Board of Directors – Interim Report as of January 31, 2025 (nine-month period)

APPROVAL OF THE CONSOLIDATED INTERIM REPORT FOR THE NINE-MONTH PERIOD AS OF JANUARY 31, 2025

Consolidated results as of January 31, 2025¹ (9-months ending 01/31/2025) increasing in terms of Revenues (+5.0% Y/Y, +11.7% in Q3 2025²), with a significant reversal from the First-Half trend and the back to growth in operating profitability in Q3 2025 (Ebitda +2.6% Y/Y)

• Consolidated Revenues and Other Income: Eu 999.5 million in Q3 2025 (+11.7% Y/Y) vs Eu 894.5 million; Eu 2,516.9 million in the 9-months ending 01/31/2025 (+5.0% Y/Y) vs. Eu 2,396.1 million.
• Consolidated Ebitda: Eu 68.8 million in Q3 2025 (+2.6% Y/Y) vs. Eu 67.0 million; Eu 176.7 million in the 9-months ending 01/31/2025 (-2.0% Y/Y), thanks to growth in Business Services sector and return to growth in Digital Green sector in Q3 2025.
• Adjusted Net Income³: EUR 33.2 million in Q3 2025 (-2.7% Y/Y); EUR 75.4 million in 9-months ending 01/31/2025 (-10.4%Y/Y).
• Net Financial Position Reported (net debt) for Eu 92.2 million vs Eu 62.5 million Y/Y, with a significant recovery compared to 10/31/2024.
• 6,367 Headcounts as of January 31, 2025 (+14.5% Y/Y), mainly focused on growing areas of the market (Vertical Applications, Digital Platform, Consultancy).
• Confirmed positive outlook for the Full Year as of April 30, 2025, with mid-single digit growth in Revenues and Ebitda, thanks to the expected positive trend in Q4 2025

Empoli (FI), March 13, 2025
The Board of Directors of Sesa S.p.A., reference player in Digital Technology, System Integration and Business Application for the business segment, today approved the consolidated Interim Report referring to the 9-months period as of January 31, 2025, in accordance with EU-IFRS accounting standards.

In the period under review Sesa Group achieves Consolidated Revenues and Other Income¹ of Eu 2,516.9 million (+5.0% Y/Y) and a Consolidated Ebitda¹ equal to Eu 176.7 million (-2.0% Y/Y), confirming the ability to attract and retain competencies with 6,367 resources as of January 31, 2025 (+14.5% Y/Y) and consolidating the strong growth of FYs 2020-2024, which has led the Group from Eu 1.776 billion to Eu 3.211 billion in terms of revenues and from Eu 94.5 million to Eu 239.5 million in terms of Ebitda.

The results of Q3 2025² only, showed strong growth in Revenues and Ebitda in a challenging market scenario, with Consolidated Revenues and Other Income of Eu 999.5 million (+11.7% Y/Y) and a Consolidated Ebitda equal to Eu 68.8 million, up 2.6% Y/Y.

Consolidated Revenues and Other Income¹ grew by 5.0% as of January 31, 2025 (+11.7% in the Q3 2025 only), and are equal to Eu 2,516.9 million, with the following trends across the Group’s Sectors:

• VAS Sector with Revenues and Other Income amounting to Eu 1,581.9 million as of January 31, 2025 (1.7% Y/Y) and equal to Eu 662.2 million in Q3 2025 (+7.8% Y/Y), progressively recovering despite ongoing unfavourable dynamics of some ICT distribution market segments, under an organic trend;
• SSI Sector with Revenues and Other Income of Eu 646.7 million as of January 31, 2025 (+6.1% Y/Y), and equal to Eu 241.8 million in Q3 2025 (+0.3% Y/Y), despite the unfavourable market trends, with external leverage contributing about 50% to the 9-months growth;
• Business Services Sector with Revenues and Other Income equal to Eu 110.1 million as of January 31, 2025 (+32.2% Y/Y) and equal to Eu 41.0 million in Q3 2025 (+45.2% Y/Y), supported by the development of applications and digital platforms dedicated to the Financial Services industry and recent acquisitions, as ATS, active in the Vertical Applications segment for the Capital Market and Metoda Finance in the software solutions segment for Supervisory Reporting;
• Digital Green Sector with Revenues and Other Income¹ equal to Eu 253.7 million as of January 31, 2025 (+28.0% Y/Y) and equal to Eu 86.8 million in Q3 2025 (+56.8% Y/Y). Revenues reflect the consolidation of GreenSun from the beginning of the Fiscal Year, for the First Half pro forma, and in Q3 2025 following consolidation; on a like-for-like basis, Revenues decreased by about 30% compared to the 9 months period as of January 31, 2024 (decreasing by about 10% in Q3 2025 only), due to the price decline accentuated from H2 2024 (November 2023-April 2024), with a stabilization in Q3 2025 and an expected back to organic growth in Q4 2025.

Consolidated Ebitda¹ equal to Eu 176.7 million vs Eu 180.3 million as of January 31, 2024, with a 2.0% decrease mainly related to unfavourable market dynamics affecting some ICT distribution segments and the reengineering process of the SSI Sector. In the Q3 2025 only, the Group’s consolidated Ebitda amounts to Eu 68.8 million, up by 2.6% compared to Q3 2024, thanks to a turnaround in the Digital Green sector, as well as the positive growth in the Business Services sector.
Below the contribution of Group’s Sectors to the formation of Ebitda as of January 31, 2025:

• VAS Sector with an Ebitda equal to Eu 67.6 million in 9-months as of January 31, 2025 (-7.7% Y/Y) and an Ebitda equal to Eu 27.6 million in Q3 2025 (-6.2% Y/Y). The Ebitda margin as of January 31, 2025 was equal to 4.3%, compared to 4.5% Y/Y;
• SSI Sector with an Ebitda equal to Eu 71.5 million in 9-months as of January 31, 2025 (-4.7% Y/Y) and an Ebitda equal to Eu 27.3 million in Q3 2025 (-7.7% Y/Y). The Ebitda margin as of January 31, 2025 was equal to 11.0% vs 12.3% of January 31, 2024, as a result of investments made in competencies and technologies in main development areas and industrial re-engineering activities of some business units, with an expectation of a back to growth starting in Q4 2025;
• Business Services Sector with an Ebitda equal to Eu 18.0 million in 9-months as of January 31, 2025 (+60.8% Y/Y) and an Ebitda equal to Eu 7.1 million in Q3 2025 (+107.7% Y/Y). The Ebitda margin as of January 31, 2025 was equal to 16.4% increasing compared to 13.4% of January 31, 2024, thanks to the development of revenues and customer set in the Digital Platforms and Vertical Applications areas;
• Digital Green Sector with an Ebitda equal to Eu 17.2 million in 9-months as of January 31, 2025 (-9.6% Y/Y) and an Ebitda equal to Eu 6.3 million in Q3 2025 (+25.5% Y/Y). The Ebitda margin as of January 31, 2025 was equal to 6.8% vs 9.6% of January 31, 2024, declining as a result of the lower marginality of the GreenSun perimeter, recovering already from Q3 2025 (Ebitda margin 7.2%) thanks to industrial integration synergies.

Consolidated Adjusted Operating Income (Ebit¹) equal to Eu 138.5 million in 9-months as of January 31, 2025 (Adjusted Ebit margin 5.5% vs. 6.1% Y/Y), down by 5.1% Y/Y, after depreciation and amortization of tangible and intangible assets for Eu 35.6 million (+19.0% Y/Y) and provisions for Eu 2.7 million (-40.8% Y/Y) in contraction thanks to the maintenance of high credit quality given also the use of factoring and credit insurance operations on a large portion of the business perimeter, particularly in the VAS Sector. Consolidated Adjusted Operating Income (Ebit) equal to Eu 54.8 million in Q3 2025 only (Adjusted Ebit margin 5.5% vs. 6.2% Y/Y), essentially stable (-0.7% Y/Y).

The consolidated Operating Income (Ebit¹) amounted to Eu 110.0 million (-9.2% Y/Y), after amortization of intangible assets of customer lists and know-how recognized as a result of the PPA process for Eu 23.9 million (+18.3% Y/Y reflecting further investments in corporate acquisitions) and after other non-monetary costs for Eu 4.5 million (stable Y/Y).

Adjusted Net Profit¹ amounted to Eu 75.4 million (3.0% of revenues), down by 10.4% Y/Y, while in Q3 2025 only it amounted to Eu 33.2 million in slight decrease (-2.7% Y/Y), thanks to the stabilization of net financial expenses, which increased to Eu 29.3 million as of January 31, 2025 compared to Eu 24.1 million as of January 31, 2024, while in Q3 2025 only showed a substantially stable trend compared to Q3 2024 (Eu 10.4 million vs Eu 10.0 million Y/Y) and an improvement compared to Q2 2025 (Eu 10.4 million vs Eu 11.6 million in Q2 2025).

Net Financial Position Reported as of January 31, 2025, calculated net of IFRS liabilities of Eu 200.3 million, (compared to Eu 210.8 million as of January 31, 2024) is passive for Eu 92.2 million compared to Eu 62.5 million as of January 31, 2024 and highlight a partial recovery of the gap of Eu 64.6 million Y/Y as of October 2024. The NFP reflects Buy Back and dividend distributions of about Eu 26 million LTM as well as investments of about Eu 130 million LTM, related to both M&A (80% of the total) and Capex (20% of the total), contributing to the Group’s transformation, with primary focus in Business Services and Software and System Integration Sectors, and potential for further expansion.
Consolidated Net Financial Position as of January 31, 2025 is active (net cash) for Eu 108.1 million compared to Eu 148.3 million as of January 31, 2024.
During the period under review, consolidated shareholders’ equity was strengthened to Eu 518.0 million as of January 31, 2025, increasing from Eu 470.4 million as of January 31, 2024.

A positive outlook is confirmed for the Full Year as of April 30, 2025 (FY 2025) with an expected midsingle digit growth in Revenues⁴ and Ebitda⁴, in line with the guidance communicated in December 2024, thanks to the expected positive trend in Q4 2025, particularly in the Digital Green and Business Services sectors.

The Group will continue to invest in the development of digital skills, human resources, and innovative solutions, generating sustainable value for the benefit of all stakeholders and further enhancing its sustainability profile.

The Chairman Paolo Castellacci and the Chief Executive Officer Alessandro Fabbroni stated about the 9-months results as of January 31, 2025 as follows:
“We pursue with conviction our strategy of investing in developing skills and technologies, confirming our role as a key player in the industry, leading the digitalization of enterprises, institutions and large organizations, with a management model focused on sustainable development and a balanced distribution of value for all Stakeholders”, stated Paolo Castellacci, Chairman and Founder of Sesa.

“The results as of January 31, 2025 is part of our Group’s industrial transformation path, increasingly oriented towards consultancy, digital platform, and technology innovation across the main drivers of evolution as processes digitalization, AI, Cybersecurity, pursuing sustainable and long-term value generation for stakeholders. We confirm our strategy of developing competencies and applications with an outlook of midsingle digit growth in revenues and operating profitability expected in the FY 2025, boosted by the continuation of the growth trend in the Business Services Sector, as well as the double-digit increase in revenues and profitability in the Digital Green Sector also following the industrial re-engineering actions carried out in the period. We continue our investment path in technology innovation and skills supporting the value creation of our client enterprises across their digital evolution”, stated Alessandro Fabbroni, CEO of Sesa.

Here attached you can find the following exhibits (in thousand Euros):
Exhibit n. 1 – Reclassified Consolidated Income Statement as of January 31, 2025
Exhibit n. 2 – Reclassified Consolidated Balance Sheet as of January 31, 2025
Exhibit n. 3 – Consolidated Income Statement as of January 31, 2025
Exhibit n. 4 – Consolidated Statement of Financial Position as of January 31, 2025
Exhibit n. 5 – Segment Information as of January 31, 2025

Alessandro Fabbroni, in his capacity as Director in charge of Corporate Accounting Documents, declares pursuant to article 154 bis, paragraph 2 of the Consolidated Law on Finance, that the accounting information contained in this press release matches the information included in the accounting books and records.

¹ Pro-forma figures that include the GreenSun pro-forma results since H1 2025 (Half-Year Revenues of Eu 83,713 thousand, Ebitda of Eu 5,220 thousand, Adjusted EAT of Eu 3,973 thousand), related to the Digital Green sector only. GreenSun, whose acquisition was formalized in November 2024, is included in the consolidation perimeter starting from Q3 2025.
² Third quarter of the fiscal year ending April 30, 2025: 3-months period from November 1, 2024 to January 31, 2025.
³ Consolidated Adjusted Net Income, gross of amortization of intangible assets (Client Lists and Know-how) recognized as a result of PPAs for corporate acquisitions, amounting to Eu 23,922 thousand compared to Eu 20,220 thousand as of 01/31/2024, as well as gross of Stock-Grant costs amounting to Eu 4,487 thousand stable compared to 01/31/2024, defined net of the related tax effect.
⁴ FY 2025E forecasts include GreenSun’s pro forma results in H1 2025 (Revenues Eu 83.7 Mn, Ebitda Eu 5.2 Mn, Adjusted EAT Eu 4.0 Mn, Group EAT Adjusted Eu 2.1 Mn), as well as GreenSun’s results of H2 2025 following inclusion in the company’s consolidation scope as of Q3 2025.