Icona Technology SpA: Icona Technology S.p.A. reports the results for the FY 2024

Cinisello Balsamo (MI) (pta027/25.03.2025/15:20 UTC+1)

Revenue from sales and services grew by 8% to €3,7 million, with an adjusted EBITDA of €341.000 and an adjusted net profit of €120.000. The net cash position exceeds €800.000.

Giorgio Nepa, President and CEO of Icona Technology, comments: "Despite a challenging year, our group achieved an 8% growth, with both operating companies – Icona and Explan – delivering good performances. Service Qube orders surged from €250.000 in 2023 to €640.000 in 2024, reshaping the group's revenue mix. This growth offset the decline in Acty and further strengthened Icona Technology's position in the field of digitalization of after-sales processes".

Cinisello Balsamo, March 25, 2025. Icona Technology S.p.A. ("Icona Technology" or the "Company") (ISIN IT0005465528 – ticker: CARE), an international scale-up dedicated to advancing the digital transformation of after-sales services, announces the results for the full year 2024.

Below is the adjusted consolidated income statement as of December 31, 2024, compared to the previous financial year. This report aims to present the results derived from the group's core industrial operations, excluding elements related to listing activities and extraordinary transactions. The purpose is to make the data comparable with other non-listed companies in the same sector.

Adjusted Consolidated Income Statement (in Euro)

The adjusted figures exclude service costs related to listing-related consultancy and stock market management expenses, as well as intangible amortizations related to the 2021 listing process and corporate restructuring costs, and consulting expenses for the acquisition of Explan in 2023, amounting to approximately €120.000 in both years. Additionally, the amortization of Explan's goodwill (€132.383), derived from the consolidation process, has been removed.

Revenue Composition

Total sales revenue reached €3.730.012 (+8,24% YoY), composed as follows:

• Icona (68% of total revenue) – grew by 6% compared to 2023.
• Explan (32% of total revenue) – grew by 11% compared to 2023.

Recurring service sales accounted for 50% of total revenue (compared to 62% in 2023), decreasing due to a shift towards project-based revenue from Service Qube. The parent company Icona Technology does not generate revenue from external clients, as its role is limited to managing the subsidiaries.

Revenue by Geographic Area

A sharp decline in non-domestic sales was recorded due to changes in the company's commercial strategy. In previous years, European and international sales were driven primarily by Acty, which experienced peak growth in 2020-2021, boosted by the pandemic. However, Acty's growth has reverted, and the company has shifted its focus to Service Qube, which requires consulting, technological integrations, and customized process configurations, making it less mature for international expansion. Furthermore, Plangei and Plancom software are exclusively marketed in Italy.

Service costs and personnel expenses represent the most significant cost components, exceeding 45% of revenue. The increase in service costs is attributed to higher expenses for software development, sales activities, and executive compensation. Since 2023, the group has incurred costs for reselling external services through the new Service Qube portal, a key evolution in the company's strategy. These transactional costs are closely monitored to ensure adequate margins.

Personnel costs increased by €72.787, mainly due to contractual adjustments under the National Collective Labor Agreement (CCNL) for commerce in April 2024.

• The FTE workforce decreased from 28,9 to 24,65; partial workforce restoration is planned, balancing operational needs with cost containment.
• To increase workforce flexibility, the company is favoring collaborations with external consultants rather than direct hires, allowing for cost adjustments throughout the year.
• Despite cost optimization efforts, employee retention remains a priority, with a focus on competitive compensation to attract and retain talent.

The net financial position stands at €-307.372, including: €264.233 in short-term debt; €131.515 in long-term debt; cash reserves of €699.620; €3.500 in financial receivables (reduced by €42.694 due to the release of low-yield funds). Cash reserves decreased by €667.009, primarily due to the purchase of bonds recorded under financial fixed assets. However, liquidity remains more than double the total financial debt, reflecting sound resource management and continuous cash flow monitoring. Considering also the value of the bond securities maturing between 2026 and 2027, the net financial position shows a balance exceeding €800.000.

Main events occurred in 2024

April 22, 2024 – Release of PLANGEI 4.20

The new version PLANGEI 4.20 has been released, introducing significant features to strengthen its market position in maintenance and facility management. This update is part of a broader expansion strategy targeting the fast-growing sector that seeks technological innovation to optimize processes, especially in real estate. PLANGEI's native integration with Microsoft Dynamics Business Central leverages the prestige and influence of this leading platform.

April 26, 2024 – Recapitalization of Explan Consulting Srl

During the approval of the 2023 financial statements, Explan shareholders decided to recapitalize the company following capital erosion due to past losses. The decision was ratified by the Board of Directors of its majority shareholder, Icona Technology, on May 13, 2024. Subsequently, on May 30, 2024, an amount of €158.400 was injected into Explan as capital contribution.

April 29, 2024 – Appointment of New Board of Statutory Auditors and Audit Firm

During the approval of Icona Technology's 2023 financial statements, the company appointed new members to the Board of Statutory Auditors and a new audit firm, both with a three-year mandate.

September 25, 2024 – Service Qube Delivery Strategy

A strategic meeting was held to define a new standard integration model between Service Qube and major ERP systems used by clients. This will ensure a continuous and reliable data flow, facilitating smoother integration and accelerating platform adoption. As part of this strategy, a unified administration portal is being developed to centralize service management, enhancing user experience and platform governance.

November 25, 2024 – Bonus Shares Conversion

Holders of the "Convertible Note – Errera 2021" Participatory Financial Instruments (SFPs) received bonus shares at a ratio of 1 additional share for every 5 converted. This resulted in an increase in Icona Technology's total shares from 6.890.000 to 7.068.000.

November 28, 2024 – Organizational Structure Optimization

The company completed a corporate reorganization project initiated in the first half of the year. This review highlighted the need to strengthen project management skills to support the growth of Service Qube-related projects. The new structure will be implemented in 2025 to accommodate business expansion and increasing operational complexity.

December 16, 2024 – Capital Increase Resolution

The extraordinary shareholders' meeting resolved a free capital increase through the issue of 667.500 ordinary shares without nominal value, assigned free of charge only to the original subscribers of the participatory financial instruments "CONVERTIBLE NOTE – ERRERA 2021", issued in execution of the resolution of June 18, 2021 of the Shareholders' Meeting of Errera Technology s.r.l. (subsequently Icona Technology S.p.a.), in the number of 75 ordinary shares of the company for every 100 shares resulting from the conversion of the aforementioned instruments.

Following the positive outcome of the registration of the case in the company register, which took place on 20.01.2025, the number of shares in the company increased from 7.068.000 to 7.735.500 and the company's share capital became equal to €188.517,24. The company registered the new capital value in the 2025 financial year in accordance with the provisions of art. 2436 paragraph 5 of the Civil Code, therefore the share capital as of 31.12.2024 remains unchanged at € 172.250.

December 20, 2024 – Strengthening the Sales Network

A partnership was signed with a commercial agent recruitment firm to expand the sales network flexibly, supporting revenue growth while keeping fixed costs low. This initiative involves both Icona Srl and Explan, with a particular focus on promoting Service Qube and PLANGEI, aiming for a more efficient and scalable commercial model.

Main events occurred in the first months of 2025

January 20, 2025 – Effectiveness capital increase

Following the positive outcome of the registration of the capital increase in the company register and the consequent free allocation of 667.500 new ordinary shares without nominal value in favor of the original subscribers of the participatory financial instruments "CONVERTIBLE NOTE – ERRERA 2021" in the number of 75 ordinary shares of the company for every 100 shares resulting from the conversion of the aforementioned instruments, the capital increase approved on 16.12.2024 became effective. Therefore, the number of company shares increased from 7.068.000 to 7.735.500 and the company's share capital became equal to €188.517,24.

January 18-22, 2025 – SIGEP Trade Fair Participation

The participation in SIGEP 2025 reaffirmed the value of in-person event-based lead generation strategy, focusing on industries relevant to Service Qube, such as bakery machinery, ovens, blast chillers, and refrigeration technologies. The event enabled Icona to generate over 50 new leads and reconnect with prospects who had paused their evaluation process in 2024.

Based on this success, the group is exploring automation of the entire lead generation process—from identifying target companies to data collection, LinkedIn outreach, and meeting scheduling—ensuring a more scalable and qualified pipeline.

February 14, 2025 – Service Workshop

A workshop was organized to better understand the operational and strategic needs of manufacturing companies, involving service professionals from client firms and all Product Managers of Icona Technology's software.

This session provided insights into the requirements of leading companies in service and spare parts management, validating the development strategies and uncovering optimization opportunities. Engaging directly with industry experts allows to refine our product strategy, ensuring solutions align with real market demands.

February 20, 2025 – Collaboration Agreement with WPR

Following the workshop, Icona formalized a collaboration with WPR, a Service Qube client, to develop an AI Agent for optimizing technical knowledge management.

The goal is to reduce the workload of service departments by enabling customers to independently resolve maintenance and support issues. The AI system will integrate three key data sources: technical manuals and machine datasheets, on-site service reports, and expert interviews to gather operational know-how.

February 20, 2025 – Agreement with Higeco Energy

To support companies in accessing tax incentives under the Transition 5.0 program, the company signed an agreement with Higeco Energy, a specialist in energy management and EGE UNI CEI 11339 certifications.

Through this partnership, Icona Technology can provide clients with full assistance in applying for GSE incentives, making investments in Service Qube even more financially advantageous.
This agreement strengthens our value proposition by helping manufacturing companies reduce the costs of digital transformation, accelerating their transition to an intelligent and sustainable servitization model.

March 1, 2025 – Project Margin Control System Activation

With a growing number of projects, particularly related to Service Qube, the Group has implemented a structured margin control system for project management.

The goal is to ensure precise tracking of revenue and costs associated with each project, enabling better financial performance assessment. This approach allows for early identification of inefficiencies or cost underestimations, enabling timely corrective actions to optimize margins and improve project sustainability.

The detailed economic performance analysis will also provide a strategic data foundation to refine commercial evaluations and adjust future pricing and resource allocation strategies.
This initiative represents a crucial step toward stronger financial governance of project activities, supporting long-term profitability and sustainable growth.

Business outlook

In 2025, Icona Technology will focus on strategic initiatives aimed at increasing profitability and ensuring sustainable growth, with the ultimate goal of maximizing shareholder value. The key areas of action will be:

1. Consolidation of Service Qube

Service Qube remains at the core of the Group offering in the after-sales sector for manufacturing and HoReCa companies. In 2025, Icona Technology plans to increase the revenue generated by this solution by implementing advanced features such as real-time translation, integration with instant messaging platforms, and AI-driven predictive analytics. These enhancements will strengthen the product's competitiveness and meet the evolving needs of customers.

2. Strengthening Existing Technologies

Acty: the Group aim to redefine Acty's value proposition by introducing new licensing options and enhancing ease of use through integration with messaging services and chatbots, improving operational efficiency for our customers.

Deskoala: a strategic repositioning will position Deskoala as a CRM tailored for manufacturing companies, with a new website highlighting its capabilities in sales and offer management.

Livecare Support: Icona will introduce a revamped value proposition, including updated versions and a renewed business model enriched with innovative features such as the Sophia virtual assistant and an appointment scheduling service.

OneCall247: Icona will position OneCall247 as a strategic solution for continuous support, adopting a "follow-the-sun" model to ensure 24/7 assistance for industrial companies.

PlanGei & PlanCom: the transition to PlanGei Five will be completed, integrating it with PlanCom to offer a comprehensive solution for complex industries and facility management.

3. Sustainability and Social Responsibility

Sustainability will be a fundamental pillar of 2025 strategy. Through the "Tree Project", in collaboration with Tree-Nation, Icona Technology will create the "Icona Forest", planting a tree for every project completed with the Group's technologies. Additionally, Icona will implement a dedicated calculator to measure CO₂ savings achieved through our solutions, helping clients reduce their environmental footprint.

4. Commercial Expansion and Strategic Partnerships

Icona Technology aims to expand the commercial network by forming partnerships with companies that enhance value proposition. These collaborations will follow a success-fee model, avoiding significant increases in fixed costs. Furthermore, the Group will engage industry consultants to facilitate networking and generate new business opportunities. Finally, Icona will collaborate with a Service Manager from a key client company to better understand operational needs and optimize technologies in response to real market demands.

These initiatives are designed to ensure sustainable growth and increased profitability, reinforcing Icona Technology's market position and enhancing the group's margins.

Profit / loss allocation of Icona Technology S.p.A.

Icona Technology as a single holding company recorded a loss of € 221.166,91 in 2024. It is proposed to carry forward the loss for the year.

Shareholders' meeting

The Shareholders' meeting of Icona Technology will be held on first call on 29 April 2025, and, if necessary, on second call for 30 April 2025, as per the financial calendar. The related call, including the details of the agenda, will be circulated in the next weeks, according to the terms of the law.

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Emitter:	Icona Technology SpA Viale Brianza 20 20092 Cinisello Balsamo (MI) Italy
Contact Person:	Giorgio Nepa
Phone:	+39 02 6111981
E-Mail:	investor.relations@iconatech.com
Website:	www.iconatech.com
ISIN(s):	IT0005465528 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Vienna MTF)