Slide 1: FY2025 Results
FY2025 Results Resilient core business, cleaner perimeter, stronger platform for growth March 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 One platform serving the main operational and strategic needs of Italian SMEs Equity story BU Tax: 76% of VoP BU SW: 7% of VoP BU Credit Recovery: 4% of VoP 1. Resilient core FY25 revenues of €44.3m and VoP of €45.7m despite peri
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. 97.70% Re Business S.
Slide 6: Highlights FY2025
Highlights FY2025
Slide 7: FY2025 financials highlights
FY2025 financials highlights Revenues Value of Production EBITDA €44.3m €45.7m €2.3m FY24: €43.2m FY24: €45.8m FY24: €5.7m EBITDA adjusted Net Profit PFN cash positive €2.7m €36k €3.5m FY24: €5.8m FY24: €1,1m Excluding treasury-held crypto & securities Core business remained resilient, with Revenues a
Slide 8: Core business resilience
Core business resilience Reported revenues and VoP remained resilient, while profitability reflects a transition year. FY25 Adj. EBITDA amounted to €2.7m vs €5.8m in FY24. The comparison is affected by a different perimeter, with a lower contribution from real estate activities versus FY24. The perime
Slide 9: Selected supporting KPIs
Selected supporting KPIs Net profit reflects lower EBITDA, perimeter changes and transition costs, but the Group remained profitable. Net Financial Position remained cash positive at €3.5m as of 31 December 2025 (vs. €2.2m as of 31 December 2024), despite a negative change in cash of €6.2m during the y
Slide 10: Why Allcore matters now
Why Allcore matters now 2025 was a transition year, not a structural weakening year. Core business resilient FY25 not fully comparable with FY24 Revenues at €44.3m and Value of Production at €45.7m confirm Real estate contribution was included only up to 30 June 2025, resilient operating volumes in t
Slide 11: Understanding FY25 vs FY24
Understanding FY25 vs FY24 FY25 profitability should be read in the context of perimeter changes, business mix evolution and transition investments Perimeter effect Business mix effect FY25 includes the Instant Buyer – Real Estate business only up FY25 margins were also impacted by the Tax BU, where
Slide 12: FY24 Adj. EBITDA to FY25 Adj. EBITDA bridge
FY24 Adj. EBITDA to FY25 Adj. EBITDA bridge Bridge highlights Tax & Legal (-€1.5m): despite resilient volumes, Adj. EBITDA was down by €1.5m, mainly reflecting €0.5m from a less favourable product mix, €0.4m of higher marketing costs, €0.3m of higher staff costs, and €0.3m linked to accounting manage
Slide 13: Main BU: Tax & Legal
Main BU: Tax & Legal FY25 key numbers VoP % of Group VoP €34.6m 76% FY24: €34,8m FY24: 76% MdC EBITDA €6.4m €2.9m FY24: €8,1m FY24: €4,8m EBITDA Adj €3.3m FY24: €4,8m Revenue resilience was primarily driven by upsell, with gross upsell revenues increasing to €15.5m in FY25 from €13.5m in FY24 (+14.7
Slide 14: From digital dominance to a multichannel model
From digital dominance to a multichannel model Digital remains a core asset, while Partnership and APN add relationship depth, territorial reach and a more diversified path to growth. Digital Marketing Partnership APN (Allcore Professional Network) Still a strategic asset and a scalable → Relationshi
Slide 15: Technology as the next growth engine
Technology as the next growth engine Internal AI development, process integration and a scalable platform strategy to support future growth Software & AI scale-up ERP go-live The new Group ERP entered into operation in FY25, Software BU continued to grow meaningfully in FY25, strengthening operating
Slide 16: Allcore Mind: the next application layer
Allcore Mind: the next application layer Illustrative dashboard / cash board What is Allcore Mind? Example of how Mind can evolve into a unified operating cockpit for SMEs. One account where services, data and AI come together to support SMEs, advisors and collaborators. Unified workspace for onboardi
Slide 17: The next phase of growth: 3 pillars
The next phase of growth: 3 pillars Territorial Relationships & Operational efficiency Technology & AI Multichannel & integration distribution Yuxme, Software & AI and Allcore Digital, Partnership and APN ERP, a cleaner perimeter and a Mind will keep increasing broaden access to customers simpler or
Slide 18: 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