A European Serial Acquirer in Cloud.
Capital Allocation at its Best.
Investor Presentation: H1 2026 Results 04 August 2026
Financials : H1 2026 Results 2
Investor Presentation
Financial Highlights H1 2026H1 2026 Results
81.8 M€
Adjusted Revenues
-4.1% vs H1 2025 (85.3 M€) -1.8%* vs H1 2025 (83.3 M€ ex. 2.0 M€ one -time)68.8 M€ +0.8%
ARR**
vs H1 2025 (68.2 M€) 91.8% of T ot. Revenue High revenue visibility and predictability34.2 M€
Adj EBITDA
-1.55% vs H1 2025 (34.8 M€) +4.5%* vs H1 2025 (32.8 M€ ex. 2.0 M€ one -
time)
Margin 41.8%
18.4 M€
Margin 22.5%7.9 M€ Adj Net Profit vs H1 2025 (10.0 M€, comparable 8.0 M€ ex. 2.0 M€ one-time in H1 2025 ) Financial Income and Expenses at-€6.7million, upby€2.4 million compared with theprevious year .This amount ismainly attributable tointerest on bond loans .Financial income amounted to€2.5million .-173.6 M€ Adj Net Debt*** vs-156.2 M€ at 31 December 2025 ***Excluding theIFRS 16effect of€16.5million (€13.7million inFY2025 )and including thevaluation oftreasury shares held inportfolio ofapprox €58.7 million based onthemarket value asat30June 2026 (market value asat31 December 2025 €56.1million) .Including treasury shares cancelled inMay 2026 ,equal to6%ofshare capital .Value atH12026 comparable to31 December 2025 equal toEuro -115.7million **ARR: revenues reported related to H1 2026 from recurring services of companies operating in the Cloud and Cyber Security ma rket in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland ( Econis AG)
.2Adj EBIT
-0.4% vs H1 2025 (18.5 M€) +11.7%* vs H1 2025 (16.5 M€ ex. 2.0 M€ one -
time)
*The comparison with H12025 isaffected bythe recognition ,inthe comparative period ,ofaone-time positive effect ofapproximately Euro 2million in Germany, resulting from the absence ofthe obligation topay avariable component ofthe additional consideration established inconnection with a previous acquisition inGermany .
Investor Presentation
Key Figures by CountryH1 2026 Results
Italy IT
ADJ. REVENUES
30.3M€
37.1% of Group Revenues
ARR*
29.0M€
91.2% of the total Revenues
ADJ. EBITDA
16.6 M€
54.8% EBITDA Margin Vs 53.5% in H1 2025
ADJ. EBIT
8.3 M€
27.3% EBIT Margin Vs 22. 1% in H1 2025Germany DE
ADJ. REVENUES
43.3 M€
52.9% of Group Revenues
ARR*
33.2 M€
95.1% of the total Revenues ex Gecko
ADJ. EBITDA
16.0 M€
36.9% EBITDA Margin Vs 39.3% in H1 2025 , 36.5% ex. 2.0 M€
one-time **
ADJ. EBIT
9.5 M€
21.9% EBIT Margin Vs 26.1% in H1 2025 , 22.7% e x. 2.0 M€ one-time **Swiss CH
ADJ. REVENUES
8.2 M€
10.0% of Group Revenues
ARR*
6.6 M€
80.4% of the total Revenues
ADJ. EBITDA
1.6 M€
19.7% EBITDA Margin Vs 13.3% in H1 2025
ADJ. EBIT
0.6 M€
7.6% EBIT Margin Vs 2.0% in H1 2025GroupTOTAL
ADJ. REVENUES
81.8 M€
ARR*
68.8 M€
91.8% of the total Revenues
ADJ. EBITDA
34.2 M€
41.8% EBITDA Margin
ADJ. EBIT
18.4 M€
22.5% EBIT Margin *ARR: revenues reported related to H1 2026 from recurring services of companies operating in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland ( Econis AG).
** The comparison with H1 2025 isaffected by the recognition , in the comparative period , of a one -time positive effect of approximately Euro 2 million in Germany, resulting from the absence of the obligation to pay a variable component of the additional consideration established in connection with a previous acquisition in Germany.3
Investor Presentation
34.1 34.368.2 68.810.16.117.1 13.0 Q2 2025 Q2 2026 H1 2025 H1 2026ARR Other revenues
5H1 2026 ARR*
585.381.8
+0.8% Group Recurring Revenues (ARR)* :+0.8%vsH12025 ,of
which :
➢Italy :29.0M€+6.8%inH12026 (14.5M€inQ22026 +6%
vsQ22025 )
➢Germany :33.2M€-3.4%inH12026 (16.6M€inQ22026 -
2.7%vsQ22025 )
➢Switzerland :6.6M€broadly inline with H12025 (3.2M€ inQ22026 -3.7%vsQ22025 ) The churn effect ismainly attributable tothestrategic decision in Italy and inGermany tofocus the portfolio onhigh value -added contracts with higher margins, inline with the premium positioning oftheoffering .
Most ofthe extraordinary churn inGermany ofapproximately 7 M€,which occurred in2025 ,ismainly recognized in2026 .
*ARR :revenues reported related toH12026 from recurring services ofcompanies operating intheCloud and Cyber Security market inItaly (WIIT S.p.A.),Germany (WIIT AG,exc.Gecko) and Switzerland (Econis AG).
** The comparison with H1 2025 isaffected by the recognition , in the comparative period , of a one -time positive effect of approximately Euro 2 million in Germany, resulting from the absence of the obligation to pay a variable component of the additional consideration established in connection with a previous acquisition in Germany .H1 2026 Results m€
44.240.4+80bps
+0.7% Q2 2025
Adjusted Revenues
42.2 M€
excluding one -time
2.0M€ **H1 2025
Adjusted Revenues
83.3 M€
excluding one -time
2.0M€ **
Investor Presentation
8.4 8.315.5 16.69.87.917.9 16.0 0.8
0.81.41.6
Q2 2025 Q2 2026 H1 2025 H1 2026Italy Germany Swiss 6H1 2026 AdjEBITDA*: strong profitability 634.8 34.2H1 2026 Results m€
19.0
17.043.0% Adj EBITDA
Margin42.1% Q2 2025
Adjusted EBITDA
17M€
excluding one -time
2.0M€ **40.8% Adj EBITDA
Margin41.8% H1 2025
Adjusted EBITDA
32.8 M€
excluding one -time
2.0M€ **
AdjEBITDA Margin -Germany at36.9%(36.5%inH12025 excluding 2M€una tantum ).
WIIT AGmargin exc.Gecko is39.2%(38.8%inH12025 excluding one-time 2M€)Focus on Cloud services, optimization inthe organization ofprocesses and operational services, cost synergies, and continuous improvement in margins oftheacquired companies Group Adj EBITDA Margin at41.8%improving 250bps on39.3%inH12025 excluding one-time
2.0M€**
AdjEBITDA Margin -Italy at54.8%(53.5%inH12025 ),registering asignificant progress vsH1 2025 ,due tothecontinuous focus onhigher value -added services .AdjEBITDA Margin -Swiss at19.7%(13.3%inH12025 ).Registering asignificant improvement *The Adjustment atactivities forextraordinary M&A transactions for€0.4million, costs related tofinancial instrument -based incentive plans for€0.3million, personnel reorganization costs ofapproximately €0.2million, and other non-recurring costs of€0.4million .
**The comparison with H12025 isaffected bytherecognition ,inthecomparative period ,ofaone-time positive effect ofapproximately Euro 2million inGermany, resulting from theabsence oftheobligation topay avariable component ofthe additional consideration established inconnection with aprevious acquisition inGermany .
Investor Presentation
3.7 4.16.48.36.84.611.99.5
0.20.30.20.6
Q2 2025 Q2 2026 H1 2025 H1 2026Italy Germany Swiss 7H1 2026 AdjEBIT*: significant margin improvement 7 *The Adjustment applied atEBIT level asat30June 2026 refers totheabove -mentioned adjustments atEBITDA level and toamortization relating tothePPA (“Purchase Price Allocation”) arising from theacquisitions, amounting to€2.4million **The comparison with H12025 isaffected bytherecognition ,inthecomparative period ,ofaone-time positive effect ofapproximately Euro 2million inGermany, resulting from theabsence oftheobligation topay avariable component ofthe additional consideration established inconnection with aprevious acquisition inGermany .18.4Significant progress compared tothe previous year, confirming the Group’s ability togenerate profitability and leverage theefficiency measures implemented Adj Group EBIT Margin 22.5%improving 270bps on 19.8%inH12025 excluding one-time 2.0M€** AdjEBIT Margin –Italy 27.3%(22.1%inH12025 )AdjEBIT Margin –Germany 21.9%(26.1%,22.7%inH12025 excluding one-time 2M€)18.5H1 2026 Results m€
10.79.024.2% AdjEBIT
Margin22.2% 21.6% AdjEBIT Margin22.5% H1 2025
Adjusted EBIT
16.5 M€
excluding one -time
2.0M€ ** Q2 2025
Adjusted EBIT
8.7M €
excluding one -time
2.0M€ **
Investor Presentation
8H1 2026 CAPEX: Well invested asset base confirming the scalability of the business
model
820.1
14.9H1 2026 Results m€
+80bps
➢Utilization rate ofpremium cloud data center :51%in Italy and 53%inGermany .Opportunity todouble revenues without extra investments inCAPEX ➢Growth Capex 20%ofthetotal value ofnew contracts
13.1
9.17.0
5.8 H1 2025 H1 2026Cash Capex Right of Use
Investor Presentation
H1 2026 Net Financial Position bridge
9 9-224.834.2
-9.1-5.9-6.9 -2.9 -0.4
-16.6-9.1-7.4 -248.916.558.7
-173.6
IFRS 16Treasury Shares
Value at30/06/2026H12026
Adjusted NFPH1 2026 Results m€ The Value atH1 2026 comparable to FY 2025 isequal to Euro -115.7 million including the treasury shares cancelled in May 2026, equal to 6% of share capital
Investor Presentation
10FY2020/H1 2026 Net Financial Position and leverage trendH1 2026 Results 248.9 M€ Net Debt as of June 30th2026 173.6 M€ Adj. Net Debt Restated Bond 2030 as of June 30th2026 AdjNFP -Restated Bond 2030*
NFP Reported
3.8 x
2.9 xLeverage as of June 30th2026 Adj. Leverage Restated Bond 2030 as of June 30th2026 Adj Leverage -Restated Bond 2030*
Leverage (NFP/EBITDA)
* Net Debt excluding IFRS16 of 16.5 M€ and including the treasury shares value as 30 June 2026 of 58.7 M€. Adj. Ebitda excluding IFRS1670.884.0142.6154.2163.0156.2173.6
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 H1 2026248.9
95.6140.7180.8202.2212.7 224.9
4.2x
3.1x3.6x3.4x
3.1x
2.6x2.9x
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 H1 20263.8x5.2x
4.8x4.3x4.0x
3.7x
3.4x
Investor Presentation
Free Float
32.07%
Treasury
Shares
5.46%Alessandro Cozzi
(*)
62.48%
(*)Alessandro Cozzi and hisown companiesShareholders’
Structure
AsatAugust 03, 2026 No. Shares 28.020.660 11H1 2026 Results