Sys-dat S.P.A. Buy Rating Reinforced by Strong Q3 Performance and Strategic Growth InitiativesWe believe the company is well positioned to further strengthen its role as a consolidator within the Italian digital landscape. We reiterate our estimates, rating, and TP, with potential upside of c.45% vs. yesterday’s closing price. 3Q in brief: stronger organic growth, higher profitability, positive cash generation. Net sales came in at €20.2mn (+65% YoY), in line with our estimates, as the result of an acceleration in the organic business (+8% vs. +4% in 2Q), and a solid performance at A&C Holding, contributing c.€7mn to the top line. On profitability, adj. EBITDA was €3.9mn, a margin of c.19%, in line with expectations. On the bottom line, net income came to €1.7mn (+52% vs. €1.1mn in 3Q24). On cash flow, the FCF/EBITDA conversion rate remained >50%, with NFP at €19.6mn (+€1.3mn vs. 2Q).