Eurotech S.p.a.MIL: ETH

Consolidated Interim Management Report as at 30 September 2025

Nov 13, 2025 at 9:27 PM UTC · Issued by Eurotech S.p.a.

consolidated interim

management report

szt grt sejqtenzber urtug

This document has been translated into English for the convenience of readers outside Italy.

The original Italian document should be considered the authoritative version.

Date of issue: 13 November 2025 This report is available online

in the "Investors" section of https://www.eurotech.com

EUROTECH S.p.A.

Registered offices: Via Fratelli Solari 3/A, Amaro (Udine), Italy Share capital: €9,657,277 fully paid in

Tax code and

Udine Company Register no.: 01791330309

CONTENTS

Corporate Bodies 4 Performance highlights 5

Financial data 5

Statement of financial position data 5

Number of employees 6

Revenues by business line 6

Summary of the results 6

The Eurotech Group 8 Summary of performance in the third quarter of 2025 and business outlook 10

Introduction 10

Reporting policies 10

Operating performance in the period 12

Financial statements and explanatory notes 15

Consolidated income statement 15

Consolidated statement of comprehensive income 17

Consolidated statement of changes in shareholders' equity 19

Net financial position 20

Net working capital 20

Cash flows 21

B - Scope of consolidation 22

C - Revenues 23

D - Costs of raw & ancillary materials and consumables used 25

E - Costs for services 25

F - Payroll costs 25

G - Other provisions and costs 26

H - Other revenues 26

I - Depreciation, amortisation and impairment 26

J - Financial income and expenses 27

K - Income taxes 27

L - Non-current assets 28

M - Net working capital 29

N - Net financial position 29

O - Changes in shareholders' equity 30

P - Significant events in the quarter 31

Q - Events after 30 September 2025 31

R - Risks and uncertainties 32

S - Other information 32

Statement of the Financial Reporting Manager 33

Corporate Bodies

Board of Directors

Chairperson Luca di Giacomo

Deputy Chairperson Aldo Fumagalli 13

Director Massimo Milan

Director Laura Amadesi 1 2 3 4 5

Director Davide Albino Carando 1

Director Michela Costa 1 2 3 4 5

Director Tiziana Olivieri 1 2 4 5

The Board of Directors currently in office was appointed by shareholders at the Annual General Meeting of 27 April 2023 and supplemented by the Annual General Meeting of 15 October 2024 with reference to the appointment of Director Davide Albino Carando and by the Ordinary Shareholders' Meeting on 15 October 2025, with regard to Directors Massimo Milan and Laura Amadesi. We also note that the Shareholders' Meeting of 28 April 2025 resolved to reduce the number of directors from nine to seven. The current Board of Directors will remain in office until the approval of the financial statements for the 2025 financial year.

Board of Statutory Auditors

Chairperson Fabio Monti

Statutory Auditor Laura Briganti

Statutory Auditor Daniela Savi

Substitute Auditor Clara Carbone

Substitute Auditor Daniele Englaro

The Board of Statutory Auditors currently in office was appointed by shareholders at the Annual General Meeting of 27 April 2023, and will remain in office until approval of the 2025 financial statements.

Independent Auditor

Ernst & Young

The independent auditor was appointed for the period 2023-2031 by shareholders at the Annual General Meeting of 27 April 2023.

Corporate name and registered offices of the Parent Company

Eurotech S.p.A.

Via Fratelli Solari 3/A 33020 Amaro (Udine), Italy Udine Company

‌1 Non-executive Directors.

‌2 Independent Directors pursuant to the Corporate Governance Code issued by the Italian Corporate Governance Committee for Listed Companies.

‌3 Member of the Control and Risks Committee.

‌4 Member of the Committee for Transactions with Related Parties.

‌5 Member of the Remuneration and Appointments Committee.

Performance highlights

Financial data

3rd Q 2025	%	3rd Q 2024 % % change	(€'000) OPERATING RESULTS	9M 2025	%	9M 2024 %	% change
13,697	100.0%	13,734 100.0% -0.3%	SALES REVENUES	35,180	100.0%	42,995 100.0%	-18.2%
6,763	49.4%	7,731 56.3% -12.5%	GROSS PROFIT MARGIN	17,351	49.3%	22,271 51.8%	-22.1%
296	2.2%	(183) -1.3% 261.7%	EBITDA ADJ	(3,751)	-10.7%	(3,264) -7.6%	-14.9%
(357)	-2.6%	(581) -4.2% 38.6%	Non recurring costs	(1,593)	-4.5%	(990) -2.3%	-60.9%
(61)	-0.4%	(764) -5.6% -92.0%	EBITDA	(5,344)	-15.2%	(4,254) -9.9%	-25.6%
(1,189)	-8.7%	(1,841) -13.4% -35.4%	EBIT	(8,907)	-25.3%	(7,679) -17.9%	-16.0%
(1,311)	-9.6%	(2,232) -16.3% -41.3%	PROFIT (LOSS) BEFORE TAXES	(9,530)	-27.1%	(7,805) -18.2%	-22.1%
(1,353)	-9.9%	(2,392) -17.4% -43.4%	GROUP NET PROFIT (LOSS) FOR THE PERIOD	(8,917)	-25.3%	(7,903) -18.4%	-12.8%

(*) Gross profit is the difference between revenues from sales of goods and services and use of raw materials.

(**) EBITDA, an intermediate figure, is earnings before amortisation, depreciation and impairment of non-current assets, financial income and expenses, the valuations of affiliates at equity and of income taxes for the period. This is a measure used by the Group to monitor and assess operating performance. Since the composition of EBITDA is not regulated by the reference accounting standards, the calculation criterion applied by the Group may not be consistent with that used by other companies and would therefore not be comparable.

(***) EBIT, or earnings before financial income and expenses, the valuations of affiliates at equity and of income taxes for the period.

(****)ADJ. EBITDA is an intermediate figure, determined gross of non-recurring costs and revenues, before amortisation, depreciation and impairment of fixed assets, financial income and expenses, valuations of affiliates at equity and income taxes for the period. This is a measure used by the Group to monitor and assess its operating performance, net of any non-recurring costs or revenues that therefore do not occur frequently in the ordinary course of business. Since the composition of EBITDA is not regulated by the reference accounting standards, the calculation criterion applied by the Group may not be consistent with that used by other companies and would therefore not be comparable.

Statement of financial position data

€'000 BALANCE SHEET AND FINANCIAL HIGHLIGHTS	at September 30, 2025	at December 31, 2024	at September 30, 2024
NET NON-CURRENT ASSETS	69,485	73,075	97,036
NET WORKING CAPITAL	10,424	14,684	18,955
NET INVESTED CAPITAL*	73,913	81,064	109,504
SHAREHOLDERS' EQUITY	54,512	60,664	88,509
NET FINANCIAL POSITION	19,401	20,400	20,995

(*) Non-current, non-financial assets, plus net working capital, minus non-current, non-financial liabilities.

Number of employees

	at September 30, 2025	at December 31, 2024	at September 30, 2024
NUMBER OF EMPLOYEES	314	361	374

Revenues by business line

The Group's only business line is 'Modules and Platforms', which consists of: a) modules and embedded electronic computing systems for the industrial, transport, medical, energy and water-light-gas distribution networks; b) low-power, high-performance Edge Computers for use in the Internet of Things (IoT) environment and for realising applications that make use of Artificial Intelligence (AI) algorithms; c) frameworks and software platforms for IoT applications.

Summary of the results

Information for shareholders

The ordinary shares of Eurotech S.p.A., the Parent Company of the Eurotech Group since 30 November 2005, have been listed in the Euronext Star Milan segment of the Euronext Milan market organised and managed by Borsa Italiana S.p.A.

Share capital of Eurotech S.p.A. at 30 September 2024
Share capital	€9,657,277.25
Number of ordinary shares (without nominal unit value)	38,629,109
Number of savings shares	-
Number of Eurotech S.p.A. ordinary treasury shares	183,606

Stock market capitalisation (based on the share's average price in September 2025) €39 million Stock market capitalisation (based on the share's reference price at 30 September 2025) €40 million

Performance of Eurotech S.p.A. shares

Relative performance EUROTECH S.p.A. 01.01.2025 - 30.09.2025

The line chart shows the share's performance based on daily reference prices

The candle chart shows the share's daily maximum and minimum prices

The Eurotech Group

Eurotech is a global company with a strong international focus, which generates sales on three continents. It is a Group that has operating offices in Europe, North America and Japan, led and coordinated by its headquarters in Italy.

Eurotech has a long tradition of more than 30 years in the design and implementation of embedded computers for special applications, where the ability of computers to withstand hostile environments and the need for continuous and uninterrupted operations are determinant variables. This is a market niche characterised by high value and low volumes that over the years has allowed the company to maintain a gross profit above the sector average.

More recently Eurotech has been on an accelerating path toward Edge Computing and Industrial IoT, with major investments in its open-source software integrated with edge hardware, and in the differentiating OT cybersecurity certifications that characterize its portfolio.

The factors that characterise Eurotech in the Industrial IoT sector are the following:

Eurotech technology resolves the conflict between Operational Technology (OT) and Information Technology (IT) at the Edge, thanks to integrated solutions that combine hardware and software; this conflict is unanimously recognised as the number one obstacle to the execution of IoT projects by companies;
leveraging its DNA and knowledge of the protocols on the OT side, Eurotech implemented a Plug & Play connectivity to field assets, which speeds up implementation times and reduces costs;
thanks to relations with the big players in the IT sector such as Microsoft, Amazon and IBM, Eurotech is able to provide certified connectivity to all major cloud platforms, reducing integration time and risks to almost zero in a typical IoT project where these platforms are used;
Eurotech's connection and integration technology was conceived and implemented by adopting the best Cybersecurity solutions and is certified according to the most recent international standards (IEC 62443-4-1 AND IEC 62443-4-2).
Today, the Group's offering is modular, featuring different levels of hardware and software integration and it is structured as follows:
embedded PCs in the form of boards and subsystems, which represent Eurotech's historical offering and are purely hardware products with only the integrated operating system;
Industrial PC (IPC), which represent the main offering of InoNet Computer GmbH, the German subsidiary acquired in September 2022;
Edge gateways, i.e. devices with hardware and software integrated that enable communication between assets operating in the field and data platforms in the cloud, both public and private;
Edge server, i.e. rugged computing units located in the field, close to the assets and dedicated to local processing of the data they generate;
Edge AI appliances, i.e. high-performance systems with integrated hardware and software to safely and remotely process AI algorithms directly in the field, eliminating unnecessary and costly data transfers to centralised servers;
software for the integration of Operational Technology and Information Technology: the "Everyware Software Framework" (ESF) edge framework on the OT side and the "Everyware Cloud" (EC) integration platform on the IT side.

The sectors in which the Group has historically developed most of its turnover are industry and transport, followed by the medical sector. More recently, the new offer of integrated hardware and software for industrial IoT applications has also made it possible to enter new sectors, such as energy.

From a strategic point of view, the Group's current choice is to focus on four vertical markets combining larger size and higher growth rates in the future years: industrial automation, transport & offroad, medical, renewable energies & networks for energy-gas-water.

Summary of performance in the third quarter of 2025 and business outlook

Introduction

The interim management report of the Eurotech Group at 30 September 2025, which has not been independently audited, and the statements for comparative periods were drawn up according to the IAS/IFRS standards issued by the International Accounting Board and endorsed by the European Union.

The Group's results at 30 September 2025 and comparable periods were prepared according to the IAS/IFRS standards in force on the date of preparation and the statements drawn up according to Annex 3D of the Italian Issuers' Regulation no. 11971 of 14 May 1999, as amended and supplemented.

Reporting policies

The consolidated financial statements were drafted on the basis of the accounts at 30 September 2025 prepared by the consolidated companies and adjusted, where necessary, to align them with the Group's IFRS-compliant accounting and classification policies.

The assessment and accounting policies and consolidation methods used to prepare the Consolidated Quarterly Report are consistent with those used in the Group Consolidated Annual Financial Report at 31 December 2024, to which express reference is made, except for the adoption of new standards, amendments and interpretations in force as of 1 January 2025.

The calculation of taxes was carried out on the basis of the best possible estimate that can currently be carried out, also taking into consideration the tax benefit of tax-losses carried forward based on the expected results for the end of the year. According to the criterion used for translation into Euro of accounts expressed in different currencies, statement of financial position items are translated at the exchange rate in effect on the final day of the accounting period, and income statement items are translated at the average exchange rate for the period. Differences arising from translation of the statement of financial position and income statements are posted to a Shareholders' Equity reserve.

Unless otherwise specified, the financial statements, tables and explanatory notes are expressed in thousands of Euro.

In accordance with CONSOB requirements, Income Statement figures are shown for the quarter under review and are compared with data for the same period in the previous financial year (FY). Restated Balance Sheet figures, which refer to the closing date of the quarter, are compared with the figures at the closing date of the previous FY. The format of the financial statements is the same as that used in the Half-Yearly Report and in the Annual Financial Statements.

The preparation of the financial statements and the related explanatory notes required the use of estimates and assumptions, with particular reference to provisions for impairment and risk reserves. Estimates are revised periodically, and any adjustment, following changes in the circumstances on which the estimate was based or in light of new information, is booked in the income statement. The use of estimates is an essential part of preparing the accounting statements and is not prejudicial to their overall reliability.

This document presents some alternative performance indicators to allow for better evaluation of the Group's economic and financial performance. These are as follows:

Gross profit, or the difference between revenues from sale of products and services and consumption of raw materials;
ADJ. EBITDA is an intermediate figure, determined gross of non-recurring costs and revenues, before amortisation, depreciation and impairment of non-current assets, financial income and expenses, valuations of affiliates at equity and income taxes for the period. This is a measure used by the Group to monitor and assess its operating performance, net of any non-recurring costs or revenues that therefore do not occur frequently in the ordinary course of business. Since the composition of EBITDA is not regulated by the reference accounting standards, the calculation criterion applied by the Group may not be consistent with that used by other companies and would therefore not be comparable;
EBITDA, or earnings before amortisation, depreciation and impairment of non-current assets, the valuation of affiliates at equity, financial income and expenses and income taxes for the period;
EBIT, or earnings before the valuation of affiliates at equity, financial income and expenses and income taxes for the period.

Operating performance in the period Turnover of the first nine months of 2025 was €35.18 million compared to €43.00 million for the first nine months of 2024. The decrease at constant exchange rates is 17.7%, while at historical exchange rates the increase is 18.2%. This trend nevertheless shows an improvement compared to the 31.0% decrease recorded in the first quarter and the 26.6% decrease recorded in the first six months. This improvement is due to the recovery in orders received during the first half of 2025. The Group's significant backlog for the fourth quarter of the year confirms that turnover in the second half of the year will be significantly higher than that recorded in the first half of 2025.

The business area that suffered the greatest reduction in turnover was traditional embedded business, particularly as a result of turnover trends in the US and the crisis in the industrial sector in Europe.

As a result, Edge AIoT turnover remains the most significant, accounting for 67.2% of the total compared to 59.8% in the first nine months of 2024.

In absolute terms, the Edge AIoT business did not grow compared to the previous year, as a result of the slowdown in orders in Europe due to the crisis in the industrial sector in general.

With reference to the breakdown of revenues by geographical area of the Group's activities, Europe is the main area, contributing 64.8% to the Group's turnover (in the first nine months of 2024 it was 60.6%) despite a 21.0% reduction in absolute terms in the periods compared; Japan ranks second, contributing 29.9% of total turnover (24.7% in the first nine months of 2024) and showing a substantially stable trend in absolute terms in the periods compared; Finally, there is the U.S. area, which, accounts for only 5.3% of total turnover (in the first nine months of 2024 it was 14.6%) with a 70.8% reduction in turnover in the area.

Gross profit in the period totalled €17.35 million, accounting for 49.3% of the turnover perfectly in line with the first half of the year but down from 51.8% in the first nine months of 2024. Last year, the mix of products sold, particularly in the third quarter, had abnormally increased the margin for the period. The consistency of margins over the various quarters of the year is the result of a substantially uniform mix of products sold, combined with continuous control of the costs of purchased components. Operating costs in the first nine months of 2025, gross of adjustments made for internal increases in development activities and net of non-recurring costs, amounted to €23.33 million, down 18.1% compared to €28.50 million in the first nine months of 2024.

Including non-recurring costs of €1.59 million (€0.99 million in the first nine months of 2024), total operating costs for the first nine months amounted to €24.92 million, down 15.5% compared to

€29.49 million in the first nine months of 2024.

The incidence of gross operating costs on revenues, due to the low level of revenues, was 70.8% (66.3% net of non-recurring costs) compared to 68.6% (66.3% net of non-recurring costs) in the first nine months of 2024.

The decrease in costs is mainly the result of the reorganization measures adopted between the end of 2024 and the first few months of the year in various geographical areas, supplemented in part by the use of social amortization where possible.

As of 30 September 2025, there were 314 employees (361 as of 31 December 2024, and 374 as of 30 September 2024), with an average of 338 for the period (383 in the nine months of 2024). Personnel costs, net of non-recurring costs, fell from €17.61 million to €14.95 million, a reduction of 15.1%. Including non-recurring costs, the change was 11.5%.

The non-recurring costs reported in the income statement for the first nine months of 2025 relate to the Group's reorganization activities and concern three aspects in particular: one-off personnel costs related to workforce reduction, certain service costs incurred to facilitate and speed up this reorganization, and the portion relating to the severance pay granted to the Chief Executive Officer upon his departure in June 2025. In the first half of 2024, costs mainly related to personnel costs for workforce reorganization and, in part, to certain related service costs.

Adjusted EBITDA i.e., net of non-recurring costs, amounted to €-3.75 million (-10.7% of revenues) in the first nine months, compared to €-3.26 million in 2024 (-7.6% of revenues). Considering the non-recurring costs EBITDA for the first nine months of 2025 amounted to -€5.34 million (-15.2% of revenues), compared to €-4.25 million (-9.9% of revenues) for the first nine months of 2024. Adjusted EBIT of the first nine months, i.e. the operating result for the period net of non-recurring costs and the effects arising as depreciation and amortization from the accounting of the "purchase price allocation" related to the business combination of InoNet Computer GmbH, was -€7.09 million (-20.2% of revenues), compared to -€6.46 million in 2024 (-15.0% of revenues). In addition to the above, this performance also reflects the depreciation and amortisation recognised in the income statement in the first nine months of 2025, deriving from operating assets becoming subject to depreciation and amortisation in that same period.

The effects of accounting for the "purchase price allocation" related to the business combination of InoNet Computer GmbH resulted in amortization on the higher values attributed to intangible assets (customer list and trademark) of €0.23 million both in the first nine months of 2025 and in the equivalent period of 2024.

Operating income (EBIT) amounted to -€8.91 million in the nine months of 2025 while it was -€7.68 million in the same period of 2024. Depreciation, amortization, and impairment losses on tangible and intangible fixed assets amounted to €3.56 million, compared with €3.43 million in the same period of 2024.

Financial management in the first nine months of 2025 was negative for €623 thousand, while it was for €126 thousand in the first nine months of 2024. For greater detail, please refer to the comments made in the Explanatory Note "J".

In terms of the Group's net result, the figure for the first nine months was -€8.92 million (-25.3% of revenues), while it was -€7.90 million in the same period of 2024 (-18.4% of revenues).

At 30 September 2025, the Group had a net financial debt of €19.40 million, compared to a net debt of €20.40 million at 31 December 2024. The lower level of debt is the combined effect of the benefit of capital contributions of €6 million made by the relative majority shareholder Emera S.r.l. and the use of resources for operational management and investments made. Net working capital amounted to €10.42 million at 30 September 2025, compared with €14.68 million at 31 December 2024. The reduction in working capital is mainly linked to the dynamics of collections and payments, while the trend in inventories had a limited impact. Net working capital as a percentage of pro-forma turnover for the last 12 rolling months stood at 20.3%.

With reference to the performance of the third quarter alone, turnover amounted to €13.70 million, similar to the figure recorded in the third quarter of 2024 and an improvement of 2.21% when

compared at constant exchange rates. In fact, turnover for the third quarter of 2024 amounted to

€13.73 million at historical exchange rates and €13.40 million at constant exchange rates. This improvement is a tangible reversal of the trend, as it comes after eight consecutive quarters in which each quarter was lower than the corresponding quarter of the previous year. The mix of products sold was different in the periods compared, as was turnover in the various geographical areas, with lower turnover in the United States and Japan and higher turnover in the European Union and other areas. The gross margin for the third quarter was 49.4%, compared to approximately 50% in the third quarter of 2024, net of a one-off sale of high-margin products and services that had brought the gross margin to 56.3%.

The percentage value of the gross margin achieved in the third quarter is in line with that achieved in the first and second quarters of the year.

Recurring operating costs in the third quarter were significantly lower than in the same period last year: in fact, operating costs net of non-recurring costs in the third quarter of 2025 amounted to €6.82 million, compared to €8.49 million in the third quarter of 2024 (-19.7%). Including non-recurring costs, operating costs for the third quarter of 2025 amounted to €7.23 million compared to €9.38 million in the third quarter of 2024.

All the cost-cutting measures implemented enabled the company to achieve a positive adjusted EBITDA of €0.30 million (2.2% of revenue), compared to a negative €0.18 million in the third quarter of 2024 (-1.3% of revenue). EBITDA including non-recurring costs, on the other hand, reached a substantial break-even point of €-0.06 million compared to a negative value of €0.76 million in the third quarter of 2024.

Financial statements and explanatory notes

The trend in operating performance can be seen in the restated consolidated income statement and is shown below, in both absolute amounts and percentage terms:

Consolidated income statement

(€ '000) Sales revenue	Notes C	9M 2025 (b) 35,180	non recurrent	related % parties - 100.0%	9M 2024 (a) 42,995	non recurrent	related % parties 3 100.0%		amount % (7,815) -18.2%
Cost of material	D	(17,829)		-50.7%	(20,724)		-48.2%		(2,895)	-14.0%
Gross profit		17,351		49.3%	22,271		51.8%		(4,920) -22.1%
Services costs	E	(8,046)	(607)	(187) -22.9%	(10,037)	(548)	(576)	-23.3%	(1,991)	-19.8%
Lease & hire costs		(518)		-1.5%	(684)		-1.6%		(166)	-24.3%
Payroll costs	F	(15,936)	(986)	-45.3%	(18,005)	(395)	-41.9%		(2,069)	-11.5%
Other provisions and costs	G	(422)		-1.2%	(768)	(47)	-1.8%		(346)	-45.1%
Other revenues	H	2,227		6.3%	2,969		6.9%		(742)	-25.0%
EBITDA		(5,344)	(1,593)	-15.2%	(4,254)	(990)	-9.9%		(1,090) -25.6%
Depreciation & Amortization	I	(3,563)		-10.1%	(3,321)		-7.7%		242	7.3%
Asset impairment	I	0		0.0%	(104)		-0.2%		(104)	-100.0%
EBIT		(8,907)	(1,593)	-25.3%	(7,679)	(990)	-17.9%		(1,228) -16.0%
Finance expense	J	(1,300)		-3.7%	(2,043)		-4.8%		(743)	-36.4%
Finance income	J	677		1.9%	1,917		4.5%		(1,240)	-64.7%
Profit before tax		(9,530)	(1,593)	-27.1%	(7,805)	(990)	-18.2%		(1,725) -22.1%
Income tax	K	613		1.7%	(98)		-0.2%		(711)	n.s.
Net profit (loss) of continuing operations before minority interest		(8,917)	(1,593)	-25.3%	(7,903)	(990)	-18.4%		(1,014) -12.8%
Minority interest	O	-		0.0%	-		0.0%		- n/a
Group net profit (loss) for period	O	(8,917)	(1,593)	-25.3%	(7,903)	(990)	-18.4%		(1,014) -12.8%

Base earnings per share		(0.245)	(0.224)
Diluted earnings per share		(0.245)	(0.224)

(€ '000) Sales revenue	3rd Qtr 2025 13,697	of which non recurrent	% 100%	3rd Qtr 2024 13,734	of which non % recurrent 100%
Cost of material	(6,934)		-50.6%	(6,003)	-43.7%
Gross profit	6,763		49.4%	7,731	56.3%
Services costs	(2,026)	(38)	-14.8%	(3,113)	(432) -22.7%
Lease & hire costs	(167)		-1.2%	(210)	-1.5%
Payroll costs	(5,037)	(418)	-36.8%	(5,952)	(213) -43.3%
Other provisions and costs	0	99	0.0%	(105)	64 -0.8%
Other revenues	406		3.0%	885	6.4%
EBITDA	(61)		-0.4%	(764)	-5.6%
Depreciation & Amortization	(1,128)		-8.2%	(1,058)	-7.7%
Asset impairment	0		0.0%	(19)	-0.1%
EBIT	(1,189)		-8.7%	(1,841)	-13.4%
Finance expense	(345)		-2.5%	(640)	-4.7%
Finance income	223		1.6%	249	1.8%
Profit before tax	(1,311)		-9.6%	(2,232)	-16.3%
Income tax	(42)		-0.3%	(160)	-1.2%
Net profit (loss) of continuing operations before minority interest	(1,353)		-9.9%	(2,392)	-17.4%
Minority interest	0		0.0%	0	0.0%
Group net profit (loss) for period	(1,353)		-9.9%	(2,392)	-17.4%

Consolidated statement of comprehensive income

(€ '000) Net profit (loss) before minority interest (A)	9M 2025 ( 8,917)	9M 2024 ( 7,903)
Other elements of the statement of comprehensive income
Other comprehensive income to be reclassified to profit or loss insubsequent periods:
Net profit/(loss) from Cash Flow Hedge	( 22)	( 58)

Foreign balance sheets conversion difference	( 545)	( 1,040)

Exchange differences on equity investments in foreign companies	( 2,766)	( 500)

After taxes net other comprehensive income to be reclassified to profit or loss in subsequent periods (B)	( 3,333)	( 1,598)

After taxes net other comprehensive income not being reclassified to profit or loss in subsequent periods (C)	22	-
Comprehensive net result (A+B+C)	( 12,228)	( 9,501)
Comprehensive minority interest	-	-
Comprehensive Group net profit (loss) for period	( 12,228)	( 9,501)

Consolidated statement of financial position

(€'000) ASSETS	Notes	at September 30, 2025	of which related parties	at December 31, 2024	of which related parties
Intangible assets	L a	59,413	62,425
Property, Plant and equipment	L b	7,315	8,367
Investments in affiliate companies		4	4
Investments in other companies		138	152
Deferred tax assets		2,175	1,647
Other non-current assets		440	480
Total non-current assets	L	69,485	73,075
Inventories		17,248	17,141
Trade receivables		8,987	12,405
Income tax receivables		980	934
Other current assets		1,349	1,498
Other current financial assets		17	115
Derivative instruments		7	29
Cash & cash equivalents		5,599	6,170
Total current assets		34,187	38,292
Total assets		103,672	111,367
LIABILITIES AND EQUITY
Share capital		9,657	8,879
Reserves		( 84,350)	( 48,460)
Share premium reserve		138,122	136,400
Net profit (loss) for period		( 8,917)	( 36,155)
Other reserves		( 93,267)	( 84,615)
Group shareholders' equity	O	54,512	60,664
Equity attributable to minority interest	O	-	-
Total shareholders' equity	O	54,512	60,664
Medium-/long-term borrowing		14,588	17,551
Employee benefit obligations		2,182	2,331
Deferred tax liabilities		2,984	3,164
Other non-current liabilities		830	1,200
Total non-current liabilities		20,584	24,246
Trade payables		10,174	9,040
Trade payables from affiliates companies		349	349	399	399
Short-term borrowing		10,321	9,048
Income tax liabilities		543	953
Other current liabilities		7,074	6,902
Business combination liabilities		115	115
Total current liabilities		28,576	26,457
Total liabilities		49,160	50,703
Total liabilities and equity		103,672	111,367

Consolidated statement of changes in shareholders' equity

Cash flow

Actuarial gains/(losses) on

Exchange

rate

Group

Equity attributable

Total

Legal

premium Conversion

Other

hedge

defined benefit

differences

Treasury

Profit (loss) shareholder

to Minority shareholder

(€'000)

capital

reserve

reserves

reserve

plans reserve

reserve

for period

s' equity

interest

s' equity

Balance as at December 31, 2024	8,879	1,776	136,400	( 2,187)	( 51,514)	29 ( 513)		4,611	( 662)	( 36,155)	60,664	-		60,664
2024 Result allocation -		-	-	-	( 36,155)	- -		-	-	36,155 -		-	-
Profit (loss) as at September 30, 2025	-	-	-	-	-	-	-	-	-	( 8,917)	( 8,917)	-		( 8,917)
Comprehensive other profit (loss):
- Hedge transactions	-	-	-	-	-	( 22)	-	-	-	-	( 22)	-		( 22)
- Actuarial gains/(losses) on defined benefit plans for employees	-	-	-	-	-	-	22	-		-	22	-		22
- Foreign balance sheets conversion difference	-	-	-	( 545)	-			-	-	-	( 545)	-		( 545)
- Exchange differences on equity investments in foreign companies	-	-	-	-		-	-	( 2,766)	-	-	( 2,766)	-		( 2,766)
Total Comprehensive result	-	-	-	( 545)	-	( 22)	22	( 2,766)	-	( 8,917)	( 12,228)	-		( 12,228)
Performance Share Plan	-	-	-	-	25	-	-	-	157	-	182	-		182
Increase of capital	778		1,722	-	( 2,606)	-			-		( 106)			( 106)
Future capital increase payment				-	6,000	-			-		6,000			6,000
Balance as at September 30, 2025	9,657	1,776	138,122	( 2,732)	( 84,250)	7	( 491)	1,845	( 505)	( 8,917)	54,512		-	54,512

Cash flow

Actuarial gains/(losses) on

Exchange

rate

Group

Equity attributable

Total

Legal

premium Conversion

Other

hedge

defined benefit

differences

Treasury

Profit (loss) shareholder

to Minority shareholder

(€'000) Notes

capital

reserve

reserves

reserve

plans reserve

reserve

for period

s' equity

interest

s' equity

Balance as at December 31, 2023	8,879	1,776	136,400	375	( 51,270)	102	( 543)	3,380	( 662)	( 3,118)	95,319	- 95,319
2023 Result allocation		-	-	- -	( 3,118)	-	- -		- 3,118		-	- -
Profit (loss) as at September 30, 2024		-	-	- -	-	-	- -		- ( 7,903)		( 7,903)	- ( 7,903)
Comprehensive other profit (loss):
- Hedge transactions	30	-	-	- -		( 58)	- -		- -		( 58)	- ( 58)
- Actuarial gains/(losses) on defined benefit plans for employees		-	-	- -		-	- -		-		-	- -
- Foreign balance sheets conversion difference		-	-	- ( 1,040)	-		-		- -		( 1,040)	- ( 1,040)
- Exchange differences on equity investments in foreign companies		-	-	- -		-	- ( 500)		- -		( 500)	- ( 500)
Total Comprehensive result		-	-	- ( 1,040)	-	( 58)	- ( 500)		- ( 7,903)		( 9,501)	- ( 9,501)
- Performance Share Plan	31	-	-	- -	191	-	- -		- -		191	- 191
- Future capital increase payment				-	2,500	-			-		2,500	2,500
Balance as at September 30, 2024	8,879	1,776	136,400	( 665)	( 51,697)	44	( 543)	2,880	( 662)	( 7,903)	88,509	- 88,509

Net financial position

The table below shows the composition of the Group's net financial position at 30 September 2024, compared to those at 30 September 2025 and 31 December 2024, calculated as defined by CONSOB notice no. 5/21 of 29 April 2021, which refers to the Guidelines of the European Securities and Markets Authority (ESMA), issued on 15 July 2020 and effective from 5 May 2021.

(€'000) Cash	A	at September 30, 2025 5,599	at December 31, 2024 6,170	at September 30, 2024 7,155
Cash equivalents	B	-	-	-
Other current financial assets	C	24	144	159
Cash equivalent	D=A+B+C	5,623	6,314	7,314
Current financial debt	E	4,905	6,808	4,905
Current portion of non-current financial debt	F	5,416	2,240	5,501
Other current financial liabilities	G	115	115	204
Short-term financial position	H=E+F+G	10,436	9,163	10,610
Short-term net financial position	I=H-D	4,813	2,849	3,296
Non current financial debt	J	14,588	17,551	17,699
Debt instrument	K	-	-	-
Trade payables and other non-current payables	L	-	-	-
Medium-/long-term net financial position	M=J+K+L	14,588	17,551	17,699
(NET FINANCIAL POSITION) NET DEBT ESMA	N=I+M	19,401	20,400	20,995

Consolidated net financial debt at 30 September 2025 amounted to €19.40 million, an improvement of €1.00 million compared to €20.40 million at 31 December 2024. This result was determined by the combined effect of operating performance and the payment of €6.0 million towards a future capital increase made by the relative majority shareholder Emera S.r.l..

With regard to cash and cash equivalents, which amounted to €5.60 million, during the period under review, €1.98 million was used for operating cash flow, €2.01 million was used for investments, and financing activities contributed €3.70 million, which includes the aforementioned payments for future capital increases, for €6.0 million net of related ancillary costs of €0.11 million, loans taken out for

€1.91 million, and repayment of short- and medium-term loans for €4.10 million including interest.

Net working capital

The Group's net working capital at 30 September 2025, compared with the balances at 30 September 2024 and 31 December 2024, is as follows:

	at	at at
	September	December September
	30, 2025	31, 2024 30, 2024 Changes
(€'000)	(b)	(a) (b-a)
Inventories	17,248	17,141 20,568 107
Trade receivables	8,987	12,405 11,007	(3,418)
Income tax receivables	980	934 1,480	46
Other current assets	1,349	1,498 1,436	(149)
Current assets	28,564	31,978 34,491	(3,414)
Trade payables	(10,174)	(9,040) (8,408)	(1,134)
Trade payables from affiliates companies	(349)	(399) 0	50
Income tax liabilities	(543)	(953) (594)	410
Other current liabilities	(7,074)	(6,902) (6,534)	(172)
Current liabilities	(18,140)	(17,294) (15,536)	(846)
Net working capital	10,424	14,684 18,955	(4,260)

Cash flows

(€'000)		at September 30, 2025 ( 1,975)	at September 30, 2024 683	at December 31, 2024 4,277
Cash flow generated (used) in operations	A	at September 30, 2025 ( 1,975)	at September 30, 2024 683	at December 31, 2024 4,277
Cash flow generated (used) in investment activities	B	( 2,011)	( 2,910)	( 4,959)
Cash flow generated (absorbed) by financial assets	C	3,704	( 1,617)	( 4,182)
Net foreign exchange difference	D	( 289)	( 429)	( 394)
Increases (decreases) in cash & cash equivalents	E=A+B+C+D	( 571)	( 4,273)	( 5,258)
Opening amount in cash & cash equivalents		6,170	11,428	11,428
Cash & cash equivalents at end of period		5,599	7,155	6,170

A - Group business

Eurotech is a Group that has historically been active in the research, development and marketing of miniaturised computers for special applications, characterised by adverse operating conditions and/or a demand for high reliability. Over the last ten years Eurotech evolved its offering towards solutions with integrated hardware and software for the Internet of Things, consisting of intelligent devices (Edge gateways, Edge servers, Edge AI devices) and a software platform for connectivity and integration with the cloud, both public and private.

The Group's activities are represented in a single sector (called "Modules and Platforms") which consists of: a) embedded computing modules and systems for industrial, transport, medical, energy and communication sectors; b) Edge computers featuring low power consumption and high performances, to be used both in Internet of Things (IoT) solutions and to create applications where Artificial Intelligence (AI) algorithms are used; c) software frameworks and platforms for IoT applications.

Activity in this line is carried out by the following companies: Eurotech S.p.A. operating mainly in Italy, Eurotech Inc. (USA), which mainly operates in the US, Eurotech Ltd (United Kingdom), which mainly operates in the UK, Advanet Inc. (Japan) operating mainly in Japan and InoNet Computer GmbH operating mainly in Germany and neighbouring the German-speaking areas (DACH). Our products are marketed under the Eurotech, Advanet and InoNet trademarks.

B - Scope of consolidation

The line-by-line consolidated companies in the scope of consolidation at 30 September 2024 are as follows:

Company name

Registered offices

Share capital

Group share

Parent company

Eurotech S.p.A. Via Fratelli Solari 3/A - Amaro (Udine) - Italy

EUR 9,657,277

Subsidiaries consolidated line-by-line

EthLab S.r.l.	Via Dante, 300 - Pergine Valsugana (TN) - Italy	EUR	115,000	100.00%
Eurotech Inc.	Columbia - MD (USA)	USD	26,500,000	100.00%
Eurotech Ltd.	Cambridge (UK)	GBP	33,333	100.00%
E-Tech USA Inc.	Columbia - MD (USA)	USD	8,000,000	100.00%
Eurotech France S.A.S.	Lyon (France)	EUR	795,522	100.00%
I.P.S. Sistemi Programmabili S.r.l. in liquidation	Via Fratelli Solari 3/A - Amaro (UD) - Italy	EUR	51,480	100.00%
InoNet Computer GmbH	Taufkirchen (Germany)	EUR	250,000	100.00%
Advanet Inc.	Okayama (Japan)	JPY	72,440,000	90.00% (1)

(1) Officially, the Group owns 90% of the company, but as Advanet holds 10% of the share capital in the form of treasury shares, it is fully consolidated.

Affiliates consolidated at equity
Rotowi Technologies S.p.A. in Via Carlo Ghega, 15 - Trieste, Italy liquidation (formerly U.T.R.I. S.p.A.)	21.31%
Other smaller companies valued at fair value
Kairos Autonomi Inc. Sandy - UT (USA)	19.00%

At 30 September 2025, there was the following change in subsidiaries and affiliates compared to 31 December 2024:

- 31 July 2025 The subsidiary Eurotech France S.A.S. has been liquidated.

The exchange rates used to translate the financial statements of foreign companies into the Eurotech Group's reference currency (euro) are presented in the following table and correspond to those issued by the Italian Foreign Exchange Bureau:

Currency	Average 9M 2025	As of September 30, 2025	Average 2024	As of December 31, 2024	Average 9M 2024	As of September 30, 2024
British pound sterling	0.85059	0.87340	0.84662	0.82918	0.85135	0.83543
Japanese Yen	165.63251	173.76000	163.85191	163.06000	164.28635	159.82000
USA Dollar	1.11878	1.17410	1.08238	1.03890	1.08713	1.11960

C - Revenues

The Group's revenues in the first nine months of 2025 amounted to €35.18 million (€43.00 million in the first nine months of 2024), a decrease of €7.82 million, or 18.2%, compared to the same period of the previous year. At constant exchange rates, turnover decreased by 17.7%. This performance shows an improvement compared to the first half of 2025, which saw a decrease of 26.6%; in fact, the third quarter benefited from the recovery in orders in the first half of the year, the effect of which will be even more evident in the last quarter of the year. However, the first nine months of 2025 remain affected by the crisis in the industrial sector in Europe, with a slight recovery in industrial production in Germany after a markedly negative first half. The US area remains affected by a slow recovery in new Edge AIoT projects following the phase-out of the main customer in the legacy embedded business. The Japanese area recovered the revenue differential seen in the first half of the year, aligning itself with the performance of the corresponding period in 2024.

For operating purposes, the Group is organised in a single business line, also known as business segment, called "Modules and Platforms".

Based on the criteria for monitoring activities currently used, a disclosure on a geographical basis is provided, in terms of the location of the Group's various companies.

The Group's geographical areas are defined according to the localisation of Group assets and operations. The areas identified within the Group are: North America , Europe and Asia.

Revenues by geographic business area

As specifically regards the breakdown of revenues of the business units by geographic area, the same can be further detailed as follows:

(€' 000) Third party Sales	North America		Europe		Asia		Correction, reversal and elimination		Total
(€' 000) Third party Sales	9M 2025 1,858	9M 2024 % YoY Change 6,298	9M 2025 22,790	9M 2024 % YoY Change 26,057	9M 2025 10,532	9M 2024 % YoY Change 10,640	9M 2025 0	9M 2024 % YoY Change 0	9M 2025 35,180	9M 2024 % YoY Change 42,995
Infra-sector Sales	23	152	1,345	4,475	0	12	( 1,368)	( 4,639)	0	0
Total Sales revenues	1,881	6,450 -70.8%	24,135	30,532 -21.0%	10,532	10,652 -1.1%	( 1,368)	( 4,639) -70.5%	35,180	42,995 -18.2%

The North American business area's revenues totalled €1.88 million in the first nine months of 2025 and €6.45 million in the first nine months of 2024, decreased by 70.8%. This reduction is the effect of the phase-out of the legacy embedded business with the area's main customer.

The Europe business area recorded a decline off -21.0% and going from €30.53 million in the first nine months of 2024 to €24.13 million in the first nine months of 2025. This trend is a consequence of the crisis in the European industrial automation sector and the long ramp-up times for Edge AIoT projects underway with customers in the area.

Finally, the Asia business area showed substantial stability, falling from €10.65 million to €10.53 million. At constant exchange rates, turnover was practically unchanged.

Revenues by customer geographic area

The following table shows the breakdown of revenues by customer geographic area:

(€' 000) BREAKDOWN BY GEOGRAPHIC AREA	9M 2025	%	9M 2024	%	% change
European Union	19,303	54.9%	23,257	54.1%	-17.0%
United States	1,941	5.5%	5,925	13.8%	-67.2%
Japan	10,516	29.9%	10,615	24.7%	-0.9%
Other	3,420	9.7%	3,198	7.4%	6.9%
TOTAL SALES AND SERVICE REVENUES	35,180	100.0%	42,995	100.0%	-18.2%

With reference to the values for each geographical area shown in the table, revenues from Europe had the greatest impact on Group turnover (54.9%), despite a 17.0% reduction in absolute terms compared with the first nine months of 2024.

Japan remains the second most significant area, accounting for almost a third of the Group's turnover (29.9%). The reduction in the periods compared is only 0.9%.

The United States contributes less to the Group's turnover, falling from 13.8% to 5.5% as a result of the sharp reduction already mentioned.

The other geographical areas account for the remaining 9.7% of total revenues (7.4% at September 30, 2024), with an increase in both absolute and percentage terms compared to the first nine months of 2024, particularly due to supplies in Europe but outside the European Community.

D - Costs of raw & ancillary materials and consumables used

Costs of raw & ancillary materials and consumables used, which is closely related to turnover, shows a more than proportional increase in the periods considered compared to revenues, rising from €20.72 million in the first nine months of 2024 to €17.83 million in the first nine months of 2024. During the period under review, therefore, there was a change of €2.89 million, equal to 14.0%. The product mix remained substantially constant throughout 2025, while in the third quarter of 2024, sales of high-margin services and products led to significantly lower consumption.

The impact of raw materials, ancillary materials, and consumables on revenues was 50.7% in the first nine months of 2025, compared to 48.2% in the first nine months of 2024.

E - Costs for services

Service costs decreased by €1.99 million during the period under comparison, a reduction of 19.8% from €10.04 million to €8.05 million, although the impact on revenues decreased only slightly from 23.3% in the first nine months of 2024 to 22.9% in the first nine months of 2025 due to lower turnover. It should be noted that in 2025, non-recurring costs were incurred, amounting to €607 thousand in the first nine months. These mainly relate to the severance payment granted to the Chief Executive Officer in June 2025.

Non-recurring costs of €576 thousand were also recorded in the first nine months of 2024 and were related to costs incurred both to optimize the operating costs of the individual legal entities and to complete the financial optimization of the restructuring of medium/long-term loan maturities, which was completed in September 2024.

Although the various entities of the group continue to streamline and optimize the costs of their local operating structures, the Eurotech Group continues to make constant investments, particularly in the IoT platforms business line for industrial and infrastructure applications, as well as in developments related to the Edge Computer product line. These investments continue to be aimed at supporting research and development in order to keep the product portfolio in line with the technological innovations offered by raw material and component manufacturers and at the forefront of customer demands.

F - Payroll costs

Payroll costs for the reference period fell from €18.00 million (41.9% of revenues) to €15.94 million (45.3% of revenues) and include non-recurring costs of €986 thousand in 2025 and €395 thousand in 2024. The decrease at historical exchange rates and net of non-recurring costs is €2.07 million, corresponding to a change of 11.5%.

Over the last two years, personnel costs have been reduced by more than €6 million.

The item "salaries" also includes €182 thousand for the pro-rata temporis portion of the cost relating to the existing Performance Share Plan (in the first nine months of 2024, the amount recorded at cost was €191 thousand).

At the end of September 2025, the number of employees decreased by 47 compared to the end of 2024, mainly as a result of the reorganization carried out in all geographical areas, but mainly in the United States and England, and decreased by 60 compared to September 2024.

The table below shows the number of Group employees:

EMPLOYEES	at September 30, 2025	at December 31, 2024	at September 30, 2024
Management	4	5	5
Manager	5	5	5
Clerical workers	213	255	259
Line workers	92	96	105
TOTAL	314	361	374

G - Other provisions and costs

At 30 September 2025, this item included a provision for doubtful accounts of €15 thousand (€112 thousand in the first nine months of 2024), and refers to provisions made for the possibility of non-collectable trade receivables.

Other provisions and costs on revenues decrease in absolute value (€346 thousand) mainly due to lower provisions for risks of €173 thousand and residually due to higher operating costs. As a result, the percentage to revenues amounted to 1.2% (first nine months of 2024: 1.8%).

H - Other revenues

The item other revenues shows an increase from €2.97 million in the first nine months of 2024 to

€2.23 million in the first nine months of 2025.

Other revenues comprise the capitalisation of development costs for new solutions featuring highly integrated standard modules and systems for €1.88 million (€2.62 million in the first nine months of 2024) and other income of €0.35 million (€0.35 million in the first nine months of 2024).

I - Depreciation, amortisation and impairment

Depreciation, amortisation and impairment increase by €0.13 million, from €3.43 million in the first nine months of 2024 to €3.56 million in the first nine months of 2025.

Furthermore, in 2024 alone, write-downs of €0.10 million were recorded relating to capitalized product development projects that were subsequently deemed to have no adequate market outlet.

The item includes amortization in accordance with IFRS 16 of €0.76 million (€0.96 million in 2024) and amortization due to the allocation of the price of InoNet (with reference to the brand and customer list) of €223 thousand (€224 thousand in 2024).

J - Financial income and expenses

Financial expenses decreased from €2.04 million in the first nine months of 2024 to €1.30 million in the first nine months of 2025, mainly due to foreign exchange losses and lower interest expense.

Financial income, again due to foreign exchange management, decreased by €0.69 million, from €1.92 million in the first nine months of 2024 to €0.68 million in the first nine months of 2025.

The absolute value and impact on revenues of the main components of financial expenses and income are as follows:

foreign exchange losses: €0.61 million at 30 September 2025, with an impact on revenues of 1.7%, compared to €0.99 million at 30 September 2024, with an impact on revenues of 2.3%;
foreign exchange gains: €0.61 million as of 30 September 2025, with an impact on revenues of 1.7%, compared to €1.29 million as of 30 September 2024, with an impact on revenues of 3.0%;
miscellaneous interest expense: €607 thousand as of 30 September 2025, accounting for 1.7% of revenues, compared to €856 thousand as of 30 September 2024, accounting for 2.0% of revenues.

€'000 Exchange-rate losses	9M 2025 605	9M 2024 993	change % -39.1%
Interest expenses	543	778	-30.2%
Interest expenses on lease liabilities	64	78	-17.9%
Other finance expenses	88	194	-54.6%
Financial charges	1,300	2,043 -36.4%
Exchange-rate gains	607	1,294	-53.1%
Interest income	7	11	-36.4%
Gain on derivatives	22	70	-68.6%
Other finance income	41	542	n/a
Financial incomes	677	1,917 -64.7%
Net financial income	( 623)	( 126) 394.4%
% impact on sales	-1.8%	-0.3%

K - Income taxes

Income taxes at 30 September 2024 were positive overall for €613 thousand (of which €30 thousand for current taxes and €643 thousand for net deferred tax assets) compared to a negative impact of

€98 thousand at 30 September 2024 (of which €190 thousand for current taxes and €92 thousand for net deferred tax assets), thus recording lower taxes of €711 thousand.

L - Non-current assets

The net decrease in non-current assets compared to 31 December 2024 amounted to €3.59 million and was mainly due to changes in the exchange rates of tangible and intangible fixed assets, which generated a total negative effect of €2.91 million, as well as an increase in deferred tax assets, having recognized the tax benefit with reference to the German and Japanese subsidiaries, which expect a positive pre-tax result at the end of the year.

Net investments in property, plant and equipment and intangible assets amounted to €2.49 million and were partly offset by amortisation and depreciation of €3.56 million.

a - Intangible assets

The table below shows the breakdown and main changes in intangible assets during the period:

(€ '000)

DEVELOPMEN SOFTWARE TRADEMARKS ASSETS UNDER CONSTRUC TION & OTHER INTANGIBLE TOTAL INTANGIBLE

T COSTS GOODWILL PATENTS				ADVANCES	ASSETS	ASSETS
OPENING BALANCE (A)	3,832	43,323	8,757	4,935	1,578	62,425
Changes as at March 31, 2025
- Purchases	129	-	49	1,769	39	1,986
- Amortisation and impairment in period (-)	( 1,771)	-	( 367)	-	( 113)	( 2,251)
- Other changes	3,758	( 2,299)	( 377)	( 3,626)	( 203)	( 2,747)
Total changes (B)	2,116	( 2,299)	( 695)	( 1,857)	( 277)	( 3,012)
CLOSING BALANCE (A+B)	5,948	41,024	8,062	3,078	1,301	59,413

The carrying value of goodwill and trademarks with an indefinite useful life allocated to each of the cash-generating units is as follows:

(€ '000) Cash generating units Advanet Inc.	at September 30, 2025 Trademark with Goodwill an indefinite useful life 32,094 6,260		at December 31, 2024 Trademark with Goodwill an indefinite useful life 34,200 6,494
InoNet Computer GmbH	5,221	-	5,221	-
Eurotech Ltd.	3,619	-	3,812	-
Other	90	-	90	-
TOTAL	41,024	6,260	43,323	6,494

In 2025, the decrease in values with indefinite useful life is entirely (€2.53 million) attributable to the effect of different foreign exchange ratios.

b - Property, plant and equipment

The table below shows the breakdown of property, plant and equipment and their main changes during the period:

(€ '000)

LAND AND

PLANT AND

INDUSTRIAL & COMMERCIAL

OTHER

ASSETS UNDER CONSTRUC

TION &

RIGHT OF

USE

TOTAL PROPERTY, PLANT &

	BUILDINGS	MACHINERY	EQUIPMENT	ASSETS	ADVANCES	ASSETS	EQUIPMENT
OPENING BALANCE (A)	1,521	504	393	353	1,509	4,087	8,367
Changes as at September 30, 2024
- Purchases	-	16	191	58	-	240	505
- Disposals	-	( 41)	-	( 3)	( 37)	-	( 81)
- Amortisation and impairment in period (-)	( 45)	( 207)	( 138)	( 116)	-	( 806)	( 1,312)
- Other changes	( 1)	1,352	( 11)	4	( 1,470)	( 38)	( 164)
Total changes (B)	( 46)	1,120	42	( 57)	( 1,507)	( 604)	( 1,052)
CLOSING BALANCE (A+B)	1,475	1,624	435	296	2	3,483	7,315

M - Net working capital

Net working capital decreased by €4.26 million from €14.68 million at 31 December 2024 to €10.42 million at 30 September 2025.

This decrease is mainly due to the reduction in current asset and to the actual different trend of collection and payment flows as generally occurs during the quarters.

The net decrease in current assets of €3.41 million is totally due to the decrease in trade receivables. The increase in current liabilities, which increases the differential, amounts to €0.85 million and is the result of the increase in trade payables, including trade payables to associates for €1.08 million and other current liabilities for €0.17 million, partially offset by the reduction in income tax payables of

€0.41 million.

N - Net financial position

Consolidated net financial debt at 30 September 2025 amounted to €19.40 million compared to a net debt of €20.40 million at 31 December 2024. The figures shown include financial liabilities for rights of use, in application of the IFRS 16 accounting standard, amounting to €3.68 million and a business combination debt of €0.11 million, which when subtracted from the net financial debt give a pre-IFRS 16 debt of €15.61 million.

With regard to cash and cash equivalents, which amounted to €5.60 million, operating cash flow amounted to €1.98 million during the period under review, while €2.01 million was used for investments. Cash flow from financing activities amounted to €3.70 million as a result of payments into the future capital increase account for €6.0 million, offset by the assumption of loans for €1.91 million, the repayment of short- and medium-term loans for €4.10 million including interest, and ancillary costs related to the capital increase of €0.11 million.

For furthermore details see also financial cash flows, as indicated on page 21.

Medium/long-term financial liabilities include principal on bank loans and finance leases falling due beyond 12 months.

Short-term financial liabilities mainly consist of current account overdrafts, the current portion of mortgage loans, and payables to other lenders falling due by 30 September 2026.

O - Changes in shareholders' equity

The share capital at 30 September 2024 was made up of 38,629,109 ordinary shares, fully subscribed and paid up, with no nominal value. On 23 June 2025, the Board of Directors, in partial execution of the mandate to increase the share capital conferred upon it by the Extraordinary Shareholders' Meeting of 15 October 2024, pursuant to Article 2443 of the Italian Civil Code, resolved to issue 3,113,325 new ordinary shares, increasing the share capital by €0.78 million.

The balance of the Issuer's legal reserve at 30 September 2024 amounted to €1.78 million.

The share premium reserve, which relates entirely to the Parent Company, is shown at a total amount of €138.12 million following the increase of €1.72 million during the period resulting from the conversion to capital and share premium reserve of the €2.5 million shareholder contribution made in 2024..

The negative translation reserve of €2.74 million was generated by inclusion in the interim management report of the statements of financial position and the income statements of US subsidiaries Eurotech Inc. and E-Tech USA Inc., UK subsidiary Eurotech Ltd. and Japanese subsidiary Advanet Inc.

The "other reserves" item was negative for €84.25 million and consisted of the Parent Company's extraordinary reserve, formed by losses carried forward, allocations of retained earnings from prior years, the reserve for payments on account of future capital increase in the amount of €6.0 million and other miscellaneous reserves. The change in the year is attributable to the allocation of the 2024 result and to the booking of the Eurotech's Performance Share Plans for the period described in a specific section of the 2024 Consolidated Financial Statements and to payments on account of future capital increase of €6.0 million made during 2025.

The cash flow hedge reserve, which includes cash flow hedge transactions pursuant to IAS 39, was positive for €7 thousand and decreased by €22 thousand gross of the tax effect, which was not recognised due to absence of the relative prerequisites.

The foreign exchange reserve in which - based on IAS 21 - foreign exchange differences relating to intra-group foreign-currency loans that constitute part of a net investment in a foreign shareholding are recognised, was positive for €1.84 million and decreased by €2.77 million before the related tax effect, which has not yet been recorded as the conditions for doing so are not met.

Treasury shares held by the parent company Eurotech S.p.A. at the end of the period totalled 183,606 (240,606 at 31 December 2024). The reduction is related to the allocation of shares following the Performance Share plan.