(*) per l’indebitamento finanziario netto ESMA, si rimanda alla nota di commento 30.




Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing), NZL
Region 2: DEU, CHE, CHN (Beijing), HRV








Board of Directors and Controlling Bodies

Chairman and Chief Executive Officer

Mario Rizzante

Chief Executive Officer

Tatiana Rizzante

Executive Directors

Filippo Rizzante
Daniele Angelucci
Marco Cusinato
Elena Maria Previtera
Patrizia Polliotto (1) (2) (3)
Secondina Giulia Ravera (1) (2)
Francesco Umile Chiappetta (1) (2)

Board of Statutory Auditors


Ciro Di Carluccio

Statutory Auditors

Piergiorgio Re
Ada Alessandra Garzino Demo

Auditing firm

PwC S.p.A.

(1) Directors not invested with operational proxies
(2) Independent Directors according to the Corporate Governance code drawn up by the Committee for Corporate Governance
(3) Lead Independent Director




The group’s financial highlights


Letter to Shareholders

Dear Shareholders,

2021 has been a very positive year for Reply: our sales have exceeded 1480 million Euros, with a net profit increase of over 18% in comparison to the 2010 outcome.

In the last few months Reply’s strength has been highlighted precisely in our ability to interpret digital innovation and make it functional to suit the needs of companies in different sectors. In 2021 we focused on developing all our main product and service lines: Cloud, IoT and connected products, data platforms, digital experience platforms and cybersecurity solutions.

We have also witnessed an exponential growth in demand for new applications related to the use of artificial intelligence; an area in which Reply has long demonstrated a continued commitment.

All this, however, took place in a challenging, unexpected and, in some ways, revolutionary context. The last two years - very complex ones which have presented unprecedented difficulties - have led to an incredible acceleration in the introduction of innovation in all sectors. Even the most traditional and conservative industries have reacted to the pandemic with large investments in technology - to digitalise their processes and services.

This new way of living and working is irreversible and, for companies such as ours, this awareness opens up new opportunities for growth and development. We are now witnessing the transition from the reaction phase to the planning and rationalisation phase for all future activities.

High-speed communication software infrastructure, e-commerce, new digital experiences and a strong push towards automation will constitute the foundations of the economy in the coming years.

Sectors such as the automotive industry will be moving towards a future that involves automation, connected systems, self-driving vehicles and widespread electricity distribution networks. The banking sector will find it more necessary than ever to develop consolidated models, given the double impetus of the digitalisation of currencies and the increasingly central role of the customer. To do so, this sector will need to invest in technologies such as cloud and AI, including its core systems and to rethink and redesign the sector’s legacy architectures and processes.

Even the most advanced sectors that currently use digital technologies - such as retail - will continue to invest in technology, particularly in data-based behavioural analysis, in customer relationship platforms and in the design of new interfaces based on AR/VR.

This evolution is heading in many different directions. For example, artificial intelligence, robotics and the Internet of Things will change. The change will come not only to the products themselves, but also the way they are designed and manufactured, thus significantly altering today’s factories and production, distribution and after-sales processes.

Another factor that will affect all sectors is undoubtedly that of sustainability: a concept that today is still somewhat abstract, but one that will quickly become increasingly more prevalent in the choices and decisions of companies. At Reply, we feel the responsibility towards future generations very strongly and, although we operate in a sector with a low environmental impact, our commitment is unwavering. We are working to both minimise our emissions over the next few years, and to define a series of consultancy and technological services to offer to companies, in order to support their net-zero transition.

Unfortunately, the future is still uncertain at this stage: while the health emergency appears to be under control in the countries where we operate, the recent war outbreak on Europe’s eastern borders is heightening tensions in all the major markets, with medium- and long-term consequences that can hardly be foreseen.

More than ever, agility and speed will be the key variables for the success of any business. Our ability to be competitive will thus be closely linked to our capacity to experiment and innovate quickly, to learn rapidly from our company’s experience, and in time, to bring new products and services to the market.

The results achieved in 2021, together with the financial solidity of our Group, allow us to confidently look forward to the challenges that the market will present in the coming years. Nevertheless, our commitment is and will continue to be stronger than ever, ensuring that the company can capitalise on each moment of strong discontinuity and translate it into new value for Reply’s shareholders, its employees and its customers.

Mario Rizzante 

Reply - Relazione Finanziaria Annuale 2021