Siav S.p.A. · MIL:SIAV
Siav — Siav S.p.A. Società Benefit — NextGems Conference 2026
46 slides from Siav's conference presentation, Oct 20, 2026
Slide 1: Investor Presentation
Investor Presentation Siav S.p.A. Società Benefit NextGems Conference | Tuesday, 20 Oct 2026, 09:00 – 17:00 CEST
Slide 2: Today's Speakers
TODAY’S SPEAKERS Management profile and key experiences Nicola Voltan Daniele Boggian Chief Executive Officer (CEO) Chief Financial Officer (CFO) 2nd gen. of founding family Background Background Graduated in Philosophy and Business Administration Graduated in Business Administration and Master in C
Slide 3: Disclaimer
DISCLAIMER This document has been prepared by Siav S.p.A. Società Benefit (hereafter referred to as the “Company” or “Siav”) exclusively for informational purposes and for use in discussions with institutional investors and financial analysts during presentations regarding the Company's outcomes and
Slide 4: Agenda
AGENDA Roadmap of today's discussion 01 02 03 04 PRODUCTS, CUSTOMERS & BUSINESS OVERVIEW MARKET & POSITIONING FINANCIAL PERFORMANCE SALES Who we are, revenue model, TAM, Italy and growth Portfolio, SIAV.AI and H1 2026A results, revenue and platform, strategic roadmap, markets, why now, Connect, reve
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Six structural pillars supporting SIAV's investment case LEADING PRODUCT PLATFORM MEANINGFUL RECURRING REVENUE DIVERSIFIED CUSTOMER BASE 35+ years of R&D | leadership in the Italian Software-led recurring component as a Blue-chip portfolio across regulated and Content Services
Slide 6: Business Overview
01 BUSINESS OVERVIEW
Slide 7: Siav at a Glance
SIAV AT A GLANCE Italian leader in document management — 35+ years, profitable growth, software-first transition €35.7M | €18.2M >35Y of History Consolidated Revenue led by the Voltan family FY2025A | H1 2026A1 €9.3M | €4.0M 26% | 22% EBITDA FY2025A | H1 2026A1 EBITDA % FY2025A | H1 2026A1 (+16.7% C
Slide 8: Revenue Model Breakdown
REVENUE MODEL BREAKDOWN Revenue mix by business line | FY2022A–FY2025A | statutory lines | values in €M | cards: FY2025A | H1 2026A TOTAL REVENUE SOFTWARE SERVICES OUTSOURCING €35.7M | €18.2M €15.4M | €7.8M €15.3M | €8.2M €4.9M | €2.2M +6.1% | +8.5% YoY 43% | 43% of mix 43% | 45% of mix 14% | 12% of
Slide 9: Siav: The Backbone of Enterprise Content Flows
SIAV: THE BACKBONE OF ENTERPRISE CONTENT FLOWS The system of record for business-critical content — across its full lifecycle, embedded in core processes SIAV develops connectors for the leading distributed Capture Documents ERP software platforms AI enrichment Automated ingestion, OCR & data .pdf .
Slide 10: Governance
GOVERNANCE Group structure, Directors' Board and shareholder structure | share capital EUR 360,361.82 | 10,771,621 ordinary shares GROUP STRUCTURE DIRECTORS' BOARD President Alfieri Voltan Siav S.p.A. Member (CEO) Nicola Voltan Member Leonardo Bernardi Member (CFO) Daniele Boggian Independent member
Slide 11: Market & Positioning
02 MARKET & POSITIONING
Slide 12: Market Opportunity
MARKET OPPORTUNITY Global Enterprise Document Management System (EDMS) market — top 15 countries 2025, market size in USD M GLOBAL TAM 2025 FORECAST 2032 CAGR 2026-2032 TOP COUNTRY USD 7.2B USD 15.9B 12.1% US 945M Worldwide EDMS market size Projected market size by 2032 Compound annual growth rate L
Slide 13: Competitive Landscape
COMPETITIVE LANDSCAPE SIAV competitive arena — Italian market by category (left) and global Document Management Magic Quadrant (right) SIAV ITALY COMPETITIVE ARENA — 23 PLAYERS / 6 CATEGORIES GARTNER MAGIC QUADRANT FOR DOCUMENT MANAGEMENT — 28 APRIL 2026 Local software vendor SB Italia • Able Tech •
Slide 14: Our Competitive Advantages
OUR COMPETITIVE ADVANTAGES Six structural advantages that protect SIAV's position and accelerate growth DOMAIN EXPERTISE INTEGRATED PLATFORM RECURRING REVENUE BASE 35+ years of pure-play document Archiflow / Connect cover the full content 55% of revenue is recurring (FY2025A). management. Regulatory
Slide 15: Products, Customers & Sales
03 PRODUCTS, CUSTOMERS & SALES
Slide 16: Product Portfolio
PRODUCT PORTFOLIO Three complementary business lines — Content Service Platforms, Digital Solutions and Professional Services — delivering an integrated content and information management offering CONTENT SERVICE PLATFORMS DIGITAL SOLUTIONS PROFESSIONAL SERVICES Connect Professional Services Next-ge
Slide 17: SIAV.AI — AI Across the Document Lifecycle
SIAV.AI — AI ACROSS THE DOCUMENT LIFECYCLE Document AI & Process Intelligence | one AI layer embedded in Connect and Archiflow NOVA, from capture to action Process Intelligence Content Intelligence Agentic AI Summarization Perform actions, manage events, Extract and describe main concepts simplify S
Slide 18: Connect Value Proposition — One Platform, One Message
CONNECT VALUE PROPOSITION — ONE PLATFORM, ONE MESSAGE From traditional document management to the orchestration of processes, documents and decisions | one commercial message to the market VALUE PROPOSITION Connect orchestrates DIGITAL IDENTITY INTEGRATION HUB processes, documents eIDAS2-ready: Conn
Slide 19: Connect — What Customers Gain
CONNECT — WHAT CUSTOMERS GAIN Eight benefits for the customer | faster, less rigid operations with full control over information, rules and technology choices LESS RIGIDITY MORE AUTOMATION Processes change faster when the organization or AI takes over manual and repetitive tasks. business needs chan
Slide 20: Recent Acquisitions — Ecosystem Integration
RECENT ACQUISITIONS — ECOSYSTEM INTEGRATION Atacod (AI-powered process automation) and IT Consult (BPM & document management) extend the SIAV product stack and complement organic growth in regulated markets ATACOD — AI PROCESS AUTOMATION IT CONSULT — JOSH BPM PLATFORM STAKE DEAL STATUS STAKE DEAL ST
Slide 21: Revenue Model
REVENUE MODEL FY2025A revenue mix — recurring software ~55% provides predictable, high-quality earnings base RECURRING SHARE AVG CONTRACT TENURE RENEWAL RATE ARPU TREND ~55% 7-10 yrs >95% Growing of FY2025A revenue Yearly renewed or multi-year contracts Strong stickiness Per-client expansion RECURRI
Slide 22: Shift to Recurring — License vs Subscription Economics
SHIFT TO RECURRING — LICENSE vs SUBSCRIPTION ECONOMICS Break-even at year 4 (1 license year + 3 maintenance years = 4 subscription years); from year 5 subscription compounds above perpetual-license revenue Annual Revenue per Customer (indexed €) Cumulative Revenue per Customer (indexed €) 120 SUBSCR
Slide 23: Customer Portfolio — Blue-chip & Diversified
CUSTOMER PORTFOLIO — BLUE-CHIP & DIVERSIFIED Highly-stable mix of blue-chip and fast-growing clients across 8 verticals — long tenure, low churn, balanced concentration TENURE & CHURN CONCENTRATION ACQUISITION 7-10y 2% ~45% ~20% ~55 4,000+ Avg tenure Churn rate Rev Top50 Rev Top10 New clients FY2025
Slide 24: Customer Case Study — Mondevo Group
CUSTOMER CASE STUDY — MONDEVO GROUP International Finance client | Siav Connect as the document layer of an Agentic AI investment platform Mondevo Group | Abu Dhabi holding in technology innovation and global months of AI engineers wealth management 12+ development 40+ on ITTIKAR THE NEED THE PROJEC
Slide 25: Financial Performance
04 FINANCIAL PERFORMANCE
Slide 26: H1 2026A Results
H1 2026A RESULTS Six months ended 30 Jun 2026 vs 30 Jun 2025 | consolidated | values in €M SALES REVENUE EBITDA NET FINANCIAL POSITION NET INCOME €18.2M €4.0M €15.6M €0.2M +8.5% organic vs H1 2025A +6.9% | margin 22.0% -€2.6M vs FY2025A -39.6% vs H1 2025A REVENUE BY BUSINESS LINE — €M BOTTOM LINE &
Slide 27: Revenue Evolution — First-Half Series
REVENUE EVOLUTION — FIRST-HALF SERIES Sales revenue H1 2022A–H1 2026A | +5.2% CAGR | values in €M | organic growth only TOTAL SALES REVENUE REVENUE BY BUSINESS LINE €M | first half of each year €M | statutory taxonomy | first half of each year +22% 10 8.2 18.2 16.4 16.8 8 16.2 7.2 14.9 7.8 6 5.9 4 2
Slide 28: EBITDA Evolution & Cost Structure — First-Half Series
EBITDA EVOLUTION & COST STRUCTURE — FIRST-HALF SERIES EBITDA H1 2022A–H1 2026A | +15.9% CAGR | margin on sales revenue 14.9% → 22.0% | values in €M EBITDA COST STRUCTURE & MARGIN €M | first half of each year % of sales revenue | first half of each year 100% 90.1% +81% 4.0 80% 3.8 79.0% 55.4% 3.1 60%
Slide 29: EBITDA Bridge — H1 2025A to H1 2026A
EBITDA BRIDGE — H1 2025A TO H1 2026A EBITDA +6.9% YoY | margin on sales revenue 22.3% → 22.0% | values in €/000 KEY DRIVERS EBITDA BRIDGE REVENUE GROWTH +€1,424k €/000 | H1 2025A → H1 2026A Sales revenue up 8.5% to €18.2M, all organic, led by Services (+13.5%) and Local Government (+25.4%). +1,424 −
Slide 30: Working Capital, NFP & Capex — First Half
WORKING CAPITAL, NFP & CAPEX — FIRST HALF Cash dynamics at 30 Jun 2026 | net financial position, trade working capital and capital intensity | values in €M NET FINANCIAL POSITION TRADE WORKING CAPITAL CAPEX FREE CASH FLOW €15.6M €10.6M €2.1M €0.3M -€2.6M vs Dec 2025 | -€1.9M YoY +€4.3M vs Dec 2025 1
Slide 31: Strategy & Growth Plan
05 STRATEGY & GROWTH PLAN
Slide 32: The Structural Shift: From Repository to Governed Intelligence
THE STRUCTURAL SHIFT: FROM REPOSITORY TO GOVERNED INTELLIGENCE Documents, processes and decisions in one governed layer | the document is no longer the output of a process, it is the trigger REPOSITORY ORCHESTRATION GOVERNED INTELLIGENCE Storage, search and distribution ▪ Documents trigger operation
Slide 33: Where We Play: Regulated, Auditable and High-Risk Processes
WHERE WE PLAY: REGULATED, AUDITABLE AND HIGH-RISK PROCESSES The segment where the value of governance is highest and price pressure is lowest REGULATED PROCESSES THE VALUE EQUATION Subject to specific regulation with precise documentary requirements High criticality of the process AUDITABLE PROCESSE
Slide 34: AI Alone Is Not a Moat: Grounded, Governed, Integrated
AI ALONE IS NOT A MOAT: GROUNDED, GOVERNED, INTEGRATED The market is flooded with AI claims | differentiation comes from integration into regulated processes Winning is not about having AI | it is about integrating AI, workflow and compliance into one governed system AI GROUNDED AI GOVERNED AI INTEG
Slide 35: Two Principles: No AI Without Data | Move the Compute, Not the Data
TWO PRINCIPLES: NO AI WITHOUT DATA | MOVE THE COMPUTE, NOT THE DATA How the enterprise information estate becomes usable by AI models, securely and under governance NO AI WITHOUT DATA MOVE THE COMPUTE, NOT THE DATA Models without company data give generic or invented answers ▪ Banks and public admin
Slide 36: From Chat to Autonomous Agents
FROM CHAT TO AUTONOMOUS AGENTS Beyond conversational AI | agents that read, decide and act on enterprise data under governance CHATBOT COPILOT AUTONOMOUS AGENTS OPERATIONAL AUTONOMY SECURE DATA INTERACTION SIAV AS NERVOUS SYSTEM ▪ Agents handle complex tasks end to end Protected dialogue with reposi
Slide 37: Strategic Pillars
STRATEGIC PILLARS Five strategic levers driving the next phase of value creation SAAS MIGRATION AI INTEGRATION M&A ITALY & EUROPE PARTNERSHIP CHANNEL VERTICAL FOCUS Geographic On-prem → cloud AI-powered features VAR & SI network Pharma, Finance, PA expansion Subscription model Productivity uplift Ta
Slide 38: SaaS Disruption: The Risks We Govern
SAAS DISRUPTION: THE RISKS WE GOVERN Generative AI is rewriting the rules of the software market | three structural risks and our answer EROSION OF ENTRY BARRIERS THE SIAV RESPONSE 01 AI lets new entrants build basic ECM features quickly, compressing margins on undifferentiated segments Defensive an
Slide 39: Offensive Strategy: Expand, Deepen, Build the Ecosystem
OFFENSIVE STRATEGY: EXPAND, DEEPEN, BUILD THE ECOSYSTEM AI used as a lever to expand the positioning, not to protect the status quo EXPAND THE PERIMETER INCREASE THE DEPTH BUILD THE ECOSYSTEM HR document management ▪ More integration where we operate ▪ Integrators and compliance advisors Procurement
Slide 40: Next Wave of Growth: M&A and AI-Driven Acceleration
NEXT WAVE OF GROWTH: M&A AND AI-DRIVEN ACCELERATION Three M&A pillars across domestic consolidation, AI tech and international expansion GROWTH IN ITALY GROWTH ABROAD ITALIAN MARKET CONSOLIDATION AI TECH ENHANCEMENT INTERNATIONAL EXPANSION DESCRIPTION DESCRIPTION DESCRIPTION Accelerate path to marke
Slide 41: Sustainable Competitive Advantage
SUSTAINABLE COMPETITIVE ADVANTAGE Three elements competitors can copy one at a time, but not together GOVERNED AI PROCESS ORCHESTRATION COMPLIANCE AS ARCHITECTURE Grounded in real corporate documents and Documents, workflows and decisions inside Regulatory requirements built into the auditable on ev
Slide 42: People, ESG & Sustainability
06 PEOPLE, ESG & SUSTAINABILITY
Slide 43: Our People
OUR PEOPLE 314 employees at 30 Jun 2026 (309 at 31 Dec 2025) | 28% women | Benefit Corporation since 2021 | Family Audit certified HEADCOUNT WOMEN WELLBEING SCORE TRAINING HOURS 309 | 314 28% 88% 6,383 Group, 31 Dec 2025 | 30 Jun 2026 88 women across the group satisfaction | flexibility 2025 deliver
Slide 44: Key Takeaways
07 KEY TAKEAWAYS
Slide 45: Investment Thesis — Six Reasons to Back Siav
INVESTMENT THESIS — SIX REASONS TO BACK SIAV Six structural pillars from the opening, now backed by FY2025A and H1 2026A results and 2026 strategic moves 1. PROVEN PRODUCT PLATFORM 2. RECURRING REVENUE COMPOUNDING 3. RESILIENT CUSTOMER BASE 35+ years of proprietary R&D. Connect, Recurring revenue 55
Slide 46: Q&A — Investor Relations
Q&A — INVESTOR RELATIONS Thank you. Contacts and resources for follow-up Q&A INVESTOR RELATIONS IR & MEDIA RELATIONS ADVISOR COMPANY HQ My Twin Communication S.r.l. Email: [email protected] SIAV S.p.A. Email: [email protected] Phone: +39 335 31 92 57 Rubano (PD), Italy IR: Federico
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