Small-cap companies under the microscope: Sys-Dat’s net profit has soared by 22.6 per cent

What is interesting, however, is that Sys-Dat’s turnover has been generated almost entirely in Italia and that its acquisitions to date have also been made at a national level, capitalising on the high degree of fragmentation within the IT sector in our country. Sys-Dat has therefore decided to specialise in the development of innovative IT applications and services based on artificial intelligence, cloud computing, cybersecurity and virtual solutions. These products are predominantly based on proprietary software solutions (hence the high profit margins) and are offered primarily to SMEs across a wide range of industrial sectors (in particular the ‘core’ sectors of ‘Made in Italy’).

Since 2021, following the acquisition of Humatics Srl, Sys-Dat has decided to incorporate artificial intelligence into its proprietary solutions; in early 2025, the proprietary arIA suite of vertical solutions, based on advanced AI algorithms, was launched on the market, and in September 2025, the internal strategic programme MosAIc was launched, focused on the widespread adoption of artificial intelligence tools for thefurther develop and enhance its proprietary software platforms.

For the full financial year 2026, Sys-Dat has reported revenue of approximately 105 million, EBITDA of 20 million (EBITDA margin of 19.4 per cent) and an adjusted net profit, after taking into account amortisation relating to the purchase price allocation and one-off costs, of approximately 10 million. In the second half of the year, three major contracts were signed: one worth 1.2 million for the supply of network infrastructure and connectivity services to a leading law firm, and two multi-year contracts, one with Inalca (Cremonini Group) to design and implement the group’s infrastructure using AI-based solutions, and one with Veronafiere to optimise visitor flow management and improve operational efficiency through data analysis and AI (in particular the ArIA suite).

It is worth noting here that, in 2025, the Veronafiere exhibition centre recorded a total of 670,254 visitors across its exhibition grounds in Italia during 39 organised trade fairs and events. Verona’s flagship trade fairs are Fieracavalli (the next edition will take place in early November; in 2025, attendance stood at 140,000), Vinitaly (90,000 visitors in the 2026 edition) and Marmomac (50,000 visitors in the 2026 edition). It should also be noted that Humatics Srl, now part of Sys-Dat Verona Srl, was founded in 2016 as a spin-off from the University of Verona. 

Last May, Sys-Dat presented its 2026–2028 Strategic Plan, which forecasts revenues of 164–179 million by the end of the period, an EBITDA of 32 –35 million and adjusted net profit of 16–18 million (the 2028 estimates are pro forma, i.e. they include figures from companies acquired in the meantime for the full financial year in which they joined the group). This is based on 2025 figures of 89, 17 and 9 million respectively. The group has indicated an organic CAGR for revenue of up to 10 per cent, in addition to 38–53 million in growth from acquisitions; EBITDA is expected to rise by 25 million on an organic basis and by 6–9 million from acquisitions, whilst adjusted net profit is expected to increase by 13 million on an organic basis and by 3–5 million from acquisitions.

In 2028, the ‘organic’ EBITDA margin (including the two companies acquired in the first quarter of 2026) is expected to stand at 20.8 per cent, whilst that of the new acquisitions is expected to be 15 per cent (an EV/EBITDA multiple of around 6 times, broadly in line with that of the 2026 transactions). The estimated outlay for these transactions is 40–55 million, and by the end of the Plan the company is expected to have net financial debt of between 25 and 40 million. Given that as at 30 June 2026 consolidated equity stood at 62.3 million, the acquisition plan is financially sustainable (as is the continued remuneration of shareholders via dividends); indeed, the only major uncertainty lies in the prudent selection of the technologies to be integrated into the group.

Sys-Dat has been included in the Intermonte Valore Italia index and, since its listing, has been part of the Star segment of Borsa Italiana. The free float is just under 30 per cent of the share capital, and the shareholder base includes Barca Global Maste Fund LP with 8 per cent and Alkemia Capital Partners Sgr with 7.5 per cent. Although it is a small-cap company (at least in terms of stock market indices), it is traded quite actively and, over the past year, its share price has risen by over 40 per cent. 

The company’s only ‘flaw’ at present lies in its limited focus on ESG issues: to date, the group has not yet defined formalised sustainability objectives specifically tailored to the relevant groups of products and services offered, the various categories of customers served, the geographical areas in which it operates, or its relationships with stakeholders. However, Sys-Dat plans to progressively develop more specific and measurable sustainability targets, consistent with its business model and the expectations of its key stakeholders, as part of the process of drawing up its sustainability plan, which is expected to be finalised by 2026.