Ideal Holdings S.a. · ATHEX:INTEK
Ideal — Investor Day (October 2025)
76 slides from Ideal's investor day presentation, Oct 13, 2025
Slide 1: Investor Day
Investor Day October 13th 2025
Slide 2: A. Management Presentation
H O L D I N G S A. Management Presentation
Slide 3: IDEAL Ecosystem & Key Financials
IDEAL Ecosystem & Key Financials¹ Metrosoft Revenue EBITDA² Net Debt Distribution 100% & IDEAL Technology €40m (0.9)m €25m 75% Corporate 25% Vehicle 100% 100% 100%c Systems Integration Department Stores Frozen Vegetables 100% 75% 90%c⁴ Revenue EBITDA Net Cash³ €242m €28m €40m Cybersecurity Software
Slide 4: IDEAL Holdings History of Transaction
IDEAL Holdings History of Transaction 2021 ✓ New IDH form through ATHEX reverse listing ✓ Sell Three Cents to CCH for €45.9m ✓ Acquisition of Coleus for €7.2m 2022 ✓ Acquisition of BYTE for €59m ✓ Acquisition of attica Department Stores for 2023 €100m ✓ Sell Astir & Coleus to Guala Closures for 2024
Slide 5: Unique M&A Competitive Advantage
Unique M&A Competitive Advantage ✓ The only Greek player making control acquisitions and Aggregate Realized Investment Returns 2021 – 2025 covers a vast and underserved space of the market (€70m to €300m) with ample opportunities c.€390m (¹) 2 ✓ Targets majority positions with a specific path to 100
Slide 6: Unparalleled Value Creation for the Subsidiaries
Unparalleled Value Creation for the Subsidiaries ✓ Engagement of industry IT Investment attica Investment Barbastathis Investment experts within the BoD & € mil CAGR CAGR management CAGR € mil +8% +13% € mil CAGR CAGR +60% CAGR +6% +9% ✓ Management alignment +71% 242 28 110 15 through tailored 191 1
Slide 7: Synopsis of Strategy 2026-2028
Synopsis of Strategy 2026 -2028 M&A and Firing Power ✓ Selectively explore new Investments. ✓ Explore selective investments in IT & € 85m € 120m € 200m € 400m A Complementary investments in Barbastathis. Cash + Leverage + OHA Committed = Total ✓ No M&A in attica. Available Capacity Capital Firepower
Slide 8: B. Barbastathis Presentation
H O L D I N G S B. Barbastathis Presentation
Slide 9: I. Business Overview
H O L D I N G S I. Business Overview
Slide 10: The Company
The Company Overview Key Figures Geographical Footprint ✓ The leading producer in frozen vegetables and ready-to-cook meals in Greece. 1969 Year of establishment B A ✓ Iconic brand with 50+ years of heritage and national consumer 300 SKUs C trust. ✓ Vertically integrated model from 11,000 Points of
Slide 11: Operating Model
Operating Model Vertical integration & supply chain resilience through local sourcing, long-term supplier relations and smart farming Primary Sector Industrial Logistics (Warehouses) Sales ✓ 600 Contracted Farmers ✓ 3 Production Plants ✓ 4 Logistics Centers ✓ 100 Sales Force ✓ 3,000 Ha of Greek Land
Slide 12: Production & Storage Facilities
Production & Storage Facilities 3 owned Plants and Distribution Centers using cutting-edge technology & strict hygiene & safety regulations Frozen Vegetables Fresh Salads Chalvatzis Production Distribution Center Production Plant (Sindos) Production Plant (Sindos) Plant (Skydra) (Larissa) Plot 49,93
Slide 13: ESG Strategy & Impact
ESG Strategy & Impact ESG excellence is embedded in our growth model, driving brand premium, consumer loyalty and cost efficiency Environmental Stewardship ✓ Achieve NetZero by 2050- SBTI commitment ✓ Achieve Zero Waste to Landfill by 2030 ✓ Reduce water intensity by 15% by 2026 Transparency & Accou
Slide 14: Sustainability
Value Cultivation A cornerstone of national food security and sustainable growth For the National Economy For the National Employment For the Primary Sector Economic €550 mil. 800+ direct positions ~600 farmers Value 2020-25 contribution to GDP in 2024 Contract farming €2.1 created 4 indirect positi
Slide 15: Awards & Recognitions
Awards & Recognitions 36 Awards for 2025 underlying Barbastathis consistent recognition for brand strength, governance quality and ESG leadership Platinum Award Silver Award in in the Ecovadis “Best Governance «MOST 2 Silver & 1 Gold The sustainability Initiatives” category SUSTAINABLE Award” at the
Slide 16: II. Product Portfolio
H O L D I N G S II. Product Portfolio
Slide 17: Product Categories & Market Share
Product Categories & Market Share Frozen Vegetables MS Fresh Salads MS New Segments Products MS A. Healthy Bowls: Cereals & Pulses with Vegetables Super 15% Brand 6% 43% €123m Equity €64m Significant 2024 Total 52% 2024 Total Footprint 2024 56% 29% BS Market BS Market 94% Other BS PL 5% Other BS BS
Slide 18: Product Portfolio Overview
Product Portfolio Overview Mono VEGS Mixed VEGS Organic VEGS Potatoes Fresh Salads (25 SKUs) (6 SKUs) (7 SKUs) (7 SKUs) (12 SKUs) Revenue Breakdown 15% 6% YTD 50% 47% 53% 97% 16% 16% 14% 8m’25 Let’s Cook Rice with VEGS (4 Cereals with VEGS Plant-based meals Value 15% Pasta with VEGS Share (18 SKUs)
Slide 19: Innovation Strategy
Innovation Strategy Continuous Innovation “from farm to fork” Strategic Partnerships i-Farming ✓ In P4Y tripled NPD products to market and ✓ Strategic partnership with ADM for next halved time from concept to launch Generation plant-based products ✓ Preferred Supplier For Orkla Foods for Plant Based
Slide 20: III. Key Financials
H O L D I N G S III. Key Financials
Slide 21: Historical Performance
Historical Performance Revenues EBITDA Growth following Growth following IDH acquisition IDH acquisition +6%* +9% +8%* +6% 15 128 14 121 12 12 12 101 106 € mil 96 € mil 2021 2022 2023 2024* 2025E 2021 2022 2023 2024* 2025E * 2024 Figures include Chalvatzis acquisition Source: Management information
Slide 22: IV. Business Plan
H O L D I N G S IV. Business Plan
Slide 23: Growth & Investment Plan
Growth & Investment Plan Product Suite Expansion Logistics as a growth driver Production Capacity Increase M&As A. Review and broaden A. New Sindos Cold A. Expansion of production A. Screening of new product suite aligned with: Storage facility, capacity potential targets, in i. innovation, increasi
Slide 24: Financial Projections
Financial Projections Revenues EBITDA +29% +55% 165 23 128 15 € mil € mil 2025E 2028P 2025E 2028P EBT CAPEX +84% 27 15 14 15 21 € mil 8 € mil 3 Athens DC 4 8 Production Capacity 2 Increase 8 6 6 Annual Capex 2025E 2028P * Source: Management Projections 2025E 2026P 2027P 2028P 24 Barbastathis Present
Slide 25: C. attica Presentation
H O L D I N G S C. attica Presentation
Slide 26: I. Business Overview
H O L D I N G S I. Business Overview
Slide 27: The Company
The Company The premier luxury department store chain in Greece with flagship locations in Athens and Thessaloniki. 2025 +20 Years of Presence in Greece 69k m² 2005 Digital City Link Store 23k m² City Link Redesign +4k m² Digital +4k m² Mediterranean store Flagship Golden Tsimiski Cosmos store Hall
Slide 28: attica at a glance
attica at a glance 4 Monobrand Multi brand Department Stores 4 Stores 3 Stores Thessaloniki ✓ Mediterranean Cosmos Physical stores Digital store ✓ Tsimiski Million Million 6.5 Visitors 11.4 Visitors Athens ✓ Citylink ✓ Golden Hall 2,200 Employees¹ >330 Suppliers ¹Includes attica and third-party empl
Slide 29: Strong Financial & Operational Performance
Strong Financial & Operational Performance Sales evolutions attica vs Peers/ EU & US Key Financials Department Stores Q3 2024 – Q2 2025 FY 2024 Sales Comparable EBITDA 8.5% €232 mil €27.4 mil 5.5% 3.7% 4.3% +9% vs FY 2023 +15% vs FY 2023 FY 2025E 0.2% Sales Comparable EBITDA -1.3% -1.7% -2.2% €242 m
Slide 30: Business Model
Business Model The combination of the below sales methods is the basis for the success of the attica model, both commercially and financially. Total Sales 58% 42% of retail sales comes from a consignment of retail sales is under own-inventory model, with a 100% right-to-return model ✓ 100% right-to-
Slide 31: Elevation Project: Portfolio & Product Upgrade (1/4)
Elevation Project: Portfolio & Product Upgrade (1/4) Unique Selection of Products Product Offering Upgrade > 1 million Digital Store: > 180 New Brands Products #1 in selective Introduced during the last 4 years distribution cosmetics ✓ Continuous introduction of new brands; ✓ Ability to attract excl
Slide 32: Elevation Project: Store & Experience Upgrade (2/4)
Elevation Project: Store & Experience Upgrade (2/4) Continuous improvement of shopping experience Physical stores elevated experience ✓ Introduction of new contemporary and premium ✓ Aesthetic upgrade of physical stores; brands; ✓ Renovation of existing facilities; ✓ New services and experiences; ✓
Slide 33: Elevation Project: Premium services (3/4)
Elevation Project: Premium services (3/4) Premium services Continuous workforce investment attica is the pioneer in experiential retail ✓ Provision of high-level We maximize and enrich the customer experience. 2,200 service; We become a point of reference and a meeting point. Employees ✓ On-going in
Slide 34: Elevation Project: Digital & Omnichannel (4/4)
Elevation Project: Digital & Omnichannel (4/4) Reinforcement of digital sales #1 Digital store in > 50,000 selective distribution SKUs online cosmetics ✓ Maintaining our position and > 11.4 mil Annual strengthening the digital visits fashion section with new brands 14.4 € million 10.3 11.2 7.8 2022
Slide 35: Commitment to Sustainability
Commitment to Sustainability Reducing environmental footprint & promoting sustainability Recycling bins for Multi- apparel in all purpose physical stores shopping bag Special labeling Energy-efficient for products solutions (e.g. with a low replacement of environmental lighting with new footprint te
Slide 36: II. Key Financials
H O L D I N G S II. Key Financials
Slide 37: Historical Financials
Historical Financials¹ Significant growth following IDH investment (2022-2025), CAGR of 8% in revenues & +13% in EBITDA Revenues Comparable EBITDA +13% +8% 242.0 28.0 23.9 27.4 231.9 19.3 213.1 € million 190.6 € million 2022 2023 2024 2025E 2022 2023 2024 2025E Comparable EBT Capex following IDH inv
Slide 38: Historical KPIs
Historical KPIs¹ Physical stores size Customer visits 69 69 69 7.0 64 million visitors 6.8 000 sq.m. 6.1 5.6 33 34 34 34 2022 2023 2024 2025E 2022 2023 2024 2025E Gross Leasable Area (GLA) Net Leasable Area (NLA) Physical stores sales / sq.m. (NLA) Online sales 14.4 6.9 € million 6.6 11.2 € 000 10.3
Slide 39: III. Business Plan
H O L D I N G S III. Business Plan
Slide 40: Pillars of Topline Growth
Pillars of Topline Growth A. Higher Sales/ m² B. Footprint expansion (New m²) C. Digital upgrade O f fe r i n g O p e n i n g o f N e w S t o re s Digital channel expansion 3,500 m² in total ✓ New brands& services ✓ Sales increase +70% ✓ New product categories ✓ Riviera Galleria ✓ Addition of new br
Slide 41: Business Plan Projections 2026-2028
Business Plan Projections 2026-2028 Revenues Comparable EBITDA Comparable EBT Capex 2026-2028 € mil € mil € mil € mil +24% +28% +40% 300 36 28 7.5 7.5 242 28 5.0 20 2025E 2028P 2025E 2028P 2025E 2028P 2026P 2027P 2028P Physical stores size Online sales Physical stores sales / sq.m. (NLA) € mil € mil
Slide 42: D. IT Presentation
H O L D I N G S D. IT Presentation
Slide 43: I. Business Overview
H O L D I N G S I. Business Overview
Slide 44: Overview of IDEAL IT Structure
Overview of IDEAL IT Structure Systems Integration ✓ Established in 1983, is one of Greece’s largest IT System Integrators ✓ Leading provider of integrated IT solutions & digital services empowering business transformation and long-term value. Virtualization, Security ✓ Strategic alliances with glob
Slide 45: Overview of IDEAL IT business
Overview of IDEAL IT business Key Figures Key IDH IT Offering Full-time Employees Contracted ~480 Countries’ Trust Services Cybersecurity Services Revenue presence >75m >30 IT Solutions IT Services Indicative Clientele Financial Institutions Public Sector & Utilities Large Enterprises Various Minist
Slide 46: II. Trust Services
> $ Mise. 7 ll. Trust Services —_
Slide 47: Business Overview - Trust Services Offering
Business Overview - Trust Services Offering Qualified Trust Services PKI Turnkey Projects Signing Services Remote ID Verification & on-boarding & IT Presentation 47
Slide 48: Case Study (1/3) – Signing Services on e-Banking application
Case Study (1/3) – Signing Services on e-Banking application Customer Challenge Our Solution ✓ The customer is one of the largest Greek Banks ✓ Two Qualified CA’s to ensure High Availability and wanted to allow its customer to sign ✓ Integration with Bank on-boarding electronically documents on both
Slide 49: Case Study (2/3) – Signing Services on Logistics Company
Case Study (2/3) – Signing Services on Logistics Company Customer Challenge Our Solution ✓ The customer is a global Transport & Logistics ✓ Ascertia Signing Hub implementation & support company based in Switzerland with presence in ✓ Integration with ADACOM’s Remote Electronic Signature & Seal 1,400
Slide 50: Case Study (3/3) – Signing Services eID – IDME.cy
Case Study (3/3) – Signing Services eID – IDME.cy Our Solution eID – IDME.cy (Cyprus) 1 Issuing Certification JCC Payments Systems Ltd ✓ eID Authority ✓ Identity Authentication 2 Trust Services ✓ Electronic Signatures ✓ Authentication Certificate for Citizen 2 Certificate Profiles ✓ Qualified Electr
Slide 51: Trust Market Overview
Trust Market Overview GR & EU Addressable Market Growth IDEAL IT Trust Services Revenues EU Greece CAGR CAGR CAGR +10% +14% 8.4 9 +22% 1.8 6.1 5.6 1.1 € mil € bn € mil 5 2024 2029P 2024 2029P 2022 2023 2024 ✓ EMEA Digital Trust market considered, given existing geo ✓ >60% of total revenues derived f
Slide 52: III. Cybersecurity Services
H O L D I N G S III. Cybersecurity Services
Slide 53: Business Overview – Cybersecurity (1/2)
Business Overview – Cybersecurity (1/2) A. IntelliMesh Architecture B. SOC Cyber Defense Services ✓ Unified proprietary architecture ✓ AI Driven XDR – Unified detection and response across Network combining Zero Trust with Artificial Security endpoints, networks, identities & cloud Intelligence in c
Slide 54: Business Overview – Cybersecurity (2/2)
Business Overview – Cybersecurity (2/2) C. Cyber Resilience through GRC services D. Assurance Services ✓ Risk Assessment & Management – Identification and ✓ Penetration Testing (Red Team / Blue Team) – Network, evaluation of business, technical, and operational risks. application, and social enginee
Slide 55: Case Study (1/2)- IT Security for Consumer Company
Case Study (1/2)- IT Security for Consumer Company Our Solution Multinational Consumer Company The following services were provided: ✓ Classification of Data on-prem and in the cloud ✓ Monitoring and protection from data leakage Customer Challenge ✓ Business workshops and awareness of data owners fo
Slide 56: Case Study (2/2) - OT Security Services for Energy Company
Case Study (2/2) - OT Security Services for Energy Company Our Solution Critical Infrastructure (Energy) The following services were provided: ✓ Design and implementation of a dedicated OT solution (Claroty) for industrial environments ✓ Asset discovery and continuous OT network Customer Challenge m
Slide 57: Cybersecurity Market Overview
Cybersecurity Market Overview GR & EU Addressable Market Growth IDEAL Cybersecurity Revenues EU Greece CAGR +17% 23.5 CAGR CAGR +15% 90 +18% 18.3 508 17.2 52 € mil € bn € mil 265 2024 2028P 2024 2028P 2022 2023 2024 ✓ EMEA Cybersecurity market considered, given existing geo coverage prese; Source: G
Slide 58: IV. IT Services
H O L D I N G S IV. IT Services
Slide 59: Business Overview – Key Service Areas
Business Overview – Key Service Areas Trusted by leading organizations in Greece and abroad to deliver secure, scalable, and cost-efficient cloud solutions. Cloud Consulting, Business Modern Workplace Custom Software Migration & Intelligence & Solutions Development Modernization Analytics Tools and
Slide 60: Case Study (1/2) - National eHealth Record
Case Study (1/2) - National eHealth Record Total Budget: €37 mil (member of a joint venture) In full operation since May 26th, 2025 (https://citizen.ehealthrecord.gov.gr) Benefits for Citizens ✓ Safe & full access to their medical history either from web or mobile app any time from everywhere ✓ Impr
Slide 61: Case Study (2/2) – Azure Infrastructure Modernization
Case Study (2/2) – Azure Infrastructure Modernization Customer Challenge Our Solution ✓ A public Critical Infrastructure needed to ✓ We designed and deployed a complete Azure environment based on Microsoft’s modernize its IT infrastructure by moving Enterprise-Scale Landing Zone framework, following
Slide 62: IT Services Market Overview
IT Services Market Overview GR Total Addressable Market Growth IDEAL IT Services Revenue CAGR 24.9 CAGR +33% 1.7 +9% 18.0 1.1 14.2 € bn € mil 2024 2029P 2022 2023 2024 ✓ The total Addressable Market (TAM) is defined for segments where the company generates more than 1% of its total revenue. Source:
Slide 63: V. IT Solutions
H O L D I N G S V. IT Solutions
Slide 64: Business Overview – Key Service Areas
Business Overview – Key Service Areas Driving performance through technology excellence IT Infrastructure Managed IT Operations Deployment Delivery of IT functions Design and as a service, including implementation of Helpdesk-as-a-Service server environments, and other operational networking systems
Slide 65: Case Study (1/2) – Greek Financial Institutions SLA
Case Study (1/2) – Greek Financial Institutions SLA Customer Challenge Our services ✓ Customers are 3 out of the 4 Greek major banks ✓ Installation of new equipment ✓ Customers needed technical support and ✓ Onsite & Remote technical support (HW & SW) maintenance of their entire IT equipment ✓ Consu
Slide 66: Case Study (2/2) – IT Systems Merger
Case Study (2/2) – IT Systems Merger Customer Challenge Our Solution ✓ Following the merger of two major construction companies, We delivered a two-phase migration project: the new entity still operated on separate IT environments with ✓ Phase 1: Migration of all Microsoft 365 services (Exchange Onl
Slide 67: IT Solutions Market Overview
IT Solutions Market Overview GR Total Addressable Market Growth IDEAL IT Solutions Revenue CAGR +8% 1.2 CAGR 60.1 +31% 0.8 41.7 € bn 35.2 € mil 2024 2028P 2022 2023 2024 ✓ The total Addressable Market (TAM) is defined for segments where the company generates more than 1% of its total revenue. Source
Slide 68: VI. Financials
H O L D I N G S VI. Financials
Slide 69: Historical Performance
Historical Performance Revenues evolution 116 110 10 -5 - 71 35 64 7 - € mil 48 11 5 IT 2021 Organic M&A IT 2022 Organic M&A IT 2023 Organic M&A IT 2024 Organic M&A IT 2025E Comparable EBITDA Comparable EBT 13.4 15.0 13.0 10.2 10.9 € mil 8.1 € mil 7.5 5.9 0.7 0.3 2021 2022 2023 2024 2025E 2021 2022
Slide 70: Historical KPIs
Historical KPIs Hedcount evolution Revenue contribution per business unit 2022-2024 €230k 480 22% 449 Cybersecurity Services 366 391 €113k Trust Services 50% 7% IT Services 97 IT Solutions 21% 2021 2022 2023 2024 2025E 2025E Geographical revenue breakdown 2025E Revenue breakdown per type 14% 45% 202
Slide 71: VII. Business Plan
H O L D I N G S VII. Business Plan
Slide 72: IT Growth Drivers
IT Growth Drivers Market growth drivers IDH IT growth drivers Adoption of Advanced Digital Transformation Outgrow the Technologies Public & Private Sector Surf the Market Market Regulations & Increase Investment in Defense Compliance international presence Total GR Addressable Market Evolution +41%
Slide 73: Consolidated Financial Projections
Consolidated Financial Projections¹ Revenue Comparable EBITDA Comparable EBT +54% +36% +47% 20 150 22 110 13 15 € mil € mil € mil 2025E 2028P 2025E 2028P 2025E 2028P ¹ Projected Financials assuming no M&A activity Source: Management Projections & & & IT Presentation 73
Slide 74: E. Financial Reporting
H O L D I N G S E. Financial Reporting
Slide 75: Statutory vs Comparable
Statutory vs Comparable Revenue bridge EBITDA bridge +15% -4% 248.3 27.3 216.2 32.1 26.3 -9.1 4.7 € millions 3.3 € millions Statutory BBS Q1 Comparable Statutory IFRS 16 effect BBS Q1 Extraordinary Comparable Time Effect Time Effect EBT bridge ✓ Statutory vs Comparable +97% • Definitions 16.1 • ATHE
Slide 76: Disclaimer
Disclaimer H O L D I N G S Important Notice This presentation has been prepared by IDEAL Holdings S.A. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of IDEAL Holdings S.A. and its subsidiaries (collectively,