Financial statement at December 31st 2025

Siav S.p.A. Benefit corporation | Annual Financial Statement File as at 31/12/2025

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Siav S.p.A. Benefit corporation | Annual Financial Statement File as at 31/12/2025

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Directors' Management Report on the Financial Statements as at 31 December 2025 4

Financial Position 45

Income Statement and Comprehensive Income Statement 47

Statement of Changes in Equity 50

Statement of changes in equity 51

Financial Statement 52

Notes to the Financial Statements as at 31 December 2025 54

Notes to the Items of the Accounting Situation and Financial Position 75

Notes to the Items of the Income Statement 93

Siav S.p.A. Benefit corporation | Annual Financial Statement File as at 31/12/2025

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CORPORATE GOVERNANCE

The corporate governance system of Siav S.p.A., as well as the definition of corporate bodies and positions, is aimed at achieving a balance between the need for flexibility and timeliness in decisions, the search for absolute transparency in the relationships between the various centres of responsibility and external stakeholders and the precise identification of roles and consequent responsibilities.

THE COMPOSITION OF THE CORPORATE BODIES IS AS FOLLOWS:

BOARD OF DIRECTORS

Alfieri Voltan Chair

Nicola Voltan Director and Chief Executive Officer

Leonardo Bernardi Director

Daniele Boggian Director

Emanuele Campagnoli Independent Director

Pierpaolo Guzzo Independent Director

BOARD OF STATUTORY AUDITORS

Giuseppe Sartori Chair

Emanuele Dai Prà Standing Statutory Auditor

Francesco Sabattini Standing Statutory Auditor

Donatella Barbiero Alternate Statutory Auditor

Simone Sartori Alternate Statutory Auditor

SUPERVISORY BOARD

Silvia Quaglia Chair

Daiana Diaferio Member

Alessia Clementi Member

INDEPENDENT AUDITING FIRM

BDO Audit Services S.r.l.

INTRODUCTION

The financial statements as at 31 December 2025 of Siav S.p.A. (hereinafter referred to as 'Siav' or simply the 'Company'), have been drawn up since 2023 in accordance with the evaluation and measurement criteria established by the International Financial Reporting Standards (IFRS), as well as the related interpretations of the International Financial Reporting Interpretation Committee (IFRIC), previously called the Standing Interpretation Committee (SIC), issued by the International Accounting Standards Board (IASB)and approved by the European Union.

Siav's share capital is held as follows as at 31 December 2025:

Shareholders

Share Capital no. of shares

Share Capital

%

(*) Company 53.53% owned by Alfieri Voltan, 7.70% owned by Marinella Zanco, 12.92% owned by Federica Bo, 12.92% owned by Nicola Voltan and 12.92% owned by Matteo Voltan.

Please note that, as at 4 August 2022, Siav shares are listed on the Euronext Growth Milan market, a multilateral trading system organised and managed by Borsa Italiana (ISIN code: IT0005504128).

EGM index (sx)

SIAV_P (sx)

SIAV_Vol (dx)

0

0

50.000

2

100.000

4

150.000

6

200.000

8

250.000

10

SIAV Stock Price vs EGM Index (2025)

Price (€) / EGM Index (÷1,000)

Volume

CORPORATE STRUCTURE

The corporate structure of Siav as at 31 December 2025 is shown in the following chart:

100%

20.54%

Siav Connect FZE

Siav Suisse S.a.g.l.

Consorzio Consis

Credit Service S.p.A.

Mitric S.A.

Siav East Europe S.r.l.

10.64%

100%

100%

100%

The main information of its subsidiaries is reported below:

Siav Connect FZE

is the NewCo established in May 2025, a Siav Group company based in Dubai responsible for managing operations in the MEA (Middle East and Africa) markets. This newly established company is the operational point of contact that will handle all business development, software deployment, delivery and after-sales activities for the Connect platform on the ground.

Siav East Europe S.r.l.,

a company incorporated under Romanian law, provides business process outsourcing and document indexing services to the Siav Group; this company will undergo voluntary liquidation by the management in the course of 2026.

Siav Suisse S.a.g.l., in liquidation

is a Siav Group company that operated in the Swiss market, marketing the Archiflow software.

Mitric S.A., in liquidation is the company that, during the first half of 2025, took part in the demerger process and subsequent sale of the subsidiary Mitric S.r.l.

Credit Service S.p.A., a fintech company specializing in the financial management of supply chains, invoices and trade credit; in particular, Credit Service S.p.A. has developed MyCreditService, a platform directly connected to the management system of each client company, through entire credit portfolios can be sold, which is included in the Group's commercial offer.

Consorzio Consis, a consortium active in public administration, healthcare and health, with products and services in the field of ICT, information systems, consultancy and training, strategic for the Company for the purposes of participating in tenders and acquiring new contracts.

GENERAL BUSINESS CYCLE ANALYSIS

Throughout 2025, the slowdown in inflation, the partial easing of trade tensions towards the end of the year, and the reduction of interest rates by major central banks helped to contain downward pressures on global growth. In the third quarter of 2025, the most recent data available (sources: Istat), the performance of the major economies was better than expected overall, supported by robust consumer spending in the United States, the resilience of the eurozone, and an improvement in the manufacturing sector in China.

The start of 2026 was characterised by the resurgence of geoeconomic tensions and new sources of international instability, such as the recent US military operations in Venezuela. There also continue to be major armed conflicts with potential economic and geopolitical implications, including the ongoing war in Ukraine and the persistent tensions in the Middle East, which are contributing to an elevated global risk profile and increased volatility in international markets. Against this backdrop, downside risks to the global economy are exacerbated by uncertainties regarding the direction of the Federal Reserve's monetary policy, as well as by potential financial imbalances stemming from specific market segments, such as the artificial intelligence sector.

In the final months of 2025 and early 2026, the Italian economy showed signs of slowing down, albeit with a degree of stability compared to the eurozone average. Initially, the easing of trade tensions and interest rate cuts boosted liquidity and supported economic activity, while the emergence of new international instabilities helped to curb growth.

In Italy, GDP recorded a modest increase (+0.1% in the third quarter), with varying performance across sectors. Trade grew moderately (exports up 3.4%, imports up 3.7% in the first ten months of the year), while employment showed an upward trend, despite a cyclical decline in November. Inflation remained low (1.7% per annum), supporting household purchasing power. These figures highlight the need to manage the budget prudently, taking into account both international pressures and domestic variables such as growth, employment and prices.

KEY ECONOMIC INDICATORS FOR ITALY AND THE EURO AREA. Economic changes (%)

* Trend changes ** Absolute differences compared to the previous month Source: Eurostat, European Commission, Istat

THE DOCUMENT MANAGEMENT MARKET

This chapter analyses the trends in the global, European and Italian markets for Enterprise Document Management Systems (EDMS) over the two-year period 2024-2025, based on the report 'Enterprise Document Management System Market - Global Forecast 2026-2032' (360iResearch, February 2026). The main qualitative trends expected for 2026 are then outlined.

1. Global scenario

   The global market for Enterprise Document Management Systems reached a value of US$ 7.16 billion in 2025, an increase of 11.5% compared to US$ 6.43 billion in 2024. The CAGR for the period 2018-2025 stood at 9.54%, reflecting sustained demand driven by cloud migration, the automation of document work-flows, and the integration of artificial intelligence capabilities.

   Microsoft Corporation leads the market with a share of 12.65%, followed by Open Text (9.59%) and IBM (8.40%). Together, the top four players control 36.5% of the market, while the top eight account for 56.5%, confirming a competitive structure that is visible but not dominated by any single player.

   Key indicators: 2024 vs 2025

   Italian market

   $183.4 mln

   ▲ +11.4% vs 2024:

   $164.6 mln

   EMEA Market

   $3.11 bln

   ▲ +11.4% vs 2024:

   $2.79 bln

   Global Market

   $7.16 bln

   ▲ +11.5% vs 2024:

   $6.43 bln

   Table 1 - Global Market Size by Region (USD million)

   Region / Area	2023	2024	2025	Change % 24->25	CAGR 18-25
   Global Market	5,782.86	6,425.92	7,163.61	+11.5%	9.54%
   EMEA	2,516.75	2,794.78	3,113.45	+11.4%	9.47%
   European Union	1,551.68	1,721.49	1,915.92	+11.3%	-
   Asia-Pacific	1,859.23	2,073.28	2,319.86	+11.9%	9.90%
   Americas	1,406.87	1,557.85	1,730.29	+11.1%	9.19%

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

   
   
   

   Fig. 1 - Evolution of the EDMS Market: Global, EMEA and Italy (2018-2025)

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

   Table 2 - Global Market Shares by Provider (2025)

   Rank	Operator	2025 share	FPNV 2025
   1	Microsoft Corporation	12.65%	Forefront
   2	Open Text Corporation	9.59%	Forefront
   3	IBM Corporation	8.40%	Forefront
   4	Hyland Software, Inc.	5.86%	Forefront
   5	Adobe, Inc.	5.80%	Forefront
   6	Box Inc.	5.63%	Forefront
   7	Oracle Corporation	4.50%	Vital
   8	Google LLC	4.10%	Vital
   -	Other operators	43.47%	Miscellaneous

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

   
   
   

   Fig. 3 - Global EDMS Market Shares by Operator (2025)

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

2. The European Market (EMEA)

   The EMEA region remains the largest in terms of market size, with US$ 3.11 billion in 2025, accounting for 43.5% of the global total. Growth compared to 2024 was +11.4%. Western Europe exhibits mature demand driven by document governance, regulatory compliance (GDPR, EU AI Act, DORA/NIS2) and the modernisation of processes in regulated sectors.

   Germany, the United Kingdom and France are the key European markets. In 2025, the European Union reached US$ 1.92 billion. The European regulatory drive is significantly raising the bar for EDMS systems, creating opportunities for vendors capable of delivering governed AI, auditability and control over data residency.

   Table 3 - 2024/2025 comparison: Main European Countries (USD million)

   Country	2023	2024	2025	Change % 24->25	CAGR 2018-25
   Germany	457.87	506.77	562.59	+11.0%	9.14%
   France	215.43	239.23	266.51	+11.4%	9.47%
   United Kingdom	253.64	280.63	311.43	+11.0%	9.10%
   Italy	148.13	164.55	183.38	+11.4%	9.51%
   Spain	127.94	142.09	158.32	+11.4%	9.49%

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

   
   
   

   Fig. 2 - EDMS market: Comparison of 2024 vs 2025 in the Main European Countries

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

3. The Italian Market

   In 2025, the Italian Document Management market reached US$ 183.4 million, an increase of 11.4% compared to US$ 164.6 million in 2024. Italy ranks 9th globally, immediately behind Canada (US$ 197.7 million). The historical CAGR for 2018-2025 was 9.51%, higher than the average for France, Germany and the United Kingdom.

   The leading sectors are public administration, manufacturing, banking and insurance, and utilities. Demand in Italy is characterised by a growing focus on regulatory compliance (CAD, BFSI sector regulations), digital signatures and electronic document storage, factors that set the Italian market apart from other European markets.

   Table 4 - Evolution of the Italian Market, 2018-2025 (USD million)

   Country	2018	2019	2020	2021	2022	2023	2024	2025
   Italy	97.07	104.18	112.40	122.07	134.06	148.13	164.55	183.38

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

   
   
   

   Fig. 4 - Performance of the EDMS market in Italy: 2018-2025 (USD million)

   Source: 360iResearch, Enterprise DMS Market Report, Feb. 2026

   Italy's position in the global context (2025)

   • 9th largest country in the world in terms of EDMS market size (2025)

   • Global market share in 2025: ~2.6%

   • CAGR 2018-2025: 9.51% (higher than the UK 9.10%, Germany 9.14%, France 9.47%)

   • Growth 2024 → 2025: +11.4% (+US$ 18.8 million)

   • Key drivers: Digital public administration (NRRP), regulatory compliance, electronic storage

4. Outlook for 2026: Qualitative Trends

2026 is expected to be a year of selective acceleration, during which competitive dynamics will shift from traditional document management to governed document intelligence platforms. Preliminary estimates suggest a global market of around US$ 8 billion, with the EMEA region accounting for over US$ 3.47 billion and Italy for approximately US$ 205 million.

Governed AI as the New Competitive Standard

The integration of artificial intelligence capabilities into EDMS systems will no longer be an optional differentiator but will become a core requirement expected by enterprise buyers. In 2026, the major vendors - Microsoft with SharePoint Agents, Box with AI Units, and OpenText with CE 25.x - will consolidate business models based on premium AI, with consumption-based pricing linked to queries, data extraction and work-flow automation. The challenge will be to demonstrate measurable ROI and robust governance.

Impact of the EU AI Act and the DORA/NIS2 Regulations

In 2026, the deadlines for the entry into force of the EU AI Act and the DORA provisions will generate additional structural demand in the regulated sectors in Europe - primarily banking, insurance and critical infrastructure. Organisations will be required to demonstrate the auditability of their document processes and control over their AI models. This will favour vendors with explainable AI, sovereign deployment and comprehensive audit trails.

Cloud Migration, Hybrid Architectures and Data Sovereignty

Migration to cloud and hybrid architectures will continue to be the main driver of spending in 2026, with a particular focus on data sovereignty. Federated architectures, which enable the orchestration of content distributed across existing repositories without requiring a full migration, are expected to grow, thereby reducing implementation risk and ensuring compliance with European regulatory requirements.

High-Growth Verticals in Italy: Public Administration and Healthcare

In the Italian context, 2026 is expected to confirm Public Administration and the Healthcare sector as the two fastest-growing verticals. Public administration is benefiting from the NRRP's digitalisation plan. The healthcare sector is driven by the need for clinical privacy and integration with electronic health record systems. Both segments will favour solutions with a strong focus on compliance and on-premises or sovereign cloud deployment options.

Market Consolidation and Opportunities for Specialists

2026 will see an intensification of M&A activity, with major vendors acquiring players specialising in vertical AI, document intelligence and migration. At the same time, there remains a competitive space for players with in-depth vertical expertise and the ability to integrate with local ERP/CRM ecosystems. In Italy, the network of local system integrators and software houses continues to play a key role in the implementation and customisation of EDMS solutions.

*The data presented is taken from the report 'Enterprise Document Management System Market - Global Forecast 2026-2032' (360iResearch, February 2026, report code MRR-4303D72694E0). Figures are expressed in millions or billions of US dollars (USD). The 2018-2025 CAGR is calculated over the historical period; the 2026 projections are estimates provided by the source. The data on the Italian market relates to the enterprise EDMS segment as defined by the source.

Siav is a software house that has been operating for over 36 years (1989) in the Content Services Platform sector (cf. CSP - Gartner). Over the years, with the introduction and development of many processes involving the management of digital documents, Siav has integrated its proposition with business process outsourcing services delivered with proprietary software solutions. The Company provides high-value-added professional services directly to its clients through a dedicated technical organisation; it operates on several fronts to foster development and growth, focusing on strategic investments in various sectors. The main highlights of the investments can be listed as follows:

Siav's value proposition is based on four main pillars:

1. Software platforms for document and process management

   Integrated solutions - including Archiflow, Connect and Frame - designed to digitalise and optimise the management of business information and work flows.

2. Artificial intelligence

   Machine learning and generative AI technologies integrated into the platforms to leverage business data, automate processes and increase operational efficiency.

3. Vertical solutions

   Specialised applications for specific sectors and functions:

   • Silloge: a cloud platform for public administration

   • MyCreditService: a fintech solution for supply chain finance and financial management

   • SAP dashboards: tools for integrating invoicing processes

   • Dedicated solutions for Healthcare, HR, Legal and Contract Management

   • E-Invoicing: electronic invoicing services at both national and international levels

4. Outsourced services

   Value-added services for document and administrative management:

   • Dematerialisation and digital storage (Virgilio platform)

   • Management of B2B electronic invoicing in Italy and abroad

Here is the time-line of the historical development of the Company:

Government

Food

Siav boasts a large and diversified clientèle of over 3,000 customers from a wide variety of sectors and fields. This plurality reflects Siav's ability to adapt to the specific needs of each market segment, offering innovative and customized solutions that respond effectively to the different operational and strategic needs.

Services &

Pharma

Retail

Manufacturing

To ensure accurate monitoring and effective management of economic trends, the Company has divided its market into four main macro-areas, corresponding to the following markets:

1. PRIVATE Market

2. PAC Market

3. PAL Market

4. CHANNEL Market

1. PRIVATE Market

   ThePRIVATE Market offers solutions aimed at optimising business processes and increasing operational efficiency. In 2025, the Private Market was brought together under a single department, with a sales objective focused on generating revenue by nurturing and growing active contracts and prospects among TOP, Large Enterprise and SME customers.

   The strategic line assigns to the Private Market the mission of ensuring the Company a high-margin recurring revenue by managing customers in the best possible way. This objective is pursued by adopting a 'personalised' approach focused on 'projects', that is, customer needs are generally satisfied by proposing a comprehensive mix of software products and services capable of covering all project areas that ensure the final result.

   The proposed applications are standard modules of the Siav application platforms which, thanks to their modularity and parametrisation, can be combined in a 'custom-made' solution for the individual customer. These are supported by implementation services, consultancy support in the regulatory/organisational field and DMO services aimed at the digitalisation of analogue archives, digital storage in compliance with the law and possible business process outsourcing.

   From an analysis of the coverage of the main topics managed by the Siav solutions, for customers, we see significant coverage of the classic administrative areas of invoicing and management of related processes (delivery notes, orders, etc.), while there is still room for development especially in the areas affected by the recent releases of solutions such as digital contract management, the Company's HR and import/export solutions.

   This composite offering, which is unique in the market sector, provides the customer with the know-how acquired by Siav over thousands of document projects and the peace of mind of having a single direct project contact.

   In line with market trends, the sale of licenses is moving towards Subscription and SAAS (above all with the release of the new NOVA ArchiFlow release) models and, to best pursue the Unit's mission, go-to-market models have been adopted that support customers in embracing these new methods.

   The project themes that dominated 2025 include in particular the optimisation of invoicing processes with the adoption of solutions for automatically recording supplier invoices mainly in SAP, for which Siav has also obtained certification for the latest version SAP 4Hana, activating foreign electronic invoicing projects, adopting fully digital Contract Management projects and extending certified e-mail (PEC) management projects, linked to the introduction of registered electronic mail (REM), with the adoption of automatic analysis and sorting logics.

   With the release of the new version of Archiflow called Archiflow Nova was released, which uses Artificial Intelligence with the focus on extending the user friendliness of the new platform to reach non-habitual users. This product will form the basis for the development of AI within the document sector in private companies. In light of this, it is expected that customers will progressively migrate to the new platform and that this may occur in conjunction with the introduction and expansion of the solution to users/areas that have not yet adopted it. This expansion is expected to be facilitated by the new unlimited-user licensing. Given that the licensing of Nova can be in either Subscription or SaaS mode, the migration of customers to this formula will also lead to an increase in recurring revenue.

   During FY 2025, with the introduction of digitalisation into the field of customs documentation, Siav released specific solutions for both Import and Export procedures; we therefore expect to see a renewed interest from customers in these areas in 2026, starting from customers who have the largest volumes and dimensions of trade with foreign countries.

2. PAC Market

   The PAC (Central Public Administration) Market is focused on the needs of Italian Central Public Administration. The PAC offers tools and services that meet specific regulatory and management requirements in the fields of software and specialist assistance.

   In 2025, the company consolidated a number of objectives already set out in the previous financial year, including the following:

   • The final release of the 'ERMES Platform', based on the SIAV CONNECT and SILLOGE systems, for the client, the Bank of Italy;

   • The go-live of the SIAV SILLOGE system for DAIT.

     In addition, during 2025, the PAC benefited from a further release of the SIAV AF 'NOVA' platform, which enabled the acquisition of new customers and the gradual support of others in the transition from the previous ArchiFlow release.

     Throughout 2025, the BU's order book continued to benefit from the CONSIP SAC2 Framework Agreement (FA) - CLOUD APPLICATION SERVICES Ed.2, which Siav secured in a temporary joint venture with Capgemini; therefore, in the new financial year 2026, it will be possible to consolidate, in terms of turnover and revenue, the results achieved in 2025 in the '2nd tranche' in April, and to project for 2026 the results of the orders from the '3rd tranche', which was completed in December and is currently being finalised.

     In addition to the CONSIP SAC2 Framework Agreement, there is also the new CONSIP Agreement for the Electronic Catalogue for Cloud products in SaaS mode in the field of Document Management (Ed. 1) - ID 2694, under which Siav S.p.A., participating with CONVERGE and leveraging its CONNECT/SILLOGE/VIRGILIO solutions, will be able to meet the specific requirements of the PAC market over the course of the new year.

3. PAL Market

   The PAL (Local Public Administration) Market is specialised in supporting local authorities, with solutions designed to simplify processes and foster innovation.

   2025 saw the positive confirmation of the trends that had begun in the previous year; thus, driven by the active Consip framework agreements, with strong customer participation in new projects, confirming the value placed on SIAV and its solutions, agreements were also concluded with new customers, thereby strengthening SIAV's presence in this market.

   As of today, the momentum generated by NRRP (Italian national recovery and resilience plan) projects is waning, but we have worked to mitigate the negative effects of this deadline by securing projects and activities independent of NRRP funds, which further demonstrates the quality of SIAV's staff, who have presented their vision of digitalisation to clients and prospects and have received a positive response from our stakeholders, who are actively participating in shaping their near future.

   The PAL BU's revenue performance for 2025, as reflected in the figures above, demonstrates that the budget was significantly exceeded, with increasing margins; more importantly, however, it reveals a very promising level of robustness.

   To date, SIAV's LPA BU continues to maintain a strong presence in the northern part of the country, and this is naturally shaping our strategies for the next three years, which will see us focus on disseminating our vision in the central and southern regions, with the gradual roll-out of the CONNECT product to the wider local public administration sector.

   Therefore, in 2025, the company will once again consolidate its strategy of developing and bringing to market vertical 'Solutions', which will progressively be migrated to SIAV's new platform, with the aim of decisively moving towards a 'Cloud' future for all our customers.

   From what has been highlighted, the PAL Market, healthcare in particular, is enjoying stable growth and the stimulating prospects see SIAV focused on consolidating but above all growing its position in this market.

4. CHANNEL Market

The CHANNEL & Alliance Market focuses on indirect sales, developed through a network of loyal business partners, including Value Added Resellers (VARs), System Integrators and Independent Software Vendors (ISVs). These partners promote and offer the Company's solutions to their end customers, who therefore represent an indirect clientèle. This approach expands our presence on the market and reaches a diversified customer base thanks to the synergy with highly specialised partners.

The expertise in Siav products and services for information management and business processes, combined with the experience gained in specific markets, enables our partners to develop solutions that fully satisfy the specific needs of their customers.

During the 2025 financial year, very important partnerships were formalised and developed with great expansion potential for the Company.

These partnerships include, without a doubt, those with CWS, Ready2Use and Postel, aimed at jointly promoting solutions based on the Connect platform on the Italian market, as well as the partnership with Alibaba Cloud, the technology division of the Alibaba Group specialising in digital infrastructure and cloud services, with which an agreement has been signed with the aim of accelerating the development and international roll-out of our cloud-native solutions, starting with the Siav Connect platform.

The Memorandum of Understanding (MOU) signed with Alibaba Cloud, initially for a period of one year, will be renewed upon the launch of initiatives and projects involving the adoption of the platform by end customers. Thanks to this partnership, Siav Connect - in both its SME and large organisation versions - will be hosted entirely on the Alibaba Cloud infrastructure, ensuring high performance, security and full compliance with European data governance standards. The partnership with Alibaba Cloud represents a strategic step in our transition to a cloud-first model. The provider's infrastructure will offer advanced technological resources to support the growth of our document platform in European, Middle Eastern and Asian markets, enabling businesses and public administrations to adopt fully digitalised and cloud-native ECM solutions. This synergy will enable us to integrate new levels of automation and artificial intelligence into our solutions, thereby enhancing the Company's competitiveness in a global landscape characterised by rapidly growing demand for digital services.

OVERVIEW OF THE MAIN TECH AREAS

In support of the Sales area, the Company has identified three Field Tech areas -transversal to the different markets - to ensure the success and effective completion of the projects. These areas represent the technical heart of the Company, with a fundamental role in ensuring the optimal implementation and management of solutions for our customers, adapting to the specific needs of each project.

Field Techs are teams of multidisciplinary professionals, composed of Project Managers, Analysts and Developers, who deliver projects and professional services across the entire market. This group is essential for the management and implementation of solutions, working closely with the different Markets to ensure the success of each project, from design to completion, responding to the specific needs of customers.

Field Tech Nord

The Technology Nord Area follows the entire market pertaining to the North East, North West and part of central Italy as far as Tuscany.

During FY 2025, we managed over 350 projects and more than 12 new national and international clients.

During FY 2025, the Company managed over 350 projects and expanded its client portfolio with more than 12 new clients of national and international significance. At the same time, a structured plan was launched to modernise customers' installed systems, which involved initiating and/or completing over 50 migrations to the latest versions of application solutions.

More than 10,000 days of activity were delivered on projects of strategic interest to customers, leading to a streamlining of existing processes in multiple company areas (Administration, HR, IT, Sales)

Customers belong to multiple market segments, mainly:

• Pharmaceuticals

• Direct production

• Fashion

• Services

• Health

• PAL/Multi-utilities

  Some of the areas of expertise on which the delivery department has offered solutions are listed below:

• Digital management of contracts on a European/International scale

• Digital management of the hiring process

• Digital management of subscriptions/loyalty cards

• Electronic employee files

• Italian and foreign invoicing using UBL interchange format

• Management of informed consent in healthcare/veterinary medicine

• Digital management of company equipment

• Public transparency portal

• Digital management of customs declarations

• Passive invoicing monitoring dashboard

• Automatic invoice recording

Some of the projects carried out have been so successful that they have become actual software modules replicated for numerous customers.

Field Tech Centro Sud

The Central and Southern Italy Technology Area covers the entire market in the region stretching from Tuscany to the whole of Southern Italy, providing technological support and delivery capabilities to key public and private clients.

2025 was a particularly significant year, marked by the go-live of two major clients on the Siav Connect platform: the DAIT department of the Ministry of the Interior and, most importantly, the Bank of Italy, which, after more than 16 years, migrated from its previous 'CAD' platform to the new 'Ermes' solution. Ermes is a unified document and records management platform for the entire Bank (approximately 8,000 users), based on Connect technology.

The Bank of Italy project required a significant commitment from the delivery Company, which was involved in highly complex tasks such as fully customising the application interface, carrying out advanced configuration of the platform, integrating the solution with the client's numerous business systems, automating strategic business processes through dedicated work-flows and, last but not least, migrating the entire document archive from the legacy system. The execution of the project demonstrated a strong capacity for coordination between technical teams, the client's stakeholders and technology partners, confirming the maturity of the delivery model adopted.

Throughout 2025, the technology offering based on the Siav Connect platform was also consolidated; thanks to its cloud-native architecture and micro services approach, this platform enables high scalability, rapid development and the continuous evolution of services. These features enabled the delivery team to respond effectively to complex project requirements and to support clients even in advanced infrastructure environments, such as access to the National Strategic Hub (PSN). The functionalities expected for 2026, related to the introduction of Artificial Intelligence components within Connect, are already the subject of strong interest from customers and represent an additional value proposition for future project initiatives.

In a parallel fashion, within the Archiflow platform, the Company Central-South Field Tech further strengthened its presence with strategic clients such as ISTAT, Formez, ACI and ACEA, both through ongoing maintenance activities and through new projects. A significant contribution came from the proposal and adoption of the new Archiflow Nova version, which introduces advanced AI-based functionalities and required an upgrade of the delivery team's skills, as well as close supervision of the adoption and change management phases at client sites.

Overall, 2025 was a year of growth, both in terms of project complexity and in terms of consolidating the skills of the delivery Company, laying a solid foundation for tackling the technological and market challenges anticipated for 2026.

Field Tech Canale

The Partner channel works synergistically with the Company to research and share solutions for customers, with a significant local presence and strong specialisation in specific areas.

To support our Partners, we have a special portal providing access to content on Contracts, Training, Memos and Marketing material, targeted programmes to enhance Partners' skills and improve their technical, commercial and marketing preparation in order to seize the opportunities offered by the reference market.

For the Archiflow component, a sales campaign was launched to raise awareness of the importance of having a customer base with solutions that are technologically up to date with the latest versions, by promoting the transition to the new Archiflow Nova version.

MARKETING

In 2025, the marketing area was organised into three macro areas of activity: Strategic Marketing, Product Marketing and Marketing Communication.

The Company's Product Management team had the main objective of identifying an

offer that was in line with the company strategy and the related target markets.

With regard to the software offering, the positioning and development continued of the two large product lines (ECM platforms): Archiflow NOVA and Connect.

We would like to highlight the launch, at the end of 2025, of SIAV.AI, a cloud-native platform based on a microservices architecture that provides document Artificial Intelligence services that can be used natively within Siav solutions or via APIs.

The platform is designed to:

• analyse large volumes of structured and unstructured documents

• understand the information content and context

• transform documents into information that can be used by processes

• support intelligent automation and operational decision-making

Siav.AI adopts a best-of-breed approach, integrating the most effective AI models (general-purpose or specialised LLMs) on a case-by-case basis, while retaining full control over the data and results.

As regards Siav Connect, 2025 saw the release of Release 4.0 and a continuation of its development roadmap to compete as a Cloud Native Platform in a high-end international market. A complete overhaul of the platform's UX-UI and the implementation of vertical solutions, such as invoicing management and certified integration with SAP, are currently underway.

Throughout 2025, work continued on introducing the Siav Connect platform to the Middle

East market, with the aim of expanding SIAV's presence in overseas markets.

On the Marketing Communication side, 2025 featured a large range of physical events, conferences, sponsorships, road-shows and Webinars aimed at strengthening the Siav brand and generating new leads, enhancing the offer in terms of technical, functional and regulatory issues and Digital Transformation scenarios. Content Marketing activities continue, through blogs, podcasts and the creation of valuable content, and Digital Marketing with LinkedIn and Google campaigns, with the aim of generating new leads.

2026 will see a strengthening of brand positioning activities, starting with the publication of the new Company website and national and international SEO positioning.

ALTERNATIVE PERFORMANCE INDICATORS

The detailed description of the accounting definitions, assumptions and estimates adopted is contained in the Notes to the Company's financial statements as at 31 December 2025, to which reference is made. This report uses some alternative performance indicators (APIs) that are not required by the IFRS.

These indicators represent the tools that help the Directors to identify operating trends and take decisions on investments, resource allocation and other operations and allow for better comparability of the same results over time, although they are not a substitute for those provided for by international accounting standards.

All the APIs set out below are not identified as accounting measures under the IFRS adopted by the European Union; consequently, the measurement criteria applied by the Company may not be homogeneous with those adopted by other groups and/or companies and, therefore, the balance obtained may not be comparable with that determined by these others.

In particular, we highlight the following:

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation): indicates the result of operations before income taxes, financial income and expenses (including, among others, financial income and expenses on exchange rates and those relating to changes in liabilities on acquisitions of third-party interests, in addition to interest on financial leases), extraordinary income/expenses, depreciation of fixed assets, write-down of receivables and provisions for risks and charges (including the amount set aside for the forecast of probable future losses on certain contracts), as well as extraordinary components.

EBIT (Earnings Before Interest and Taxes): indicates the result before income taxes and financial income and expenses. EBIT therefore represents the result of operations before the remuneration of both third-party and own capital. The Company believes that it represents a useful indicator of the ability to generate profits before financial management and tax effects.

Net Invested Capital: this shows the total net amount of non-financial assets and liabilities, adding together net fixed assets, net working capital (as defined herein) and non-current non-financial liabilities (including severance pay and provisions for risks and charges).

Net Working Capital: this shows the total net amount of current assets and liabilities of a non-financial nature and, in particular, is calculated as the sum of inventory, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables and net accrued income and deferrals. It can be used to assess the Company's ability to meet short-term commercial commitments through current commercial assets and, together with net fixed capital and net invested capital, to evaluate the balance between the structure of investments and that of the sources of finance.

Net Financial Debt: this is calculated as the sum of (i) cash and cash equivalents, (ii) financial receivables and (iii) financial liabilities and has been determined in accordance with the provisions of the 'Guidelines on disclosure requirements under the Prospectus Regulation' (ESMA32-382-1138), published by ESMA (European Securities and Markets Authority). It is indicative of the Company's ability to meet its financial obligations.

ROE (Return on Equity): economic index on the profitability of equity, obtained by dividing the operating profit by the equity.

ROI (Return on Investment): operating profitability index which measures the remuneration of the capital invested in the company as debt or risk. It is given by the ratio between EBIT and Net Invested Capital, for the composition of which please refer to the specific table.

For a correct interpretation of the APIs used by the Company, we point out that these are based on the balance sheet data and calculations carried out on the basis of the results of the general and management accounting.

The measurement of APIs is not regulated by the accounting standards referred to for preparing the Company's financial statements and, although they are derived from the financial statements, they are not subject to auditing. The APIs should therefore not be considered as substitutes for the indicators provided for by the reference accounting standards. Furthermore, the methods of determining the APIs used by the Company - given that they are not derived from the accounting standards applied to the preparation of the financial statements - may be inconsistent with those adopted by other groups and therefore non-comparable with them.

MAIN PROFIT AND LOSS FIGURES AND ALTERNATIVE PERFORMANCE INDICATORS

The main profit and loss figures relating to FY 2025 are shown below, compared with the previous financial year.

(*) Percentage impact compared to 'Revenues from sales and services'.

(**) EBITDA indicates the operating result before income taxes, financial income and expenses, depreciation of fixed assets, write-down of receivables and provisions for risks and charges. EBITDA is not identified as an accounting measure under the Italian Accounting Principles and therefore should not be considered as an alternative measure for evaluating the performance of the Company's operating results. Since the composition of EBITDA is not regulated by the reference accounting standards, the determination criterion applied by the Company may not be consistent with that adopted by other companies and therefore may not be comparable with them.

(***) EBIT indicates the result before income taxes and financial income and expenses. EBIT therefore represents the result of operations before the remuneration of both third-party and own capital. EBIT is not identified as an accounting measure under the Italian Accounting Principles and therefore should not be considered as an alternative measure for evaluating the performance of the Company's operating results. Since the composition of EBIT is not regulated by the reference accounting standards, the determination criterion applied by the Company may not be consistent with that adopted by other companies and therefore may not be comparable with them.

Revenue from sales and services amounted to EUR 35.6 million as at 31 December 2025, an increase of EUR 3.6 million compared to the previous financial year (EUR 32.0 million). The 11-percentage-point increase in revenue is driven by product innovation and ongoing development (including the new Silloge platform, now Connect) and a more recurring revenue mix focused on higher-value-added solutions.

Value of production, of EUR 36.2 million, has increased by EUR 3.6 million compared to the previous financial year. In addition to the sales revenues shown above, this item also includes EUR 0.6 million, in line with the previous year, of which operating contributions for research and development activities carried out by the Company for EUR 0.3 million and EUR 0.3 million of other revenues. The investments, certified by an independent expert, were directed towards research and development and technological innovation in the various software platforms of the Company. The reduction in research and development tax credit was driven by a reduction in R&D investments.

EBITDA stands at EUR 9.4 million, up 58% compared to EUR 6.0 million in 2024, with a higher margin on sales and services revenues than the previous year, at 26% (19% in 2024). The increase is the result of the corporate restructuring that began in 2024. This profound reorganisation that began during the previous year, has fostered an overall reduction in operating costs without diminishing our organisational efficiency.

EBIT is EUR 3.9 million, an increase compared to 2024 (EUR 1.3 million). Total depreciation amounts to approximately EUR 5.5 million, up from EUR 4.7 million in 2024. This increase is mainly attributable to the higher amortisation of intangible assets of EUR 3.4 million (EUR 2.6 million in 2024) for investment in and development of the Company's software platforms. The amortisation of rights-of-use and tangible assets, unchanged compared to FY 2024, mainly concerns the equipment in the company data centres, the car fleet supplied to employees and the company offices.

The Period net result shows a positive figure of EUR 1.6 million, an improvement on the loss of EUR (1.7) million recorded in the previous financial year, thanks to higher revenues and the efforts made during FY 2025 and the previous financial year to undertake an intensive corporate restructuring programme aimed at optimising the organizational structure and improving operational efficiency.

The following is a breakdown of the value of production and EBITDA by market, in accordance with IFRS 8. Direct revenues and costs are allocated in relation to the sector to which they belong. Other revenues, income or costs of the central structures, not attributable to the various markets, have been attributed in relation to the value of their production.

In addition to the details above, we provide the breakdown of sales and performance revenues based on the Company's 3 main business lines:

Software revenues were generated by the Company's three main platforms: Archiflow, Catflow, Silloge (now Connect). Revenues from Outsourcing are attributable to electronic invoicing and electronic storage services, while revenues from Services were generated by the sale of application development services relating to the document platforms mentioned above. There was a 15% increase in Outsourcing and an 15% increase in Services, driven by the launch of major NRRP projects in the public administration sector.

Net Financial Debt is EUR 19.3 million, an improvement compared to the previous financial year (EUR 21.1 million as at 31 December 2024), mainly due to the decrease in current financial debt and medium-long term financial debt.

Financial debt as at 31 December 2025 is mainly made up of medium-long term fixed rate bank loans, used to finance internal and external development activities, as well as other financial debts mainly made up of Right-of-Use Assets recorded among fixed assets, in accordance with international accounting standards and the issue in progress during the year of a non-convertible debenture loan worth EUR 2.0 million.

Financial liabilities for usage rights amount to EUR 6.8 million in 2025 compared to EUR 7.9 million in 2024.

The net and gross financial debt are detailed below:

The following table shows the gross financial debt for FY 2025, broken down by type and maturity:

Non-current assets amounted to EUR 31.4 million, down from EUR 32.9 million as at 31 December 2024. The decrease of EUR 1.6 million in non-current assets is attributable, in particular, to the reduction in the item Rights of use due to depreciation. It is specified that the item Right-of-Use Assets includes rental contracts for land and buildings, car rental contracts as well as lease contracts for Company machinery.

Net Working Capital fell by EUR 1.7 million compared to 31 December 2024, reaching negative EUR 2.1 million as at 31 December 2025 (compared to negative EUR 3.8 million as at 31 December 2024). The change in net working capital is primarily the result of an increase in trade receivables and an increase in trade and tax payables.

Equity is equal to EUR 9.9 million as at 31 December 2025, a considerable reduction from EUR 8.1 million as at 31 December 2024. The change is attributable to the positive operating result achieved.

(*) Percentage impact on the item 'Net Invested Capital'.

(**) 'Fixed Capital' is calculated as the sum of tangible and intangible assets, goodwill and other non-current assets.

(***) 'Net Working Capital' is calculated as the sum of inventory, trade receivables, trade payables, other current assets, other current liabilities, tax receivables and payables and net accrued income and deferrals. 'Net Working Capital' is not identified as an accounting measure by the relevant accounting standards. The determination criterion applied by the Company may be inconsistent with that adopted by other companies and, therefore, the balance obtained by the Company may not be comparable with the balance of these others.

(****) 'Net Invested Capital' is calculated as the sum of 'Fixed Capital', 'Net Working Capital' and 'Non-current Liabilities' (which include Provisions for Risks and Charges, which also include deferred and pre-paid taxes, and the Severance Indemnity, or TFR, Fund). 'Net Invested Capital' is not identified as an accounting measure by the relevant accounting standards. The determination criterion applied by the Company may be inconsistent with that adopted by other companies and, therefore, the balance obtained by the Company may not be comparable with the balance of these others.

(*****) It should be noted that the 'Net Financial Debt' is calculated as the sum of (i) cash and cash equivalents and (ii) non-current financial liabilities, and has been determined in accordance with the provisions of the 'Guidelines on disclosure requirements under the Prospectus Regulation' (ESMA32-382-1138), published by ESMA (European Securities and Markets Authority).

As at 31 December 2025, the Group workforce (people with a subordinate employment contract) amounted to 304 people (down 3% on 2024).

The following tables show the employment data for FY 2025, broken down by position, as compared with the previous financial year:

84

85

220

229

2025

2024

M F

The decrease of 10 people is the result of a review of organisational processes, operational functions and personnel that took place during the 2025 financial year.

In 2025, the Company underwent a period of significant organisational restructuring. In particular, Siav's internal organisational structure was divided into three broad functional areas:

• an area dedicated to Staff functions, which supports the Management in financial and administrative, legal, IT&S, Human Resources, strategic marketing and facility-related activities;

• an area dedicated to the Software Factory, which works on the creation and implementation of proprietary software to be brought to market;

• an area dedicated to Digital Services & System Integrators, focused on implementing projects and services for end customers.

  In addition to the above-mentioned areas, there is a department dedicated to expanding relationships with external partners in order to strengthen the presence of Siav products on foreign markets.

  This corporate reorganisation, aimed at optimising the Siav Company Siav's business processes, was accompanied, through the work of the HR department, by a redefinition and enhancement of the various roles and by an ongoing search for new talent, carried out with the utmost care, ensuring rigorous selection processes prior to each recruitment.

  During FY 2025, the Company's efforts in the area of recruitment and selection led to more than 220 interviews, resulting in the hiring of 33 new employees and a further 11 individuals, including interns and temporary staff. The new staff have been distributed across all company departments: from Top Management to sales, IT, development, delivery and consultancy. The majority of new hires were to replace departing staff, but some were also made to expand the overall workforce.

  PEOPLE, TRAINING AND SOCIAL IMPACT

  Fully aware that the company's greatest asset is its People, whose commitment and talent enable the Company to continue to grow and consolidate its position as a market leader, Siav pays particular attention to the well-being of its employees through targeted projects and initiatives.

  Onboarding

  Siav believes it is essential to build a strong relationship with new employees from the outset in order to achieve positive and lasting results, so that each individual feels part of a single team and shares its values, projects, strategies and objectives.

  The Onboarding process is structured over several days and includes:

  • In-depth learning sessions on corporate areas, goals and strategies;

  • Training on the company's products and solutions;

  • Training on the policies and certifications present in Siav (37001, 9001, 27001, Family Audit, B-Corp, PDR125 gender equality);

  • Sharing company values.

  
  
  

  Training and Growth

  Furthermore, Siav pays particular attention to the professional development of its employees, by enhancing both their technical and professional skills and their soft skills. In this regard, each year, as part of the annual training plan, a wide range of training courses are offered based on the needs identified through analyses carried out within the various departments (as well as through the performance appraisal process), with the aim of developing both technical skills and strengthening soft skills, language skills, communication skills and managerial skills.

  In 2025, the Company provided a total of over 6,383 hours of training, involving around 87% of the company staff. Training was delivered both via a proprietary e-learning platform and through classroom-based programmes.

  Webinars

  Numerous training opportunities were also offered throughout the year in the form of webinars, with the aim of raising awareness, disseminating knowledge and exploring topics of particular interest in the social and environmental fields, and/or actively promoting well-being and health among employees. Specifically, in 2025, 6 webinars were delivered, covering the following topics in depth: healthy eating, women's self-defence, psychological well-being, parenting, oenology and gender equality.

  Organisational well-being initiatives

  During the financial year, Siav offered its employees a range of initiatives aimed at promoting the sharing of cross-functional skills and experience gained within the company across different departments and branches, as well as encouraging brainstorming sessions and cross-departmental meetings that enable team members to exchange knowledge, experience and skills. These initiatives include:

• Discovering Siav, which involves spending a day shadowing a colleague from a different department, with the aim of discovering and gaining a deeper understanding of how the various areas of the company operate, in order to develop a comprehensive view of processes, both in terms of operations and human relations. The project helps to improve knowledge sharing, communication and collaboration within the company, benefiting all those involved. In 2025, 9 employees from various departments took part.

• 'Siav Referral Networking', which, based on recruitment needs, gives all employees the opportunity to recommend candidates whose profiles match the characteristics of open positions and who are interested in joining the SIAV team. If the recruitment process results in the hiring of a referred candidate, the colleague who acted as a Company Ambassador by referring the candidate will receive a small reward in recognition of their efforts. In 2025, 9 referrals of potential candidates were received, 4 of whom were recruited.

• Siav Impact Day: an initiative that involves a day combining team building with corporate volunteering, during which all employees take part in activities to support local associations and cooperatives, thereby turning time spent together, having fun and teamwork into an act of charity and solidarity, shared with people in more disadvantaged circumstances. In 2025, Impact Day saw Siav employees spend a day of social interaction and solidarity at the 'Casa di Anna' social cooperative company, an organic farm that combines social and occupational integration with environmental protection to produce food that is Good, Healthy and Fair.

MAIN RISKS AND UNCERTAINTIES

The Company adopts specific procedures to manage the risk factors that may influence its results. As in all companies, there are risks whose occurrence can negatively affect results, for which we have thus adopted numerous actions to prevent them.

These procedures are the result of management that has always aimed at creating value for stakeholders by implementing all necessary measures to prevent the risks inherent in the Company's activity.

The internal control system and the procedures referred to therein are consistent with the provisions of the relative trade association guidelines and international best practices.

These procedures prioritise rigour, transparency and a sense of responsibility in internal relations and towards the outside world, offering adequate guarantees of efficient and correct management.

The risk factors described below should be read in conjunction with the other information contained in the annual financial statements.

EXTERNAL RISKS

1. Risks associated with general economic conditions

   The IT market is linked to the economic performance of industrialised countries in which there is greater demand for high-tech products.

   The continuation of hostilities and geopolitical tensions between Ukraine and Russia and Israel and Palestine could have significant negative repercussions on the international and Italian economy, on the performance of financial markets and on the energy sector.

   An unfavourable economic situation at a national and/or international level or a high level of inflation could halt or reduce the growth of demand, with consequent repercussions on the Company's activity and economic, asset and financial situation.

   The risks, in any case, are closely connected to the overall duration of the depressive cycle and to the number of variables associated with the national and international political and economic system.

   The Company constantly monitors its order portfolio, market trends and related macroeconomic indicators.

   It should also be noted that, thanks to our diversification over the years, through both the change in the business model and the acquisitions of companies with specific expertise in strategic sectors, the Company is present in various markets, which minimizes the risks associated with the crisis of a single market.

2. Risks associated with the evolution of IT services

   The main technological risks for customers stem from the widening of digital inclusion barriers, known as the 'digital divide', but also by the exponential increase in cyberattacks, which entails a rise in cybersecurity risk.

   The Company has always successfully interpreted the changing needs of customers thanks to significant investments that allow for intense research and the development and updating of vertical applications capable of anticipating market demand. Thanks to this consistent investment in R&D, the Company is able to mitigate the risks associated with the evolution of demand, which is managed as a business opportunity.

3. Risks associated with internal cyber security

   The risk of cyber-attacks on the Company systems is increasingly relevant; however, the Company adopts strict monitoring, control and supervision policies of all the actors involved in the provision of services, working with third-party companies that test the company infrastructures according to the most stringent international standards.

4. Risks associated with the evolution of the regulatory framework

   As at the date of this report, the activity carried out by the Company is not subject to any particular sector regulations.

5. Risks associated with climate change

The risks associated with climate change significantly influence the current Italian economic landscape. Indeed, the location of the Italian peninsula at the centre of the Mediterranean basin makes it particularly exposed to the impacts of climate change, which are expected to be quite intense and with potentially disastrous effects on both the natural environment and human health and well-being.

However, extreme weather events (storms, floods, droughts, fires) and changes in climate patterns (increasing temperatures, rising sea levels), directly linked to global climate change, also represent 'physical' risks for the economic and financial world, since they can significantly impact local businesses and economies: increased land disruption and damage to infrastructure, destruction of property, interruption of supply chains, heat waves and water shortages and even the spread of infectious diseases. Financial losses resulting from these impacts may directly affect the Company, its suppliers, customers and, consequently, investors holding shares or bonds of the Company. There are also additional economic and financial climate risks for the Company, stemming from the transition to a low-carbon economy.

In fact, since the main cause of climate change is the rise in temperature caused by the increased concentration of greenhouse gases in the atmosphere, resulting from human activities, the current national and international policies and regulations adopted to address the climate crisis provide for the integration, also in business, of measures and actions to monitor, reduce or avoid greenhouse gas emissions. Compliance (or not) with these increasingly stringent carbon emission laws, regulations and policies can significantly impact the value of assets and profitability of the Company, as investors' choices and investment strategies, but also financing opportunities, increasingly take into account climate risks and the related adoption by the Company of more sustainable and responsible practices.

INTERNAL RISKS

1. Risks related to dependence on key personnel

   The Company has key people who play a decisive role in managing the Company's activities and a management structure capable of ensuring continuity in the management of corporate activities, even in the event of the immediate departure of one of these key people, who must be adequately replaced.

2. Risks related to customer dependency

   The Company offers services to more than 3,000 medium and large customers operating in all markets (Public Administration, Healthcare, Finance, Insurance, Telco & Media, Industry and Utilities). The distribution of business is fairly balanced and ensures that there are no significant positions of concentration of business volume for particular customers.

3. Risks associated with contractual responsibilities towards customers

   The Company develops high-tech, high-value solutions and the underlying contracts may include penalties for failure to comply with agreed deadlines and quality standards. The Company has therefore taken out insurance policies, deemed adequate, to protect itself against risks arising from civil liability, contractual liability, and cyber storage for a total annual maximum of EUR 23 million and EUR 18 million per claim. Furthermore, in the case of projects of economic/financial relevance or upon client requests or because required by tenders related to PA, we take out specific policies, in addition to the abovementioned coverage, in order to avoid negative impacts on the economic/capital position of the Company. Particular attention was paid to issues relating to cyber risks, in relation to which appropriate precautions were taken in terms of insurance.

4. Risks associated with significant dependence on third parties

The Company's ability to serve its customers and deliver and implement solutions currently relies minimally on third-party suppliers, such as subcontractors, equipment component manufacturers, service providers and network providers, who are nonetheless able to meet the Company's expectations in a timely manner and with quality. Most of the Company's activities are managed internally and therefore the risks associated with third parties are essentially zero.

FINANCIAL RISKS

The Company, operating mainly in the Eurozone, is exposed to a residual extent to exchange rate risks for transactions in foreign currency. For commercial purposes, no specific activities and processes have been adopted to ensure the solvency of its customers insofar as they are of insignificant importance.

AAA. Credit risk

Credit risk is defined as the probable financial loss generated by the failure by third parties to fulfil a payment obligation towards the Company. Payment delays by larger customers, requests for changes to their contractual payment arrangements, or defaults on payment obligations could adversely affect the Company's business, financial situation and operating results.

The Company manages this risk through policies aimed at ensuring the solvency of its customers and limiting exposure to credit risk towards a single customer through activities that include client evaluation and monitoring. Specifically, the Company does not have significant concentrations of credit risks on either private companies or PA customers.

BBB. Liquidity risk

Liquidity risk is defined as the risk that the Company may encounter difficulties in obtaining the funds necessary to meet its obligations with regard to financial liabilities. Prudent management of liquidity risk is pursued by monitoring cash flows, financing needs and any excess liquidity. For years, the Company has had a centralised treasury structure that ensures efficient management of financial resources and coverage of financial needs through funds available via a number of committed credit lines. The strategic objective pursued is to guarantee maximum financial flexibility for the Company by avoiding mismatches between assets and liabilities and exploiting, as far as possible, the use of medium-long term lines. In this sense, the Company operates with particular attention to the flows coming from operational management and to maintaining an adequate level of available liquidity. This allows us to meet the needs arising from maturing financial debts and planned investments.

CCC. Currency risk

Currency risk is defined as the risk that the value of a financial instrument varies as a result of exchange rate fluctuations. 98% of transactions are in the 'euro area', which limits exposure to exchange rate risks arising from transactions in currencies other than the functional currency (EUR).

DDD. Interest rate risk

Exposure to interest rate risk arises from the possible taking out of loans aimed at meeting the need to finance the Company's investment activities; changes in interest rates may have a negative or positive impact on the economic result, indirectly influencing the costs and returns of the operations carried out.

To mitigate this risk, the Company uses derivative instruments. The use of these instruments is regulated by procedures consistent with the Company's risk management strategies, which do not include derivative instruments for trading purposes.

EEE. Market risk

Market risk is defined as the risk that the value of a financial instrument will fluctuate due to fluctuations in market prices. The Company has no ongoing operations related to this risk, therefore the exposure is non-existent.

8| Significant events that occurred during the financial year

On 2 May 2025, Siav announced the establishment of the new company Siav Connect FZE ('Siav Connect'), a Dubai-based company responsible for managing operations in the MEA (Middle East and Africa) markets. The newly established company, wholly owned by Siav S.p.A., is the operating entity that will handle all business development, software deployment, delivery and after-sales activities for the Connect platform on the ground.

On 27 May 2025, Siav completed the sale of its 51% stake in Mitric S.r.l., held through its subsidiary Mitric SA, to Archiva S.r.l., a company specialising in document digitalisation and process automation solutions, which is controlled by the Progressio Investimenti IV fund managed by Progressio SGR S.p.A. The closing took place upon payment of a sale price of EUR 1,054,170, as set out in the binding agreement disclosed to the market on 5 May 2025. The transaction forms part of a broader corporate reorganisation process that included the pro rata demerger of Mitric SA in favour of the newly established Mitric 2 SA, which, as at the date of the binding agreement, held 51% and 49% of Mitric S.r.l., respectively. Following the demerger and the subsequent exchange of shareholdings, as of today, SIAV does not hold any shares in Mitric S.r.l. and fully controls Mitric SA, a company incorporated under Swiss law and a holding company, which will be subject to voluntary liquidation by the management. For further information, please refer to the press releases dated 5 and 27 May 2025.

It is reported that on 21 July 2025, we concluded the third and final exercise period of the 'SIAV Warrants 2022-2025' ('Warrants'), ISIN code IT0005504094, which ran from 7 July to 21 July 2025. During this period, 36,048 Warrants were exercised and, consequently, 9,012 newly issued SIAV shares, with no nominal value, carrying the same rights and having the same characteristics as the SIAV ordinary shares traded on the EGM on the date of issue of the Conversion Shares, were subscribed at the exercise price of EUR 3.993 per share, at a ratio of 1 (one) Conversion Share for every 4 (four) Warrants held, for a total consideration of EUR 35,984.92.

It should be noted that the 1,631,452 Warrants for which no subscription request was submitted by the end of the third and final exercise period have forfeited all rights and are now definitively null and void.

As a result, Siav's share capital increased from EUR 306,800.91 to EUR 307,102.40, while the number of ordinary shares increased from 9,170,625 to 9,179,637, as announced by the Company on 6 August 2025.

On 6 August 2025, Siav's Board of Directors approved the company's first Sustainability Statement, covering FY 2024. The document, prepared on a voluntary basis and in accordance with the European Sustainability Reporting Standards (ESRS) set out in the Corporate Sustainability Reporting Directive (CSRD), represents a key milestone in the company's journey towards responsible growth and the integration of ESG (Environmental, Social, Governance) factors into its business model.

On 18 September 2025, the Board of Directors approved the issuance of a non-convertible bond called 'SIAV S.p.A. Società Benefit - ISIN IT0005669947 - VAR rate + 2.75% 2025-2032', a non-convertible bond with a maximum amount of EUR 2 million, reserved for a single investor. On 8 October 2025, Banca Valsabbina S.C.p.A. subscribed to the entire bond issue, acting as sole investor and also assuming the main roles related to the issuance and ongoing management of the bond.

On 19 November 2025, with a view to continuing the implementation of the reorganisation plan, the Board of Directors resolved to initiate the voluntary liquidation process for the wholly owned foreign subsidiaries Mitric S.A. (Switzerland), SIAV Suisse

S.a.g.l. (Switzerland) and SIAV East Europe S.r.l. (Romania), as well as the closure of the Swiss branch in Manno. Consequently, these equity investments will be deconsolidated with effect from SIAV's consolidated financial statements as at 31 December 2026.

On 24 November 2025, SIAV signed a framework agreement with Alibaba Cloud, the technology division of the Alibaba Group specialising in digital infrastructure and cloud services, with the aim of accelerating the development of cloud-native solutions in the Enterprise Content Management sector and further enhancing the innovative capacity and scalability of Siav's technology offering. The initial agreement, which runs for 1 year, will be renewed upon the materialisation of initiatives, projects or partnerships that involve the implementation and adoption of the SIAV Connect platform by end users.

9| Significant events occurring after the end of the financial year

The internal reorganisation started in 2024 aimed at reducing costs and the consequent increase in margins began to give encouraging signs for 2025 in terms of adherence to the internal KPIs and economic results set by the Company.

In February 2026, Siav entered into a strategic partnership with Mondevo Group, a global financial and technology group based in Abu Dhabi that serves family offices operating in multiple jurisdictions, to implement a global document management platform integrated with AI.