EPSILON NET Group of Companies, consistently implementing its business planning, recorded during the nine months of 2023, a significant increase in its total financial figures, continuing its growth course as the leader in the field of Business Software & Technology Systems in Greece. 

In "Earnings Before Taxes" of the period a financial income of € 2.03 mil. has been recognized from the sale of 40% of SingularLogic. Excluding this extraordinary result, EBT for the Nine Months of 2023 amounts to €13.69 mil. and the change in EBT compared to the corresponding period of 2022, stands at 136.82%.

It is further clarified that:

I. the estimation of the accounting impact based on the "fair value" method for IFRS 2 Stock Options
in the nine months of 2023 amounts to €1.6 mil. while the corresponding Group figures for the
fourth quarter of 2023 will be € 0.29 mil. (total for 2023 will amount to €1.91 mil) and for the first
semester of 2024 will be €0.39 mil.

II. for subsequent financial years after 2024, there is no further impact from the specific treatment
resulting from the application of the fair value method to IFRS2 Stock Options.

Group's liquidity continues to be at very satisfactory levels (Cash and Cash Equivalents of € 23.4 mil.), providing the Group's Management with the possibility of uninterrupted continuation of the expansion program through acquisitions and implementation of new business initiatives.

Group has negative net debt of €5.30 mil. despite significant disbursement within the period, amounting to €11.49 mil which resulted both from the significant acquisitions implemented during the nine months of 2023 (NETERA G.P., DIGINET LTD, OROSIMO S.A., SCAN SA) as well as the acquisition of minority rights in the strategic subsidiaries (Epsilon SingularLogic & Epsilon HR). In addition, an amount of €3.15 mil. has not been included in the calculation of negative borrowing. euro, invested in fixed-income securities.

Finally, it should be noted that the significant growth rate in the Group's overall financial figures was the result of the strong organic growth rate (+72%) and the targeted acquisitions implemented by the Group, confirming its strategy and growth prospects for the coming years. 

During the nine months of 2023, the Group's acquisition program continued successfully with the aim of expanding the products and services provided. In this context, the parent company acquired in the first half of this year a majority participation in the companies, OROSIMO PLIROFORIKI SA, NETERA OE & DIGINET Ltd.

It should also be noted that within the last three months:

a) the acquisition of 60% of SCAN INFORMATION SYSTEMS S.A. (provision of technology systems and specialized business solutions for access control and personnel monitoring) and b) the acquisitions of minority stakes in two of the Group's main subsidiaries, significantly increasing the
Group's value.

Specifically, the following were acquired by the minority shareholders:

➢ 35.00% of the total shares of EPSILON HR S.A., forming the total percentage of the parent company to 100.00% of the company

➢ 39.97% stake in the Group's subsidiary company Epsilon SingularLogic S.A., bringing the total percentage of the parent to 99.97% of the company

The management of the parent company considers that the acquisition of the absolute majority in the Group's main subsidiaries constitutes a strategic business step that ensures to the fullest for its shareholders, the expected benefits from increased sales due to the ongoing digital transformation of Greek businesses, the leverage of funding sources and the products & services developed in the context of the implementation of the strategic partnership with National Bank of Greece.

Finally, an important move for the Group is also the acquisition this month by Epsilon SingularLogic (a subsidiary of the Group) of the entire activity of the integration, sales and customer support software sector Retail & Fuel addressed to retail businesses as well as gas stations of SingularLogic (a subsidiary of the SPACE HELLAS Group).

This transaction, worth €3.0 million. It is expected to complete the Group's solutions in these markets and add year-on-year sales of more than 5.5 million euros with significant profitabilit