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Grifal
Earnings Release • Sep 30, 2025
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Earnings Release
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| Informazione Regolamentata n. 20131-13-2025 |
Data/Ora Inizio Diffusione 30 Settembre 2025 22:41:18 |
Euronext Growth Milan | |
|---|---|---|---|
| Societa' | : | GRIFAL | |
| Identificativo Informazione Regolamentata |
: | 210533 | |
| Utenza - referente | : | GRIFALN01 - Frattini Paolo | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 30 Settembre 2025 22:41:18 | |
| Data/Ora Inizio Diffusione | : | 30 Settembre 2025 22:41:18 | |
| Oggetto | : | Grifal Group: Value of Production at €22.2 million (+3.5% vs H1 2024), EBITDA at €1.7 million |
|
| Testo del comunicato |
Vedi allegato
Grifal Group: Value of Production at €22.2 million (+3.5% vs H1 2024), EBITDA at €1.7 million
Revenues: Euro 18,445,764 (Euro 18,668,188 as of June 30, 2024) Value of Production: Euro 22,216,334 (Euro 21,463,074 as of June 30, 2024) EBITDA: Euro 1,716,114 (Euro 2,709,031 as of June 30, 2024) Negative Net Financial Position (net debt): Euro 23,382,546 (Euro 21,052,481 as of December 31, 2024)
Equity: Euro 17,215,994 (Euro 18,188,613 as of December 31, 2024)
Cologno al Serio (BG), September 30, 2025
The Board of Directors of Grifal Spa ("Grifal" or the "Company"), the parent company of a group active in the industrial packaging market since 1969 and listed on the Euronext Growth Milan market of Borsa Italiana Spa, has today approved the Group's Consolidated Half-Year Financial Report as of June 30, 2025, which has been voluntarily subjected to limited audit review.
Commenting on the meeting, Fabio Gritti, Chairman and Chief Executive Officer of Grifal Spa, stated: "The first-half results were affected by several factors. First, the temporary suspension of supplies in Romania to a major customer had a negative impact on revenues, although sales have already resumed and orders are expected to return to normal in October. In addition, the market was influenced by geopolitical tensions, which affected both volumes and selling prices, particularly for more traditional product lines such as corrugated cardboard. Sales of new products such as low-thickness cArtù, coloured TissuePack and TissueMultiFlat, as well as innovative machines like the servitized tabletop cutters and the mini-corrugator, and services including the certified marketplace and servitization, have been postponed to the fourth quarter, with consequent effects on performance. By contrast, the fixed cost structure was only partially adjusted, as it is intended to support the expected commercial developments."
Key Consolidated Financial Highlights as of June 30, 2025
In a market marked by a general slowdown, the Grifal Group continues to pursue its development and expansion plans, supported by its offering of sustainable and cost-effective packaging solutions. The Value of Production grew by 3.5%, reaching €22,216,334 compared to €21,463,074 in the first half of 2024, while consolidated revenuesrecorded a slight decline to €18,445,764 from €18,668,188 in the same period of 2024 (-1.2%).
During the first half of 2025, cArtù®, the Group's innovative eco-sustainable corrugated material, continued to grow, with sales rising from €7.1 million to €7.8 million. cArtù now accounts for 42.5% of consolidated Group revenues (39.0% as of December 31, 2024, and 38.0% in H1 2024) and 45.0% of revenues in the Packaging Area (43.9% as of December 31, 2024 and 41.2% in H1 2024).
The ongoing strengthening of the Group's structure, necessary to support expected growth, had a temporary impact on profitability. Group EBITDA amounted to €1,716,114, down 36.7% compared to €2,709,031 as of June 30, 2024, with an EBITDA margin of 9.3%, a decrease of 5.2 percentage points compared to 14.5% in the same period of 2024.
The impact of higher depreciation, reflecting the investments carried out, weighed on Group EBIT, which stood at -€365,193, down from €963,038 in the first half of 2024, after depreciation and provisions totaling €2,081,307 (€1,745,993 as of June 30, 2024).
The Consolidated Net Result amounted to -€868,788, compared to €211,436 as of June 30, 2024, after financial charges of €752,154 (€661,286 as of June 30, 2024) and taxes of €248,559 (€90,316 as of June 30, 2024).
The Consolidated Net Financial Position (net debt) as of June 30, 2025, stood at €23,382,546, an increase of €2.33 million compared to December 31, 2024 (€21,052,481), after first-half investments of approximately €3.3 million, mainly related to plants and machinery (€1.6 million) and R&D and other intangible assets (€1.7 million). The increase in net financial debt, combined with the simultaneous decline in profitability, led to a rise in the NFP/EBITDA ratio, which reached 4.9x, compared to 3.7x as of December 31, 2024.
Consolidated Equity amounted to €17,215,994, down from €18,188,613 as of December 31, 2024.
As of June 30, 2025, the Company has an outstanding bond loan of €5.5 million, whose terms include clauses governing cases of non-compliance with financial covenants. As at the approval date of the half-year report, the covenants as of June 30, 2025, were not met. The Company has already submitted a waiver request to the bondholders' representative, with discussions already under way and indications pointing to a positive outcome. In anticipation of obtaining a waiver for the covenant breach, the Company has maintained the classification of the debt among non-current liabilities according to contractual maturities, as under the current contractual provisions there are no conditions that would trigger an early repayment request by the bondholders' meeting.
Outlook and Future Developments
In 2025, the Group will complete the major investment cycle launched to equip itself with the infrastructure needed to support its ambitious growth targets.
The expansion of the parent company Grifal Spa's production site has made it possible to create an area entirely dedicated to the production of cArtù®, tripling its production capacity. The capacity to design and build cArtù®, Mondaplen®, TissuePack production lines, and resin and adhesive application machinery has been further enhanced and streamlined through the relocation of Grifal Technologies to a single, larger site adjacent to the parent company's main plant. This move has also made it possible to centralize both the design and production of machinery. Achieving the optimal scale of this facility was a key prerequisite for creating a network of production sites and accelerating the development of the Group's strategic plan.
These investments, combined with the significant strengthening of the workforce, were conceived to support a substantial increase in sales and improved profitability—an objective that current market conditions have not yet fully allowed to materialize.
For this reason, the Board of Directors has today approved a new 2026–2030 Industrial Plan, which prudently factors in a slight delay in expected growth and the revenue contribution from new products such as lowthickness cArtù, colored TissuePack and TissueMultiFlat, as well as innovative machinery such as servitized tabletop cutters and the mini-corrugator, alongside new services including the certified marketplace and servitization.
The Group currently operates two international production sites, positioning it to address demand across the entire European continent.
Initial demand from major international customers expressly requiring local cArtù® production enabled the Group to establish a presence in Romania without the immediate need for a local sales force. Given the potential of the Romanian market, a local sales structure has now been established, with the goal of building partnerships with a network of packaging converters nationwide, with the possibility of expanding into neighboring countries. The doubling of production capacity, completed in Q3 2024, is designed to support both these commercial developments and the further increase in demand expected from the Group's large international clients already served.
In Portugal, the Group operates through Seven cArtù Lda, a joint venture with the José Neves Group, a longestablished and highly reputable Portuguese company with over forty years of experience in corrugated cardboard and innovative packaging solutions. Seven cArtù Lda purchased a complete cArtù® production line from Grifal Technologies (Tieng Srl), installed in Guimarães in two phases between 2024 and March 2025. This latest step will give fresh momentum to the Group's commercial development across the Iberian Peninsula.
To support its international growth, the Group has intensified its commercial efforts in markets adjacent to its existing operations, launching new collaborations over the past 12 months in France and Poland.
The Group continues to design and implement new research and knowledge-sharing initiatives at the Grifal Group Innovation Hub located within Kilometro Rosso, Bergamo's technology excellence district. This training and knowledge-sharing center is increasingly recognized as a key platform for growth and exchange with Italian and international entrepreneurs and managers on topics of common interest such as innovation, sustainability and technological development.
A particularly significant initiative is the active collaboration with several universities, first and foremost with the University of Pavia through ITIR – Institute for Transformative Innovation Research. This partnership is intended to support the Group's responsible growth and secure a significant competitive advantage. Within this framework, PackInPro Srl, a wholly owned subsidiary of Grifal Spa, was established in early 2025. Its mission is to promote a culture of ethical sustainability and innovation in the packaging sector, under the guidance and supervision of a University Scientific Committee coordinated by the University of Pavia. This represents a major step in a far-reaching collaboration that brings together corporate and academic vision to shape a future defined by innovative, digital and eco-sustainable models.
The Group is addressing the challenges of the current global political and economic environment through the various initiatives outlined above. It does not operate in markets affected by conflicts, nor in countries subject to international sanctions, and it is not exposed to risks related to reduced availability of raw materials. Furthermore, given the marginal weight of energy costs, potential significant increases in energy prices are not a source of concern: the Group's production processes, including those for its flagship product cArtù®, are characterized by low energy consumption.
The current international geopolitical context and resulting economic uncertainties represent a challenge for all industry players. The Group is facing this period of uncertainty with confidence, continually supported by the strong interest shown by the market and major industry operators in its portfolio of innovative, differentiated solutions that are fully aligned with emerging priorities: sustainability, efficiency and circularity.
Filing of documentation
The Company's Consolidated Half-Year Financial Report as of June 30, 2025, together with the Report issued by the independent auditors in charge of the limited review of the consolidated half-year financial statements, will be made available to the public at the Company's registered office and on its website (www.grifal.it, Investor Relations area, Financial Reports section).
Attachments:
- Consolidated Income Statement as of June 30, 2025 vs June 30, 2024
- Consolidated Balance Sheet as of June 30, 2025 vs December 31, 2024
- Consolidated Net Financial Position as of June 30, 2025 vs December 31, 2024
- Consolidated Cash Flow Statement as of June 30, 2025 vs June 30, 2024
This press release is available in the "Financial Press Releases" section of the Investor Relations area of the Company's website www.grifal.it.
Grifal Group is a leading company in the packaging sector in Italy, where it operates with Grifal Spa - established since 1969 and listed on Euronext Growth Milan - and Tieng Srl. The Group includes Grifal Europe Srl in Romania and Seven cArtù Lda, a joint venture with the José Neves Group in Portugal. Grifal Group's international development strategy involves the establishment of production centers to meet demands from various geographical areas, paving the way for cArtù® and cushionPaper to become new standards in green packaging.
Contacts:
| Grifal Spa | Euronext Growth Advisor MiT Sim Spa |
SEC Newgate Italia Srl Società Benefit |
|---|---|---|
| Giulia Gritti Marketing Director [email protected] |
Francesca Martino [email protected] |
Angelo Vitale Corporate Communications [email protected] |
| Paolo Frattini Investor Relations and CFO [email protected] |
Consolidated Income Statement as of 30 June 2025 vs 30 June 2024
| Description | 30/06/2025 | % on revenue | 30/06/2024 | % on revenue |
|---|---|---|---|---|
| Revenues | 18.445.764 | 100,0% | 18.668.188 | 100,0% |
| Change in work in progress, semi-finished and finished products and increases in fixed assets |
3.324.037 | 18,0% | 2.281.136 | 12,2% |
| Non-core operating revenues | 446.532 | 2,4% | 513.750 | 2,8% |
| Value of Production | 22.216.334 | 120,4% | 21.463.074 | 115,0% |
| Purchase and changes in inventory of raw materials, supplies, consumables and goods |
8.167.663 | 44,3% | 7.365.672 | 39,5% |
| Cost for services and use of third-party assets | 6.228.424 | 33,8% | 5.594.091 | 30,0% |
| Labor costs | 6.036.693 | 32,7% | 5.738.922 | 30,7% |
| Other operating costs | 67.440 | 0,4% | 55.357 | 0,3% |
| EBITDA | 1.716.114 | 9,3% | 2.709.031 | 14,5% |
| Depreciation, impairment and other provisions |
2.081.307 | 11,3% | 1.745.993 | 9,4% |
| EBIT | -365.193 | -2,0% | 963.038 | 5,2% |
| Interest and fair value adjustments of financial assets and liabilities |
-752.154 | -4,1% | -661.286 | -3,5% |
| EBT | -1.117.347 | -6,1% | 301.752 | 1,6% |
| Taxes | -248.559 | -1,3% | 90.316 | 0,5% |
| Net profit (loss) for the year | -868.788 | -4,7% | 211.436 | 1,1% |
Consolidated Balance Sheet as of 30 June 2025 vs 31 December 2024
| Description | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Fixed assets | 38.748.357 | 37.564.628 |
| Current assets | 19.632.101 | 21.372.068 |
| Accruals and referrals | 1.187.880 | 619.468 |
| Total assets | 59.568.339 | 59.556.164 |
| Equity: | 17.215.994 | 18.188.613 |
| - of which net profit (loss) for the year | -868.788 | 150.260 |
| Provisions for risks and charges | 215.678 | 295.948 |
| Employee severance indemnities | 1.447.778 | 1.456.806 |
| Short-term liabilities | 24.329.923 | 22.340.141 |
| Long-term liabilities | 14.095.325 | 14.921.019 |
| Accruals and referrals | 2.263.639 | 2.353.637 |
| Total liabilities | 59.568.339 | 59.556.164 |
Consolidated Cash Flow Statement as of 30 June 2025 vs 30 June 2024
| Description | 30/06/2025 | 30/06/2024 |
|---|---|---|
| A) Operating Cash Flow (indirect method) | ||
| Net profit (loss) for the year | -868.788 | 211.436 |
| Income taxes | -248.559 | 96.142 |
| Interest expense / (income) | 658.692 | 655.865 |
| (Gains)/Losses from assets sale | -1.532 | -16.648 |
| 1) Profit (loss) for the year before taxes, interest, dividends and capital gains/losses | -460.187 | 946.795 |
| Provisions | 119.303 | 1.729 |
| Amortization | 1.962.004 | 1.745.993 |
| Value adjustments for financial assets and liabilities of derivative financial instruments with no cash movements |
62.851 | 10.212 |
| Other adjustments in plus/(minus) for non-cash items | 252.864 | 253.926 |
| Total adjustments for non-cash items with no impact on net working capital | 2.397.022 | 2.011.860 |
| 2) Cash flow before changes in net working capital | 1.936.836 | 2.958.655 |
| Decrease /(Increase) in inventories | -470.473 | -448.299 |
| Decrease /(Increase) in accounts receivables | -237.926 | -943.406 |
| Increase/(Decrease) in accounts payables | -681.418 | -1.349.070 |
| Decrease /(Increase) in accruals and deferrals assets | -568.412 | -176.809 |
| Increase/(Decrease) in accruals and deferrals liabilities | -89.998 | 15.087 |
| Other decrease/(other increase) in net working capital | 1.862.936 | 725.080 |
| Total changes in net working capital | -185.290 | -2.177.417 |
www.grifalgroup.com
| Description | 30/06/2025 | 30/06/2024 |
|---|---|---|
| 3) Cash flow after changes in net working capital | 1.751.545 | 781.238 |
| Other adjustments | -791.408 | -952.543 |
| Operating Cash Flow (A) | 960.137 | -171.305 |
| B) Investments | ||
| Tangible assets – (Investments) | -1.571.153 | -1.662.547 |
| Tangible assets – Disinvestments | 31.501 | 16.841 |
| Intangible assets – (Investments) | -1.692.230 | -1.139.430 |
| Financial assets – (Investments) | -10.000 | -69.466 |
| Investments Cash Flow (B) | -3.241.881 | -2.854.602 |
| C) Cash flows from financing activities | ||
| Increase/(Decrease) in current bank liabilities | 2.798.019 | -2.681.177 |
| Increase in bank loans | 2.000.000 | 1.530.000 |
| (Decrease in bank loans) | -2.605.527 | -1.480.656 |
| Cash Flow from financing activities (C) | 2.192.492 | -2.631.833 |
| Increase/(decrease) in cash and cash equivalents (A ± B ± C) | -89.253 | -5.657.740 |
| Cash at the beginning of the year | ||
| Bank deposits | 1.521.517 | 6.637.588 |
| Cash and cash values | 15.908 | 13.013 |
| Total cash and cash equivalents at the beginning of the year | 1.537.425 | 6.650.601 |
| Cash at the end of the year | ||
| Bank deposits | 1.437.552 | 975.948 |
| Cash and cash values | 10.619 | 16.913 |
| Total cash and cash equivalents at the end of the year | 1.448.171 | 992.861 |
| Description | 30/06/2025 | 31/12/2024 |
|---|---|---|
| A. Cash | 1.448.171 | 1.537.425 |
| B. Near-cash items | ||
| C. Other current financial assets | 335.603 | 383.923 |
| D. LIQUIDITY (A + B + C) | 1.783.775 | 1.921.348 |
| E. Current financial debt | 6.907.000 | 4.231.694 |
| F. Current portion of non-current financial debt | 4.163.995 | 3.821.116 |
| G. CURRENT FINANCIAL INDEBTEDNESS (E + F) | 11.070.995 | 8.052.810 |
| H. NET CURRENT FINANCIAL DEBT (G - D) | 9.287.221 | 6.131.462 |
| I. Non-current financial debt | 9.487.054 | 9.996.164 |
| J. Debt instruments | 4.608.271 | 4.924.856 |
| K. Trade payables and other non-current liabilities | ||
| L. NON-CURRENT FINANCIAL INDEBTEDNESS (I + J + K) | 14.095.325 | 14.921.019 |
| M. TOTALE FINANCIAL INDEBTEDNESS (H + L) | 23.382.546 | 21.052.481 |