AI Terminal
Circle Group
Earnings Release • Sep 29, 2025
4371_10-q_2025-09-29_5fb2305d-a3ad-4d24-8cde-55f53d1f511b.pdf
Earnings Release
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PRESS RELEASE
CIRCLE GROUP: THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2025
PRODUCTION VALUE OF EUR 11.8 MILLION (+62%), MILOS PROPRIETARY PRODUCTS +105%, EBITDA OF EUR 2.7 MILLION (+52%, EBITDA MARGIN 22.6%), NET PROFIT OF EUR 1.1 MILLION. IMPROVEMENT OF GUIDANCE 2025
KEY CONSOLIDATED RESULTS 1H 2025:
- Value of Production: € 11.8 million, up 62% compared to €7.3 million in 1H 2024;
- EBITDA: € 2.7 million (+52% compared to 1.8 million in 1H 2024);
- EBITDA margin: 22.6% (24.1% in 1H 2024)
- EBIT adj: €1.5 million (up 15% compared to €1.3 million in 1H 2024);
- EBIT: €1.2 million (in line with € 1.3 million in 1H 2024);
- Net Profit: €1.1 million (+2% compared to € 1 million in 1H 2024);
- Net financial debt is approximately €0.8 million (€2 million - cash positive - as of December 31, 2024); adjusted net financial debt (cash positive) is approximately €2.2 million (€4.3 million - cash positive - as of December 31, 2024), due to receivables from EU projects;
- Milos® proprietary products have grown by 105% compared to 1H 2024;
- Milos ® Federative Services have grown by 80% compared to 1H 2024.
Milan, September 29, 2025
The Board of Directors of CIRCLE S.p.A. ("CIRCLE" or the "Company"), an Innovative SME listed on the Euronext Growth Milan market and the head of the Group of the same name, specialized in process analysis and the development of digitalization solutions for the port and intermodal logistics sector, as well as international consulting on Green Deal and energy transition issues, has today approved the consolidated half-year financial report as of June 30, 2025, which has been voluntarily subjected to a limited audit.
Luca Abatello, Chairman and CEO of CIRCLE Group, commented on the results achieved in the first six months of 2025 as follows:
"As anticipated in the highlights, we are satisfied with the results achieved in a semester characterized by a complex macroeconomic scenario. Despite this, we have significantly exceeded our expectations (we had already widely announced that the first half of the year would be weaker than the second) and we can also improve our expectations for both 2025 and 2026. The first half of 2025 was a period of intense work for us, with the strong integration
of the acquisitions made at the end of 2024 (eXyond and Circle Garage) and their related solutions. The orders linked to the PNRR (National Recovery and Resilience Plan) have finally been released (at the end of the half-year): a process which, as anticipated, was not without initial delays, but which we managed to overcome with determination, laying the foundations for structured growth that will be even more consistent in the coming months. At the same time, we have enriched our offering with new modules in the MILOS® TFP suite that enable dialogue with port, airport and intermodal nodes, the first European eFTI platform with federated services, the first fleet management platform, KMaster®, integrated with communications on trucks entering and leaving Europe (e.g. the Puesc service in Poland), and new modules in the MILOS® TOS suite, MTO and MILOS® Intelligence suites, innovative solutions that meet the specific needs of our customers and have opened up very interesting prospects for the participation of our current and prospective customers in the Login Business tender, an opportunity to improve the efficiency of multimodal logistics at national level, which has attracted a great deal of interest and will see very important applications as early as Q4 2025 and in 2026. In fact, we are awaiting the publication of the relevant decree in the coming days, but in the meantime, many transport and logistics companies have accelerated their investments and launched new projects."
Key projects related to the first half of 2025:
The first half of 2025 was marked by an intense project pipeline and by the consolidation of acquisitions completed at the end of 2024. In particular, progress was made with the unlocking of contracts linked to the PNRR and the launch of new innovative solutions: from the MILOS® TFP suite modules, which interact with ports, airports and intermodal nodes, to the first European eFTI platform with federative services, up to KMaster®, the fleet management platform integrated with truck entry and exit communications across Europe. In addition, new modules of the MILOS® TOS, MTO and Intelligence suites were released.
At the same time, the Group signed strategic contracts for the provision of Port Community System Services in several Mediterranean ports and for major intermodal groups (MTOs and 3PLs), confirming the increasingly central role of Federative Services. The Master SPED® solution, enhanced by new digital customs procedures (Aida 2.0 and ICS2 roadmap), has also seen a further increase in demand.
On the international front, the Group consolidated its expansion strategy in foreign markets – with a focus on Turkey, Egypt, Greece and Central Europe – and launched new collaborations following the award of a tender with the European Maritime Safety Agency (EMSA), aimed at studying the "One Stop Maritime Shop" platform for countries including Algeria, Tunisia, Jordan, Morocco, Libia, Moldova, Georgia and Ukraine. In addition, partnership activities are underway with countries in the Gulf, the Middle East, India and Africa to provide expertise in the transport and energy sectors.
In 1H 2025, the second phase of support to the Portuguese Ministry of Transport for the implementation of the eFTI regulation was also completed, and a similar path was initiated in Greece (also through the partnership with Online Data), Slovenia, Cyprus and the Czech Republic. Furthermore, the project for the European Maritime Safety Agency was completed to extend the European Maritime Single Window Environment Regulation to non-European countries.
Main consolidated results at 30 June 2025
The results for the first half of 2025 are the result of both organic growth and the integration of solutions and expansion of the offering (eXyond, Circle Garage, Kmaster, Infoblu NewGen) at Group level, which began at the end of 2024. These factors had a positive impact on performance, despite the complex macroeconomic environment, which led to delays in the progress of some contracts related to European initiatives and the National Recovery and Resilience Plan (PNRR) tenders, as well as the postponement of some investments by customers and potential customers (to date only postponed, without cancellations) due to the continuing uncertainty over tariffs.
In this scenario, Circle has further accelerated the implementation of its 'Connect 4 Agile Growth' strategy thanks to the strong integration of the truck component and the development of the first European eFTI platform integrated with node connectors and federative services, as well as with solutions for the complete digitisation of transport documents. The Milos Global Supply Chain Visibility® suite (primarily for the industrial world) is evolving as a strategic pillar for Circle Group thanks to its ability to monitor logistics flows in real time, improving efficiency, reducing costs and increasing resilience. The new document dematerialisation features (e-CMR and e-DDT) and integration with the Group's other solutions promote interoperability and more streamlined and sustainable processes. Together with MasterSped®, the platform for freight forwarders and logistics, the offering is constantly evolving with additional AI and Business Intelligence-based modules that optimise routes, anticipate critical issues and support datadriven decisions.
| in € million | 1H 2024 | 1H 2025 | change % |
|---|---|---|---|
| Group Value of Production | 7,266,000 | 11,777,275 | 62% |
| Software Proprietary Products | 2,000,000 | 4,096,549 | 105% |
| Milos ® Federative Services | 500,000 | 901,242 | 80% |
| EBITDA | 1,750,323 | 2,662,011 | 52% |
| EBITDA Margin | 24% | 23% | |
| EBIT | 1,294,536 | 1,246,337 | -4% |
| EBIT Adjusted | 1,294,536 | 1,494,501 | 15% |
| Net Result | 1,032,425 | 1,051,132 | 2% |
The table above shows a comparison between the first half of 2025 and the first half of 2024. Specifically:
Value of Production amounted to € 11.8 million, registering an increase of 62% compared to €7.3 million in the first half of 2024.
The increase in sales of Proprietary Software Products, also offered in SaaS (Software as a Service) mode on the cloud platform, is equal to 105% compared to 1H 2024.
Milos® federative services registered an increase of 80% compared to 1H 2024.
EBITDA is equal to €2.7 million (€1.8 million in 1H 2024, +52%), with an EBITDA Margin of 22.6%.
After accounting for amortization of approximately €1.4 million, EBIT amounts to €1.2 million (€1.3 million in 1H 2024).
Intangible assets increased due to significant product investments made in 2024 and the consolidation of similar amortisation for eXyond and Circle Garage. Furthermore, given the nature of eXyond's business on the KMaster side, there is also tangible amortisation for the loan for use of On Board Units (OBUs), which enable real-time communication between Kmaster and federated services and the Telepass K1 device (potential target of approximately 1 million vehicles in Europe). Adjusted EBIT before this effect amounted to €1.5 million (+15% compared to 1H 2024).
In 2025, a new medium - long-term loan (Unicredit) of €1 million was arranged on eXyond (in addition to the transfer to eXyond of the €1 million arranged by Circle at the end of 2024 for the acquisition of the business unit from Telepass Innova) in order to make the most of the balance of financial sources (compared to the capital increases in 2024) and the related tax efficiency.
Net Profit is equal to €1.1 million (€1 million in 1H 2024), up 2%, as a result of the depreciation of tangible assets shown.
Adjusted net financial debt is positive (cash) at approximately €2.2 million (cash of €4.3 million as of December 31, 2024), including receivables due within the next fiscal year from the European Union, structurally deferred due to EU regulations, with a revenue stream that matched the newly developed projects.
Net financial debt amounted to €0.8 million compared to €2 million (cash positive) at 31 December 2024. This is primarily linked to the completion of the second payment step for the M&A investment in eXyond (equal to € 2,271,206) and Circle Garage, as well as the capital increase and shareholder loan to Accudire, and, of course, the significant investments in products and the ongoing buyback.
Investments made during the first half of 2025 amounted to approximately €1 million (€0.5 million during the first half of 2024). In particular, those relating to intangible assets mainly concerned the evolution of the services offered by the Milos® MTO, TOS, Intelligence, Global Supply Chain Visibility, TFP, MasterSped®, Kmaster suites, the development of additional innovative federative services, the Green Dashboard, the CargoStart airport suites (ACS) and the new InfobluNewGen infomobility services.
During the half-year, treasury shares were purchased for approximately €500 thousand, with the aim of contributing to the stabilisation of the stock, seizing interesting investment opportunities recorded in the pre-summer period and rebuilding the securities portfolio for future strategic alliances and M&A transactions.
Net equity amounted to €17.4 million, an improvement of €16.7 million at December 31, 2024.
Own Shares
As of June 30, 2025, Circle S.p.A. held 104,940 treasury shares, equivalent to 2.19% of the Share Capital.
Significant events during the reporting period:
- 03/01/2025 CIRCLE Group: Annual Calendar of Corporate Events 2025;
- 03/01/2025 CIRCLE Group: notification of changes in significant shareholdings;
- 08/01/2025 CIRCLE Group was awarded the tender for the development and management of digitalization services for the Port System Authority of the Eastern Adriatic Sea;
- 08/01/2025 Notification of share capital variation;
- 14/01/2025 CIRCLE Group: Magellan Circle joins the FLEETfor55 consortium for the decarbonization of waterborne transport;
- 22/01/2025 CIRCLE Group signed a new contract worth approximately EUR 100,000 with a Mediterranean port for the enhancement of data management related to rail and intermodal traffic;
- 04/02/2025 CIRCLE Group signed an agreement worth nearly EUR 100,000 for the expansion of the Rubber Gate Automation System at a terminal in a Mediterranean port;
- 07/02/2025 CIRCLE Group announced an Investor Call to present to the financial community the main financial indicators and strategic focuses of eXyond following the recent acquisition of the Telepass Innova business unit;
- 10/02/2025 CIRCLE Group launched a partnership to provide KMaster services to a major handler operating in three major European airports, worth approximately EUR 360,000;
- 17/02/2025 CIRCLE Group announced the renewal of a contract for the supply and subsequent maintenance of a system for fleet monitoring and management of vehicles operating in the air-side area of a European airport, worth over EUR 310,000;
- 19/02/2025 CIRCLE Group presented the main financial indicators and strategic focuses of eXyond following the acquisition of the Telepass Innova business unit;
- 04/03/2025 CIRCLE Group: updated the 2025 annual calendar of corporate events;
- 14/03/2025 CIRCLE Group presented the highlights as of 31.12.2024;
- 18/03/2025 CIRCLE Group signed a framework agreement worth EUR 500,000 to align Port Services with the NIS2 Directive and updated EU and national technical requirements;
- 20/03/2025 CIRCLE Group presented Infoblu NewGen, the evolution of infomobility for a more connected and greener future;
- 24/03/2025 CIRCLE Group to participate in the Investor Access event on April 1st in Paris.
- 31/03/2025 Circle Group announces a strategic agreement worth around €300,000 in the area of innovation and digitalisation at the service for ports and logistics.
- 03/04/2025 Circle Group entrusts Circle S.p.A. with the Strategic Consulting Service for the Development of Green Corridor, for a value of €138,500.
- 14/04/2025 Circle Group publishes the Notice of the Ordinary Shareholders' Meeting.
- 22/04/2025 Circle Group presents the MILOS Rail Management software evolution for a leading Mediterranean Terminal, with a framework contract and an initial order of about €100,000.
- 28/04/2025 Circle Group announces digitalisation projects in intermodal logistics worth €400,000.
- 29/04/2025 Circle Group announces that the Shareholders' Meeting approved the 2024 annual financial statements and reviewed the consolidated statements.
- 30/04/2025 Circle Group reports a material change in ownership structure: disclosure of substantial change in significant shareholdings.
- 13/05/2025 Circle Group announces new developments for digitisation and interoperability in Italian ports within the Extended Port Community System, worth €300,000.
- 15/05/2025 Circle Group presents highlights as at March 31, 2025.
- 27/05/2025 Circle Group announces the acceleration of digitalisation in intermodal logistics: strategic initiatives worth €400,000 kick off.
- 04/06/2025 Circle Group announces a new €100,000 contract for the management of PCS services at a Mediterranean port, supporting the evolution of port and intermodal logistics.
- 12/06/2025 Circle Group reveals a new €200,000 contract for the evolution of the Extended Port Community System and the enhancement of port interoperability.
- 25/06/2025 Circle Group announces a strategic advancement in digitalisation and cybersecurity of the national port system, with a contract worth almost €210,000.
Significant events after the reporting period:
- 08/07/2025 CIRCLE Group announced a new contract worth approximately €180,000 for the digitalization of a major Mediterranean port;
- 15/07/2025 CIRCLE Group announced a new contract worth €200,000 for the digitalization of logistics and the port system;
- 16/07/2025 Magellan Circle announced a new initiative to enhance the visibility of the Marche Region in Europe. A contract was signed for the organization of institutional events in Brussels;
- 18/07/2025 CIRCLE Group announced it had strengthened its stake in the Innovative Startup ACCUDIRE to 22%;
- 23/07/2025 eXyond signed a contract worth nearly €100,000;
- 07/08/2025 CIRCLE Group signed a contract worth €250,000 for the upgrade of the Milos® MTO and TFP platforms with a leading intermodal transport operator in Northern Italy;
- 12/08/2025 CIRCLE Group signed the extension of a contract worth €200,000 for the upgrade of the Milos® MTO and TFP platforms;
- 20/08/2025 CIRCLE Group received approval for funding of €200,000 for the "Port Ecosystem" initiative on behalf of a Mediterranean Port Authority;
- 02/09/2025 CIRCLE Group signed a new contract worth €140,000 for the advanced digitalization of logistics and intermodal services;
- 08/09/2025 CIRCLE Group announced a new contract with one of the largest transport companies in Italy for advanced interoperability, sustainability, and the digitalization of intermodal logistics, worth nearly €200,000;
- 15/09/2025 CIRCLE Group announced that the Board of Directors approved the selected financial results for H1 2025;
- 18/09/2025 CIRCLE Group launched the first Milos® TOS module with a contract worth €300,000;
- 23/09/2025 CIRCLE Group continued the expansion of the Milos® TOS and eXyond GOS platforms with a new contract worth €500,000 for two intermodal terminals;
- 25/09/2025 CIRCLE Group announced the strengthening of Milos® Intelligence: predictive solutions for sustainable digital port logistics;
- 29/09/2025 CIRCLE Group announced a new project proposal for digital interoperability in European intermodal logistics, worth €100,000.
Business outlook
On 28 July, the PNRR Login Business call for proposals was opened from 2 to 17 September 2025. After three years of waiting, it will finally make approximately €157 million available to the market, unlocking over €200 million in investments in the sector. In the coming months, therefore, the main focus will be on consolidating and expanding services to support existing (and new clients) in response to the peak in requests to the Group during the summer, due both to activities carried out in the first half of the year (product developments, industry events, collaboration with trade associations) and to the aforementioned Login Business call for proposals, which led to high demand for the Group's services and products in August and September.
In addition, the entry into force of the e-CMR on September 26, 2024 marked a significant turning point in the digitisation of logistics processes, enabling more efficient, secure and transparent management of transport documentation. This was accompanied by the gradual implementation of eFTI, whose regulatory framework formally came into force on August 21, 2024, with the publication of the relevant data set on January 10, 2025 and the specifications of the eFTI platform in July 2025. This framework is promoting the integration of digital controls throughout the entire multimodal logistics chain, reducing operating times and costs. At the same time, contributions linked to the reopening of the ZES UNICA procedure and the implementation and refinancing of Simplified Logistics Zones (SLZs) should offer further opportunities for territorial development and investment attraction in 2026, together with the long-awaited further simplification of Transition 5.0 (or a return to 4.0, according to the latest press rumours).
In this context, the Group, thanks in part to the two strategic integrations of eXyond and Circle
Garage, is strengthening innovative and pioneering solutions at European level (see the aforementioned Puesc project in Poland and the imminent launch of the RO e-Transport service in Romania). Magellan Circle's new positioning is focusing on energy, environmental and military mobility developments, indicating a clear trajectory towards an increasingly connected, interoperable and sustainability-oriented (economic, environmental and energy) logistics ecosystem.
In this regard, various Alliance hypotheses are being developed on shared strategic fronts, as well as some preliminary hypotheses, with a view to possible M&A operations to be carried out in 2026.
At the same time, the Group is continuously monitoring economic indicators and the global geopolitical situation (which is increasingly unstable and erratic) in order to adapt our strategies to effectively address challenges and seize emerging opportunities.
Update of the "Connect 4 Agile Growth" business plan
It should be noted that on 27 March 2025, the Board of Directors approved an initial update to the 'Connect 4 Agile Growth' business and strategic plan (previously approved on 11 June 2024), to take into account the expanded scope of 2025 with eXyond S.r.l. as a result of the consolidation of the business unit acquired from Telepass Innova S.p.A. (ref. press release of 27 March 2025). In particular, consolidated value of production for 2025 was forecast to be in the range of €22.8-26.3 million (higher than the approximately €21 million for 2025 reported in the Connect 4 Agile Growth plan approved on 11 June 2024, including potential M&A transactions and considering the non-consolidation of Accudire). Consolidated EBITDA for 2025 was expected to be in the range of €4.6-5.5 million.
In light of the 2025 half-yearly report, with a doubling of proprietary products, a strong strengthening of recurring components and very strong demand for innovative services (assuming final publication of the decree approving Login Business applications by October), and the developments summarised here, we are improving and updating our GUIDANCE: 2025 Production Value in the range of € 24-26.4 million and 2025 EBITDA in the range of € 5-5.7 million.
As regards 2026, Value of Production is expected to be in the range of €27-28,5 million (compared to €23 million in the C4AG24 Plan) and EBITDA is expected to be in the range of € 6-7 million (compared to approximately € 5.9 million in the C4AG24 Plan).
Concerning the update of the 2027 and 2028 industrial plan, the Company also considers it appropriate to wait for greater stabilisation of issues related to trade, tariffs and ongoing conflicts, as well as the completion of activities related to the PNRR (National Recovery and Resilience Plan) on 30/6-30/9/2026, in order to refine its strategy accordingly.
Meetings with the financial community
Circle also announces that it will meet with the financial community to present the half-year results:
- On October 6 in Milan at Integrae SIM at 11.30 a.m. during Investor Day (financial results 1H 2025 with an update on guidance for 2025 and initial indications for 2026).
- On October 20 in Milan at the Next Gems Conference by Virgilio IR.
Documentation
The Consolidated Financial Report at 30 June 2025 will be made available to the public within the terms of the law and on the Company's website, www.circlegroup.eu, in the "Investor Relations/Financial Reports" section, as well as on the website www.borsaitaliana.it, in the "Shares/Documents" section.
Attachments:
- Consolidated Income Statement as of June 30, 2025
- Consolidated Balance Sheet as of June 30, 2025
- Consolidated Net Financial debt as of June 30, 2025
- Consolidated Financial Statement as of June 30, 2025
***
This press release is available at www.circlegroup.eu in the Investor Relations section and .
***
Founded in Genoa in 2012, Circle S.p.A. is the Innovative SME leading Circle Group, a company listed on Euronext Growth Milan since 2018 and specialized in the analysis and development of solutions for innovation and digitalization in the port and intermodal logistics sectors, as well as in international consultancy on Green Deal and energy transition topics.
The Group includes the software houses Info.era, NEXT Freight, eXyond, Cargo Start, the consulting firms Magellan Circle and Magellan Circle Italy, NEXT Customs, as well as the affiliated company ACCUDIRE.
In the field of digital innovation, the Milos® Intelligence platform integrates advanced technologies such as AI, simulation, and Digital Twin to support decision-making processes and the digitalization of systems, through solutions like the Extended Port Community System, MasterSPED®, Milos® TOS, Milos® MTO, Milos® TFP, Milos® Global Supply Chain Visibility, and StarTracking®. Complementing the offering, Federative Services (cloud-based) enable a more efficient migration towards digital business models.
Through Magellan Circle and Magellan Circle Italy, the Group is active in Brussels and across Europe in advocacy activities with the European Institutions, supporting public bodies and companies with services in
Strategic Communication and Advocacy and EU Funding Accelerator, with a focus on the Green Deal and energy transition.
With Cargo Start, specialized in technological solutions for air cargo, Circle has strengthened its offering in a strategic segment of the Connect 4 Agile Growth industrial plan. With eXyond, the Group operates in advanced infomobility services (InfoBluNewGen) and telematics solutions for the logistics, transport, and insurance sectors (Kmaster).
Circle also holds a 22% stake in the innovative startup ACCUDIRE, which offers a collaborative platform for document management along global supply chains, starting from e-CMR and e-DDT (electronic consignment note). With NEXT Customs, the Group develops digital services for customs optimization, contributing to the harmonization of processes in line with the strategic directions of Connect 4 Agile Growth.
For further information Circle S.p.A. Registered office Via Giovanni Battista Pergolesi 26, 20124 Milano Operational headquarters Piazza Borgo Pila 40 (Torre A interno 46), 16129 Genova Investor Relations Mail: [email protected] | Mobile: +39 348 3067877
Media Relations: Image Building Via Privata Maria Teresa, 11 20123 – Milan Email: [email protected] | Phone: +39 02 89011300
Euronext Growth Advisor: Integrae SIM S.p.A. Piazza Castello 24, 20121 Milan Email: [email protected] | Phone: 02.80.50.61.60
Consolidated Income Statement as of 30/06/2025
| Consolidated Income Statement €/000 | 30.06.2025 | 30.06.2024 | Variance | Change % |
|---|---|---|---|---|
| Revenues from sales and services | 9.681 | 5.687 | 3.994 | 70% |
| Increases for internal work | 985 | 489 | 496 | 101% |
| Other revenues and income | 1.111 | 1.089 | 22 | 2% |
| Production value | 11.777 | 7.266 | 4.511 | 62% |
| Production costs | 222 | 27 | 195 | 725% |
| Costs for services and use of third-party assets | 3.968 | 2.363 | 1.605 | 68% |
| Personnel cost | 4.799 | 2.968 | 1.831 | 62% |
| Inventories variance | 11 | 23 - 12 |
-52% | |
| Provisions for risks | - | - | - | |
| Other operating expenses | 115 | 134 - | 19 | -14% |
| EBITDA | 2.662 | 1.750 | 912 | 52% |
| Depreciation, amortisation and write-downs | 1.416 | 456 | 960 | 211% |
| EBIT | 1.246 | 1.295 - | 49 | -4% |
| Net financial income and expenses | 48 - - |
6 - 42 |
683% | |
| Pre-tax result | 1.199 | 1.288 - | 89 | -7% |
| Taxes for the year | 148 | 256 - | 108 | -42% |
| Net result | 1.051 | 1.032 | 20 | 2% |
Consolidated Balance Sheet as of 30/06/2025
| Consolidated Balance Sheet €/000 | 30.06.2025 | 31.12.2024 | Variance | Change % |
|---|---|---|---|---|
| Intangible assets | 9.134 | 9.098 | 36 | 0% |
| Tangible assets | 1.519 | 1.491 | 28 | 2% |
| Financial assets | 191 | 191 | - | 0% |
| Total assets | 10.845 | 10.780 | 65 | 1% |
| Receivables from customers | 10.743 | 7.067 | 3.676 | 52% |
| Inventories | 170 | 303 - | 133 | -44% |
| Advances from customers | 188 - - |
141 - | 47 | 33% |
| Payables to suppliers | 3.050 - - |
2.613 - | 437 | 17% |
| Operating Working Capital (OWC) | 7.676 | 4.616 | 3.060 | 66% |
| Other current assets | 6.978 | 6.738 | 240 | 4% |
| Other current liabilities | 4.897 - - |
5.730 | 833 | -15% |
| Net accruals and deferrals | 723 - - |
90 - | 633 | 703% |
| Net Working Capital | 9.035 | 5.534 | 3.501 | 63% |
| Provisions | - | 5 - 5 |
- | 0% |
| Employee severance indemnity (TFR) | 1.661 - - |
1.529 - | 132 | 9% |
| Net Invested Capital | 18.214 | 14.780 | 3.434 | 23% |
| Net Financial Debt | 833 - | 1.964 | 2.797 | -142% |
| Shareholders' Equity | 17.381 | 16.744 | 637 | 4% |
| Total sources | 18.214 | 14.780 | 3.434 | 23% |
Consolidated Net Financial Debt as of 30/06/2025
| Consolidated net financial debt €/000 | 30.06.2025 | 31.12.2024 | Variance | Change % |
|---|---|---|---|---|
| Cash and cash equivalents | 1.527 - - |
3.395 | 1.868 | -55% |
| Securities held for trading | - | - | - | |
| Liquidity | 1.527 - - |
3.395 | 1.868 | -55% |
| Current bank payables | 2.273 | 1.431 | 842 | 59% |
| Other current financial payables | 87 | - | - | |
| Current financial debt | 2.360 | 1.431 | 929 | 65% |
| Net current financial debt | 833 - | 1.964 | 2.797 | -142% |
| Non-current financial debt | - | - | - | |
| Net financial debt | 833 - | 1.964 | 2.797 | -142% |
Consolidated Cash Flow Statement as of 30/06/2025*
| Account Description | 30/06/2025 | 31/12/2024 |
|---|---|---|
| A) Cash flows from operating activities (indirect method) | ||
| Profit (loss) of the year | 1.051.132 | 1.453.545 |
| Total income taxes for the year, current and deferred tax liabilities and assets | 147.541 | 236.334 |
| Interest expenses/(income) | 52.820 | -15.158 |
| (Gains)/Losses from disposal of assets | 7.816 | |
| 1) Profit (loss) of the year before income taxes, interest, dividends and gains/losses from disposals | 1.259.309 | 1.674.721 |
| Adjustments for non-monetary items that had no balancing entry in net working capital | ||
| Allocations to provisions | 229.615 | 274.448 |
| Depreciation/amortisation of fixed assets | 1.343.768 | 1.180.801 |
| Other increase/(decrease) adjustments for non-monetary elements | (983.335) | (986.444) |
| Total adjustments for non-monetary items that had no balancing entry in net working capital | 590.048 | 468.805 |
| 2) Cash flow before changes in net working capital | 1.849.357 | 2.143.526 |
| Changes in net working capital | ||
| Decrease/(Increase) in inventories | 132.949 | -55.373 |
| Decrease/(Increase) in receivables from customers | (3.676.972) | (925.615) |
| Increase/(Decrease) in payables to suppliers | 437.418 | 273.786 |
| Decrease/(Increase) in accrued and deferred assets | (86.048) | (35.131) |
| Increase/(Decrease) in accrued and deferred liabilities | 719.232 | 83.922 |
| Other Decreases/(Other Increases) in net working capital | (1.275.539) | -1.488.991 |
| Total changes in net working capital | (3.748.960) | (2.147.402) |
| 3) Cash flow after changes in net working capital | (1.899.603) | (3.876) |
| Other adjustments | ||
| Interest collected/(paid) | (52.820) | 15.158 |
| (Income taxes paid) | (459.451) | |
| (Use of provisions) | (97.657) | (342.424) |
| Total other adjustments | (150.477) | (786.717) |
| Cash flow from operating activities (A) | (2.050.080) | (790.593) |
| B) Cash flows from investment activities | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Tangible assets | ||
| (Investments) | (303.948) | (42.192) |
| Disinvestments | 16 | |
| Intangible assets | ||
| (Investments) | (119.346) | (482.340) |
| Disinvestments | ||
| Financial assets | ||
| (Investments) | (26.366) | |
| Disinvestments | ||
| Current financial assets | ||
| (Investments) | ||
| Disinvestments | 1.800 | |
| Divestiture of subsidiaries, net of cash and cash equivalents | (3.222.905) | |
| Cash flow from investment activities (B) | (423.278) | (3.772.003) |
| C) Cash flows from financing activities | ||
| Third-party equity | ||
| Increase/(Decrease) in short-term payables to banks | 19.054 | 18.339 |
| Taking on debt | 2.000.000 | 1.000.000 |
| (Repayment of loans) | (1.179.915) | (129.715) |
| Equity | ||
| Paid share capital increase | 12.000 | 5.180.644 |
| Sale/(Purchase) of treasury shares | (436.811) | (186.509) |
| Cash flow from financing activities (C) | 414.328 | 5.882.759 |
| Increase (decrease) in cash and cash equivalents (A ± B ± C) | (2.059.030) | 1.320.163 |
| Cash and cash equivalents - opening balance | ||
| Bank and postal deposits | 3.391.590 | 2.071.271 |
| Cash and equivalents on hand | 4.387 | 4.543 |
| Total cash and cash equivalents - opening balance | 3.395.977 | 2.075.814 |
| Cash and cash equivalents - closing balance | ||
| Bank and postal deposits | 1.331.437 | 3.391.590 |
| Cash and equivalents on hand | 5.510 | 4.387 |
| Total cash and cash equivalents - closing balance | 1.336.947 | 3.395.977 |
*The lengthening of the cycle between order, invoice and payment is due to a temporary and structural issue with PNRR funds: our customers, especially public ones, have mechanisms for placing orders, signing contracts, authorising invoicing and authorising payment that take between 90 and 180 days in total due to the complexity of the procedures; This phenomenon will be resolved by 30 April 2026 for private individuals and by 30 June - 30 September 2026 for public bodies, and is being constantly monitored. A simultaneous action to improve standard payment terms is currently underway.