Siav S.p.a. · MIL:SIAV
Siav — Siav S.p.A. Società Benefit — Alantra Conference 2026
45 slides from Siav's conference presentation, Oct 5, 2026
Slide 1: Investor Presentation
Investor Presentation Siav S.p.A. Società Benefit | H1 2026A Results Alantra Conference | Monday, 5 Oct 2026, 12:00 CET
Slide 2: Today's Speakers
TODAY’S SPEAKERS Management profile and key experiences Nicola Voltan Daniele Boggian Chief Executive Officer (CEO) Chief Financial Officer (CFO) 2nd gen. of founding family Background Background ❑ Graduated in Philosophy and Business Administration ❑ Graduated in Business Administration and Master
Slide 3: Disclaimer
DISCLAIMER This document has been prepared by Siav S.p.A. società benefit (hereafter referred to as the “Company” or “Siav”) exclusively for informational purposes and for use in discussions with institutional investors and financial analysts during presentations regarding the Company's outcomes and
Slide 4: Agenda
AGENDA Roadmap of today's discussion 01 02 03 04 BUSINESS OVERVIEW MARKET & POSITIONING PRODUCTS, CUSTOMERS & SALES FINANCIAL PERFORMANCE Who we are, revenue model, TAM, Italy and growth markets, Portfolio, Siav.AI and Connect, H1 2026A results, revenue and platform, strategic roadmap, why now, comp
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Six structural pillars supporting SIAV's investment case LEADING PRODUCT PLATFORM MEANINGFUL RECURRING REVENUE DIVERSIFIED CUSTOMER BASE 35+ years of R&D | leadership in the Italian Software-led recurring component as a Blue-chip portfolio across regulated and Content Services
Slide 6: Business Overview
01 BUSINESS OVERVIEW
Slide 7: Siav at a Glance
SIAV AT A GLANCE Italian leader in document management — 35+ years, profitable growth, software-first transition €35.7M | €18.2M >35Y of History Consolidated Revenue led by the Voltan family FY2025A | H1 2026A1 €9.3M | €4.0M 26% | 22% EBITDA FY2025A | H1 2026A1 EBITDA % FY2025A | H1 2026A1 (+16.7% C
Slide 8: Revenue Model Breakdown
REVENUE MODEL BREAKDOWN Revenue mix by business line | FY2022A–FY2025A | statutory lines | values in €M | cards: FY2025A | H1 2026A TOTAL REVENUE SOFTWARE SERVICES OUTSOURCING €35.7M | €18.2M €15.4M | €7.8M €15.3M | €8.2M €4.9M | €2.2M +6.1% | +8.5% YoY 43% | 43% of mix 43% | 45% of mix 14% | 12% of
Slide 9: Siav: The Backbone of Enterprise Content Flows
SIAV: THE BACKBONE OF ENTERPRISE CONTENT FLOWS The system of record for business-critical content — across its full lifecycle, embedded in core processes SIAV develops connectors for the leading distributed Capture Documents ERP software platforms AI enrichment Automated ingestion, OCR & data .pdf .
Slide 10: Governance
GOVERNANCE Group structure, Directors' Board and shareholder structure | share capital EUR 360,361.82 | 10,771,621 ordinary shares GROUP STRUCTURE DIRECTORS' BOARD President Alfieri Voltan Siav S.p.A. Member (CEO) Nicola Voltan Member Leonardo Bernardi Member (CFO) Daniele Boggian Independent member
Slide 11: Market & Positioning
02 MARKET & POSITIONING
Slide 12: Market Opportunity
MARKET OPPORTUNITY Global Enterprise Document Management System (EDMS) market — top 15 countries 2025, market size in USD M GLOBAL TAM 2025 FORECAST 2032 CAGR 2025-2032 TOP COUNTRY USD 7.2B USD 15.9B 12.1% US 945M Worldwide EDMS market size Projected market size by 2032 Compound annual growth rate L
Slide 13: Our Competitive Advantages
OUR COMPETITIVE ADVANTAGES Six structural advantages that protect SIAV's position and accelerate growth DOMAIN EXPERTISE INTEGRATED PLATFORM RECURRING REVENUE BASE 35+ years of pure-play document management. Archiflow / Connect cover the full content 55% of revenue is recurring (FY2025A). Multi- Dee
Slide 14: Products, Customers & Sales
03 PRODUCTS, CUSTOMERS & SALES
Slide 15: Product Portfolio
PRODUCT PORTFOLIO Three complementary business lines — Content Service Platforms, Digital Solutions and Professional Services — delivering an integrated content and information management offering CONTENT SERVICE PLATFORMS DIGITAL SOLUTIONS PROFESSIONAL SERVICES Connect Professional Services Next-ge
Slide 16: Siav.AI — AI Across the Document Lifecycle
SIAV.AI — AI ACROSS THE DOCUMENT LIFECYCLE Document AI & Process Intelligence | one AI layer embedded in Connect and Archiflow NOVA, from capture to action Process Intelligence Content Intelligence Agentic AI Summarization Perform actions, manage events, Extract and describe main concepts simplify S
Slide 17: Connect Value Proposition — One Platform, One Message
CONNECT VALUE PROPOSITION — ONE PLATFORM, ONE MESSAGE From traditional document management to the orchestration of processes, documents and decisions | one commercial message to the market VALUE PROPOSITION Connect orchestrates DIGITAL IDENTITY INTEGRATION HUB processes, documents eIDAS2-ready: Conn
Slide 18: Connect — What Customers Gain
CONNECT — WHAT CUSTOMERS GAIN Eight benefits for the customer | faster, less rigid operations with full control over information, rules and technology choices LESS RIGIDITY MORE AUTOMATION Processes change faster when the organization or AI takes over manual and repetitive tasks. business needs chan
Slide 19: Revenue Model
REVENUE MODEL FY2025A revenue mix — recurring software ~55% provides predictable, high-quality earnings base RECURRING SHARE AVG CONTRACT TENURE RENEWAL RATE ARPU TREND ~55% 7-10 yrs >95% Growing of FY2025A revenue Yearly renewed or multi-year contracts Strong stickiness Per-client expansion RECURRI
Slide 20: Customer Portfolio — Blue-chip & Diversified
CUSTOMER PORTFOLIO — BLUE-CHIP & DIVERSIFIED Highly-stable mix of blue-chip and fast-growing clients across 7 verticals — long tenure, low churn, balanced concentration TENURE & CHURN CONCENTRATION ACQUISITION >10y 2% ~45% ~20% ~55 + Avg tenure Churn rate Rev Top50 Rev Top10 New clients FY2025A Pipe
Slide 21: Financial Performance
04 FINANCIAL PERFORMANCE
Slide 22: H1 2026A Results
H1 2026A RESULTS Six months ended 30 June 2026 vs 30 June 2025 | consolidated | values in €M SALES REVENUE EBITDA NET FINANCIAL POSITION NET INCOME €18.2M €4.0M €15.6M €0.2M +8.5% vs H1 2025A +6.9% | margin 22.0% -€2.6M vs FY2025A -39.6% vs H1 2025A REVENUE BY BUSINESS LINE — €M BOTTOM LINE & CASH 1
Slide 23: Revenue Evolution — First-Half Series
REVENUE EVOLUTION — FIRST-HALF SERIES Sales revenue H1 2022A–H1 2026A | +5.2% CAGR | values in €M | perimeter not homogeneous across periods TOTAL SALES REVENUE REVENUE BY BUSINESS LINE €M | first half of each year €M | statutory taxonomy | first half of each year +22% 10 8.2 18.2 16.4 16.8 8 16.2 7
Slide 24: EBITDA Evolution & Cost Structure — First-Half Series
EBITDA EVOLUTION & COST STRUCTURE — FIRST-HALF SERIES EBITDA H1 2022A–H1 2026A | +15.9% CAGR | margin on sales revenue 14.9% → 22.0% | values in €M EBITDA COST STRUCTURE & MARGIN €M | first half of each year % of sales revenue | first half of each year 100% 90.1% +81% 4.0 80% 3.8 79.0% 55.4% 3.1 60%
Slide 25: EBITDA Bridge — H1 2025A to H1 2026A
EBITDA BRIDGE — H1 2025A TO H1 2026A EBITDA +6.9% YoY | margin on sales revenue 22.3% → 22.0% | values in €/000 KEY DRIVERS EBITDA BRIDGE REVENUE GROWTH +€1,424k €/000 | H1 2025A → H1 2026A Sales revenue up 8.5% to €18.2M, led by Services (+13.5%) and Local Government (+25.4%). +1,424 −167 −978 SERV
Slide 26: Working Capital, NFP & Capex — First Half
WORKING CAPITAL, NFP & CAPEX — FIRST HALF Cash dynamics at 30 June 2026 | net financial position, trade working capital and capital intensity | values in €M NET FINANCIAL POSITION TRADE WORKING CAPITAL CAPEX FREE CASH FLOW €15.6M €10.6M €2.1M €0.3M -€2.6M vs Dec-25 | -€1.9M YoY +€4.3M vs Dec-25 11.7
Slide 27: Strategy & Growth Plan
05 STRATEGY & GROWTH PLAN
Slide 28: The Structural Shift: From Repository to Governed Intelligence
THE STRUCTURAL SHIFT: FROM REPOSITORY TO GOVERNED INTELLIGENCE Documents, processes and decisions in one governed layer | the document is no longer the output of a process, it is the trigger REPOSITORY ORCHESTRATION GOVERNED INTELLIGENCE ◼ Storage, search and distribution ◼ Documents trigger operati
Slide 29: Where We Play: Regulated, Auditable and High-Risk Processes
WHERE WE PLAY: REGULATED, AUDITABLE AND HIGH-RISK PROCESSES The segment where the value of governance is highest and price pressure is lowest REGULATED PROCESSES THE VALUE EQUATION Subject to specific regulation with precise documentary requirements High criticality of the process AUDITABLE PROCESSE
Slide 30: AI Alone Is Not a Moat: Grounded, Governed, Integrated
AI ALONE IS NOT A MOAT: GROUNDED, GOVERNED, INTEGRATED The market is flooded with AI claims | differentiation comes from integration into regulated processes Winning is not about having AI | it is about integrating AI, workflow and compliance into one governed system AI GROUNDED AI GOVERNED AI INTEG
Slide 31: Two Principles: No AI Without Data | Move the Compute, Not the Data
TWO PRINCIPLES: NO AI WITHOUT DATA | MOVE THE COMPUTE, NOT THE DATA How the enterprise information estate becomes usable by AI models, securely and under governance NO AI WITHOUT DATA MOVE THE COMPUTE, NOT THE DATA ◼ Models without company data give generic or invented answers ◼ Banks and public adm
Slide 32: From Chat to Autonomous Agents
FROM CHAT TO AUTONOMOUS AGENTS Beyond conversational AI | agents that read, decide and act on enterprise data under governance CHATBOT COPILOT AUTONOMOUS AGENTS OPERATIONAL AUTONOMY SECURE DATA INTERACTION SIAV AS NERVOUS SYSTEM ◼ Agents handle complex tasks end to end ◼ Protected dialogue with repo
Slide 33: AI & Technology Roadmap
AI & TECHNOLOGY ROADMAP AI as growth catalyst, not threat — domain knowledge + 35+ years of customer data create defensible moat INTELLIGENT CAPTURE SEMANTIC SEARCH SMART WORKFLOWS COMPLIANCE ENGINE AI ASSISTANT Auto classification & NL queries on archives AI-handled exceptions Embedded risk flags C
Slide 34: Platform Capabilities: Five Native Components
PLATFORM CAPABILITIES: FIVE NATIVE COMPONENTS Five capabilities built into the architecture, not added on as modules | each one native to the platform DOCUMENT MONITORING AND RULES IN THE PROCESS GUIDED WORKFLOWS FULL AUDITABILITY INTELLIGENCE ALERTING Policies embedded Automatic classification, Flo
Slide 35: Compliance: From Cost to Competitive Lever
COMPLIANCE: FROM COST TO COMPETITIVE LEVER AI Act, DORA and NIS2 turn documentary governance from an obligation into an advantage WHAT ENTERPRISES ASK FOR HOW SIAV ANSWERS Complete control over documents Rules natively embedded in the process End-to-end auditability Complete, immutable log of every
Slide 36: Strategic Pillars
STRATEGIC PILLARS Five strategic levers driving the next phase of value creation SAAS MIGRATION AI INTEGRATION M&A IN DACH PARTNERSHIP CHANNEL VERTICAL FOCUS On-prem → cloud AI-powered features Geographic expansion VAR & SI network Pharma, Finance, PA Subscription model Productivity uplift Talent ac
Slide 37: SaaS Disruption: The Risks We Govern
SAAS DISRUPTION: THE RISKS WE GOVERN Generative AI is rewriting the rules of the software market | three structural risks and our answer EROSION OF ENTRY BARRIERS THE SIAV RESPONSE 01 AI lets new entrants build basic ECM features quickly, compressing margins on undifferentiated segments Defensive an
Slide 38: Offensive Strategy: Expand, Deepen, Build the Ecosystem
OFFENSIVE STRATEGY: EXPAND, DEEPEN, BUILD THE ECOSYSTEM AI used as a lever to expand the positioning, not to protect the status quo EXPAND THE PERIMETER INCREASE THE DEPTH BUILD THE ECOSYSTEM ◼ HR document management ◼ More integration where we operate ◼ Integrators and compliance advisors ◼ Procure
Slide 39: Next Wave of Growth: M&A and AI-Driven Acceleration
NEXT WAVE OF GROWTH: M&A AND AI-DRIVEN ACCELERATION Three M&A pillars across domestic consolidation, AI tech and international expansion GROWTH IN ITALY GROWTH ABROAD ITALIAN MARKET CONSOLIDATION AI TECH ENHANCEMENT INTERNATIONAL EXPANSION DESCRIPTION DESCRIPTION DESCRIPTION ❑ Accelerate path to mar
Slide 40: Sustainable Competitive Advantage
SUSTAINABLE COMPETITIVE ADVANTAGE Three elements competitors can copy one at a time, but not together GOVERNED AI PROCESS ORCHESTRATION COMPLIANCE AS ARCHITECTURE Grounded in real corporate documents and Documents, workflows and decisions inside Regulatory requirements built into the auditable on ev
Slide 41: People, ESG & Sustainability
06 PEOPLE, ESG & SUSTAINABILITY
Slide 42: Our People
OUR PEOPLE 314 employees at 30 Jun 2026 (309 at 31 Dec 2025) | 28% women | Benefit Corporation since 2021 | Family Audit certified HEADCOUNT WOMEN WELLBEING SCORE TRAINING HOURS 309 | 314 28% 88% 6,383 Group, 31 Dec 2025 | 30 Jun 2026 88 women across the group satisfaction | flexibility 2025 deliver
Slide 43: Key Takeaways
07 KEY TAKEAWAYS
Slide 44: Investment Thesis — Six Reasons to Back Siav
INVESTMENT THESIS — SIX REASONS TO BACK SIAV Six structural pillars from the opening, now backed by FY2025A and H1 2026A results and 2026 strategic moves 1. PROVEN PRODUCT PLATFORM 2. RECURRING REVENUE COMPOUNDING 3. RESILIENT CUSTOMER BASE 35+ years of proprietary R&D. Connect, Recurring revenue 55
Slide 45: Q&A — Investor Relations
Q&A — INVESTOR RELATIONS Thank you. Contacts and resources for follow-up Q&A INVESTOR RELATIONS IR & MEDIA RELATIONS ADVISOR COMPANY HQ My Twin Communication S.r.l. Email: daniele.boggian@siav.it SIAV S.p.A. Email: siav@mytwincommunication.com Phone: +39 335 31 92 57 Rubano (PD), Italy IR: Federico
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