APPROVAL OF THE CONSOLIDATED INTERIM MANAGEMENT REPORT
FOR THE NINE-MONTH PERIOD AS OF 31 JANUARY 2026
STRONG ACCELERATION IN ORGANIC GROWTH IN 3Q 2026,
IN EXECUTION OF THE INDUSTRIAL PLAN
AS OF 31 JANUARY 2026 (9M 2026): REVENUES +7.5%, EBITDA +8.2%,
GROUP EAT ADJUSTED1 +8.8%VS 2025 PRO-FORMA2
IN 3Q 2026 (3M): REVENUES +10.5%, EBITDA +11.6%, GROUP EAT ADJUSTED1 +10.4%
REPORTED NFP (INCLUDING IFRS DEBT) EU 58.5 MILLION,
IMPROVED BY EU 33.7 MILLION Y/Y AFTER DIVIDENDS
AND BUY-BACK FOR EU 40 MILLION LTM
FY2026 GUIDANCE CONFIRMED AT THE UPPER END OF THE TARGET RANGE:
REVENUES +5%/+7.5%, EBITDA +5%/+10%, GROUP EAT ADJUSTED +10%/+12.5%
(ORGANIC GROWTH VS 2025 PRO-FORMA2)
Key achievements as of 31 January 2026 (9M 2026) on a consolidated basis:
- Revenues and Other Income: Eu 2,705.2 million (+11.2% Y/Y vs reported, +7.5% vs 2025 pro-forma 2)
- Ebitda: Eu 191.1 million (+11.5% Y/Y vs reported, +8.2% vs 2025 pro-forma< a id=”_noter2″ style=”font-size: 16px;” title=”Go to the annotation” href=”#_note2″ data-adaw-orgfontsize=”16″>2), with an EBITDA margin of 7.1% (vs 7.0% Y/Y)
- EAT Adjusted1: Eu 88.2 million (+15.2% Y/Y vs reported, +9.6% vs 2025 pro-forma2);
- Group EAT Adjusted 1: Eu 82,1 milioni (+12,1% Y/Y vs reported +8,8% vs pro-forma 20252)
- EAT: Eu 64,5 milioni (+15,9% Y/Y vs reported)
- Net Financial Expenses improved by 14.4% vs reported Y/Y
- Reported Net Financial Position (NFP) negative (net debt), including Eu 205.9 million of IFRS liabilities, amounting to Eu 58.5 million, improved by Eu 33.7 million compared to Eu 92.2 million as of 31 January 2025, after Eu 41 million of dividends and buy-back in the last twelve months (“LTM”)
- 6,749 Headcounts as of 31 January 2026 (+6.0% Y/Y, +3.3% vs 30 April 2025)
Strong acceleration in growth (almost entirely organic) in 3Q 2026 alone:
- Revenues and Other Income of Eu 1,104.8 million (+10.5% Y/Y)
- Ebitda per Eu 76,7 milioni (+11,6% Y/Y)
- Net Financial Expenses improved by 14.1% Y/Y
- Group EAT Adjusted 36,6 milioni (+10,4% Y/Y)
The guidance of the Industrial Plan for the financial year ending 30 April 2026 is confirmed, at the upper end of the previously communicated target range: revenues +5% / +7.5%, EBITDA +5% / +10%, Group EAT Adjusted +10% / +12.5% vs FY 2025 pro-forma2
Empoli (FI), March 12, 2026
The Board of Directors of Sesa S.p.A., (“SESA” – SES.MI), leading player in the Technology, Consulting, and Vertical Application sectors for corporates and organizations, today examined and approved the consolidated interim management report referring to the 9-months period (“9M 2026”) as of 31 January 2026 of the fiscal year ending April, 30 2026, in accordance with EU-IFRS accounting standards.
1Consolidated Adjusted Net Profit and Consolidated Group Adjusted Net Profit, before amortization of intangible assets (customer lists and know-how) recognized following PPA for M&A, amounting to Eu 26.5 million as of 31 January 2026 vs Eu 23.9 million in 9M 2025 pro-forma (defined net of the related tax effect) and non-cash stock grant costs of Eu 5.8 million as of 31 January 2026.
2Pro-forma data as of 31 January 2025 (9M 2025) restated to include the half-year results of GreenSun Srl in 1H 25 (Revenues Eu 83.7 million, EBITDA Eu 5.2 million, Group EAT Adjusted Eu 2.1 million), included in the scope of consolidation starting from 3Q 2025.
In a market characterised by rapid evolution and structural growth, driven by the digitalisation of enterprises, the widespread adoption of cloud and data protection solutions, and the increasing integration of AI and automation, Sesa strengthens its market share leveraging its role as a Digital Integrator in the main areas driving digital transformation, such as Cloud, Data Management, Cybersecurity, Digital Platforms and AI.
The Italian digital market is expected to grow by approximately 4% over the 2026–27 3 period, supported both by
the demand for technologies and solutions enabling the adoption of AI and Automation, and by the increasing need for integration and management of environments combining AI adoption with the governance and protection of data, in compliance with regulatory and security requirements, including national ones.
Within this scenario, Sesa is accelerating its development, in execution of the 2026–27 Industrial Plan, strengthening its role as a Digital Integrator by combining technology, digital platforms and vertical applications to support value creation and innovation for enterprises and organisations, with growth rates equal to twice those of the digital market.
The Group has launched projects aimed at integrating AI and automation tools into the software development cycle, with the objective of increasing the productivity of technical teams and the quality of digital deliverables.
Over the rest of the fiscal year, the objective is to continue executing the 2026–27 Industrial Plan with discipline, developing skills and market share with a focus on organic growth.
In the 9-month period ended January, 31 2026, Sesa, on a consolidated basis, reached Revenues and Other Income of Eu 2,705.2 million (+11.2% Y/Y vs reported, +7.5% vs 2025 pro-forma 2), operating profitability (Ebitda) of Eu 191.1 million (+11.5% Y/Y vs reported, +8.2% vs 2025 pro-forma 2) with an Ebitda margin of 7.1% (vs 7.0% Y/Y), EAT Adjusted 1 of Eu 88.2 million (+15.2% Y/Y vs reported, +9.6% vs 2025 pro-forma 2), and Group EAT Adjusted 1 of Eu 82.1 million (+12.1% Y/Y vs reported, +8.8% vs 2025 pro-forma 2).
3Q 2026 results show a strong acceleration in growth, both in consolidated Revenues and Other Income, amounting to Eu 1,104.8 million (+10.5% Y/Y), and in operating profitability (Ebitda), of Eu 76.7 million (+11.6% Y/Y), as well as in Group EAT Adjusted, which reached Eu 36.6 million (+10.4% Y/Y). This performance benefited from the development of operating profitability and the reduction of Net Financial Expenses, which improved by 14.1% Y/Y.
Consolidated Revenues and Other Income indicate marked trends in the following sectors of the Group (9M 2026 results vs 9M 2025 pro-forma2):
- ICT VAS with Revenues and Other Income of Eu 1,696.3 million, up 7.2% Y/Y, entirely organic, thanks to a strong acceleration in 3Q 2026 (+14.4% Y/Y), supported by the increasing demand for technology and digital integration linked to the adoption of AI, Automation and Digital Enablers;
- Green VAS with Revenues and Other Income of Eu 307.0 million (+21.0% Y/Y vs 9M 2025 pro-forma 2), driven by the continuation of the double-digit organic growth trend already achieved in 1H 2026 and by the positive performance of the business market, supported by the increasing demand for energy, including that related to digitalisation and the adoption of AI and Automation
- SSI with Revenues and Other Income of Eu 662.7 million (+2.5% Y/Y), reflecting a resilient performance despite the slowdown in demand in certain Made in Italy districts and some re-engineering activities impacting the organisation;
- Business Services with Revenues and Other Income of Eu 120.0 million (+9.0% Y/Y), continuing its entirely organic growth, supported by the development of digital platforms and vertical applications for the Financial Services industry, with a progressive focus on Security, Compliance, Capital Market and Finance. In 3Q 2026 alone, revenues increased by 12.6% Y/Y, driven by the start of new multi-year contracts with key clients.
Consolidated Ebitda increased by 11.5% Y/Y (+8.2% Y/Y vs 2025 pro-forma2): reaching Eu 191.1 million vs Eu 171.4 million Y/Y, with an Ebitda margin of 7.1% vs 7.0% Y/Y, supported by the growth trends in the VAS sectors (both Green and ICT) and Business Services, as well as by the progressive improvement of the SSI sector quarter by quarter. Below is the contribution of the Group’s sectors to Ebitda formation as of 31 January 2026 (9M 2026 results vs 9M 2025 pro-forma2):
- ICT VAS with Ebitda of Eu 76.3 million (+12.9% Y/Y) and an Ebitda margin up 4.5% vs 4.3% Y/Y;
- Green VAS with Ebitda of Eu 21.0 million (+22.2% Y/Y vs 9M 2025 pro-forma2) and an Ebitda margin of 6.8% stable Y/Y;
- SSI with Ebitda of Eu 71.6 million (+0.2% Y/Y) and an Ebitda margin of 10.8% vs 11.1% Y/Y, reflecting organisational re-engineering activities and the return to Ebitda growth in 3Q 2026 alone (+3.5% Y/Y), with an Ebitda margin of 11.6% (vs 11.3% in 3Q 2025 and 9.9% in 2Q 2026);
- Business Services with Ebitda of Eu 19.6 million (+8.6% Y/Y) and an Ebitda margin of 16.3%, stable Y/Y.
In 3Q 2026, revenues accelerate with a 12.6% Y/Y growth, driven by the start of new multi-year contracts with key clients.
Consolidated Adjusted Operating Income (Ebit Adjusted) amounted to Eu 144.6 million, up 8.5% Y/Y (+4.4% vs 2025 pro-forma2), after depreciation and amortisation of tangible and intangible assets of Eu 40.4 million (+13.5% Y/Y vs 2025 pro-forma2) and provisions of Eu 6.2 million.
Consolidated Operating Income (EBIT) is equal to Eu 112.2 million (+6.8% Y/Y), after amortisation of intangible assets (customer lists and know-how) recognised following the PPA process and non-cash costs (stock grants) totalling Eu 32.3 million (+14.8% Y/Y, following investments in company acquisitions in the last fiscal year). As forecast in the 2026–27 Industrial Plan, Net Financial Expenses showed a significant decline of 14.4% Y/Y as of 31 January 2026, thanks to lower interest rates and actions to increase efficiency in Group financial management.
Consolidated Adjusted Net Result (EAT) was Eu 88.2 million, up 15.2% vs reported 9M 2025 and 9.6% Y/Y vs 9M 2025 pro-forma2, reflecting the aforementioned growth in operating profitability and reduction of financial expenses. Group Adjusted Consolidated EAT amounted to Eu 82.2 million, up 12.1% Y/Y vs reported 9M 2025 and 8.8% Y/Y vs 9M 2025 pro-forma2. Consolidated Reported EAT was Eu 64.5 million, up 15.9% Y/Y.
The period under review ended with strong cash generation, driven by organic growth in profitability and improved efficiency in working capital management.
The Consolidated Reported Net Financial Position (NFP), net of IFRS liabilities of Eu 205.9 million, was negative(net debt) at Eu 58.5 million, a significant improvement of Eu 33.7 million compared with Eu 92.2 million as at 31 January 2025, thanks to operating cash flow from management, after Eu 150 million of investments made over the last 12 months (Eu 90 million in 9M 2026), including Eu 90 million in M&A (Eu 55 million in 9M 2026), and following Eu 41 million in dividends and buy-back LTM.
The consolidated NFP as of 31 January 2026, excluding IFRS liabilities, was positive (net cash) at Eu 147.4 million, an improvement of Eu 39.3 million vs Eu 108.1 million as of 31 January 2025.
During the period, Consolidated Shareholders’ Equity further strengthened, amounting to Eu 511.4 million as of 31 January 2026 vs Eu 500.8 million as of 30 April 2025.
Considering the positive trend in revenues and profitability and the progressive acceleration achieved in 2Q 2026 and 3Q 2026, as well as the solid order performance at the start of 4Q 2026, the Group confirms the guidance of the 2026–27 Industrial Plan for the fiscal year ending 30 April 2026, at the upper end of the previously communicated target range: revenues +5% / +7.5%, EBITDA +5% / +10%, Group EAT Adjusted +10% / +12.5% vs FY 2025 pro-forma2.
The Group’s performance in FY 2026 will be supported by organic growth in the Business Services, ICT, and Green VAS sectors, in line with the trends observed during the nine-month period ended January 31, 2026. The increase in Group EAT Adjusted will benefit from the continued reduction in Net Financial Expenses (down 14.4% in 9M 2026) as well as the positive trend in operating profitability. In 4Q 2026, the execution of the sale of the 6.6% stake in Digital Value Holding is also expected, at a price of approximately Eu 11 million.
****
Chairman Paolo Castellacci and CEO Alessandro Fabbroni commented on the results as of 31 January 2026 as follows:
“We continue to pursue our strategy of developing skills and vertical applications, confirming our role as a leading digital integrator in the sector, guiding the digitalisation of enterprises, institutions, and large organisations, and enabling digital innovation by combining technology and digital platforms with a business vision focused on sustainable growth and value creation for all stakeholders, with a strong emphasis on people”, stated Paolo Castellacci, Chairman and Founder of Sesa.
“In a scenario where the demand for technologies and solutions enabling the adoption of AI and Automation and the growing need for control, governance, and protection of data and critical infrastructures are driving digital demand, we continue Sesa’s transformation path in execution of the Industrial Plan, evolving our platform for enabling sustainable growth for enterprises and organisations, data-driven, market-oriented, and inspired by people.
We are achieving the target of returning to consistent organic growth in revenues and profitability, driven by the strengthening of our role as a digital integrator capable of enabling the adoption of AI, Automation, and Digital Enablers, combining technology, digital platforms, and vertical applications to support value generation and innovation for our stakeholders.
The acceleration in the third quarter, with revenues and profitability increasing by over 10%, is the result of a deliberate strategic decision to create a unique digital integrator in Italy, able to bring complex digital innovation into the real processes of enterprises and organisations; Sesa is now in an ideal position to enable digital transformation and the adoption of AI and Automation.
We confirm guidance at the upper end of the target range and look forward to the fourth quarter and the next fiscal year with a positive outlook, continuing with discipline in executing the Industrial Plan, pursuing organic growth and skills development, driven by a business vision focused on sustainable growth and people at the center, increasingly crucial in the current phase of progressive AI and Automation adoption”, stated Alessandro Fabbroni, CEO of Sesa.
3 Source: Sirmi, February 2026: Italian IT market 2025 +3.9%, 2026 +4.2%, 2027 +4.0%. Source: “Il Digitale in Italia 2025”, Assintec/Assinform: average annual growth rate 2025–2028 expected at 3%.
*****
Here attached you can find the following exhibits (in million Euros):
Exhibit n. 1 – Reclassified Consolidated Income Statement as of 31 January 2026
Exhibit n. 2 – Reclassified Consolidated Balance Sheet Statement as of 31 January 2026
Exhibit n. 3 – Consolidated Income Statement as of 31 January 2026
Exhibit n. 4 – Consolidated Balance sheet Statement as of 31 January 2026
Exhibit 1 – Reclassified Consolidated Income Statement of the Sesa Group as of 31 January 2026 (in millions of Euro). Results as of 31/01/2026 approved by the Board of Directors on March 12, 2026
| Reclassified Income Statement | 9m 26 Reported | % on revenues | 9m 25 Reported | % on revenues | 9m 25 Pro-forma | % on revenues | 9m 26 vs 9m 25 Reported | 9m 26 vs 9m 25 Pro-forma |
|---|---|---|---|---|---|---|---|---|
| Revenues | 2.665,0 | 2.392,6 | 2.472,2 | 11,4% | 7,6% | |||
| Othe Income | 40,2 | 40,7 | 40,7 | (1,0%) | (1,2%) | |||
| Totale Ricavi e Altri Proventi | 2.705,2 | 100,0% | 2.433,2 | 100,0% | 2.516,9 | 100,0% | 11,2% | 7,5% |
| Costi per acquisto prodotti e software | (1.995,8) | (73,8%) | (1.771,7) | (72,8%) | (1.845,5) | (73,3%) | 12,6% | 8,1% |
| Costi per servizi e godimento beni di terzi | (219,8) | (8,1%) | (222,5) | (9,1%) | (226,0) | (9,0%) | (1,2%) | (2,7%) |
| Costo del lavoro | (291,7) | (10,8%) | (259,2) | (10,7%) | (260,5) | (10,3%) | 12,5% | 12,0% |
| Altri oneri di gestione | (6,9) | (0,3%) | (8,3) | (0,3%) | (8,3) | (0,3%) | (17,3%) | (17,3%) |
| Tot. costi acquisto prodotti ed operativi | (2.514,1) | (92,9%) | (2.261,8) | (93,0%) | (2.340,3) | (93,0%) | 11,2% | 7,4% |
| Margine Operativo Lordo (Ebitda) | 191,1 | 7,1% | 171,4 | 7,0% | 176,7 | 7,0% | 11,5% | 8,2% |
| Ammortamenti beni materiali e immateriali | (40,4) | (1,5%) | (35,5) | (1,3%) | (35,6) | (1,3%) | 13,7% | 13,5% |
| Accantonamenti | (6,2) | (0,2%) | (2,7) | (0,1%) | (2,7) | (0,1%) | 131,6% | 131,6% |
| Risultato Operativo (Ebit) Adjusted (1) | 144,6 | 5,3% | 133,3 | 5,5% | 138,5 | 5,5% | 8,5% | 4,4% |
| Ammortamenti liste clienti e know how (PPA) ed altri costi non monetari | (32,3) | (1,2%) | (28,1) | (1,0%) | (28,4) | (1,1%) | 14,8% | 13,8% |
| Risultato Operativo (Ebit) | 112,2 | 4,1% | 105,1 | 4,3% | 110,0 | 4,4% | 6,8% | 2,0% |
| Oneri finanziari netti | (25,5) | (0,9%) | (29,8) | (1,1%) | (29,6) | (1,1%) | (14,4%) | (13,8%) |
| Utile/perdite su cambi | (0,4) | (0,0%) | (0,3) | (0,0%) | (0,3) | (0,0%) | 40,4% | 40,4% |
| Utile/perdite società al patrimonio netto | 0,7 | 0,0% | 0,6 | 0,0% | 0,6 | 0,0% | 21,2% | 21,2% |
| Risultato prima delle imposte (Ebt) | 87,0 | 3,2% | 75,6 | 3,1% | 80,7 | 3,2% | 15,1% | 7,8% |
| Imposte sul reddito | (22,5) | (0,8%) | (20,0) | (0,7%) | (21,3) | (0,8%) | 12,8% | 5,7% |
| Risultato netto | 64,5 | 2,4% | 55,6 | 2,3% | 59,4 | 2,4% | 15,9% | 8,5% |
| Risultato netto di pertinenza del Gruppo | 58,3 | 2,2% | 52,3 | 1,9% | 54,3 | 2,0% | 11,6% | 7,4% |
| Risultato netto di pertinenza di terzi | 6,1 | 0,2% | 3,3 | 0,1% | 5,1 | 0,2% | 84,4% | 20,5% |
| Risultato netto Adjusted(1) | 88,2 | 3,3% | 76,5 | 3,1% | 80,5 | 3,2% | 15,2% | 9,6% |
| Risultato netto Adjusted del Gruppo(1) | 82,1 | 3,0% | 73,2 | 3,0% | 75,4 | 3,0% | 12,1% | 8,8% |
Exhibit 2 – Reclassified Consolidated Balance Sheet of the Sesa Group as of 31 January 2026 (in millions of Euro). Results as of 31/01/2026 approved by the Board of Directors on March 12, 2026
| Stato Patrimoniale Riclassificato | 31/01/2026 Reported |
31/01/2025 Reported |
30/04/2025 Reported |
|---|---|---|---|
| Immobilizzazioni immateriali | 528,2 | 493,1 | 531,0 |
| Immobilizzazioni materiali (incluso diritti d’uso) | 172,9 | 152,6 | 167,9 |
| Partecipazioni valutate al patrimonio netto | 16,3 | 24,5 | 17,5 |
| Altri crediti non correnti e imposte anticipate | 64,1 | 40,9 | 39,3 |
| Totale attività non correnti | 805,9 | 734,2 | 755,7 |
| Rimanenze di magazzino | 161,3 | 168,0 | 147,6 |
| Crediti commerciali | 847,8 | 822,5 | 604,6 |
| Altre attività correnti | 181,3 | 178,4 | 158,5 |
| Attività d’esercizio correnti | 1.190,4 | 1.169,0 | 910,7 |
| Debiti verso fornitori | (881,7) | (816,7) | (595,1) |
| Altri debiti correnti | (328,3) | (273,1) | (287,6) |
| Passività d’esercizio a breve termine | (1.210,0) | (1.089,8) | (882,6) |
| Capitale d’esercizio netto | (19,6) | 79,2 | 28,1 |
| Fondi e altre passività tributarie non correnti | (148,4) | (140,3) | (143,4) |
| Benefici ai dipendenti | (68,0) | (62,9) | (64,9) |
| Passività nette non correnti | (216,3) | (203,2) | (208,3) |
| Capitale Investito Netto | 569,9 | 610,3 | 575,5 |
| Patrimonio netto di Gruppo | 511,4 | 518,0 | 500,8 |
| Finanziamenti correnti e non correnti | 378,1 | 399,9 | 418.5 |
| Liquidità ed altre attività finanziarie | (525,5) | (508,0) | (576,9) |
| Posizione Finanziaria Netta | (147,4) | (108,1) | (158,4) |
| Debiti IFRS 16 | 55,4 | 43,3 | 57,2 |
| Debiti ed impegni per acquisto partecipazioni verso soci di minoranza(4) |
150,5 | 157,0 | 176,0 |
| Totale Posizione Finanziaria Netta Reported | 58,5 | 92,2 | 74,7 |
4 Deferred payables and commitments to minority shareholders for corporate acquisitions (Earn-out, Put Option, deferred prices), non–interest bearing and subject to the achievement of long-term value creation targets.
Exhibit 3 – Consolidated Income Statement as of 31 January 2026 (in millions of Euro). Results as of 31/01/2026 approved by the Board of Directors on March 12, 2026
| 9m 26 Reported |
9m 25 Reported |
|
|---|---|---|
| Ricavi | 2.665,0 | 2.392,6 |
| Altri proventi | 36,3 | 28,6 |
| Materiali di consumo e merci | (1.995,8) | (1.771,7) |
| Costi per servizi e per godimento di beni di terzi | (225,6) | (227,0) |
| Costi per il personale | (291,7) | (259,2) |
| Altri costi operativi | (13,0) | (11,0) |
| Ammortamenti e svalutazioni | (66,9) | (59,2) |
| Risultato operativo | 108,3 | 93,1 |
| Utile delle società valutate con il metodo del patrimonio netto | 0,7 | 0,6 |
| Proventi finanziari | 23,4 | 31,5 |
| Oneri finanziari | (45,4) | (49,6) |
| Utile prima delle imposte | 87,0 | 75,6 |
| Imposte sul reddito | (22,5) | (20,0) |
| Utile del periodo | 64,5 | 55,6 |
| di cui: | ||
| Utile di pertinenza di terzi | 6,1 | 3,3 |
| Utile di pertinenza del Gruppo | 58,3 | 52,3 |
Exhibit 4 – Consolidated Balance sheet Statement as of 31 January 2026 (in millions of Euro). Results as of 31/01/2026 approved by the Board of Directors on March 12, 2026
| Al 31 gennaio 2026 | Al 30 aprile 2025 | |
|---|---|---|
| Attività immateriali | 552,5 | 531,0 |
| Diritto d’uso | 56,6 | 58,7 |
| Attività materiali | 116,4 | 109,2 |
| Investimenti immobiliari | 0,3 | 0,3 |
| Partecipazioni valutate con il metodo di patrimonio netto | 16,3 | 17,5 |
| Crediti per imposte anticipate | 28,9 | 21,8 |
| Altri crediti e attività non correnti | 34,8 | 17,1 |
| Totale attività non correnti | 805,8 | 755,6 |
| Rimanenze | 161,3 | 147,6 |
| Crediti commerciali correnti | 847,8 | 604,6 |
| Crediti per imposte correnti | 23,0 | 15,7 |
| Altri crediti e attività correnti | 168,0 | 157,7 |
| Disponibilità liquide e mezzi equivalenti | 515,8 | 562,0 |
| Totale attività correnti | 1.715,9 | 51.487,6 |
| Attività non correnti possedute per la vendita | 0,1 | 0,1 |
| Totale attività | 2.521,8 | 2.243,3 |
| Capitale sociale | 37,1 | 37,1 |
| Riserva da sovrapprezzo delle azioni | 7,2 | 33,1 |
| Altre riserve | (51,0) | (70,5) |
| Utili portati a nuovo | 454,8 | 446,1 |
| Totale patrimonio netto di pertinenza del Gruppo | 448,0 | 445,9 |
| Patrimonio netto di pertinenza di terzi | 63,4 | 54,9 |
| Totale patrimonio netto | 511,4 | 500,8 |
| Finanziamenti non correnti | (147,4) | (217,1) |
| Passività finanziarie per diritto d’uso non correnti | (37,3) | (38,7) |
| Debiti ed impegni non correnti per acquisto partecipazioni verso soci di minoranza | (122,1) | (129,1) |
| Benefici ai dipendenti | (68,0) | (64,9) |
| Fondi non correnti | (9,0) | (6,9) |
| Imposte differite passive | (139,3) | (136,5) |
| Totale passività non correnti | (523,1) | (593,2) |
| Finanziamenti correnti | (230,7) | (201,4) |
| Passività finanziarie per diritto d’uso correnti | (18,0) | (18,5) |
| Debiti ed impegni non correnti per acquisto partecipazioni verso soci di minoranza | (28,5) | (46,9) |
| Debiti verso fornitori | (881,7) | (595,1) |
| Debiti per imposte correnti | (35,4) | (8,7) |
| Altre passività correnti | (292,9) | (278,9) |
| Totale passività correnti | (1.487,2) | (1.149,4) |
| Totale passività | (2.010,4) | (1.742,6) |
| Totale patrimonio netto (+) e passività (-) | 2.521,8 | 2.243,3 |
