FY 2026 Results and Industrial Plan 2027 -2028 Corporate Presentation | July 16, 2026
2▪ Group’s Business Model and Strategy ▪ Group’s Financial Results FY 2026 ▪ Group’s Industrial Plan FY 2027 -2028 ▪ Annexes Financial StatementsAgendaAlessandro Fabbroni Group’s Chief Executive Officer
Jacopo Laschetti
Head of Stakeholder Relations and Sustainability
3Purpose,
Mission and
StrategyInnovation and
Sustainable
Growth for the benefit of all
StakeholdersLeading Digital
Integrator for
Enterprises and
Organizations
▪Successful business model oriented to emerging digital trends as Artificial Intelligence and Automation, Data Management , Cloud Computing, Cyber Security, Digital Platforms and Vertical Applications ▪Continuous long -term growth (CAGR 2012 -2026: Revenues +11.2%, Ebitda +14.1%, Group EAT Adjusted +14.1%), with increasing value -added for clients (Group Ebitda margin improving from 4.8% in FY 2019 to 7.2% in FY 2026) ▪New Industrial Plan 2027 -28 targets increasing cash flow generation and organic growth of +5% | +7.5% in Revenues, +5% | +10% in EBITDA, + 7.5% | 12.5% in Group EAT Adjusted for FY27 and FY28 ▪Successful achievements in FY 2026: Group revenues +7.9%, Ebitda +8.2%, EAT Adjusted +10.7% Y/Y vsPro-forma1 2025 (revenues +10,6%, Ebitda +10,6%, Group EAT adjusted +13,3% vs Reported 2025)Sesa Group Overview ▪Leading player for the digital integration ( Technology, Digital Platforms and Vertical Applications) of corporates and organizations: consolidated revenues ofEu 3,621 million (+7. 9% Y/Y vs Pro -forma1, +10.6% Y/Y vs Reported ) and 6,770 people as of 30 April 2026 ▪Operations mainly focused in Italy with headquarters in Empoli (Florence), main offices in Northern Italy and presence in several foreign European countries as Spain, Germany, France, Switzerland with a customer base of 40,000 clients , including
4,000 abroad
▪Purpose: Create long -term, sustainable value for all stakeholders promoting innovation, including digital innovation, within businesses and organizations, as well as the well -being of people ▪Mission: Enable sustainable growth, innovation, including digital innovation, and the ability of the Group's companies to compete on the digital market ▪Strategy: Sesa is a digital platform for enabling sustainable growth of enterprises and organisations, data -driven, market -oriented, and inspired by people (1) FY 2025 includes the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half -year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2m, and Group EAT Adjusted of Eu 2.1 mn
4AI adoption opportunity
AI Driven
Market Growth▪Italian digital market annual growth expected at 3.6% in 2026 -2029, supported by increasing demand for Artificial Intelligence and Automation, up 40% Y/Y, and data driven technologies, up 10% Y/Y ▪Private and vertical AI deployed within companies own infrastructure and processes ▪Digital investments in transformation, cybersecurity and data governance ▪Sesa Group growth higher than twice the market rate
Data Sovereignty
and Data
Management▪AI adoption requires creation, aggregation, management and control of large volumes of data ▪Data management increase driven by demand for data lakes and advanced data management platforms ▪Sovereign AI infrastructures, data centers and secure data environments to support AI workloads ▪Governance and security in line with regulatory and national compliance requirements
Renewable
Energy Demand ▪Green VAS supports customers in building digital infrastructures and developing photovoltaic energy solutions ▪Renewable energy demand supported by data centers, data management platforms and private AI solutions
AI Adoption
and Human
Capital
Enhancement▪Strategic opportunity to enhance customer solutions and act as a catalyst for internal efficiency and workforce development ▪People impact continuous upskilling, productivity gains and efficient knowledge sharing across the organization ▪People Evolution journey supports operational efficiency and development of competencies in AI, automation and digital platforms, enhancing talent and enabling Group transformationAI does extend the Sesa digital integrator role, combining technology, digital platform and vertical applications with AI adoption
5New Group Industrial Plan FY 2027 -2028 Strategic Targets1
Group
Business
Transformation
Journey▪Group evolution as digital integrator, combining technology, digital platform and vertical applications, to enable the digital transformation and AI adoption of companies and organizations ▪Focus on organic growth on core businesses ICT and Green VAS, Business Services, Software & System Integration, ▪Ongoing organization streamlining with significant reduction of legal entities and process re -engineering, withdevelopment of digital platforms and adoption of digital enablers to support the evolution of business and operations (1) Main strategic targets of the new industrial plan 2027 -2028 approved by Sesa BoD on July 16, 2026; Italian digital market trend according to “Il Digitale in Italia 2026”: source Assintec /Assinform July 2026 (2) Organic Growth, compared to pro -forma figures as of April 30, 2025 including the pro -forma consolidation of GreenSun in the 1H 2025Market
overview Key
Technology
Domains▪Italiandigital market (Eu 84.4 bnin 2025 +3.4% Y/Y) is expected to grow at approximately 3.6% annually through 2029, driven by AI adoption, cloud computing, cybersecurity and data management •Cloud Computing: Eu8.7 bn market in 2025 (+16.9% Y/Y), supported by strong Public Cloud adoption (+22.5% Y/Y) •Cybersecurity: Eu2.2 bn market in 2025 (+12.2% Y/Y), driven by increasing cyber threats and regulatory requirements •Big Data & Analytics : Eu+2.1 bn market in 2025 (+10.4% Y/Y ),with Data Governance a priority for 86 % of companies •AI: Eu 1.4 bn market in 2025 (+46.7% Y/Y), with 30% annual expected growth
AI and
Automation
adoption▪Growing demand for control, governance, and protection of data and critical infrastructures driven by AI and Automation
adoption
▪Strategic role as leading Italian digital integrator , combining technology, digital platforms and vertical applications, and enabling AI and automation adoption
Implementation
of the 2026 –27 Industrial Plan▪Successful achievements of 2026 -27 industrial plan targets for FY 2026: Group revenues +7.9%, Ebitda +8.2%, EAT Adj +10.7% Y/Y2reaching the upper range of the FY26 guidance provided in the 2026 -27 Industrial Plan ▪FY 2026 Results driven by the 2H26 acceleration, with Revenues up 9.8% Y/Y (+9.0% in 4Q26) and EBITDA up 9.9% Y/Y (+8.2% in 4Q26). Reported NFP improved to Eu 17.5 mn(Net Debt) from Eu 74.7 mnas of April 2025, up by Eu 57.2 mnY/Y ▪Pay-out ratio improved to 40% from FY 2026 (Dividend distribution of Eu 15.5 mnand Eu 25 mnbuy-back) thanks to growing cash flow from the operations
6New Industrial Plan :
moving from a bolt -on M&A approach toward a strategy focused on Organic Growth and
Group Transformation
as Digital Integrator
1973
n.s.1980 -90
5-10 Mn1994
20 Mn2008
0.5 Bn2012
0.81 Bn2013
0.83 Bn2020
1.7 Bn2020 -25
3.4 Bn2026 -28E
4.1 Bn
IPO Listing on Italian Stock exchange. Sesa is currently included in the FTSE Italia Mid Cap and FTSE Italia STAR indices of EuroNext MilanSesa Group Strategic Path
IBM services,
infrastructure &
software
Partnership with IBM to support the technological evolution of customers, expanding the offering to include IBM infrastructure
and software
Computer Gross
Foundation
Distribution of value -added ICT solutions of leading International Vendors for the business segment Establishment of Sesa
Foundation
Social, cultural and
educational initiatives
supporting community
development and
employee well -being Base Digitale Group
Foundation
Digital platforms, software solutions and digital innovation for the financial services industry Growth acceleration
through M&A
Strong acceleration in revenues and profitability driven by strategic M&A across SSI, VAS and
Business Services,
strengthening market and
position
Industrial Plan 2026 -2027 and
2027 -2028
Focused on core business and organic growth as a Digital Integrator, leveraging digital enablers and skills developmentSesa Foundation Sesa began its activity in 1973, providing IT services to companies operating in the industrial districts of Tuscany regionVar Group Foundation System integrator and software solutions for SMEs and Enterprise with progressive focus on business integration and
consulting
7Business Model and Organization Software and System Integration
(SSI)
4,463Revenues
Eu 909mn
187Revenues
Eu 23 mn Corporate Governance & Corporate Services Business Services (BS)
980Revenues
Eu 159 mn Value Added Solutions (VAS)
Revenues
Eu 2,255 mn695
Revenues
Eu 412mn101
Digital Ecosystem1
344Revenues
Eu 44 mn 100% 100% 100% 100% Software and Digital Integration for European Mid Corporate and EnterprisesDigital Platform, Security Solutions and Vertical Software Solutions for Financial Services Industry (banks, insurance, financial intermediaries, digital payment)Digital Services and Customer Experience integrating technology, data and omnichannel touchpointsICT and Digital Green Value Added Solutions, integration and ecosystem orchestrationCorporate services: Group Governance, M&A, HR, Finance & Control, ICT & Digital, Cybersecurity, Legal & Compliance▪Leading Digital Integrator (Technology , Digital Platform and Vertical Applications), with focus on key digital enablers as AI and Automation, Cloud, Cyber Security and Digital Platforms ;the Group operates through Vertical Business Units and Business Platforms ▪Eu 3.6 Bn consolidated revenues in FY 2026 (+ 7.9% Y/Y vs Pro -forma, +10.6% vs Y/Y Reported) and 6,770 people . Outstanding growth since the 2013 IPO: revenues CAGR (+12.6% 2020 -26, +11.2% 2012 -2026), Ebitda CAGR (+ 18.4% 2020 -26, +14.1% 2012 -2026) and Group EAT adjusted CAGR (+17.1% 2020 -26, +14.1% 2012 -2026) ▪Industrial Plan 2027 -28 targets an annual organic growth of +5.0% | +7.5% in Revenues and +5.0% | +10.0% in EBITDA , supported by the positive contributions of all Group’s sectors (1) The Digital Ecosystem figures are included and reported within the Corporate Sector in the view by Sector presented later in thepresentation
8Eu 812.0 mn Eu 3,621 mnEu16.8mn
Eu 106.1mn
Eu41.3mn
Eu 260.4 mnExperienced Management Team committed to the Group
REVENUES FY12
REVENUES FY26Sesa Group equity partners focus onlong-term development growth :
•Chairman and Sesa Founder in1973 Paolo Castellacci ,Vice-Chairman andSesa partner since 1978 Giovanni Moriani ;
•Group CEO andpartner since 2008 ,Alessandro Fabbroni ;
•SSISector Managing Partner since 2014 ,Francesca Moriani ;
•BSSector Managing Partner since 2020 ,Leonardo Bassilichi ;
•VAS Sector Managing Partner since 2014 ,Duccio Castellacci .
ITH S.p.A.(Chairman P.Castellacci ,CEO A.Fabbroni) isthemajority shareholder ofSesa with a56.89%,recently increased from 52.8%,with stable control since theIPOin2013 .
ITHshare capital isowned bytheSesa Group keypeople (founders and managers) owning around 75%,together with T.I.P.owning a23.8%2stake, aslong-term industrial partner since 2019 FY 12 FY 26 FY 12 FY 26Ebitda Revenues 812 41.3Group EAT AdjFY12 Group EAT AdjFY26
EBITDA FY12
EBITDA FY26
ITH2
56.89%Treasury
Shares
0.29%
Floating
Shares
42.82%Sesa share capital1 15,185,590 ord. shares CAGR 2020 -26
+17.1%CAGR 2020 -26
+12.6%
(1) the stake owned by ITH in Sesa increased from 52.8% of 2024 to the current 56.89% as a result of: i) cancellation of 151,478 treasury shares on August 27, 2025 and of 157,522 shares on December 18, 2025, as well as ii) ITH purchase of around 270,000 Sesa shares from February 4, 26 (2) On February 4 2026, to extend in the long -term Sesa industrial governance and to increase the stake owned by ITH in Sesa, ITH realized a capital increase reserved to i) T.I.P. which grew its ITH share from 21.5% to 23.8% and ii) Leonardo & Marco Bassilichi converting their 0.4% of Sesa (previously owned as a result of 7% of BDG sale) into ITH capital as long -term ITH shareholdersEBITDA margin FY12 EBITDA margin FY2 65.1%
7.2%
260.4
+8.2%
Y/Y vs
Pro-
Forma3,621
+7.9%
Y/Y vs
Pro-
Forma
CAGR 2012 -26
+11.2%CAGR 2012 -26
+14.1%Key people equity and long -term commitment Group Long -term track record achievements
9Geographical coverageContinuous and Sustainable Growth 6,770 employees of which 600abroad (1) FY 2025 results include the pro -forma financials of Greensun for 1H 25 and actual results for 2H 25, following the inclusion in the perimeter of consolidation starting from 3Q 25~𝟕𝟎0 New
Hires
97%
Permanent
Contract~20%
People
below 30 y/o
11.4%
Entry Turn
Over7.8
Years
Average
Seniority▪Revenues FY 2026 +7.9% Y/Y vs Pro -forma1 ▪Revenues CAGR 2012 –2026 equal to 11.2% 812
FY12832
FY13948
FY141,060
FY151,230
FY161,271
FY171,363
FY181,551
FY191,776
FY202,037
FY212,390
FY222,908
FY233,210
FY243,357
FY253,621
FY26
Revenues Eu Mn and Y/Y growth in the FY+2.5%+13.9%+11.8%+16.0% +3.3%+7.2%+13.8%+14.5%+14.7%+17.3%+21.7%+10.4%+4.6%+7.9% Revenue Continuous Growth –FY26 revenues reached Eu 3.6Bn with +7.9% Y/Y vs Pro -forma.
–Continuous expansion confirmed by +11.2% CAGR over 2012 –2026.
–Growth path supported by organic development in FY 2026, with a full achievement of the target for the first Year of the Industrial Plan 2026 -2027People and Talent Management Programs –Focus on inclusion, engagement and skills development of ourtalented people.
–Internal hiring and bolt -on M&A add diverse backgrounds, perspectives and skills.
–Welfare, inclusion and digital skills programs strengthen wellbeing and work -life balance.
–About 125,000 training hours in FY26 (+ 6% Y/Y); 2 0% of people below 30 y/o.▪6,770 people as of April 2026 (+3.6% Y/Y) ▪FY 2026 People Highlights
10Sustainability as a strategic driver and core part of Corporate Vision
Human
Resources and
WelfareEnvironmental
Sustainability▪Carbon Neutrality program in line with EU Agenda ▪Environmental performance in FY 2026:
-Electricity consumption per capita 1,944 kWh ( 4% reduction Y/Y) -Natural gas consumption per capita 71.77 Smc (5% reduction Y/Y) -Green electricity program adoption (97% of total supplies FY 2026) ▪Lines of business dedicated to sustainability and digital green (technology and consulting) Sustainability Governance▪Sustainable growth in corporate bylaws as strategic target of Sesa BoD (since Jan 2021) ▪Sesa Group certifications : SA 8000 (Social Accountability Int. Std); UNI Pdr125/2022 (Gender Equality); Environmental certification ISO 14001; UN Global Compact membership ▪ESG Rating : Ecovadis CSR rating: Platinum medal; MSCI ESG rating: BBB; CDP rating: B ▪ESG Targets disclosed in Group Integrated Annual Report
Social and
economic
development
▪Continuous enforcement of welfare programs for well -being of co -workers:
-Benefits for employees' children (nursery, scholarships, study vacations and digital vouchers) -Sustainable mobility programs -Work -life balance and well -being programs
-Education programs
-Diversity & Inclusion programs ▪Inclusion of ESG targets in the MBO of the Group key people ▪Value generation in a responsible way for social communities and all stakeholders ▪Improving quality life of people, organizations and environment through digital transformation ▪Sesa Foundation : no-profit organization committed to charity, welfare and social community programs ▪Stakeholder Relations Team dedicated to stakeholder engagement Purpose to create long -term, sustainable value for all stakeholders promoting innovation, including digital innovation, within b usinesses and organizations, as well as the well -being of people ESG as a strategic driver and core part of Sesa Corporate Vision
11Evolution from bolt-on M&A expansion to organic growth From massive acquisition sto selected M&A : fewer deals starting from FY2026 84
M&A transactions
completed FY2015 –FY2026Eu 848million annual revenue added at acquisition date4 selected M&A in FY2026 (Eu 18million revenue added) M&A cadence and contribution by period Bars = number of acquisitions Values below = M&A contribution at acquisition date (Eu mn) 5
FY15 –174
FY18 –196
FY2013
FY2113
FY2216
FY2313
FY2410
FY254
FY26FY2026 focus: selection over volume 4Bolt on M&A sharper focus on strategic fit 4 SSI acquisitions: Visicon (Germany) , Delta TI (Spain) , 4IT SAGL (Switzerland ) and Albasoft (Italy) Plan -aligned: supports the industrial Plan priorities International growth: expands presence in high -value
markets
Disciplined structure: key-people retention and ~5 ×EBITDA
±NFP
(1) Revenues in Eu mnand headcount of target companies at the acquisition date (last 12 months before acquisition) (2) FY2025 includes Greensun pro-forma for 1H25 and actual results for 2H25M&A contribution (Eu mn) 56 82 88 76 152 79 112 186 18
12 SSI: Partner for European Enterprises Digital Transformation Vertical Business Platform focused on business applications and digital integration:
Cloud Technology Services, Cyber Security, Proprietary ERP & Vertical Solutions, Enterprise International Platform, Digital Experience, Digital Workspace, Data Science/AILeading System Integrator and Software Solutions provider with growing focus on Business Integration and Consultancy, Cloud and Data Science/AI, Cyber Security, with outstanding growth over the past sixyears (CAGR 2020 -2026 Revenues +14.8%, Ebitda +16.9%) improving by two times revenues and market shareCustomer base of around 10,000 enterprises and mid -sized corporates, including 2,000 abroad , with growing international presence (Spain, France, Germany, Austria, Switzerland and Central Eastern Europe)At a Glance Business Platforms Customer base Cloud Tech.
Services ;
47.0%
Cyber
Security ; 7,0%Proprietary ERP & Vertical Solutions ;
21.0%Enterprise Int.
Platforms
18.0%Digital Experience ; 1.0%Digital Workspace ; 3,5% Data AI ; 2,5%
Total revenue
Eu 909 MnGeographic footprint FY26 revenue by Business PlatformSSI Business Platforms
CLOUD TECHNOLOGY
SERVICES
•Hybrid Cloud services (SaaS, PaaS, IaaS) and Multi Cloud •Integration between public cloud and
datacenter services
•Applications modernization
DIGITAL EXPERIENCE
•Marketing & Digital Strategy •Omnichannel e -commerce
•Experience Technology
•Data driven Intelligence •Design & Creative communicationCYBER SECURITY •Leader in Cyber Security consulting •Security Operation Center (SOC) •Cyber Threat Intelligence •European market presence: Italy, DACH, Spain with 300 headcount
DIGITAL WORKSPACE
•Unified Communication
•Digital workspace and Collaboration •Digitalization of workstations •Workspace booking and management •Digital EventsDATA SCIENCE/AI •Applied and Generative AI, Advanced
Analytics
•Data Intelligence Platform for Predictive Corporate Performance Management
ENTERPRISE INTERN. PLATFORMS
•Business Consulting and Integration •ERP Solutions on International platforms (SAP, Microsoft, Siemens) •Smart Industry solutionsPROPRIETARY ERP & VERTICAL
SOLUTIONS
•Proprietary ERP & Vertical Applications for SMEs and Enterprises •Client main industries: Mechanics, Automotive, Pharma, Retail, Fashion Key Financials FY26
People
4,463
EBITDA (%)
10.6%
Revenues
Eu 909mn
# Customers
10,000
EBITDA CAGR
2020 -26
16.9%
Revenue CAGR
2020 -26
14.8%
13VERTICAL APPLICATIONS
•HC 325
•Vertical Banking Applications Treasury, Finance, Derivatives •Wealth Management and Capital markets Software Solutions •Banking supervision services •Banking regulatory procedures
pplicationDIGITAL PLATFORMS
•HC 655
•Digital Platforms for process automation, customer experience, master securitization and cash management •Reference player in Italy in integrated security management solutions for Financial Services Industry •Open -PSIM (Physical Security Information Management) and open -
BMS (Building Management System) solutions
latform
60%Business Services: Partner for Financial Services Digital Transformation Dual Market Focus: Finance and Enterprise •Financial Services (BDA): solutions for fintech, banks, insurers and digital payment players, enabling innovative financial operations.
•Enterprise (BDP): digital transformation and financial services platforms for utilities, retail, asset management, improving efficiency and process integrationBusiness Services started on February 2020 and focused on Digital Platforms, Vertical Banking Applications and Security for Financial Services Industry, achieving a CAGR 2020 -26 of +63.9% in Revenues and + 94% in Ebitda .
Outstanding growth expected in FY 2027 -28 reaching Eu 200 mnrevenues by 2028E and 19% Ebitda %Extensive presence with more than 900 clients;
a customer -centric approach that puts client experience at the core, offering innovative and tailored solutions ; over 40 proprietary platforms used by clients across all industries .
Native digital business powered by Data, AI and Automation, delivering Eu 50 mn revenues and a 350 skilled team in FY26At a Glance Financial Services and Enterprise Market Presence and Digital Excellence Key Financials FY26
People
980
EBITDA (%)
18.8%
Revenues
Eu 159 mn
# Customers
900
EBITDA CAGR
2020 -26
94.1%
Revenue CAGR
2020 -26
63.9%
Banking, Capital Market & Insurance Vertical Digital Platforms for the banking, financial, and insurance
segmentsBusiness Process
Automation and Management for the Financial Services Industries (process automation,
securitization)
Customer Experience & Digital Evolution Application:
Digital platform solutions to transform the customer experience, with data enhancement and AI adoptionIntegrated Security Solution:
Advanced data protection and security integrating data and physical protection Base Digitale Group Offering Trading value chain Value -added servicesFront -end
Core Banking
Credit Value ChainRegtechPayments and Collections Value ChainFinancial Ecosystem Base Digitale Group Vertical Strategic Business Units 40%
As % FY26
revenueAs % FY26
revenue
Powered by proprietary platforms and partner technologies, delivering integrated, scalable solutions that combine innovation andexpertise
14Cloud, Security,
DC Solutions ;
63.8%
Networking &
Collaboration ; 13.5%Data Science AI Solutions; 6.4%Devices, Digital Workspace ;
16.3%Organized into specialized units managing partnerships with over 165 major IT vendors.
Its offering covers Cloud (SaaS, IaaS, XaaS ), Data & AI, and Security Solutions, driving recurring revenue growth. Leading role in AI enablement, as the first European Competence Center for IBM and the leading Italian Microsoft partner focused on AI Copilot and Data/AI integration in Cybersecurity.Value -added Technology Integrator and Solutions aggregator , providing consulting, marketing, and training to accelerate the adoption of emerging technologies across the ICT ecosystem. Leader in the Italian VAD market1with ~48% share (64% in Cloud & Enterprise Software). Double -digit growth over the past 6 years (CAGR 2020 -26: Revenues +7.6%, EBITDA +11.3%).ICT VAS serves a solid and diversified ecosystem of approximately 20,000 business partners, including corporate reseller, software houses, system integrators, MSPs, and CSPs with growing focus on strategic consultant, digital integrator, corporate service players, managed service provider.At a Glance Business Units Customer base FY26 revenue by competence centers ICT VAS Competence centers
CLOUD, SECURITY, DC
SOLUTIONS
•Public and Hybrid Cloud
•Datacenter Solutions
•Cyber Security technology: SIEM, End Point Security, Software Encryption DataKey Financials FY26
People
695
EBITDA (%)
4.5%
Revenues
Eu 2,255 mn # Bus. Partners
20,000
EBITDA CAGR
2020 -26
11.3%
Revenue CAGR
2020 -26
7.6%ICT VAS: Digital Integration of ICT ecosystems
DEVICES, DIGITAL WORKSPACE
•Devices and peripherals
•Printing equipment
•Digital Workspace for Multi -Cloud & Hybrid organizations •Smarter add -on and IoT
DATA SCIENCE/AI SOLUTIONS
•Advanced Analytics, Data
Management
•Applied and AI in partnership with main international vendors •In-house team leading AI project .NETWORKING &
COLLABORATION
•Networking and connectivity •Installation and setup support for all systems and devices •Free Replacement of damaged products .Italian Market share ICT VAS1
Total revenue
Eu 2,255 mn The ICT VAS sector continues to evolve, driven by the growing demand for digital integration of AI, data management and data protection and the dynamic trend of Cloud, Datacenter , Security Segments .
Expansion is supported by the ability to attract new Vendors and partnerships, and by the opening of opportunities with emerging System Integrators, MSPs and CSPs.Computer Gross ; 45.1%
Competitor 1;
17.3%Competitor 2;
8.8%Competitor 3;
5.5%Others ;
23.3%
(1) Source Sirmi, April 2026. CG market share on total Italian Value Added Distribution market (networking, software enterprise, customized services, server, storage), including the subsidiaries ICOS and Altinia Distribuzione
15Photovoltaic panels,
modules ; 42% Energy storage ; 31%Other equipment ; 3%Inverters , 24%FY2026 marks a year of strong organic growth and market consolidation. Revenues reached Eu 412.2 million (+19.9% Y/Y vs Pro-Forma1), benefiting from the full -year contribution of GreenSun and supported by growing demand for renewable energy solutions from the business segment, further driven by the increasing adoption of data management, data governance and private AI solutions.Joined the Group in 2021 through the acquisition of PM Service (Eu 30 mn revenues at the time). The sector focuses on technologies and services supporting renewable energy production, through a value -added offering of photovoltaic systems, panels, inverters, and storage , along with tailored solutions in partnership with leading global vendors, with 2,000 business partners The PV market is gradually evolving towards a greater contribution from inverters, batteries and energy storage systems, supporting a more diversified and value -added offering.
During FY2026, the integration between PM Service and GreenSun was completed under the One Company model, with expected benefits in terms of operating efficiencies, process integration and commercial effectiveness.At a Glance Financial Evolution Future Expectations FY26 revenue by competence centers Green VAS competence centers
PHOTOVOLTAIC PANELS,
MODULES
•Photovoltaic Panels
•ModulesKey Financials FY26
People
101
EBITDA (%)
7.0%
Revenues
Eu 412mn
# Bus. Partner
2,000
Green VAS Services & EducationGreen VAS: Digital Partner of environmental sustainability
ENERGY STORAGE
•Battery
•Energy StorageOTHER EQUIPMENT •Photovoltaic and electric
equipment
•Electric Vehicles equipment
INVERTERS
•Inverters
•Partner of leading inverter brandsSupply & logistics:
three Italian warehouses ensure efficient storage, shipping, and timely
deliveries
Seminars &
workshops :
technical training and webinars across Italy led by expert engineersPre-sales technical support: guidance on product selection and
system configuration
Post -sales technical support : ongoing
assistance, installation
guidance, and on -site support if needed
Total revenue
Eu 412mn
Revenue CAGR
2021 -26
141.5%
EBITDA CAGR
2021 -26
146.9%
1) FY 2025 results include for the H1 2025 the pro-forma data of Greensun , company whose acquisition was formalized in November 2024;
16▪ Group’s Business Model and Strategy ▪ Group’s Financial Results FY 2026 ▪ Group’s Industrial Plan FY 2027 -2028 ▪ Annexes Financial StatementsAgendaAlessandro Fabbroni Group’s Chief Executive Officer
Jacopo Laschetti
Head of Stakeholder Relations and Sustainability
17(1) FY 2025 include the pro forma contribution of the GreenSun acquisition (finalised on November 2024), with half -year pro forma revenues of Eu 83.7 mn, EBITDA of Eu 5.2 mn, and Group EAT Adjusted of Eu 2.1 mn (2) EBIT Adjusted and Group EAT Adjusted are presented after minorities and before amortisation of intangible assets (client list s and know -how) arising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.
(3) Sesa Shareholders’ Meeting as of 28 August 2020 resolved not to distribute dividends considering the pandemic emergency (4) NFP gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS16 debt.
(5) Consolidated NFP reported atApril 30, 2026includes Eu 199.6 mnof IFRS Debt (of which Eu 143. 2mnrelated to deferred liability towards minorities for M&As and Eu 56.4 mnrelated to IFRS 16) compared to Eu 233,1 mnatApril 30, 2025Group’s actual results FY as of April 30, 2026 ▪In FY 2026, the Group delivered solid results, confirming the disciplined execution of its Industrial Plan and a sustainable growth trajectory across its core sectors. Consolidated revenues reached Eu 3,620.8 million, up 10.6% Y/Y vs reported figures and 7.9% Y/Y vs pro -forma figures , supported by the Group’s underlying organic growth.
▪In FY 2026, the Group achieved EBITDA of Eu 260.4 million, up 10.6% Y/Y vs reported figures and 8.2% Y/Y vs pro -forma figures. EB ITDA margin stood at 7.2%, substantially in line with the previous year, reflecting the positive profitability performance across all business sectors. Group EAT Adjuste d reached Eu 106.1 million (+10.7% Y/Y vs Pro -forma, +13.3% Y/Y vs Reported), while Reported EAT amounted to Eu 80.6 million (+13.2% Y/Y vs Pro -forma, +18.9% Y/Y vs Reported).
▪Net profitability benefited from a 17.9% reduction Y/Y in net financial income and expenses .Moreover, net profitability benefited from lower financial expenses, which decreased to Eu 34.0 million from Eu 40.5 million in FY 2025 ( -16.0% Y/Y). Financial income and expenses included the capital gain of appr oximately Eu 7.0 million from the disposal of 6.6% stake held in DVH, almost entirely offset by equity investment write -downs (amounting to Eu 6.0 million) recorded within the same line item.
▪AtApril 30, 2026, Sesa Group demonstrated strong cash generation, with consolidated NFP reported improving by approximately 57.2 million compared to April 30, 25 . Eu million FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025¹ FY 2026Variance
FY 25/26CAGR
FY12 -262H 25 2H 26 Variance 4Q 25 4Q26 Variance Revenues 1,776.0 2,037.2 2,389.8 2,907.6 3,210.4 3,356.8 3,620.8 7.9% 11.2% 1,839.4 2,020.5 9.8% 839.9 915.6 9.0% Ebitda 94.5 126.0 167.7 209.4 239.5 240.7 260.4 8.2% 14.1% 132.8 146.1 9.9% 64.1 69.3 8.2% Ebitda Margin 5.3% 6.2% 7.0% 7.2% 7.5% 7.2% 7.2% 7.2% 7.2% 7.6% 7.6%
EBIT Adj270.0 95.1 130.2 167.7 192.7 185.4 197.5 6.5% 13.1% 101.8 111.9 9.9% 47.0 53.0 12.8%
EBIT Adj Margin 3.9% 4.7% 5.4% 5.8% 6.0% 5.5% 5.5% 5.5% 5.5% 5.6% 5.8% Amortisation of client lists/know how and stock grant(6.1) (11.1) (16.0) (25.0) (35.7) (39.8) (45.6) 14.6% 16.0% (20.6) (22.0) 7.0% (11.4) (13.2) 16.6%
EBIT 63.9 84.0 114.2 142.7 157.0 145.7 152.0 4.3% 13.0% 81.3 87.3 7.4% 35.6 39.7 11.6%
Financial income / (charges) (5.0) (6.5) (6.7) (16.7) (37.0) (40.5) (34.0) n.a. (21.4) (17.5) (11.0) (8.6) FX gains / (losses) (0.4) 1.0 (0.1) 0.8 0.9 (1.4) (0.6) n.a. (1.3) 0.1 (1.1) (0.1) Income / (loss) on equity method investments1.7 2.3 1.7 1.6 0.9 1.0 0.9 n.a. 0.6 0.6 0.4 0.2 Net financial income and expense (3.7) (3.2) (5.1) (14.4) (35.1) (41.0) (33.7) (17.9%) 17.0% (22.1) (16.8) (24.1%) (11.7) (8.5) (27.8%) EAT reported 42.2 56.8 78.6 90.2 83.1 71.2 80.6 13.2% 12.3% 38.6 46.2 19.6% 11.8 16.1 36.5% EAT Reported Margin 2.4% 2.8% 3.3% 3.1% 2.6% 2.1% 2.2% 2.1% 2.3% 1.4% 1.8% EAT Adjusted³ 45.4 62.4 87.8 108.0 111.2 102.8 115.0 11.8% 15.2% 56.5 65.4 15.7% 22.0 26.8 21.7% Group EAT Adj³ 41.2 57.8 82.7 102.3 106.4 95.8 106.1 10.7% 14.1% 53.6 60.7 13.2% 20.1 24.0 19.4% Group EAT Adj Margin 2.3% 2.8% 3.5% 3.5% 3.3% 2.9% 2.9% 2.9% 3.0% 2.4% 2.6% Headcounts 2,547 3,441 4,163 4,720 5,691 6,532 6,770 3.6% 15.9% 6,532 6,770 3.6% 6,532 6,770 3.6% Dividend per share30.00 0.85 0.90 1.00 1.00 1.00 1.33 Total dividend 0.0 13.2 13.9 15.5 15.5 15.5 20.6 33% NFP debt /(cash)4(110.3) (197.4) (245.3) (239.5) (211.0) (158.4) (182.1) (23.7) (158.4) (182.1) (23.7) (158.4) (182.1) (23.7) NFP reported (incl. IFRS)5(54.7) (94.7) (92.0) (33.7) (2.7) 74.7 17.5 (57.2) 74.7 17.5 (57.2) 74.7 17.5 (57.2)
18FY 2026 Group’s actual results by Sector (1) FY 2025 results include for the H1 2025 the pro-forma data of Greensun , company whose acquisition was formalized in November 2024; pro -forma half -yearly revenues of Eu 83.7 Mn, Ebitda of Eu 5.2 Mn, EAT Adjusted of Eu 4.0 Mn, Group EAT Adjusted of Eu 2.1 Mn) . From Q3 2025 Greensun figures have been included in the consolidation scope Please note that:
-SSI, ICT VAS, BS, Green VAS revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination -Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know -how) arisin g from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.▪FY2026 consolidated revenues reached Eu3,620.8million, up7.9%Y/YvsPro-Forma, driven by(i)Software &System Integration up3.8%Y/Y, (ii)Business Services up3.2%Y/Y, (iii) Digital Green VAS up19.9%Y/YvsPro-Forma and(iv)Value Added Solutions up8.6%Y/Y, supported bytheGroup’s underlying organic growth across itscore business sectors .
▪FY2026 consolidated EBITDA amounted toEu260.4million, increasing by8.2%Y/YvsPro-Forma, with EBITDA margin substantially stable at7.2%.Profitability growth was supported bythesolid performance ofICTVAS (EBITDA +12.6%Y/Y), Business Services (+8.8%Y/Y) andDigital Green VAS (+18.4%Y/YvsPro-Forma), while Software &System Integration recorded EBITDA growth of1.7%Y/Y, reflecting investments intechnology platforms andre-engineering aimed atrationalizing thecorporate structure andimproving operational efficiency .
▪FY2026 Group Adjusted EAT reached Eu106.1million, up10.7%Y/YvsPro-forma, driven bythestrong profitability growth ofICTVAS (+20.6%Y/Y) andGreen VAS (+54.1%Y/Y), despite thelower contribution from Business Services (-12.7%Y/Y) andSoftware &System Integration (-17.7%Y/Y), mainly reflecting higher amortization charges related tocustomer lists andtechnological know -how arising from acquisitionsREVENUES EBITDA GROUP EAT ADJUSTED Eu million FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251FY26 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251FY26 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251FY26 Software & System Integ. 343.0 396.3 481.9 572.2 702.6 822.8 875.7 908.8 26.2 37.8 55.5 67.9 84.9 100.1 94.9 96.6 7.7 11.1 20.0 24.4 31.2 32.6 28.6 23.6 Change Y/Y 18.7% 15.5% 21.6% 18.7% 22.8% 17.1% 6.4% 3.8% 26.6% 44.3% 46.8% 22.3% 25.0% 17.9% (5.2%) 1.8% 28.3% 43.7% 80.6% 22.2% 27.8% 4.6% (12.3%) (17.7%) Margin on revenues 7.6% 9.5% 11.5% 11.9% 12.1% 12.2% 10.8% 10.6% 2.2% 2.8% 4.1% 4.3% 4.4% 4.0% 3.3% 2.6% ICT Value Added Solutions 1,301.3 1,451.9 1,596.3 1,680.6 1,872.4 2,147.4 2,075.5 2,254.7 46.6 53.3 63.9 72.3 72.4 95.5 90.0 101.3 23.8 29.4 40.0 44.5 39.6 52.6 41.5 50.1 Change Y/Y 12.8% 11.6% 9.9% 5.3% 11.4% 14.7% (3.4%) 8.6% 14.8% 14.4% 19.9% 13.1% 0.1% 32.0% (5.8%) 12.6% 5.3% 23.7% 35.9% 11.3% (11.1%) 33.0% (21.1%) 20.6% Margin on revenues 3.6% 3.7% 4.0% 4.3% 3.9% 4.4% 4.3% 4.5% 1.8% 2.0% 2.5% 2.6% 2.1% 2.5% 2.0% 2.2% Business Services 8.2 47.3 58.9 84.4 114.0 153.5 158.5 0.6 2.9 5.7 11.0 18.1 27.3 29.7 0.1 0.2 1.2 4.7 8.1 14.2 12.4 Change Y/Y 476.8% 24.5% 43.2% 35.2% 34.7% 3.2% 383.3% 96.6% 92.5% 65.1% 50.9% 8.8% 100.0% 500.0% 294.8% 71.0% 75.5% (12.7%) Margin on revenues 7.3% 6.1% 9.7% 13.0% 15.9% 17.8% 18.8% 1.2% 0.4% 2.0% 5.6% 7.1% 9.3% 7.8% Green VAS 5.0 176.7 363.4 240.6 343.8 412.2 0.3 18.3 36.7 21.5 24.5 29.0 0.1 12.1 24.7 12.1 11.9 18.4 Change Y/Y n.s. 105.6% (33.8%) 42.9% 19.9% n.s. 100.5% (41.3%) 13.6% 18.4% n.s. 103.1% (50.8%) (1.8%) 54.1% Margin on revenues 6.3% 10.4% 10.1% 9.0% 7.1% 7.0% 1.6% 6.9% 6.8% 5.0% 3.5% 4.5% Group Consolidated results 1,551.0 1,776.0 2,037.2 2,389.8 2,907.6 3,210.4 3,356.8 3,620.8 74.3 94.5 126.0 167.7 209.4 239.5 240.7 260.4 31.4 41.2 57.8 82.7 102.3 106.4 95.8 106.1 Change Y/Y 13.8% 14.5% 14.7% 17.3% 21.7% 10.4% 4.6% 7.9% 17.7% 27.2% 33.4% 33.1% 24.9% 14.4% 0.5% 8.2% 9.8% 31.2% 40.3% 43.1% 23.7% 4.1% (9.9%) 10.7% Margin on revenues 4.8% 5.3% 6.2% 7.0% 7.2% 7.5% 7.2% 7.2% 2.0% 2.3% 2.8% 3.5% 3.5% 3.3% 2.9% 2.9%
19Q4 2026 Group’s actual results by Sector ▪Q42026 confirmed theGroup’s positive growth trajectory, with consolidated revenues reaching Eu915.6million (+9.0%Y/Y), EBITDA increasing toEu69.3million (+8.2%Y/Y) and Group Adjusted EAT rising toEu24.0million (+19.4%Y/Y), supported bysolid operating performance andlower netfinancial expenses .
▪Q42026 consolidated revenues increased by9.0%Y/Y, driven byValue Added Solutions (+13.1%Y/Y), Digital Green VAS (+16.8%Y/Y) andSoftware &System Integration (+7.5%Y/Y), while Business Services reported revenues ofEu38.5million despite achallenging comparison base (-11.4%Y/Y).
▪Q42026 consolidated EBITDA amounted toEu69.3million, increasing by8.2%Y/Y, withEBITDA margin stable at7.6%.Profitability growth wassupported bythestrong performance of ICTVAS (+11.7%Y/Y), Digital Green VAS (+9.5%Y/Y) andBusiness Services (+9.2%Y/Y), while Software &System Integration recorded EBITDA growth of6.7%Y/Y, despite the ongoing re-engineering process ▪Q42026 Group Adjusted EAT reached Eu24.0million, up19.4%Y/Y, despite thelower contribution from Value Added Solutions (-4.7%Y/Y) andBusiness Services (-46.2%Y/Y).The increase wasdriven bythestrong performance ofDigital Green VAS (+184.6%Y/Y), together withthestable contribution from Software &System Integration andapositive Eu5.1million contribution from Corporate sector .
Please note that:
-SSI, ICT VAS, BS, Green ICT revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination -Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know -how) arisin g from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect.REVENUES EBITDA GROUP EAT ADJUSTED Eu million 4Q 19 4Q 20 4Q 21 4Q 22 4Q 23 4Q 24 4Q 25 4Q 26 4Q 19 4Q 20 4Q 21 4Q 22 4Q 23 4Q 24 4Q 25 4Q 26 4Q 19 4Q 20 4Q 21 4Q 22 4Q 23 4Q 24 4Q 25 4Q 26 Software & System Integ. 89.3 87.8 126.7 152.9 200.8 213.5 228.9 246.1 7.0 10.5 15.7 17.3 23.7 25.1 23.4 24.9 1.6 3.7 8.0 6.2 9.3 5.1 2.4 2.4 Change Y/Y (1.7%) 44.3% 20.6% 31.4% 6.3% 7.2% 7.5% 50.0% 49.3% 10.4% 36.7% 6.0% (6.8%) 6.7% 129.1% 118.8% (22.6%) 50.4% (45.5%) (53.6%) 0.9% Margin on revenues 7.8% 12.0% 12.4% 11.3% 11.8% 11.7% 10.2% 10.1% 1.8% 4.2% 6.3% 4.1% 4.6% 2.4% 1.0% 1.0% ICT Value Added Solutions 336.3 354.9 387.4 421.8 437.7 537.5 493.6 558.4 13.3 13.4 16.0 17.6 12.6 22.3 22.4 25.0 6.0 5.5 9.4 12.8 3.4 12.6 8.3 7.9 Change Y/Y 5.5% 9.2% 8.9% 3.8% 22.8% (8.2%) 13.1% 0.8% 19.8% 9.6% (28.2%) 76.6% 0.4% 11.7% (7.7%) 69.8% 35.7% (73.5%) 272.8% (34.4%) (4.7%) Margin on revenues 4.0% 3.8% 4.1% 4.2% 2.9% 4.1% 4.5% 4.5% 1.8% 1.6% 2.4% 3.0% 0.8% 2.3% 1.7% 1.6% Business Services 13.6 17.2 24.9 30.7 43.4 38.5 1.2 0.9 6.1 6.9 9.3 10.1 0.1 -0.2 3.9 3.6 7.0 3.8 Change Y/Y 26.1% 44.7% 23.5% 41.3% (11.4%) (27.4%) 583.1% 12.7% 34.6% 9.2% n.s. n.s. (8.3%) 96.3% (46.2%) Margin on revenues 9.1% 5.2% 24.6% 22.4% 21.4% 26.4% 0.8% (1.0%) 15.7% 11.7% 16.2% 8.7% Green VAS 63.0 94.4 42.4 90.1 105.3 6.2 9.5 2.6 7.3 8.0 3.5 5.7 0.5 2.3 6.5 Change Y/Y n.s. 49.9% (55.1%) 112.7% 16.8% n.s. 53.3% (73.2%) 186.2% 9.5% n.s. 61.3% (91.8%) 390.2% 184.6% Margin on revenues 9.9% 10.1% 6.0% 8.1% 7.6% 5.6% 6.0% 1.1% 2.5% 7.2% Group Consolidated results 404.7 431.3 502.9 631.9 731.3 814.3 839.9 915.6 21.0 25.0 33.8 43.1 53.5 59.2 64.1 69.3 7.8 10.3 14.9 21.0 22.9 22.2 20.1 24.0 Change Y/Y 6.6% 16.6% 25.6% 15.7% 11.4% 3.1% 9.0% 19.1% 35.1% 27.7% 24.0% 10.7% 8.2% 8.2% 32.8% 44.7% 40.5% 9.0% (2.8%) (9.5%) 19.4% Margin on revenues 5.2% 5.8% 6.7% 6.8% 7.3% 7.3% 7.6% 7.6% 1.9% 2.4% 3.0% 3.3% 3.1% 2.7% 2.4% 2.9%
20Group’s Net Financial Charges quarterly trend •InQ42026 ,netfinancial charges amounted toEu8.5million, improving by27.8%Y/Ycompared toEu11.7million in Q42025 ,reflecting lower interest expenses andthepositive contribution from financial income andexpenses .Financial income andcharges included theEu7.3million capital gain arising from thedisposal ofSesa’s 6.65%stake inDV Holding S.p.A.,almost entirely offset bywrite -downs ofequity investments and financial receivables, amounting to around Eu6million, recognized within thesame lineitem.
•Foreign exchange losses amounted toEu0.1million inQ42026 ,compared toEu1.1million inQ42025 ,confirming a significant reduction intheimpact ofEUR/USD volatility ontheGroup’s financial results .
•Annual Netfinancial charges showed aprogressive improvement throughout FY2026 ,decreasing toEu33.7million from Eu41.0million inFY2025 (-17.9%Y/Y), supporting thegrowth intheGroup’s netprofitability .Eu million 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q26 3Q 26 4Q 26 Financial income / (charges) (7.7) (11.5) (10.4) (11.0) (6.8) (9.8) (8.9) (8.6) FX rate income / (loss) 0.1 (0.3) (0.2) (1.1) (0.5) (0.2) 0.2 (0.1) Income / (loss) on equity method investments 0.1 0.2 0.2 0.4 0.1 0.2 0.4 0.2 Financial charges, net (7.4) (11.6) (10.4) (11.7) (7.2) (9.8) (8.3) (8.5) Financial income / (charges) -Var % YoY 5.1% 32.1% 13.6% (7.5%) (11.6%) (15.0%) (14.1%) (22.1%) Financial income / (charges) -Var % Q vs Q (35.3%) 50.0% (9.8%) 5.7% (38.2%) 44.3% (8.8%) (4.1%) Financial charges, net -Var % YoY 16.9% 48.3% 3.5% 6.5% (3.0%) (15.5%) (19.9%) (27.8%) Financial charges, net -Var % Q vs Q (32.7%) 55.9% (10.4%) 13.3% (38.7%) 35.8% (15.0%) 2.1%
21Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) April 2020 -April 2026 ▪AsofApril 30,2026 ,Reported NetFinancial Position improved toEu17.5million from Eu74.7million asofApril 30,2025 ,benefiting from solid operating cash generation andselected non-core asset disposals, including thedisposal ofSesa’s 6.65%stake inDVHolding S.p.A.andthe sale ofthebusiness unitrelating tothesales agency ofTeamSystem software solutions .
▪Factoring equal toEu500MnatApril 30,2026 stable Y/Yas%ofrevenues ▪IFRS 3liabilities, mainly consisting ofEarn -Outs andPutOptions related toM&A transactions ,asofApril 30,2026 ,amounted toEu143.2 million ,down from Eu176.0million asofApril 30,2025 ,reflecting theprogressive settlement ofdeferred price andPutOption andareduced number ofnew M&A transactions, consistent withtheGroup’s increasing focus onorganic growth .
▪Over thelastyear Group reported capex (including M&A andminorities acquisition inside Business Services andSSISectors) equal toEu110 Mnplus dividend distributions andBuyBack totalling Eu40Mn,withanOperating Cash Flow before Capex, M&A, dividend andbuy-back equal toaround Eu205MninFY2026 .The table opposite presents the Net Financial Position reported (including IFRS 16and IFRS 3 liabilities) from Apr20toApr26.
Wealso presented thetrend ofNet financial position excluding the IFRS liabilitiesNet Financial Position (April 2020 –April 2026) Currency : €'m Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24Oct24 Pro-formaApr25 Oct25 Apr26 Shareholders Equity 253.9 272.3 297.4 286.6 335.2 352.1 424.1 442.8 477.3 499.1 500.8 501.9 529.2 NFP debt /(cash) (110.3) (101.7) (197.4) (170.9) (245.3) (189.5) (239.5) (153.4) (211.0) (88.1) (158.4) (89.4) (182.1) IFRS 16 liabilities 38.6 41.3 43.9 41.3 44.9 45.1 50.1 39.4 48.1 42.3 57.2 57.6 56.4 IFRS 3 liabilities 17.0 37.2 58.8 96.0 108.4 133.9 155.7 171.4 160.2 167.8 176.0 150.8 143.2 Of which deferred prices 5.6 14.1 17.2 18.4 19.2 27.6 34.8 41.8 25.1 49.7 25.6 15.2 26.8 NFP reported (incl. IFRS) (54.7) (23.1) (94.7) (33.6) (92.0) (10.5) (33.7) 57.4 (2.7) 122.1 74.7 119.0 17.5 Net Working Capital (April 2020 –April 2026) Currency: €'m Apr 20 Oct 20 Apr 21 Oct 21 Apr 22 Oct 22 Apr 23 Oct 23 Apr 24Oct 24 Pro-formaApr 25 Oct25 Apr26 Net working capital 54.7 76.7 (2.7) 24.1 (32.5) 20.3 (17.1) 36.1 (13.4) 101.2 28.1 61.5 (31.4) NWC as % of LTM revenues 3.1% 3.6% (0.1%) 1.1% (1.4%) 0.8% (0.6%) 1.2% (0.4%) 3.1% 0.8% 1.8% (0.9%)
22 NFP reported (incl. IFRS) bridge from April 30, 20 25 to April 30, 20 26 Thereported NetFinancial Position (NFP) asofApril 30,2026 ,shows anetdebt ofEu17.5million, improving from Eu74.7million asofApril 30,2025 ,reflecting LTM investments ofapproximately Eu110 million (net ofdisposals ofnon-core assets), with Eu60million allocated toM&A and Minorities Acquisitions, LTM share buybacks and dividend distributions ofapprox .Eu38million, andFree Cash Flow before CapEx ofapproximately Eu205million .
FCF before Capex for Eu 205 million Investments LTM amounted to approximately Eu 110 mnof which approximately Eu 60 mnwere allocated to M&A and acquisition of minority interestShare buybacks and dividends in the LTM
amounts to
approximately Eu 38 mn Increase Decrease Total
23New Industrial Plan FY 2027 -FY 2028
Eu million FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251FY26 FY 27E FY 28E
Revenues 1,363.0 1,551.0 1,776.0 2,037.4 2,389.9 2,907.6 3,210.4 3,356.8 3,620.8 3,802.0 -3,892.0 3,992.0 -4,184.0 Change Y/Y 13.8% 14.5% 14.7% 17.3% 21.7% 10.4% 4.6% 7.9% 5.0% -7.5% 5.0% -7.5%
EBITDA 63.1 74.3 94.5 126.0 167.7 209.4 239.5 240.7 260.4 274.0 -287.0 287.5 -315.0
Change Y/Y 17.7% 27.2% 33.3% 33.1% 24.9% 14.4% 0.5% 8.2% 5.0% -10.0% 5.0% -10.0% Margin on revenues 4.6% 4.8% 5.3% 6.2% 7.0% 7.2% 7.5% 7.2% 7.2% 7.2% -7.4% 7.2% -7.5% Group EAT Adj ³ 28.6 31.4 41.2 57.8 82.7 102.3 106.4 95.8 106.1 114.0 -119.0 123.0 -134.0 Change Y/Y 9.8% 31.2% 40.3% 43.1% 23.7% 4.0% (9.9%) 10.7% 7.5% -12.5% 7.5% -12.5% Margin on revenues 2.1% 2.0% 2.3% 2.8% 3.5% 3.5% 3.3% 2.9% 2.9% 3.0% -3.1% 3.1% -3.2% (1) Pro -forma FY2025 results include GreenSun contribution in 1H25; Italian digital market trend according to “Il Digitale in Italia 2026”, Assintec /Assinform, July 2026Strategic objectives ofthe FY2027 –FY2028 Industrial Plan ▪Digital integrator model: combine technology, digital platforms and vertical applications to enable client digital transformation and AI adoption ▪Focus on core businesses and organic growth ▪AI & Automation adoption : capture accelerating demand for governance, data protection and critical infrastructure resilience ▪Operational streamlining : reduce legal entities, re -engineer processes and scale digital platforms / enablers ▪Eu 4.1 Bn revenues, over Eu 300 million Ebitda and Eu 130 million Group Adj EAT in FY 2028E targeting an operating cash flow of around 200 million
per Year
▪Plan enablers: ~Eu 100mn annual investments in digital enablers and people skills, completion of minority -interest acquisitions, selective M&As with shareholder returns payout confirmed at 40%.
Strategic objectives by Group’s Sectors ▪VAS (ICT & Green VAS): mid-to-high single digit Revenues, EBITDA and EAT growth, driven by demand for data management, cybersecurity, private AI and di gital sovereignty and energy from renewables sources ▪Business Services: expected to achieve double -digit growth (~10%) in both revenues and EBITDA, driven by the development of vertical applications a nd digital platforms for the Financial Services industry, alongside increasing market penetration.
▪SSI: expected to deliver low single digit growth in revenues and profitability, supported by a strategic focus on higher value -added activities and lower labour -
intensive business area
24Group long -term growth path: FY 2026 Actual Results and FY 2027 -28 Expected Results In the table above we presented the FY 2027 and FY 2028 according to the industrial plan approved by Sesa BoD in the meeting of July 16, 2026 (1) Ebit Adjusted before amortisation of intangible assets (client lists and know -how) arising from PPA, and before costs relate d to the Stock Grant Plan, all net of the tax effect (2) Group EAT Adjusted is presented after minorities and before amortisation of intangible assets (client lists and know -how) ar ising from PPA, and before costs related to the Stock Grant Plan, all net of the tax effect (3) Net Financial Position gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS 16 debt34,441,3 44,249,5 51,6 54,0 57,963,174,394,5126,0167,7209,4239,5 240,7288-
315 4,6% 5,1% 5,3% 5,2% 4,9% 4,4% 4,6% 4,6% 4,8% 5,3% 6,2% 7,0% 7,2% 7,5% 7,2% 7.2%7.2% -
7.4%
Apr
2011Apr
2012Apr
2013Apr
2014Apr
2015Apr
2016Apr
2017Apr
2018Apr
2019Apr
2020Apr
2021Apr
2022Apr
2023Apr
2024Apr
2025Apr
2026Apr
2027EApr
2028E747812 8329481.0601.230 1.2711.3631.5511.7762.0372.3902.9083.2103.3573,990 -
4,200
Apr
2011Apr
2012Apr
2013Apr
2014Apr
2015Apr
2016Apr
2017Apr
2018Apr
2019Apr
2020Apr
2021Apr
2022Apr
2023Apr
2024Apr
2025Apr
2026Apr
2027EApr
2028E3,621
7.9%
11,516,819,9 20,7 21,824,8 26,128,631,441,257,882,7102,3106,4
94,9106.1114 -
119 1,5% 2,1% 2,4% 2,2% 2,1% 2,0% 2,1% 2,1% 2,0% 2,3% 2,8% 3,5% 3,5% 3,3% 2,8% 3.0% 3.1% Apr
2011Apr
2012Apr
2013Apr
2014Apr
2015Apr
2016Apr
2017Apr
2018Apr
2019Apr
2020Apr
2021Apr
2022Apr
2023Apr
2024Apr
2025Apr
2026Apr
2027EApr
2028E10.7%Sales and other Revenues (Eu mn) EBITDA (Eu mn)
CAGR 2012 -2026 +11.2%
42,5
(5,9)
(30,4)
(43,6)(51,3)(59,4)(68,9) (72,3)(67,3)
(110,3)
(197,4)
(245,3)(239,5)(211,0)(158,4)
(182,1)
(192,0)
(205,0)
Apr
2011Apr
2012Apr
2013Apr
2014Apr
2015Apr
2016Apr
2017Apr
2018Apr
2019Apr
2020Apr
2021Apr
2022Apr
2023Apr
2024Apr
2025Apr
2026Apr
2027EApr
2028EFeb 2013 IPOCAGR 2012 -2024 +16.6%
CAGR 2020 -2026 +17.1%25,635,3 3640,6 42,1 44,9 46,3 48,855,768,591,8125,9167,7192,7185,4197.5
Apr
2011Apr
2012Apr
2013Apr
2014Apr
2015Apr
2016Apr
2017Apr
2018Apr
2019Apr
2020Apr
2021Apr
2022Apr
2023Apr
2024Apr
2025Apr
2026Apr
2027EApr
2028E6.5%218-
239EBIT Adjusted1(Eu mn) 818 863 912 9741.150 1.2151.4271.6421.9002.5473.4414.1634.7205.6916.532 Apr
2011Apr
2012Apr
2013Apr
2014Apr
2015Apr
2016Apr
2017Apr
2018Apr
2019Apr
2020Apr
2021Apr
2022Apr
2023Apr
2024Apr
2025Apr
2026E6,770CAGR 2012 -24 +17.0%CAGR 2020 -2026 + 12.6%
Industrial Plan 2027 +10.0% | +12.5%CAGR 2012 -2026 +14.1%
CAGR 2020 -2026 + 18.4%CAGR 2012 -2026 +13.1%
CAGR 2020 -2026 + 18.9%
Industrial Plan 2027 +5.0% | +10.0% Industrial Plan 2027 +5.0% |+7.5% Industrial Plan 2028 +5.0% | +10.0% Industrial Plan 2028 +10.0% | +12.5%Industrial Plan 2028 +5.0% | +7.5% Var%Y /Y 20.1% 7.0%12.0% 4.2% 4.7% 7.2%17.8%27.1%33.3%33.1%24.9%14.4% 0.5%
9.0%
3.4% 4.3% 4.3% 4.3% 4.0% 3.7% 3.6% 3.6% 3.9% 4.5% 5.3% 5.8% 6.0% 5.5%5.5% -
5.6%5.5% -
5.7% 3.6%
Group EAT Adjusted2(Eu mn) Net Financial Position3(Eu mn) Headcount (Nr)37.9% 2.0%12.8%3.7% 6.7% 3.1%14.1%23%34%37.1%33.2%14.9%(3.8)%
5.4%
5.5% 5.7%6.8%18.1% 5.7%17.4%15.7%34.1%35.1%21.0%13.4%20.6%14.8%3.6%
15.1%8.7% 2.5%13.9%11.8%16.0%3.4%13.8%14.5%14.7%17.3%21.7%10.4%4.6%5.0%
-7.5%
7.2%
47.0%18.2%3.8% 5.5%13.7%5.2%9.8%31.2%40.3%43.1%23.7%4.0%
(10.8)%
9.6%5.0% -
7.5%3,802-
3,892
Industrial Plan 2027 +5.0% | +10.0% Industrial Plan 2028+5.0% | +10.0%8.2%5.0% -
10.0%260.4274 -
287
CAGR 2012 -2026 +14.1%
10% -
12.5%10% -
12.5%5% -
10%5% -
10%207–
217 % on revenues 5.0% -
10.0%
5.5%
120-
134
25▪ Group’s Business Model and Strategy ▪ Group’s Financial Results FY 2026 ▪ Group’s Industrial Plan FY 2027 -2028 ▪ Annexes Financial StatementsAgenda
26Group Reclassified Income Statement FY 2026 vs FY 2025 (1) FY 25 includes the pro forma contribution of the GreenSun acquisition (finalised in November 2024)Variances Y/Y % Eu millionFY 26 Reported% on revenuesFY 25 Reported% on revenuesFY 25 Pro-forma1% on revenuesFY 26 vs FY 25 ReportedFY 26 vs FY 25
Pro-forma
Revenues 3,565.3 3,214.6 3,298.2 10.9% 8.1% Other Income 55.526 58.6 58.6 (5.2%) (5.3%) Revenues and other income 3,620.8 100.0% 3,273.1 100.0% 3,356.8 100.0% 10.6% 7.9% Costs for purchasing products (2,653.2) (73.3%) (2,360.3) (72.1%) (2,434.1) (72.5%) 12.4% 9.0% Costs for services and use of third -party assets (301.0) (8.3%) (307.3) (9.4%) (310.7) (9.3%) (2.0%) (3.1%) Personnel costs (395.6) (10.9%) (358.8) (11.0%) (360.1) (10.7%) 10.2% 9.9% Other operting expenses (10.6) (0.3%) (11.2) (0.3%) (11.2) (0.3%) (5.2%) (5.2%) Total COGS and Operating Costs (3,360.4) (92.8%) (3,037.6) (92.8%) (3,116.1) (92.8%) 10.6% 7.8%
EBITDA 260.4 7.2% 235.5 7.2% 240.7 7.2% 10.6% 8.2%
Depreciation/Amortisation of tangible and intangible (54.8) (1.5%) (50.1) (1.4%) (50.2) (1.4%) 9.2% 9.1% Provisions (8.1) (0.2%) (5.2) (0.1%) (5.2) (0.1%) 57.8% 57.8% EBIT Adjusted 197.5 5.5% 180.2 5.5% 185.4 5.5% 9.6% 6.5% PPA Amortisation and other non-monetary costs (37.5) (1.0%) (32.3) (0.9%) (32.6) (0.9%) 16.1% 15.1% Stock grant (8.0) (0.2%) (7.2) (0.2%) (7.2) (0.2%) 12.1% 12.1%
EBIT 152.0 4.2% 140.7 4.3% 145.7 4.3% 8.0% 4.3%
Net Financial Charges (34.0) (0.9%) (40.8) (1.1%) (40.5) (1.1%) (16.5%) (16.0%) FX gains / (losses) 0.9 0.0% 1.0 0.0% 1.0 0.0% (5.9%) (5.9%) Income / (loss) on equity method investments (0.6) (0.0%) (1.4) (0.0%) (1.4) (0.0%) (60.9%) (60.9%)
EBT 118.3 3.3% 99.5 3.0% 104.6 3.1% 18.9% 13.1%
Income taxes (37.7) (1.0%) (32.1) (0.9%) (33.4) (0.9%) 17.5% 12.8%
EAT 80.6 2.2% 67.4 2.1% 71.2 2.1% 19.5% 13.2%
Net result attributable to the Group 71.7 2.0% 62.2 1.7% 64.2 1.8% 15.3% 11.6% Net result attributable to non -controlling interests 8.9 0.2% 5.2 0.1% 7.0 0.2% 70.3% 27.4% EAT Adjusted 115.0 3.2% 98.8 3.0% 102.8 3.1% 16.3% 11.8% Group EAT Adjusted 106.1 2.9% 93.6 2.9% 95.8 2.9% 13.3% 10.7%
27Reclassified Balance Sheet April 30, 2026 vs April 30, 2025 Eu million Apr26 Apr 25 Intangible Assets 551.1 531.0 Property, plant and equipment 175.7 167.9 Investments valued atequity 14.5 17.5 Other non -current receivables and deferred tax assets 47.0 39.3 Total non -current assets 788.4 755.7 Inventories 145.3 147.6 Current trade receivables 650.8 604.6 Other current assets 163.1 158.5 Current operating assets 959.1 910.7 Payables to suppliers (672.3) (595.1) Other current payables (318.2) (287.6) Short -term operating liabilities (990.5) (882.6) Net Working Capital (31.4) 28.1 Non-current provisions and other tax liabilities (146.9) (143.4) Employee benefits (63.3) (64.9) Non-current liabilities (210.2) (208.3) Net Invested Capital 546.8 575.5 Shareholders Equity 529.2 500.8 Financing current and not current (584.1) (576.9) Liquidity 402.0 418.5 Net Financial Position (182.1) (158.4) IFRS 16 liabilities 56.4 57.2 Liabilities to minorities shareholders and Earn Out for M&A 143.2 176.0 Net Financial Position Reported 17.5 74.7 Total Shareholders Equity and Net Financial Position 546.8 575.5
28(1) Consolidated Adjusted Net Income attributable to the Group, before the amortization of intangible assets (Customer lists an d Know-how) (2) 1H 25 includes the pro forma contribution of the GreenSun acquisition (finalised in November 2024) (3) The Corporate segment includes the consolidation of Digital EcosystemReclassified Income Statement by sector FY 2026 vs FY 2025 Eu million FY 2026 FY 2025 Pro -forma2 ICT VAS Green SSIBusiness ServicesCorporate & Dig.
Ecosystem3Group ICT VAS Green SSIBusiness ServicesCorporate & Dig.
Ecosystem3Group
Total Revenues and Other Income 2,254.7 412.2 908.8 158.5 67.5 3,620.8 2,075.5 343.8 875.7 153.5 62.1 3,356.8 Change Y/Y 8.6% 19.9% 3.8% 3.2% 8.8% 7.9% Gross Margin 190.9 55.0 568.4 146.4 64.8 967.6 181.1 46.3 543.6 141.6 55.9 922.7 Opex (89.6) (26.0) (471.8) (116.6) (59.4) (707.2) (91.1) (21.8) (448.8) (114.2) (51.8) (682.0) Ebitda 101.3 29.0 96.6 29.7 5.4 260.4 90.0 24.5 94.9 27.3 4.1 240.7 Ebitda Margin 4.5% 7.0% 10.6% 18.8% 8.0% 7.2% 4.3% 7.1% 10.8% 17.8% 6.7% 7.2% Change Y/Y 12.6% 18.4% 1.8% 8.8% 30.2% 8.2%
D&A (5.3) (1.2) (37.9) (8.4) (2.0) (54.8) (5.0) (1.0) (35.7) (7.2) (1.2) (50.2)
Provisions (1.0) (0.5) (4.3) (1.5) (0.7) (8.1) (1.2) (0.7) (1.9) (0.8) (0.5) (5.2) Ebit Adjusted 95.0 27.3 54.3 19.8 2.7 197.5 83.7 22.8 57.2 19.3 2.5 185.4 Ebit Adjusted Margin 4.2% 6.6% 6.0% 12.5% 4.0% 5.5% 4.0% 6.6% 6.5% 12.5% 4.0% 5.5% Change Y/Y 13.6% 19.6% (5.1%) 2.7% 9.7% 6.5% PPA Amortisation and other non -monetary costs(3.7) (0.6) (24.6) (11.4) (5.4) (45.6) (2.7) (0.9) (18.7) (11.0) (6.4) (39.8) Ebit 91.3 26.6 29.7 8.3 (2.7) 152.0 81.0 21.9 38.5 8.3 (4.0) 145.7 Ebit Margin 4.1% 6.5% 3.3% 5.3% (4.0%) 4.2% 3.9% 6.4% 4.4% 5.4% (6.4%) 4.3% Net Financial Charges (23.9) (0.2) (11.9) (3.6) 5.9 (33.7) (25.6) (0.6) (11.7) (2.9) (0.2) (41.0) Income Taxes (20.8) (7.4) (8.7) (0.7) (0.2) (37.7) (16.3) (6.2) (11.5) 0.2 0.3 (33.4)
EAT 46.7 19.0 9.1 4.0 3.0 80.6 39.1 15.1 15.3 5.6 (3.9) 71.2
PPA Amortisation and other non -monetary costs (net of taxes)4.1 0.5 17.7 8.2 4.0 34.4 3.0 0.7 15.3 7.8 4.7 31.6 EAT Adjusted 50.7 19.5 26.8 12.2 7.0 115.0 42.1 15.8 30.6 13.4 0.8 102.8 Change Y/Y 20.5% 23.1% (12.4%) (9.0%) 772.5% 11.8% Net profit attributable to non -controlling interests0.7 1.1 3.3 (0.2) 0.3 8.9 0.6 3.9 2.0 (0.8) (0.0) 7.0 Group EAT adjusted150.1 18.4 23.6 12.4 6.8 106.1 41.5 11.9 28.6 14.2 0.8 95.8 Group EAT adj Margin 2.2% 4.5% 2.6% 7.8% 10.0% 2.9% 2.0% 3.5% 3.3% 9.3% 1.4% 2.9% Change Y/Y 20.6% 54.1% (17.7%) (12.7%) 699.6% 10.7%
29GENCOM Eu 10 mn CLEVER CONSULTING Eu 6 mn
YARIX Eu 4 mn BASE DIGITALE GROUP Eu 45 mn PICO Eu 20 mn
ZERO12 Eu 2.5 mn
ADIACENT CHINA Eu 2 mn
ANALYTICS NETWORK -SPS Eu 6 mn
DI.TECH Eu 20 mn ELMAS Eu 2 mn
INFOLOG Eu 4.2 mn DIGITAL STORM Eu 4.2 mn SERVICE TECHNOLOGY Eu 6 mn
MERSY Eu 4 mn IFM INFOMASTER Eu 9 mn
PALITALSOFT Eu 5 mn TECNIKE' Eu 1 mn
PRAGMA Eu 7 mn
WSS Eu 5 mn
ADACTO Eu 4.5 mn
ADDFOR INDUSTRIALE R&D
AIDA Eu 1 mn APLUS Eu 1 mn BRAINWORKS Eu 15 mn
CADLOG Eu 15 mn CITEL Eu 5 mn KOLME Eu 50 mn PM SERVICE Eu 30 mn
CIMTEC Eu 2 mn OMIGRADE Eu 10 mn
DATEF Eu 12 mn
NGS Eu 6.5 mn
ALBALOG Eu 2.5 mn
ALFASAP Eu 2 mn
ALDEBRA Eu 4.5 mn
AMAECO Eu 1.5 mn BDY Eu 20 mn
ASSIST INFORMATICA Eu 2.5 mn DVR Eu 2 mn
CYRES Eu 5.5 mn EMMEDI Eu 2 mn
DURANTE Eu 16.5 mn EURO FINANCE Eu 1.5 mn
EUROLAB Eu 4 mn EVERGREEN Eu 4 mn
MEDIAMENTE Eu 5 mn
NEXT STEP SOLUTION Eu 1.5 mn
YOCTO IT Eu 4 mn
ANALYSIS Eu 2.2 mn
ESSEDI CONSULTING Eu 1.5 mn
INFORMETICA Eu 6 mn
SANGALLI TECNOLOGIE Eu 7 mn CENTOTRENTA SERVICING Eu 15 mn ALTINIA Eu 50 mn
SMARTCAE Eu 3 mn DATACOREX Eu 3 mn MAINT SYSTEM Eu 4 mn
SOFT SYSTEM Eu 2.5 mn
TRIAS Eu 3 mn
VISUALITICS Eu 4 mn
WISE SECURITY GLOBAL Eu 10 mn
REAL -TIME Eu 1.7 mn
PV CONSULTING Eu 1.5 mn ATS Eu 14 mn
BOOT SYSTEMS –LBS Eu 5.5 mn METODA Eu 8 mn GREENSUN Eu 130 mn
SMART ENGINEERING Eu 2 mn
METISOFT Eu 15 mn
IT PAS Eu 3 mn
INNNOFOUR Eu 6 mn
DELTA INFORMACIONES
VISICONEu 2 mn
Eu 5.3 mn 4IT Eu 9 mn ALBASOFT Eu 2.2 mnSSI Business Services ICT VAS Company Revenues Company Revenues Company Revenues 17 M&As Eu 147 mn 56 M&As Eu 32 2mn 8M&As Eu 213 mn75 M&As Rev: Eu 711mnSesa Group M&As FY 2020 -26
Green VAS
Company Revenues
3 M&As Eu 166 mn1) Revenues of target companies at acquisition time (LTM before acquisition)FY 20211FY 20201
FY 20221
FY 20231
FY 20241
FY 20251
FY 202616 M&As
Rev: Eu 88 mn
13 M&As
Rev: Eu 76 mn
13 M&As
Rev: Eu 152 mn
16 M&As
Rev: Eu 79 mn
13 M&As
Rev: Eu 112 mn
10 M&As
Rev: Eu 186 mn
4 M&As
Rev: Eu 18.2 mn Between 2015 and 2019, 9M&A transactions were completed, totaling Eu 137 million in revenues at the time of acquisition.
Among the most significant for the SSI sector were Apra, Tech Value, and Var BMS (with revenues of Eu 16 million, Eu 16 milli on,and Eu 14 million, respectively), while for the ICT VAS sector, ICOS stood out with Eu 50 million in revenues at the time of acquisition
www.sesa.it
This document hasbeen prepared bySesa SpA (“SeSa ”orthe“Company”) solely forthispresentation anddoes notrepresent anyinvestment research, recommendation, consulting or suggestion, concerning theCompany oritsshares oranyother securities/financial instruments issued bytheCompany .This presentation cannotbeemployed inapublic offer or investment solicitation .Asaresult, theCompany, itsdirectors, employees, contractors, andconsultants donotaccept anyliability inrelation toanyloss ordamage, costs orexpenses suffered byanyperson who relies ontheinformation contained inthisdocument orotherwise arising from theuseofthesame andanysuch liability isexpressly disclaimed .
The Company does notassume anyresponsibility fortheaccuracy, sufficiency andcompleteness oftheinformation contained inthisdocument orinrespect ofanyerrors, omissions, inaccuracies contained init.The presentation atanytime issubject toupdates andmodifications bytheCompany .However, SeSa does notassume anyobligation tocommunicate or otherwise make known anychanges andupdates .Thedocument isnotintended as,norshould itberegarded asacomplete andcomprehensive description oftheCompany anddoes not necessarily contain alltheinformation thattherecipients may consider relevant inrelation totheCompany .Theprovision oftheDocument does notgive therecipient anyright toaccess more information .
Sesa Manager inCharge andtheofficers preparing theCompany financial reports hereby certify pursuant toparagraph 2ofart.154-bisofLegislative Decree no.58ofFebruary 24,1998 , thattheaccounting disclosures ofthisdocument areconsistent withtheaccounting documents, ledgers andentries .
This presentation contains forward -looking statements regarding future events and results of the Company that are based on the c urrent expectations, projections and assumptions of the management of the Company. These declarations, being based on expectations, estimates, forecasts and projections, are subject torisks, uncertainties and other factors that depend on circumstances beyond the company's control and are not guarantees of future performance: the results or actual performance ma y therefore be different, even significantly, from historical and / or from those obtained and the Company does not assume any liability with respect thereto.
Reproduction, redistribution ortransmission tothird parties, orpart, ofthisdocument areforbidden .Participation inthepresentation orreceipt ofthisdocument constitutes your acceptance oftheterms andrestrictions above .