^ Original-Research: Reply S.p.A. - from GBC AG

11.11.2025 / 10:30 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to Reply S.p.A.

Company Name: Reply S.p.A. ISIN: IT0005282865

Reason for the GBC Italian Champions 2025 research: Recommendation: BUY Target price: EUR 175.00 Last rating change: Analyst: Cosmin Filker, Matthias Greiffenberger, Marcel Goldmann

Dear Investors,

This year, we are once again presenting Italian small and mid-cap companies that we consider to be particularly promising in our study 'GBC Italian Champions'. As was the case last year, our selection is highly diversified across sectors and covers a wide range of company sizes. Nine companies from last year's study have made it into this year's selection again. This means that we are presenting four new investment ideas in this update to the study.

This year, too, it is worth looking beyond national borders. While the German capital market no longer seems to be an attractive option for many companies, the Italian capital market remains as popular as ever. While IPO activity in Germany has been at a low level for years, new companies are constantly being listed on the Milan Stock Exchange. In Germany, new issues have almost come to a standstill in recent years. After only three IPOs took place in 2023, 2024 was not significantly better with five IPOs. In contrast, the Milan Stock Exchange recorded unbroken high IPO activity with 35 IPOs in 2023 and 23 in 2024.

The greater willingness of Italian companies to go public is likely due, among other things, to structural advantages. These include, for example, multiple voting rights, which enable better control by the founders and good protection against takeovers. This is a particularly good argument for medium-sized companies to orient themselves towards the capital market. In addition, issuers can benefit from tax advantages when going public. The high status enjoyed by equities is also reflected in the planned Fondo Nazionale Strategico investment initiative. Under the umbrella of the state investment bank Cassa Depositi e Prestiti (CDP), over EUR700 million is to be invested specifically in medium-sized and smaller Italian companies. Even though the fund is aimed at institutional investors and qualified private investors, it is expected that increased market liquidity and generally higher demand for 'second-tier' equities could prove to be price drivers for these stocks.

That is why, dear investors, we are presenting the GBC Best of Italy 2025 selection on the following pages. We present a series of promising companies from a variety of sectors with attractive valuations, which we believe could be an attractive addition to your portfolio.

The 'GBC Italian Champions Study 2025' contains assessments of the following companies:

Casta Diva Group S.p.A. (ISIN: IT0005003782) Cembre S.p.A. (ISIN: IT0001128047) Energy S.p.A. (ISIN: IT0005500712) Fine Foods & Pharmaceuticals N.T.M. S.p.A. (ISIN: IT0005215329) Franchetti S.p.A. (ISIN: IT0005508574) Lindbergh S.p.A. (ISIN: IT0005469272) Lottomatica Group S.p.A. (ISIN: IT0005541336) Redfish Longterm Capital S.p.A. (ISIN: IT0005549354) Reply S.p.A. (ISIN: IT0005282865) Sanlorenzo S.p.A. (ISIN: IT0003549422) Siav S.p.A. (ISIN: IT0005504128) Somec S.p.A. (ISIN: IT0005329815)

We hope you enjoy reading this and wish you success in your investments.

Cosmin Filker Deputy Chief Analyst

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=8d5e6cc9ff7da8f6a533f91ebb0c2ab0

Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest in accordance with Section 85 WpHG and Art. 20 MAR The following potential conflict of interest exists at the company analysed above: (see individual studies); a catalogue of potential conflicts of interest can be found at:

https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Editorial deadline: 10/11/2025 Date and time of completion of the report: 10/11/2025 (04:00 p.m.) Date and time of the first disclosure of the research report: 11/11/2025 (10:30 a.m.)

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2227422 11.11.2025 CET/CEST

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Quelle: dpa-Afx