1H 2026 Results Ended June 30, 2026 Milan – July 30, 2026
DisclaimerThis company presentation includes forward -looking data based on internal management assumptions that are subject to material changes, including changes due to external factors beyond the Group's control; management data , when presented, are identified as such Business Units’ data are divisional and include intra -BU items, which are instead eliminated at a Group level For detailed information on Tinexta S.p.A., it is recommended to refer to the Company's documentation, including the latest interim reports, and the Company's
financial statements
AgendaHighlights & Updates 01 1H 2026 Financial Results O. Pozzi | Group Chief Financial Officer02 Business Units Deep Dive O. Pozzi | Group Chief Financial Officer03 J. Mastragostino | Chief Investor Relations Officer04J. Mastragostino | Chief Investor Relations Officer
Closing Remarks
Highlights & Updates J. Mastragostino | Chief Investor Relations Officer01
FCF ADJ.4
€52M
+39% vs PYKey Group Financial Data
at 30/06/20261
REVENUES2
€214M
In line vs PY3EBITDA ADJ.
€34M
-3% vs PY3
NET PROFIT ADJ.4
€2MNFP
€343M
vs €240M in FY’25Highlights & Updates
EBITDA
€28M
5(1) Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) and TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) Revenues are shown before non-recurring components (3) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of Tinexta Defence Holding S.p.A. and its subsidiaries (collectively the “Defence Group”), fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item “Assets for contract costs” with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15) (4) From continuing operations
1H 2026 Results Highlights1 6•Revenues2 at €214.3M (-0.2% vs PY3), reflecting growth in Digital Trust (+3.8%) and Business Innovation (+2.9%), offset by Tinexta Cyber’s performance (-17.2%) •EBITDA Adjusted at €33.7M (-2.8% vs PY3), dragged down by a significant decrease both in Cybersecurity (-59.1%) and Business Innovation (-36.3%) despite double -digit growth in Digital Trust (+13.4%) •EBITDA reported at €27.8M •EBITDA Adjusted margin at 15.7% (vs 16.1% in PY3); EBITDA reported margin at 13.0% (vs 13.4% in PY3) •EBIT reported at -€40.9M impacted by further impairment of non-financial assets related to ABF; EBIT Adjusted at €11.4M •Net Profit Adjusted from continuing operations at €1.9M •Net Profit reported from continuing operations at -€42.8M •Net Debt at €343.3M (vs €239.8M in FY’25). The change in Net Financial Debt mainly reflects the estimated value of the exercise of the Call Option on Bregal Milestone’s stake in Tinexta Infocert (€137.0M ) •Free Cash Flow Adjusted from continuing operations at €52.4M vs €37.6M in PY ( €85.1M in the last twelve months at June 30, 2026) reflecting favorable NWC dynamics •NFP/LTM EBITDA Adjusted at 3.36x
BU 1H 2026 RESULTS4
CYBERSECURITY
Revenues -17.2% vs PY
EBITDA -59.1% vs PY
EBITDA margin at 5.2% Highlights & Updates •June 10, 2026 – Launch of the Voluntary Tender Offer (“VTO”) by Zinc BidCo S.p.A. (the “Offeror”) on the remaining part of Tinexta’s shares (4,726,463 shares or 10.01% of the Share Capital) at a price of €15.00/share cum dividend •June 24-25, 2026 – Approval of the Offer Document by CONSOB . The Board of Directors of Tinexta S.p.A. unanimously approved the Issuer’s Notice relating to the VTO considering, unanimously of those voting, that the offered consideration is fair from a financial point of view •June 29, 2026 – Opening of the Acceptance Period of the VTO with closing date set on July 17, 2026 and payment date set on July 24, 2026 . During the Acceptance Period, the Offeror continued to purchase Tinexta’s shares on the market (details on the individual transactions are available on the Company’s website and on regulated storage mechanisms, in accordance with MAR provisions) •July 2, 2026 – Reached a total ownership stake (held by the Offeror and Persons Acting in Concert5) above the 90% threshold, paving the way for the option to exercise the Right to Purchase and fulfil the Purchase Obligation under art. 111 and art. 108 of the Italian Consolidated Financial Act (“TUF”) following the transfer of the shares after the closing of the Offer and payment date •July 22, 2026 – The final results of the Offer show that the Offeror and Persons Acting in Concert own a total 90.34% of Tinexta’s shares, with 9.66% shares remaining on the market . The Offeror will exercise the right to purchase the remaining shares pursuant to art. 111 TUF and fulfil the Purchase Obligation in accordance with art. 108 TUF. The consideration due for the shares will be determined by CONSOB according to art. 50, paragraph 5, of CONSOB Regulation 11971/1999 (the “Issuers’ Regulation ”) •July 24-29, 2026 - the Offeror continued to purchase Tinexta’s shares on the market (details on the individual transactions are available on the Company’s website and on regulated storage mechanisms, in accordance with MAR provisions) . As of July 29, 2026 , the Offeror and Persons Acting in Concert own a total 90.36% of Tinexta’s sharesRECENT EVENTS & UPDATESDIGITAL TRUST EBITDA margin at 30.2%Revenues +3.8% vs PY
EBITDA +13.4% vs PYBUSINESS INNOVATION
Revenues +2.9% vs PY
EBITDA -36.3% vs PY
EBITDA margin at 8.4% (1) Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) and TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) Revenues are shown before non-recurring components (3) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15) (4) BU data shown as adjusted (5) As defined by the Offer Document
214.8 214.3
34.7 33.7
6.7 1.9
1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted Net profit Adj.
from continuing operations1H 2026 Consolidated Results1Highlights & Updates
7€ M
1H2026 results show Revenues of€214Mand EBITDA Adjusted of€34M 1H 2026 Revenues flat Y/Y with slowdown in EBITDA
Adjusted
EBITDA Adjusted at €33.7M EBITDA Adjusted margin at 15.7% EBITDA reported at €27.8M EBITDA reported margin at 13.0% Net Profit reported from cont. ops. at -€42.8M Net Profit Adjusted from cont. ops. at €1.9M FCF Adj. from cont. ops. at €52.4M (vs €37.6M in PY) Margin
16.1%Margin
15.7%
(1) Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) and TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15) (3) Revenues are shown before non-recurring components 2 2 2 3
1H 2026 Financial Results O. Pozzi | Group Chief Financial Officer02
66.8 68.7
9.1 5.8
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted45.337.5
4.8 2.0
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted107.9 112.0
29.9 33.9
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted
214.8 214.3
34.7 33.7
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted1H 2026 – BU Overview11H 2026 Financial Results
9€ MDIGITAL TRUST
CYBERSECURITY
BUSINESS INNOVATIONMargin
16.1%Margin
15.7%GROUP
(1) Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) and TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15) (3) Revenues are shown before non-recurring components 2 22 2 2 2
2 233
1H 2026 Consolidated Results – Income Statement11H 2026 Financial Results
10€ M
(1) Figures might not add up exactly due to roundings . Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) and TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15) (3) Revenues are shown before non-recurring components ; Operating Costs are shown net of non-recurring components and net of costs for share -based payment plans and long-term incentives for Group’s managers and strategic directors (both in “Personnel costs”) (4) Includes costs related to share -based payment plans and long-term incentives for managers and strategic directors1H’26 % 1H’252 % Δ Δ%
REVENUES3214.3 100.0% 214.8 100.0% (0.5) (0.2%)
Total Operating Costs3(180.6) (84.3%) (180.1) (83.9%) (0.4) 0.2% Services & other costs (82.8) (38.7%) (84.3) (39.3%) 1.5 (1.8%) Personnel costs (97.7) (45.6%) (95.8) (44.6%) (1.9) 2.0%
EBITDA ADJUSTED 33.7 15.7% 34.7 16.1% (1.0) (2.8%)
Share -based payments4 & other non -recurring costs (5.9) (2.8%) (5.8) (2.7%) (0.1) 1.8%
EBITDA 27.8 13.0% 28.9 13.4% (1.1) (3.7%)
Depreciation, amortization, provisions, and impairment (68.7) (32.1%) (50.6) (23.6%) (18.1) 35.8%
OPERATING PROFIT (40.9) (19.1%) (21.7) (10.1%) (19.2) (88.2%)
Financial Income 1.7 0.8% 20.5 9.6% (18.8) (91.7%) Financial Charges (7.0) (3.2%) (9.4) (4.4%) 2.5 (26.3%) Net Financial Charges (5.2) (2.4%) 11.1 5.2% (16.4) NM Profit of equity -accounted investments 0.0 0.0% 0.1 0.0% 0.0 (16.4%)
PROFIT BEFORE TAXES (46.1) (21.5%) (10.6) (4.9%) (35.5) NM
Income Taxes 3.3 1.6% 1.5 0.7% 1.8 123.1%
NET PROFIT OF CONTINUING OPERATIONS (42.8) (20.0%) (9.1) (4.2%) (33.7) NM
Net profit of discontinued operations 0.0 N/A 1.3 N/A (1.3) N/A NET PROFIT (42.8) (20.0%) (7.8) N/A (35.0) NM1H’26 figure highlights a different mix vs PY, with higher impact from non -
recurring components
(mainly reflecting effects of the change of control) 1H’26 figure includes €35.2M attributable to Impairment of non -financial assets related to ABF, as well as €10.9M from Amortization of other intangible assets from consolidation , down vs PY due to the completion of the amortization process of some intangible assets allocated to the Cybersecurity BU.
Change in Amortization of intangible assets (+19.1%) reflects CapEx increase during the period 1H’26 Financial Income include €0.5M related to the positive adjustment of non -
controlling interest liabilities (PY Financial Income showed impacts from ABF of €11.7M and Ascertia of
€6.5M)
1H’26 Financial Charges include €0.6M related to the negative adjustment of non -
controlling interest liabilities 1 2 3
1H 2026 Consolidated Results – P&L Adjustments11H 2026 Financial Results
11€ M
EBITDA OPERATING PROFIT/(LOSS)NET PROFIT/(LOSS) FROM
CONTINUING OPERATIONS
1H’26 1H’252 1H’26 1H’252 1H’26 1H’252
REPORTED INCOME STATEMENT RESULTS 27.8 28.9 (40.9) (21.7) (42.8) (9.1)
Non-recurring revenues (1.6) 0.0 (1.6) 0.0 (1.6) 0.0 Non-recurring service costs 5.8 2.3 5.8 2.3 5.8 2.3 LTI incentive plans 0.1 0.9 0.1 0.9 0.1 0.9 Non-recurring personnel costs 1.4 2.2 1.4 2.2 1.4 2.2 Other non -recurring costs 0.2 0.5 0.2 0.5 0.2 0.5 Amortization of other intangible assets from consolidation 10.9 12.6 10.9 12.6 Non-recurring provisions 0.3 0.8 0.3 0.8 Non-recurring impairment 35.2 17.9 35.2 17.9 Non-recurring financial income (0.1) 0.0 Contingent Consideration (0.0) 0.2 Adjustments of non -controlling interests 0.1 (16.7) Non-recurring financial charges 0.1 0.3 Tax effect on adjustments (8.5) (5.1) Non-recurring taxes 0.8 (0.0)
ADJUSTED INCOME STATEMENT RESULTS 33.7 34.7 11.4 15.3 1.9 6.7
CHANGE FROM PREVIOUS YEAR -2.8% -25.3% -71.5%
(1) Figures might not add up exactly due to roundings . Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) and TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15)
343.8
160.6
FY 2025 1H 2026239.8343.3
FY 2025 1H 2026583.6
503.9
FY 2025 1H 2026€ M1H 2026 Results – Balance Sheet1H 2026 Financial Results
NET INVESTED CAPITAL NET FINANCIAL POSITION TOTAL SHAREHOLDERS’ EQUITY
Net Invested Capital decreasing by €79.7M vs FY 2025 mainly due to:
•Organic decrease in Net Working Capital & Provisions of €30.0M •Organic decrease in Net Fixed Assets of €52.7M, of which €35.2M from Impairment of goodwill and Other Intangible assets from consolidation attributable to ABF and €10.9M related to Amortization of other intangible assets from consolidation •Increase of €3.0M related to the total effect of the change in perimeter for the acquisitions of Strategy Innovation S.r.l. and TiSviluppo S.r.l., as well as the disposal of a Sixtema corporate branchNet Financial Debt increasing by €103.5M vs FY 2025, mainly
reflecting:
•Adj. FCF of continuing operations +€52.4M •Non-recurring FCF components -€9.1M •Net financial charges -€5.2M •Acquisitions -€139.1M (of which €137.0M related to the estimated value of the minority stake in Tinexta Infocert) •Put Adjustments -€0.1M •Dividends to minorities -€1.2M •Leasing contracts -€1.6M •OCI Derivatives +€1.0M NFP/LTM EBITDA Adjusted at 3.36xShareholders’ Equity down €183.2M vs FY 2025 mainly due to:
•Total comprehensive income for the period -€41.8M ( -€42.8M related to Losses for the period and +€0.9M in income from Other comprehensive income components ) •Dividends to minorities -€1.2M •Provisions +€0.8M related to the acceleration of the 2023 -2025 Performance Shares Plan •Reclassification of liabilities -€4.0M related to the conversion of the 2023 -2025 Performance Shares Plan into a cash -settled
solution
•Decrease of €137.0M reflecting the estimated value of the 16.09% stake held by Bregal Milestone in Tinexta Infocert following the exercise of the Call Option in February 2026 (€26.3M related to the acquisition of Minority Interest and charges in the Group’s Shareholders’ Equity of €110.7M )-13.7%
+43.1%
-53.3%
12
431.0
160.6
1H 2025 1H 2026732.0
503.9
1H 2025 1H 2026€ M1H 2026 Results – Balance Sheet LTM1H 2026 Financial Results
NET INVESTED CAPITAL TOTAL SHAREHOLDERS’ EQUITY
Net Invested Capital decreasing by €228.1M vs 1H 2025 mainly due to:
•Organic decrease in Net Fixed Assets of €144.2M mainly reflecting: (i) €110.5M of Non-recurring impairment related to ABF, Ascertia, Forvalue, and CertEurope; (ii) €24.9M related to the Amortization of Other intangible assets from consolidation •Defence Group deconsolidation of €74.9M •Organic decrease in Net Working Capital & Provisions of €12.0M •Increase of €3.0M due to the change in perimeter following the acquisitions of Strategy Innovation S.r.l., TiSviluppo S.r.l. , and the disposal of a Sixtema corporate branchShareholders’ Equity down €270.4M vs 1H 2025 mainly due to:
•Decrease of €137.0M reflecting the estimated value of the 16.09% stake held by Bregal Milestone in Tinexta Infocert following the exercise of the Call Option in February 2026 •Decrease of €48.3M for the exercise of the Put Option by Intesa Sanpaolo S.p.A. on its 9.52% stake in Tinexta Innovation Hub following the change of control on Tinexta S.p.A.
•Decrease of €80.8M due to the loss reported in the last twelve months at June 30, 2026-31.2%
-62.7%
131 (1) Comparative figures at June 30, 2025 have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the completion, in 4Q’25, of the activities to identify the fair value of assets and liabilities of the digital trust division Linkverse (acquired by Tinexta Infocert), fully consolidated from June 30, 2025 ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15); (iv) the reclassification of the contribution from the Defence Group under “Assets held for sale”1
301.0343.3
1H 2025 1H 202632.843.370.1 4.89.115.0
1H 2025 1H 2026 LTM at June 30,
2026Non-recurring components
Free Cash Flow from Continuing Operations€ M1H 2026 Results – NFP & FCF LTM1H 2026 Financial Results
NET FINANCIAL POSITION ADJUSTED FCF FROM CONTINUING OPERATIONS
Net Financial Debt up by €42.3M vs 1H 2025, mainly reflecting:
•FCF Adjusted from continuing operations +€85.1M •Defence Group deconsolidation +€89.1M •Put Adjustments +€4.6M •Acquisitions -€191.4M (of which €137.0M related to the estimated value of Tinexta Infocert minorities) •Dividends to minorities -€1.2M •Net financial charges -€11.9M •Leasing contracts -€4.6MThe increase in Adj. FCF from continuing operations vs 1H 2025 is mainly reflecting €18.2M of cash generated from Net Working Capital & Provisions partially offset by:
•Increase in cash taxes of €1.9M •Decrease in EBITDA Adjusted of €1.0M •Increase in CapEx of €0.5M Non-recurring components in 1H 2026 include €4.6M in Payments of LTI Incentive plans , of which €3.2M related to the cash -settled conversion of the 2023 -2025 Performance Shares PlanMAIN
CHANGES
1437.652.485.1
NFP at
31/12/2025Adj. FCF of
cont. ops.Non-recurring
FCF componentsNet financial items Dividends Leasing contracts Acquisitions/ (Disposals)Put Adjustments Contingent considerationOCI Derivatives Other NFP at
30/06/2026€ M
NFP/EBITDA22.33x 3.36x1H 2026 Results – NFP Bridge11H 2026 Financial Results
15239.8343.3
(52.4)(1.0)
9.15.2 1.2139.1
(0.0)0.6
(1) Figures might not add up exactly due to roundings (2) Calculated as NFP/LTM EBITDA Adjusted€M Tinexta Infocert (16.09%) estimate 137.0 Strategy Innovation S.r.l. 2.4 TiSviluppo S.r.l. 1.3 Disposal of Sixtema corporate branch (1.6) Tot. Acquisitions/(Disposals) 139.10.1 1.6
NFP at
30/06/2025Adj. FCF from
cont. ops.Non-recurring
FCF componentsFCF from discontinued ops.Net financial
itemsDividends Leasing
contractsAcquisitions/
(Disposals)Put
AdjustmentsContingent
considerationExtraordinary
itemsOCI
DerivativesOther NFP at
30/06/2026€ M
NFP/EBITDA22.83x 3.36x1H 2026 Results – LTM NFP Bridge11H 2026 Financial Results
16301.0
(85.1)15.011.9 1.24.6102.3
(4.6) (2.4) (1.0) (1.7) (0.7)343.3 (1) Figures might not add up exactly due to roundings (2) Calculated as NFP/LTM EBITDA Adjusted€M Defence Group deconsolidation (89.1) * Tinexta Innovation Hub (9.52%) 48.3 Tinexta Infocert (16.09%) estimate 137.0
Other 6.1
Tot. Acquisitions/(Disposals) 102.3*The item includes:
(i)€4.1M related to the deconsolidation of Defence
Group debt
(ii)(€13.5M) related to the derecognition of the minority stake in Tinexta Defence Holding (14.5%) (iii)(€79.7M) related to the reinstatement of the 85.5% stake in Tinexta Defence Holding at carrying valueo/w €3.2M related to Lenovys and €1.8M to LextelAI 2.8
Business Units Deep Dive O. Pozzi | Group Chief Financial Officer03
107.9 112.0
29.9 33.9
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted1H 2026 – Digital Trust1 € MBusiness Units Deep Dive
Margin
27.7%Margin
30.2%
•Revenues at €112.0M, up 3.8% vs PY. Growth was driven by the sale of LegalMail solutions (+3%), particularly with reference to the Public Administration and large enterprise segments, and by the resale of LegalCert services (+7%). On the Enterprise market, Trusted Onboarding Platform solutions grew by 18% due to recurring revenues from subscriptions and renewals from loyal clients increasing platform use after targeted testing periods •1H 2026 Revenues also benefitted from higher demand of services related to Business Information (+6%), Online Civil Trial (+7%), and Telematic Transactions (+3%), only moderately offset by contraction in sales related to Digital Advantage solutions (-28%, partially attributable to the disposal of the corporate branch Credit Guarantee & Financial Intermediaries), as well as Management Software (-18%), which in 2025 benefitted from sales related to the NRRP . Acceleration of online sales continued in the first half of the year with a 15% increase •During the first semester of the year, the BUrecorded €6.6MinCapEx (vs€6.2MinPY) •EBITDA Adjusted at €33.9M, up 13.4% vs PY with an increase of EBITDA Margin at 30.2% vs 27.7% in PY. Revenue performance was followed by an increase in personnel costs (+7.3%), offset by lowering production (-4.8%) and G&A (-8.3%) costs 18(1) Please note that 1H’26 figures include contribution from TiSviluppo S.r.l. consolidated from January 1, 2026 and merged into Visura S.p.A. on June 30, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15) (3) Revenues are shown before non-recurring components 2 2 3
45.3
37.5
4.8 2.0
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted1H 2026 – Cybersecurity € MBusiness Units Deep Dive •Revenues at €37.5M, down 17.2% vs PY. Services in Technology Solutions , down 9.3%, were still negatively influenced by the gradual reduction of certain System Integration activities – characterized by lower contribution – as well as by delays related to design activities •For Security Solutions , services were down 27.6%. The slowdown was driven by Advisory (-33.4%), Managed Security Services (-28.0%), and Implementation Services (-15%) impacted by lower sales efficiency in the segment ; this latter factor also significantly impacted the Resale of Third -Party Products component in the segment, which fell by 36.1% •During the first half of year, the BUrecorded €2.4M in CapEx (+€0.7M vs PY) focusing on proprietary product development •EBITDA Adjusted at €2.0M, down 59.1% vs PY. This decrease in performance is attributable to the contraction in revenues and to the higher use of third -party services, factors which were only partially compensated by savings in SMG&A costs (-€0.8M in 1H 2026 ) 19(1) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15)Margin
10.6%Margin
5.2%
1 1
66.8 68.7
9.1 5.8
1H 2025 1H 2026 1H 2025 1H 2026
Revenues EBITDA Adjusted1H 2026 – Business Innovation1 € MBusiness Units Deep Dive 20•Revenues at €68.7M,up2.9%vsPY.Theincrease reflects the combined effects of: (i) revenue expansion in the Finance & Grants (“F&G”) segment in Italy, up 27.8% due to the positive performance in Investment Credit (benefitting from the conclusion of the Industry 5.0 incentive plan with the recognition of the requested credit) and Strategic Project Financing , partially offset by the contraction in R&D Tax Credit and EU Funding ; (ii) contraction in the F&G segment in France (-38.2%), mainly related to ABF’s performance impacted by the prolonged local political turmoil and subsequent decrease in success rates vs 2025 ; (iii) performance of the ESG, Export , and Digital & Innovation business lines, which collectively fell slightly below PY (-1.6%); (iv) growth in Digital Marketing (+4.3%) and Digitalization & leasing (+7.2%) services •On the French market, performance continued to be negatively impacted by the political turmoil persisting since 2024 . Revenues from the area amounted to €6.0M of which €3.9M attributable to ABF, whose revenues went down by €3.6M vs PY as a consequence of the aforementioned contraction in success rates (which fell to 24% from 33% previously) •During the first half of the year, the BUrecorded €2.0M in CapEx (+€0.3M vs PY) •EBITDA Adjusted at €5.8M, down 36.3% vs PY. The positive contribution to margins from F&G services on the Italian market was more than offset by the performance of the other business lines and dragged down by ABF’s results (1) Please note that 1H’26 figures include contribution from Strategy Innovation S.r.l. consolidated from January 1, 2026 and merged into Lenovys S.r.l. on May 4, 2026 (with accounting and tax effect retroactive to January 1, 2026 ) (2) 1H’25 comparative figures have been restated due to: (i) the completion, in 3Q’25, of the activities to identify the fair value of assets and liabilities of the Defence Group, fully consolidated from August 1, 2024 to December 30, 2025 ; (ii) the reclassification of the contribution from the Defence Group under “Assets held for sale” and “Discontinued operations” ; (iii) the correction of an accounting error related to the classification of the item "Assets for contract costs" with regards to French subsidiary ABF Décisions at December 31, 2025 with retrospective adjustment at January 1, 2025 (in accordance with IFRS 15)2 2Margin
13.6%Margin
8.4%
Closing Remarks
J. Mastragostino | Chief Investor Relations Officer04
FY 2026 – The Board of Directors updates Group Targets1Closing Remarks
REVENUES
+0-2%
vs PY
EBITDA ADJUSTED
+2-4%
vs PYGROUP
NFP/EBITDA ADJUSTED
3.3-3.4x
22(1)Please note that the above forecasts are based on several assumptions, projections, and provisional data relating to future e vents and are subject to a number of uncertainties and other factors outside of Tinexta’s control; there are several variables w hich may generate results and performance that are notably different with respect to the implicit or explicit contents of such provisional information and, therefore, said information are not a reliable guarantee of future performanceTargets do not include any contribution from M&A activitiesKEY DRIVERS Revised targets reflect factors impacting Tinexta Cyber and ABF’s results in the first half of the year Implementation of an action plan aimed at containing operating costs to support margin expansion Focus on innovation and the development of new products and services to improve and maintain market share vs +3 -4% disclosed on March 5, 2026 vs +6 -7% disclosed on March 5, 2026 vs 3.1 -3.3x disclosed on March 5, 2026
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Josef Mastragostino
Chief Investor Relations Officer investor@tinexta.comInvestor Relations Contacts Download the presentationPresentation