H1 2026 RESULTS
SEPTEMBER 10TH, 2026
INVESTOR PRESENTATION
Roberto Giacometti
CFO & Investor Relations Officer 2
Renato Brunetti
Chairman & CEO Expert in IT systems and software projects.
In 1985, he founded Unidata together with two partners, guiding the company towards its new core business, sensing the potential offered by the Internet.
President of the NaMeX Consortium and of Unifiber S.p.A. and CEO of Unitirreno S.p.A..TODAY’S SPEAKERS Expert in Administration, Finance, Planning and Control.
He held the position of General Manager in several Italian and international companies.
In September 2019, he joined Unidata and has guided the Company’s development, handling all major operations since its listing on the EGM market in 2020.
H1 2026 HIGHLIGHTS &
MAIN RECENT ACHIEVEMENTS
INVESTOR PRESENTATION
H1 2026 KEY FIGURES
TOTAL REVENUES
€ 53.6m
+8% YoYADJUSTED EBITDA
€ 13.7m
stable YoY –25.6% marginEBIT
€ 7.0m
+4% YoYNET FINANCIAL DEBT
€ 43.9m
vs € 37.7m at Dec 31, 2025 € 32.3m adjusted¹
4RECURRING REVENUES € 34.5m
64.3% of total revenues 1. Non-GAAP measure. Adjusted NFD is ESMA -defined net financial debt less overdue trade receivables and contract assets relating to work performed and not yet invoiced .
INVESTOR PRESENTATION
5H1 2026 HIGHLIGHTS
Revenues at€53.6m(+8%YoY)andreported EBITDA at€13.1m(+8%YoY),withAdjusted EBITDA stable at€13.7m.H1 covers 47%oftheFYrevenue guidance and48%oftheAdjusted EBITDA guidance, inlinewiththeGroup’s historical seasonality .Thepositive performance supports theconfirmation ofthe2026financial guidance, including netfinancial debt, notwithstanding the€4.5mequity investment inUniCenter andworking capital timing onongoing projects .
Recurring revenues amount to€34.5m,64.3%oftotalrevenues .
Among themain achievements, H12026 sawthepartnership withSerdal Holding intheUAEstarting Unidata's internationalization path,theestablishment ofUniCenter withAzimut forthedevelopment ofagreen andneutral TierIV datacenter inRome, andtheaward oftheInfratel connectivity contract forpublic administrations intheareas affected bythe2016earthquake inCentral Italy.
TheGroup continues topursue itsstrategy totransform intoaTechCompany, withtheobjective ofprogressively increasing thecontribution ofhighvalue-added businesses .Looking atH22026,theGroup willcontinue tofocus onthe development ofCloud, Smart IoT,DataCenter andCybersecurity andontheexpansion ofitsinfrastructure andcustomer base.Inparticular, thestartofoperations forUniCenter represents akeymilestone intheGroup’s medium -tolong-term growth strategy .
INVESTOR PRESENTATION
6INTERNATIONAL EXPANSION: STRATEGIC PARTNERSHIP WITH SERDAL HOLDING IN 2026
€ 6 billion Estimated UAE market size in 20272Unidata launches itsinternational expansion ,thanks toathree-year commercial andstrategic partnership agreement withSerdal Holding LLC.
Serdal Holding isacompany based inAbuDhabi (UAE), thatpromotes and develops business ventures inkeysectors intheUAEandinternationally, leveraging aconsolidated network ofinstitutional andindustrial relationships .
Theagreement represents astrategic stepinUnidata's internationalization process andallows theGroup toenter theUAEmarket ,oneofthemost dynamic economic environments intheworld.
Thepartnership isaimed atexploring business opportunities inthelocal market since Serdal Holding willsupport Unidata indeveloping its business intheUAE,facilitating market access andcontributing tothe promotion andmarketing oftheGroup’s services1.
1)TheBusiness Plan2026-2028doesnotinclude anyrevenues coming fromthepartnership withSerdal Holding .
2)Source :TPICAPMidcap estimates .
INVESTOR PRESENTATION
1)Fondo Infrastrutture perlacrescita –ESGisafundestablished andmanaged byAzimut Libera Impresa, that invests insocial infrastructures togenerate apositive andsustainable growth oftheeconomy, environment and
society .7UniCenter : JV WITH AZIMUT1RECENTLY ESTABLISHED
Financial
structure of
the project•Construction of a green and neutral Tier IV Data Center of about 20 MW and more than 2,000 racks of capacity (total area 13,000 sqm ) with renewable energy sources
usageObjectives
•Support in the design and construction of the data center
•Operational management
•Sale of services to other B2B operators at market pricesThe role of
Unidata
~ 10.0% € 5.7mn UnidataInvestment% of
Investment
Azimut
Equity
Total
Investment~ 90.0 % € 51.3 mn € 57.0 mn 100% -
€ 57.0 mn25.0%% of Total
Investment%
Shareholders
75.0%
100% 100%
-
100%External &
Self Financing
As of 30 June 2026, Unidata already paid € 4.5 million out of its total equity investment
H1 2026 FINANCIALS &
FY2026 OUTLOOK
INVESTOR PRESENTATION
9FINANCIAL HIGHLIGHTS -REVENUES & CUSTOMERS
1.Thevalues asof31December 2023refertothepro-forma economic dataasof31December 2023,i.e.including theTWT Group intheconsolidation fortheentire period .Service
71.5%Infrastructure
26.3%Other Revenues
2.2%
€ 53.6 mnRevenues breakdow n H12026
Consumer 6.2%
Business 24.8%
Wholesale 3.8%
PA 4.4%
Reseller 28.1%
Voice trading 4.3% Number of customers H12026
31,022 32,629
25,798 27,3225,2245,307
Consumer BusinessFY 2025 H1 2026Indirect Customers through partners’ network 34,605Direct Customer growth:
Business (+2%)
Consumer (+ 6%)Revenues (€ mn)Unidata Group's consolidated revenues recorded strong growth in H12026 (+8%vsH12025),covering 47%oftheFYrevenue guidance against 45.2%inH12025:theGroup isslightly ahead on phasing .
Both theService andInfrastructure segments posted solid growth compared toH12025,withService revenues expanding by+5%andInfrastructure revenues achieving strong double -digit performance at+17%.
9M Revenues H1 Revenues FY Revenues123.437.051.3100.7 101.3109.5 72.0 72.2 72.8 9.0 14.221.649.2 49.2 49.553.6
2020 2021 2022 2023PF 2024 2025 H1 2026
INVESTOR PRESENTATION
10FINANCIAL HIGHLIGHTS -EBITDA
H1 Adj. EBITDA
•Reported EBITDA increased by8%to€13.1million from€12.2million, withmargin broadly stable at24.5%.Adjusted EBITDA wasstable at€ 13.7million (25.6%margin vs27.7%inH12025):theelimination ofintercompany profits onworks performed forassociates, which isadded backintheadjusted figures, amounted to€0.6million intheperiod compared with€1.5million inH12025,reflecting themixofworks billed toassociates inthetwoperiods .9M Adj. EBITDAEBITDA (€ mn)Adjusted EBITDA & Margin EBITDA Bridge –reported basis 1.Thevalues asof31December 2023refertothepro-forma economic dataasof31December 2023,i.e.including theTWT Group intheconsolidation fortheentire period .FY Adj. EBITDA
8.614.116.226.127.429.4
17.519.5 19.9
2.63.75.611.212.413.7 13.7
2020 2021 2022 2023PF 2024 2025 H1 20261EBITDA
Margin4.2 0.2
(2.6)(0.5)(0.4)0.6
12.2 13.1 13.7
EBITDA
H1 2025Increase
in revenuesRaw &
consumables
costsService
costsPersonnel
costsOther
costsEBITDA
H1 2026Elimination
of inter -
company
profitsAdjusted
EBITDA
H1 202636.8%38.1%31.6%25.9%27.0%~27%
25.6%
INVESTOR PRESENTATION
3.47.87.5
6.78.6
7.0
0.93.02.12.43.64.1
2.0
2020 2021 2022 2023PF 2024 2025 H1 2026
1H EBITEBIT
(€ mn)
9M EBITEBIT & Margin
FY EBIT
11FINANCIAL HIGHLIGHTS -EBIT & NET PROFIT
•EBITreached €7.0m(+4%vs€6.7minH12025),demonstrating solidresilience despite higher D&Aresulting fromongoing capital investments .
•Profit fortheperiod amounted to€2.0million compared to€4.1million inH12025,down duetoanon-cashfinancial income of€1.9million recognized inH12025aspartoftheloanrenegotiation .Theaverage annual interest rateontheGroup’s outstanding borrowings is approximately 4.5%.
1.Thevalues asof31December 2023refertothepro-forma economic dataasof31December 2023,i.e.including theTWT Group intheconsolidation fortheentire period .1H Net ProfitNet Profit (€ mn)Net Profit FY Net Profit14.99.110.715.7 15.9
14.7
10.411.310.9
1.3 1.53.06.37.0 6.7 7.0
2020 2021 2022 2023PF 2024 2025 H1 2026120.9%24.6%20.9%15.6% 15.7%
15.0%
13.0%
INVESTOR PRESENTATION
12FINANCIAL HIGHLIGHTS –INVESTMENTS & NET FINANCIAL DEBT
•H12026Investments reached €10.0million ,driven bytangible network rollout (€3.7m),intangible assets (€1.8m),andthestrategic equity investment inUniCenter S.p.A.(€4.5m).
•NetFinancial Debtstood at€43.9million (vs€37.7masofDec31,2025),duetothe€4.5million equity investment inUniCenter andto working capital timing oninfrastructure projects withassociates .Adjusted for€7.1mofoverdue trade receivables andaccrued receivables and€4.5mofcontract assets, NFDstands at€32.3million² .FY2026NFDguidance isreconfirmed at€37–€39million .Investments
(€ mn)
NFD (€ mn)Investments Net Financial Debt 1.Ofwhich €84.5million intangible andintangible assets and€18.5million infinancial assets.
2.Non-GAAP measure .Adjusted NFDisESMA-defined netfinancial debtlessoverdue tradereceivables andcontract assets relating toworkperformed andnotyetinvoiced .ESMA-defined NFDis€43.9million asofJune30,2026and€37.7million asofDec31,2025.TOTAL INVESTMENTS 2020 –H1 2026: € 103 million1
12.013.9
11.827.0
14.5 14.2
10.0
2020 2021 2022 2023 2024 2025 H1 2026(3.4)2.2 9.6 47.9
43.9
37.7 43.9
2020 2021 2022 2023 2024 2025 H1 2026adjustment
€ 11.6m
€ 32.3m
adjusted
INVESTOR PRESENTATION
EBITDA TO OPERATING CASH FLOW BRIDGE –H1 2026
Reported EBITDA of€13.1million converts into€4.0million ofoperating cashflow.Trade receivables generated €7.0million ofcash,while the€5.1 million build-upofinventories andcontract assets –mainly oninfrastructure projects withassociates, whose financial settlement isexpected inH2–and the€8.2million reduction intradepayables absorbed working capital for€9.0million overall .Cashtaxespaidintheperiod amounted to€0.1million .
Cash flow (€ mn)
13.1
EBITDA
reported+0.6
Non-cash
items(5.1)
Inventories &
contract assets+7.0
Trade
receivables(8.2)
Trade
payables(2.7)
Other working
capital(0.7)
Taxes paid,
provisions & TFR4.0
Operating
cash flow
1.Source :consolidated statement ofcashflows asof30June2026.Operating cashflowcorresponds to“Flusso finanziario dell’attività operativa (A)”,before interest paidandinvestments .13
INVESTOR PRESENTATION
14NET FINANCIAL DEBT BRIDGE
(37.7)4.0
(3.7)
(1.8)
(4.5) (0.2) (0.3)(1.3) (0.4)2.2
(0.2) (43.9)
Operating
cash flowInvestments
in tangible
assetsInvestments
in intangible
assetsInvestments
in financial
assetsBuyback Dividends Interest
payableEffects of
amortized
cost of
debt
renegotiation
(IFRS 9)Reclassification OtherNetfinancial debtincreased by€6.2million to€43.9million ,asoperating cashflowof€4.0million wasabsorbed by€ 10.0million ofinvestments, including €4.5million ofequity inUniCenter S.p.A.FY2026NFDguidance of€37–39million isconfirmed ,supported by€4.5million ofcontract -assetcollections expected inH2.
Net Cash/
(Net debt)
31 Dec ‘25Net Cash/
(Net debt)
30 June ‘26
INVESTOR PRESENTATION
15FY 2026 BUSINESS OUTLOOK
H12026wascharacterized byapositive economic performance .
InH22026thefocuswillbeon:
•Continuous expansion ofthecustomer base,withparticular reference totheRetail segment ;
•Strong commitment tothedevelopment oftelecommunications infrastructures withUnifiber ItalyS.p.A.andUnitirreno Submarine Network S.p.A.;
•Progression ofactivities fromtenders already awarded bythePublic Administration related toIoTsolutions ;
•Startoftheactivities ofthenewly established Unicenter S.p.A.foragreen andneutral TIERIVdatacenter.
Thetransformation fromatelcooperator toaTechCompany continues withdetermination, supported bythedevelopment of strategic industrial projects andsignificant partnerships .
Theoutlook for2026isinlinewiththetargets outlined in2026-2028Business Plan,approved bytheBoDonDecember 1, 2025,which presents for2026:
TOTAL REVENUES
€ 114 -116 millionADJUSTED EBITDA
€ 28 -29 millionADJ. EBITDA MARGIN
About 25%NET FINANCIAL DEBT
€ 37 -39 million
Q&A SESSION
APPENDIX
INVESTOR PRESENTATION
18 1)Equally owned byR.Brunetti, M.VispiandC.Bianchi .Alessandra Bucci
Independent Member
Stefania Argentieri Piuma Independent MemberMaurizio Tucci
MemberMarcello Vispi
ViceChairmanRenato Brunetti
Chairman andCEOGiampaolo Rossini
MemberPaolo Bianchi
MemberBarbara Ricciardi
Independent Member
LucaAnnibaletti
Independent Member
Management
BOARD OF DIRECTORS
Roberto Giacometti
CFO&Investor Relations Officer
BOARD OFSTATUTORY AUDITORS FINANCIAL REPORTING OFFICER
Dante Valobra
Chairman ofthe
BoSAAntonia Coppola
AuditorLuigiRizzi
Auditor
Staff Functions Line functionsChairman & CEO
Renato Brunetti
Vice Chairman
Marcello Vispi
ChiefCommercial Officer
Roberto ForteRisk Management, Communication & ESG Paolo BianchiInvestor Relations Roberto GiacomettiPublic Affairs & Institutional
Relations
Federico Bottura
ChiefFinancial and Legal Officer
Roberto Giacometti
ChiefHuman Resources & Organization Officer Lorenzo Lombardi D’AquinoInternal Auditing
Sergio Beretta
ChiefOperating Officer
Giovanni De Nichilo
ChiefTechnical Officer
Giampaolo RossiniInnovation, Research & Development Patrizio PisaniProcurement & General Affairs
Roberto MonaldiCORPORATE GOVERNANCE & ORGANIZATION
UNINVEST1
INVESTOR PRESENTATION
37.915.69.414.89.587.2
2024
19UNIDATA’S CORE ADDRESSABLE MARKET
Italian digital market at a glance
Unidata’s
Focus
ICT ServicesFixed
Network
ServicesDigital
ConsumerMobile
Network
Services
Information
Technology
Business€ 25
bn TheItalian digital market isestimated ataround €87 bnin2024,withtheportion directly addressable by Unidata’s offering representing about 29%ofthetotal value(€25bn)16 18 20 22 24 26 28 9 9 9 10 10 10 10 25 27 29 32 34 36 38
2024A 2025E 2026E 2027E 2028E 2029E 2030E10%2%CAGR
’24A -’30EUnidata’s Addressable Market Growth
CAGR ’24A -’30E: 7%
Unidata’s addressable market isexpected togrowfrom€25bnin2024to€ 38bnin2030,withadouble -digit growth envisaged forICTServices mitigated bytheresilient expansion ofthemature fixednetwork services market onthebackofthecontinued technological shiftfromcopper tofiberICT
Services2Fixed
Network
Services1
Source :Company information .
1)Fixed Network Services include voiceanddataservices .
2)ICTServices include Cloud computing, IoTServices, Cyber Security andDatacenter/Colocation .
INVESTOR PRESENTATION
20KEY DRIVERS OF GROWTH DRIVING SHIFT IN TELCO’S BUSINESS MODELS
0%5%10%15%20%
0 1 2 3 4 5 6IoTIaaS
Cloud
CyberColocationCAGR ’25E -’30E
Fixed
Network
ServicesHybrid
CloudPaaS
CloudIaaS
SaaS
Cloud
Double -digitgrowth envisaged forinfrastructure services (IaaSand Colocation) fueled byAIandCloud driven demand cycle coupled withsustained growth forCybersecurity andIoTservicesTIM Fastweb-
VodafoneWindTre Unidata
Fixed Network Services ICT Services57% 38% 12% 11%ICT services on retail business revenue (%) Significant focus on increasing contribution from ICT in Unidata’s new BP MainItalian national operators arerefocusing theirbusiness models from coreB2Bconnectivity tocloud andinfrastructure services offering tofulfill significant market demand Source :Company’s information .
INVESTOR PRESENTATION
21BUSINESS PLAN 2026 -2028: STRATEGIC GOALS
Leverage the know -how of infrastructure projects Bothorganically and through M&A, creating value for stakeholders in the medium to long
term
Focus on the integration of digital technologies and on the B2B and B2B2B markets New growth trajectory thanks to the know-
how gained in innovative infrastructure
projects
In line with market evolution towards high value-added ICT services and the centrality of digital transformation processesTransform the Company's offering and revenues mixTransform the company into a TechCoPursue sustainable
long-term growth
4 3 2 1
INVESTOR PRESENTATION
222028 FINANCIAL TARGETS
37.7 37-39 34-3626-28
2025 2026 2027 2028CAGR 2025-289% CAGR 2025-285% ADJUSTED EBITDA REVENUES
NET FINANCIAL DEBT CUMULATED CAPEX 2026-28109.5114-116128-131138-142
2025 2026 2027 2028€/million 29.4 28-2930-32 33-35 2025 2026 2027 2028€/million~24% ~24%EBITDA MARGIN€/million
14.267
2025 2026 - 2028
€/million~25%
~27%
INVESTOR PRESENTATION
23REVENUES MIX 2025 -2028E
27%37%36%
Retail
Wholesale
Infrastructure30%6%Theweight ofRetail segment isexpected torecord asolidgrowth overtime(+13%),withastrong increase inICTServices, along withalower contribution ofWholesale andInfrastructure segments totheoverall revenues .
1)Fixed Network Services include voiceanddataservices 2)ICTServices include Cloud computing, IoTServices, Cyber Security andDatacenter/Colocation202534%3%23%7% Fixed Network Services
Serie720%31%49%
Retail
Wholesale
Infrastructure45%4%
2028E27%4%29%16%
Fixed Network Services
Serie7
INVESTOR PRESENTATION
24DISCLAIMER
This document hasbeen prepared byUNIDATA S.p.A.(the“Company”) solely forinformation purposes .Itcontains summary information only andistherefore preliminary in nature .Ithasalso been prepared without anyintention ofbeing exhaustive .THIS PRESENTATION AND THE ASSOCIATED VERBAL DISCUSSIONS DONOT CONSTITUTE A PUBLIC OFFER ORANINVITATION TOSUBSCRIBE, PURCHASE OROTHERWISE ACQUIRE FINANCIAL PRODUCTS UNDER ARTICLE 1(1)(T) OFLEGISLATIVE DECREE NO58OF24FEBRUARY 1998 (ASAMENDED) .This document isnottherefore anadvertisement anddoes notinanyway constitute aproposal forexecution ofa contract, anoffer oraninvitation topurchase, subscribe orsellsecurities andneither does thisdocument orpartofthisdocument constitute abasis toberelied upon inrelation toanycontract orundertaking orinvestment decision .The Company hasnotprepared andwillnotbepreparing aprospectus forthepurposes ofaninitial public offering of shares .Any decision topurchase, subscribe orsellsecurities must betaken independently ofthisPresentation .Noprovision ofthisPresentation willtherefore create any binding liability orobligation fortheCompany anditssubsidiaries andfortheir consultants orrepresentatives .The Presentation isnotintended fordistribution intheUnited States ofAmerica, Canada, Australia, Japan orinanyjurisdiction inwhich such distribution isillegal (asdefined inRegulation Sunder theUnited States Securities Act1933 ,as amended (the‘Securities Act’).Neither thisPresentation noranycopies thereof may beused ortransmitted intheUnited States ofAmerica orinitsterritories orpossessions, or distributed, directly orindirectly, intheUnited States ofAmerica orinitsterritories orpossessions ortoanyAmerican person .Failure tocomply with thisrestriction may constitute abreach ofUnited States securities laws.Nodeclaration orguarantee, whether express orimplied, isorwillbegiven bytheCompany inrelation totheaccuracy, completeness orcorrectness oftheinformation provided and, totheextent permitted bylawandsave inthecase offraud byaninterested party, noliability isassumed in relation totheaccuracy orsufficiency ofthatinformation orforerrors, omissions orinaccuracies, negligence orother issues relating thereto .Inparticular, butwithout limitation, nodeclaration orguarantee, whether express orimplied, isorwillbegiven inrelation totheachievement orreasonableness of,andnoreliance may beplaced foranypurpose ontheaccuracy orcompleteness of,estimates, targets, projections orforecasts, andnothing inthese materials should beconsidered asapromise orrepresentation forthe future .Theinformation andopinions contained inthisdocument areprovided asatthedate ofthisdocument andaresubject tomodification without notice .Therecipient willbe thesole party responsible foritsown assessment oftheinformation contained inthePresentation .Neither theCompany and itssubsidiaries northeir consultants or representatives, willbeobliged toprovide orupdate anyinformation ortoprovide notification oforcorrect anyinaccuracies inanyinformation .Neither theCompany andits subsidiaries noranyoftheir consultants orrepresentatives willhave anyliability vis-à-vistherecipient oranyofitsrepresentatives asaconsequence oftheuseoforreliance on theinformation contained inthisdocument .Some information may contain forward -looking statements thatpresent risks anduncertainties andaresubject tochange .Insome cases, these forward -looking statements may beidentified bytheuseofwords such as‘believe’, ‘anticipate’, ‘estimate’, ‘objective’, ‘potential’, ‘hope’,‘forecast’, ‘draft’,‘could’, ‘should’, ‘may’,‘intention’, ‘plan’,‘purpose’, ‘seek’ andsimilar expressions .Theforecasts andforward -looking statements included inthisdocument arenecessarily based ona series ofassumptions andestimates thatareintrinsically subject tosignificant economic, operational andcompetitive uncertainties andunforeseen events, andonassumptions relating tofuture corporate decisions thataresubject tochange .Bytheir nature, theforward -looking statements present known andunknown risks anduncertainties, because they refer toevents anddepend oncircumstances thatmight occur inthefuture .Furthermore, theactual results may differ substantially from those contained inanyforward -
looking statement because ofaseries ofsignificant risks andfuture events thatareoutside thecontrol oftheCompany andcannot beestimated inadvance, such asthefuture economic context andtheactions ofcompetitors andother entities involved inthemarket .These forward -looking statements refer only tothedate ofthispresentation .The Company advises thattheforward -looking statements arenotguarantees offuture benefits andthatitscurrent financial position, corporate strategy, plans andmanagement objectives forfuture operations may differ substantially from those stated inorsuggested bytheforward -looking statements contained inthisPresentation .Furthermore, even if theCompany’s financial position, company strategy, plans andmanagement objectives forfuture operations areconsistent withtheforward -looking statements contained inthis Presentation, these results ordevelopments might notbeindicative oftheresults ordevelopments infuture periods .The Company expressly disclaims anyobligation or undertaking todisclose updates orrevisions ofanyforward -looking statement contained inthisdocument toreflect anychange intheCompany’s expectations inrelation tothat document oranychange inevents, conditions orcircumstances onwhich such statements arebased .Byreceiving thisPresentation, theuser acknowledges andaccepts thatit isbound bytheterms, conditions andrestrictions stated above .
CONTACTS
Unidata S.p.A.
ROBERTO GIACOMETTI
CFO & Investor Relations Officer +39 329 2478696
r.giacometti@unidata.it
CDR Communication S.r.l.
Investor Relations Consultant
SILVIA DI ROSA
+39 335 7864209
silvia.dirosa@cdr -communication.it
ELEONORA NICOLINI
+39 333 9773749