

REVENUES FY11	Eu 747 Mn
REVENUES FY23	Eu 2,908 Mn
REVENUES FY24E1	Eu 3,200 Mn
EBITDA FY11	Eu 34 Mn
EBITDA FY23	Eu 209 Mn
EBITDA FY24E1	Eu 244 Mn
	Revenues
3,200
2,908		5Y CAGR
		2020-24E
+10%	+15.9%
		13Y CAGR
		2012-24E
		+11.8%

EAT Adj FY11	Eu 11.5 Mn
EAT Adj FY23	Eu 100.1 Mn
EAT Adj FY24E1	Eu 105.1 Mn
EBITDA margin FY11	4.6%
EBITDA margin FY23	7.2%
EBITDA margin FY24E1	7.6%
		Ebitda
244.0
209.4		5Y CAGR
	2020-24E
7.6%	+26.8%
		13Y CAGR
		2012-24E
		+16.3%

	Treasury
ITH	Shares
0.155%
52.814%

Floating

Shares

47.031%

Equity Research	Estimates	Target
Price (Eu)
Intermonte - A. Randone	BUY	175
Stifel - D. Esteban	BUY	207,8
Kepler - F. Belluati	BUY	150
Equita - A. Arksova	HOLD	116
Mediobanca - M. Vitale	OUTPERFORM	176
Exane BNP - M. Baldelli	BUY	149-169
Intesa Sanpaolo - G. Berti	BUY	178

747

7.2%

34.4

4.6%

FY 11 FY 23 FY 24E1

FY 11 FY 23 FY 24E1

Sesa treasury shares as of January 31, 2024

7

(1) For the FY 2024E Group's average guidance

Market Trends driven by digitalization path

Worldwide ICT market

• After the acceleration of 2021 Year (+13.4% Y/Y), the ICT market in 2022 and 2023 reported a growing trend (+3.1% Y/Y in 2022 and +3.2% Y/Y in 2023), driven by Enterprise Software (+10.9% in 2022 and +12.5% in 2023) and IT Services (+8.1% in 2022 and +5.8% in 2023)
• In the 2Y 2023-24E period Global ICT Market is expected to grow by 3.2% in 2023 and 6.8% in 2024, overperforming the pre-Covid trends. The main drivers of growth consist of Enterprise Software (+12.5% in 2023 and +12.7% in 2024) and IT Services (+5.8% in 2023 and +8.7% in 2024)

Italian IT market

• The Italian IT market continues to grow with a pace significantly higher than the pre-Covid one: 2023 growth equal to 3.2%, with an acceleration expected in 2024 (+5.8%) and in 2025 (+6.9%)
• 2023-25Eaverage growth rate equal to 5.3%, compared with 2.6% of 2017-19pre-Covid period, driven by Management Services segment (+10.3% Y/Y in 2023, +11.0% Y/Y in 2024 and +11.4% Y/Y in 2025) and despite the deceleration of Hardware (-5.8% Y/Y in 2023, +0.1% Y/Y in 2024 and +1.6% Y/Y in 2025)

Worldwide ICT Market, source Gartner February 2024
Bn Dollars	2018	2019	2020	2021	2022	2023	2024E
Data Centre Systems	210	203	208	190	227	243	261
Enterprise Software	419	457	507	732	811	913	1,029
Devices	712	682	688	808	766	700	732
IT Services	993	1,031	1,088	1,208	1,306	1,382	1,501
Communication Services	1,380	1,365	1,386	1,459	1,423	1,441	1,473
Total	3,714	3,738	3,877	4,396	4,534	4,679	4,998
% YoY growth		19/18	20/19	21/20	22/21	23/22	24E/23
Data Centre Systems		-3.3%	2.5%	-8.9%	19.8%	7.1%	7.5%
Enterprise Software		9.1%	10.9%	44.4%	10.9%	12.5%	12.7%
Devices		-4.2%	0.9%	17.4%	-5.1%	-8.7%	4.6%
IT Services		3.8%	5.5%	11.0%	8.1%	5.8%	8.7%
Communication Services		-1.1%	1.5%	5.3%	-2.5%	1.2%	2.3%
Total		0.6%	3.7%	13.4%	3.1%	3.2%	6.8%

Italian IT Market, source Sirmi February 2024

Mn Euro	2017	2018	2019	2020	2021	2022	2023	2024E	2025E
Hardware	6,044	6,025	6,172	6,266	6,770	6,392	6,024	6,028	6,122
Software	3,833	3,845	3,861	3,792	3,922	4,073	4,123	4,261	4,452
Development services	3,436	3,500	3,588	3,640	3,854	4,019	4,186	4,382	4,625
Management services	5,504	5,900	6,350	6,797	7,597	8,534	9,415	10,451	11,643
TOTAL IT	18,817	19,270	19,972	20,496	22,143	23,017	23,748	25,121	26,843
o/w Cloud	1,862	2,302	2,830	3,409	4,240	5,259	6,296	7,407	8,668
Cloud growth %	23.3%	23.6%	23.0%	20.4%	24.4%	24.0%	19.7%	17.6%	17.0%
% YoY growth	17/16	18/17	19/18	20/19	21/20	22/21	23/22	24E/23	25E/24E
Hardware	0.6%	-0.3%	2.4%	1.5%	8.1%	-5.6%	-5.8%	0.1%	1.6%
Software	-0.4%	0.3%	0.4%	-1.8%	3.4%	3.8%	1.2%	3.3%	4.5%
Development services	0.4%	1.9%	2.5%	1.5%	5.9%	4.3%	4.2%	4.7%	5.5%
Management services	6.0%	7.2%	7.6%	7.0%	11.8%	12.3%	10.3%	11.0%	11.4%
TOTAL IT	1.9%	2.4%	3.6%	2.6%	8.0%	3.9%	3.2%	5.8%	6.9%

8

Sustainability programs improvement

SUSTAINABILITY GOVERNANCE

• Sustainable growth in corporate bylaws as strategic target of Sesa BoD (since Jan 2021)
• Sesa Group certifications and ESG Rating:
• • SA 8000 (Social Accountability Int. Std)
  • UNI Pdr 125/2022 (Gender Equality)
  • Environmental certification ISO 14001
  • UN Global Compact membership
  • Ecovadis CSR rating: Gold medal
  • MSCI ESG rating increase to BBB level
  • CDP rating improvement from "D" to "B" achieved in December 2022
• ESG Targets disclosed in Group Integrated Annual Report

HUMAN RESOURCES AND WELFARE

• Continuous enforcement of welfare programs for well-being of co-workers:
• • Scholarships for employees' children
  • Sustainable mobility programs
  • Work-lifebalance and well-being programs
  • Education programs (∼ 100,000 training hours in FY24E, +30% Y/Y)
  • Diversity & Inclusion programs
• Inclusion of ESG targets in the MBO of the Group key people

309,191

Economic value distributed

			250,225	+24%
			208,042	Y/Y
			+20%
			Y/Y
		127,941 138,938	+50%
	105,462	Y/Y
98,590	+9%
		Y/Y

	+21%
+7%	Y/Y
Y/Y

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

4.20%	Remuneration of:
62.10%
19.50%	Human Resources

Public Administration

	Shareholders
4.00%	Self-financing
	Lenders

10.20%

Breakdown of distributed

economic value as of

April 30, 2023

ENVIRONMENTAL RESPONSIBILITY

• Carbon Neutrality program in line with EU Agenda
• Environmental performance in FY 2023:
  emissions per capita 1.22 tCO2 (10.3% reduction Y/Y); waste per capita 0.03 t (26.7% reduction Y/Y)
• Renewable energy production 1.3 million kWh in FY 2023, up by 25% Y/Y; green electricity program adoption (93% of total supplies FY 2023)
• Lines of business dedicated to sustainability and digital green (technology and consulting, about Eu 300 Mn annual revenues)

SOCIAL AND ECONOMIC DEVELOPMENT

• Value generation in a responsible way for social communities and all stakeholders
• Improving quality life of people, organizations and environment through digital transformation
• Sesa Foundation: no-profit corporate organization committed to charity, welfare and social community programs
• Stakeholder Relations Team dedicated to stakeholder engagement as an integral part of the Sesa Group ESG strategy

9

Alessandro Fabbroni

Chief Executive Officer

Elisa Gironi

Corporate Governance, Integration and M&A Director

Jacopo Laschetti

Sustainability, Stakeholders and IR Manager

Agenda

• Group business model and strategic achievements
• 9M Results as of January 31, 2024 and FY 24E Guidance
• Business Sectors VAD, SSI, BS overview
• Annexes Financial Statements

10