- Financial Statements as at 30 June 2025

CONSOLIDATED

FINANCIAL

REPORT

Asat30June2025

The Consolidated Financial Report as at 30/06/2025 shows a Net income for the period came to €1.7 million, up by approximately 12% from €1.5 million in the first half of 2024, in a highly complex environment still marked by considerable uncertainty (geopolitical tensions due to armed conflicts and economic pressures from tariffs threatened by the Trump Administration, weakness in the EU, etc.).

Revenues amounted to €59 million, down 2.3% compared with the first half of 2024, but with EBITDA of €9.0 million (15.3% of revenues compared with 14.2% in the first half of 2024). On a like-for-like basis and at constant exchange rates, as detailed below, revenues would have shown growth compared to the figure for the first half of 2024.

The market has therefore rewarded STAR7's ability to ensure a high level of service in a highly complex global environment; the Group has succeeded in consolidating its market position thanks to the quality and reliability of its services. The "fundamental" factors that characterise the Company's operations have proven to be crucial: breadth of professional skills; ability to offer technologically advanced solutions; orientation towards efficiency with the right amount of flexibility; wide range of services to meet market needs.

The results confirm that our "Integrale7" business model continues to work effectively, offering us the ability to cross-sell additional services to newly acquired customers.

2024

Financial Statements

ON OPERATIONS

Consolidated Financial Report as at 30/06/2025

REPORT

STAR7 provides an integrated range of product-information services, from product and process engineering support to the creation and management of technical and marketing content,

translation, printing and virtual experience.

The Group has continued its programme to enhance its structure and reinforce the core values of the parent company, in line with the project initiated prior to listing. This includes strengthening and expanding the services provided, introducing innovative solutions, and promoting and encouraging its skilled workforce to adapt to a changing market, which is now leaning towards solutions that incorporate AI. The research and development activities in the field of AI, adopting a technology-agnostic approach, have enabled continuous evaluation of leading, emerging, and promising technologies for the target markets. This has led to the development of a know-how that is conducive to creating flexible solutions, which are not tied to any particular platforms.

This strategy, alongside the development of demonstrative Proof of Concepts with leading industry clients, has resulted in the creation of a new suite of AI-driven services and applications (known as "7AI"), encompassing both language technologies and the generation and analysis of content.

This new suite of services enables STAR7 Group to provide AI-based solutions that are natively multilingual in the areas of Virtual Assistants, Customer Support, and Academy Training.

In-house "human" capabilities used in training artificial intelligence, aimed at enhancing its reliability and responsiveness, are an asset in this new suite of services.

Research and development continues to focus on Virtual, Immersive and Augmented Reality by developing products and solutions that, with progressive improvements thanks to generative AI technologies, cater to the growing need for virtualisation within customer businesses.

Today, STAR7 Group is able to deliver increasingly cutting-edge solutions in the areas of Virtual Training, Virtual Showrooms and Product Experience, by making the most of its technical information management skills acquired over time through engineering and technical authoring.

On 13 January 2025, the acquisition of the business divisions of C.A.A.R. S.p.A. (registered office in Turin, Via Treviso 36) and S.T.I. s.r.l. (registered office in Bolzano, Via Buozzi 14/16), including the investee companies C.A.A.R. do Brasil Consultoria Tecnica LTDA (now renamed Star7 Engenharia e Consultoria Tecnica LTDA, 76% owned) and Abacaar Doo Kraguievac (now renamed Star7 Doo Kraguievac, 100% owned) was completed.

It should be noted that the aforementioned business divisions and investee companies were operated under a lease agreement from 1 January 2023 until the final acquisition.

The acquisition of a further 10% stake in CAAR do Brasil Consultoria Técnica LTDA, in which STAR7 already held a 66% stake, was also finalised in the first half of the year. The transaction was finalised for R$ 3.2 million (approximately €513,000 at the exchange rate of the transaction), further strengthening the Group's presence in the strategic market of Brazil.

In the first half of 2025, STAR7 reported revenues of approximately €59 million at current exchange rates (€60 million at constant exchange rates).

On a like-for-like basis and at constant exchange rates, revenues would have shown growth compared to the figure for the first half of 2024. It should be noted that some negative-margin projects in the Engineering service line have been discontinued in the first half of 2025. These projects, inherited from the acquisition of CAAR-STI, had generated about €0.5 million in revenues in the first half of 2024. As part of the ongoing rationalisation strategy aimed at improving profitability, STAR7 opted to discontinue them.

In the first half of 2024, the Group recorded growth of approximately 19% compared to the same period of the previous year. Maintaining stable revenues in the first half of 2025, despite the discontinuation of non-strategic contracts and against a complex macroeconomic context, is therefore a positive result, which confirms the soundness of the business model and the Group's ability to generate sustainable value in the long term.

The tables below show adjusted data, prepared with the aim of providing a clearer, more transparent and comparable representation of the Group's operating performance. Although these figures are not required by the Italian accounting

standards (IT GAAP) issued by the OIC, the Group believes that they can provide useful information for both management and investors. In particular, the use of adjusted data allows a more effective assessment of operating results, facilitates comparisons with the performance of other companies active in the same sector, and provides an additional and more representative view of income performance.

The consolidated figures have been adjusted to exclude non-recurring items, so as to isolate extraordinary effects that could alter the reading of the underlying performance. In particular, personnel costs related to the corporate reorganisation were adjusted as detailed in the following sections.

In addition, consistent with major international accounting standards, such as IFRS, which do not require systematic amortisation of goodwill but do require it to be tested annually for impairment, the Adjusted Net Profit was calculated excluding goodwill amortisation.

Values expressed in

H1 2025 H1 2024

costs

Goodwill

Adjusted EBITDA in the first half of 2025 excludes personnel costs related to the corporate reorganisation in the amount of €591 thousand, while the same figure in the first half of 2024 excludes €574 thousand mainly related to the costs of reorganising the business divisions of C.A.A.R. S.p.A. and S.T.I. s.r.l.

Group Revenues for the first half of 2025 amounted to € 59.0 million, a slight decrease of approximately 2.3% compared to of €60.4 million in the first half of 2024.

As regards the breakdown of revenues by service line, the Experience and Product Knowledge line held its ground, accounting for about 33.4% of the total, up from 31.7% for the whole of 2024 and 33.3% in the first half of the same year. This result reflects the strengthening of the high value-added offering and the growing demand for specialised services in the technical and training field.

The Global Content line accounted for 32.6% of total revenues, a slight decline compared with the first half of 2024 and FY2024, reflecting a rebalancing of the

offer mix, consistent with the strategy of focusing on projects with more strategic clients that integrate the various service lines.

The Engineering line accounted for 21%, up from the previous year's figures (20.4% in 1H24 and FY24). The figure reflects the discontinuation of some projects with negative margins (as mentioned above). On a like-for-like basis and at constant exchange rates, this service line would have shown even more significant growth, driven in particular by the positive performance recorded in Brazil thanks to the contribution of a leading operator in the automotive sector. This confirms the solidity of demand and the Group's ability to intercept highly technical opportunities in international markets.

The Printing line remained stable at 13.0%, in line with the full year 2024.

The geographical breakdown of revenues for the first half of 2025 confirms STAR7's progressive internationalisation. The Italian market accounts for around 47.8% of Group revenues. This trend reflects the growing penetration of Revenues realised in foreign markets, with a particularly strong performance in Brazil, which rose to 20.5% (compared to 18.1% in H1 2024) despite the depreciation of the Real.

During the period, the Group recorded an increase in margins compared to the same period of the previous year. This performance is the combined result of greater operational efficiency, which has enabled significant cost containment, and the strategic decision to concentrate resources on initiatives with higher technological content and, therefore, greater added value.

In the first half of 2025, the EBITDA of the STAR7 Group amounted to €9.0 million, while Adjusted EBITDA (adjusted for integration and restructuring costs mainly related to the CAAR Group business unit) reached €9.6 million. The EBITDA Margin stood at 15.3% while the Adjusted EBITDA Margin was 16.3%.

STAR7 Group EBIT amounted to €4.6 million, an increase of 2.6% compared to €4.5

million in the first half of 2024 (the adjusted figure improved by 7.5%).

The STAR7 Group reported net income of €1.7 million, an increase of 11.7% compared with €1.5 million in the first half of 2024 (adjusted net income improved by 14.9%).

The M&A transactions carried out to date have generated net goodwill of €30.9 million as at 30 June 2025, resulting in €2.4 million in amortisation of goodwill. In line with the main international accounting standards (IFRS), which do not provide for systematic amortisation of goodwill but require it to be tested annually for impairment, the adjusted Net Profit is provided excluding such amortisation. After goodwill amortisation, the adjusted Net Profit for the first half of 2025 would amount to €4.5 million.

The reclassified balance sheet compared with the previous year's figures is as follows (in €):

Non-current assets amounted to €48.4 million and increased by a total of €3.3

million mainly due to:

• investments in intangible assets (€8.2 million) and property, plant and equipment (€0.5 million); partially offset by

• depreciation and amortisation (total €4.4 million).

  Net intangible assets amounted to €37.2 million and mainly included:

  1. goodwill (€30.9 million), mostly relating to Localeyes (€20.1 million) and to the business units and companies formerly C.A.A.R. and S.T.I. (€7.1 million);

  2. Industrial patents and intellectual property rights (€1.6 million);

  3. other (€4.1 million): this item includes:

     1. leasehold improvements (€1.7 million),

     2. other costs (€2.4 million), including the Smart7 and Translation Management System development projects, etc. (€1.1 million), listing costs (€0.3 million) and rebranding (€0.3 million).

  This item increased by €3.4 million, mainly due to goodwill relating to the business units and companies formerly C.A.A.R. and S.T.I. (€7.5 million) and to amortisation for the period (€3.7 million).

  Net property, plant and equipment amounted to €10.8 million and included:

  1. property (€3.6 million);

  2. plant and machinery (€5.0 million);

  3. other assets (€1.9 million);

  4. assets under development/construction and payments on account (€0.2

  million).

  This item decreased by €0.1 million as a result of new investments made and in progress (€0.5 million) and amortisation of €0.6 million.

  Equity investments and other financial fixed assets amounted to €0.5 million and

  included:

• positive mark-to-market of financial derivative assets (€0.1 million);

• security deposits (€0.2 million);

• investments in the associate IAM.DEV and other minor securities.

  Net working capital amounted to €21.1 million, down by €1.6 million.

  The items of net working capital other than trade receivables and trade payables mainly refer to:

• Other receivables (€5.1 million), which include tax receivables for direct and indirect taxes (€2.3 million), deferred tax assets (€1.0 million), and other receivables (€1.8 million); this item decreased by €2.5 million mainly due to the settlement of receivables for amounts advanced by STAR7 for the acquisitions of C.A.A.R. and S.T.I. (€2.7 million); Other receivables include amounts advanced for the acquisition of SDS (€0.5 million), insurance reimbursements (€0.5 million), and the Competence Industry Manufacturing 4.0 contribution (€0.5 million);

• Accrued income and prepaid expenses (€3.2 million), up by €0.8 million mainly due to discounts granted in advance to major Automotive clients upon renewal of multi-year contracts and to consortium costs relating to such contracts;

• Other payables (€5.4 million): these related mainly to current and deferred salaries to employees (€4.8 million);

• tax and social security payables (€5.0 million), including corporate income taxes of €1.4 million, withholding taxes to be paid as tax substitute of €0.7 million, and contributions payable to social security institutions of €1.9 million;

• accrued expenses and deferred income (€1.1 million), down by €0.3 million compared with 31/12/2024, mainly consisting of advance billings (€0.9 million).

  Non-current liabilities of €7.4 million mainly relate to the provision for severance pay of €6.7 million and to various provisions for risks and expenses (provision for employees' leaving entitlement of €0.4 million, deferred tax fund of €0.2 million, derivative financial liabilities €0.1 million).

  
  
  
  
  
  

  The net financial position as at 30/06/2025 was as follows (in €):
  	30/06/2025	31/12/2024	CHANGE
  Bank deposits	15,965,330	25,472,445	-9,507,115
  Cash and other valuables on hand	10,210	13,119	-2,909
  CASH ON HAND (A)	15,975,540	25,485,564	-9,510,024
  Due to banks (within one year)	-10,991,650	-13,091,311	2,099,661
  Payables due to other financial institutions (within one year)	-269,066	-1,364,801	1,095,735
  Bonds (within one year)	-5,249,834	-4,289,423	-960,411
  SHORT-TERM FINANCIAL LIABILITIES (B)	-16,510,550	-18,745,535	2,234,985
  NET SHORT-TERM FINANCIAL POSITION (A-B)	-535,010	6,740,029	-7,275,039
  Due to banks (beyond the next financial year)	-5,627,652	-8,158,447	2,530,794
  Due to other financial institutions (after one year)	-1,542,579	-1,678,900	136,321
  Bonds (after one year)	-21,771,791	-24,690,594	2,918,803
  Financial receivables	0	0	0
  MEDIUM- AND LONG-TERM NET FINANCIAL POSITION	-28,942,023	-34,527,941	5,585,918
  NET FINANCIAL POSITION (A-B-C)	-29,477,033	-27,787,912	-1,689,121

  The Net Financial Position at 30 June 2025 was €29.5 million (€27.8 million at 31 December 2024), a change of €1,7 million. Based on adjusted data, net financial debt improved by €3.2 million (the table below reflects, as at 31 December 2024, the financial effects of the finalisation of the acquisition of the C.A.A.R. and S.T.I. business units completed on 13 January 2025):

  in millions of euros	30/06/2025	31/12/2024	CHANGE
  Reported net financial position	-29.5	-27.8	-1.7
  Adjustments: Cash-out for definitive acquisition of the C.A.A.R. and S.T.I.	-	-4.9	4.9
  Adjusted net financial position	-29.5	-32.7	3.2

  This result confirms the effectiveness of the strategies implemented by management to improve working capital management as well as the ongoing corporate reorganisation. Gross debt stood at €45.5 million, a significant improvement compared with €53.3 million at 31/12/2024. The Net debt/EBITDA ratio at 30 June 2025 was 1.6 (as shown in the table below), an improvement on the adjusted figure of 1.8 at 31 December 2024.

  In order to provide a better description of the financial situation, the table below shows some balance sheet ratios, compared with the same ratios for the previous year.

  in millions of euros	30/06/2025	31/12/2024	30/06/2024
  Gross financial debt / Net equity	1.39	1.62	1.50
  Net financial debt / Net equity	0.90	0.84	0.95
  Gross financial debt / EBITDA	2.46	2.95	2.90
  Net financial debt / EBITDA	1.59	1.54	1.83
  DSO	105	98	111
  DPO	80	81	92

  The Group is in a stable position, with bank/financial debt structured over the medium to long term. It maintains sufficient liquidity to continue its growth trajectory and consistently meets the covenants stipulated by the bonds issued to facilitate the acquisition of LocalEyes and the new bond issued in November 2024.

  
  
  
  
  
  

  Pursuant to Article 2428 of the Civil Code, we inform you that the Parent Company's activities are carried out at the head office of Alessandria, in the area of Valle San Bartolomeo, and at the local units in Asti, Turin, Pistoia, Maranello, La Spezia and Bolzano.

  In legal terms, the Parent Company STAR7 S.p.A. directly or indirectly controls the following companies, which carry out activities that are complementary to and/or functional for the Group's core business:

  Name	Registered office	Currency	Share capital in foreign	Shareholding Share held Interest Core business in % in %
  			currency
  STAR7 PRINTING Asti - Italy Euro			10,000	Direct	60%	60% Printing
  STAR Belo Horizonte - COMUNICAÇÃO E Brazil Real			1,448,205	Direct	75%	Printing, Product
  STAR7 SERVICE (EX CAL Belo Horizonte - Real LTDA			500,000	Direct	75%	75% Printing
  STAR7 LLC Rochester Hills - USD Michigan - U.S.A.			3,000	Direct	100%	100% Global Content,
  STAR7 ALBANIA Tirana - Albania Lek SHPK			500,000	Direct	100%	100% Global Content,
  STAR7 GMBH Linz - Austria Euro			35,000	Direct	100%	100% Global Content,
  LOCALEYES LTD Cork - Ireland Euro			-	Direct	100%	100% Global Content,
  LOCALEYES Tirana - Albania Lek ALBANIA SHPK			-	Indirect	100%	100% Global Content,
  LOCALEYES ESPANA Madrid - Spain Euro SL			-	Indirect	100%	100% Global Content,
  LOCALEYES Amsterdam - Euro NEDERLAND BV Netherlands			-	Indirect	100%	100% Global Content,
  LOCALEYES SUOMI Helsinki - Finland Euro OY			-	Indirect	100%	100% Global Content,
  LOCALEYES USA LLC San Francisco - USD			-	Indirect	100%	100% Global Content,
  STAR7 ENGENHARIA E CONSULTORIA Belo Horizonte - Real DO BRASIL) LTDA			256,062	Direct	76%	76% opens its doors
  STAR7 DOO KRAGUJEVAC (EX Kragujevac - Serbia Dinar ABACAAR)			1,159,000	Direct	100%	100% opens its doors
  STAR7 TECHNOLOGY Hyderabad - India Rupee			100,000	Direct	99.99%	99.99% Global Content,
  STAR7 LATIN Betim - Brazil Real AMERICA LTDA			1,000	Direct	99.7%	99.7% Global Content,

  S.R.L.

  SERVIÇOS LTDA

  75%

  Knowledge

  COMUNICAÇÃO) Brazil

  Product Knowledge Product Knowledge Product Knowledge Product Knowledge Product Knowledge Product Knowledge Product Knowledge Product Knowledge

  California - U.S.A. Product Knowledge

  TECNICA (EX CAAR Brazil

  INDIA PRIVATE LTD Product Knowledge

  Product Knowledge

  In view of the business unit lease agreement, the results of the following companies controlled by C.A.A.R S.p.A. were included in the consolidated financial statements as at 31/12/2024 and 30/06/2024:

• "C.A.A.R. do Brasil Consultoria Tecnica Ltda" based in Belo Horizonte (Brazil);

• "Abacaar Doo Kragujevac" based in Kragujevac - Miloja Pavlovica 9 (Serbia).

  The two aforementioned companies were acquired outright on 13 January 2025 following the acquisition of the business units of C.A.A.R. S.p.A. and S.T.I. s.r.l..

  The new 99.99% owner subsidiary "Star7 Technology India Private Limited" was

  established in 2024, with headquarters in Hyderabad (India). Star7 Latin America Ltda was incorporated in December 2024.

  For the scope of consolidation, please refer to the Notes to the Financial Statements.

  
  
  

  The following disclosures are made pursuant to article 2428, paragraph 3, number 1 of the Italian Civil Code.

  The Group has developed high value-added authoring technologies in the various Business Areas (Authoring, Language Services, After Sales), succeeding in developing innovative ideas and applications of already existing services, as well as co-developing - also with dedicated internal resources - and increasing the potential and integration of already available software and creating new integrated platforms.

  In particular, new applications based on artificial intelligence have been developed, with the establishment from 01/01/2025 of a new service line (7AI).

  The actual operational development activity involved integrating some market A.I. engines into its service lines (primarily Global Content and Product Knowledge, and to a lesser extent Printing), aimed at meeting the growing needs of customers.

  In particular, the objectives that STAR7 has set itself are as follows:

• identify repetitive activities and time consuming and low value-added processes;

• train the A.I. to teach the processes to be performed and compress the time of such activities;

• verify and measure the results achieved to identify critical issues and correct them with a view to "continuous improvement";

• on the basis of the errors detected, reduce as much as possible the review time that necessarily must be spent by human beings for control activities;

• optimise the ability of the trained AI to generate and disseminate content based on corporate know-how with the highest degree of accuracy, consistency and reliability.

  To achieve this, the Company has dedicated internal human resources (developers, programmers, engineers) and external suppliers.

  It is the Group's intention to continue to boost, also in subsequent years, the development of new activities characterised by a degree of innovation with respect to its reference market, through a series of initiatives that will primarily involve internal human resources, external consultants and technical equipment.

  
  
  

  In view of the Company's social role, as highlighted in the document on Report on Operations issued by the Italian Accounting Profession, it is deemed appropriate to provide the following information regarding the environment and personnel.

  Environment

  The Group companies do not carry out polluting industrial processes.

  Staff

  In the first half of 2025:

• No on-the-job deaths occurred among personnel listed in the register;

• there were no serious accidents at work involving serious or very serious injuries to personnel listed in the register of employees;

• there were no charges relating to occupational illnesses on employees or former employees and mobbing cases.

  
  
  
  
  
  

  In the first half of 2025, investments were made in the following categories of property, plant and equipment:
  FIXED ASSETS	ACQUISITIONS DURING THE YEAR
  Land and buildings	0
  Plant and machinery	165,587
  Industrial and commercial equipment	9,050
  Other assets	346,144
  Assets under development/construction and payments on account	0
  TOTAL	520,781
  These are ordinary investments for renovations and/or equipment for employees, as well as investments to enhance the production structure and improve efficiency.

  
  
  
  
  
  

  	Trade receivables	Other receivables	Trade payables	p Sundry Trade costs re Trade ayables 30/06/2025 venues
  	30/06/2025	30/06/2025	30/06/2025	30/06/2025		30/06/2025
  Star AG	5,897		7,254		127,793	100,281
  Star Deutschland GmbH	4,257		4,552		8,069	40,997
  Star Software, Translation, Artwork, 131,605 28,708
  Recording GmbH
  Star Paris	38,991	3,800				59,756
  Star Technology Solutions	7,500	106		608		2,421
  Star Japan Co., LTD	97	26,158		41,480		3,989
  Star UK Limited	79	2,093		4,574		239
  Star SA	4,102	35				21,517
  Star Group Scandinavia AB	612	50		41		3,540
  Star Czech S.R.O.	3,210	6,620		12,449		3,666
  Star Hungary KFT		4,033		7,108
  Dante srl		258,346		125,000
  Star Prevajalske Storitve
  D.O.O Ljubljana
  Star Poland		57,027		80,321
  IAMDEV S.t.p. S.r.l.		47,687		94,004
  Star Servicios Linguisticos LDA	33	24,152		42,515
  Star Information Engineering S.L.
  Star Software Shanghai Co. LTD		21,284		36,142
  Star Egitto Middle East Ltd Cairo		8,146		9,425
  Star Information Services & Tools S.R.L.		13,882		17,955
  Star Korea AG		6,264		10,291
  Star SPB - Russia
  Star Translation & Software Thailand Co., Ltd			121		154
  Star AG Taiwan Branch			172		172
  Star do Brasil Localizacao E Tecnologia Ltda
  Star Software Indonesia			630		1,824
  Star Turchia Inf.Services Ltd Sti			19,748		16,970
  Star J&M Finnland OY					39
  Star Co.,Ltd			437		678
  Star Servicios Linguisticos SLU					489
  Star Group America, LLC			728
  Star Vietnam Translation & Software
  Co., LTD.
  STI srl			12,763
  Shareholders of CAAR do Brasil		46,129		569,462
  Toth Comunicação e Logistica Ltda		186,382		310,636
  TOTAL	196,383	232,511	577,677	880,098	744,430	265,113

  The Group had the following transactions with the following associated companies:

  51,589 106,327

  These transactions, which do not include any atypical and/or unusual operations,

  are conducted on an arm's length basis.

  
  
  
  
  
  Credit risk

  Receivables from customers are carefully monitored, and therefore credit risk is deemed to be adequately covered by the relevant allowance for doubtful accounts.

  Liquidity risk

  Note:

• there are adequate lines of credit to meet liquidity needs;

• group companies hold deposits with credit institutions to meet liquidity requirements;

• there are no significant concentrations of liquidity risk on either the side of financial assets or sources of funding;

• The terms of collection are adjusted to those of payment.

  Market risk

  The effects of possible changes on the income statement in relation to relevant risk variables are limited and acceptable for each of the following components:

• interest rate risk

• price risk

• exchange rate risk

Considering the level of risks involved, the companies within the Group do not engage in hedging activities, with the exception of certain interest rate swap and collar cap-floor contracts. These contracts are comprehensively detailed in the Notes to the Financial Statements, which should be referred to for further information.

Key risks are constantly monitored by the Boards of Directors.

At the reporting date, the Parent Company did not hold any own shares and/or shares and/or quotas of parent companies, either directly or through trust companies or third parties.

After the end of the first half, no significant events were recorded that could have a material impact on the Consolidated Financial Report as at 30 June 2025.

On 22 July 2025, the share buyback programme authorised by the Shareholders' Meeting of 6 May 2025 was started under the terms already disclosed to the market on the same date.

The STAR7 Group will continue to strengthen its presence in key markets through targeted commercial expansion initiatives, investing in innovation and digitalisation to improve operational efficiency and the quality of its products and services.

The 2025 strategy continues to focus on cash generation and debt reduction. Particular attention will also be devoted to margin management, with an approach aimed at improving profitability through the ongoing reorganisation process.

However, the macroeconomic environment remains uncertain due to international tensions and geopolitical developments that could impact international trade dynamics.

The company aims to be resilient in the face of challenges in the economic environment, maintaining a sustainable growth trajectory and continuing to create value for all stakeholders in the long term.

On 16 March 2019, the Corporate Crisis Code, which amended Article 2086 of the Civil Code, came into force, thereby placing the onus on the Administrative Body to verify the adequacy of organisational structures in order to prevent the onset of any corporate crisis. This must be done at least every 6 months.

The Companies of the Group have an adequate organisation chart, also in view of the listing on the Euronext Growth Milan market, and have adequate instruments for the constant monitoring of corporate activities, economic and financial trends and a management control system.

The indicators relating to negative or below-par shareholders' equity and the DSGR (Debt Service Coverage Ratio) do not reveal any critical aspects.

INTERIM FINANCIAL

CONSOLIDATED

STATEMENTS

as at 30/06/2025

prepared in accordance with OIC 30

HEADQUARTERS IN ALESSANDRIA

TAX IDENTIFICATION NUMBER 01255170050

REA INDEX NUMBER AL 208355

VAT No. 01255170050

SHARE CAPITAL IN EURO 599,340

LEGAL FORM COMPANY LIMITED BY SHARES (SPA)

COMPANY IN LIQUIDATION no

SINGLE MEMBER COMPANY no

COMPANY SUBJECT TO MANAGEMENT AND COORDINATION BY ANOTHER PARTY no

GROUP MEMBERSHIP no

NAME OF THE PARENT COMPANY STAR7 S.P.A.

COUNTRY OF THE PARENT COMPANY ITALY

III - FINANCIAL FIXED ASSETS

1. Equity investments in

II - RECEIVABLES

1. from customers

   due within the next financial year	34,302,054	32,587,921
   Total trade receivables	34,302,054	32,587,921
   2) from subsidiaries
   due within the next financial year	161,521	129,061
   Total receivables from subsidiaries	161,521	129,061
   3) from associates
   due within the next financial year	428,894	620,193
   Total receivables from associated companies	428,894	620,193
   5-bis) tax receivables
   due within the next financial year	2,291,623	2,392,802
   Total tax receivables	2,291,623	2,392,802
   5-ter) Deferred tax assets/liabilities	974,605	1,012,631
   5-quater) from others
   due within the next financial year	1,866,545	4,247,000
   Total receivables from others	1,866,545	4,247,000
   TOTAL RECEIVABLES	40,025,242	40,989,608
   IV - CASH ON HAND
   1) Bank and postal deposits	15,965,330	25,472,445
   3) Cash and cash equivalents	10,210	13,119
   Total cash and cash equivalents	15,975,540	25,485,564
   TOTAL CURRENT ASSETS (C)	58,104,405	68,488,475
   D) PREPAYMENTS AND ACCRUED INCOME
   	3,231,928	2,480,934
   TOTAL ASSETS	109,766,704	116,110,243

   Liabilities
   	30/06/2025	31/12/2024
   A) EQUITY ATTRIBUTABLE TO OWNERS OF THE GROUP
   I - CAPITAL	599,340	599,340
   II - SHARE PREMIUM RESERVE	11,728,160	11,728,160
   IV - LEGAL RESERVE	119,868	119,868
   VI - OTHER RESERVES, INDICATED SEPARATELY
   Extraordinary reserve	15,375,204	13,339,515
   Capital contributions	2,846	2,846
   Merger surplus reserve	1,105,814	1,105,814
   Consolidation reserve	1,673,665	1,272,366
   Reserve from translation differences	-1,271,226	-853,720
   Misc. other reserves	409,324	409,324
   TOTAL OTHER RESERVES	17,295,628	15,276,146
   VII - RESERVE FOR TRANSACTIONS TO HEDGE EXPECTED CASH FLOWS	-5,959	60,952
   VIII - PROFIT (LOSS) BROUGHT FORWARD	0	0
   IX - PROFIT (LOSS) FOR THE YEAR	1,211,483	2,689,046
   TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT	30,948,521	30,473,512
   MINORITY INTERESTS
   Capital and reserves attributable to minority interests	1,241,121	1,395,846
   Profit (loss) attributable to minority interests	462,057	1,037,717
   TOTAL EQUITY ATTRIBUTABLE TO MINORITY INTERESTS	1,703,178	2,433,563
   TOTAL CONSOLIDATED NET EQUITY	32,651,699	32,907,075
   B) PROVISIONS FOR RISKS AND CHARGES
   1) For pensions and similar obligations	378,930	346,930
   2) For taxes, including deferred taxes	218,470	204,575
   3) Financial derivative liabilities	48,790	2,612
   4) others	50,000	50,000
   TOTAL PROVISIONS FOR RISKS AND CHARGES	696,190	604,117

   	30/06/2025	31/12/2024
   C) EMPLOYEE SEVERANCE INDEMNITY
   	6,732,348	6,614,644
   D) PAYABLES
   1) Bonds
   due within the next financial year	5,249,834	4,289,423
   due after the next financial year	21,771,791	24,690,594
   Total bonds	27,021,625	28,980,017
   4) Borrowings from banks
   due within the next financial year	10,991,650	13,091,311
   due after the next financial year	5,627,652	8,158,447
   Total due to banks	16,619,303	21,249,758
   5) Borrowings from other lenders
   due within the next financial year	269,066	1,364,801
   due after the next financial year	1,542,579	1,678,900
   Total borrowings from other lenders	1,811,645	3,043,701
   6) payments on account
   due within the next financial year	44,051	30,222
   Total advances	44,051	30,222
   7) Trade payables
   due within the next financial year	11,227,250	11,306,470
   Total trade payables	11,227,250	11,306,470
   10) Payables to associated companies
   due within the next financial year	1,457,775	810,365
   Total payables to associated companies	1,457,775	810,365
   12) Tax payables
   due within the next financial year	3,161,352	3,133,418
   Total taxes payable	3,161,352	3,133,418
   13) Due to social security institutions
   due within the next financial year	1,851,084	2,256,706
   Total payables to social security institutions	1,851,084	2,256,706
   14) Other payables
   due within the next financial year	5,373,189	3,723,621
   Total other payables	5,373,189	3,723,621
   TOTAL PAYABLES	68,567,274	74,534,277
   E) ACCRUALS AND DEFERRALS
   	1,119,193	1,450,129
   TOTAL LIABILITIES	109,766,704	116,110,243

   
   
   
   
   
   

   Income Statement
   	30/06/2025	30/06/2024
   A) VALUE OF PRODUCTION
   1) revenues from sales and services	59,004,799	60,365,165
   2) Change in inventories of work in progress, semi-finished and finished 0 -220,456
   products
   3) Changes in contract work in progress	0	-11,380
   5) Other revenues and income
   grants related to income	224,875	343,163
   others	274,131	99,463
   Total other revenues and income	499,006	442,626
   TOTAL VALUE OF PRODUCTION	59,503,805	60,575,955
   B) COST OF PRODUCTION
   6) raw and ancillary materials, consumables and goods	2,573,574	2,496,348
   7) for services	21,217,139	21,200,428
   8) leases and rentals	1,444,265	1,400,247
   9) personnel
   a) wages and salaries	18,078,598	19,710,804
   b) social security contributions	5,092,740	5,200,340
   c) employees' leaving entitlement	613,783	653,476
   e) other costs	914,947	795,618
   Total personnel costs	24,700,069	26,360,238
   10) Amortisation, depreciation and write-downs
   a) amortisation	3,726,663	3,296,054
   b) depreciation	627,779	722,367

   d) write-downs of receivables included in current assets and of cash and cash equivalents

   5,663 39,355

   Total amortisation, depreciation and write-downs 4,360,104 4,057,776

   11) changes in inventories of raw, ancillary and consumable materials and goods	-155,994	-54,525
   12) Provisions for risks	32,000	32,000
   14) Sundry operating expenses	714,906	583,780
   TOTAL COSTS OF PRODUCTION	54,886,063	56,076,292

   DIFFERENCE BETWEEN VALUE AND COST OF PRODUCTION (A - B) 4,617,742 4,499,663

   30/06/2025 30/06/2024

   C) FINANCIAL INCOME AND EXPENSES

   16) Other financial income

   d) income other than the above

   others	105,817	40,943
   Total income other than the above	105,817	40,943
   Total other financial income	105,817	40,943
   17) Interest and other financial expenses
   others	1,757,642	1,720,047
   Total interest and other financial expenses	1,757,642	1,720,047
   17-bis) exchange gains and losses	-123,701	46,767
   TOTAL FINANCIAL INCOME AND EXPENSES (15 + 16 - 17 + - 17-BIS)	-1,775,527	-1,632,337
   PROFIT (LOSS) BEFORE TAX (A - B + - C + - D)	2,842,215	2,867,326
   20) Current, deferred and prepaid income taxes for the period
   current taxes	1,095,619	1,369,973
   prior year taxes	0	0
   Deferred tax assets and liabilities	73,055	-1,212
   Total current and deferred income tax assets and liabilities	1,168,674	1,368,761
   21) Consolidated net income (loss) for the year
   Consolidated net income (loss) for the year	1,673,541	1,498,565
   Result attributable to the group	1,211,483	949,316
   Profit (loss) attributable to minority interests	462,057	549,249

   
   
   
   
   
   

   Cash flow statement, indirect method
   	30/06/2025	30/06/2024
   A) CASH FLOW FROM OPERATING ACTIVITIES (INDIRECT METHOD)
   Profit (loss) for the year	1,673,541	1,498,565
   Income Taxes	1,168,674	1,368,761
   Interest expense/(income)	1,651,826	1,679,104
   (Gains)/Losses from disposal of assets	36	-8,960
   1) Profit (loss) for the year before income taxes, interest, dividends and capital gains/losses on disposal Adjustments for non-cash items that did not have a balancing entry in net working	4,494,077 capital	4,537,470
   Provisions	645,783	708,091
   Depreciation/amortisation of fixed assets	4,354,442	4,018,421

   Value adjustments to financial assets and liabilities of derivative financial instruments not involving monetary movements

   21,146 9,645

   Other adjustments up/(down) for non-cash items 279,674 -403,384

   Total adjustments for non-monetary items that

   did not have a balancing entry in net working capital

   5,301,046 4,332,773

2. Cash flow before changes in net working capital 9,795,123 8,870,243

Change in net working capital

30/06/2025 30/06/2024

B) CASH FLOW FROM INVESTING ACTIVITIES

Property, plant and equipment

Intangible fixed assets

(Investments) -647,398 -1,099,557

Financial fixed assets