INITIATION OF COVERAGE

First Point is an Italian Innovative SME operating in the Telecommunications and Information & Communication Technology sectors, with an offering exclusively targeting the business market and over twenty-five years of experience. The Company acts as a single technology partner for the management of its clients’ digital infrastructure, integrating four complementary service lines: Telco Solutions, comprising business connectivity, fixed and mobile telephony, and SIP/VoIP solutions; Outsourcing, focused on service desk activities, workplace support and systems assistance; IT Services, including consulting, hardware and software, networking, cybersecurity, backup and disaster recovery; and Cloud Services, delivered through the Company’s proprietary data center. The integration of these service lines enables First Point to develop up-selling and cross-selling opportunities, strengthen its control over customer relationships, and combine recurring services with solutions featuring a higher technological and advisory content. First Point’s competitive positioning is based on its ability to move beyond the simple resale of technology products and services, offering customized and integrated solutions supported by direct technical assistance. Its distinctive assets include a proprietary local data center, which ensures direct control over quality, security, business continuity and data location, and Simon, its proprietary software registered with SIAE and developed to integrate the Centralino Virtuale Totale with customers’ management systems. This configuration has enabled the Company to establish a particularly strong position in the insurance sector, where the combination of telephony, software, automation and artificial intelligence allows communications to be integrated into agencies’ operating processes. The potential to replicate its proprietary solutions across additional professional verticals represents one of the main drivers of future development. First Point began trading on Euronext Growth Milan on July 27, 2026. The admission took place through the placement of 880,500 newly issued ordinary shares, raising total proceeds of € 1.00 mn. Following the transaction, the share capital consists of 4,080,500 ordinary shares and 800,000 multiple-voting shares, which are not admitted to trading and carry four voting rights each. The free float amounts to 21.58% of the ordinary share capital and could increase to 24.52% if the greenshoe option is exercised in full. Founders Andrea Scarabelli and Daniele Montorsi retain control of the Company, ensuring continuity in governance and in the execution of its industrial strategy. From a financial perspective, FY25A recorded significant growth compared with FY24A: value of production increased from € 6.15 mn to € 7.41 mn (+20.4% YoY), while EBITDA rose from € 0.80 mn to € 0.93 mn, with an EBITDA margin of 12.5%. EBIT amounted to € 0.58 mn and Net Income to € 0.43 mn, up 9.4% compared with the previous year. Telco Solutions and Outsourcing together accounted for 86.4% of revenues, with the latter recording the strongest growth trend. Revenue visibility is high, supported by a recurring component exceeding 90.0%, contracts predominantly based on recurring fees, and Telco Solutions churn remaining at approximately 3.0%. From a balance-sheet perspective, NFP improved from € 1.00 mn in FY24A to € 0.81 mn in FY25A, with the NFP/EBITDA ratio declining from 1.25x to 0.88x. For the 2026-2028 period, we estimate progressive growth, with value of production expected to increase from € 8.35 mn in FY26E to € 9.70 mn in FY28E and EBITDA forecast to rise from € 1.05 mn to € 1.40 mn over the same period. The EBITDA margin is expected to improve from 12.6% to 14.4%, benefiting from the absorption of the organizational and infrastructure platform already in place, the greater contribution of Cloud and cybersecurity services, and the gradual shift in the business mix toward higher-value-added activities. The main growth drivers include the expansion of the sales network, cross-selling across the existing customer base, the development of new vertical solutions based on Simon and CVT, the gradual utilization of the new data center capacity, and the expansion of recurring cybersecurity services. Expected cash generation, together with the normalization of investments following completion of the new headquarters and data center infrastructure, should allow NFP to improve from € 0.23 mn in FY26E to a cash-positive position of € 1.57 mn in FY28E. The valuation was carried out using the DCF and market multiples methodologies. The DCF method returns an equity value of € 15.60 mn, based on a WACC of 7.08%, while the market multiples method results in an equity value of € 7.30 mn. The average of the two approaches yields an equity value of approximately € 11.45 mn, corresponding to a Target Price of € 2.35 per share, with a BUY rating and MEDIUM risk

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