Maps (MAPS) investor relations material

Executive summary

• Consolidated revenue for H1 2026 was €13.2M, down 11% year-over-year, mainly due to the absence of non-recurring revenues in the Layers BU from large construction consortia.

• Value of production rose 3% year-over-year to €17.9 million, with total revenues up 1% to €16.0 million, driven by growth in Healthcare (+6%) and Energy (+22%) market areas.

• Net profit attributable to the group was €374K, compared to €571K in H1 2025, with the decline due to higher depreciation and financial costs.

• Recurring fees increased 33% year-over-year, now representing 48% of core revenues, reflecting a shift toward a product-based business model and improved revenue quality.

• The group completed the acquisition of 51% of Energy Audit S.r.l., strengthening its Energy BU.

Financial highlights

• EBITDA for H1 2026 was €1.08M, down from €1.22M in H1 2025, while another report notes EBITDA grew 3% to €3.1 million, with an EBITDA margin of 19.2%.

• Net financial debt increased to €13.5M, mainly due to the Energy Audit acquisition.

• Shareholders' equity: €25.7 million (31 Dec 2025: €26.3 million), impacted by share buybacks and M&A.

• Total assets rose to €65.9M from €61.9M at year-end 2025.

• Net profit margin for H1 2026 was approximately 2.3%–2.8%.

Outlook and guidance

• The group expects continued growth in Healthcare and Energy, supported by digitalization trends, recurring revenues, and increased demand for data-driven solutions.

• The acquisition of BI Health S.r.l. is expected to strengthen the Healthcare BU's data analytics offering, with completion by November 2026.

• Management remains cautious due to macroeconomic and geopolitical uncertainties but is focused on innovation and recurring revenue streams.