FY2021 Financial Highlights

Significant growth in Revenues, thanks also to the contribution of MyLoc, Mivitec e Gecko e Boreus in Germany, and further improvement in margins

Adjusted Revenues continue to increase to Euro 77.1 million (+46.8%) driven by organic growth (+12%) due to the extension of contracts and the acquisition of new clients and the contribution of the German companies MyLoc, Mivitec and Gecko Boreus .Consolidated adjusted EBITDA of Euro 29.5 million (Euro 18.3 million in 2020), +61.2% compared to 2020 thanks to the concentration in Cloud services, the level of optimisation achieved in the organisation of processes and operational services, cost synergies and the continuous improvement of the margin of the acquired companies; margin on revenues increasing to 38.3%. Adjusted net profit equal to Euro 9.3 million, up +52.2%.

FY2021 Financial Highlights
77.1 mln
ADJUSTED REVENUES
Consolidated Adjusted Revenues of Euro 77.1 million (Euro 52.5 million in 2020), +46,8% compared to the previous year; increase driven by organic growth of approximately 12%, characterised by the focus on higher value-added services, increasing cross-selling to customers of acquired companies and the entry of new customers, as well as the contribution of MyLoc for Euro 19.1 million, Mivitec for Euro 1.6 million and Gecko and Boreus for Euro 5.3 million. 2021 Adjusted Proforma Revenues at Euro 102.9 milion.
29.5 mln
ADJUSTED EBITDA
Consolidated adjusted EBITDA of Euro 29.5 million (Euro 18.3 million in 2020), +61.2% compared to 2020 thanks to the concentration in Cloud services, the level of optimisation achieved in the organisation of processes and operational services, cost synergies and the continuous improvement of the margin of the acquired companies; margin on revenues increasing to 38.3% (34.8% in 2020). 2021 EBITDA Adjusted Proforma of Euro 36.7 million
9.3 mln
ADJUSTED NET PROFIT
Adjusted net profit at Euro 9.2 million at 31 December 2021 from Euro 6.1 million in 2020. Adjusted financial expenses amounted to Euro 2.7 million compared to Euro 1.4 million for the year 2020. The item mainly contains interest payable on mortgages for approximately Euro 1 million, the other charges refer to the accounting of the economic effects of derivatives.
Performance
By geographical area
ITALY
Significant revenue growth in FY2021 and solid operating margins

Pro forma adjusted consolidated revenues of Euro 51.1 million (49.7% of the Group's revenues), a significant increase compared to the previous year, driven by organic growth of approximately + 12%, characterized by the focus on higher added value and increasing cross selling to the customers of the acquired companies. Consolidated Pro forma Adjusted EBITDA 2021 up to Euro 18.1 million (49.3% of the Group's EBITDA), with a margin on revenues of 35.4%. As of December 31, 2021, the WIIT margin was 42.6% substantially in line with that of the previous year, while the Adelante margin improved from 21.1% in 2020 to 22.9% in 2021. The margin of Matika settled at 30.1% from 27.2% of the previous year, that of Etaeria SpA ("Etaeria") to 25.4% from 19.5% in 2020.

GERMANY
Growing contribution of the German market to the Group's growth in terms of both turnover and EBITDA. To date, Germany accounts for 50% of the business

Consolidated Adjusted proforma Revenues (including in the perimeter Mivitec, Gecko and Boreus from January 1st 2021) of Euro 51.8 million (50.3% of the Group revenues) in significant growth; increase driven by organic growth characterized by focus on higher value-added services and increasing cross-selling. Adjusted proforma EBITDA of 18.6 million (50.7% of the Group's EBITDA) with a margin on revenues of 35,9%. myLoc EBITDA margin at 47.2% in 2021 growing from 43.9% in 2020. 2021 proforma data related to Mivitec: - Revenues equal to Euro 3.9 million; - Adjusted EBITDA equal to Euro 0.4 million, with a margin on revenues of 9.5%; - 2021 pro forma data related to Gecko and Boreus: - Revenues equal to Euro 28.8 million; - Adjusted EBITDA equal to Euro 9.2 million, with a margin on revenues of 32.1%.

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