Digital Value S p A : March 30, 2022 – Digital Value’s Board of Directors approves 2021 results

DIGITAL VALUE'S BOARD OF DIRECTORS APPROVES 2021 RESULTS

"Revenue growth of more than €115 million compared with the previous year generated incremental EBITDA of €12.2 million, confirming relative margins at 10.3% at the consolidated level."

• • Revenues from sales: €557.7 million (+€115.5 million / +26.1% vs 2020, of which +€104.5 million organic and +€11.0 million due to the full consolidation of TT Tecnosistemi from November 2021)

• • Ebitda : 57.5M€ (+12.1M€ / +26.7% vs 2020) confirming the Ebitda Margin at 10.3%, to which TT Tecnosistemi contributed 1.4M€.

• • Net Profit: €30.6M (+€6.4M / +26.9% vs 2020)

Rome, 30 March 2022 - The Board of Directors of Digital Value S.p.A., the parent company of a Group operating in Italy in the ICT solutions and services sector and listed on the Euronext Growth Milano market (Ticker DGV), met today to examine and approve the draft financial statements for the year ended 31 December 2021, prepared in abridged form pursuant to art. 2435-bis of the Italian Civil Code and in accordance with the AIM Italia Issuers' Regulations, which will be submitted for approval to the Company's next Shareholders' Meeting. Today's Board also examined and approved the consolidated financial report as at 31 December 2021, prepared in compliance with the international accounting standards IFRS.

Consolidated net revenues of €557.7 million, up +€115.5 million, +26.1% compared to the previous year; the increase is attributable for +€104.5 million to the organic growth of the company (+23.6%) and for +€11.0 million (+2.5%) to the full consolidation of TT Tecnosistemi from November 2021.

This result has been achieved thanks to the competitive position of the companies of the Group in the ICT market of reference (Infrastructure ICT & Managed Services) in the segment of Large Customers, based on an increasingly wide range of technological solutions and partnerships with international vendors and on the certified professional skills of Digital Value's staff that allowed to provide a growing variety of services. Digital Value is today the leading player in the Italian market (for size and variety of offerings) in the Digital Transformation Journey of the Large & Top Enterprises market, accompanying its customers from the redesign of personal productivity workstations, to the design-implementation-management of Data Center infrastructures, to the integral management of data (transport, storage, management and analysis), to the security of ICT solutions, to the development of the most innovative paths of Digital Business Transformation.

The 2021 results confirm the double-digit growth trend of all the group's economic indicators, despite the fact that the period is still characterized by the complexities brought about by the continuing effects of the COVID-19 pandemic and the remaining restrictions on the supply of silicon derivatives, without the benefits deriving from the launch of the PNRR (which will allocate an

Digital Value S.p.A.

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unparalleled figure at European level to digital components) having yet to be significantly manifested.

An analysis of Consolidated Revenues by Line of Business shows:

- Next Generation Data Center: revenues of €260 million, up €50 million (+23.8%) on 2020; in 2021 DV confirmed its leadership in the Italian market in the NG-DC segment, representing the segment that has for years constituted the Group's core market and which includes activities and services relating to Data Center infrastructures (physical and virtual), the related Networks and their security;

- Digital Business Transformation: revenues amounting to € 139 million, with growth of € 42 million (+43.4%) compared to 2020; Activities related to Digital Business Transformation represented the segment characterized with the highest growth rates in 2021, including projects engineered and implemented to support Customers in the development and management of Edge Computing infrastructures, Big Data Analytics solutions, the implementation of Cloud Software Platforms delivered in PAAS - SAAS mode, as well as Secure Integration and Video Communication services;

- Smart Workplace Transformation: revenues of €148 million, with growth of €12 million (+9.2%) compared to 2020; Smart Workplace activities saw growth in the service component, enabling improved bonding with the customer;

- TT Tecnosistemi: consolidated from November 2021 with revenues of €11 million in the period November-December 2021; TT Tecnosistemi operates in the same Lines of Business as Digital Value with a prevailing focus on markets in Central Italy.

EBIT stood at €44.5 million, (+€10.5 million, corresponding to an increase of +30.9% vs 2020), with an EBIT margin of 8.0% on net revenue up 30 bps on the previous year (EBIT margin of 7.7% in 2020).

Net Income for the period was €30.6 million, of which €0.5 million was attributable to non-controlling interests, an increase of +€6.5 million (+26.9%) compared to December 31, 2020.

The positive Net Financial Position amounts to €21.3 million. The NFP confirms a solid operating cash generation partly offset by investments, the change in working capital and the acquisition of 51% of TT Tecnosistemi (€8.5 million).

Capital expenditure amounted to €16.1 million, almost entirely attributable to Infrastructure On Premise as a Service solutions with some Tier I customers on contracts with a duration of not less than 3 years that include a significant services component.

Digital Value S.p.A.

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Net Working Capital increased by €29.3 million against an increase in revenues of €115.5 million, demonstrating control of the companies' operating dynamics and order-to-cash flow.

With reference to Financial Management, Digital Value, before the start of inflation in the EU, entered into medium-term loan agreements for € 37.5 million at best-in-class rate conditions; these financing lines represent for the company an important element of flexibility both for ordinary management and for the possible financing of inorganic growth operations to be carried out in the future. The cost of financial management liabilities amounted to € 0.7 million.

TT Tecnosistemi (*) was acquired on November 4, 2021 for a 51% stake and as a result is fully consolidated from that date, contributing to the Group for the two months only in terms of revenues of €11.0 million and Ebitda of €1.3 million.

On an annual basis, in 2021 TT Tecnosistemi generated revenues of €50.8 million, +€5.9 million compared to 2020 with an Ebitda of €5.1 million.

Digital Value Group therefore on a pro forma 2021 basis, i.e. including TT Tecnosistemi for the full year, generated pro forma Consolidated Revenues of €597.5 million with an Ebitda of €61.2 million and Ebitda margin of 10.26%.

The separate financial statements of the Parent Company Digital Value for the year ended December 31, 2021 show a net profit of € 24,512,311, which the Board of Directors has proposed to take € 87,365 to the Legal Reserve and € 24,424,946 to retained earnings. This result mainly derives from the distribution of dividends of the investee companies carried out during 2021..

The Board of Directors also resolved to submit to the Shareholders' Meeting:

• • the proposal to close the Treasury Share Purchase Plan resolved by the Shareholders' Meeting of April 30, 2021, which involved purchases of treasury shares for 3,101 shares with a countervalue of 247,486.

• • the request for authorization of a new share buyback plan for a number of 100,000 treasury shares with a maximum countervalue of €10 million, which may also be used to service future management incentive and loyalty plans to be approved by the Company.

For further information on the proposal to authorise the purchase and disposal of treasury shares, reference should be made to the related Explanatory Report that will be made available to the Shareholders within the terms required by law.

With reference to the conflict that broke out between the Russian Federation and Ukraine and its potential repercussions on the Company's business, it should be pointed out that

Digital Value S.p.A.

Sede Legale Via della Maglianella, 65/E - 00166 Roma (RM) - Tel. [phone]

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C.F. - P. IVA e Numero Registro Imprese di Roma 10400090964 - REA RM 1554887

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• • this event takes place after the date of these financial statements and should therefore be considered a "non-adjusting" event for the valuations and figures shown therein;

• • Although the Directors carefully consider the impacts that this event could have on the Issuer's going concern, they currently consider the risk as "not significant". In fact, although theoretically a worsening of the conflict could cause effects that could negatively affect the supply flows from abroad, it is also true that - at present - the evolution of the crisis is not easily predictable and, therefore, there are no grounds to reasonably expect a significant risk of negative impacts on the Company's business. In any event, it should be noted that the Group's target clientele does not include parties directly or indirectly affected by the sanctions applied to the Russian Federation by the international community.

In relation to the consolidated results, Massimo Rossi, Executive Chairman of Digital Value, comments: "The 2021 growth of Digital Value has been achieved keeping as a fundamental driver customer satisfaction and sustainable profitability. The group is increasingly focused on services and areas with higher added value in the Italian ICT market and with greater future prospects. The Group will continue to invest in order to continue to ensure growth above market rates by operating both internally and as an aggregator of businesses that share the same vision in creating value for stakeholders".

Paolo Vantellini, CEO of Digital Value, states: "Digital Value has grown significantly compared to the reference market, confirming its leadership in the Italian ICT Infrastructure market. The continuous investment in core competencies, technological partnerships and sustainable innovation, will allow the Group to preserve its position and seize the opportunities that will arise on the market in the coming years. The Group has also activated specific worksites to improve its green footprint and distinguish itself on the market for its attention to ESG issues".

Finally, the Board of Directors resolved to call the Ordinary Shareholders' Meeting for 29 April and 2 May 2022, on first and second call respectively, to resolve on the approval of the Draft 2021 Financial Statements, the approval of the purchase and disposal of treasury shares.

The documentation required by the regulations in force in relation to all items on the agenda of said Meeting will be published within the terms and according to the procedures provided for by the regulations in force on the websitewww.digitalvalue.it(Investor Relations / Meetings section).

This press release is also available on the company's websitewww.digitalvalue.it, as well as at the authorized eMarket Storage mechanism available atwww.emarketstorage.com.

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Digital Value S.p.A.

Sede Legale Via della Maglianella, 65/E - 00166 Roma (RM) - Tel. [phone]

Sede Operativa Via Galileo Galilei, 7 - 20124 Milano (MI) - Tel. [phone]

C.F. - P. IVA e Numero Registro Imprese di Roma 10400090964 - REA RM 1554887

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The following tables are attached to this press release (amounts in thousands of Euro)

Annex no. 1 - Reclassified consolidated income statement at 31st December 2021

Annex no. 2 - Reclassified consolidated balance sheet at 31st December 2021

Annex no. 3 - Consolidated cash flow statement at 31st December 2021

Annex no. 4 - Parent Company Income Statement Digital Value S.p.A. at 31st December 2021

Annex no. 5 - Parent Company Balance Sheet Digital Value S.p.A. at 31st December 2021

Digital Value S.p.A., with offices in Rome and Milan and operating throughout the national territory, is the parent company of a Group including Italy's leading operators in the ICT services and solutions sector, with consolidated profits of €558 million and over 400 employees (source: consolidated financial statements of 31 December 2021). The Group works in the research, design, development and sales of ICT services and solutions for the digitalization of large account clients working in strategic sectors of the country's economy - Telecommunications, Transport, Utilities, Finance, Industry and Public Administration - which represents the driving segment of the ICT market (over 50% of total national demand). The result of its significant constant growth, Digital Value embodies a unique range of specialist skills, providing complete coverage of all technological innovation requirements in key market segments. The Group's success is the result of the unique combination of skills, know-how and the specialization of its human resources, as well as its acknowledged ability to plan, implement and manage innovative design solutions that are functional to the digitalization needs of its clients.

For info

Digital Value S.p.A.	CFO SIM S.p.A.	Spriano Communication & Partners
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Riccardo Benedini, IR Manager	Euronext Growth Advisor	Corporate and finance communication
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Annex no. 1 - Reclassified consolidated income statement at 31st December 2021

Digital Value S.p.A.

Sede Legale Via della Maglianella, 65/E - 00166 Roma (RM) - Tel. [phone]

Sede Operativa Via Galileo Galilei, 7 - 20124 Milano (MI) - Tel. [phone]

C.F. - P. IVA e Numero Registro Imprese di Roma 10400090964 - REA RM 1554887

Capitale Sociale i.v. 1.554.957,60€

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