Sesa S.p.a. · MIL:SES
Sesa — Q1 FY2026 Earnings Presentation
34 slides from Sesa's earnings presentation, Sep 11, 2025
Slide 1: 1Q 2026 Results
1Q 2026 Results Corporate Presentation September 11, 2025
Slide 2: Agenda
Alessandro Fabbroni Agenda Group’s Chief Executive Officer Caterina Gori IR, Corporate Finance M&A ▪ Group’s Business Model and Operations Jacopo Laschetti Stakeholder and Sustainability ▪ Group’s Financial Results Q1 2026 ▪ Annexes Financial Statements and Group’s Industrial Plan FY 2026- 2027 2
Slide 3: Sesa Group Overview
Sesa Group Overview ▪ Leading player for the digital innovation of corporates and organizations, with consolidated revenues for Eu 3,357 Leading Digital million (+4.6% Y/Y) and 6,532 people (+14.8% Y/Y) in the Fiscal Year ending April 30, 20251 Partner for ▪ Digital Technology, Consulting, Vertical
Slide 4: Business Model and Organization
Business Model and Organization ▪ Leading player in Digital Technology, Consulting and Vertical Applications, with a focus on key digital enablers as AI and Automation, Cloud, Cyber Security and Digital Platforms; the Group operates through Vertical Business Units and Competence Centers7 ▪ Eu 3.36 B
Slide 5: Management Team committed long-term to the Group
Management Team committed long-term to the Group Key people equity and long-term commitment Group Long-term track record achievements Sesa Group equity partners’ focus on long-term development growth REVENUES FY11 Eu 747.0 Mn Group EAT Adj FY11 Eu 11.5 Mn and sustainability: REVENUES FY251 Eu 3,357
Slide 6: People and Talent Management Programs
People and Talent Management Programs 3,3571 FY 2025 HC Highlights Headcount CAGR 2012-2025 +16.8% 3,211 6,532 New Hires Permanent Contract Revenues CAGR 2012-2025 +11.5% 5.700 2,908 5,691 6,593 people as of July 31 2025 (+8.6% Y/Y) 800 98% 4.700 4,720 2,390 Entry Turn Over Average Seniority Peopl
Slide 7: 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 the digital innovation of companies and organizations and the well-being of people. ESG as a strategic driver and core part of Ses
Slide 8: Bolt-on industrial M&A to accelerate long-term organic growth
Bolt-on industrial M&A to accelerate long-term organic growth • 82 M&As starting from 2015 with additional 3,200 HCs and about Eu 835 Mn annual revenues at acquisition date. Over the past five years, M&As have contributed on average about 33% annually to the Group’s overall growth. Group’s Sectors
Slide 9: SSI: Partner for European Enterprises Digital Transformation
SSI: Partner for European Enterprises Digital Transformation Eu ~ 880 Mn revenues (+6.4% Y/Y), Ebitda margin ~ 11% and 4,243 people1 Revenues breakdown1 Digital Workspace; ▪ Leading System Integrator and Software Solutions provider with growing focus on Business Integration and 4,0% Data/AI; 2,5% Di
Slide 10: Business Services: Partner for Financial Services Digital Transformation
Business Services: Partner for Financial Services Digital Transformation Base Digitale Group: Eu ~ 154 Mn revenues (+35% Y/Y), Ebitda margin 17.8% and 962 people1 Revenues breakdown1 ▪ Group Sector started on February 2020 and focused on Digital Platforms, Vertical Banking Applications and Security
Slide 11: ICT VAS: Digital partner of ICT ecosystems
ICT VAS: Digital partner of ICT ecosystems ICT Value Added Solutions: Eu ~ 2.075 Bn revenues, Ebitda margin 4.3% and 700 people1 ▪ Value-added Solutions aggregator: consulting, marketing and training services to habilitate the emerging technologies Italian market share ICT VAS2 across ICT ecosyste
Slide 12: Digital Green VAS: Digital Partner of environmental sustainability
Digital Green VAS: Digital Partner of environmental sustainability Digital Green VAS: Eu 344 Mn revenues (+43% Y/Y), Ebitda margin 7.1% and 100 people1 ▪ Joined the Group in 2021 through the acquisition of PM Service (Eu 30 Mn revenues at the acquisition date), the Sector focuses on technologies (
Slide 13: Agenda
Alessandro Fabbroni Agenda Group’s Chief Executive Officer Caterina Gori IR, Corporate Finance M&A Manager ▪ Group’s Business Model and Operations Jacopo Laschetti Stakeholder and Sustainability Manager ▪ Group’s Financial Results Q1 2026 ▪ Annexes Financial Statements and Group’s Industrial Plan FY
Slide 14: Group's actual results 1Q 2026
Group’s actual results 1Q 2026 CAGR CAGR 1Q 25 1Q 25 Eu million FY 2020 FY 2025¹ 1Q 26 Variance 1Q 26 Variance FY12-25 FY20-25 Reported Pro forma¹ Revenues 1,776.0 3,356.8 11.5% 13.6% 783.0 845.7 8.0% 827.6 845.7 2.2% Ebitda 94.5 240.7 14.5% 20.6% 56.6 60.7 7.2% 58.4 60.7 4.0% Ebitda Margin 5.3% 7.2
Slide 15: 1Q 2026 Group's actual results by Sector
1Q 2026 Group’s actual results by Sector REVENUES EBITDA GROUP EAT ADJUSTED Eu million 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 1Q 25 1Q 26 Software & System Integ. 82.2 95.0 106.3 129.5 153.2 183.9 213.9 219.
Slide 16: 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 251 2Q25 3Q 25 4Q 25 1Q 26 Financial income / (charges) (7.3) (8.7) (9.1) (11.9) (7.7) (11.5) (10.7) (10.7) (6.8) FX gains / (losses) 0.8 0.3 (0.7) 0.6 0.1 (0.3) 0.1 (1.4) (0.5) Income / (loss) on equity method inves
Slide 17: Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) Apr 20-Jul 25
Group Financial Results (NFP, IFRS 16, IFRS 3 and NWC) Apr 20- Jul 25 Consolidated Net Financial Position (Apr 20 – Jul 25) Currency: €'m Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct241 Apr25 Jul25 The table opposite presents the Net Financial Position Shareholders Equity 253.9 272.3 29
Slide 18: 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 26E2 FY 27E2 Revenue 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 19: 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 20: Agenda
Alessandro Fabbroni Agenda Group’s Chief Executive Officer Caterina Gori IR, Corporate Finance M&A Manager ▪ Group’s Business Model and Operations Jacopo Laschetti Stakeholder and Sustainability Manager ▪ Group’s Financial Results FY 2025 ▪ Annexes Financial Statements and Group’s Industrial Plan FY
Slide 21: 1Q 2026 Group's actual results by Sector
1Q 2026 Group’s actual results by Sector 1Q 2026 as of July 31, 2025 1Q 2025 pro forma as of July 31, 20241 In Euros Mn ICT VAS DG VAS SSI BS Corporate Group ICT VAS DG VAS SSI BS Corporate Group Total Revenues and Other Income 496.8 111.4 219.9 36.9 16.2 845.7 510.6 89.3 213.9 35.8 9.9 827.6 Change
Slide 22: Group Reclassified Income Statement 1Q 2025 and 1Q 2026
Group Reclassified Income Statement 1Q 2025 and 1Q 2026 Eu million 31/07/2025 % 31/07/2024 % Var. 25/24 31/07/2024 Pro forma1 % Var. 25/24 Pro Forma1 Revenues 829.1 768.0 8.0% 812.6 2.0% Other Income 16.6 15.0 10.6% 15.0 10.4% Revenues and other income 845.7 100.00% 783.0 100.00% 8.0% 827.6 100.0% 2
Slide 23: Group Income Statement 1Q 2025 and 1Q 2026
Group Income Statement 1Q 2025 and 1Q 2026 Eu 1Q 2025 1Q 2026 Revenues 768.0 829.1 Other Income 7.4 9.0 Costs for purchasing products (56.6) (613.9) Costs for services and use of third-party assets (70.8) (71.6) Personnel costs (86.4) (97.8) Other operting expenses (1.8) (2.4) Depreciation/Amortisat
Slide 24: Group Reclassified Balance Sheet at July 31, 2025
Group Reclassified Balance Sheet at July 31, 2024, 30 April, 2025 and July 31, 2025 Consolidated Reclassified Balance Sheet (Euro/million) 31/07/2025 31/07/2024 31/07/2024 Pro Forma1 30/04/2025 Intangible Assets 532.6 490.7 500.1 510.0 Property, plant and equipment 163.6 149.2 149.8 168.2 Investment
Slide 25: Group Balance Sheet at July 31, 2025 and April 30, 2025
Group Balance Sheet at July 31, 2025 and 30 April, 2025 Eu million Lug 2025 Apr 2025 Intangible assets 532.6 531.0 Rights of use 55.4 58.7 Tangible assets 108.2 109.2 Property investments 0.3 0.3 Investments valued at equity 17.5 17.5 Deferred tax assets 22.7 21.8 Other receivables and other non-cur
Slide 26: FY 2019-2025 Group's actual results by Sector
FY 2019-2025 Group’s actual results by Sector 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
Slide 27: Group FY 25 results by Sector
Group FY 25 results by Sector FY251 FY24 In Euros Mn 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 Margin 181
Slide 28: Group Income Statement FY23 – FY25
Group Income Statement FY23 – FY25 Currency: €'m 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 op
Slide 29: Group Balance Sheet as of Apr 30, 2025
Group Balance Sheet as of Apr 30, 2025 Currency: €'m 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-current receivables and deferred tax assets
Slide 30: Industrial Plan FY 2026 – FY 2027: Market Scenario
Group Industrial Plan FY 2026 – FY 2027: Market Scenario ▪ Italian digital market reached Eu 81.6 bn in 2024 (+3.7%), outperforming GDP growth (+0.7%) Market Overview ▪ Expected growth to Eu 93 bn by 2028 (average annual growth rate higher than 3%) Key Technology ▪ AI & Automation: fastest-growing s
Slide 31: Industrial Plan FY 2026 – FY 2027: Strategic Targets
Group Industrial Plan FY 2026 – FY 2027: Strategic Targets Strategy ▪ Group’s transformation by focusing on organic growth of core businesses, organization streamline, growing operating efficiency and market penetration, as digital integrator and partner of customers’ digital transformation ▪ Focus
Slide 32: Industrial Plan FY 2026 – FY 2027: Sustainability Targets
Group Industrial Plan FY 2026 – FY 2027: Sustainability Targets ▪ Group Sustainability Plan for 2026-2027 with key investment areas, targets, and measurable actions to integrate environmental, social, and governance (ESG) actions into strategy and business model ESG Strategy ▪ Key goals1: (i) Transl
Slide 33: Sesa Group M&As starting from FY 2015
Sesa Group M&As starting from FY 2015 SSI Business Services ICT VAS Digital Green VAS Company Revenues Company Revenues Company Revenues Company Revenues APRA Eu 16 Mn PANTHERA Eu 6.5 Mn PBU CAD S. GMBH Eu 9 Mn ACCADIS Eu 18 Mn 9 M&As FY 2015-20191 SAILING Eu 2.5 Mn New Group Sector since March 2020
Slide 34: 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