Consolidated Financial Statements (Lindbergh investor relation 30 09 2025 rev3 EN rev1)

Interim Financial Report 2025

(according to IAS/IFRS)

1. MANAGEMENT REPORT TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE LINDBERGH GROUP AS AT 30 June 2025

   1. Introduction page 4

   2. Profile page 5

   3. The Lindbergh Group as at 30 June 2025 page 6

   4. The Lindbergh Group as at 23 September 2025 page 7

   5. Certifications and authorisations page 8

   6. Significant events during the financial year 2025 page 8

   7. Events after 30 June 2025 page 9

   8. Lindbergh on the Stock Exchange page 9

   9. Treasury Shares page 9

   10. The Lindbergh Group's Economic, Financial and Asset Situation page 9

   11. Key Economic and Financial Data page 10

   12. The numbers in detail page 13

   13. Business outlook page 14

2. ATTACHMENTS

   1. Financial Statements page 16

   2. Notes to the Consolidated Financial Statements page 21

   3. Independent Auditor's Report page 52

Bdo Italia S.p.a.

The Independent Auditing Company was appointed by the Ordinary Shareholders' Meeting of Lindbergh on 29 April 2024 and will remain in office until the date of the Shareholders' Meeting called to approve the financial statements for the year ending 31 December 2026.

1. MANAGEMENT REPORT TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF THE LINDBERGH GROUP AS AT 30 JUNE 2025
   1. Introduction

      Dear Shareholders,

      these consolidated interim financial statements as at 30 June 2025 have been prepared on a voluntary basis. It should be noted, in fact, that the group is not obliged to prepare consolidated financial statements pursuant to Legislative Decree 127/1991.

      In accordance with the Euronext Growth Milan Issuers' Regulation, Part One, Article 19, the Group has exercised its option to prepare its financial statements in accordance with International Financial Reporting Standards (hereinafter also referred to as 'IFRS').

      IFRS are all international accounting standards as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union at the date of approval of these financial statements, as well as all interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC).

      The Consolidated Financial Statements reflect the results of the accounting records regularly kept by the parent company and its subsidiaries, adjusted by the eliminations inherent in the consolidation process. The statement of financial position and results of operations of the Group are presented in a clear, true and fair manner in accordance with the provisions of Legislative Decree 127/91, where necessary, the additional information requested by Article 29(3) of the aforementioned decree is also provided.

      Pescarolo ed Uniti (CR), 23 September 2025 The Chairperson of the Board of Directors Marco Pomè

   2. Profile

      The Lindbergh Group operates in Italy. It offers unique, value-added logistics services to customers in a variety of industries through networks of technical assistance and 'field operations management'. The services offered are aimed at increasing the productivity of technicians. In addition, the Group operates two other business units: its Waste Management/Circular Economy services manage the entire flow of industrial waste and act as a single point of contact for large customers with special needs and requirements relating to waste disposal and recovery. In 2023, the Group set up a full-fledged Circular Economy service, where the waste produced by customers is isolated, sorted and processed. Finally, each waste material (leather, rubber, plastics, etc.) is sent for true recovery at centres specialised in these processes and in obtaining secondary raw material. The third business unit, launched in 2023, operates in the HVAC (heating, ventilation and air-conditioning) sector. Through its subsidiary SMIT, the Group aims to become the leading player in Italy in servicing and installing HVAC equipment. Through the acquisition of Technical Assistance Centres throughout Italy, SMIT is acting as an aggregator in a market that is extremely fragmentary. The optimisation of structural costs, combined with the provision of logistics services that Lindbergh has always offered its customers, will from now on be the objectives for process standardisation and cost rationalisation. In addition, the combination of all the different competences will yield benefits in terms of business and sales of services.

      Lindbergh was founded in 2006 on the initiative of Marco Pomè (Chairman of the Board of Directors) and Michele Corradi (Managing Director) - both with long careers in the field of industrial logistics - as a company focused on the provision of structured and 'tailor-made' services in the field of micro-collection of special waste, which has now evolved into a broader activity of coordination and organisation of resources and assets aimed at providing a wide range of integrated services mainly addressed to field service engineers.

      Also thanks to the adoption of an extremely flexible, fast, and above all calibrated operating model focused on field service engineers and their needs (the 'field engineer-centric' model), the use of technological tools (such as software, mobile applications, tracking and geolocation systems), the Group is able to offer highly innovative solutions, not available on the market, aimed at replacing the customer in carrying out support activities that are non-core and unprofitable for the customer with respect to its core business, all while complying with policies to reduce energy consumption and carbon dioxide (CO2) emissions and observing contractually agreed service levels.

   3. The Lindbergh Group as at 30 June 2025

      Lindbergh Spa

      (79%) (100%)

      Lindbergh France Sas Smit Srl (HVAC)

      (100%)

      Gatti Ermanno Srl (MC)

      RCR Srl (VR)

      (100%)

      (60%)

      Idro Calor Srl (PR)

      ITR Srl (RM)

      (100%)

      (100%)

      EPS Srl (LC)

      Eco Manutenzioni Srl (RM)

      (100%)

      (100%)

      Vergottini Srl (SO)

      *Alfatermica Srl: business unit transferred to and integrated into Idrocalor as of April 2025

   4. The Lindbergh Group as at 23 September 2025

      Lindbergh Spa

      (79%) (100%)

      Lindbergh France Sas Smit Srl (HVAC)

      (100%)

      Gatti Ermanno Srl (MC)

      RCR Srl (VR)

      (100%)

      (60%)

      Idro Calor Srl (PR)

      ITR Srl (RM)

      (100%)

      (100%)

      EPS Srl (LC)

      Eco Manutenzioni Srl (RM)

      (100%)

      (100%)

      Vergottini Srl (SO)

      Termotecnica Monzese Srl (MB)

      (100%)

      *Alfatermica Srl: business unit transferred to and integrated into Idrocalor as of April 2025

   5. Certifications and authorisations

      The operational parent company Lindbergh S.p.a. possesses all the necessary authorisations to run the three Business Lines, which represent an important barrier to entry into the relevant sectors, as well as quality certifications issued by accredited bodies.

      In particular, the Company:

      • is registered in the Road Haulage Register maintained by the Ministry of Infrastructure and Sustainable Mobility;

      • is registered in the National Register of Environmental Managers held by the Ministry of Ecological Transition as an authorised entity (i) for the collection and transport of special non-hazardous waste, (ii) for the collection and transport of hazardous waste, and (iii) for the intermediation and trade of waste without holding;

      • is authorised by local authorities (Provinces and Metropolitan Cities) to store special waste (in the local units of Opera (MI), Calderara di Reno (BO), Vigonza (PD), Fiano Romano (RM);

      • is certified according to UNI EN ISO 9001:2015 ('Quality Management Systems');

      • is certified according to UNI EN ISO 14001:2015 ('Environmental Management Systems');

      • is certified according to UNI ISO 45001:2018 ('Occupational Health and Safety Management Systems');

      • is certified according to UNI EN ISO 27001:2018 ('Information Security Management Sys-tems').

        In November 2021, an organisational, management and control model was also adopted pursuant to Legislative Decree No. 231/2001, as a set of protocols regulating and defining the corporate structure and the management of its sensitive processes, as well as appointing the relevant Supervisory Board.

   6. Significant events during the first half of 2025

      On 7 January 2025, the company announced that it had signed, through its subsidiary Idro-Calor Srl, a preliminary agreement for the acquisition of the business unit of Alfatermica Srl of Parma (HVAC).

      On 9 January 2025, the company announced the composition of its new fully subscribed and paid-up share capital, following the allocation of 1,243,485 newly issued Lindbergh ordinary shares, resulting from the exercise of 2,486,970 warrants during the third and final exercise period, from December 5, 2024, to 20 December 2024.

      On 28 January 2025, the company announced the closing of the acquisition transaction, through its subsidiary SMIT Srl, of ITR Srl and Eco Manutenzioni Impianti Srl of Rome.

      On 29 April 2025, the Ordinary Shareholders' Meeting approved the Financial Statements as at 31 December 2024.

      On 30 April 2025, the company announced the closing of the acquisition of the Alfatermica Srl business unit, finalised by its subsidiary Idrocalor Srl of Parma.

   7. Events after 30 June 2025

      On 2 July 2025, the company announced that it had acquired three new major customers in the Network Management BU, including Aprolis Italia (with a potential of around 100 maintenance technicians) and Schneider Electric for the integrated management of the logistics of specialised tools for technicians in the field.

      On 7 July 2025, the company announced that it had signed, through its subsidiary SMIT Srl, a preliminary agreement for the acquisition of Termotecnica Monzese Srl of Monza (HVAC). The closing of the transaction took place on 3 September 2025.

   8. Lindbergh on the Stock Exchange

      Admission to trading took place following the placement, at an offer price of EUR 1.70 per share, of a total of 2,675,000 ordinary shares, of which 2,499,000 shares as part of a capital increase and 176,000 shares placed as part of the exercise of the over-allotment option on sale granted by the shareholders Pibes S.r.l., Pinvest S.r.l., Livingston S.r.l. to Integrae SIM S.p.A., as Global Coordinator.

      The total value of the funding raised through the placement is EUR 4,547,500, of which EUR 4,248,300 from the capital increase and EUR 299,200 deriving from the exercise of the over-al-lotment option on sale granted by the shareholders Pibes S.r.l., Pinvest S.r.l., Livingston S.r.l.

      The free float of the Company post-listing is 29.74% of the share capital. Based on the offer price, the expected post-money market capitalisation was EUR 14,448,300.

      The share capital of Lindbergh S.p.A., after the capital increase, consists of a total of 9,742,485 ordinary shares with no par value. The following identification codes have been assigned:

      • Shares (Alphanumeric Code: LDB - ISIN Code: IT0005469272)

   9. Own shares

      By resolutions passed at the Shareholders' Meetings on 8 September 2022 (for the first plan) and 29 April 2024 (for the second plan), the Share Purchase and Disposal Plan was approved. As at 30 June 2025, the company held 202,365 treasury shares, equal to 2.07% of the share capital.

   10. Lindbergh Group's economic, financial and asset situation Alternative Performance Indicators

       In accordance with the ESMA recommendation on alternative performance indicators (ESMA/2015/1415), the following table highlights the main alternative performance indicators used to monitor the Group's economic and financial performance.

       EBITDA is a non-GAAP measure used by the Group to measure its performance. EBITDA is calculated as the algebraic sum of the profit for the period before taxes, income (including foreign exchange gains and losses), financial expenses and depreciation, amortisation and write-

       downs. Please note that EBITDA is not identified as an accounting measure under the IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Company may not be homogeneous with that adopted by other groups and, therefore, the balance obtained by the Company may not be comparable with that determined by the latter.

       EBIT is a non-GAAP measure used by the Group to measure its performance. EBIT is calculated as the algebraic sum of the profit for the period before tax, financial income (including foreign exchange gains and losses), and financial expenses. Please note that EBIT is not identified as an accounting measure under the IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Company may not be homogeneous with that adopted by other groups and, therefore, the balance obtained by the Company may not be comparable with that determined by the latter. Net result is a non-GAAP measure used by the Group to measure its performance. Net profit is calculated as the profit for the period before related costs and tax effects. Net Financial Debt is a good indicator of the Group's financial structure. It is determined as the result of current and non-current financial liabilities less cash and cash equivalents and current financial assets.
   11. Key Economic and Financial Data

       The following table summarises the Group's results for the first half of 2025 compared to the same period of 2024 in terms of revenue, EBITDA, EBIT, EBT and net profit.

       Consolidated Income Statement as at 30 June 2025

       	30/06/2025	30/06/2024*	Var.	Var. %
       Revenues from sales and services	15,639,935	10,185,125	5,454,810	53%
       of which Network and Warehouse Management Line	6,229,449	6,175,999	53,450	0.8%
       of which Waste/Circular Economy Line	2,255,409	1,773,607	481,802	27%
       of which HVAC	7,155,077	2,235,519	4,919,558	220%
       Other revenues and income	203,082	276,239	(73,157)	-26%
       Total Revenues	15,843,017	10,461,318	5,381,699	51%
       Purchase of materials and processing	(3,701,434)	(1,645,181)	(2,056,253)	124%
       Provision of services	(3,994,246)	(3,287,070)	(707,176)	21%
       Changes in inventories	67,691	63,170	4,521	7%
       Labour costs	(4,850,205)	(3,169,712)	(1,680,493)	53%
       Other operating costs	(564,775)	(366,680)	(198,095)	54%
       Total operating costs	(13,042,969)	(8,405,473)	(4,637,496)	55%
       Gross operating margin (EBITDA)	2,800,048	2,055,845	744,203	36%
       EBITDA margin	17.7%	19.6%
       Amortisation of intangible fixed assets	(179,356)	(133,396)	(45,960)	34%
       Amortisation of rights of use (IFRS 16)	(589,024)	(440,795)	(148,229)	33%
       Depreciation of tangible fixed assets	(303,680)	(298,164)	(5,516)	1%
       Revaluations/write-downs	0	0	0	n/a
       Operating profit (EBIT)	1,727,988	1,185,885	542,103	45%
       Financial income	4,589	13,813	(9,224)	-66%
       Financial expenses	(168,944)	(95,246)	(73,698)	77%
       Profit/(loss) before tax	1,563,633	1,104,452	459,181	41%
       Income taxes for the year	(454,270)	(292,072)	(162,198)	55%
       Net result from CONTINUING OPERATIONS	1,109,363	812,380	296,983	36%
       Net Profit Margin	7%	7.7%
       Net result of ASSETS SOLD	0	35,474	(35,474)	n/a
       Result for the year	1,109,363	847,854	261,509	31%
       Group result for the year	1,070,955	835,774	89,685	28%
       Operating profit pertaining to minority interests	38,408	12,080	26,328	217%

       Consolidated Net Financial Debt as at 30 June 2025

       	30/06/2025	31/12/2024	Var.	% change
       A. Cash and cash equivalents	2,815,987	5,038,386	(2,222,399)	-44%
       B. Cash equivalents	0	0	0
       C. Other current financial assets	251,711	249,443	2,268	1%
       D. Liquidity (A) + (B) + (C)	3,067,698	5,287,829	(2,220,131)	-42%
       E. Current financial debt	0	0	0
       F. Current portion of non-current bank debt	1,583,834	1,607,799	(23,965)	-1%
       F. Current portion of non-current lease/rent debt	1,173,154	1,026,445	146,709	14%
       G. Current financial debt (E) + (F)	2,756,988	2,634,244	122,744	4%
       H. Net current financial debt (G) - (D)	(310,710)	(2,653,585)	2,342,875	88%
       I. Non-current bank debt (over 1 year)	2,454,264	3,161,146	(706,882)	-22%
       I. Non-current lease/rent debt (over 1 year)	2,329,207	2,018,663	310,544	15%
       J. Debt instruments	0	0	0
       K. Other non-current payables for acquisitions (over 1 year)	799,000	895,250	(96,250)	-10%
       L. Non-current financial debt (I) + (J) + (K)	5,582,471	6,075,059	(492,588)	-8%
       M. Total financial debt (H) + (L)	5,271,761	3,421,474	1,850,287	54%
       N. Current and non-current Leasing/Rent	(3,502,361)	(3,045,108)	457,253	15%
       O. Other non-current payables for acquisitions	(799,000)	(895,250)	(96,250)	-10%
       Total net bank debt (M) + (N) + (O)	970,400	(518,884)	1,489,284	287%

   12. The numbers in detail

       In this section, we will present a series of detailed tables illustrating the performance of the business, with the aim of providing as much information as possible for all the Group's stakeholders. Please note that all financial data shown for 2024 exclude the figures relating to Lindbergh France's operations.

       Sales revenues and gross margin by Business Unit

       Figures in thousands of euro	30/06/2025	30/06/2024	% change
       Network & Warehouse Management	6,229	6,175	+0.8%
       Waste/Circular Economy	2,255	1,775	+27%
       HVAC	7,155	2,235	+220%
       Total revenues from services	15,639	10,185	+53%

       EBITDA by Group company

       Figures in millions of euro	30/06/2025	30/06/2024	% change
       Lindbergh Spa	1.71	1.67	-2.3%
       EbitDa Margin % - Lindbergh Spa	19.8%	20.8%
       Smit Group (HVAC)	1.13	0.34	+232%
       EbitDa Margin % - Smit Group (HVAC)	15.6%	15.4%
       Total EBITDA	2.80	2.05	+36%
       EbitDa Margin % - Total Group	17.7%	19.6%

       The Network/Warehouse Management BU showed consistent performance compared to the first half of 2024. In absolute terms, there was a slight drop in revenue, due to a difference in working days in 2025 versus 2024: there are in fact 3 fewer working days this year. The value of average daily revenue in 2025 is up by 3.3% compared to the value in 2024. This difference has impacted primarily on margins, since, as already mentioned, the revenue figure for this BU is crucial given its fixed cost structure.

       The Waste/Circular Economy BU saw an organic growth of 27% compared to the first half of 2024, with margins remaining in line with those recorded last year. A strong boost came from the implementation of the CircularItalie project with the LV Group and the increase in organic revenue from some important existing customers.

       The aggregate figures of the SMIT Group (HVAC) are growing strongly. The consolidation of the companies acquired in 2024 and at the beginning of 2025 led to a strong increase in revenues and a margin (EBITDA) above 15%. The strong seasonality of this sector, being skewed towards the winter season, could lead to a further improvement in the financial indices from now until the end of 2025. The incorporation of Termotecnica Monzese from September 2025 will also contribute to growth.

       Group Cash Flow

       Figures in thousands of euro	Group 30/06/2025	Group 30/06/2024
       Cash flow before changes in net working capital	2,981	2,282
       Cash flow from changes in net working capital	409	(1,460)
       Other variations	(776)	(166)
       Operating cash flow	2,614	654
       Cash flow from investing activity	(4,325)	(937)
       Cash flow for financing activity (third-party financing)	(401)	588
       Cash flow from capital increase (warrant conversion)	0	0
       Cash flow from buyback	(109)	(22)
       Total cash and cash equivalents	(2,222)	328

       The cash flow analysis for the first six months of 2025 shows a healthy increase in operating cash flow, resulting from both the final removal of Lindbergh France's receivables and payables and the implementation of a non-recourse factoring line, which allowed the early settlement of a significant portion of accrued trade receivables that had not yet reached their natural maturity date. The use of factoring in this form may be increased in the coming months, especially based on the group's liquidity needs. The available limit amounts to EUR 2 million. Investment activities are also continuing at a sustained pace, with a significant portion of the cash raised at the end of 2024 for the conversion of warrants being used to make payments to HVAC company sellers. The net cash outflow related to extraordinary transactions amounted to EUR 2.88 million in the first half of 2025. This value is calculated as follows: (total purchase price - cash at the time of acquisition in the target companies - deferred payment liabilities to the sellers - proceeds from the sale of operations in France). Regarding the proceeds from the sale of the French business, the quarterly turnover trends, which serve as the basis for calculating the amounts owed to us by the buyer, are slightly higher than anticipated. Proceeds will end on 30 June 2026.

   13. Business outlook

       For the second half of 2025, revenues of the HVAC BU are expected to increase due to both the companies acquired during the year and seasonality. During the winter (starting in October), almost all companies enter the high season with a significant increase in extraordinary maintenance work. Organic growth in the Waste/Circular Economy BU is expected to remain strong. The Network & Warehouse Management BU is expected to show a growth trend in line with the first half of the year. With the decline in interest rates, the credit market could become appealing for increased utilisation of financial leverage.

2. Attachments
   1. Financial Statements Consolidated Balance Sheet

      Consolidated Balance Sheet	Notes	30.06.2025	31.12.2024
      Tangible fixed assets	1	2,542,031	2,625,684
      Rights of Use	2	3,550,947	3,133,055
      Goodwill	3	7,570,224	4,173,475
      Intangible assets	4	1,547,366	1,457,153
      Fixed assets		15,210,568	11,389,367
      Non-current financial assets	5	3,073	3,073
      Other non-current financial assets	5	78,580	58,793
      Other non-current assets	6	72,220	72,973
      Deferred tax assets	7	15,310	0
      Non-current assets		169,183	134,839
      Inventories	8	1,643,093	1,363,794
      Trade receivables	9	6,156,989	8,476,189
      Current financial assets	10	251,711	249,443
      Current tax assets	11	898,125	1,196,059
      Other current assets	11	1,090,198	1,624,392
      Accrued income and prepaid expenses	11	678,071	398,618
      Cash and cash equivalents	12	2,815,987	5,038,386
      Current assets		13,534,174	18,346,881
      Assets		28,913,925	29,871,087
      Share capital	13	323,502	323,502
      Legal reserve	13	56,493	56,493
      Other reserves	13	6,535,509	8,617,782
      OCI reserve	13	48,839	22,656
      FTA RESERVE	13	(55,178)	(55,178)
      Retained earnings/accumulated losses	13	1,600,792	(719,098)
      Result for the period	13	1,070,955	327,776
      Group shareholders' equity		9,580,912	8,573,933
      Result for the period pertaining to minority interests	13	38,408	(310,749)
      Shareholders' equity pertaining to minority interests	13	(255,346)	57,028
      Shareholders' equity	13	9,363,974	8,320,212
      Provisions for risks and charges	14	2,449	2,449
      Deferred taxes	15	13,770	6,684
      Post-employment benefits	16	1,579,917	1,547,247
      Payables for non-current rights of use	17	2,329,207	2,018,663
      Non-current financial liabilities	18	2,454,264	3,161,146
      Other non-financial liabilities	19	799,000	895,250
      Non-current liabilities		7,178,607	7,631,439
      Payables for current rights of use	17	1,173,154	1,026,445
      Current financial liabilities	18	1,583,834	1,607,799
      Trade payables	20	4,272,371	6,282,928
      Current tax liabilities	21	862,748	1,126,203
      Other payables	22	3,473,976	3,320,357
      Accrued expenses and deferred income	22	1,005,261	555,704
      Current liabilities		12,371,344	13,919,436
      Shareholders' Equity and Liabilities		28,913,925	29,871,087

      Consolidated Income Statement

      Consolidated Income Statement	Notes	30.06.2025	30.06.2024*
      Revenues from sales and services	23	15,639,935	10,185,125
      Other revenues and income	24	203,082	276,193
      Total Revenues		15,843,017	10,461,318
      Purchase of materials	25	(3,701,434)	(1,645,181)
      Provision of services	26	(3,994,246)	(3,287,070)
      Changes in inventories		67,691	63,170
      Labour costs	27	(4,850,205)	(3,169,712)
      Other operating costs	28	(564,775)	(366,680)
      Total Operating Costs		(13,042,969)	(8,405,473)
      Gross operating margin (EBITDA)		2,800,048	2,055,845
      Amortisation of intangible assets	29	(179,356)	(133,396)
      Amortisation of rights of use (IFRS 16)	29	(589,024)	(440,795)
      Depreciation of tangible fixed assets	29	(303,680)	(295,769)
      Revaluations/write-downs	29	0	0
      Operating profit (EBIT)		1,727,988	1,185,885
      Financial income	30	4,589	13,813
      Financial expenses	30	(168,944)	(95,246)
      Profit/(loss) before tax		1,563,633	1,104,452
      Income taxes for the year		(454,270)	(292,072)
      Operating result from continuing operations		1,109,363	812,380
      Profit/(loss) for the year from discontinued operations		0	35,474
      Result for the year		1,109,363	847,854
      of which, result for the year attributable to the Group		1,070,955	835,774
      of which, result for the year attributable to minority interests		38,408	12,080

      *Data presented in accordance with IFRS 5

      Statement of Comprehensive Income

      Euro	Notes	30.06.2025	30.06.2024
      Profit (loss) for the year		1,109,363	847,854
      Components that cannot be reclassified to the Income Statement
      Actuarial gains (losses) on employee benefit provisions	16	27,032	36,751
      Tax effect on other comprehensive income that can be reclassified to the income statement		(849)	(8,820)
      Total comprehensive income (loss) for the year		1,135,546	875,785

      Statement of Changes in Consolidated Shareholders' Equity

      Shareholders' Equity	Balances as at 31.12.2024	Allocation of the result for the year	Purchase of minority shares	Purchase of treasury shares (stock grants)	Other variations	Result for the year	Balances as at 30.06.2025
      Share capital	323,502						323,502
      Legal reserve	56,493						56,493
      Reserves from FTA	(55,178)						(55,178)
      OCI reserve	22,656				26,183		48,839
      Other reserves:
      Share premium reserve	5,970,291						5,970,291
      Stock option reserve	28,742						28,742
      Negative reserve for own shares in portfolio	(443,132)			(109,708)			(552,840)
      Reserve for future capital increase	24,740	(24,740)					0
      Extraordinary reserve	3,037,141	(1,978,474)			30,649		1,089,316
      Total Other reserves	8,617,782	2,003,214		(109,708)	30,649	0	6,535,509
      Retained earnings/ accumulated losses	(719,098)	2,330,990	(10,000)		(1,100)		1,600,792
      Result for the year	327,776	(327,776)				1,070,955	1,070,955
      Total Shareholders' Equity of the Group	8,573,933	0	(10,000)	(109,708)	55,732	1,070,955	9,580,912
      Capital and reserves pertaining to minority interests	57,028	(310,749)			(1,625)		(255,346)
      Profit (Loss) for the year pertaining to minority interests	(310,749)	310,749				38,408	38,408
      Total Shareholders' Equity pertaining to minority interests	(253,721)	0				38,408	(216,938)
      Total Shareholders' Equity	8,320,212	0	(10,000)	(109,708)	54,107	1,109,363	9,363,974

      Shareholders' Equity	Balances as at 31.12.2023	Allocation of the result for the year	Purchase of minority shares	Purchase of treasury shares (stock grants)	Other variations	Result for the year	Balances as at 30.06.2024
      Share capital	282,467						282,467
      Legal reserve	56,493						56,493
      Reserves from FTA	(55,178)						(55,178)
      OCI reserve	54,661				(27,909)		26,752
      Other reserves:
      Share premium reserve	3,263,224						3,263,224
      Stock option reserve	28,742						28,742
      Negative reserve for own shares in portfolio	(271,095)			(41,692)			(312,787)
      Reserve for future capital increase	24,740						24,740
      Extraordinary reserve	2,033,078	931,130			40,498		3,004,706
      Total Other reserves	5,078,689	931,130		(41,692)	(40,498)	0	6,008,625
      Retained earnings/ accumulated losses	(648,617)	228,436	(272,546)		(58,060)		(750,787)
      Result for the year	1,159,566	(1,159,566)				835,774	835,774
      Total Group Shareholders' Equity	5,928,081	0	(272,546)	(41,692)	(45,471)	835,774	6,404,146
      Capital and reserves pertaining to minority interests	64,429	18,957	(34,244)				49,142
      Profit (Loss) for the year pertaining to minority interests	18,957	(18,957)				12,080	12,080
      Total Shareholders' Equity pertaining to minority interests	83,386	0	(34,244)			12,080	61,222
      Total Shareholders' Equity	6,011,467	0	(306,790)	(41,692)	(45,471)	847,854	6,465,368

      With regard to the composition of 'Other changes' and the changes during the year, please refer to Note 13, Shareholders' Equity.

      Consolidated Cash Flow Statement

      Cash flow statement, indirect method	30.06.2025	30.06.2024
      A. Cash flows from operations (indirect method)
      Profit (loss) for the year	1,109,363	847,854
      Income Taxes	454,270	291,749
      Interest expenses/(interest income)	164,355	87,334
      (Gains)/losses on disposal of assets	0	0
      1. Profit (loss) for the year before income tax, interest, dividends, and capital gains/losses on disposals	1,727,988	1,226,937
      Adjustments for non-monetary items that do not have a balancing entry in net working capital	20,922	28,357
      Depreciation of fixed assets	1,072,060	917,865
      Other upward (downward) adjustments for non-monetary items	160,489	109,593
      Total adjustments for non-monetary items that did not have a balancing entry in net working capital	1,253,471	1,055,815
      2. Cash flow before changes in NWC	2,981,459	2,282,752
      Changes in net working capital
      Decrease/(increase) in receivables from customers	2,339,962	(715,707)
      Decrease/(increase) in inventories	(67,691)	(235,164)
      Increase/(decrease) in trade payables	(2,405,971)	(101,550)
      Decrease/(increase) in accrued income and prepaid expenses	(275,410)	(25,468)
      Increase/(decrease) in accrued expenses and deferred income	(91,435)	(235,300)
      Other changes in net working capital	909,869	(147,723)
      3. Cash flow after changes in NWC	3,390,783	821,840
      Other adjustments
      Interest received/(paid)	(142,527)	(74,838)
      (Income taxes paid)	(493,128)	(28,093)
      Other receipts/(payments)	(140,466)	(64,019)
      Total other adjustments	(776,121)	(166,950)
      Cash flow from operating activities (A)	2,614,662	654,890
      B) Cash flows from investing activities
      (Investments)/disinvestments in tangible fixed assets	(164,313)	(211,798)
      (Investments)/disinvestments in intangible fixed assets	(269,569)	(216,889)
      (Investments)/disinvestments in financial fixed assets	0	0
      (Investments)/disinvestments in right of use	(1,008,155)	(435,390)
      (Investments)/disinvestments in financial assets	(2,268)	(18,530)
      Investments for acquisitions net of cash acquired	(2,881,392)	(55,109)
      Cash flow from investing activities (B)	(4,325,697)	(937,716)
      Third-party financing
      Increase/(decrease) in current payables for lease and rent right of use	(150,402)	(41,105)
      Contracting of non-current lease and rent financing	0	400,490
      Repayment of non-current lease and rent financing	(706,882)	(435,705)
      Increase/(decrease) in short-term payables due to banks	(61,277)	(491,217)
      Financing (non-current part)	1,009,702	1,500,000
      Loan repayments (non-current)	(491,172)	(264,426)
      Increase/(decrease) in capital and reserves attributable to minority interests	(1,625)	(34,244)
      Own funds
      Sale (purchase) of own shares	(109,708)	(22,800)
      Paid-in capital increase	0	0
      Cash flow from financing activities (C)	(511,364)	610,993
      Increase/(decrease) in cash and cash equivalents (a ± b ± c)	(2,222,399)	328,167
      Cash and cash equivalents at the beginning of the year	5,038,386	2,032,449
      Cash and cash equivalents at the end of the year	2,815,987	2,360,616

   2. Notes to the Interim Consolidated Financial Statements

The Company has prepared these condensed consolidated interim financial statements as at 30 June 2025 in accordance with International Financial Reporting Standards (hereinafter also IFRS), as issued by the International Accounting Standard Board (IASB) and endorsed by the European Union at the date of approval of these financial statements.

The term IFRS also includes all International Accounting Standards (IAS) and all interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC).

In the preparation of the condensed consolidated interim financial statements, prepared in accordance with IAS 34 'Interim Financial Reporting', the same accounting principles were applied as those already adopted in the preparation of the consolidated financial statements as at 31 December 2024, to which reference should be made for completeness.

The Condensed Consolidated Interim Financial Statements as at 30 June 2025 reflect the results of the accounting records regularly kept by the parent company and its subsidiaries, adjusted by the eliminations inherent in the consolidation process. The statement of financial position and results of operations of the Group are presented in a clear, true and fair manner in accordance with the provisions of Legislative Decree 127/91; where necessary, the additional information required by Article 29(3) of the aforementioned decree is also provided.

It should be noted that the company has decided to adopt the International Financial Reporting Standards (IFRS) as of the financial year ending 31 December 2021.

With reference to IAS 1 Paragraphs 25 and 26, the Parent Company's Directors confirm that, in view of the Company's economic outlook, capitalisation and financial position, there are no uncertainties regarding the Group's ability to continue as a going concern and that, consequently, it will adopt the typical accounting standards of a going concern when preparing the condensed consolidated interim financial statements as at 30 June 2025.

The figures in these condensed consolidated interim financial statements are comparable with the same figures in the first half of the previous year, unless otherwise indicated in the notes to the individual items. When comparing the individual items in the income statement and statement of financial position, the changes in the scope of consolidation reported in the specific section must also be taken into account. Information on the Group's activities and significant events occurring after the end of the six-month period are presented in the Management Report. These condensed consolidated interim financial statements as at 30 June 2025 were prepared by the Board of Directors and approved by it at its meeting on 23 September 2025. They are audited by BDO Italia S.p.A., by virtue of the assignment given to it.

On 27 December 2024, the subsidiary Lindbergh France SA finalised the sale of its business unit related to night-time delivery operations in France to TCS SAS ("TCS"), a company owned by the Sterne Group, a multinational with over thirty years of experience in logistics and transport solutions. The transaction became effective on 1 January 2025.

The divested business unit, part of Lindbergh France, involved transport and delivery of spare parts as well as related ancillary services, such as the collection of waste directly from the vans of maintenance technicians.

In H1 2024, the business unit generated revenues of EUR 5.2 million with an EBITDA margin of 1.7%, while as at 31 December 2023, it reported revenues of EUR 10.7 million and an EBITDA margin of 0.4%.

The transaction also included the transfer of four employees (one manager and three warehouse operators), along with the lease agreement for the central warehouse located in Le Coudray-Montceaux, south of Paris. All materials and equipment used to deliver the services, as well as contracts with customers and suppliers, were also transferred as part of the deal.

The sale price will be determined over the eighteen months following the effective date, based on actual revenues generated by the customers transferred from Lindbergh France. At the end of each quarter, the revenue generated by the transferred customers will be calculated, using the same tariffs previously applied by Lindbergh. Lindbergh France will then receive a payment calculated as a percentage of those revenues. Under this structure, the expected consideration for the transaction is between EUR 1.2 million and EUR 1.5 million. The agreement also includes a transitional services contract, valid for a maximum of eighteen months, to ensure a smooth transition and integration process. Amounts received under the agreement will benefit from tax advantages, as they will be offset against accumulated tax losses incurred by Lindbergh France since 2020. As a result, no taxes will be payable on the proceeds, which will be treated as net income. No additional costs or cash outflows are expected for Lindbergh France in relation to the sale. The investee Lindbergh France remains part of the Group's perimeter and will continue its activities in logistics and transport (excluding the divested operations), with a strategic focus on the regeneration of materials for the luxury sector.

In these Interim Consolidated Financial Statements, for comparative purposes, the business subject to the branch sale occurring in 2024 has been accounted for as Discontinued Operations, in accordance with IFRS 5, taking into consideration the materiality and specificity of the transaction. Accordingly:

• In the income statement for the first half of 2024, the revenues and income, as well as costs and expenses from 1 January 2024 onwards of activities constituting the Discontinued Operations, have been reclassified under item 'Profit (loss) from Discontinued Operations' (EUR 0.03 million in 2024).

• In the statement of financial position, the assets and liabilities relating to the "Night-time delivery operations in France" are still presented. This is because the disposal of the branch, which took place in 2024, did not involve the sale of the parent company's equity interest. Accordingly, the balance sheet figures as at 31 December 2024 have not been restated;

• In the cash flow statement for H1 2025, the cash flows from operating, investing and financing activities for the period from 1 January 2025 to 30 June 2025 are presented, with comparative figures provided for H1 2024. The application of IFRS 5 does not result in any changes to equity and, consequently, does not generate impacts on cash flow.

It is also noted that transactions between Continuing and Discontinued Operations have been treated as transactions between independent third parties, and that the income statement and balance sheet figures relating to the Discontinued Operations include the effects of intra-group eliminations. In this document, all income statement data for the first half of 2024 have been restated to allow for a like-for-like comparison with those of the first half of 2025. The balance sheet data as at 31 December 2024 are those published in the 2024 Consolidated Financial Statements.

The Consolidated Interim Financial Statements as at 30 June 2025 comprise the Statement of Financial Position, Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Statement of Changes in Shareholders' Equity, Statement of Cash Flows and these Notes.

They include the financial statements of Lindbergh S.p.A. and those of companies in which it holds, directly or indirectly, a majority of the votes exercisable in the ordinary shareholders' meeting, companies in which it has sufficient votes to exercise a dominant influence in the ordinary shareholders' meeting, and companies over which it has a dominant influence by virtue of a contract or a clause in the articles of association.

The financial statements used for consolidation are those prepared by the competent corporate bodies of the respective companies in accordance with uniform accounting standards (IAS/IFRS). Unless otherwise specified, the values shown in the Notes to the Financial Statements are expressed in euro units.

It is hereby certified that, in order to provide a true and fair view of the balance sheet, financial position, and results of operations, it was not necessary to depart from the application of any

provisions of Legislative Decree No. 127/91.

As at 30 June 2025, the Lindbergh Group S.p.A. consisted of the following companies:

Subsidiaries are consolidated on a line-by-line basis. The main criteria adopted for the application of this method include:

1. the carrying value of the equity investments held by the Parent Company and the other companies included in the scope of consolidation is eliminated against the related share-holders' equity when the assets, liabilities, costs and revenues of the subsidiaries are assumed in their total amount regardless of the size of the equity investment held;

2. transactions giving rise to debit and credit, cost and revenue items, between companies consolidated on a line-by-line basis, are eliminated. In particular, unrealised profits from transactions between group companies included at the balance sheet date in the valuation of inventories are eliminated;

3. the difference between the acquisition cost and the net assets of the investee companies, at the date of first consolidation, is allocated, where possible, to the assets and liabilities of those companies, up to their current value. Any residual portion is recorded in an asset item called 'Goodwill', unless it is to be charged in full to the income statement; the residual por-

   tion of the cancellation difference not allocable to the subsidiary's assets and liabilities and goodwill is charged to the income statement;

4. dividends from consolidated equity investments recognised as income from equity investments in the income statement of the parent company or other companies holding such equity investments are eliminated against the item 'Retained earnings/accumulated losses';

5. any portions of shareholders' equity and the result for the period pertaining to third parties are shown under appropriate headings in the consolidated balance sheet and income statement;

6. companies acquired during the period are consolidated from the date on which control was acquired;

7. capital goods acquired under finance leases are reflected in the consolidated financial statements according to the financial method, which requires the asset to be recognised as a tangible fixed asset, its consequent depreciation, the recognition of the payable to the lessor and the recognition of financial expenses recognised on an accrual basis in the income statement. These assets were recorded at their initial value and depreciated from the date the leasing contract was signed;

8. the excess of the purchase price over the net assets of the acquired companies is allocated, where possible, to the assets and liabilities of those companies and, for the portion having the nature of goodwill, to the item 'Goodwill'. Goodwill is not amortised, but is tested for impairment annually, or more frequently if specific events or changed circumstances indicate the possibility of impairment, in accordance with IAS 36 - Impairment of Assets. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Upon the disposal of a part or all of a business previously acquired and whose acquisition resulted in goodwill, the corresponding residual value of the goodwill is taken into account in determining the gain or loss on disposal.

9. the portion of shareholders' equity attributable to non-controlling interests in the consolidated companies is shown separately in a special equity item called 'Shareholders' equity pertaining to minority interests', while the portion of minority interests in the net result of these companies is shown separately in the consolidated income statement under 'Operat-ing profit pertaining to minority interests'.

The following table shows the changes in the scope of consolidation in the first half of the financial year 2025 compared to the consolidated financial statements as at 31 December 2024. It should be noted that on 1 January 2025, Alberti Srl was merged by incorporation into RCR Srl, generating a Merger Reserve in the financial statements of the acquiring company of a value equal to the shareholders' equity as of 31 December 2024 of the merged company.

Alfatermica Srl (business unit)

Eco Manutenzioni Srl (100% purchase)

ITR Srl (100% purchase)

The valuation criteria adopted by the Group, inspired by the IAS/IFRS accounting standards, are consistent and substantially unchanged from those applied in the annual financial statements for the year ended 31 December 2024, with the exception of the new accounting standards adopted starting from the 2025 financial year listed below.

With reference to the areas relevant to the Group, with effect from 1 January 2025 the following accounting standards and amendments to accounting standards issued by the International Accounting Standards Board (IASB) and transposed by the European Union by means of an EU Regulation are mandatorily applicable:

The amendments clarify, correct or remove redundant or conflicting wording or formulations in the text of the relevant principles.

The application of these changes and new interpretations had no impact on the Group's financial statements.

With reference to the areas relevant to the Group, the following changes in accounting standards will be mandatorily applicable as of next year, as the EU endorsement process has already been completed:

The amendments concern in particular:

• the accounting elimination (derecognition) of a financial liability through electronic payment systems. It is clarified that the settlement date of a liability through electronic payments is the date on which the liability is extinguished. Where certain specific criteria are met, derecognition may still be accounted for even before the delivery of cash at the settlement date;

• classification of certain financial assets, including those with characteristics related to envi-

  ronmental, social and corporate governance (ESG) factors, which may now meet the IFRS 9 criterion of Solely payments for principle and interest (Sppi), provided their cash flows are not significantly different from those of an identical financial asset without such a characteristic;

• Financial statement disclosures in relation to investments in equity investments irrevocably measured at fair value through other comprehensive income, for which separate disclosure is required of the income and expenses for the period realised on the possible disposal of assets from those arising from the period-end valuation.

  Amendments to IFRS 9 and IFRS 7 - Contracts for the purchase of electricity from renewable sources Document issued by the IASB on 18 December 2024, applicable from 1 January 2026 with early application permitted. These amendments aim to support entities in accounting for the financial effects of power purchase agreements (PPAs) for electricity generated from renewable sources. Under these contracts, the amount of electricity produced and purchased can vary based on uncontrollable factors, such as weather conditions. The amendments concern in particular:

• Clarifications on the application of the "own use" exception to such contracts;

• Criteria for hedge accounting eligibility of renewable energy PPAs;

• Disclosure requirements to enable users of financial statements to understand the impact of such contracts on financial performance and cash flows.

  On 18 July 2024, the IASB published the document 'Annual Improvements to International Financial Reporting Standards - Volume 11', applicable from 1 January 2026. These improvements include eight amendments to five existing international accounting standards, shown below:

• IFRS 1 - First-time adoption of the International financial reporting standards. The improvement resolves a potential source of error due to inconsistency of IFRS 1 with respect to the requirements for hedge accounting under IFRS 9 'Financial Instruments';
• IFRS 7 - Financial instruments: disclosures. The IASB introduced three changes:

  • Recognition of gains or losses at the time of derecognition. The improvement resolves a potential source of confusion in relation to the recognition of gains or losses on derecognition as IFRS 7 had a reference to a paragraph deleted from the accounting standard when IFRS 13 "Fair Value Measurement" was issued;

  • Disclosure of differences between fair value and transaction price. This change addresses an inconsistency between IFRS 7 and its implementation guidance;

  • Introduction and disclosure of credit risk. The improvement clarifies that implementation guidance does not necessarily illustrate all disclosure requirements under IFRS 7, and provides more concise explanations to simplify interpretation.

• IFRS 9 - Financial instruments. The IASB introduced two changes:

  • accounting elimination by the lessor of a lease liability. The improvement resolves a po-

    tential lack of clarity in the application of the requirements within IFRS 9 in relation to the lessee's accounting for the extinguishment of a lease liability;

  • transaction price. The improvement resolves a source of potential confusion arising from a reference within Appendix A of IFRS 9 to the definition of 'transaction price' found in IFRS 15 'Revenue from Contracts with Customers', as the term 'transaction price' is used in various places in IFRS 9 with a meaning that is not necessarily consistent with the definition found within IFRS 15;

• IFRS 10 - Consolidated Financial Statements. The improvement resolves a source of potential confusion caused by an inconsistency in the IFRS 10 regarding the investor's identification of a 'de facto' agent;
• IAS 7 - Statement of Cash flows. The improvement resolves a potential source of error in the application of paragraph 37 of IAS 7 arising from the use of the term 'cost method', which is no longer defined within the International Financial Reporting Standards.

  The amendments clarify, correct or remove redundant or conflicting wording or formulations in the text of the relevant principles.

  The directors are currently evaluating the possible effects of the introduction of these changes on the Group's consolidated financial statements.

  Accounting standards, amendments and interpretations not yet endorsed by the European Union

  The following standards, updates and amendments to IFRS standards (already approved by the IASB) relevant to the Group are in the process of being implemented by the competent bodies of the European Union:

  IFRS 18 - Presentation and disclosure in financial statements. Document issued by the IASB on 9 April 2024, applicable from 1 January 2027 with early application permitted. The new standard, which will replace IAS 1 'Presentation of Financial Statements', improves the disclosure of corporate performance in terms of comparability, transparency and usefulness of published information, and introduces substantial changes in the structure of financial statements with particular reference to the income statement and, to a lesser extent, the cash flow statement. In particular:

• some classifications of revenues and expenses are revised, introducing the distinction between the operating, investment and financial sections, as well as confirming the already existing tax and discontinued operations categories;

• two new sub-totals (operating profit and profit before financial management and income taxes) are introduced;

• the use of the operating result as the starting point for the presentation of the cash flow statement prepared under the indirect method is required;

• provision is made for the elimination of certain alternative classification options of currently permissible items in the cash flow statement, such as interest and dividends received and paid.

Entities are also required to identify and disclose non-IFRS performance indicators used by management to comment on economic and financial trends, justifying them and reconciling them with the items in the IFRS financial statements.

Finally, the standard introduces new criteria for the aggregation and disaggregation of information within the notes.

With reference to the new standard outlined above, the directors are currently evaluating the possible effects on the Group's consolidated financial statements related to its introduction.

Tangible fixed assets net of the related accumulated depreciation amounted to EUR 2,542,031. Depreciation as at 30 June 2025 amounted to EUR 303,680.

The following table details the changes in the items constituting Tangible Fixed Assets and the related Accumulated Depreciation.

Tangible fixed assets are entered on the assets side of the Balance sheet at purchase or production cost plus directly attributable ancillary charges, totalling EUR 2,542,031, reflecting the following classification:

1) land and buildings;