Siav S.p.a. · MIL:SIAV
Siav — Siav S.p.A. società benefit — Investor Avril Access 2026
31 slides from Siav's conference presentation, Apr 8, 2026
Slide 1: Investor Avril Access 2026
Investor Avril Access 2026 Siav S.p.A. società benefit April 8th 2026
Slide 2: Today's Speakers
TODAY’S SPEAKERS 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 in Corporate ❑ In SIAV since 25+ years
Slide 3: Quick Background: What Are Document Management Platforms
QUICK BACKGROUND: WHAT ARE DOCUMENT MANAGEMENT PLATFORMS DOCUMENT MANAGEMENT … …HOW IT WORKS… …WHY IT MATTERS IT CAPTURES CONTENT, PUTS IT IN ✓ FIND THE RIGHT FILE IN SECONDS ENTAILS ALL TOOLS TO CAPTURE, ORDER, APPLIES RULES, AND ✓ HIGH LEVEL OF PRIVACY AND MANAGE, STORE, PRESERVE AND DELIVERS IT T
Slide 4: Quick Background: Siav as Pivot of Enterprise Information Flows
QUICK BACKGROUND: SIAV AS PIVOT OF ENTERPRISE INFORMATION FLOWS SIAV software is at the center of corporate data ecosystem and provides for cloud-based solutions designed to manage the full lifecycle of enterprise content. They integrate with business applications (SAP, Salesforce, Microsoft 365) to
Slide 5: Quick Background: Why CSP Are Mission Critical in Meeting Corporates AI Needs
QUICK BACKROUND: WHY CSP ARE MISSION CRITICAL IN MEETING CORPORATES AI NEEDS ~90% of the world’s information is living inside organizations (contracts, invoices, videos, workflows, mails, transactions) BUILT-IN MODEL PROPRIETARY DATACENTER Enterprises cannot navigate their internal documents Enterpr
Slide 6: Case Studies: Creating Value to Corporates Through Contents Digitalization
CASE STUDIES: CREATING VALUE TO CORPORATES THROUGH CONTENTS DIGITALIZATION AND EASY ACCESS TO INFORMATION Enterprise Content Service Platforms (CSP) encompasses the strategies, methods, and tools used to capture, manage, store, preserve and deliver contents supporting organizational processes. SIAV
Slide 7: Waving the AI Trend to Secure Faster and More Precise Results
WAVING THE AI TREND TO SECURE FASTER AND MORE PROCISE RESULTS AI ENRICHED PROCESS MANAGEMENT DATASET COLLECTION FROM CLIENTS DATA PREPARATION & GOVERNANCE AI ENRICHMENT OUTCOME Gather customer documents and operational data from Clean, normalize, and classify content (formats, Use AI to extract and
Slide 8: Strategic Rationale: From ECM Software to Cloud Platform
STRATEGIC RATIONALE: FROM ECM SOFTWARE TO CLOUD PLATFORM ARCHIFLOW NOVA — The Monolith SIAV CONNECT — The Ecosystem 3-Tier Architecture Cloud-Native Microservices 1 1 Single monolithic server stack CNCF-aligned, infinite scale Strategic Evolution On-Premise Delivery Multi-Tenant SaaS 2 2 Custom per-
Slide 9: Acceleration of New Business / Sales Model Adoption
ACCELERATION OF NEW BUSINESS / SALES MODEL ADOPTION SIAV is strategically evolving from a direct sales approach to a hybrid go-to-market strategy, leveraging a partner-enabled channel. Simultaneously, the company is expediting its shift towards a SaaS-oriented model, thereby improving scalability an
Slide 10: SIAV: Leading International Content Service Platform Provider
SIAV: LEADING INTERNATIONAL CONTENT SERVICE PLATFORM PROVIDER ~12% Market Share in Italy (based on Gartner’s data) >35Y of History €35,7m led by the Voltan family Consolidated Revenue A well diversified geographical presence FY2025A with ample room to growth with international clients €9,3m 26% Siav
Slide 11: A Well Diversified, Highly-Stable Mix of Blue-Chip and Fast Growing Clients
A WELL DIVERSIFIED, HIGHLY-STABLE MIX OF BLUE-CHIP AND FAST GROWING CLIENTS TENURE & CHURN RATE Pharma Logistics & Transportation >10 years 2% Average tenure Churn rate %(1) of clients Retail & Business Consumer Sevices CLIENTS CONCENTRATION ~20% ~45% Revenue from Top10 Revenue from Top50 Government
Slide 12: Consolidated P&L Overview: FY2025A vs FY2024A
CONSOLIDATED P&L OVERVIEW: FY2025A vs FY2024A €M FY_2025A FY_2024A Δ+/- Notes: Software +2% | Outsourcing +15% REVENUES 35,7 33,3 +7,2% Services +11% (PNRR driven) Margin expansion from 19% to 26% EBITDA 9,3 6,3 +47,9% Cost efficiency ↑↑ | Personnel ≈ EBITDA margin 26,0% 18,8% +7,2pp Reorganization
Slide 13: EBITDA Bridge FY2024A – FY2025A
EBITDA BRIDGE FY2024A – FY2025A Values in €M +0,5 +0,1 (0,3) +0,1 9,3 KEY HIGHLIGHTS +0,1 +0,1 +2,4 Revenue Growth +7% +€2,4M driven by strong demand across Private and HEALTH CARE segments 6,3 Cost Optimization -5% €0,5M savings from Services restructuring, plus reductions in raw materials and thir
Slide 14: Revenue Breakdown: FY2025A vs FY2024A
REVENUE BREAKDOWN: FY2025A vs FY2024A REVENUE (Euro) REVENUE (Euro) per Business line Others Software 35,7M FY_2024 +7% YoY 0,0% 0,05M 43% 15,5M 33,3M -5% YoY +2% YoY KEY TAKEAWAYS Prof. services Outsourcing ❑ Revenue growth reflects the successful execution of SIAV’s strategy, driven by continuous
Slide 15: Revenue Breakdown & Per-Capita Efficiency
REVENUE BREAKDOWN & PER-CAPITA EFFICIENCY Revenue by Product Line & Revenue per Employee Revenue by Market Segment — FY2025 40 31,1 33,3 35,7 140 116 35 99 120 2% 89 30 100 21% 15,3 13,7 Rev/Employee (€K) 25 12,7 Revenue (€M) 80 20 4,3 4,9 60 15 3,9 59% 40 18% 10 14,5 15,2 15,5 5 20 0 0 FY2023A FY20
Slide 16: Profitability Turnaround: EBITDA & Net Income
PROFITABILITY TURNAROUND: EBITDA & NET INCOME KEY TAKEAWAYS EBITDA (Euro) NET INCOME (Euro) ❑ Operating performance reflects the benefits of disciplined cost 9,3M 1,4M management and an increasingly efficient operating structure ❑ EBITDA reached €9.3m, up 48% FY_2024 FY_2024 6,3M +48% YoY (1,5)M +19
Slide 17: EBITDA to Net Income Bridge: FY2025A
EBITDA TO NET INCOME BRIDGE: FY2025A EBITDA to Net Income Bridge (€M) KEY HIGHLIGHTS EBITDA €9,3M (+48% YoY) 9,3 (5,5) (0,4) (1,5) (0,5) 1,4 Starting point for the P&L bridge. Record EBITDA driven by revenue growth (+7%) and cost optimization (-5% on operating costs) D&A (€5,5M) — 59% of EBITDA D&A
Slide 18: Consolidated BS Overview: FY2025A vs FY2024A
CONSOLIDATED BS OVERVIEW: FY2025A vs FY2024A €M FY_2025A FY_2024A Δ+/- Notes: Intangibles -5% | RoU -17% FIXED ASSETS 30,3 33,6 -9,8% Capex ↓ post-reorganization Trade receivables +13% WORKING CAPITAL (1,9) (4,1) +53,7% Trade payables ≈ CAPITAL EMPLOYED 28,3 29,4 -3,8% --- Operating cashflow ↑↑ NFP
Slide 19: Consolidated Key Financials: Capex and Net Financial Position
CONSOLIDATED KEY FINANCIALS: CAPEX AND NET FINANCIAL POSITION Capex (Euro) Net financial position (Euro) 3,4M FY_2024 -24% YoY 18,2M FY_2024 -12,9% YoY 4,5M 20,9M R&D 10,5% KEY TAKEAWAYS ❑ Capex down 24% YoY to €3.4M: disciplined investment post-restructuring, with strong focus on proprietary softwa
Slide 20: Consolidated Cashflow Overview: FY2025A vs FY2024A
CONSOLIDATED CASHFLOW OVERVIEW: FY2025A vs FY2024A €M FY_2025A FY_2024A Δ+/- Notes: EBITDA +48% | WC absorption FCFO 6,6 6,0 +10,4% partially offsets improvement Capex ↓ | Mitric disposal INVESTMENT ACTIVITIES (2,6) (4,6) -44,6% Software dev. more efficient Net debt repayment FINANCIAL ACTIVITIES (4
Slide 21: Cashflow Bridge: FY2025A
CASHFLOW BRIDGE: FY2025A KEY HIGHLIGHTS Cashflow Bridge (€M) Opening Cash Position: €2,7M FY2024A closing cash carried forward. Starting position reflects prior-year 2,7 +6,6 (2,6) (4,7) 2,0 deleveraging and solid liquidity base. FCFO: +€6,6M (+20% YoY) EBITDA +48% YoY Free Cash Flow from Operations
Slide 22: Cash Generation & Investment Efficiency: FY2023A–FY2025A
CASH GENERATION & INVESTMENT EFFICIENCY: FY2023A–FY2025A Operating Cash Flow & NFP / EBITDA Intangible Capex & Capex as % of Revenue 6,8 3,7 4,0 7,0 18,2 20,0 6,6 3,3 3,5 6,0 18,0 6,4 16,0 3,0 13,4 6,2 5,0 14,0 2,5 6,0 12,0 2,0 4,0 9,5 5,8 2,0 10,0 6,6 3,0 6,0 5,6 8,0 1,5 5,4 6,0 2,0 4,5 6,0 5,2 1,0
Slide 23: Next Wave of Growth: M&A and AI Driven Acceleration
NEXT WAVE OF GROWTH: M&A AND AI DRIVEN ACCELERATION GROWTH IN ITALY GROWTH ABROAD STRATEGIC LINES ITALIAN MARKET CONSOLIDATION AI TECH ENHANCEMENT INTERNATIONAL EXPANSION ✓ FASTER TIME-TO-MARKET FOR AI FEATURES, ✓ ACCESS TO SPECIALIZED TALENT IN COMPETITIVE HIRING MARKET DESCRIPTION ✓ PROPRIETARY AL
Slide 24: 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 25: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Contacts: Nicola Voltan | CEO nicola.voltan@siav.it Daniele Boggian | CFO & Investor relations manager daniele.boggian@siav.it
Slide 26: Appendix
2 SIAV APPENDIX
Slide 27: Is AI a threat to SIAV?
Is AI a threat to SIAV? SIAV CONNECT THIRD PARTIES AI-driven positive impacts for customers: ❑ Intelligent document acquisition — Automatic classification, indexing and routing of incoming documents, reducing manual data entry costs by up to 40-60%; ❑ Semantic search on document assets — Natural lan
Slide 28: Governance as of 31.12.2025
GOVERNANCE as of 31.12.2025 Organizational Framework Directors' Board President Alfieri Voltan Member (CEO) Nicola Voltan Siav S.p.A. Member Leonardo Bernardi Member (CFO) Daniele Boggian Siav Suisse Independent member Emanuele Campagnoli Connect Dubai FZE In liquidation (UAE) (Switzerland) Independ
Slide 29: The Core AI Capabilities: Gartner Roadmap for AI-Driven Document Management
THE 13 CORE AI CAPABILITIES: GARTNER ROADMAP FOR AI-DRIVEN DOCUMENT MANAGEMENT Only 14% of companies are AI-Ready. Whoever governs the remaining 86% of unstructured data will lead the market AI Capabilities in Document Management Platforms by Phase Siav: Strategic AI Partner PHASE 1 – Foundation Unl
Slide 30: Bain & Company: Why SaaS Stocks Have Dropped — and What It Signals
BAIN & COMPANY: WHY SAAS STOCKS HAVE DROPPED — AND WHAT IT SIGNALS SaaS indices down ~15% in weeks, ~25% from highs. AI poses a structural threat to seat-based models Key Data Points from Bain Analysis Strategic Implications for Software Leaders MARKET PERFORMANCE 1 Disruption is mandatory; obsolesc
Slide 31: The Value Creation Engine
THE VALUE CREATION ENGINE MULTI-TENANCY API-FIRST PLATFORM Gross Margin Expansion Land & Expand Revenue ❑ One instance serves many clients ❑ Modular upsells: AI, API, storage ❑ Customer growth decoupled from costs SIAV ❑ Predictable SaaS subscriptions ❑ Zero-downtime DevOps automation CONNECT ❑ Unlo
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