Slide 1: 1H2026 Results Investor presentation
1H2026 Results Investor presentation September 2026
Slide 2: At a glance
At a glance
Slide 3: Allcore at a glance (1/2)
Allcore at a glance (1/2) A growing consultech platform for Italian Value of Production growth track record (€m) SMEs 50 Founded in 2016 and listed on Euronext Growth 45.8 45.7 Milan since 2021, Allcore has evolved from a tax 41.1 advisory specialist into an integrated platform 40 +30% CAGR FY18-FY2
Slide 4: Allcore at a glance (2/2)
Allcore at a glance (2/2) Integrated ecosystem of complementary brands Equity story One platform serving the main operational and strategic needs of Italian SMEs 1. Cash-generative core BU Tax & Accounting: 69.3% of VoP BU Software AI: 11.6% of VoP BU Credit Management: 3.7% of VoP Net cash of €3.8m
Slide 5: Shareholding & perimeter snapshot
Shareholding & perimeter snapshot Shareholders Dolphin S.r.l. Smartmistake S.r.l. Market Owned stock Other shareholders 59.72% 6.65% 32.97% 0.47% 0.19% Operative Holding Company ALLCORE S.p.A. Controlled entities Associated entities Soluzione Tasse di Allcore S.p.A. & C. S.a.s. 97.90% Brixa S.r.l. (
Slide 6: Highlights 1H2026
Highlights 1H2026
Slide 7: 1H2026 financial highlights
1H2026 financial highlights Revenues Value of Production EBITDA €19.3m €20.0m €0.7m 1H25: €22.8m 1H25 LfL: €22.9m (reported €23.9m) 1H25 LfL: €1.8m (reported €2.4m) Operating cash flow Group net result PFN cash positive +€1.3m -€0.5m €3.8m 1H25: -€4.4m 1H25: €0.7m (1H26 incl. €0.3m Patent Box benefit)
Slide 8: Understanding 1H26 vs 1H25
Understanding 1H26 vs 1H25 1H26 profitability should be read in the context of the perimeter change and of an investment phase in new acquisition channels, whose costs come before revenues Perimeter effect Channel mix investment • 1H25 included Instant Buyer - Real Estate until 30 June • Start-up cos
Slide 9: Group results 1H24-1H26
Group results 1H24-1H26 Volumes reflect the exit from real estate and the channel repositioning; like-for-like EBITDA shows the investment phase. Revenues (k€) Value of Production (k€) EBITDA (k€) EBITDA like-for-like (k€) 22,815 22,886 23,879 2,421 2,229 21,396 2,315 19,300 20,011 1,762 731 731 1H24
Slide 10: Selected supporting KPIs
Selected supporting KPIs Group net result (k€) Net Financial Position - cash (k€) Net Working Capital (k€) DSO & DPO (days) 716 3,789 3,758 2,078 DPO DSO 582 3,546 1,742 54 53 50 49 48 1,226 38 -475 1H24 1H25 1H26 1H25 FY25 1H26 1H25 FY25 1H26 1H25 FY25 1H26 • Net Financial Position cash positive at
Slide 11: Cash flow and financial structure
Cash flow and financial structure Cash flow summary (k€) Net Financial Position (k€) k€ 1H26 1H25 k€ 30/06/26 31/12/25 Cash flow before NWC changes 684 1,928 Financial receivables (Brixa) 6,803 7,398 Change in NWC and other items 778 (4,983) Bank deposits and cash 4,368 3,886 Interest, taxes, dividends,
Slide 12: 1H25 EBITDA to 1H26 EBITDA bridge
1H25 EBITDA to 1H26 EBITDA bridge Bridge highlights • BU Real Estate (-€0.7m): Instant Buyer deconsolidated from 30 June 2025, no -€659k contribution in 1H26. • BU Tax & Accounting (-€1.3m): lower digital volumes and start-up costs of relationship channels (APN, Partnership, Pit Stop Fiscale, Soluzi
Slide 13: Business unit scorecard
Business unit scorecard A progressive rebalancing of the business mix: three of four operating BUs growing, two back to positive EBITDA k€ VoP 1H26 VoP 1H25 Change % of VoP 1H26 EBITDA 1H26 EBITDA 1H25 EBITDA % 1H26 BU Tax & Accounting 13,870 18,391 -24.6% 69.3% 970 2,233 7.0% BU Consulting 3,097 2,
Slide 14: Business units & growth drivers
Business units & growth drivers
Slide 15: Main BU: Tax & Accounting
Main BU: Tax & Accounting 1H26 key numbers Frontend revenues, acquisition costs and weighted ROAS (all channels) Frontend revenues (k€) Acquisition costs (k€) Weighted ROAS % VoP % of Group VoP 1.164% €13.9m 69% 1H25: €18.4m 1H25 LfL: 80% 703% 662% Contribution margin EBITDA 13,990 €2.6m €1.0m 11,43
Slide 16: Digital marketing: ROAS back on a recovery path
Digital marketing: ROAS back on a recovery path Digital remains the first client acquisition channel; the reorganisation started in 1H26 is restoring efficiency Quarterly digital revenues (k€) and ROAS on direct campaigns (excluding awareness) ROAS direct campaigns 1H26 Digital front-end revenues (k€
Slide 17: Upsell: the second engine of client value
Upsell: the second engine of client value Since 2024, every €1 of new client (frontend) revenue has been matched by €1 of upsell revenue on the existing client base Upsell vs frontend revenues by half-year (k€) and upsell/frontend ratio Upsell FY25 Upsell revenues Frontend revenues Upsell / frontend
Slide 18: From digital dominance to a multichannel model
From digital dominance to a multichannel model Digital remains a core asset, while APN, Partnership and territorial formats add relationship depth, reach and a more diversified path to growth Digital Marketing Partnership APN Territorial formats Still the first acquisition channel Relationship-based d
Slide 19: APN evolves from network to aggregation vehicle
APN evolves from network to aggregation vehicle Professional firms can join the Group through a limited partnership vehicle: Allcore as general partner, professionals as limited partners APN today APN tomorrow: aggregation vehicle • Network of external accountants and labour consultants S.a.s. aggreg
Slide 20: Technology and AI as the growth engine
Technology and AI as the growth engine Proprietary AI platforms to raise productivity, service quality and scalability Multi-agent AI: test completed New Yuxme features in 1H26 • Entire accounting years processed in • Reg-A automatic VAT and first-note parallel with Group professionals registration,
Slide 21: Outlook 2H2026: three priorities
Outlook 2H2026: three priorities Start-up costs of the new channels are behind us: the second half targets a progressive recovery of margins, with a solid financial structure and no net debt Margin recovery Multichannel growth & LTV Technology & AI • Revenues from APN, Partnership • Digital as first a
Slide 22: Appendix
Appendix
Slide 23: Key events of the period and subsequent events
Key events of the period and subsequent events First half 2026 After 30 June 2026 Jan 2026 Integrae SIM appointed Specialist (from 1 April). Bond 2 Jul 2026 Allcore enters the Intermonte Valore Italia 2024-2033 early redemption window: residual nominal index (100 Italian listed SMEs, part of the €1.
Slide 24: Consolidated reclassified income statement
Consolidated reclassified income statement € 30/06/2026 30/06/2025 Change Change % Revenues 19,299,913 22,814,956 (3,515,043) -15.4% Capitalised internal work 259,619 163,263 96,355 59.0% Other revenues 451,621 901,260 (449,639) -49.9% Value of Production 20,011,153 23,879,480 (3,868,327) -16.2% Raw
Slide 25: Consolidated reclassified balance sheet
Consolidated reclassified balance sheet € 30/06/2026 31/12/2025 Change Intangible assets 8,592,902 8,543,875 49,027 Tangible assets 425,296 456,848 (31,552) Financial assets 1,759,572 2,021,026 (261,454) Total fixed assets 10,777,770 11,021,748 (243,979) Trade receivables 5,132,228 4,666,312 465,916 O
Slide 26: Disclaimer & contacts
Disclaimer & contacts This document has been prepared by and is the sole responsibility of Allcore S.p.A. ("Allcore S.p.A." or the "Company") for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an