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INTRODUCTION
Letter to shareholders
In 2025, our commitment to combining innovation, technological leadership and deep vertical specialisation once again proved to be a distinctive factor valued by the market, confirming Reply’s ability to generate value for our clients, our shareholders, and our people.
This capability has enabled Reply to successfully adapt to the changes brought about by the technological revolutions of the past 30 years – from the Internet to mobile technologies, from IoT to cloud computing – but, above all, has allowed our Group to anticipate and interpret the profound transformation that generative artificial intelligence has brought to the ICT sector. In these first three years of the new AI era, we have effectively established ourselves in the market through our ability to support companies in the experimentation and discovery phase, helping them discover the potential of this new form of technology.
In 2025, together with our clients, we began to industrialise and systematise the application of artificial intelligence, embedding it into existing processes or supporting the definition of new market segments and offerings around it. Today, artificial intelligence is no longer an additional “layer” but has definitely become the structural component around which technological architectures are designed: data platforms, cloud- or edge-based applications, automation systems and cybersecurity infrastructures are now rethought through an AI-centric design, and in some cases even developed as natively agentic systems.
All the companies within the Reply Group have been engaged in the design and development of the first true AI factories, the creation of intelligent agents integrated into business processes, and the development of generative AI solutions for marketing, industrial design, customer service and software engineering. We have designed, developed and implemented a new class of AI-based applications for many core business processes, including logistics planning, predictive maintenance, financial management and energy optimisation.
At the same time, we have continued to invest in the integration between the digital and physical worlds. The new generation of connected products – from intelligent vehicles to industrial robots – requires advanced software platforms capable of processing data in real time, learning from context and interacting safely with the surrounding environment. In this context, our ability to combine expertise in robotics, edge computing, digital twins and spatial computing has enabled us to deliver advanced solutions for the automotive, manufacturing, energy and retail sectors, leveraging the combination of AI, cloud and embedded systems.
The increasing proliferation of AI models – across multiple vendors and platforms – together with the growing interconnection between Human-to-Machine and Machine-to-Machine systems, has made security an increasingly decisive factor in corporate investment decisions. For this reason, we have further strengthened our offering in cyber resilience, identity management, protection of critical infrastructures and the security of AI solutions. In particular, we have defined specific architectural models and consulting methodologies to support clients in adopting truly integrated security approaches, capable of providing effective protection against a new generation of cyberattacks that increasingly leverage AI to bypass the barriers developed in recent years.
On the responsibility front, 2025 also saw a further strengthening of our commitment to a sustainable future, with initiatives aimed at integrating sustainability considerations into our business models. We consolidated the actions undertaken in previous years and further improved the reporting of indirect emissions, gaining greater visibility into our overall impact and enabling the continued update of our decarbonisation plan, which is currently underway.
We have continued to work to reduce the environmental impact of our activities by promoting energy efficiency, the responsible use of resources and the adoption of digital solutions that support our clients’ sustainable transition.
Artificial Intelligence is our strategic and innovation lever, but it requires rigour in its application and governance. Reply integrates AI ethically and responsibly through the actions and guidelines defined by the AI Ethics Committee and invests systematically in spreading the necessary capabilities across the companies of the Group. We believe that a proper understanding of the ethical and regulatory implications of artificial intelligence is a strategic asset, and that innovation must always be accompanied by responsible management. In particular, Reply’s AI Ethics Committee has continued to update internal guidelines, developing operational tools to ensure adherence to our ethical AI principles and to regulatory compliance in the development and use of intelligent systems, also in light of the evolving European regulatory framework.
At the centre of our journey have always been the people who have chosen to be part of our Group. In 2025, Reply continued to invest in continuous learning, with programmes dedicated to emerging skills – from AI engineering to quantum computing, from agentic architectures to advanced cybersecurity. Collaboration with universities and research centres in France, Germany, Italy and the United Kingdom has intensified further through specialised master’s programmes, joint laboratories, hackathons and international competitions. These initiatives represent a key channel for attracting young talent and fostering a dynamic, inclusive and growth-oriented working environment.
We have also worked to strengthen awareness and dissemination of our values through training initiatives designed to improve collaboration, enhance shared responsibility and prevent bullying and other inappropriate behaviours. In particular, for those in leadership roles within the Group, we have developed dedicated training programmes aimed at promoting a culture of diversity, equity and inclusion, recognising that the everyday quality of relationships defines the corporate climate.
We are convinced that the transformation underway is only just beginning. The evolution of artificial intelligence models, the emergence of new conversational interfaces, and the integration between autonomous systems and physical infrastructures will profoundly reshape the competitive landscape in the coming years. In this context, Reply intends to continue to distinguish itself not only as an implementer of advanced technologies, but as an active contributor to their development and thoughtful application.
We will continue to invest in research, strengthen our distinctive capabilities and support balanced and sustainable growth. Our ambition is to create lasting value for our clients, our people and all our stakeholders, contributing to the development of a more innovative, secure and responsible digital economy.
Mario Rizzante
