Press Release
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 1
THE BOARD OF DIRECTORS OF CY4GATE APPROVED
THE CONSOLIDATED FINANCIAL REPORT AS OF JUNE 30, 202 6
ALL ECONOMIC AND FINANCIAL INDICATORS SHOW SIGNIFICANT IMPROVEMENT, CONFIRMING THE
EFFECTIVENESS OF THE COMPANY’S STRATEGY:
• TOP -LINE GROWTH (+62%)
• PROFITABILITY (EBITDA UP SHARPLY)
• FINANCIAL STRENGTH ( NFP IMPROVED BY € 6.8 MILLION)
• STRONG ORDER INTAKE AND A SOLID BACKLOG ENSURE VISIBILITY ON FUTURE PERFORMANCE
2026 GUIDANCE REVISED UPWARDS, WITH EXPECTED VALUE OF PRODUCTION
TO RANGE BETWEEN € 115-120 MILLION
− Value of production : € 65.7 million (€ 40.6 million)1 +61.8%;
− Operating Revenues : € 64.2 million (€ 39.5 million) +62.6%;
− EBITDA2: € 11.7 million (€ 3,5 million) + ~3.3x;
− EBITDA Margin: 17.8 % (8.6%);
− Shareholders ’ Equity : € 89.1 million (€ 92.8 million);
− NFP3: negativ e cash of € 6.9 million (negativ e of € 13.8 million).
***
Rom e, 10 September 2026 – The Board of Directors of CY4GATE (CY4.MI), a national and European player in cyber security and cyber intelligence, meeting today, approved the Consolidated Financial Report as of 30 June 2026.
Enrico Peruzzi, Executive Chairman of CY4Gate Group, commented: “The results achieved provide important confirmation of the growth and strengthening path undertaken by the Group. The improvement in operating performance and the strengthening of our financial position demonstrate the quality of the work we are carrying out and the Group’s ability to address market challenges with determination. We look to the future with confidence, also in light of the solid pipeline of ongoing commercial initiatives, and with full awareness of the strong foundations we are building. Our current positioning reflects the central role that technological sovereignty and cybersecurity have assumed in the agendas of governments and institutions, both in Italy and across Europe, and which we will continue to strengthen : the completion of the acquisition of DIATEAM and the
1 The figures in brackets refer to Cy4Gate's economic and financial figures as at 3 0 June 2025 and 31 December 202 5.
2 EBITDA: is calculated by adjusting the profit (loss) for the year to exclude the effect of taxes, net finance income (expenses), depr eciation and amortisation, write -downs and value adjustments to financial assets, as well as income (expenses) deemed by the Group to be non -recurring and extraordinary, mainly related to M&A activities, in addition to the amortisation arising from the purchase price allocation ( PPA) resulting from the allocation of part of the purchase price for the acquisitions of RCS, Diateam and X TN.
3 The NFP includes the provision for potential financial liabilities related to the put/call options of Diateam and XTN for the purchas e of additional third -party shares (for a total of € 1.7 million). In September 2026 , Cy4Gate exercised the call option to purchase an additional 14.67% of Diateam for € 980,000, thereby acquiring the entire share capital.
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 2 partnerships we are evaluating to expand our technology portfolio and gain access to new markets are fully aligned with this direction ”.
Emanuele Galtieri , CEO & General Manager of Cy4Gate Group, stated : “The first half confirms that the path we have embarked upon is deliver ing tangible results. We recorded significant growth of all economic and financial parameters , we returned to operating profitability and improved our ability to generate cash. The new orders secured, together with a solid backlog, provide greater visibility on company’s future growth. These results r eflect our ability to translate the requirements of domestic and foreign clients into complex projects capable of meeting the most demanding needs across the markets in which we operate. In light of the results achieved and the increasingly solid growth outlook, we therefore believe that we can revise upwards the guidance previously communicated to the market ”.
***
CONSOLIDATED ECONOMIC -FINANCIAL DATA AS OF 30 JUNE 2026
The Value of production amounted to € 65.7 million, an increase of approximately +62% compared to 30 June 2025 (€ 40.6 million). This significant growth, driven by all business lines, also benefited from the outstanding contribution of contracts awarded by foreign government entities in the Forensic Intelligence and Decision Intelligence segments.
Operating revenues , amounted to € 64.2 million, +63% compared to 30 June 202 5 (€ 39.5 million) , has shown the following geographical breakdown: 40% Italy and 60% abroad . The increase in foreign sales was mainly attributable to a higher number of new contracts secured in the Forensic Intelligence and Decision Intelligence segments .
Total costs amounted to € 54.0 million, an increase of more than 45% compared to 30 June 2025 (€ 37.1 million), correlated to the increase in value of production .
EBITDA amounted to € 11.7 million, recorded a significant improvement compared with 30 June 2025 (€ 3.5 million) as a result of higher volumes and the strong profitability achieved on contracts with foreign government entities and cost-optimization measures .
EBITDA margin , equal to 17.8 %, recorded a significant increase compared with the same period of the previous year (8.6%), driven by the factors outlined above.
EBIT amounted to €2.1 million, improving by € 9.4 million compared with 30 June 2025 ( negative for € 7.3 million ).
Net resul t also improved, amounting to € -1.1 million (net of taxes of € -1.8 million) compared with the loss reported as of 30 June 2025 (€ 8.7 million ).
Shareholders’ equity amounted to € 89.1 million (€ 92.8 million a s of 31 December 2025), reflecting the allocation of the loss for the period and the distribution of dividends by subsidiaries to third parties.
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 3 The Net financial position is negative at € 6.9 million, improving by € 6.8 million compared with 31 December 2025 (negative at € 13.8 million) , mainly thanks to advance payments received on foreign contracts in the Forensic Intelligence segment.
As of June 30, 2026, the Orders acquired amounted to € 72.8 million, +16% compared with the same period of the previous year (approximately € 62.5 million).
The Backlog amounted to € 120 million as of 30 June 2026.
***
MAIN SIGNIFICANT EVENTS THAT OCCURRED DURING THE FIRST HALF OF 202 6
• On 17 February 2026 , CY4G ate announced that it had been awarded two contracts with a total value of approximately € 9 million and a duration of one year, relating to Forensic Intelligence solutions for European and foreign institutional clients.
• On 11 March 2026 , CY4G ate announced that it signed a three -year contract worth approximately € 8 million with a major international institutional client, aimed at providing advanced technological solutions in the field of Decision Intelligence.
• On 24 March 2026 , CY4G ate announced that it signed a contract worth approximately € 13 million, with a duration of 21 months, with a leading national government client for the acquisition of Decision Intelligence solutions . The contract is structured into two lots: a base lot worth approximately € 6 million and an optional lot of approximately € 7 million, to be exercised at the client’s discretion within the contract term.
• On 14 April 2026 , CY4Gate announced that, during the first quarter, its subsidiary XTN Cognitive Security had signed contracts worth a total of approximately € 4.2 million, with terms ranging from 18 to 36 months .
• On 23 April 2026 , CY4Gate announced that it had signed a one -year contract worth approximately € 4.2 million with a leading European institutional client for the supply of advanced Decision Intelligence solutions in support of Law Enforcement Agencies .
• On 4 June 2026 , CY4Gate was awarded a three -year contract worth a total of approximately € 9.0 million for the supply of Decision Intelligence solutions to a European institutional client.
• On 23 June 2026 , CY4Gate acquired significant contracts for Italian and international institutional clients in the Decision Intelligence field, with a total value of approximately € 7 million and a duration limited to 2026.
***
MAIN SIGNIFICANT EVENTS AFTER THE FIRST HALF OF 202 6
• On 22 July 2026 , CY4Gate secured contracts in the field of Decision Intelligence for Italian institutional and corporate clients for a total value of approximately € 4.5 million and concern technologies and services in the fields of Decision Intelligence and Cyber Security.
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 4 • On 28 July 2026, CY4Gate signed an agreement with Computer Gross for the distribution of its Cyber Security and Cyber Intelligence solutions in Italy.
• On 4 August 2026 , CY4Gate was mentione d as “representative vendor ” in Gartner’s recent report “Emerging Tech: The Future of Digital Sovereignty Is Not Data Alone ”, which addresses the central role of Technological Sovereignty, alongside international Big Tech companies.
• On 7 September 2026 , CY4Gate announced the exercise of the call option for the acquisition of an additional 14.67% of DIATEAM, reaching 100% of the share capital.
***
OUTLOOK
The Group continues to pursue its growth path by strengthening its market positioning, while maintaining its focus on technological excellence and the continuous enhancement of its broad product portfolio, designed to address the most challenging customer nee ds.
To this end, the Group is working to establish potential partnerships aimed at complementing its product and technology portfolio and strengthening its market penetration capabilities . The positive performance recorded in the first half of the year, together with the favourable growth outlook for the second half, enables the Company to revise upwards its previously announced guidance for the value of production for FY 2026.
Accordingly, the forecast has been raised from the previous range of € 104–108 million to a new range of € 115– 120 million, reflecting improved expectations for the current financial year.
***
FILING OF DOCUMENTATION
A copy of the Consolidated Financial Report as at 3 0 June 2026 will be made available to the public within the terms of the law at the registered office in Rome, as well as through publication on the institutional website www.cy4gate.com "Investor Relations /Financial Statements/Year 202 6" section and on the mechanism of authorized storage www.1info.it *** The Manager responsible for the preparation of the Company’s financial reports – Arianna Ciccolella - declares, pursuant to paragraph 2 of Article 154 -bis of the TUF that the accounting information contained herein is consistent with the underlying accounting documents, books and records.
*** It should also be noted that this press release contains forward -looking statements regarding strategic objectives established as part of corporate planning. Readers of this release should not place undue reliance on such forward -looking statements as actual results could differ significantly from those contained in such forecasts as a consequence of multiple factors, most of which are beyond the Group’s control.
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 5 *** Cy4Gate Group's results for the first half of 202 6 will be presented to the financial community on September 11, 2026, during a conference call at 11:0 0 AM (CET) 10:00 AM (UK).
For information, please contact the contacts at the bottom of this press release.
*** This press release is available on the “1info” storage mechanism ( www.1info.it ) and on the Company's
website www.cy4gate.com
*** About Cy4Gate Group Founded in 2014, the company was established to address the growing demand for unconventional cybersecurity solutions. CY4Gat e S.p.A., listed on the Euronext Growth Milan market in June 2020, was admitted to the STAR segment of Euronext Milan in June 2023.
CY4Gate S.p.A. was created to design, develop, and deliver technologies, products, systems, and services capable of meeting t he most demanding and advanced Cyber Intelligence and Cyber Security requirements of law enforcement agencies, armed forces, govern ment institutions, and enterprises, both in Italy and internationally.
As a unique Italian industrial initiative, CY4Gate S.p.A. operates across the entire cybersecurity spectrum, offering proprie tary solutions that address both intelligence gathering and analysis, as well as cybersecurity needs. Its portfolio includes CY4GAR D, Hybrid Cyber Range, and the XTN Cognitive Security Platform for cybersecurity, and QUIPO for Cyber Intelligence .
For more information:
Specialist Investor Relation CY4Gate S.p.A.
Equita SIM S.p.A. Emanuele Galtieri Investor Relations Manager investors@cy4gate.com Marco Clerici +39 335 775 0702 m.clerici@equita.eu
CDR Communication
Investor Relation
Silvia Di Rosa: +39 335 786 4209 silvia.dirosa@cdr -communication.it Luca Gentili: +39 348 292 0498 luca.gentili@cdr -communication.it
Media Relation
Angelo Brunello: +39 329 211 7752 angelo.brunello@cdr -communication.it Marianna Tremolada: +39 348 242 3039 marianna.tremolada@cdr -communication.it
Attached are the consolidated reclassified Income Statement and Balance Sheet, the Net Financial Position, and the Cash Flow Statement as of 30 June 2026
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 6
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
Reclassified Statement of Profit and Loss For the period ended (in EUR) 06/30/2026 06/30/2025 Revenue 64,160,339 39,470,913 Other revenue and income 1,568,763 1,146,457 Total Revenue 65,729,102 40,617,370 Purchases, services and other operating costs (35,270,066) (18,810,680) Personnel expenses (18,771,838) (18,299,943) Costs (54,041,904) (37,110,623)
EBITDA 11,687,198 3,506,747
EBITDA Margin 17.8% 8.6% Amortization, write -downs and impairment losses on financial assets (9,279,683) (9,320,049) Amortization and depreciation (related to PPA) (306,348) (1,329,062) Non -recurring costs (one -off) - (111,453)
EBIT 2,101,167 (7,253,817)
Net financial expense (1,390,701) (1,286,682) Taxes (1,806,912) (170,922) Loss for the period (1,096,446) (8,711,421) of which, attributable to non -controlling interests 1,650,963 474,937 Loss per share (0.05) (0.37)
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 7
RECLASSIFIED CONSOLIDATED BALANCE SHEET
Reclassified Statement of Financial Position As of (in EUR) 06/30/2026 12/31/2025 Non -current assets 90,466,395 90,105,184 Inventories 3,757,977 3,024,960 Contract liabilities, net (38,724,926) (47,176,856) Trade receivables 43,458,996 68,065,009 Trade payables (14,997,420) (13,918,804) Operating working capital (6,505,373) 9,994,309 Other assets (liabilities) 12,124,544 6,515,047 Net working capital 5,619,171 16,509,357 Net invested capital 96,085,565 106,614,541 Cash and cash equivalents 24,441,766 22,984,153 Financial assets 2,271,376 3,296,052 Financial liabilities (29,150,399) (35,210,792) Lease liabilities (4,502,334) (4,842,894) Net Financial Position (6,939,590) (13,773,483) Equity (89,145,975) (92,841,061) Total sources (96,085,565) (106,614,541 )
CY4GATE S.p.A. – Part of ELT
Registered Office Via Coponia 8 – 00131 Rome Share Capital 1,441,499.94 euro Rome Business Register, Tax Code, VAT no. 13129151000
REA RM -1426295
www.cy4gate.com – www.elettronicagroup.com 8
CONSOLIDATED NET FINANCIAL POSITION
(in EUR) June 30, 2026 December 31, 2025
A. Cash and cash equivalents (24,441,766) (22,984,153) B. Cash equivalents - -
C. Other current financial assets (968,401) (1,349,366) D. Liquidity (A+B+C) (25,410,167) (24,333,519) E. Current financial debt (including debt instruments, but excluding the current portion of non -current financial debt) 5,728,143 9,812,729 F. Current portion of non -current financial debt 12,440,604 13,386,447 G. Current financial indebtedness (E+F) 18,168,748 23,199,175 H. Net current financial indebtedness (G+D) (7,241,419 ) (1,134,344) I. Non -current financial debt (excluding current portion and debt instruments) 15,419,506 16,798,077 J. Debt instruments - -
K. Non -current trade and other payables - -
L. Non -current net financial indebtedness (I+J+K) 15,419,506 16,798,077 M. Total financial indebtedness pursuant to ESMA Recommendation of March 4, 2021 (H+L) 8,178,087 15,663,733 N. Non -current financial assets (1,238,496) (1,890,250) Net Financial Position (M+N) 6,939,590 13,773,483
CONSOLIDATED CASH FLOW STATEMENT
(EUR) Cash flow Period ended June 30
2026 2025
A) Net cash flows generated by operating activities 18,092,446 9,642,089 B) Net cash flows used in investing activities (7,090,904) (5,185,078) C) Net cash flows used in financing activities (9,543,928) (7,942,110) Total change in cash and cash equivalents 1,457,614 (3,485,100) Opening cash and cash equivalents 22,984,153 14,537,530 Closing cash and cash equivalents 24,441,766 11,052,429