1Q2023 Financial Highlights

Consolidated revenue amounted to Euro 31.8 million (Euro 26.4 million in 1Q 2022), +20.6% compared to the same period last year. Increase driven by organic growth, characterised by the development of higher value-added services, increasing cross-selling to customers of the acquired companies and the entry of new customers, of which in Italy about +7.8% (core revenue growth was 9%) and in Germany about +4%. The contribution of the companies acquired in 2022 and early 2023 was Euro 1.9 million for Lansol, Euro 1.1 million for Global Access and Euro 1.8 million for ERPTech.

Consolidated adjusted EBITDA of Euro 12.0 million (Euro 10.1 million in 1Q 2022), +19.3% compared to 1Q 2022 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 which partially mitigated the inflationary effect on energy costs and growth. Margin on revenues at 37.8%, registering a significant improvement on FY2022 (35.5%).

Adjusted net profit at Euro 3.9 million, up 20.3% from Euro 3.2 million in 1Q 2022. 1Q 2023 reflects the increase in financial expenses to Euro 1.8 million, mainly related to the bond issued