FY 2025 results
INVESTOR PRESENTATION
MILAN | 16 TH MARCH 2026
FY 2025 Results
AGENDA
ABOUT TECMA
FY 2025 IN A NUTSHELL
OPERATIONAL HIGHLIGHTS
FINANCIAL OVERVIEW
LOOKING FORWARD APPENDIX
01 ABOUT TECMA
_Mission
_Technology
_Application Fields
_Application Field
Tech Company
BUIN ESS | BEAUTY
developing Software Solutions for Real Estate Business, since 2012.
Mission
Revenue Generation and
Sales Management for New Developments.
ABOUT TECMA
Mission
Technology
Application Fields 04 Application Field
E-COMMERCE PLATFORMS FOR REAL ESTATE BUSINESS
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Software-based ecosystems for Revenue Generation and Sales Management.
e-Commerce Platform
CLOUD SOFTWARE APPLICATIONS
A Complete Software Suite encompassing n.3 integrated Cloud Applications, developed to manage the entire Real Estate business generation process
in order to increase Revenues, reduce Costs and speed-up Sales and Rents
+
Hardware
DIGITAL DEVICES
A set of Digital Devices specifically conceived for the Real Estate industry and hosted in
a showroom designed & made by TECMA in order to
offer an unprecedented "phygital" customer journey
Digital Contents
COMPUTER GENERATED 3D IMAGES & FILMS
Thanks to a 10-year R&D track-record, TECMA has developed proprietary 3D libraries enabling the generation of virtual photos & videos - featured by the utmost movie-industry level of realism & resolution -which are used to populate Software & Hardware.
ABOUT TECMA
Mission
Technology
Application Fields 04 Application Field
Digital Development & Digital Asset Management
The Digital Platforms developed by TECMA enable 360° management of the business generation process
for both greenfield and brownfield development projects, empowering the industry players to
BUIN ESS | BEAUTY
master the commercial phases of the sale (Build To Sell) or rental (Build To Rent) of real estate properties
Asset Development
Asset Management
BUILD TO SELL
BUILD TO RENT
ABOUT TECMA
Mission
Technology
Application Fields 04 Application Field
From residential to commercial asset classes
Originally developed for the Residential Property Market, the full-scale technology solutions developed by TECMA are being progressively adapted
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and rolled-out for the Commercial Property Markets (Office, Retail & mixed-use).
Residential
Office
Retail
Mixed Use
FULL-SCALE PLATFORM
PLATFORMS LIMITED TO CERTAIN TECHNOLOGICAL AND DIGITAL SOLUTIONS
ABOUT TECMA
Mission
Technology
Application Fields 04 Application Field
02 FY 2025 IN A NUTSHELL
_Business Highlights
_Main Achievements
FY 2025: BUSINESS HIGHLIGHTS
Delivering strategy despite a complex market environment
Enhancement of additional services to create added value for customers and strengthen the competitive position in the market
1
Continuing push on internationalization, with supportive market particularly in Middle-East and
partial reshuffling of the commercial team in the US where the market remains under pressure
2
Successful software-based business model and new tech-based products allowing for a consistent market penetration and further diversification of clients' portfolio
3
Continuing consolidation of "recurring revenues" to improve the top-line texture and ensure proper operating margins across-cycle ( "revenue fee" scheme being rapidly discontinued)
4
Maintaining sound operational profitability: steady focus on efficiency and product optimization (streamlined processes, use of AI-based applications and outsourcing of low-value processes)
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5
FY 2025 IN A NUTSHELL
Business Highlights
Main Achievements
FY 2025: MAIN ACHIEVEMENTS
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Recurring revenues growth and positive EBITDA
+53% | growth in revenue SaaS based in FY 2025 vs. FY 2024 | 1 |
+9% | international revenues in FY 2025 vs. FY 2024 driven by persistent high-growth in the Middle-East (+28%) where the market remains supportive | 2 3 |
+42% residential units active on TECMA's platforms at YE 2025 vs YE 2024, Italy only confirming the increasing market penetration with over 25.000 units active on TECMA's software platforms | ||
€3.7M | of revenue SaaS based €1.5M Annualized Recurring Revenues (ARR) under contract as of YE 2025 | 4 |
€1.1M | Positive EBITDA (c. 7% margin), of which €1.0M from the Core Business maintaining robust operating margins in FY 2025 despite the ongoing market downturn | 5 |
€0.3M | Chash flow to debt service €(0.9)M change in financial debt | 6 |
FY 2025 IN A NUTSHELL
Business Highlights
Main Achievements
03 OPERATIONAL HIGHLIGHTS
_Market Environment
_Business Highlights
_Tech Highlights
_Platform Business Model
OPERATIONAL HIGHLIGHTS
Weak sales in the Italian market, stagnation in the US market and strong performance in Dubai
01 Market Environment 02 Business Highlights 03 Tech Highlights
Italy: new homes sales
('000 of residential units)
US: new Residential Sales*
('000 of residential units)
Dubai: homes sold off-plan
('000 of residential units)
04 Platform Business Model
(20)%
2023
+7%
2024
(21)%
+6%
2023
0%
2024
0%
2025
+40%
2023
+83% +36%
2024 2025
2025
BUIN ESS | BEAUTY
Source: Agenzia delle Entrate, US Census Bureau, CBRE and management estimates *only Northeast and South
+9% progression of TECMA's International business in FY 2025
€5.5M c. 44%+9%
International revenues
(growth FY 25 vs. FY 24)
On core revenues
Weight of international business in FY 2025
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Locations where TECMA is active
OFFICE FOOTPRINT
Tecma Solutions: Milan - Rome
Tecma US: Miami
Tecma Middle-East: Dubai
OPERATIONAL HIGHLIGHTS
01 Market Environment 02 Business Highlights 03 Tech Highlights
04 Platform Business Model
MIDDLE-EAST
€4.8M
+28%
FY 2025 revenues
(growth FY 25 vs. FY 24)
UNITED STATES
€0.2M
(76)%
FY 2025 revenues
(growth FY 25 vs. FY 24)
EUROPE & OTHERS
€0.5M
+23%
FY 2025 revenues
(growth FY 25 vs. FY 24)
Value of the assets using TECMA's Technology
(Cumulated value in € millions - Worldwide)
>€22bn
Residential units track-record
(Cumulated # of residential units - Worldwide)
c. €32bn
considering the full deployment of
the Palm Jebel Ali
>25k
c. 2.7k
c. €1.6bn
Software platforms active or in contractual backlog Clients having acquired a software platform
25-30
(Cumulated # of platforms - Italy)
~310
(Cumulated # of B2B clients - Italy)
~300
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25-30
OPERATIONAL HIGHLIGHTS
01 Market Environment 02 Business Highlights 03 Tech Highlights
04 Platform Business Model
Residential units active through
"full-scope" software platform
(Cumulated # of residential units)
Users registered on
TECMA's online platforms
(Cumulated # of registered users/leads)
+38%vs YE 2024
+75.954
clients in 2025
>275k
Online quotations completed by users
(Cumulated # of digital quotations registered)
+42%vs YE 2024
+6.046
units in 2025
>20k
+21% > 30k
vs YE 2024
+5.863
quotations in 2025
BUIN ESS | BEAUTY
*only Italy
OPERATIONAL HIGHLIGHTS
01 Market Environment 02 Business Highlights 03 Tech Highlights
04 Platform Business Model
New license-based revenue model gradually replacing highly volatile "Revenue Fee" format
Revenues SaaS Based
(Licenses + Subscriptions + Digital Services - Figures in Euro thousands)
Annualized Recurring Revenues (ARR)
(Contractualised ARR - Figures in Euro thousands)
OPERATIONAL HIGHLIGHTS
01 Market Environment 02 Business Highlights 03 Tech Highlights
04 Platform Business Model
Tech-driven platforms trigger a lower average contract value easing market penetration and up-selling
N° of new contracts/projects
(# of contracts referring to new projects / new phase of a project)
Average revenues per new contract
(Euro - excluding variable revenue fees)
c. 210
c. 40
c. €140k
c. €50k
N° of add-on contracts
>140
c. 10
(# of contracts related to add-on activities on an existing project)
Value of add-on contracts
(Euro)
€ 1.5M
€ 0.3M
OPERATIONAL HIGHLIGHTS
01 Market Environment 02 Business Highlights 03 Tech Highlights
04 Platform Business Model
data based on consolidated revenues FY 2025
Client Subscription
2.280 €/month
Mean Client Recurring Purchaise
80.000 €/year approx
Mean Annual Client Value
100.000 € approx
#1
Point of View Business&Revenue Model
cor e bus i nes s = s of w ar e + cont ent s
add on
3.7M€ Total Tech Subscriptions
(SaaS Based)
9.7M€ Digital Contents
(Digital Services)
0.1M€ Tech Products
(Hardware)
0.4M€ Advisory
(Custom Services)
#2
Point of View
Core Business + Add-On
OPERATIONAL HIGHLIGHTS
01 Market Environment 02 Business Highlights 03 Tech Highlights
04 Platform Business Model
04 FINANCIAL OVERVIEW
_FY 2025 Highlights
_P&L
_Net cash position
_Cash flow bridge
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Outstanding growth in international business and stable operational profitability
Top line metrics
Profitability metrics
Balance sheet metrics
€14.8M
(9.5)%
Value of
production
Growth FY 2025
vs. FY 2024
€6.9M
(23)%
56%
Core revenues Italy
Growth FY 2025
vs. FY 2024
Weight on total core revenues
€5.5M
+9%
44%
Core revenues Worldwide
Growth FY 2025
vs. FY 2024
Weight on total core revenues
FINANCIAL OVERVIEW
02 P&L
03 Net Financial Position 04 Cash Flow Bridge
01 FY 2025 Highlights
Net loss FY 2024
Net loss
€(1.1)M
€(2.0)M
Core EBITDA
Core EBITDA FY 2024
€1.0M
€1.9M
Gross margin (operations)
% gross margin on revenues
Growth FY 2025
vs. FY 2024
€8.1M
c. 58%
(13)%
Capex on
revenues
Capex FY 2024
Capex
€0.9M
c. 6%
€1.4M
* Includes liquid financial investments for c. €1.5M
Cash & equivalents *
Cash & equivalents (YE 2024)*
€3.6M
€4.3M
Net debt / (cash)
Net debt / (cash) YE 2024
€1.9M
€2.1M
Value of production
(Figures in € million)
Gross margin from Operations*
(Figures in € million)
Core EBITDA
(Figures in € million)
shift of backlog and pipeline to 2027-28 due to administrative limitations
R&D +
non core
in Milan/Rome
2,5 ca
Operations
License revenues reached €1.0M (+18%) in 2025, while recurring services totaled €0.8M (+142%) in the same period.
BUIN ESS | BEAUTY
Fixed fees declined by 12% in 2025, impacted by the ongoing crisis in the Italian market..
Revenue fees decreased by 26% in 2025, reflecting the shift towards a license-driven revenue model.
The Value of Production (VoP) was affected by lower capitalized costs, partially offset by a significant increase in other revenues, particularly social networks, which rose by 61% in 2025.
Stable gross margin thanks to
new revenue model driven by recurring licences and subscriptions as well as
enhanced operational efficiency achieved through the 2023 strategic plan
EBITDA remained at a positive level, supported by continued optimization of indirect costs (primarily personnel), despite a decrease in capitalization costs.
* Note: % gross margin calculated on "Operations only" excluding R&D
FINANCIAL OVERVIEW
FY 2025 Highlights
P&L
Net Financial Position 04 Cash Flow Bridge
Revenues resilience due to market diversification,
with EBITDA remaining unchanged thanks to continuous efficiency improvements.
Revenues from Operations
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(Figures in € million)
Core EBITDA
(Figures in € million)
Avg. revenues per FTE
(2023): c. €75k
Avg. revenues per FTE
(2024): c. €111k
Avg. revenues per FTE
(2025): c. €111k
FINANCIAL OVERVIEW
FY 2025 Highlights
P&L
Net Financial Position 04 Cash Flow Bridge
As of 31 Dec 2025
(Figures in € million)
As of 31 Dec 2024
(Figures in € million)
€3.6M overall liquidity available
Mid-term liquid investments
(0.5)
€4.3M overall liquidity available
Mid-term liquid investments
(0.5)
FINANCIAL DEBT MATURITY*
2026 2027 2028 ≥ 2029
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€1.7M
€1.1M
€0.7M
€1.4M
* Excludes €0.1M revolving credit facility
FINANCIAL OVERVIEW
FY 2025 Highlights
P&L
Net Financial Position
Cash Flow Bridge
unlevered cash flow
Liquid / disposable investments
0.5
€3.6M
liquidity
available
Liquid / disposable investments
0.5
Consolidated data in Euro millions
c. €0.3M
BUIN ESS | BEAUTY
Positive cash flow from operations driven by profits generated from core business activities.
Stable net working capital maintained through efficient management of receivables and payables, including the negotiation of favorable payment terms with suppliers and no significant changes in collection terms.
Repayment of bank debt proceeding as scheduled. No investments or disposals of financial assets.
FINANCIAL OVERVIEW
FY 2025 Highlights
P&L
Net Financial Position
Cash Flow Bridge
05 LOOKING FORWARD
_FY 2026 Guidance
Top-line
In line with 2024vs. 2024
Core
Revenues
Profitability
Slight contractionvs. 2024
Core
EBITDA
BUIN ESS | BEAUTY
Decreasing mainly due to authorization constraints in the construction sector in the municipalities of Milan and Rome, as well as the unfavorable trend in the euro-US dollar exchange rate.
LOOKING FORWARD
FY 2025 Guidance
FY 2026 Guidance
Top-line
Nearly in line with 2025vs. 2025
Core Revenues
Profitability
Slight improvementvs. 2025
Core
EBITDA
BUIN ESS | BEAUTY
It should be noted that the Italian real estate market is currently experiencing a significant slowdown, characterized by administrative delays and ongoing legal disputes, which make it particularly difficult to formulate reliable short-term forecasts.
This situation is further compounded by uncertainties in the international geopolitical environment, recently heightened by tensions related to the conflict in Iran. These developments are contributing to increased market volatility and reinforcing the general prudence adopted by market participants.
LOOKING FORWARD
FY 2025 Guidance
FY 2026 Guidance
APPENDIX - Complete Financial Results
PROFIT & LOSS
Data in Euro thousands, unless otherwise stated
FY 2025 | FY 2024 | |
Revenues | 12.427 | 14.003 |
Capitalized R&D costs | 695 | 1.263 |
Other revenues | 1.639 | 1.142 |
VALUE OF PRODUCTION | 14.761 | 16.408 |
Personnel cost | (7.828) | (8.733) |
Direct Costs | (2.240) | (2.034) |
Indirect Costs | (3.628) | (3.569) |
EBITDA | 1.064 | 2 .072 |
D&A | (1.929) | (4.072) |
EBIT | (865) | (2 .000) |
Net financial expenses | (151) | 159 |
Non-recurring costs | (79) | (133) |
EBT | (1.095) | (1.974) |
Taxes | 38 | (11) |
NET INCOME / (LOSS) | (1.057) | (1.985) |
FY 2025 | FY 2024 | |
Intangible assets | 2.391 | 2.891 |
Tangible assets | 551 | 899 |
Financial fixed assets | 503 | 547 |
FIXED ASSETS | 3.444 | 4.337 |
Accounts receivable | 3.208 | 3.994 |
Accounts payable | (565) | (769) |
TRADE WORKING CAPITAL | 2 .643 | 3.225 |
Other assets | 691 | 955 |
Other liabilities | (1.795) | (2.229) |
NET WORKING CAPITAL | 1.539 | 1.952 |
Funds (incl. sererance) | (683) | (621) |
NET INVESTED CAPITAL | 4.300 | 5.668 |
FY 2025 | FY 2024 | |||
Share capital | 1.094 | 1.094 | ||
Reserves | 2.357 | 4.481 | ||
Net income / (loss) | (1.057) | (1.985) | ||
SHAREHOLDERS EQUITY | 2 .393 | 3.589 | ||
Financial debt | 4.982 | 5.902 | ||
ST financial investments | (1.035) | (1.009) | ||
Cash & equivalents | (2.040) | (2.814) | ||
NET FINANCIAL POSITION | 1.907 | 2 .079 | ||
NET CAPITAL EMPLOYED | 4.300 | 5.668 | ||
FY 2025 | FY 2024 | |||
OPERATING CASH FLOW | 1.292 | 2 .397 | ||
Capex & investments | (945) | (1.408) | ||
UNLEVERED CASH FLOW | 347 | 989 | ||
Change in cash | (773) | (1.685) | ||
Data in Euro thousands, unless otherwise stated
BALANCE SHEET & CASH FLOW
PROFIT & LOSS BY SEGMENT
Data in Euro thousands, unless otherwise stated
12 months ending on 31/12/2025 12 months ending on 31/12/2024 Delta FY 2025 vs. FY 2024
Net revenues |
Increase of fixed assets |
Other revenues and proceeds |
Value of production |
Direct personnel |
Direct costs |
Gross margin |
Operations | R&D | Core | Non-core | Total |
12.427 | - | 12.427 | - | 12.427 |
- | 695 | 695 | - | 695 |
1.573 | - | 1.573 | 66 | 1.639 |
14.000 | 695 | 14.695 | 66 | 14.761 |
(3.612) | (75) | (3.687) | - | (3.687) |
(2.240) | - | (2.240) | - | (2.240) |
8.148 |
Operations | R&D | Core | Non-core | Total |
14.003 | - | 14.003 | - | 14.003 |
- | 1.263 | 1.263 | - | 1.263 |
978 | - | 978 | 164 | 1.142 |
14.982 | 1.263 | 16.244 | 164 | 16.408 |
(3.589) | (73) | (3.662) | - | (3.662) |
(2.034) | - | (2.034) | - | (2.034) |
9.359 |
Operations | R&D | Core | Non-core | Total |
(11,3%) | - | (11,3%) | - | (11,3%) |
- | (45,0%) | (45,0%) | - | (45,0%) |
+60,8% | - | +60,8% | (59,9%) | +43,5% |
(6,6%) | (45,0%) | (9,5%) | (59,9%) | (10,0%) |
+0,6% | +3,0% | +0,7% | - | +0,7% |
+10,1% | - | +10,1% | - | +10,1% |
(12,9%) |
Gross margin (% of VoP) 58,2% 62,5%
Indirect personnel |
Indirect costs |
EBITDA |
(3.647) | (495) | (4.142) | - | (4.142) |
(3.503) | (125) | (3.628) | - | (3.628) |
998 | (0) | 998 | 66 | 1.064 |
(4.123) | (949) | (5.072) | - | (5.072) |
(3.328) | (241) | (3.569) | - | (3.569) |
1.908 | (0) | 1.908 | 164 | 2.072 |
(11,5%) | (47,9%) | (18,3%) | - | (18,3%) |
+5,3% | (48,0%) | +1,7% | - | +1,7% |
n.m. | n.m. | n.m. | n.m. | n.m. |
EBITDA (% of VoP) 7,1% (0,0%) 6,8% 100,0% 7,2% 12,7% (0,0%) 11,7% 100,0% 12,6%
Depreciation & amortization |
EBIT |
(1.929) | - | (1.929) | - | (1.929) |
(931) | (0) | (931) | 66 | (865) |
(4.072) | - | (4.072) | - | (4.072) |
(2.164) | (0) | (2.164) | 164 | (2.000) |
(52,6%) | - | (52,6%) | - | (52,6%) |
(57,0%) | - | (57,0%) | (59,9%) | (56,7%) |
EBIT (% of VoP) (6,6%) (0,0%) (6,3%) 100,0% (5,9%) (14,4%) (0,0%) (13,3%) 100,0% (12,2%)
Financial charges and income |
Other non-recurring costs |
EBT |
(151) | - | (151) | - | (151) |
- | - | - | (79) | (79) |
(1.082) | (0) | (1.082) | (14) | (1.095) |
159 | - | 159 | - | 159 |
- | - | - | (133) | (133) |
(2.004) | (0) | (2.004) | 30 | (1.974) |
(194,9%) | - | (194,9%) | - | (194,9%) |
- | - | - | (40,6%) | (40,6%) |
(46,0%) | - | (46,0%) | (145,1%) | (44,5%) |
Taxes |
Net result |
38 | - | 38 | - | 38 |
(1.043) | (0) | (1.043) | (14) | (1.057) |
(11) | - | (11) | - | (11) |
(2.016) | (0) | (2.016) | 30 | (1.985) |
(438,0%) | - | (438,0%) | - | (438,0%) |
(48,2%) | - | (48,2%) | (145,1%) | (46,8%) |
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