Building Sustainable Value for Shareholders

Note: 

* Covers Data & AI external revenues explicitly identified within the scope of the new business line implemented in July 2025, excluding Data & AI services embedded in offerings of other business lines. Total external revenue for Data & AI activities estimated at above 2%. Digital Transformation consulting and cybersecurity services cover external revenues explicitly identified within the scope of the entities, excluding consulting services and cybersecurity services embedded in offerings of other business lines.

** Net change in cash : Net change in cash is obtained by deducting from Free Cash Flow the impact of non-structural working capital optimization actions, such as unsolicited customer payments received before the invoice due date. Net change in cash excludes:  

- net financial debt repayments;  
- net cash inflows (outflows) from acquisitions or disposals of businesses or entities;
- capital increases, share buybacks, dividends paid to shareholders and non-controlling interests;  
- cash movements relating to other financial assets and liabilities, such as deposits on escrow accounts used as cash collateral;  - foreign exchange impacts on cash.