Almawave S p A : FY 2022 Results



Sandei: “2022 was another year of exceptional growth. We have made

acquisitions and diversified markets and regions. We have in fact doubled our

business over the last two years and continue to invest in the Group’s development, while maintaining high margins and improving the NFP.”

  • Revenues of Euro 48.0 million, +46% vs 2021
  • Total revenues and other income of Euro 49.6 million, +45.2%
  • Adjusted EBITDA1of Euro 12.2 million, +36.2% and Reported EBITDA of Euro 10.2 million, +31.7%
  • Adjusted EBITDA Margin1 of 25.4% (vs 27.2%) and Reported EBITDA Margin of 21.3% (vs 23.6%)
  • Adjusted EBIT1 of Euro 8.4 million, +43.2% and Reported EBIT of Euro 6.4 million, +37.6%
  • Adjusted EBIT Margin of 17.5% (vs 17.8%)
  • Net Profit of Euro 4.8 million, +38.6%
  • Backlog at today’s date of Euro 79 million, in addition to Euro 9 million of contracts in the final award phase
  • Net Cash Position2 of Euro 10.5 million (8.1 million in September 2022)
  • Investments of Euro 6.7 million (14.0% of revenues vs 15.5% in 2021)

Rome, March 14, 2023 – Almawave S.p.A., a company listed on the Euronext Growth Milan market (Ticker: AIW) and part of the Almaviva Group, an Artificial Intelligence (AI), natural language processing and Big Data services leader, today approved the 2022 separate financial statements and consolidated financial statements, reporting revenues of Euro 48.0 million, up 46.0% on 2021.

Almawave’s Chief Executive Officer Valeria Sandei commented: “The Almawave Group’s 2022 Revenues have reached the challenging goal of Euro 50 million. In the two years since our stock market listing in fact, we have almost doubled the scale of our business, with revenues increasing from Euro 27 million to Euro 48 million. Almawave has not only outperformed the general market, which in fact has returned very interesting growth rates, but has also beaten market analyst estimates. The consistent focus on the market and sustainable growth has not slowed R&D spend, the systematic development of innovative solutions, such as the AIWave platform, and new projects for high-potentialsectors such as, for example, the “OncologIA” healthcare research project.

Sandei concluded: “We today present financial statements which provide a snapshot of a company that has grown on all fronts, with strong business expansion and a gradual diversification of the vertical markets and regions covered. We have also focused on strategic sectors and those serving a range of National Recovery and Resilience Plan areas (NRRP), an effort that will continue over the coming years. Our focus on ESG topics has also steadily grown, with significant results achieved and targets set for the 2030 Agenda, charting a clear path. In addition to organic growth, acquisition-led growth has contributed to the Group’s results. The companies The Data Appeal Company and Sistemi Territoriali have already created clear synergies in the initial months of working together, in high potential sectors such as location intelligence and the ecological transition”.

  • Net of the accrual for the 2021/2023 Stock Grant Plan and net of M&A costs
  • Net Financial Position (NFP): takes account of approx. Euro 6 million of cash-out concerns the completion in the year of the acquisitions of The Data Appeal Company and Sistemi Territoriali

Looking to the Almawave Group’s overall revenues, the proprietary products and related services components saw exceptional growth of 75% on the previous year, for total revenues of Euro 23 million. This achievement confirms the Group’s ability to offer its customers advanced Artificial Intelligence technologies and platforms to support diversified business sectors. The services area also reports growth (Big Data services and digital transformation applied to third party products), up 26.6% YoY to Euro 25 million.

The regional breakdown of revenues indicates the Group’s significant strengthening internationally. Compared to the previous year in fact, overseas revenues reached Euro 5.7 million, up +72.0% YoY and accounting for 12% of revenues (10% at December 31, 2021).

The strongest growth was in LATAM (Latin America) and Africa. In particular, in the LATAM area, Almawave strengthened its operations with the start-up of a tourism, fintech and location intelligence operation through the subsidiary The Data Appeal Company. The European market also saw positive signs.

The Italian market consolidated further, with revenues of Euro 42.3 million, up 43.0% on 2021, accounting for 88% of revenues (90% at December 31, 2021).

Considering the stand-alone performance of both acquired companies, thus considering all of 2022, the revenues of The Data Appeal Company are up 90% to Euro 4.2 million (vs. Euro 2.3 million in 2021), while those of Sistemi Territoriali are up 31% to Euro 3.1 million (vs. Euro 2.4 million in 2021), for overall growth between the two entities of approx. 60% YoY. Margins were also strong, up over 140% YoY.

The Group’s margins in 2022 remained high, even amid increasing spending on marketing and communication and business development in general. Adjusted EBITDA in fact was Euro 12.2 million, up 36.2% on the previous year, with a margin of 25.4% (which compares with 27.2% in 2021). Adjusted EBIT amounted to Euro 8.4 million (+43.2% YoY), with an Adjusted EBIT Margin of 17.5% (17.8% in 2021).

The net profit in 2022 was up 38.6% on the previous year to Euro 4.8 million.

During the year, functional investments in the development of technologies, products, platforms and vertical solutions amounted to Euro 6.7 million, accounting for 14.0% revenues (150 basis points lower than in 2021, with a positive impact on cash EBITDA).

The Net Cash Position at December 31, 2022 (taking account of approx. Euro 6 million cash-out for the completion of the acquisitions in 2022 of The Data Appeal Company and Sistemi Territoriali) was Euro 10.5 million (at September 30, 2022 cash of approx. Euro 8.1 million). This compares to Euro 14.0 million at December 31, 2021.

The backlog at today’s date of Euro 79 million, in addition to approx. Euro 9 million of contracts in the final award phase. The Backlog at September 30, 2022 was Euro 83 million, while at December 31, 2021 amounting to approx. Euro 101 million (compared to Euro 72 million at December 31, 2020).

The company today has over 300 customers and 35 partners.

The Almawave workforce at December 31, 2022 increased by 121 (+42%) on the previous year, bringing the Group total to 407. This growth once again testifies to the attractiveness of the company’s development model, even in a highly competitive market.

Calling of the Shareholders’ Meeting

The 2022 separate financial statements shall be submitted to the Shareholders’ Meeting to be held, as previously announced, on April 14, 2023 in first call, or, where required, on April 18, 2023 in second call.

Proposal for the allocation of the result

The Board of Directors has approved the proposal to the Shareholders’ Meeting of Almawave S.p.A. to allocate the net profit of Euro 2,203,878.98 to the legal reserve for Euro 4,558.74 and for the residual to “Retained earnings”.

Significant events in 2022

In 2022, the Almawave Group continued to strongly innovate through the development of product suites, the market launch of a new platform (AIWave), and the bringing on stream of new platforms/products through the acquisition of two companies. The Data Appeal Company and Sistemi Territoriali are respectively engaged in Location Intelligence & Analytics for decision support systems for a range of market segments and Geographic Information Systems (GIS).

Alongside innovation for market solutions, which boost the company’s potential, the roadmap on proprietary enabling technologies has been significantly furthered.

Product positioning work with leading market analysts and specialized entities such as Gartner, Forrester, Markets&Markets and OpusResearch was undertaken and brought significant results.

Marketing and communication activities have been greatly intensified at all Group companies. This development was accompanied by the start-up of new international teams for business development and the diversification of the company’s positioning, with results indicating a strong start.

2022 again featured, in terms of the public sector, the winning of Consip contracts – SPC and Data Management Framework Agreement – enabling the company to strengthen its presence in terms of new customers and growth on existing customers.

A focus was placed on the development of the Smart Mobility & Transportation market, including through framework contracts with the parent company.

Almawave also worked on new market practices, including Healthcare, with the development of specialized AI solutions and the launch of a major research project called “OncologIA”, funded by the Region of Puglia, through the Group’s Almaviva Digitaltec company.

Overseas development activities simultaneously continued successfully.

Internationally, Almawave S.p.A. operates in South America through its subsidiary Almawave do Brasil. The company consolidated its business development operational capabilities, launching key projects in the customer experience area, also in synergy with AlmavivA do Brasil.

A new The Data Appeal Company business unit was also launched in Brazil, focused on providing location intelligence solutions in the country.

In addition, intense international activity continued for all Group companies in Europe, the United States, and most recently in Africa, with the award of a major contract in Tanzania for the automatic transcription and translation service of court sessions in the country, in Swahili and English.

During the year, the company strengthened its sustainability profile by approving its second Sustainability Report and including a summary of the Sustainability Report in the 2022 financial statements, with publication in the coming months.

Almawave was also honored in the year with the AssoNEXT Best ESG Identity award for its focus on sustainability and the conscious integration of ESG factors in both its market product and service offerings and in the company’s internal management, thus promoting a responsible, inclusive and sustainable digital transition.

The main ESG news and results included: the drawing up of an integrated ESG Strategic Plan with targets to 2023, 2025 and 2030; the setting up of the internal ESG Committee within the Board of Directors; the expanded training plan (+30%); Euro 4.2 million of fresh R&D investment, all with direct and positive impacts on ESG issues; the maintenance of the “0 data breach” target; new hires under 30 reaching 36%; and the continued support of initiatives to involve women in STEM training paths.

Almawave also achieved new major certifications in 2022 in the areas of privacy (ISO 27001 – Information Security Management System, SGSI), corporate social responsibility (Standard Social Accountability 8000, SA8000) and cybersecurity (CSA STAR of the Cloud Security Alliance), while continuing to strengthen its operational and management profile in order to ensure ever-better quality standards for customers and all stakeholders.

Second Sustainability Report

In 2022, the company presented its second Sustainability Report, which annually presents the non- financial performances, covering 2020 and 2021. The document identifies, measures and monitors the main sustainability impacts both for the company and for its main stakeholders.

Almawave’s Sustainability Report comprises four main topic areas: Governance, Responsible Digital Transition, People and Environment. These are analysed broadly, with the most relevant sustainability impacts in these areas both for the company and its stakeholders identified, measured and monitored. The document also highlights how – through the company objective of delivering and accelerating the tangible benefits of the digital transition for people’s daily lives – Almawave is able to contribute to a growing number of the Sustainable Development Goals (SDGs) identified by the United Nations. In just a few months, the company has increased the number of goals it contributes to from 8 to 12 (out of a total of 17).

The document was drawn up according to the highest accredited standards, the GRI (Global Reporting Initiative), to facilitate understanding according to a metric adopted by the majority of enterprises and for comparability with other Information Technology players.

The company in addition offers platforms and services with the key objective of generating sustainable development. All the company’s operations, further strengthened by the entry of The Data Appeal Company and Sistemi Territoriali into the company’s scope in the first half of 2022, match this vision. Two enterprises specialising in advanced technology services, whose platforms are already applied to projects seeking to improve community welfare, optimise gas and water consumption, support digital inclusion and make the digital transition tangible and responsible.

Summary of Third Sustainability Report

As indicated, Almawave’s updated 2022 version of its Sustainability Report will be presented in the year, outlining the commitment to ESG issues and the steps taken and those to be taken on the company’s future journey toward the goals of the United Nations 2030 Agenda for Sustainable Development. The summary of the Report has been included as an integrated section of the Annual Financial Statements, as a substantial part of the company strategy. The main findings have been outlined above.

Subsequent events

Signing up to the United Nations Global Compact

Almawave in February 2023 announced that it had joined the United Nations Global Compact. The company thus confirmed itself as an Italian enterprise focused on ESG (Environmental, Social, Governance) practices and objectives, continuing on the path followed by the parent company Almaviva since 2015.

In signing up, Almawave has committed to undertake responsible business activities and embrace the universal principles of sustainability.


The Almawave Group for 2023 expects a strong business performance and a consequent increase in Revenues, EBITDA and EBIT. A net profit is forecast.

On the technology and supply side, the Group intends to continue its growth by further investing in increasing and strengthening its solutions for application in various markets, such as Government, Fintech, Tourism, Ecological Transition, Smart Mobility & Transportation and Healthcare. In order to consolidate its leadership in the field of Artificial Intelligence, new resources will also be invested in the development of the core product technology platforms Iride, Audioma, Mastro and the products of the companies acquired during 2022, in addition to supporting the new talent recruiting programs.

In the area of Big Data services & digital transformation, confirming the strategic quality and speed of integration of the Almawave model, the synergies with The Data Appeal Company and Sistemi Territoriali – the two companies acquired during last year – will be further strengthened.

In order to further diversify the customer base, a close focus will be placed on domestic and international business development, which will be supported by investments in marketing that are appropriate and functional for market positioning.

The company will additionally focus on the Government market, partly because of the significant challenges related to the introduction of the National Recovery and Resilience Plan (NRRP), in addition to the tenders won and framework agreements already obtained. The Smart Mobility & Transportation, Tourism and Ecological Transition markets will also be targeted, in order to consolidate and expand – including through qualified partners – the existing customer base.

A portion of investment in business development will be allocated to improve Almawave’s positioning on the international market. The LATAM market specifically will receive additional focus, similar to the European and U.S. markets. The achievements on these latter two high-potential

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