Slide 1: 9M 2025 Results Presentation
9M 2025 Results Presentation Ended September 30, 2025 Milan – November 12, 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 divis
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 30/09/2025 REVENUES EBITDA ADJ. EBITDA € 347M € 63M € 55M +14% vs PY +12% vs PY +20% vs PY NET PROFIT ADJ. NFP FCF ADJ. € 15M € 299M € 56M vs € 322M in FY’24 +47% vs PY 5
Slide 6: 9M 2025 – Double digit growth and strong cash generation
Highlights & Updates 9M 2025 – Double digit growth and strong cash generation • Revenues at € 347.2M (+13.6% vs PY1) • EBITDA Adjusted at € 62.7M (+11.9% vs PY1), mainly driven by strong growth in Cybersecurity due to Tinexta Defence’s contribution; Digital Trust results, while positive, are impacte
Slide 7: 9M 2025 Consolidated Results
Highlights & Updates 9M 2025 Consolidated Results 1 €M 9M 2025 results show Revenues of € 347M and EBITDA Adjusted of € 63M Revenues (+13%) and EBITDA Adjusted (+12%) both growing double-digit vs PY, with EBITDA reported Margin Margin growing +20% 18.3% 18.1% EBITDA Adjusted at € 62.7M 346.7 305.7 E
Slide 8: Financial Results
02 Financial Results O. Pozzi | Group Chief Financial Officer
Slide 9: 9M 2025 Results – BU Overview
DIGITAL TRUST Financial Results 9M 2025 Results – BU Overview 1 150.8 158.6 44.8 46.4 €M GROUP 9M 2024 2 9M 2025 9M 2024 2 9M 2025 Revenues EBITDA Adjusted CYBERSECURITY 96.6 346.7 25.1 26.9 14.5 70.7 71.4 5.3 8.5 9.3 2 9M 20242 9M 2025 9M 2024 9M 2025 Revenues EBITDA Adjusted Margin Margin 18.3% 18
Slide 10: 9M 2025 Results – EBITDA Adjusted Evolution in detail
Financial Results 9M 2025 Results – EBITDA Adjusted Evolution in detail 1 €M €M Tinexta Infocert 2.7 Other DT 1.3 Total DT (w/o Ascertia) 4.0 5.3 62.7 4.0 0.0 0.8 0.9 56.1 0.2 0.5 56.7 (2.4) (2.1) (0.5) Impacted by higher labor costs (+11.2% vs PY) EBITDA Adj. Digital Trust Ascertia Tinexta Cyber Ti
Slide 11: 9M 2025 Results – Income Statement
Financial Results 9M 2025 Results – Income Statement 1 9M 2025 WITH ACQUISITIONS LFL 2024 €M 9M’25 % 9M’24 % % on 2024 Δ Δ% Δ Δ% REVENUES2 346.7 100% 305.7 100% 319.9 100% 41.0 13.4% 14.1 4.6% 9M’25 figures highlight lower charges related to Total Operating Costs2 (284.0) (81.9%) (249.7) (81.7%) (26
Slide 12: 9M 2025 Results – A clear view on P&L Adjustments
Financial Results 9M 2025 Results – A clear view on P&L Adjustments1 €M NET PROFIT/(LOSS) FROM EBITDA OPERATING PROFIT/(LOSS) CONTINUING OPERATIONS 9M’25 9M’24 9M’25 9M’24 9M’25 9M’24 REPORTED INCOME STATEMENT RESULTS 54.5 45.5 (26.3) 2.9 (16.5) (9.3) Non-recurring revenues (0.5) 0.0 (0.5) 0.0 (0.5)
Slide 13: 9M 2025 Results – Balance Sheet
Financial Results 9M 2025 Results – Balance Sheet 1 €M -8.0% -7.0% -8.6% 783.2 321.8 461.4 720.8 299.2 421.6 FY 2024 9M 2025 FY 2024 9M 2025 FY 2024 9M 2025 NET INVESTED CAPITAL NET FINANCIAL POSITION TOTAL SHAREHOLDERS’ EQUITY Net Invested Capital down by € 62.4M vs FY 2024 mainly Decrease in Net F
Slide 14: 9M 2025 Results – NFP & FCF
Financial Results 1 9M 2025 Results – NFP & FCF €M 59.6 55.9 5.1 6.8 38.1 Non-recurring components 12.4 Free Cash Flow of Continuing 321.8 54.5 Operations 49.1 299.2 25.7 2 FY 2024 9M 2025 9M 2024 9M 2025 LTM (at Sept. 30, 2025) NET FINANCIAL POSITION ADJUSTED FCF FROM CONTINUING OPERATIONS FCF Adj.
Slide 15: 9M 2025 Results – NFP Bridge
Financial Results 9M 2025 Results – NFP Bridge 1 €M 321.8 4.7 6.8 299.2 18.9 0.7 0.7 8.7 (5.4) (1.8) (55.9) €M Acquisitions 11.6* *The item Acquisitions includes: (i) € 7.9M cash-out related to the acquisition of Put Adj. ABF (11.7) Linkverse by Tinexta Infocert (EV € 8.3M) (ii) € 3.3M related to Le
Slide 16: 9M 2025 Results – LTM NFP Bridge
Financial Results 9M 2025 Results – LTM NFP Bridge 1 €M 319.6 5.3 1.3 0.3 5.1 299.2 18.9 1.2 2.8 12.1 (7.6) (0.2) (59.6) €M Acquisitions LTM 35.0 Put Adjustments LTM (42.6) Total Acquisitions + Put Adj. LTM (7.6) NFP as at FCF Adj. of Net Fin. Dividends Leasing Acquisitions + Contingent Treasury Sha
Slide 17: Business Units Deep Dive
03 Business Units Deep Dive O. Pozzi | Group Chief Financial Officer
Slide 18: 9M 2025 – Digital Trust
Business Units Deep Dive 9M 2025 – Digital Trust €M Margin Margin 29.7% 29.2% 150.8 158.6 44.8 46.4 9M 2024 9M 2025 9M 2024 9M 2025 Revenues EBITDA Adjusted • Revenues at € 158.6M, up 5.2%. The growth was driven by the sale of LegalInvoice (+7%), LegalDoc (+5%), and LegalMail (+3%) solutions and was
Slide 19: 9M 2025 – Cybersecurity
Business Units Deep Dive 9M 2025 – Cybersecurity1 €M Margin Margin 96.6 12.0% 15.1% 25.1 +1.1% 70.7 71.4 14.5 5.3 8.5 9.3 9M 2024 9M 2025 9M 2024 9M 2025 Revenues EBITDA Adjusted LFL 2024 Δ Acquisitions • Revenues at € 96.6M, up 36.7%. The change in perimeter related to the consolidation of Tinexta
Slide 20: 9M 2025 – Business Innovation
Business Units Deep Dive 9M 2025 – Business Innovation 1 €M Margin Margin 98.8 17.4% 14.5% 2.1 90.7 96.7 14.3 0.9 15.8 13.4 9M 2024 9M 2025 9M 2024 9M 2025 Revenues EBITDA Adjusted LFL 2024 Δ Acquisitions • Revenues at € 98.8M, up 8.9%. Organic growth (+6.6%) was driven by the Finance & Grants ("F&G
Slide 21: Closing Remarks
04 Closing Remarks J. Mastragostino | Chief Investor Relations Officer
Slide 22: Explaining ABF
Closing Remarks Explaining ABF 20231 – EXTREMELY HIGH 2024 – COMPLETELY IMPACTED 2025 – PROLONGED UNCERTAINTY EXPECTATIONS WITH EXCESSIVE BY POLITICAL TURMOIL AND AND DEPRESSED MARKET PUBLICITY (€ 220B+ OF TOT. AID) BUDGET CUTS CONDITIONS Total Addressable Market of ~€ 610M, with Occurrence of unpre
Slide 23: Guidance – Updated Group FY 2025 Targets
Closing Remarks Guidance – Updated Group FY 2025 Targets REVENUES + 11-13% of which 6-8% organic KEY PERFORMANCE DRIVERS vs 7-9% organic disclosed on vs PY March 6, 2025 Strong underlying business driving reasonable growth, demand supported by the digital transformation trend EBITDA ADJ. (w/ ABF) Re
Slide 24: tinexta
tinexta
Slide 25: 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