Star7 S p A : - Financial Statements as at 31 December 2022

2022 Annual Report

Dear Shareholders,

The 2022 results confirm the validity of the strategy we presented at the IPO in December 2021, which we have successfully implemented over subsequent months. Despite a macroeconomic scenario that was profoundly different to what we had forecast at the end of 2021, we managed to meet our targets, demonstrating the solidity of our business model.

We have reached and exceeded the 15 million EBITDA threshold (+87% compared to 2021 FY, with an EBITDA margin of 18.6%), below which we were committed to cancelling the PAS, the special shares held by key share- holders; The Group's revenues reached € 83.3 million, showing an increase of 41.1% compared to the 2021 FY figures and pro-forma revenues also registered an increase of 14.3%. In addition, we were able to take the Debt/ EBITDA ratio from 3.9x at the end of 2021 to 2.3x at the end of 2022, which gives us the appropriate financial flexibility to support the external growth that we intend to continue to pursue.

"As far as the performance of our Service Lines is concerned, Global Content services substantially maintained its market share, while growing significantly in absolute value, thanks to the expansion in the US market. Printing services increased their proportion of the Group's total revenues, mainly due to the acquisition of major new customers in the educational publishing sector in Brazil, which has proved to be an excellent diversification opportunity." Engineering, Experience and Product Knowledge posted a slight increase in revenues, in absolute terms, compared to the previous year, and will be further strengthened in 2023.

These good results are the result of our ability to integrate our recent acquisitions, of organic growth - driven by the acquisition of new customers in every market in which STAR7 is present - and of the cross-selling of services according to our Integrale⁷ business model. But that's not all.

In 2022, we carried out our M&A projects with the acquisition of Vertere, an Italian company active in Global Content services (translation and localisation) and, at the end of the year, with the rental of the CAAR-STI business unit, specialised in engineering solutions (mainly process engineering) for the Aerospace & Defence, Railway, Agriculture, Energy, Logistics, Infrastructure and Electronics sectors.

The latter, in particular, represents a new opportunity to make an important leap as a Group, both in terms of size and strategic positioning. In fact, we are confident that this transaction will help to rebalance the distribution of revenues from the three service lines as early as the beginning of 2023, making Engineering a top service in our portfolio and increasing cross-selling opportunities, especially in relation to Product Knowledge services.

The results obtained allow us to look with satisfaction at what has been achieved so far and push us to reconfirm our growth strategy with well-founded optimism. We will continue our search for strategic targets to acquire, especially internationally and with particular focus on Engineering, Experience and Product Knowledge services, with the aim of continuing to increase the quality and value of our offer.

I conclude by noting that all this is possible only thanks to the people who work at STAR7 every day with commitment and dedication, to the customers who choose our services and continue to place their trust in us, to the shareholders who believe in our business model and in our growth potential, and to all the stakeholders who support us and push us to do better and better.

Lorenzo Mondo

Chairman and Chief Executive Officer of STAR7 S.p.A.

Letter to shareholders

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2022 Annual Report

Corporate Governance

On 4 May 2021, the Board of Directors and the Board of Statutory Auditors were appointed, and will remain in office until the shareholders' meeting to approve the Financial Statements as at 31 December 2023.

The independent auditors will remain in office until the approval of the Financial

Statements as at 31/12/2023.

Board of Directors

Lorenzo Mondo: Chairman of the Board of Directors and Chief Executive Officer

Josef Zibung: Director

Isabella Mondo: Director

Maria Luisa Vada: Director

Andrea Farina: Director

Roberto Manzoni: Director

Paolo Rebaudengo: Independent director

Board of Statutory Auditors

Fabio Venegoni: Chairman of the Board of Statutory Auditors

Alberto Bodiglio: Standing auditor

Vincenzo Gambaruto: Standing auditor

Cristiano Lenti: Alternate auditor

Stefano Cernuschi: Alternate Auditor

Independent Auditors

BDO Italia S.p.A.

Supervisory Board

pursuant to Legislative Decree 231/2001

Giordano Balossi

Paolo Sarzanini

Vincenzo Gambaruto

Corporate Governance

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