Cy4Gate
H1 2026 Financial
Results
September 11, 2026
AGENDA
➢H1 2026 Financial Results ➢Strategy & Outlook
Speakers
3ARIANNA CICCOLELLA
EMANUELE GALTIERI
CEO &
General ManagerENRICO PERUZZI
CFO Chairman
H1 2026
Financial Results
H1 2026 Highlights 5The Group closed H12026 with significant year -over -year growth , achieving solid performance from both an economic and financial perspective . The positive evolution of revenues and profitability reflects the effectiveness of the Company’s strategic initiatives, sustained market demand, strong operational execution, and the contribution of selected foreign contracts that were particularly significant in terms of both value
and profitability
The significant volume of order intake during the period (€ 72.8 million, +16% YoY) and the strength of the backlog (€ 120 million) provides strong visibility on the Company’s future business performance The Revenues compared to H1 2025 grows by 61.8% driven by all business segments (Forensic Intelligence – Decision Intelligence – Cybersecurity) . EBITDA stands at € 11.7 million (+>3x YoY) with a profitability up to 17.8% (+9.1 pp vs LY). Excellent operating cash flow generation, with a Net Financial Position at € -6.9 million (reduction by € 6.8 million compared to December 31, 2025 ) Strong H1 performance and a positive outlook for H2 support an upward revision of FY 2026 revenues guidance to € 115-120 million , from the previous € 104–108 million range
H1 2026 Economic Key Data 61. EBITDA: calculated by adjusting the result for the year to exclude the effect of taxes, net financial income (expenses), depr eciation and amortisation , as well as non -recurring and extraordinary items mainly related to M&A activities and PPA -related amortization EBITDA Margin equal to 17.8% vs 8.6% in H1 2025 (+9.1 pp)
EBITDA +3.3x YoY
EBIT +129.0% YoYRevenues +61.8% YoY•Revenues equal to € 65.7 million, +62% compared to H1 2025 (€ 40.6 million), mainly thanks to foreign government contracts in the Forensic and Decision
Intelligence segments
•EBITDA at € 11.7 million (> +3x YoY) with an EBITDA margin equal to 17.8% (+9.1 pp vs LY) mainly thanks to volumes, higher profitability of foreign government contracts and cost reduction •EBIT positive at € 2.1 million (€ -7.3 million in H1 2025 ) •Net Result at € -1.1 million improves vs LY (loss of € 8.7 million), despite a € 1.8 million tax impact 2025 -2026 Growth 2025 -2026
1€ mln
Net Result +87.4% YoY40.665.7
H1 2025 H1 2026
3.5
H1 202511.7
H1 2026
(7.3)
H1 20252.1
H1 2026
(8.7)
H1 2025(1.1)
H1 2026
H1 2026 Revenues Breakdown 7Increased sales of licences and services in Forensic Intelligence segmentForeign sales increased thanks to contracts acquired in Forensic and Decision Intelligence segmentsBy business line By geographical area
15% ~57%
~40% ~43%~60%
H1 2026 H1 2025Italy Export Decision Intelligence Forensic Intelligence Cyber Security 40%
39%21%
47%
37%16%
H1 2025 H1 2026
H1 2026 People Investment 8Positive Items Negative Items Total
54152148
Cy4Gate Group FY 2025 Entrances(68) Exits Cy4Gate Group H1 2026
H1 2026 Financial Key Data 9 Net
Working
Capital-66.0%
vs Dec. 25 Net
Financial
Position-49.6%
vs Dec. 25
Equity-4.0%
vs Dec. 25Fixed
Assets+0.4%
vs Dec. 25•Fixed Assets in line with FY 2025 due to the capitalization of Helmon (€ 2 million) , partially offset by lower investments •Net Working Capital reduction due to positive collections and payments dynamics over the time and advanced payment’s effects •Net Financial Position improvement of € 6.8 million mainly due to effective management of net working capital •Equity decreasing mainly due to the Net Result2025 -2026 Growth 2025 -2026 € mln
90.1 90.5
FY 2025 H1 2026
16.5
5.6
FY 2025 H1 2026
(13.8)(6.9)
FY 2025 H1 2026
92.8 89.1
FY 2025 H1 2026
H1 2026 NFP Bridge 10Positive Items Negative Items Total
€ mln
(13.8)(2.7)
(2.0)
NFP 202518.0
Operating Cash flow CAPEX Minorities Dividends PayoutNFP H1 2026 JV Investments(6.5)
(6.9)
Strategy & Outlook
Our growth Strategy: Market
Corporate/ Public
AdministrationDefence
Security &
Law Enforcement Cy4Gate Group portfolio – cyber intelligence & cyber security products - perfectly fits with the following 3 fast growing markets :
▪Digital transformation market expanding at ~20% CAGR through 2027, creating sustained double -digit growth
opportunities
▪Cybersecurity adoption among SMEs remains underpenetrated, despite being primary targets of large -
scale cyberattacks. Portfolio fit:
▪ Decision Intelligence & AI
(Quipo )
▪Cyber security products and services bundle (Tactical Edge, Cyber Digital Twin, XTN, Services) for a 360° capabilities coverage▪ Decision Intelligence & AI (Quipo ) for C2 platforms ▪Cyber security products and services bundle (Tactical Edge, Cyber Digital
Twin, customization
services)
▪ Decision Intelligence & AI (Quipo & Mito) for data gathering and correlation ▪Forensic Intelligence suite ▪Rising internal/external threats and network -centric military modernization driving strong demand ▪Global defence cyber market forecasted to grow from
$750B (2022) to $1.35T (2030), CAGR 8%
▪Additional momentum from the EU’s “Readiness 2030” plan ▪Digital crime via connected devices is the #1 challenge for
LEAs globally
▪Market growing at ~9% CAGR to 2028, with strong demand for case management, digital forensics, and AI -enabled
investigations
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Our growth Strategy: Actions
Corporate /
Public
AdministrationDefence
Security &
Law
Enforcement
13▪Strengthen Italian market positioning by leveraging brand recognition, dedicated salesforce and established sales channel to accelerate on corporate and PA markets ▪Expand into new European geographies, mainly through partnerships and channels ▪Actively scout for strategic parterships and M&A opportunities to broaden technology and market footprint▪Deepen relationships with Italian prime contractors to secure long -term, high -value programs ▪Participate in international consortia to capture significant opportunities arising from newly established EU Defence
Funds
▪Capture EU and NATO -related funds (NATO, EDA, ESA) to fuel R&D and enhance technological edge ▪Proprietary Technology evolution/ consolidation to meet the future Defence requirements and needs ▪Consolidate domestic market position through proprietary product evolution in cyber and decision intelligence ▪Expand presence in European regions, with Spain as a strategic “second home market” ▪Ensure growth and revenues normalization through long -term contracts with law enforcement agencies ▪Explore synergistic M&A to strengthen technological positioning in security and intelligence markets2026 -2028
2026 Guidance Raised 14Value of Production Guidance Bridge (€M, FY 26)K E Y D R I V E R S O F T H E U P G R A D E 01Strong H1 Performance Solid first -half results, reflecting continued positive momentum across
the business
02Positive H2 Outlook Favorable market conditions and strong operational execution support expectations for the second half 03Strong Business Visibility Order intake and backlog provide solid visibility on future business
performance
€115 -120M
New FY26 Target+~11% Uplift vs. Prior Guidance, based on midpointOld Target 2026115-120 New Target 2026104-108+~11%
15
Headquarter
Via Coponia , 8 00131 Rome -ItalyFollow us:
Investor Relations Officer
Emanuele Galtieri
investors@cy4gate.com
Investor Relations Advisor