Sesa S.p.a. · MIL:SES
Sesa — H1 2026 Earnings Presentation
37 slides from Sesa's earnings presentation, Dec 18, 2025
Slide 1: First Half 2026 Group Results
First Half 2026 Group Results December 18, 2025
Slide 2: Agenda
Alessandro Fabbroni Agenda Group’s Chief Executive Officer Caterina Gori Head of IR, Corporate Finance M&A ▪ Group’s Business Model and Strategy Jacopo Laschetti Stakeholder and Sustainability Manager ▪ Group’s Financial Results 1H 2026 ▪ Annexes Financial Statements 2
Slide 3: Sesa Group Overview
Sesa Group Overview ▪ Leading player for the digital integration (Digital Technology, Consulting and Vertical Applications) of corporates and Leading Digital organizations, with consolidated revenues of Eu 3,357 million (+4.6% Y/Y) and 6,532 people as of 30 April 20251 Integrator for ▪ Operations ma
Slide 4: Group Industrial Plan FY 2026-2027 Strategic Targets
Group Industrial Plan FY 2026-2027 Strategic Targets1 ▪ Italian digital market reached Eu 81.6 bn in 2024 (+3.7%), outperforming GDP growth (+0.7%), with expected growth of Eu 93 bn by 2028 and average annual growth rate above 3% in the period 2025-2028 Market overview ▪ AI & Automation: the fastest
Slide 5: Sesa Group Timeline | Strategic Path
New Industrial Plan: Sesa Group Timeline | Strategic Path moving from a bolt-on M&A approach toward a strategy focused on Organic Growth and Group Transformation IBM services, Growth acceleration infrastructure & Var Group Foundation Establishment of Sesa through M&A software System integrator and F
Slide 6: Business Model and Organization
Business Model and Organization ▪ Leading Digital Integrator (Digital Technology, Consulting and Vertical Applications), with focus on key digital enablers as AI and Automation, Cloud, Cyber Security and Digital Platforms; the Group operates through Vertical Business Units, Enterprise Platforms and
Slide 7: Management Team committed in the long-term to the Group
Management Team committed in the long-term to the Group Key people equity and long-term commitment Group Long-term track record achievements REVENUES FY12 Eu 812.0 mn Group EAT Adj FY12 Eu 16.8 mn Sesa Group equity partners’ focus on long-term development growth: REVENUES FY26E Eu 3,525-3,610 mn Gro
Slide 8: People and Talent Management Programs
People and Talent Management Programs 3,525- 3,610 3,3571 FY 2025 HC Highlights 6,825 Revenues CAGR 2012-2026E2 +11.2% 6,532 3,211 5,700 Headcount CAGR 2012-2026E2 +15.9% 2,908 5,691 6,532 ~800 ~25% New People 5,691 Hires below 30 y/o 6,640 people in 1H 2026 (+7.4% Y/Y, +1.65% vs 30 April 2025) 4,72
Slide 9: Sustainability as a strategic driver and core part of Corporate Vision
Sustainability as a strategic driver and core part of Corporate Vision Purpose to create long-term, sustainable value for all stakeholders promoting innovation, including digital innovation, within businesses and organizations, as well as the well-being of people ESG as a strategic driver and core p
Slide 10: Evolution from bolt-on M&A expansion to organic growth
Evolution from bolt-on M&A expansion to organic growth ▪ Between FY 2015 and FY 2025, Sesa completed around 80 M&A transactions, adding ~3,120 HCs and Eu 830 mn of annual revenues at the time of acquisition. Over the past five years, M&A activity has contributed on average 33% per year to the Group’
Slide 11: SSI: Partner for European Enterprises Digital Transformation
SSI: Partner for European Enterprises Digital Transformation Key Financials FY25 At a Glance Competence centers Customer base Headcounts Revenues Leading System Integrator and Software Vertical Strategic Business Units and 4,243 Eu 880 mn Solutions provider with growing focus on competence centers f
Slide 12: Business Services: Partner for Financial Services Digital Transformation
Business Services: Partner for Financial Services Digital Transformation Key Financials FY25 At a Glance Financial Services and Enterprise Market Presence and Digital Excellence Dual Market Focus: Finance and Enterprise Extensive presence with more than 900 clients; Headcounts Revenues Business Serv
Slide 13: ICT VAS: Digital partner of ICT ecosystems
ICT VAS: Digital partner of ICT ecosystems Key Financials FY25 At a Glance Competence centers Customer base Headcounts Value-added Solutions aggregator, Organized into specialized units managing Revenues 700 Eu 2,075 Bn providing consulting, marketing, and training partnerships with over 165 major I
Slide 14: Digital Green VAS: Digital Partner of environmental sustainability
Digital Green VAS: Digital Partner of environmental sustainability Key Financials FY251 At a Glance Financial Evolution Future Expectations Joined the Group in 2021 through the FY 2025 marks a phase of consolidation and The PV market is shifting toward inverters and acquisition of PM Service (Eu 30
Slide 15: Agenda
Alessandro Fabbroni Agenda Group’s Chief Executive Officer Caterina Gori Head of IR, Corporate Finance M&A ▪ Group’s Business Model and Strategy Jacopo Laschetti Stakeholder and Sustainability Manager ▪ Group’s Financial Results 1H 2026 ▪ Annexes Financial Statements 15
Slide 16: Revenues and profits organic growth drive 1H 2026 results
Revenues and profits organic growth drive 1H 2026 results CAGR CAGR 1H 25 1H 26 1H 25 1H 26 Eu million FY 2020 FY 2025¹ Variance Variance FY12-25 FY20-25 Reported Reported Pro forma¹ Reported Revenues 1,776.0 3,356.8 11.5% 13.6% 1,433.8 1,600.4 11.6% 1,517.5 1,600.4 5.5% Ebitda 94.5 240.7 14.5% 20.6
Slide 17: 2Q 2026 performance boosted 1H 2026 results
2Q 2026 performance boosted 1H 2026 results CAGR CAGR 2Q 25 2Q 26 2Q 25 2Q 26 Eu million FY 2020 FY 2025¹ Variance Variance FY12-25 FY20-25 Reported Reported Pro forma¹ Reported Revenues 1,776.0 3,356.8 11.5% 13.6% 650.8 754.6 16.0% 689.8 754.6 9.4% Ebitda 94.5 240.7 14.5% 20.6% 46.1 53.7 16.6% 49.5
Slide 18: Group's quarterly actual results
Group’s quarterly actual results Eu million FY 23 1Q 24 2Q 24 3Q 24 4Q 24 FY 24 1Q 25 2Q 25 3Q 25 4Q 25 FY 25 1Q 26 2Q 26 FY 26E 1H 24 2H 24 1H 25 2H 25 1H 26 Revenue 2,907.6 776.4 725.2 894.5 814.3 3,210.4 827.6 689.8 999.5 839.9 3,356.8 845.7 754.6 3,525.0 - 3,610.0 1,501.6 1,708.8 1,517.5 1,839.4
Slide 19: 1H 2026 Group's actual results by Sector
1H 2026 Group’s actual results by Sector REVENUES EBITDA GROUP EAT ADJUSTED Eu million 1H 19 1H 20 1H 21 1H 22 1H 23 1H 24 1H 25¹ 1H 26 1H 19 1H 20 1H 21 1H 22 1H 23 1H 24 1H 25¹ 1H 26 1H 19 1H 20 1H 21 1H 22 1H 23 1H 24 1H 25¹ 1H 26 Software & System Integ. 151.9 177.6 211.5 250.6 302.8 368.2 404.9
Slide 20: 2Q 2026 Group's actual results by Sector
2Q 2026 Group’s actual results by Sector REVENUES EBITDA GROUP EAT ADJUSTED Eu million 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25¹ 2Q 26 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25¹ 2Q 26 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25¹ 2Q 26 Software & System Integ. 69.7 82.6 105.1 121.1 149.6 184.3 191.1 2
Slide 21: Group's Net Financial Charges Quarterly trend
Group’s Net Financial Charges Quarterly trend Eu million 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q25¹ 3Q 25 4Q 25 1Q 26 2Q 26 Financial income / (charges) (7.3) (8.7) (9.1) (11.9) (7.7) (11.5) (10.7) (10.7) (6.8) (9.8) FX gains / (losses) 0.8 0.3 (0.7) 0.6 0.1 (0.3) 0.1 (1.4) (0.5) (0.2) Income / (loss) on e
Slide 22: Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) Apr 20- Oct 25
Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) Apr 20- Oct 25 Consolidated Net Financial Position (Apr 20 – Oct 25) Eu million Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct241 Apr25 Oct25 The table opposite presents the Net Financial Position Shareholders Equity 253.9 272.3 297.4
Slide 23: NFP reported (incl. IFRS) bridge from Oct24 to Oct25
NFP reported (incl. IFRS) bridge from Oct24 to Oct25 ▪ The reported Net Financial Position (NFP) as of October 31, 2025, stands at a net debt of Eu 119.0 million, compared with Eu 122.1 million as of October 31, 2024 pro-forma¹, following investments of approximately Eu 140 million mn (of which arou
Slide 24: Group's Financial Outlook for the FY 2026 - FY27
Group’s Financial Outlook for the FY 2026 - FY27 Eu million FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251 FY 26E FY 27E Revenues 1,363.0 1,551.0 1,776.0 2,037.4 2,389.9 2,907.6 3,210.4 3,356.8 3,525.0 - 3,610.0 3,700.0 - 3,880.0 Change Y/Y 13.8% 14.5% 14.7% 17.3% 21.7% 10.4% 4.6% 5.0% - 7.5% 5.0%
Slide 25: Group long-term growth path: FY 2025 Results and FY 2026-2027 Industrial Plan
Group long-term growth path: FY 2025 Results and FY 2026-2027 Industrial Plan Sales and other Revenues (Eu mn) EBITDA (Eu mn) EBIT Adjusted1 (Eu mn) 3,700 - 3,525 - 3,880 CAGR 2012-2025 +11.5% 3,610 CAGR 2012-2025 +14.5% 265 - CAGR 2012-2025 +13.6% 3,357 5% - 253 - 291 205 - CAGR 2020-2025 +13.6% 3,
Slide 26: Agenda
Alessandro Fabbroni Agenda Group’s Chief Executive Officer Caterina Gori Head of IR, Corporate Finance M&A ▪ Group’s Business Model and Strategy Jacopo Laschetti Stakeholder and Sustainability Manager ▪ Group’s Financial Results 1H 2026 ▪ Annexes Financial Statements 26
Slide 27: Group Reclassified Income Statement 1H 2026 vs 1H 2025
Group Reclassified Income Statement 1H 2026 vs 1H 2025 Variances Y/Y % 1H 26 vs 1H 26 vs 1H 26 % on 1H 25 % on 1H25 % on Eu million 1H 25 1H 25 Reported revenues Reported revenues Pro-forma1 revenues Reported Pro-forma1 Revenues 1,576.0 1,407.7 1,491.3 12.0% 5.7% Other Income 24.4 26.1 26.1 (6.4%) (
Slide 28: Reclassified Income Statement by sector 1H 2026 vs 1H 2025
Reclassified Income Statement by sector 1H 2026 vs 1H 2025 Eu million 1H 2026 as of October 31, 2025 1H 2025 pro forma as of October 31, 20241 ICT VAS DG VAS SSI BS Corporate Group ICT VAS DG VAS SSI BS Corporate Group Total Revenues and Other Income 939.1 209.6 420.2 73.8 29.9 1,600.4 919.7 166.9 4
Slide 29: Group Income Statement 1H 2026 vs 1H 2025
Group Income Statement 1H 2026 vs 1H 2025 1H 25 1H 26 Eu million Reported Reported Revenues 1,407.7 1,576.0 Other Income 17.6 17.9 Costs for purchasing products (1,018.9) (1,149.2) Costs for services and use of third-party assets (142.6) (147.8) Personnel costs (166.7) (188.5) Other operting expense
Slide 30: Group Reclassified Balance Sheet at October 31, 2025 vs October 31, 2024
Group Reclassified Balance Sheet at October 31, 2025 vs October 31, 2024 Oct24 Oct24 Eu million Oct25 Reported Pro-forma1 Intangible Assets 528.2 493.1 502.5 Property, plant and equipment 168.5 147.9 148.4 Investments valued at equity 17.1 24.2 24.2 Other non-current receivables and deferred tax ass
Slide 31: Group Balance Sheet at October 31, 2025 and April 30, 2025
Group Balance Sheet at October 31, 2025 and 30 April, 2025 Eu million Oct 25 Apr 25 Intangible assets 528.2 531.0 Rights of use 58.8 58.7 Tangible assets 109.7 109.2 Property investments 0.3 0.3 Investments valued at equity 17.1 17.5 Deferred tax assets 23.4 21.8 Other receivables and other non-curr
Slide 32: Group results by Sector - FY 2019-2025
Group results by Sector - FY 2019-2025 REVENUES EBITDA GROUP EAT ADJUSTED 1 1 Eu million FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 251 Software & System Integ. 343.0 396.3 481.9 572.2 702.6 822.8 875.7 26.2 37.8 55.5 67
Slide 33: Group results by Sector FY 24- FY25
Group results by Sector FY 24- FY25 Eu million FY 251 FY 24 ICT VAS DG VAS SSI BS Corporate Group ICT VAS DG VAS SSI BS Corporate Group Total Revenue and Other Income 2,075.5 343.8 875.7 153.5 62.1 3,356.8 2,147.4 240.6 822.8 114.0 46.1 3,210.4 Change Y/Y (3.4%) 42.9% 6.4% 34.7% 34.7% 4.6% Gross Mar
Slide 34: Group Income Statement FY23 – FY25
Group Income Statement FY23 – FY25 Eu million FY23 FY24 FY25 Total revenue and other income 2,907.6 3,210.4 3,356.8 Costs for purchasing products (2,201.6) (2,385.6) (2,434.1) Costs for services and use of third-party assets (243.4) (277.6) (310.7) Personnel costs (238.4) (298.7) (360.1) Other opera
Slide 35: Group Reclassified Balance Sheet as of Apr 30, 2025, 2024 and 2023
Group Reclassified Balance Sheet as of Apr 30, 2025, Apr 30, 2024 and Apr 30, 2023 Eu million Apr23 Apr24 Apr25 Intangible assets 368.5 457.1 531.0 Of which M&A 350.4 430.9 473.5 Property, plant and equipment (IFRS 16 incl.) 125.9 149.8 167.9 Investments valued at equity 24.9 23.9 17.5 Other non-cur
Slide 36: Sesa Group M&As starting from FY 2020
Sesa Group M&As starting from FY 2020 SSI Business Services ICT VAS Digital Green VAS Company Revenues Company Revenues Company Revenues Company Revenues GENCOM Eu 10 mn CLEVER CONSULTING Eu 6 mn 6 M&As FY 20201 YARIX Eu 4 mn BASE DIGITALE GROUP Eu 45 mn PICO Eu 20 mn ZERO12 Eu 2.5 mn Rev: Eu 88 mn
Slide 37: www.sesa.it
www.sesa.it This document has been prepared by Sesa SpA (“SeSa” or the “Company”) solely for this presentation and does not represent any investment research, recommendation, consulting or suggestion, concerning the Company or its shares or any other securities/financial instruments issued by the Co