Txt E-solutions S.p.a. · MIL:TXT
Txt E-solutions — TXT Group — STAR Conference 2026
62 slides from Txt E-solutions's conference presentation, March 2026
Slide 1: TXT Group STAR Conference 2026 FY2025 Results & Business Update
Ebrxr TXT Grou] STAR Conference 2026 FY2025 Results & Business Updc . March 24-26, 202 Daniele MISANI, CEO Marcello BUSSOLIN, CFO Andrea FAVINI, IR * TXT CMD 2025 presentation is attached at the end of this presentation
Slide 2: FY-2025 Results: Significant EBITDA margin expansion
TXT FY-2025 Results: Significant EBITDA margin expansion outperforming targets, with revenue growth meeting guidance al So Revenues 2 pos se ry €394 Mn itd Organie. €60 Mn + 1 25) Loo +29% +€37 Mn vs. FY-2024 EBITDA me) t 1» * Organic growth normalized by excluding from 2024 perimeter the one-off re
Slide 3: Record bottom-line performance and increased dividend proposal
TXT Operating success translates into record bottom-line performance in FY 2025, with EBIT and Net Profit figures supporting an increased dividend proposal cil — EBIT ADJ (Op. Profit) * Net Profit ADJ * (consolidated) (consolidated) €47.8 Mn* €34.5 Mn Equal to 12.1% of revenues Equal to 8.8% of reve
Slide 4: FY-2025 Revenues by Offering confirm growth across all divisions
Preliminary FY-2025 Revenues by Offering confirm growth across all divisions, with accelerated expansion in Smart Solutions and Digital Advisory, and overall Top line performance in line with the Business Plan targets presented at the TXT CMD. Revenues by Offering nsolidated 2025 vs. 2024 ; Pro-Form
Slide 5: FY-2025 EBITDA shows accelerated margin expansion
Preliminary FY-2025 EBITDA shows accelerated margin expansion (EBITDA margin +230 bps YoY), with growth in Software Engineering and Smart Solutions supported by acquisitions. Overall EBITDA outperformed targets, driven by operational efficiencies and synergies that enhanced the positive contribution
Slide 6: R&D investments, Smart Solutions revenues, international revenues, debt
R&D INVESTMENTS (fully expenses in the period) € 23MN p-25, 56% vs. ry-24 ye SMART SOLUTIONS REVENUES & € 93MN vy-25, F45% vs. ry-24 INTERNATIONAL REVENUES 9 € 65Mn 16% of total revenues SUSTAINABLE DEBT (ADJUSTED) & TREASURY SHARES FOR FINANCING GROWTH Value calculated with stock price of € 30.45 p
Slide 7: TXT Group's revenue incidence by Industry
TXT TXT Group’s revenue incidence by Industry Pro-forma Pro-forma 2024 2025 co Public Sector 24% 22% HON Aerospace & Defence _ =] Telco £03 Industrial {0} Fintech MARGIN INDICATOR @ Top © Good 10% 0, © Average i Martech 8% eo——————__@ip—___—_"— 8% ' "we 4 * Decrease in Telco business driven by suspe
Slide 8: FY-2026 Guidance
TXT FY-2026 GUIDANCE In line with 2025-2027 Industrial Plan All @ oO 2962 EBITDA B) O ’ (Like-for-Like) (amy) EBITDA to be consolidated from > € 6 5 M n Organic Revenue new M&A >€6 Mn pe ] O WA aH 18% = revenues pre- ~€ 40 Mn
Slide 9: Business Evolution & Subsequent Events
TA _ Business Evolution & Subsequent Events vee | ) Fi)
Slide 10: AI-Driven Dynamics in Capital Markets
|-Driven Dynamics in Capital Markets Technology valuation correction driven by Al: Recent Al developments triggered a broad correction in technology valuations, initially hitting SaaS vendors and then the wider software sector. The release of new Anthropic Al agents accelerated concerns about automa
Slide 11: TXT positioning in an evolving AI scenario
TXT positioning in an evolving Al scenario * Presence in highly regulated and complex markets: TXT has a solid presence in highly regulated and complex markets such as Aerospace & Defense. TXT maintains a significant role in the digital and critical infrastructures of the national Public Sector. + F
Slide 12: Smart Solutions
Smart Solutions + Aerospace: Following a strong FY-2025 driven by Training & Flight Operations, further acceleration is expected in 2026-2027, supported by new major U.S. airline contracts signed in QI 2026 (ARR > USD 10m at full run-rate in 2027). The Nexteon acquisition will drive margin expansion
Slide 13: New horizons for Smart Solutions: SmartRoutes acquisition and US contracts
TXT New horizons for Smart Solutions in Flight Operation domains: SmartRoutes acquisitions and new major contracts in the US On February 27, 2026, TXT Group completed the acquisition of the SmartRoutes® division from Nexteon Technologies through its U.S. subsidiary PACE America, securing ownership o
Slide 14: Digital Advisory
Digital Advisory + Public Sector: Representing over 70% of the Digital Advisory division, the Public Sector business (central and local governments, healthcare) delivered strong growth in 2025, confirming TXT's operational strength and business resilience. The residual backlog exceeds EUR 100m for 2
Slide 15: Software Engineering
Software Engineering + Aerospace & Defense: The Group holds a strong positioning in the Defense market, where it is among the leading players in Italy. TXT is also successfully expanding its presence in the DACH region, further strengthening its international footprint. The offering focuses on missi
Slide 16: Innovation Lab ready to be launched
Innovation Lab ready be launched * On March 25, 2026, TXT Group and Politecnico di Torino (POLITO) will open Futura Innovation Lab, a joint innovation ecosystem aimed at strengthening collaboration between industry and academia in advanced digital technologies and aerospace research. Based in Turin
Slide 17: TXT
TXT
Slide 18: Profit and loss: EBITDA bridge
Profi < QO 2 jaa) Lu REVENUES 394,330 100 304,545 Direct costs 243,989 61.9 202385 ‘GROSS MARGIN 150,341 38.1 102,160 Research and Development costs 23,280 5.9 14879 Commercial costs 38,845 9.9 27,176 General and Administrative costs 28,190 71 20,945 EBITDA 60,026 15.2 39,160 898 +56.5% § YoY = —_ +
Slide 19: Income statement to net profit
€ thousand 31.12.2025 % 31.12.2024 % Var% D&A, Write-offs & Riorganization (Excl. PPA, OPERATING PROFIT (EBIT) ADJ. ; Net Financial income/(charges, y H . |_Share of profit/(loss) of associates V7 oo | (171) (01) (109.9) EARNINGS BEFORE TAXES (EBT) ADJ. 42,286 10.7 26,647 8.7 58.7 Taxes 7,78) 2.0, 6
Slide 20: Net financial debt
iS AS) ie oY ESS Cash (102,739) (58,250) (44,488) Trading securities at fair value (11,433) (17,283) 5,850 Other Short Term Financial Assets (320) (254) (65) Short term Financial Debts 69,069 65,658 3,411 Short term Financial Debts (45,423) (10,130) (35,293) Non current Financial Debts - Lessors IFR
Slide 21: Free Cash Flow / EBITDA
Free Cash Flow / EBITDA: 50% Operating Cash Flow / EBITDA: 75% uo >
Slide 22: Balance sheet
€ thousand 112.207 31.12.2024 Intangible assets 159,254 Tangible assets 28,840 Other fixed assets 26,506 ed Assets 243,823 214,601 Inventories 28,638 23,737 Trade receivables 127,493 114,054 13,439 Other short term assets 22,136 20,198 1,938 Trade payables (43,985 ) (43,342 ) (643 ) Tax payables (20
Slide 23: Shareholding Structure Dec. 31, 2025
Shareholding Structure Dec. 315, 2025* * Latest Public Data Available as of 31 Dec. 2025 Treasury Shares, 3% L.V.0. Global Asset Management S.A. Laserline SpA, 30% 3% Market, 40% Managers, 24% Market Data Share Price Dec. 3lst, 2019 9.66€/share Share Price Dec. 3lst, 2025 30.45€/share Mkt Dec. 3ist,
Slide 24: TXT
Ls TXT
Slide 25: Capital Markets Day May 2025
Capital Markets Day 27 May 2025
Slide 26: Capital Markets Day 2025 Agenda
Capital Markets Day 2025 Agenda 01 Your Global Digital Enabler 02 Continuous Growth with Focus on Value 03 TXT Positioning a) Offering b) Markets 04 2025-2027 Group Financial Targets 05 Closing Remarks Speakers: Enrico Magni Daniele Misani Frank Ehlermann Nicola Cordone Chairman CEO A&D Cluster Lead
Slide 27: WHO: Your Global Digital Enabler
WHO — Your Global Digital Enabler €350MIn Revenue 2024 Pro-Forma Guaranteed by operating excellence & innovation CANADA Montreal CHILE BRASIL July 2000 Listed on the Italian Stock Exchange STAR segment (TXT.MI) uk Bristol NL Delft FRANCE Toulouse SPAIN 20+ Locations worldwide DE Kéln Berlin Munich I
Slide 28: WHAT: Digital Innovation
WHAT Digital Innovation iC) CYBER SECURITY ARTIFICIAL INTELLIGENCE ou EXTENDED REALITY
Slide 29: WHAT: Advise, Speed up, Make it!
WHAT Digital Innovation Advise Speed up Make it! & 8 OF Aerospace Industrial Telco, Media Fintech & Defence & Automotive & Gaming I[O) DIGITAL ADVISORY Reshaping and automation of processes SMART SOLUTIONS Innovative platforms to accelerate customer’s go-to-market SOFTWARE ENGINEERING Digitalization
Slide 30: WHAT: Major Defence European Programs
WHAT Digital Innovation Advise Speed up Make it! aa FCAS Major Defence European Programs France Italy UK Germany =~ GCAP Spain Japan DIGITAL ADVISORY Requirements Standards SMART SOLUTIONS @.0- @. bar Qrservcrig esr SOFTWARE ENGINEERING Airborne systems Training & Simulations c=
Slide 31: HOW: A strategy based on Acquisitions & Synergies
HOW A strategy based on Acquisitions & Synergies Specialized front end boutiques of WR 1 As competencies empowered by a solid - listed Group with a strong commitment to ESG principles and objectives, as outlined in the 2024 Sustainability Report. TXT Group strategy is designed to leverage Technical
Slide 32: TXT is an emerging player in the digital innovation market
TXT today is an emerging player in the digital innovation market, competing against tech giants, in Italy and Internationally, by aggregating highly specialized digital boutiques and established businesses. TXT Group positioning TXT’s Companies positioning Size Reliability + Agility Specialization S
Slide 33: Continuous Growth with Focus on Value
Slide 34: Phase 1 Accelerated Growth, Phase 2 Continuous growth
PHASE 1 Accelerated Growth Consolidation of 20+ companies Organic growth (CAGR) >10% REVENUES CAGR +36% PHASE 2 Continuous growth with focus on value EBITDA MARGIN EBITDA Margin
Slide 35: Sustain organic growth through synergies
Sustain organic growth through synergies STRATEGIC POSITIONING To leverage sustainable and long IN A&D MARKET term growth. TECH & COMPETENCE CENTERS STRONG RECURRENT As business accelerator for TXT in Public & LONG-TERM BUSINESS Sector, Health and Strong Positioning to capture opportunities of inves
Slide 36: Phase 1: 2017-2024 and Phase 2: 2025-2027
PHASE 1: 2017 - 2024 Accelerated Growth 20+ acquisitions completed, continuous focus on sustainable investments with the engagement of entrepreneurs (partial TXT share-based payments) to consolidate a mix of established business and high-potential SMEs. Two success stories: + PACE: Revenue from €8Ml
Slide 37: Offering
Slide 38: Domestic Digital Market by Segment
Source: NetConsulting Cube, October 2024 D O aa esti C D j g ita | M a rket II Digitale in Italia 2024 — Previsioni 2024-2027 by Segment Digital Market 2024E Annual % Growth @ 25E/24E @ 26E/25E @ 27E/26E ;—— TXT focus segments -------------- . H 1 —|_ 1 1 88% 3.6% 8,7% 1 Hl 1 1 TXT focus segments i
Slide 39: Digital Advisory
® Digital advisory“ We operate with 3 go-to-market pillars (divisions): 1. Digital advisory deals with reshaping and automation of processes. ~€ 70MLN BLUE-CHIP CUSTOMERS € 54MLN O Pro-Forma 80 %o See O Revenues margin target 80%+ of Digital Innovation business € 49OMLN ~14.6% carried out with blue-
Slide 40: Smart Solutions
@ Smart solutions ~~ We operate with 3 go-to-market pillars (divisions): ~€ 1 25M LN I 2. Smart solutions works with innovative platforms ' to accelerate customer's business. € 77MLN EBITDA Pro-Forma Margin Target with Capex —+2~35% ‘Y , \ R&D fully o € 64MLN expended of —— Revenues ~~! 15% Sales re
Slide 41: Software Engineering
%* Normalized 3-Y CAGR excluding one-off MAKE IT! revenues from FY-2024: ~9% am Software engineering ~€ 280MLN € 229MLN We operate with 3 go-to-market pillars (divisions): Pro-Forma € 191MLN 3. Software engineering consists Reported of digitalization and servitization of business. EBITDA margin targ
Slide 42: Markets
Slide 43: Domestic Digital Market by Industry
Source: NetConsulting Cube, October 2024 Domestic Digital Market cae naa cl ce ae by | n d U stry ©) xT focus segments 14,0% 12,0% PAL Healthcare 10,0% PAC 9 Wi 8.0% Insurance & Banks Q Utilities Financial iS 6,0% e wi 0% | Education Industries N Retail Travel & a Transportation w 4,0% 2 Services O
Slide 44: TXT Group's revenue incidence by Industry
TXT Group’s revenue incidence by Industry i HON Aerospace & Defence ~~ \ Emerging leader in top performing markets. MARGIN INDICATOR @ Top @ Good @ Average Public Sector. 4 \ = Telco — $93 Industrial {0} Fintech Martech ——— 2024 2027 13.4% 8% +8% 24.3% 22.7% 15.4% 15.1% 14.5% 8.1% 20
Slide 45: Aerospace & Defense: Market Overview & Trends
Sg AEROSPACE & DEFENSE Market Overview & Trends The global Aerospace & Defence market is experiencing steady growth, driven by geopolitical tensions, technological innovation, and post-pandemic recovery in commercial aviation. Priority areas 1. Sustainability & Green Aviation 2. Increased Defence Sp
Slide 46: Aerospace & Defense: Positioning & Proposition
Positioning & Proposition Key Differentiators 1. Trusted and long-term customers base (all major players in the Aerospace & Defence, globally). 2. Global market leading collection of “Smart Solutions”, addressing critical process of our customers. 3. Certified Development Organization (e.g. AS9100/D
Slide 47: Aerospace & Defense
AEROSPACE & DEFENSE Revenues (Pro-Forma) Revenues (Target) €74MLN Incidence €108MLN Incidence 20.5% Churn-rate last 5- 22.7% Strategic Initiatives * Ramp-up of major European Defense Projects on the way, e.g. FCAS, GCAP Major European Sustainable Aviation Projects (Net-Zero Target), e.g. IRIS?, D-KU
Slide 48: Fintech: Market Overview & Trends
Yw Ge Market Overview & Trends (Domestic) The banking sector is undergoing a structural transformation—from traditional institutions to integrated digital platforms offering personalized, secure, and accessible services. In Italy, the journey is ongoing, with positive signals but also challenges rel
Slide 49: Fintech: TXT Positioning & Proposition
TXT Positioning & Proposition Key Differentiators 1. Strong competencies in key banking & financial processes, and advisory capabilities on new regulations (e.g., DORA, NIS2) . Proprietary Solutions based on innovative technologies able to expand at EU level . Advanced digital factory with cutting-e
Slide 50: Fintech
FINTECH Revenues (Pro-Forma) Strategic Initiatives €48MLN Incidence « Push on Group synergies (e.g., cross- selling, initiatives to improve delivery efficiency, competences sharing, ...) * Development of the offering for Incidence 13.4% 15% Top Line 3-Y CAGR (GF-Tee[-19) i Strengthen Digital Transfo
Slide 51: Public Sector: Market Overview & Trends
= PUBLIC SECTOR Market Overview & Trends (Domestic) After historically low spending in the TACIAN DIGITAL MARKET FOR PUBLIC AND HEALTHCARE!» segment, since 2021, Italy's Public Sector is undergoing significant 2024 Estimated 2027 transformation, driven by digital innovation and strategic investments
Slide 52: Public Sector: Positioning & Proposition
“Polo Strategico Nazionale” (PSN) itioni Ref Strategi TXT Positioning projects rategic & Proposition Key Differentiators 1. Strong technological competence centers leveraging 500+ specialized resources 2. Capillary geography presence to serve municipalities, regions and central government. 3. Active
Slide 53: Public Sector
PUBLIC SECTOR Revenugs (Pro-Forma) Revenues (Target) €77MLN Incidence €115MLN Incidence 21.4% 24.3% €300+..014% Multi-year Contract Backlog Top Line 3-YyCAGR Strategic Initiatives Integrated offering of Digital Advisory, Smart Solutions and Software Engineering with a unique commercial and technolog
Slide 54: Financial Guidance
Slide 55: Financial KPIs: Organic growth
%* current perimeter including IT Values Financial KPls — Organic growth + :w:zcmzcx mn | > including monetization from sale of BDF stake » excluding buyback-related outflows 2024 Reported 2024 PF* 3-Y CAGR 2027 Revenues EBITDA (€) ~71MLN % EBITDA % Net profit Leve rage** % FOF conversion rate 45%-5
Slide 56: M&A Figures 2027
M&A Figures 2027* * BP Assumption: all acquisitions from M&A Plan 2027 closed at year-end 2027 ** Including appx. € 8Mn of Treasury Shares available as of the date of TXT CMD POTENTIAL OUTLAY FOR M&A EBITDA ACQUIRED FROM M&A ** Avg. % EBITDA: 15% EV SALES/M&A EV/EBITDA M&A ~1.2xX ~8.0x 32
Slide 57: Financial KPIs with M&A
. . . %* current perimeter including IT Values F | Nn a n ( | al K Pp | S — With M BA ‘%*% > after dividends payout 20% Net Profit / year including monetization from sale of BDF stake > > excluding buyback-related outflows BP Assumption: all acquisitions from M&A Plan 2027 closed at year-end 2027 3-
Slide 58: Aspirational Mid-Long Term
Aspirational Mid-Long Term REVENUES (€ MLN) 800+ EBITDA (€ MLN) 135+ EBITDA MARGIN 16% + 34
Slide 59: Closing Remarks
CLOSING REMARKS
Slide 60: Closing Remarks
Closin Remarks TXT is an emerging leader with Unique mix of Industry Knowledge and Technology expertise End-to-End go-to-market approach: Advise, Accelerate, Make IT! Strong Market Positioning & Diversification in fast growing and high spending Industries Solid track record of sustainable growth Con
Slide 61: Disclaimer
Disclaimer This presentation includes statements that are forward-looking in nature, reflecting the intentions, beliefs, or current expectations regarding future growth across various business lines, overall company performance, financial outcomes, and other elements related to the TXT Group's opera
Slide 62: Ts TXT
Ts TXT