Relatech S p A : Consolidated financial statement at 31 December 2023

DESK AS A SUSTAINABLE VALUE

CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 12 2023 A N N U A L F I N A N C I A L R E P O R T

ACCORDING TO THE IAS/IFRS ACCOUNTING PRINCIPLES

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Letter to shareholders

Dear Shareholders,

We present the annual consolidated financial statements of the Relatech Group as at 31 Decem- ber 2023, prepared in accordance with IAS/IFRS accounting standards and accompanied by this report which aims to clarify the performance and results achieved in 2023. The year under review highlighted an increase in consolidated Sales Revenues, which reached €91 million at 31 December 2023, marking an increase of 50% compared to €60.6 million in 2022. Consolidated adjusted EBITDA amounted to €15.8 million, representing 16% of Value of Production and 17% of consolidated revenues, showing a growth of 20% compared to €13.1 million in 2022, while adjusted net profit for the period totalled €5.2 million.

In 2023, Relatech took a significant step forward in its evolution, moving from an innovative SME to a large enterprise, a milestone achieved thanks to financial results and the contribution of a team of 800 professionals. This year has also witnessed Relatech's "Digital Renaissance", a growth driver that the Group pursues with conviction, and which has strengthened our role as a bridge between humanity and technology. The Digital Renaissance is combined with the concept of New Digital Humanism that sees man at the center of every strategy and decision-making step of Relat- ech, which asserts itself on the market in the role of enabler of the democratization of technology, as the foundation and catalyst of digital evolution and innovation for the benefit of companies, the national socio-economic fabric and individual well-being. Through the practical adoption of this philosophy, Relatech aims to enhance the potential of technology to improve people's lives, ensuring that they can take full advantage of digital innovations in an inclusive and equitable way.

We have been fully committed to fostering and making even more efficient the integration between the companies that make up the Relaetch Group today, welcoming new entities as scientific and technological partners in our ecosystem, improving communication with investors and expanding our offer for customers through cross-selling initiatives and technological advances, all supported by intense research and development activities in collaboration with our hubs R&D, universities and research centres. We have developed a Value Ecosystem, in which each Group company and all our stakeholders bring know-how and skills and support us in fostering sustainable and circular business growth.

Thanks to our distinctive approach based on Open Innovation and transversal sharing of skills, Relat- ech has further developed its cloud-native RePlatform and further elevated the level of specialization of each of the companies within the Group. This has made it possible to develop an end-to-end offer that stands out for its flexibility, modularity and completeness, thus meeting the different needs of our customers in various market sectors. This approach allows us to always be at the forefront, offering solutions that anticipate and respond effectively to ever-changing market dynamics. The Relatech

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Group, also thanks to the numerous Partners within its ecosystem, is now able to bring together the IT world with the OT world, to combine data governance with change management and advisory, to put together the consolidated Digital Transformation proposals with the analysis and reformulation of processes and activities, to propose solutions aimed at an overall upgrade of Customers, not only technological, but also such as to place people's quality of life, well-being and respect for the environment at the centre of work.

In line with the company's values, sustainability and social responsibility remain at the heart of our mis- sion. Our commitment to social, environmental and governance objectives is evidenced in our Sustaina-

bility Report, which we share with all stakeholders to give value to a sustainable business activity and to raise awareness in our Ecosystem to achieve ESG goals together. Our Group's internationalization has gained momentum thanks to its presence in key cities such as Hong Kong, New York, Munich, Luxembourg and Vienna. We consolidate our capillarity throughout the country with 9 offices throughout Italy. Our human capital, now 800 talents strong, is at the center of our attention, with a focus on their professional growth and the development of management and communication skills through the ReCoach program. We are committed to promoting deeper human interaction and greater efficiency by spreading our 12 distinctive ethical values both inside and outside the Group. We believe that Trust, Transparency, Creativity, Humility, Innovation, just to name a few, make us not only a group of 10 dynamic companies, but an inclusive Ecosystem united by a single commitment "Progress" and with a solid vision for Digital Transformation.

In 2023, we have experienced a challenging but fruitful period, despite the international challenges that have affected the global economy, particularly with regard to raw material costs and inflation, Relatech has continued on the path of growth, driven by motivation and certainty in our abilities and in your support. We have embraced new challenges and embraced the Digital Renaissance philosophy that blends advanced technologies with respect for the individual. We thank you for your continued support and send you our warmest regards.

Chairman of the Board of Directors

Mr. Lambardi Pasquale

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CORPORATE BODIES	4
THE GROUP AT A GLANCE	5
MANAGEMENT REPORT	9
1. General economic performance	10
2. The Target Market	11
3. Structure and activities of the Group	16
4. Business Model	20
5. Open innovation and Sustainability activities	31
6. Significant events during the period	38
7. Main risks and uncertainties to which the Group is exposed	42
8. Relatech on the Stock Exchange	44
9. Statement of Operations, Balance Sheet and Financial Position	44
10. Key non-financial indicators	51
11. Environmental and Sustainability Disclosure	51
12. Personnel Management Information	51
13. Significant events	51
14. Tresuary shares	51
15. Significant events occurring after the end of the financial year	52
16. Business outlook	52
17. Other Information	53
18. Conclusions	53
CONSOLIDATED FINANCIAL STATEMENTS	54
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CORPORATE BODIES

Board of Directors	Pasquale Lambardi	Chairman of the Board of Directors
	Gianni Franco Papa	Vice-Chairman and Director
	Silvio Cosoleto	Managing Director
	Antonio Patruno	Managing Director
	Donatella de Lieto Vollaro	Independent Director
Board of Statutory Auditors	Marcello Del Prete	Chairman of the Board of Statutory Auditors
	Giulio Bassi	Auditor
	Maria Carla Bottini	Auditor
	Gianluigi Lapietra	Alternate Auditor
	Martino Diletta	Alternate Auditor
Auditing Firm	BDO Italia S.p.A.

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THE GROUP

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The Group at a glance

Relatech S.p.A., Digital Enabler Solution Know-how (DESK) Company listed on the Euronext Growth Milan market since June 2019, has been active, for over twenty years (2001 foundation), in the field of digital frontier technologies Digital Enabler Technologies. Relatech leads a group of ten companies highly specialized in cutting-edge technologies, united by a common mission: to support customers in the digital transformation process.

Today, the Relatech Group is the reference partner for the Innovation and Digital Evolution of companies both nationally and internationally, being able to count on a complete, modular end-to-end business offer capable of responding to market needs. Through enabling technologies (Digital Enablers) and knowhow deriving from the ecosystem of scientific partners with universities and research centers, as well as from important technological partnerships, the Re- latech Group develops digital services and solutions capable of innovating the business model of its customers, ensuring sustainable growth for the success of their business today and in the near future and generating ethical value in the company-client and throughout the territory. Objective summarized briefly as D.E.S.K: Digital Enabler, Solution Know-how. Relatech is positioned as the digital partner of choice for all those companies that see the digitization and innovation of their business as the key to their current and future success.

Today, the Relatech Group boasts a good territorial capillarity: both internationally with 5 offices (Vienna, Munich, Luxembourg, New York, Hong Kong), and nationally with 9 offices (Milan, Brescia, Turin, Bologna, Parma, Genoa, Rome, Naples, Cosenza), around which it develops real hubs for the creation of Value also through solid collaborations with universities, research centres, local associations and technological partners with whom it does business in a sustainable way. The internal research and development hubs, in addition to developing innovation to anticipate market needs, play the important role of research incubators and talent attractors, thus promoting the enhancement and growth of the territory, local communities and the country system.

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The business strategy of the Relatech Group pursues an OPEN INNOVATION approach, an activity carried out by the internal R&D Hub in collaboration with the scientific ecosystem, including in particular the University of Calabria (Cosenza), the University of Verona, the Federico II University of Naples, the University of Genoa, the Polytechnic of Milan and the ICAR-CNR department and local associations, such as Entopan.

The results of the R&D activity, which aim to anticipate market needs, are then industrialized and transformed into solutions thanks to the skills of internal resources who collaborate with the ecosystem of our technological partners. Thanks to partnerships with the scientific community, universities and research centers, more than 30 research projects have been successfully developed in recent years, obtaining significant results in innovative areas such as artificial intelligence, cybersecurity, blockchain, machine learning.

Relatech bases its commercial proposition on the proprietary RePlatform, the digital Cloud platform par excellence capable of bringing together methodolo- gies, technologies, skills and know-how.

RePlatform, a flexible, modular and constantly evolving platform, able to integrate the expertise of the companies that become part of the Group, and from which vertical digital services and solutions applicable in different market areas derive. Examples include ReZone, the Artificial Intelligence Solution for customer engagement,ReFab, the end-to-endsolution for digitization and complete production control for Industry 4.0 andReSoc, the Relatech Group Security Operation Center and ReCloud, which offers professional IaaS services that can be configured according to customer needs, managed by the Relatech Group through state-of-the-art technical infrastructures hosted in Enterprise-level Data Centers with the highest quality and security standards.​

The Relatech Group proposes itself as the digital player of reference, in the current landscape and in the near future, to lead the digital transformation of the Country System. The Relatech Group is, in fact, well positioned to support companies in the process of i) Modernization: the group supports companies in the digital transition through technological innovation ii) Ecological transition:

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through digital innovation, the company aims at the sustainable redevelopment of the territory iii) Inclusion: the group pursues an approach based on Open In- novation, a continuous and synergistic process that aims to develop innovation. Skills through the scientific ecosystem (universities and research centers) with which it collaborates with internal R&D activities and scientific hubs that allow us to achieve constantly evolving results and that can lead to the definition of new objectives in terms of Innovation and Skills.

Today the Relatech Group has a human capital of about 800 people, an essential asset and the heart of the company. The careful management of resources, as well as the strengthening of the Group in terms of governance are among the company's priorities: ensuring the development of talents with professionalizing training plans and coaching courses aimed at strengthening transversal soft skills through the internal project called ReCoach, which has involved more than 40% of the population at group level and which has sanctioned Relatech as a certified company for Sustainable Coaching Management (also being able to count on 50 certified coaches within the company).

Human Value is at the top of the Group's value chain, and is in fact one of the

MARKET DIVERSIFICATION BY TURNOVER

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founding pillars on which Relatech pays close attention also with reference to sustainability issues, a path that the Group has undertaken since 2020 with the publication of the first ESG Non-Financial Report. The sensitivity towards the issues of Environment, Social and Governance are evidenced in the non-financial reports, Sustainability Report of the Relatech Group, which show the Group's assumption of responsibility and commitment in wanting to actively contribute to the sustainable growth of the entire Relatech Ecosystem.

The Digital Renaissance, together with the concept of New Digital Humanism that sees man at the center of every Relatech strategy, is the growth driver adopted by the Group, which intends to establish itself as the enabler of the democratization of technology, as the foundation and catalyst of digital evolution for companies, for the Country System and for the well-being of the Person, who will use the potential of technology to his advantage.

On the customer front, the Group today has a diversified market presence, with a market sector that has a greater presence, such as Telco & Industry, which continues to be the main one in 2023 with an incidence of more than 50%,

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while among the other market sectors in 2023 the Pharma & Health segment grew compared to 2022 against a contraction in the Retail & Distribution. Headquartered in Milan, the Group also has offices in Brescia, Turin, Bologna, Parma, Genoa, Rome, Naples, Cosenza and has 5 international offices, Vienna, Mu- nich, Luxembourg, New York and Hong Kong.

Below is a picture of the corporate structure of the Relatech Group.

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1. General economic performance

In 2023, the global economic scenario weakened, in Europe, in particular due to the negative impacts of inflation, which was still high, led to a tightening of monetary policy and an increase in interest rates, in emerging markets due to the slowdown in the Chinese economy, which had greater effects than expected. The prospects for recovery therefore still remain very uncertain, with the presence of preponderant downside risks, mainly due to the permeation and expansion of geopolitical tensions, not only in Europe due to the Russia -Ukraine war but also to the further war in the Middle East, which is associated with greater international production fragmentation and consequent possible repercussions on commodity prices.

International trade was modest, impacted by weak demand for goods and global monetary tightening. The effects of monetary tightening and the deterioration in consumer and business confidence continued to weigh heavily. In addition, any disruptions in global value chains, resulting in particular from attacks on shipping traffic in the Red Sea, or increases in energy prices caused by an unfavourable evolution of the war in the Middle East represent additional downside risks. A regional extension of the Middle East conflict poses a significant risk to growth and inflation, with global GDP expected to slow to 2.7% in 2024 from 2.9% in 2023, according to estimates published in November by the OECD.

In the euro area, the persistent weakness of the manufacturing and construction cycles continued, and is gradually widening to include the services sector. At its meetings in October and December, the Governing Council of the Europe- an Central Bank left policy interest rates unchanged, considering that their current levels, if maintained for a sufficiently long period, will make a substantial contribution to the return of inflation to the 2% target over the medium term, effectively aligning with the decisions taken in December by the Federal Reserve and the Bank of England that left policy rates unchanged, signalling that the monetary policy stance will remain restrictive until inflation returns to levels compatible with its objectives.

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In the last quarters of the year in the euro area, the growth in household consumption was offset by stagnation in fixed investment and the negative contribution of changes in inventories, which subtracted 3 tenths of a point from growth and net foreign demand did not contribute to the recovery momentum, where it continued to increase, driven by the expansion of consumption.

It should be noted that in October the Council of the European Union approved the requests for amendments - also containing a new chapter of measures relating to the European REPowerEU programme - to the national recovery and resilience plans of 19 countries. In the same period, almost €46 billion in new resources were disbursed under the Recovery and Resilience Facility, of which €16.5 billion went to Italy.

In our country, GDP increased marginally in the third quarter and remained almost zero in the last months of 2023, held back by monetary tightening, still high energy prices and weak foreign demand. Compared to the estimates published in October, GDP growth is revised slightly downwards in 2024, due to cyclical signals consistent with the persistence of cyclical weakness until the fourth quarter of last year, and upwards in 2025, due to lower expected interest rates.

Growth projections for 2024-25 are broadly in line with those of other fore- casters, while inflation estimates are much lower. Risks to growth are tilted to the downside and stem from the possibility that the lack of momentum in world trade will persist for longer, in connection with the weakness of the Chinese economy and a possible escalation of international political tensions. The latter could weigh on domestic demand, through a deterioration in household and business confidence, and have an impact on commodity prices. The tightening of financing conditions could also be more pronounced and have a greater impact on investment dynamics (Source: Economic Bulletin 1/2024 Bank of Italy).

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