PRESS RELEASE
CLOUDIA RESEARCH S.P.A.: APPLICATION SUBMITTED FOR ACCESS TO THE NEGOTIATED
SETTLEMENT OF THE CRISIS (CNC), ADVISORS APPOINTED, AND GUIDELINES DEFINED FOR THE
RECOVERY PLAN PROJECT
Milan, October 2 5, 2026 . Cloudia Research S.p.A., a company active in the digital transformation sector with specialized offerings in ERP (Enterprise Resource Planning), Cloud, and AI (“ Cloudia Research ” or the “Company ”), listed on Euronext Growth Milan (“ EGM ”), announces that , on 23 October 2026 , filed an application for access to the voluntary and out -of-court procedure for the Negotiated Settlement of the Crisis (Composizione Negoziata della Crisi or “CNC ”), pursuant to Articles 12 et seq. of Legislative Decree No. 14 of January 12, 2019 (the Italian Crisis and Insolvency Code).
The initiative is aimed at overcoming the crisis in which the Company currently finds itself through, inter alia, the orderly renegotiation of exposure to corporate creditors. The proceeding was initiated without requesting the application of protective measures for corporate assets against creditors, i t being understood that the Company may evaluate requesting them during the proceeding, with the primary objective of protecting business continuity, restoring adequate levels of operating profitability, and safeguarding relationships with all stakeholders — including customers, employees, commercial partners, and shareholders.
As part of this process, the Board of Directors has granted DGPA & CO S.p.A. the mandate as financial advisor to assist management in preparing the recovery plan and in structuring and negotiating the financial restructuring plan. Studio Senni & Partners has been appointed as legal advisor (jointly with DGPA & CO S.p.A., the “ Advisors ”).
The Company, with the support of its Advisors, has prepared the documentation required for the application to appoint the independent expert, including the draft recovery plan project, currently limited to illustrating the company's restructuring objective s and the initiatives functional thereto.
Cloudia Research also announces that, following the formal appointment of Audirevi S.p.A. as statutory auditing firm (as per the previous press release published on October 9, 2026), accounting audit activities on the financial statements as of December 31, 2025 are ongoing. Upon completion of said work, the Issuer will promptly convene the Board of Directors for the resulting evaluations as well as for the publication of the updated financial calendar. It should be recalled that the draft financial statements as of December 31, 2025 were approved by the Board of Directors on April 29, 2026, with the independent directors voting against, and were subsequently neither re -approved nor submitted to the Shareholders' Meeting following the resignation of the previous auditing firm.
In parallel, the Company has collaborated with the outgoing auditing firm, BDO Italia S.p.A., to resolve the formal and substantive criticalities that emerged during the previous audit process, above all to ensure an orderly and transparent handover to Aud irevi S.p.A.. It should be recalled that on August 4, 2026, the previous auditing firm, BDO Audit Services S.r.l., resigned from the engagement pursuant to Ministerial Decree 261/2012, as communicated to the market on August 5, 2026. The Company has made available to the new auditing firm the accounting documentati on relating to the 2025 financial year.
PRESS RELEASE
Finally, with reference to the temporary suspension of the stock from trading on the Euronext Growth Milan market, the Company recalls that the measure was issued on May 28, 2026 following the non -approval of the 2025 annual financial statements, and subsequently reiterated on October 1, 2026 concurrently with the non-approval of the half -year financial report as of June 30, 2026.
The Company will, in any case, ensure the timely dissemination of updated information to the market from time to time, in compliance with applicable disclosure obligations.
*** The press release is available on the Company's website www.cloudiaresearch.com , Investor Relations/Press releases section.
*** For the transmission and storage of Regulated Information Cloudia Research uses the dissemination system "1 Info" available at www.1info.it operated by Computershare S.p.A. with registered office at Via Lorenzo Mascheroni 19, Milan.
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Contacts
Investor Relator Euronext Growth Advisor Rocco Alvaro CFO SIM S.p.A Via Ettore Ciccotti 3, 20161 Milano Via dell'Annunciata 23/4, 20121 Milano +39 3440204784 +39 02 30343393
investor.relator@cloudiaresearch.com ecm@cfosim.com
Specialist
MIT Sim S.p.A.
Corso Venezia 16, 20121 Milano