Good morning, and thank you for joining the Sesa Group presentation. Representing the group today are Alessandro Fabbroni, Group CEO, Caterina Gori, Head of Investor Relations and Corporate Finance and M&A, and myself, Stakeholder Relations and Head of Sustainability.

Earlier today, the Board of Directors approved the consolidated financial results for the nine months of fiscal year '26 ended January 31st, 2026. The corporate presentation is available on the Sesa website and will serve as a reference throughout today's conference call.

Alessandro will begin by providing an overview of our key business developments and achievements.

Good morning, everybody, and thank you for joining our group presentation. In a challenging market that presents great growth opportunities driven by enterprise digitalization, widespread adoption of cloud and data protection, and integration of AI and automation, Sesa is strengthening its market share by leveraging the role of leading digital integrator in Italy across the key areas driving digital transformation, as cloud, data management, cybersecurity, digital platforms, and AI.

The Italian digital market is expected to grow by approximately 4% in 2026 and 2027 period, sustained both by demand for technologies and solutions enabling AI and increasing need to integrate and manage environments that combine AI with data governance and data protection, fully compliant with national security and regulatory requirements. In that scenario, Sesa accelerates its growth in line with the industrial plan guidance by combining technology, platforms, and vertical applications to drive value creation and innovation for enterprises and organizations, with a growth path of 2 times the Italian digital market trend.

In the nine months ended January 31st, '26, Sesa reported consolidated revenue equal to €2.7 billion, up 11.2% compared to reported figures and 7.5% compared to pro forma figures, with an EBITDA equal to €191 million, up 11.5% year-on-year compared to reported and 8.2% compared to pro forma '25, with an EBITDA margin increasing to 7.1%, and group EAT adjusted equal to €82.1 million, up 12% year-on-year compared to reported figures and 8.8% against pro forma '25 figures. The third quarter '26 alone shows a strong acceleration in growth, with consolidated revenue achieving €1.1 billion, up 10.5% year-on-year, an EBITDA rising to €77 million, up around 12% year-on-year, and group EAT adjusted achieving €37 million, up 10.4%, driven by both higher operating profitability and the 20% great reduction in quarterly net financial expenses.

Consolidated results show positive contribution from all group sectors in comparison with the nine months '25 pro forma figures. ICT VAS due to €1.7 billion, up 7.2% year-on-year, fully organic, with strong acceleration in third quarter '26 alone, up 14.4% year-on-year, thanks to the increasing demand for technology and digital integration driven by growing data management and protection linked to AI and automation adoption.

Green VAS achieved €307 million, up 21% year-on-year, expanding its double-digit organic growth experienced in first half '26, and driven by rising energy demand impacted by digitalization, AI, and automation adoption. System Integration delivered €663 million, up around 2.5% year-on-year, showing a resilient performance despite slower demand in some made in Italy districts and the ongoing organizational re-engineering process.

Finally, Business Services reached €120 million, up 9% year-on-year, fully organic, supported by the development of digital platforms and vertical applications for the financial services industry, with a progressive focus on security, compliance, capital markets, and finance segments. In the third quarter alone, revenues accelerated by 12.6% year-on-year, thanks to the start of some multi-year contracts with major Italian banks.

Consolidated EBITDA increased by 11.5%, 8.2% compared to pro forma figures, achieving €191 million, with an EBITDA margin for 7.1% compared to 7.0% year-on-year, driven by the strong growth achieved by VAS, both Green and ICT, and Business Services sectors, and the progressive improvement of Software and System Integration sector quarter by quarter. Segments' contribution to EBITDA were as follows: ICT VAS reported €76 million, up 13% year-on-year, with an EBITDA margin of 4.5%, up compared to 4.3% year-on-year.

Green VAS delivered €21 million EBITDA, up 22% year-on-year, with a stable EBITDA margin at 6.8%. System Integration and Software recorded €71.6 million, up slightly by 0.2%, with an EBITDA margin of 10.8% compared to 11.1% year-on-year, with the great return to growth in the third quarter alone, up 3.5%, with strong quarterly EBITDA margin equal to 11.6% compared to 11.3% in Q3 '25 alone and 9.9% in Q2 2026 alone.

Finally, Business Services reported €19.6 million EBITDA, up around 9% year-on-year, with a stable EBITDA margin at 16%. In third quarter 2026 alone, EBITDA grew by around 12% year-on-year, supported by new multi-year contracts with leading clients, with a quarterly EBITDA margin of 17% compared to around 12% in second quarter '26 alone.

Consolidated adjusted EBIT reached €145 million, up around 9% year-on-year after depreciation and amortization of tangible and intangible assets for €40 million, up 13.5% year-on-year, and provision for €6.2 million. The reported EBIT was equal to €112 million, up 7% year-on-year after goodwill amortization for around €30 million, up 15% year-on-year.

Net financial expenses decreased significantly, down 20% in the third quarter alone, thanks to lower interest rates and group financial efficiency initiatives. The consolidated EAT adjusted amounted to €88.2 million, up 15% year-on-year compared to reported figures and around 10% compared to pro forma, reflecting the growth in operating profitability and the lower financial expenses, while group EAT adjusted achieved €82.2 million, up 12% year-on-year compared to reported and around 9% compared to pro forma.

In the nine months 2026, the group also delivered a strong cash flow generation, sustained by organic profitability growth and a more efficient working capital management. The consolidated reported net financial position was equal to €58 million, a significant improvement for €33.7 million compared to €92 million as of January '25.

This performance reflects a great last 12 months operating cash flow net of €150 million of investments last 12 months, of which €90 million in the first nine months of '26, with €90 million related to M&A, of which €55 million in the first nine months '26, and after €41 million in dividends and buybacks last 12 months. The consolidated net financial position, excluding IFRS liabilities, was active for €147 million of net cash, up around €40 million compared to €108 million of net cash as of January '25.

Now, after presenting the so positive set of financial results, I give the floor to Caterina to explain our M&A and shareholder value creation strategy.

Thank you, Alessandro. After years of significant M&A activity, our new FY 2026-2027 industrial plan represents a strategic shift with a clear focus on simplifying the group and accelerating organic growth.

We will capitalize on the capabilities and business models we have developed over the years to drive sustainable growth, supported by targeted capex in AI and automation and skill development to enhance efficiency, scalability, and market penetration. Investments in the last 12 months amounted to approximately €150 million, of which €90 million were allocated to M&A.

Specifically, in the first nine months of FY 2026, total investments reached €90 million, with €55 million attributable to M&A, reflecting a more selective and value-driven investment strategy. In the last 12 months, investment levels remain elevated, largely reflecting the fourth quarter of FY 2025, when the group completed approximately €60 million of investments in that quarter alone.

On the contrary, no significant M&A activity is expected in the fourth quarter of FY 2026, in line with the strategy outlined in the 2026-2027 industrial plan. In addition, in the fourth quarter of FY 2026, Sesa will complete the sale of its 6.6% stake in Digital Value Holding for a price of approximately €11 million.

This disinvestment is fully consistent with the industrial plan, which focuses on strengthening core activities and contemplates the potential disposal of non-strategic assets, in line with the disciplined and optimized capital allocation approach while maintaining flexibility to evaluate selective non-core disposals during the FY 2026. In the nine months of FY 2026, we further strengthened our international presence through four strategic acquisitions, all within the SSI sector: two M&As consolidated in the first half of FY 2026, with total investments of approximately €7 million—the first, Wisecon GmbH in Germany, an SAP consulting specialist with €5.3 million in revenues; and Delta Tecnologías de la Información in Spain, an AI-driven player in digital identity with €2 million in revenues, both companies delivering EBITDA margin above 10%; two additional M&As with total investments of approximately €15 million—Albasoft, a €2.2 million revenue software company specializing in treasury and finance management solutions; and Forex AG, a Swiss cloud and managed service company with €9 million in revenues.

Both companies have been consolidated from November 2025, delivering a combined EBITDA margin above 10%. The deal structure is designed to ensure the long-term commitment of key people in the target companies, with an entry valuation of around 5 times EBITDA, adjusted for net financial position, consistent with our standard approach.

These acquisitions confirm our strategy: a selective approach of high-value M&A in Europe, together with continued strong investment in digital transformation areas such as AI, automation, and digital platforms. As outlined in the 2026-2027 industrial plan, we are fully committed to generating strong cash flow and delivering solid returns to our shareholders, as demonstrated by our latest shareholder distribution with a total 40% payout ratio, consisting of a dividend of €1 per share, totaling €15.5 million distributed last September; a share buyback program, increased to €25 million for the FY 2026 compared to €10 million in the previous year, completed last January 2026, with the cancellation of treasury shares representing approximately 2% of Sesa share capital.

Considering the results achieved in the first nine months of FY 2026 and the confirmation of the guidance at the upper end of the range of the FY 2026, the conditions are in place to renew distribution plan for our shareholders also for the FY 2027. I invite Jacopo to present our ESG results for the nine months of FY 2026.

Thank you, Caterina, and good afternoon, everyone. I will focus my remarks on how sustainability and people management are supporting execution and financial performance.

Over the nine months period of fiscal year '26, sustainability has been increasingly integrated into the way Sesa manages growth, execution, and risk, in line with the targets of the '26-'27 industrial plan. This integration improves revenues visibility, operational efficiency, and long-term value creation.

From a business standpoint, Sesa's role as a digital integrator is structurally aligned with long-term market drivers, such as digitalization, cloud adoption, data management, cybersecurity, automation, and energy efficiency. In this context, sustainability is not a separate dimension, but part of the framework that strengthens the relevance and resilience of our business model.

On the environmental side, our approach remains focused on control, accountability, and compliance. Internally, we continue to monitor energy consumption, resource efficiency, and environmental KPIs in a structured way, aligned with the CSRD requirements.

Externally, the digital green sector represents a growth area supported by increasing demand from enterprises facing higher energy needs linked to digital technologies and AI adoption, with over €300 million revenues in the nine months period. This combination of internal governance and external market opportunity contributes to reducing transition and regulatory risk while supporting organic growth.

With regard to people and organization, the nine months period of January 31st, 2026 confirmed a shift to a more selective and efficiency-oriented approach, consistent with the industrial plan of the group. Headcount reached 6,749, with moderate growth, 3.3% compared to fiscal year '25, focused on priority areas such as AI, data science, cybersecurity, and digital platforms.

As in the past, our target is to create a sustainable long-term value for our stakeholders. Investments in skill development, training, and digital tools are aimed at sustaining productivity and delivery capacity as the group scales and manages more complex projects.

In this phase, people management is a key element in supporting execution, reducing operational risk, and ensuring consistency between growth and profitability. From a governance and capital market perspective, sustainability contributes to transparency, comparability, and credibility.

The confirmation of ESG ratings, including EcoVadis Platinum, MSCI with BBB, and CDP with B, reflects a governance framework that supports risk oversight, consistent reporting, and alignment with long-term shareholders. These ratings are increasingly relevant for institutional investors as an indicator of governance quality and risk management.

In summary, sustainability increasingly embedded in the execution of the group industrial plan supports organic growth, operating discipline, and risk management, and contributes to strengthening the group's positioning as a long-term value creator. As we move into the final part of the fiscal year '26, this integrated approach remains fully aligned with the group's financial targets and strategic priorities.

Now, I give the floor back to Alessandro for the final conclusions.

Thank you, Caterina and Jacopo. I will now share the final remarks and conclude our session.

In a scenario where the need of technology and solutions enabling AI meets the growing request for control, governance, and protection of data and critical infrastructures, digital demand is strongly increasing. In that environment, Sesa transformation path as digital integrator is accelerating, implementing the industrial plan, and evolving its platform that enables sustainable growth of companies that is data-driven, digital market-oriented, and inspired by people.

In the coming months, we will stay committed to the disciplined execution of our industrial plan, expanding skills and market share, with a primary focus on organic growth and digital enablers adoption. In the first nine months of '26, we have achieved the target of 10% organic growth in profitability, thanks to the strengthening of our role as leading digital integrator, enabling AI, automation, and the digital transformation by combining technology platform and vertical application.

The growth acceleration we achieved in the third quarter, with revenues and profitability increase over 10%, is the result of a clear strategic path to build a unique digital integrator in Italy, able of bringing advanced digital innovation directly into the real processes of companies and organizations. Today, Sesa is ideally positioned to drive digital transformation and to support the adoption of AI across its customer set of over 40,000 clients.

In particular, in the first nine months of '26, we underline the achievement of the following main strategic goals: first of all, the return to growth of ICT VAS, with 7.2% organic growth in revenues and double-digit growth in profitability, driven by the great acceleration in the third quarter alone, with revenues up 14%, EBITDA increased by 22%, and group EAT adjusted up by 41%, thanks to our market position as leading digital integrator in Italy; on the second hand, the 9.0% organic growth of Business Services sector, supported by multi-year contracts with major customers; the 20% organic growth in revenues and profit of digital Green VAS is another goal, fueled by strong business demand resulting from digitalization and the creation of a market leader thanks to the business combination, the acquisition of Green Sun last November '24; one of the main quarterly achievement is the Software, System Integration return to EBITDA growth, progressively improved quarter by quarter, up 3.5% in Q3 only, with a quarterly EBITDA margin equal to 11.6% compared to 11.3% of Q3 '25; finally, we deliver a 40% payout ratio by executing the €25 million buyback program approved by the last shareholders' meeting and the 2% share capital cancellation, achieving at the same time a strong improvement of our net financial position, up around €40 million compared to January '25. In the light of the so positive nine months '26 trend, the progressive acceleration quarter by quarter, as well as the solid order intake in the beginning of fourth quarter '26, today, we confirm our guidance for the fiscal year ending April 30th, 2026 at the upper end of the previously communicated target range.

That means revenues up by 5% to 7.5%, EBITDA up by 5% to 10%, and group EAT adjusted up by 10% to 12.5% organic growth compared to pro forma figures. That means for 2026 fiscal year around €3.6 billion revenues, €260 million to €265 million EBITDA, and €106 million to €108 million of EAT adjusted.

We will continue to execute with great discipline the 2026 and 2027 industrial plan by focusing on organic growth and the group transformation as digital integrator, promoting the adoption of the digital enablers, and inspired by a corporate vision oriented towards sustainable growth and digital innovation, as we always did in our history. Thank you for your kind attention, and now, as usual, we open the Q&A final session.

Thank you, and good afternoon, and congratulations for the results. I have a couple of questions.

You already provided a positive comment on the guidance. Therefore, I think current trading, February and March performance, has remained positive, but I wonder if you can detail us the main ongoing trends you are observing business by business.

This is the first question. The second one is a similar comment on the sector you operate.

There are some market worries in some areas that technology can create disruption. I wonder if you can provide us your comment on the main sector you operate, if you are observing something more promising or that is taking you a bit more cautious looking forward.

Thank you.

Good afternoon, Andrea. Thank you for your questions.

We enter with very strong backlog in the fourth quarter. That means double-digit growth backlog for the VAS, both ICT and Green, and the same for Business Services.

In terms of trend of the single sector, we may observe a positive trend of VAS for the ICT, driven by the growing role as digital integrator that combine technology with platform and application that is so crucial and critical for the AI adoption. That means a growing request of data governance and protection that is boosting our demand for technology and, in general, data governance and protection.

On the same time, it is very positive the trend of the Green sector because the energy transition is growing, with a stable trend of the prices of the market. That's very competitive to build environment and to establish plant for producing energy from renewable sources, and it is, in particular, important in a scenario like the scenario we are observing today.

On the same time, it is improving the process of re-engineering of Software System Integration that is reinforcing his path in cloud, cybersecurity, and, in general, digital integration to serve in the best way as possible the AI adoption and integration. We observe in the Q3 an increase of EBITDA, we grew by 3.5% in EBITDA.

We reported an 11.6% EBITDA margin, so that is a positive sign that we expect to confirm in the fourth quarter. Finally, Business Services trend is driven by the great award of new and several multi-year contracts with major Italian banks with several vertical applications in the field of compliance, capital market, finance, and it is very positive not only for the trend of the fourth quarter, but also for the new fiscal year 2027.

Our view for the Q4 and also the new fiscal year is really positive, with a very strong confidence in achieving our targets for our industrial plan.

Thank you. Thank you very much.

Thank you, Andrea.

Hi. Good afternoon, everyone, and thanks for the presentation.

AI is increasingly mentioned as a demand driver across several business areas. I was wondering could you help us quantify how relevant AI-related revenues are today and how do you see it wait to change in the next few years?

Then more broadly, how is AI changing customer spending patterns? Are you mainly seeing incremental budgets or some reallocation from traditional IT spending towards AI-enabled projects?

Thank you, Gabriele, for your question. When we presented one year ago our industrial plan, we underlined that the Italian digital market is going to grow by around 3.5%, 4% in coming three-year period, and we underlined the trendsetters.

AI is growing around 30%. It represent just half a billion on a total market of €80 billion, but is crucial because the integration of AI obviously is a stimulus for the other relevant sector.

There's a great and increased demand of data management and cybersecurity, and the cybersecurity is a segment that is growing 15% in the three-year period 2026-28 every year. On the same time, the data management is another crucial sector, so that means around 10% every year.

AI, but also the growing request of local data center power and digital sovereignty may represent the two crucial drivers of growth. In terms of turnover, the demand of AI may target €1 billion, just €1 billion, so that is typical of every disruption.

So $1 of investment in the new technology wave may represent and dollar of investment in technology enabling the wave of innovation. That is the same for AI that is stimulating the total demand of IT, more or less in line with what we expect, on the same time in terms of demand of customers, a growing demand, absolutely, in terms of data management and protection compliant with national security rules that is a new and very relevant trend for a player like us that is operating as digital integrator.

What we expect is to face a trend of the market like this in coming two, three-year period. There's a very dynamic market that we may serve in the best way as possible thanks our strategy of becoming the leading digital integrator in Italy, and so it is not, let me say, the performance of the fourth quarter, the third quarter and what we expect in the fourth quarter would be the result of our idea strategy and market position to serve our customers in that particular phase of market evolution.

Thank you, Alessandro.

Thank you.

Okay. Thank you very much, everybody, and thank you for your participation at the conference call.

As usual, we stay available for any additional information via mail. Thank you very much.

Thank you. Bye-bye.