The board of directors of Tecma Solutions s.p.a. approves the consolidated financial report as of 30 june 2025 and the financial calendar for the financial year 2026

PRESS RELEASE

+22% revenue growth in foreign markets (€2.6 million compared to €2.1 million as of June 30, 2024), confirming the international expansion strategy

+336% revenue growth from SaaS products and services (€0.4 million compared to €0.1 million as of June 30, 2024), driven by the spread of technology

mainly due to the reduction in the capitalization of research and development investments

primarily due to amortizations related to previous investments in Research & Development

Consolidation of the revenue model based on recurring SaaS revenues:

1. ‌EBITDA: calculated as the difference between the value of production and the costs of production, net of depreciation, amortization, provisions, write-downs and non-recurring accounting items.

2. ‌Annualized recurring revenues (ARR) from software licenses and subscriptions related to contracts in place as of Jun 30, 2025.

   CONTEXT AND MAIN CONSOLIDATED RESULTS AS OF JUNE 30, 2025

   The market for new residential constructions in Italy continues to register investment volumes lower than in previous years, with a significant contraction expected for 2025. This phenomenon is due to the complex administrative and judicial context affecting the Milan market, which has had negative effects at the national level and impacted the company's growth in the domestic market.

   This decline has been partially offset by growth in international markets, with an increase in the customer base and a broader spread of technologies. However, it should be noted that approximately 40% of the Group's revenue is denominated in dollars. As a result, the appreciation of the euro against the dollar has led to a reduction in consolidated revenues in euros and negatively impacted margins.

   • Value of production: €7.53 million (compared to €7.87 million as of June 30, 2024)

     • Value of production form Core Business: €7.50 million, a decrease of 3.6% compared

       to €7.78 million in H1 2024

     • Consolidated revenue from Operations (excluding R&D activities): €7.16 million, an increase of 0.8% compared to €7.10 million in H1 2024. This growth is primarily attributable to a significant increase in foreign market sales (+22%) and a strong performance in other revenue streams, mainly driven by digital campaigns (+102%). These dynamics more than compensated for the contraction in the domestic market, which declined by 18%.

     • Gross margin from Operations (excluding R&D activities): €4.17 million, a decrease of 1.2% compared to €4.22 million in H1 2024

       • Gross margin from Operations represents 58.2% of revenue, almost in line with 59.4% recorded in the first half of 2024, further confirming the continued production efficiency achieved through the strategic growth and efficiency plan launched in 2023.

   • EBITDA3: €0.52 million, down from €0.74 million in H1 2024, primarily due to the reduction in capitalization of research and development investments. Excluding capitalizations, EBITDA remains positive at €0.2 million. Core Business EBITDA stands at €0.49 million, compared to

     €0.65 million in the first half of 2024. Margins remain in line with 2024 levels and have

     significantly improved compared to previous years, mainly due to:

     • Implementation of activities aimed at increasing scalability and production efficiency, such as a review of the organizational structure, process optimization,

3. ‌EBITDA: calculated as the difference between the value of production and the costs of production, net of depreciation, amortization, provisions, write-downs and non-recurring accounting items.

   initiation of a targeted outsourcing strategy, use of new data computing tools, and the development of proprietary technologies.

   • Effectiveness of internationalization activities initiated post-IPO, supported by investments for consolidating commercial structures, including the addition of new resources for foreign market development.

   • Activation of industrial and commercial agreements, including new strategic partnership agreements with leading players in the digital technology and real estate sectors, for the development of distribution channels

   • EBIT: €-0.74 million (compared to €-1.16 million as of June 30, 2024), negative due to amortizations of technological platform investments made in previous years.
   • Net result: €-0.90 million, an improvement compared to €-1.15 million in H1 2024
   • Net financial position: €2.20 million, an increase of €0.12 million from €2.08 million as of December 31, 2024, due to positive cash flow generation before financial debt repayment; a decrease of €1.10 million from €3.31 million as of June 30, 2024

   • Total cash and cash equivalents: €3.43 million (compared to €4.32 million as of December 31, 2024), including i) €1.90 million in bank balances (compared to €2.81 million as of December 31, 2024) and ii) €1.53 million in easily disposable financial investments (compared to €1.56 million as of December 31, 2024). The decrease from December 31, 2024, is mainly due to positive operating cash flow of €0.44 million, investments completed totalling €0.47 million, repayments of bank credit lines of €0.89 million, and a negative financial management balance of €0.09 million.

     * * * * *

     Milan, September 25, 2025 - The Board of Directors of TECMA Solutions S.p.A. (hereinafter, "TECMA" or "The Company"), a Tech Company specializing in Digital Transformation for the Real Estate sector and listed on Euronext Growth Milan [EGM: TCM], today approved the consolidated financial statements as of June 30, 2025, prepared in accordance with national accounting principles.

     "Despite the first half of 2025 being marked by an adverse euro-dollar exchange rate and a difficult domestic market, with investment volumes still below historical levels and administrative dynamics slowing down key real estate operations, TECMA has demonstrated resilience, generating positive operating cash flow and keeping economic and financial indicators in line with the same period of the previous year. At the same time, double-digit growth in foreign markets and the extraordinary spread of our SaaS technologies confirm the strength of our industrial strategy and our ability to

     position ourselves as a leading technological partner at an international level. We have built a scalable model focused on predictable economic-financial flows and long-term value generation, evolving from a pre-IPO project-based company to one with a solid base of recurring revenues," said Pietro Adduci, CEO of TECMA. "These results are the outcome of the strategic vision of the management and the Board, financial discipline, organizational simplification, and the development of new technologies and partnerships with leading national and international players. For the entire 2025 fiscal year, we expect a clear increase in the customer base both nationally and internationally, leading to growth in positioning and market share. We anticipate a result in line with last year, despite the adverse conditions in the Italian market and the negative euro-dollar exchange rate impact."

     * * * * * MAIN CONSOLIDATED RESULTS AS OF JUNE 30, 2025

     In the first half of 2025, the group controlled by TECMA (the "Group") reported a Value of Production of €7.53 million, a decrease of -4.3% compared to the €7.87 million recorded in the same period in 2024. The Value of Production of the Core Business (software and digital platform sales and capitalized R&D activities) stands at €7.50 million, a decrease of -3.6% compared to the first half of 2024 (€7.78 million).

     Operating Revenues amount to €7.16 million, showing an increase of +0.8% compared to €7.10 million in the first half of 2024, driven by a strong growth (+102%) in other revenues (primarily social charges), which offset the 5% reduction in the "fixed" revenue component compared to June 30, 2024, as well as the simultaneous reduction in variable revenues related to sales (so-called "Revenue Fees"), which experienced a contraction of about -9% compared to the previous period, primarily influenced by administrative slowdowns, particularly related to the city of Milan. Additionally, it is worth noting that the composition of fixed revenue is changing due to the ongoing development of the new commercial offer: a significant increase in revenues from software licenses and subscriptions, which amounted to €0.60 million by June 30, 2025, reflecting a +48% increase compared to the same period last year, and a strong increase in revenues from additional services, which reached €0.36 million by June 30, 2025, marking a +336% increase compared to the same period last year.

     Regarding geographical distribution, foreign project revenues amounted to €2.56 million, with a growth rate of +22% compared to the first half of 2024. In particular, in the Middle East, the Company recorded a revenue increase of +50% compared to the same period last year, benefiting

     from positive dynamics in the local real estate market, while the U.S. market experienced a slowdown (-76%) due to structural changes completed during 2024.

     Following the commercial launch of the Enterprise Digital Platform and Home Configurator in the second half of 2022, it is important to note that since 2023, the Company has successfully initiated a process of modifying its commercial offer with the aim of transitioning towards a revenue model based on recurring revenues ("ARR" or "Annualized Recurring Revenues"), designed to simplify the sales process and provide greater predictability of cash flows, aiming for full scalability of the business. Considerable progress has already been made in this direction, with the Company having contracted, as of June 30, 2025, ARR totalling approximately €1.7 million, reflecting a +49% increase compared to December 31, 2024.

     Gross Margin from Operations (Core Business excluding R&D activities) amounts to €4.17 million,

     down -1.2% compared to the same period in 2024 (€4.22 million), primarily due to:

   • An increase in direct personnel costs: €1.86 million, +4.4% compared to June 30, 2024.
   • Direct costs almost in line with the previous year: €1.14 million, +2.7% compared to the first half of 2024, resulting from a change in the product mix sold during the year, as well as the launch of a targeted outsourcing strategy for certain low-value, non-strategic activities.

     Despite the negative impact of the national real estate market, the Gross Margin from Operations (excluding R&D activities) represents 58.2% of revenues, virtually unchanged from 59.4% recorded in the first half of 2024. This confirms the tangible effects of the strategic growth and efficiency program initiated in 2023, as well as the Company's ability to generate high profitability per contract.

     EBITDA4 stands at €0.52 million, down from €0.74 million in the first half of 2024, and Core Business EBITDA is €0.49 million (€0.65 million in the first half of 2024). The maintenance of profitability substantially in line with the previous period, despite the complex market conditions, is primarily due to the completion of the strategic growth and efficiency plan initiated in 2023. More in detail:

   • Indirect personnel costs (€2.23 million) decreased by -11.3% compared to the first half of 2024, due to organizational and simplification actions.
   • Indirect costs, amounting to €1.75 million, increased by 3.5% compared to the first half of 2024, mainly related to rental fees and recurring consultancy (primarily administrative in nature).

4. ‌EBITDA: calculated as the difference between the value of production and the costs of production, net of depreciation, amortization, provisions, write-downs and non-recurring accounting items.