Investor Presentation H1 2025 Results

Chairman & CEO

Co-CEO & Investor Relations Manager

Group CFO

September, 2025

a semester that deeply demonstrates the effectiveness of the implemented initiatives

Organizational integration, technology improvement and stronger value proposition

+21% vs H1 2024

+9% in Italy and +73% in the DACH area

-23% vs H1 2024

thanks to the relevant rationalization of activities and internal processes

Revenues

€ 15.1 mln

+21% YoY

Gross Margin

€ 10.3 mln

+37% YoY

EBITDA

€ 2.9 mln

€ 0.5 mln in H1 24

Net Result

€ 0.04 mln

€ -2.4 mln in H1 24

NFD

€ 15.5 mln

€ 19.3 mln in FY24

R&D Investments

€ 2.3 mln

€ 2.1 mln in H1 24

Highlights

Positive effects on profitability

• After the first release of ONE Platform, continuous improvement through the integration of new modules - end of the investment peak

• Strong rationalizations flatter management structure and reduced overlay roles thanks to the ONE Company project

• Manage cost in confidence with demand forecast

• Continuous improvement in the commercial pipeline and new positioning in the top enterprise market with the ONE Value Proposition project

• Simplification of the corporate structure - ONE Company project -convergence of technology - ONE Platform project - Merger by incorporation of Babelee S.r.l. in Doxee S.p.A.

• Strong revenues growth both in Italy (+9%) and in the DACH area (+73%)

• Significant growth of the Gross Margin (+37%) more than proportional to revenues growth (+21%)

• Stable level of R&D Investments

• ARR at 73%, in line with 73% in H1 2024

  
  
  

• Return to profitability and therefore sustainability

(€/mln)

9.0

+17%

10.9

3.5

+17%

4.2

REVENUES GREW (+21%) vs H1 2024

thanks to a strong increase in revenues in the DACH and CEE regions (+73% YoY) and a good revenues growth in Italy (+9% YoY).

Subscriptions revenues recorded an increase of +17% compared to H1 2024 and also revenues from professional services registered a strong increase (+17% YoY).

Recurring Revenues, thanks also to the

Subscriptions Professional services

increase in the activities provided in SaaS mode, stand at around 73% of total revenues, in line with 73% in H1 2024.

BY PRODUCT LINE

73%

Subscriptions

Professional

Services

27%

Italy UE

Extra UE

BY GEOGRAPHY

69%

5%

26%

Several new Customers in H1 2025 both in Italy and DACH region.

Significant renewal of multi-year contracts

with a very low churn rate.

Strong Commercial Pipeline in line with FY 2024.

H1 2025 Sales Revenues amounted to €

15.1 mln (+21% vs H1 2024) thanks to a good growth both in Italy and DACH area

EBITDA positive to € 2.9 mln thanks to the efficiency improvement of internal processes which made possible the decrease in direct and indirect costs.

Net income stood at € 0.04 mln (€ -2.4 mln

in H1 2024).

Net Working Capital stood at € -3.1 mln vs €

-0.6 mln in FY 2024 due to an increase in deferred incomes.

Fixed Assets stood at € 30.4 mln. The most

significant item are Intangibles (€ 28.9 mln).

Net Financial Debt decreased at € 15.5 mln (€ 19.3 million in FY 2024), thanks to a return to cash flow generation which led to the repayment of over € 3 million without taking out new loans.