Documento di bilancio 1
2023 Sustainability Report
Consolidated non -
financial statement pursuant to Legislative Decree No. 254/2016, prepared in accordance with GRI
Standards
The Premium
Cloud
C
ondensed c
onsolidated
h alf
-
y ear
fi
nancial
statements
of the WIIT Group at June 30, 2026
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Company:
WIIT S.p.A.
Registered office:
20121
-
Milan, Via dei Mercanti No.12
Tax and VAT number:
01615150214
Share capital:
Euro 2,802,066.00 fully paid -
in
Milan Companies Registration Office:
No. 01615150214
Data
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Contents
Profi
le 3
The offering
3
Corporate Boards
7
Shareholders
8
Directors’ Report
9
Explanatory notes
40
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Profile
The WIIT Group (hereafter also “the Group”) provides secure Cloud services for the “critical applications” of its customers, i.e. those whose malfunction may impact business continuity and thus demand guaranteed optimal and non -
stop functioning. These incl ude the main ERP’s (Enterprise Resource Planning) applications on the market, such as for example SAP, Oracle and Microsoft -
in addition to critical applications developed ad hoc for customer business needs (custom applications) and all the non -
interrupti
ble business applications.
The Group mainly operates through its own Data Centers, three of which are TIER IV certified (maximum reliability level) by the Uptime Institute, two of which in Milan and the third in Dusseldorf.
By providing Group services through a number of servers and storage devices, customer “business continuity” can be guaranteed and uninterrupted availability ensured in the case of malfunctions or interruptions to individual systems. These are supported by the company’s cyber security services, ensuring IT security internally and for its customers. Customers can also access Business Continuity and Disaster Recovery services, (replicating processing systems and all customer critical data almost in real time).
The Group also conducts daily backups in order to ensure both data depth over time and the ability to recover data in the event of a disaster.
The offering
The WIIT Group’s offering is built on an integrated platform of technologies and managed services, structured across four main levels: Network & Datacenter Infrastructure, IaaS/PaaS, Managed Services and Digital Process Transformation.
At an
infrastructural level (IaaS/PaaS) , the Group offers three complementary delivery models: Dedicated Infrastructure, for workloads demanding dedicated resources; WIIT Cloud Native Platform (WCNP), a
proprietary cloud
-
native platform based on technologies such as DBaaS, DS3, Cloud Apps, Open
Stack,
Kubernetes, and ECE; and Shared Infrastructure, including support for legacy systems such as IBM iSeries and IBM AIX. All the delivery models include Storage, Backup and Disaster Recovery services, with VMware virtualization technologies, KVM, HWaaS , and GPU capabilities for high -
performance workloads.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
The
Managed Services
layer provides proactive, specialized management of critical components in customers’ IT infrastructure: System Management, Database Management, SAP Management, Backup Management, Network Management and Modern Workplace. Across all managed services, the G
roup
integrates Cybersecurity solutions to ensure comprehensive protection and oversight.
At the top of our offering, the Group delivers end -
to -
end Digital Process Transformation
solutions,
including application platforms such as Enterprise Content Management, Business Process Management, Collaboration Management, Integration HUB, and AI Platform, for artificial intelligence and machine learning solutions.
At the
Network & Datacenter Infrastructure layer, the Group provides robust internet and dedicated connectivity via its WIIT Network Infrastructure and Network Security, and seamless integration with Customer Datacenters, Third -
party Datacenters, WIIT Secure Cloud, and third -
party Hyperscaler
Infr
astructures, enabling tailored Hybrid Cloud and Multi -
Cloud architectures.
Services are usually provided through a standard contract type for all categories (IaaS, PaaS, Managed Services, Digital Process Transformation) and combined within a single all -
inclusive price structure and contract.
Contract duration is generally between three and five years and usually with automatic renewal for periods of equal length (unless terminated in the six months before the expiration date). They generally stipulate an initial provision of services for the “
start
-
up” phase in support of the Group’s services, whose consideration is generally included in the periodic fees, and subsequently the provision of specific services on -
demand.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Certifications
The Group owns three TIER IV Data Centers (maximum reliability level) certified by the Uptime Institute, two of which are located in Milan and one in Düsseldorf. To date in Europe only a select number of Data centers are TIER IV certified by the Uptime Institu te in the “Constructed Facility” category (
https://uptimeinstitute.com/tier
-
certification/construction
).
The Group as a whole also has sixteen Data Centers, particularly in Castelfranco Veneto, Düsseldorf, Stralsund, Limburgerhof and Munich.
In relation to its operating structure and Data Centers, the Parent Company W IIT S.p.A. (hereafter also the “Parent Company”) has achieved international certifications, particularly in terms of management, security and continuity for its services such as the ISO 20000 (Service Management), ISO 27001, ISO 27017, ISO 27018,
ISO 27035 (I
nformation Security Management) and ISO 22301 (Business Continuity Management) certifications and with service provision certified to the ITIL (Infrastructure Library) standard. In addition, the application of ISO 9001 enables the company to adopt an appro priate model for managing the organization's quality (Quality Management).
The parent company has an integrated management system for all the aforementioned certifications, for all the activities relating to:
• Infrastructure provision and management -
IaaS on premises, own and third -
party Data Centers.
• Enterprise Application Environments Operating Services, SAP and non -
SAP.
• Disaster Recovery and Managed Backup on proprietary (PaaS) and non -
proprietary (Pure Managed Services) technologies.
• Information Security, Cyber Security and Security Operation Center Services.
• Desktop Management and Application Management Services.
The correct management and protection of data and information managed through its IT systems is guaranteed through the Parent Company’s receipt in 2012 of the ISO 27001 certification (international standard setting the requirements for information technolo gy security management systems). It also developed and adopted an operational continuity method based on ISO 22301, promoting a structured approached not based only on technology, but capable of addressing all processes involved in operational recovery.
The parent company also applied international standard ISO 27035 for the organization and proper management of the information security incident response processes.
A periodic control and reporting process for Parent Company services has also been introduced in line with ISAE 3402 Type II Report certification -
an international standard prescribing Service Organization Control reports that provide assurance to an orga nization’s customers and service users.
Further to these certifications, the Parent Company is a SAP top partner and has obtained many SAP Outsourcing Operation certifications.
To date it has achieved the following certifications:
• SAP Business Process Outsourcing BPO Operations (Italy)
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
• SAP Cloud and Infrastructure Operations (Italy and Germany) • SAP DevOps (Italy) • SAP HANA Operations (Italy and Germany) • SAP Hosting Operations (Italy and Germany) • SAP Business Suite Solutions Operations (Italy)
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Corporate Boards
BOARD OF DIRECTORS
Chairperson
Enrico Giacomelli
Chief Executive Officer
Alessandro Cozzi
Executive Director
Enrico Rampin
Director
Stefano Pasotto
Director
Francesca Cocco
Independent Director
Annamaria di Ruscio
Independent Director
Nathalie Brazzelli
Independent Director
Emanuela Teresa Basso Petrino
Independent Director
Santino Saguto
BOARD OF STATUTORY AUDITORS
Chairperson of the Board of Statutory Auditors
Vieri Chimenti
Statutory Auditor
Chiara Olliveri Siccardi
Statutory Auditor
Paolo Ripamonti
Alternate Auditor
Igor Parisi
Alternate Auditor
Cristina Chiantia
RISKS AND RELATED PARTIES COMMITTEE
Chairperson
Annamaria Di Ruscio
Member
Enrico Giacomelli
Member
Nathalie Brazzelli
APPOINTMENTS AND REMUNERATION COMMITTEE
Chairperson
Emanuela Teresa Basso Petrino
Member
Enrico Giacomelli
Member
Annamaria Di Ruscio
SUPERVISORY AND CONTROL BOARD
Chairperson of the Supervisory and Control Board
Luca Valdameri
INDEPENDENT AUDIT FIRM
Independent Audit Firm Deloitte & Touche S.p.A.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Shareholders
On April 29, 2026, the Shareholders’ Meeting of WIIT S.p.A. resolved to cancel 1,680,000 shares, without par value, without reducing the share capital.
At June 30, 2026, WIIT S.p.A.’s share capital structure is as follows:
*Alessandro Cozzi and companies relating to him For the latest information, see the WIIT Group Investor Relations section under “Share information”.
Shareholder
Number of shares held at
30.6.2026
% Alessandro Cozzi (*)
16,456,768
62.48%
Treasury shares
1,701,325
6.46%
Market
8,182,567
31.06%
TOTAL
26,340,660
100%
FREE FLOAT (Treasury shares and Market)
9,883,892
37.52%
62.48%
31.06%
6.46%
Alessandro Cozzi
Free Float
Own Shares
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
DIRECTORS’ REPORT
GOVERNANCE AND SIGNIFICANT EVENTS
On March 25, 2019, the company WIIT S.p.A. was listed on the Euronext Star Milan (”STAR”) segment, organized and managed by Borsa Italiana S.p.A., concluding a process begun in November 2018, with trading from April 2, 2019.
With this listing, the Group has had the opportunity to attract a broader and more diversified range of investors
with advantages
-
in addition to those concerning value enhancement and visibility -
with regards to the Group’s positioning against its compe titors and its strategic partners, further to improved market liquidity than that available usually on a multi -
lateral trading system. In addition, the Euronext Star Milan (“STAR”) segment listing, considering the requirements imposed on the companies li sted, has supported the further professional growth of the management team and of the Group more widely, bringing all of the associated
knock
-
on benefits.
WIIT: SHARE PRICE AND VOLUMES
-
01.01.2026
–
30.06.2026
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Significant agreements
On March 4, 2026, the parent company WIIT S.p.A. announced the signing of a new five -
year contract, with a total value of Euro 2.8 million, for the advanced management of the information systems of a leading international advanced industrial Group. The Cus tomer has undertaken a strategic review of its IT model so as to meet the increased scalability, operating resilience and cost optimization requirements required by the business’s growth. In this context, the Group was selected as the preferred technology partner to support the Customer in an end -
to -
end transition to a more flexible, secure and sustainable IT infrastructure. The Customer’s entire application portfolio, which includes SAP ERP systems and other core business applications, such as PLM platform s and solutions supporting research and development activities, will be migrated, hosted and managed in a Private Cloud in the WIIT Italy North/West Region, one of the Group’s three Premium Zones in Italy. This environment is based on Tier IV data centers and designed according to "security -
by -
design" principles, ensuring high standards of resilience, security and availability. Business continuity will be ensured through a disaster recovery site located in the WIIT Italy North/East Region, specifically desi
gned
to guarantee high service availability and adequate geographic separation from the primary environment. The project also involves the integration of Cybersecurity services and perimeter security solutions managed by WIIT, which will help strengthen th e Customer’s security model through the continuous, centralized and coordinated monitoring of the entire technological infrastructure.
On April 16, 2026, the parent company WIIT S.p.A. announced the renewal of its contract with a major Customer in the retail sector for a term of five years and a total value exceeding Euro 2.6 million. The agreement provides for the continued management an d hosting, on WIIT’s Private Cloud infrastructure, of the mission -
critical application systems that support the Customer’s core business processes, including the SAP platform. Thanks to its proprietary technology platform and proven expertise in managing c omplex and critical workloads, the Company will continue to provide the Customer with a highly resilient and secure infrastructure environment, hosted in the Premium Zone of the WIIT Italy North/West Region. This infrastructure is designed to ensure high l evels of availability, operational efficiency and service continuity, in support of operating activities and the evolution of business processes. Business continuity will be further strengthened through a disaster recovery site located in the WIIT Italy No rth/East Region, which ensures adequate geographic separation from the primary environment and a high capacity for service recovery.
On June 30, 2026, the parent company WIIT S.p.A. announced the renewal of its contract with a major international Customer operating in the travel retail sector, for a term of three years and a total value of approximately Euro 2.2 million. This contract renewal reaffirms the Customer’s trust in the Group to manag e its critical information systems and solidifies a long -
standing partnership, reinforcing the Company’s role as a strategic technology partner for the evolution, security and resilience of IT environments supporting a business featuring a broad geographic footprint and continuous 24/7 operations. In this context, the availability of services and the performance of the platforms supporting retail locations are essential factors for business continuity and the efficiency of business processes. The agreement covers the adoption of a Hybrid Cloud model, designed to allocate each workload to the most appropriate technology environment based on specific performance, security and proximity to business processes demands.
Other information
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
On February 5, 2026, the WIIT Group announced its confirmation and selection as one of the few European partners to participate in the Broadcom Advantage Partner Program, a private program with invitation -
only
access, which allows the WIIT Group to operate as an Authorized VMware Cloud Service Provider (VCSP). This recognition can be attributed to the Group's solid growth over the past five years and testifies to the effectiveness of the strategic investments made in data center infrastructure and the devel
opment of
technological expertise. VCSP partners are known for their deep expertise in VMware solutions and for a solid track record of achieving high levels of customer satisfaction. They are therefore particularly qualified to effectively meet the manage d service needs of customers in their respective regions. As part of the Advantage Partner Program, the WIIT Group will be operational in all countries currently covered and in future entry markets through upcoming acquisition -
led growth initiatives (M&A’s), contributing to the consolidation and evolution of the Cloud4Europ e project. Through its Secure Cloud approach, the WIIT Group offers an integrated package of premium technologies and highly -
qualified managed services for VMware Cloud Foundation (VCF), providing a sovereign cloud that ensures data residency, high complia nce standards, and full compliance with jurisdictional controls. The Group’s proprietary cloud infrastructure spans 7 strategic regions across Europe, 3 of which are enabled as Premium Zones, with data centers certified as Tier IV by the Uptime Institute a nd with processes managed by highly -
skilled staff. This allows VCF services to be offered with high reliability, business continuity, inherent safety and total regulatory compliance. Through this integration, the Group is able to take advantage of the intr insic capabilities of VMware software, such as load balancing, advanced resource orchestration and high -
availability deployment across multiple data centers, ensuring uninterrupted performance, unlimited scalability and continuous technology renewal. The s
ynergy
between VMware's solutions and the Group’s proprietary infrastructure enables a flexible and customized response to the diverse needs of businesses, consolidating its position as a benchmark for innovation and data protection in the European cloud i ndustry. As a VCSP partner and European cloud service provider, it will continue to offer its customers in Italy, Germany and Switzerland advanced virtual infrastructure and critical application management services based on VMware technologies. These servi ces are part of an evolving ecosystem of solutions designed to support companies on their digital transformation journey and ensure ongoing innovation, reliability and security.
On April 29, 2026, the Shareholders’ Meeting of WIIT S.p.A. resolved to cancel 1,680,000 shares, without par value, without reducing the share capital.
On June 10, 2026, WIIT announced the signing of a loan agreement with ING Bank N.V., Milan Branch, for a total amount of Euro 40,000,000 (the “Loan Agreement”). The Loan Agreement consists of two credit facilities: (i) a medium to long -
term credit facility (term loan) of Euro 20,000,000; and (ii) a short -
term revolving credit facility of Euro 20,000,000. The Loan Agreement has an initial term of 4 years, expiring in 2030, with an extension option for an additional 12 months, at the Company’s request, up to a maximum of 5 years from the date of execution. The extension is contingent upon the fulfillment of conditions related to the Company’s debt at the time the extension is requested. The interest rate is in line with current market conditions for
similar tr
ansactions, both for the term loan and the revolving credit facility. Arrangement fees and commitment fees are also stipulated, in line with current market conditions for similar transactions. The term loan facility includes a repayment schedule with quart erly or half -
yearly installments (at the Company’s choice) beginning from the 18th month following the date on which the Loan Agreement is signed, with 85% of the principal repaid at maturity (bullet payment). Under the revolving credit facility, each draw down must be repaid at the end of the corresponding interest period, which may be monthly, quarterly or half -
yearly (at the Company’s choice). The Loan Agreement stipulates, among other matters, a “change of control” clause, a
“cross
-
default” clause and a financial covenant based on the ratio of the Consolidated Net Financial Position to Consolidated EBITDA. The Loan Agreement is secured by an independent guarantee issued by the subsidiary WIIT AG. Although the issuance of the guarantee qualifies as a relat ed party transaction, it is
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
exempt from the relevant regulations as it was carried out with a subsidiary in which no other related parties of WIIT hold significant interests.
Within the preparation of the consolidated financial statements as of June 30, 2026, it was noted that the Company, on a standalone basis, at June 30, 2026 had shareholders’ equity of approximately Euro 138 thousand, which was more than one -
third less than the share capital (amounting to Euro 2,802,066.00), due to the accounting treatment of treasury shares held in the portfolio (1,436,967 shares as of July 31, 2026, representing 5.46% of the share capital, with a total value of approximately Euro 40.235 mi llion based on the market price as of July 31, 2026). The Board of Directors also noted that the aforementioned equity position was not attributable to losses for the period (in the first half of the year the Company reported a profit of
approximately Eur
o 6.506 million), but rather to the accounting treatment of the purchases of treasury shares in the first half of 2026. In this regard, a separate statement of financial position has been prepared as of July 31, 2026, which indicates that the Company’s sh areholders’ equity amounts to Euro 4.643 million and is, therefore, greater than the paid -
in capital. The increase stems primarily from the effects of the allocation of treasury shares in connection with the exercise of options by beneficiaries of the “2021 – 2026 Stock Option Plan” and the resulting cancellat ion of a portion of the negative reserve for treasury shares.
The Board of Directors also noted that, although the treasury shares held are within the limits of the available reserves and the profits as shown in the aforementioned statement of financial position as of July 31, 2026, such treasury shares exceed the av ailable reserves and distributable profits resulting from the most recent financial statements duly approved pursuant to Article 2357 of the Civil Code (i.e., the financial statements as of December 31, 2025); Accordingly, the Company intends to proceed, i n accordance with the law, with the sale of a limited number of treasury shares from its portfolio to ensure compliance with the provisions of the aforementioned regulation.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
ALTERNATIVE PERFORMANCE MEASURES
In accordance with the ESMA recommendation on alternative performance measures (ESMA/2015/1415), as implemented by Consob Communication No. 0092543 at December 3, 2015, the Alternative Performance Measures used to monitor the Group’s operating and financia l performance are outlined below.
Total adjusted revenues and operating income -
A non
-
GAAP measure used by the Group to measure performance. Total adjusted operating revenues and income is calculated as Total operating revenues and income as per the income statement, in accordance with IFRS. Total adjusted revenues and operating inc ome is not recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the latter.
EBITDA
-
A non
-
GAAP measure used by the Group to measure performance. EBITDA is calculated as the Net result, excluding Income taxes, Financial income, Financial expense, Exchange losses, Amortization, depreciation and write -
downs, and Provisions. EBITDA is not rec ognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Parent
Company
may not be comparable with the determined by the latter.
EBITDA Margin
-
measures the Group operating profitability as a percentage of consolidated revenues reported in the year and is defined as the ratio between EBITDA and Total revenues and operating income.
Adjusted EBITDA
-
A non
-
GAAP measure used by the Group to measure performance. Adjusted EBITDA is calculated as the Net result excluding Income taxes, Financial income, Financial expense, Exchange losses, Amortization, depreciation and write -
downs, and Provisions, of Merger & Acquisition (M&A) professional service costs, internal staff reorganization costs and Stock Options/ Stock Grant incentive plan costs. With regard to Adjusted EBITDA, the Group applies these adjustments so as to better reflect the Group's operating performance and for improved comparability with the historic figures for the periods under review, as such
include cost
items relating to company developments not concerning the normal operating management of the Group’s business and related to professional services costs for M&A’s. In order to improve the comparability of operating performance, the Group also excludes fro m the calculation of Adjusted EBITDA the costs of accounting for stock options and stock grants (IFRS2). Adjusted EBITDA is not recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination
criterion app
lied by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the latter.
Adjusted EBITDA Margin -
measures the Group operating profitability as a percentage of consolidated revenues reported in the year and is defined as the ratio between Adjusted EBITDA and Adjusted total revenues and operating income.
EBIT
-
A non
-
GAAP measure used by the Group to measure performance. EBIT is calculated as the Net result, excluding Income taxes, Financial income, Financial expense and Exchange losses. EBIT is not recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the latter.
EBIT Margin
-
measures the earning capacity of Group sales. It is calculated as the ratio between EBIT and Total revenues and operating income.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Adjusted EBIT
-
A non
-
GAAP measure used by the Group to measure performance. Adjusted EBIT is calculated as the Net result excluding Income taxes, Financial income, Financial expense and Exchange losses, Merger & Acquisition (M&A) professional service costs, internal staf f reorganization costs, Stock Options/Stock Grant incentive plan costs, the depreciation of fixed assets resulting from the Purchase Price Allocation referring to acquisitions. With regards to Adjusted EBIT, the Group made these adjustments for the purposes of reflecting the Group’s operating performance, net of the effects of ce rtain events and transactions. These adjustments related to certain charges were also necessary in order to ensure the better comparability of historical data for the periods under review, as such include cost items relating to company developments not co ncerning the normal operating management of the Group’s business, in addition to the amortization of capital gains allocated to fixed assets as a result of business combination transactions (Purchase Price Allocation), and specifically the amortization of customer lists, exclusive contracts, platforms and Data Centers.
Adjusted EBIT Margin -
measures the earning capacity of Group sales. It is calculated as the ratio between Adjusted EBIT and Adjusted total revenues and operating income.
Adjusted net profit or loss –
A non
-
GAAP measure used by the Group to measure its performance. The Adjusted net profit or loss is calculated as the Net result, excluding M&A costs, personnel internal reorganization costs, the costs for the accounting of Stock options and Stock Grants (IFRS2), the financial expense for the closure of the loan contracts, the amortization of capital gains allocated to fixed assets as a result of business combinations (Purchase Price Allocation), and specifically the amortization of customer
lists, exclus
ive contracts, platforms and Data Centers. and the related tax effects on these excluded items.
Net financial debt – this is a valid measure of the Group’s financial structure. It is calculated in accordance with the provisions of Consob Communication No. 5/21 of April 29, 2021 and the ESMA 32 -
382 -
1138
recommendations. It is presented in the explanatory notes.
Adjusted Net financial debt – this is a valid measure of the Group’s financial structure. It is determined in accordance with Consob Communication No. 5/21 of April 29, 2021 and in accordance with ESMA
Recommendations 32
-
382 -
1138, including, where applicable, other non -
current assets
related to security deposits and excluding trade and other non -
current payables. It is also presented net of the effects of IFRS 16.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
OPERATING RESULTS AND FINANCIAL POSITION
Group operating performance
The H1 2026 reclassified consolidated income statement is compared below with the same period of the previous year (in Euro):
H1 2026
H1 2025
H1 2026
Adjusted
H1 2026
Adjusted
Total revenues and other operating
income
81,832,389
85,315,083
81,832,389
85,315,083
External costs
(26,542,566)
(26,438,267)
(25,584,189)
(25,657,253)
Personnel costs
(21,836,293)
(25,521,046)
(21,492,230)
(24,590,530)
Other costs and operating charges
(601,706)
(509,367)
(601,706)
(509,367)
Change in inventories
81,265
215,816
81,265
215,816
EBITDA
32,933,089
33,062,220
34,235,529
34,773,750
EBITDA Margin
40.2%
38.8%
41.8%
40.8%
Amortization
, depreciation and write -
downs
(18,301,319)
(18,771,260)
(15,842,220)
(16,312,162)
EBIT
14,631,770
14,290,960
18,393,309
18,461,589
EBIT Margin
17.9%
16.8%
22.5%
21.6%
Income and charges
(6,692,778)
(4,327,573)
(6,692,778)
(4,327,573)
Income taxes
(2,889,085)
(2,849,557)
(3,843,900)
(4,106,639)
NET PROFIT/(LOSS)
5,049,907
7,113,830
7,856,631
10,027,377
For a better understanding of the Group’s profitability, the table below illustrates some of the performance indicators compared to previous years. The indicators are calculated on the basis of the consolidated financial statements.
Ratio
Formula
H1
30.06 2026
H1 2025
H1
H1 2026
Adjusted
H1 2025
Adjusted
ROE Net profit / equity
183.12%
22.38%
141.19%
28.89%
ROI EBIT / Capital employed
2.77%
4.42%
3.48%
5.71%
ROS EBIT / Revenues and operating income
17.88%
16.75%
22.48%
21.64%
ROE indicates a significant increase compared with the previous year due to the decrease in the Group’s shareholders’ equity, which, as outlined in greater detail in the statement of changes in consolidated shareholders’ equity in the notes to the financia l statements, was affected by the purchase of treasury shares held in portfolio.
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CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
The table below presents revenues and operating income, EBITDA, EBIT and the net result (reconciled in the following table).
H1 2026
H1 2025
H1 2026
Adjusted
H1 2025
Adjusted
% Adj.Cge.
Total revenues and other
operating income
81,832,389
85,315,083
81,832,389
85,315,083
(4.1%)
EBITDA
32,933,089
33,062,220
34,235,529
34,773,750
(1.5%)
EBIT
14,631,770
14,290,959
18,393,309
18,461,588
(0.4%)
Profit before taxes
7,938,992
9,963,387
11,700,531
14,134,016
(17.2%)
Consolidated Profit
5,049,907
7,113,830
7,856,630
10,027,377
(21.6%)
Adjusted total revenues and operating income amounted to Euro 81.8 million, compared to Euro 85.3 million in H1 2025.
It is noted that H1 2025 included a one -
time positive item of Euro 2.0 million as the conditions for the payment of the variable component of the additional consideration stipulated in connection with a previous acquisition were not met.
Annual Recurring Revenues (ARR) grew 0.8% in the period. Looking to the regions, Italy contributed with ARR revenues of Euro 29 million, up 6.8% and representing 91.2% of the total. Germany reported an ARR component of Euro 33.2 million (95.1% of revenues, excluding Gecko), a contraction however of 3.4%. Finally, Switzerland contributed Euro 6.6 million of ARR revenues (80.4% of the total), substantially in line with the previous year.
The Group's
Adjusted EBITDA
was Euro 34.2 million (Euro 34.8 million in H1 2025). It should be noted that the result for the comparable period benefited from a one -
time positive item amounting to Euro 2 million.
The margin of Adjusted EBITDA on Total revenues and operating income was 41.8%, compared to Euro 40.8% in H1 2025. The improved margin reflects the gradual increase in the share of cloud services within the product mix, the level of organization of proces ses and operational services efficiency, the cost synergies resulting from the acquisitions, the ongoing improvement in the profitability of the subsidiaries, the streamlining of revenue and the initiatives undertaken to reduce churn.
In terms of the main geographies, the Group’s Adjusted EBITDA margin in H1 2026 was 54.8% in Italy (53.5% in H1 2025), 36.9% in Germany (39.3% in H1 2025) and 19.7% in Switzerland (13.3% in H1 2025). Specifically, WIIT AG, excluding Gecko’s contribution, r eported an adjusted EBITDA margin of 39.2%, compared with 42.1% in H1 2025 and 38.8% on a comparable basis, excluding the non -
recurring item. This trend reflects the business's gradual shift toward higher -
value
-
added services, which continues to support th e improvement in operating profitability.
The adjustment to H1 2026 EBITDA concerns the effects of the M&As, amounting to Euro 0.36 million, the costs related to the share -
based incentive plans of Euro 0.31 million, the personnel reorganization costs of Euro 0.2 million and other non -
recurring cos
ts of Euro 0.4 million.
Page
| 17
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Group
Adjusted EBIT
was Euro 18.4 million (essentially in line with Euro 18.5 million in H1 2025). It should be noted that the result for the comparable period benefited from the one -
time positive
item indicated above.
Excluding this effect, the Group would have posted higher growth.
Amortization, depreciation, write -
downs and other provisions
totaled
Euro 15.8 million, decreasing by approximately Euro 0.4 million compared with the same period of the previous year. This reduction reflects the ongoing improvement in cost efficiency and the gradual reduction in capital expenditures over the final
quarter
s of 2025, resulting in lower amortization and depreciation and other non -
cash expenses.
The adjustment refers to the amortization of the Purchase Price Allocation of Euro 2.46 million.
The Adjusted consolidated net profit was Euro 7.9 million, compared to Euro 10.0 million in the first half of 2025. The decrease was primarily due to the impact of higher net financial expenses and income, which increased Euro 2.4 million, primarily due to the higher financial expenses related to the new Euro 215 million bond issued in October 2025, partially offset by financial income generated by current financial assets.
The reconciliation between the Net Result and EBITDA and Adjusted EBITDA for H1 2026 and H1 2025 are
presented below:
H1 2026
% of Total
revenues
and
operating
income
H1 2025
% of Total
revenues
and
operating
income
Net Profit
5,049,907
6.17%
7,113,830
8.34%
Income taxes
2,889,085
3.5%
2,849,557
3.3%
Financial income
(2,456,381)
(3.0%)
(50,592)
(0.1%)
Financial expenses
9,146,093
11.2%
4,260,734
5.0%
Exchange losses
3,066
0.0%
117,430
0.1%
Amortization, depreciation and write -
downs
18,301,319
22.4%
18,771,260
22.0%
EBITDA
32,933,089
40.24%
33,062,220
38.75%
M&A professional services costs (i)
356,301
0.4%
569,321
0.7%
Stock option and RSU costs -
IFRS 2
(ii)
305,350
0.4%
224,014
0.3%
Staff reorganization and other costs
(iii)
640,789
0.8%
918,196
1.1%
Adjusted EBITDA
34,235,529
41.84%
34,773,750
40.76%
(i) The Group recorded costs for M&A operations amounting to Euro 356 thousand.
(ii)
The Group reports costs of Euro 305 thousand following the valuation of stock options and RSU’s as per IFRS 2.
(iii)
The Group recognized Euro 196 thousand for costs related to the staff reorganization in Italy and Germany and Euro 445 thousand for other non -
recurring costs.
The reconciliation between the Net Result, EBIT and Adjusted EBIT for H1 2026 and H1 2025 are presented
below:
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| 18
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
H1 2026
% of Total
revenues
and
operating
income
H1 2025
% of Total
revenues
and
operating
income
Net Profit
5,049,907
6.17%
7,113,830
8.34%
Income taxes
2,889,085
3.5%
2,849,557
3.3%
Financial income
(2,456,381)
(3.0%)
(50,592)
(0.1%)
Financial expenses
9,146,093
11.2%
4,260,734
5.0%
Exchange losses
3,066
0.0%
117,430
0.1%
EBIT
14,631,770
17.88%
14,290,959
16.75%
M&A professional services costs (i)
356,301
0.4%
569,321
0.7%
Costs for Stock options and RSU -
IFRS2
(ii)
305,350
0.4%
224,014
0.3%
Staff reorganization and other costs
(iii)
640,789
0.8%
918,196
1.1%
Amortization Customer list from PPA
(iv)
1,342,305
1.6%
2,051,634
2.4%
Amortization Data Center, Building and Platform
from PPA
(v)
1,116,793
1.4%
407,464
0.5%
Adjusted EBIT
18,393,309
22.48%
18,461,588
21.64%
(i) The Group recorded costs for M&A operations amounting to Euro 356 thousand.
(ii)
The Group reports costs of Euro 305 thousand following the valuation of stock options and RSU’s as per IFRS 2.
(iii)
The Group recognized Euro 196 thousand for costs related to the staff reorganization in Italy and Germany and Euro 445 thousand for other non -
recurring costs.
(iv)
the Group recorded amortization for the business list recognized following the Purchase Price Allocation: for Euro 105 thousand concerning Adelante, for Euro 150 thousand Matika, for Euro 79 thousand Etaeria, for Euro 415 thousand MyLoc, for Euro 44 thousa nd Mivitec, for Euro 535 thousand Boreus, for Euro 357 thousand Gecko, for Euro 40 thousand Global, for Euro 25 thousand Erptech, for Euro 125 thousand Lansol, for Euro 94 thousand Edge&Cloud and for Euro 81 thousand Michgehl & Partner.
(v) the Group recorded amortization relating to the Data Center acquired as part of the Purchase Price Allocation of MyLoc for Euro 587 thousand, of Boreus for Euro 675 thousand, of Lansol for Euro 144
Page
| 19
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
thousand, and the depreciation on the K -
File platform for Euro 78 thousand. This amortization was recognized to the “Amortization, depreciation and write -
downs” account.
The reconciliation between the Net Result and Adjusted Net Result for H1 2026 and H1 2025 are presented
below:
H1 2026
% of Total
revenues
and
operating
income
H1 2025
% of Total
revenues
and
operating
income
Net Profit
5,049,907
6.17%
7,113,830
8.34%
M&A professional services costs (i)
356,301
0.4%
569,321
0.7%
Costs for Stock options and RSU -
IFRS2
(ii)
305,350
0.4%
224,014
0.3%
Staff reorganization and other costs
(iii)
640,789
0.8%
918,196
1.1%
Amortization Customer list from PPA
(iv)
1,342,305
1.6%
2,051,634
2.4%
Amortization Data Center, Building and Platform
from PPA
(v)
1,116,793
1.4%
407,464
0.5%
Tax effects of reconciled items
(954,815)
(1.2%)
(1,257,082)
(1.5%)
Adjusted Net Profit
7,856,630
9.60%
10,027,377
11.75%
Condensed statement of cash flow
The condensed statement of cash flow for the period, compared to the end of the previous year and the same period for the previous year, is presented below.
H1 2026
H1 2025
Net result
5,049,907
7,113,830
Adjustments for non -
cash items
27,173,951
23,978,976
Cash flow generated from operating activities before working capital changes
32,223,858
31,092,806
Changes in current assets and liabilities
(8,099,379)
(8,847,732)
Changes in non -
recurring current assets and liabilities
(1,460,985)
(252,633)
Cash flow generated from operating activities
(2,492,888)
(2,873,777)
Cash flows from operating activities (a)
20,170,606
19,118,664
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| 20
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Net cash flow used in investment activities (b)
9,574,844
(3,921,470)
Cash flows from financing activities (c)
(31,463,928)
(18,431,821)
Net increase/(decrease) in cash and cash equivalents (a+b+c)
(1,718,478)
(3,234,627)
Cash and cash equivalents at end of the period
61,959,801
12,274,393
Cash and cash equivalents at beginning of the period
63,678,279
15,509,020
Net increase/(decrease) in cash and cash equivalents
(1,718,478)
(3,234,627)
In the first half of 2026, cash flows were generated from operating activities of Euro 20.2 million. Cash and cash equivalents at June 30, 2026 amounted to Euro 62 million, decreasing Euro 1.7 million on December 31, 2025.
The reduction in cash and cash eq uivalents on December 2025 is mainly due to investments in tangible and intangible assets of Euro 5.8 million and the purchase of treasury shares of Euro 20.7 million, partially offset by sales of Euro 4.1 million and the distribution of a dividend for Eur o 7.4 million.
Balance Sheet highlights
30.06.2026
Consolidated
31.12.2025
Consolidated
Net intangible assets
178,860,001
181,510,690
Net tangible assets
75,994,362
76,480,740
Equity investments and other financial assets 5 5
Other long
-
term receivables
1,234,986
1,278,656
Deferred tax assets
1,882,553
1,903,249
Fixed assets
257,971,906
261,173,341
Inventories
339,920
258,655
Current trade receivables
33,987,463
31,025,123
Receivables from Group companies 438 0 Current financial assets
162,728,446
176,599,447
Other receivables
11,410,201
10,873,675
Cash and cash equivalents
61,959,801
63,678,279
Current assets
270,426,269
282,435,179
Capital employed
528,398,175
543,608,520
Bank loans (within one year)
19,699,175
16,254,192
Financial indebtedness related to Bond facilities (within one year)
159,093,158
152,436,229
Payables to other lenders (within one year)
12,586,594
12,097,811
Payables to suppliers (within one year)
12,700,056
16,296,283
Payables to Group companies
641,627
301,732
Tax payables
9,967,201
7,925,910
Other payables
13,315,565
16,527,506
Current liabilities
228,003,376
221,839,665
Employee benefits
2,402,364
2,735,558
Bank loans (beyond one year)
46,662,004
49,741,305
Financial indebtedness related to Bond facilities (beyond one year)
212,793,655
212,618,541
Page
| 21
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Payables to other lenders (beyond one year)
22,732,549
21,886,941
Provisions for risks and charges
664,430
659,168
Other non
-
current financial liabilities
3,278
43,018
Deferred tax payables
12,378,789
12,712,224
Medium/long
-
term liabilities
297,637,068
300,396,755
Non -
controlling interests share capital
525,640,445
522,236,420
Equity
2,757,730
21,372,101
Own funds
2,757,730
21,372,101
Own funds & Minority interest share capital
528,398,175
543,608,520
Adjusted net financial position
The increase in the adjusted net financial position is mainly due to the acquisitions concluded in the year:
30.06.2026
31.12.2025
A -
Cash and cash equivalents
61,959,801
63,678,279
B -
Securities held for trading 0 0 C -
Current financial assets
162,728,446
176,599,447
D -
Liquidity (A + B + C)
224,688,247
240,277,726
E -
Bank loans
–
current portion
(19,699,175)
(16,254,192)
F -
Other current financial liabilities (0) (0) G -
Payables to other lenders
(12,586,594)
(12,097,811)
H -
Current financial indebtedness related to Bond
facilities
(159,093,158)
(152,436,229)
I -
Current financial debt (E + F + G + H)
(191,378,927)
(180,788,233)
J -
Current net financial debt (I -
D)
33,309,319
59,489,493
K -
Bank payables
(46,662,004)
(49,741,305)
L -
Payables to other lenders
(22,732,549)
(21,886,941)
M -
Non -
current financial indebtedness related to Bond
facilities
(212,793,655)
(212,618,542)
N -
Other non
-
current financial liabilities
(3,278)
(43,017)
Page
| 22
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
O -
Trade payables and other non -
current payables
0 0 P
-
Non -
current financial debt (K + L + M + N + O)
(282,191,486)
(284,289,804)
Q -
Group net debt (J + P)
(248,882,167)
(224,800,311)
-
Lease payables IFRS 16 (current)
5,386,563
4,703,441
-
Lease payables IFRS 16 (non -
current)
11,157,651
7,737,152
R -
Net financial debt excluding the impact of IFRS 16 for the Group
(232,337,952)
(212,359,717)
This amount does not include the valuation of treasury shares in portfolio for approximately Euro 58.7 million at market value as at June 30, 2026 (Euro 34.5 per share).
For a better understanding of the financial situation, the table below illustrates some financial performance ratios compared to the previous year.
6M 2026
6M 2025
Primary liquidity
Current Assets / Current Liabilities
1.19
0.70
Debt
Third
-
party capital / Own capital
171.72
7.49
In accordance with the provisions of the WIIT 2030 Bond Offering Regulation, the Company has verified compliance with the financial covenant that sets the Group’s maximum debt -
to -
equity ratio at 4:1. For compliance purposes, the covenant is calculated as t he ratio of Consolidated Adjusted EBITDA, determined net of the effects arising from the application of IFRS 16 with respect to real estate, company vehicles and colocation agreements, to the Net Consolidated Financial Position (including the value of trea sury shares).
The following table summarizes the covenant calculation.
Adjusted EBITDA (excluding IFRS 16) for 12 months to 30.06.2026 [A]
58,650,818
Adjusted NFP [B]
(232,337,952)
Value of treasury shares as of 30.06.2026 [C]
58,695,713
Adjusted NFP including Treasury Shares [D=B+C]
(173,642,240)
Covenant [A/D]
2.96
Page
| 23
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
GROUP CASH FLOWS
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6M 2026
6M 2025
Net Profit
5,049,907
7,113,830
Adjustments for non -
cash items:
Amortization, depreciation, revaluations and write -
downs
18,301,319
18,771,260
Change in employee benefits
(333,194)
(61,086)
Increase (decrease) provisions for risks and charges 0
(30,000)
Financial income
(2,456,381)
(50,592)
Financial expenses
9,149,159
4,378,165
Income taxes
2,889,085
2,849,557
Other non
-
cash charges/(income)*
(376,036)
(1,896,959)
Cash flow generated from operating activities before working capital changes
32,223,858
31,074,174
Changes in current assets and liabilities:
Decrease (increase) in inventories
(81,265)
(215,816)
Decrease (increase) in trade receivables
(3,214,778)
773,140
Increase (decrease) in trade payables
(2,907,403)
(3,596,389)
Increase (decrease) in tax receivables and payables 0
(311,329)
Decrease (increase) in other current assets
(188,648)
(1,222,258)
Increase (decrease) in other current liabilities
(1,707,286)
(4,275,080)
Decrease (increase) in other non -
current assets
43,670
(734,759)
Increase (decrease) in other non -
current liabilities
0 185
Increase (decrease) in contract liabilities
(1,504,655)
481,941
Income taxes paid
(829,422)
(562,792)
Interest paid/received
(1,663,465)
(2,310,984)
Cash flows from operating activities (a)
20,170,606
19,100,032
Net increases intangible assets
(2,209,830)
(4,439,420)
Net increases tangible assets
(3,541,178)
(3,618,352)
Increases in financial investments
15,325,851
4,154,933
Net cash flow used in investment activities (b)
9,574,844
(3,902,839)
New financing
8,000,000
9,000,000
Repayment of loans
(7,634,319)
(7,286,705)
Bond principal repayment 0
(2,642,238)
Page
| 24
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
Lease payables
(7,797,518)
(7,483,808)
Payment of deferred fees for business combinations 0
(335,000)
Drawdown (settlement) other financial investments
(39,736)
35,784
Dividends paid
(7,361,801)
(7,787,903)
(Purchase) Sale treasury shares**
(16,630,555)
(1,931,950)
Cash flows from financing activities (c)
(31,463,928)
(18,431,821)
Net increase/(decrease) in cash and cash equivalents a+b+c
(1,718,478)
(3,234,628)
Cash and cash equivalents at end of the period
61,959,801
12,274,393
Cash and cash equivalents at beginning of the period
63,678,279
15,509,020
Net increase/(decrease) in cash and cash equivalents
(1,718,478)
(3,234,628)
(*) in 2026 mainly concerning the recognition of the effects of the stock options as per IFRS 2 and the recognition of employ ee benefits as per IAS 19 and the conversion of a financial statements in foreign currency.
(**) “(Purchase) Sale treasury shares” consists of the purchase of treasury shares of Euro 20,701 thousand, the sale of treas ury shares of Euro 4,070 thousand, of which Euro 540 thousand following the exercise of a stock option plan.
FINANCIAL INSTRUMENTS
At the HY 2026 reporting date, the parent company has an IRS derivative financial instrument in place, with a fair value of Euro 3 thousand, to hedge the variable interest rate on a loan.
TREASURY SHARES OR PARENT COMPANY SHARES
In accordance with Article 2428, points 3) and 4), of the Civil Code, the company holds 1,701,325 treasury shares, accounting for 6.46% of the share capital, but does not hold shares in parent companies, even through trust companies or nominees, nor have s hares of the parent company been acquired and/or sold during the period, even through trust companies or nominees.
TREASURY SHARES HELD BY SUBSIDIARIES
No subsidiary holds treasury shares of the issuer.
OPT -
OUT FROM THE OBLIGATION TO PUBLISH DISCLOSURE DOCUMENTS ON UNDERTAKING SIGNIFICANT
CORPORATE TRANSACTIONS
In accordance with Article 3 of Consob Resolution No. 18079 of January 20, 2012, WIIT S.p.A. decided to apply
the opt
-
out as per Articles 70, paragraph 8, and 71, paragraph 1 -
bis of Consob motion no. 11971/99, as amended, applying therefore the exception f rom publication of the required disclosure documents concerning significant merger, spin -
off, share capital increases through conferment of assets in kind, acquisition, and sales operations.
THE ENVIRONMENT AND PERSONNEL
In relation to the societal role of the company as set out in the Directors’ Report of the Italian Accounting Professionals Body ( Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili ), the following information relating to the environment and to personnel is provided.
PERSONNEL
During H1 2026, there were no workplace deaths of personnel.
Page
| 25
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
During H1 2026, there were no serious accidents at work that resulted in severe or very severe injuries to personnel.
During H1 2026, there were no charges regarding occupational illnesses of employees or former employees and causes of bullying for which the company was declared definitively responsible.
ENVIRONMENT
During H1 2026, no environmental damage was declared against the company.
During H1 2026, no penalties were incurred for offences or environmental damage.
Information on risks and uncertainties as per Article 2428, paragraph 2, point 6 -
bis of the Civil
Code
INFORMATION ON RISKS AND UNCERTAINTIES AS PER ARTICLE 2428, PARAGRAPH 2,
POINT 6
-
BIS OF THE CIVIL CODE
EXTERNAL RISKS
Financial Risks
The Group is not particularly exposed to financial risks. As operating mainly in the Eurozone, it in fact only has a marginal exposure to exchange rate risk from transactions in foreign currency. Operating revenues and cash flows are not subject to market interest rate fluctuations and no significant credit risks exist as the financial counterparties are leading customers considered solvent by the market.
The financial risks to which the Group is exposed are mainly related to the sourcing of funds on the market (liquidity risk) and interest rate fluctuations (interest rate risk).
In the choice of financing and investing operations the Group adopted prudent criteria and limited risk and no operations were taken of a speculative nature. The Group funds these financial charges with liquidity from operations. In order to monitor fina ncial risks through an integrated reporting system and ensure analytical planning of future activities, the Group has adopted a management control system.
The main categories of financial risk are however outlined below, indicating the level of exposure to the various categories of risk.
Currency risk
Currency risk is defined as the risk of the value of a financial instrument changes following exchange rate movements.
Page
| 26
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
The WIIT Group has a limited exposure to exchange rate risk since the subsidiaries that prepare their financial statements in currencies other than the Euro are small and the transactions in foreign currency are not significant.
Interest rate risk The management of the interest rate risk has the objective to ensure a balanced debt structure, minimizing interest costs over time.
Interest rate risk concerns that affecting the value of a financial instrument on the basis of market interest rate fluctuations.
Over the years, the Group has taken out medium -
term loans with both fixed rates and variable rates. In order to mitigate against the risk of fluctuations in the variable rate, it entered into an IRS derivative contract on a loan signed in FY 2025. It shoul d also be noted that the Group’s financial debt consists primarily of fixed -
rate
bonds.
The breakdown of existing loans is reported in the Explanatory Notes to the consolidated interim financial statements.
Market risk
Market risk is defined as the risk that the value of a financial instrument changes due to fluctuations in market prices.
The Group is exposed to the risks stemming from the global economic environment, and in particular the Italian market performance as the main market for the services provided by the Group. Specifically, the geopolitical instability and the macroeconomic a nd global financial environment (and in particular in Italy) may impact the Group’s production capacity and growth outlook, with possible impacts on the operations, prospects and financial statements of the parent company and of the Group. Against this ba ckdrop, also with an ESG focus, the Group is shifting its supplies towards renewable energy.
The WIIT Group has only minimal exposure to the markets of countries currently involved in armed conflicts (Russia, Ukraine, and the Middle East).
Also at the ESG level, the Group may be exposed to earthquake risk, which could result in damage to its Data Centers with consequent loss of data. However, the Group prevents this risk through backup procedures located in different data centers at a safe d istance to avoid or minimize the possibility of contextual damage.
Credit risk
Credit risk is defined as the probable financial loss generated by the non -
fulfilment by third parties of a payment obligation to the company.
Page
| 27
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
The WIIT Group is exposed to the risk that its customers may be late or not comply with their payment obligations, according to the agreed terms and conditions and that the internal procedures adopted to assess credit standing and the solvency of clients a re not sufficient to ensure collection.
Any missed payments, late payments or other defaults may be due to the insolvency or bankruptcy of the customer, economic events or specific issues affecting the customer. Payment delays may delay cash inflows.
The Group does not have significant concentrations of credit risk, also due to the fact that it does not significantly deal with, as a strategic choice, the public sector.
The Group manages this risk through choosing counterparties considered as solvent by the market and with a high credit rating, or through providing highly critical services which may not be easily interrupted by its customers.
For commercial purposes, policies have been adopted to ensure the solvency of customers and limit the exposure to the credit risk of an individual customer through evaluation and monitoring.
All receivables are periodically subject to an assessment by customer type, with write -
downs made where impairments are identified.
Receivables are initially stated at fair value, corresponding to their nominal value, and subsequently measured according to the amortized cost method, net of a write -
down provision.
In relation to trade receivables and other receivables, the Group has adopted the simplified approach indicated by IFRS 9 to measure the doubtful debt provision as the expected loss over the life of the receivable.
The Group measures the amount of expecte d losses through the use of a past due provisioning matrix, calculated on the basis of the sector and country risk rates.
The breakdown of trade receivables is provided in the Explanatory Notes.
Liquidity risk
Liquidity risk is defined as the risk that the Group encounters difficulties in sourcing the funds necessary to satisfy the obligations related to financial liabilities.
Prudent management of liquidity risk is pursued by monitoring the cash flows, financial needs and the liquidity of the Group, so as to ensure the proper management of financial resources through appropriately allocating any excess or on demand liquidity an d the undertaking of adequate lines of credit.
Legal and tax risks The Group is exposed within its sector to legal and tax risks related to the complexity of the legislative and regulatory environment. Legal risks may arise, among other matters, from contractual disputes with customers, suppliers and business partners, i n addition to potential disputes regarding personal data protection, intellectual property, service continuity, cybersecurity and compliance with applicable regulatory requirements. Tax risks primarily relate to the interpretation and application of tax la ws in the various jurisdictions in which the Group operates, including the aspects related to international taxation and transfer pricing. Group management constantly monitors these risks through compliance processes, with the support of specialized consul tants and by continuously updating its internal procedures. Where it is considered probable that a liability arises from past events and it is possible to make a reliable estimate of the outlay, any
Page
| 28
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
provisions are recognized to the financial statements in accordance with the applicable IFRS accounting standards, while contingent liabilities are disclosed in the established cases.
With regard to a tax dispute at the parent company level concerning the 2019 tax year related to transfer pricing, in which the amount in dispute totals Euro 201 thousand, plus penalties and interest, the Directors consider that well -
founded grounds to sup port its defense exist. Therefore, in light of this assessment, it is considered that the risk of losing the case may be classified as possible.
Economic environment risks The Information Technology market is naturally linked to the general economic performance. A poorly performing economy may slow demand with consequent impacts on the financial statements.
CYBER SECURITY RISKS
Risks associated with information systems and cyber attacks Reliability, operational performance, integrity and continuity in the Group's ICT infrastructure and technology networks are essential for the Group's business, prospects and reputation.
Malfunctions may be caused by migration to new technological or application environments, by significant changes in the production environment, or by human error, insufficient and incomplete testing and acceptance, cyber attacks, unavailability of infrastr ucture services (e.g., power or network connectivity), or natural phenomena (e.g., flooding, fire, or earthquake).
The WIIT Group is therefore exposed to the risk that a malfunction of its IT systems could jeopardize the performance of its core business and interrupt service delivery to its customers. The Group is also exposed to the risk of hacking attacks on its syst ems that might entail theft of corporate secrets or unauthorized access to customer data, the intentional or unintentional use of such data, theft, loss or destruction, by current or former employees, consultants, suppliers or other persons who have had ac cess thereto. These
kinds of
cyber attacks could also disable the computer systems used and result in the need to pay a ransom to remove access restrictions caused by any malware that has infected the systems (“ransomware”).
The occurrence of such circumstances could potentially lead to claims for damages, loss of clients or of a portion of the sales generated by such clients, causing adverse effects on the Group’s reputation and thus on the business, outlook, operating result s and financial position of the Parent Company and of the Group.
In response to these threats, the WIIT Group has hired highly specialized professionals and technicians and its IT infrastructure is undergoing constant technological development and updates to ensure IT security and reduce the risks of hacking. In particu lar, in IT security, in addition to its “Business Continuity and Disaster Recovery Plan”, the WIIT Group has implemented further security tools such as (i) two -
factor (strong)
authentication management software for external access to WIIT’s network, (ii) a
Password Access
Management (PAM) system that reinforces the security of access privileges within the infrastructure, allowing access to be monitored on the basis of the user’s role, (iii) a next -
generation firewall (NGFW) with advanced
anti
-
malware and in trusion detection features for server traffic and (iv) an anti -
virus with EDR (Endpoint Detection & Response) functions and disc encryption for user workstations. In addition, the Group conducts on a recurring basis specific Vulnerability Management and “p enetration test” sessions, taking a risk -
based
approach (e.g., analysis of the level of protection applied to the Active Directory services) to detect and manage any vulnerabilities in the infrastructure.
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| 29
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
The Group is therefore required to pay ongoing costs to update and improve its IT security systems and processes, and to integrate them into newly acquired companies. However, there is no guarantee that the security systems or processes in place or which the Group may introduce in the future will be able to prevent or mitigate damage from cyber attacks or other malfunctions.
Cyber security personnel training has also become a key focus: an ongoing internal project has been launched to improve the awareness of WIIT Group personnel around cyber security issues, in collaboration with the HR team and with the goal of developing an organic training plan. After the first training phase, the project will update the training plan with the involvement of WIIT staff in Italy through recurrently planned training sessions.
Appropriate internal phishing campaigns have also been initiated with the aim of raising the level of staff awareness of this family of threats.
In this area, it also appears strategic to adopt appropriate models for the proper management of security within the WIIT organization An information security management system (ISMS) has been developed and adopted in line with the ISO 27001 standard, whil e applying other frameworks of the same family for web
services (27017
-
27018) and security incident management (27035).
RISKS CONNECTED WITH REGULATORY DEVELOPMENTS
In operating as a hosting provider, the Group is subject to Directive 2000/31/EC and Legislative Decree No.
70/2003. Although the above -
stated regulations assign merely a passive role to the hosting provider, limited to “merely technical, automatic and pas sive operations”, the most recent jurisprudence in both Italy and the EU has in certain cases recognized to the provider also an active role.
This means
-
where this new interpretation is confirmed -
that providers may be held responsible also for the content of the information stored on its servers, as considered the manager. The Group therefore may in the future be considered responsible for the content stored on Group infrastructure (such as information uploaded by customers on their websites) and as such may be involved in the relative disputes (with regards, for example, to intellectual property and civil and/or criminal liability).
The Group companies are therefore considered data owners as per Regulation EC 679/2016 on the protection of natural persons with regards to the processing of personal data, and are therefore required to comply with the relative regulations, with consequent compliance costs (see First Section, Chapter 4, Paragraph 4.1.9 of the Prospectus).
Finally, the Parent Company is held to incur costs and expenses, also at a significant nature, to ensure compliance with the legislation and regulations applicable to companies listed on a regulated market, such as the MTA.
INTERNAL RISKS
The parent company and the Group are exposed to the risk of interruptions to professional relationships with top managers undertaking key roles, in addition to the risk of not being in a position to replace such individuals in an adequate and timely manner . During the first half of 2026, there were no changes in the Group’s top
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| 30
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
2023 Sustainability Report
management. The Group considers that it has an operational structure capable of ensuring management continuity.
Concentration risks
The parent company and the Group now offer services to enterprises operating on a range of markets (Finance, Service Provider, Defense, Manufacturing and Utility) and with highly divergent characteristics.
Group revenues are equally distributed. Despite this fact, the loss of certain significant customers may impact the Group’s financial statements, without however putting the business’s going concern in danger.
Risks associated with contractual commitments The Group provides high technological content and high value outsourcing services and the relative underlying contracts may stipulate the application of penalties for non -
compliance with the agreed service levels.
Penalties are provided for in contracts in relation to the value of the services provided.
The Group also signed insurance policies deemed adequate to protect against risks resulting from civil liability for an annual ceiling of Euro 5 million.
Further to the above coverage, additional policies are taken out for significant economic/financial projects to avoid negative impacts on the Group’s economic/equity and financial position.
The Premium
Cloud
Condensed consolidated half -
year financial statements of the WIIT Group at June 30, 2026
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| 31
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
KEYTOPICS
Cyber security and data resiliency Innovation for transformative models
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| 32
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note
30.06.2026
31.12.2025
ASSETS
Intangible assets
1
54,256,980
56,907,669
Goodwill
2
124,603,021
124,603,021
Right
-
of -
use 3
15,260,531
12,759,308
Plant & machinery 3
7,624,178
8,078,446
Other tangible assets 3
53,109,653
55,642,986
Deferred tax assets 16
1,882,553
1,903,250
Equity investments
5 5
Other non
-
current financial assets 4
1,234,986
1,278,656
NON -
CURRENT ASSETS
257,971,906
261,173,341
Inventories
5
339,920
258,655
Trade receivables
6
33,987,463
31,025,123
Trade receivables from parent company 438 0 Current financial assets 7
162,728,446
176,599,447
Other receivables and other current assets 7
11,410,202
10,873,675
Cash and cash equivalents 8
61,959,801
63,678,279
CURRENT ASSETS
270,426,270
282,435,179
TOTAL ASSETS
528,398,176
543,608,520
The notes are an integral part of the condensed consolidated half -year financial statements.
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| 33
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note
30.06.2026
31.12.2025
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share Capital
2,802,066
2,802,066
Share premium reserve
44,598,704
44,598,704
Legal reserve
560,413
560,413
Other reserves
(30,146,695)
1,916,869
Treasury shares in portfolio reserve
(31,199,342)
(46,644,134)
Reserves and retained earnings (accumulated losses)
10,987,491
7,559,807
Translation reserve
105,186
94,241
Group Net Result
5,049,907
10,484,135
TOTAL EQUITY
9
2,757,730
21,372,101
Non -
current payables to other lenders 10
22,732,549
21,886,941
Non -
current financial indebtedness related to Bond facilities 11
212,793,655
212,618,541
Non -
current bank borrowings 12
46,662,004
49,741,305
Other non
-
current financial liabilities 13
3,278
43,016
Employee benefits
14
2,402,364
2,735,558
Provisions for risks and charges 15
664,430
659,168
Deferred tax liabilities 16
12,378,789
12,712,224
NON -
CURRENT LIABILITIES
297,637,068
300,396,753
Current payables to other lenders 10
12,586,594
12,097,811
Current financial indebtedness related to Bond facilities 11
159,093,158
152,436,229
Current bank loans 12
19,699,175
16,254,192
Current income tax liabilities 17
9,967,201
7,925,910
Trade payables
18
12,700,056
16,296,283
Payables to parent companies 19
641,627
301,733
Current contract liabilities 20
5,624,057
7,128,712
Other payables and current liabilities 20
7,691,509
9,398,796
CURRENT LIABILITIES
228,003,377
221,839,666
TOTAL LIABILITIES
525,640,445
522,236,419
TOTAL LIABILITIES & SHARE. EQUITY
528,398,176
543,608,520
The notes are an integral part of the condensed consolidated half -year financial statements.
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| 34
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
CONDENSED CONSOLIDATED INCOME STATEMENT
Note
H1
2026
H1
2025
REVENUES AND OPERATING INCOME
Revenues from sales and services 21
80,940,124
82,647,841
Other revenue and income 21
892,265
2,667,243
Total revenues and other operating income
81,832,389
85,315,083
Purchases and services 22
(26,542,566)
(26,438,267)
Personnel costs
23
(21,836,293)
(25,521,046)
Amortization, depreciation and write -
downs
24
(18,301,319)
(18,741,260)
Provisions
24 0
(30,000)
Other costs and operating charges 25
(601,706)
(509,367)
Change Inventories of raw materials, consumables & goods
81,265
215,816
Total operating costs
(67,200,619)
(71,024,124)
OPERATING PROFIT
14,631,770
14,290,959
Financial income
26
2,456,381
50,592
Financial expenses
27
(9,146,093)
(4,260,734)
Exchange gains/(losses)
28
(3,066)
(117,430)
PROFIT BEFORE TAXES
7,938,992
9,963,387
Income taxes
29
(2,889,085)
(2,849,557)
NET PROFIT/(LOSS)
5,049,907
7,113,830
The notes are an integral part of the condensed consolidated half -year financial statements.
Attributable to the shareholders of the parent company 11
5,049,907
7,113,830
Earnings per share
Basic earnings per share (Euro per share)
0.20
0.27
Diluted earnings per share (Euro per share)
0.21
0.28
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| 35
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
CONDENSED CONSOLIDATED INCOME STATEMENT
H1 2026
H1 2025
NET RESULT
5,049,907
7,113,830
Items not reclassified subsequently to the income statement Discounting Provisions for employee benefits (IAS19)
(1,842)
17,578
Tax effect on components of comprehensive income that will not be reclassified subsequently to the income
statement
514
(4,904)
Total
(1,328)
12,674
Items reclassified subsequently to the income statement Profits (losses) from conversion of accounts of the Swiss
subsidiaries
10,943
10,622
Total
10,943
10,622
TOTAL COMPREHENSIVE INCOME
5,059,522
7,137,126
The notes are an integral part of the condensed consolidated half -year financial statements.
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| 36
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Euro
Share
capital
Share
premium
reserve
Legal
reserve
Treasury shares
acquired
reserve
Other
reserves
Translation
reserve
Retained
earnings and
losses
carried
forward
Net Result
Group
Shareholders’
Equity
Non -
controlling
interest
shareholders’
equity
Total
Group Shareholders’ Equity at 31.12.2024
2,802,066
44,598,704
560,413
(31,700,611)
7,000,153
82,692
1,532,256
9,264,501
34,140,173
(0)
34,140,173
Net result
7,113,830
7,113,830
(0)
7,113,830
Other Comprehensive Income Statement
components
12,674
6,292
18,966
18,966
Comprehensive net income
12,674
6,292
0
7,113,830
7,132,796
(0)
7,132,796
Allocation of 2024 result
Distribution of dividends
(4,550,955)
(3,236,948)
(7,787,903)
(7,787,903)
Carried forward
9,264,501
(9,264,501)
0 0
Deconsolidation Codefit
0 0
IFRS 2 Reserve
(1,137,167)
224,013
(913,154)
(913,154)
Acquisition of treasury shares
(1,931,950)
(1,931,950)
(1,931,950)
Use of treasury shares
889,972
260,024
1,149,996
1,149,996
Group Shareholders’ Equity at 30.6.2025
2,802,066
44,598,704
560,413
(32,742,589)
1,584,730
88,985
7,783,821
7,113,830
31,789,959
(0)
31,789,959
Net result
3,370,305
3,370,305
(0)
3,370,305
Other Comprehensive Income Statement
components
512
5,257
5,769
5,769
Comprehensive net income 512
5,257
0
3,370,305
3,376,074
(0)
3,376,074
IFRS 2 Reserve
331,626
(224,013)
107,613
107,613
Sale of treasury shares 0 0 Acquisition of treasury shares
(13,901,545)
(13,901,545)
(13,901,545)
Use of treasury shares 0 0 Group Shareholders’ Equity at 31.12.2025
2,802,066
44,598,704
560,413
(46,644,134)
1,916,868
94,242
7,559,808
10,484,134
21,372,100
0
21,372,100
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| 37
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
The notes are an integral part of the condensed consolidated half -year financial statements.
Page
| 38
CONSOLIDATED HALF -YEAR FINANCIAL REPORT AT JUNE 30, 2026
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Euro
Share
capital
Share
premium
reserve
Legal
reserve
Treasury shares
acquired
reserve
Other
reserves
Translation
reserve
Retained
earnings and
losses
carried
forward
Net Result
Group
Shareholders’
Equity
Non -
controlling
interest
shareholders’
equity
Total
Group Shareholders’ Equity at 31.12.2025
2,802,066
44,598,704
560,413
(46,644,134)
1,916,868
94,242
7,559,808
10,484,134
21,372,101
0
21,372,100
Net result
5,049,907
5,049,907
5,049,907
Other Comprehensive Income Statement
components
(1,328)
10,944
9,616
9,616
Comprehensive net income
(1,328)
10,944
0
5,049,907
5,059,522
0
5,059,522
Allocation of 2025 result
Distribution of dividends
(7,361,801)
(7,361,801)
(7,361,801)
Carried forward
10,484,134
(10,484,134)
0 0
IFRS 2 Reserve
(398,482)
305,349
(93,133)
(93,133)
Use of treasury shares
1,628,196
(1,216,602)
411,595
411,595
Sale of treasury shares
3,530,412
540,000
4,070,412
4,070,412
Acquisition of treasury shares
(20,700,968)
(20,700,968)
(20,700,967)
Cancellation of treasury shares
30,987,151
(30,987,151)
0 0 Group Shareholders’ Equity at 30.6.2026
2,802,066
44,598,704
560,413
(31,199,342)
(30,146,694)
105,186
10,987,491
5,049,907
2,757,729
0
2,757,729
The notes are an integral part of the condensed consolidated half -year financial statements.
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| 39
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
H1
2026
H1
2025
Net Profit
5,049,907
7,113,830
Adjustments for non -
cash items:
Amortization, depreciation, revaluations and write -
downs
18,301,319
18,771,260
Change in employee benefits
(333,194)
(61,086)
Increase (decrease) provisions for risks and charges 0
30,000
Financial income
(2,456,381)
(50,592)
Financial expenses
9,149,159
4,327,573
Income taxes
2,889,085
2,849,557
Other non
-
cash charges/(income)*
(376,036)
(1,896,959)
Cash flow generated from operating activities before working capital changes
32,223,858
31,074,174
Changes in current assets and liabilities:
Decrease (increase) in inventories
(81,265)
(215,816)
Decrease (increase) in trade receivables
(3,214,778)
773,140
Increase (decrease) in trade payables
(2,907,403)
(3,596,389)
Increase (decrease) in tax receivables and payables 0
(311,329)
Decrease (increase) in other current assets
(188,648)
(1,222,258)
Increase (decrease) in other current liabilities
(1,707,286)
(4,275,080)
Decrease (increase) in other non -
current assets
43,670
(734,759)
Increase (decrease) in other non -
current liabilities
0 185
Increase (decrease) in contract liabilities
(1,504,655)
481,941
Income taxes paid
(829,422)
(562,792)
Interest paid/received
(1,663,465)
(2,310,984)
Cash flows from operating activities (a)
20,170,606
19,100,032
Net increases intangible assets
(2,209,830)
(4,439,420)
Net increases tangible assets
(3,541,178)
(3,618,352)
Increases in financial investments
15,325,851
4,154,933
Net cash flow used in investment activities (b)
9,574,844
(3,902,839)
New financing
8,000,000
9,000,000
Repayment of loans
(7,634,319)
(7,286,705)
Bond principal repayment 0
(2,642,238)
Lease payables
(7,797,518)
(7,483,808)
Payment of deferred fees for business combinations 0
(335,000)
Drawdown (settlement) other financial investments
(39,736)
35,784
Dividends paid
(7,361,801)
(7,787,903)
(Purchase) Sale treasury shares**
(16,630,555)
(1,931,950)
Cash flows from financing activities (c)
(31,463,928)
(18,431,821)
Net increase/(decrease) in cash and cash equivalents a+b+c
(1,718,478)
(3,234,628)
Cash and cash equivalents at end of the period
61,959,801
12,274,393
Cash and cash equivalents at beginning of the period
63,678,279
15,509,020
Net increase/(decrease) in cash and cash equivalents
(1,718,478)
(3,234,628)
(*) in 2026 mainly concerning the recognition of the effects of the stock options as per IFRS 2 and the recognition of employ ee benefits as per IAS 19 and the conversion of a financial statements in foreign currency.
(**) “(Purchase) Sale treasury shares” consists of the purchase of treasury shares of Euro 20,701 thousand, the sale of treas ury shares of Euro 4,070 thousand, of which Euro 540 thousand following the exercise of a stock option plan.
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| 40
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Explanatory notes to the
condensed
consolidated half
-
year financial report at June 30, 2026
The WIIT Group is a Cloud Computing enterprise providing customers with IT infrastructure customized to their specific needs (mainly through the Managed Hosted Private Cloud, Hybrid Cloud, Saas and Colocation), in addition to infrastructure configuration, management and control services which guarantee uninterrupted functionality and availability. With approximately 571 employees (Italy and overseas period average), the Group reports total revenues (including other income) of Euro 81.8 million in H1 2026.
GROUP STRUCTURE
PARENT
WIIT S.p.A. (hereinafter also “WIIT” or “Parent Company”)
DIRECTLY CONTROLLED SUBSIDIARIES
At June 30, 2026, the WIIT Group, in addition the parent, comprised three subsidiaries consolidated line -
by -
line:
i.
WIIT AG, a German company with share capital of Euro 50,000 and with registered office in Düsseldorf Gatherhof 44 -
40472 Germany, wholly -
owned.
ii.
Gecko mbH, a German company with share capital of Euro 51,200 and with registered office in
Rostock Deutsche
-
Med -
Platz 2
– 18057 Germany, wholly -
owned;
iii.
Econis AG, a Swiss company with registered office in Neumattstrasse, 7 8953 Dietikon, Zurich – Switzerland, acquired on April 30, 2024 and wholly -
owned.
All the Group companies undertake the same business as the Parent Company, WIIT S.p.A., or complementary businesses, as is the case for Gecko m.b.H., which develops data management applications and analysis for large organizations.
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| 41
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
ACCOUNTING STANDARDS
DECLARATION AND BASIS OF PREPARATION
It should be noted that this document is prepared in accordance with International Accounting Standard IAS 34 -
Interim Financial Reporting issued by the International Accounting Standards Board (IASB). The Explanatory Notes, in accordance with IAS 34, are reported in condensed format and do not include all the disclosures required for annual accounts, as they refer exclusively to those items which, for amount, composition or variation, are essential for the full understanding of the Company’s equity and fi
nancial
situation and results. These condensed interim consolidated financial statements should be read in conjunction with the Group's consolidated financial statements for the year ending December 31, 2025.
The condensed consolidated half -
year financial report at June 30, 2026 does not contain all the disclosure and explanatory notes required for the annual financial report and must therefore be read jointly with the 2025 consolidated annual accounts of WIIT S.p.A. (the “Consolidated Financial Statements”).
The accounting standards and policies are in line with those used to prepare the financial statements at December 31, 2025, to which reference should be made, with the exception, where applicable, of the new standards effective from January 1, 2026, as out lined elsewhere.
These condensed consolidated financial statements at June 30, 2026 (hereinafter also the “Condensed
Consolidated Half
-
Year Financial Statements”) have been prepared in Euro, the functional currency of the Group. They consist of the condensed consolidated s tatement of financial position, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in shareholders’ equity, the condensed consolidated statement of cash flow and these explanatory notes. The consolidated statement of financial position is compared with December 31, 2025, while the consolidated income statement, consolidated statement of cash flow, and the consolidated statement of changes in shareholders’ equity are compared with June 30, 2025.
This method was utilized also for the additional level of disclosure.
The Condensed Consolidated Half -
Year Financial Statements were prepared on a going concern basis.
Although the markets are showing signs of instability as a result of the U.S. economic policies, the Group
considers
-
also in view of its strong competitive positioning, its high levels of profitability and the solidity of its balance sheet and financial position -
to operate as a going concern as per paragraphs 25 and 26 of IAS 1.
Therefore, no uncertainties have emerged in relation to events or circumstances
which, considered
individually or as a whole, could give rise to doubts as to the company's ability to continue as a going concern.
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| 42
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
FINANCIAL STATEMENTS
The Group has adopted the following presentation of the financial statements:
• a consolidated statement of financial position which separately presents current and non -
current
assets and current and non -
current liabilities;
• a consolidated income statement that expresses costs using a classification based on their nature;
• a comprehensive statement of consolidated income which presents the revenue and cost items not recognized to the profit (loss) for the year, as required or permitted by IFRS;
• a consolidated statement of changes in equity presenting the changes in consolidated shareholders' equity over the last two years • a consolidated statement of cash flow which presents cash flows from operating activities according to the indirect method.
The adoption of these statements permits the best representation of the Group’s equity, economic and financial situation. In particular, the classification of income statement items by nature complies with the management reporting methods adopted within th e Group and is therefore considered more representative than the presentation by destination, providing more reliable and relevant information for the sector in question.
CONSOLIDATION SCOPE
The Condensed Consolidated Half -
Year Financial Statements of the WIIT Group include the half -
year figures
for WIIT and its direct subsidiaries, according to the financial statements approved by the respective Boards of Directors or other accounting stateme nts prepared for such purpose, appropriately adjusted where necessary in order to comply with the IFRS adopted by the Group to prepare the Condensed Consolidated
Half
-
Year Financial Statements.
The consolidation scope at June 30, 2026 includes the parent WIIT and the companies wholly -
owned by WIIT:
Gecko m.b.H., WIIT AG and Econis.
CONSOLIDATION CRITERIA
The data utilized for the consolidation was taken from the financial statements approved or other financial information prepared and made available by the Directors of each subsidiary. These financial statements were reclassified and adjusted, where necess ary, in order to apply uniform international accounting standards and
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2026
uniform classifications within the Group. Subsidiaries are consolidated on a line -
by -
line basis from the acquisition date.
The criteria adopted for the consolidation were as follows:
a) the assets and liabilities, the income and charges of the financial statements consolidated are included in the financial statements of the Group, without consideration of the holding in the subsidiary. In addition, the carrying amount of equity investm ents has been eliminated against the corresponding share of shareholders' equity attributable to the investee companies.
b) The positive differences resulting from the elimination of the investments against the book net equity at the date of initial consolidation is allocated to the higher values attributed to the assets and liabilities, and the residual part to goodwill.
c) The payables/receivables, costs/revenues between consolidated companies and the gains/losses resulting from inter -
company transactions are eliminated.
d) Where minority shareholders are present, the share of net equity and of the net result is assigned to the relative accounts of the consolidated statement of financial position and income statement.
SEGMENT INFORMATION
For the purposes of IFRS 8 – Operating Segments, Group activities are organized into four operating segments based on the business and location of the companies of the Group.
The segment information was defined based on the geographical location of Group companies (Italy, Germany and Switzerland).
The reporting used by the Directors presents the results in the following operating segments, coinciding with the CGU’s, and therefore:
•
“ITALY” segment
, in which the parent operates •
"WIIT AG
"
segment
, in which the company WIIT AG operates •
"ECONIS
"
segment
, in which the company ECONIS AG operates •
“GECKO” segment
, in which the companies Gecko GmbH operates
The Group assesses the performance of these operating segments in terms of Adjusted EBITDA, Adjusted EBIT and Adjusted net profit/(loss), and net financial debt. No reconciliation between these segment figures and the figures of the financial statements pr esented herein is necessary given that all income components presented are measured utilizing the same accounting policies adopted for the presentation of the Group Condensed Consolidated Half -
Year Financial Statements.
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The figures by operating segment for the Group in H1 2026 are as follows:
30.06.2026
Italy
segment
Gecko
segment
Econis
segment
WIIT AG
segment
Total
Revenues and operating
income
31,777,150
8,828,361
8,182,330
34,920,600
83,708,441
Intercompany by segment
(1,408,527)
(2,364)
0
(465,161)
(1,876,052)
Net sales revenues from
third parties
30,368,623
8,825,997
8,182,330
34,455,438
81,832,389
Adjusted EBITDA
16,642,368
2,474,016
1,614,887
13,504,257
34,235,529
EBITDA
15,527,378
2,474,016
1,614,887
13,316,807
32,933,089
Non -
recurring charges
(adjustments)
(1,302,440)
Amortization, depreciation and
write
-
downs
(18,301,319)
Financial income and expenses
(6,692,778)
Profit before taxes
(960,212)
2,321,943
564,090
6,013,171
7,938,992
Income taxes
(2,889,085)
Adjusted
(1,019,039)
1,575,778
555,090
4,038,077
5,049,907
Total investments
4,178,120
149,641
1,492,147
9,092,343
14,912,252
Net financial debt
(222,152,039)
10,929,527
(1,150,457)
(35,274,211)
(247,647,181)
CONVERSION INTO EURO OF FINANCIAL STATEMENTS PREPARED IN FOREIGN
CURRENCIES
The separate financial statements of each company belonging to the Group are prepared in the primary currency where they operate (operational currency). This is mainly the Euro. For consolidation purposes, the financial statements of each foreign entity is expressed in Euro, as the Group’s functional currency and the presentation currency of the Condensed Consolidated Half -
Year Financial Statements.
The conversion of the balance sheet items expressed in currencies other than the Euro (currently not considered significant) is made applying current exchange rates at period -
end. The income statement accounts are converted at the average exchange rate fo r the period.
The exchange differences on the translation between the initial net equity translated at current exchange rates and those translated at historic exchange rates, as well as the differences between the result expressed at average exchange rates and those at current exchange rates, are allocated to the net equity account “Translation reserve”.
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YEAR FINANCIAL REPORT AT JUNE 30,
2026
The exchange rates utilized to convert into Euro the financial statements of the overseas subsidiaries, prepared in local currency, are presented in the following table:
Description of the
Exchange rate
at
31.12.2025
Exchange rate
at
30.6.2026
Average exchange rate H1
2026
CHF (Switzerland)
0.931
0.922
0.918
It should be noted that the Group company that does not have the Euro as its functional currency is the Swiss company Econis AG.
DISCRETIONAL EVALUATIONS AND SIGNIFICANT ACCOUNTING ESTIMATES
The preparation of the Condensed Consolidated Half -
Year Financial Statements at June 30, 2026 and the relative explanatory notes in application of IFRS require that management makes discretional valuations and accounting estimates on the values of the asse ts and liabilities, revenues and costs in the financial statements and on the disclosures in the notes to the financial statements. The actual results could differ from those estimated.
The estimates are used for the measurement of goodwill, the recording of doubtful debt provisions, the valuation of tangible and intangible assets, the calculation of amortization and depreciation, the calculation of income taxes and the calculation of pro visions for risks and charges.
In addition, the Directors have exercised this discretion in order to assess the existence of the conditions to operate as a going concern. The estimates and assumptions are reviewed periodically and the effects of all variations are immediately recognized in profit or loss.
For further information on the main accounting estimates, reference should be made to the consolidated financial statements at December 31, 2025.
SIGNIFICANT EVENTS IN THE PERIOD
Within the preparation of the consolidated financial statements as of June 30, 2026, it was noted that the Company, on a standalone basis, at June 30, 2026 had shareholders’ equity of approximately Euro 138 thousand, which was more than one -
third less than the share capital (amounting to Euro 2,802,066.00), due to the accounting treatment of treasury shares held in the portfolio (1,436,967 shares as of July 31, 2026, representing 5.46% of the share capital, with a total value of approximately Euro 40.235 mi llion based on the market price as of July 31, 2026). The Board of Directors also noted that the aforementioned equity position was not attributable to losses for the period (in the first half of the year the Company reported a profit of
approximately Eur
o 6.506 million), but rather to the accounting treatment of the purchases of treasury shares in the first half of 2026. In this regard, a separate statement of financial position has been prepared as of July 31, 2026, which indicates that the Company’s sh areholders’ equity amounts to Euro 4.643 million and is, therefore, greater than the paid -
in capital. The increase stems primarily from the effects of the allocation of treasury shares in connection with the exercise of options by beneficiaries of the “202 1 – 2026 Stock Option Plan” and the resulting cancellation of a portion of the negative reserve for treasury shares.
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YEAR FINANCIAL REPORT AT JUNE 30,
2026
The Board of Directors also noted that, although the treasury shares held are within the limits of the available reserves and the profits as shown in the aforementioned statement of financial position as of July 31, 2026, such treasury shares exceed the av ailable reserves and distributable profits resulting from the most recent financial statements duly approved pursuant to Article 2357 of the Civil Code (i.e., the financial statements as of December 31, 2025); Accordingly, the Company intends to proceed, i n accordance with the law, with the sale of a limited number of treasury shares from its portfolio to ensure compliance with the provisions of the aforementioned regulation.
IFRS STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED FROM JANUARY 1,
2026
The following IFRS accounting standards, amendments and interpretations were applied for the first time by the Group from January 1, 2026:
• On May 30, 2024, the IASB published the document “Amendments to the Classification and Measurement of Financial Instruments — Amendments to IFRS 9 and IFRS 7 ″.
This clarifies a number of problematic issues emerging from the post -
implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary upon achievement of ESG objectives (i.e., green bonds). Specifically,
the chang
es aim to:
o Clarify the classification of financial assets with variable returns and linked to environmental, social and corporate governance (ESG) objectives and the criteria to be used for the SPPI test
assessment;
o determine that the date of settlement of liabilities through electronic payment systems is the date on which the liability is settled. However, an entity is permitted to adopt an accounting policy to allow a financial liability to be derecognized before tr ansferring liquidity on the settlement date under certain specific conditions.
With these amendments, the IASB has also introduced additional disclosure requirements with respect to investments in equity instruments designated to FVOCI in particular.
The adoption of this amendment does not have effects on the Group Condensed Consolidated Half -
Year Financial Statements.
• On December 18, 2024, the IASB published an amendment entitled "Contracts Referencing Nature -
dependent Electricity
-
Amendment to IFRS 9 and IFRS 7". The document seeks to support entities in reporting the financial effects of renewable electricity purchas e agreements (often structured as Power Purchase Agreements). Based on these contracts, the amount of electricity generated and purchased can vary based on uncontrollable factors such as weather conditions. The IASB has made targeted amendments to IFRS 9 a nd IFRS 7. The amendments include:
o a clarification regarding the application of "own use" requirements to this type of
contract;
o the criteria for allowing such contracts to be accounted for as hedging instruments;
and,
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CONSOLIDATED HALF
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YEAR FINANCIAL REPORT AT JUNE 30,
2026
o the new disclosure requirements to enable financial statement users to understand the effect of these contracts on an entity's financial performance and cash flows.
The adoption of this amendment does not have effects on the Group Condensed Consolidated Half -
Year
Financial Statements.
• On July 18, 2024, the IASB published a document called "Annual Improvements Volume 11". The document includes clarifications, simplifications, corrections and changes to improve the consistency of several IFRS Accounting Standards. The modified standards a re:
o IFRS 1 First -
time Adoption of International Financial Reporting Standards;
o
IFRS 7
– Financial Instruments: Disclosures and related guidance on the implementation of IFRS 7;
o IFRS 9 Financial Instruments;
o IFRS 10 Consolidated Financial Statements; and o IAS 7 Statement of Cash Flows.
The adoption of this amendment does not have effects on the Group Condensed Consolidated Half -
Year
Financial Statements.
IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPROVED
BY THE EU, NOT YET MANDATORY AND NOT ADOPTED IN ADVANCE BY THE GROUP AT
JUNE 30, 2026
The following IFRS accounting standards, amendments and interpretations were approved by the EU, but are not yet mandatory and have not been not adopted in advance by the Group at June 30, 2026:
• On April 9, 2024, the IASB published a new standard -
IFRS 18 Presentation and Disclosure in Financial
Statements
-
which will replace IAS 1 Presentation of Financial Statements. The new standard seeks to improve the presentation of financial statement fo rmats, with particular regard to the income statement format. Specifically, the new standard requires that:
o revenues and expenses are classified into three new categories (operating section, investment section, and financial section), in addition to the tax and discontinued operations categories already in the Income Statement;
o two new sub -
totals are presented: operating income and earnings before interest and taxes (i.e., EBIT).
The new standard also:
o requires more information on the performance indicators defined by management;
o introduces new criteria for aggregation and disaggregation of information; and,
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CONSOLIDATED HALF
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YEAR FINANCIAL REPORT AT JUNE 30,
2026
o introduces a number of changes to the format of the cash flow statement, including a requirement that operating income is used as the starting point for the presentation of the cash flow statement prepared using the indirect method and that certain
classi
fication options are eliminated for some existing items (such as interest paid, interest received, dividends paid and dividends received).
The standard will be effective from January 1, 2027, although advance application is permitted.
The Directors do not expect the future adoption of the amendments to have a significant impact on the Group Condensed Consolidated Half -
Year Financial Statements.
IFRS STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET ENDORSED BY THE
EUROPEAN UNION
At the reporting date, the relevant bodies of the European Union had not yet concluded the process necessary for the implementation of the amendments and standards described below.
• On November 13, 2025, the IASB published a document called "Translation to a Hyperinflationary
Presentation Currency
-
Amendment to IAS 21" that clarifies conversion procedures for an entity whose presentation currency is that of a hyperinflationary econom y. The entity applies the
amendments where:
o its functional currency is that of a non -
hyperinflationary economy and is converting its operating results and statement of financial position to the currency of a hyperinflationary
economy; or,
o is converting the operating results and statement of financial position of a foreign operation whose functional currency is that of a non -
hyperinflationary economy into the currency of a hyperinflationary economy.
The amendments will be applicable to financial statements for periods beginning January 1, 2027.
The directors do not expect this amendment to have an impact on the Group consolidated financial statements.
• On May 27, 2026, the IASB published IFRS 20 -
Regulatory Assets and Regulatory Liabilities.
The new
standard applies to all entities subject to a specific type of rate regulation, i.e. rate regulation that creates timing differences.
The objective of the new standard is to require an entity to provide relevant information that reflects the impact of income and expenses arising from regulated activities on the entity’s profit or loss, in addition to the impact of assets and liabilities arising from regulated activities on the statement of financial position. In order to achieve this objective, the new standard sets out the requirements for the recognition, measurement, presentation and disclosure of assets, liabilities, revenue and
expen
ses arising from regulated activities. Assets and liabilities arising from regulated activities constitute a subset of the rights and obligations created by a regulatory agreement. Information regarding this subset of rights and obligations enables financi al statement users to understand:
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CONSOLIDATED HALF
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YEAR FINANCIAL REPORT AT JUNE 30,
2026
a) the revenue and expenses arising from an entity's regulated activities, which result from the assets and liabilities associated with those regulated activities. This understanding, together with the information required by other IFRS, will provide guidance on the total allowable compensation for regulated goods or services provided by the entity during a reporting period and, consequently, on the entity’s financial performance and future cash flow prospects.
b) the assets and liabilities arising from an entity's regulated activities. This understanding will provide information upon the entity’s financial position at the end of a reporting period and upon the amount, timing and uncertainty of the entity’s future c ash flows.
IFRS 20 will replace IFRS 14 -
Regulatory Deferral Accounts -
and will be effective as of January 1, 2029, although early adoption is permitted. The directors do not expect this standard to have a significant impact on the Group consolidated financial stat ements.
• On June 27, 2026, the IASB published a document entitled “Amendments to the Fair Value Option for Investments in Associates and Joint Ventures (Amendments to IAS 28)”, which clarifies which entities are eligible to measure investments in associates and joi nt ventures using the fair value option provided under IAS 28. The IASB has decided to develop amendments to address:
o the lack of clarity regarding the meaning of “similar entities, including investment -
linked
insurance funds” and how that definition should be interpreted -
narrowly or broadly; and, o the various interpretations of the relationship between the scope of application of the fair value option in IAS 28 and the requirements of IFRS 18 regarding “specified main business activities”.
The amendments shall be applied concurrently with the implementation of IFRS 18 and, therefore, will apply to financial statements for fiscal years beginning on or after January 1, 2027. The Directors do not expect these amendments to have a significant im pact on the Group consolidated financial statements.
KEY INFORMATION ON THE ACCOUNTING POLICIES APPLIED
The main accounting policies adopted in the preparation of the Condensed Consolidated Half -
Year Financial
Statements at June 30, 2026, unchanged compared to the previous year, are as follows:
Business combinations
Business combinations are recognized according to the acquisition method. According to this method, the amount transferred in a business combination is recognized at fair value, calculated as the sum of the fair value of the assets transferred and the liab ilities assumed by the Group at the acquisition date and of the equity instruments issued in exchange for control of the company acquired.
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| 50
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recorded at fair value at the acquisition date; the following items form an exception, which are instead valued according to the
applicable standard:
-
deferred tax assets and liabilities;
-
assets and liabilities for employee benefits;
-
liabilities or equity instruments relating to share -
based payments of the company acquired or share -
based
payments relating to the Group issued to replace contracts of the entity acquired;
-
assets held
-
for -
sale and discontinued assets and liabilities.
Goodwill is calculated as the excess of the amounts transferred to the business combination, of the value of non -
controlling interests’ net equity and the fair value of any holding previously held in the acquired company compared to the fair value of the net assets acquired and liabilities assumed at the acquisition date. If the value of the net assets acquired and the liabilities assumed at the acquisition date exceeds the sum of amounts transferred, of any non -
controlling interest and the fair value of a ny holding previously held in the acquired company, this excess (“Negative goodwill”) is immediately recorded to the income statement as income deriving from the transaction concluded.
The share of equity attributable to non -
controlling interests, at the acquisition date may be measured at fair value (taking account of any options or any rights held by third parties) or in proportion to the acquiree’s recognized net assets. The valuation method is chosen on the basis of each individual transaction.
The costs related to business combinations are recognized in the income statement.
Any liabilities related to business combinations for payments subject to conditions are recognized at the estimated fair value at the acquisition date of the businesses and business units relating to the business combination.
Where all or part of a previously acquired company (whose acquisition produced goodwill) is sold, the corresponding residual value of goodwill is considered when calculating the capital gains or losses generated by such sale.
With regard to acquisitions prior to adopting IFRS, the Group has exercised the option provided by IFRS 1 not to apply IFRS 3 relating to business combinations to acquisitions prior to the transition date. As a consequence, the goodwill arising from a busi ness combination in the past is not adjusted and recorded at the value determined on the basis of the previous accounting standards, net of the accumulated amortization up to December 31, 2013, the date of transition to international accounting standards o f the parent company and any impairments.
Reconciliation between the shareholders’ equity and the net result of the parent company and consolidated shareholders’ equity and net result
Net Result
Shareholders’
Equity
Parent Company
6,506,069
138,178
Adjusted shareholders’ equity and results of the consolidated companies attributable to the Group
4,543,838
42,369,040
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Elimination of the net carrying amount of the consolidated investees 0
(39,749,487)
Elimination of dividends from subsidiaries
(6,000,000)
0
Consolidated
5,049,907
2,757,730
As outlined in the “Significant events in the period” section, the parent company, on a standalone basis, reported a balance of Euro 138 thousand as of June 30, which was more than one -
third lower
than the share capital (amounting to Euro 2,802,066.00), due to the accounting treatment of treasury shares held in the portfolio. In this regard, a separate statement of financial position has been prepared as of July 31, 2026, which indicates that the Co mpany’s shareholders’ equity amounts to Euro 4.643 million and is, therefore, greater than the paid -
in capital. The increase stems primarily from the effects of the allocation of treasury shares in connection with the exercise of options by beneficiaries o f the “2021 – 2026 Stock Option Plan” and the resulting cancellation of a portion of the negative reserve for treasury shares.
Net Financial Debt
The Group’s net financial debt at June 30, 2026 is as follows:
30.06.2026
31.12.2025
A -
Cash and cash equivalents
61,959,801
63,678,279
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
B -
Securities held for trading 0 0 C -
Current financial assets
162,728,446
176,599,447
D -
Liquidity (A + B + C)
224,688,247
240,277,726
E -
Bank loans
–
current portion
(19,699,175)
(16,254,192)
F -
Other current financial liabilities (0) (0) G -
Payables to other lenders
(12,586,594)
(12,097,811)
H -
Current financial indebtedness related to Bond facilities
(159,093,158)
(152,436,229)
I -
Current financial debt (E + F + G + H)
(191,378,927)
(180,788,233)
J -
Current net financial debt (I -
D)
33,309,319
59,489,493
K -
Bank payables
(46,662,004)
(49,741,305)
L -
Payables to other lenders
(22,732,549)
(21,886,941)
M -
Non -
current financial indebtedness related to Bond facilities
(212,793,655)
(212,618,541)
N -
Other non
-
current financial liabilities
(3,278)
(43,016)
O -
Trade payables and other non -
current payables
0 0 P
-
Non -
current financial debt (K + L + M + N + O)
(282,191,486)
(284,289,804)
Q -
Group net debt (J + P)
(248,882,167)
(224,800,311)
-
Lease payables IFRS 16 (current)
5,386,563
4,703,441
-
Lease payables IFRS 16 (non -
current)
11,157,651
7,737,152
R -
Net financial debt excluding the impact of IFRS 16 for the
Group
(232,337,952)
(212,359,717)
The net financial position is based on the definition contained in CONSOB Clarification No. 5/21 of April 29, 2021: “Recommendations for the uniform implementation of the European Commission regulation on financial statements”, in accordance with updated E SMA Recommendation No. 32 -
382 -
1138.
It is the opinion of the Directors that there are no components of implied indebtedness pursuant to the Disclosure Requirements Guidelines under the Prospectus Regulation issued by ESMA on March 3, 2021.
Similarly, the Group has no reverse factoring or sup ply agreement transactions in place.
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| 53
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Main notes to the statement of financial position
1.
INTANGIBLE ASSETS
30.06.2026
31.12.2025
Changes
54,256,980
56,907,669
(2,650,689)
Movements of Intangible Assets over the last two years:
Description
31.12.2024
Increases
Business
combinations
Decr.
Amort.
Reclass.
31.12.2025
Business List
43,485,501
0 0 0
(3,444,037)
0
40,041,464
Concessions
and trademarks
9,267,729
3,571,721
0
(69,483)
(5,209,739)
0
7,560,228
Development
costs
2,696,571
2,000
0 0
(788,416)
1,144,811
3,054,967
Assets in
progress
2,649,033
3,681,797
0 0 0
(1,144,811)
5,186,018
Other
1,559,034
455,934
0 0
(949,976)
0
1,064,992
Total
59,657,868
7,711,452
0
(69,483)
(10,392,168)
(0)
56,907,669
Description
31.12.2025
Increases
Business
combinations
Decr.
Amort.
Reclass.
30.06.2026
Business List
40,041,465
0 0 0
(1,722,019)
0
38,319,446
Concessions
and trademarks
7,560,228
491,612
0
(26,342)
(2,145,568)
0
5,879,931
Development
costs
3,054,967
0 0 0
(777,173)
3,169,642
5,447,436
Assets in
progress
5,186,018
1,695,136
0 0 0
(3,169,642)
3,711,512
Other
1,064,991
49,424
0 0
(215,760)
0
898,655
Total
56,907,669
2,236,172
0
(26,342)
(4,860,519)
(0)
54,256,980
The net carrying amount at the beginning of the year is broken down as follows:
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| 54
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Description
Historic cost
Acc. Amort.
Net value 31.12.2025
Business List
57,958,115
(17,916,652)
40,041,464
Concessions and brands
26,141,964
(18,581,736)
7,560,228
Development costs
7,744,064
(4,689,097)
3,054,967
Assets in progress
5,186,018
0
5,186,018
Other
6,124,574
(5,059,581)
1,064,992
Total
103,154,735
(46,247,066)
56,907,669
The net book value at the end of the period was therefore:
Description
Historic cost
Acc. Amort.
Net value 2026
Business List
57,958,115
(19,638,669)
38,319,446
Concessions and brands
26,607,235
(20,727,304)
5,879,931
Development costs
10,913,707
(5,466,270)
5,447,436
Assets in progress
3,711,512
0
3,711,512
Other
6,173,997
(5,275,342)
898,655
Total
105,364,565
(51,107,585)
54,256,980
CUSTOMER LIST
The account includes the amounts allocated of the gains arising from the acquisitions, net of accumulated
amortization:
Description
31.12.2025
Amort.
30.06.2026
Adelante S.r.l.
2,523,195
(105,133)
2,418,062
Matika S.p.A.
3,906,359
(150,245)
3,756,114
Etaeria S.p.A.
2,230,256
(79,652)
2,150,604
MyLoc Managed IT AG
6,844,229
(244,437)
6,599,792
Mivitec GmbH
443,053
(44,305)
398,748
Boreus Rechenzentrum GmbH
11,869,500
(395,650)
11,473,850
Gecko Gesellschaft für Computer und
Kommunikationssysteme mbH
3,569,500
(356,950)
3,212,550
Erptech S.p.A.
248,732
(24,873)
223,859
Lansol
3,396,337
(106,136)
3,290,201
Global Access Internet Services
GmbH
1,357,450
(39,925)
1,317,525
Edge & Cloud
1,545,223
(93,651)
1,451,573
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| 55
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Michgehl & Partner
2,107,628
(81,063)
2,026,566
Total
40,041,463
(1,722,019)
38,319,445
CONCESSIONS, LICENSES AND TRADEMARKS
"Concessions, Licenses and Trademarks" includes costs incurred for the acquisition of user licenses related to software and computer applications used by the Company in the conduct of its core business. In particular, this account includes, among others, c osts related to software licenses for virtualization platforms, used for the management and allocation of virtual server resources, licenses for cybersecurity and antivirus protection of company systems, and backup licenses used for the protection, saving, and restoration of company data.
In addition, the document management software used for the delivery of digital services based on the Alfresco platform, and on the "K -
File" platform owned by the parent, is capitalized within the account. These assets together make up the WIIT Digital Plat form, through which the Group delivers Enterprise Information Management (EIM) services to its customers.
The increase in the period of Euro 0.5 million mainly concerns software licenses which have been activated prior to the provision of the services, and whose useful life matches the duration of the agreement with the customer (generally 5 years).
DEVELOPMENT COSTS
The account includes costs incurred, both internally and with third parties, mainly related to the Company's ICT infrastructure development and upgrading activities. This infrastructure is a central element for the delivery of the services offered by WIIT and constitutes the technological platform through which the services provided for in the contracts signed with the customers are managed and delivered.
A significant portion of the investment is also attributable to activities for the development and implementation of IT security solutions. In this regard, the Company continues to roll out investments focused both on strengthening the protection levels of the technological infrastructure and on responding to the growing demand for services in cyber security. These initiatives are part of the "WIIT Cyber Security Roadmap" program which constitute the activities to analyze the main technologies available on the market, the planning of the evolution of the security architecture, and the progressive improvement of the services offered to customers in this area.
Further development activities concern the "WIIT Digital Platform”, which consists of an integrated set of application and technology assets subject to evolutionary interventions and upgrades. These projects included, among others:
• the development and integration of new application modules linked to the digital signature platform • the introduction of technological solutions to support Intelligent Automation and Content
Composition processes
• the functional evolution of the API Framework of the WIIT Digital Platform • the development of vertical applications designed to digitize specific operational processes
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The costs incurred for the activities outlined above have been capitalized as they relate to the development of identifiable intangible assets from which the Company expects to obtain future economic benefits, both in terms of expanding the range of servic es and commercial opportunities for existing and potential customers, and in terms of improving the efficiency of operational processes.
ASSETS IN PROGRESS
The evolutionary projects of the WIIT systems (WIIT Platform) to support the integration between the various Group companies; in particular, the currently ongoing projects refer to the following components of the WIIT
Platform:
• Trouble Ticketing system evolution (system to manage tickets opened by customers) • Alfresco Enterprise Content Management (ECM) system evolution • Digital Provisioning Process Assessment • Onboarding German Group companies on the Salesforce system • Integration of the Asset instrument within the Trouble Ticketing instruments • Preparation of the data structure for WIIT Platform • WIIT Artificial Intelligent Platform implementation -
Isac application for the Channel
Other projects in progress concern the upgrading of the cloud infrastructure, such as:
• VMWare infrastructure optimization (phase 2 and 3) • Commvault implementation on the customer perimeter (phase 2) • Implementation of monitoring system for all Storage in Datacenters and at customer offices using
Stor2RRD
• Implementation of integration between Icinga -
based centralized monitoring system and Trouble Ticketing management tool for automatic ticket opening and closing.
• Implementation of a system (BigModo) aimed at updating and improving the software architecture by separating the backend and frontend components and introducing a modern frontend.
• Building of an internally -
developed software solution (ZKM) to improve WIIT platform infrastructure, billing capabilities and operational processes. The project focuses on developing new platform components for data collection and billing and expanding clo ud -
native infrastructure to improve scalability, automation and operational efficiency.
In the area of Cyber Security, the following projects are considered as ongoing:
• Revision and update of log source in the internal Security Operations Center for WIIT, updating QRadar correlation rules with the goal of increasing monitoring of the internal WIIT perimeter;
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
• Revamping Log Management. Migration launched of customer log management service by moving from the Manage Engine solution to Qradar • Adjustment of the SOC processes to the ISO27035 standard. Ongoing improvement process in collaboration with the Compliance function for the ISO certification processes defined.
• Vulnerability Management activities for WIIT internal critical infrastructure. Infrastructure scanning service via Tenable solution The increase in the period was mainly due to the following Cloud projects:
• Implementation of a system (BigModo) aimed at updating and improving the software architecture by separating the backend and frontend components and introducing a modern frontend.
• Building of an internally -
developed software solution (ZKM) to improve WIIT platform infrastructure, billing capabilities and operational processes. The project focuses on developing new platform components for data collection and billing and expanding clo ud -
native infrastructure to improve scalability, automation and operational efficiency.
OTHER INTANGIBLE ASSETS
This account includes development activities that the Group purchases from third parties in order to provide Cloud services to our customers, through long -
term contracts. These investments are primarily made by the Group to implement the information system s of its customers.
The platform for selling its services to customers was capitalized in the first half of 2026.
2.
GOODWILL
30.06.2026
31.12.2025
Changes
124,603,021
124,603,021
0
This goodwill stemmed mainly from the following transactions:
-
the merger by incorporation of the subsidiary Sevenlab S.r.l., with accounting and tax effects from January 1, 2014 and recognized to assets following the approval of the Board of Statutory Auditors for an amount of Euro
930 thousand;
-
the acquisition of the Visiant Technologies (Visiant Group) business unit, which manages the Data center services and infrastructure for an amount of Euro 381 thousand;
-
the acquisition of control of Foster S.r.l. through the acquisition of the remaining 65.03% of the share capital in December 2018 and the recognition of the residual consolidation difference to goodwill of Euro 1,206 thousand following the definitive all ocation of the acquisition cost to the acquired assets and liabilities;
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
-
the full acquisition of Adelante S.r.l. in July 2018 for Euro 8,030 thousand;
-
the acquisition of control of Matika S.p.A. in 2019 for Euro 7,054 thousand;
-
the acquisition of control of Etaeria S.p.A. in 2020 for Euro 5,555 thousand;
-
the acquisition of the Aedera business unit (Kelyan Group) in 2020 for Euro 1,508 thousand;
-
the full acquisition of myLoc managed IT AG in 2020 and the full acquisition of its subsidiary Mivitec GmbH for Euro 33,867 thousand;
-
the full acquisition of the German company Boreus Rechenzentrum GmbH and the full acquisition of its subsidiary Reventure GmbH for Euro 34,292 thousand;
-
the full acquisition of the German company Gecko Gesellschaft für Computer und Kommunikationssysteme mbH for a total of Euro 9,040 thousand;
-
the full acquisition of ERPtech S.p.A. in March 2022 for Euro 718 thousand;
-
the full acquisition of the German Group Lansol in September 2022 for Euro 12,575 thousand;
-
the full acquisition of Global Access Internet Services GmbH in January 2023 for Euro 5,922 thousand.
-
the acquisition in 2024 of the Edge & Cloud business unit in April 2024 for Euro 26 thousand;
-
the full acquisition of the German company Michgehl & Partner in October 2024 for Euro 3,499 thousand.
Goodwill is not subject to amortization; rather, in accordance with the accounting standard IAS 36, it is tested for impairment at least annually by comparing the recoverable amount of the CGU -
determined according to the value in use method -
with its ca rrying amount, which takes account of the goodwill and other assets allocated to the CGU.
Taking account of the fact that the definition of a CGU involves a subjective assessment as specified by IAS 36.68, and based on the acquisitions completed, the Directors identified 4 CGU’s, as follows:
• “Italy” CGU, including the parent company. This CGU was allocated a goodwill value of Euro 25,382 thousand.
• "Wiit AG" CGU in which the former German companies (merged by incorporation in April 2024) myLoc Managed IT AG, Global Access Internet Services GmbH, Boreus GmbH, Lansol mbH and Michgehl & Partner operate. This CGU was allocated a goodwill value of Euro 90 ,181 thousand.
• "Gecko" CGU in which the subsidiary Gecko mbH operates and to which a goodwill value of Euro 9,040 thousand is allocated;
• "Econis” CGU, in which the subsidiary Econis AG operates, to which no goodwill value is allocated;
With reference to the “Italy” CGU, the Directors consider the parent company as a separate CGU as carrying out a homogeneous set of activities, generating independent cash inflows (Strategic Business Unit). These activities concern the provision of Cloud s ervices for the “critical applications” of its customers, i.e. those whose malfunction may impact business continuity and thus demand guaranteed optimal and non -
stop
functioning.
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
With reference to the "WIIT AG" CGU, the Directors, in light of the merger by incorporation of Michgehl & Partners, revised the CGU to incorporate the former CGU referring to the “previously merged company”. This aggregation was made in view of the fact t hat the merged company operated in the same Strategic Business Unit, related to the provision of Cloud solutions for SMEs located almost entirely in Germany.
With respect to the “GECKO" CGU, the Directors consider that the company of the same name should be considered a separate CGU as it generates independent cash inflows. In fact, Gecko mainly specializes in the Software development and related services busi ness area (Strategic Business Unit), mainly in Germany, which it mostly hosts at its end customers.
With respect to the “ECONIS" CGU, the Directors consider that the company of the same name should be considered a separate CGU as it generates independent cash inflows.
Econis, in fact, provides design, implementation and management services for Private Cloud infrastructures for the banking, healthcare, and manufacturing sectors in German -
speaking Switzerland.
Impairment test
The recoverability of goodwill -
assets with indefinite lives -
was valued at December 31, 2025 in an impairment test, approved by the Directors on March 6, 2026 and conducted on the basis of the 2026 -
2028 forecast, as disclosed in the Wiit S.p.A. Group co nsolidated financial statements at December 31, 2025, to which reference should be made.
The Directors conducted the impairment test with support from an independent expert.
The recoverable amount of the CGU’s was determined as its value in use, calculated as the sum of the discounted future cash flows generated on an ongoing basis by NCE (Unlevered Discounted Cash Flow method). The value in use is based on estimates and assum ptions by the directors regarding, inter alia, the CGU’s expected cash flows according to the 2026 -
2028 business plan approved by the Board of Directors.
On drawing up this Half -
Year Financial Report, the Directors verified the solidity of the forecasts in the 2026 -
2028 plan, used for the impairment test at December 31, 2025, in light of the actual results for the first half of 2026. Based on this analysis, they confirmed the sustainability of the carrying amount of the assets in the statement of financial position, including the goodwill recognized at June 30, 2026.
The analysis, which took into account the current macroeconomic and geopolitical environment (including the
Russia
-
Ukraine conflict, the crisis in the Middle East involving the United States and Iran), did not highlight any impairment indicators, both in v iew of the fact that Group operations are very limited in the affected regions and also considering the mitigation measures in place in terms of energy cost volatility, with the Group having adopted hedging strategies by entering into fixed -
price supply co ntracts on the German market.
In view of the H1 2026 operating results, which are substantially in line with the forecasts set out in the business plan used for the impairment test at December 31, 2025, in addition to the results of the related sensitivity analyses, no elements of unce rtainty regarding the recoverability of the balance sheet amounts are considered to exist, including that of goodwill.
With regard to Outlook, the Board of Directors confirms the validity of the estimates underlying the plans used for impairment testing purposes, in part due to the nature of the contracts in portfolio, which are
predominantly multi
-
year, recurring and ente red into with solid counterparties, thus providing high visibility of future cash flows.
Therefore, it was considered that the conditions for conducting a new impairment test as of June 30, 2026 do not exist.
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| 60
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
In any case, constant monitoring will be carried out throughout the year.
3.
RIGHT
-
OF -
USE, PLANT AND MACHINERY AND OTHER TANGIBLE ASSETS
30.06.2026
31.12.2025
Changes
75,994,362
76,480,740
(486,378)
Total movement of property, plant and equipment over the last two years:
Description
31.12.2024
Increases
Business
combinations
Decr.
Deprec.
Reclass.
31.12.2025
Right
-
of -
use
11,949,021
7,676,977
0
(38,400)
(6,828,289)
0
12,759,308
Plant &
machinery
8,682,107
347,374
0 0
(951,035)
0
8,078,446
Other tangible
assets
58,022,098
16,846,760
0
(907,787)
(18,318,085)
0
55,642,986
Total
78,653,226
24,871,111
0
(946,188)
(26,097,410)
0
76,480,740
Description
31.12.2025
Increases
Business
combinations
Decr.
Deprec.
Reclass.
30.06.2026
Right
-
of -
use
12,759,308
5,967,891
0
(29,476)
(3,437,193)
0
15,260,531
Plant &
machinery
8,078,446
6,000
0 0
(460,268)
0
7,624,178
Other tangible
assets
55,642,986
8,153,632
0
(1,395,625)
(9,291,340)
0
53,109,653
Total
76,480,740
14,127,523
0
(1,425,101)
(13,188,800)
0
75,994,362
The net carrying amount at the beginning of the year is broken down as follows:
Description
Historic cost
Acc. Deprec.
Net value 31.12.2025
Right
-
of -
use
41,395,716
(28,636,408)
12,759,308
Plant & machinery
20,886,374
(12,807,927)
8,078,447
Other tangible assets
153,221,109
(97,578,124)
55,642,985
Total
215,503,199
(139,022,459)
76,480,740
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The net book value at the end of the period was therefore:
Description
Historic cost
Acc. Deprec.
Net value 30.6.2026
Right
-
of -
use
47,334,131
(32,073,600)
15,260,531
Plant & machinery
20,892,374
(13,268,196)
7,624,178
Other tangible assets
159,979,117
(106,869,464)
53,109,653
Total
228,205,622
(152,211,260)
75,994,362
RIGHT
-
OF -
USE (RECOGNIZED SEPARATELY)
The “Right
-
of -
Use” account stems from the adoption of IFRS 16 which had an impact on the recognition of assets acquired by the Group through property lease contracts (“operative”), which do not stipulate the redemption of the assets. The other right -
of -
us e related to what were formerly known as finance leases, which include a purchase option, are included in the related category of non -
current assets and are detailed in the specific table below.
This account includes the rental of properties, the long -
term hire of the company vehicle fleet, rentals of space within racks in third -
party data centers (Colocation) and of other company devices. The increases in the year are primarily related to the le ase agreement for the new Swiss headquarters of the subsidiary Econis in Zurich and certain new contracts for the development of data centers in Düsseldorf and Essen in Germany .
The right
-
of -
use recognized separately comprise:
Description
31.12.2024
Increases
Business
combinations
Decr.
Deprec.
Reclass.
31.12.2025
Right
-
of -
use
Rental cars
1,565,848
886,578
0
(38,400)
(957,660)
0
1,456,366
Colocation
1,316,438
547,455
0 0
(704,097)
0
1,159,796
Property leases
9,055,706
6,242,944
0 0
(5,155,503)
0
10,143,146
Other company
devices
11,029
0 0 0
(11,029)
0 (0)
Total
11,949,020
7,676,977
0
(38,400)
(6,828,288)
0
12,759,308
Description
31.12.2025
Increases
Business
combinations
Decr.
Deprec.
Reclass.
30.06.2026
Right
-
of -
use
Rental cars
.456.366
88,553
0 0
(433,947)
0
1,110,972
Colocation
1,159,796
533,074
0 0
(354,723)
0
1,338,148
Property leases
10,143,146
5,346,422
0
(29,634)
(2,648,523)
0
12,811,411
Total
12,759,308
5,968,050
0
(29,634)
(3,437,193)
0
15,260,531
The net carrying amount at the beginning of the year is broken down as follows:
Description
Historic cost
Acc. Deprec.
Net value 31.12.2025
Right
-
of -
use
Rental cars
4,927,636
(3,471,270)
1,456,366
Colocation
3,426,942
(2,267,146)
1,159,796
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Property leases
26,773,416
(16,630,270)
10,143,146
Other company devices
55,141
(55,141)
(0)
Total
35,183,134
(22,423,826)
12,759,308
The net book value at the end of the period was therefore:
Description
Historic cost
Acc. Deprec.
Net value 30.6.2026
Right
-
of -
use
Rental cars
5,016,189
(3,905,217)
1,110,972
Colocation
3,960,016
(2,621,868)
1,338,148
Property leases
32,090,205
(19,278,793)
12,811,411
Other company devices
55,140
(55,140)
0
Total
41,121,549
(25,861,018)
15,260,531
As mentioned above, the Right -
Of -
Use related to finance lease agreements, which include a purchase option at the end of the lease period and which are recognized in the asset category to which the leased asset refers, are presented below. Specifically, t
hese rights
-
of -
use are included under “Other tangible assets” and concern EDP, mainly servers, both for the offices and the Data Center, as outlined below.
Description
31.12.2024
Increases
Business
combinations
Decr.
Deprec.
Reclass.
31.12.2025
Right
-
of -
use EDP
16,979,990
7,582,054
0 0
(8,106,514)
0
16,455,530
Total
16,979,990
7,582,054
0 0
(8,106,514)
0
16,455,530
Description
31.12.2025
Increases
Business
combinations
Decr.
Deprec.
Reclass.
30.06.2026
Right
-
of -
use EDP
16,455,530
3,250,942
0
(28,112)
(3,998,843)
0
15,679,516
Total
16,455,530
3,250,942
0
(28,112)
(3,998,843)
0
15,679,516
The net carrying amount at the beginning of the year is broken down as follows:
Description
Historic cost
Acc. Deprec.
Net value 2025
Right
-
of -
use EDP
48,224,670
(31,769,139)
16,455,531
Total
48,224,670
(31,769,139)
16,455,531
The net carrying amount at the end of the year is broken down as follows:
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Description
Historic cost
Acc. Deprec.
Net value 2026
Right
-
of -
use EDP
51,447,500
(35,767,982)
15,679,518
Total
51,447,500
(35,767,982)
15,679,518
PLANT & MACHINERY
“Plant and machinery” include the costs for all tangible assets comprising the “core” of the Group and in particular the Milan and Castelfranco Veneto (in addition to Düsseldorf, Straslund and Munich in Germany) Data Centers and all of the relative plant.
OTHER TANGIBLE ASSETS
“Other tangible assets” concern equipment (mainly EDP), partly for the replacement of existing infrastructure, although mainly for new long -
term orders in line with previous years. The increases for the year, in addition to the renewal of existing infrastr ucture and new multi -
year orders, mainly refer to the IT and server infrastructure of WIIT S.p.A. and WIIT AG.
4.
OTHER NON
-
CURRENT FINANCIAL ASSETS
Other non
-
current financial assets mainly refer to a guarantee deposit of Euro 1 million paid to the parent company, WIIT Fin S.r.l., for the rental of buildings and other guarantee deposits for utilities of the German company WIIT AG and the Swiss company Econis AG.
5.
INVENTORIES
The account, amounting to Euro 340 thousand (Euro 259 thousand at December 31, 2025) refers almost exclusively to products for sale by the subsidiary Gecko.
6.
TRADE RECEIVABLES
The account consists of:
Description
30.06.2026
31.12.2025
Change
Trade receivables
36,581,421
33,367,081
3,214,340
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| 64
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Doubtful debt provision
(2,593,958)
(2,341,958)
(252,000)
Total
33,987,463
31,025,123
2,962,340
No transactions with the obligation to return goods exist (Article 2427, paragraph 1, No. 6 -
ter of the Civil Code).
Receivables by region are broken down as follows:
Country
30.06.2026
31.12.2025
Change
Italy
16,199,604
14,834,938
1,364,666
EU countries
18,669,661
15,538,519
3,131,142
Non -
EU countries
1,712,157
2,993,624
(1,281,468)
Doubtful debt provision
(2,593,958)
(2,341,958)
(252,000)
Total
33,987,463
31,025,123
2,962,340
Receivables in EU countries are mainly attributable to the German subsidiaries, while Non -
EU receivables are attributable to the Swiss subsidiary Econis AG.
During the first half of 2026, the Group allocated Euro 252 thousand to a doubtful debt provision for certain accounts receivable deemed unlikely to be collected.
During the year, the trend in interest rates (tied to country and industry risk), based on Moody’s Annual Default Study, did not point to a need for provisions in accordance with IFRS 9 as the provisions is previous years are sufficient.
7. CURRENT FINANCIAL ASSETS, OTHER RECEIVABLES AND OTHER CURRENT ASSETS
Description
30.06.2026
31.12.2025
Change
Current financial assets
162,728,446
176,599,447
(13,871,000)
Total
162,728,446
176,599,447
(13,871,000)
Current financial assets at June 30, 2026 mainly consist of investments in securities that the Group has designated for trading and for the short -
term use of excess liquidity resulting from the issuance of a bond in October 2025. These investments refer t o listed corporate bonds for Euro 142.6 million, BTP (Government bonds) for Euro 10 million (maturing in September 2026), a fixed -
term interest
-
bearing current account (maturing October 2026) for Euro 19.9 million, and Euro 209 thousand related to the Germ an subsidiary WIIT AG with a payment platform. All current financial assets may be liquidated on demand.
Description
30.06.2026
31.12.2025
Change
Prepayments
4,482,425
3,960,380
522,045
Tax receivables
2,656,470
2,313,047
343,423
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| 65
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Other receivables
4,271,305
4,600,247
(328,942)
Total
11,410,200
10,837,674
536,526
Prepayments refer to the invoicing of costs not accruing to the period by suppliers.
Tax receivables mainly include the receivable for withholding taxes on dividends distributed by the overseas companies, amounting to Euro 2.3 million, related to the withholdings applied on dividends distributed by the German subsidiaries WIIT AG and Gecko m.b.H. These amounts refer to foreign taxes for which the refund procedure has been initiated with the German tax authority, and are still awaiting reimbursement as of the reporting date. The Group considers that the tax receivable
recognized
to the financial statements is fully recoverable. This assessment was conducted based on applicable regulatory provisions, the information available as of the date the financial statements were prepared, and the opinion provided by an independent
tax advi
sor, whom the Group engaged to assess the recoverability of the receivable Other receivables mainly refer to advances to suppliers and the employee advance expense fund.
8. CASH AND CASH EQUIVALENTS
Cash and cash equivalents of Euro 61,960 thousand at June 30, 2026 comprise current account balances.
9. SHAREHOLDERS’ EQUITY
The share capital of Euro 2,802,066 comprises 26,340,660 shares without nominal value. The share capital did not change on the previous year.
On April 29, 2026, the Shareholders’ Meeting of WIIT S.p.A. resolved to cancel 1,680,000 shares without reducing the share capital.
At June 30, 2026, WIIT S.p.A. holds 1,701,325 treasury shares (6.46% of the share capital), recognized to the financial statements for a total amount of Euro 31,199,342.
The share capital of the company is comprised as follows (Article 2427, first paragraph, Nos.17 and 18 of the Civil Code).
Shares
Number
Ordinary shares at beginning of
period
28,020,660
Ordinary shares cancelled
(1,680,000)
Ordinary shares at period -
end
26,340,660
The Shareholders’ Equity accounts are divided by origin, the possibility of utilization, distribution and any utilization in the previous three years (Article 2427, first paragraph, No. 7 bis of the Civil Code)
Page
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Treasury shares
The Shareholders’ Meeting of April 29, 2025 revoked, for the part not executed, the
authorization
for the
purchase and
utilization
of ordinary treasury shares approved by the Shareholders’ Meeting of May 16, 2024.
On the same date, pursuant to Article 2357 and subsequent of the Civil Code and for a period of 18 months from the effective date of the
authorization
, the Meeting also
authorized
the acquisition of ordinary WIIT S.p.A.
shares without par value, in one or more tranches and at any time and in compliance with applicable laws and regulations, including at EU level. This decision was made to allow the Company to hold a stock of treasur y shares to be used as consideration for any corporate transactions and/or other uses of financial -
operating
and/or strategic interest for the company, also for exchanges of investments with others to support operations in the company’s interest, and to se rvice any financial instrument -
based remuneration plans that the Company might adopt.
On April 29, 2026, the Shareholders’ Meeting of WIIT S.p.A. resolved to cancel 1,680,000 shares without reducing the share capital.
At June 30, 2026, WIIT S.p.A. holds 1,701,325 treasury shares (6.46% of the share capital), recognized to the financial statements for a total amount of Euro 31,199,342. As per IFRS, this amount was recognized as a reduction of shareholders’ equity.
With regard to the value of the Treasury shares reserve, it should be noted that as of June 30, 2026, as outlined in the “Significant events in the period” section, it exceeded the value of the distributable reserves and distributable profits resulting fro m the most recent financial statements duly approved pursuant to Article 2357 of the Italian Civil Code (financial statements as of December 31, 2025). Given this situation, the Directors will proceed, in accordance with the law, to dispose of a sufficien t number of shares to ensure compliance with the aforementioned provision.
The market value of treasury shares at June 30, 2026 was Euro 58,695,713.
Earnings per share
The basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Parent Company by the average weighted number of ordinary shares outstanding during the period. Share results and information are shown below for the calculation of basic losses per share.
EARNINGS PER SHARE
30.06.2026
30.06.2025
Net profit for the period
5,049,907
7,113,830
Average number of ordinary shares, net of treasury shares
24,637,791
25,986,610
Basic earnings per share (Euro per share)
0.20
0.27
Average number of ordinary shares in circulation, excluding treasury shares for only the portion not allocated to RSU programs and stock options
23,950,113
24,983,884
Diluted earnings per share (Euro per share)
0.21
0.28
Page
| 67
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The average diluted number of shares differs from the average number of shares in view of shares transferred to employees and Directors through RSU plans and stock options.
Share
-
based payments: Restricted stock units (RSU’s) and stock options incentive plans
The Shareholders’ Meeting of May 5, 2021 of WIIT S.p.A., meeting in ordinary session, approved the adoption of the “2021 -
2026 Stock Option Plan”, which concluded with the Shareholders’ Meeting’s approval of the financial statements as of December 31, 2025.
Consequently, the RSU reserve was fully utilized. On April 26, 2022, the Shareholders’ Meeting of WIIT S.p.A., meeting in ordinary session, approved the adoption of a second incentive plan known as the “2022 -
2027 Stock Option Plan”. On May 4, 2023, the ad option of a third incentive plan called the "2023 -
2027 RSU Plan" was approved. In addition, on April 29, 2025, the adoption of a fourth incentive plan called the "2025 -
2029 RSU Plan" was approved. The pillars of the 4 plans are to incentivize
beneficiar
ies to achieve the WIIT Group's operating performance objectives, to align their interests with the interests of shareholders in the creation of value in the medium/long term, and to retain key staff of the WIIT Group, providing incentives for them to rem ain with the Company.
2023
-
2027 “RSU” PLAN
The 2023
-
2027 RSU Plan is addressed to employees of the WIIT Group and based on the achievement of corporate objectives in order to incentivize them to add value to the WIIT Group in the medium/long -
term and
to function as a tool to generate loyalty. The Plan provides for the grant of a maximum of 100,000 RSUs, valid for the allocation of a maximum of 100,000 shares. The grant of RSUs to Beneficiaries may take place over four award cycles during the financial years 2023, 2024, 2025 and 2026. RSU’s may also be assigned on different dates to each of the Beneficiaries, provided that they are assigned respectively by December 31, 2023 for the first cycle, by December 31, 2024 for the second cycle, by December 31, 2025 for the third cycl e and by December 31, 2026 for the fourth cycle.
RSUs are freely assigned. Beneficiaries will therefore not be required to pay any consideration to the Parent Company for the assignment. If matured according to the terms and conditions set out in the Plan and in the Regulation, each RSU assigned shall e ntitle the holder to the free assignment of one share. The assignment of shares is also conditional on and commensurate with the achievement of performance objectives based on the Consolidated Adjusted EBITDA set out in the WIIT Group’s 2023 -
2025 Strategic
Plan. Once granted, they will not be subject to lock -
up periods.
The following are the tranches by which the Board of Directors awarded the RSU plans to employees of the parent company and the subsidiaries:
Grant
date
Assignment
date
No. of
Options
Granted at
31.12.2025
Shares
cancelled
2026
No. of
Options
Granted at
30.6.2026
Vesting
period
Exercise
date
Shares
vesting
Shares not
exercised
Fair
value
11.05.2023
19.05.2023
10,050
(500)
9,550
31.12.2023
01.01.2027
-
-
18.09
11.05.2023
02.08.2023
1,000
0
1,000
31.12.2023
01.01.2027
-
-
18.09
11.05.2023
01.08.2024
5,000
0
5,000
31.12.2023
01.01.2027
-
-
18.09
11.05.2023
07.11.2024
1,000
0
1,000
31.12.2023
01.01.2027
-
-
18.09
Total
17,050
(500)
16,550
-
-
Page
| 68
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The shares will be delivered following approval of the consolidated financial statements for the year ended December 31, 2026 by the Board of Directors.
The grant date has been set as May 19, 2023, which is the date on which most of the participation letters were submitted, as this is the moment in which both parties are informed of the plan regulation.
In order to determine their fair value, the RSU’s are considered call options with a strike price of zero and with a weighted average share value at the end of the plan of Euro 19.24 (as compared to a value of Euro 19.24 at the grant date), calculated by w ay of a Monte Carlo simulation with 5,000 iterations and repeated at the end of each year.
The fair value was calculated taking into account the binominal method; the valuation of derivative financial instruments and, in particular, the valuation of options often requires the use of numerical approximation techniques; among the numerical approxi mation algorithms, the simplest approach is binomial tree or binomial model techniques. The key feature of the binomial model is to restrict the prices for the asset underlying the option to a discrete set of values based on a binomial distribution. The ad vantage therefore of this methodology is the use of mathematical tools that are elementary but in many applications provide results that are sufficiently accurate. In more detail, the binomial distribution sufficiently defines the possible path of the fina ncial asset underlying an option and allows the price of an option to be determined at a point in time. It can then be assumed to divide the interval between the valuation date and the expiration of the option into an appropriately large number “n” of subp eriods of equal magnitude. In each subperiod, the end -
period
price is obtained by multiplying the corresponding beginning -
period price by either the growth factor “u” or the decrease factor “d”. This procedure results in a binomial tree that describes the price trend of the asset underlying the option on an individual basis.
The value of the underlying was calculated for each of the 250 periods into which the remaining duration of the plan was divided, and on the basis of which the branches of the binomial tree were identified, according to the model's probability developments . After identifying the possible values of the underlying asset in the various periods, we proceeded by backward deduction to calculate the value of the RSU, starting from its max value (S n -
K;0) on the exercise date. The value of the option thus identified is Euro 18.09.
The fair value calculated as described above applied to a number of granted shares that was adjusted to take account of expected turnover (of 8%) and assuming a probability of reaching the EBITDA target each year of 100%.
The cost will be calculated at the end of each quarter, for the purposes of the periodic reports published on the market.
2025
-
2029 “RSU” PLAN
The 2025
-
2029 RSU Plan is addressed to employees of the WIIT Group and based on the achievement of corporate objectives in order to incentivize them to add value to the WIIT Group in the medium/long -
term and
to function as a tool to generate loyalty. The P lan provides for the grant of a maximum of 100,000 RSUs, valid for the allocation of a maximum of 66,000 shares. The grant of RSUs to Beneficiaries may take place over four award cycles during the financial years 2025, 2026, 2027 and 2028. RSU’s may also b e assigned on different dates to each of the Beneficiaries, provided that they are assigned respectively by December 31, 2025 for the first cycle, by December 31, 2026 for the second cycle, by December 31, 2027 for the third cycle and by December 31, 2028 for the fourth cycle.
Page
| 69
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
RSUs are freely assigned. Beneficiaries will therefore not be required to pay any consideration to the Company for the assignment. If matured according to the terms and conditions set out in the Plan and in the Regulation, each RSU assigned shall entitle the holder to the free assignment of one share. The assignment of shares is also conditional on and commensurate with the achievement of performance objectives based on the Consolidated Adjusted EBITDA set out in the WIIT Group’s 2025 -
2029 Strategic Plan.
Once granted, they will not be subject to lock -
up periods.
The following are the tranches by which the Board of Directors awarded the RSU plans to employees of the parent company and the subsidiaries:
Grant date
Assignment
date
No. of
Options
Granted at
31.12.2024
No. of
Options
Granted at
31.12.2025
Vesting
period
Exercise
Period
Shares
exercised
Shares not
exercised
Fair
value
26.09.2025
26.09.2025
0
66,000
16.03.2030
01.01.30
-
-
18.22
Total
0
66,000
-
-
The delivery of the shares will take place within 10 days following approval of the consolidated financial statements for the year ended December 31, 2029 by the Board of Directors.
The grant date has been set as September 26, 2025, which is the date on which most of the participation letters were submitted, as this is the moment in which both parties are informed of the plan regulation.
In order to determine their fair value, the RSU’s are considered call options with a strike price of zero and with a weighted average share value at the end of the plan of Euro 18.22, calculated by way of a Monte Carlo simulation with 20,000 iterations and repeated at the end of each year.
The fair value was calculated taking into account the binominal method; the valuation of derivative financial instruments and, in particular, the valuation of options often requires the use of numerical approximation techniques; among the numerical approxi mation algorithms, the simplest approach is binomial tree or binomial model techniques. The key feature of the binomial model is to restrict the prices for the asset underlying the option to a discrete set of values based on a binomial distribution. The ad vantage therefore of this methodology is the use of mathematical tools that are elementary but in many applications provide results that are sufficiently accurate. In more detail, the binomial distribution sufficiently defines the possible path of the fina ncial asset underlying an option and allows the price of an option to be determined at a point in time. It can then be assumed to divide the interval between the valuation date and the expiration of the option into an appropriately large number “n” of subp eriods of equal magnitude. In each subperiod, the end -
period
price is obtained by multiplying the corresponding beginning -
period price by either the growth factor “u” or the decrease factor “d”. This procedure results in a binomial tree that describes the price trend of the asset underlying the option on an i ndividual basis.
The value of the underlying was calculated for each of the 250 periods into which the remaining duration of the plan was divided, and on the basis of which the branches of the binomial tree were identified, according to the model's probability developments . After identifying the possible values of the underlying asset in the various periods, we proceeded by backward deduction to calculate the value of the RSU, starting from its max value (S n -
K;0) on the exercise date. The value of the option thus identified is Euro 18.22.
The fair value calculated as described above applied to a number of granted shares that was adjusted to take account of expected turnover (of 29%) and assuming a probability of reaching the EBITDA target each year of 100%.
Page
| 70
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The cost will be calculated at the end of each quarter, for the purposes of the periodic reports published on the market.
At June 30, 2026, personnel costs of Euro 148 thousand were recognized to the income statement for two RSU plans, with recognition of the related equity reserve (hereinafter the “stock grant reserve”) for Euro 464 thousand and concerning the period from th e grant date of May 11, 2023, to June 30, 2026.
2021
-
2026 “STOCK OPTION” PLAN
The “2021
-
2026 Stock Option Plan” is addressed to Executive Directors and Senior Executives of the group and the parent company, and may be extended to those assuming the role of Executive Director or Senior Executive during the duration of the Plan. It pr ovides for the free allocation of Options giving the Beneficiary the right to receive the Shares in the Parent Company's portfolio to which he/she is entitled following the exercise of the Options, at a ratio of 1 Share for every 1 Option exercised. The Pl an purpose is the assignment of a maximum of 1,000,000 Options, valid for the assignment of a maximum of 1,000,000 Treasury Shares of the Parent Company. The strike price of each Option (which entitles the holder to purchase 1 share for each
Option exercis
ed) is equal to Euro 18.
The duration of the Plan is until July 1, 2027, and the Options may be exercised by the beneficiaries, as indicated by the Parent Company in the participation letter, in whole or in part for a maximum number equal to 50% of the total Options granted to eac h beneficiary as of January 1, 2024 or July 1, 2024; and for 100% of the total Options granted to each beneficiary as of, alternately, January 1, 2026 or July 1, 2026. The allocation of shares is also conditional on and commensurate with the achievement of the performance objectives.
In May 2021, the Board of Directors of WIIT identified the beneficiaries of the plan and granted 775,000 options.
Grant
date
No. of options
granted
Vesting
period
Exercise Period
Options
exercised
Options
cancelled
Options not
exercised
Strike
price
Fair
value
14.06.2021
100,000
From
14.06.2021 to
31.12.2023
From 01.01.2024 to
01.01.2027
50,000
0 18
3.77
Page
| 71
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
14.06.2021
287,500
From
14.06.2021 to
30.06.2024
From 01.07.2024 to
01.01.2027
50,000
-
0 18
4.13
14.06.2021
100,000
From
14.06.2021 to
31.12.2025
From 01.01.2026 to
01.01.2027
50,000
-
0 18
5.01
14.06.2021
287,500
From
14.06.2021 to
30.06.2026
From 01.07.2026 to
01.01.2027
50,000
-
0 18
5.24
Total
775,000
200,000
0
During the first half of 2026, 200,000 stock options were exercised. The Parent Company therefore drew upon both its stock option reserve and its treasury share reserve. In this regard, reference should be made to the statement of changes in consolidated s hareholders’ equity. Furthermore, in July 2026, an additional 295,000 stock options were exercised. Consequently, also in this case, both the stock option reserve and the treasury share reserve were utilized.
The grant date is the date of the participation letters, as this is the moment in which both parties are informed of the plan regulation.
For the purposes of measuring fair value, an incremental value was assumed for the strike price for the exercise of the options of Euro 3.77 -
4.13
-
5.01
-
5.24 at the respective vesting dates of 01.01.24 -
01.07.24
-
01.01.26
-
01.07.26, which was calcul ated using the Black -
Scholes model and corresponds to share values of 21.77 –
22.13
–
23.01
– 23.24, as compared to a value of Euro 17.62 at the grant date. Average risk free rate for Italy, as estimated by Fernandez (2021), of 1%;
To account for volatility over a time period consistent with that of the plan, the annualized standard deviation of returns were calculated over the period July 10, 2018 to June 14, 2021. The earliest useful date considered is July 10, 2018 since the stock price was constant prior to that date. The dividend yield is calculated as the 2020 dividend per share (0.105) on the stock price at the assignment date of June 14, 2021.
The fair value calculated as described above applied to a total number of options granted prudently estimating that at the conclusion date of the plan nine of the nine beneficiaries (100%) will still be in service.
The cost will be calculated at the end of each quarter, for the purposes of the periodic reports published on the market.
2022
-
2027 “STOCK OPTION” PLAN
Page
| 72
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
On April 21, 2022, the Shareholders’ Meeting of WIIT S.p.A., meeting in ordinary session, approved the adoption of the incentive plan known as the “2022 -
2027 Stock Option Plan”. The pillars of the Plan are to incentivize Beneficiaries to achieve the WIIT G roup's operating performance objectives, to align their interests with the interests of shareholders in the creation of value in the medium/long term, and to retain key staff of the WIIT Group, providing incentives for them to remain with the Company.
The “2022
-
2027 Stock Option Plan” is addressed to Executive Directors and Senior Executives of the Group and the Parent Company, and may be extended to those assuming the role of Executive Director or Senior Executive during the duration of the Plan. It pr ovides for the free allocation of Options giving the Beneficiary the right to receive the Shares in the Parent Company's portfolio to which he/she is entitled following the exercise of the Options, at a ratio of 1 Share for every 1 Option exercised. The Pl an purpose is the assignment of a maximum of 250,000 Options, valid for the assignment of a maximum of 250,000 Treasury Shares of the Parent Company. The strike price of each Option (which entitles the holder to purchase 1 share for each Option
exercised)
is equal to Euro 40.
The duration of the Plan is until July 1, 2028, and the Options may be exercised by the beneficiaries, as indicated by the Parent Company in the participation letter, in whole or in part for a maximum number equal to 100% of the total Options granted to ea ch beneficiary as of, alternately, from July 1, 2028.
In September 2022, the Board of Directors of WIIT identified the beneficiaries of the plan and granted 152,000 options.
Grant
date
No. of options
granted
Vesting
period
Exercise Period
Options
exercised
Options
cancelled
Options not
exercised
Strike
price
Fair
value
23.09.2022
152,000
From
23.09.2022
to 31.12.2027
At 01.07.2028
-
-
-
40
1.29
Total
152,000
-
-
-
In July 2026, 50,000 stock options were canceled.
The grant date is the date of the participation letters, as this is the moment in which both parties are informed of the plan regulation.
For the purposes of measuring fair value, an incremental value was assumed for the strike price (Euro 40) for the exercise of the options of Euro 1.29 on maturity at 01.07.28 which corresponds to a share value of 41.29 at the maturity date as compared to a value of Euro 14.31 at the grant date. Average risk free rate for Italy equal to
2.18%;
The fair value calculated as described above applied to a total number of options granted prudently estimating that at the conclusion date of the plan 4 of the 4 beneficiaries (100%) will still be in service.
The cost will be calculated at the end of each quarter, for the purposes of the periodic reports published on the market.
At June 30, 2026, the portion of the reserve for incentive plans related to two Stock Options was Euro 2,922,199;
costs for the stock option plan of Euro 157 thousand were recognized to the income statement for the first half of 2026. Euro 398 thousand of the reserve was utilized following the exercise of 200,000 stock options.
The plans were evaluated with support from an independent expert.
Both plans make use of the treasury shares of WIIT S.p.A..
Page
| 73
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
10. PAYABLES TO OTHER LENDERS
The current and non -
current portions of payables to other lenders at June 30, 2026 are shown below:
Description
30.06.2026
31.12.2025
Change
Current lease payables
12,586,594
12,097,811
488,783
Non -
current lease payables
22,732,549
21,886,941
845,609
Total
35,319,143
33,984,752
1,334,392
Lease payables include the principal amounts of future leasing charges measured according to the finance method, in addition to property and motor vehicle lease contract payables, colocation contracts and the leases of EDP used by the company for operation al purposes.
11. FINANCIAL INDEBTEDNESS RELATED TO BOND FACILITIES
The current and non -
current portions of payables to other lenders at June 30, 2026 are shown below:
Description
30.06.2026
31.12.2025
Change
Current financial indebtedness related to
Bond facilities
159,093,158
152,436,229
6,656,929
Non -
current financial indebtedness related to Bond facilities
212,793,655
212,618,541
175,113
Total
371,886,813
365,054,770
6,832,043
At June 30, 2026, the Group has two bonds in place, through the parent WIIT S.p.A.:
-
a senior, non -
convertible, unsubordinated and unsecured Bond with a total nominal value of Euro 150,000,000, approved by the Company's Board of Directors on September 7, 2021 and named "Up to €150,000,000 Senior Unsecured Fixed Rate Notes due 7 October 202 6". The Bond has a term of five years from the issue date (October 7, 2021), at a fixed interest rate of 2.375% per annum. The Early Redemption Prices will be 101.188% for the period from October 7, 2023 to October 6, 2024 (inclusive) and 100.594% for the period from October 7, 2024 to October 6, 2025 (inclusive) (and 100% for the period from October 7, 2025 to October 6, 2026 (inclusive)). The Bonds are traded on the Regulated Market of the Official List of the Irish Stock Exchange -
Euronext Dublin and on the Electronic Bond Market (MOT) organized and managed by Euronext Milan. A bullet repayment is stipulated for the maturity date.
-
A non
-
convertible, unsubordinated and unsecured bond with a total nominal value of Euro 215,000,000, approved by the Company's Board of Directors on September 19, 2025 and named "Up to €215,000,000 Senior Unsecured Fixed Rate Notes due 16 October 2030". Th e Bond has a term of five years from the issue date (October 16, 2025), at a fixed interest rate of 4.375% per annum. The Early Redemption Prices will be 102.188% for the period from October 16, 2027 to October 15, 2028 (inclusive) and 101.094% for the per iod from October 16, 2028 to October 15, 2029 (inclusive) (and 100% for the period from October 16,
Page
| 74
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
2029 to October 15, 20230 (inclusive)). The Bonds are traded on the regulated bond market (MOT) -
ExtraMOT segment operated by Borsa Italiana. A bullet repayment is stipulated for the maturity date.
12. BANK LOANS
The bank loans at June 30, 2026 of Euro 66,361 thousand include the payable for loans and indicates the effective payable for capital, interest and accessory charges matured and due. The current portion is Euro 19,699 thousand, while the long -
term portion
is Euro 46,662 thousand.
ISSUING ENTITY
Current 6.2026
Non -
Current
6.2026
Total
06.2026
Maturity
Interest Rate
CREDITO VALTELLINESE
465,918
275,028
740,945
05.01.2028
FIXED 1.50%
BANCO BPM
1,111,111
3,888,889
5,000,000
31.12.2030
EUR3M+1.4%
CREDIT AGRICOLE
710,397
2,289,603
3,000,000
17.12.2029
EUR3M+1.35%
BANCO BPM
746,924
753,076
1,500,000
30.06.2028
EUR3M+1.55%
CREDIT AGRICOLE
1,250,000
1,250,000
2,500,000
30.06.2028
EUR3M+1.25%
CREDIT AGRICOLE
1,241,806
2,508,194
3,750,000
30.06.2029
EUR3M+1.234%
CREDITO VALTELLINESE
526,740
0
526,740
05.12.2026
Fixed 1.15%
DEUTSCHE BANK
1,066,667
1,866,667
2,933,333
31.03.2029
EUR3M+1.5%
INTESA SANPAOLO
2,500,000
625,000
3,125,000
30.09.2027
EUR3M+1.1%
MEDIOCREDITO
710,705
0
710,705
31.10.2026
EUR6M+1.23%
MONTE DEI PASCHI DI SIENA
1,263,197
1,666,123
2,929,320
30.09.2028
EUR3M+1.1%
MONTE DEI PASCHI DI SIENA
2,000,000
18,000,000
20,000,000
31.12.2031
EUR3M+1.43%
MPS MUTUO SACE
214,984
0
214,984
30.11.2026
EUR6M+0.594%
NÄV (VOLKSBANK)
26,765
560,118
586,883
31.12.2038
FIXED 5.55%
SPARKASSE
2,482,964
1,230,564
3,713,528
31.12.2027
EUR3M+1.6%
SPARKASSE
25,184
73,897
99,081
30.11.2030
FIXED 1.99%
UNICREDIT
3,333,333
11,666,667
15,000,000
31.12.2030
EUR3M+1.5%
VOLKSBANK
22,480
8,180
30,660
30.06.2028
FIXED 3.88%
Total
19,699,175
46,662,006
66,361,178
ISSUING ENTITY
Current 12.2025
Non -
Current
12.2025
Total
12.2025
Maturity
Interest Rate
CREDITO VALTELLINESE
462,438
508,860
971,298
05.01.2028
FIXED 1.50%
BANCO BPM
534,584
0
534,584
30.06.2026
VARIABLE 1.2% +
spread
BANCO BPM
745,854
1,129,146
1,875,000
30.06.2028
EUR3M+1.55%
CREDEM
139,171
0
139,171
28.02.2026
EUR3M+1.1%
CREDIT AGRICOLE
1,250,000
1,875,000
3,125,000
30.06.2028
EUR3M+1.25%
CREDIT AGRICOLE
1,245,942
3,135,014
4,380,956
30.06.2029
EUR3M+1.234%
CREDITO VALTELLINESE
1,038,439
0
1,038,439
05.12.2026
Fixed 1.15%
DEUTSCHE BANK
1,066,667
2,400,000
3,466,667
31.03.2029
EUR3M+1.5%
INTESA SANPAOLO
2,500,000
1,875,000
4,375,000
30.09.2027
EUR3M+1.1%
MEDIOCREDITO
1,403,183
0
1,403,183
31.10.2026
EUR6M+1.23%
MONTE DEI PASCHI DI SIENA
1,233,430
2,305,252
3,538,681
30.09.2028
EUR3M+1.1%
MONTE DEI PASCHI DI SIENA
0
20,000,000
20,000,000
31.12.2031
EUR3M+1.43%
MPS MUTUO SACE
472,263
0
472,263
30.11.2026
EUR6M+0.594%
Page
| 75
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
NÄV (VOLKSBANK)
26,765
571,074
597,839
31.12.2038
FIXED 5.55%
SPARKASSE
2,406,556
2,498,921
4,905,477
31.12.2027
EUR3M+1.6%
SPARKASSE
25,184
90,285
115,469
30.11.2030
FIXED 1.99%
UNICREDIT
1,666,667
13,333,333
15,000,000
31.12.2030
EUR3M+1.5%
VOLKSBANK
14,570
0
14,570
30.06.2026
FIXED 2.35%
VOLKSBANK
22,479
19,420
41,899
30.06.2028
FIXED 3.88%
Total
16,254,192
49,741,305
65,995,497
13. OTHER FINANCIAL LIABILITIES
Description
30.06.2026
31.12.2025
Change
Other non
-
current financial liabilities
3,278
43,016
(39,739)
Total
3,278
43,016
(39,739)
A breakdown of other current and non -
current financial liabilities is provided below:
Description
Current
Non -
Current
Total
Interest rate swaps 0
3,278
3,278
Total
0
3,278
3,278
The movements in the period are presented below:
31.12.2025
FVPL
Payments
Releases
30.06.2026
Interest rate swaps
30,166
(26,889)
0 0
3,278
Total
30,166
(26,889)
0 0
3,278
14. EMPLOYEE BENEFITS
Description
30.06.2026
31.12.2025
Change
Liabilities at January 1
2,096,752
2,413,959
(317,207)
Business combinations
0 0 0
Employees transferred
0 0 0
Financial expenses
22,179
60,681
(38,502)
Service cost
0
198,122
(198,122)
Payments made
(321,703)
(584,450)
262,747
Actuarial losses
(8,775)
8,440
(17,215)
Total post
-
employment benefits
1,788,453
2,096,752
(308,299)
Description
30.06.2026
31.12.2025
Change
Liabilities at January 1
638,806
587,207
51,599
Provision in the period
165,405
469,168
(303,763)
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Financial expenses
8,012
15,535
(7,523)
Service cost
0 0 0
Payments made
(171,583)
(406,375)
234,792
Actuarial losses
(26,729)
(26,729)
0 Total stay bonus
613,911
638,806
(24,895)
Total Employee Benefits
2,402,364
2,735,558
(333,194)
The valuation of Post -
employment benefits is based on the following assumptions:
FINANCIAL ASSUMPTIONS
30.06.2026
31.12.2025
Discount rate
2.76%
2.90%
Inflation
until 2027: 1.7% until 2027: 1.8%
2029: 1.9%
2029: 1.9%
2030 and beyond: 2.0% 2030 and beyond: 2.0%
DEMOGRAPHIC ASSUMPTIONS
30.06.2026
31.12.2025
Mortality rate
ISTAT 2024
ISTAT 2024
Personnel turnover
12% per year 12% per year all age groups all age groups
Advances
2.0% per year 2.0% per year
Pensionable age
Minimum access requirements established by the Monti -
Fornero reforms
Minimum access requirements established by the Monti -
Fornero reforms
With regards to specific management personnel, the parent company has stipulated a Stay Bonus to incentivize continuance at the company.
The bonus is fixed by individual agreement between the parties and consists of an amount paid in monthly instalments, provided that the beneficiary does not terminate employment with the company before the
contractually
-
identified maturity. Otherwise, or in the event of termination before that date (due to resignation or any other reason beyond the control of the Company), the beneficiary will be required to repay the fees paid to him/her up to that point.
On the basis of the provisions of IAS 19R, stay bonuses are included among "Other long -
term employee
benefits”. These are therefore indemnities paid during the course of employment, which must be recognized using actuarial methods.
In terms of the international accounting standards, the valuation was carried out using the actuarial "Projected Unit Credit Method" (articles 67 -
69 of IAS 19R). As per IAS 19R, no additional disclosure is required for "Other long term employee benefits".
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
15. PROVISIONS FOR RISKS AND CHARGES
The provision for risks and charges of Euro 664,430 is mainly attributable to the subsidiary WIIT AG and concerns a provision for the building and systems refurbishment work at the end of the lease on the building.
16. DEFERRED TAX ASSETS AND LIABILITIES
Description
30.06.2026
31.12.2025
Change
Deferred tax assets
1,882,553
1,903,249
(20,697)
Deferred tax liabilities
(12,378,789)
(12,712,224)
333,435
The nature of the temporary differences which determine the recognition of deferred tax assets and their movements during the year and the previous year are analyzed below.
Deferred tax assets in the year Total deferred tax assets at 31.12.2025
1,903,249
Directors remuneration
58,303
16,267
Stay bonus
(133,251)
(31,980)
MBO Employees
(352,596)
(84,623)
Temporary differences IFRS 16
402,617
96,628
Temporary differences IAS 19 -
IS
35,096
8,423
Temporary differences IAS 19 -
OCI
2,142
514
Other changes
(92,917)
(25,924)
Total deferred tax assets at 30/06/2026
1,882,554
Economic effect in the year
(21,210)
Effect other comprehensive income items 514 The difference between the impact on the statement of financial position and the income statement of deferred tax assets is due to the effect of taxes on the actuarial gain/loss to shareholders’ equity.
At June 30, 2026, there were no deferred tax assets not recognized by the Group.
Deferred tax liabilities are recognized on the gains identified by the Purchase Price Allocation (PPA) that arise from differences between the fair values and the carrying amounts and tax values of the assets acquired in business combinations. The reductio n for the period of Euro 333 thousand is due to the release of deferred tax liabilities following the amortization of these capital gains.
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
17. CURRENT INCOME TAX LIABILITIES
Description
30.06.2026
31.12.2025
Change
Treasury IRAP payable
703,215
353,611
349,604
Treasury IRES and foreign taxes payable
9,263,986
7,572,299
1,691,687
Total
9,967,201
7,925,910
2,041,291
The IRES and Foreign Taxes payable increased on the previous year due to the provision for the period of current taxes. At the reporting date, the payable at December 31, 2025 has not yet been settled, in accordance with the current German regulations. Payment will be made within the legally -
stipulated timeframe, which grants extended timeframes in the case of business combination transactions.
18. TRADE PAYABLES
Description
30.06.2026
31.12.2025
Change
Italy
8,982,405
8,905,533
76,872
EU countries
3,091,219
5,012,641
(1,921,422)
Non -
EU countries
626,433
2,378,109
(1,751,676)
Total
12,700,056
16,296,283
(3,596,227)
“Trade payables" are recorded net of trade discounts; however, cash discounts are recorded upon payment.
19. PAYABLES TO PARENT COMPANIES
The payable to the parent company refers to the payable arising from the tax consolidation with the parent company, Wiit Fin S.r.l., related to the transfer of IRES to the CNM.
20. CURRENT CONTRACT AND OTHER LIABILITIES
Description
30.06.2026
31.12.2025
Change
Social security institutions
1,844,867
1,741,679
103,188
Employee payables
4,019,816
4,569,073
(549,256)
Other current liabilities
1,826,825
3,088,044
(1,261,219)
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Contract liabilities
5,624,057
7,128,712
(1,504,655)
Total
13,315,565
16,527,508
(3,211,942)
The payables to personnel and social security institutions were duly settled during the first half of 2026, in accordance with the contractual and statutory deadlines.
Contract liabilities comprise for Euro 5,624 thousand revenues invoiced in the period although accruing to future periods, in accordance with international accounting standards.
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Main notes to the income statement
21. REVENUES AND OPERATING INCOME
Sales revenues in 2026 amounted to Euro 81.8 million, compared to Euro 85.3 million in the same period of 2025.
Revenues by product line
Description
H1 2026
%
H1 2025
% Revenues of recurring services (ARR)
66,889,253
81.74%
67,638,344
79.28%
Revenues of non -
recurring services
10,823,965
13.23%
10,636,331
12.47%
Resale
3,226,906
3.94%
4,313,162
5.06%
Other revenues and income
892,265
1.09%
2,727,246
3.20%
Total
81,832,389
100.00%
85,315,083
100.00%
“Revenues of recurring services” of Euro 66,889 thousand includes the provision of recurring services, which is the Group’s core business. “Revenues of non -
recurring services” and “Resales” concern revenues for non -
recurring services of Euro 10.8 million, mainly attributable to the company Gecko m.b.H. and Hardware and Software resale revenues of Euro 3.2 million (Euro 4.3 million in H1 2025). “Other revenues and income” reduced on the previous year as H1 2025 included the release of Euro 2 million of the E dge&Cloud earnout.
Revenue by geographic area
Description
H1 2026
H1 2025
Change
Italy
30,846,892
29,958,813
888,079
EU countries
39,928,530
44,423,935
(4,495,405)
Non -
EU countries
11,056,967
10,932,335
124,632
Total
81,832,389
85,315,083
(3,482,694)
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
22. PURCHASES AND SERVICES
Description
H1 2026
H1 2025
Change
Purchase of other services from third parties
15,929,594
12,686,384
3,243,210
Electricity
4,107,543
4,556,588
(449,045)
Product acquisition cost
1,776,987
3,666,183
(1,889,196)
Connectivity
1,761,942
2,488,102
(726,160)
Directors
1,428,587
1,389,067
39,520
Others
779,280
827,961
(48,681)
Property management expenses
283,546
464,793
(181,247)
Company car hire
475,086
359,189
115,897
Total
26,542,566
26,438,267
104,299
"Purchases of other services from third parties" mainly refers to the purchase cost of software maintenance and support, external consulting costs, and marketing costs.
"Product acquisition cost" refers to the purchase of hardware and software (licenses) resold by the WIIT Group to third parties.
"Connectivity" refers to data utilities subscribed by the WIIT Group for the provision of its mainly cloud services to customers.
23. PERSONNEL COSTS
Description
H1 2026
H1 2025
Change
Salaries and wages
17,467,947
20,581,548
(3,113,601)
Social security charges
4,262,624
4,797,250
(534,626)
Post
-
employment benefits
105,722
142,248
(36,526)
Total
21,836,293
25,521,046
(3,684,753)
The average number of employees of the Group in H1 2026 was 571 (628 in 2025). The number of employees at June 30, 2026 was 574.
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
24. AMORTIZATION, DEPRECIATION, WRITE
-
DOWNS AND PROVISIONS
Amortization and depreciation has been calculated based on the duration of the useful life of the asset or its use in production.
The item includes amortization and depreciation of Euro 18,049 thousand, including Euro 13,189 thousand related to property, plant and equipment, Euro 3,437 thousand related to the right -
of -
use, and Euro 4,860 thousand related to intangible assets.
Euro 252 thousand was allocated to the doubtful debt provision in the year.
25. OTHER OPERATING COSTS AND CHARGES
“Other operating costs” of Euro 601 thousand include residual costs, including banking expenses, charitable donations and other taxes and duties.
26. FINANCIAL INCOME
The total of Euro 2,456 thousand for H1 2026 mainly refers to Euro 2,404 thousand of interest on government securities and corporate bonds (see paragraph 7 "Current financial assets”), with the remainder concerning interest income on current accounts and i nterest income from customers for payment extensions.
27. FINANCIAL EXPENSES
Description
H1 2026
H1 2025
Bond interest
6,832,042
2,283,056
Bank interest
1,172,448
775,788
Interest expenses on leasing
1,060,358
1,094,707
Other financial expenses
81,244
107,183
Total
9,146,092
4,260,734
Bond interest refers to the interest expenses on the two outstanding bonds, increasing compared to the previous year following the issuance of the new bond of Euro 215 million in October 2025 (see paragraph 11 “Financial indebtedness related to bond facili ties").
Bank interest includes interest on bank loans accruing in the year.
Interest expense on leasing refers to the interest on leased equipment, property leases and vehicle leases, as required by IFRS 16.
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Other financial expenses mainly refer to interest arising from the application of IAS 19 on post -
employment
benefits of Euro 30 thousand and Euro 27 thousand arising from the recognition of the fair value of the IRS derivative on a loan agreed during the year.
28. EXCHANGE GAINS/(LOSSES)
In H1 2026, the Group recognized net exchange losses of Euro 3 thousand, compared to Euro 117 thousand in the previous year, due mainly to fluctuations in the USD/EUR exchange rate.
29. INCOME TAXES
Description
H1 2026
H1 2025
Current taxes
(3,224,394)
(3,276,326)
Deferred tax income & charges
335,309
426,769
Total
(2,889,085)
(2,849,557)
Current income taxes include IRAP for Euro 350 thousand, IRES for Euro 340 thousand and overseas taxes for Euro 2,535 thousand.
The reconciliation between the tax charge recognized to the financial statements and the theoretical tax charge, based on the theoretical tax rates in force, is as follows:
Reconciliation of theoretical and actual tax charge
Assessable
Tax Pre
-
tax result
8,038,992
Theoretical tax rate weighted average (Italy, Switzerland,
Germany)
28.34%
Theoretical tax charge
2,278,142
Taxable permanent differences (Non -
deductible portion on cars and rents, expense reimbursements)
2,540,744
671,667
Permanent deductible differences (Previous losses and non -
taxable income)
(1,817,348)
(410,328)
Assessable income
8,762,388
Current income taxes for the period
2,539,481
Effective Group income tax rate
31.59%
Effective current IRAP for the year
349,604
Total income taxes
2,889,085
Effective Group income tax + IRAP rate
35.94%
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| 84
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Theoretical taxes are calculated by applying the theoretical tax rate of 30% (average weighted tax rate of the tax rates applicable in the countries in which the Group companies are based) to pre -
tax profits.
Categories of financial instruments
The following tables contain information regarding:
‐ Fair value level hierarchy for financial assets and liabilities the fair value of which is stated;
‐ Classes of financial instruments by their nature and characteristics;
‐ Book value of financial instruments;
‐ Fair value of the financial instruments (except for financial instruments the carrying amount of which is close to their fair value).
Levels 1 to 3 of the fair value hierarchy are based on the degree of observability of the information:
‐ Level 1 fair value measurements are based on (unmodified) quoted prices on active markets for identical assets or liabilities;
‐ Level 2 fair value measurements are those based on inputs other than the quoted prices used in Level 1, which are observable for assets and liabilities, either directly (for example, prices) or indirectly (for example, derived from prices);
‐ Level 3 fair value measurements are those derived from the application of measurement techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
30.06.2026
Level 1
Level 2
Level 3
Other financial liabilities Interest rate swaps 0
3,278
0
Total
0
3,278
0
Some of the Group’s financial assets and liabilities are measured at fair value at each reporting date.
Specifically, the fair value of the IRS derivative is estimated using valuation techniques based on observable data (level 2 fair value).
The following table breaks down financial assets and liabilities as per IFRS 7, on the basis of the categories under IAS 9
FINANCIAL ASSETS AT JUNE 30,
2026
Financial assets
at amortized
cost
Financial assets
at FVOCI
Financial assets
at FVPL
Total
Other non
-
current assets
1,234,986
0 0
1,234,986
Non -
current financial assets
1,234,986
0 0
1,234,986
Trade receivables
33,987,463
0 0
33,987,463
Trade receivables from parent
company
438 0
0 438
Current financial assets
208,834
162,519,612
0
162,728,446
Other receivables and other current
assets
11,410,202
0 0
11,410,202
Cash and cash equivalents
61,959,801
0 0
61,959,801
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| 85
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Current financial assets
107,566,738
162,519,612
0
270,086,350
Total financial assets
108,801,724
162,519,612
0
271,321,336
FINANCIAL LIABILITIES AT JUNE
30, 2026
Financial
liabilities at
amortized cost
Financial
liabilities at
FVOCI
Financial
liabilities at
FVPL
Total
Payables to other lenders
22,732,549
0 0
22,732,549
Non -
current financial indebtedness related to Bond facilities
212,793,655
0
212,793,655
Bank loans
46,662,004
0 0
46,662,004
Other non
-
current financial liabilities 0 0
3,278
3,278
Other payables and non -
current
liabilities
0 0 0 0 Non -
current financial liabilities
282,188,208
0
3,278
282,191,486
Payables to other lenders
12,586,594
0 0
12,586,594
Current financial indebtedness related to Bond facilities
159,093,158
0 0
159,093,158
Current bank loans
19,699,175
0 0
19,699,175
Trade payables
12,700,056
0 0
12,700,056
Other payables and current liabilities
7,691,509
0 0
7,691,509
Current financial liabilities
211,770,492
0 0
211,770,492
Total financial liabilities
493,958,700
0
3,278
493,961,978
The Group is exposed to financial risks relating to its operating activities, and principally:
• to credit risk, with particular regards to ordinary commercial transactions with customers;
• to market risk, concerning the volatility of interest rates;
• to liquidity risk, which may arise due to the incapacity to source the funding necessary to guarantee Group operations.
Credit risk management
Credit risk is defined as the probable financial loss generated by the non -
fulfilment by third parties of a payment obligation to the Group.
The WIIT Group is exposed to the risk that its customers may be late or not comply with their payment obligations, according to the agreed terms and conditions and that the internal procedures adopted to assess credit standing and the solvency of clients a re not sufficient to ensure collection.
Any missed payments, late payments or other defaults may be due to the insolvency or bankruptcy of the customer, economic events or specific issues affecting the customer. Payment delays may delay cash inflows.
The Group does not have significant concentrations of credit risk, also due to the fact that it does not significantly deal with, as a strategic choice, the public sector.
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| 86
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The Group manages this risk through choosing counterparties considered as solvent by the market and with a high credit rating, or through providing highly critical services which may not be easily interrupted by its customers.
For commercial purposes, policies have been adopted to ensure the solvency of customers and limit the exposure to the credit risk of an individual customer through evaluation and monitoring.
All receivables are periodically subject to an assessment by customer type, with write -
downs made where impairments are identified.
Receivables are initially stated at fair value, corresponding to their nominal value, and subsequently measured according to the amortized cost method, net of a write -
down provision.
In relation to trade receivables and other receivables, the Group has applied the simplified approach indicated by IFRS 9 to measure the doubtful debt provision as the expected loss over the life of the receivable. The Group measures the amount of expecte d losses through the use of a past due provisioning matrix, calculated on the basis of the sector and country risk rates.
The breakdown of trade receivables is provided in the Explanatory Notes (paragraph 7 “Trade receivables”).
Exchange rate risk management
Exchange rate risk is defined as the risk of the value of a financial instrument changes following exchange rate movements. As operations are mainly in the “Eurozone”, exposure to exchange rates risks deriving from operations in currencies other than the f unctional currency (Euro) is limited.
Interest rate risk management
The management of the interest rate risk has the objective to ensure a balanced debt structure, minimizing interest costs over time. Interest rate risk concerns that affecting the value of a financial instrument on the basis of market interest rate fluctua tions. The Group over the years has almost exclusively contracted
medium
-
term loans at a predominantly fixed rate, which mitigates risk in periods of rising interest rates (such as we are currently experiencing).
The breakdown of existing loans is reported in the Explanatory Notes.
With regards to variable rate financial assets and liabilities at June 30, 2026, amid a hypothetical increase (decrease) of interest rates by 100 basis points against the interest rate at the same date, with the other variables remaining constant, financia l expenses would increase on an annual basis by approx. Euro 306 thousand.
Economic environment risks
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| 87
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The Information Technology market is naturally linked to the general economic performance. A poorly performing economy may slow demand with consequent impacts on the financial statements, in particular for the subsidiaries.
Liquidity risk management
Liquidity risk is defined as the risk that the Group encounters difficulties in sourcing the funds necessary to satisfy the obligations related to financial liabilities.
Prudent management of liquidity risk is pursued by monitoring the cash flows, financial needs and the liquidity of the company, so as to ensure the proper management of financial resources through appropriately allocating any excess or on demand liquidity and the undertaking of adequate lines of credit. There are no covenants or cross -
default clauses as of the reporting date.
An aging of payables is provided below:
June 30, 2026
Book value
Contractual
cash flows
Within 1 year From 1 to 5
years
Beyond 5 years
Bank loans
65,765,144
65,765,144
16,257,671
49,320,117
187,356
Payables to other lenders
35,319,143
39,843,719
14,206,735
25,284,232
352,751
Financial indebtedness related to Bond facilities
371,886,813
415,593,750
159,093,158
256,500,592
0
Trade payables
12,700,056
12,700,056
12,700,056
0 0 Other financial liabilities
3,278
3,278
0
3,278
0
Total
485,674,434
533,905,947
202,257,621
331,108,218
540,108
30. INTERCOMPANY AND RELATED PARTY TRANSACTIONS
The table below reports the costs and revenues and receivables and payables from related party transactions:
Operating costs and financial interest
Financial revenues
and income
Operating costs and
financial interest
WIIT S.p.A.
GECKO
WIIT AG
ECONIS
Total
WIIT Fin
754,200
-
-
-
754,200
WIIT S.p.A.
-
4,004,778
3,395,715
163,645
7,564,138
GECKO
-
-
101,033
-
101,033
WIIT AG
100,393
314,723
-
50,046
465,161
ECONIS
-
-
-
-
0
Total
854,593
4,319,501
3,496,748
213,690
8,884,533
Trade receivables and loans receivable
Trade payables
and loans payable
Receivables
WIIT S.p.A.
GECKO
WIIT AG
ECONIS
Total
WIIT Fin
1,302,170
-
-
-
1,302,170
WIIT S.p.A.
-
-
174,355
-
174,355
GECKO
11,002,114
-
13,772
-
11,015,886
WIIT AG
18,179,273
7,453,687
-
-
25,632,960
ECONIS
375,801
-
6,737
-
382,538
Total
30,859,358
7,453,687
194,865
0
38,507,910
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| 88
CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
There were no atypical or unusual transactions as defined by Consob in communication No. DEM/6064293 of July 28, 2006.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.06.2026
Of which
related
parties
31.12.2025
Of which
related
parties
ASSETS
Intangible assets
54,256,980
56,907,669
Goodwill
124,603,021
124,603,021
Right
-
of -
use
15,260,531
1,179,583
12,759,308
1,743,413
Plant & machinery
7,624,178
8,078,446
Other tangible assets
53,109,653
55,642,986
Deferred tax assets
1,882,553
1,903,249
Equity investments
5 5
Other non
-
current financial assets
1,234,986
1,000,000
1,278,656
1,000,000
NON -
CURRENT ASSETS
257,971,906
2,179,583
261,173,341
2,743,413
Inventories
339,920
258,655
Trade receivables
33,987,463
15,832
31,025,123
35,577
Trade receivables from group companies 438 438 0 Current financial assets
162,728,446
176,599,447
Other receivables and other current assets
11,410,202
10,873,675
Cash and cash equivalents
61,959,801
63,678,279
CURRENT ASSETS
270,426,269
16,270
282,435,179
35,577
TOTAL ASSETS
528,398,175
2,195,853
543,608,520
2,778,990
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30.06.2026
Of which
related
parties
30.06.2025
Of which
related
parties
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share Capital
2,802,066
2,802,066
Share premium reserve
44,598,704
44,598,704
Legal reserve
560,413
560,413
Other reserves
(30,146,695)
1,916,869
Treasury shares in portfolio reserve
(31,199,342)
(46,644,134)
Reserves and retained earnings (accumulated losses)
10,987,491
7,559,807
Translation reserve
105,186
94,242
Group net result
5,049,907
10,484,135
GROUP SHAREHOLDERS’ EQUITY
2,757,730
0
21,372,101
0 Result attributable to non -
controlling interests
0 0 Non -
controlling interests equity 0 0
TOTAL SHAREHOLDERS’ EQUITY
2,757,730
0
21,372,101
0 Non
-
current payables to other lenders
22,732,549
84,716
21,886,941
1,393,650
Non -
current financial indebtedness related to Bond
facilities
212,793,655
212,618,541
Non -
current bank borrowings
46,662,004
49,741,305
Other non
-
current financial liabilities
3,278
43,016
Employee benefits
2,402,364
2,735,558
Provisions for risks and charges
664,430
659,168
Deferred tax liabilities
12,378,789
12,712,224
NON -
CURRENT LIABILITIES
297,637,068
84,716
300,396,754
1,393,650
Current payables to other lenders
12,586,594
1,130,070
12,097,811
367,107
Current financial indebtedness related to Bond facilities
159,093,158
152,436,229
Current bank loans
19,699,175
16,254,192
Current income tax liabilities
9,967,201
7,925,910
Trade payables
12,700,056
27,442
16,296,283
17,199
Payables to parent companies
641,627
641,627
301,732
301,732
Current contract liabilities
5,624,057
7,128,712
Other payables and current liabilities
7,691,509
9,398,794
CURRENT LIABILITIES
228,003,377
1,799,139
221,839,665
686,038
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
TOTAL LIABILITIES & SHARE. EQUITY
528,398,175
1,883,855
543,608,520
2,079,688
CONDENSED CONSOLIDATED INCOME STATEMENT
H1 2026
Of which
related
parties
H1 2025
Of which
related
parties
REVENUES AND OPERATING INCOME
Revenues from sales and services
80,940,124
22,102
82,587,837
23,104
Other revenue and income
892,265
11,875
2,727,247
0 Total revenues and other operating income
81,832,389
33,977
85,315,083
23,104
OPERATING COSTS
Purchases and services
(26,542,566)
(61,736)
(26,438,267)
(1,477)
Personnel costs
(21,836,293)
(25,521,046)
Amortization, depreciation and write -
downs
(18,301,319)
(725,071)
(18,741,260)
(653,680)
Provisions
0
(30,000)
Other costs and operating charges
(601,706)
(509,367)
Change Inventories of raw materials, consumables &
goods
81,265
215,816
Total operating costs
(67,200,619)
(786,807)
(71,024,124)
(655,157)
OPERATING PROFIT
14,631,770
(752,831)
14,290,959
(632,053)
Financial income
2,456,381
50,592
Financial expenses
(9,146,093)
(72,862)
(4,260,734)
(49,006)
Exchange gains/(losses)
(3,066)
(117,430)
PROFIT BEFORE TAXES
7,938,992
(825,693)
9,963,387
(681,059)
Income taxes
(2,889,085)
(2,849,557)
NET RESULT
5,049,907
(825,693)
7,113,830
(681,059)
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
The amounts identified as the right -
of -
use, non
-
current and current payables to other lenders, amortization and depreciation and financial expense refer to the lease contracts entered into with WIIT Fin and Immo 2 for the office contract in Milan via Muzio Attendolo and the office in Cuneo, respectively.
The amount of Euro 1,000,000 under other non -
current assets concerns two security deposits paid by WIIT S.p.A. on behalf of WIIT Fin S.r.l., parent company of WIIT S.p.A..
The amount of Euro 641,627 under other payables and other current liabilities concerns WIIT Fin’s tax consolidation payable to WIIT S.p.A.
It should also be noted that other related parties have been identified with which the Company has conducted business relations at arm’s length:
-
WIIT Fin: WIIT Spa has an existing lease agreement for offices located at Via Muzio Attendolo Detto Sforza 4 for which it has
recognized
a right
-
of -
use of Euro 1,046,047 and a current payable to other lenders of Euro 1,078,552.
-
Investorfly S.r.l.: revenues of Euro 6 thousand, costs of Euro 6 thousand, trade receivables of Euro 3 thousand and trade payables of Euro 8 thousand. The company is considered a related party of WIIT S.p.A. due to the position held by Francesca Cocco, a D irector of WIIT S.p.A. and a Shareholder and Director of Investorfly S.r.l.
-
Lerxi S.r.l.: costs of Euro 25 thousand and trade payables of Euro 13 thousand. The company is considered a related party of WIIT S.p.A. due to the position held by Francesca Cocco, a Director of WIIT S.p.A. and a Director of Lerxi S.r.l.
-
Namirial S.p.A.: Revenues of Euro 16 thousand and trade receivables of Euro 8 thousand. The company is considered a related party of WIIT S.p.A by way of Enrico Giacomelli, Chairperson of the Board of Directors of WIIT S.p.A. and of Namirial.
The Group has not
recognized
in the consolidated financial statements any expenses or income from
significant non
-
recurring events or transactions (whose occurrence is non -
recurring, i.e., those transactions or events that do not occur frequently in the normal course of business) pur suant to Consob Notice No.
DEM/6064293 of 28 -
7 -
2006.
31. SUBSEQUENT EVENTS
On July 2, 2026, WIIT announced its selection among the 100 companies listed on the Borsa Italiana that make up the Intermonte Valore Italia Index, which is dedicated to SME’s with a market
capitalization
of less than one billion Euro that do not belong to the FTSE MIB. The Index was created to promote listed Italian SME’s, establishing a meeting point between enterprise, the capital markets and the national economy. It represents a true cross -
section of t he best expertise in the Italian economy, helping to broaden and diversify investment opportunities compared to traditional indices for both domestic and international investors. The companies were selected based on rigorous technical and financial criteri a designed to ensure adequate levels of liquidity, transparency, and investability, including: a minimum free float, sound governance standards, analyst coverage, financial sustainability and debt levels, as well as their representation within the Index it
self. The
Index is part of PMI2Change, Banca Generali’s innovative project unveiled on July 1, 2026 at Borsa Italiana’s Palazzo Mezzanotte, which seeks to support the growth and competitiveness of Italian businesses by fostering the development of domestic ally listed SME’s. The project addresses the issue of the limited liquidity and undervaluation of publicly traded SME’s, helping to create the best conditions for a more efficient match
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
between capital and businesses. The initiative builds on the expertise of Intermonte, a leading Italian player in the sector with over thirty years of experience in the financial markets -
particularly in SME research, sales & trading, market making, and i
nvestment banking
-
which has been an integral part of the Banca Generali Group since early 2025. Based on the Index, Banca Generali, together with Investlinx and Intermonte, has launched a new actively managed, PIR -
compliant ETF that will invest primarily in the group of companies defined by the Index itself. Banca Generali has committed to supporting the launch of the instrument with an initial capital raise of Euro 100 million in the first few months, with a gradual increase in exposure to reach Euro 500
million
over the medium term. It is therefore estimated that the initiative could help generate new investment proceeds of Euro 1 – 2 million per day, representing more than 5% of the index’s free float.
No other significant events occurred subsequent to H1 2026 period -
end.
Disclosure as per Article 1, paragraph 125 of Law No. 124 of August 4, 2017
In relation to the provisions of Article 1, paragraph 125 -
bis of Law No. 124/2017, regarding the obligation to report in the notes to the financial statements any sums of money received during the financial year by way of grants, contributions, paid assign ments and in any case economic benefits of any kind from the public sector bodies and the parties referred to in paragraph 125 -
bis of the same article, it is noted that the Company has not received contributions from the Public Sector .
Outlook
The market continues to be driven by strong cloud services growth and the gradual adoption of SaaS, PaaS and IaaS solutions, in an environment in which the digital transformation remains a strategic driver for companies across all sectors. Against this bac kdrop, the ICT sector is evolving toward business models increasingly focused on technological specialization and operational agility, distinctive factors on which the WIIT Group continues to derive its competitive advantage.
At the same time, company governance models are evolving through the adoption of increasingly advanced tools for performance monitoring and real -
time service control, fostering a data -
driven management
approach focused on value creation. Cybersecurity, inf rastructure resilience and system scalability remain central and essential factors for supporting business growth, ensuring business continuity and delivering service levels that meet the expectations of an increasingly sophisticated enterprise customer ba se.
From an organizational standpoint, flexible and collaborative operating models, featuring a greater integration among the technical, commercial and delivery functions, continue to be consolidated. This approach enables the Group to respond more promptly an d effectively to market needs, while at the same time leveraging its internal expertise and the synergies developed within the Group.
In line with that previously disclosed to the market, the activities focused on monetizing a number of company -
owned data centers in Germany are also continuing, including through potential sale -
and -
lease
-
back
transactions, with the goal of generating fina ncial resources to fund M&A -
led growth. As part of the Group’s development strategy, the scouting for M&A opportunities continues, with two preliminary due diligence
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
processes having been initiated on targets deemed strategically significant, selected in accordance with the rigorous financial discipline that is at the heart of the Group’s investment approach.
At June 30, 2026, the WIIT Group has marginal exposure (>0.01%) to the Russian, Ukrainian and Middle -
East
markets. The Directors do not consider that either direct or indirect risks may arise from such trade relations.
Milan, August 4, 2026 For the Board of Directors
The Chairperson
(Enrico Giacomelli)
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CONSOLIDATED HALF
-
YEAR FINANCIAL REPORT AT JUNE 30,
2026
Declaration of the Condensed Consolidated Half -
Year
Financial Statements at June 30, 2026 as per Article 154 -
bis, paragraph 5
1.
The undersigned Alessandro Cozzi, as “Chief Executive Officer”, and Stefano Pasotto, as “Executive Officer for Financial Reporting”, of the company “WIIT S.p.A.” declare, in consideration of Article 154 -
bis , paragraphs 3 and 4, of Legislative Decree No. 58 of February 24, 1998:
‐ the adequacy considering the company’s characteristics and ‐ the effective application of the administrative and accounting procedures for the condensed
consolidated half
-
year financial statements at June 30, 2026.
2.
It is also declared that:
2.1 the Consolidated Financial Statements:
a) were prepared in accordance with international accounting standards, endorsed by the European Union pursuant to EU regulation No. 1606/2002 of the European Parliament and Council, of July 19, 2002;
b) correspond to the underlying accounting documents and records;
c) provide a true and fair view of the financial position, balance sheet and operating results of the issuer and of the companies included in the consolidation;
2.2.
the Directors’ Report at June 30, 2026 includes a reliable analysis of the significant events that occurred during the year and their impact on the condensed consolidated half -
year financial
statements, as well as the situation of the issuer and all the co mpanies included in the consolidation, together with a description of the main risks and uncertainties to which they are exposed.
Milan, August 4, 2026
ALESSANDRO COZZI
STEFANO PASOTTO
Chief Executive Officer Executive Officer for Financial Reporting
Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Roma Torino Treviso Udine Verona Sede Legale: Via Santa Sofia, 28 - 20122 Milano | Capitale Sociale: Euro 10.688.930,00 i.v.
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© Deloitte & Touche S.p.A.
c Deloitte & Touche S.p.A.
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20122 Milano
Italia
Tel: +39 02 83322111 Fax: +39 02 83322112
www.deloitte.it
RELAZIONE DI REVISIONE CONTABILE LIMITATA
SUL BILANCIO CONSOLIDATO SEMESTRALE ABBREVIATO
Agli Azionisti della Wiit S.p.A.
Introduzione
Abbiamo svolto la revisione contabile limitata del bilancio consolidato semestrale abbreviato, costituito dal prospetto della situazione patrimoniale -finanziaria abbreviata consolidata , dal conto economico abbreviato consolidato, dal prospetto di conto economico complessivo abbreviato consolidato , dal prospetto delle variazioni del patrimonio netto abbreviato consolidato , dal rendiconto finanziario abbreviato consolidato e dalle relative note esplicative della Wiit S.p.A. e controllate (Gruppo Wiit ) al 30 giugno 2026 . Gli Amministratori sono responsabili per la redazione del bilancio consolidato semestrale abbreviato in conformità al principio contabile internazionale applicabile per l’informativa finanziaria infrannuale (IAS 34) emanato dall’International Accounting Standards Board e adottato dall’Unione Europea. È nostra la responsabilità di esprimere una conclusione sul bilancio consolidato semestrale abbreviato sulla base della revisione contabile limitata svolta.
Portata della revisione contabile limitata
Il nostro lavoro è stato svolto secondo i criteri per la revisione contabile limitata raccomandati dalla Consob con Delibera n. 10867 del 31 luglio 1997. La revisione contabile limitata del bilancio consolidato semestrale abbreviato consiste nell’effettuar e colloqui, prevalentemente con il personale della società responsabile degli aspetti finanziari e contabili, analisi di bilancio ed altre procedure di revisione contabile limitata. La portata di una revisione contabile limitata è sostanzialmente inferiore rispetto a quella di una revisione contabile completa svolta in conformità ai principi di revisione internazionali (ISA Italia) e, conseguentemente, non ci consente di avere la sicurezza di essere venuti a conoscenza di tutti i fatti significativi che potrebbero essere identificati con lo svolgimento di una revisione c ontabile completa. Pertanto, non esprimiamo un giudizio sul bilancio consolidato semestrale abbreviato.
2
Conclusioni
Sulla base della revisione contabile limitata svolta, non sono pervenuti alla nostra attenzione elementi che ci facciano ritenere che il bilancio consolidato semestrale abbreviato del Gruppo Wiit al 30 giugno 2026 non sia stato redatto, in tutti gli aspetti significativi, in conformità al principio contabile internazionale applicabile per l’informativa finanziaria infrannuale (IAS 34) emanato dall’International Accounting Standards Board e adottato dall’Unione Europea.
DELOITTE & TOUCHE S.p.A.
Giampaolo Carrara
Socio
Milano , 5 agosto 2026