CY4Gate SpA: Strong Financial Performance and Promising Outlook Justify Buy RatingWe believe that any progress on restructuring initiatives (already underway) may support further upside to our current valuation Strong 3Q, cash generation beats forecasts. CY4 reported a strong set of results in 3Q, which saw the continuation of a sharp top line acceleration (+52% YoY) at a similar rate to 2Q. the sharp expansion of the top line had a greater impact on margins, which returned above the 20% threshold. This strong improvement is attributable to higher revenues in the Forensic Intelligence segment, which features higher profitability. There was also a significant improvement in the net debt position, featuring +€7mn FCF (compared to -€8mn in 3Q24), thanks to better cash earnings and WC dynamics. 3Q25 in figures. Sales came in at €23.6mn (+52% YoY), above our estimate (+7%).