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9 months 2025 Group’s Results March 13, 2025
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2 Group’s Business Model and Operations Group’s financial results and planning Annexes Financial Statements AgendaAlessandro Fabbroni Group Chief Executive Officer Caterina Gori IR, Corporate Finance M&A Manager Jacopo Laschetti Stakeholder and Corporate Sustainability Officer
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3 Successful business model oriented to emerging technologies such as Cloud, Cyber Security, Digital Platforms and Data Science/AI Continuous long-term growth (CAGR 2012-2024 Revenues +12.1%, Ebitda +15.8%, HR +17.0%, Group EAT Adjusted +16.6%), with increasing value-added for clients (Group Ebitda margin improving from 4.8% in FY 2019 to 7.5% in FY 2024) Capability to aggregate people and skills thanks to internal growth and M&A leverage with 80 bolt-on M&As from 2015, totaling 3,000 people and about Eu 800 Mn annual revenues at acquisition time Sesa Group Overview Innovation and Sustainable Growth for the benefit of all Stakeholders Purpose and Corporate culture Group Purpose to create long-term sustainable value for all stakeholders, promoting the digital innovation of companies and organizations and the well-being of people, by embracing the new waves of technology innovation Continuous growth driven by the development of digital skills of Group’s people (up by 3,000 human resources in the last 4 FY) and business applications Leading Digital Partner for Enterprises and Organizations Leading player for the digitalization of corporates and organizations, with consolidated revenues for Eu 3.4 Bn (+5% Y/Y) and 6,500 people (+14.2% Y/Y) in the Fiscal Year ending April 30, 2025E European player mainly operating in Italy (Headquarters in Empoli - Florence and main offices in Central and Northern Italy) with presence in some foreign countries as Spain, Germany, France, Switzerland and Romania Strategic focus on technological innovation and digital services (Technology, Consulting, Business Applications) with a customer set of about 40,000 customers, including 4,000 overseas
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4 Applications, Digital Platforms and Security Solutions for the Financial Services Industry with ∼ 750 customers (mainly banks and financial intermediaries) Software and System integration for European Enterprises and Mid Corporates with ∼ 10,000 customers o/w 2,000 abroad Group Governance, Human Resources, Finance and Control, Compliance, Information Technology, Operations, M&A Corporate Governance, BU Customer Experience Software and System Integration (SSI) Sector Business Services (BS) Sector Value Added Solutions (VAS) Sector Strategic Business Units Strategic Business Units Strategic Business Units Business Model and Organization Group Governance and Corporate Sector Breakdown of revenues (gross of intercompany eliminations) and Headcounts in the FY as of April 30, 2025E 375 4,300 Revenues Eu 910 Mn 1,000 700 Revenues Eu 160 Mn Revenues Eu 2.10 Bn Business Model focus on Technology, Consulting, Vertical Applications on the cutting-edge technology (Data/AI, Cloud, Cyber Security, Digital Platforms); Organization in Vertical Strategic Business Units, with skills development in main digital trends Eu 3.4 Bn consolidated revenues in FY as of April 30, 2025E (+5% Y/Y) and 6,500 people (+14.2% Y/Y) Outstanding CAGR in Revenues (+16.0% 2020-24, +12.1% 2012-2024), Ebitda (+26.2% 2020-24, +15.8% 2012-2024) and Group EAT adjusted (+26.8% 2020-24, +16.6% 2012-2024) starting from the time of IPO in 2012 Cloud Technology Services Cyber Security Proprietary ERP & Vertical Solutions Enterprise International Platforms Digital Workspace Digital Experience Data/AI Base Digitale Platforms – BDP, BDM Base Digitale Security - BDS Base Digitale Applications - BDA Base Digitale 130 Servicing Cloud, Security, DC, Data/AI solutions Networking & Collaboration Devices, Digital Workspace Digital Green Renewable energy technologies and refurbished solutions IT Value Added Solutions Value Added Solutions Aggregation, Ecosystem Orchestration, Technology Consulting with ∼ 25,000 Business Partners o/w 2,000 abroad 100 Revenues Eu 345 Mn Renewable energy technologies Refurbished solutions 100% 100% 93%
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5 Eu 747.0 Mn Eu 3,400.0 Mn Eu 11.5 Mn Eu 110.0 Mn Eu 34.4 Mn Eu 250 Mn Management Team long-term committed to the Group Key people equity commitment and sustainable growth REVENUES FY11 REVENUES FY25E Group Long-term track record achievements Sesa Group equity partners’ focus on long-term development growth and sustainability: • Chairman and Sesa Founder in 1973 Paolo Castellacci, Vice- Chairman and Sesa partner since 80s Giovanni Moriani; • Group’s CEO and partner since 2008, Alessandro Fabbroni; • SSI Sector Managing Partner since 2014, Francesca Moriani; • BS Sector Managing Partner since 2020, Leonardo Bassilichi; • VAS Sector Managing Partner since 2014, Duccio Castellacci. Sesa Group key people jointly own the holding company ITH S.p.A., majority shareholder’s of Sesa with 53.5% stake, with stable ownership since the IPO in 2013. T.I.P. as long-term partner owns a 21% stake of ITH since 2019. FY 11 FY 25E FY 11 FY 25E EbitdaRevenues 747.0 34.4 Group EAT Adj FY11 Group EAT Adj FY25E EBITDA FY11 EBITDA FY25E ITH 53.534% Treasury Shares 0.978% Floating Shares 45.488% Sesa share capital CAGR 2020-25E +21.5% CAGR 2020-25E 13.9% • ITH increased its stake from around 53.0% to 53.5%, as a result of the purchases carried out in the months of December 2024 and January 2025 • Sesa treasury shares as of January 27, 2025 reached around 1% of share capital, as a result of the execution of the Buy Back plan approved by the Shareholders Meeting of last September 2024 EBITDA margin FY11 EBITDA margin FY25E 4.6% 7.4% 250 ∼ +5.0% Y/Y 3,400 ∼ +5.0% Y/Y CAGR 2012-25E 11.6% CAGR 2012-25E +14.9%
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6 665 747 812 832 948 1,060 1,230 1,271 1,363 1,551 1,776 2,037 2,390 2,908 777 818 863 912 974 1,150 1,215 1,427 1,642 1,900 2,547 3,441 4,163 4,720 700 1,700 2,700 3,700 4,700 5,700 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025E¹ 3,211 5,691 Geographical coverage Headcount CAGR 2012-2024 +17.0% Revenues CAGR 2012-2024 +12.1% 6,500 people expected as of April 30 2025 (+14.2% Y/Y) Revenues Eu Mn in the FY as of April 30 HCs (at Year-end April 30) FY 2024 HC Highlights • Core to our development is our ability to attract, include, retain and inspire our talented people • Thanks to the development of our internal hiring programs and our capability to integrate bolt-on M&As we boosted the Groups ability to attract people with different backgrounds, perspectives and competencies, with new 3,000 skilled human resources over last 4Y period • Extensive welfare and inclusion programs to improve well-being, work-life balance and sense of belonging of our people • Training programs on Technical, Soft Skills, Compliance and Equity and Inclusion improved to about 100,000 training hours in FY24 (+41% Y/Y) • ∼ 25% people below 30 y/o as of April 30, 2024 (about 1,500 young talented people with dedicated hiring and education programs in every Group’s sector) People and Talent Management programs ∼ 1,000 New Hires 17.8% +1.4% Y/Y Entry Turn Over Average Seniority 8.4 Years Permanent Contract People below 30 y/o ∼ 25% 98% People and Talent Management Programs ∼ 3,4002 6,500 • ∼ 6,500 employees of which ∼ 600 abroad • DACH Area ∼ 200 • France and Spain ∼ 150 • Central Est Europe ∼ 150 • Outside Europe ∼ 100 (1) FY 2025E Group’s guidance disclosed on March 13, 2025 (2) FY 2025E results include the pro-forma financials of Greensun for H1 25 and actual results for H2 25, following the inclusion in the perimeter of consolidation starting from Q3 25 ( GrenSun acquisition formalized on November 24, with half-yearly pro-forma 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)
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7 Sustainability programs Human Resources and Welfare Environmental Sustainability Carbon Neutrality program in line with EU Agenda Environmental performance in FY 2024: - Emissions per capita 1.07 tCO2 (12.3% reduction Y/Y) - Waste per capita 0.02 t (20.8% reduction Y/Y) - Green electricity program adoption (95% of total supplies FY 2024) 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 Pdr 125/2022 (Gender Equality); Environmental certification ISO 14001; UN Global Compact membership ESG Rating: Ecovadis CSR rating: Gold 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 Sesa Purpose to create long-term sustainable value for all stakeholders, promoting the digital innovation of companies and organizations and the well-being of people. Progressive improvement of ESG performances driven by international best practices adoption
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8 Italian IT market trend, driven by digitalization path The Italian IT market (Source Sirmi, January 2025) shows a declining growth in 2023-24 with 2.7% annual average rate, compared to the 6.0% over 2021-2022, driven by Management Services segment (+10.3% Y/Y in 2023, +6.1% Y/Y in 2024, +7.2% Y/Y in 2025E and +6.7% Y/Y in 2026E) and despite the deceleration of Hardware (-7.4% Y/Y in 2023, -1.1% Y/Y in 2024 and -0.3% Y/Y both in 2025E and 2026E) Moderate market increase expected in 2025 (+3.7% Y/Y) and 2026 (+3.6% Y/Y), after the 2.8% annual increase in 2024 Cloud and Data/AI segments will drive the market growth in 2025-26E, with annual average increase rate equal to 13% and 27% respectively Italian IT Market, source Sirmi January 2025 Currency: €'m 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E Hardware 6,044 6,025 6,172 6,266 6,770 6,392 5,917 5,850 5,830 5,810 Change Y/Y 0.6% -0.3% 2.4% 1.5% 8.1% -5.6% -7.4% -1.1% -0.3% -0.3% Software 3,833 3,845 3,861 3,792 3,922 4,073 4,123 4,160 4,210 4,260 Change Y/Y -0.4% 0.3% 0.4% -1.8% 3.4% 3.8% 1.2% 0.9% 1.2% 1.2% Development services 3,436 3,500 3,588 3,640 3,854 4,019 4,186 4,300 4,455 4,610 Change Y/Y 0.4% 1.9% 2.5% 1.5% 5.9% 4.3% 4.2% 2.7% 3.6% 3.5% Management services 5,504 5,900 6,350 6,797 7,597 8,534 9,415 9,990 10,705 11,420 Change Y/Y 6.0% 7.2% 7.6% 7.0% 11.8% 12.3% 10.3% 6.1% 7.2% 6.7% Total IT 18,817 19,270 19,972 20,496 22,143 23,017 23,642 24,300 25,200 26,100 Change Y/Y 1.9% 2.4% 3.6% 2.6% 8.0% 3.9% 2.7% 2.8% 3.7% 3.6% o/w Cloud 1,862 2,302 2,830 3,409 4,240 5,259 6,296 7,182 8,149 9,220 % Cloud on Total IT 9.9% 11.9% 14.2% 16.6% 19.1% 22.8% 26.6% 29.6% 32.3% 35.3% Change Y/Y 23.3% 23.6% 23.0% 20.4% 24.4% 24.0% 19.7% 14.1% 13.5% 13.1% o/w Data/AI 80 135 215 250 329 435 674 909 1,186 1,474 % Data/AI on Total IT 0.4% 0.7% 1.1% 1.2% 1.5% 1.9% 2.9% 3.7% 4.7% 5.6% Change Y/Y n.a. 69.2% 59.3% 16.3% 31.4% 32.4% 55.0% 34.8% 30.6% 24.3%
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9 Bolt-on industrial M&A to accelerate long-term organic growth (1) Revenues in Eu Mn and Headcounts of target companies at acquisition time (Last 12 Months before acquisition) (2) FY 2025E results include the pro-forma financials of Greensun for H1 25 and actual results for H2 25, following the inclusion in the perimeter of consolidation starting from Q3 25 (GrenSun acquisition formalized on November 24, with half-yearly pro-forma 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). Please note that all other FY 2025 M&As have been consolidated starting from acquisition time, without any pro-forma adjustment. • Most of FY 2025 M&As focused on high-margin and growing sectors as BS and SSI. In Business Services sector: ATS, active in the Vertical Applications for the Capital Market and Metoda Finance, developing software for Supervisory Reporting. In SSI sector: Metisoft, announced in December 2024, offering SAP consultancy and solutions, with start of consolidation at the beginning on FY 2026; IT PAS, offering consultancy on ServiceNow platform and InnoFour, offering digital industries solutions in the Benelux and Scandinavia • At November 2024 acquisition of Greensun (Eu 130 Mn annual revenues) in the Digital Green Sector, consolidated starting from Q3 20252 • Deal structure focused on the long-term commitment of skills and key people of the target companies, with entry evaluation equals 5x Ebitda, progressive integration with the Group Strategic Business Units (around 20 intra-group mergers LTM) Bolt-on M&As as crucial driver of long-term growth and Group’s transformation, to attract skills and competencies: • 80 M&As starting from 2015 with additional 3,000 HCs and about Eu 800 Mn annual revenues at acquisition date; 13 M&As in FY 2024 (Eu 111 Mn revenues, 465 new HCs), 10 new M&As in FY 2025 (Eu 185 Mn revenues, 495 new HCs) • M&As annual average contribution to Group’s growth equal to about 30% over last 5-year period Group’s Sectors FY 2015-20171 FY 2018-20191 FY 20201 FY 20211 FY 20221 FY 20231 FY 20241 FY 2025E1 1 M&A 18 Mn 5 HC 1 M&A 50 Mn 10 HC 2 M&A 26 Mn 38 HC 2 M&A 65 Mn 76 HC 2 M&A 54 Mn 70 HC 4 M&A 38 Mn 295 HC 3 M&A 32 Mn 130 HC 3 M&A 17 Mn 74 HC 8 M&A 55 Mn 407 HC 7 M&A 41 Mn 170 HC 11 M&A 50 Mn 350 HC 9 M&A 39 Mn 275 HC 7 M&A 33 Mn 260 HC New Group Sector starting from March 2020 1 M&A 45 Mn 289 HC 4 M&A 16 Mn 112 HC 3 M&A 16 Mn 139 HC 5 M&A 30 Mn 40 HC 2 M&A 18 Mn 120 HC 2 M&A 22 Mn 185 HC New Group Sector starting from 2021 1 M&A 6 Mn 15 HC 1 M&A 30 Mn 25 HC 1 M&A 130 Mn 50 HC 5 M&A 56 Mn 300 HC 4 M&A 82 Mn 140 HC 6 M&A 88 Mn 401 HC 13 M&A 77 Mn 609 HC 13 M&A 152 Mn 412 HC 16 M&A 80 Mn 390 HC 13 M&A 111 Mn 465 HC 10 M&A 185 Mn 495 HC Software and System Integration Business Services Value Added Solutions Sesa Group Digital Green
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10 Cloud Tech. Services; 44.5% Cyber Security; 8.0% Proprietary ERP & Vertical Solutions; 22.0% Enterprise Int. Platforms 16.0% Digital Experience; 2.5% Digital Workspace; 4.0% Data/AI; 3.0% • Hybrid Cloud services (SaaS, PaaS, IaaS) and Multi Cloud • Integration between public cloud and datacenter services • Applications modernization • Proprietary ERP & Vertical Applications for SMEs and Enterprises • Marketing & Digital Strategy • Omnichannel e-commerce CLOUD TECHNOLOGY SERVICES 44.5% of FY 24 revenues DIGITAL EXPERIENCE 2.5% of FY 24 revenues PROPRIETARY ERP & VERTICAL SOLUTIONS 22% of FY 24 revenues Leading System Integrator and Software Solutions provider with growing focus on Business Integration and Consultancy, Cloud and Data Science/AI, Cyber Security, with outstanding last 5Y growth (CAGR 2020-2024 Revenues +20.0%, Ebitda +27.3%) improving by two times revenues and market share Customer base of around 10,000 Enterprises and Mid Corporates of which over 2,000 abroad with growing International presence (Spain, France, Germany, Austria, Switzerland and Central Est Europe) Vertical Strategic Business Units focused on digital services and business applications: Cloud Technology Services, Cyber Security, Proprietary ERP & Vertical Solutions, Enterprise International Platform, Digital Experience, Digital Workspace, Data Science/AI Hybrid Cloud services (SaaS, PaaS, IaaS) and Multi Cloud, integrating public cloud and data center services Proprietary ERP & Vertical Applications for SMEs and Enterprises (Mechanics, Automotive, Pharma, Furniture, Fashion, Textile, Tissue, Food & Wine, Retail) Leadership in Cyber Security Consulting with about 300 people specialized team (Yarix Digital Security) based in Italy, Spain and Germany Data/AI dedicated Business Unit started in 2020 with Eu 25-30 Mn revenues expected in FY 2025 (up 30% Y/Y) and over 150 people of which 50% below 30 y/o. Data Science/AI embedded in SSI’s Vertical Business Units • Applied and generative Artificial Intelligence • Advanced Analytics • Predictive corporate performance management • Data Intelligence Platform DATA SCIENCE/AI 3% of FY 24 revenues Revenues breakdown1 SSI: Digital Partner for European Enterprises (1) Revenues and Headcounts in the Full Year ending April 30, 2025E • Unified Communication • Digital workspace and Collaboration • Digitalization of workstations DIGITAL WORKSPACE 4% of FY 24 revenues • Business Consulting and Integration • ERP Solutions on International platforms (SAP, Microsoft, Siemens) • Smart Industry solutions ENTERPRISE INTERN. PLATFORMS 16% of FY 24 revenues • Cyber Security Consulting • Security Operation Center (SOC) • Cyber Intelligence • European coverage of the Market (Italy, DACH region, Spain) CYBER SECURITY 8% of FY 24 revenues Eu 910 Mn revenues (+10% Y/Y), Ebitda margin 11% and 4,300 people1
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11 Business Services: Digital Transformation for Financial Services Group Sector started on February 2020 and focused on Digital Platforms, Vertical Banking Applicationsand Security for Financial Services Industry, achieving a CAGR 2020-2024 equal to +93.1% in Revenues and +134.4% in Ebitda Vertical Strategic Business Units: Base Digitale Platforms, Base Digitale Security, Base Digitale Applications and Base Digitale 130 Servicing, focused on: - Digital Platform Solutions for data management and process automation: Enterprise Information Management, Digital Invoicing, Digital Process Management and Customer Management - Integrated Security Solutions for Financial Services Industry, including Vertical Applications for the Front Office operations - Vertical Banking Applications for Finance, Derivatives, Wealth Management, Capital Markets, Supervisory Reporting - Digital services and master servicing solutions for securitization and credit management Native business model focused on Data/AI, Cloud and Digital Platforms to upgrade ERP and processes of Financial Services Industry. Data/AI technology embedded in BDG Vertical Solutions, with Eu ∼50 Mn revenues and 300 skilled people in FY 2024 Outstanding growth expected in the FY 2025, with Eu 160 Mn revenues and around 16% Ebitda margin Revenues breakdown1 Base Digitale Platforms 35% Base Digitale 130 Servicing 15% Base Digitale Security 25% Base Digitale Applications 25% BASE DIGITALE SECURITY 25% of FY 24 revenues BASE DIGITALE PLATFORMS 35% of FY 24 revenues • 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 • Vertical Banking App.ns for the Front Office • Digital Platforms for digitalization of operations and processes (contact, document management, business process management, digital invoicing) • Digital Invoicing and document composition solutions • Digital process reengineering management BASE DIGITALE 130 SERVICING 15% of FY 24 revenues • Structuring services and assistance to originators • Corporate Services Provider • Monitoring and reporting • Master servicing and credit management solutions (with the exclusion of lending) BASE DIGITALE APPLICATIONS 25% of FY 24 revenues • Vertical Banking Applications Treasury, Finance, Derivatives • Wealth Management and Capital markets Software Solutions • Banking supervision services • Banking regulatory procedures Base Digitale Group: Eu 160 Mn revenues (+40% Y/Y), Ebitda margin 16% and 1,000 people1 (1) Revenues and Headcounts in the Full Year ending April 30, 2025E
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12 Value-added Solutions aggregator: consulting, marketing and training services to habilitate the emerging technologies across ICT ecosystems. Capability to overperform market trends and to grow double digit in the last 5 Year (CAGR 2020-2024 Revenues +10.2%, Ebitda +15.5%) Leadership in Italian VAD market2, ∼ 48% market share (64% in Cloud & Enterprise Software). ∼ 25,000 Business Partners (Software Houses, System Integrators, MSP, CSP) of which 2,000 abroad (DACH Region) Long-term partnerships with over 165 major IT Vendors, with an organization consisting of specialized business units; growing business diversification with the first 5 Vendors representing just 28% of FY 2024 total revenues Progressive adoption and offering of Cloud solutions (SaaS, IaaS and XaaS solutions), Data/AI and Security Solutions, with growing recurring revenues Leading market position to habilitate through the channel AI demand: first European competence centre for IBM, leading Italian partner of Microsoft with focus on AI Copilot Microsoft, leading enabler for Data/AI adoption in Cyber Security. CLOUD, SECURITY, DC SOLUTIONS 60% of FY 24 revenues DEVICES, DIGITAL WORKSPACE 18% of FY24 revenues NETWORKING & COLLABORATION 17% of FY 24 revenues • Public and Hybrid Cloud • Datacenter Solutions • Cyber Security technology: SIEM, End Point Security, Software Encryption Data • Devices and peripherals • Digital Workspace for Multi-Cloud & Hybrid organizations • Smarter add-on and IoT • Networking and connectivity VAS: Digital partner of ICT ecosystems (1) Revenues and Headcounts in the Full Year ending April 30, 2025E (2) Source Sirmi, January 2025. CG market share on total Italian Value Added Distribution market ( networking, software enterprise, customized services, server, storage), including the subsidiaries ICOS and Altinia Distribuzione Italian market share VAD2 Computer Gross; 48.0% Esprinet; 14.9% Tech Data; 8.4% Ingram Micro Italia; 5.7% Others; 23.0% DATA/AI SOLUTIONS 5% of FY 24 revenues • Advanced Analytics, Data Management • Applied and Generative AI in partnership with main international vendors • Dedicated in-house team to lead AI project Endpoint Solutions1 Advanced Solutions2 Strategic Technologies3 Security Data/AI and Cloud Revenues Share FY 24 18% 82% 10% 9.5% Growth Y/Y -4% +11% +40% +30% FY 24 Results by Technology (1) Pcs, mobile, printing, deliverables; (2) Data Center, SW, networking, Cloud, Data/AI, Security, o/w 5% of Data/AI; (3) Part of the Advanced Solutions IT Value Added Solutions: Eu ~ 2.10 Bn revenues, Ebitda margin ∼ 4.4% and 700 people1
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13 • Value-added distributor of technology and services for photovoltaic systems, standing out on the green scene not only for its wide range of components for renewable energy systems, but also for the study of design activities, the proposal of innovative solutions and products, and the ability to offer dedicated services and solutions. • Partner of the main producers in panels, inverters and storage. • Concrete and customised project, built around the client’s business. • Dedicated team in supporting, coaching and updating sector operators with seminars and workshops throughout the country. • Innovative solutions and a customer- centric approach, supported before and after sales. Digital Green: enabling sustainability of corporates and organizations (1) Revenues and Headcounts in the Full Year ending April 30, 2025E (2) Digital Green FY 2024 and FY 2025 monthly revenues, like for like (excluding GreenSun) (3) FY 2025E results include the pro-forma financials of Greensun for H1 25 and actual results for H2 25, following the inclusion in the perimeter of consolidation starting from Q3 25 ( GrenSun acquisition formalized on November 24, with half-yearly pro-forma 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). Joining the Group in 2021, thanks to the acquisition of PM Service (Eu 30 Mn revenues at acquisition time), the Sector is focused on technologies (panels, inverters and storage) and services for environmental sustainability, the production of energy from renewable sources and refurbished technology Partnerships with some of the world’s leading Vendors of renewable energy technologies with a customer set of around 2,000 Business Partners After the significant revenues growth in FY 2022 (Eu 177 Mn, +493% Y/Y) and FY 2023 (Eu 363 Mn, +106% Y/Y) driven also by government contributions, the Sector declined in FY 2024 (Eu 241 Mn, -34% Y/Y), with stabilization expected from H2 2025 like for like Starting from H1 25, Digital Green includes Greensun, whose acquisition was formalized with the AGCM approval in November 2024, with half-yearly revenues of Eu 83.7 Mn, Ebitda of Eu 5.2 Mn, EAT Adjusted for Eu 4.0 Mn, Group EAT Adjusted for Eu 2.1 Mn FY 2025 revenues target of Eu 345 Mn (including 12 Months of Greensun3), up by 43% Y/Y, to create a leading Italian specialised player in the Sector Digital Green2 – monthly revenues May 23A - Apr 25E like for like (without Greensun) FY24 Revenues: Eu 235 Mn H1: Eu 140 Mn; H2: Eu 95 Mn FY25E Revenues: Eu 180 Mn H1: Eu 80 Mn; H2: Eu 100 Mn The chart presents the monthly trend of Digital Green’s revenues from May 23 to Jan 25 and the expected revenues for Feb 25 - Apr 25 like for like (w/o Greensun) Since Jan 24 revenues has been severely impacted by a significant decrease in selling prices (around 40%) driven by adverse market trends. In Q3 25 Digital Green revenues like-for-like showed signs of recovery due to less volatile market prices, generating approx. Eu 15 Mn per month with expected growth Y/Y in Q4 25. Greensun generated Eu 122 Mn revenues in 9M 25, targeting approx. Eu 150 Mn in FY25E. PV market components: not only photovoltaic cells (PV) In addition to PV modules, the industry includes inverters and energy accumulation systems. Growth expected in the battery market, which is expected to be higher in value than the PV module market. More stable prices for energy accumulation systems make the industry highly competitive and attractive. Digital Green: Eu 345 Mn revenues (+43% Y/Y), Ebitda margin ∼ 7% and 100 people1 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Revenue (€'000) FY24 FY25
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14 Group’s Business Model and Operations Group’s financial results and planning Annexes Financial Statements AgendaAlessandro Fabbroni Group Chief Executive Officer Caterina Gori IR, Corporate Finance M&A Manager Jacopo Laschetti Stakeholder and Corporate Sustainability Officer
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15 (1) The 9M 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. (2) EBIT Adjusted and Group EAT Adjusted, gross of amortisation of intangible assets (client lists and know-how) deriving from PPA and gross of Stock Grant costs, net of tax effect (for Group EAT Adjusted) (3) Sesa Shareholders’ Meeting as of 28 August 2020 resolved not to distribute dividends considering the pandemic emergency (4) Net Financial Position gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS 16 debt (5) Net Financial Position as reported includes Eu 200.3 Mn (compared to Eu 210.8 Mn as of January 31 2024) of IFRS Debt mainly referring to deferred liability towards minorities for M&As Put Option 9M 2025 Group’s results as of January 31, 2025 9M 2025 consolidated revenues1 increased by 5.0% Y/Y, despite a challenging scenario in the main sectors of operations, driven by a great 11.7% Y/Y growth in Q3 2025 Consolidated 9M 2025 Ebitda declined 2.0% Y/Y, with a 2.6% growth in Q3 2025 only, driven by the positive trend of Business Services and the back to growth of Digital Green 9M 2025 Group EAT Adjusted decreased 10.4% (against a down of 15.7% in H1 2025), as a result of higher amortization costs and financial charges, stabilizing Y/Y and equal to Eu 10.4 Mn in Q3 25 vs Eu 10.0 Mn in Q3 24 NFP Reported (net debt) equal to Eu 92.2 Mn as of January 31, 2025 vs Eu 62.5 Mn Y/Y reflecting the Eu 26 Mn of Buy Back and dividend distribution LTM and investments in M&A for approximately Eu 110 Mn LTM, serving the Group’s transformation and mainly focused on the high marginality Group’s Sectors Great growth in revenues (up by 11.7%) and 2.6% increase in Ebitda during the Q3 despite the adverse market trends in certain business segments, consolidating the significant growth achieved in the 2020- 2024 period. In Q3 25 Sesa is laying the foundations for future expansion for the end of FY 25 and the FY 26, primarily driven by significant capex in innovation technology segments and higher marginality and growth Sectors (whose benefits are only partially visible in the first 9M of 2025), and by the expected improvement in Digital Green, benefiting from the lower volatility of market prices and the expansion of the perimeter (e.g., Greensun). Eu million FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 CAGR FY12-24 CAGR FY20-24 9M 24 9M 25 Change % 3Q 24 3Q 25 Change % Revenues 1,776.0 2,037.4 2,389.9 2,907.6 3,210.4 12.1% 16.0% 2,396.1 2,516.9 5.0% 894.5 999.5 11.7% Ebitda 94.5 126.0 167.7 209.4 239.5 15.8% 26.2% 180.3 176.7 (2.0%) 67.0 68.8 2.6% Ebitda Margin 5.3% 6.2% 7.0% 7.2% 7.5% 7.5% 7.0% 7.5% 6.9% EBIT Adj2 70.0 95.1 130.2 167.7 192.7 15.2% 28.8% 145.9 138.4 (5.1%) 55.3 54.8 (0.7%) EBIT Adj Margin 3.9% 4.7% 5.4% 5.8% 6.0% 6.1% 5.5% 6.2% 5.5% Amortis. of client list/know how (4.6) (7.8) (11.7) (18.3) (28.0) n.a. 57.4% (20.2) (23.9) 18.3% (7.3) (7.9) 7.9% Net financial income/expense (3.7) (3.2) (5.1) (14.4) (35.1) 20.5% 75.5% (24.1) (29.3) 21.5% (10.0) (10.4) 3.5% EAT reported 42.2 56.8 78.6 90.2 83.1 14.0% 18.5% 68.6 59.4 (13.4%) 27.0 26.8 (0.9%) EAT Reported Margin 2.4% 2.8% 3.3% 3.1% 2.6% 2.9% 2.4% 3.0% 2.7% Group EAT Adj2 41.2 57.8 82.7 102.3 106.4 16.6% 26.8% 84.2 75.4 (10.4%) 34.1 33.2 (2.7%) Group EAT Adj Margin 2.3% 2.8% 3.5% 3.5% 3.3% 3.5% 3.0% 3.8% 3.3% Headcounts 2,547 3,441 4,163 4,720 5,691 17.0% 22.3% 5,560 6,367 14.5% Dividend per share3 0.00 0.85 0.90 1.00 1.00 Total dividend 0.0 13.2 13.9 15.5 15.5 NFP4 debt /(cash) (110.3) (197.4) (245.3) (239.5) (211.0) (148.3) (108.1) (27.1%) NFP reported5 (incl. IFRS) (54.7) (94.7) (92.0) (33.7) (2.7) 62.5 92.2 47.7%
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16 9M 2025 Group’s results by Sector (1) The 9M 25 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, VAS, BS, DG revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination - Group EAT Adjusted after minorities, gross of amortisation of intangible assets (client lists and know-how) deriving from PPA and gross of Stock Grant Plan costs, net of tax effect - 9M 22-9M 24 figures of Value Added Solutions excl. Digital Green and Digital Green are sourced from the Management accounts and are presented for illustrative purpose. Before H1 25 Digital Green was part of the VAS sector. After several Years of double-digit consecutive growth, 9M 25 of consolidation and re-engineering 9M 2025 consolidated revenues1 increased by 5.0% Y/Y driven by (i) SSI up by 6.1% Y/Y (ii) Business Services up by 32.2% Y/Y (iii) Digital Green up by +28.0% Y/Y including the acquisition of Greensun, while still declining on a like for like basis by around 30%, with stabilization in Q3 25 vs a down by 40% in H125; (iv) VAS down by 1.7% Y/Y, after 7Y of double-digit consecutive growth with a great recovery in Q3 9M 2025 consolidated Ebitda amounts to Eu 176.7 Mn, decreasing by 2.0% Y/Y, mainly driven by the adverse market conditions in Digital Green and VAS sectors and some margin erosion in SSI due to industrial re-engineering ongoing Digital Green, started with the acquisition of the Eu 30 Mn revenues company PM Service, after the exponential revenues growth in FY22 (Eu 177 Mn, +493% Y/Y) and FY23 (Eu 363 Mn, +106% Y/Y), and the decline in FY24 (Eu 241 Mn, -33.8% Y/Y) during 9M 2025 reported revenues growth by 28%, with an increase in revenues by 56.7% and in Ebitda by 25.5% in the Q3 2025 only REVENUES EBITDA GROUP EAT ADJUSTED Eu million 9m 19 9m 20 9m 21 9m 22 9m 23 9m 24 9m 25 9m 19 9m 20 9m 21 9m 22 9m 23 9m 24 9m 25 9m 19 9m 20 9m 21 9m 22 9m 23 9m 24 9m 25 Software & System Integ. 253.7 308.5 355.1 419.3 501.8 609.3 646.7 19.2 27.3 39.8 50.5 61.2 75.0 71.5 6.1 7.4 12.0 18.2 21.9 27.6 25.7 Change Y/Y 21.6% 15.1% 18.1% 19.7% 21.4% 6.1% 42.2% 45.8% 27.0% 21.1% 22.5% (4.7%) 21.3% 61.7% 52.1% 20.1% 26.1% (6.8%) Margin on revenues 7.6% 8.8% 11.2% 12.1% 12.2% 12.3% 11.1% 2.4% 2.4% 3.4% 4.3% 4.4% 4.5% 4.0% Value Added Solutions 965.0 1,097.0 1,213.9 1,258.7 1,434.6 1,609.9 1,581.9 33.3 39.9 48.2 54.7 59.7 73.2 67.6 17.8 23.9 30.7 32.7 36.2 40.0 33.3 Change Y/Y 13.7% 10.7% 3.7% 14.0% 12.2% (1.7%) 19.8% 20.8% 13.4% 9.3% 22.5% (7.7%) 34.3% 28.4% 6.7% 10.6% 10.6% (16.9%) Margin on revenues 3.5% 3.6% 4.0% 4.3% 4.2% 4.5% 4.3% 1.8% 2.2% 2.5% 2.6% 2.5% 2.5% 2.1% Business Services 33.6 41.7 59.5 83.3 110.1 1.7 4.8 4.9 11.2 18.0 0.1 1.4 0.8 4.5 7.2 Change Y/Y 24.1% 42.6% 40.0% 32.2% 182.6% 0.7% 131.1% 60.8% n.s. (39.1%) 447.8% 59.0% Margin on revenues 5.1% 11.6% 8.2% 13.5% 16.4% 0.3% 3.2% 1.4% 5.4% 6.5% Digital Green 113.8 269.0 198.2 253.7 12.1 27.2 19.0 17.2 8.6 19.0 11.7 9.6 Change Y/Y n.s. 136.4% (26.3%) 28.0% n.s. 124.6% (30.2%) (9.6%) n.s. 120.2% (38.5%) (18.1%) Margin on revenues 10.7% 10.1% 9.6% 6.8% 7.6% 7.1% 5.9% 3.8% Group Consolidated results 1,146.3 1,344.8 1,534.3 1,757.9 2,176.4 2,396.1 2,516.9 53.3 69.5 92.2 124.5 156.0 180.3 176.7 23.6 30.9 45.2 62.9 79.4 84.2 75.4 Change Y/Y 17.3% 14.1% 14.6% 23.8% 10.1% 5.0% 30.3% 32.7% 35.1% 25.2% 15.6% (2.0%) 30.7% 46.4% 39.1% 26.2% 6.0% (10.4%) Margin on revenues 4.6% 5.2% 6.0% 7.1% 7.2% 7.5% 7.0% 2.1% 2.3% 2.9% 3.6% 3.6% 3.5% 3.0%
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17 Q3 2025 Group’s results by Sector REVENUES EBITDA GROUP EAT ADJUSTED Eu million Q3 19 Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 19 Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Q3 19 Q3 20 Q3 21 Q3 22 Q3 23 Q3 24 Q3 25 Software & System Integ. 101.8 130.9 143.6 168.7 199.0 241.1 241.8 7.9 11.5 16.1 18.6 24.0 29.5 27.3 2.9 3.3 4.4 5.8 8.7 12.3 10.9 Change Y/Y 28.6% 9.7% 17.4% 18.0% 21.1% 0.3% 45.6% 40.1% 15.7% 28.8% 22.8% (7.5%) 13.8% 32.4% 33.0% 49.1% 41.6% (10.9%) Margin on revenues 7.8% 8.8% 11.2% 11.1% 12.1% 12.2% 11.3% 2.8% 2.5% 3.0% 3.4% 4.4% 5.1% 4.5% Value Added Solutions 432.2 467.1 519.8 525.3 598.3 614.8 662.2 15.3 17.2 21.4 24.5 26.0 29.4 27.6 8.6 10.6 14.1 14.3 16.0 18.1 14.9 Change Y/Y 8.1% 11.3% 1.1% 13.9% 2.8% 7.7% 12.4% 24.4% 14.4% 6.4% 12.8% (6.2%) 23.3% 32.8% 1.6% 12.0% 12.7% (17.6%) Margin on revenues 3.5% 3.7% 4.1% 4.7% 4.4% 4.8% 4.2% 2.0% 2.3% 2.7% 2.7% 2.7% 2.9% 2.2% Business Services 11.6 14.6 19.8 28.3 41.0 0.4 1.6 1.4 3.4 7.1 0.0 0.3 0.3 1.0 3.4 Change Y/Y 26.0% 35.4% 43.0% 45.1% 299.3% (16.5%) 152.4% 109.0% n.s. 28.6% 204.7% 240.9% Margin on revenues 3.5% 11.1% 6.8% 12.1% 17.4% (0.0%) 1.7% 1.6% 3.5% 8.2% Digital Green 0.0 45.8 90.6 55.4 86.8 0.0 5.9 10.2 5.0 6.3 0.0 4.5 7.6 2.8 3.8 Change Y/Y n.s. 97.9% (38.9%) 56.7% n.s. 72.7% (51.1%) 25.5% n.s. 68.6% (62.8%) 35.5% Margin on revenues 12.9% 11.3% 9.0% 7.2% 9.8% 8.4% 5.1% 4.4% Group Consolidated results 498.1 574.6 645.0 721.2 864.7 894.5 999.5 23.2 29.5 38.6 51.2 62.6 67.0 68.8 10.7 13.5 21.0 27.1 33.5 34.1 33.2 Change Y/Y 15.4% 12.3% 11.8% 19.9% 3.4% 11.7% 27.0% 31.0% 32.7% 22.1% 7.1% 2.6% 25.6% 55.9% 29.0% 23.5% 1.7% (2.7%) Margin on revenues 4.7% 5.1% 6.0% 7.1% 7.2% 7.5% 6.9% 2.2% 2.3% 3.3% 3.8% 3.9% 3.8% 3.3% Q3 2025 characterized by great trend in revenues (up by 11.7%), increase of Ebitda (up by 2.6% Y/Y) and a moderate down of Group EAT Adjusted (down 2.7% Y/Y), with financial charges stabilizing vs Q2 25 Q3 2025 consolidated revenues increased by 11.7% Y/Y driven by (i) SSI stable, up by 0.3% Y/Y (ii) Business Services strongly up by 45.1% Y/Y (iii) Digital Green up by +56.7% Y/Y including the figures of Greensun, declining by around 10% Y/Y (vs a down of around 40% in H125, with expected double-digit growth in Q4 25) (iv) VAS up by 7.7% Y/Y Q3 2025 consolidated Ebitda amounts to Eu 68.8 Mn, increasing by 2.6% Y/Y compared to Eu 67.0 Mn, mainly driven by uptrend of Digital Green (+25.5% Y/Y) and great trend of Business Services (up by 109% Y/Y), despite the decline of SSI (down 7.5% Y/Y) and VAS (down 6.2% Y/Y) Q3 2025 Group EAT Adjusted equals Eu 33.2 Mn, down 2.7% Y/Y, with financial charges stabilizing vs Q3 24 (Eu 10.4 Mn in Q3 25 vs Eu 10.0 Mn in Q3 24) and declining vs Q2 25 (Eu 10.4 Mn in Q3 25 vs Eu 11.6 Mn in Q2 25) Please note that: - SSI, VAS, BS, DG revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination - Group EAT Adjusted after minorities, gross of amortisation of intangible assets (client lists and know-how) deriving from PPA and gross of Stock Grant Plan costs, net of tax effect - Q3 22-Q3 24 figures of Value Added Solutions excl. Digital Green and Digital Green are sourced from the Management accounts and are presented for illustrative purpose. Before H1 25 Digital Green was part of the VAS sector.
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18 Group’s Net Financial Charges quarterly trend • In Q3 25 net financial charges were equal to Eu 10.4 Mn showing a first sight of recovery compared to H1 2025 trend, driven by positive impact of lower interest market rates and the efficiency measures implemented during H1 2025 • The Q3 2025 figures show a 10% decrease compared to Q2 2025 and a 3.5% slight increase compared to Q3 24; to be considered that for a significant share of Group’s financing interest rates are accounted for in advance, on a Quarterly basis • Net financial charges expected to improve significantly in Q4 25 and Q1 26 driven by the down of market interest rates: 1M Euribor equals to 3.9% at January 2024, 3.3% as of October 2024 with a significant recovery from January 2025 at 2.8% Eu million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Financial income / (charges) (7.3) (8.7) (9.1) (11.9) (7.7) (11.5) (10.7) FX rate income / (loss) 0.8 0.3 (0.7) 0.6 0.1 (0.3) 0.1 Income / (loss) on equity method investments 0.2 0.6 (0.1) 0.3 0.1 0.2 0.2 Financial charges, net (6.3) (7.8) (10.0) (11.0) (7.4) (11.6) (10.4) Var % YoY 16.9% 48.3% 3.5% Var % Q vs Q 22.9% 28.3% 10.1% (32.7%) 55.9% (10.4%)
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19 Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) Apr 20-Apr 25E 9M 25 NFP reported (net debt) equals Eu 92.2 Mn improving compared Eu 122.1 Mn as of Oct 24 (vs Eu 62.5 Mn as of Jan 24), thanks to lower NWC and IFRS liabilities NWC, floating during the year due to the business seasonality, expected to be close to zero at Apr 25E, decreasing by Eu 22.0 Mn at Jan 25 vs Oct 24, with an Eu 28.9 Mn increase compared to Jan 24 due to revenues acceleration (up by 11.7% in the Q3 25) Factoring equal to ∼ Eu 400 Mn at Apr24 expected stable at Apr25E, with average securitisation in H2 25 slightly lower (∼ Eu 30/40 Mn) than PY IFRS 3 liabilities mainly consist of Earn Out and Put Options (evaluated based on the profit expected growth over the Years), with deferred prices of M&A, historically representing on average 25% of IFRS 3 liabilities, decreased between Oct 24 and Apr 25E, primarily driven by the payment of the price of Greensun acquisition Over the last 5Y Group’s reported average capex (including M&A mainly focused on Business Services and SSI Sectors) equal to Eu 130 Mn per year (∼ Eu 0.7 Bn, cumulatively) plus dividend distributions and Buy Back totalling Eu 30 Mn per Year, with a Cash Flow before Capex, M&A, dividend and buy-back equal to around Eu 150 Mn per year The table opposite presents the Net Financial Position reported (including IFRS 16 and IFRS 3 liabilities) from Apr20 to Apr25E. We also presented the trend of Net financial position excluding the IFRS liabilities Net Financial Position (Apr 20A – Apr 25E) Net Working Capital (Apr20A - Apr25E) Currency: €'m Apr 20 Oct 20 Apr 21 Oct 21 Apr 22 Oct22 Apr 23 Oct 23 Jan 24 Apr 24 Oct 24 Pro-forma Jan 25 Apr 25E Shareholders Equity 253.9 272.3 297.4 286.6 335.2 352.1 424.1 442.8 470.4 477.3 499.1 518.0 530.0 Cash and cash equivalents (368.5) (339.8) (426.7) (399.6) (496.3) (436.4) (537.5) (422.8) (492.4) (577.5) (455.5) (496.2) (480.7) Financial receivables (0.5) (0.7) (0.2) (1.1) (2.6) (8.8) (8.0) (10.8) (10.3) (8.3) (8.9) (11.8) (10.0) Financing current and not current 258.6 238.8 229.5 229.8 253.6 255.7 306.0 280.2 344.1 374.7 376.3 399.9 290.0 NFP debt /(cash) (110.3) (101.7) (197.4) (170.9) (245.3) (189.5) (239.5) (153.4) (148.3) (211.0) (88.1) (108.1) (200.7) IFRS 16 liabilities 38.6 41.3 43.9 41.3 44.9 45.1 50.1 39.4 41.8 48.1 42.3 43.3 40.0 IFRS 3 liabilities 17.0 37.2 58.8 96.0 108.4 133.9 155.7 171.4 169.0 160.2 167.8 157.0 157.8 Of which deferred prices 5.6 14.1 17.2 18.4 19.2 27.6 34.8 41.8 39.1 25.1 49.7 41.9 35.0 NFP reported (incl. IFRS) (54.7) (23.1) (94.7) (33.6) (92.0) (10.5) (33.7) 57.4 62.5 (2.7) 122.1 92.2 (2.9) Currency: €'m Apr 20 Oct 20 Apr 21 Oct 21 Apr 22 Oct 22 Apr 23 Oct 23 Jan 24 Apr 24 Oct 24 Pro-forma Jan 25 Apr 25E Net working capital 54.7 76.7 (2.7) 24.1 (32.5) 20.3 (17.1) 36.1 50.3 (13.4) 101.2 79.2 (0.6) NWC as % of LTM revenues 3.1% 3.6% (0.1%) 1.1% (1.4%) 0.8% (0.6%) 1.2% 1.6% (0.4%) 3.1% 2.4% (0.0%)
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20 Guidance for the FY 2025 and market consensus for the FY 2026B After several Years of consecutive growth (FY 2018-2024 double-digit growth Y/Y both in revenues and margins driven by all sectors), the Group forecasts for the FY 2025¹ a 5% growth in revenues and operating profitability: revenues equal to ∼ Eu 3.4 Bn compared to Eu 3.2 Bn Y/Y, Ebitda ∼ Eu 250 Mn vs 239.5 Y/Y, Group EAT adjusted ∼ Eu 110 Mn increasing by ∼ 3.0% Y/Y FY 2026B represents a preliminary plan² targeting results in line with the market consensus, with high-single digit growth in revenues (Eu 3.6 Bn, ∼ +6% vs FY25), Ebitda (Eu 271 Mn, ∼+8% vs FY25) and Group EAT Adjusted (Eu 120 Mn, ∼ +10% vs FY25) (1) FY 2025E results include the pro-forma financials of Greensun for H1 25 and actual results for H2 25, following the inclusion in the perimeter of consolidation starting from Q3 25 ( GrenSun acquisition formalized on November 24, with half-yearly pro-forma 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). (2) In the table above we presented the FY 2026 plan for illustrative purpose, which is a preliminary estimate in line with t he market consensus for the FY 2026 Please note that: - SSI, VAS, BS, DG revenues and other revenues, Ebitda and Group EAT Adjusted gross of intercompany elimination - Group EAT Adjusted after minorities, gross of amortisation of intangible assets (client lists and know-how) deriving from PPA and gross of Stock Grant Plan costs, net of tax effect - FY22-FY24 figures of Value Added Solutions excl. Digital Green and Digital Green are sourced from the Management accounts and ar e presented for illustrative purpose. Before H1 25 Digital Green was part of the VAS sector. Eu million FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251 FY 262 Revenue 1,363.0 1,551.0 1,776.0 2,037.4 2,389.9 2,907.6 3,210.4 3,400.0 3,600.0 Change Y/Y 13.8% 14.5% 14.7% 17.3% 21.7% 10.4% 5.9% 5.9% EBITDA 63.1 74.3 94.5 126.0 167.7 209.4 239.5 250.0 270.0 Change Y/Y 17.7% 27.2% 33.4% 33.1% 24.9% 14.4% 4.5% 8.2% Margin on revenues 4.6% 4.8% 5.3% 6.2% 7.0% 7.2% 7.5% 7.4% 7.5% Group EAT Adj 28.6 31.4 41.2 57.8 82.7 102.3 106.4 110.0 120.0 Change Y/Y 9.8% 31.2% 40.3% 43.1% 23.7% 4.1% 3.4% 12.5% Margin on revenues 2.1% 2.0% 2.3% 2.8% 3.5% 3.5% 3.3% 3.2% 3.4%
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21 34.4 41.3 44.2 49.5 51.6 54.0 57.9 63.1 74.3 94.5 126.0 167.7 209.4 239.5 Apr 30 2011 Apr 30 2012 Apr 30 2013 Apr 30 2014 Apr 30 2015 Apr 30 2016 Apr 30 2017 Apr 30 2018 Apr 30 2019 Apr 30 2020 Apr 30 2021 Apr 30 2022 Apr 30 2023 Apr 30 2024 Apr 30 2025E Apr 30 2026B 747 812 832 948 1,060 1,2301,2711,363 1,551 1,776 2,037 2,390 2,908 3,211 Apr 30 2011 Apr 30 2012 Apr 30 2013 Apr 30 2014 Apr 30 2015 Apr 30 2016 Apr 30 2017 Apr 30 2018 Apr 30 2019 Apr 30 2020 Apr 30 2021 Apr 30 2022 Apr 30 2023 Apr 30 2024 Apr 30 2025E Apr 30 2026B 11.5 16.8 19.9 20.7 21.8 24.8 26.1 28.6 31.4 41.2 57.8 82.7 102.3 106.4 Apr 30 2011 Apr 30 2012 Apr 30 2013 Apr 30 2014 Apr 30 2015 Apr 30 2016 Apr 30 2017 Apr 30 2018 Apr 30 2019 Apr 30 2020 Apr 30 2021 Apr 30 2022 Apr 30 2023 Apr 30 2024 Apr 30 2025E Apr 30 2026B Group EAT Adjusted3 (Eu Mn) 4.8%4.6%4.4%5.2% 4.9%5.3%4.6% 6.2%5.3% 2.0%2.1%2.2%2.4%2.1%1.5% 2.1%2.1% 2.0% 2.8%2.3% Sales and other Revenues (Eu Mn) EBITDA (Eu Mn) 3.5% CAGR 2012-24 +12.1% 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) (200.7) Apr 30 2011 Apr 30 2012 Apr 30 2013 Apr 30 2014 Apr 30 2015 Apr 30 2016 Apr 30 2017 Apr 30 2018 Apr 30 2019 Apr 30 2020 Apr 30 2021 Apr 30 2022 Apr 30 2023 Apr 30 2024 Apr 30 2025E Feb 2013 IPO Group NFP4 (Eu Mn) Group long-term growth path: guidance for FY 2025, market consensus for FY 2026 (1) The 9M results include the pro-forma financials of Greensun for the H1 2025 and actual results for the Q3 25 following the inclusion in the perimeter of consolidation starting from Q3 25 (GreenSun acquisition has been formalized on November 24) (2) We presented the FY 2026 plan for illustrative purpose, which is a preliminary estimate and in line with the market consensus for the FY 2026 (3) EBIT Adjusted and Group EAT Adjusted, gross of amortisation of intangible assets deriving from PPA and gross of Stock Grant costs, net of tax effect adjusted (for Group EAT Adjusted) (4) Net Financial Position gross of IFRS Liabilities to minorities for Earn Out and Put Option M&As and IFRS 16 debt (Eu 208.3 Mn as of April 30, 2024 compared to Eu 205.8 Mn as of April 30, 2023) +40% Y/Y +33% Y/Y +33% Y/Y +43% Y/Y +15% Y/Y +17% Y/Y +27% Y/Y +15% Y/Y +31% Y/Y +22% Y/Y +25% Y/Y 7.2% 3.5% +24% Y/Y 7.0% CAGR 2020-24 +16.0% CAGR 2012-2024 +16.6% CAGR 2020-2024 +26.8% +10% Y/Y 5.1% ∼7.6% +4.5% Y/Y +3.4% Y/Y ~ 1101 25.6 35.3 36 40.6 42.1 44.9 46.3 48.8 55.7 68.5 91.8 125.9 167.7 192.7 Apr 30 2011 Apr 30 2012 Apr 30 2013 Apr 30 2014 Apr 30 2015 Apr 30 2016 Apr 30 2017 Apr 30 2018 Apr 30 2019 Apr 30 2020 Apr 30 2021 Apr 30 2022 Apr 30 2023 Apr 30 2024 Apr 30 2025E Apr 30 2026B 3.6%3.6%3.7%4.3% 4.0%4.3%3.4% 4.5%3.8% +34% Y/Y +37% Y/Y +23% Y/Y +33% Y/Y 5.8%5.3%4.3% +15% Y/Y EBIT Adjusted3 (Eu Mn) ~ 2501 818 863 912 974 1,1501,2151,4271,6421,900 2,547 3,441 4,163 4,720 5,691 Apr 30 2011 Apr 30 2012 Apr 30 2013 Apr 30 2014 Apr 30 2015 Apr 30 2016 Apr 30 2017 Apr 30 2018 Apr 30 2019 Apr 30 2020 Apr 30 2021 Apr 30 2022 Apr 30 2023 Apr 30 2024 Apr 30 2025E Apr 30 2026B +35% Y/Y +21% Y/Y +34% Y/Y +13% Y/Y CAGR 2012-24 +17.0% CAGR 2020-24 +22.3% +14.2% Y/Y Human Resources (Nr) 6,5001 3.7% +14% Y/Y+7% Y/Y+3% Y/Y +18% Y/Y+9% Y/Y +16% Y/Y+12% Y/Y+14% Y/Y+2% Y/Y+9% Y/Y +7% Y/Y +5% Y/Y +4% Y/Y +12% Y/Y+7% Y/Y +20% Y/Y +14% Y/Y+5% Y/Y+38% Y/Y +2% Y/Y +13% Y/Y +4% Y/Y +7% Y/Y +3% Y/Y +10% Y/Y+10% Y/Y+46% Y/Y +18% Y/Y +4% Y/Y +5% Y/Y +14% Y/Y +5% Y/Y +16% Y/Y+15% Y/Y +6% Y/Y +6% Y/Y +7% Y/Y +18 Y/Y +6% Y/Y +17% Y/Y 4.6% ∼3.2% 6.0% +5.9% Y/Y ~ 3,4001 +14% Y/Y 7.5% +21% Y/Y 3.3% +4% Y/Y ∼5.8% +3.1% Y/Y ~ 198.71 Guidance 2025 +5.9% Guidance 2025 +3.4% Guidance 2025 +14.2% ~ 3,6002 +5.9% Y/Y +8.0% Y/Y ~ 2702 ∼7.4% ∼3.4% ~ 1222 +10.7% Y/Y ~ 7,0502 +10% Y/Y ~ 211.52 ∼5.9% +6.4% Y/Y CAGR 2012-24 +15.8% CAGR 2020-24 +26.2% Guidance 2025 +4.5% CAGR 2012-24 +15.2% CAGR 2020-24 +29.5% Guidance 2025 +3.1%
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22 Group’s Business Model and Operations Group’s financial results and planning Annexes Financial Statements AgendaAlessandro Fabbroni Group Chief Executive Officer Caterina Gori IR, Corporate Finance M&A Manager Jacopo Laschetti Stakeholder and Corporate Sustainability Officer
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23 Group 9months results as of January 31, 2025 by segment (1) The 9M results include the pro-forma financials of Greensun for the H1 2025 and actual results for the Q3 25 following the inclusion in the perimeter of consolidation ( GreenSun acquisition has been formalized on November 24) (2) Adjusted Ebit, gross of amortization of intangible assets (client lists and know -how) deriving from PPA and Stock Grant costs (3) Adjusted Eat after minorities, gross of amortisation of intangible assets (client lists and know-how) deriving from PPA and Stock Grant costs, net of tax effect Euro million 9M Period as of January 31, 2024 9M Period as of January 31, 2025 VAS Digital Green SSI BS Corporate Group VAS Digital Green SSI BS Corporate Group Total Revenues and Other Income 1,609.9 198.2 609.3 83.3 16.1 2,396.1 1,581.9 253.7 646.7 110.1 33.1 2,516.9 Change Y/Y (1.7%) 28.0% 6.1% 32.2% 106.2% 5.0% Gross Margin 134.7 28.0 398.5 76.5 16.0 627.5 134.5 33.7 398.4 105.5 30.7 671.4 Opex (61.5) (9.0) (323.5) (65.3) (14.1) (447.2) (67.0) (16.5) (326.9) (87.4) (28.3) (494.7) Ebitda 73.2 19.0 75.0 11.2 1.9 180.3 67.6 17.2 71.5 18.0 2.4 176.7 Ebitda Margin 4.5% 9.6% 12.3% 13.5% 11.7% 7.5% 4.3% 6.8% 11.1% 16.4% 7.3% 7.0% Change Y/Y (7.7%) (9.6%) (4.7%) 60.8% 27.9% (2.0%) D&A (3.0) (0.4) (22.2) (3.7) (0.5) (29.9) (3.2) (0.6) (25.1) (5.8) (0.9) (35.6) Provisions (2.3) (0.5) (1.5) (0.2) - (4.5) (1.1) (0.4) (0.7) (0.4) (0.2) (2.7) Ebit Adjusted 67.9 18.1 51.2 7.3 1.4 145.9 63.2 16.2 45.8 11.9 1.3 138.4 Ebit Adjusted Margin 4.2% 9.1% 8.4% 8.8% 8.8% 6.1% 4.0% 6.4% 7.1% 10.8% 4.0% 5.5% Change Y/Y (6.9%) (10.1%) (10.7%) 62.7% (4.8%) (5.1%) PPA amortisation (1.4) (0.5) (12.8) (5.5) - (20.2) (1.6) (0.9) (13.3) (7.7) (0.5) (23.9) Stock Grant and non monetary costs (0.5) - (0.5) (0.1) (3.3) (4.5) (0.5) - (0.5) (0.1) (3.3) (4.5) Ebit 66.0 17.6 37.9 1.7 (1.9) 121.2 61.1 15.4 32.0 4.1 (2.5) 110.0 Ebit Margin 4.1% 8.9% 6.2% 2.0% (12.0%) 5.1% 3.9% 6.1% 4.9% 3.7% (7.5%) 4.4% Net Financial Charges (13.6) (0.6) (7.8) (2.0) (0.1) (24.1) (17.9) (0.1) (8.6) (2.5) (0.3) (29.3) Income Taxes (14.6) (5.6) (8.3) 0.1 (0.0) (28.5) (10.9) (4.2) (5.9) (0.5) 0.2 (21.3) EAT 37.8 11.3 21.7 (0.2) (2.0) 68.6 32.3 11.1 17.4 1.1 (2.6) 59.4 PPA amortisation (net of taxes) 2.7 0.3 9.1 3.9 - 16.1 1.2 0.6 10.1 5.5 0.5 17.9 Stock Grant and non-monetary costs (net of taxes) 0.4 - 0.4 0.1 2.4 3.2 0.4 - 0.4 0.1 2.4 3.2 Minorities (0.8) 0.0 (3.7) 0.7 - (3.7) (0.7) (2.2) (2.2) 0.5 0.0 (5.1) Group EAT adjusted 40.0 11.7 27.6 4.5 0.4 84.2 33.3 9.6 25.7 7.2 0.3 75.4 Group EAT adj Margin 2.5% 5.9% 4.5% 5.4% 2.4% 3.5% 2.1% 3.8% 4.0% 6.5% 0.9% 3.0% Change Y/Y (16.9%) (18.1%) (6.8%) 59.0% (21.5%) (10.4%)
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24 Balance Sheet as of Jan 31, 2025 reported Euro million Jan23 reported Jan24 reported Jan25 reported Var Jan25 vs Jan24 Intangible Assets 314.2 446.8 516.2 69.5 Property, plant and equipment 123.2 140.0 152.6 12.7 Investments valued at equity 15.3 24.0 24.5 0.4 Other non-current receivables and deferred tax assets 32.2 47.2 40.9 (6.3) Total non-current assets 485.0 657.9 734.2 76.3 Inventories 182.0 190.0 168.0 (21.9) Current trade receivables 671.6 683.8 822.5 138.7 Other current assets 120.7 125.3 178.4 53.1 Current operating assets 974.3 999.1 1,169.0 169.9 Payables to suppliers (721.6) (696.1) (816.7) (120.6) Other current payables (229.4) (252.7) (273.1) (20.4) Short-term operating liabilities (951.0) (948.8) (1,089.8) (141.0) Net Working Capital 23.2 50.3 79.2 28.9 Non-current provisions and other tax liabilities (91.4) (124.0) (140.3) (16.2) Employee benefits (51.0) (51.3) (62.9) (11.6) Non-current liabilities (142.3) (175.3) (203.2) (27.9) Net Invested Capital 365.9 532.9 610.3 77.4 Shareholders Equity 381.1 470.4 518.0 47.6 Financing current and not current 267.4 344.1 399.9 55.8 Liquidity (466.9) (492.4) (508.0) (15.6) Net Financial Position (199.6) (148.3) (108.1) 40.2 IFRS 16 liabilities 48.9 41.8 43.3 1.5 Liabilities to minorities shareholders and Earn Out for M&A 135.5 169.0 157.0 (12.0) Net Financial Position Reported (15.2) 62.5 92.2 29.8 Total Shareholders Equity and Net Financial Position 365.9 532.9 610.3 77.4
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25 Income Statement as of April 30, 2024 reported (1) Adjusted Ebit, gross of amortization of intangible assets (client lists and know-how) deriving from PPA and other non-monetary costs for Stock Grant (2) Adjusted Eat after minorities, gross of amortisation of intangible assets (client lists and know-how) deriving from PPA and other non-monetary costs for Stock Grant, net of tax effect Consolidated reclassified Income Statement (Euro/thousand) April 30, 2022 % April 30, 2023 % April 30, 2024 % Change FY 2024/23 Revenues 2,362,603 2,867,700 3,164,477 10.3% Other income 27,220 39,939 45,940 15.0% Total Revenues and Other Income 2,389,823 100.0% 2,907,639 100.0% 3,210,417 100.0% 10.4% Purchase of goods and software 1,818,391 76.1% 2,201,582 75.7% 2,385,593 74.3% 8.4% Costs for services and leased assets 199,493 8.3% 243,353 8.4% 277,580 8.6% 14.1% Personnel costs 197,673 8.3% 238,426 8.2% 298,659 9.3% 25.3% Other operating charges 6,569 0.3% 14,836 0.5% 9,083 0.3% -38.8% Total Purchase of goods and Operating Costs 2,222,126 93.0% 2,698,197 92.8% 2,970,915 92.% 10.1% EBITDA 167,697 7.0% 209,442 7.2% 239,502 7.5% 14.4% Amortisation tangible and intangible assets (softwar 30,006 35,346 40,265 13.9% Accruals to provision for bad debts and risks 11,796 6,410 6,527 1.8% EBIT Adjusted1 125,895 5.3% 167,686 5.8% 192,710 6.0% 14.9% Amortisation client lists and technological know-how and other non-monetary costs 11,700 25,021 35,741 42.8% EBIT 114,195 4.8% 142,665 4.9% 156,969 4.9% 10.0% Net financial income and charges (5,112) (14,386) (35,145) 144.3% EBT 109,083 4.6% 128,279 4.4% 121,824 3.8% -5.0% Income taxes 30,464 38,062 38,766 1.8% EAT 78,619 3.3% 90,217 3.1% 83,058 2.6% -7.9% EAT attributable to the Group 73,519 84,453 78,269 -7.3% EAT attributable to non-controlling interests 5,100 5,764 4,789 -16.9% Amortisation client lists and technological know-how (net of taxes) and non recurring taxes 9,137 17,810 28,137 58.0% EAT Adjusted2 87,756 3.7% 108,027 3.7% 111,195 3.5% 2.9% EAT Adjusted2 attributable to the Group 82,656 3.5% 102,263 3.5% 106,406 3.3% 4.1%
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26 Balance Sheet as of April 30, 2024 as reported Consolidated Reclassified Balance Sheet (Euro/thousand) April 30, 2022 April 30, 2023 April 30, 2024 Change 2024/23 Intangible assets 228,280 368,488 457,071 88,583 Property, plant and equipment 111,943 125,901 149,819 23,918 Investments valued at equity 14,593 24,884 23,910 (974) Other non-current receivables and deferred tax assets 32,855 37,086 38,717 1,631 Total non-current assets 387,671 556,359 669,517 113,158 Inventories 144,034 158,736 156,161 (2,575) Current trade receivables 434,579 530,268 571,138 40,870 Other current assets 90,775 131,274 139,079 7,805 Current operating assets 669,388 820,278 866,378 46,100 Payables to suppliers 525,879 586,074 638,010 51,936 Other current payables 176,031 251,318 241,779 (9,539) Short-term operating liabilities 701,910 837,392 879,789 42,397 Net working capital (32,522) (17,114) (13,411) 3,703 Non-current provisions and other tax liabilities 67,573 100,612 127,136 26,524 Employee benefits 44,379 48,264 54,308 6,044 Non-current liabilities 111,952 148,876 181,444 32,568 Net Invested Capital 243,197 390,369 474,662 84,293 Shareholders Equity 335,159 424,050 477,345 53,295 Financing current and not current 253,613 306,004 374,744 68,740 Liquidity (498,905) (545,500) (585,759) (40,259) Net Financial Position (245,292) (239,496) (211,015) 28,481 IFRS 16 liabilities 44,933 50,075 48,132 (1,943) Liabilities to minorities shareholders and Earn Out for M&A 108,397 155,740 160,200 4,460 Net Financial Position Reported (91,962) (33,681) (2,683) 30,998 Total Shareholders Equity and Net Financial Position 243,197 390,369 474,662 84,293
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27 APRA Eu 16 Mn PANTHERA Eu 6.5 Mn PBU CAD S. GMBH Eu 9 Mn ACCADIS Eu 18 Mn SAILING Eu 2.5 Mn New Group Sector since March 2020 ICOS Eu 50 Mn TECH VALUE Eu 16 Mn VAR BMS Eu 14 Mn VAR PRIME Eu 5 Mn GENCOM 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 INNOFOUR Eu 6 Mn (1) Revenues of target companies at acquisition time (LTM before acquisition) SSI Sector Business Services Sector VAS Sector Company RevenuesCompany Revenues Company Revenues 17 M&As Eu 147 Mn52 M&As Eu 304 Mn 9 M&As Eu 220 Mn FY 2015-20191 FY 20201 FY 20211 FY 20221 FY 20231 FY 20251 FY 20241 9 M&As Rev: Eu 137 Mn 6 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 10 M&As Rev: Eu 180 Mn 13 M&As Rev: Eu 112 Mn 80 M&As Rev: Eu 831 Mn Sesa Group M&As starting from FY 2015 Digital Green Sector Company Revenues 2 M&As Eu 160 Mn
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www.sesa.it This document has been prepared by Sesa SpA (“SeSa” or the “Company”) solely for this presentation and does not represent any investment research, recommendation, consulting or suggestion, concerning the Company or its shares or any other securities/financial instruments issued by the Company. This presentation can not be employed in a public offer or investment solicitation. As a result, the Company, its directors, employees, contractors, and consultants do not accept any liability in relation to any loss or damage, costs or expenses suffered by any person who relies on the information contained in this document or otherwise arising from the use of the same and any such liability is expressly disclaimed. The Company does not assume any responsibility for the accuracy, sufficiency and completeness of the information contained in this document or in respect of any errors, omissions, inaccuracies contained in it. The presentation at any time is subject to updates and modifications by the Company. However, SeSa does not assume any obligation to communicate or otherwise make known any changes and updates. The document is not intended as, nor should it be regarded as a complete and comprehensive description of the Company and does not necessarily contain all the information that the recipients may consider relevant in relation to the Company. The provision of the Document does not give the recipient any right to access more information. Sesa Manager in Charge and the officers preparing the Company financial reports hereby certify pursuant to paragraph 2 of art. 154-bis of Legislative Decree no. 58 of February 24, 1998, that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries. 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 to risks, 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 may 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 or transmission to third parties, or part, of this document are forbidden. Participation in the presentation or receipt of this document constitutes your acceptance of the terms and restrictions above.