Slide 1: 1H 2025 Results Presentation
1H 2025 Results Presentation Ended June 30, 2025 Milan – July 31, 2025
Slide 2: Disclaimer
Disclaimer This company presentation includes: - forward-looking data based on internal management assumptions that are subject to material changes, including changes due to external factors beyond the Group's control - management data, when presented, are identified as such Business Unit data are d
Slide 3: Agenda
Agenda Highlights & Updates J. Mastragostino | Chief Investor Relations Officer 01 Financial Results 02 O. Pozzi | Group Chief Financial Officer Business Units Deep Dive 03 O. Pozzi | Group Chief Financial Officer Closing Remarks 04 J. Mastragostino | Chief Investor Relations Officer
Slide 4: Highlights & Updates
01 Highlights & Updates J. Mastragostino | Chief Investor Relations Officer
Slide 5: Key Group Financial Data
Highlights & Updates Key Group Financial Data at 30/06/2025 REVENUES EBITDA ADJ. EBITDA € 236M € 39M € 33M + 16% vs PY + 13% vs PY + 29% vs PY NET PROFIT ADJ. NFP FCF ADJ. € 8M € 301M € 48M vs € 322M in FY’24 + 86% vs PY 5
Slide 6: 1H 2025 – Double-digit growth, expected acceleration in 2H
Highlights & Updates 1H 2025 – Double-digit growth, expected acceleration in 2H • Revenues at € 235.6M (+ 16.1% vs PY) • EBITDA Adjusted at € 39.0M (+ 13.3% vs PY), mainly driven by growth in Cybersecurity with the integration of Tinexta Defence. Ascertia’s contribution still light in Digital Trust,
Slide 7: 1H 2025 Consolidated Results
Highlights & Updates 1H 2025 Consolidated Results 1 €M 1H 2025 results show Revenues of € 235.6M and EBITDA Adjusted of € 39.0M Revenues (+ 16.1%) and EBITDA Adjusted (+ 13.3%) both growing double-digit vs PY. EBITDA reported growing + 29.2% EBITDA Adjusted at € 39.0M 235.6 EBITDA Adjusted margin at
Slide 8: EBITDA Adjusted on a quarterly basis – back-end weighted
Highlights & Updates EBITDA Adjusted on a quarterly basis – back-end weighted €M 69% 63% 54.8 2H weight on total EBITDA Adjusted 61% 46.1 40.0 22.6 22.9 21.6 19.3 20.3 19.0 18.7 17.7 14.5 15.0 15.1 Weight of each Q on 15% 24% 19% 42% 15% 22% 18% 45% 14% 17% 19% 50% 15%1 16%1 total EBITDA Adjusted 1Q
Slide 9: Financial Results
02 Financial Results O. Pozzi | Group Chief Financial Officer
Slide 10: 1H 2025 Results – BU Overview
DIGITAL TRUST Financial Results 1H 2025 Results – BU Overview 1 102.3 107.9 €M 29.4 29.9 GROUP 2 1H 2024 2 1H 2025 1H 2024 1H 2025 Revenues EBITDA Adjusted CYBERSECURITY 235.6 22.6 66.2 NM 20.9 9.4 45.3 45.3 4.6 4.1 4.8 1H 2024 2 1H 2025 1H 20242 1H 2025 Margin Margin Revenues EBITDA Adjusted 213.1
Slide 11: 1H 2025 Results – EBITDA Adjusted Evolution in detail
Financial Results 1H 2025 Results – EBITDA Adjusted Evolution in detail 1 €M Tinexta Infocert 1.4 Tinexta Visura 0.2 Other DT 1.0 Entirely driven by Total DT (w/o Ascertia) 2.6 SMG&A costs 4.6 39.0 2.6 0.7 34.4 0.4 33.7 0.8 (2.2) (2.2) (0.1) Impacted by ESG, Export, and Digital & Innovation EBITDA A
Slide 12: 1H 2025 Results – Income Statement
Financial Results 1H 2025 Results – Income Statement €M 1H 2025 WITH ACQUISITIONS LFL 2024 1H’25 % 1H’241 % % on 20241 Δ Δ% Δ Δ% 1H’25 figure includes REVENUES2 235.6 100% 203.0 100% 213.1 100% 32.6 16.1% 10.1 5.0% € 5.2M of Non- recurring costs Total Operating Costs2 (196.6) (83.4%) (168.6) (83.0%)
Slide 13: 1H 2025 Results – A clear view on P&L Adjustments
Financial Results 1H 2025 Results – A clear view on P&L Adjustments €M NET PROFIT/(LOSS) FROM EBITDA OPERATING PROFIT/(LOSS) CONTINUING OPERATIONS 1H’25 1H’241 1H’25 1H’241 1H’25 1H’241 REPORTED INCOME STATEMENT RESULTS 32.9 25.5 (19.0) (1.9) (7.5) (6.4) Non-recurring service costs 2.5 3.8 2.5 3.8 2
Slide 14: 1H 2025 Results – Balance Sheet
Financial Results 1H 2025 Results – Balance Sheet 1 €M - 6.2% - 6.5% - 6.1% 781.9 321.8 460.1 301.0 432.2 733.2 FY 2024 1H 2025 FY 2024 1H 2025 FY 2024 1H 2025 NET INVESTED CAPITAL NET FINANCIAL POSITION TOTAL SHAREHOLDERS’ EQUITY Net Invested Capital down by € 48.7M vs FY 2024 Decrease in Net Finan
Slide 15: 1H 2025 Results – NFP & FCF
Financial Results 1 1H 2025 Results – NFP & FCF (+ 19.7% vs €M LTM at 30/06/24) 63.9 4.4 47.8 5.2 Non-recurring 25.8 59.5 components 11.5 42.6 Free Cash Flow of 321.8 Continuing Operations 301.0 14.2 1H 2024 1H 2025 LTM (at June 30, FY 2024 2 1H 2025 2025) NET FINANCIAL POSITION ADJUSTED FCF FROM CO
Slide 16: 1H 2025 Results – NFP Bridge
Financial Results 1H 2025 Results – NFP Bridge 1 €M 321.8 18.9 3.5 5.2 301.0 0.2 0.9 1.2 5.5 (8.4) Acquisitions 8.3 (47.8) Put Adj. ABF (11.7) Put Adj. Ascertia (6.5) Put Adj. Lenovys 0.6 Put Adj. Evalue Innovaciòn 0.3 Put Adj. Queryo 0.3 Put Adj. WFP 0.3 Other Put Adj. 0.0 Total Acquisitions + Put
Slide 17: 1H 2025 Results – LTM NFP Bridge
Financial Results 1H 2025 Results – LTM NFP Bridge 1 €M 1.7 4.4 301.0 2.8 4.4 35.8 3.1 277.4 (0.5) Acquisitions LTM 76.1 18.9 4.8 Put Adjustments LTM (40.3) 12.1 Total Acquisitions + Put Adj. 35.8 (63.9) 2.79x NFP/EBITDA2 2.61x (1) Comparative figures for 1H’24 restated due to: (i) the completion, i
Slide 18: Business Units Deep Dive
03 Business Units Deep Dive O. Pozzi | Group Chief Financial Officer
Slide 19: 1H 2025 – Digital Trust
Business Units Deep Dive 1H 2025 – Digital Trust 1 €M Margin Margin 28.8% 27.7% 102.3 107.9 29.4 29.9 1H 2024 1H 2025 1H 2024 1H 2025 Revenues EBITDA Adjusted • Revenues at € 107.9M up 5.4% on an organic basis. The growth was both in Enterprise solutions (+ 32.8%) and OTS (+ 1.7%), the latter driven
Slide 20: 1H 2025 – Cybersecurity
Business Units Deep Dive 1H 2025 – Cybersecurity €M 66.2 Margin Margin 9.0% 14.2% 20.9 NM 45.3 45.3 9.4 4.1 4.6 4.8 1H 2024 1H 2025 1H 2024 1H 2025 Revenues EBITDA Adjusted LFL 2024 Δ Acquisitions • Revenues at € 66.2M, up 46.0%. The increase in Revenues was entirely due to Tinexta Defence’s perform
Slide 21: 1H 2025 – Business Innovation
Business Units Deep Dive 1H 2025 – Business Innovation 1 €M Margin Margin 66.8 17.1% 13.2% 2.0 59.9 64.7 8.8 0.8 10.3 8.0 1H 2024 1H 2025 1H 2024 1H 2025 Revenues EBITDA Adjusted LFL 2024 Δ Acquisitions • Revenues at € 66.8M up 11.5% mainly on an organic basis, with a minor contribution from Lenovys
Slide 22: Closing Remarks
04 Closing Remarks J. Mastragostino | Chief Investor Relations Officer
Slide 23: Guidance – Group FY 2025 Targets
Closing Remarks Guidance – Group FY 2025 Targets REVENUES KEY PERFORMANCE DRIVERS + 11-13% of which 7-9% organic Strong underlying business driving reasonable growth, demand supported by the digital transformation trend vs PY Regulatory tailwinds at a national and EU level (NIS2, eIDAS, Industry 5.0
Slide 24: Closing Remarks
Closing Remarks Closing Remarks Expansion in CS thanks to the Defence business, BI’s seasonality implies acceleration in 2H, DT’s recovery expected by end of the year Decrease in Net Financial Debt driven by strong cash generation, favorable NWC dynamics, and positive Put/Call Adjustments Regulatory
Slide 25: tinexta
tinexta
Slide 26: Thanks.
Thanks. www.tinexta.com Investor Relations Contacts Presentation Piazzale Flaminio 1/B E-mail: info@tinexta.com Josef Mastragostino Download the presentation Roma, 00196, Italy tinexta@legalmail.it Chief Investor Relations Officer Tel. +39.06.42012631 LinkedIn: Tinexta investor@tinexta.com